FESM vs FSCC: Grades, Fees and Holdings Compared

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

Federated Hermes MDT Small Cap Core ETF

FSCCBNYSE Arca

Overlap

25.3%by weight

Expense ratio

FESM −0.08pt a year

FESM0.28%FSCC0.36%

Avg volume · 30D

FESM 11.5×the volume

FESM1.02MFSCC88.8K

FESM vs FSCC Performance

Oct 31, 2025 – Oct 30, 2026

+23.4%FESM+13.6%FSCC

Expense ratio: FESM 0.28%, better; FSCC 0.36%
Fund size: FESM $6.41B; FSCC $461M
1Y total return: FESM +23.4%, better; FSCC +13.6%
Yield (12M): FESM 0.86%, better; FSCC 0.24%
Holdings: FESM 892; FSCC 313
Avg volume (30D): FESM 1.02M sh, better; FSCC 88.8K sh
NAV per share: FESM $45.47; FSCC $34.51
52W range

ETF.net Grade

Pillar letters and Scores for FESM, FSCC, with each pillar’s weight
Pillar	FESM	FSCC
Cost30% weight	A96Higher	A83
Mission25% weight	A85Higher	A83
Risk15% weight	C54Higher	D37
Tradability15% weight	A93Higher	B57
Holdings10% weight	A82Higher	B61
Durability5% weight	A93Higher	B66

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. FESM and FSCC 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 FSCC 9th 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 8BFSMLFranklin Small Cap Enhanced ETFScore 67
Rank 9BFSCCFederated Hermes MDT Small Cap Core ETFScore 64
Rank 10BSQLVRoyce Quant Small-Cap Quality Value ETFScore 62

Our read on each fund

ETF.net Research

FESMAFidelity Enhanced Small Cap ETF

FSCCBFederated Hermes MDT Small Cap Core ETF

In short

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.

FSCC A quant engine aimed at the Russell 2000. Federated Hermes' MDT models pick roughly 300 small caps from the index, then the prospectus says it plainly: this fund is not built to mirror the benchmark's composition or returns.

Stated mandate

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.

FSCC The Fund seeks long-term capital appreciation.

Why people hold it

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.

FSCC Costs 0.36% net of a waiver through May 1, 2027 (0.50% gross), below the median fee among the active US small-cap funds we grade.federatedhermes.com
Undercuts both other graded funds fishing the same Russell 2000 pond: FSML at 0.45% and GSC at 0.75% net of a waiver through December 29, 2026.
Rules over hunches: a bottom-up quantitative process ranks growth and value names, and the result spreads across roughly 300 holdings.sec.gov
Does exactly what the label says, a US small-cap equity fund, and is one of the stronger implementations in its peer group.

Worth knowing

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%.

FSCC The waiver runs to May 1, 2027. If it is not renewed, the fee steps back toward the 0.50% gross rate.
Full equity exposure, no hedge or buffer, in the corner of the market that swings hardest. Small caps can fall further than the large-cap market in a selloff.
The live record starts in July 2024, and trading is moderate rather than heavy, so the bid-ask spread matters more here than in the largest small-cap ETFs.

Full FESM profile⁠

Full FSCC profile⁠

FESM vs FSCC Holdings

How FESM and FSCC differ

Overlap by weight

25.3%

Shared holdings make up 64.0% of FSCC and 32.9% of FESM.

Level by level

Holdings192 in both25.3%
Sector11 Sectors92.9%
Countryby domicile98.8%
Asset classEquity100%

Sector

Sector weights in FESM and FSCC, widest gap first
Sector	More in FESMMore in FSCC	FESM	FSCC
Real Estate	FSCC +2.7 points	4.0%	6.7%
Materials	FESM +1.8 points	4.8%	3.0%
Technology	FESM +1.8 points	15.8%	14.0%
Consumer Staples	FSCC +1.5 points	1.2%	2.7%
Industrials	FSCC +1.4 points	14.4%	15.8%
Financials	FSCC +1.4 points	19.2%	20.6%
Communication	FESM +1.3 points	3.0%	1.7%
Consumer Discretionary	FESM +1.1 points	8.3%	7.2%
Energy	FESM +0.8 points	6.2%	5.4%
Health Care	FESM +0.2 points	21.4%	21.2%
Utilities	FESM +0.1 points	1.7%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in FESM and FSCC, widest gap first
Country	More in FESMMore in FSCC	FESM	FSCC
United States	FESM +0.9 points	99.4%	98.5%
Switzerland	FSCC +0.6 points	0.1%	0.7%
Other countries (5)	FSCC +0.3 points	0.5%	0.8%

Concentration

Weight in the 10 largest Holdings

FESM9.7%
FSCC12.4%

Securities held

FESM889
FSCC313

Asset class

FESM: Equity
FSCC: Equity

Holdings

Only in FESM697
In both192
Only in FSCC121

Only in FESM

697 securities, 68.9% of FESM by weight

Securities Lending Cf2.80%
Abercrombie & Fitch Co Class A0.71%
Installed Building Prod Inc0.71%
Healthequity Inc0.69%
Plexus Corp0.65%
Openlane Inc0.64%
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%
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%
Option Care Health Inc0.49%
Kodiak Gas Services Inc0.49%
Wesbanco Inc0.48%
Commvault Systems Inc0.48%
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%
Cargurus Inc Class A0.40%
Eastern Bankshares Inc0.40%
Enova Intl Inc0.40%
Marriott Vacations World0.40%
Federated Hermes Inc0.40%
Dxp Enterprises Inc0.38%
Wiley (John) & Sons Inc Class A0.36%
Cavco Industries Inc0.36%
Yelp Inc0.35%
Upstart Holdings Inc0.35%
Ducommun Inc0.34%
M/I Homes Inc0.34%
Doubleverify Holdings Inc0.34%
Nmi Holdings Inc0.34%
Progress Software Corp0.33%
Northwest Bancshares Inc0.33%
Exlservice Holdings Inc0.32%
Diodes Inc0.32%
Towne Bank0.32%

Only in FSCC

121 securities, 36.1% of FSCC by weight

Postal Realty Trust Inc-1.19%
Hamilton Insurance Grou-C1.14%
Cracker Barrel Old Countr1.01%
Janux Therapeutics Inc0.98%
Bankunited Inc0.96%
Bank of N.t. BUTTERFIELD&0.92%
Concentra Group Holdings0.87%
Cnx Resources Corp0.78%
Mueller Water Products In0.77%
Mercury General Corp0.72%
Jackson Financial Inc-A0.63%
Watts Water Technologies-0.62%
Otter Tail Corp0.57%
Omeros Corp0.52%
Federated Govt Obli Fd-Pr0.51%
Siriuspoint Ltd0.51%
Badger Meter Inc0.50%
Bloomin' Brands Inc0.50%
Amylyx Pharmaceuticals In0.49%
International Seaways Inc0.48%
Umb Financial Corp0.47%
One Gas Inc0.47%
Krispy Kreme Inc0.46%
American Superconductor C0.44%
Garrett Motion Inc0.44%
Prothena Corp PLC0.43%
Ultra Clean Holdings Inc0.42%
Customers Bancorp Inc0.41%
Leonardo Drs Inc0.39%
Photronics Inc0.38%
Innovage Holding Corp0.37%
Kohls Corp0.36%
Blue Bird Corp0.36%
Victory Capital Holding -0.35%
Costamare Inc0.34%
Vita Coco Co Inc/The0.31%
Stoneridge Inc0.31%
Immunitybio Inc0.31%
Methode Electronics Inc0.30%
Vishay Intertechnology In0.30%
Super Group Sghc Ltd0.30%
Procept Biorobotics Corp0.30%
Wolverine World Wide Inc0.29%
Pitney Bowes Inc0.29%
Fluence Energy Inc0.29%
Manitowoc Company Inc0.29%
Capri Holdings Ltd0.28%
Power Integrations Inc0.28%
Tanger Inc0.27%
Ramaco Resources Inc-A0.26%

Weight gaps

The 100 widest of 192 Holdings in both funds.

Holding weights in FESM and FSCC, widest gap first
Holding	More in FESMMore in FSCC	FESM	FSCC
American Healthcare Reit IncAHR	FSCC +2.04 points	0.00%	2.04%
Slide Insurance Holdings IncSLDE	FSCC +1.27 points	<0.01%	1.27%
Columbia Financial IncCLBK	FSCC +1.18 points	0.10%	1.28%
C3.AI IncAI	FSCC +1.12 points	0.22%	1.34%
Indivior Pharmaceuticals IncINDV	FSCC +0.99 points	0.00%	0.99%
Byline Bancorp IncBY	FSCC +0.96 points	0.11%	1.07%
Talos Energy IncTALO	FSCC +0.81 points	0.14%	0.95%
Trustmark CorpTRMK	FSCC +0.78 points	0.07%	0.85%
Perrigo Co PLC	FSCC +0.77 points	0.28%	1.05%
Cno Financial Group IncCNO	FSCC +0.75 points	0.20%	0.95%
Sps Commerce IncSPSC	FSCC +0.74 points	0.05%	0.79%
Emcor Group IncEME	FSCC +0.74 points	<0.01%	0.74%
Heartland Express IncHTLD	FSCC +0.70 points	0.02%	0.72%
Amalgamated Financial CorpAMAL	FSCC +0.70 points	0.01%	0.71%
Arcutis Biotherapeutics IncARQT	FSCC +0.67 points	0.14%	0.81%
Oscar Health Inc - Class AOSCR	FESM +0.62 points	0.72%	0.10%
Ardagh Metal Packaging SAAMBP	FSCC +0.60 points	0.00%	0.60%
Hinge Health IncHNGE	FSCC +0.60 points	0.37%	0.97%
Intellia Therapeutics IncNTLA	FSCC +0.60 points	0.08%	0.68%
Acadian Asset Management IncAAMI	FSCC +0.58 points	0.30%	0.88%
Enersys IncENS	FESM +0.57 points	0.69%	0.12%
Hecla Mining CoHL	FSCC +0.56 points	0.05%	0.61%
Glaukos CorpGKOS	FESM +0.52 points	1.02%	0.50%
First Business Fin Svcs IncFBIZ	FSCC +0.49 points	0.01%	0.50%
Constellium SECSTM	FSCC +0.48 points	0.07%	0.55%
Allegiant Travel CoALGT	FSCC +0.46 points	0.11%	0.57%
Frontdoor IncFTDR	FSCC +0.42 points	0.00%	0.42%
Tactile Systems Technology IncTCMD	FSCC +0.42 points	0.05%	0.47%
Myr Group Inc/DelawareMYRG	FSCC +0.42 points	0.15%	0.57%
Ofg BancorpOFG	FSCC +0.41 points	0.12%	0.53%
Adaptive Biotechnologies CorpADPT	FESM +0.41 points	0.48%	0.07%
Argan IncAGX	FSCC +0.41 points	<0.01%	0.41%
Associated Banc CorpASB	FSCC +0.41 points	0.19%	0.60%
Portland General Electric CoPOR	FSCC +0.40 points	0.15%	0.55%
Phillips Edison & CoPECO	FESM +0.38 points	0.62%	0.24%
Arteris IncAIP	FSCC +0.38 points	0.11%	0.49%
Helen of Troy LtdHELE	FSCC +0.37 points	0.04%	0.41%
Lindblad Expeditions HoldingsLIND	FSCC +0.38 points	0.03%	0.41%
Cvr Energy IncCVI	FSCC +0.37 points	<0.01%	0.38%
Zurn Elkay Water Solutions CorZWS	FSCC +0.35 points	0.24%	0.59%
Insight Enterprises IncNSIT	FESM +0.35 points	0.49%	0.14%
Advanced Energy Industries IncAEIS	FSCC +0.34 points	0.02%	0.36%
Par Technology CorpPAR	FSCC +0.33 points	0.01%	0.34%
Midland States Bancorp IncMSBI	FSCC +0.33 points	0.02%	0.35%
Ptc Therapeutics IncPTCT	FSCC +0.34 points	0.21%	0.55%
Sphere Entertainment CoSPHR	FSCC +0.32 points	0.27%	0.59%
Extreme Networks IncEXTR	FESM +0.31 points	0.47%	0.16%
Griffon CorpGFF	FESM +0.31 points	0.67%	0.36%
Granite Construction IncGVA	FSCC +0.30 points	0.13%	0.43%
Coursera IncCOUR	FSCC +0.30 points	0.06%	0.36%
Azenta IncBRKS	FSCC +0.30 points	0.04%	0.34%
Novavax IncNVAX	FSCC +0.29 points	0.12%	0.41%
United Natural Foods IncUNFI	FESM +0.28 points	0.37%	0.09%
Trinet Group IncTNET	FSCC +0.27 points	0.14%	0.41%
Maxlinear IncMXL	FESM +0.27 points	0.59%	0.32%
Simply Good Foods CoSMPL	FSCC +0.26 points	0.11%	0.37%
United Community Banks GaUCB	FESM +0.25 points	0.36%	0.11%
V2X IncVVX	FSCC +0.25 points	0.34%	0.59%
Newmark Group Inc Class ANMRK	FSCC +0.24 points	0.20%	0.44%
Cerence IncCRNC	FSCC +0.24 points	0.03%	0.27%
Compass Minerals Intl IncCMP	FSCC +0.24 points	0.05%	0.29%
Artisan Partners Asset Mgt AAPAM	FSCC +0.24 points	0.04%	0.28%
Happen IncLC	FSCC +0.24 points	0.04%	0.28%
Hci Group IncHCI	FESM +0.24 points	0.53%	0.29%
Avista CorpAVA	FESM +0.23 points	0.34%	0.11%
Ardmore Shipping CorpASC	FSCC +0.23 points	0.11%	0.34%
Pattern Group IncPTRN	FSCC +0.23 points	0.18%	0.41%
Commercial Metals CoCMC	FESM +0.22 points	0.75%	0.53%
Calix Networks IncCALX	FSCC +0.22 points	<0.01%	0.22%
Fmc Corp NewFMC	FSCC +0.22 points	0.03%	0.25%
Skyward Specialty Ins Grp IncSKWD	FSCC +0.22 points	0.46%	0.68%
Arvinas IncARVN	FSCC +0.20 points	0.06%	0.26%
Qualys IncQLYS	FSCC +0.21 points	0.00%	0.21%
Freshworks Inc Class AFRSH	FSCC +0.20 points	0.20%	0.40%
Anaptysbio IncANAB	FSCC +0.20 points	<0.01%	0.20%
Sfl Corp LtdSFL	FSCC +0.21 points	0.18%	0.39%
First Financial BancorpFFBC	FSCC +0.20 points	0.05%	0.25%
Verra Mobility CorpVRRM	FSCC +0.20 points	0.01%	0.22%
Heartflow IncHTFL	FSCC +0.20 points	0.16%	0.36%
Brightspring Hlth Services IncBTSG	FSCC +0.20 points	0.56%	0.76%
Krystal Biotech IncKRYS	FSCC +0.19 points	0.03%	0.22%
Kennametal IncKMT	FESM +0.20 points	0.35%	0.15%
Texas Capital Bancshares IncTCBI	FSCC +0.20 points	0.30%	0.50%
Aspen Aerogels IncASPN	FSCC +0.19 points	<0.01%	0.20%
Tenable Holdings IncTENB	FSCC +0.18 points	0.31%	0.49%
Netscout Systems IncNTCT	FSCC +0.18 points	0.02%	0.20%
Delek Us Holdings IncDK	FSCC +0.18 points	0.56%	0.74%
Amplitude IncAMPL	FSCC +0.18 points	0.06%	0.24%
Corecivic IncCXW	FSCC +0.17 points	0.04%	0.21%
Fb Financial CorpFBK	FSCC +0.17 points	0.31%	0.48%
Polaris IncPII	FESM +0.17 points	0.46%	0.29%
Adma Biologics IncADMA	FSCC +0.18 points	0.02%	0.20%
Mirum Pharmaceuticals IncMIRM	FESM +0.17 points	0.17%	<0.01%
Semtech CorpSMTC	FSCC +0.17 points	<0.01%	0.17%
Harmony Biosciences Hldgs IncHRMY	FESM +0.16 points	0.52%	0.36%
Inspire Medical Systems IncINSP	FSCC +0.16 points	0.05%	0.21%
World Kinect CorpWKC	FESM +0.16 points	0.29%	0.13%
Oil States International IncOIS	FSCC +0.16 points	0.08%	0.24%
Sprinklr IncCXM	FSCC +0.15 points	0.19%	0.34%
Cytokinetics IncCYTK	FESM +0.15 points	0.33%	0.18%

All 632 FESM holdings⁠All 309 FSCC 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.

FESM vs FSCC Cost

Overpaying FSCC vs FESM

$1,565

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

FESM 0.28%
$5,755
FSCC 0.36%
$7,320

Amount$10,000

Years30 years

Cost over time

FESM 0.28%
FSCC 0.36%
Overpaying

Year by year

Year	FESM	FSCC	Overpaying
10	$509	$652	$143
20	$1,976	$2,522	$546
30	$5,755	$7,320	$1,565

Expense ratio

0.28%FESM, cheaper
0.36%FSCC

FESM0.28%FSCC0.36%

0.25%2.20%

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

FESM 2nd cheapest of 39 funds

FSCC 8th cheapest of 39 funds

FESM vs FSCC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FESM 0.86%, better; FSCC 0.24%
Payout (12M): FESM $0.39; FSCC $0.08
Last payment: FESM $0.10; FSCC $0.08
Ex-dividend: FESM Sep 18, 2026; FSCC Dec 31, 2025
Paid on: FESM Sep 22, 2026; FSCC Jan 2, 2026
Frequency: FESM Quarterly; FSCC Irregular

Distribution history

Per share, 2023 to 2026, same scale for both

FESMQuarterly · 13 paymentsAll FESM payments⁠

FSCCIrregular · 2 paymentsAll FSCC payments⁠

FESM vs FSCC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FESM 19.6%since Dec 2023FSCC 18.4%since Aug 2024
Return per unit of riskSharpe ratio, 3 years: FESM 0.97since Dec 2023FSCC 0.56since Aug 2024
Worst fallMax drawdown, 5 years: FESM −26.9%since Nov 2023FSCC −27.2%since Jul 2024
Market sensitivityBeta, 5 years: FESM 1.34FSCC 1.25; Market = 1

FESM and FSCC 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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FESM vs FSCC

In short

Stated mandate

Why people hold it

Worth knowing

How FESM and FSCC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in FSCC

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 FESM and FSCC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in FSCC

Weight gaps