Activeness per basis point: one narrow ratio

01 · Computed evidence

The July marks

The ranking divides best-fit active share by the primary share class’s filed fee in basis points. Higher means more measured difference per fee basis point. Zero-fee classes are disclosed separately because division by zero has no finite rank.

02 · Method

How the figure was made

The numerator is best-fit active share against the most charitable of 8 proxies. The denominator is the primary class’s filed net expense ratio. Version 1.2 suppresses the quotient below 5.0% active share, so those index-tracking marks never enter this ranking.

03 · Finding

Schwab U.S. Dividend Equity ETF is the useful contrast, not the answer

Schwab U.S. Dividend Equity ETF measured 87.3% vs the Russell 1000 Value index; measured against the filed holdings of iShares Russell 1000 Value ETF (IWD), as of 2026-03-31. Its 6 bps net expense ratio is from December 31, 2025. The quotient is 14.542 active-share percentage points per fee basis point. Fidelity Mid Cap Index Fund and Vanguard Mid-Cap Index Fund rank above it on this narrow arithmetic; 94 finite results rank below it.

A closet-priced peer can charge much more for less measured difference. That does not make Schwab U.S. Dividend Equity ETF a recommendation. It shows what the same unit of filed cost bought in one holdings comparison as of the source filing.

04 · Finding

The bottom is dominated by fee, overlap, or both

MFS Growth Fund measured 42.1% vs the Russell 1000 Growth index; measured against the filed holdings of iShares Russell 1000 Growth ETF (IWF), as of 2026-03-31 and filed a 161 bps fee as of November 30, 2025. Its quotient is 0.262 percentage points per basis point. Fidelity Advisor Growth Opportunities Fund measured 46.7% vs the Russell 1000 Growth index; measured against the filed holdings of iShares Russell 1000 Growth ETF (IWF), as of 2026-03-31 and filed a 171 bps fee as of January 31, 2026. Its quotient is 0.273. The ratio exposes that arithmetic; it cannot say whether either portfolio’s decisions later earned the fee.

05 · Finding

The population boundary changes the list

The July run published 126 funds. After the v1.2 active-share boundary, comparison-index suppression, and missing-fee exclusions, 101 primary classes had a usable numerator and filed fee. 4 filed a zero fee and receive no finite quotient. The remaining 97 form the ranking.