At a glance
FMDE charges 0.23% a year, above the 0.12% average of the 7 funds most like it (the 6th cheapest of 8). It has $7.39B in assets, the 8th largest of that group; it paid 1.04% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +16.1% with distributions reinvested (S&P 500: +11.5%), 5th of those 8 funds. Its ten largest positions make up 9.8% of the fund, out of 424 in all.
The short version
Fidelity Enhanced Mid Cap ETF (FMDE) holds about 424 mostly US mid-size company stocks drawn mainly from the Russell Midcap Index. A computer-driven model picks them with the aim of beating that index. It is not a plain index fund, because Fidelity tilts toward stocks that score well on traits like valuation, growth and quality. Its 0.23% expense ratio is above the 0.12% average for similar funds and well above Vanguard Mid-Cap ETF's 0.04%.
Price history
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FMDE +16.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FMDE official prospectus, to Oct 30, 2026 | — | +12.13% | — | +10.90% | +11.33% | — |
| RS006 index, same period | — | +10.60% | — | +8.67% | +11.01% | — |
| RS003 index, same period | — | +17.15% | — | +13.15% | +14.29% | — |
| FMDE price data to Oct 27, 2026 | +15.8% | +16.1% | — | — | — | +20.4% |
- Over the year to Oct 27, 2026, FMDE returned +16.1%, 5th of 8 among similar funds.
- Its worst full calendar year was 2025 (+12.2%); its best was 2024 (+21.8%).
- The deepest fall in its price history was 21.1% (Dec 4, 2024 to Apr 8, 2025), recovered by Jul 22, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.8% | — |
| 2025 | +12.2% | +12.13% |
| 2024 | +21.8% | +21.23% |
| 2023 | — | +15.90% |
| 2022 | — | -14.21% |
| 2021 | — | +24.12% |
| 2020 | — | +15.37% |
| 2019 | — | +27.35% |
| 2018 | — | -11.72% |
| 2017 | — | +18.40% |
| 2016 | — | +13.49% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3270 | |
| 2025 | $0.4460 | +21.9% |
| 2024 | $0.3660 |
What's inside
As of Jun 30, 2026, the fund held 424 securities; the ten largest made up 9.8% of assets.
| Holding | Weight | |
|---|---|---|
| TERADYNE INC | 1.16% | |
| KEYSIGHT TECHNOLOGIES INC | 1.01% | |
| COMFORT SYSTEMS USA INC | 0.99% | |
| BANK NEW YORK MELLON CORP | 0.99% | |
| HOWMET AEROSPACE INC | 0.98% | |
| L3HARRIS TECHNOLOGIES INC | 0.97% | |
| HUMANA INC | 0.96% | |
| ALLSTATE CORP | 0.94% | |
| AMETEK INC NEW | 0.91% | |
| MARATHON PETROLEUM CORP | 0.90% | |
| KINDER MORGAN INC DEL | 0.90% | |
| STATE STREET CORP | 0.87% | |
| FORD MOTOR CO | 0.86% | |
| CIENA CORP | 0.84% | |
| CORTEVA INC | 0.83% |
By country
United States 92.55%Ireland 2.11%United Kingdom 2.06%Switzerland 0.68%Bermuda 0.62%By asset type
Stocks 98.61%Bonds and notes 0.36%By sector
Sectors of the companies held, for the 42.6% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $730.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.06%, +3.02%, +2.43%.
How it works
FMDE normally invests at least 80% of its assets in common stocks included in the Russell Midcap Index. That index covers the mid-size slice of the US stock market and weights companies by market value, meaning share price times shares outstanding. The fund uses the index as its pool of candidates and as the yardstick it tries to beat. It does not copy the index.
Fidelity applies research on what drives stock returns over the long run, which can include valuation (how cheap a stock looks), growth, quality and other factors. A proprietary portfolio construction and risk management framework then turns that research into a broadly diversified portfolio. The prospectus does not set a fixed rebalancing calendar. Portfolio turnover was 78%, so the fund replaces a large share of its holdings each year. Trading like that has costs that aren't included in the expense ratio.
As of June 30, 2026, the fund held 424 stocks. No position was much above 1.2%, and the 10 largest made up 9.8% of assets. Teradyne, Keysight Technologies, Comfort Systems USA, Bank of New York Mellon and Howmet Aerospace led the list. The fund may also use derivatives such as stock index futures. On that date it held a tiny S&P MidCap 400 E-mini futures position (about 0.01% of assets) and 1.68% in cash.
What it really costs
- FMDE charges 0.23% a year, versus an average of 0.12% for the similar funds below (6th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $24 in the first year and $293 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FMDE | $24 | $74 | $130 | $293 |
In a retirement portfolio
It adds a broad basket of mid-size US companies to a portfolio built mostly on large-cap funds.
FMDE could round out a portfolio with mid-size US companies. Its trailing yield was 1.04% as of Oct. 27, 2026, paid quarterly, so it works mainly as a growth holding. The ETF began trading on Nov. 20, 2023, so it has no market-price record for the 2008, 2020 or 2022 downturns. Its prospectus reports a longer performance record that includes losses of 14.21% in 2022 and 11.72% in 2018, plus a 27.29% drop in the first quarter of 2020. In its own trading, its deepest fall was 21.1%, from Dec. 4, 2024, to Apr. 8, 2025. It recovered by July 22, 2025, about 3.4 months later. Someone forced to sell in a slump like that would lock in losses. In the SEC's standard example, costs on $10,000 come to $24 after one year and $293 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want broad mid-cap exposure, about 424 stocks with no position much above 1.2%, plus a quantitative attempt to beat the Russell Midcap Index.
- People willing to pay 0.23% a year, or $24 per $10,000 in the SEC's first-year example, for a factor-based approach instead of plain index tracking.
- Portfolios heavy in large-cap funds that could use a mid-size company sleeve. FMDE's one-year beta, a measure of sensitivity to market swings, was 0.86 as of Oct. 27, 2026.
Look elsewhere if
- Cost-focused investors, since Vanguard Mid-Cap ETF (VO) and Schwab US Mid-Cap ETF (SCHM) charge 0.04%, compared with FMDE's 0.23%.
- Income seekers, since FMDE's trailing yield was 1.04% as of Oct. 27, 2026, paid quarterly.
- Anyone wanting a long trading history or exact index tracking. The ETF launched in November 2023, and its quantitative model can trail its benchmark.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FMDE this fund | — | 0.23% | $7.39B | +16.1% | — |
| IWR iShares Russell Midcap ETF | 37% | 0.19% | $56.98B | +16.6% | +19.3% |
| IWS iShares Russell Mid-Cap Value ETF | 35% | 0.23% | $15.65B | +25.6% | +20.7% |
| VO Vanguard Mid-Cap ETF | 35% | 0.04% | $224.06B | +15.5% | +20.7% |
| VOE Vanguard Mid-Cap Value ETF | 27% | 0.07% | $37.23B | +25.1% | +21.7% |
| SCHM Schwab US Mid-Cap ETF | 25% | 0.04% | $14.86B | +20.5% | +18.9% |
| IWP iShares Russell Mid-Cap Growth ETF | 23% | 0.23% | $21.57B | -8.0% | +14.0% |
| VOT Vanguard Mid-Cap Growth ETF | 20% | 0.07% | $34.82B | -0.4% | +17.4% |
Questions investors ask
Is FMDE an index fund?
No. FMDE uses the Russell Midcap Index as its pool of candidates and its benchmark, but it does not copy it. Fidelity uses a quantitative model that looks at factors such as valuation, growth and quality. The aim is a broadly diversified group of stocks that could beat the index. That approach means FMDE can perform differently from the index, better or worse. Its 78% turnover is also a sign of more active trading.
What's the difference between FMDE and IWR?
iShares Russell Midcap ETF (IWR) tracks the Russell Midcap Index. FMDE picks from that same index with a quantitative model. Only 37% of their holdings overlap. IWR charges 0.19% and FMDE charges 0.23%. IWR is much larger, with about $57.0 billion in net assets versus FMDE's $7.39 billion as of June 30, 2026. Over one year, IWR returned 17.8% as of Oct. 29, 2026. FMDE returned 16.1% as of Oct. 27, 2026.
Does FMDE pay dividends?
Yes. FMDE pays dividends quarterly. Over the 12 months to Oct. 27, 2026, it paid about $0.433 per share, for a trailing yield of 1.04%. That income comes from the mid-size companies the fund holds, and it is modest. The fund is built mainly for capital appreciation, which is its stated objective, rather than for steady income. Investors who need regular cash from a portfolio may want to compare it with funds that focus on dividends.
What is FMDE's expense ratio?
FMDE's expense ratio is 0.23%, according to its prospectus filed Oct. 27, 2026. All of it is a management fee, and there is no fee waiver. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $24 after one year, $74 after three, $130 after five and $293 after ten. The average among similar mid-cap funds is 0.12%, and VO and SCHM charge 0.04%.
How has FMDE performed since it launched?
FMDE has posted gains in each period since it began trading on Nov. 20, 2023. Based on market price, it returned 21.76% in 2024 and 12.19% in 2025. It was up 15.82% for 2026 through Oct. 27, 2026. Its deepest drop was 21.1%, from December 2024 to April 2025, and it recovered by July 2025. Its prospectus also lists average annual returns of 10.9% over five years and 11.33% over ten years. That record is longer than the ETF's own trading history.