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DFSV vs FSML

U.S. Small Cap Value Portfolio ETF Class Shares

DFSVANYSE Arca

Franklin Small Cap Enhanced ETF

FSMLBNYSE Arca

Overlap

Expense ratio

DFSV −0.15pt a year

DFSV0.30%FSML0.45%

Avg volume · 30D

DFSV 55.1×the volume

DFSV944KFSML17.1K

DFSV vs FSML Performance

Dec 31, 2025 – Oct 30, 2026

+21.2%DFSV+17.9%FSML

Dec 31, 2025 to Oct 30, 2026. DFSV +21.2%. FSML +17.9%. Use the arrow keys to read each point.0%5%10%25%Dec 2025Jun 2026Oct 2026
Expense ratio
DFSV 0.30%, better
FSML 0.45%
Fund size
DFSV $27.8B
FSML $151M
1Y total return
DFSV +27.6%
FSML No data
Yield (12M)
DFSV 1.38%
FSML No data
Holdings
DFSV 1053
FSML 303
Avg volume (30D)
DFSV 944K sh, better
FSML 17.1K sh
NAV per share
DFSV $39.41
FSML $28.99
52W range

ETF.net Grade

DFSV: Cost 91, Risk 59, Mission 62, Tradability 88, Holdings 80, Durability 97. FSML: Cost 71, Risk 52, Mission not scored, Tradability 81, Holdings 59, Durability 63.
Pillar letters and Scores for DFSV, FSML, with each pillar’s weight
PillarDFSVFSML
Cost30% weightA91HigherA71
Mission25% weightB62Not scored
Risk15% weightB59HigherC52
Tradability15% weightA88HigherA81
Holdings10% weightA80HigherB59
Durability5% weightA97HigherB63

Rank among US Active Small-Cap funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DFSV and FSML 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 ›

DFSV ranks 3rd and FSML 8th of 39 funds in the US Active Small-Cap Category.

  1. Rank 1AAVSCAvantis U.S. Small Cap Equity ETFScore 88
  2. Rank 2AFESMFidelity Enhanced Small Cap ETFScore 85
  3. Rank 3ADFSVU.S. Small Cap Value Portfolio ETF Class SharesScore 82
  4. Rank 4ADUSGU.S. Small Cap Growth Portfolio: ETF Class SharesScore 75
  5. Rank 7BRESMColumbia Research Enhanced Small Cap ETFScore 69
  6. Rank 8BFSMLFranklin Small Cap Enhanced ETFScore 67
  7. Rank 9BFSCCFederated Hermes MDT Small Cap Core ETFScore 64

Our read on each fund

ETF.net Research

DFSVAU.S. Small Cap Value Portfolio ETF Class Shares

FSMLBFranklin Small Cap Enhanced 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.

FSML Franklin's quant take on small caps: a proprietary model scores Russell 2000 companies on value, quality and momentum, and the portfolio tilts toward the top scorers. Active decisions in an index-shaped frame, for 0.45% a year.

Stated mandate

DFSV The fund seeks long-term capital appreciation.

FSML The Fund seeks long-term capital appreciation by investing at least 80% of net assets in small-capitalization equity securities and economically similar derivatives or instruments.

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.
  • FSML The 0.45% fee lands below the median for active small-cap ETFs, a corner of the market where paying up for a stock picker is the norm.
  • The recipe is written down: at least 80% of net assets in small-cap equities, ranked by a value, quality and momentum model with the Russell 2000 as the reference.
  • Already sits in the upper half of its active small-cap peer group while being one of the newest names in it.
  • Plain-vanilla plumbing: a standard 1940 Act fund that pays quarterly and sends a 1099, not a K-1.

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.
  • FSML It launched in December 2025, so there is very little live history behind the model and risk readings rest on a short window.
  • Cheaper systematic small-cap options exist (AVUV, AVSC, DUHP). The extra fee here buys Franklin's scoring model, not broader exposure.
  • The Russell 2000 is a yardstick, not a leash: the fund is actively run, so holdings and results can diverge from that index in either direction.

Full DFSV profile⁠

Full FSML profile⁠

DFSV vs FSML 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.

DFSV vs FSML Cost

Overpaying FSML vs DFSV

$2,892

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

  • DFSV 0.30%

    $6,149

  • FSML 0.45%

    $9,041

$10,000
30 years

Cost over time

  • DFSV 0.30%
  • FSML 0.45%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530FSML $9,041DFSV $6,149

Year by year

YearDFSVFSMLOverpaying
10$545$812$267
20$2,113$3,128$1,015
30$6,149$9,041$2,892

Expense ratio

  • 0.30%DFSV, cheaper
  • 0.45%FSML
  • Middle half of US Active Small-Cap funds
  • Median 0.55%

DFSV 4th cheapest of 39 funds

FSML 12th cheapest of 39 funds

DFSV vs FSML Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
DFSV 1.38%
FSML No data
Payout (12M)
DFSV $0.54
FSML No data
Last payment
DFSV $0.15
FSML $0.03
Ex-dividend
DFSV Sep 22, 2026
FSML Sep 18, 2026
Paid on
DFSV Sep 24, 2026
FSML Sep 25, 2026
Frequency
DFSV Quarterly
FSML Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

DFSVQuarterly · 19 paymentsAll DFSV payments⁠
One bar per payment. 19 payments from 2022 to 2026 YTD. Mar 22, 2022 $0.0038; Jun 22, 2022 $0.04; Sep 20, 2022 $0.07; Dec 20, 2022 $0.10; Mar 21, 2023 $0.06; Jun 21, 2023 $0.10; Sep 19, 2023 $0.10; Dec 19, 2023 $0.11; Mar 19, 2024 $0.05; Jun 18, 2024 $0.11; Sep 17, 2024 $0.10; Dec 17, 2024 $0.14; Mar 25, 2025 $0.08; Jun 24, 2025 $0.14; Sep 23, 2025 $0.14; Dec 16, 2025 $0.14; Mar 24, 2026 $0.12; Jun 23, 2026 $0.13; Sep 22, 2026 $0.15. Use the arrow keys to read each point.$0$0.1020232026YTD
FSMLQuarterly · 4 paymentsAll FSML payments⁠
One bar per payment. 4 payments from 2022 to 2026 YTD. Dec 30, 2025 $0.02; Mar 20, 2026 $0.03; Jun 26, 2026 $0.07; Sep 18, 2026 $0.03. Use the arrow keys to read each point.$0$0.1020232026YTD

DFSV vs FSML Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
DFSV 18.4%FSML No data
Return per unit of riskSharpe ratio, 3 years
DFSV 0.84FSML No data
Worst fallMax drawdown, 5 years
DFSV −28.0%since Feb 2022FSML No data
Market sensitivityBeta, 5 years
DFSV 1.04FSML 1.05

DFSV and FSML in the news

All news⁠

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