Fidelity Small-Mid Multifactor ETF
Fidelity Covington Trust · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
Fidelity Small-Mid Multifactor ETF is a U.S. equity index ETF that tracks the Fidelity Small-Mid Multifactor Index. 21% of FSMD’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 91% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Index (passive)
- Fund type
- ETF
Fund profile
As filed in the prospectus · 2025 Q4
Fidelity Small-Mid Multifactor ETF seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Small-Mid Multifactor Index .
The fund tracks the Fidelity Small-Mid Multifactor Index, which selects small- and mid-cap U.S. stocks ranked by a composite score across four factors: valuation, quality, momentum, and volatility. Holdings are weighted by market capitalization plus an equal sector-level overweight adjustment. Because fund returns depend on the index methodology's factor rankings and weighting scheme, performance will diverge from the broader small- and mid-cap market to the extent those factors drive or lag market returns.
| Share class | Expense ratio |
|---|---|
| FSMD | 0.15% |
Portfolio turnover 38.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 99.88% |
| Cash & short-term | 0.91% |
| Derivatives | 0.01% |
| Bonds | 0.01% |
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Industrials | 21.0% |
| Information Technology | 16.9% |
| Financials | 15.1% |
| Health Care | 10.9% |
| 11 smaller | 36.1% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Portfolio growth profile
How much of the fund’s stock holdings are in fast-growing companies · as of 2026 Q2
Share of the fund’s equity (by value) in companies whose trailing five-year revenue — or net-income — growth ranks in the top 25% of U.S. public companies. Foreign and newly-listed holdings are excluded, so the figure covers only part of the book. From SEC filings — not investment advice. How we measure this.
Latest quarter
What changed since the fund's previous filing
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| SNDK | SANDISK CORPSNDK | 2.15% | $1,096.51 | $51.00M | 46.5K |
| CIEN | CIENA CORPCIEN | 1.12% | $527.58 | $26.44M | 50.1K |
| LITE | LUMENTUM HOLDINGS INCLITE | 0.97% | $902.32 | $22.93M | 25.4K |
| FIX | COMFORT SYSTEMS USA INCFIX | 0.95% | $1,840.25 | $22.52M | 12.2K |
| — | Fidelity Revere Street Trust | 0.82% | — | $19.39M | — |
| COHR | COHERENT CORPCOHR | 0.76% | $319.71 | $17.99M | 56.3K |
| EME | EMCOR GROUP INCEME | 0.60% | $891.67 | $14.22M | 15.9K |
| — | ANGLOGOLD ASHANTI PLC | 0.59% | $93.73 | $13.91M | 148.4K |
| — | FLEX LTD | 0.54% | $91.55 | $12.86M | 140.5K |
| CASY | CASEY'S GENERAL STORES INCCASY | 0.53% | $822.15 | $12.44M | 15.1K |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
Top 10 positions are 9.02% of net assets, top 25 14.92%, across 597 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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