AIMS vs FESM: Grades, Fees and Holdings Compared

Acuitas Small Cap Active ETF

AIMSDNasdaq

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

Overlap

10.0%by weight

Expense ratio

FESM −0.47pt a year

AIMS0.75%FESM0.28%

Avg volume · 30D

FESM 223.0×the volume

AIMS4.73KFESM1.06M

AIMS vs FESM Performance

Aug 7, 2026 – Nov 9, 2026

−6.3%AIMS−5.1%FESM

Expense ratio: AIMS 0.75%; FESM 0.28%, better
Fund size: AIMS $81M; FESM $6.74B
1Y total return: AIMS No data; FESM +25.8%
Yield (12M): AIMS No data; FESM 0.86%
Holdings: AIMS 284; FESM 895
Avg volume (30D): AIMS 4.73K sh; FESM 1.06M sh, better
NAV per share: AIMS $26.26; FESM $45.75
52W range

ETF.net Grade

Pillar letters and Scores for AIMS, FESM, with each pillar’s weight
Pillar	AIMS	FESM
Cost30% weight	F23	A96Higher
Mission25% weight	Not scored	A85
Risk15% weight	C44	B66Higher
Tradability15% weight	D39	A91Higher
Holdings10% weight	B63	A78Higher
Durability5% weight	C45	A93Higher

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. AIMS and FESM are both graded against the same 39 US Active Small-Cap funds, so their Grades compare head to head.

US Active Small-Cap⁠

Category · 39 funds

See all 39 ›

FESM ranks 2nd and AIMS 28th 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 86
Rank 3ADFSVU.S. Small Cap Value Portfolio ETF Class SharesScore 82
Rank 27CAFSCabrdn Focused U.S. Small Cap Active ETFScore 40
Rank 28DAIMSAcuitas Small Cap Active ETFScore 37
Rank 29DBUSMEA Bridgeway Ultra-Small Company Market ETFScore 35

Our read on each fund

ETF.net Research

AIMSDAcuitas Small Cap Active ETF

FESMAFidelity Enhanced Small Cap ETF

In short

AIMS A Seattle boutique's institutional playbook in one ticker: AIMS blends model portfolios from several specialist small and microcap managers, and deliberately declines to drift up into midcaps.

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

AIMS The Fund seeks long-term capital appreciation.

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

AIMS Multi-manager by design: Acuitas allocates across a curated group of institutional small cap managers and blends their models, rather than riding one stockpicker.acuitasfunds.com globenewswire.com
Stays genuinely small. The fund is benchmarked to the Russell 2000 and built to hold true small caps, with room for microcaps, instead of drifting up into midcaps.globenewswire.com acuitasfunds.com
One mandate, plain and simple: long-term capital appreciation from equities, held in a standard 1940 Act fund wrapper.

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

AIMS Costs 0.75% a year, above the roughly 0.52% cohort median for active small cap ETFs and well north of the 0.25% charged by AVUV and AVSC.
Launched in 2026, so the ETF record is short, and the fund is non-diversified, meaning individual positions can swing it more than a broad index would.usnews.com
Volume is light next to the category's household names, so intraday spreads can run wider.

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 AIMS profile⁠

Full FESM profile⁠

AIMS vs FESM Holdings

How AIMS and FESM differ

Overlap by weight

10.0%

Shared holdings make up 38.8% of AIMS and 11.6% of FESM.

Level by level

Holdings99 in both10.0%
Sector11 Sectors90.8%
Countryby domicile95.8%
Asset classStocks100%

Sector

Sector weights in AIMS and FESM, widest gap first
Sector	Gap	AIMS	FESM
Industrials	AIMS +4.2 points	18.7%	14.5%
Consumer Staples	AIMS +3.5 points	4.7%	1.2%
Health Care	FESM +2.7 points	18.7%	21.4%
Communication	FESM +1.7 points	1.5%	3.2%
Financials	FESM +1.6 points	17.5%	19.1%
Consumer Discretionary	FESM +1.4 points	7.7%	9.1%
Energy	FESM +1.2 points	4.9%	6.1%
Technology	AIMS +0.6 points	15.5%	14.9%
Utilities	AIMS +0.6 points	2.3%	1.7%
Materials	FESM +0.3 points	4.6%	4.9%
Real Estate	AIMS +0.2 points	4.0%	3.8%

Country, concentration and asset class

Country by domicile

Country weights in AIMS and FESM, widest gap first
Country	Gap	AIMS	FESM
United States	FESM +3.9 points	95.5%	99.4%
Israel	AIMS +1.9 points	1.9%	0.0%
Jordan	AIMS +0.6 points	0.6%	0.0%
Other countries (9)	AIMS +1.4 points	2.0%	0.6%

Concentration

Weight in the 10 largest Holdings

AIMS13.5%
FESM9.7%

Securities held

AIMS283
FESM893

Asset class

AIMS: Stocks
FESM: Stocks

Holdings

Only in AIMS184
In both99
Only in FESM794

Only in AIMS

184 securities, 61.2% of AIMS by weight

First American Government Obligations Fund 12/01/20312.68%
Palomar Holdings Inc1.30%
Triumph Financial Inc1.29%
Covenant Trans Inc - Class A1.06%
Business First Bancshares Inc1.01%
Ryman Hospitality Properties Inc0.96%
UFP Technologies Inc0.93%
Astrana Health Inc0.90%
LeMaitre Vascular Inc0.86%
Willdan Group Inc0.81%
Black Hills Corp0.76%
Red Rock Resorts Inc0.73%
Stagwell Inc0.71%
Chesapeake Utilities Corp0.69%
Mama's Creations Inc0.69%
Huron Consulting Group Inc0.68%
Middleby Corp/The0.68%
Bank Ozk0.66%
Hackett Group Inc/The0.65%
Esab Corp0.65%
Digi International Inc0.64%
InterDigital Inc0.63%
Magnolia Oil & Gas Corp0.61%
Lifeway Foods Inc0.61%
Northeast Bank0.60%
Koppers Holdings Inc0.57%
Vita Coco Co Inc/The0.55%
Allot Ltd0.53%
Global-e Online Ltd0.51%
Bridgewater Bancshares Inc0.51%
Green Brick Partners Inc0.50%
Liquidity Services Inc0.50%
International General Insurance Holdings Ltd0.49%
Solaris Energy Infrastructure Inc0.48%
Stevanato Group SpA0.48%
Wabash National Corp0.47%
Frequency Electronics Inc0.47%
Cricut Inc0.47%
Cabot Corp0.46%
Grand Canyon Education Inc0.45%
CNX Resources Corp0.44%
Billiontoone Inc0.44%
Oil-Dri Corp of America0.44%
Guardian Pharmacy Services Inc0.44%
SI-BONE Inc0.43%
Astronics Corp0.41%
Strawberry Fields REIT Inc0.40%
NPK International Inc0.40%
Tecnoglass Holdings Inc0.40%
Graham Corp0.39%

Only in FESM

794 securities, 89.6% of FESM by weight

Securities Lending Cf2.43%
Glaukos Corp0.97%
Installed Building Prod Inc0.76%
Oscar Health Inc - Class A0.75%
Commercial Metals Co0.74%
Brightspring Hlth Services Inc0.74%
Fluor Corp0.74%
Healthequity Inc0.74%
Outfront Media Inc0.70%
Phillips Edison & Co0.68%
Griffon Corp0.67%
Abercrombie & Fitch Co Class A0.67%
Clear Secure Inc0.66%
Plexus Corp0.63%
Encore Cap Group Inc0.62%
Enersys Inc0.62%
Balchem Corp0.62%
Aci Worldwide Inc0.61%
Payoneer Global Inc0.60%
Wsfs Financial Corp0.59%
Tutor Perini Corp0.58%
Sonos Inc0.56%
Kulicke & Soffa Industries Inc0.53%
Delek Us Holdings Inc0.53%
Navan Inc A0.53%
Home Bancshares Inc0.52%
Polaris Inc0.50%
Extreme Networks Inc0.50%
Skyward Specialty Ins Grp Inc0.50%
Wesbanco Inc0.50%
Sensient Technologies Corp0.50%
Aar Corp0.49%
Materion Corp0.48%
Glacier Bancorp Inc0.47%
Harmony Biosciences Hldgs Inc0.47%
Guardant Health Inc0.47%
Callaway Golf Company0.46%
Commvault Systems Inc0.46%
Life Time Group Holdings Inc0.46%
Federated Hermes Inc0.46%
Insight Enterprises Inc0.46%
Cargurus Inc Class A0.44%
Maxlinear Inc0.42%
Skywest Inc0.42%
Wisdomtree Inc0.42%
Hinge Health Inc0.41%
Enova Intl Inc0.40%
Avista Corp0.40%
Marriott Vacations World0.40%
Q2 Holdings Inc0.39%

Weight gaps

All 99 Holdings in both funds, largest gap first.

Holding weights in AIMS and FESM, widest gap first
Holding	Gap	AIMS	FESM
Ligand Pharmaceuticals IncLGND	AIMS +1.77 points	1.77%	0.00%
iRadimed CorpIRMD	AIMS +1.14 points	1.16%	0.02%
PDF Solutions IncPDFS	AIMS +1.11 points	1.14%	0.03%
Metropolitan Bank Holding CorpMCB	AIMS +1.00 points	1.10%	0.10%
Mesa Laboratories IncMLAB	AIMS +0.84 points	0.95%	0.11%
OneSpan IncOSPN	AIMS +0.75 points	0.87%	0.12%
Pennant Group Inc/ThePNTG	AIMS +0.63 points	0.63%	0.00%
Merit Medical Systems IncMMSI	AIMS +0.63 points	0.64%	0.01%
Healthcare Services Group IncHCSG	AIMS +0.58 points	0.61%	0.03%
United States Lime & Minerals IncUSLM	AIMS +0.58 points	0.58%	0.00%
Xometry IncXMTR	AIMS +0.56 points	0.64%	0.08%
Provident Financial Services IncPFS	AIMS +0.55 points	0.65%	0.10%
Preformed Line Products CoPLPC	AIMS +0.54 points	0.63%	0.09%
Phibro Animal Health CorpPAHC	AIMS +0.51 points	0.56%	0.05%
Helen of Troy LtdHELE	AIMS +0.51 points	0.56%	0.05%
CRA International IncCRAI	AIMS +0.47 points	0.50%	0.03%
Coastal Financial Corp/WACCB	AIMS +0.47 points	0.51%	0.04%
Agilysys IncAGYS	AIMS +0.44 points	0.49%	0.05%
CECO Environmental CorpCECO	FESM +0.44 points	0.05%	0.49%
Kelly Services IncKELYA	AIMS +0.43 points	0.45%	0.02%
Red Violet IncRDVT	AIMS +0.42 points	0.56%	0.14%
McGrath RentCorpMGRC	AIMS +0.43 points	0.43%	0.00%
ANI Pharmaceuticals IncANIP	AIMS +0.41 points	0.41%	0.00%
ePlus IncPLUS	AIMS +0.40 points	0.40%	0.00%
NetScout Systems IncNTCT	AIMS +0.40 points	0.40%	<0.01%
ConnectOne Bancorp IncCNOB	AIMS +0.39 points	0.40%	0.01%
Ducommun IncDCO	AIMS +0.39 points	0.68%	0.29%
Vericel CorpVCEL	AIMS +0.37 points	0.50%	0.13%
OPENLANE IncOPLN	FESM +0.38 points	0.21%	0.59%
Excelerate Energy IncEE	AIMS +0.36 points	0.52%	0.16%
nCino IncNCNO	AIMS +0.36 points	0.40%	0.04%
Atmus Filtration Technologies IncATMU	AIMS +0.36 points	0.63%	0.27%
Carter's IncCRI	AIMS +0.34 points	0.34%	<0.01%
ICF International IncICFI	AIMS +0.34 points	0.41%	0.07%
ADMA Biologics IncADMA	AIMS +0.34 points	0.37%	0.03%
Concentrix CorpCNXC	AIMS +0.34 points	0.34%	<0.01%
CenterspaceCSR	AIMS +0.33 points	0.33%	0.00%
Barnes & Noble Education IncBNED	AIMS +0.32 points	0.32%	<0.01%
Interface IncTILE	AIMS +0.31 points	0.45%	0.14%
AtriCure IncATRC	AIMS +0.30 points	0.81%	0.51%
QCR Holdings IncQCRH	AIMS +0.30 points	0.31%	<0.01%
Terawulf IncWULF	AIMS +0.30 points	0.30%	0.00%
Global Industrial CoGIC	AIMS +0.30 points	0.34%	0.04%
Benchmark Electronics IncBHE	FESM +0.28 points	0.08%	0.36%
Braze IncBRZE	AIMS +0.28 points	0.34%	0.06%
IDT CorpIDT	AIMS +0.27 points	0.40%	0.13%
National Healthcare Pptys Inc Common StockNHP	AIMS +0.27 points	0.27%	<0.01%
Prestige Consumer Healthcare IncPBH	AIMS +0.26 points	0.36%	0.10%
MYR Group IncMYRG	AIMS +0.25 points	0.40%	0.15%
AnaptysBio IncANAB	AIMS +0.25 points	0.25%	<0.01%
Mirum Pharmaceuticals IncMIRM	AIMS +0.25 points	0.44%	0.19%
Live Oak Bancshares IncLOB	AIMS +0.23 points	0.29%	0.06%
Park Aerospace CorpPKE	AIMS +0.23 points	0.34%	0.11%
Oceaneering International IncOII	AIMS +0.23 points	0.42%	0.19%
Natural Grocers by Vitamin Cottage IncNGVC	AIMS +0.22 points	0.24%	0.02%
Kaiser Aluminum CorpKALU	AIMS +0.22 points	0.26%	0.04%
Axogen IncAXGN	AIMS +0.21 points	0.45%	0.24%
Workiva IncWK	AIMS +0.20 points	0.64%	0.43%
Orion Group Holdings IncORN	AIMS +0.20 points	0.21%	0.01%
StoneX Group IncSNEX	AIMS +0.20 points	0.65%	0.45%
Ormat Technologies IncORA	AIMS +0.18 points	0.35%	0.17%
Barrett Business Services IncBBSI	AIMS +0.18 points	0.29%	0.11%
Tactile Systems Technology IncTCMD	AIMS +0.18 points	0.24%	0.06%
Immersion CorpIMMR	AIMS +0.18 points	0.24%	0.06%
Ouster IncOUST	AIMS +0.17 points	0.17%	0.00%
Ranger Energy Services IncRNGR	AIMS +0.16 points	0.17%	<0.01%
Daktronics IncDAKT	AIMS +0.16 points	0.23%	0.07%
Paymentus Holdings IncPAY	AIMS +0.16 points	0.42%	0.26%
Kodiak Gas Services IncKGS	AIMS +0.16 points	0.60%	0.44%
Consolidated Water Co LtdCWCO	AIMS +0.16 points	0.17%	0.01%
Hyster-Yale IncHY	AIMS +0.15 points	0.20%	0.05%
Cushman & Wakefield LtdCWK	AIMS +0.15 points	0.69%	0.54%
IRhythm Holdings IncIRTC	AIMS +0.14 points	0.14%	0.00%
Argan IncAGX	AIMS +0.14 points	0.14%	<0.01%
HeartFlow IncHTFL	AIMS +0.14 points	0.38%	0.24%
Allegiant Travel CoALGT	AIMS +0.14 points	0.28%	0.14%
Banc of California IncBANC	AIMS +0.14 points	0.18%	0.04%
Planet Labs PBCPL	AIMS +0.12 points	0.13%	<0.01%
Chiron Real Estate IncGMRE	AIMS +0.11 points	0.15%	0.04%
HCI Group IncHCI	FESM +0.11 points	0.41%	0.52%
American Eagle Outfitters IncAEO	FESM +0.11 points	0.10%	0.21%
Adaptive Biotechnologies CorpADPT	FESM +0.09 points	0.40%	0.49%
Belden IncBDC	AIMS +0.09 points	0.21%	0.12%
DXP Enterprises Inc/TXDXPE	AIMS +0.09 points	0.41%	0.32%
Heartland Express IncHTLD	AIMS +0.08 points	0.10%	0.02%
Grid Dynamics Holdings IncGDYN	AIMS +0.08 points	0.16%	0.08%
Hurco Cos IncHURC	AIMS +0.07 points	0.08%	<0.01%
Gibraltar Industries IncROCK	AIMS +0.07 points	0.11%	0.04%
Allient IncALNT	FESM +0.06 points	0.11%	0.17%
Enerpac Tool Group CorpEPAC	FESM +0.07 points	0.08%	0.15%
Ambiq Micro IncAMBQ	AIMS +0.06 points	0.14%	0.08%
Mayville Engineering Co IncMEC	AIMS +0.05 points	0.05%	0.00%
LSI Industries IncLYTS	AIMS +0.06 points	0.10%	0.04%
Evolv Technologies Holdings IncEVLV	AIMS +0.05 points	0.08%	0.03%
Arteris IncAIP	FESM +0.02 points	0.08%	0.10%
Marten Transport LtdMRTN	AIMS +0.01 points	0.19%	0.18%
CareDx IncCDNA	AIMS +0.01 points	0.24%	0.23%
Grocery Outlet Holding CorpGO	AIMS +0.01 points	0.11%	0.10%
UroGen Pharma LtdURGN	Same weight	0.08%	0.08%

All AIMS 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.

AIMS vs FESM Cost

Overpaying AIMS vs FESM

$8,727

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

AIMS 0.75%
$14,482
FESM 0.28%
$5,755

Amount$10,000

Years30 years

Cost over time

AIMS 0.75%
FESM 0.28%
Overpaying

Year by year

Year	AIMS	FESM	Overpaying
10	$1,336	$509	$827
20	$5,078	$1,976	$3,102
30	$14,482	$5,755	$8,727

Expense ratio

0.75%AIMS
0.28%FESM, cheaper

FESM0.28%AIMS0.75%

0.25%2.20%

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

FESM 2nd cheapest of 39 funds

AIMS 29th cheapest of 39 funds

AIMS vs FESM Dividends

Last 12 months to Nov 9, 2026

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

Distribution history

Per share, 2023 to 2026, same scale for both

AIMSAll AIMS payments⁠

No distribution history available.

FESMQuarterly · 13 paymentsAll FESM payments⁠

AIMS vs FESM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: AIMS No dataFESM 19.6%since Dec 2023
Return per unit of riskSharpe ratio, 3 years: AIMS No dataFESM 0.97since Dec 2023
Worst fallMax drawdown, 5 years: AIMS No dataFESM −26.9%since Nov 2023
Market sensitivityBeta, 5 years: AIMS 0.87FESM 1.33; Market = 1

AIMS 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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AIMS vs FESM

In short

Stated mandate

Why people hold it

Worth knowing

How AIMS and FESM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AIMS

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 AIMS and FESM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AIMS

Only in FESM

Weight gaps