Fidelity Small-Mid Multifactor ETF
FSMD
New York Stock Exchange Arca- -
USD
- -
- -
- -
- -
(- -)
Recent
price
- -
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Similar Companies
- Business
- Fidelity Small-Mid Multifactor ETF (FSMD) is an exchange-traded fund that seeks to provide investment returns corresponding, before fees and expenses, to the performance of the Fidelity Small-Mid Multifactor Index, which targets small- and mid-capitalization U.S. companies exhibiting attractive valuations, high-quality profiles, positive momentum signals, and lower volatility relative to the broader market. The fund, issued by Fidelity Covington Trust, a management investment company registered under the Investment Company Act of 1940, normally invests at least 80% of its assets in index securities; it maintains a diversified portfolio of approximately 599-608 equity holdings across sectors including industrials (21%), financials (18%), information technology (13%), and consumer discretionary (12%), with top holdings such as Fidelity Securities Lending Cash Central Fund, EMCOR Group Inc., AngloGold Ashanti plc, Reddit Inc., and Tapestry Inc.; the fund features a net expense ratio of 0.16%, quarterly dividend payouts, and assets under management exceeding $1.75 billion as of late 2025. Launched on February 26, 2019, and listed on NYSE Arca, FSMD operates primarily in the U.S. equity market, targeting investors seeking strategic beta exposure to small-blend categories with a focus on multifactor strategies encompassing value, quality, low volatility, and momentum. Fidelity Covington Trust, headquartered in Smithfield, Rhode Island as indicated by distributor addresses, with Fidelity Investments' primary operations based in Boston, Massachusetts, manages FSMD passively through sub-advisers including Geode Capital Management; the ETF forms part of Fidelity's broader lineup of exchange-traded funds covering equity, fixed-income, thematic, and factor-based strategies available commission-free via Fidelity platforms. Recent developments include substantial fund inflows of approximately $1.17 billion over the past year, driving assets to around $1.79 billion and shares outstanding to 41.4 million amid market growth; portfolio adjustments as of mid-2025 reflect increased allocations to holdings like NRG Energy, Interactive Brokers Group, and Tapestry, alongside new positions such as GCI Liberty Inc., maintaining turnover at 38%; performance metrics show year-to-date NAV returns of 8.09% and five-year annualized returns of 14.77% as of September 30, 2025, earning a Morningstar Gold Medalist Rating with four stars across three- and five-year periods. No major acquisitions, partnerships, or structural reorganizations have been reported for FSMD or its issuer in the last 1-2 years, with operations focused on index replication and ongoing rebalancing to align with multifactor criteria.