FMDE vs FSMD: Differences, Returns & Fees
FMDE and FSMD hold 20% of their weight in the same names, and FMDE returned +17.2% over the year. Net assets on Sep 30, 2026: $8.1bn for Fidelity Enhanced Mid Cap Core ETF and $2.5bn for Fidelity Small-Mid Multifactor ETF.
FSMD costs 0.08 points a year less; their one-year returns differ by 1.4 points; FMDE is 3.2 times larger.
| FMDE | FSMD | |
|---|---|---|
| Expense ratio | 0.23% | 0.15% |
| Net assets, as of Sep 30, 2026 | $8.1bn | $2.5bn |
| Total return, 1 year | +17.2% | +15.8% |
| What it tracks | No index, actively managed | Fidelity Small-Mid Multifactor Index |
| Holdings in common | 20% | |
| Top ten holdings, share of the fund | 9.8% | 8.2% |
| Below its high | 3.1%, high on Aug 14, 2026 | 6.2%, high on Aug 17, 2026 |
Holdings in common uses holdings dated Jun 30, 2026 and Jul 31, 2026.
FMDE and FSMD are built for the same job. How do they differ in cost, holdings and results?
- What each follows. FMDE follows No index, actively managed and FSMD follows Fidelity Small-Mid Multifactor Index.
- Holdings in common. 20% of the weight is in the same securities (holdings dated Jun 30, 2026 and Jul 31, 2026).
- Size. FMDE has $8.1bn in net assets and FSMD $2.5bn (net assets, as of Sep 30, 2026); FMDE is 3.2 times larger.
Data as of Oct 20, 2026. The differences are picked by a fixed rule, in a fixed order; the PDF prints it. Page 2 has the returns, overlap, risks and sources.
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What they hold in common
By the books each fund has filed, FMDE and FSMD hold 20% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Jul 31, 2026.
half
20% in common
On the same fields
FMDE and FSMD on the fields both publish, as of Oct 20, 2026. Source: ETFIQ.
About FMDE
FMDE is actively managed and tracks no index. Over the year to Oct 20, 2026 it returned +17.2% with distributions reinvested. The prospectus expense ratio is 0.23% a year. By its holdings filed for Jun 30, 2026, 60% of the fund by weight is stocks the S&P 500 also holds, across 421 positions, with the top ten at 9.8%. It sat 3.1% below its high of Aug 14, 2026 on Oct 20, 2026.
About FSMD
FSMD tracks an index. Over the year to Oct 20, 2026 it returned +15.8% with distributions reinvested. The prospectus expense ratio is 0.15% a year. By its holdings filed for Jul 31, 2026, 15% of the fund by weight is stocks the S&P 500 also holds, across 586 positions, with the top ten at 8.2%. It sat 6.2% below its high of Aug 17, 2026 on Oct 20, 2026.
Questions people ask
- Which returned more over the last year, FMDE or FSMD?
- In the year to Oct 20, 2026, with distributions reinvested, FMDE returned +17.2% and FSMD +15.8%.
- Which is cheaper, FMDE or FSMD?
- FSMD is cheaper, by 0.08 percentage points a year. That is about $8 on $10,000 held for a year. Fees come from each fund's prospectus.
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Cite this pageCitation, APA and Markdown
ETFIQ, FMDE against FSMD, data as of Oct 20, 2026. https://etfiq.com/compare/any/fmde-vs-fsmd
ETFIQ. (Oct 20, 2026). FMDE against FSMD. Retrieved from https://etfiq.com/compare/any/fmde-vs-fsmd
[FMDE against FSMD (ETFIQ, Oct 20, 2026)](https://etfiq.com/compare/any/fmde-vs-fsmd)
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