FESM vs LITL: Grades, Fees and Holdings Compared

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

Simplify Piper Sandler US Small-Cap PLUS Income ETF

LITLDNYSE Arca

Overlap

18.5%by weight

Expense ratio

FESM −0.62pt a year

FESM0.28%LITL0.90%

Avg volume · 30D

FESM 576.5×the volume

FESM1.02MLITL1.77K

FESM vs LITL Performance

Oct 31, 2025 – Oct 30, 2026

+23.4%FESM+23.2%LITL

Expense ratio: FESM 0.28%, better; LITL 0.90%
Fund size: FESM $6.41B; LITL $6M
1Y total return: FESM +23.4%, better; LITL +23.2%
Yield (12M): FESM 0.86%; LITL 2.72%, better
Holdings: FESM 892; LITL 185
Avg volume (30D): FESM 1.02M sh, better; LITL 1.77K sh
NAV per share: FESM $45.47; LITL $33.84
52W range

ETF.net Grade

Pillar letters and Scores for FESM, LITL, with each pillar’s weight
Pillar	FESM	LITL
Cost30% weight	A96Higher	F5
Mission25% weight	A85	Not scored
Risk15% weight	C54	A70Higher
Tradability15% weight	A93Higher	F12
Holdings10% weight	A82Higher	B66
Durability5% weight	A93Higher	D28

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. FESM and LITL 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 LITL 30th 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 30DALILArgent Focused Small Cap ETFScore 29
Rank 30DLITLSimplify Piper Sandler US Small-Cap PLUS Income ETFScore 29
Rank 30DSGRWHarbor Active Small Cap Growth ETF (SGRW)Score 29

Our read on each fund

ETF.net Research

FESMAFidelity Enhanced Small Cap ETF

LITLDSimplify Piper Sandler US Small-Cap PLUS Income 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.

LITL Most equity income funds sell calls on the stocks they own and cap their own upside. LITL sells put spreads on outside indices instead, bolting an income engine onto an actively rotated basket of about 200 US small caps.

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.

LITL LITL seeks capital appreciation and income through an actively managed opportunistic strategy paired with a risk-managed income-generating options strategy.

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.

LITL The overlay sells put spreads on outside equity, bond and commodity indices or ETFs, so premium income is generated without writing calls against the fund's own stock sleeve.simplify.us simplify.us 2
Piper Sandler's model picks the 3-4 style factors (value, profitability, earnings growth and similar) it reads as favorable for the current business cycle, then reranks the universe.simplify.us
Starts from roughly 2,000 small caps, screens out the most illiquid names, and lands on about 200 holdings. Liquidity screening matters more down here than in large caps.simplify.us

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%.

LITL 0.91% a year sits well above the active US small-cap median near 0.5%, and several times what systematic peers like AVUV and AVSC charge at 0.25%.
A 2025 launch that is still small and thinly traded, so bid-ask spreads can be wide and the live record is short.
Income comes from option premium rather than dividends, so payouts are irregular, and short put spreads can take losses in a sharp selloff alongside the small-cap sleeve.simplify.us simplify.us 2

Full FESM profile⁠

Full LITL profile⁠

FESM vs LITL Holdings

How FESM and LITL differ

Overlap by weight

18.5%

Shared holdings make up 55.0% of LITL and 19.2% of FESM.

Level by level

Holdings95 in both18.5%
Sector11 Sectors90.1%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in FESM and LITL, widest gap first
Sector	More in FESMMore in LITL	FESM	LITL
Industrials	FESM +4.5 points	14.4%	9.9%
Materials	FESM +2.4 points	4.8%	2.4%
Technology	LITL +2.2 points	15.8%	18.0%
Consumer Staples	LITL +1.8 points	1.2%	3.0%
Utilities	FESM +1.7 points	1.7%	0.0%
Health Care	LITL +1.6 points	21.4%	23.0%
Consumer Discretionary	LITL +1.6 points	8.3%	9.9%
Financials	FESM +1.4 points	19.2%	17.8%
Communication	LITL +1.2 points	3.0%	4.2%
Real Estate	LITL +1.2 points	4.0%	5.2%
Energy	LITL +0.3 points	6.2%	6.5%

Country, concentration and asset class

Country by domicile

Country weights in FESM and LITL, widest gap first
Country	More in FESMMore in LITL	FESM	LITL
United States	LITL +0.6 points	99.4%	100.0%
Other countries (5)	FESM +0.6 points	0.6%	0.0%

Concentration

Weight in the 10 largest Holdings

FESM9.7%
LITL77.6%

Securities held

FESM889
LITL184

Asset class

FESM: Equity
LITL: Equity

Holdings

Only in FESM794
In both95
Only in LITL89

Only in FESM

794 securities, 82.6% of FESM by weight

Securities Lending Cf2.80%
Glaukos Corp1.02%
Commercial Metals Co0.75%
Fluor Corp0.73%
Outfront Media Inc0.72%
Installed Building Prod Inc0.71%
Plexus Corp0.65%
Kulicke & Soffa Industries Inc0.63%
Phillips Edison & Co0.62%
Maxlinear Inc0.59%
Ceco Environmental Corp0.59%
Aci Worldwide Inc0.58%
Materion 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%
Sensient Technologies Corp0.52%
Atricure Inc0.52%
Aar Corp0.51%
Skywest Inc0.49%
Kodiak Gas Services Inc0.49%
Cushman & Wakefield Ltd0.49%
Wesbanco Inc0.48%
Commvault Systems Inc0.48%
Adaptive Biotechnologies Corp0.48%
Extreme Networks Inc0.47%
Polaris Inc0.46%
Glacier Bancorp Inc0.45%
Wisdomtree Inc0.44%
Twist Bioscience Corp0.44%
Life Time Group Holdings Inc0.43%
Callaway Golf Company0.42%
Benchmark Electronics Inc0.41%
Bgc Group Inc A0.41%
Eastern Bankshares Inc0.40%
Marriott Vacations World0.40%
Federated Hermes Inc0.40%
Hinge Health Inc0.37%
Wiley (John) & Sons Inc Class A0.36%
United Community Banks Ga0.36%
Cavco Industries Inc0.36%
Yelp Inc0.35%
Upstart Holdings Inc0.35%
Kennametal Inc0.35%
Ducommun Inc0.34%

Only in LITL

89 securities, 100% of LITL by weight

Trs Sbar 06152756.15%
Trs Sbar 05142713.36%
B 3/11/27 Govt1.66%
B 12/31/26 Govt1.34%
B 1/28/27 Govt0.84%
Amn Health Com USD0.010.71%
Stagwell Inc USD 0.000010.68%
Huron Consulting Group Inc USD 0.010.68%
Summit Hot Com USD0.010.66%
Bellring Brands Inc New USD 0.010.66%
Empire St Com USD0.01 Class A0.65%
Exponent Inc USD 0.0010.65%
Signet Jewelers Limited USD0.180.65%
Cnx Res Corp USD 0.010.65%
Cars Com Inc USD 0.010.64%
Selective Ins Group Inc USD 2.00.64%
Kontoor Brands Inc Npv0.64%
Asbury Automotive Group In USD 0.010.64%
American Integrity Ins Gr USD 0.0010.64%
Central Garden & Pet Co USD 0.010.64%
Pediatrix Medical Group In USD 0.010.63%
Ardent Health Inc0.63%
Pacs Group Inc USD 0.0010.62%
Concentra Group Hldgs Pare USD 0.010.62%
Palomar Hldgs Inc USD 0.00010.61%
Wolverine World Wide Inc USD 1.00.61%
Lifestance Health Group In USD 0.010.61%
Brinker Intl Inc USD 0.10.61%
Itron Inc Com Npv0.61%
Primeenergy Res Corp USD 0.10.61%
Pjt Partners Inc USD 0.010.60%
Innovative Solutions & Su USD 0.0010.60%
Corvel Corp USD 0.00010.60%
Scorpio Tankers Inc USD 0.010.60%
Gigacloud Technology Inc USD 0.050.59%
Cpi Card Group Inc USD 0.0010.59%
St Joe Co Npv0.59%
Siriuspoint Ltd USD 0.10.59%
United Fire Group Inc USD 0.0010.58%
Liquidity Svcs Inc USD 0.0010.57%
Ibex Holdings Ltd USD 0.00010.57%
Hamilton Insurance Group L USD 0.010.57%
U’s Physical Therapy USD 0.010.57%
Otter Tail Com USD50.57%
Qcr Hldgs Inc USD 1.00.56%
Bowhead Specialty Hldgs In USD 0.010.56%
Mercury Gen Corp New Npv0.56%
Lantheus Hldgs Inc USD 0.010.56%
Jefferson Cap Inc Del USD 0.00010.56%
Covista Inc USD 0.010.55%

Weight gaps

All 95 Holdings in both funds, largest gap first.

Holding weights in FESM and LITL, widest gap first
Holding	More in FESMMore in LITL	FESM	LITL
Slide Insurance Holdings IncSLDE	LITL +0.64 points	<0.01%	0.64%
Frontdoor IncFTDR	LITL +0.63 points	0.00%	0.63%
Prog Holdings IncPRG	LITL +0.62 points	0.00%	0.62%
Dxc Technology CoDXC	LITL +0.61 points	0.10%	0.71%
Quinstreet IncQNST	LITL +0.62 points	0.03%	0.65%
Addus Homecare CorpADUS	LITL +0.62 points	0.00%	0.62%
Healthcare Services Group IncHCSG	LITL +0.61 points	0.03%	0.64%
Essent Group LtdESNT	LITL +0.61 points	0.00%	0.61%
Amphastar Pharmaceuticals IncAMPH	LITL +0.61 points	0.00%	0.61%
Embecta CorpEMBC	LITL +0.59 points	0.00%	0.59%
RAPID7 IncRPD	LITL +0.58 points	0.16%	0.74%
Nerdwallet Inc ANRDS	LITL +0.58 points	0.12%	0.70%
First Business Fin Svcs IncFBIZ	LITL +0.58 points	0.01%	0.59%
Pennant Group IncPNTG	LITL +0.57 points	0.00%	0.57%
Innoviva IncINVA	LITL +0.57 points	0.00%	0.57%
Universal Insurance Hldgs IncUVE	LITL +0.57 points	0.05%	0.62%
Icu Medical IncICUI	LITL +0.56 points	<0.01%	0.56%
First Source CorpSRCE	LITL +0.56 points	0.00%	0.56%
Merit Medical Systems IncMMSI	LITL +0.55 points	0.00%	0.55%
Spectrum Brands Holdings IncSPB	LITL +0.54 points	0.07%	0.61%
Carters IncCRI	LITL +0.54 points	<0.01%	0.54%
Easterly Govt Properties IncDEA	LITL +0.53 points	0.01%	0.54%
Phibro Animal Health Corp Class APAHC	LITL +0.53 points	0.05%	0.58%
Acadia Pharmaceuticals IncACAD	LITL +0.53 points	0.04%	0.57%
Gray Media IncGTN	LITL +0.53 points	0.01%	0.54%
Ingevity CorpNGVT	LITL +0.52 points	0.04%	0.56%
Kforce IncKFRC	LITL +0.52 points	0.10%	0.62%
Haemonetics Corp MassHAE	LITL +0.51 points	0.13%	0.64%
Worthington Enterprises IncWOR	LITL +0.50 points	0.07%	0.57%
Ooma IncOOMA	LITL +0.50 points	0.03%	0.53%
VestisVSTS	LITL +0.50 points	0.09%	0.59%
Kimball Electronics IncKE	LITL +0.49 points	0.02%	0.51%
Argan IncAGX	LITL +0.49 points	<0.01%	0.49%
Sally Beauty Hldgs IncSBH	LITL +0.49 points	0.14%	0.63%
Paysign IncPAYS	LITL +0.48 points	0.04%	0.52%
Enerpac Tool Group Corp Class AEPAC	LITL +0.49 points	0.14%	0.63%
Brinks CoBCO	LITL +0.48 points	0.07%	0.55%
Cbl & Associat Properties IncCBL	LITL +0.48 points	0.04%	0.52%
Caredx IncCDNA	LITL +0.49 points	0.21%	0.70%
Iradimed CorpIRMD	LITL +0.47 points	0.02%	0.49%
Ironwood Pharma Class A (Pend)IRWD	LITL +0.47 points	0.06%	0.53%
Cheesecake Factory IncCAKE	LITL +0.47 points	0.10%	0.57%
Apogee Enterprises IncAPOG	LITL +0.47 points	0.24%	0.70%
Blackbaud IncBLKB	LITL +0.47 points	0.22%	0.69%
First Bancorp Puerto RicoFBP	LITL +0.47 points	0.07%	0.54%
Alignment Healthcare IncALHC	LITL +0.46 points	0.02%	0.48%
Federal Signal CorpFSS	LITL +0.45 points	0.09%	0.54%
Sm Energy CoSM	LITL +0.45 points	0.19%	0.64%
Par Pacific Holdings IncPARR	LITL +0.44 points	0.04%	0.48%
Constellium SECSTM	LITL +0.44 points	0.07%	0.51%
Teekay Corp LtdTK	LITL +0.43 points	0.12%	0.55%
Myers IndustriesMYE	LITL +0.43 points	0.08%	0.51%
Ofg BancorpOFG	LITL +0.43 points	0.12%	0.55%
Trinet Group IncTNET	LITL +0.42 points	0.14%	0.56%
Madison Square Garden EntertaiMSGE	LITL +0.42 points	0.14%	0.56%
Freshworks Inc Class AFRSH	LITL +0.42 points	0.20%	0.62%
Heritage Insurance Holdings InHRTG	LITL +0.41 points	0.17%	0.58%
Green Plains IncGPRE	LITL +0.40 points	0.12%	0.52%
Yext IncYEXT	LITL +0.38 points	0.22%	0.60%
Copt Defense PropertiesCDP	LITL +0.39 points	0.17%	0.56%
Pagerduty IncPD	LITL +0.37 points	0.23%	0.60%
Bread Financial Holdings IncBFH	LITL +0.38 points	0.20%	0.58%
Progress Software CorpPRGS	LITL +0.34 points	0.33%	0.67%
Cinemark Holdings IncCNK	LITL +0.34 points	0.27%	0.61%
Monarch Casino & Resort IncMCRI	LITL +0.33 points	0.19%	0.52%
Alarm.com Holdings IncALRM	LITL +0.32 points	0.32%	0.64%
Newmark Group Inc Class ANMRK	LITL +0.31 points	0.20%	0.51%
Scansource IncSCSC	LITL +0.32 points	0.21%	0.53%
Q2 Holdings IncQTWO	LITL +0.31 points	0.33%	0.64%
Aveanna Healthcare Hldgs IncAVAH	LITL +0.28 points	0.31%	0.59%
Zurn Elkay Water Solutions CorZWS	LITL +0.28 points	0.24%	0.52%
Rush Street Interactive IncRSI	LITL +0.27 points	0.05%	0.32%
Option Care Health IncOPCH	LITL +0.27 points	0.49%	0.76%
Nmi Holdings IncNMIH	LITL +0.26 points	0.34%	0.60%
Rush Enterprises Inc Class ARUSHA	LITL +0.25 points	0.26%	0.51%
Enersys IncENS	FESM +0.23 points	0.69%	0.46%
Cargurus Inc Class ACARG	LITL +0.21 points	0.40%	0.61%
United Natural Foods IncUNFI	LITL +0.20 points	0.37%	0.57%
Oscar Health Inc - Class AOSCR	FESM +0.20 points	0.72%	0.52%
Workiva IncWK	LITL +0.16 points	0.49%	0.65%
Enova Intl IncENVA	LITL +0.14 points	0.40%	0.54%
Skyward Specialty Ins Grp IncSKWD	LITL +0.14 points	0.46%	0.60%
Dxp Enterprises IncDXPE	LITL +0.11 points	0.38%	0.49%
Insight Enterprises IncNSIT	LITL +0.11 points	0.49%	0.60%
Clear Secure IncYOU	LITL +0.10 points	0.52%	0.62%
Healthequity IncHQY	FESM +0.07 points	0.69%	0.62%
Griffon CorpGFF	FESM +0.07 points	0.67%	0.60%
Abercrombie & Fitch Co Class AANF	FESM +0.06 points	0.71%	0.65%
Hci Group IncHCI	LITL +0.06 points	0.53%	0.59%
Brightspring Hlth Services IncBTSG	LITL +0.04 points	0.56%	0.60%
Openlane IncOPLN	FESM +0.03 points	0.64%	0.61%
Delek Us Holdings IncDK	FESM +0.02 points	0.56%	0.54%
Harmony Biosciences Hldgs IncHRMY	LITL +0.02 points	0.52%	0.54%
Balchem CorpBCPC	FESM +0.01 points	0.58%	0.57%
Stonex Group IncSNEX	LITL +0.02 points	0.42%	0.44%

All 632 FESM holdings⁠All 199 LITL 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 LITL Cost

Overpaying LITL vs FESM

$11,285

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

FESM 0.28%
$5,755
LITL 0.90%
$17,040

Amount$10,000

Years30 years

Cost over time

FESM 0.28%
LITL 0.90%
Overpaying

Year by year

Year	FESM	LITL	Overpaying
10	$509	$1,593	$1,084
20	$1,976	$6,015	$4,039
30	$5,755	$17,040	$11,285

Expense ratio

0.28%FESM, cheaper
0.90%LITL

FESM0.28%LITL0.90%

0.25%2.20%

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

FESM 2nd cheapest of 39 funds

LITL 37th cheapest of 39 funds

FESM vs LITL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FESM 0.86%; LITL 2.72%, better
Payout (12M): FESM $0.39; LITL $0.92
Last payment: FESM $0.10; LITL $0.15
Ex-dividend: FESM Sep 18, 2026; LITL Oct 27, 2026
Paid on: FESM Sep 22, 2026; LITL Oct 30, 2026
Frequency: FESM Quarterly; LITL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FESMQuarterly · 13 paymentsAll FESM payments⁠

LITLMonthly · 12 paymentsAll LITL payments⁠

FESM vs LITL 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 2023LITL 14.8%since May 2025
Return per unit of riskSharpe ratio, 3 years: FESM 0.97since Dec 2023LITL 1.34since May 2025
Worst fallMax drawdown, 5 years: FESM −26.9%since Nov 2023LITL −9.4%since Apr 2025
Market sensitivityBeta, 5 years: FESM 1.34LITL 0.69; Market = 1

FESM and LITL 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 LITL

In short

Stated mandate

Why people hold it

Worth knowing

How FESM and LITL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in LITL

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 LITL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in LITL

Weight gaps