Fidelity Small-Mid Multifactor ETF
FSMD
161 hedge funds and large institutions have $1.69B invested in Fidelity Small-Mid Multifactor ETF in 2025 Q4 according to their latest regulatory filings, with 26 funds opening new positions, 82 increasing their positions, 34 reducing their positions, and 11 closing their positions.
141% more repeat investments, than reductions
Existing positions increased: 82 | Existing positions reduced: 34
136% more first-time investments, than exits
New positions opened: 26 | Existing positions closed: 11
100% more funds holding in top 10
Funds holding in top 10: 4 → 8 (+4)
14% more capital invested
Capital invested by funds: $1.48B → $1.69B (+$207M)
10% more funds holding
Funds holding: 147 → 161 (+14)
2.43% more ownership
Funds ownership: 86.28% → 88.7% (+2.4%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Envestnet Asset Management
Chicago,
Illinois
|
+$55.3M |
| 2 |
KIM
Kestra Investment Management
Austin,
Texas
|
+$55.1M |
| 3 |
Commonwealth Equity Services
Waltham,
Massachusetts
|
+$21.1M |
| 4 |
GFM
GEN Financial Management
Plymouth,
Minnesota
|
+$13.1M |
| 5 |
RPGK
Retirement Planning Group (Kansas)
Leawood,
Kansas
|
+$9.51M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SL
Systelligence LLC
Bloomington,
Minnesota
|
-$11.4M |
| 2 |
Goldman Sachs
New York
|
-$5.11M |
| 3 |
Bank of America
Charlotte,
North Carolina
|
-$4.4M |
| 4 |
Thrivent Financial for Lutherans
Minneapolis,
Minnesota
|
-$3.5M |
| 5 |
Mercer Global Advisors
Denver,
Colorado
|
-$2.6M |
FSMD Hedge Fund Activity: Q4 2025 in Review
161 of the 8,270 institutional investors tracked by Wall St. Rank reported a position in Fidelity Small-Mid Multifactor ETF (FSMD) for Q4 2025, worth a combined $1.69B — up 14% from $1.48B a quarter earlier.
Buyers outnumbered sellers: 26 funds opened new FSMD positions and 11 closed out — a net gain of 15 holders — while 82 added to existing stakes and 34 trimmed.
The largest buyer was Envestnet Asset Management, adding an estimated $55.3M. The largest seller was Systelligence LLC, exiting entirely with an estimated $11.4M sold.
- 161 institutional investors held Fidelity Small-Mid Multifactor ETF (FSMD) as of Q4 2025, up from 147 in Q3 2025.
- Funds reported $1.69B of Fidelity Small-Mid Multifactor ETF stock for Q4 2025, up 14% quarter-over-quarter.
- 26 funds opened new Fidelity Small-Mid Multifactor ETF positions in Q4 2025 and 11 closed out, a net change of +15 holders.
- The largest Fidelity Small-Mid Multifactor ETF buyer in Q4 2025 was Envestnet Asset Management, an estimated $55.3M added.
- The largest Fidelity Small-Mid Multifactor ETF seller in Q4 2025 was Systelligence LLC, an estimated $11.4M sold.
Based on aggregated 13F filings for Q4 2025.