FEMV vs SMOX

FEMVAFidelity Enhanced Mid Cap Value ETF

SMOXCHorizon Small/Mid Cap Core Equity 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.

SMOX Horizon's December 2025 launch pairs human managers with quant models and aims them at US small and mid caps, a corner most of its actively managed US equity peers skip in favor of large-cap core.

Stated mandate

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

SMOX The fund seeks capital appreciation through a combination of active management and quantitative models while investing in U.S. small- and mid-cap equities.

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.

• SMOX Goes down the cap ladder to US small and mid caps while the top-scoring funds in its active US equity cohort (DFAU, FELC, AVLC) all sit in large-cap core.
• Runs on both judgment and machines: active management combined with quantitative models, rather than committing to one lane.
• Holds roughly 300 stocks, so no single small-cap stumble drives the outcome. That breadth is a real strength versus concentrated active funds.
• Lands in the upper half of a crowded active US equity peer group despite being brand new, helped by diversification and a contained risk profile.

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.

• SMOX Charges 0.75% a year, above the 0.65% median for active US equity funds and several times the 0.12% to 0.26% the cohort's top names charge.
• Launched December 2025, so there's no multi-year record yet to show how the models behave across a full market cycle.
• Trades thinly, which usually means wider bid-ask spreads than the household names in the category. Distributions come annually or semiannually, not monthly.

Full FEMV profile⁠

Full SMOX profile⁠