BSVO vs FESM: Grades, Fees and Holdings Compared

EA Bridgeway Omni Small-Cap Value ETF

BSVOANasdaq

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

Overlap

16.3%by weight

Expense ratio

FESM −0.17pt a year

BSVO0.45%FESM0.28%

Avg volume · 30D

FESM 5.1×the volume

BSVO198KFESM1.02M

BSVO vs FESM Performance

Oct 31, 2025 – Oct 30, 2026

+31.5%BSVO+23.4%FESM

Expense ratio: BSVO 0.45%; FESM 0.28%, better
Fund size: BSVO $2.46B; FESM $6.41B
1Y total return: BSVO +31.5%, better; FESM +23.4%
Yield (12M): BSVO 1.22%, better; FESM 0.86%
Holdings: BSVO 631; FESM 892
Avg volume (30D): BSVO 198K sh; FESM 1.02M sh, better
NAV per share: BSVO $28.99; FESM $45.47
52W range

ETF.net Grade

Pillar letters and Scores for BSVO, FESM, with each pillar’s weight
Pillar	BSVO	FESM
Cost30% weight	A71	A96Higher
Mission25% weight	Not scored	A85
Risk15% weight	B60Higher	C54
Tradability15% weight	A77	A93Higher
Holdings10% weight	A72	A82Higher
Durability5% weight	A82	A93Higher

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. BSVO 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 BSVO 5th 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
Rank 4ADUSGU.S. Small Cap Growth Portfolio: ETF Class SharesScore 75
Rank 5ABSVOEA Bridgeway Omni Small-Cap Value ETFScore 70
Rank 5AJSMLJanus Henderson Small Cap Growth Alpha ETFScore 70

Our read on each fund

ETF.net Research

BSVOAEA Bridgeway Omni Small-Cap Value ETF

FESMAFidelity Enhanced Small Cap ETF

In short

BSVO Statistical value screens cast wide across cheap small caps, run by a Houston quant shop that gives away half its profits. Live as a mutual fund since 2010, an ETF since 2023, at 0.45% a year, below the typical active small-cap fund.

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

BSVO The Fund seeks long-term total return on capital, primarily through capital appreciation. It is actively managed and invests mainly in a broad, diverse group of small-cap stocks selected as value stocks using statistical value measures.

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

BSVO At 0.45% with no waiver propping it up, it costs less than the category median and less than JPSV (0.55%), the other fund we track against the Russell 2000 Value Index.
Value is a statistical screen here, not a hunch, applied across a broad, diverse group of small caps, so no single stock story carries the fund.etfarchitect.com
Not a 2023 startup. The strategy dates to 2010 as a Bridgeway mutual fund and converted into this ETF on March 13, 2023, carrying its history with it.etfarchitect.com etfarchitect.com 2
Sub-adviser Bridgeway is a statistically driven Houston firm that donates half its profits to nonprofits, a pledge written into its original 1993 business plan.bridgeway.com wikipedia.org

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

BSVO Actively managed, with the Russell 2000 Value Index as a yardstick rather than a target, so results can drift from that benchmark in either direction.
Cheap small caps swing hard, and the prospectus keeps at least 80% of net assets in small-cap stocks, so there is no cash cushion by design.etfarchitect.com
Cheaper systematic rivals sit in the same aisle, including DFSV at 0.30% and AVSC at 0.25%, neither relying on a waiver. Payouts come once or twice a year, not monthly.

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 BSVO profile⁠

Full FESM profile⁠

BSVO vs FESM Holdings

How BSVO and FESM differ

Overlap by weight

16.3%

Shared holdings make up 53.2% of BSVO and 18.3% of FESM.

Level by level

Holdings205 in both16.3%
Sector11 Sectors67.2%
Countryby domicile98.1%
Asset classEquity100%

Sector

Sector weights in BSVO and FESM, widest gap first
Sector	More in BSVOMore in FESM	BSVO	FESM
Health Care	FESM +16.3 points	5.1%	21.4%
Financials	BSVO +14.5 points	33.7%	19.2%
Technology	FESM +10.5 points	5.3%	15.8%
Consumer Discretionary	BSVO +7.5 points	15.8%	8.3%
Energy	BSVO +6.7 points	12.9%	6.2%
Consumer Staples	BSVO +4.0 points	5.2%	1.2%
Real Estate	FESM +3.5 points	0.5%	4.0%
Utilities	FESM +1.7 points	0.0%	1.7%
Industrials	FESM +0.7 points	13.7%	14.4%
Materials	FESM +0.2 points	4.6%	4.8%
Communication	BSVO +0.1 points	3.1%	3.0%

Country, concentration and asset class

Country by domicile

Country weights in BSVO and FESM, widest gap first
Country	More in BSVOMore in FESM	BSVO	FESM
United States	FESM +1.6 points	97.8%	99.4%
United Kingdom	BSVO +0.9 points	0.9%	0.0%
Other countries (8)	BSVO +0.7 points	1.3%	0.6%

Concentration

Weight in the 10 largest Holdings

BSVO8.2%
FESM9.7%

Securities held

BSVO631
FESM889

Asset class

BSVO: Equity
FESM: Equity

Holdings

Only in BSVO426
In both205
Only in FESM684

Only in BSVO

426 securities, 46.8% of BSVO by weight

Scorpio Tankers Inc0.87%
Viasat Inc0.86%
International Seaways Inc0.85%
Teekay Tankers Ltd0.71%
Signet Jewelers Ltd0.70%
Hamilton Insurance Group Ltd0.67%
SiriusPoint Ltd0.60%
BankUnited Inc0.60%
Academy Sports & Outdoors Inc0.59%
Customers Bancorp Inc0.56%
Kohl's Corp0.55%
Select Water Solutions Inc0.53%
Pediatrix Medical Group Inc0.53%
Dana Inc0.50%
Gulfport Energy Corp0.48%
First American Government Obligations Fund 12/01/20310.46%
Pelagos Insurance Capital Ltd0.46%
BKV Corp0.46%
Newell Brands Inc0.44%
Stagwell Inc0.44%
Andersons Inc/The0.44%
WaFd Inc0.43%
Enterprise Financial Services Corp0.43%
People Inc0.41%
Penn Entertainment Inc0.41%
Ziff Davis Inc0.39%
AMN Healthcare Services Inc0.37%
Costamare Inc0.37%
Weis Markets Inc0.37%
Boise Cascade Co0.36%
Perrigo Co PLC0.36%
Pagseguro Digital Ltd0.35%
Visteon Corp0.35%
Dime Commercial Bancshares Inc0.34%
Nordic American Tankers Ltd0.34%
Hilltop Holdings Inc0.33%
QCR Holdings Inc0.33%
Federal Agricultural Mortgage Corp0.33%
Strategic Education Inc0.32%
Olin Corp0.32%
Century Communities Inc0.31%
Republic Bancorp Inc/KY0.29%
Pathward Financial Inc0.29%
MillerKnoll Inc0.29%
Liberty Latin America Ltd0.29%
Cracker Barrel Old Country Store Inc0.28%
Nutex Health Inc0.27%
Ardent Health Inc0.27%
United Fire Group Inc0.27%
Western Union Co/The0.27%

Only in FESM

684 securities, 83.5% of FESM by weight

Securities Lending Cf2.80%
Glaukos Corp1.02%
Commercial Metals Co0.75%
Fluor Corp0.73%
Oscar Health Inc - Class A0.72%
Outfront Media Inc0.72%
Abercrombie & Fitch Co Class A0.71%
Installed Building Prod Inc0.71%
Enersys Inc0.69%
Healthequity Inc0.69%
Griffon Corp0.67%
Plexus Corp0.65%
Openlane Inc0.64%
Kulicke & Soffa Industries Inc0.63%
Phillips Edison & Co0.62%
Maxlinear Inc0.59%
Ceco Environmental Corp0.59%
Aci Worldwide Inc0.58%
Materion Corp0.58%
Balchem Corp0.58%
Sonos Inc0.57%
Payoneer Global Inc0.57%
Wsfs Financial Corp0.57%
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%
Harmony Biosciences Hldgs Inc0.52%
Clear Secure Inc0.52%
Atricure Inc0.52%
Aar Corp0.51%
Skywest Inc0.49%
Insight Enterprises Inc0.49%
Option Care Health Inc0.49%
Workiva Inc0.49%
Kodiak Gas Services Inc0.49%
Cushman & Wakefield Ltd0.49%
Commvault Systems Inc0.48%
Adaptive Biotechnologies Corp0.48%
Extreme Networks Inc0.47%
Polaris Inc0.46%
Glacier Bancorp Inc0.45%
Wisdomtree Inc0.44%
Twist Bioscience Corp0.44%
Life Time Group Holdings Inc0.43%
Stonex Group Inc0.42%
Bgc Group Inc A0.41%

Weight gaps

The 100 widest of 205 Holdings in both funds.

Holding weights in BSVO and FESM, widest gap first
Holding	More in BSVOMore in FESM	BSVO	FESM
Victoria's Secret & CoVSXY	BSVO +0.73 points	1.00%	0.27%
Par Pacific Holdings IncPARR	BSVO +0.68 points	0.72%	0.04%
Renasant CorpRNST	BSVO +0.64 points	0.64%	0.00%
Helmerich & Payne IncHP	BSVO +0.62 points	0.83%	0.21%
Patterson-UTI Energy IncPTEN	BSVO +0.60 points	0.87%	0.27%
Northern Oil & Gas IncNOG	BSVO +0.61 points	0.61%	0.00%
First Financial BancorpFFBC	BSVO +0.58 points	0.63%	0.05%
Harley-Davidson IncHOG	BSVO +0.56 points	0.59%	0.03%
Crescent Energy CoCRGY	BSVO +0.56 points	0.76%	0.20%
NetScout Systems IncNTCT	BSVO +0.54 points	0.56%	0.02%
Bread Financial Holdings IncBFH	BSVO +0.52 points	0.72%	0.20%
Peabody Energy CorpBTU	BSVO +0.51 points	0.51%	0.00%
Banc of California IncBANC	BSVO +0.49 points	0.53%	0.04%
Slide Insurance Holdings IncSLDE	BSVO +0.49 points	0.49%	<0.01%
Simmons First National CorpSFNC	BSVO +0.49 points	0.57%	0.08%
Trinity Industries IncTRN	BSVO +0.48 points	0.48%	0.00%
Beacon Financial CorpBBT	BSVO +0.47 points	0.48%	0.01%
Talos Energy IncTALO	BSVO +0.47 points	0.61%	0.14%
Provident Financial Services IncPFS	BSVO +0.46 points	0.55%	0.09%
Tutor Perini CorpTPC	FESM +0.44 points	0.09%	0.53%
Banner CorpBANR	BSVO +0.44 points	0.44%	0.00%
CoreCivic IncCXW	BSVO +0.44 points	0.48%	0.04%
Liberty Energy IncLBRT	BSVO +0.43 points	0.43%	0.00%
ArcBest CorpARCB	BSVO +0.42 points	0.52%	0.10%
Trustmark CorpTRMK	BSVO +0.41 points	0.48%	0.07%
First Busey CorpBUSE	BSVO +0.41 points	0.44%	0.03%
Dorian LPG LtdLPG	BSVO +0.40 points	0.46%	0.06%
Sonic Automotive IncSAH	BSVO +0.40 points	0.40%	<0.01%
Expro LtdXPRO	BSVO +0.40 points	0.40%	0.00%
Central Garden & Pet CoCENTA	BSVO +0.39 points	0.42%	0.03%
1st Source CorpSRCE	BSVO +0.39 points	0.39%	0.00%
American Eagle Outfitters IncAEO	BSVO +0.39 points	0.59%	0.20%
National Energy Services Reunited CorpNESR	BSVO +0.36 points	0.42%	0.06%
ABM Industries IncABM	BSVO +0.36 points	0.61%	0.25%
Innovex International IncINVX	BSVO +0.35 points	0.40%	0.05%
Spectrum Brands Holdings IncSPB	BSVO +0.32 points	0.39%	0.07%
S&T Bancorp IncSTBA	BSVO +0.32 points	0.33%	0.01%
Stepan CoSCL	BSVO +0.32 points	0.32%	<0.01%
Innoviva IncINVA	BSVO +0.31 points	0.31%	0.00%
National Bank Holdings CorpNBHC	BSVO +0.31 points	0.31%	0.00%
Marriott Vacations Worldwide CorpVAC	BSVO +0.31 points	0.71%	0.40%
Vistance Networks IncCOMM	BSVO +0.30 points	0.30%	0.00%
Concentrix CorpCNXC	BSVO +0.29 points	0.29%	<0.01%
Navigator Holdings LtdNVGS	BSVO +0.28 points	0.30%	0.02%
Phinia IncPHIN	BSVO +0.28 points	0.49%	0.21%
OFG BancorpOFG	BSVO +0.27 points	0.39%	0.12%
Bladex IncBLX	BSVO +0.27 points	0.34%	0.07%
Allegiant Travel CoALGT	BSVO +0.28 points	0.39%	0.11%
DNOW IncDNOW	BSVO +0.27 points	0.30%	0.03%
PROG Holdings IncPRG	BSVO +0.27 points	0.27%	0.00%
Amalgamated Financial CorpAMAL	BSVO +0.27 points	0.28%	0.01%
RPC IncRES	BSVO +0.26 points	0.27%	<0.01%
Peoples Bancorp Inc/OHPEBO	BSVO +0.27 points	0.28%	0.01%
Worthington Steel IncWS	BSVO +0.26 points	0.42%	0.16%
HB Fuller CoFUL	FESM +0.26 points	<0.01%	0.26%
Origin Bancorp IncOBK	BSVO +0.26 points	0.32%	0.06%
Old Second Bancorp IncOSBC	BSVO +0.25 points	0.25%	0.00%
Bristow Group IncVTOL	BSVO +0.25 points	0.27%	0.02%
Universal Insurance Holdings IncUVE	BSVO +0.25 points	0.30%	0.05%
Sally Beauty Holdings IncSBH	BSVO +0.24 points	0.38%	0.14%
Huntsman CorpHUN	BSVO +0.24 points	0.30%	0.06%
First Mid Bancshares IncFMBH	BSVO +0.24 points	0.25%	0.01%
Custom Truck One Source IncCTOS	BSVO +0.24 points	0.26%	0.02%
Carter's IncCRI	BSVO +0.24 points	0.24%	<0.01%
Byline Bancorp IncBY	BSVO +0.22 points	0.33%	0.11%
First Merchants CorpFRME	BSVO +0.22 points	0.46%	0.24%
Hope Bancorp IncHOPE	BSVO +0.21 points	0.30%	0.09%
Scholastic CorpSCHL	BSVO +0.21 points	0.21%	0.00%
Seneca Foods CorpSENEA	BSVO +0.21 points	0.21%	0.00%
Bandwidth IncBAND	BSVO +0.21 points	0.32%	0.11%
Dole PLCDOLE	BSVO +0.21 points	0.25%	0.04%
SFL Corp LtdSFL	BSVO +0.21 points	0.39%	0.18%
Maximus IncMMS	BSVO +0.21 points	0.34%	0.13%
WesBanco IncWSBC	BSVO +0.21 points	0.69%	0.48%
Skyward Specialty Insurance Group IncSKWD	FESM +0.19 points	0.27%	0.46%
Amphastar Pharmaceuticals IncAMPH	BSVO +0.20 points	0.20%	0.00%
Upbound Group IncRCII	BSVO +0.20 points	0.20%	0.00%
United Natural Foods IncUNFI	BSVO +0.19 points	0.56%	0.37%
ICF International IncICFI	BSVO +0.19 points	0.27%	0.08%
Sarepta Therapeutics IncSRPT	BSVO +0.18 points	0.30%	0.12%
Taboola.com LtdTBLA	BSVO +0.18 points	0.19%	<0.01%
Genco Shipping & Trading LtdGNK	BSVO +0.18 points	0.24%	0.06%
Rigel Pharmaceuticals IncRIGL	BSVO +0.18 points	0.18%	<0.01%
G-III Apparel Group LtdGIII	BSVO +0.18 points	0.26%	0.08%
Horace Mann Educators CorpHMN	BSVO +0.18 points	0.39%	0.21%
LSB Industries IncLXU	BSVO +0.18 points	0.18%	<0.01%
Yelp IncYELP	FESM +0.17 points	0.18%	0.35%
Camden National CorpCAC	BSVO +0.18 points	0.19%	<0.01%
Goodyear Tire & Rubber Co/TheGT	BSVO +0.17 points	0.19%	0.02%
Gentherm IncTHRM	BSVO +0.17 points	0.17%	0.00%
Teekay Corp LtdTK	BSVO +0.17 points	0.29%	0.12%
Hornbeck Offshore Services IncHLX	BSVO +0.17 points	0.21%	0.04%
Marcus Corp/TheMCS	BSVO +0.16 points	0.19%	0.03%
South Plains Financial IncSPFI	BSVO +0.16 points	0.17%	<0.01%
Enovis CorpENOV	BSVO +0.16 points	0.18%	0.02%
Pacira BioSciences IncPCRX	BSVO +0.17 points	0.31%	0.14%
DXC Technology CoDXC	BSVO +0.15 points	0.25%	0.10%
Benchmark Electronics IncBHE	FESM +0.15 points	0.26%	0.41%
Nabors Industries LtdNBR	BSVO +0.15 points	0.30%	0.15%
Omnicell IncOMCL	FESM +0.15 points	0.06%	0.21%

All BSVO 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.

BSVO vs FESM Cost

Overpaying BSVO vs FESM

$3,286

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

BSVO 0.45%
$9,041
FESM 0.28%
$5,755

Amount$10,000

Years30 years

Cost over time

BSVO 0.45%
FESM 0.28%
Overpaying

Year by year

Year	BSVO	FESM	Overpaying
10	$812	$509	$303
20	$3,128	$1,976	$1,152
30	$9,041	$5,755	$3,286

Expense ratio

0.45%BSVO
0.28%FESM, cheaper

FESM0.28%BSVO0.45%

0.25%2.20%

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

FESM 2nd cheapest of 39 funds

BSVO 12th cheapest of 39 funds

BSVO vs FESM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BSVO 1.22%, better; FESM 0.86%
Payout (12M): BSVO $0.35; FESM $0.39
Last payment: BSVO $0.35; FESM $0.10
Ex-dividend: BSVO Dec 16, 2025; FESM Sep 18, 2026
Paid on: BSVO Dec 18, 2025; FESM Sep 22, 2026
Frequency: BSVO Annual; FESM Quarterly

Distribution history

Per share, 2021 to 2026, same scale for both

BSVOAnnual · 5 paymentsAll BSVO payments⁠

FESMQuarterly · 13 paymentsAll FESM payments⁠

BSVO vs FESM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BSVO 19.5%FESM 19.6%since Dec 2023
Return per unit of riskSharpe ratio, 3 years: BSVO 0.82FESM 0.97since Dec 2023
Worst fallMax drawdown, 5 years: BSVO −28.7%since Mar 2023FESM −26.9%since Nov 2023
Market sensitivityBeta, 5 years: BSVO 1.02FESM 1.34; Market = 1

BSVO 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
New ETFs
Bridgeway's BRSV is a converted 2003 fund, not a new small-cap value strategy
Sep 10, 2026BSVO

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BSVO vs FESM

In short

Stated mandate

Why people hold it

Worth knowing

How BSVO and FESM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BSVO

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

Bridgeway's BRSV is a converted 2003 fund, not a new small-cap value strategy

How BSVO and FESM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BSVO

Only in FESM

Weight gaps