ESSC vs FESM: Grades, Fees and Holdings Compared

Eventide Small Cap ETF

ESSCCNYSE Arca

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

Overlap

16.0%by weight

Expense ratio

FESM −0.21pt a year

ESSC0.49%FESM0.28%

Avg volume · 30D

FESM 117.0×the volume

ESSC8.7KFESM1.02M

ESSC vs FESM Performance

Oct 31, 2025 – Oct 30, 2026

+14.5%ESSC+23.4%FESM

Expense ratio: ESSC 0.49%; FESM 0.28%, better
Fund size: ESSC $35M; FESM $6.41B
1Y total return: ESSC +14.5%; FESM +23.4%, better
Yield (12M): ESSC No data; FESM 0.86%
Holdings: ESSC 343; FESM 892
Avg volume (30D): ESSC 8.7K sh; FESM 1.02M sh, better
NAV per share: ESSC $29.43; FESM $45.47
52W range

ETF.net Grade

Pillar letters and Scores for ESSC, FESM, with each pillar’s weight
Pillar	ESSC	FESM
Cost30% weight	B64	A96Higher
Mission25% weight	Not scored	A85
Risk15% weight	D37	C54Higher
Tradability15% weight	C52	A93Higher
Holdings10% weight	A75	A82Higher
Durability5% weight	D28	A93Higher

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. ESSC 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 ESSC 16th 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 15BSCDSJPMorgan Fundamental Data Science Small Core ETFScore 57
Rank 16CESSCEventide Small Cap ETFScore 55
Rank 16BSYZLazard US Systematic Small Cap Equity ETFScore 55

Our read on each fund

ETF.net Research

ESSCCEventide Small Cap ETF

FESMAFidelity Enhanced Small Cap ETF

In short

ESSC Eventide takes its values-based screen down the market cap ladder: an active, long-only US small-cap portfolio measured against the Bloomberg U.S. 2000, at 0.49%. Launched in 2025, so the screen is the pitch, not the history.

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

ESSC The Fund seeks long-term capital appreciation by primarily investing in U.S. small-cap companies that Eventide identifies as creating value for stakeholders under its values-based screening criteria. It is actively managed using a long-only approach.

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

ESSC The screen is the point. An active, long-only manager buying US small caps it judges to be creating value for stakeholders, not an index fund with a label bolted on.
0.49% a year for hands-on small-cap stock picking, a shade under the middle of its actively managed small-cap peer group.
Four signals in the mix (growth, momentum, quality, value) rather than a single style bet, with the Bloomberg U.S. 2000 Total Return Index as the yardstick.

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

ESSC Opened in late September 2025, so there is very little performance or risk history behind it yet.
Still a small, lightly traded fund, which can mean wider gaps between bid and ask than the household names in the small-cap aisle.
At 0.49% it runs about double systematic small-cap peers such as AVUV and AVSC at 0.25%, so the screen has to carry that gap.

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 ESSC profile⁠

Full FESM profile⁠

ESSC vs FESM Holdings

How ESSC and FESM differ

Overlap by weight

16.0%

Shared holdings make up 42.8% of ESSC and 20.4% of FESM.

Level by level

Holdings147 in both16.0%
Sector11 Sectors91.5%
Countryby domicile99.5%
Asset classEquity100%

Sector

Sector weights in ESSC and FESM, widest gap first
Sector	More in ESSCMore in FESM	ESSC	FESM
Technology	ESSC +4.0 points	19.8%	15.8%
Utilities	ESSC +2.6 points	4.3%	1.7%
Communication	FESM +2.2 points	0.8%	3.0%
Materials	FESM +2.0 points	2.8%	4.8%
Energy	FESM +1.8 points	4.4%	6.2%
Health Care	FESM +1.3 points	20.1%	21.4%
Industrials	ESSC +1.2 points	15.6%	14.4%
Consumer Staples	ESSC +0.7 points	1.9%	1.2%
Real Estate	FESM +0.5 points	3.5%	4.0%
Financials	FESM +0.4 points	18.8%	19.2%
Consumer Discretionary	FESM +0.2 points	8.1%	8.3%

Country, concentration and asset class

Country by domicile

Country weights in ESSC and FESM, widest gap first
Country	More in ESSCMore in FESM	ESSC	FESM
United States	Same weight	99.4%	99.4%
Brazil	FESM +0.2 points	0.0%	0.2%
Singapore	ESSC +0.2 points	0.2%	0.0%
Canada	FESM +0.2 points	0.0%	0.2%
Hong Kong	ESSC +0.1 points	0.1%	0.1%
United Kingdom	ESSC +0.1 points	0.1%	0.0%
Israel	ESSC +0.1 points	0.1%	0.0%
Switzerland	FESM +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

ESSC8.2%
FESM9.7%

Securities held

ESSC343
FESM889

Asset class

ESSC: Equity
FESM: Equity

Holdings

Only in ESSC196
In both147
Only in FESM742

Only in ESSC

196 securities, 57.2% of ESSC by weight

Element Solution0.90%
Range Resources Corp0.85%
Fnb Corp0.80%
Eastgroup Prop0.77%
Highwoods Properties Inc0.75%
Gatx Corp0.71%
Black Hills Corp0.69%
Powell Industries Inc0.64%
Pinnacle West Capital0.63%
Southside Bancshares Inc0.62%
Tfs Financial Corporation0.61%
Antero Midstream Corporation0.60%
Novanta Inc0.60%
Steel Dynamics Inc0.58%
Spyre Therapeutics Inc0.58%
Cabot Corp0.57%
Flowserve Corp0.55%
Interdigital Inc0.55%
Mercury General Corp0.54%
Vivmark Residential0.54%
Bankunited Inc0.54%
Dt Midstream0.53%
Independent Bank Corp/Ma0.53%
Camden Property Trust0.53%
Sofi Technologies Corp0.53%
Nisource Inc0.52%
Selective Insurance Group0.52%
Dime Community Bancshares Inc0.51%
Zeta Global Holdings Corp0.50%
Dana Inc0.49%
Antero Resources Corp0.49%
Rli Corp0.48%
Helios Technologies Inc.0.48%
Heritage Financial Corp0.47%
Greif Inc-Cl A0.46%
Enact Holdings Inc Common Stock USD.010.46%
Houlihan Lokey I0.46%
Vontier Corp Common Stock0.45%
Devon Energy Corp0.45%
Construction Partners Inc. Class A0.45%
Envista Holdings Corp.0.44%
Carmax Inc0.44%
Mdu Resources Group Inc0.44%
Revolution Medicines Inc.0.44%
Lattice Semiconductor Corp0.41%
Strategic Education Inc0.41%
Horizon Bancorp Indiana0.41%
Amerant Bancorp Inc Class A0.40%
Lithia Motors0.40%
Ha Sustainable Infrastructure Capital, Inc.0.40%

Only in FESM

742 securities, 81.5% 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%
Plexus Corp0.65%
Openlane Inc0.64%
Kulicke & Soffa Industries Inc0.63%
Phillips Edison & Co0.62%
Maxlinear Inc0.59%
Aci Worldwide Inc0.58%
Materion Corp0.58%
Balchem Corp0.58%
Payoneer Global Inc0.57%
Wsfs Financial Corp0.57%
Delek Us Holdings Inc0.56%
Brightspring Hlth Services Inc0.56%
Home Bancshares Inc0.55%
Encore Cap Group Inc0.53%
Tutor Perini Corp0.53%
Navan Inc A0.53%
Sensient Technologies Corp0.52%
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%
Extreme Networks Inc0.47%
Polaris Inc0.46%
Glacier Bancorp Inc0.45%
Wisdomtree Inc0.44%
Life Time Group Holdings Inc0.43%
Callaway Golf Company0.42%
Stonex Group Inc0.42%
Benchmark Electronics Inc0.41%
Bgc Group Inc A0.41%
Enova Intl Inc0.40%
Marriott Vacations World0.40%
Federated Hermes Inc0.40%
Dxp Enterprises Inc0.38%
United Natural Foods Inc0.37%
Hinge Health Inc0.37%

Weight gaps

The 100 widest of 147 Holdings in both funds.

Holding weights in ESSC and FESM, widest gap first
Holding	More in ESSCMore in FESM	ESSC	FESM
Archrock IncAROC	ESSC +0.84 points	0.95%	0.11%
Formfactor IncFORM	ESSC +0.72 points	0.72%	0.00%
Simmons First Natl Corp-Cl ASFNC	ESSC +0.61 points	0.69%	0.08%
Associated Banc-CorpASB	ESSC +0.60 points	0.79%	0.19%
Frontdoor IncFTDR	ESSC +0.57 points	0.57%	0.00%
Capitol Federal Financial InCFFN	ESSC +0.55 points	0.55%	<0.01%
Argan IncAGX	ESSC +0.53 points	0.53%	<0.01%
Marcus & Millichap IncMMI	ESSC +0.52 points	0.53%	0.01%
Twist Bioscience Corp.TWST	ESSC +0.48 points	0.92%	0.44%
Kinetik Holdings IncKNTK	ESSC +0.47 points	0.47%	0.00%
Eplus IncPLUS	ESSC +0.45 points	0.45%	0.00%
Adv Energy IndsAEIS	ESSC +0.45 points	0.47%	0.02%
Southwest Gas Holdings Inc Common Stock USD 1SWX	ESSC +0.45 points	0.76%	0.31%
Cohu IncCOHU	ESSC +0.45 points	0.46%	0.01%
Beacon Financial CorpBBT	ESSC +0.44 points	0.45%	0.01%
Rogers CorpROG	ESSC +0.43 points	0.50%	0.07%
Century Aluminum CompanyCENX	ESSC +0.43 points	0.43%	0.00%
Kymera Therapeutics Inc.KYMR	ESSC +0.43 points	0.52%	0.09%
Remitly Global IncRELY	ESSC +0.42 points	0.45%	0.03%
FIVE9 IncFIVN	ESSC +0.41 points	0.41%	0.00%
Griffon CorpGFF	FESM +0.40 points	0.27%	0.67%
Seacoast Banking Corporation of FloridaSBCF	ESSC +0.39 points	0.39%	0.00%
Guardant Health Inc.GH	FESM +0.37 points	0.18%	0.55%
Harmony Biosciences Holdings Inc.HRMY	FESM +0.36 points	0.16%	0.52%
Protagonist Therapeutics IncPTGX	ESSC +0.36 points	0.60%	0.24%
Northwest Bancshares IncNWBI	ESSC +0.36 points	0.69%	0.33%
Braze Inc-ABRZE	ESSC +0.36 points	0.41%	0.05%
Veracyte IncVCYT	ESSC +0.35 points	0.43%	0.08%
Recursion Pharmaceuticals Inc. Class ARXRX	ESSC +0.34 points	0.36%	0.02%
Hci Group IncHCI	FESM +0.34 points	0.19%	0.53%
Sonic Automotive Inc-Class ASAH	ESSC +0.32 points	0.32%	<0.01%
Clear Secure Inc Class A Common Stock USD.00001YOU	FESM +0.32 points	0.20%	0.52%
Myr Group Inc/DelawareMYRG	ESSC +0.32 points	0.47%	0.15%
Genco Shipping & Trading LtdGNK	ESSC +0.32 points	0.38%	0.06%
Healthstream IncHSTM	ESSC +0.32 points	0.40%	0.08%
Connectone Bancorp IncCNOB	ESSC +0.31 points	0.32%	0.01%
Relay Therapeutics Inc.RLAY	ESSC +0.30 points	0.47%	0.17%
Shore Bancshares IncSHBI	ESSC +0.29 points	0.31%	0.02%
Custom Truck One Source IncCTOS	ESSC +0.30 points	0.32%	0.02%
Kimball Electronics IncKE	ESSC +0.28 points	0.30%	0.02%
Sonos Inc.SONO	FESM +0.28 points	0.29%	0.57%
Dnow IncDNOW	ESSC +0.28 points	0.31%	0.03%
H2O AmericaHTO	ESSC +0.28 points	0.31%	0.03%
Grail, LlcGRAL	ESSC +0.28 points	0.45%	0.17%
Ceco Environmental CorpCECO	FESM +0.27 points	0.32%	0.59%
Pennant Group Inc/The-WiPNTG	ESSC +0.27 points	0.27%	0.00%
Tarsus Pharmaceuticals Inc.TARS	ESSC +0.27 points	0.27%	0.00%
Vaxcyte Inc.PCVX	ESSC +0.26 points	0.38%	0.12%
Commvault Systems IncCVLT	FESM +0.26 points	0.22%	0.48%
Financial Institutions IncFISI	ESSC +0.24 points	0.28%	0.04%
Ncino IncNCNO	ESSC +0.25 points	0.29%	0.04%
Belden IncBDC	ESSC +0.24 points	0.37%	0.13%
Xencor IncXNCR	ESSC +0.24 points	0.29%	0.05%
Enovis CorpENOV	ESSC +0.24 points	0.26%	0.02%
Cogent Biosciences Inc.COGT	ESSC +0.23 points	0.37%	0.14%
Live Oak Bancshares IncLOB	ESSC +0.23 points	0.29%	0.06%
Xometry Inc. Class AXMTR	ESSC +0.23 points	0.30%	0.07%
Rxo Inc Rxo-WRXO	ESSC +0.22 points	0.28%	0.06%
Cytokinetics IncCYTK	FESM +0.21 points	0.12%	0.33%
Vestis Corp-W/IVSTS	ESSC +0.21 points	0.30%	0.09%
Anaptysbio Inc.ANAB	ESSC +0.20 points	0.20%	<0.01%
Enliven Therapeutics IncELVN	ESSC +0.20 points	0.25%	0.05%
Scholar Rock Holding Corp.SRRK	ESSC +0.20 points	0.23%	0.03%
Universal Insurance HoldingsUVE	ESSC +0.20 points	0.25%	0.05%
Heartland Express IncHTLD	ESSC +0.20 points	0.22%	0.02%
Coursera Inc.COUR	ESSC +0.19 points	0.25%	0.06%
Central Pacific Financial Corp.CPF	ESSC +0.19 points	0.36%	0.17%
Skyward Specialty Insurance Group Inc SkwdSKWD	FESM +0.18 points	0.28%	0.46%
Q2 Holdings IncQTWO	FESM +0.18 points	0.15%	0.33%
Mirum Pharmaceuticals Inc.MIRM	ESSC +0.18 points	0.35%	0.17%
Wesbanco IncWSBC	ESSC +0.18 points	0.66%	0.48%
Grid Dynamics Holdings Inc Common Stock USD.0001GDYN	ESSC +0.18 points	0.23%	0.05%
Gentherm Inc.THRM	ESSC +0.17 points	0.17%	0.00%
Adaptive Biotechnologies Corp.ADPT	FESM +0.17 points	0.31%	0.48%
Diodes IncDIOD	ESSC +0.17 points	0.49%	0.32%
Exlservice Holdings IncEXLS	FESM +0.17 points	0.15%	0.32%
Vertex Inc.VERX	FESM +0.17 points	0.13%	0.30%
Schrodinger Inc./United StatesSDGR	ESSC +0.17 points	0.24%	0.07%
Madrigal Pharmaceuticals IncMDGL	ESSC +0.17 points	0.24%	0.07%
Immunovant Inc ImvtIMVT	ESSC +0.16 points	0.27%	0.11%
Erasca IncERAS	ESSC +0.16 points	0.27%	0.11%
Shoals Technologies Group A Common Stock USD.00001SHLS	ESSC +0.16 points	0.16%	0.00%
Harmonic IncHLIT	ESSC +0.16 points	0.17%	<0.01%
Beam Therapeutics Inc Common Stock USD.01BEAM	ESSC +0.16 points	0.30%	0.14%
Driven Brands Holdings InDRVN	ESSC +0.15 points	0.15%	0.00%
Cvb Financial CorpCVBF	ESSC +0.15 points	0.36%	0.21%
Calix IncCALX	ESSC +0.15 points	0.15%	<0.01%
Conmed CorpCNMD	ESSC +0.15 points	0.16%	0.01%
Arcbest CorpARCB	ESSC +0.14 points	0.24%	0.10%
Tyra Biosciences IncTYRA	ESSC +0.14 points	0.16%	0.02%
Acm Research Inc. Class AACMR	FESM +0.13 points	0.18%	0.31%
Cargurus Inc.CARG	FESM +0.13 points	0.27%	0.40%
Integra Lifesciences HoldingIART	ESSC +0.13 points	0.15%	0.02%
Walker & Dunlop IncWD	ESSC +0.13 points	0.13%	<0.01%
Axogen IncAXGN	ESSC +0.13 points	0.36%	0.23%
Dyne Therapeutics Inc.DYN	ESSC +0.13 points	0.16%	0.03%
Ptc Therapeutics IncPTCT	ESSC +0.12 points	0.33%	0.21%
Scansource IncSCSC	ESSC +0.12 points	0.33%	0.21%
Collegium Pharmaceutical IncCOLL	ESSC +0.11 points	0.12%	0.01%
RAPID7 IncRPD	ESSC +0.11 points	0.27%	0.16%

All ESSC 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.

ESSC vs FESM Cost

Overpaying ESSC vs FESM

$4,037

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

ESSC 0.49%
$9,792
FESM 0.28%
$5,755

Amount$10,000

Years30 years

Cost over time

ESSC 0.49%
FESM 0.28%
Overpaying

Year by year

Year	ESSC	FESM	Overpaying
10	$883	$509	$374
20	$3,394	$1,976	$1,418
30	$9,792	$5,755	$4,037

Expense ratio

0.49%ESSC
0.28%FESM, cheaper

FESM0.28%ESSC0.49%

0.25%2.20%

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

FESM 2nd cheapest of 39 funds

ESSC 14th cheapest of 39 funds

ESSC vs FESM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ESSC No data; FESM 0.86%
Payout (12M): ESSC No data; FESM $0.39
Last payment: ESSC $0.05; FESM $0.10
Ex-dividend: ESSC Sep 29, 2026; FESM Sep 18, 2026
Paid on: ESSC Sep 30, 2026; FESM Sep 22, 2026
Frequency: ESSC Quarterly; FESM Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

ESSCQuarterly · 4 paymentsAll ESSC payments⁠

FESMQuarterly · 13 paymentsAll FESM payments⁠

ESSC vs FESM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ESSC 15.3%since Oct 2025FESM 19.6%since Dec 2023
Return per unit of riskSharpe ratio, 3 years: ESSC 0.73since Oct 2025FESM 0.97since Dec 2023
Worst fallMax drawdown, 5 years: ESSC −12.5%since Sep 2025FESM −26.9%since Nov 2023
Market sensitivityBeta, 5 years: ESSC 0.83FESM 1.34; Market = 1

ESSC 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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ESSC vs FESM

In short

Stated mandate

Why people hold it

Worth knowing

How ESSC and FESM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ESSC

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 ESSC and FESM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ESSC

Only in FESM

Weight gaps