AVMC vs FEMG

AVMCAAvantis U.S. Mid Cap Equity ETF

FEMGBFidelity Enhanced Mid Cap Growth ETF

In short

AVMC The forgotten middle of the US market, run the Avantis way: roughly 600 mid-cap names tilted toward cheaper stocks with stronger profits, at 0.18% a year. Systematic active management priced like an index fund.

FEMG Active mid-cap growth priced like an index fund. Fidelity's quant team starts from the Russell Midcap Growth Index, then tilts toward valuation, growth and quality signals across roughly 130 names for 0.23% a year.

Stated mandate

AVMC Seeks long-term capital appreciation through a broad portfolio of U.S. mid-cap companies, emphasizing securities with lower valuations and higher profitability ratios.

FEMG The fund seeks capital appreciation. It normally invests at least 80% in common stocks from the Russell Midcap Growth Index and uses research on valuation, growth, quality, and other return drivers.

Why people hold it

• AVMC 0.18% a year, against a 0.65% median for active US equity funds. Index-fund pricing on an active mandate.
• Spreads the value-and-profitability tilt across roughly 600 mid-caps, so it leans on the screen rather than a handful of concentrated picks.avantisinvestors.com
• One of the strongest implementations in our active US equity group, sitting with large-cap sibling AVLC and the Dimensional core funds.
• Pure mid-cap exposure with a quarterly distribution, filling the gap most portfolios leave between mega-caps and small caps.

• FEMG Costs 0.23% a year, versus a median near 0.65% for active US equity funds. Most of the fee gap active management usually asks for simply isn't here.
• Index-aware by design: at least 80% sits in Russell Midcap Growth constituents, so the exposure stays recognizable while managers lean on valuation, growth and quality research.fidelity.com
• Roughly 130 stocks. Tight enough that manager calls actually register, broad enough that no single name runs the portfolio.
• Undercuts JMID, the other ETF benchmarked to the same Russell Midcap Growth Index, on fee. Cheap entry to a thinly populated corner.

Worth knowing

• AVMC Trades lighter than the giant index ETFs, which can mean wider bid-ask spreads at the moment you transact.
• Launched in 2023, so the live record is short. There's no published index behind it either: outcomes come from Avantis' own valuation and profitability rules.
• All mid-cap, no mega-cap ballast, plus a tilt away from expensive names. Both can put it out of step with a market led by the largest growth stocks.

• FEMG Launched in 2026. The track record is short, so risk and tracking behavior rest on limited history rather than a full market cycle.
• Small asset base and light trading volume mean bid-ask spreads can run wider than at the category's giants, especially in fast markets.
• Mid-cap growth is a jumpier ride than large-cap core, and active tilts mean returns can diverge from the Russell Midcap Growth Index in either direction.

Full AVMC profile⁠

Full FEMG profile⁠