FESM vs GSC: Grades, Fees and Holdings Compared

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

Goldman Sachs Small Cap Equity ETF

GSCCNYSE Arca

Overlap

12.1%by weight

Expense ratio

FESM −0.47pt a year

FESM0.28%GSC0.75%

Avg volume · 30D

FESM 51.9×the volume

FESM1.02MGSC19.6K

FESM vs GSC Performance

Oct 31, 2025 – Oct 30, 2026

+23.4%FESM+19.0%GSC

Expense ratio: FESM 0.28%, better; GSC 0.75%
Fund size: FESM $6.41B; GSC $303M
1Y total return: FESM +23.4%, better; GSC +19.0%
Yield (12M): FESM 0.86%, better; GSC 0.22%
Holdings: FESM 892; GSC 100
Avg volume (30D): FESM 1.02M sh, better; GSC 19.6K sh
NAV per share: FESM $45.47; GSC $64.41
52W range

ETF.net Grade

Pillar letters and Scores for FESM, GSC, with each pillar’s weight
Pillar	FESM	GSC
Cost30% weight	A96Higher	F23
Mission25% weight	A85	A89Higher
Risk15% weight	C54Higher	C44
Tradability15% weight	A93Higher	B61
Holdings10% weight	A82Higher	C51
Durability5% weight	A93Higher	A75

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. FESM and GSC 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 GSC 25th 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 25CCSMDCongress SMID Growth ETFScore 41
Rank 25CGSCGoldman Sachs Small Cap Equity ETFScore 41
Rank 27CAFSCabrdn Focused U.S. Small Cap Active ETFScore 40

Our read on each fund

ETF.net Research

FESMAFidelity Enhanced Small Cap ETF

GSCCGoldman Sachs Small Cap Equity 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.

GSC Goldman's fundamental small-cap desk hand-picks about 100 stocks out of the Russell 2000 universe. The index is the yardstick here, not the blueprint.

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.

GSC The Fund's stated objective is long-term growth of capital.

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.

GSC Actively run by Goldman's fundamental US small-cap research team: roughly 100 names chosen from a 2,000-stock universe, not a slice of the whole index.gsam.com sec.gov
Mandate discipline. Since its 2023 launch the portfolio has stayed inside its stated brief: small-cap equities, long-term growth of capital.sec.gov
The brief allows some non-US and emerging-market holdings alongside US small caps, so a good idea isn't fenced out by where it happens to list.

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%.

GSC Costs 0.75%, net of a waiver through December 29, 2026 (0.80% gross), above the category median. Systematic peers AVSC (0.25%) and FESM (0.28%) ask far less.
Shares trade less often than the category's biggest funds, so spreads can widen. Worth checking the quote before sending a market order.
About 100 holdings means results can drift well away from the Russell 2000 in either direction. The stock picking is both the point and the risk.

Full FESM profile⁠

Full GSC profile⁠

FESM vs GSC Holdings

How FESM and GSC differ

Overlap by weight

12.1%

Shared holdings make up 55.9% of GSC and 12.1% of FESM.

Level by level

Holdings50 in both12.1%
Sector11 Sectors91.5%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in FESM and GSC, widest gap first
Sector	More in FESMMore in GSC	FESM	GSC
Technology	GSC +3.4 points	15.8%	19.2%
Consumer Discretionary	GSC +2.7 points	8.3%	11.0%
Health Care	FESM +2.4 points	21.4%	19.0%
Communication	FESM +2.3 points	3.0%	0.7%
Energy	FESM +1.6 points	6.2%	4.6%
Utilities	GSC +1.2 points	1.7%	2.9%
Real Estate	FESM +1.0 points	4.0%	3.0%
Materials	FESM +1.0 points	4.8%	3.8%
Financials	GSC +0.6 points	19.2%	19.8%
Consumer Staples	GSC +0.3 points	1.2%	1.5%
Industrials	GSC +0.1 points	14.4%	14.5%

Country, concentration and asset class

Country by domicile

Country weights in FESM and GSC, widest gap first
Country	More in FESMMore in GSC	FESM	GSC
Canada	GSC +0.6 points	0.2%	0.8%
Other countries (5)	FESM +0.6 points	99.8%	99.2%

Concentration

Weight in the 10 largest Holdings

FESM9.7%
GSC17.0%

Securities held

FESM889
GSC99

Asset class

FESM: Equity
GSC: Equity

Holdings

Only in FESM839
In both50
Only in GSC49

Only in FESM

839 securities, 89.8% of FESM by weight

Securities Lending Cf2.80%
Fluor Corp0.73%
Oscar Health Inc - Class A0.72%
Outfront Media Inc0.72%
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%
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%
Delek Us Holdings Inc0.56%
Brightspring Hlth Services Inc0.56%
Guardant Health Inc0.55%
Home Bancshares Inc0.55%
Encore Cap Group Inc0.53%
Tutor Perini Corp0.53%
Navan Inc A0.53%
Hci Group Inc0.53%
Harmony Biosciences Hldgs Inc0.52%
Clear Secure Inc0.52%
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%
Commvault Systems Inc0.48%
Adaptive Biotechnologies Corp0.48%
Polaris Inc0.46%
Wisdomtree Inc0.44%
Twist Bioscience Corp0.44%
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%

Only in GSC

49 securities, 44.1% of GSC by weight

Manhattan Associates Inc1.61%
Piper Sandler Companies1.56%
Terreno Realty Corporation1.55%
Terex Corp (New)1.53%
Charles River Laboratories International, Inc.1.49%
Jfrog Ltd1.48%
Columbia Banking System, Inc.1.45%
Gates Industrial Corporation Ltd.1.39%
Southstate Bank Corp1.24%
Huron Consulting Group Inc.1.20%
Sailpoint Inc1.19%
Chord Energy1.17%
Mercury Systems Inc1.16%
Idacorp, Inc.1.10%
Servicetitan, Inc.1.09%
Hanover Insurance Group Inc1.08%
The Chef's Warehouse Inc1.08%
Sentinelone Inc0.99%
Allegro Microsystems Inc0.98%
Bj's Restaurants, Inc.0.95%
Patrick Industries, Inc.0.94%
Repligen Corp0.94%
Goosehead Insurance, Inc.0.93%
Teleflex Inc.0.86%
Brinker International Inc0.85%
Element Solutions Inc0.82%
Versigent PLC0.81%
Perella Weinberg Partners0.80%
Lifestance Health Group, Inc.0.80%
Ringcentral, Inc.0.79%
Acadia Healthcare Company Inc0.79%
Knowles Corporation0.78%
Bridgebio Pharma, Inc.0.77%
Livanova PLC0.77%
Tidewater Inc.0.70%
Cactus, Inc.0.69%
A10 Networks, Inc.0.69%
Spyre Therapeutics Inc0.67%
Suncrete, Inc.0.67%
Pennymac Financial Servics Inc0.62%
Alliance Laundry Holdings Inc.0.57%
Solstice Advanced Materials Inc.0.52%
Select Water Solutions Inc0.47%
Lyntris Inc0.45%
ORION180 Insurance Group Inc.0.45%
Yesway, Inc.0.34%
Kardigan, Inc.0.18%
Dpc Holdings Ltd0.10%
Kestra Medical Technologies, Ltd.0.01%

Weight gaps

All 50 Holdings in both funds, largest gap first.

Holding weights in FESM and GSC, widest gap first
Holding	More in FESMMore in GSC	FESM	GSC
Valley Natl BancorpVLY	GSC +1.54 points	<0.01%	1.54%
Renasant CorpRNST	GSC +1.45 points	0.00%	1.45%
Ligand PharmaceuticalsLGND	GSC +1.43 points	0.00%	1.43%
Glaukos CorpGKOS	GSC +1.40 points	1.02%	2.42%
Life Time Group Holdings IncLTH	GSC +1.37 points	0.43%	1.80%
Nicolet Bankshares IncNIC	GSC +1.34 points	<0.01%	1.34%
Lindblad Expeditions HoldingsLIND	GSC +1.32 points	0.03%	1.35%
Standex Intl CorpSXI	GSC +1.21 points	0.02%	1.23%
Ingevity CorpNGVT	GSC +1.19 points	0.04%	1.23%
Cohu IncCOHU	GSC +1.15 points	0.01%	1.16%
Copt Defense PropertiesCDP	GSC +1.15 points	0.17%	1.32%
Alkermes PLCALKS	GSC +1.12 points	0.29%	1.41%
Nmi Holdings IncNMIH	GSC +1.08 points	0.34%	1.42%
Krystal Biotech IncKRYS	GSC +1.08 points	0.03%	1.11%
Skyward Specialty Ins Grp IncSKWD	GSC +1.07 points	0.46%	1.53%
VestisVSTS	GSC +1.03 points	0.09%	1.12%
Glacier Bancorp IncGBCI	GSC +1.03 points	0.45%	1.48%
Definium Therapeutics IncDFTX	GSC +0.96 points	0.10%	1.06%
Formfactor IncFORM	GSC +0.91 points	0.00%	0.91%
First Merchants CorpFRME	GSC +0.90 points	0.24%	1.14%
Veeco InstrumentVECO	GSC +0.88 points	<0.01%	0.89%
Irhythm Technologies IncIRTC	GSC +0.88 points	0.00%	0.88%
Arcbest CorpARCB	GSC +0.87 points	0.10%	0.97%
Wesbanco IncWSBC	GSC +0.87 points	0.48%	1.35%
Urban OutfittersURBN	GSC +0.86 points	0.13%	0.99%
Veracyte IncVCYT	GSC +0.85 points	0.08%	0.93%
Spire IncSR	GSC +0.83 points	0.31%	1.14%
Ncino IncNCNO	GSC +0.83 points	0.04%	0.87%
Franklin Electric Co. Inc.FELE	GSC +0.82 points	0.22%	1.04%
10X Genomics IncTXG	GSC +0.80 points	0.24%	1.04%
Merit Medical Systems IncMMSI	GSC +0.77 points	0.00%	0.77%
M/I Homes IncMHO	GSC +0.68 points	0.34%	1.02%
Callaway Golf CompanyELY	GSC +0.66 points	0.42%	1.09%
Lionsgate Studios CorpLION	GSC +0.66 points	0.13%	0.79%
Griffon CorpGFF	GSC +0.64 points	0.67%	1.31%
Southwest Gas Holdings IncSWX	GSC +0.59 points	0.31%	0.90%
Archrock IncAROC	GSC +0.58 points	0.11%	0.69%
Fastly Inc Class AFSLY	GSC +0.57 points	0.16%	0.73%
Cytokinetics IncCYTK	GSC +0.57 points	0.33%	0.90%
Proto Labs IncPRLB	GSC +0.54 points	0.25%	0.79%
Sensient Technologies CorpSXT	GSC +0.53 points	0.52%	1.05%
Innovex International IncINVX	GSC +0.48 points	0.05%	0.53%
Praxis Precision Medicines IncPRAX	GSC +0.48 points	0.26%	0.74%
Rhythm Pharmaceuticals IncRYTM	GSC +0.45 points	0.22%	0.67%
Supernus Pharmaceuticals IncSUPN	GSC +0.35 points	0.17%	0.52%
Abercrombie & Fitch Co Class AANF	GSC +0.33 points	0.71%	1.04%
Extreme Networks IncEXTR	GSC +0.28 points	0.47%	0.75%
Maxlinear IncMXL	GSC +0.27 points	0.59%	0.86%
Oceaneering International IncOII	GSC +0.21 points	0.22%	0.43%
Commercial Metals CoCMC	GSC +0.09 points	0.75%	0.84%

All 632 FESM holdings⁠All 99 GSC 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 GSC Cost

Overpaying GSC vs FESM

$8,727

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

FESM 0.28%
$5,755
GSC 0.75%
$14,482

Amount$10,000

Years30 years

Cost over time

FESM 0.28%
GSC 0.75%
Overpaying

Year by year

Year	FESM	GSC	Overpaying
10	$509	$1,336	$827
20	$1,976	$5,078	$3,102
30	$5,755	$14,482	$8,727

Expense ratio

0.28%FESM, cheaper
0.75%GSC

FESM0.28%GSC0.75%

0.25%2.20%

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

FESM 2nd cheapest of 39 funds

GSC 29th cheapest of 39 funds

FESM vs GSC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FESM 0.86%, better; GSC 0.22%
Payout (12M): FESM $0.39; GSC $0.14
Last payment: FESM $0.10; GSC $0.06
Ex-dividend: FESM Sep 18, 2026; GSC Sep 24, 2026
Paid on: FESM Sep 22, 2026; GSC Sep 30, 2026
Frequency: FESM Quarterly; GSC Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

FESMQuarterly · 13 paymentsAll FESM payments⁠

GSCQuarterly · 12 paymentsAll GSC payments⁠

FESM vs GSC 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 2023GSC 18.2%
Return per unit of riskSharpe ratio, 3 years: FESM 0.97since Dec 2023GSC 0.77
Worst fallMax drawdown, 5 years: FESM −26.9%since Nov 2023GSC −26.6%since Oct 2023
Market sensitivityBeta, 5 years: FESM 1.34GSC 1.08; Market = 1

FESM and GSC 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 GSC

In short

Stated mandate

Why people hold it

Worth knowing

How FESM and GSC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in GSC

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 GSC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in GSC

Weight gaps