This is an actively managed mid-cap ETF that uses the Russell Midcap Index as its benchmark and aims to beat it. It combines quantitative and fundamental analysis to select mid-sized companies that are undergoing positive change.

It suits mid-cap investors who want to go beyond index tracking and seek excess returns through active management.

The ETF is run with an active management approach by Agent.

From the mid-cap universe covered by the Russell Midcap Index, the fund selects companies it judges to be undergoing positive internal and external changes, using a combination of quantitative and fundamental analysis. Rather than replicating the index as is, it follows an active strategy in which the manager adjusts position weights at its discretion.

• Active security selection rather than passive index tracking
• A proprietary scoring system that combines quantitative and fundamental analysis

Assets under management (AUM) stand at $119.9M, and the expense ratio is 0.52% per year.

Unlike the large-cap dividend growth ETFs shown alongside it in the table, this fund follows an active mid-cap strategy, so the nature of its asset class is entirely different.

Since its launch, the fund has been managed to deliver relative performance against the Russell Midcap Index, and its short-term returns fluctuate with the individual results of its holdings and with market conditions.

The active mid-cap ETF category tends to attract relatively smaller inflows than large-cap funds, and its fund flows tend to be affected by shifts in market risk appetite.

Its strength is the pursuit of excess returns through active management, while low liquidity and the cost burden of fees are its relative weaknesses.

The VIG, SCHD, VYM, and others shown in the table are large-cap dividend growth and high-dividend strategy ETFs, fundamentally different from the active mid-cap strategy of AMID in both asset class and management approach. More direct comparisons include IWR, which passively tracks the same Russell Midcap Index, IJH and MDY, which follow the S&P MidCap 400 Index, and VO, Vanguard's mid-cap index product. Investors who want to emphasize growth characteristics can also consider IWP. These are all passively managed and often carry lower fees than AMID.

Here are the points to review before investing in AMID. Because the fund is actively managed rather than replicating an index, it is worth checking its liquidity and its performance deviation from the benchmark in advance.

Given the nature of active management, deviation in relative performance from the benchmark and limited liquidity are the main risks. During volatile markets, the volatility characteristic of mid-cap stocks should also be taken into account.

It suits investors who want mid-cap exposure that seeks active excess returns rather than simple index replication. If low fees and high liquidity are the priority, passive mid-cap ETFs such as IWR and IJH can be alternatives.