Is FSMD a good investment?

Fidelity Small-Mid Multifactor ETF (FSMD) is a multi-factor ETF. As of September 11, 2026, ETF Copilot scores FSMD 4.7 out of 10 — highest on Valuation (7.2), lowest on Quality (2.7). It trades at 17.0 times earnings, against its own median of 16.9. Its ten largest holdings are 4% of the fund.

Updated September 11, 2026

How is FSMD rated? ETF Copilot scores Fidelity Small-Mid Multifactor ETF (FSMD) 4.7 out of 10

As of September 11, 2026, ETF Copilot scores Fidelity Small-Mid Multifactor ETF (FSMD) 4.7 out of 10 overall.

ETF Copilot scores (0–10 scale, higher is better):

Overall: 4.7 / 10
Growth: 3.9 / 10
Valuation: 7.2 / 10
Risk: 5.5 / 10
Quality: 2.7 / 10
Return: 4.8 / 10

FSMD is ranked #7 of 10 in ETF Copilot's Value list.

What is FSMD's expense ratio? 0.15% a year

As of September 11, 2026, FSMD charges 0.15% a year, yields 1.49% and holds $2.5B in assets across 600 positions.

Fidelity Small-Mid Multifactor ETF (FSMD) — cost, income and size
Measure	FSMD
Expense ratio	0.15%
Dividend yield	1.49%
Assets under management	$2.5B
Holdings	600

Expense ratio, dividend yield and assets under management are reported by the fund and refreshed daily. Every other figure on this page is computed by ETF Copilot.

What stands out in FSMD's data

U.S. small- and mid-cap stocks, screened across multiple factors.

Trades at a cheaper price than most peers in its group — more of each dollar goes into the businesses you own.

Trailing P/E multiple of 17.0x places it among the cheapest 20% of multi-factor funds, versus the category median of 19.5x. It holds roughly 600 names and charges 0.15% a year.

A broad small-mid allocation that tilts toward cheaper names within the size segment.

Why did FSMD move this week? It fell 1.1% in the week to September 11, 2026 — Medline and Manhattan Associates drove it

FSMD fell 1.1% in the week to September 11, 2026. The holdings that moved it most were Medline (−11.1%), Manhattan Associates (−9.2%) and Dominos Pizza (−10.2%); Semtech (+23.5%) pushed the other way.

Is FSMD expensive right now? It trades at 17.0 times earnings, against its own median of 16.9

As of September 11, 2026, FSMD is more expensive than 52% of its own 88 monthly readings since 2019 — 46 of those months were cheaper than today.

Trailing twelve-month, computed by ETF Copilot from the fund's holdings rather than quoted from a data provider, and rebuilt nightly.

What's inside FSMD? 17% Tech

What's inside FSMD: Size (Large 0%, Mid 69%, Small 31%); Geography (International 5%, US 95%); Tech 17.0%; AI 0.3%; Semiconductors 3.5%; Memory 1.2%.

What are FSMD's top holdings? The ten largest are 4% of the fund

Everpure, Nvent Electric, Tenet Healthcare, Guardant Health, Incyte, Permian Resources, Loews, Synnex, HF Sinclair and East West Bancorp are FSMD's largest holdings, in that order.

Less concentrated than 99% of Weight - Multi-factor ETFs.

Half of FSMD's weight sits in its 205 largest positions, and once those weights are taken into account it behaves like 515 equally weighted holdings.

Cite this

ETF Copilot, “Fidelity Small-Mid Multifactor ETF (FSMD) scores and holdings analysis”, as of September 11, 2026.
https://etf-copilot.com/etf/fsmd