DFSV vs FSEG

DFSVAU.S. Small Cap Value Portfolio ETF Class Shares

FSEGBFidelity Enhanced Small Cap Growth ETF

In short

DFSV Small-cap value, spread wide: roughly a thousand of the market's cheaper small companies, measured against the Russell 2000 Value Index. A deeper bench than most rivals carry, at a higher price than the plain index funds beside it.

FSEG Active small-cap growth without the active-management price tag. Fidelity's enhanced playbook keeps the portfolio anchored to the Russell 2000 Growth Index, then tilts toward valuation, growth and quality signals, for 0.28% a year.

Stated mandate

DFSV The fund seeks long-term capital appreciation.

FSEG The fund seeks capital appreciation and normally invests at least 80% of its assets in common stocks included in the Russell 2000 Growth Index. Its research-driven process may consider valuation, growth, quality, and other long-term return drivers.

Why people hold it

• DFSV Roughly 1,000 holdings spread the small-value bet across the whole opportunity set instead of a handful of names.
• A multi-billion-dollar fund that trades actively, so getting a position on or off is rarely the hard part.
• Portfolio construction is the strong suit here: broad, diversified small-cap value exposure, with distributions paid quarterly.
• The mandate is plainly stated: long-term capital appreciation from US stocks, no side quests.

• FSEG Costs 0.28% a year, roughly half the 0.52% median for active US small-cap funds in its peer group. That is index-fund pricing on a stock-picking mandate.
• Benchmark-anchored by design: normally at least 80% of assets sit in Russell 2000 Growth Index stocks, so the research shows up as tilts rather than wholesale bets.fidelity.com
• Roughly 300 names, so any single small-cap stumble carries limited weight. Breadth is the point in a corner of the market where individual stories break often.
• Part of a family running the same enhanced approach across the size range. The core version, FESM, is among the strongest implementations in this cohort at the identical 0.28% fee.

Worth knowing

• DFSV At 0.30% a year it costs more than the typical US value ETF (median 0.18%), and VTWV runs against the same Russell 2000 Value benchmark for 0.06%.
• Small-cap value is a bumpier corner than the large-cap value funds anchoring this group (VTV, SCHV), and the ride shows it.
• Launched in 2022, so its live record is short next to the value funds it sits beside.

• FSEG A 2026 launch, so the live record is short. You can see the fee and the process; the performance history is still being written.
• Small asset base and light trading volume. Wider bid-ask spreads come with the territory versus the household-name funds in the category.
• Small-cap growth is the choppy end of US equities, and staying close to that benchmark means riding its swings rather than sidestepping them.

Full DFSV profile⁠

Full FSEG profile⁠