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Launched

Franklin Small Cap Enhanced ETF

FSMLNYSE ArcaB

$28.84−0.02 (−0.06%)

As of Oct 13, 2026, 2:12 PM

B66/ 100

Rank 9 of 41 in US Active Small-Cap

B66/100Rank 9 of 41inUS Active Small-Cap
Intraday session: down, 2 prints from 28.86 to 28.84. Range 28.84 to 28.86. Use the arrow keys to read each point.28.8428.8528.8610 AM12 PM2 PM4 PM
Expense ratio
0.45%
Fund size
$150M
1Y total return
—
Yield · Last 12 months
Data unavailable
Holdings
305
Avg volume · 30D
0M sh
NAV per share
$28.85
52W range
low $23.90high $31.18
Launched

The ETF.net FSML Grade

Based on 5 of 6 pillars

B

Score 66 out of 100

Category
US Active Small-Cap⁠
Rank
9 of 41
Six-pillar profile for FSML. Scores out of 100: Cost 71, Risk 54, Mission not scored, Tradability 77, Holdings 60, Durability 63. Strongest: Tradability (77). Weakest: Risk (54). Based on 5 of 6 pillars.

Score 66 of 100 falls in the B 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.
    A71 out of 100
    Rank 12 of 41

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C54 out of 100
    Rank 18 of 38

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A77 out of 100
    Rank 6 of 41

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B60 out of 100
    Rank 21 of 41

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B63 out of 100
    Rank 16 of 41

Our read on FSML

ETF.net Research

BFranklin's quant take on small caps: a proprietary model scores Russell 2000 companies on value, quality and momentum, and the portfolio tilts toward the top scorers. Active decisions in an index-shaped frame, for 0.45% a year.

Stated mandate

The Fund seeks long-term capital appreciation by investing at least 80% of net assets in small-capitalization equity securities and economically similar derivatives or instruments.

Why people hold it

  1. 01The 0.45% fee lands below the median for active small-cap ETFs, a corner of the market where paying up for a stock picker is the norm.
  2. 02The recipe is written down: at least 80% of net assets in small-cap equities, ranked by a value, quality and momentum model with the Russell 2000 as the reference.
  3. 03Already sits in the upper half of its active small-cap peer group while being one of the newest names in it.
  4. 04Plain-vanilla plumbing: a standard 1940 Act fund that pays quarterly and sends a 1099, not a K-1.

Worth knowing

  1. 01It launched in December 2025, so there is very little live history behind the model and risk readings rest on a short window.
  2. 02Cheaper systematic small-cap options exist (AVUV, AVSC, DUHP). The extra fee here buys Franklin's scoring model, not broader exposure.
  3. 03The Russell 2000 is a yardstick, not a leash: the fund is actively run, so holdings and results can diverge from that index in either direction.

FSML Holdings

As of Oct 13, 2026
Asset class
Stocks
Holdings
305
Top-10 weight
12%
Largest holding
BOX1.3%

Geography

  • United States93.82%
  • United Kingdom1.40%
  • France0.97%
  • Singapore0.95%
  • Canada0.80%
  • Bermuda0.67%
  • Luxembourg0.46%
  • Switzerland0.29%
  • Other countries (5)0.65%
The fund’s holdings, weight-ordered — page 1 of 21.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001BOXBox Inc - Class A1.33%55,046$2M133
002JXNJackson Financial Inc-A1.26%14,672$2M140
003IDTIdt Corp-Class B1.25%23,241$2M97
004HNGEHinge Health Inc-A1.23%18,048$2M113
005VLYValley National Bancorp1.17%140,110$2M148
006CMCCommercial Metals Co1.16%27,510$2M176
007TDCTeradata Corp1.15%56,714$2M150
008CNRCore Natural Resources In1.14%19,392$2M120
009MCYMercury General Corp1.13%16,578$2M152
010TPCTutor Perini Corp1.12%20,304$2M127
011OIIOceaneering Intl Inc1.12%37,733$2M148
012EXPOExponent Inc1.11%23,987$2M136
013BFHBread Financial Holdings1.11%16,638$2M156
014AAMIAcadian Asset Management1.09%17,629$2M124
015KSSKohls Corp1.08%80,005$2M125

Showing 1–15 of 305 holdings

FSML Performance

Launched Dec 9, 2025

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.Not enough history yet.
FSML$11,762
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,500
Dec 31, 2025 to Oct 12, 2026. FSML $11,762. SPY $11,500. Use the arrow keys to read each point.$9,055$11,010$12,965Dec 2025May 2026Oct 2026

Dec 31, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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 FSML. Periods over one year show the average yearly return.
PeriodFSML
Year to date+17.6%
1 month−2.9%
3 months−4.1%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper year—

As of the close, 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 FSML
YearReturn barFSML
2026 YTD+17.6%
2025−1.3%

Since listing, Dec 9, 2025

FSML in the news

Filtered to FSML · US Active Small-Cap

FSML Dividends

Last payment
$0.03 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 4 payments from 2025 to 2026 YTD. Dec 30, 2025 $0.02; Mar 20, 2026 $0.03; Jun 26, 2026 $0.07; Sep 18, 2026 $0.03. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Sep 18, 2026Sep 25, 2026$0.03
Jun 26, 2026Jul 6, 2026$0.07
Mar 20, 2026Mar 27, 2026$0.03
Dec 30, 2025Jan 8, 2026$0.02

FSML Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Dec 2025; fills in after 12 months
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.
—
Launched Dec 2025; fills in after 12 months
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.
—
Launched Dec 2025; fills in after 12 months
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.
1.05
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.

FSML Cost

Expense ratio0.45%
  • The middle half of US Active Small-Cap funds
  • Median 0.55%

11 of the 39 US Active Small-Cap funds charge less.

FSML costs $45.00 a year on $10,000. The median US Active Small-Cap fund costs $55.00.

Other funds in US Active Small-Cap

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