FSMD vs IMCV: Grades, Fees and Holdings Compared

Fidelity Small-Mid Multifactor ETF

FSMDANYSE Arca

iShares Morningstar Mid-Cap Value ETF

IMCVANasdaq

Overlap

2.2%by weight

Expense ratio

IMCV −0.09pt a year

FSMD0.15%IMCV0.06%

Avg volume · 30D

FSMD 4.0×the volume

FSMD154KIMCV38.9K

5Y return · a year

IMCV +1.9pt

FSMD+9.1%IMCV+11.0%

FSMD vs IMCV Performance

Oct 29, 2021 – Oct 30, 2026

+54.3%FSMD+68.3%IMCV

Expense ratio: FSMD 0.15%; IMCV 0.06%, better
Fund size: FSMD $2.49B; IMCV $1.27B
1Y total return: FSMD +18.1%; IMCV +27.0%, better
Yield (12M): FSMD 1.29%; IMCV 1.84%, better
Holdings: FSMD 600; IMCV 271
Avg volume (30D): FSMD 154K sh, better; IMCV 38.9K sh
NAV per share: FSMD $50.22; IMCV $99.16
52W range

ETF.net Grade

Pillar letters and Scores for FSMD, IMCV, with each pillar’s weight
Pillar	FSMD	IMCV
Cost30% weight	A83	A96Higher
Mission25% weight	A95Higher	A76
Risk15% weight	D39	A77Higher
Tradability15% weight	C52	B69Higher
Holdings10% weight	A86Higher	B69
Durability5% weight	B63	A77Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. FSMD and IMCV are both graded against the same 99 US Multifactor funds, so their Grades compare head to head.

US Multifactor⁠

Category · 99 funds

See all 99 ›

IMCV ranks 4th and FSMD 16th of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 2AVYMVanguard High Dividend Yield ETFScore 81
Rank 4AIMCViShares Morningstar Mid-Cap Value ETFScore 80
Rank 5ADCORU.S. Core Equity 1 Portfolio ETF Class SharesScore 79
Rank 14AIJKiShares S&P Mid-Cap 400 Growth ETFScore 75
Rank 16AFSMDFidelity Small-Mid Multifactor ETFScore 74
Rank 17AQVMLInvesco S&P 500 QVM Multi-factor ETFScore 72

Our read on each fund

ETF.net Research

FSMDAFidelity Small-Mid Multifactor ETF

IMCVAiShares Morningstar Mid-Cap Value ETF

In short

FSMD Most multifactor ETFs run their screens on the biggest US companies. FSMD points the same four lenses (cheap, high-quality, trending, calmer) at small and mid-cap America, and charges 0.15% a year to do it.

IMCV No data

Stated mandate

FSMD Seeks to track, before fees and expenses, the Fidelity Small-Mid Multifactor Index by normally investing at least 80% in its securities. The index covers small- and mid-capitalization U.S. companies selected for attractive valuations, high quality, positive momentum, and lower volatility than the broader market.

IMCV No data

Why people hold it

FSMD 0.15% a year, well under the typical fee in the multifactor aisle. Less cost drag means the factor tilt has a smaller hurdle to clear.
Four screens working together (value, quality, momentum, lower volatility) rather than one, so a single factor's cold streak doesn't set the whole portfolio's direction.
Roughly 600 small and mid-cap US names, so any one stock's bad week is a rounding error. Pays quarterly.
The heavyweights of its peer group (VONV, VYM, IUSG) all fish in large caps. FSMD is one of the stronger builds carrying the multifactor idea down the cap ladder.

IMCV No data

Worth knowing

FSMD Small and mid-caps move harder than large caps in both directions. The low-volatility screen aims to soften that ride, not flatten it.
Fidelity builds the index the fund tracks, so there's no outside benchmark provider setting the rules for what gets in.
Volume is moderate rather than heavy, so spreads can run wider than the household-name small-cap funds, especially in choppy markets.

IMCV No data

Full FSMD profile⁠

Full IMCV profile⁠

FSMD vs IMCV Holdings

How FSMD and IMCV differ

Overlap by weight

2.2%

Shared holdings make up 4.0% of FSMD and 2.2% of IMCV.

Level by level

Holdings13 in both2.2%
Sector11 Sectors75.7%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in FSMD and IMCV, widest gap first
Sector	More in FSMDMore in IMCV	FSMD	IMCV
Technology	FSMD +10.1 points	16.6%	6.5%
Energy	IMCV +8.8 points	4.6%	13.4%
Utilities	IMCV +6.6 points	2.4%	9.0%
Consumer Staples	IMCV +5.7 points	3.0%	8.7%
Health Care	FSMD +3.5 points	15.7%	12.2%
Consumer Discretionary	FSMD +3.4 points	10.3%	6.9%
Industrials	FSMD +3.1 points	17.3%	14.2%
Communication	FSMD +2.2 points	3.3%	1.1%
Real Estate	FSMD +2.1 points	6.7%	4.6%
Financials	IMCV +1.6 points	16.9%	18.5%
Materials	IMCV +1.6 points	3.4%	5.0%

Country, concentration and asset class

Country by domicile

Country weights in FSMD and IMCV, widest gap first
Country	More in FSMDMore in IMCV	FSMD	IMCV
United States	FSMD +0.3 points	99.0%	98.7%
United Kingdom	IMCV +0.1 points	0.4%	0.5%
China	IMCV +0.3 points	0.0%	0.3%
Ireland	IMCV +0.3 points	0.0%	0.3%
Sweden	FSMD +0.2 points	0.2%	0.0%
Switzerland	IMCV +0.1 points	0.1%	0.2%
India	FSMD +0.2 points	0.2%	0.0%
Canada	FSMD +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

FSMD4.5%
IMCV13.2%

Securities held

FSMD596
IMCV268

Asset class

FSMD: Equity
IMCV: Equity

Holdings

Only in FSMD583
In both13
Only in IMCV255

Only in FSMD

583 securities, 96.5% of FSMD by weight

Everpure Inc-A0.74%
Securities Lending Cf0.67%
Guardant Health Inc0.44%
Apa Corp0.38%
Revvity Inc0.38%
Charles River Labs Intl Inc0.37%
Nvent Electric PLC0.37%
Hf Sinclair Corp0.36%
Nutanix Inc Class A0.36%
Dynatrace Inc0.35%
Reinsurance Group of America0.35%
Hasbro Inc0.35%
Halozyme Therapeutics Inc0.34%
Exelixis Inc0.34%
Docusign Inc0.34%
Zebra Technologies Corp Class A0.34%
Host Hotels & Resorts Inc0.32%
Ralph Lauren Corp0.31%
Viking Holdings Ltd0.31%
Itt Inc0.31%
Gartner Inc0.31%
Medpace Holdings Inc0.31%
Api Group Corp0.31%
Nordson Corp0.31%
Renaissancere Hldgs Ltd0.31%
Manhattan Associates Inc0.30%
Jm Smucker Co/The0.30%
Assurant Inc0.30%
Aramark0.30%
Range Resources Corp0.30%
Gen Digital Inc0.30%
Skyworks Solutions Inc0.30%
Allegion PLC0.29%
Unum Group0.29%
Five Below Inc0.29%
Godaddy Inc Class A0.29%
Stanley Black & Decker Inc0.29%
Toll Brothers Inc0.28%
Coca Cola Consolidated Inc0.28%
Neurocrine Biosciences Inc0.28%
Pinnacle West Capital Corp0.28%
Twist Bioscience Corp0.28%
Lincoln Electric Hldgs Inc0.28%
10X Genomics Inc0.28%
Clean Harbors Inc0.27%
Antero Res Corp0.27%
Caci International Inc0.27%
Omega Healthcare Investors Inc0.27%
Lamar Advertising Co Class A0.27%
Rbc Bearings Inc0.27%

Only in IMCV

255 securities, 97.7% of IMCV by weight

Automatic Data Processing Inc1.60%
Valero Energy Corp1.57%
Phillips 661.54%
Us Bancorp1.27%
Regeneron Pharmaceuticals1.25%
Pnc Financial Services Group1.24%
3M1.23%
Elevance Health Inc1.20%
Eog Resources1.19%
Mondelez International Class A1.14%
Travelers Companies1.13%
United Parcel Service Inc Class B1.11%
Slb1.09%
Moderna1.08%
General Motors1.05%
Cigna1.04%
Hewlett Packard Enterprise1.00%
Target Corp0.96%
Cheniere Energy0.93%
Kinder Morgan0.91%
Marathon Petroleum0.88%
Oneok0.83%
Truist Financial0.82%
Marsh0.82%
Devon Energy0.78%
Sempra0.77%
Dominion Energy0.77%
Aflac0.76%
Becton Dickinson0.74%
Metlife0.73%
Williams0.72%
Delta Air Lines0.72%
Paccar Inc0.69%
Colgate-Palmolive0.69%
Xcel Energy Inc0.68%
PayPal Holdings0.67%
Keurig Dr Pepper Inc0.66%
Ford Motor Co0.66%
Strategy Inc Class A0.65%
Exelon Corp0.65%
Northrop Grumman Corp0.64%
Occidental Petroleum Corp0.64%
Nike Class B0.62%
Iqvia Holdings Inc0.60%
Consolidated Edison0.59%
Norfolk Southern Corp0.59%
American Electric Power Inc0.56%
American International Group0.56%
Prudential Financial Inc0.55%
Sysco0.54%

Weight gaps

All 13 Holdings in both funds, largest gap first.

Holding weights in FSMD and IMCV, widest gap first
Holding	More in FSMDMore in IMCV	FSMD	IMCV
Td Synnex CorpSNX	FSMD +0.20 points	0.35%	0.15%
Loews CorpL	FSMD +0.20 points	0.36%	0.16%
Tko Group Holdings IncTKO	FSMD +0.20 points	0.25%	0.05%
Incyte CorpINCY	FSMD +0.20 points	0.36%	0.16%
Wesco International IncWCC	FSMD +0.17 points	0.31%	0.14%
News Corp New Class ANWSA	FSMD +0.15 points	0.30%	0.15%
Nextpower IncNXT	FSMD +0.14 points	0.21%	0.07%
Permian Resources Corp Class APR	FSMD +0.12 points	0.39%	0.27%
Tenet Healthcare CorpTHC	FSMD +0.12 points	0.42%	0.30%
East West Bancorp IncEWBC	FSMD +0.11 points	0.36%	0.25%
Kimco Realty CorporationKIM	FSMD +0.08 points	0.31%	0.23%
Alcoa CorpAA	FSMD +0.08 points	0.22%	0.14%
Dicks Sporting Goods IncDKS	FSMD +0.07 points	0.20%	0.13%

All 602 FSMD holdings⁠All 268 IMCV 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.

FSMD vs IMCV Cost

Overpaying FSMD vs IMCV

$1,867

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

FSMD 0.15%
$3,137
IMCV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

FSMD 0.15%
IMCV 0.06%
Overpaying

Year by year

Year	FSMD	IMCV	Overpaying
10	$274	$110	$164
20	$1,071	$432	$639
30	$3,137	$1,270	$1,867

Expense ratio

0.15%FSMD
0.06%IMCV, cheaper

IMCV0.06%FSMD0.15%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

IMCV 4th cheapest of 99 funds

FSMD 13th cheapest of 99 funds

FSMD vs IMCV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FSMD 1.29%; IMCV 1.84%, better
Payout (12M): FSMD $0.65; IMCV $1.83
Last payment: FSMD $0.19; IMCV $0.52
Ex-dividend: FSMD Sep 18, 2026; IMCV Sep 15, 2026
Paid on: FSMD Sep 22, 2026; IMCV Sep 18, 2026
Frequency: FSMD Quarterly; IMCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FSMDQuarterly · 31 paymentsAll FSMD payments⁠

IMCVQuarterly · 39 paymentsAll IMCV payments⁠

FSMD vs IMCV Risk

Fall from peak · 5 years

FSMD
IMCV

Risk facts

VolatilityStd dev, 3 years: FSMD 15.4%IMCV 13.6%, better
Return per unit of riskSharpe ratio, 3 years: FSMD 0.94IMCV 1.22, better
Worst fallMax drawdown, 5 years: FSMD −22.2%IMCV −19.9%, better
Market sensitivityBeta, 5 years: FSMD 0.95IMCV 0.88; Market = 1

FSMD and IMCV in the news

All news⁠

Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026FSMD
New ETFs
PGIM lists two more Jennison core ETFs after a May launch that still holds $7 million
Sep 8, 2026FSMD

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FSMD vs IMCV

In short

Stated mandate

Why people hold it

Worth knowing

How FSMD and IMCV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FSMD

Only in IMCV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

US multifactor funds ran 30 points apart

PGIM lists two more Jennison core ETFs after a May launch that still holds $7 million

How FSMD and IMCV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FSMD

Only in IMCV

Weight gaps