FESM vs SQLV: Grades, Fees and Holdings Compared

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

Royce Quant Small-Cap Quality Value ETF

SQLVBNasdaq

Overlap

13.0%by weight

Expense ratio

FESM −0.32pt a year

FESM0.28%SQLV0.60%

Avg volume · 30D

FESM 167.0×the volume

FESM1.02MSQLV6.1K

FESM vs SQLV Performance

Oct 31, 2025 – Oct 30, 2026

+23.4%FESM+28.9%SQLV

Expense ratio: FESM 0.28%, better; SQLV 0.60%
Fund size: FESM $6.41B; SQLV $40M
1Y total return: FESM +23.4%; SQLV +28.9%, better
Yield (12M): FESM 0.86%; SQLV 1.01%, better
Holdings: FESM 892; SQLV 301
Avg volume (30D): FESM 1.02M sh, better; SQLV 6.1K sh
NAV per share: FESM $45.47; SQLV $53.26
52W range

ETF.net Grade

Pillar letters and Scores for FESM, SQLV, with each pillar’s weight
Pillar	FESM	SQLV
Cost30% weight	A96Higher	C48
Mission25% weight	A85	Not scored
Risk15% weight	C54	A71Higher
Tradability15% weight	A93Higher	A74
Holdings10% weight	A82Higher	A71
Durability5% weight	A93Higher	A71

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. FESM and SQLV 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 SQLV 10th 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 9BFSCCFederated Hermes MDT Small Cap Core ETFScore 64
Rank 10BSQLVRoyce Quant Small-Cap Quality Value ETFScore 62
Rank 11BSEISSEI Select Small Cap ETFScore 60

Our read on each fund

ETF.net Research

FESMAFidelity Enhanced Small Cap ETF

SQLVBRoyce Quant Small-Cap Quality Value 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.

SQLV An active small-cap fund with an algorithm at the wheel. Royce's quant screen ranks US small caps on value, quality and momentum, then spreads the money across roughly 300 names instead of a concentrated stock-picker's short list.

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.

SQLV The fund seeks long-term capital growth.

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.

SQLV Three screens, not one. The rules-based system scores value, quality and momentum together, so a stock needs more than a low price tag to earn a slot.
Roughly 300 holdings means no single small-cap blowup steers the whole fund, which matters in a corner of the market where individual names swing hard.
Subadvised by Royce Investment Partners, a shop built around small caps, wrapped in a repeatable quantitative process rather than gut-feel picking. Trading since July 2017.sec.gov
Portfolio construction is the strongest leg here, and the fund sits in the upper half of its active US small-cap peer group overall.

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%.

SQLV At 0.60% a year it costs more than the typical fund in its peer group, and well more than systematic rivals like AVUV and AVSC at 0.25%.
One of the smaller, more thinly traded funds in the category. Light volume tends to mean wider spreads, and small asset bases get reviewed by issuers over time.
A proprietary screen builds a portfolio that can look very different from a plain small-cap index, so stretches of divergence in either direction come with the design.

Full FESM profile⁠

Full SQLV profile⁠

FESM vs SQLV Holdings

How FESM and SQLV differ

Overlap by weight

13.0%

Shared holdings make up 47.7% of SQLV and 15.3% of FESM.

Level by level

Holdings136 in both13.0%
Sector11 Sectors86.0%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in FESM and SQLV, widest gap first
Sector	More in FESMMore in SQLV	FESM	SQLV
Consumer Staples	SQLV +6.5 points	1.2%	7.7%
Consumer Discretionary	SQLV +4.9 points	8.3%	13.2%
Industrials	FESM +4.1 points	14.4%	10.3%
Health Care	FESM +2.7 points	21.4%	18.7%
Communication	SQLV +2.6 points	3.0%	5.6%
Real Estate	FESM +2.4 points	4.0%	1.6%
Energy	FESM +1.8 points	6.2%	4.4%
Utilities	FESM +1.4 points	1.7%	0.3%
Technology	FESM +1.0 points	15.8%	14.8%
Materials	FESM +0.5 points	4.8%	4.3%
Financials	SQLV +0.1 points	19.2%	19.3%

Country, concentration and asset class

Country by domicile

Country weights in FESM and SQLV, widest gap first
Country	More in FESMMore in SQLV	FESM	SQLV
United States	SQLV +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%
SQLV8.6%

Securities held

FESM889
SQLV300

Asset class

FESM: Equity
SQLV: Equity

Holdings

Only in FESM753
In both136
Only in SQLV164

Only in FESM

753 securities, 86.5% of FESM by weight

Securities Lending Cf2.80%
Glaukos Corp1.02%
Commercial Metals Co0.75%
Fluor Corp0.73%
Oscar Health Inc - Class A0.72%
Outfront Media Inc0.72%
Abercrombie & Fitch Co Class A0.71%
Installed Building Prod Inc0.71%
Enersys Inc0.69%
Healthequity Inc0.69%
Griffon Corp0.67%
Openlane Inc0.64%
Kulicke & Soffa Industries Inc0.63%
Phillips Edison & Co0.62%
Maxlinear Inc0.59%
Ceco Environmental Corp0.59%
Aci Worldwide Inc0.58%
Materion Corp0.58%
Balchem Corp0.58%
Sonos Inc0.57%
Wsfs Financial Corp0.57%
Delek Us Holdings Inc0.56%
Brightspring Hlth Services Inc0.56%
Guardant Health Inc0.55%
Home Bancshares Inc0.55%
Encore Cap Group Inc0.53%
Navan Inc A0.53%
Sensient Technologies Corp0.52%
Clear Secure Inc0.52%
Atricure Inc0.52%
Aar Corp0.51%
Insight Enterprises Inc0.49%
Option Care Health Inc0.49%
Workiva Inc0.49%
Kodiak Gas Services Inc0.49%
Cushman & Wakefield Ltd0.49%
Commvault Systems Inc0.48%
Adaptive Biotechnologies Corp0.48%
Skyward Specialty Ins Grp Inc0.46%
Glacier Bancorp Inc0.45%
Wisdomtree Inc0.44%
Twist Bioscience Corp0.44%
Life Time Group Holdings Inc0.43%
Callaway Golf Company0.42%
Stonex Group Inc0.42%
Bgc Group Inc A0.41%
Cargurus Inc Class A0.40%
Eastern Bankshares Inc0.40%
Enova Intl Inc0.40%
Marriott Vacations World0.40%

Only in SQLV

164 securities, 52.3% of SQLV by weight

Kohls Corp0.88%
Kyndryl Holdings Inc0.80%
H&R Block Inc0.79%
Bumble Inc-A0.66%
Bankunited Inc0.64%
Bath & Body Works Inc0.64%
Versant Media Group Inc0.63%
Forestar Group Inc0.62%
Vontier Corp0.59%
Cathay General Bancorp0.59%
International Bancshares Crp0.58%
Ziff Davis Inc0.57%
Corvel Corp0.56%
Alliance Laundry Holdings In0.55%
Iridium Communications Inc0.54%
Cabot Corp0.53%
Western Union Co0.53%
First Financial Corp0.52%
Fs Bancorp Inc0.51%
Amn Healthcare Services Inc0.51%
Cactus Inc - A0.51%
Wafd Inc0.50%
Buckle Inc/The0.50%
Cricut Inc - Class A0.50%
Lci Industries0.49%
Preferred Bank/Los Angeles0.49%
Mercantile Bank Corp0.49%
Stride Inc0.49%
Unity Bancorp Inc0.48%
Envista Holdings Corp0.48%
Civista Bancshares Inc0.48%
Del Monte Corp0.47%
Parke Bancorp Inc0.47%
Goodrx Holdings Inc-Class A0.46%
Perdoceo Education Corp0.45%
F&G Annuities & Life Inc0.44%
White Mountains Insurance Gp0.44%
Karat Packaging Inc0.43%
Columbia Sportswear Co0.42%
Northeast Community Bancorp0.42%
Janus International Group In0.40%
Central Garden & Pet Co0.40%
Bellring Brands Inc0.39%
Gentex Corp0.39%
Universal Corp/Va0.38%
Northpointe Bancshares Inc0.38%
Forrester Research Inc0.38%
American Coastal Insurance C0.37%
Stubhub Holdings Inc-Class A0.37%
Azz Inc0.37%

Weight gaps

The 100 widest of 136 Holdings in both funds.

Holding weights in FESM and SQLV, widest gap first
Holding	More in FESMMore in SQLV	FESM	SQLV
Dxc Technology CoDXC	SQLV +1.13 points	0.10%	1.23%
Qualys IncQLYS	SQLV +0.90 points	0.00%	0.90%
Embecta CorpEMBC	SQLV +0.89 points	0.00%	0.89%
Vistance Networks IncCOMM	SQLV +0.80 points	0.00%	0.80%
Everforth IncEFOR	SQLV +0.68 points	0.00%	0.68%
Slide Insurance Holdings IncSLDE	SQLV +0.66 points	<0.01%	0.66%
Sm Energy CoSM	SQLV +0.65 points	0.19%	0.84%
National Beverage CorporationFIZZ	SQLV +0.62 points	<0.01%	0.62%
Harley-Davidson IncHOG	SQLV +0.59 points	0.03%	0.62%
Inspire Medical Systems IncINSP	SQLV +0.56 points	0.05%	0.61%
Crescent Energy Inc ACRGY	SQLV +0.53 points	0.20%	0.73%
Kelly Services Inc Class AKELYA	SQLV +0.48 points	0.03%	0.51%
Korn FerryKFY	SQLV +0.46 points	0.05%	0.51%
Ligand PharmaceuticalsLGND	SQLV +0.46 points	0.00%	0.46%
Pacira Biosciences IncPCRX	SQLV +0.46 points	0.14%	0.60%
Carters IncCRI	SQLV +0.45 points	<0.01%	0.45%
Plexus CorpPLXS	FESM +0.43 points	0.65%	0.22%
Midland States Bancorp IncMSBI	SQLV +0.43 points	0.02%	0.45%
Innoviva IncINVA	SQLV +0.42 points	0.00%	0.42%
Amphastar Pharmaceuticals IncAMPH	SQLV +0.42 points	0.00%	0.42%
Sally Beauty Hldgs IncSBH	SQLV +0.42 points	0.14%	0.56%
C T’s CorpCTS	SQLV +0.41 points	0.00%	0.41%
Integer Holdings CorpITGR	SQLV +0.41 points	0.05%	0.46%
Spectrum Brands Holdings IncSPB	SQLV +0.39 points	0.07%	0.46%
Artisan Partners Asset Mgt AAPAM	SQLV +0.39 points	0.04%	0.43%
Varex Imaging CorpVREX	SQLV +0.39 points	0.11%	0.50%
Financial Institutions IncFISI	SQLV +0.38 points	0.04%	0.42%
Hni CorpHNI	SQLV +0.38 points	0.02%	0.40%
Prog Holdings IncPRG	SQLV +0.38 points	0.00%	0.38%
Addus Homecare CorpADUS	SQLV +0.38 points	0.00%	0.38%
Haemonetics Corp MassHAE	SQLV +0.37 points	0.13%	0.50%
Ncr Atleos CorpNATL	SQLV +0.36 points	0.13%	0.49%
Talos Energy IncTALO	SQLV +0.36 points	0.14%	0.50%
Cal-Maine Foods IncCALM	SQLV +0.35 points	<0.01%	0.35%
Ani Pharmaceuticals IncANIP	SQLV +0.35 points	0.00%	0.35%
Rigel Pharmaceuticals IncRIGL	SQLV +0.34 points	<0.01%	0.34%
Monarch Casino & Resort IncMCRI	SQLV +0.34 points	0.19%	0.53%
Federated Hermes IncFHI	SQLV +0.33 points	0.40%	0.73%
Collegium Pharmaceutical IncCOLL	SQLV +0.33 points	0.01%	0.34%
Bioventus IncBVS	SQLV +0.33 points	0.07%	0.40%
Enovis CorpENOV	SQLV +0.32 points	0.02%	0.34%
Kimball Electronics IncKE	SQLV +0.31 points	0.02%	0.33%
Seneca Foods Corp Class ASENEA	SQLV +0.32 points	0.00%	0.32%
Puma Biotechnology IncPBYI	SQLV +0.32 points	0.03%	0.35%
Conmed CorpCNMD	SQLV +0.32 points	0.01%	0.33%
United States Lime & Min IncUSLM	SQLV +0.31 points	0.00%	0.31%
G-Iii Apparel Group LtdGIII	SQLV +0.31 points	0.08%	0.39%
Wesbanco IncWSBC	FESM +0.30 points	0.48%	0.18%
Ranger Energy Services Inc ARNGR	SQLV +0.30 points	<0.01%	0.31%
Veracyte IncVCYT	SQLV +0.30 points	0.08%	0.38%
Flexsteel IndFLXS	SQLV +0.29 points	0.04%	0.33%
Myriad Genetics IncMYGN	SQLV +0.29 points	0.07%	0.36%
Taboola.com LtdTBLA	SQLV +0.28 points	<0.01%	0.29%
Kforce IncKFRC	SQLV +0.28 points	0.10%	0.38%
Emergent BiosolEBS	SQLV +0.27 points	0.06%	0.33%
Hornbeck Offshore Services IncHLX	SQLV +0.28 points	0.04%	0.32%
Payoneer Global IncPAYO	FESM +0.27 points	0.57%	0.30%
Extreme Networks IncEXTR	FESM +0.27 points	0.47%	0.20%
Polaris IncPII	FESM +0.27 points	0.46%	0.19%
Idt Corp Class B NewIDT	SQLV +0.25 points	0.12%	0.36%
Netscout Systems IncNTCT	SQLV +0.24 points	0.02%	0.26%
Regional Management CorpRM	SQLV +0.25 points	0.04%	0.29%
Iradimed CorpIRMD	SQLV +0.24 points	0.02%	0.26%
Pc Connection IncCNXN	SQLV +0.24 points	0.19%	0.43%
Cohen & Steers IncCNS	SQLV +0.23 points	0.05%	0.28%
Teladoc Health IncTDOC	SQLV +0.23 points	0.15%	0.38%
Hci Group IncHCI	FESM +0.23 points	0.53%	0.30%
Compass Minerals Intl IncCMP	SQLV +0.22 points	0.05%	0.27%
Worthington Steel IncWS	SQLV +0.22 points	0.16%	0.38%
Frontdoor IncFTDR	SQLV +0.22 points	0.00%	0.22%
Nmi Holdings IncNMIH	SQLV +0.22 points	0.34%	0.56%
Global Industrial CoGIC	SQLV +0.21 points	0.04%	0.25%
Merit Medical Systems IncMMSI	SQLV +0.21 points	0.00%	0.21%
Coursera IncCOUR	SQLV +0.21 points	0.06%	0.27%
Healthstream IncHSTM	SQLV +0.21 points	0.08%	0.29%
Marqeta Inc Class AMQ	SQLV +0.21 points	0.02%	0.23%
Acadia Pharmaceuticals IncACAD	SQLV +0.21 points	0.04%	0.25%
Scansource IncSCSC	SQLV +0.21 points	0.21%	0.42%
Phibro Animal Health Corp Class APAHC	SQLV +0.21 points	0.05%	0.26%
Arvinas IncARVN	SQLV +0.19 points	0.06%	0.25%
Upwork IncUPWK	SQLV +0.20 points	0.15%	0.35%
Innospec IncIOSP	SQLV +0.19 points	0.12%	0.31%
Strattec Sec CorpSTRT	SQLV +0.19 points	<0.01%	0.20%
Gibraltar Industries IncROCK	SQLV +0.19 points	0.04%	0.23%
Donnelley Financial SolutionsDFIN	SQLV +0.19 points	0.08%	0.27%
Daktronics IncDAKT	SQLV +0.19 points	0.07%	0.26%
Harmonic IncHLIT	SQLV +0.18 points	<0.01%	0.19%
Phinia IncPHIN	SQLV +0.19 points	0.21%	0.40%
Real Remax Group IncREAX	SQLV +0.19 points	0.03%	0.22%
Icu Medical IncICUI	SQLV +0.19 points	<0.01%	0.19%
Yelp IncYELP	FESM +0.18 points	0.35%	0.17%
Peoples Bancorp IncPEBO	SQLV +0.19 points	0.01%	0.20%
Eplus IncPLUS	SQLV +0.18 points	0.00%	0.18%
Nbt Bancorp IncNBTB	SQLV +0.18 points	0.18%	0.36%
Supernus Pharmaceuticals IncSUPN	SQLV +0.16 points	0.17%	0.33%
Sprout Social IncSPT	SQLV +0.17 points	0.23%	0.40%
Ironwood Pharma Class A (Pend)IRWD	SQLV +0.17 points	0.06%	0.23%
Scholastic CorpSCHL	SQLV +0.17 points	0.00%	0.17%
Tactile Systems Technology IncTCMD	SQLV +0.17 points	0.05%	0.22%
Calix Networks IncCALX	SQLV +0.16 points	<0.01%	0.16%

All 632 FESM holdings⁠All 303 SQLV 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 SQLV Cost

Overpaying SQLV vs FESM

$6,062

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

FESM 0.28%
$5,755
SQLV 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

FESM 0.28%
SQLV 0.60%
Overpaying

Year by year

Year	FESM	SQLV	Overpaying
10	$509	$1,076	$567
20	$1,976	$4,116	$2,140
30	$5,755	$11,817	$6,062

Expense ratio

0.28%FESM, cheaper
0.60%SQLV

FESM0.28%SQLV0.60%

0.25%2.20%

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

FESM 2nd cheapest of 39 funds

SQLV 22nd cheapest of 39 funds

FESM vs SQLV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FESM 0.86%; SQLV 1.01%, better
Payout (12M): FESM $0.39; SQLV $0.54
Last payment: FESM $0.10; SQLV $0.15
Ex-dividend: FESM Sep 18, 2026; SQLV Sep 14, 2026
Paid on: FESM Sep 22, 2026; SQLV Sep 17, 2026
Frequency: FESM Quarterly; SQLV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FESMQuarterly · 13 paymentsAll FESM payments⁠

SQLVQuarterly · 33 paymentsAll SQLV payments⁠

FESM vs SQLV 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 2023SQLV 18.2%
Return per unit of riskSharpe ratio, 3 years: FESM 0.97since Dec 2023SQLV 0.73
Worst fallMax drawdown, 5 years: FESM −26.9%since Nov 2023SQLV −26.9%
Market sensitivityBeta, 5 years: FESM 1.34SQLV 1.00; Market = 1

FESM and SQLV 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 SQLV

In short

Stated mandate

Why people hold it

Worth knowing

How FESM and SQLV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in SQLV

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 SQLV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in SQLV

Weight gaps