Fidelity Small-Mid Multifactor ETF

FSMD • ARCA

Fidelity Small-Mid Multifactor ETF is an exchange-traded fund on ARCA. As of Q3 2025, 144 institutional investors hold shares in this ETF, with total holdings valued at $1.5B. FMR LLC is the largest holder with a position valued at $706.6M.

Overview

Overview of institutional ownership in FSMD as of Q3 2025

All Institutions

Institutions: 144
Value Held: $1.5B
Shares Held: 33.2M
Avg Position: $10.1M
Median Position: $570.4K

Hedge Funds

Hedge Funds: 1
Value Held: $290.7K
Shares Held: 6.6K
Avg Position: $290.7K
Median Position: $290.7K

Biggest Investors

Institutions with the largest positions in FSMD as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
FMR LLC Institution	-	$706.6M 0.04% of portfolio	16.1M shares	Q1 2023 Held for 2y 8m	$1.92T
Retirement Planning Group RIA/Wealth	Kevin Morris Conard CEO	$167.4M 5.82% of portfolio	3.8M shares	Q2 2024 Held for 1y 5m	$2.9B
COMMONWEALTH EQUITY SERVICES, LLC. RIA/Wealth	Wayne Michael Bloom CEO	$113.2M 0.16% of portfolio	2.6M shares	Q2 2020 Held for 5y 5m	$71.1B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$54.4M 0.00% of portfolio	1.2M shares	Q1 2020 Held for 5y 8m	$1.33T
L LPL Financial LLC Institution	-	$44.6M 0.01% of portfolio	1.0M shares	Q1 2022 Held for 3y 8m	$340.07B
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$30.6M 0.01% of portfolio	694.5K shares	Q1 2020 Held for 5y 8m	$341.99B
Cetera Investment Advisers RIA/Wealth	Joseph Daniel Neary CEO	$25.1M 0.03% of portfolio	570.4K shares	Q4 2022 Held for 2y 11m	$85.4B
Advocacy Wealth Management Services, LLC RIA/Wealth	Thomas Marion Johnson CEO	$22.5M 1.03% of portfolio	510.4K shares	Q1 2025 Held for 8 months	$2.2B
Kestra Advisory Services, LLC RIA/Wealth	John Vincent Amore President	$19.2M 0.09% of portfolio	437.3K shares	Q4 2020 Held for 4y 11m	$21.7B
A ATRIA INVESTMENTS LLC Institution	-	$16.8M 0.19% of portfolio	382.0K shares	Q2 2025 Held for 5 months	$8.7B

Net Capital Flow

Institutional buying and selling activity for FSMD in Q3 2025

Traded: +$76.3M
Buyers: 105
Sellers: 39
Total Bought: +$128.0M
Total Sold: −$51.7M
Avg Position: $9.4M

Biggest Buyers

Institution	Net Bought	Current Position
COMMONWEALTH EQUITY SERVICES, LLC. RIA/Wealth	+$16.0M +363.3K shares	$113.2M 2.6M shares
Goldstone Financial Group, LLC RIA/Wealth	+$14.0M +317.0K shares	$14.0M 317.0K shares
Retirement Planning Group RIA/Wealth	+$11.1M +252.2K shares	$167.4M 3.8M shares
L LPL Financial LLC Institution	+$7.4M +167.7K shares	$44.6M 1.0M shares
Cetera Investment Advisers RIA/Wealth	+$7.2M +163.3K shares	$25.1M 570.4K shares
Financial Services Advisory Inc RIA/Wealth	+$5.6M +126.6K shares	$5.6M 126.6K shares
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	+$5.5M +125.6K shares	$5.5M 125.6K shares
BANK OF AMERICA CORP /DE/ Institution	+$5.3M +119.4K shares	$54.4M 1.2M shares
LIBERTY SQUARE WEALTH PARTNERS LLC RIA/Wealth	+$5.0M +114.2K shares	$5.0M 114.2K shares
Farther Finance Advisors, LLC RIA/Wealth	+$5.0M +114.0K shares	$8.0M 180.7K shares

Biggest Sellers

Institution	Net Sold	Current Position
FMR LLC Institution	−$23.1M −524.2K shares	$706.6M 16.1M shares
Advocacy Wealth Management Services, LLC RIA/Wealth	−$7.8M −176.4K shares	$22.5M 510.4K shares
S Systelligence, LLC Institution	−$6.7M −152.9K shares	$11.4M 258.3K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	−$5.9M −134.8K shares	$11.5M 262.3K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$2.2M −52.6K shares	Sold Off 0 shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$1.9M −44.8K shares	Sold Off 0 shares
J JANE STREET GROUP, LLC Institution	−$915.5K −20.8K shares	$2.2M 50.5K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$344.2K −8.3K shares	Sold Off 0 shares
SUMMIT WEALTH GROUP LLC / CO RIA/Wealth	−$342.7K −8.3K shares	Sold Off 0 shares
Envestnet Portfolio Solutions, Inc. Long Only Manager	−$312.2K −7.1K shares	$603.0K 13.7K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited FSMD in Q3 2025

New Positions: 24
New Value: $46.7M
Exited Positions: 11
Exited Value: $5.5M

New Positions

Institution	Position Value
Goldstone Financial Group, LLC RIA/Wealth	$14.0M 317.0K shares
Financial Services Advisory Inc RIA/Wealth	$5.6M 126.6K shares
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	$5.5M 125.6K shares
LIBERTY SQUARE WEALTH PARTNERS LLC RIA/Wealth	$5.0M 114.2K shares
THRIVENT FINANCIAL FOR LUTHERANS Insurance Manager	$3.5M 79.6K shares
Smartleaf Asset Management LLC Long Only Manager	$3.2M 72.4K shares
Presper Financial Architects, LLC RIA/Wealth	$2.9M 66.4K shares
AMERIPRISE FINANCIAL INC Institution	$1.7M 39.5K shares
New Millennium Group LLC RIA/Wealth	$1.7M 38.1K shares
HICKS CAPITAL MANAGEMENT LLC RIA/Wealth	$1.1M 25.3K shares

Exited Positions

Institution	Previous Position
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	$2.2M 52.6K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.9M 44.8K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	$344.2K 8.3K shares
SUMMIT WEALTH GROUP LLC / CO RIA/Wealth	$342.7K 8.3K shares
P PKS Advisory Services, LLC RIA/Wealth	$295.2K 7.1K shares
Prairie Wealth Advisors, Inc. RIA/Wealth	$225.2K 5.4K shares
H Holistic Planning, LLC Institution	$222.2K 5.4K shares
J JONES FINANCIAL COMPANIES LLLP Institution	$23.3K 562.0 shares
TWIN PEAKS WEALTH ADVISORS, LLC RIA/Wealth	$23.2K 543.0 shares
HOWE & RUSLING INC RIA/Wealth	$6.4K 155.0 shares

Options Activity

Institutions with the largest Call and Put options positions in FSMD as of Q3 2025

Call Positions: 1
Call Value: $237.7K
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$237.7K 54.0 contracts

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with FSMD as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Retirement Planning Group RIA/Wealth	Kevin Morris Conard CEO	5.82% $167.4M	3.8M shares	Q2 2024 Held for 1y 5m	$2.9B
Sterling Manor Financial, LLC RIA/Wealth	Adam Fletcher Doig Managing Partner	3.42% $4.8M	108.8K shares	Q2 2024 Held for 1y 5m	$140.1M
AssuredPartners Investment Advisors, LLC RIA/Wealth	Justin P. Callaham President	2.33% $10.4M	237.0K shares	Q4 2024 Held for 11 months	$447.4M
P Provident Wealth Management, LLC RIA/Wealth	Keith Edward Mckissock CCO	2.20% $7.2M	162.7K shares	Q4 2024 Held for 11 months	$326.0M
S Systelligence, LLC Institution	Kevin Robert Miller Managing Partner	2.16% $11.4M	258.3K shares	Q3 2024 Held for 1y 2m	$527.3M
Evergreen Private Wealth LLC RIA/Wealth	Dustin Kyle Schick CCO	2.15% $5.3M	120.8K shares	Q4 2023 Held for 1y 11m	$246.7M
Financial Services Advisory Inc RIA/Wealth	David Ronald Petersen Founder	2.15% $5.6M	126.6K shares	Q3 2025 Held for 2 months	$259.5M
HICKS CAPITAL MANAGEMENT LLC RIA/Wealth	Timothy D Hicks Managing Partner	1.84% $1.1M	25.3K shares	Q3 2025 Held for 2 months	$60.6M
Presper Financial Architects, LLC RIA/Wealth	Thomas Michael Presper Managing Partner	1.70% $2.9M	66.4K shares	Q3 2025 Held for 2 months	$172.4M
Goldstone Financial Group, LLC RIA/Wealth	Anthony Pellegrino Managing Partner	1.65% $14.0M	317.0K shares	Q3 2025 Held for 2 months	$843.8M

Hedge Fund Spotlight

Discover hedge funds investing in FSMD

AQR CAPITAL MANAGEMENT LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDavid Gary Kabiller

Portfolio Value: $156.17B
Positions: 3,453
Last Reported: Q3 2025

Sector Allocation

Position in Fidelity Small-Mid Multifactor ETF

Market Value: $290.7K
Shares Held: 6.6K
Portfolio Weight: 0.00%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$4.1B	2.62%
2 Microsoft MSFT	Software - Infrastructure Technology	$3.2B	2.05%
3 Apple AAPL	Consumer Electronics Technology	$2.8B	1.76%