BUSM vs FESM: Grades, Fees and Holdings Compared

EA Bridgeway Ultra-Small Company Market ETF

BUSMDCboe

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

Overlap

2.8%by weight

Expense ratio

FESM −0.45pt a year

BUSM0.73%FESM0.28%

Avg volume · 30D

FESM 133.0×the volume

BUSM7.66KFESM1.02M

BUSM vs FESM Performance

Jul 31, 2026 – Oct 30, 2026

−4.8%BUSM−2.3%FESM

Expense ratio: BUSM 0.73%; FESM 0.28%, better
Fund size: BUSM $112M; FESM $6.41B
1Y total return: BUSM No data; FESM +23.4%
Yield (12M): BUSM No data; FESM 0.86%
Holdings: BUSM 570; FESM 892
Avg volume (30D): BUSM 7.66K sh; FESM 1.02M sh, better
NAV per share: BUSM $15.48; FESM $45.47
52W range

ETF.net Grade

Pillar letters and Scores for BUSM, FESM, with each pillar’s weight
Pillar	BUSM	FESM
Cost30% weight	D29	A96Higher
Mission25% weight	Not scored	A85
Risk15% weight	F15	C54Higher
Tradability15% weight	F19	A93Higher
Holdings10% weight	A87Higher	A82
Durability5% weight	B63	A93Higher

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. BUSM 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 BUSM 29th 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 28DAIMSAcuitas Small Cap Active ETFScore 35
Rank 29DBUSMEA Bridgeway Ultra-Small Company Market ETFScore 33
Rank 30DALILArgent Focused Small Cap ETFScore 29

Our read on each fund

ETF.net Research

BUSMDEA Bridgeway Ultra-Small Company Market ETF

FESMAFidelity Enhanced Small Cap ETF

In short

BUSM 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

BUSM 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

BUSM 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

BUSM 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 BUSM profile⁠

Full FESM profile⁠

BUSM vs FESM Holdings

How BUSM and FESM differ

Overlap by weight

2.8%

Shared holdings make up 18.3% of BUSM and 2.9% of FESM.

Level by level

Holdings87 in both2.8%
Sector11 Sectors86.7%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in BUSM and FESM, widest gap first
Sector	More in BUSMMore in FESM	BUSM	FESM
Consumer Discretionary	BUSM +5.1 points	13.4%	8.3%
Health Care	BUSM +4.6 points	26.0%	21.4%
Technology	FESM +3.4 points	12.4%	15.8%
Consumer Staples	BUSM +2.9 points	4.1%	1.2%
Real Estate	FESM +2.4 points	1.6%	4.0%
Financials	FESM +2.3 points	16.9%	19.2%
Energy	FESM +2.0 points	4.2%	6.2%
Materials	FESM +1.8 points	3.0%	4.8%
Utilities	FESM +1.0 points	0.7%	1.7%
Communication	BUSM +0.7 points	3.7%	3.0%
Industrials	FESM +0.4 points	14.0%	14.4%

Country, concentration and asset class

Country by domicile

Country weights in BUSM and FESM, widest gap first
Country	More in BUSMMore in FESM	BUSM	FESM
Colombia	BUSM +0.5 points	0.5%	0.0%
Other countries (9)	FESM +0.5 points	99.5%	100.0%

Concentration

Weight in the 10 largest Holdings

BUSM5.4%
FESM9.7%

Securities held

BUSM570
FESM889

Asset class

BUSM: Equity
FESM: Equity

Holdings

Only in BUSM483
In both87
Only in FESM802

Only in BUSM

483 securities, 81.8% of BUSM by weight

ACCO Brands Corp0.59%
Friedman Industries Inc0.57%
Smart Sand Inc0.56%
Gran Tierra Energy Inc0.54%
Rocky Brands Inc0.54%
Sight Sciences Inc0.54%
C&F Financial Corp0.52%
Senseonics Holdings Inc0.51%
RCM Technologies Inc0.51%
Consumer Portfolio Services Inc0.49%
Medallion Financial Corp0.47%
Genesco Inc0.47%
El Pollo Loco Holdings Inc0.46%
J Jill Inc0.45%
Innovative Solutions and Support Inc0.45%
Oportun Financial Corp0.45%
Entravision Communications Corp0.45%
Security National Financial Corp0.45%
Westwood Holdings Group Inc0.45%
Perma-Pipe International Holdings Inc0.45%
Hawthorn Bancshares Inc0.45%
ZipRecruiter Inc0.44%
Weyco Group Inc0.44%
JAKKS Pacific Inc0.44%
CompX International Inc0.42%
Cadiz Inc0.41%
Norwood Financial Corp0.41%
PCB Bancorp0.40%
Western New England Bancorp Inc0.40%
Ring Energy Inc0.40%
Sempreon Inc0.39%
908 Devices Inc0.39%
American Integrity Insurance Group Inc0.38%
Portillo's Inc0.38%
Shoe Station Group Inc0.38%
Hamilton Beach Brands Holding Co0.38%
BayCom Corp0.38%
Natural Gas Services Group Inc0.38%
Orchestra BioMed Holdings Inc0.37%
Ultralife Corp0.37%
Timberland Bancorp Inc/WA0.37%
Avidbank Holdings Inc0.37%
Princeton Bancorp Inc0.37%
CS Disco Inc0.37%
Acme United Corp0.37%
Evolent Health Inc0.36%
CoastalSouth Bancshares Inc0.36%
Superior Group of Cos Inc0.36%
RGC Resources Inc0.35%
Twin Disc Inc0.35%

Only in FESM

802 securities, 99.0% 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%
Encore Cap Group Inc0.53%
Tutor Perini Corp0.53%
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%
Wesbanco Inc0.48%
Commvault Systems Inc0.48%
Adaptive Biotechnologies Corp0.48%
Extreme Networks Inc0.47%
Skyward Specialty Ins Grp Inc0.46%
Polaris Inc0.46%
Glacier Bancorp Inc0.45%
Wisdomtree Inc0.44%

Weight gaps

All 87 Holdings in both funds, largest gap first.

Holding weights in BUSM and FESM, widest gap first
Holding	More in BUSMMore in FESM	BUSM	FESM
Flexsteel Industries IncFLXS	BUSM +0.53 points	0.57%	0.04%
Waterstone Financial IncWSBF	BUSM +0.45 points	0.48%	0.03%
Honest Co Inc/TheHNST	BUSM +0.44 points	0.51%	0.07%
Telos CorpTLS	BUSM +0.42 points	0.43%	<0.01%
Strattec Security CorpSTRT	BUSM +0.37 points	0.38%	<0.01%
BK Technologies CorpBKTI	BUSM +0.37 points	0.39%	0.02%
Electromed IncELMD	BUSM +0.37 points	0.37%	<0.01%
Aspen Aerogels IncASPN	BUSM +0.36 points	0.37%	<0.01%
Orthofix Medical IncOFIX	BUSM +0.37 points	0.39%	0.02%
Ranger Energy Services IncRNGR	BUSM +0.36 points	0.37%	<0.01%
Cerence IncCRNC	BUSM +0.35 points	0.38%	0.03%
OmniAb IncOABI	BUSM +0.35 points	0.37%	0.02%
8x8 IncEGHT	BUSM +0.34 points	0.39%	0.05%
LendingTree IncTREE	BUSM +0.34 points	0.41%	0.07%
Regional Management CorpRM	BUSM +0.33 points	0.37%	0.04%
PubMatic IncPUBM	BUSM +0.32 points	0.33%	0.01%
Funko IncFNKO	BUSM +0.30 points	0.33%	0.03%
Atea Pharmaceuticals IncAVIR	BUSM +0.27 points	0.28%	<0.01%
Fulcrum Therapeutics IncFULC	BUSM +0.26 points	0.29%	0.03%
3D Systems CorpDDD	BUSM +0.26 points	0.27%	0.01%
Neurogene IncNGNE	BUSM +0.25 points	0.30%	0.05%
Emergent BioSolutions IncEBS	BUSM +0.24 points	0.30%	0.06%
Angi IncANGI	BUSM +0.25 points	0.26%	0.01%
Puma Biotechnology IncPBYI	BUSM +0.25 points	0.28%	0.03%
L B Foster CoFSTR	BUSM +0.24 points	0.26%	0.02%
Monte Rosa Therapeutics IncGLUE	BUSM +0.24 points	0.28%	0.04%
Rocket Pharmaceuticals IncRCKT	BUSM +0.24 points	0.28%	0.04%
Evommune IncEVMN	BUSM +0.22 points	0.24%	0.02%
Xperi IncXPER	BUSM +0.21 points	0.26%	0.05%
ATN International IncATNI	BUSM +0.21 points	0.25%	0.04%
Tactile Systems Technology IncTCMD	BUSM +0.21 points	0.26%	0.05%
Orion Group Holdings IncORN	BUSM +0.19 points	0.20%	0.01%
Citi Trends IncCTRN	BUSM +0.18 points	0.21%	0.03%
Immersion CorpIMMR	BUSM +0.18 points	0.25%	0.07%
Alto Neuroscience IncANRO	BUSM +0.18 points	0.20%	0.02%
Kelly Services IncKELYA	BUSM +0.17 points	0.20%	0.03%
ALX Oncology Holdings IncALXO	BUSM +0.18 points	0.18%	<0.01%
Hurco Cos IncHURC	BUSM +0.16 points	0.17%	<0.01%
Shattuck Labs IncSTTK	BUSM +0.16 points	0.20%	0.04%
Ooma IncOOMA	BUSM +0.16 points	0.19%	0.03%
GoPro IncGPRO	BUSM +0.15 points	0.16%	<0.01%
C4 Therapeutics IncCCCC	BUSM +0.15 points	0.20%	0.05%
Lexeo Therapeutics IncLXEO	BUSM +0.15 points	0.16%	0.01%
Atrium Therapeutics IncRNA	BUSM +0.14 points	0.14%	<0.01%
MacroGenics IncMGNX	BUSM +0.14 points	0.15%	0.01%
Larimar Therapeutics IncLRMR	BUSM +0.14 points	0.18%	0.04%
Stitch Fix IncSFIX	BUSM +0.14 points	0.18%	0.04%
Huckleberry ai IncDOMO	BUSM +0.13 points	0.14%	<0.01%
Comstock IncLODE	BUSM +0.12 points	0.13%	<0.01%
Oil States International IncOIS	BUSM +0.12 points	0.20%	0.08%
Quanterix CorpQTRX	BUSM +0.12 points	0.13%	0.01%
Codexis IncCDXS	BUSM +0.12 points	0.12%	<0.01%
Perspective Therapeutics IncCATX	BUSM +0.12 points	0.12%	<0.01%
Anteris Technologies Global CorpAVR	BUSM +0.12 points	0.13%	0.01%
FuelCell Energy IncFCEL	BUSM +0.12 points	0.16%	0.04%
Black Diamond Therapeutics IncBDTX	BUSM +0.11 points	0.13%	0.02%
Zentalis Pharmaceuticals IncZNTL	BUSM +0.11 points	0.13%	0.02%
Voyager Therapeutics IncVYGR	BUSM +0.12 points	0.12%	<0.01%
Cooper-Standard Holdings IncCPS	BUSM +0.11 points	0.18%	0.07%
Aclaris Therapeutics IncACRS	BUSM +0.11 points	0.16%	0.05%
4D Molecular Therapeutics IncFDMT	BUSM +0.11 points	0.15%	0.04%
Babcock & Wilcox Enterprises IncBW	BUSM +0.11 points	0.16%	0.05%
Health Catalyst IncHCAT	BUSM +0.11 points	0.12%	0.01%
Idaho Strategic Resources IncIDR	BUSM +0.10 points	0.11%	<0.01%
Virgin Galactic Holdings IncSPCE	BUSM +0.09 points	0.13%	0.04%
LENZ Therapeutics IncLENZ	BUSM +0.10 points	0.11%	0.01%
Cerus CorpCERS	BUSM +0.09 points	0.15%	0.06%
Allogene Therapeutics IncALLO	BUSM +0.08 points	0.12%	0.04%
Backblaze IncBLZE	BUSM +0.08 points	0.13%	0.05%
Shutterstock IncSSTK	BUSM +0.08 points	0.09%	0.01%
Chegg IncCHGG	BUSM +0.08 points	0.09%	0.01%
Cabaletta Bio IncCABA	BUSM +0.08 points	0.12%	0.04%
Tonix Pharmaceuticals Holding CorpTNXP	BUSM +0.07 points	0.09%	0.02%
BioAge Labs IncBIOA	BUSM +0.07 points	0.09%	0.02%
Colony Bankcorp IncCBAN	BUSM +0.06 points	0.13%	0.07%
ThredUp IncTDUP	BUSM +0.06 points	0.13%	0.07%
Airship AI Holdings IncAISP	BUSM +0.05 points	0.06%	0.01%
Kyverna Therapeutics IncKYTX	BUSM +0.05 points	0.09%	0.04%
KinderCare Learning Cos IncKLC	BUSM +0.03 points	0.04%	<0.01%
Park Aerospace CorpPKE	BUSM +0.03 points	0.15%	0.12%
Forum Energy Technologies IncFET	BUSM +0.03 points	0.24%	0.21%
Kodiak Sciences IncKOD	FESM +0.03 points	0.20%	0.23%
Real REMAX Group IncREAX	FESM +0.01 points	0.02%	0.03%
American Vanguard CorpAVD	BUSM +0.02 points	0.02%	<0.01%
Caribou Biosciences IncCRBU	BUSM +0.01 points	<0.01%	<0.01%
Karyopharm Therapeutics IncKPTI	BUSM +0.01 points	<0.01%	<0.01%
Sutro Biopharma IncSTRO	BUSM +0.01 points	0.03%	0.02%

All BUSM 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.

BUSM vs FESM Cost

Overpaying BUSM vs FESM

$8,378

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

BUSM 0.73%
$14,133
FESM 0.28%
$5,755

Amount$10,000

Years30 years

Cost over time

BUSM 0.73%
FESM 0.28%
Overpaying

Year by year

Year	BUSM	FESM	Overpaying
10	$1,302	$509	$793
20	$4,952	$1,976	$2,976
30	$14,133	$5,755	$8,378

Expense ratio

0.73%BUSM
0.28%FESM, cheaper

FESM0.28%BUSM0.73%

0.25%2.20%

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

FESM 2nd cheapest of 39 funds

BUSM 27th cheapest of 39 funds

BUSM vs FESM Dividends

Last 12 months to Oct 30, 2026

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

Distribution history

Per share, 2023 to 2026, same scale for both

BUSMAll BUSM payments⁠

No distribution history available.

FESMQuarterly · 13 paymentsAll FESM payments⁠

BUSM vs FESM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BUSM No dataFESM 19.6%since Dec 2023
Return per unit of riskSharpe ratio, 3 years: BUSM No dataFESM 0.97since Dec 2023
Worst fallMax drawdown, 5 years: BUSM No dataFESM −26.9%since Nov 2023
Market sensitivityBeta, 5 years: BUSM 1.44FESM 1.34; Market = 1

BUSM 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, 2026BUSM

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BUSM vs FESM

In short

Stated mandate

Why people hold it

Worth knowing

How BUSM and FESM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BUSM

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 BUSM and FESM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BUSM

Only in FESM

Weight gaps