FEMV vs MSSM: Grades, Fees and Holdings Compared

Fidelity Enhanced Mid Cap Value ETF

FEMVANYSE Arca

Morgan Stanley Pathway Small-Mid Cap Equity ETF

MSSMCNYSE Arca

Overlap

13.4%by weight

Expense ratio

FEMV −0.39pt a year

FEMV0.23%MSSM0.62%

Avg volume · 30D

MSSM 10.8×the volume

FEMV1.51KMSSM16.2K

FEMV vs MSSM Performance

Aug 3, 2026 – Nov 3, 2026

+1.6%FEMV−3.2%MSSM

Expense ratio: FEMV 0.23%, better; MSSM 0.62%
Fund size: FEMV $7M; MSSM $701M
1Y total return: FEMV No data; MSSM +17.1%
Holdings: FEMV 270; MSSM 1825
Avg volume (30D): FEMV 1.51K sh; MSSM 16.2K sh, better
NAV per share: FEMV $27.70; MSSM $58.19
52W range

ETF.net Grade

Pillar letters and Scores for FEMV, MSSM, with each pillar’s weight
Pillar	FEMV	MSSM
Cost30% weight	A97Higher	C41
Mission25% weight	Not scored	Not scored
Risk15% weight	A93Higher	D31
Tradability15% weight	C49	B56Higher
Holdings10% weight	A80	A90Higher
Durability5% weight	D35	A79Higher

Rank among US Active Small/Mid-Cap funds

How we build Categories ›

Same Category. FEMV and MSSM are both graded against the same 47 US Active Small/Mid-Cap funds, so their Grades compare head to head.

US Active Small/Mid-Cap⁠

Category · 47 funds

See all 47 ›

FEMV ranks 2nd and MSSM 21st of 47 funds in the US Active Small/Mid-Cap Category.

Rank 1AAVMCAvantis U.S. Mid Cap Equity ETFScore 89
Rank 2AFEMVFidelity Enhanced Mid Cap Value ETFScore 80
Rank 3ADFMCU.S. Micro Cap Portfolio ETFScore 77
Rank 19CDSMCDistillate Small/Mid Cash Flow ETFScore 54
Rank 21CMSSMMorgan Stanley Pathway Small-Mid Cap Equity ETFScore 51
Rank 21CRNINBushido Capital US SMID Cap Equity ETFScore 51

Our read on each fund

ETF.net Research

FEMVAFidelity Enhanced Mid Cap Value ETF

MSSMCMorgan Stanley Pathway Small-Mid Cap Equity 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.

MSSM No data

Stated mandate

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

MSSM No data

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.

MSSM No data

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.

MSSM No data

Full FEMV profile⁠

Full MSSM profile⁠

FEMV vs MSSM Holdings

How FEMV and MSSM differ

Overlap by weight

13.4%

Shared holdings make up 44.4% of FEMV and 16.6% of MSSM.

Level by level

Holdings149 in both13.4%
Sector11 Sectors86.2%
Countryby domicile98.0%
Asset classEquity100%

Sector

Sector weights in FEMV and MSSM, widest gap first
Sector	Gap	FEMV	MSSM
Technology	MSSM +6.8 points	11.7%	18.5%
Health Care	MSSM +4.9 points	12.5%	17.4%
Real Estate	FEMV +3.7 points	8.5%	4.8%
Energy	FEMV +2.9 points	7.1%	4.2%
Financials	FEMV +2.8 points	17.1%	14.3%
Materials	FEMV +1.9 points	5.6%	3.7%
Communication	MSSM +1.2 points	1.3%	2.5%
Consumer Discretionary	MSSM +1.1 points	9.0%	10.1%
Utilities	FEMV +1.0 points	5.2%	4.2%
Industrials	FEMV +0.9 points	17.6%	16.7%
Consumer Staples	FEMV +0.4 points	4.2%	3.8%

Country, concentration and asset class

Country by domicile

Country weights in FEMV and MSSM, widest gap first
Country	Gap	FEMV	MSSM
United States	FEMV +1.2 points	98.9%	97.7%
Canada	MSSM +0.7 points	0.0%	0.7%
United Kingdom	FEMV +0.5 points	0.6%	0.1%
Other countries (15)	MSSM +1.0 points	0.4%	1.4%

Concentration

Weight in the 10 largest Holdings

FEMV10.3%
MSSM7.6%

Securities held

FEMV267
MSSM1,824

Asset class

FEMV: Equity
MSSM: Equity

Holdings

Only in FEMV118
In both149
Only in MSSM1,675

Only in FEMV

118 securities, 55.1% of FEMV by weight

Allstate Corporation1.20%
Nucor Corp1.12%
Marathon Petroleum Corp1.07%
L3HARRIS Technologies Inc1.04%
Kinder Morgan Inc1.01%
Ametek Inc New1.00%
Phillips 660.98%
Ford Motor Co0.98%
Consolidated Edison Inc0.96%
Westinghouse Air Brake Tec Crp0.95%
Ge Healthcare Technologies Inc0.94%
Cboe Global Markets Inc0.92%
Occidental Petroleum Corp0.92%
Digital Realty Trust Inc0.91%
Iqvia Holdings Inc0.90%
Ebay Inc0.90%
State Street Corp0.90%
Agilent Technologies Inc0.90%
Hewlett Packard Enterprise Co0.87%
Block Inc Class A0.87%
Ventas Inc Reit0.86%
Hartford Insurance Grp Inc/The0.85%
Vylor Inc0.84%
Ppl Corporation0.78%
Northern Trust Corp0.78%
Willis Towers Watson PLC0.77%
Illumina Inc0.76%
Vici Pptys Inc0.74%
Pultegroup Inc0.73%
Veralto Corp0.73%
Allegion PLC0.73%
Veeva Sys Inc Class A0.71%
Citizens Financial Group Inc0.70%
Sysco Corp0.69%
Baker Hughes Co0.67%
Humana Inc0.66%
Halliburton Co0.64%
Dupont De Nemours Inc0.63%
Keysight Technologies Inc0.62%
Msci Inc0.62%
PG&E Corp0.61%
Cardinal Health Inc0.60%
Qnity Electronics Inc0.60%
Dow Inc0.60%
Fiserv Inc0.58%
PayPal Hldgs Inc0.58%
Biomarin Pharmaceutical Inc0.57%
Centene Corp0.56%
Flutter Entertainment PLC0.52%
Pinterest Inc Class A0.51%

Only in MSSM

1,675 securities, 81.3% of MSSM by weight

Ascendis Pharma A/S0.77%
Viasat Inc0.74%
Dynatrace Inc0.71%
Haemonetics Corp/Mass0.59%
Life Time Group Holdings Inc0.54%
Brinker International Inc0.54%
Texas Capital Bancshares Inc0.53%
Wintrust Financial Corp0.51%
Brightspring Health Services0.51%
Varonis Systems Inc0.50%
Ryman Hospitality Properties0.49%
Openlane Inc0.48%
Gitlab Inc-Cl A0.48%
Regal Rexnord Corp0.47%
Aercap Holdings NV0.46%
Veeco Instruments Inc0.46%
Chefs' Warehouse Inc/The0.45%
Firstcash Holdings Inc0.45%
Imax Corp0.44%
Ormat Technologies Inc0.42%
Rambus Inc0.42%
Avient Corp0.42%
Tenable Holdings Inc0.42%
Glaukos Corp0.42%
Rhythm Pharmaceuticals Inc0.42%
Everest Group Ltd0.41%
East West Bancorp Inc0.40%
Vaxcyte Inc0.40%
Api Group Corp0.39%
Casella Waste Systems Inc-A0.38%
Irhythm Holdings Inc0.38%
Permian Resources Corp-Cl A0.37%
Northwestern Energy Group In0.36%
Vita Coco Co Inc/The0.36%
Palomar Holdings Inc0.36%
Hanover Insurance Group Inc/0.35%
Jones Lang Lasalle Inc0.35%
Plexus Corp0.34%
Moog Inc-Class A0.34%
Oruka Therapeutics Inc0.34%
Charles River Laboratories0.33%
Radnet Inc0.32%
Sprouts Farmers Market Inc0.32%
Huntington Bancshares Inc0.32%
Saia Inc0.32%
Idacorp Inc0.31%
Ptc Therapeutics Inc0.31%
Umb Financial Corp0.31%
Frontdoor Inc0.31%
Marex Group Ltd0.30%

Weight gaps

The 100 widest of 149 Holdings in both funds.

Holding weights in FEMV and MSSM, widest gap first
Holding	Gap	FEMV	MSSM
Kbr IncKBR	MSSM +0.64 points	0.02%	0.66%
Tradeweb Markets Inc ATW	FEMV +0.59 points	0.67%	0.08%
Carmax IncKMX	FEMV +0.58 points	0.61%	0.03%
Bill Holdings IncBILL	FEMV +0.58 points	0.58%	<0.01%
American Finl Group Inc OhioAFG	FEMV +0.56 points	0.62%	0.06%
Aptargroup IncATR	FEMV +0.56 points	0.60%	0.04%
Toro CoTTC	FEMV +0.55 points	0.61%	0.06%
American Homes 4 Rent Class AAMH	FEMV +0.55 points	0.59%	0.04%
Toll Brothers IncTOL	FEMV +0.55 points	0.64%	0.09%
Docusign IncDOCU	FEMV +0.54 points	0.66%	0.12%
Atmos Energy CorpATO	FEMV +0.54 points	0.79%	0.25%
Lyft IncLYFT	FEMV +0.53 points	0.57%	0.04%
Gaming and Leisure Proprti IncGLPI	FEMV +0.53 points	0.58%	0.05%
Loews CorpL	FEMV +0.53 points	0.62%	0.09%
Lamar Advertising Co Class ALAMR	FEMV +0.52 points	0.60%	0.08%
Chime Financial IncCHYM	FEMV +0.52 points	0.56%	0.04%
Crane CoCR	FEMV +0.52 points	0.57%	0.05%
Zions BancorpZION	FEMV +0.52 points	0.57%	0.05%
Regency Centers Corp ReitREG	FEMV +0.51 points	0.58%	0.07%
Assurant IncAIZ	FEMV +0.50 points	0.58%	0.08%
Wesco International IncWCC	FEMV +0.49 points	0.60%	0.11%
Five Below IncFIVE	FEMV +0.49 points	0.57%	0.08%
Adt IncADT	FEMV +0.49 points	0.72%	0.23%
Cirrus Logic IncCRUS	FEMV +0.48 points	0.51%	0.03%
Maplebear IncCART	FEMV +0.48 points	0.56%	0.08%
Federal Realty Investment TrFRT	FEMV +0.47 points	0.53%	0.06%
Incyte CorpINCY	FEMV +0.45 points	0.56%	0.11%
Versant Media Group Inc - AVSNT	FEMV +0.44 points	0.47%	0.03%
Littelfuse IncLFUS	FEMV +0.43 points	0.48%	0.05%
Nvent Electric PLCNVT	FEMV +0.43 points	0.50%	0.07%
Xpo IncXPO	FEMV +0.42 points	0.47%	0.05%
Sensata Technologies Hldg PLCST	FEMV +0.42 points	0.45%	0.03%
Rbc Bearings IncRBC	FEMV +0.40 points	0.48%	0.08%
Etsy IncETSY	FEMV +0.40 points	0.47%	0.07%
Guardant Health IncGH	FEMV +0.39 points	0.53%	0.14%
Dollar Tree IncDLTR	FEMV +0.40 points	0.63%	0.23%
Ally Financial IncALLY	FEMV +0.39 points	0.47%	0.08%
Paylocity Holding CorpPCTY	FEMV +0.40 points	0.42%	0.02%
Gates Industrial Corp LtdGTES	FEMV +0.40 points	0.43%	0.03%
Gamestop Corp Class AGME	FEMV +0.40 points	0.46%	0.06%
Reliance IncRS	FEMV +0.38 points	0.76%	0.38%
Hubspot IncHUBS	FEMV +0.37 points	0.49%	0.12%
Millrose Properties IncMRP	FEMV +0.37 points	0.39%	0.02%
Neurocrine Biosciences IncNBIX	FEMV +0.35 points	0.41%	0.06%
Ringcentral Inc Class ARNG	FEMV +0.35 points	0.40%	0.05%
Tfs Financial CorpTFSL	FEMV +0.32 points	0.32%	<0.01%
Unity Software IncU	FEMV +0.31 points	0.41%	0.10%
Popular IncBPOP	FEMV +0.29 points	0.35%	0.06%
Pinnacle West Capital CorpPNW	FEMV +0.29 points	0.38%	0.09%
Udr IncUDR	FEMV +0.29 points	0.35%	0.06%
Hf Sinclair CorpDINO	FEMV +0.27 points	0.37%	0.10%
Commerce Bancshares IncCBSH	FEMV +0.27 points	0.30%	0.03%
Cooper Companies IncCOO	FEMV +0.27 points	0.41%	0.14%
Gap IncGPS	FEMV +0.26 points	0.28%	0.02%
Moderna IncMRNA	MSSM +0.26 points	0.30%	0.56%
Td Synnex CorpSNX	FEMV +0.26 points	0.57%	0.31%
Itt IncITT	MSSM +0.25 points	0.23%	0.48%
SS&C Technologies Holdings IncSSNC	FEMV +0.24 points	0.38%	0.14%
Renaissancere Hldgs LtdRNR	FEMV +0.24 points	0.32%	0.08%
Simpson Manufacturing CoSSD	FEMV +0.24 points	0.28%	0.04%
Epr PropertiesEPR	FEMV +0.23 points	0.26%	0.03%
Encompass Health CorpEHC	MSSM +0.23 points	0.01%	0.24%
Mohawk Industries IncMHK	FEMV +0.23 points	0.28%	0.05%
Ttm Technologies IncTTMI	MSSM +0.21 points	0.02%	0.23%
Siteone Landscape Supply IncSITE	FEMV +0.22 points	0.24%	0.02%
Msc Industrial Direct Co Class AMSM	FEMV +0.21 points	0.24%	0.03%
Prosperity Bancshares IncPB	FEMV +0.21 points	0.25%	0.04%
Us Foods Holding CorpUSFD	MSSM +0.20 points	0.20%	0.40%
Caci International IncCACI	FEMV +0.20 points	0.27%	0.07%
Solventum CorpSOLV	FEMV +0.20 points	0.27%	0.07%
Rayonier Inc ReitRYN	FEMV +0.19 points	0.22%	0.03%
Avery Dennison CorpAVY	FEMV +0.19 points	0.57%	0.38%
Darling Ingredients IncDAR	FEMV +0.18 points	0.23%	0.05%
Elanco Animal Health IncELAN	FEMV +0.18 points	0.25%	0.07%
Gen Digital IncGEN	FEMV +0.18 points	0.28%	0.10%
Sotera Health CoSHC	FEMV +0.18 points	0.22%	0.04%
Henry (Jack) & Associates IncJKHY	FEMV +0.18 points	0.20%	0.02%
Steris PLCSTE	FEMV +0.18 points	0.30%	0.12%
Carpenter Technology CorpCRS	FEMV +0.18 points	0.21%	0.03%
Bio Rad Labs Class ABIO	MSSM +0.18 points	0.06%	0.24%
Ciena CorpCIEN	FEMV +0.17 points	0.31%	0.14%
Devon Energy CorpDVN	FEMV +0.18 points	0.42%	0.24%
Packaging Corp of AmericaPKG	FEMV +0.17 points	0.27%	0.10%
Flowserve CorpFLS	FEMV +0.17 points	0.23%	0.06%
Tenet Healthcare CorpTHC	FEMV +0.17 points	0.63%	0.46%
Host Hotels & Resorts IncHST	FEMV +0.15 points	0.37%	0.22%
Molson Coors Beverage Co BTAP	FEMV +0.14 points	0.16%	0.02%
Tractor Supply Co.TSCO	MSSM +0.12 points	0.09%	0.21%
Zillow Group Inc Class CZ	FEMV +0.13 points	0.15%	0.02%
Ralph Lauren CorpRL	FEMV +0.12 points	0.21%	0.09%
Starwood Property Trust IncSTWD	FEMV +0.12 points	0.13%	<0.01%
Bitmine Immersion TechnologiesBMNR	FEMV +0.11 points	0.18%	0.07%
Casey General StoresCASY	FEMV +0.11 points	0.20%	0.09%
Landstar System IncLSTR	FEMV +0.11 points	0.14%	0.03%
Central Bancompany IncCBC	MSSM +0.10 points	0.14%	0.24%
Coherent CorpCOHR	MSSM +0.10 points	0.05%	0.15%
Amdocs LtdDOX	FEMV +0.09 points	0.18%	0.09%
Technipfmc PLCFTI	FEMV +0.09 points	0.61%	0.52%
Clearway Energy Inc Class CCWEN	FEMV +0.09 points	0.11%	0.02%
Tko Group Holdings IncTKO	FEMV +0.09 points	0.16%	0.07%

All FEMV holdings⁠All MSSM 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.

FEMV vs MSSM Cost

Overpaying MSSM vs FEMV

$7,420

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

FEMV 0.23%
$4,759
MSSM 0.62%
$12,179

Amount$10,000

Years30 years

Cost over time

FEMV 0.23%
MSSM 0.62%
Overpaying

Year by year

Year	FEMV	MSSM	Overpaying
10	$419	$1,111	$692
20	$1,630	$4,246	$2,616
30	$4,759	$12,179	$7,420

Expense ratio

0.23%FEMV, cheaper
0.62%MSSM

FEMV0.23%MSSM0.62%

0.18%1.10%

Middle half of US Active Small/Mid-Cap funds
Median 0.55%

FEMV 2nd cheapest of 47 funds

MSSM 28th cheapest of 47 funds

FEMV vs MSSM Dividends

Last 12 months to Nov 3, 2026

Last payment: FEMV $0.09; MSSM $1.60
Ex-dividend: FEMV Sep 18, 2026; MSSM Dec 10, 2025
Paid on: FEMV Sep 22, 2026; MSSM No data
Frequency: FEMV Quarterly; MSSM Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

FEMVQuarterly · 2 paymentsAll FEMV payments⁠

MSSMIrregular · 1 paymentAll MSSM payments⁠

FEMV vs MSSM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FEMV No dataMSSM 15.3%since Jan 2025
Return per unit of riskSharpe ratio, 3 years: FEMV No dataMSSM 0.65since Jan 2025
Worst fallMax drawdown, 5 years: FEMV No dataMSSM −24.1%since Dec 2024
Market sensitivityBeta, 5 years: FEMV −0.05MSSM 1.04; Market = 1

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