FEMV vs OASC

FEMVAFidelity Enhanced Mid Cap Value ETF

OASCCOneAscent Enhanced Small and 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.

OASC Faith-based screen, quant tilt. OASC strips companies that fail OneAscent's values test from the Bloomberg US 2500, then rebuilds roughly 200 small and mid caps ranked on returns on capital and asset growth, targeting 2.5% tracking error.

Stated mandate

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

OASC The Fund seeks to outperform the Bloomberg US 2500 Total Return Index before expenses. It invests primarily in U.S. small- and mid-cap equities, applying OneAscent’s Values-Based Screening and quantitative Corporate Lifecycle Screen.

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.

• OASC The values screen comes first: companies the adviser judges to consistently harm stakeholders (predatory lending, human rights violations, patterns of severe ethics controversies) are cut from the universe before any stock gets picked.sec.gov
• The "enhanced" part is rules-driven, not a hunch. OneAscent's Corporate Lifecycle Screen scores every surviving company on returns on invested capital and asset growth rates, then weights the portfolio from those ranks.sec.gov
• Not a closet index, not a wild swing: fund documents target roughly 200 holdings and 2.5% tracking error against the Bloomberg US 2500, so the screens tilt weights inside a market-shaped frame.sec.gov

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.

• OASC Cost is the trade-off: 0.69% net of a waiver through December 31, 2026, against a 1.38% gross ratio, above the category median. Quant SMID peers run cheaper, like AVMC at 0.18% and JMEE at 0.35%.
• The mandate was reset on November 12, 2025, from a small-cap S&P 600 tracker to this broader small and mid cap approach, so the record under today's rules is short on a fund that launched in 2024.sec.govoneascent.com
• Screening out slices of the index means returns can drift from the benchmark, and the prospectus says they may be lower than if picks were made on investment merits alone. It also trades thinly.sec.gov

Full FEMV profile⁠

Full OASC profile⁠