FESM vs JSML: Grades, Fees and Holdings Compared

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

Janus Henderson Small Cap Growth Alpha ETF

JSMLANasdaq

Overlap

14.7%by weight

Expense ratio

FESM −0.02pt a year

FESM0.28%JSML0.30%

Avg volume · 30D

FESM 39.2×the volume

FESM1.02MJSML26K

FESM vs JSML Performance

Oct 31, 2025 – Oct 30, 2026

+23.4%FESM+18.2%JSML

Expense ratio: FESM 0.28%, better; JSML 0.30%
Fund size: FESM $6.41B; JSML $378M
1Y total return: FESM +23.4%, better; JSML +18.2%
Yield (12M): FESM 0.86%, better; JSML 0.30%
Holdings: FESM 892; JSML 123
Avg volume (30D): FESM 1.02M sh, better; JSML 26K sh
NAV per share: FESM $45.47; JSML $89.38
52W range

ETF.net Grade

Pillar letters and Scores for FESM, JSML, with each pillar’s weight
Pillar	FESM	JSML
Cost30% weight	A96Higher	A91
Mission25% weight	A85	Not scored
Risk15% weight	C54Higher	D35
Tradability15% weight	A93Higher	A78
Holdings10% weight	A82Higher	C48
Durability5% weight	A93Higher	A82

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. FESM and JSML 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 JSML 5th 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 5ABSVOEA Bridgeway Omni Small-Cap Value ETFScore 70
Rank 5AJSMLJanus Henderson Small Cap Growth Alpha ETFScore 70
Rank 7BRESMColumbia Research Enhanced Small Cap ETFScore 69

Our read on each fund

ETF.net Research

FESMAFidelity Enhanced Small Cap ETF

JSMLAJanus Henderson Small Cap Growth Alpha 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.

JSML Janus Henderson's rules-driven answer to small-cap growth: a systematic screen benchmarked against the Russell 2000 Growth Index, priced at 0.30% a year while the typical active small-cap peer charges more.

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.

JSML The fund seeks long-term capital growth. Normally, it invests at least 80% of net assets in equity securities of small-cap companies chosen for growth potential.

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.

JSML 0.30% a year, comfortably below the median fee in its active small-cap group. Cheap pricing for a systematic strategy rather than a plain index tracker.
Rules-first construction: normally at least 80% of net assets in small-cap growth equities, spread across roughly 200 names, so no single stock carries the fund.
Trading since 2016, so there is a long live record behind the method, and it sits in the top quartile of its active US small-cap peer group.
Pays shareholders on a quarterly schedule, with the Russell 2000 Growth Index as the stated yardstick for the strategy.janushenderson.com

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%.

JSML One of the more thinly traded funds in its category, so execution costs can bite harder than with a heavily traded small-cap ETF.
Small-cap growth is the jumpy end of the market, and the mandate keeps at least 80% of assets parked there. Bumpier than a broad-market equity fund.
Cheaper systematic small-cap rivals exist: AVSC and AVUV at 0.25%, DUHP at 0.20%, all with different factor recipes.

Full FESM profile⁠

Full JSML profile⁠

FESM vs JSML Holdings

How FESM and JSML differ

Overlap by weight

14.7%

Shared holdings make up 63.7% of JSML and 15.3% of FESM.

Level by level

Holdings70 in both14.7%
Sector11 Sectors82.7%
Countryby domicile99.0%
Asset classEquity100%

Sector

Sector weights in FESM and JSML, widest gap first
Sector	More in FESMMore in JSML	FESM	JSML
Technology	JSML +9.1 points	15.8%	24.9%
Financials	FESM +8.7 points	19.2%	10.5%
Health Care	JSML +7.0 points	21.4%	28.4%
Energy	FESM +2.0 points	6.2%	4.2%
Consumer Discretionary	FESM +1.8 points	8.3%	6.5%
Utilities	FESM +1.7 points	1.7%	0.0%
Real Estate	FESM +1.4 points	4.0%	2.6%
Materials	FESM +1.1 points	4.8%	3.7%
Consumer Staples	JSML +0.9 points	1.2%	2.1%
Industrials	FESM +0.6 points	14.4%	13.8%
Communication	JSML +0.3 points	3.0%	3.3%

Country, concentration and asset class

Country by domicile

Country weights in FESM and JSML, widest gap first
Country	More in FESMMore in JSML	FESM	JSML
United States	FESM +0.7 points	99.4%	98.7%
United Kingdom	JSML +0.6 points	0.0%	0.6%
Other countries (4)	JSML +0.1 points	0.6%	0.7%

Concentration

Weight in the 10 largest Holdings

FESM9.7%
JSML18.5%

Securities held

FESM889
JSML122

Asset class

FESM: Equity
JSML: Equity

Holdings

Only in FESM819
In both70
Only in JSML52

Only in FESM

819 securities, 86.6% of FESM by weight

Securities Lending Cf2.80%
Glaukos Corp1.02%
Commercial Metals Co0.75%
Fluor Corp0.73%
Outfront Media Inc0.72%
Abercrombie & Fitch Co Class A0.71%
Installed Building Prod Inc0.71%
Plexus Corp0.65%
Openlane Inc0.64%
Phillips Edison & Co0.62%
Ceco Environmental Corp0.59%
Aci Worldwide Inc0.58%
Balchem Corp0.58%
Sonos Inc0.57%
Payoneer Global Inc0.57%
Wsfs Financial Corp0.57%
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%
Sensient Technologies Corp0.52%
Clear Secure Inc0.52%
Atricure Inc0.52%
Aar Corp0.51%
Skywest Inc0.49%
Insight Enterprises Inc0.49%
Workiva Inc0.49%
Kodiak Gas Services Inc0.49%
Cushman & Wakefield Ltd0.49%
Wesbanco Inc0.48%
Adaptive Biotechnologies Corp0.48%
Extreme Networks Inc0.47%
Skyward Specialty Ins Grp Inc0.46%
Polaris Inc0.46%
Glacier Bancorp Inc0.45%
Life Time Group Holdings Inc0.43%
Callaway Golf Company0.42%
Stonex Group Inc0.42%
Benchmark Electronics Inc0.41%
Bgc Group Inc A0.41%
Eastern Bankshares Inc0.40%
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%
Wiley (John) & Sons Inc Class A0.36%

Only in JSML

52 securities, 36.3% of JSML by weight

Ryman Hospitality Properties, Inc.2.13%
Concentra Group Holdings Parent, Inc.2.00%
Cactus, Inc. Class A1.83%
Victory Capital Holdings, Inc. Class A1.58%
Brinker International, Inc.1.46%
Steven Madden, Ltd.1.09%
Kiniksa Pharmaceuticals International, plc Class A1.00%
Climb Global Solutions, Inc.0.92%
AZZ Inc.0.91%
Zeta Global Holdings Corp. Class A0.88%
RadNet, Inc.0.87%
Moog Inc. Class A0.85%
Wolverine World Wide, Inc.0.82%
Herc Holdings, Inc.0.81%
Arhaus, Inc. Class A0.81%
Rh0.74%
Varonis Systems, Inc.0.74%
Wendy's Company0.73%
Zevra Therapeutics, Inc.0.72%
Kontoor Brands, Inc.0.70%
Liquidia Corporation0.70%
Compass Diversified Holdings0.70%
Anterix Inc.0.67%
Sezzle Inc.0.65%
Interparfums, Inc.0.64%
ImmunityBio Inc0.63%
MeiraGTx Holdings Plc0.60%
FirstCash Holdings, Inc.0.60%
Porch Group, Inc.0.57%
Dave, Inc. Class A0.57%
SSR Mining Inc0.56%
Warrior Met Coal, Inc.0.55%
NVE Corporation0.52%
Core Scientific Inc0.51%
Solaris Energy Infrastructure, Inc. Class A0.50%
Penguin Solutions Incorporation0.50%
Magnite, Inc.0.48%
Perpetua Resources Corp.0.44%
Forward Air Corporation0.44%
Bel Fuse Inc. Class B0.43%
Riot Platforms, Inc.0.43%
Westrock Coffee Company0.42%
Array Technologies Inc0.42%
Himalaya Shipping Ltd.0.41%
Cartesian Therapeutics, Inc.0.40%
AXT, Inc.0.40%
Legence Corp. Class A0.32%
Infleqtion, Inc.0.30%
Innodata Inc.0.29%
Douglas Dynamics, Inc.0.02%

Weight gaps

All 70 Holdings in both funds, largest gap first.

Holding weights in FESM and JSML, widest gap first
Holding	More in FESMMore in JSML	FESM	JSML
Qualys IncQLYS	JSML +1.90 points	0.00%	1.90%
Zurn Elkay Water Solutions CorZWS	JSML +1.62 points	0.24%	1.86%
Commvault Systems IncCVLT	JSML +1.57 points	0.48%	2.05%
Artisan Partners Asset Mgt AAPAM	JSML +1.54 points	0.04%	1.58%
Option Care Health IncOPCH	JSML +1.51 points	0.49%	2.00%
Trinet Group IncTNET	JSML +1.49 points	0.14%	1.63%
Haemonetics Corp MassHAE	JSML +1.43 points	0.13%	1.56%
C T’s CorpCTS	JSML +1.43 points	0.00%	1.43%
Pagerduty IncPD	JSML +1.25 points	0.23%	1.48%
Caredx IncCDNA	JSML +1.24 points	0.21%	1.45%
Stepstone Group Inc Class ASTEP	JSML +1.19 points	0.30%	1.49%
Krystal Biotech IncKRYS	JSML +1.15 points	0.03%	1.18%
Arbutus Biopharma CorpABUS	JSML +1.06 points	<0.01%	1.06%
Covista IncCVSA	JSML +1.03 points	0.00%	1.03%
Myr Group Inc/DelawareMYRG	JSML +1.00 points	0.15%	1.15%
Mesa Laboratories IncMLAB	JSML +0.96 points	0.11%	1.07%
Q2 Holdings IncQTWO	JSML +0.96 points	0.33%	1.29%
Tg Therapeutics IncTGTX	JSML +0.94 points	0.15%	1.09%
Adma Biologics IncADMA	JSML +0.93 points	0.02%	0.95%
Cinemark Holdings IncCNK	JSML +0.84 points	0.27%	1.11%
Enerpac Tool Group Corp Class AEPAC	JSML +0.83 points	0.14%	0.97%
Enersys IncENS	JSML +0.81 points	0.69%	1.50%
Ncino IncNCNO	JSML +0.79 points	0.04%	0.83%
Kaiser Alum CorpKALU	JSML +0.78 points	0.05%	0.83%
Arlo Technologies IncARLO	JSML +0.75 points	0.10%	0.85%
Vericel CorpVCEL	JSML +0.75 points	0.09%	0.84%
Griffon CorpGFF	JSML +0.73 points	0.67%	1.40%
Frontdoor IncFTDR	JSML +0.71 points	0.00%	0.71%
Dorian Lpg LtdLPG	JSML +0.70 points	0.06%	0.76%
Harmony Biosciences Hldgs IncHRMY	JSML +0.70 points	0.52%	1.22%
Ptc Therapeutics IncPTCT	JSML +0.70 points	0.21%	0.91%
Ligand PharmaceuticalsLGND	JSML +0.70 points	0.00%	0.70%
10X Genomics IncTXG	JSML +0.67 points	0.24%	0.91%
Oruka Therapeutics IncORKA	JSML +0.66 points	0.11%	0.77%
Calumet IncCLMT	JSML +0.64 points	0.00%	0.64%
Argan IncAGX	JSML +0.64 points	<0.01%	0.64%
Aurinia Pharmaceuticals IncAUPH	JSML +0.63 points	0.12%	0.75%
Twist Bioscience CorpTWST	JSML +0.59 points	0.44%	1.03%
Appian Corp Class AAPPN	JSML +0.59 points	0.31%	0.90%
Brightspring Hlth Services IncBTSG	JSML +0.59 points	0.56%	1.15%
Cargurus Inc Class ACARG	JSML +0.57 points	0.40%	0.97%
Carter Bankshares IncCARE	JSML +0.56 points	0.14%	0.70%
Remitly Global IncRELY	JSML +0.55 points	0.03%	0.58%
Cvr Energy IncCVI	JSML +0.55 points	<0.01%	0.56%
Paymentus Holdings Inc Class APAY	JSML +0.54 points	0.24%	0.78%
Cohu IncCOHU	JSML +0.54 points	0.01%	0.55%
Lionsgate Studios CorpLION	JSML +0.52 points	0.13%	0.65%
Constellium SECSTM	JSML +0.51 points	0.07%	0.58%
Acadian Asset Management IncAAMI	JSML +0.51 points	0.30%	0.81%
Cheesecake Factory IncCAKE	JSML +0.50 points	0.10%	0.60%
Sarepta Therapeutics IncSRPT	JSML +0.47 points	0.12%	0.59%
Belden IncBDC	JSML +0.46 points	0.13%	0.59%
Alarm.com Holdings IncALRM	JSML +0.44 points	0.32%	0.76%
Diodes IncDIOD	JSML +0.43 points	0.32%	0.75%
Figs Inc-Class AFIGS	JSML +0.39 points	0.23%	0.62%
Axcelis Technologies IncACLS	JSML +0.39 points	0.12%	0.51%
National Energy Services ReuniNESR	JSML +0.37 points	0.06%	0.43%
Delek Us Holdings IncDK	JSML +0.33 points	0.56%	0.89%
Praxis Precision Medicines IncPRAX	JSML +0.33 points	0.26%	0.58%
Kulicke & Soffa Industries IncKLIC	FESM +0.29 points	0.63%	0.34%
Yext IncYEXT	JSML +0.28 points	0.22%	0.50%
Hut 8 CorpHUT	JSML +0.25 points	0.10%	0.35%
Rezolute IncRZLT	JSML +0.26 points	0.02%	0.28%
Healthcare Services Group IncHCSG	JSML +0.14 points	0.03%	0.17%
Oscar Health Inc - Class AOSCR	FESM +0.11 points	0.72%	0.61%
Wisdomtree IncWT	JSML +0.08 points	0.44%	0.52%
Maxlinear IncMXL	FESM +0.07 points	0.59%	0.52%
Healthequity IncHQY	FESM +0.07 points	0.69%	0.62%
Savara IncSVRA	JSML +0.06 points	0.02%	0.08%
Materion CorpMTRN	FESM +0.04 points	0.58%	0.54%

All 632 FESM holdings⁠All 121 JSML 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 JSML Cost

Overpaying JSML vs FESM

$394

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

FESM 0.28%
$5,755
JSML 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

FESM 0.28%
JSML 0.30%
Overpaying

Year by year

Year	FESM	JSML	Overpaying
10	$509	$545	$36
20	$1,976	$2,113	$137
30	$5,755	$6,149	$394

Expense ratio

0.28%FESM, cheaper
0.30%JSML

FESM0.28%JSML0.30%

0.25%2.20%

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

FESM 2nd cheapest of 39 funds

JSML 4th cheapest of 39 funds

FESM vs JSML Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FESM 0.86%, better; JSML 0.30%
Payout (12M): FESM $0.39; JSML $0.27
Last payment: FESM $0.10; JSML $0.05
Ex-dividend: FESM Sep 18, 2026; JSML Sep 30, 2026
Paid on: FESM Sep 22, 2026; JSML Oct 6, 2026
Frequency: FESM Quarterly; JSML Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FESMQuarterly · 13 paymentsAll FESM payments⁠

JSMLQuarterly · 39 paymentsAll JSML payments⁠

FESM vs JSML 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 2023JSML 21.6%
Return per unit of riskSharpe ratio, 3 years: FESM 0.97since Dec 2023JSML 0.87
Worst fallMax drawdown, 5 years: FESM −26.9%since Nov 2023JSML −37.5%
Market sensitivityBeta, 5 years: FESM 1.34JSML 1.28; Market = 1

FESM and JSML 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
ETF Filings
Janus Henderson International Core Alpha ETF prospectus takes effect at 0.35%
Sep 14, 2026JSML

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FESM vs JSML

In short

Stated mandate

Why people hold it

Worth knowing

How FESM and JSML differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in JSML

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

Janus Henderson International Core Alpha ETF prospectus takes effect at 0.35%

How FESM and JSML differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in JSML

Weight gaps