FESM vs MMSC: Grades, Fees and Holdings Compared

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

First Trust Multi-Manager Small Cap Opportunities ETF

MMSCFNYSE Arca

Overlap

16.3%by weight

Expense ratio

FESM −0.67pt a year

FESM0.28%MMSC0.95%

Avg volume · 30D

FESM 221.3×the volume

FESM1.02MMMSC4.6K

FESM vs MMSC Performance

Oct 31, 2025 – Oct 30, 2026

+23.4%FESM+8.6%MMSC

Expense ratio: FESM 0.28%, better; MMSC 0.95%
Fund size: FESM $6.41B; MMSC $52M
1Y total return: FESM +23.4%, better; MMSC +8.6%
Yield (12M): FESM 0.86%, better; MMSC 0.00%
Holdings: FESM 892; MMSC 199
Avg volume (30D): FESM 1.02M sh, better; MMSC 4.6K sh
NAV per share: FESM $45.47; MMSC $26.47
52W range

ETF.net Grade

Pillar letters and Scores for FESM, MMSC, with each pillar’s weight
Pillar	FESM	MMSC
Cost30% weight	A96Higher	F3
Mission25% weight	A85Higher	A73
Risk15% weight	C54Higher	F19
Tradability15% weight	A93Higher	D37
Holdings10% weight	A82Higher	B55
Durability5% weight	A93Higher	A70

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. FESM and MMSC 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 MMSC 34th 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 30DSSCPSMART Small Cap ETFScore 29
Rank 34FMMSCFirst Trust Multi-Manager Small Cap Opportunities ETFScore 24
Rank 35FTMFSMotley Fool Small-Cap Growth ETFScore 23

Our read on each fund

ETF.net Research

FESMAFidelity Enhanced Small Cap ETF

MMSCFFirst Trust Multi-Manager Small Cap Opportunities 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.

MMSC Two small-cap shops, one ticker. Driehaus and Stephens each feed stock ideas to First Trust, which decides how much money each sleeve runs. Active small-cap stock picking priced like the boutique product it is.

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.

MMSC The fund seeks long-term capital appreciation and normally invests at least 80% of its net assets in equity securities issued by small capitalization companies.

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.

MMSC Genuinely multi-manager: Driehaus Capital Management and Stephens Investment Management Group both recommend names, and First Trust's investment committee sets each sub-adviser's slice.sec.gov ftportfolios.com
The sub-advisers are non-discretionary. They pitch, First Trust decides and trades, which keeps one desk accountable for what actually lands in the portfolio.sec.gov
Roughly 200 holdings, so no single small-cap name drives the fund. Active picking without the single-manager concentration risk.
The mandate is written down: at least 80% of net assets in small-cap equities, aiming for long-term capital appreciation. Live since 2021.ftportfolios.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%.

MMSC 0.95% a year is boutique-active pricing, roughly four times the 0.25% charged by systematic small-cap peers like AVUV and AVSC, and well above the active small-cap median.
Small asset base and light trading next to the small-cap index giants, so bid-ask spreads can run wider. Limit orders are the standard workaround.
Built for capital appreciation, not income. A regular distribution stream has not been part of the profile.

Full FESM profile⁠

Full MMSC profile⁠

FESM vs MMSC Holdings

How FESM and MMSC differ

Overlap by weight

16.3%

Shared holdings make up 40.6% of MMSC and 19.1% of FESM.

Level by level

Holdings81 in both16.3%
Sector11 Sectors77.5%
Countryby domicile96.3%
Asset classEquity100%

Sector

Sector weights in FESM and MMSC, widest gap first
Sector	More in FESMMore in MMSC	FESM	MMSC
Technology	MMSC +12.2 points	15.8%	28.0%
Financials	FESM +10.7 points	19.2%	8.5%
Health Care	MMSC +4.9 points	21.4%	26.3%
Real Estate	FESM +3.7 points	4.0%	0.3%
Materials	FESM +3.2 points	4.8%	1.6%
Industrials	MMSC +3.0 points	14.4%	17.4%
Consumer Staples	MMSC +2.0 points	1.2%	3.2%
Communication	FESM +1.8 points	3.0%	1.2%
Utilities	FESM +1.7 points	1.7%	0.0%
Energy	FESM +1.3 points	6.2%	4.9%
Consumer Discretionary	MMSC +0.4 points	8.3%	8.7%

Country, concentration and asset class

Country by domicile

Country weights in FESM and MMSC, widest gap first
Country	More in FESMMore in MMSC	FESM	MMSC
United States	FESM +3.4 points	99.4%	96.0%
Canada	MMSC +1.5 points	0.2%	1.7%
China	MMSC +1.0 points	0.0%	1.0%
Switzerland	MMSC +0.5 points	0.1%	0.6%
Other countries (5)	MMSC +0.4 points	0.3%	0.7%

Concentration

Weight in the 10 largest Holdings

FESM9.7%
MMSC14.8%

Securities held

FESM889
MMSC198

Asset class

FESM: Equity
MMSC: Equity

Holdings

Only in FESM808
In both81
Only in MMSC117

Only in FESM

808 securities, 82.7% of FESM by weight

Securities Lending Cf2.80%
Commercial Metals Co0.75%
Fluor Corp0.73%
Oscar Health Inc - Class A0.72%
Outfront Media Inc0.72%
Abercrombie & Fitch Co Class A0.71%
Enersys Inc0.69%
Griffon Corp0.67%
Plexus Corp0.65%
Kulicke & Soffa Industries Inc0.63%
Phillips Edison & Co0.62%
Aci Worldwide Inc0.58%
Sonos Inc0.57%
Payoneer Global Inc0.57%
Wsfs Financial Corp0.57%
Delek Us Holdings Inc0.56%
Brightspring Hlth Services Inc0.56%
Home Bancshares Inc0.55%
Tutor Perini Corp0.53%
Hci Group Inc0.53%
Sensient Technologies Corp0.52%
Harmony Biosciences Hldgs Inc0.52%
Clear Secure 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%
Wesbanco Inc0.48%
Extreme Networks Inc0.47%
Skyward Specialty Ins Grp Inc0.46%
Polaris Inc0.46%
Glacier Bancorp Inc0.45%
Callaway Golf Company0.42%
Benchmark Electronics Inc0.41%
Bgc Group Inc A0.41%
Cargurus Inc Class A0.40%
Eastern Bankshares Inc0.40%
Federated Hermes Inc0.40%
Dxp Enterprises Inc0.38%
United Natural Foods 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 MMSC

117 securities, 57.3% of MMSC by weight

JFrog Ltd.1.57%
Zeta Global Holdings Corp. (Class A)1.47%
Varonis Systems, Inc.1.32%
Netskope, Inc. (Class A)1.32%
Ollie's Bargain Outlet Holdings, Inc.1.25%
SailPoint, Inc.1.23%
FirstCash Holdings, Inc.1.21%
Repligen Corporation1.20%
Rubrik, Inc. (Class A)1.14%
Spyre Therapeutics, Inc.1.13%
Halozyme Therapeutics, Inc.1.11%
Exelixis, Inc.0.98%
Manhattan Associates, Inc.0.94%
ICON Plc0.86%
Wingstop Inc.0.80%
First Watch Restaurant Group, Inc.0.75%
Virtu Financial, Inc. (Class A)0.70%
Septerna, Inc.0.70%
Medpace Holdings, Inc.0.68%
Five Below, Inc.0.68%
Boot Barn Holdings, Inc.0.68%
RBC Bearings Incorporated0.67%
Magnolia Oil & Gas Corporation (Class A)0.66%
Impinj, Inc.0.66%
Leonardo DRS, Inc.0.66%
Karman Holdings Inc.0.64%
The Descartes Systems Group Inc.0.63%
Silicon Motion Technology Corporation (ADR)0.62%
The Chefs' Warehouse, Inc.0.60%
Viper Energy, Inc. (Class A)0.60%
Piper Sandler Companies0.60%
Andersen Group Inc. (Class A)0.59%
DigitalOcean Holdings, Inc.0.57%
MACOM Technology Solutions Holdings, Inc.0.56%
AeroVironment, Inc.0.55%
Herc Holdings, Inc.0.53%
e.l.f. Beauty, Inc.0.53%
IMAX Corporation0.53%
Kratos Defense & Security Solutions, Inc.0.52%
Genius Sports Limited0.52%
Palomar Holdings, Inc.0.52%
Sezzle Inc.0.51%
Tidewater Inc.0.51%
MSC Industrial Direct Co., Inc. (Class A)0.51%
Guidewire Software, Inc.0.49%
Powell Industries, Inc.0.49%
SentinelOne, Inc. (Class A)0.49%
Amylyx Pharmaceuticals, Inc.0.48%
Solaris Energy Infrastructure, Inc. (Class A)0.48%
Natera, Inc.0.47%

Weight gaps

All 81 Holdings in both funds, largest gap first.

Holding weights in FESM and MMSC, widest gap first
Holding	More in FESMMore in MMSC	FESM	MMSC
Xometry IncXMTR	MMSC +1.61 points	0.07%	1.68%
Ligand PharmaceuticalsLGND	MMSC +1.16 points	0.00%	1.16%
Travere Therapeutics IncTVTX	MMSC +1.07 points	0.19%	1.26%
Protagonist Therapeutics IncPTGX	MMSC +0.99 points	0.24%	1.23%
Guardant Health IncGH	MMSC +0.89 points	0.55%	1.44%
Twist Bioscience CorpTWST	MMSC +0.87 points	0.44%	1.31%
Irhythm Technologies IncIRTC	MMSC +0.73 points	0.00%	0.73%
FIVE9 IncFIVN	MMSC +0.66 points	0.00%	0.66%
Definium Therapeutics IncDFTX	MMSC +0.64 points	0.10%	0.74%
Kymera Therapeutics IncKYMR	MMSC +0.62 points	0.09%	0.71%
Fastly Inc Class AFSLY	MMSC +0.60 points	0.16%	0.76%
Ezcorp Inc Class A Non VtgEZPW	MMSC +0.59 points	0.24%	0.83%
Edgewise Therapeutics IncEWTX	MMSC +0.59 points	0.18%	0.77%
Praxis Precision Medicines IncPRAX	MMSC +0.59 points	0.26%	0.85%
Vse CorpVSEC	MMSC +0.58 points	0.05%	0.63%
Braze IncBRZE	MMSC +0.56 points	0.05%	0.61%
Nlight IncLASR	MMSC +0.51 points	0.03%	0.54%
Agilysys IncAGYS	MMSC +0.52 points	0.04%	0.56%
Remitly Global IncRELY	MMSC +0.49 points	0.03%	0.52%
Cheesecake Factory IncCAKE	MMSC +0.46 points	0.10%	0.56%
Xenon Pharmaceuticals IncXENE	MMSC +0.45 points	0.08%	0.53%
Scholar Rock Holding CorpSRRK	MMSC +0.44 points	0.03%	0.47%
Bandwidth.comBAND	MMSC +0.42 points	0.11%	0.53%
Installed Building Prod IncIBP	FESM +0.41 points	0.71%	0.30%
Rambus IncRMBS	MMSC +0.40 points	<0.01%	0.40%
Axogen IncAXGN	MMSC +0.39 points	0.23%	0.62%
Ceco Environmental CorpCECO	FESM +0.38 points	0.59%	0.21%
Acadian Asset Management IncAAMI	MMSC +0.38 points	0.30%	0.68%
Supernus Pharmaceuticals IncSUPN	MMSC +0.37 points	0.17%	0.54%
Maximus IncMMS	MMSC +0.38 points	0.13%	0.51%
Victoria's Secret & CoVSXY	MMSC +0.34 points	0.27%	0.61%
Atricure IncATRC	FESM +0.33 points	0.52%	0.19%
Figs Inc-Class AFIGS	MMSC +0.32 points	0.23%	0.55%
Materion CorpMTRN	FESM +0.32 points	0.58%	0.26%
Archrock IncAROC	MMSC +0.32 points	0.11%	0.43%
Semtech CorpSMTC	MMSC +0.31 points	<0.01%	0.31%
Life Time Group Holdings IncLTH	MMSC +0.30 points	0.43%	0.73%
Ptc Therapeutics IncPTCT	MMSC +0.30 points	0.21%	0.51%
Mirion Technologies Inc-AMIR	MMSC +0.29 points	0.07%	0.36%
Tarsus Pharmaceuticals IncTARS	MMSC +0.28 points	0.00%	0.28%
Federal Signal CorpFSS	MMSC +0.27 points	0.09%	0.36%
Paymentus Holdings Inc Class APAY	MMSC +0.26 points	0.24%	0.50%
Maxlinear IncMXL	FESM +0.25 points	0.59%	0.34%
Stonex Group IncSNEX	FESM +0.24 points	0.42%	0.18%
Veracyte IncVCYT	MMSC +0.24 points	0.08%	0.32%
Harley-Davidson IncHOG	MMSC +0.24 points	0.03%	0.27%
Innovex International IncINVX	MMSC +0.23 points	0.05%	0.28%
Flywire CorpFLYW	MMSC +0.22 points	0.27%	0.49%
Viavi Solutions IncVIAV	MMSC +0.21 points	0.11%	0.32%
Navan Inc ANAVN	FESM +0.21 points	0.53%	0.32%
Openlane IncOPLN	FESM +0.21 points	0.64%	0.43%
Madrigal Pharmaceuticals IncMDGL	MMSC +0.20 points	0.07%	0.27%
Wisdomtree IncWT	MMSC +0.18 points	0.44%	0.62%
FabrinetFN	MMSC +0.16 points	0.14%	0.30%
Dianthus Therapeutics IncDNTH	MMSC +0.15 points	0.04%	0.19%
Arrowhead Pharmaceuticals IncARWR	MMSC +0.16 points	0.07%	0.23%
Exlservice Holdings IncEXLS	MMSC +0.15 points	0.32%	0.47%
Park Aerospace CorpPKE	MMSC +0.14 points	0.12%	0.26%
Cogent Biosciences IncCOGT	MMSC +0.13 points	0.14%	0.27%
Glaukos CorpGKOS	FESM +0.13 points	1.02%	0.89%
Oceaneering International IncOII	MMSC +0.12 points	0.22%	0.34%
Champion Homes IncSKY	MMSC +0.11 points	0.15%	0.26%
Encore Cap Group IncECPG	MMSC +0.11 points	0.53%	0.64%
Heartflow IncHTFL	MMSC +0.11 points	0.16%	0.27%
Balchem CorpBCPC	FESM +0.10 points	0.58%	0.48%
Hinge Health IncHNGE	FESM +0.10 points	0.37%	0.27%
Marriott Vacations WorldVAC	MMSC +0.09 points	0.40%	0.49%
Enova Intl IncENVA	FESM +0.08 points	0.40%	0.32%
Target Hospitality CorpTH	MMSC +0.06 points	0.13%	0.19%
Zurn Elkay Water Solutions CorZWS	MMSC +0.05 points	0.24%	0.29%
Helmerich & Payne IncHP	MMSC +0.04 points	0.21%	0.25%
Rush Street Interactive IncRSI	MMSC +0.04 points	0.05%	0.09%
Red Violet IncRDVT	MMSC +0.04 points	0.14%	0.18%
Rush Enterprises Inc Class ARUSHA	FESM +0.04 points	0.26%	0.22%
Arcutis Biotherapeutics IncARQT	MMSC +0.03 points	0.14%	0.17%
Esco Technologies IncESE	MMSC +0.03 points	0.11%	0.14%
Haemonetics Corp MassHAE	MMSC +0.03 points	0.13%	0.16%
Commvault Systems IncCVLT	MMSC +0.02 points	0.48%	0.50%
Healthequity IncHQY	FESM +0.02 points	0.69%	0.67%
Adaptive Biotechnologies CorpADPT	FESM +0.02 points	0.48%	0.46%
Alkermes PLCALKS	Same weight	0.29%	0.29%

All 632 FESM holdings⁠All 200 MMSC 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 MMSC Cost

Overpaying MMSC vs FESM

$12,114

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

FESM 0.28%
$5,755
MMSC 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

FESM 0.28%
MMSC 0.95%
Overpaying

Year by year

Year	FESM	MMSC	Overpaying
10	$509	$1,678	$1,169
20	$1,976	$6,322	$4,346
30	$5,755	$17,869	$12,114

Expense ratio

0.28%FESM, cheaper
0.95%MMSC

FESM0.28%MMSC0.95%

0.25%2.20%

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

FESM 2nd cheapest of 39 funds

MMSC 38th cheapest of 39 funds

FESM vs MMSC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FESM 0.86%, better; MMSC 0.00%
Payout (12M): FESM $0.39; MMSC None
Last payment: FESM $0.10; MMSC No data
Ex-dividend: FESM Sep 18, 2026; MMSC No data
Paid on: FESM Sep 22, 2026; MMSC No data
Frequency: FESM Quarterly; MMSC No data

Distribution history

Per share, 2023 to 2026, same scale for both

FESMQuarterly · 13 paymentsAll FESM payments⁠

MMSC1 paymentAll MMSC payments⁠

FESM vs MMSC 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 2023MMSC 19.5%
Return per unit of riskSharpe ratio, 3 years: FESM 0.97since Dec 2023MMSC 0.93
Worst fallMax drawdown, 5 years: FESM −26.9%since Nov 2023MMSC −40.8%
Market sensitivityBeta, 5 years: FESM 1.34MMSC 1.34; Market = 1

FESM and MMSC 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 MMSC

In short

Stated mandate

Why people hold it

Worth knowing

How FESM and MMSC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in MMSC

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 MMSC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in MMSC

Weight gaps