FEMV vs PCSG

FEMVAFidelity Enhanced Mid Cap Value ETF

PCSGFPolen 5Perspectives Small-Mid Growth 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.

PCSG A 20-year-old small/mid growth strategy in a new wrapper. Drew Cupps has run 5Perspectives since 2005; PCSG brings that focused, theme-driven book to an ETF at 0.75%, with no fee waiver in play.

Stated mandate

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

PCSG The Fund seeks long-term growth of capital.

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.

• PCSG The fund is new, the strategy isn't: Drew Cupps has run 5Perspectives Small-Mid Growth since its 2005 start, landing with it at Polen in 2025.polencapital.comsec.gov
• Truly active and focused: a concentrated book of innovative small- and mid-cap growers built around AI, electrification, aerospace and genomics.polencapital.commanilatimes.net
• Flat 0.75% fee with no waiver propping it up, so there is no step-up date to diary.

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.

• PCSG At 0.75% it prices above the SMID category median; systematic peers run cheaper, like AVMC at 0.18% and JMEE at 0.35%.
• Launched May 2026, so the fund's own record is short; the strategy's longer history was built in separate accounts, a different vehicle.polencapital.com
• Thinly traded so far, so limit orders matter, and no distributions since launch: growth, not income.

Full FEMV profile⁠

Full PCSG profile⁠