FEMV vs JMID

FEMVAFidelity Enhanced Mid Cap Value ETF

JMIDBJanus Henderson Mid Cap Growth Alpha ETF

In short

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.

JMID Mid-cap growth run by model, not by gut: Janus Henderson's proprietary factor process picks roughly 80 names against the Russell Midcap Growth Index, priced well under what the typical active US stock ETF charges.

Stated mandate

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

JMID JMID seeks long-term growth of capital. It is an actively managed mid-cap growth ETF using a systematic, proprietary-factor process that combines quantitative and fundamental methods to pursue alpha and manage risk.

Why people hold it

• 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.

• JMID 0.30% a year, against a 0.65% median for active US equity ETFs. Genuine security selection at close to index-fund pricing.
• A systematic, proprietary-factor process blends quantitative and fundamental inputs to pursue alpha and manage risk, so the portfolio rests on a repeatable method rather than one manager's convictions.janushenderson.com
• Roughly 80 mid-cap holdings measured against the Russell Midcap Growth Index: concentrated enough to look different from the benchmark, spread out enough that one stumble isn't fatal.janushenderson.com
• Pays quarterly, and on cost and portfolio construction it stands among the stronger builds in the active US equity group we cover.

Worth knowing

• 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.

• JMID Launched in 2024 and still small, with light daily volume. Spreads can widen, which is worth knowing before you place an order.
• The short history means less evidence on how the model handles a full market cycle than older active funds can show.
• Not the cheapest door to this style: FEMG is benchmarked to the same Russell Midcap Growth Index at 0.23%.

Full FEMV profile⁠

Full JMID profile⁠