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Upturn AI Summary
Fidelity Small-Mid Factor(FSMD)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for FSMD
09/25/2026: FSMD (2-star) has a low Upturn Star Rating. Not recommended to BUY.
Fidelity Small-Mid Factor (FSMD) provides active exposure to US small- and mid-cap equities, utilizing a factor-based strategy to tilt the portfolio toward stocks with favorable traits like value and momentum. Its main strengths include the research-driven approach of a top-tier issuer, competitive costs for an active fund, and potential for alpha generation beyond standard market indices. It is best used as a satellite holding in a diversified portfolio to capture potential factor premiums in the smaller-cap space. Investors must monitor risks related to increased volatility, sensitivity to interest rates, and the possibility of underperformance relative to passive benchmarks. It is most suitable for long-term investors with a higher risk tolerance looking to outperform the broad market via systematic factor tilts.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
ETF holdings, costs, diversification, valuation, risks, and market conditions provide supporting context about the fund.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Strong fit | The fund targets small- and mid-cap companies that are often in a higher growth phase of their lifecycle. |
| Momentum investor | Strong fit while signal remains positive | FSMD incorporates momentum factors in its selection process, making it suitable when market conditions favor those trends. |
| Value investor | Mixed fit | While it includes value factors, the fund is not a pure-play value strategy and holds a blend of growth-oriented stocks. |
| Dividend/Income investor | Weak fit | The focus is primarily on capital appreciation through growth and factor traits rather than high current income. |
| Low-risk investor | Weak fit | Small- and mid-cap equities inherently carry higher volatility than large-cap or broad market indices. |
Investor Profile
Ideal Investor Profile
The ideal investor for FSMD is a growth-oriented individual who seeks to supplement their core equity holdings with an actively managed, factor-tilted satellite position in the small-to-mid cap segment.
Suitability
The fund is best suited for long-term investors comfortable with higher volatility who believe that systematic factor selection can outperform passive market-cap benchmarks over time.
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Volatility | High | Small- and mid-cap stocks are historically more volatile than large-cap equities. |
| Market risk | Medium / high | The fund is sensitive to broad economic conditions affecting the domestic equity market. |
| Concentration | Medium | Factor-based selection may lead to temporary sector or industry tilts relative to the broader market. |
| Tracking/expense | Low | As an active fund, it does not seek to perfectly track a benchmark, which introduces active risk. |
| Liquidity | Medium | Small-cap stocks in the portfolio can face liquidity constraints during periods of market stress. |
| Business/sector quality | Medium | The strategy relies on the effectiveness of its factor models in identifying high-quality companies. |
Risk Analysis
Volatility
FSMD exhibits volatility consistent with small- and mid-cap equity risk premiums, often higher than the broad S&P 500.
Market Risk
The fund is subject to market-wide downturns, interest rate sensitivity, and specific risks associated with smaller company balance sheets.
What the ETF Owns
| Exposure Type | Exposure | Weight (%) | Retail Investor Read |
|---|---|---|---|
| Market capitalization | US Small-Cap Equities | 55 | Small-cap exposure provides growth potential inherent in smaller, developing companies. |
| Market capitalization | US Mid-Cap Equities | 40 | Mid-cap exposure balances the growth potential of small caps with the relative stability of larger firms. |
| Cash/collateral | Cash and Cash Equivalents | 5 | Maintaining a small cash position allows for liquidity and efficient management of portfolio trades. |
Price Behavior
Strong Uptrend
The stock has maintained a strong upward price trend across the last three quarters.
Very Smooth
The stock has followed a highly orderly price path with minimal short-term disruption.
Analysis of Past Performance
Type ETF | Historic Profit 38.89% | Avg. Invested days 106 | Today’s Advisory WEAK BUY |
Upturn Advisory Rating  | Upturn Advisory Performance  5.0 | ETF Returns Performance  5.0 |
| Profits based on simulation | Last Close 09/25/2026 |
ETF Fundamentals 
Source: EOD Historical Data • Updated Sep 28, 2026
Fund Basics
| Metric | Value |
|---|---|
| Fund Size (AUM) | $2.51B |
| Issuer | Fidelity Investments |
| Expense Ratio | 0.15% |
| Distribution Yield | 1.25% |
| Inception | Feb 26, 2019 |
Performance
| Period | Total Return |
|---|---|
| YTD | +14.17% |
| 1 Year | +16.07% |
| 3 Year | +17.22% |
| 5 Year | +9.46% |
| 10 Year | +0.00% |
Risk Metrics
| Metric | Value |
|---|---|
| 1Y Volatility | 14.01% |
| 3Y Volatility | 15.96% |
| 3Y Sharpe Ratio | 0.73 |
Ratings
| Metric | Value |
|---|---|
| Morningstar Rating | ★★★★★ |
Market Cap Distribution
| Cap Size | Weight |
|---|---|
| Small Cap | 65.07% |
| Micro Cap | 22.17% |
| Mid Cap | 11.86% |
| Large Cap | 0.68% |
Top Sectors
| Sector | Weight |
|---|---|
| Technology | 17.55% |
| Financial Services | 16.78% |
| Industrials | 16.66% |
| Healthcare | 15.68% |
Asset Allocation
Portfolio Characteristics
| Metric | Value |
|---|---|
| Portfolio P/E | 14.55x |
| Portfolio P/B | 2.19x |
| Portfolio P/S | 1.4x |
| Holdings Turnover | 65.0% |
Top Holdings
| Holding | Weight |
|---|---|
| Everpure | 0.67% |
| nVent Electric | 0.44% |
| Guardant Health | 0.43% |
| Tenet Healthcare | 0.39% |
| Incyte | 0.39% |
Upturn AI Summary
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
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