FESM vs FSEG: Grades, Fees and Holdings Compared

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

Fidelity Enhanced Small Cap Growth ETF

FSEGBNYSE Arca

Overlap

51.3%by weight

Expense ratio

FESM0.28%FSEG0.28%

Avg volume · 30D

FESM 452.0×the volume

FESM1.06MFSEG2.34K

FESM vs FSEG Performance

Aug 7, 2026 – Nov 9, 2026

−5.1%FESM−6.7%FSEG

Expense ratio: FESM 0.28%; FSEG 0.28%
Fund size: FESM $6.74B; FSEG $8M
1Y total return: FESM +25.8%; FSEG No data
Yield (12M): FESM 0.86%; FSEG No data
Holdings: FESM 895; FSEG 480
Avg volume (30D): FESM 1.06M sh, better; FSEG 2.34K sh
NAV per share: FESM $45.75; FSEG $26.14
52W range

ETF.net Grade

Pillar letters and Scores for FESM, FSEG, with each pillar’s weight
Pillar	FESM	FSEG
Cost30% weight	A96	A96
Mission25% weight	A85	Not scored
Risk15% weight	B66Higher	F17
Tradability15% weight	A91Higher	C42
Holdings10% weight	A78Higher	B69
Durability5% weight	A93Higher	D29

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. FESM and FSEG 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 FSEG 10th 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 86
Rank 3ADFSVU.S. Small Cap Value Portfolio ETF Class SharesScore 82
Rank 9BSQLVRoyce Quant Small-Cap Quality Value ETFScore 62
Rank 10BFSEGFidelity Enhanced Small Cap Growth ETFScore 61
Rank 10BFSMLFranklin Small Cap Enhanced ETFScore 61

Our read on each fund

ETF.net Research

FESMAFidelity Enhanced Small Cap ETF

FSEGBFidelity Enhanced Small Cap Growth 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.

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

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.

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

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.

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

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%.

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 FESM profile⁠

Full FSEG profile⁠

FESM vs FSEG Holdings

How FESM and FSEG differ

Overlap by weight

51.3%

Shared holdings make up 86.2% of FSEG and 61.1% of FESM.

Level by level

Holdings365 in both51.3%
Sector11 Sectors85.7%
Asset classStocks100%
Countryby domicile99.6%

Sector

Sector weights in FESM and FSEG, widest gap first
Sector	Gap	FESM	FSEG
Health Care	FSEG +7.8 points	21.4%	29.2%
Financials	FESM +7.7 points	19.1%	11.4%
Technology	FSEG +4.9 points	14.9%	19.8%
Real Estate	FESM +2.5 points	3.8%	1.3%
Energy	FESM +2.0 points	6.1%	4.1%
Industrials	FSEG +1.2 points	14.5%	15.7%
Utilities	FESM +1.2 points	1.7%	0.5%
Consumer Discretionary	FESM +0.4 points	9.1%	8.7%
Consumer Staples	FESM +0.3 points	1.2%	0.9%
Materials	FSEG +0.3 points	4.9%	5.2%
Communication	FESM +0.1 points	3.2%	3.1%

Country, concentration and asset class

Country by domicile

Country weights in FESM and FSEG, widest gap first
Country	Gap	FESM	FSEG
United States	Same weight	99.4%	99.4%
Canada	FSEG +0.1 points	0.2%	0.3%
Australia	FSEG +0.2 points	0.0%	0.2%
Brazil	FESM +0.2 points	0.2%	0.0%
Switzerland	FESM +0.1 points	0.1%	0.0%
Hong Kong	Same weight	0.0%	0.0%
Taiwan	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

FESM9.7%
FSEG9.4%

Securities held

FESM893
FSEG477

Asset class

FESM: Stocks
FSEG: Stocks

Holdings

Only in FESM528
In both365
Only in FSEG112

Only in FESM

528 securities, 40.1% of FESM by weight

Securities Lending Cf2.43%
Encore Cap Group Inc0.62%
Wsfs Financial Corp0.59%
Tutor Perini Corp0.58%
Cushman & Wakefield Ltd0.54%
Home Bancshares Inc0.52%
Wesbanco Inc0.50%
Callaway Golf Company0.46%
Federated Hermes Inc0.46%
Skywest Inc0.42%
Avista Corp0.40%
Marriott Vacations World0.40%
Cavco Industries Inc0.37%
United Community Banks Ga0.37%
Eastern Bankshares Inc0.37%
Fb Financial Corp0.36%
Exlservice Holdings Inc0.35%
Privia Health Group Inc0.35%
Northwest Bancshares Inc0.33%
Alarm.com Holdings Inc0.33%
M/I Homes Inc0.32%
Caretrust Reit Inc0.32%
Texas Capital Bancshares Inc0.31%
Fulton Financial Corp0.31%
Towne Bank0.31%
Perrigo Co PLC0.31%
Sphere Entertainment Co0.30%
Southwest Gas Holdings Inc0.29%
World Kinect Corp0.29%
Minimed Group Inc0.29%
Spire Inc0.28%
Nmi Holdings Inc0.28%
Kennametal Inc0.28%
Fuller H B Co0.27%
Hillman Solutions Corp0.26%
Oceanfirst Financial Corp0.26%
Abm Industries Inc0.26%
Ftai Aviation Ltd0.25%
First Merchants Corp0.25%
Cvb Financial Corp0.25%
Apogee Enterprises Inc0.25%
Horace Mann Educators Corp0.24%
First Commonwealth Finl Corp0.24%
Ezcorp Inc Class A Non Vtg0.24%
O-I Glass Inc0.24%
Pbf Energy Inc Class A0.22%
Transocean Ltd (Usa)0.22%
Omnicell Inc0.22%
Patterson-Uti Energy Inc0.22%
C3.AI Inc0.22%

Only in FSEG

112 securities, 12.8% of FSEG by weight

Jfrog Ltd0.57%
Moog Inc Class A0.57%
Chefs Warehouse Inc0.46%
Zeta Global Holdings Corp0.42%
Dave Inc0.42%
Ryman Hospitality Pptys Inc0.40%
Lantheus Hldgs Inc0.36%
Liquidity Services Inc0.29%
Bancorp Inc Del0.29%
Chargepoint Holdings Inc Class A0.29%
Lifestance Health Group Inc0.27%
Ust Bills 0% 01/07/270.26%
Immunitybio Inc0.26%
Vox Royalty Corp0.25%
Pricesmart Inc0.25%
Compass Inc0.24%
Avepoint Inc0.24%
Ultra Clean Holdings Inc0.23%
Mueller Water Products Inc A0.20%
Digi International Inc0.20%
Commercial Bancgroup Inc0.19%
Fossil Group Inc0.18%
Innovage Holding Corp0.17%
Firstcash Holdings Inc0.17%
Kiniksa Pharmaceuticals Intern0.17%
Sterling Infrastructure Inc0.17%
Vicor Corporation0.16%
Credo Technology Group Hol Ltd0.16%
Huron Consulting Group Inc0.15%
Magnolia Oil & Gas Corpo Class A0.15%
Bloom Energy Corp Class A0.14%
Curiositystream Inc Class A0.14%
Disc Medicine Inc0.14%
Powell Industries Inc0.13%
Acushnet Holdings Corp0.13%
Dana Inc0.12%
Commerce.com Inc0.12%
Varonis Systems Inc0.12%
Tidewater Inc0.11%
Sight Sciences Inc0.11%
Warrior Met Coal Inc0.11%
Bankwell Financial Group Inc0.10%
Novanta Inc0.10%
Astronics Corp0.10%
Capri Holdings Ltd0.10%
Mercury Systems Inc0.09%
Hims & Hers Health Inc0.09%
Innodata Inc0.09%
Viemed Healthcare Inc0.09%
Granite Ridge Resources Inc0.09%

Weight gaps

The 100 widest of 365 Holdings in both funds.

Holding weights in FESM and FSEG, widest gap first
Holding	Gap	FESM	FSEG
Cheesecake Factory IncCAKE	FSEG +0.62 points	0.10%	0.72%
Phillips Edison & CoPECO	FESM +0.60 points	0.68%	0.08%
Esco Technologies IncESE	FSEG +0.58 points	0.11%	0.69%
Outfront Media IncOUT	FESM +0.56 points	0.70%	0.14%
Atmus Filtration Techn IncATMU	FSEG +0.54 points	0.27%	0.81%
Xometry IncXMTR	FSEG +0.54 points	0.08%	0.62%
Haemonetics Corp MassHAE	FSEG +0.51 points	0.14%	0.65%
Osi Systems IncOSIS	FSEG +0.50 points	0.03%	0.53%
Smartfinancial IncSMBK	FSEG +0.45 points	0.04%	0.49%
Origin Bancorp IncOBK	FSEG +0.45 points	0.06%	0.51%
Glaukos CorpGKOS	FSEG +0.44 points	0.97%	1.41%
Hinge Health IncHNGE	FSEG +0.42 points	0.41%	0.83%
Fluor CorpFLR	FESM +0.42 points	0.74%	0.32%
Federal Signal CorpFSS	FSEG +0.42 points	0.09%	0.51%
Paymentus Holdings Inc Class APAY	FSEG +0.41 points	0.26%	0.67%
Victoria's Secret & CoVSXY	FSEG +0.40 points	0.26%	0.66%
Frontdoor IncFTDR	FSEG +0.39 points	0.00%	0.39%
Granite Construction IncGVA	FSEG +0.39 points	0.13%	0.52%
Miami International Holds IncMIAX	FSEG +0.39 points	0.08%	0.47%
Glacier Bancorp IncGBCI	FESM +0.39 points	0.47%	0.08%
Aci Worldwide IncACIW	FESM +0.39 points	0.61%	0.22%
Harrow IncHROW	FSEG +0.38 points	0.13%	0.51%
Protagonist Therapeutics IncPTGX	FSEG +0.37 points	0.23%	0.60%
Qualys IncQLYS	FSEG +0.37 points	0.00%	0.37%
Ormat Technologies IncORA	FSEG +0.37 points	0.17%	0.54%
Pattern Group IncPTRN	FSEG +0.36 points	0.21%	0.57%
Tg Therapeutics IncTGTX	FSEG +0.36 points	0.16%	0.52%
Clear Secure IncYOU	FSEG +0.35 points	0.66%	1.01%
Brightspring Hlth Services IncBTSG	FSEG +0.35 points	0.74%	1.09%
Tarsus Pharmaceuticals IncTARS	FSEG +0.34 points	0.00%	0.34%
Hci Group IncHCI	FESM +0.35 points	0.52%	0.17%
United Natural Foods IncUNFI	FESM +0.33 points	0.38%	0.05%
Bgc Group Inc ABGC	FSEG +0.33 points	0.39%	0.72%
Idt Corp Class B NewIDT	FSEG +0.33 points	0.13%	0.46%
Ingevity CorpNGVT	FSEG +0.32 points	0.04%	0.36%
V2X IncVVX	FESM +0.31 points	0.33%	0.02%
Red Violet IncRDVT	FSEG +0.31 points	0.14%	0.45%
Firefly Aerospace IncFLY	FSEG +0.31 points	0.01%	0.32%
Remitly Global IncRELY	FSEG +0.29 points	0.03%	0.32%
Krystal Biotech IncKRYS	FSEG +0.29 points	0.03%	0.32%
Cerence IncCRNC	FSEG +0.29 points	0.03%	0.32%
Twist Bioscience CorpTWST	FSEG +0.28 points	0.31%	0.59%
Archrock IncAROC	FSEG +0.27 points	0.10%	0.37%
Gorman-Rupp CoGRC	FSEG +0.27 points	<0.01%	0.28%
Argan IncAGX	FSEG +0.27 points	<0.01%	0.27%
Extreme Networks IncEXTR	FESM +0.26 points	0.50%	0.24%
Doubleverify Holdings IncDV	FSEG +0.27 points	0.35%	0.62%
Rigetti Computing Inc ARGTI	FSEG +0.27 points	0.08%	0.35%
Praxis Precision Medicines IncPRAX	FSEG +0.26 points	0.27%	0.53%
Benchmark Electronics IncBHE	FESM +0.26 points	0.36%	0.10%
Belden IncBDC	FSEG +0.27 points	0.12%	0.39%
Silicon Laboratories IncSLAB	FSEG +0.26 points	0.25%	0.51%
Skyward Specialty Ins Grp IncSKWD	FESM +0.25 points	0.50%	0.25%
Stepstone Group Inc Class ASTEP	FSEG +0.24 points	0.34%	0.58%
Donnelley Financial SolutionsDFIN	FSEG +0.24 points	0.11%	0.35%
Kinetik Holdings IncKNTK	FSEG +0.24 points	0.00%	0.24%
Kymera Therapeutics IncKYMR	FSEG +0.24 points	0.12%	0.36%
Alkami Technology IncALKT	FSEG +0.24 points	0.12%	0.36%
Hawkins IncHWKN	FSEG +0.24 points	0.28%	0.52%
Enova Intl IncENVA	FSEG +0.23 points	0.40%	0.63%
Upstart Holdings IncUPST	FESM +0.23 points	0.32%	0.09%
Heartflow IncHTFL	FSEG +0.23 points	0.24%	0.47%
Oscar Health Inc - Class AOSCR	FSEG +0.23 points	0.75%	0.98%
Rhythm Pharmaceuticals IncRYTM	FSEG +0.23 points	0.28%	0.51%
Chemours Co/ TheCC	FSEG +0.22 points	0.06%	0.28%
Joby Aviation IncJOBY	FSEG +0.23 points	0.07%	0.30%
Wiley (John) & Sons Inc Class AJW.A	FESM +0.22 points	0.36%	0.14%
Amneal Pharmaceuticals IncAMRX	FESM +0.23 points	0.25%	0.02%
Progress Software CorpPRGS	FESM +0.22 points	0.33%	0.11%
Zurn Elkay Water Solutions CorZWS	FSEG +0.22 points	0.19%	0.41%
Definium Therapeutics IncDFTX	FSEG +0.21 points	0.10%	0.31%
Life Time Group Holdings IncLTH	FESM +0.22 points	0.46%	0.24%
Commvault Systems IncCVLT	FSEG +0.22 points	0.46%	0.68%
Allient IncALNT	FSEG +0.21 points	0.17%	0.38%
Webull Corp	FSEG +0.21 points	0.11%	0.32%
Lindblad Expeditions HoldingsLIND	FSEG +0.20 points	0.02%	0.22%
Aar CorpAIR	FSEG +0.19 points	0.49%	0.68%
Braze IncBRZE	FSEG +0.19 points	0.06%	0.25%
Cytokinetics IncCYTK	FESM +0.19 points	0.29%	0.10%
Phinia IncPHIN	FESM +0.19 points	0.25%	0.06%
Cg Oncology IncCGON	FSEG +0.20 points	0.25%	0.45%
Sonos IncSONO	FESM +0.18 points	0.56%	0.38%
Limbach Holdings IncLMB	FSEG +0.18 points	0.17%	0.35%
Figs Inc-Class AFIGS	FSEG +0.17 points	0.22%	0.39%
Wisdomtree IncWT	FESM +0.18 points	0.42%	0.24%
Scholar Rock Holding CorpSRRK	FSEG +0.18 points	0.06%	0.24%
Mirum Pharmaceuticals IncMIRM	FSEG +0.17 points	0.19%	0.36%
Calumet IncCLMT	FSEG +0.17 points	0.01%	0.18%
Astec Industries IncASTE	FSEG +0.17 points	0.12%	0.29%
Alkermes PLCALKS	FSEG +0.17 points	0.31%	0.48%
Q2 Holdings IncQTWO	FSEG +0.17 points	0.39%	0.56%
Ooma IncOOMA	FSEG +0.16 points	0.03%	0.19%
Shake Shack Inc Class ASHAK	FESM +0.16 points	0.30%	0.14%
Commercial Metals CoCMC	FESM +0.16 points	0.74%	0.58%
Erasca IncERAS	FSEG +0.16 points	0.11%	0.27%
Navan Inc ANAVN	FSEG +0.16 points	0.53%	0.69%
Xenon Pharmaceuticals IncXENE	FSEG +0.16 points	0.08%	0.24%
Travere Therapeutics IncTVTX	FSEG +0.16 points	0.19%	0.35%
Abercrombie & Fitch Co Class AANF	FSEG +0.16 points	0.67%	0.83%
Balchem CorpBCPC	FSEG +0.16 points	0.62%	0.78%

All 632 FESM holdings⁠All 331 FSEG 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 FSEG Cost

Same expense ratio

$5,755

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

FESM 0.28%
$5,755
FSEG 0.28%
$5,755

Amount$10,000

Years30 years

Cost over time

FESM 0.28%
FSEG 0.28%

Year by year

Year	FESM	FSEG
10	$509	$509
20	$1,976	$1,976
30	$5,755	$5,755

Expense ratio

0.28%FESM
0.28%FSEG

FESM0.28%FSEG0.28%

0.25%2.20%

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

FESM 2nd cheapest of 39 funds

FSEG 2nd cheapest of 39 funds

FESM vs FSEG Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FESM 0.86%; FSEG No data
Payout (12M): FESM $0.39; FSEG No data
Last payment: FESM $0.10; FSEG $0.01
Ex-dividend: FESM Sep 18, 2026; FSEG Sep 18, 2026
Paid on: FESM Sep 22, 2026; FSEG Sep 22, 2026
Frequency: FESM Quarterly; FSEG Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

FESMQuarterly · 13 paymentsAll FESM payments⁠

FSEGQuarterly · 2 paymentsAll FSEG payments⁠

FESM vs FSEG 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 2023FSEG No data
Return per unit of riskSharpe ratio, 3 years: FESM 0.97since Dec 2023FSEG No data
Worst fallMax drawdown, 5 years: FESM −26.9%since Nov 2023FSEG No data
Market sensitivityBeta, 5 years: FESM 1.33FSEG 0.79; Market = 1

FESM and FSEG 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

Popular comparisons

FESMAvsAVSCA
Fidelity Enhanced Small Cap ETF · Avantis U.S. Small Cap Equity ETF
Expense ratio
0.28% · 0.25%
Category
FSEGBvsAVSCA
Fidelity Enhanced Small Cap Growth ETF · Avantis U.S. Small Cap Equity ETF
Expense ratio
0.28% · 0.25%
Category
FESMAvsDFSVA
Fidelity Enhanced Small Cap ETF · U.S. Small Cap Value Portfolio ETF Class Shares
Expense ratio
0.28% · 0.30%
Category
FSEGBvsDFSVA
Fidelity Enhanced Small Cap Growth ETF · U.S. Small Cap Value Portfolio ETF Class Shares
Expense ratio
0.28% · 0.30%
Category
FESMAvsDUSGA
Fidelity Enhanced Small Cap ETF · U.S. Small Cap Growth Portfolio: ETF Class Shares
Expense ratio
0.28% · 0.33%
Category
FSEGBvsDUSGA
Fidelity Enhanced Small Cap Growth ETF · U.S. Small Cap Growth Portfolio: ETF Class Shares
Expense ratio
0.28% · 0.33%
Category

FESM vs FSEG

In short

Stated mandate

Why people hold it

Worth knowing

How FESM and FSEG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in FSEG

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 FSEG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in FSEG

Weight gaps