ETF Evaluator:
Fidelity Disruptive Medicine ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Health Over the Last Year
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ETF Details
Fidelity Disruptive Medicine ETF Overview
Fidelity Disruptive Medicine ETF (FMED) is an actively managed Sector Equity Health exchange-traded fund (ETF). Fidelity Investments launched the ETF in 2020.
The investment seeks long-term growth of capital.
The fund normally invests at least 80% of assets in securities of disruptive medicine companies. Fidelity's disruptive strategies seek to identify innovative developments that could signal new directions for delivering products and services to customers. Generally, these companies have or are developing new or unconventional ways of doing business that could disrupt and displace incumbents over time. The fund is non-diversified.
About Fidelity Disruptive Medicine ETF (FMED)
There are 2 members of the management team with an average tenure of 3.57 years: Michael Kim (2020) and Eddie Yoon (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and MSCI ACWI Healthcare Equal Weig NR USD index with a weighting of 100%. Fidelity Disruptive Medicine ETF has 80 securities in its portfolio. The top 10 holdings constitute 38.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Fidelity Disruptive Medicine ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Fidelity Disruptive Medicine ETF has 7.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 92.2% There is 7.5% 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 Disruptive Medicine ETF has 9.6% of the portfolio in cash.
Assets Under Management
The fund has $45 million in total assets, which is below the $1 billion average for the Health 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.
FMED 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 Disruptive Medicine ETF expense ratio is average compared to funds in the Health category. Fidelity Disruptive Medicine ETF has an expense ratio of 0.50%, which is 3% lower than its category average, making the fund expense ratio grade a C. 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 Disruptive Medicine ETF has a portfolio turnover rate of 49%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 45% for the Health category.
Recently, in the month of July 2026, Fidelity Disruptive Medicine ETF returned -2.0%, which earned it a grade of D, as the Health category had an average return of -0.1%. 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 Disruptive Medicine ETF has a trailing yield of 0.00%, which is below the 1.10% 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.
Fidelity Disruptive Medicine ETF Grades
Year to date, the ETF has returned 3.3%, 6.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 18.1% over the past year (grade of F), 3.5% over the past three years (grade of F) and -1.6% per year over the past five years (grade of D).
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FMED 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 |
|
| FMED Return (NAV) | -2.0% | 12.8% | 18.1% | 3.5% | -1.6% | na |
| FMED Return (Price) | -1.9% | 12.9% | 18.3% | 3.5% | -1.6% | na |
| NAV +/- Price Return | -0.175% | -0.096% | -0.142% | -0.030% | 0.001% | na |
| Health Avg | -0.1% | 11.2% | 36.9% | 9.9% | 1.6% | 8.7% |
| FMED Grade (NAV) | D | B | F | F | D | na |
| +/- Category (NAV) | -1.9% | 1.5% | -18.7% | -6.5% | -3.3% | na |
| FMED Tax-Cost Ratio | na | na | 0.0% | 0.1% | 0.0% | na |
FMED Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FMED Return (NAV) | 3.3% | 9.7% | 2.4% | 1.4% | -21.7% | 11.0% | na | na | na | na | na |
| FMED Return (Price) | 3.5% | 9.7% | 2.3% | 1.4% | -21.7% | 11.0% | na | na | na | na | na |
| NAV +/- Price Ret | 0.048% | -0.000% | -0.065% | -0.003% | 0.000% | 0.000% | na | na | na | na | na |
| Health Avg | 9.7% | 21.8% | 0.1% | 2.2% | -16.3% | 4.3% | 30.5% | 25.4% | -1.5% | 26.5% | -10.2% |
| FMED Grade (NAV) | D | F | C | C | D | B | na | na | na | na | na |
| +/- Category | -6.4% | -12.1% | 2.4% | -0.9% | -5.4% | 6.7% | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.81 |
| R-Squared: | 30% |
| Standard Deviation: | 18.5% |
| Category Risk Index: | 0.92 |
| Category Risk Rating: | Average |
| Total Risk Index: | 1.51 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 45 Mil |
| Share Class Assets: | $ 45 Mil |
| Turnover: | 49.0% |
| Expense Ratio: | 0.50% |
| Index Fund: | No |
| Index Tracked: | MSCI ACWI NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.3 years | |||
| Average Tenure: 3.6 years | |||
| Managers (Year): Kim Michael (2020), Yoon Eddie (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 80 |
| % in Top 10 Holdings: | 38.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 7.5% |
Portfolio Allocation |
|
| Domestic Stock: | 92.2% |
| Foreign Stock: | 7.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -9.3% |
| Cash: | 9.6% |
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 16, 2020 |
Expenses and Fees
| Expense Ratio (%): | 0.50% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.52% |
