FEMG vs FEMV

FEMGBFidelity Enhanced Mid Cap Growth ETF

FEMVAFidelity Enhanced Mid Cap Value ETF

In short

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.

FEMV Active mid-cap value, priced like an index fund. FEMV hunts capital appreciation in the Russell Midcap Value corner of the US market for 0.23% a year, a fraction of the typical active US equity ETF fee.

Stated mandate

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.

FEMV The fund seeks capital appreciation and targets the U.S. mid-cap value segment of the equity market.

Why people hold it

• 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.

• FEMV 0.23% a year, well under the going rate for active US equity ETFs. At that price, cost stops being the argument against going active.
• The mandate is stated plainly: US mid-cap value, measured against the Russell Midcap Value index, aiming at capital appreciation. Little guesswork about what you own.fidelity.com
• The portfolio mix and risk profile screen well against other active US stock ETFs, with no leverage, derivatives quirks or unusual wrapper features flagged in the structure.
• Part of Fidelity's Enhanced lineup, whose large-cap sibling FELC (0.18%) ranks among the strongest active US equity funds in the peer group.

Worth knowing

• 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.

• FEMV Launched in 2026, so there is no long record to lean on and the risk read rests on a short history.
• A small asset base and thin trading volume are the trade-off for being early. Spreads can run wider than at a mega-fund, especially in fast markets.
• Distributions land once or twice a year, not monthly. This is a growth-of-capital mandate, not an income schedule.

Full FEMG profile⁠

Full FEMV profile⁠