FEMV vs SMDX: Grades, Fees and Holdings Compared

Fidelity Enhanced Mid Cap Value ETF

FEMVANYSE Arca

Intech S&P Small-Mid Cap Diversified Alpha ETF

SMDXBNYSE Arca

Overlap

12.7%by weight

Expense ratio

FEMV −0.12pt a year

FEMV0.23%SMDX0.35%

Avg volume · 30D

FEMV 8.0×the volume

FEMV1.5KSMDX188

FEMV vs SMDX Performance

Jul 31, 2026 – Nov 2, 2026

+2.4%FEMV−0.9%SMDX

Expense ratio: FEMV 0.23%, better; SMDX 0.35%
Fund size: FEMV $7M; SMDX $128M
1Y total return: FEMV No data; SMDX +18.9%
Holdings: FEMV 270; SMDX 529
Avg volume (30D): FEMV 1.5K sh, better; SMDX 188 sh
NAV per share: FEMV $27.59; SMDX $26.13
52W range

ETF.net Grade

Pillar letters and Scores for FEMV, SMDX, with each pillar’s weight
Pillar	FEMV	SMDX
Cost30% weight	A97Higher	A83
Mission25% weight	Not scored	A100
Risk15% weight	A93Higher	B63
Tradability15% weight	C47Higher	D38
Holdings10% weight	A82	A86Higher
Durability5% weight	D35	C53Higher

Rank among US Active Small/Mid-Cap funds

How we build Categories ›

Same Category. FEMV and SMDX 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 SMDX 6th 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 79
Rank 3ADFMCU.S. Micro Cap Portfolio ETFScore 76
Rank 5AREMCColumbia Research Enhanced Mid Cap ETFScore 70
Rank 6BSMDXIntech S&P Small-Mid Cap Diversified Alpha ETFScore 68
Rank 7BASCEAllspring SMID Core ETFScore 65

Our read on each fund

ETF.net Research

FEMVAFidelity Enhanced Mid Cap Value ETF

SMDXBIntech S&P Small-Mid Cap Diversified Alpha 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.

SMDX Active small- and mid-cap investing at close to index-fund pricing: SMDX works off the S&P 1000 for about half the fee of the typical active US equity ETF. It launched in 2025, so the live record is still short.

Stated mandate

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

SMDX The Fund seeks long-term capital appreciation.

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.

SMDX 0.35% a year against a 0.65% median for active US equity ETFs: roughly half the usual toll for an actively managed sleeve.
The reference point is the S&P 1000, so the hunting ground is small and mid caps rather than the large-cap names most US core funds already hand you.
Lands in the upper half of a crowded active US equity peer group, with cost doing much of the heavy lifting.

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.

SMDX Thinly traded. Bid-ask spreads can cost more than the expense ratio on a given trade, especially in size.
Launched in February 2025. Risk readings rest on about a year of live data, which is thin ground for judging an active strategy.
JMEE, the other ETF built around the same S&P 1000 benchmark, charges 0.24%, so cheaper access to this slice exists.

Full FEMV profile⁠

Full SMDX profile⁠

FEMV vs SMDX Holdings

How FEMV and SMDX differ

Overlap by weight

12.7%

Shared holdings make up 21.4% of FEMV and 21.0% of SMDX.

Level by level

Holdings62 in both12.7%
Countryby domicile99.4%
Asset classEquity100%

Sector

No Sector split for FEMV and SMDX.

Country, concentration and asset class

Country by domicile

Country weights in FEMV and SMDX, widest gap first
Country	More in FEMVMore in SMDX	FEMV	SMDX
United States	FEMV +0.3 points	98.9%	98.6%
United Kingdom	SMDX +0.4 points	0.6%	1.0%
Ireland	FEMV +0.3 points	0.3%	0.0%
India	FEMV +0.1 points	0.2%	0.1%
Brazil	SMDX +0.1 points	0.0%	0.1%
Singapore	SMDX +0.1 points	0.0%	0.1%
Sweden	SMDX +0.1 points	0.0%	0.1%
Belgium	Same weight	0.0%	0.0%
Canada	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

FEMV10.4%
SMDX9.6%

Securities held

FEMV267
SMDX528

Asset class

FEMV: Equity
SMDX: Equity

Holdings

Only in FEMV205
In both62
Only in SMDX466

Only in FEMV

205 securities, 78.1% of FEMV by weight

Allstate Corporation1.19%
Marathon Petroleum Corp1.12%
Nucor Corp1.11%
Kinder Morgan Inc1.06%
L3HARRIS Technologies Inc1.04%
Phillips 661.01%
Ametek Inc New1.00%
Occidental Petroleum Corp0.97%
Ford Motor Co0.96%
Consolidated Edison Inc0.95%
Hewlett Packard Enterprise Co0.94%
Digital Realty Trust Inc0.94%
Iqvia Holdings Inc0.94%
Westinghouse Air Brake Tec Crp0.93%
Agilent Technologies Inc0.92%
Ebay Inc0.91%
Ge Healthcare Technologies Inc0.91%
State Street Corp0.90%
Cboe Global Markets Inc0.89%
Block Inc Class A0.87%
Ventas Inc Reit0.85%
Hartford Insurance Grp Inc/The0.84%
Vylor Inc0.83%
Illumina Inc0.80%
Atmos Energy Corp0.78%
Willis Towers Watson PLC0.78%
Northern Trust Corp0.77%
Ppl Corporation0.77%
Vici Pptys Inc0.73%
Veeva Sys Inc Class A0.73%
Adt Inc0.72%
Allegion PLC0.72%
Veralto Corp0.71%
Baker Hughes Co0.70%
Pultegroup Inc0.70%
Sysco Corp0.70%
Citizens Financial Group Inc0.69%
Humana Inc0.67%
Halliburton Co0.67%
Tradeweb Markets Inc A0.67%
Keysight Technologies Inc0.64%
Dupont De Nemours Inc0.63%
Loews Corp0.62%
Qnity Electronics Inc0.61%
PG&E Corp0.61%
Dollar Tree Inc0.61%
Dow Inc0.61%
Msci Inc0.61%
Cardinal Health Inc0.60%
American Homes 4 Rent Class A0.59%

Only in SMDX

466 securities, 78.8% of SMDX by weight

Jones Lang LaSalle Inc1.37%
East West Bancorp Inc0.82%
ATI Inc0.81%
Medpace Holdings Inc0.81%
Affiliated Managers Group Inc0.79%
Halozyme Therapeutics Inc0.77%
Jackson Financial Inc0.76%
United Therapeutics Corp0.73%
Curtiss-Wright Corp0.73%
Cognex Corp0.72%
Valley National Bancorp0.72%
Omega Healthcare Investors Inc0.71%
Healthcare Realty Trust Inc0.70%
Valmont Industries Inc0.65%
Unum Group0.64%
YETI Holdings Inc0.59%
Commercial Metals Co0.59%
Globus Medical Inc0.58%
Materion Corp0.58%
Murphy USA Inc0.58%
Viasat Inc0.57%
CNO Financial Group Inc0.53%
MasTec Inc0.52%
BWX Technologies Inc0.51%
Manhattan Associates Inc0.51%
New York Times Co/The0.50%
Reinsurance Group of America Inc0.49%
Novanta Inc0.48%
Southwest Gas Holdings Inc0.48%
Universal Display Corp0.48%
Itron Inc0.46%
Provident Financial Services Inc0.46%
BGC Group Inc0.45%
EnerSys0.45%
MKS Inc0.43%
RB Global Inc0.43%
Pebblebrook Hotel Trust0.42%
Rogers Corp0.42%
Coca-Cola Consolidated Inc0.42%
Crocs Inc0.41%
Lattice Semiconductor Corp0.41%
Outfront Media Inc0.41%
Ormat Technologies Inc0.40%
WSFS Financial Corp0.40%
Korn Ferry0.40%
Rambus Inc0.40%
Indivior Pharmaceuticals Inc0.40%
Victoria's Secret & Co0.39%
Jazz Pharmaceuticals PLC0.39%
Lantheus Holdings Inc0.38%

Weight gaps

All 62 Holdings in both funds, largest gap first.

Holding weights in FEMV and SMDX, widest gap first
Holding	More in FEMVMore in SMDX	FEMV	SMDX
Encompass Health CorpEHC	SMDX +0.77 points	0.01%	0.78%
Tenet Healthcare CorpTHC	SMDX +0.69 points	0.65%	1.34%
Us Foods Holding CorpUSFD	SMDX +0.63 points	0.20%	0.83%
Woodward IncWWD	SMDX +0.60 points	0.12%	0.72%
Ryder System IncR	SMDX +0.57 points	0.09%	0.66%
Exelixis IncEXEL	SMDX +0.56 points	0.10%	0.66%
Hf Sinclair CorpDINO	SMDX +0.54 points	0.39%	0.93%
Zions BancorpZION	FEMV +0.54 points	0.56%	0.02%
Aptargroup IncATR	FEMV +0.54 points	0.58%	0.04%
Okta Inc Class AOKTA	SMDX +0.52 points	0.03%	0.55%
Docusign IncDOCU	FEMV +0.51 points	0.67%	0.16%
Xpo IncXPO	SMDX +0.50 points	0.46%	0.96%
Lyft IncLYFT	FEMV +0.49 points	0.56%	0.07%
Carmax IncKMX	FEMV +0.48 points	0.61%	0.13%
American Finl Group Inc OhioAFG	FEMV +0.48 points	0.62%	0.14%
Bill Holdings IncBILL	FEMV +0.46 points	0.57%	0.11%
Technipfmc PLCFTI	FEMV +0.40 points	0.63%	0.23%
Pinterest Inc Class APINS	FEMV +0.38 points	0.49%	0.11%
Cirrus Logic IncCRUS	FEMV +0.38 points	0.51%	0.13%
Sensata Technologies Hldg PLCST	SMDX +0.38 points	0.44%	0.82%
Toro CoTTC	FEMV +0.37 points	0.61%	0.24%
Reliance IncRS	FEMV +0.37 points	0.75%	0.38%
Hamilton Lane Inc - AHLNE	SMDX +0.35 points	0.09%	0.44%
Nvent Electric PLCNVT	SMDX +0.35 points	0.51%	0.86%
Crane CoCR	FEMV +0.34 points	0.56%	0.22%
Wesco International IncWCC	FEMV +0.33 points	0.62%	0.29%
Toll Brothers IncTOL	FEMV +0.32 points	0.61%	0.29%
Kirby CorpKEX	SMDX +0.31 points	0.17%	0.48%
Ttm Technologies IncTTMI	SMDX +0.28 points	0.02%	0.30%
Ally Financial IncALLY	FEMV +0.28 points	0.47%	0.19%
Carpenter Technology CorpCRS	SMDX +0.24 points	0.20%	0.44%
Littelfuse IncLFUS	FEMV +0.23 points	0.48%	0.25%
Applied Industrial Tech IncAIT	FEMV +0.23 points	0.34%	0.11%
Lamar Advertising Co Class ALAMR	SMDX +0.22 points	0.61%	0.83%
Commerce Bancshares IncCBSH	FEMV +0.19 points	0.30%	0.11%
Maplebear IncCART	FEMV +0.19 points	0.55%	0.36%
Gamestop Corp Class AGME	FEMV +0.18 points	0.46%	0.28%
Elanco Animal Health IncELAN	FEMV +0.17 points	0.24%	0.08%
Carlisle Cos IncCSL	SMDX +0.16 points	0.08%	0.24%
Core &MAIN IncCNM	FEMV +0.15 points	0.25%	0.10%
Neurocrine Biosciences IncNBIX	SMDX +0.14 points	0.41%	0.55%
Knight-Swift Transportation HoKNX	SMDX +0.13 points	0.09%	0.22%
Hayward Holdings IncHAYW	FEMV +0.13 points	0.19%	0.06%
Macom Technology Soln Hlds IncMTSI	SMDX +0.12 points	0.14%	0.26%
Td Synnex CorpSNX	FEMV +0.10 points	0.61%	0.51%
Genpact LtdG	FEMV +0.08 points	0.15%	0.07%
Versant Media Group Inc - AVSNT	FEMV +0.08 points	0.46%	0.38%
Annaly Capital Mgmt Inc ReitNLY	FEMV +0.08 points	0.10%	0.02%
Gap IncGPS	FEMV +0.06 points	0.28%	0.22%
Five Below IncFIVE	FEMV +0.06 points	0.58%	0.52%
Antero Midstream CorpAM	SMDX +0.05 points	<0.01%	0.06%
Renaissancere Hldgs LtdRNR	FEMV +0.03 points	0.31%	0.28%
Allegro Microsystems IncALGM	FEMV +0.03 points	0.05%	0.02%
Landstar System IncLSTR	FEMV +0.03 points	0.13%	0.10%
Flowserve CorpFLS	SMDX +0.03 points	0.22%	0.25%
Caci International IncCACI	SMDX +0.03 points	0.27%	0.30%
Avnet IncAVT	SMDX +0.03 points	0.14%	0.17%
Darling Ingredients IncDAR	SMDX +0.02 points	0.24%	0.26%
Marketaxess Hldgs IncMKTX	SMDX +0.02 points	0.06%	0.08%
Epr PropertiesEPR	FEMV +0.01 points	0.25%	0.24%
Rbc Bearings IncRBC	FEMV +0.01 points	0.48%	0.47%
Organon & CoOGN	Same weight	0.04%	0.04%

All FEMV holdings⁠All SMDX 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 SMDX Cost

Overpaying SMDX vs FEMV

$2,367

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

FEMV 0.23%
$4,759
SMDX 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

FEMV 0.23%
SMDX 0.35%
Overpaying

Year by year

Year	FEMV	SMDX	Overpaying
10	$419	$634	$215
20	$1,630	$2,454	$824
30	$4,759	$7,126	$2,367

Expense ratio

0.23%FEMV, cheaper
0.35%SMDX

FEMV0.23%SMDX0.35%

0.18%1.10%

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

FEMV 2nd cheapest of 47 funds

SMDX 8th cheapest of 47 funds

FEMV vs SMDX Dividends

Last 12 months to Nov 2, 2026

Last payment: FEMV $0.09; SMDX $0.14
Ex-dividend: FEMV Sep 18, 2026; SMDX Dec 23, 2025
Paid on: FEMV Sep 22, 2026; SMDX Dec 24, 2025
Frequency: FEMV Quarterly; SMDX Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

FEMVQuarterly · 2 paymentsAll FEMV payments⁠

SMDXIrregular · 1 paymentAll SMDX payments⁠

FEMV vs SMDX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FEMV No dataSMDX 12.8%since Mar 2025
Return per unit of riskSharpe ratio, 3 years: FEMV No dataSMDX 1.01since Mar 2025
Worst fallMax drawdown, 5 years: FEMV No dataSMDX −14.5%since Feb 2025
Market sensitivityBeta, 5 years: FEMV −0.05SMDX 0.71; Market = 1

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