FEMD vs SEIV

FEMDDFirst Eagle Mid Cap Equity ETF

SEIVASEI QiM U.S. Large Cap Value Active ETF

In short

FEMD First Eagle takes its value discipline down the market cap ladder: an active mid-cap fund hunting companies whose problems look temporary or fixable, with a visible catalyst attached. Stock picking, not a cheapness screen. It launched in 2026.

SEIV Active quant value stock-picking at an index-fund price. SEIV screens U.S. large caps for cheap valuations plus quality, momentum and low volatility, then runs a concentrated book of roughly 80 names for 0.15% a year.

Stated mandate

FEMD The fund seeks long-term growth of capital and uses a bottom-up fundamental process for U.S. mid-cap companies, focusing on transitory or fixable issues and identifiable catalysts.

SEIV The Fund seeks long-term capital appreciation through primarily U.S. common stocks priced below fundamental valuation measures, using a quantitative, active stock-selection approach.

Why people hold it

• FEMD The process is judgment, not a filter: bottom-up work on U.S. mid caps with transitory or fixable issues and an identifiable catalyst, marketed as Catalyst-Driven Value.firsteagle.com
• 0.55% buys active management and sits right at the median for its active value peer group, so the First Eagle name carries no premium.
• Mid cap is the whole mandate, not a tilt. It measures itself against the Russell Mid Cap Value and Russell Mid Cap indexes rather than a large-cap yardstick.firsteagle.com

• SEIV 0.15% a year for genuine active selection, against a 0.55% median in its U.S. value peer group. It matches the cheapest large-value quant funds rather than charging active prices.
• Value is not the only screen. The model also weighs quality, momentum and low volatility, which is how a cheap-stock strategy tries to avoid the cheap-for-a-reason trap.
• Other funds measured against the S&P 500 in this cohort charge far more (LSVD 0.40%, GSPY 0.50%, VNSE 1.34%). SEIV runs its version at 0.15%.
• Sits among the strongest implementations in a crowded U.S. value field, and trades with enough regular activity to be workable for ordinary retail order sizes.

Worth knowing

• FEMD Systematic routes to the same asset class cost less: Avantis' AVMV charges 0.20% for rules-based U.S. mid-cap value.
• A 2026 launch with a small asset base. There is no long record to judge, and young, thinly traded funds can show wider spreads, so limit orders earn their keep.
• The stated goal is long-term growth of capital. Income is not part of the design.

• SEIV About 80 stocks measured against a 500-name benchmark. That concentration means stretches where it looks nothing like the S&P 500, in either direction.
• Launched in 2022, so the live record is short, and the asset base is mid-sized rather than among the giants of the value aisle.
• You get the factor recipe, not the trade-by-trade logic: selection sits inside a quantitative model. Distributions land quarterly, not monthly.

Full FEMD profile⁠

Full SEIV profile⁠