ETF Evaluator:
Fidelity Enhanced Mid Cap Growth ETF ()
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(as of Aug 25)
Best Performing in Mid-Cap Growth Over the Last Year
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ETF Details
Fidelity Enhanced Mid Cap Growth ETF Overview
Fidelity Enhanced Mid Cap Growth ETF (FEMG) is an actively managed U.S. Equity Mid-Cap Growth exchange-traded fund (ETF). Fidelity Investments launched the ETF in 2026.
The investment seeks capital appreciation.
The fund normally invests at least 80% of assets in common stocks included in the Russell Midcap® Growth Index. The index is a market capitalization-weighted index designed to measure the performance of the mid-cap growth segment of the U.S. equity market. It includes those Russell MidCap ® Index companies with higher price-to-book ratios and higher forecasted growth values.
About Fidelity Enhanced Mid Cap Growth ETF (FEMG)
There are 3 members of the management team with an average tenure of 0.26 years: Anna Lester (2026), George Liu (2026) and Shashi Naik (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell Mid Cap Growth TR USD index with a weighting of 100%. Fidelity Enhanced Mid Cap Growth ETF has 164 securities in its portfolio. The top 10 holdings constitute 22.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Fidelity Enhanced Mid Cap Growth ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Fidelity Enhanced Mid Cap Growth ETF has 0.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.0% There is 0.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity Enhanced Mid Cap Growth ETF has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $6 million in total assets, which is below the $1 billion average for the Mid-Cap Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FEMG Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity Enhanced Mid Cap Growth ETF expense ratio is below average compared to funds in the Mid-Cap Growth category. Fidelity Enhanced Mid Cap Growth ETF has an expense ratio of 0.23%, which is 56% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity Enhanced Mid Cap Growth ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 166% for the Mid-Cap Growth category.
Recently, in the month of July 2026, Fidelity Enhanced Mid Cap Growth ETF returned -5.0%, which earned it a grade of C, as the Mid-Cap Growth category had an average return of -6.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Fidelity Enhanced Mid Cap Growth ETF has a trailing yield of 0.00%, which is below the 0.41% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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FEMG Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FEMG Return (NAV) | -5.0% | 1.4% | na | na | na | na |
| FEMG Return (Price) | -4.8% | 1.6% | na | na | na | na |
| NAV +/- Price Return | -0.128% | -0.202% | na | na | na | na |
| Mid-Cap Growth Avg | -6.0% | 2.2% | 13.8% | 14.5% | 4.1% | 11.9% |
| FEMG Grade (NAV) | C | C | na | na | na | na |
| +/- Category (NAV) | 1.1% | -0.8% | na | na | na | na |
| FEMG Tax-Cost Ratio | na | na | na | na | na | na |
FEMG Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FEMG Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| FEMG Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Mid-Cap Growth Avg | 9.5% | 11.5% | 20.5% | 23.6% | -30.6% | 9.4% | 50.3% | 29.2% | -8.2% | 29.5% | 7.9% |
| FEMG Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 6 Mil |
| Share Class Assets: | $ 6 Mil |
| Turnover: | na |
| Expense Ratio: | 0.23% |
| Index Fund: | No |
| Index Tracked: | Russell 3000 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.3 years | |||
| Average Tenure: 0.3 years | |||
| Managers (Year): Lester Anna (2026), Liu George (2026), Naik Shashi (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 164 |
| % in Top 10 Holdings: | 22.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.1% |
Portfolio Allocation |
|
| Domestic Stock: | 99.0% |
| Foreign Stock: | 0.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-343-3548 |
| Website: | www.institutional.fidelity.com |
| Inception Date: | April 28, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.23% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.53% |
