FESM vs RESM: Grades, Fees and Holdings Compared

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

Columbia Research Enhanced Small Cap ETF

RESMBNYSE Arca

Overlap

42.8%by weight

Expense ratio

FESM −0.04pt a year

FESM0.28%RESM0.32%

Avg volume · 30D

FESM 811.7×the volume

FESM1.02MRESM1.26K

FESM vs RESM Performance

Dec 31, 2025 – Oct 30, 2026

+21.2%FESM+17.9%RESM

Expense ratio: FESM 0.28%, better; RESM 0.32%
Fund size: FESM $6.41B; RESM $6M
1Y total return: FESM +23.4%; RESM No data
Yield (12M): FESM 0.86%; RESM No data
Holdings: FESM 892; RESM 1018
Avg volume (30D): FESM 1.02M sh, better; RESM 1.26K sh
NAV per share: FESM $45.47; RESM $23.48
52W range

ETF.net Grade

Pillar letters and Scores for FESM, RESM, with each pillar’s weight
Pillar	FESM	RESM
Cost30% weight	A96Higher	A88
Mission25% weight	A85	Not scored
Risk15% weight	C54	A70Higher
Tradability15% weight	A93Higher	D36
Holdings10% weight	A82	A90Higher
Durability5% weight	A93Higher	F24

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. FESM and RESM 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 RESM 7th 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 5AJSMLJanus Henderson Small Cap Growth Alpha ETFScore 70
Rank 7BRESMColumbia Research Enhanced Small Cap ETFScore 69
Rank 8BFSMLFranklin Small Cap Enhanced ETFScore 67

Our read on each fund

ETF.net Research

FESMAFidelity Enhanced Small Cap ETF

RESMBColumbia Research Enhanced Small Cap 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.

RESM Columbia brought its Research Enhanced approach down to small caps in December 2025 and priced it like an index fund: 0.32% a year, cheaper than most active rivals in the category. The trade-off is everything that comes with a brand-new, tiny fund.

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.

RESM The Fund pursues its objective by investing in dividend-paying common and preferred stocks.

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.

RESM Charges 0.32% a year, undercutting the typical actively managed US small-cap ETF and landing close to index-fund territory.
Actively managed, so security selection decides what it owns rather than straight replication of a small-cap benchmark.
The portfolio itself is the strongest part of the build, grading well on holdings quality within the active small-cap group.

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%.

RESM Launched in December 2025. There is no long record to judge yet, and our read on it carries less confidence than for seasoned funds.
Assets are small and trading is thin, which can mean wider spreads than the established names in the category.
Top-graded peers such as AVUV, AVSC and FESM charge a touch less and have years of live history behind them.

Full FESM profile⁠

Full RESM profile⁠

FESM vs RESM Holdings

How FESM and RESM differ

Overlap by weight

42.8%

Shared holdings make up 80.2% of FESM and 62.8% of RESM.

Level by level

Holdings601 in both42.8%
Countryby domicile98.8%
Asset classEquity100%

Sector

No Sector split for RESM.

Country, concentration and asset class

Country by domicile

Country weights in FESM and RESM, widest gap first
Country	More in FESMMore in RESM	FESM	RESM
United States	FESM +1.2 points	99.4%	98.2%
Brazil	RESM +0.6 points	0.2%	0.8%
Other countries (9)	RESM +0.6 points	0.4%	1.0%

Concentration

Weight in the 10 largest Holdings

FESM9.7%
RESM5.3%

Securities held

FESM889
RESM1,016

Asset class

FESM: Equity
RESM: Equity

Holdings

Only in FESM288
In both601
Only in RESM415

Only in FESM

288 securities, 21.6% of FESM by weight

Securities Lending Cf2.80%
Guardant Health Inc0.55%
Home Bancshares Inc0.55%
Navan Inc A0.53%
Kodiak Gas Services Inc0.49%
Glacier Bancorp Inc0.45%
Life Time Group Holdings Inc0.43%
Federated Hermes Inc0.40%
Upstart Holdings Inc0.35%
Ducommun Inc0.34%
Exlservice Holdings Inc0.32%
Towne Bank0.32%
Southwest Gas Holdings Inc0.31%
Fb Financial Corp0.31%
Axsome Therapeutics Inc0.31%
Stepstone Group Inc Class A0.30%
Shake Shack Inc Class A0.28%
First Finl Bankshares Inc0.27%
Ftai Aviation Ltd0.27%
Ttm Technologies Inc0.26%
Ezcorp Inc Class A Non Vtg0.24%
O-I Glass Inc0.23%
First Commonwealth Finl Corp0.23%
Sanmina Corp0.23%
California Res Corp0.23%
Axogen Inc0.23%
Blackbaud Inc0.22%
Oceanfirst Financial Corp0.22%
C3.AI Inc0.22%
Applied Industrial Tech Inc0.21%
Cvb Financial Corp0.21%
Murphy Oil Corp0.20%
Nbt Bancorp Inc0.18%
Genedx Holdings Corp-A0.18%
Edgewise Therapeutics Inc0.18%
Lakeland Financial Corp0.17%
Marten Transport Ltd0.17%
Triumph Financial Inc0.17%
Dycom Industries Inc0.16%
Heartflow Inc0.16%
Resideo Technologies Inc0.16%
Insperity Inc0.16%
Butterfly Network Inc A0.16%
Nb Bancorp Inc0.15%
Cbiz Inc0.14%
Fabrinet0.14%
Target Hospitality Corp0.13%
Navitas Semiconductor Corp0.13%
Harrow Inc0.12%
Txnm Energy Inc0.12%

Only in RESM

415 securities, 36.5% of RESM by weight

Jfrog Ltd0.57%
Viasat Inc0.56%
Umb Financial Corp0.51%
Moog Inc0.48%
Interdigital Inc0.47%
Ryman Hospitality Properties Inc0.43%
Zeta Global Holdings Corp0.40%
Firstcash Holdings Inc0.40%
Brinker International Inc0.40%
Victory Capital Holdings Inc0.32%
Box Inc0.32%
Matson Inc0.32%
Selective Insurance Group Inc0.31%
Hancock Whitney Corp0.31%
Lantheus Holdings Inc0.31%
Terex Corp0.30%
Black Hills Corp0.30%
Varonis Systems Inc0.29%
Enpro Inc0.28%
Jbt Marel Corp0.27%
Spyre Therapeutics Inc0.25%
Sabra Health Care Reit Inc0.25%
Noble Corp PLC0.25%
Piper Sandler Cos0.25%
Badger Meter Inc0.24%
Murphy Oil Corp0.24%
One Gas Inc0.24%
Mercury Systems Inc0.23%
Itron Inc0.23%
Brookfield Infrastructure Corp0.22%
Cathay General Bancorp0.22%
Livanova PLC0.22%
Tanger Inc0.21%
Apple Hospitality Reit Inc0.21%
Cnx Resources Corp0.21%
St Joe Co/The0.21%
Construction Partners Inc0.20%
Marex Group Ltd0.20%
Pjt Partners Inc0.20%
Kodiak Gas Services Inc0.20%
Magnolia Oil & Gas Corp0.20%
International Seaways Inc0.20%
LIFE360 Inc0.20%
Lumen Technologies Inc0.20%
Laureate Education Inc0.20%
Signet Jewelers Ltd0.19%
Azz Inc0.19%
International Bancshares Corp0.19%
Warrior Met Coal Inc0.19%
Cactus Inc0.19%

Weight gaps

The 100 widest of 601 Holdings in both funds.

Holding weights in FESM and RESM, widest gap first
Holding	More in FESMMore in RESM	FESM	RESM
Installed Building Prod IncIBP	FESM +0.51 points	0.71%	0.20%
Sonos IncSONO	FESM +0.48 points	0.57%	0.09%
Griffon CorpGFF	FESM +0.49 points	0.67%	0.18%
Payoneer Global IncPAYO	FESM +0.48 points	0.57%	0.09%
Openlane IncOPLN	FESM +0.48 points	0.64%	0.16%
Ceco Environmental CorpCECO	FESM +0.47 points	0.59%	0.12%
Commercial Metals CoCMC	FESM +0.45 points	0.75%	0.30%
Qualys IncQLYS	RESM +0.45 points	0.00%	0.45%
Outfront Media IncOUT	FESM +0.44 points	0.72%	0.28%
Harmony Biosciences Hldgs IncHRMY	FESM +0.42 points	0.52%	0.10%
Encore Cap Group IncECPG	FESM +0.42 points	0.53%	0.11%
Fluor CorpFLR	FESM +0.42 points	0.73%	0.31%
Hci Group IncHCI	FESM +0.42 points	0.53%	0.11%
Abercrombie & Fitch Co Class AANF	FESM +0.41 points	0.71%	0.30%
Kulicke & Soffa Industries IncKLIC	FESM +0.41 points	0.63%	0.22%
Enersys IncENS	FESM +0.40 points	0.69%	0.29%
Old National Bancorp (Ind)ONB	RESM +0.40 points	0.06%	0.46%
Delek Us Holdings IncDK	FESM +0.38 points	0.56%	0.18%
Materion CorpMTRN	FESM +0.38 points	0.58%	0.20%
Phillips Edison & CoPECO	FESM +0.37 points	0.62%	0.25%
Atricure IncATRC	FESM +0.37 points	0.52%	0.15%
Valley Natl BancorpVLY	RESM +0.36 points	<0.01%	0.36%
Tutor Perini CorpTPC	FESM +0.35 points	0.53%	0.18%
Wsfs Financial CorpWSFS	FESM +0.36 points	0.57%	0.21%
Glaukos CorpGKOS	FESM +0.36 points	1.02%	0.66%
Skyward Specialty Ins Grp IncSKWD	FESM +0.35 points	0.46%	0.11%
Balchem CorpBCPC	FESM +0.35 points	0.58%	0.23%
Plexus CorpPLXS	FESM +0.34 points	0.65%	0.31%
Oscar Health Inc - Class AOSCR	FESM +0.33 points	0.72%	0.39%
Callaway Golf CompanyELY	FESM +0.33 points	0.42%	0.10%
Cushman & Wakefield LtdCWK	FESM +0.33 points	0.49%	0.16%
Polaris IncPII	FESM +0.33 points	0.46%	0.13%
Aar CorpAIR	FESM +0.32 points	0.51%	0.19%
Essent Group LtdESNT	RESM +0.32 points	0.00%	0.32%
Skywest IncSKYW	FESM +0.31 points	0.49%	0.18%
Yelp IncYELP	FESM +0.31 points	0.35%	0.04%
Extreme Networks IncEXTR	FESM +0.31 points	0.47%	0.16%
Cargurus Inc Class ACARG	FESM +0.30 points	0.40%	0.10%
Wisdomtree IncWT	FESM +0.29 points	0.44%	0.15%
Essential Properties RealtyEPRT	RESM +0.29 points	<0.01%	0.30%
Sensient Technologies CorpSXT	FESM +0.29 points	0.52%	0.23%
Wesbanco IncWSBC	FESM +0.29 points	0.48%	0.19%
Healthequity IncHQY	FESM +0.29 points	0.69%	0.40%
Clear Secure IncYOU	FESM +0.28 points	0.52%	0.24%
Dxp Enterprises IncDXPE	FESM +0.27 points	0.38%	0.11%
Aci Worldwide IncACIW	FESM +0.27 points	0.58%	0.31%
Wiley (John) & Sons Inc Class AJW.A	FESM +0.27 points	0.36%	0.09%
Ameris BancorpABCB	RESM +0.27 points	0.00%	0.27%
Benchmark Electronics IncBHE	FESM +0.27 points	0.41%	0.14%
Axos Financial IncAX	RESM +0.27 points	<0.01%	0.27%
Workiva IncWK	FESM +0.26 points	0.49%	0.23%
Maxlinear IncMXL	FESM +0.26 points	0.59%	0.33%
Adaptive Biotechnologies CorpADPT	FESM +0.27 points	0.48%	0.21%
Merit Medical Systems IncMMSI	RESM +0.26 points	0.00%	0.26%
Doubleverify Holdings IncDV	FESM +0.26 points	0.34%	0.08%
Aveanna Healthcare Hldgs IncAVAH	FESM +0.26 points	0.31%	0.05%
United Natural Foods IncUNFI	FESM +0.26 points	0.37%	0.11%
Frontdoor IncFTDR	RESM +0.25 points	0.00%	0.25%
Option Care Health IncOPCH	FESM +0.25 points	0.49%	0.24%
Marriott Vacations WorldVAC	FESM +0.25 points	0.40%	0.15%
Krystal Biotech IncKRYS	RESM +0.24 points	0.03%	0.27%
Vertex Inc - Class AVERX	FESM +0.24 points	0.30%	0.06%
Hinge Health IncHNGE	FESM +0.24 points	0.37%	0.13%
Kennametal IncKMT	FESM +0.24 points	0.35%	0.11%
Federal Signal CorpFSS	RESM +0.23 points	0.09%	0.32%
Progress Software CorpPRGS	FESM +0.23 points	0.33%	0.10%
Argan IncAGX	RESM +0.23 points	<0.01%	0.23%
V2X IncVVX	FESM +0.22 points	0.34%	0.12%
Northwest Bancshares IncNWBI	FESM +0.22 points	0.33%	0.11%
Ufp Industries IncUFPI	RESM +0.21 points	0.00%	0.21%
M/I Homes IncMHO	FESM +0.21 points	0.34%	0.13%
World Kinect CorpWKC	FESM +0.21 points	0.29%	0.08%
10X Genomics IncTXG	RESM +0.21 points	0.24%	0.45%
Appian Corp Class AAPPN	FESM +0.21 points	0.31%	0.10%
Irhythm Technologies IncIRTC	RESM +0.21 points	0.00%	0.21%
Kymera Therapeutics IncKYMR	RESM +0.20 points	0.09%	0.29%
Insight Enterprises IncNSIT	FESM +0.20 points	0.49%	0.29%
Remitly Global IncRELY	RESM +0.20 points	0.03%	0.23%
Icu Medical IncICUI	RESM +0.20 points	<0.01%	0.20%
Sm Energy CoSM	RESM +0.20 points	0.19%	0.39%
Sprout Social IncSPT	FESM +0.20 points	0.23%	0.03%
Avista CorpAVA	FESM +0.19 points	0.34%	0.15%
Tandem Diabetes Care IncTNDM	FESM +0.19 points	0.25%	0.06%
Apogee Enterprises IncAPOG	FESM +0.19 points	0.24%	0.05%
Indivior Pharmaceuticals IncINDV	RESM +0.19 points	0.00%	0.19%
Bgc Group Inc ABGC	FESM +0.19 points	0.41%	0.22%
Minimed Group IncMMED	FESM +0.18 points	0.21%	0.03%
Esco Technologies IncESE	RESM +0.19 points	0.11%	0.30%
Yext IncYEXT	FESM +0.19 points	0.22%	0.03%
Cavco Industries IncCVCO	FESM +0.19 points	0.36%	0.17%
Ryerson Holding CorpRYZ	FESM +0.18 points	0.23%	0.05%
Core Natural Resources IncCNR	RESM +0.18 points	0.00%	0.18%
Covista IncCVSA	RESM +0.18 points	0.00%	0.18%
Perrigo Co PLC	FESM +0.17 points	0.28%	0.11%
Asana IncASAN	FESM +0.17 points	0.23%	0.06%
Diebold Nixdorf IncDBD	FESM +0.18 points	0.29%	0.11%
Enova Intl IncENVA	FESM +0.18 points	0.40%	0.22%
Forum Energy Technologies IncFET	FESM +0.17 points	0.21%	0.04%
Vaxcyte IncPCVX	RESM +0.17 points	0.12%	0.29%
Nmi Holdings IncNMIH	FESM +0.17 points	0.34%	0.17%

All 632 FESM holdings⁠All RESM 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 RESM Cost

Overpaying RESM vs FESM

$787

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

FESM 0.28%
$5,755
RESM 0.32%
$6,542

Amount$10,000

Years30 years

Cost over time

FESM 0.28%
RESM 0.32%
Overpaying

Year by year

Year	FESM	RESM	Overpaying
10	$509	$580	$71
20	$1,976	$2,250	$274
30	$5,755	$6,542	$787

Expense ratio

0.28%FESM, cheaper
0.32%RESM

FESM0.28%RESM0.32%

0.25%2.20%

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

FESM 2nd cheapest of 39 funds

RESM 6th cheapest of 39 funds

FESM vs RESM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FESM 0.86%; RESM No data
Payout (12M): FESM $0.39; RESM No data
Last payment: FESM $0.10; RESM $0.02
Ex-dividend: FESM Sep 18, 2026; RESM Dec 18, 2025
Paid on: FESM Sep 22, 2026; RESM Dec 26, 2025
Frequency: FESM Quarterly; RESM Irregular

Distribution history

Per share, 2023 to 2026, same scale for both

FESMQuarterly · 13 paymentsAll FESM payments⁠

RESMIrregular · 1 paymentAll RESM payments⁠

FESM vs RESM 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 2023RESM No data
Return per unit of riskSharpe ratio, 3 years: FESM 0.97since Dec 2023RESM No data
Worst fallMax drawdown, 5 years: FESM −26.9%since Nov 2023RESM No data
Market sensitivityBeta, 5 years: FESM 1.34RESM 0.79; Market = 1

FESM and RESM 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
RESMBvsAVSCA
Columbia Research Enhanced Small Cap ETF · Avantis U.S. Small Cap Equity ETF
Expense ratio
0.32% · 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
RESMBvsDFSVA
Columbia Research Enhanced Small Cap ETF · U.S. Small Cap Value Portfolio ETF Class Shares
Expense ratio
0.32% · 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
RESMBvsDUSGA
Columbia Research Enhanced Small Cap ETF · U.S. Small Cap Growth Portfolio: ETF Class Shares
Expense ratio
0.32% · 0.33%
Category