FESM vs SCDS: Grades, Fees and Holdings Compared

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

JPMorgan Fundamental Data Science Small Core ETF

SCDSBNasdaq

Overlap

25.2%by weight

Expense ratio

FESM −0.12pt a year

FESM0.28%SCDS0.40%

Avg volume · 30D

FESM 971.1×the volume

FESM1.06MSCDS1.09K

FESM vs SCDS Performance

Nov 7, 2025 – Nov 9, 2026

+25.8%FESM+25.5%SCDS

Expense ratio: FESM 0.28%, better; SCDS 0.40%
Fund size: FESM $6.74B; SCDS $9M
1Y total return: FESM +25.8%, better; SCDS +25.5%
Yield (12M): FESM 0.86%; SCDS 1.10%, better
Holdings: FESM 895; SCDS 278
Avg volume (30D): FESM 1.06M sh, better; SCDS 1.09K sh
NAV per share: FESM $45.75; SCDS $70.84
52W range

ETF.net Grade

Pillar letters and Scores for FESM, SCDS, with each pillar’s weight
Pillar	FESM	SCDS
Cost30% weight	A96Higher	A76
Mission25% weight	A85	Not scored
Risk15% weight	B66	B69Higher
Tradability15% weight	A91Higher	F14
Holdings10% weight	A78Higher	B61
Durability5% weight	A93Higher	B55

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. FESM and SCDS 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 SCDS 15th 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 86
Rank 3ADFSVU.S. Small Cap Value Portfolio ETF Class SharesScore 82
Rank 13BSIXSETC 6 Meridian Small Cap Equity ETFScore 60
Rank 15BSCDSJPMorgan Fundamental Data Science Small Core ETFScore 58
Rank 16BSYZLazard US Systematic Small Cap Equity ETFScore 56

Our read on each fund

ETF.net Research

FESMAFidelity Enhanced Small Cap ETF

SCDSBJPMorgan Fundamental Data Science Small Core 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.

SCDS JPMorgan pairs human fundamental analysts with a data science engine to pick small caps, then spreads the calls across roughly 300 names. Active stock picking priced closer to a screened index 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.

SCDS The fund invests primarily in equity securities of small-cap companies and uses a fundamental data science-enabled investment approach.

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.

SCDS Costs 0.40% a year, below the typical active US small-cap fund, so the stock picking starts from a lower hurdle.
Roughly 300 holdings, so no single small-cap stumble sets the tone for the whole portfolio.
Core mandate: the data science process hunts across the whole small-cap field instead of being boxed into value or growth.jpmorgan.com
Lands in the upper half of the active US small-cap funds we review, with quarterly distributions.

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%.

SCDS Launched in 2024. The process hasn't been tested through a full market cycle yet.
Small asset base and thin trading. Spreads can widen, so limit orders matter more here than with the household-name funds.
Cheaper small-cap options sit in the same peer group, including JPMorgan's own rules-based JPSE at 0.29% and Avantis' AVSC at 0.25%.

Full FESM profile⁠

Full SCDS profile⁠

FESM vs SCDS Holdings

How FESM and SCDS differ

Overlap by weight

25.2%

Shared holdings make up 55.1% of SCDS and 30.9% of FESM.

Level by level

Holdings154 in both25.2%
Sector11 Sectors91.9%
Asset classStocks100%
Countryby domicile99.6%

Sector

Sector weights in FESM and SCDS, widest gap first
Sector	Gap	FESM	SCDS
Real Estate	SCDS +2.5 points	3.8%	6.3%
Health Care	FESM +2.5 points	21.4%	18.9%
Industrials	FESM +2.0 points	14.5%	12.5%
Materials	FESM +1.5 points	4.9%	3.4%
Technology	SCDS +1.5 points	14.9%	16.4%
Consumer Discretionary	SCDS +1.6 points	9.1%	10.7%
Utilities	SCDS +1.4 points	1.7%	3.1%
Consumer Staples	SCDS +1.2 points	1.2%	2.4%
Financials	FESM +1.0 points	19.1%	18.1%
Communication	FESM +0.6 points	3.2%	2.6%
Energy	FESM +0.4 points	6.1%	5.7%

Country, concentration and asset class

Country by domicile

Country weights in FESM and SCDS, widest gap first
Country	Gap	FESM	SCDS
United States	FESM +0.1 points	99.4%	99.3%
Canada	SCDS +0.4 points	0.2%	0.6%
Brazil	FESM +0.2 points	0.2%	0.0%
Switzerland	Same weight	0.1%	0.1%
Hong Kong	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

FESM9.7%
SCDS12.7%

Securities held

FESM893
SCDS275

Asset class

FESM: Stocks
SCDS: Stocks

Holdings

Only in FESM739
In both154
Only in SCDS121

Only in FESM

739 securities, 70.3% of FESM by weight

Securities Lending Cf2.43%
Glaukos Corp0.97%
Installed Building Prod Inc0.76%
Brightspring Hlth Services Inc0.74%
Fluor Corp0.74%
Outfront Media Inc0.70%
Encore Cap Group Inc0.62%
Aci Worldwide Inc0.61%
Payoneer Global Inc0.60%
Openlane Inc0.59%
Tutor Perini Corp0.58%
Kulicke & Soffa Industries Inc0.53%
Delek Us Holdings Inc0.53%
Navan Inc A0.53%
Hci Group Inc0.52%
Home Bancshares Inc0.52%
Polaris Inc0.50%
Extreme Networks Inc0.50%
Skyward Specialty Ins Grp Inc0.50%
Wesbanco Inc0.50%
Sensient Technologies Corp0.50%
Aar Corp0.49%
Glacier Bancorp Inc0.47%
Harmony Biosciences Hldgs Inc0.47%
Callaway Golf Company0.46%
Commvault Systems Inc0.46%
Federated Hermes Inc0.46%
Maxlinear Inc0.42%
Wisdomtree Inc0.42%
Avista Corp0.40%
Marriott Vacations World0.40%
Q2 Holdings Inc0.39%
Bgc Group Inc A0.39%
Yelp Inc0.38%
United Natural Foods Inc0.38%
Cavco Industries Inc0.37%
United Community Banks Ga0.37%
Eastern Bankshares Inc0.37%
Benchmark Electronics Inc0.36%
Fb Financial Corp0.36%
Doubleverify Holdings Inc0.35%
Privia Health Group Inc0.35%
Stepstone Group Inc Class A0.34%
Progress Software Corp0.33%
Northwest Bancshares Inc0.33%
Alarm.com Holdings Inc0.33%
Dxp Enterprises Inc0.32%
Appian Corp Class A0.32%
Texas Capital Bancshares Inc0.31%
Fulton Financial Corp0.31%

Only in SCDS

121 securities, 44.4% of SCDS by weight

JPMorgan Prime Money4.48%
Ryman Hospitality1.12%
Chefs' Warehouse Inc/The0.93%
Concentra Group Holdings0.88%
Moog Inc-Class A0.82%
Azz Inc Common Stock USD0.82%
First Interstate0.79%
Perimeter Group Inc0.70%
Watts Water Technologies0.70%
Trico Bancshares Common0.69%
Chesapeake Utilities Corp0.69%
City Holding Co Common0.65%
Knowles Corp Common Stock0.63%
Cactus Inc Common Stock0.60%
Graham Holdings Company0.58%
Independent Bank Corp/Mi0.57%
Box Inc Common Stock USD0.55%
Bankunited Inc Common0.54%
Spyre Therapeutics Inc0.54%
Kontoor Brands Inc Common0.53%
Lci Industries Common0.52%
Schlumberger Limited0.52%
Mueller Industries Inc0.52%
First Advantage Corp0.51%
Livanova PLC Common Stock0.49%
One Gas Inc Common Stock0.48%
Sabra Health Care Reit0.47%
Bank of Nt Butterfield &0.47%
Cnx Resources Corp Common0.47%
Terreno Realty Corp Reit0.45%
Halozyme Therapeutics Inc0.45%
Varonis Systems Inc0.45%
Magnolia Oil & Gas Corp0.44%
Firstcash Holdings Inc0.44%
Zeta Global Holdings0.42%
Revolution Medicines Inc0.41%
Douglas Dynamics Inc0.41%
Visteon Corp Common0.41%
Group 1 Automotive Inc0.41%
Lb Pharmaceuticals Inc0.40%
Enact Holdings Inc Common0.40%
Selective Insurance Group0.39%
Teekay Tankers Ltd0.39%
American States Water Co0.39%
Disc Medicine Inc Common0.38%
Jackson Financial Inc0.37%
Ibex Holdings Ltd Common0.37%
International Seaways Inc0.36%
Warby Parker Inc-Class A0.35%
Magnite Inc Common Stock0.35%

Weight gaps

The 100 widest of 154 Holdings in both funds.

Holding weights in FESM and SCDS, widest gap first
Holding	Gap	FESM	SCDS
First Financial BancorpFFBC	SCDS +0.74 points	0.05%	0.79%
Icu Medical IncICUI	SCDS +0.67 points	<0.01%	0.67%
Qualys IncQLYS	SCDS +0.65 points	0.00%	0.65%
Kite Realty Group TrustKRG	SCDS +0.64 points	0.08%	0.72%
Simmons 1ST Natl Corp Class ASFNC	SCDS +0.63 points	0.04%	0.67%
Qcr Holdings IncQCRH	SCDS +0.60 points	<0.01%	0.61%
Life Time Group Holdings IncLTH	SCDS +0.58 points	0.46%	1.04%
Radian Group IncRDN	SCDS +0.56 points	0.11%	0.67%
Mcgrath RentcorpMGRC	SCDS +0.53 points	0.00%	0.53%
Provident Financial Svcs IncPFS	SCDS +0.52 points	0.10%	0.62%
Camden National CorpCAC	SCDS +0.52 points	0.01%	0.53%
Twist Bioscience CorpTWST	SCDS +0.51 points	0.31%	0.82%
Donnelley Financial SolutionsDFIN	SCDS +0.49 points	0.11%	0.60%
Vaxcyte IncPCVX	SCDS +0.47 points	0.13%	0.60%
Sm Energy CoSM	SCDS +0.45 points	0.18%	0.63%
Myr Group Inc/DelawareMYRG	SCDS +0.45 points	0.15%	0.60%
Portland General Electric CoPOR	SCDS +0.44 points	0.16%	0.60%
Monarch Casino & Resort IncMCRI	SCDS +0.43 points	0.19%	0.62%
Veradermics IncMANE	SCDS +0.43 points	0.04%	0.47%
Protagonist Therapeutics IncPTGX	SCDS +0.42 points	0.23%	0.65%
Bancfirst CorpBANF	SCDS +0.42 points	0.00%	0.42%
Synaptics IncSYNA	SCDS +0.41 points	0.06%	0.47%
Unitil CorpUTL	SCDS +0.41 points	0.04%	0.45%
Driven Brands Holdings IncDRVN	SCDS +0.40 points	0.00%	0.40%
Oscar Health Inc - Class AOSCR	FESM +0.39 points	0.75%	0.36%
Safety Insurance Group IncSAFT	SCDS +0.38 points	0.02%	0.40%
Essential Properties RealtyEPRT	SCDS +0.38 points	<0.01%	0.39%
First Merchants CorpFRME	SCDS +0.38 points	0.25%	0.63%
Wsfs Financial CorpWSFS	SCDS +0.37 points	0.59%	0.96%
Xenon Pharmaceuticals IncXENE	SCDS +0.37 points	0.08%	0.45%
Rush Enterprises Inc Class ARUSHA	SCDS +0.36 points	0.32%	0.68%
Rhythm Pharmaceuticals IncRYTM	SCDS +0.35 points	0.28%	0.63%
Ameris BancorpABCB	SCDS +0.34 points	0.00%	0.34%
Virtus Investment PartnersVRTS	SCDS +0.34 points	0.00%	0.34%
Copt Defense PropertiesCDP	SCDS +0.34 points	0.14%	0.48%
Guardant Health IncGH	FESM +0.34 points	0.47%	0.13%
Abercrombie & Fitch Co Class AANF	FESM +0.33 points	0.67%	0.34%
Dyne Therapeutics IncDYN	SCDS +0.32 points	0.04%	0.36%
Remitly Global IncRELY	SCDS +0.32 points	0.03%	0.35%
Irhythm Technologies IncIRTC	SCDS +0.32 points	0.00%	0.32%
Amalgamated Financial CorpAMAL	SCDS +0.31 points	<0.01%	0.31%
Utz Brands Inc AUTZ	SCDS +0.31 points	0.16%	0.47%
Innospec IncIOSP	SCDS +0.30 points	0.10%	0.40%
Spectrum Brands Holdings IncSPB	SCDS +0.30 points	0.07%	0.37%
Phillips Edison & CoPECO	FESM +0.30 points	0.68%	0.38%
Atmus Filtration Techn IncATMU	SCDS +0.30 points	0.27%	0.57%
Rambus IncRMBS	SCDS +0.29 points	<0.01%	0.29%
Ncino IncNCNO	SCDS +0.29 points	0.04%	0.33%
Ceco Environmental CorpCECO	FESM +0.28 points	0.49%	0.21%
Old Second BancorpOSBC	SCDS +0.28 points	0.00%	0.28%
Adaptive Biotechnologies CorpADPT	FESM +0.27 points	0.49%	0.22%
Shoals Technologies Group IncSHLS	SCDS +0.27 points	0.00%	0.27%
Mirum Pharmaceuticals IncMIRM	SCDS +0.27 points	0.19%	0.46%
Alkermes PLCALKS	SCDS +0.27 points	0.31%	0.58%
Blackline IncBL	SCDS +0.27 points	0.01%	0.28%
CenterspaceCSR	SCDS +0.27 points	0.00%	0.27%
Associated Banc CorpASB	SCDS +0.26 points	0.20%	0.46%
Sonos IncSONO	FESM +0.25 points	0.56%	0.31%
Workiva IncWK	FESM +0.26 points	0.43%	0.18%
Griffon CorpGFF	FESM +0.25 points	0.67%	0.42%
Braze IncBRZE	SCDS +0.25 points	0.06%	0.31%
Myers IndustriesMYE	SCDS +0.24 points	0.08%	0.32%
Liberty Energy Inc Class ALBRT	SCDS +0.24 points	0.00%	0.24%
Scansource IncSCSC	SCDS +0.24 points	0.16%	0.40%
Upstart Holdings IncUPST	FESM +0.23 points	0.32%	0.09%
Abm Industries IncABM	SCDS +0.23 points	0.26%	0.49%
Spx Technologies IncSPXC	SCDS +0.23 points	0.10%	0.33%
Materion CorpMTRN	FESM +0.23 points	0.48%	0.25%
Oruka Therapeutics IncORKA	SCDS +0.23 points	0.12%	0.35%
Victoria's Secret & CoVSXY	SCDS +0.23 points	0.26%	0.49%
Vse CorpVSEC	SCDS +0.22 points	0.11%	0.33%
Cvb Financial CorpCVBF	SCDS +0.22 points	0.25%	0.47%
Urban OutfittersURBN	SCDS +0.23 points	0.12%	0.35%
Maze Therapeutics IncMAZE	SCDS +0.22 points	0.02%	0.24%
Miami International Holds IncMIAX	SCDS +0.20 points	0.08%	0.28%
Amylyx Pharmaceuticals IncAMLX	SCDS +0.20 points	0.02%	0.22%
Insmed IncINSM	SCDS +0.20 points	0.06%	0.26%
M/I Homes IncMHO	SCDS +0.20 points	0.32%	0.52%
Enova Intl IncENVA	SCDS +0.20 points	0.40%	0.60%
Semtech CorpSMTC	SCDS +0.20 points	<0.01%	0.20%
Xenia Hotels &RESORTS IncXHR	SCDS +0.19 points	0.01%	0.20%
Rlj Lodging TrustRLJ	SCDS +0.19 points	0.01%	0.20%
Dnow IncDNOW	SCDS +0.19 points	0.03%	0.22%
Ladder Capital Corp Class ALADR	SCDS +0.19 points	0.00%	0.19%
Applied Industrial Tech IncAIT	SCDS +0.18 points	0.21%	0.39%
Enersys IncENS	FESM +0.19 points	0.62%	0.43%
Atricure IncATRC	FESM +0.19 points	0.51%	0.32%
Commercial Metals CoCMC	FESM +0.18 points	0.74%	0.56%
Marten Transport LtdMRTN	SCDS +0.17 points	0.18%	0.35%
Skywest IncSKYW	FESM +0.17 points	0.42%	0.25%
Vertex Inc - Class AVERX	FESM +0.16 points	0.36%	0.20%
Caretrust Reit IncCTRE	SCDS +0.17 points	0.32%	0.49%
Axsome Therapeutics IncAXSM	FESM +0.16 points	0.30%	0.14%
Cargurus Inc Class ACARG	FESM +0.17 points	0.44%	0.27%
Echostar Corp Class AECHO	SCDS +0.16 points	<0.01%	0.16%
Hillman Solutions CorpHLMN	SCDS +0.16 points	0.26%	0.42%
Southwest Gas Holdings IncSWX	SCDS +0.16 points	0.29%	0.45%
Bandwidth.comBAND	SCDS +0.15 points	0.09%	0.24%
Regenxbio IncRGNX	SCDS +0.15 points	0.06%	0.21%
Unifirst CorpUNF	SCDS +0.15 points	0.04%	0.19%

All 632 FESM holdings⁠All 276 SCDS 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 SCDS Cost

Overpaying SCDS vs FESM

$2,335

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

FESM 0.28%
$5,755
SCDS 0.40%
$8,090

Amount$10,000

Years30 years

Cost over time

FESM 0.28%
SCDS 0.40%
Overpaying

Year by year

Year	FESM	SCDS	Overpaying
10	$509	$723	$214
20	$1,976	$2,793	$817
30	$5,755	$8,090	$2,335

Expense ratio

0.28%FESM, cheaper
0.40%SCDS

FESM0.28%SCDS0.40%

0.25%2.20%

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

FESM 2nd cheapest of 39 funds

SCDS 10th cheapest of 39 funds

FESM vs SCDS Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FESM 0.86%; SCDS 1.10%, better
Payout (12M): FESM $0.39; SCDS $0.80
Last payment: FESM $0.10; SCDS $0.30
Ex-dividend: FESM Sep 18, 2026; SCDS Sep 22, 2026
Paid on: FESM Sep 22, 2026; SCDS Sep 24, 2026
Frequency: FESM Quarterly; SCDS Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

FESMQuarterly · 13 paymentsAll FESM payments⁠

SCDSQuarterly · 9 paymentsAll SCDS payments⁠

FESM vs SCDS 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 2023SCDS 17.6%since Sep 2024
Return per unit of riskSharpe ratio, 3 years: FESM 0.97since Dec 2023SCDS 0.63since Sep 2024
Worst fallMax drawdown, 5 years: FESM −26.9%since Nov 2023SCDS −26.7%since Aug 2024
Market sensitivityBeta, 5 years: FESM 1.33SCDS 1.21; Market = 1

FESM and SCDS 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 SCDS

In short

Stated mandate

Why people hold it

Worth knowing

How FESM and SCDS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in SCDS

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 SCDS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in SCDS

Weight gaps