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Launched

Fidelity Enhanced Small Cap ETF

FESMNYSE ArcaFidelityA

$45.48+0.01 (+0.02%)

At close: Nov 2, 2026, 4:00 PM ET

A85/ 100

Rank 2 of 41 in US Active Small-Cap

A85/100Rank 2 of 41inUS Active Small-Cap
Intraday session: up, 79 prints from 45.47 to 45.48. Range 45.48 to 46.05. Use the arrow keys to read each point.45.6045.7045.8045.9046.0010 AM12 PM2 PM4 PM
Expense ratio
0.28%
Fund size
$6.41B
1Y total return
+23.4%
Yield · Last 12 months
0.86%
Holdings
892
Avg volume · 30D
1.02M sh
52W range
low $34.83high $48.93
Launched

The ETF.net FESM Grade

A

Score 85 out of 100

Category
US Active Small-Cap⁠
Rank
2 of 41
Six-pillar profile for FESM. Scores out of 100: Cost 96, Risk 54, Mission 85, Tradability 93, Holdings 82, Durability 93. Strongest: Cost (96). Weakest: Risk (54). No single pillar leads.

Score 85 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A96 out of 100
    Rank 2 of 41

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A85 out of 100
    Rank 3 of 10

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C54 out of 100
    Rank 19 of 39

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A93 out of 100
    Rank 1 of 41

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A82 out of 100
    Rank 5 of 41

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A93 out of 100
    Rank 2 of 41

Our read on FESM

ETF.net Research

In short

AA quant small-cap strategy that has been running since 2007 and moved into an ETF wrapper in 2023 with the same mandate. It nudges the Russell 2000 rather than copying it, and charges far less than the typical active small-cap fund.

Stated mandate

The fund is a diversified U.S. equity strategy focused on small-cap companies. It seeks to outperform its benchmark through a quantitative process that balances risk and return.

Why people hold it

  • Costs 0.28% a year, roughly half the median for active US small-cap ETFs. Cheap fuel for a strategy that only needs to beat its benchmark by a little.
  • The strategy dates to 2007 as a Fidelity mutual fund and kept the same objective when it converted to an ETF in 2023. Long history, newer ticker.fidelity.com
  • A multi-billion-dollar fund that trades actively, so getting in and out tends to be straightforward. One of the stronger builds in the active small-cap group.
  • Spreads across roughly 600 small-cap names, so no single blowup dominates. This is a diversified core sleeve, not a concentrated stock-picker bet.

Worth knowing

  • Small caps are the choppiest corner of the US market, and this fund lives there full time. Expect a bumpier ride than a large-cap core holding.fidelity.com
  • Enhanced index means small tilts around the Russell 2000, not a break from it. Results track close to the index rather than looking dramatically different.fidelity.com
  • Cheap, but not the cheapest in the room: top-rated peers AVSC and AVUV run 0.25% and DUHP 0.20%.

FESM Holdings

Holdings pillarA82 out of 100Rank 5 of 41 in US Active Small-Cap
Asset class
Stocks
Holdings
892
Top-10 weight
10%
Largest holding
Securities Lending Cf2.8%

Sectors

  • Health Care21.4%
  • Financials19.2%
  • Technology15.8%
  • Industrials14.4%
  • Consumer Discretionary8.3%
  • Energy6.2%
  • Materials4.8%
  • Real Estate4.0%
  • Communication3.0%
  • Utilities1.7%
  • Consumer Staples1.2%

Geography

  • United States99.42%
  • Brazil0.22%
  • Canada0.21%
  • Switzerland0.07%
  • Hong Kong0.06%
  • United Kingdom0.02%
The fund’s holdings, weight-ordered — page 1 of 60.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataSecurities Lending Cf2.80%191,884,910$192M49
2GKOSGlaukos Corp1.02%287,862$69.8M131
3No dataCash Cf0.88%60,227,308$60.2M59
4CMCCommercial Metals Co0.75%786,213$51.7M173
5FLRFluor Corp0.73%1,050,165$49.9M148
6OSCROscar Health Inc - Class A0.72%1,608,601$49.5M136
7OUTOutfront Media Inc0.72%1,515,444$49.3M135
8ANFAbercrombie & Fitch Co Class A0.71%295,482$49M183
9IBPInstalled Building Prod Inc0.71%228,954$48.6M145
10ENSEnersys Inc0.69%277,432$47.5M201
11HQYHealthequity Inc0.69%468,665$47.5M164
12GFFGriffon Corp0.67%444,583$45.8M148
13PLXSPlexus Corp0.65%206,721$44.7M139
14OPLNOpenlane Inc0.64%1,124,007$43.6M134
15KLICKulicke & Soffa Industries Inc0.63%545,180$43.4M142

Showing 1–15 of 892 holdings

FESM Performance

Launched Dec 20, 2007

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
FESM$12,345
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. FESM $12,345. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000$12,000$13,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for FESM. Periods over one year show the average yearly return.
PeriodFESM
Year to date+21.2%
1 month+1.2%
3 months−2.3%
1 year+23.4%
3 yearsHistory unavailableper yearNo data
5 yearsHistory unavailableper yearNo data
10 yearsHistory unavailableper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for FESM
YearReturn barFESM
2026 YTD+21.2%
2025+17.9%
2024+16.2%
2023+12.2%

History from Nov 20, 2023

FESM in the news

FESM Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
0.86%Last 12 months
Payout per share
$0.39Last 12 months
Last payment
$0.10 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2023–2026

One bar per payment. 13 payments from 2023 to 2026 YTD. Nov 14, 2023 $0.11; Dec 28, 2023 $0.02; Mar 15, 2024 $0.07; Jun 21, 2024 $0.05; Sep 20, 2024 $0.07; Dec 20, 2024 $0.16; Mar 21, 2025 $0.16; Jun 20, 2025 $0.01; Sep 19, 2025 $0.05; Dec 19, 2025 $0.08; Mar 20, 2026 $0.09; Jun 18, 2026 $0.11; Sep 18, 2026 $0.10. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Sep 18, 2026Sep 22, 2026$0.10
Jun 18, 2026Jun 23, 2026$0.11
Mar 20, 2026Mar 24, 2026$0.09
Dec 19, 2025Dec 23, 2025$0.08
Sep 19, 2025Sep 23, 2025$0.05
Jun 20, 2025Jun 24, 2025$0.01
Mar 21, 2025Mar 25, 2025$0.16
Dec 20, 2024Dec 24, 2024$0.16
Sep 20, 2024Sep 24, 2024$0.07
Jun 21, 2024Jun 25, 2024$0.05
Mar 15, 2024Mar 20, 2024$0.07
Dec 28, 2023Jan 3, 2024$0.02

See all 13 payments⁠

$10,000 in FESM 3 years ago paid $436 in dividends.⁠

FESM Risk

Risk pillarC54 out of 100Rank 19 of 39 in US Active Small-Cap
How much the fund’s monthly returns vary, scaled to a year.
19.6%
Annualised · 35 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.97
vs 3-month T-bills · 35 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−26.9%
35 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.34
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

FESM Cost

Compare FESM and AVSC

Overpaying vs AVSC, cheapest in US Active Small-Cap

$596

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FESM 0.28%

    $5,755

  • AVSC 0.25% Cheapest

    $5,159

$10,000
30 years

Cost over time

  • FESM 0.28%
  • AVSC 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530FESM $5,755AVSC $5,159

Year by year

YearFESMAVSCOverpaying
10$509$455$54
20$1,976$1,769$207
30$5,755$5,159$596

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