FEMV vs MGMT

FEMVAFidelity Enhanced Mid Cap Value ETF

MGMTDBallast Small/Mid Cap 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.

MGMT A boutique, hand-picked take on US small and mid caps. Ballast's managers hunt companies they judge underpriced against their growth, in a corner of the market where cheap index trackers do most of the volume.

Stated mandate

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

MGMT The fund seeks long-term growth by investing primarily in equity securities of small and midsize U.S. companies that the adviser considers underpriced relative to their expected growth.

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.

• MGMT Genuinely active, not an index in disguise. The mandate is stock-by-stock: US small and midsize companies the adviser considers underpriced relative to their expected growth.
• Different lane from its category's heavyweights. The largest active US equity ETFs (DFAU, DFAC, AVLC) sit in large-cap core; MGMT works the smaller, less-covered end of the market.
• Live since December 2020, so it carries a multi-year record through a full rate cycle inside a standard 1940 Act ETF wrapper.

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.

• MGMT Costs 1.10% a year, roughly double the typical active US equity ETF. That is a real annual hurdle the stock picking has to clear.
• Small fund, light tape. It trades thinly next to the category's giants, so spreads can widen and limit orders matter more than they would in a mega-fund.
• No index to grade it against. Results ride on the manager's judgment about what is underpriced, which is harder to monitor than a rules-based portfolio.

Full FEMV profile⁠

Full MGMT profile⁠