FEMV vs SMIZ

FEMVAFidelity Enhanced Mid Cap Value ETF

SMIZBZacks Small/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.

SMIZ Zacks built its name on tracking analyst earnings-estimate revisions. SMIZ is that research run as an active US small/mid blend: 150-250 names, rebalanced monthly, at 0.55% net of a waiver through April 1, 2027.

Stated mandate

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

SMIZ The Fund seeks positive risk-adjusted returns through investments in equity securities of small and midsize U.S. companies and related derivatives.

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.

• SMIZ The engine is Zacks' home turf: upward earnings estimate revisions, their size, how recent estimates land versus consensus, and the frequency of earnings surprises. Scored on Zacks data, rebalanced monthly.sec.gov
• Genuinely blended, not small-cap wearing a smid label: the prospectus pins about 30%-70% of assets in each sleeve, so neither end of the size range quietly takes over the portfolio.sec.gov
• Wide for a stock-picking fund: 150-250 positions, any economic sector, drawn from the Russell 2000 and Russell Midcap universes. One bad quarter at one holding stays a rounding error.sec.gov
• Priced near the middle of the active small/mid pack: 0.55% net of a waiver through April 1, 2027, against a 0.60% gross ratio.

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.

• SMIZ You pay for the human and the model. Rules-based rivals in the same aisle run cheaper, including AVMC at 0.18% and JMEE at 0.35%, both without waivers propping up the number.
• Thinly traded next to the category's heavyweights, so bid-ask spreads and order timing carry more weight here than with the big index smid funds.
• Young by fund standards (listed in 2023), and distributions arrive annually or semiannually rather than on a monthly drip.

Full FEMV profile⁠

Full SMIZ profile⁠