AESG vs FESM: Grades, Fees and Holdings Compared

Harbor AlphaEdge Small Cap Growth ETF

AESG—NYSE Arca

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

Overlap

20.7%by weight

Expense ratio

FESM −0.12pt a year

AESG0.40%FESM0.28%

Avg volume · 30D

FESM 436.1×the volume

AESG2.34KFESM1.02M

AESG vs FESM Performance

Sep 30, 2026 – Oct 30, 2026

−2.2%AESG+1.2%FESM

Expense ratio: AESG 0.40%; FESM 0.28%, better
Fund size: AESG $2M; FESM $6.41B
1Y total return: AESG No data; FESM +23.4%
Yield (12M): AESG No data; FESM 0.86%
Holdings: AESG 192; FESM 892
Avg volume (30D): AESG 2.34K sh; FESM 1.02M sh, better
NAV per share: AESG $19.08; FESM $45.47
52W range

ETF.net Grade

—AESGNot yet graded

Pillar letters and Scores for AESG, FESM, with each pillar’s weight
Pillar	AESG	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
AESGNot yet graded

Our read on each fund

ETF.net Research

AESG—Harbor AlphaEdge Small Cap Growth ETF

FESMAFidelity Enhanced Small Cap ETF

In short

AESG 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

AESG 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

AESG 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

AESG 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 AESG profile⁠

Full FESM profile⁠

AESG vs FESM Holdings

How AESG and FESM differ

Overlap by weight

20.7%

Shared holdings make up 59.3% of AESG and 23.3% of FESM.

Level by level

Holdings105 in both20.7%
Countryby domicile97.5%
Asset classEquity100%

Sector

No Sector split for AESG.

Country, concentration and asset class

Country by domicile

Country weights in AESG and FESM, widest gap first
Country	More in AESGMore in FESM	AESG	FESM
United States	FESM +2.4 points	97.0%	99.4%
Israel	AESG +1.0 points	1.0%	0.0%
United Kingdom	AESG +0.8 points	0.8%	0.0%
Other countries (6)	AESG +0.6 points	1.2%	0.6%

Concentration

Weight in the 10 largest Holdings

AESG20.2%
FESM9.7%

Securities held

AESG192
FESM889

Asset class

AESG: Equity
FESM: Equity

Holdings

Only in AESG87
In both105
Only in FESM784

Only in AESG

87 securities, 40.7% of AESG by weight

Apple Hospitality Reit Inc3.05%
Victory Capital Holding - A1.55%
Kiniksa Pharmaceuticals Inte1.37%
Ennis Inc1.14%
Brinker International Inc0.94%
Ralliant Corp0.84%
Signet Jewelers Ltd0.84%
Meiragtx Holdings PLC0.81%
Trex Company Inc0.72%
Ssr Mining Inc0.70%
Lantheus Holdings Inc0.70%
Ituran Location and Control0.70%
Moog Inc-Class A0.69%
Laureate Education Inc0.67%
Ringcentral Inc-Class A0.67%
Pitney Bowes Inc0.66%
International Seaways Inc0.65%
Zeta Global Holdings Corp-A0.64%
Jfrog Ltd0.63%
Inmode Ltd0.62%
Strategic Education Inc0.60%
Movado Group Inc0.60%
Nve Corp0.55%
World Acceptance Corp0.55%
Lifestance Health Group Inc0.51%
Teradata Corp0.51%
Gentex Corp0.49%
Penguin Solutions Inc0.49%
Newmarket Corp0.49%
Teekay Tankers Ltd-Class A0.48%
Ziff Davis Inc0.47%
Aura Minerals Inc0.46%
Matson Inc0.46%
Amn Healthcare Services Inc0.46%
Yeti Holdings Inc0.45%
Liquidia Corp0.42%
Mitek Systems Inc0.41%
Geo Group Inc/The0.39%
Mediaalpha Inc-Class A0.38%
Sezzle Inc0.37%
Garrett Motion Inc0.37%
Organon & Co0.36%
Hamilton Beach Brand-A0.35%
Photronics Inc0.35%
Immunitybio Inc0.35%
Scorpio Tankers Inc0.34%
Knowles Corp0.33%
Digi International Inc0.33%
Corsair Gaming Inc0.32%
Absci Corp0.32%

Only in FESM

784 securities, 78.5% of FESM by weight

Securities Lending Cf2.80%
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%
Balchem Corp0.58%
Sonos Inc0.57%
Wsfs Financial Corp0.57%
Delek Us Holdings Inc0.56%
Guardant Health Inc0.55%
Home Bancshares Inc0.55%
Navan Inc A0.53%
Hci Group Inc0.53%
Sensient Technologies Corp0.52%
Atricure Inc0.52%
Aar Corp0.51%
Skywest Inc0.49%
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%
Nmi Holdings Inc0.34%
Q2 Holdings Inc0.33%

Weight gaps

The 100 widest of 105 Holdings in both funds.

Holding weights in AESG and FESM, widest gap first
Holding	More in AESGMore in FESM	AESG	FESM
Liveramp Holdings IncRAMP	AESG +2.48 points	2.57%	0.09%
Bread Financial Holdings IncBFH	AESG +2.47 points	2.67%	0.20%
Slide Insurance Holdings IncSLDE	AESG +1.98 points	1.98%	<0.01%
First Bancorp Puerto RicoFBP	AESG +1.75 points	1.82%	0.07%
Cheesecake Factory Inc/TheCAKE	AESG +1.63 points	1.73%	0.10%
Protagonist Therapeutics IncPTGX	AESG +1.46 points	1.70%	0.24%
Krystal Biotech IncKRYS	AESG +1.13 points	1.16%	0.03%
Enova International IncENVA	AESG +1.11 points	1.51%	0.40%
Qualys IncQLYS	AESG +1.11 points	1.11%	0.00%
Harmony Biosciences HoldingsHRMY	AESG +1.04 points	1.56%	0.52%
Caredx IncCDNA	AESG +0.98 points	1.19%	0.21%
Hinge Health Inc-AHNGE	AESG +0.94 points	1.31%	0.37%
Arbutus Biopharma CorpABUS	AESG +0.95 points	0.95%	<0.01%
Twist Bioscience CorpTWST	AESG +0.91 points	1.35%	0.44%
Oceaneering Intl IncOII	AESG +0.88 points	1.10%	0.22%
Abercrombie & Fitch Co-Cl AANF	AESG +0.86 points	1.57%	0.71%
10X Genomics Inc-Class ATXG	AESG +0.83 points	1.07%	0.24%
Korn FerryKFY	AESG +0.67 points	0.72%	0.05%
Proto Labs IncPRLB	AESG +0.56 points	0.81%	0.25%
Monarch Casino & Resort IncMCRI	AESG +0.55 points	0.74%	0.19%
Argan IncAGX	AESG +0.49 points	0.49%	<0.01%
Donnelley Financial SolutionDFIN	AESG +0.47 points	0.55%	0.08%
Acadian Asset Management IncAAMI	AESG +0.45 points	0.75%	0.30%
Federated Hermes IncFHI	AESG +0.42 points	0.82%	0.40%
Tg Therapeutics IncTGTX	AESG +0.42 points	0.57%	0.15%
Griffon CorpGFF	FESM +0.40 points	0.27%	0.67%
Glaukos CorpGKOS	FESM +0.39 points	0.63%	1.02%
Stonex Group IncSNEX	AESG +0.39 points	0.81%	0.42%
National Energy Services ReuNESR	AESG +0.38 points	0.44%	0.06%
Harmonic IncHLIT	AESG +0.36 points	0.37%	<0.01%
Indivior Pharmaceuticals IncINDV	AESG +0.35 points	0.35%	0.00%
Constellium SECSTM	AESG +0.34 points	0.41%	0.07%
Cargurus IncCARG	AESG +0.32 points	0.72%	0.40%
Myr Group Inc/DelawareMYRG	AESG +0.31 points	0.46%	0.15%
Ouster IncOUST	AESG +0.31 points	0.31%	0.00%
Vericel CorpVCEL	AESG +0.31 points	0.40%	0.09%
Puma Biotechnology IncPBYI	AESG +0.31 points	0.34%	0.03%
Kulicke & Soffa IndustriesKLIC	FESM +0.30 points	0.33%	0.63%
Frontdoor IncFTDR	AESG +0.30 points	0.30%	0.00%
Covista IncCVSA	AESG +0.29 points	0.29%	0.00%
Cts CorpCTS	AESG +0.29 points	0.29%	0.00%
Recursion Pharmaceuticals-ARXRX	AESG +0.28 points	0.30%	0.02%
Nerdwallet Inc-Cl ANRDS	AESG +0.27 points	0.39%	0.12%
Ironwood Pharmaceuticals IncIRWD	AESG +0.27 points	0.33%	0.06%
Adma Biologics IncADMA	AESG +0.27 points	0.29%	0.02%
Haemonetics Corp/MassHAE	AESG +0.27 points	0.40%	0.13%
Encore Capital Group IncECPG	FESM +0.26 points	0.27%	0.53%
Remitly Global IncRELY	AESG +0.26 points	0.29%	0.03%
Nuscale Power CorpSMR	AESG +0.26 points	0.26%	0.00%
Materion CorpMTRN	FESM +0.25 points	0.33%	0.58%
Flexsteel IndsFLXS	AESG +0.25 points	0.29%	0.04%
Cohu IncCOHU	AESG +0.25 points	0.26%	0.01%
Paysign IncPAYS	AESG +0.24 points	0.28%	0.04%
EnersysENS	AESG +0.25 points	0.94%	0.69%
Pbf Energy Inc-Class APBF	AESG +0.25 points	0.47%	0.22%
Spectrum Brands Holdings IncSPB	AESG +0.23 points	0.30%	0.07%
Aurinia Pharmaceuticals IncAUPH	AESG +0.23 points	0.35%	0.12%
Cinemark Holdings IncCNK	AESG +0.23 points	0.50%	0.27%
Xometry Inc-AXMTR	AESG +0.23 points	0.30%	0.07%
Kaiser Aluminum CorpKALU	AESG +0.22 points	0.27%	0.05%
Sps Commerce IncSPSC	AESG +0.21 points	0.26%	0.05%
Dianthus Therapeutics IncDNTH	AESG +0.20 points	0.24%	0.04%
Insight Enterprises IncNSIT	FESM +0.20 points	0.29%	0.49%
Veracyte IncVCYT	AESG +0.20 points	0.28%	0.08%
Agios Pharmaceuticals IncAGIO	AESG +0.20 points	0.28%	0.08%
Cipher Digital IncCIFR	AESG +0.20 points	0.20%	0.00%
Clear Secure Inc -Class AYOU	FESM +0.19 points	0.33%	0.52%
Plug Power IncPLUG	AESG +0.19 points	0.19%	0.00%
Pc Connection IncCNXN	AESG +0.16 points	0.35%	0.19%
Eos Energy Enterprises IncEOSE	AESG +0.15 points	0.15%	0.00%
Preformed Line Products CoPLPC	AESG +0.15 points	0.26%	0.11%
Brightspring Health ServicesBTSG	FESM +0.15 points	0.41%	0.56%
Acm Research Inc-Class AACMR	FESM +0.14 points	0.17%	0.31%
Diodes IncDIOD	AESG +0.14 points	0.46%	0.32%
Carter Bankshares IncCARE	AESG +0.14 points	0.28%	0.14%
Champion Homes IncSKY	AESG +0.12 points	0.27%	0.15%
Payoneer Global IncPAYO	FESM +0.12 points	0.45%	0.57%
Esco Technologies IncESE	AESG +0.12 points	0.23%	0.11%
Limbach Holdings IncLMB	AESG +0.11 points	0.27%	0.16%
Park Aerospace CorpPKE	AESG +0.10 points	0.22%	0.12%
Bandwidth Inc-Class ABAND	AESG +0.10 points	0.21%	0.11%
Benchmark Electronics IncBHE	AESG +0.10 points	0.51%	0.41%
Freshworks Inc-Cl AFRSH	AESG +0.10 points	0.30%	0.20%
Fastly Inc - Class AFSLY	AESG +0.10 points	0.26%	0.16%
Tango Therapeutics IncTNGX	AESG +0.10 points	0.24%	0.14%
Oscar Health Inc - Class AOSCR	AESG +0.10 points	0.82%	0.72%
Rhythm Pharmaceuticals IncRYTM	AESG +0.09 points	0.31%	0.22%
Yelp IncYELP	FESM +0.09 points	0.26%	0.35%
Butterfly Network IncBFLY	AESG +0.08 points	0.24%	0.16%
Doubleverify Holdings IncDV	FESM +0.08 points	0.26%	0.34%
Tenable Holdings IncTENB	AESG +0.06 points	0.37%	0.31%
Navitas Semiconductor CorpNVTS	AESG +0.06 points	0.19%	0.13%
Pattern Group Inc-Cl APTRN	AESG +0.07 points	0.25%	0.18%
Callaway Golf CompanyELY	FESM +0.05 points	0.38%	0.42%
Tutor Perini CorpTPC	AESG +0.04 points	0.57%	0.53%
Phinia IncPHIN	AESG +0.04 points	0.25%	0.21%
Kennametal IncKMT	AESG +0.03 points	0.38%	0.35%
Praxis Precision Medicines IPRAX	AESG +0.03 points	0.29%	0.26%
Silicon Laboratories IncSLAB	AESG +0.02 points	0.27%	0.25%
Travere Therapeutics IncTVTX	AESG +0.02 points	0.21%	0.19%

All 192 AESG 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.

AESG vs FESM Cost

Overpaying AESG vs FESM

$2,335

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

AESG 0.40%
$8,090
FESM 0.28%
$5,755

Amount$10,000

Years30 years

Cost over time

AESG 0.40%
FESM 0.28%
Overpaying

Year by year

Year	AESG	FESM	Overpaying
10	$723	$509	$214
20	$2,793	$1,976	$817
30	$8,090	$5,755	$2,335

Expense ratio

0.40%AESG
0.28%FESM, cheaper

FESM0.28%AESG0.40%

0.25%2.20%

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

FESM 2nd cheapest of 39 funds

AESG 10th cheapest of 39 funds

AESG vs FESM Dividends

Last 12 months to Oct 30, 2026

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

Distribution history

Per share, 2023 to 2026, same scale for both

AESGAll AESG payments⁠

No distribution history available.

FESMQuarterly · 13 paymentsAll FESM payments⁠

AESG vs FESM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

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

AESG 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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AESG vs FESM

In short

Stated mandate

Why people hold it

Worth knowing

How AESG and FESM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AESG

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

How AESG and FESM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AESG

Only in FESM

Weight gaps