Fidelity Enhanced Mid Cap ETF
FMDE
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- Fidelity Covington Trust serves as the issuer for a suite of actively managed exchange-traded funds (ETFs), including the Fidelity Enhanced Mid Cap ETF (FMDE), which seeks capital appreciation by normally investing at least 80% of its assets in common stocks included in the Russell Midcap Index; it employs proprietary, computer-aided quantitative analysis of factors such as historical valuation, growth, profitability, and other metrics to select a diversified portfolio of U.S. mid-cap equities designed to potentially outperform the benchmark. The Trust also offers related Enhanced ETFs covering large-cap core (FELC), large-cap growth (FELG), large-cap value (FELV), small-cap (FESM), and international (FENI) strategies, each utilizing similar disciplined, quantitative approaches benchmarked against respective Russell indices, alongside factor-based and sector-specific ETFs like Fidelity MSCI Materials Index ETF and others. These products target investors seeking enhanced index performance in equity segments through transparent, low-cost active management, with FMDE carrying an expense ratio of 0.23%. Headquartered at 245 Summer Street in Boston, Massachusetts, Fidelity Covington Trust operates as part of the broader Fidelity Investments ecosystem, which was originally established in 1946; the Trust itself traces its origins to around 1995 and focuses on U.S.-based ETF issuance for retail, institutional, and advisor clients across domestic and international equity markets. In a significant strategic evolution, Fidelity Covington Trust reorganized the Fidelity Mid Cap Enhanced Index Fund—originally launched as a mutual fund on December 30, 2007—into the FMDE ETF on November 17, 2023, expanding investor access while halving fees from prior mutual fund levels and maintaining the same investment objectives, management team (co-managed by Max Kaufmann, Anna Lester, Shashi Naik, and George Liu), and quantitative process. This conversion formed part of a broader November 2023 initiative to launch six new Enhanced active equity ETFs, growing Fidelity's ETF lineup to 64 funds with approximately $36 billion in assets under management at the time. No major acquisitions, partnerships, funding rounds, or further reorganizations have been reported for the Trust or FMDE in 2024 or 2025.