FEMV vs PJFM

FEMVAFidelity Enhanced Mid Cap Value ETF

PJFMCPGIM Jennison Focused 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.

PJFM PGIM handed its Jennison stock pickers a focused mid-cap mandate: medium-sized US companies, chosen one at a time for long-term growth, at 0.49% a year. Active mid-cap is a thin shelf, and this one is priced under the typical active equity ETF.

Stated mandate

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

PJFM Seeks long-term growth of capital by investing primarily in equity and equity-related securities of medium-sized companies.

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.

• PJFM 0.49% a year sits below the 0.65% median for active US equity ETFs, so the stock picking starts from a lower cost base.
• Mid-caps are the aisle most ETF shelves skip. This one is built there on purpose: medium-sized companies, held for long-term growth of capital.
• A plain, unlevered fund with no structural red flags in our review, and it lands in the upper half of the active US equity funds we grade.

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.

• PJFM Small asset base, thinly traded. Spreads can widen, and the price on screen may sit further from the fund's underlying value than in a busier ticker.
• Launched in December 2023, so the track record is short, and measured volatility runs on the higher end of active US equity ETFs.
• Cash comes once or twice a year, not monthly. This is a capital-growth mandate, not an income one.

Full FEMV profile⁠

Full PJFM profile⁠