AESB vs FESM: Grades, Fees and Holdings Compared

Harbor AlphaEdge Small Cap Core ETF

AESB—NYSE Arca

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

Overlap

17.1%by weight

Expense ratio

FESM −0.10pt a year

AESB0.38%FESM0.28%

Avg volume · 30D

FESM 447.0×the volume

AESB2.28KFESM1.02M

AESB vs FESM Performance

Sep 30, 2026 – Oct 30, 2026

−0.2%AESB+1.2%FESM

Expense ratio: AESB 0.38%; FESM 0.28%, better
Fund size: AESB $2M; FESM $6.41B
1Y total return: AESB No data; FESM +23.4%
Yield (12M): AESB No data; FESM 0.86%
Holdings: AESB 167; FESM 892
Avg volume (30D): AESB 2.28K sh; FESM 1.02M sh, better
NAV per share: AESB $19.40; FESM $45.47
52W range

ETF.net Grade

—AESBNot yet graded

Pillar letters and Scores for AESB, FESM, with each pillar’s weight
Pillar	AESB	FESM
Cost30% weight	Not scored	A96
Mission25% weight	Not scored	A85
Risk15% weight	Not scored	C54
Tradability15% weight	Not scored	A93
Holdings10% weight	Not scored	A82
Durability5% weight	Not scored	A93

Rank among US Active Small-Cap funds

How we build Categories ›

US Active Small-Cap⁠

Category · 39 funds

See all 39 ›

FESM ranks 2nd of 39 funds in the US Active Small-Cap Category.

Rank 1AAVSCAvantis U.S. Small Cap Equity ETFScore 88
Rank 2AFESMFidelity Enhanced Small Cap ETFScore 85
Rank 3ADFSVU.S. Small Cap Value Portfolio ETF Class SharesScore 82
AESBNot yet graded

Our read on each fund

ETF.net Research

AESB—Harbor AlphaEdge Small Cap Core ETF

FESMAFidelity Enhanced Small Cap ETF

In short

AESB No data

FESM A 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

AESB No data

FESM 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

AESB No data

FESM 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

AESB No data

FESM 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%.

Full AESB profile⁠

Full FESM profile⁠

AESB vs FESM Holdings

How AESB and FESM differ

Overlap by weight

17.1%

Shared holdings make up 57.1% of AESB and 19.3% of FESM.

Level by level

Holdings88 in both17.1%
Countryby domicile97.3%
Asset classEquity100%

Sector

No Sector split for AESB.

Country, concentration and asset class

Country by domicile

Country weights in AESB and FESM, widest gap first
Country	More in AESBMore in FESM	AESB	FESM
United States	FESM +2.2 points	97.2%	99.4%
Israel	AESB +1.1 points	1.1%	0.0%
United Kingdom	AESB +0.8 points	0.8%	0.0%
Switzerland	AESB +0.5 points	0.6%	0.1%
Other countries (4)	FESM +0.2 points	0.3%	0.5%

Concentration

Weight in the 10 largest Holdings

AESB23.6%
FESM9.7%

Securities held

AESB167
FESM889

Asset class

AESB: Equity
FESM: Equity

Holdings

Only in AESB79
In both88
Only in FESM801

Only in AESB

79 securities, 42.9% of AESB by weight

Apple Hospitality Reit Inc3.52%
Cathay General Bancorp2.66%
Victory Capital Holding - A1.66%
Ennis Inc1.59%
Signet Jewelers Ltd1.16%
International Seaways Inc1.11%
Matson Inc1.10%
Strategic Education Inc1.02%
Kiniksa Pharmaceuticals Inte0.94%
Teekay Tankers Ltd-Class A0.91%
Scorpio Tankers Inc0.90%
Ituran Location and Control0.87%
Inmode Ltd0.82%
Ssr Mining Inc0.81%
Pitney Bowes Inc0.78%
Ralliant Corp0.75%
Meiragtx Holdings PLC0.74%
Movado Group Inc0.74%
Ziff Davis Inc0.72%
Transocean Ltd0.71%
World Acceptance Corp0.68%
Newmarket Corp0.65%
Amn Healthcare Services Inc0.64%
Ringcentral Inc-Class A0.62%
Brinker International Inc0.60%
Garrett Motion Inc0.54%
Yeti Holdings Inc0.53%
Nve Corp0.51%
Geo Group Inc/The0.50%
Organon & Co0.48%
Legacy Housing Corp0.46%
Teradata Corp0.46%
Hamilton Beach Brand-A0.44%
Enact Holdings Inc0.43%
Enovix Corp0.37%
Mediaalpha Inc-Class A0.37%
Lantheus Holdings Inc0.37%
Photronics Inc0.36%
Corsair Gaming Inc0.32%
Gencor Industries Inc0.31%
Penguin Solutions Inc0.31%
Sezzle Inc0.30%
Lifestance Health Group Inc0.30%
Everquote Inc - Class A0.30%
Pagaya Technologies Ltd -A0.29%
Bellring Brands Inc0.29%
Vishay Intertechnology Inc0.29%
Zeta Global Holdings Corp-A0.29%
Laureate Education Inc0.29%
Amc Global Media Inc0.28%

Only in FESM

801 securities, 82.5% of FESM by weight

Securities Lending Cf2.80%
Glaukos Corp1.02%
Commercial Metals Co0.75%
Fluor Corp0.73%
Outfront Media Inc0.72%
Installed Building Prod Inc0.71%
Healthequity Inc0.69%
Plexus Corp0.65%
Openlane Inc0.64%
Phillips Edison & Co0.62%
Ceco Environmental Corp0.59%
Aci Worldwide Inc0.58%
Materion Corp0.58%
Balchem Corp0.58%
Sonos Inc0.57%
Delek Us Holdings Inc0.56%
Brightspring Hlth Services Inc0.56%
Guardant Health Inc0.55%
Home Bancshares Inc0.55%
Navan Inc A0.53%
Hci Group Inc0.53%
Sensient Technologies Corp0.52%
Clear Secure Inc0.52%
Atricure Inc0.52%
Aar Corp0.51%
Option Care Health Inc0.49%
Workiva Inc0.49%
Kodiak Gas Services Inc0.49%
Cushman & Wakefield Ltd0.49%
Wesbanco Inc0.48%
Commvault Systems Inc0.48%
Extreme Networks Inc0.47%
Skyward Specialty Ins Grp Inc0.46%
Polaris Inc0.46%
Glacier Bancorp Inc0.45%
Wisdomtree Inc0.44%
Life Time Group Holdings Inc0.43%
Bgc Group Inc A0.41%
Eastern Bankshares Inc0.40%
Marriott Vacations World0.40%
Dxp Enterprises Inc0.38%
United Natural Foods Inc0.37%
Wiley (John) & Sons Inc Class A0.36%
United Community Banks Ga0.36%
Cavco Industries Inc0.36%
Upstart Holdings Inc0.35%
Ducommun Inc0.34%
M/I Homes Inc0.34%
Avista Corp0.34%
V2X Inc0.34%

Weight gaps

All 88 Holdings in both funds, largest gap first.

Holding weights in AESB and FESM, widest gap first
Holding	More in AESBMore in FESM	AESB	FESM
First Bancorp Puerto RicoFBP	AESB +2.98 points	3.05%	0.07%
Bread Financial Holdings IncBFH	AESB +2.95 points	3.15%	0.20%
Liveramp Holdings IncRAMP	AESB +2.36 points	2.45%	0.09%
Slide Insurance Holdings IncSLDE	AESB +2.29 points	2.29%	<0.01%
Cheesecake Factory Inc/TheCAKE	AESB +1.54 points	1.64%	0.10%
Ofg BancorpOFG	AESB +1.49 points	1.61%	0.12%
Korn FerryKFY	AESB +1.18 points	1.23%	0.05%
Carter Bankshares IncCARE	AESB +1.15 points	1.29%	0.14%
Protagonist Therapeutics IncPTGX	AESB +0.96 points	1.20%	0.24%
Enova International IncENVA	AESB +0.92 points	1.32%	0.40%
Harmony Biosciences HoldingsHRMY	AESB +0.91 points	1.43%	0.52%
Arbutus Biopharma CorpABUS	AESB +0.87 points	0.87%	<0.01%
Essent Group LtdESNT	AESB +0.82 points	0.82%	0.00%
Caredx IncCDNA	AESB +0.77 points	0.98%	0.21%
Oceaneering Intl IncOII	AESB +0.75 points	0.97%	0.22%
Diamondrock Hospitality CoDRH	AESB +0.73 points	0.79%	0.06%
Qualys IncQLYS	AESB +0.72 points	0.72%	0.00%
Hinge Health Inc-AHNGE	AESB +0.71 points	1.08%	0.37%
Spectrum Brands Holdings IncSPB	AESB +0.69 points	0.76%	0.07%
Krystal Biotech IncKRYS	AESB +0.64 points	0.67%	0.03%
Pebblebrook Hotel TrustPEB	AESB +0.62 points	0.68%	0.06%
Donnelley Financial SolutionDFIN	AESB +0.59 points	0.67%	0.08%
Proto Labs IncPRLB	AESB +0.58 points	0.83%	0.25%
Federated Hermes IncFHI	AESB +0.58 points	0.98%	0.40%
Monarch Casino & Resort IncMCRI	AESB +0.56 points	0.75%	0.19%
Nerdwallet Inc-Cl ANRDS	AESB +0.49 points	0.61%	0.12%
Constellium SECSTM	AESB +0.48 points	0.55%	0.07%
10X Genomics Inc-Class ATXG	AESB +0.47 points	0.71%	0.24%
Abercrombie & Fitch Co-Cl AANF	AESB +0.44 points	1.15%	0.71%
Pbf Energy Inc-Class APBF	AESB +0.44 points	0.66%	0.22%
Twist Bioscience CorpTWST	AESB +0.42 points	0.86%	0.44%
Wsfs Financial CorpWSFS	AESB +0.42 points	0.99%	0.57%
Griffon CorpGFF	FESM +0.40 points	0.27%	0.67%
Kulicke & Soffa IndustriesKLIC	FESM +0.40 points	0.23%	0.63%
Pc Connection IncCNXN	AESB +0.33 points	0.52%	0.19%
Phinia IncPHIN	AESB +0.32 points	0.53%	0.21%
Recursion Pharmaceuticals-ARXRX	AESB +0.31 points	0.33%	0.02%
Amphastar Pharmaceuticals InAMPH	AESB +0.31 points	0.31%	0.00%
Park Hotels & Resorts IncPK	AESB +0.29 points	0.35%	0.06%
Maxlinear IncMXL	FESM +0.29 points	0.30%	0.59%
Kaiser Aluminum CorpKALU	AESB +0.27 points	0.32%	0.05%
National Energy Services ReuNESR	AESB +0.27 points	0.33%	0.06%
EnersysENS	AESB +0.26 points	0.95%	0.69%
Harmonic IncHLIT	AESB +0.25 points	0.26%	<0.01%
Ironwood Pharmaceuticals IncIRWD	AESB +0.26 points	0.32%	0.06%
Skywest IncSKYW	FESM +0.25 points	0.24%	0.49%
Puma Biotechnology IncPBYI	AESB +0.26 points	0.29%	0.03%
Nexxen International LtdNEXN	AESB +0.24 points	0.25%	<0.01%
Paysign IncPAYS	AESB +0.24 points	0.28%	0.04%
Indivior Pharmaceuticals IncINDV	AESB +0.24 points	0.24%	0.00%
Kennametal IncKMT	AESB +0.23 points	0.58%	0.35%
Argan IncAGX	AESB +0.23 points	0.23%	<0.01%
Ouster IncOUST	AESB +0.23 points	0.23%	0.00%
Strattec Security CorpSTRT	AESB +0.23 points	0.24%	<0.01%
Oscar Health Inc - Class AOSCR	FESM +0.22 points	0.50%	0.72%
Flexsteel IndsFLXS	AESB +0.22 points	0.26%	0.04%
Acadian Asset Management IncAAMI	AESB +0.21 points	0.51%	0.30%
Corecivic IncCXW	AESB +0.20 points	0.24%	0.04%
Agios Pharmaceuticals IncAGIO	AESB +0.20 points	0.28%	0.08%
Champion Homes IncSKY	AESB +0.20 points	0.35%	0.15%
Adaptive BiotechnologiesADPT	FESM +0.20 points	0.28%	0.48%
Veracyte IncVCYT	AESB +0.20 points	0.28%	0.08%
Nuscale Power CorpSMR	AESB +0.19 points	0.19%	0.00%
Par Pacific Holdings IncPARR	AESB +0.19 points	0.23%	0.04%
Plug Power IncPLUG	AESB +0.18 points	0.18%	0.00%
Manpowergroup IncMAN	AESB +0.17 points	0.29%	0.12%
Tutor Perini CorpTPC	FESM +0.17 points	0.36%	0.53%
Vericel CorpVCEL	AESB +0.17 points	0.26%	0.09%
Nmi Holdings IncNMIH	AESB +0.16 points	0.50%	0.34%
Haemonetics Corp/MassHAE	AESB +0.15 points	0.28%	0.13%
Aurinia Pharmaceuticals IncAUPH	AESB +0.14 points	0.26%	0.12%
Payoneer Global IncPAYO	FESM +0.14 points	0.43%	0.57%
Limbach Holdings IncLMB	AESB +0.14 points	0.30%	0.16%
Cargurus IncCARG	AESB +0.14 points	0.54%	0.40%
Cinemark Holdings IncCNK	AESB +0.13 points	0.40%	0.27%
Stonex Group IncSNEX	AESB +0.12 points	0.54%	0.42%
Diodes IncDIOD	AESB +0.10 points	0.42%	0.32%
Benchmark Electronics IncBHE	FESM +0.10 points	0.31%	0.41%
Insight Enterprises IncNSIT	AESB +0.10 points	0.59%	0.49%
Callaway Golf CompanyELY	AESB +0.08 points	0.51%	0.42%
Preformed Line Products CoPLPC	AESB +0.08 points	0.19%	0.11%
Apogee Enterprises IncAPOG	AESB +0.08 points	0.32%	0.24%
Doubleverify Holdings IncDV	AESB +0.05 points	0.39%	0.34%
Butterfly Network IncBFLY	AESB +0.04 points	0.20%	0.16%
Iovance Biotherapeutics IncIOVA	AESB +0.03 points	0.22%	0.19%
Silicon Laboratories IncSLAB	AESB +0.02 points	0.27%	0.25%
Encore Capital Group IncECPG	FESM +0.02 points	0.51%	0.53%
Yelp IncYELP	FESM +0.01 points	0.34%	0.35%

All 167 AESB holdings⁠All 632 FESM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AESB vs FESM Cost

Overpaying AESB vs FESM

$1,951

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

AESB 0.38%
$7,706
FESM 0.28%
$5,755

Amount$10,000

Years30 years

Cost over time

AESB 0.38%
FESM 0.28%
Overpaying

Year by year

Year	AESB	FESM	Overpaying
10	$688	$509	$179
20	$2,658	$1,976	$682
30	$7,706	$5,755	$1,951

Expense ratio

0.38%AESB
0.28%FESM, cheaper

FESM0.28%AESB0.38%

0.25%2.20%

Middle half of US Active Small-Cap funds
Median 0.55%

FESM 2nd cheapest of 39 funds

AESB 9th cheapest of 39 funds

AESB vs FESM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AESB No data; FESM 0.86%
Payout (12M): AESB None; FESM $0.39
Last payment: AESB No data; FESM $0.10
Ex-dividend: AESB No data; FESM Sep 18, 2026
Paid on: AESB No data; FESM Sep 22, 2026
Frequency: AESB No data; FESM Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

AESBAll AESB payments⁠

No distribution history available.

FESMQuarterly · 13 paymentsAll FESM payments⁠

AESB vs FESM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: AESB No dataFESM 19.6%since Dec 2023
Return per unit of riskSharpe ratio, 3 years: AESB No dataFESM 0.97since Dec 2023
Worst fallMax drawdown, 5 years: AESB No dataFESM −26.9%since Nov 2023
Market sensitivityBeta, 5 years: AESB 0.00FESM 1.34; Market = 1

AESB and FESM in the news

All news⁠

Best ETFs
Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart
Updated Oct 2, 2026FESM

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AESB vs FESM

In short

Stated mandate

Why people hold it

Worth knowing

How AESB and FESM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AESB

Only in FESM

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart

Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart

How AESB and FESM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AESB

Only in FESM

Weight gaps