FDMO vs SIZE: Grades, Fees and Holdings Compared

Fidelity Momentum Factor ETF

FDMOBNYSE Arca

iShares MSCI USA Size Factor ETF

SIZEANYSE Arca

Overlap

18.2%by weight

Expense ratio

FDMO0.15%SIZE0.15%

Avg volume · 30D

FDMO 12.8×the volume

FDMO66.6KSIZE5.21K

10Y return · a year

FDMO +2.7pt

FDMO+14.9%SIZE+12.2%

FDMO vs SIZE Performance

Nov 2, 2021 – Nov 2, 2026

+73.1%FDMO+43.0%SIZE

Expense ratio: FDMO 0.15%; SIZE 0.15%
Fund size: FDMO $870M; SIZE $433M
1Y total return: FDMO +4.8%; SIZE +14.4%, better
Yield (12M): FDMO 0.66%; SIZE 1.36%, better
Holdings: FDMO 135; SIZE 518
Avg volume (30D): FDMO 66.6K sh, better; SIZE 5.21K sh
NAV per share: FDMO $89.93; SIZE $180.22
52W range

ETF.net Grade

Pillar letters and Scores for FDMO, SIZE, with each pillar’s weight
Pillar	FDMO	SIZE
Cost30% weight	A81	A81
Mission25% weight	Not scored	A93
Risk15% weight	D38	B66Higher
Tradability15% weight	C43Higher	F23
Holdings10% weight	D39	A88Higher
Durability5% weight	B59Higher	B57

Rank among US Factor Index funds

How we build Categories ›

Same Category. FDMO and SIZE are both graded against the same 30 US Factor Index funds, so their Grades compare head to head.

US Factor Index⁠

Category · 30 funds

See all 30 ›

SIZE ranks 3rd and FDMO 13th of 30 funds in the US Factor Index Category.

Rank 1AMGVVanguard Morningstar Mega Cap Value ETFScore 78
Rank 2AUSCAXtrackers MSCI USA Climate Action Equity ETFScore 74
Rank 3ASIZEiShares MSCI USA Size Factor ETFScore 72
Rank 4ADXUVU.S. Vector Equity Portfolio ETF Class SharesScore 70
Rank 12BMTUMiShares MSCI USA Momentum Factor ETFScore 63
Rank 13BFDMOFidelity Momentum Factor ETFScore 57
Rank 14CEQRRProShares Equities for Rising Rates ETFScore 52

Our read on each fund

ETF.net Research

FDMOBFidelity Momentum Factor ETF

SIZEAiShares MSCI USA Size Factor ETF

In short

FDMO Momentum, house-built. FDMO tracks Fidelity's own US momentum index (about 130 stocks with the wind at their back) for 0.15% a year, roughly half what the typical US factor ETF charges.

SIZE The size factor without leaving the large-cap pool: SIZE holds roughly 500 US stocks and leans toward the smaller names in that universe, spreading weight away from the mega-cap giants. An iShares factor original from 2013.

Stated mandate

FDMO The fund seeks returns that generally correspond, before fees and expenses, to the Fidelity U.S. Momentum Factor Index.

SIZE The fund seeks to track an index of U.S. stocks that have smaller market capitalizations relative to their peers.

Why people hold it

FDMO 0.15% a year against a 0.28% median for US factor ETFs, so the momentum tilt starts with a smaller fee hurdle than most of the cohort.
Fidelity builds the index it tracks, so the momentum recipe and the fund come from one shop instead of a licensed outside benchmark.
Trading since 2016, which means a real record through the 2020 crash and the 2022 selloff rather than a backtest.
Sits in the upper half of its US factor peer group, and pays shareholders quarterly.

SIZE Charges 0.15%, roughly half the typical fee among US factor ETFs.
Tracks the MSCI USA Low Size Index tightly, one of the closer index implementations in its peer group.
Roughly 500 holdings, so no single name dominates the way it does in a cap-weighted US index.
Running since 2013, one of the original iShares single-factor funds rather than a recent launch.ishares.com

Worth knowing

FDMO Momentum buys what is already working. The portfolio can crowd into whatever sector is hot and reshuffle when market leadership changes.
About 130 names, so individual stocks and sector tilts pull harder here than in a broad total-market fund.
Moderately traded rather than a volume giant, so execution deserves more attention than with the largest factor ETFs.

SIZE Thinly traded next to headline index funds, so bid-ask spreads can run wider and bigger orders need more care.
This is a tilt, not a small-cap fund: the index draws from US large and mid caps and favors the smaller end of that pool.
A mid-sized fund by category standards, not one of the asset-gathering giants. Pays quarterly.

Full FDMO profile⁠

Full SIZE profile⁠

FDMO vs SIZE Holdings

How FDMO and SIZE differ

Overlap by weight

18.2%

Shared holdings make up 89.4% of FDMO and 18.4% of SIZE.

Level by level

Holdings102 in both18.2%
Sector11 Sectors73.5%
Countryby domicile98.3%
Asset classEquity100%

Sector

Sector weights in FDMO and SIZE, widest gap first
Sector	More in FDMOMore in SIZE	FDMO	SIZE
Technology	FDMO +21.6 points	39.5%	17.9%
Industrials	SIZE +7.5 points	8.7%	16.2%
Communication	FDMO +5.0 points	8.3%	3.3%
Financials	SIZE +4.6 points	11.5%	16.1%
Utilities	SIZE +3.4 points	1.8%	5.2%
Materials	SIZE +2.8 points	2.0%	4.8%
Health Care	SIZE +2.8 points	10.0%	12.8%
Real Estate	SIZE +2.6 points	1.9%	4.5%
Consumer Staples	SIZE +1.6 points	4.1%	5.7%
Energy	SIZE +0.6 points	3.7%	4.3%
Consumer Discretionary	SIZE +0.4 points	8.6%	9.0%

Country, concentration and asset class

Country by domicile

Country weights in FDMO and SIZE, widest gap first
Country	More in FDMOMore in SIZE	FDMO	SIZE
United States	FDMO +1.7 points	99.4%	97.7%
United Kingdom	SIZE +0.6 points	0.0%	0.6%
Other countries (7)	SIZE +1.0 points	0.6%	1.6%

Concentration

Weight in the 10 largest Holdings

FDMO38.5%
SIZE3.7%

Securities held

FDMO133
SIZE515

Asset class

FDMO: Equity
SIZE: Equity

Holdings

Only in FDMO31
In both102
Only in SIZE413

Only in FDMO

31 securities, 10.5% of FDMO by weight

Moderna Inc2.16%
Chubb Ltd0.65%
Brightspring Hlth Services Inc0.57%
Roku Inc Class A0.56%
Oscar Health Inc - Class A0.52%
Linde PLC0.49%
Iridium Communications Inc0.48%
Spyre Therapeutics Inc0.48%
Johnson Controls Internatl PLC0.47%
Jazz Pharma PLC0.44%
Arrowhead Pharmaceuticals Inc0.36%
Vicor Corporation0.31%
Liquidia Corp0.26%
Pbf Energy Inc Class A0.25%
Sterling Infrastructure Inc0.24%
Darling Ingredients Inc0.22%
Argan Inc0.21%
Five Below Inc0.20%
Victoria's Secret & Co0.19%
Murphy Usa Inc0.18%
Anglogold Ashanti PLC0.18%
Viking Holdings Ltd0.16%
Borgwarner Inc0.15%
Element Solutions Inc0.14%
Hecla Mining Co0.13%
Host Hotels & Resorts Inc0.12%
Albemarle Corp0.12%
Eastgroup Pptys Inc0.10%
Kite Realty Group Trust0.09%
Ust Bills 0% 11/12/260.03%
Securities Lending Cf0.01%

Only in SIZE

413 securities, 81.4% of SIZE by weight

Okta Class A0.47%
Atlassian Corp Class A0.42%
Natera0.40%
Sharkninja0.39%
Veeva Systems Class A0.36%
Vivmark Residential0.36%
Snowflake0.33%
Illumina Inc0.32%
Everpure Inc Class A0.32%
Best Buy0.32%
Netapp Inc0.31%
Hewlett Packard Enterprise0.31%
Mettler Toledo0.30%
Agilent Technologies Inc0.30%
Iqvia Holdings Inc0.29%
Cdw0.29%
Workday Class A0.29%
Crowdstrike Holdings Class A0.29%
Dollar Tree Inc0.28%
Williams Sonoma Inc0.28%
Thermo Fisher Scientific0.27%
Global Payments Inc0.27%
Labcorp Holdings0.27%
Estee Lauder Inc Class A0.27%
Regeneron Pharmaceuticals0.27%
Jacobs Solutions Inc0.27%
Roper Technologies0.27%
Toast Class A0.27%
Palo Alto Networks0.27%
Hp Inc0.26%
Samsara Class A0.26%
Accenture PLC Class A0.26%
Waters Corp0.26%
Ptc0.26%
West Pharmaceutical Services0.26%
Zscaler0.26%
Genuine Parts0.26%
Corebridge Financial Inc0.25%
Ulta Beauty Inc0.25%
Quest Diagnostics Inc0.25%
Biogen0.25%
Arthur J Gallagher0.25%
Becton Dickinson0.25%
Humana0.25%
Amcor PLC0.25%
International Flavors & Fragrances0.25%
Danaher0.25%
Cloudflare Class A0.25%
Cheniere Energy0.25%
Veralto0.25%

Weight gaps

The 100 widest of 102 Holdings in both funds.

Holding weights in FDMO and SIZE, widest gap first
Holding	More in FDMOMore in SIZE	FDMO	SIZE
Apple IncAAPL	FDMO +8.50 points	8.68%	0.18%
NVIDIA CorpNVDA	FDMO +8.19 points	8.33%	0.14%
Alphabet Inc Class AGOOGL	FDMO +4.65 points	4.71%	0.06%
Amazon.com IncAMZN	FDMO +3.43 points	3.58%	0.15%
Micron Technology IncMU	FDMO +2.42 points	2.63%	0.21%
Advanced Micro Devices IncAMD	FDMO +2.21 points	2.41%	0.20%
Eli Lilly & CoLLY	FDMO +2.00 points	2.23%	0.23%
Berkshire Hathaway Inc Class BBRK.B	FDMO +1.72 points	1.91%	0.19%
Tesla IncTSLA	FDMO +1.70 points	1.86%	0.16%
JPMorgan Chase & CoJPM	FDMO +1.55 points	1.74%	0.19%
Visa Inc Class AV	FDMO +1.29 points	1.50%	0.21%
Johnson & JohnsonJNJ	FDMO +1.29 points	1.49%	0.20%
Lam Research CorpLRCX	FDMO +1.20 points	1.35%	0.15%
Sandisk CorporationSNDK	FDMO +1.18 points	1.32%	0.14%
Exxonmobil Holdings CorpXOM	FDMO +1.17 points	1.36%	0.19%
Applied Materials IncAMAT	FDMO +1.16 points	1.32%	0.16%
Intel CorpINTC	FDMO +1.13 points	1.23%	0.10%
Kla CorpKLAC	FDMO +1.10 points	1.26%	0.16%
Lumentum Holdings IncLITE	FDMO +1.10 points	1.27%	0.17%
Dell Technologies Inc Class CDELL	FDMO +1.00 points	1.32%	0.32%
Western Digital CorpWDC	FDMO +1.00 points	1.14%	0.14%
Seagate Techn Holdings PLCSTX	FDMO +0.95 points	1.10%	0.15%
Merck & Co Inc NewMRK	FDMO +0.89 points	1.12%	0.23%
Ciena CorpCIEN	FDMO +0.89 points	1.00%	0.11%
Walmart IncWMT	FDMO +0.88 points	1.03%	0.15%
UnitedHealth Group IncUNH	FDMO +0.86 points	1.04%	0.18%
Teradyne IncTER	FDMO +0.74 points	0.90%	0.16%
Costco Wholesale CorpCOST	FDMO +0.73 points	0.89%	0.16%
Amgen IncAMGN	FDMO +0.69 points	0.94%	0.25%
Chevron CorpCVX	FDMO +0.68 points	0.88%	0.20%
Bank of America CorporationBAC	FDMO +0.66 points	0.83%	0.17%
Goldman Sachs Group IncGS	FDMO +0.60 points	0.77%	0.17%
Verizon Communications IncVZ	FDMO +0.60 points	0.76%	0.16%
Coca Cola CoKO	FDMO +0.57 points	0.77%	0.20%
Ge AerospaceGE	FDMO +0.56 points	0.74%	0.18%
Caterpillar IncCAT	FDMO +0.55 points	0.67%	0.12%
Morgan StanleyMS	FDMO +0.54 points	0.71%	0.17%
Citigroup IncC	FDMO +0.54 points	0.72%	0.18%
Philip Morris Intl IncPM	FDMO +0.53 points	0.72%	0.19%
Rtx CorpRTX	FDMO +0.51 points	0.71%	0.20%
Ge Vernova IncGEV	FDMO +0.49 points	0.64%	0.15%
Echostar Corp Class AECHO	FDMO +0.46 points	0.59%	0.13%
Union Pacific CorpUNP	FDMO +0.43 points	0.63%	0.20%
Bank of New York Mellon CorpBNY	FDMO +0.37 points	0.56%	0.19%
Applovin CorpAPP	FDMO +0.36 points	0.44%	0.08%
Us Bancorp DelUSB	FDMO +0.35 points	0.55%	0.20%
Travelers Companies IncTRV	FDMO +0.34 points	0.58%	0.24%
Pnc Financial Services Grp IncPNC	FDMO +0.35 points	0.54%	0.19%
Quanta Svcs IncPWR	FDMO +0.30 points	0.46%	0.16%
Vertiv Holdings CoVRT	FDMO +0.30 points	0.43%	0.13%
Revolution Medicines IncRVMD	FDMO +0.30 points	0.54%	0.24%
Interactive Brokers Group IncIBKR	FDMO +0.28 points	0.45%	0.17%
Parker Hannifin CorpPH	FDMO +0.27 points	0.46%	0.19%
State Street CorpSTT	FDMO +0.27 points	0.48%	0.21%
Nextera EnergyNEE	FDMO +0.25 points	0.41%	0.16%
Bloom Energy Corp Class ABE	FDMO +0.25 points	0.39%	0.14%
Cummins IncCMI	FDMO +0.23 points	0.37%	0.14%
Howmet Aerospace IncHWM	FDMO +0.22 points	0.36%	0.14%
Tjx Companies Inc NewTJX	FDMO +0.21 points	0.37%	0.16%
Comfort Systems Usa IncFIX	FDMO +0.20 points	0.32%	0.12%
Starbucks CorpSBUX	FDMO +0.17 points	0.34%	0.17%
Marathon Petroleum CorpMPC	FDMO +0.16 points	0.47%	0.31%
Hunt J B Transport Services InJBHT	FDMO +0.16 points	0.32%	0.16%
Valero Energy CorpVLO	FDMO +0.14 points	0.42%	0.28%
Phillips 66PSX	FDMO +0.14 points	0.42%	0.28%
Southern CoSO	FDMO +0.14 points	0.32%	0.18%
Ati IncATI	FDMO +0.13 points	0.29%	0.16%
Welltower IncWELL	FDMO +0.14 points	0.33%	0.19%
Newmont CorpNEM	FDMO +0.13 points	0.31%	0.18%
Monster Beverage CorpMNST	FDMO +0.12 points	0.32%	0.20%
Marriott International Inc AMAR	FDMO +0.12 points	0.32%	0.20%
Target CorpTGT	FDMO +0.12 points	0.34%	0.22%
Targa Resources CorpTRGP	FDMO +0.11 points	0.32%	0.21%
Hilton Worldwide Holdings IncHLT	FDMO +0.10 points	0.31%	0.21%
Prologis Inc ReitPLD	FDMO +0.10 points	0.26%	0.16%
Archer Daniels Midland CoADM	FDMO +0.09 points	0.27%	0.18%
American Electric Power Co IncAEP	FDMO +0.09 points	0.27%	0.18%
Carpenter Technology CorpCRS	FDMO +0.09 points	0.20%	0.11%
SempraSRE	FDMO +0.08 points	0.25%	0.17%
Ebay IncEBAY	FDMO +0.07 points	0.27%	0.20%
Casey General StoresCASY	FDMO +0.07 points	0.22%	0.15%
Dominion Energy IncD	FDMO +0.07 points	0.25%	0.18%
General Motors CoGM	FDMO +0.07 points	0.29%	0.22%
Freeport Mcmoran IncFCX	FDMO +0.07 points	0.26%	0.19%
Ross Stores IncROST	FDMO +0.06 points	0.26%	0.20%
Airbnb Inc Class AABNB	FDMO +0.06 points	0.29%	0.23%
Entergy CorpETR	FDMO +0.06 points	0.24%	0.18%
Equinix IncEQIX	FDMO +0.06 points	0.23%	0.17%
Ford Motor CoF	FDMO +0.05 points	0.22%	0.17%
Technipfmc PLCFTI	FDMO +0.04 points	0.22%	0.18%
Expedia IncEXPE	SIZE +0.04 points	0.21%	0.25%
Iron Mountain IncIRM	SIZE +0.05 points	0.13%	0.18%
Ventas Inc ReitVTR	SIZE +0.04 points	0.14%	0.18%
Public StoragePSA	SIZE +0.03 points	0.17%	0.20%
Steel Dynamics IncSTLD	SIZE +0.03 points	0.18%	0.21%
Centerpoint Energy IncCNP	FDMO +0.02 points	0.21%	0.19%
Edison IntlEIX	FDMO +0.01 points	0.17%	0.16%
Realty Income Corp ReitO	SIZE +0.01 points	0.16%	0.17%
Tapestry IncTPR	SIZE +0.01 points	0.16%	0.17%
Simon Ppty Group Inc - ReitSPG	SIZE +0.01 points	0.19%	0.20%

All 130 FDMO holdings⁠All 515 SIZE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FDMO vs SIZE Cost

Same expense ratio

$3,137

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FDMO 0.15%
$3,137
SIZE 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

FDMO 0.15%
SIZE 0.15%

Year by year

Year	FDMO	SIZE
10	$274	$274
20	$1,071	$1,071
30	$3,137	$3,137

Expense ratio

0.15%FDMO
0.15%SIZE

FDMO0.15%SIZE0.15%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

FDMO 5th cheapest of 30 funds

SIZE 5th cheapest of 30 funds

FDMO vs SIZE Dividends

Last 12 months to Nov 2, 2026

Yield (12M): FDMO 0.66%; SIZE 1.36%, better
Payout (12M): FDMO $0.59; SIZE $2.47
Last payment: FDMO $0.17; SIZE $0.65
Ex-dividend: FDMO Sep 18, 2026; SIZE Sep 15, 2026
Paid on: FDMO Sep 22, 2026; SIZE Sep 18, 2026
Frequency: FDMO Quarterly; SIZE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FDMOQuarterly · 41 paymentsAll FDMO payments⁠

SIZEQuarterly · 41 paymentsAll SIZE payments⁠

FDMO vs SIZE Risk

Fall from peak · 5 years

FDMO
SIZE

Risk facts

VolatilityStd dev, 3 years: FDMO 16.3%SIZE 13.0%, better
Return per unit of riskSharpe ratio, 3 years: FDMO 1.26, betterSIZE 1.06
Worst fallMax drawdown, 5 years: FDMO −25.4%SIZE −24.0%, better
Market sensitivityBeta, 5 years: FDMO 1.06SIZE 0.97; Market = 1

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