FESM vs SYZ: Grades, Fees and Holdings Compared

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

Lazard US Systematic Small Cap Equity ETF

SYZBNasdaq

Overlap

19.3%by weight

Expense ratio

FESM −0.33pt a year

FESM0.28%SYZ0.61%

Avg volume · 30D

FESM 200.0×the volume

FESM1.02MSYZ5.09K

FESM vs SYZ Performance

Oct 31, 2025 – Oct 30, 2026

+23.4%FESM+20.6%SYZ

Expense ratio: FESM 0.28%, better; SYZ 0.61%
Fund size: FESM $6.41B; SYZ $66M
1Y total return: FESM +23.4%, better; SYZ +20.6%
Yield (12M): FESM 0.86%; SYZ No data
Holdings: FESM 892; SYZ 497
Avg volume (30D): FESM 1.02M sh, better; SYZ 5.09K sh
NAV per share: FESM $45.47; SYZ $29.29
52W range

ETF.net Grade

Pillar letters and Scores for FESM, SYZ, with each pillar’s weight
Pillar	FESM	SYZ
Cost30% weight	A96Higher	C44
Mission25% weight	A85	A89Higher
Risk15% weight	C54	A78Higher
Tradability15% weight	A93Higher	D39
Holdings10% weight	A82	A82
Durability5% weight	A93Higher	B62

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. FESM and SYZ 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 SYZ 16th 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 16CESSCEventide Small Cap ETFScore 55
Rank 16BSYZLazard US Systematic Small Cap Equity ETFScore 55
Rank 18CACSGAmerican Century Small Cap Growth Insights ETFScore 54

Our read on each fund

ETF.net Research

FESMAFidelity Enhanced Small Cap ETF

SYZBLazard US Systematic Small Cap Equity 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.

SYZ Lazard points automated analysts at the whole US small cap universe and holds 200 to 500 of them. Systematic stock picking at near index breadth, in a strategy that began life in 2021 as a mutual 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.

SYZ The Portfolio seeks long-term capital appreciation.

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.

SYZ Active but wide: the prospectus targets 200 to 500 small caps, so no single name steers the whole fund.sec.gov
The pitch is machine-run fundamentals. Lazard's automated analysts sweep the small cap universe for valuation and operating shifts instead of a handful of hand-picked bets.lazardassetmanagement.com
At 0.61%, with no waiver propping that number up, the fee sits near its category median, and the portfolio hews closely to the small cap mandate it advertises.
Stands in the upper half of a crowded active US small cap field.

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%.

SYZ Cheaper options share the aisle: AVSC runs 0.25% and FESM 0.28%, neither on a waiver.
Thinly traded and modest in size, so the spread between buy and sell prices can run wider than in the category's giants.
Short life as an ETF. The strategy ran as a mutual fund from 2021 and only moved into the ETF wrapper in 2025.lazard.com

Full FESM profile⁠

Full SYZ profile⁠

FESM vs SYZ Holdings

How FESM and SYZ differ

Overlap by weight

19.3%

Shared holdings make up 39.3% of SYZ and 35.1% of FESM.

Level by level

Holdings198 in both19.3%
Countryby domicile94.2%
Asset classEquity100%

Sector

No Sector split for SYZ.

Country, concentration and asset class

Country by domicile

Country weights in FESM and SYZ, widest gap first
Country	More in FESMMore in SYZ	FESM	SYZ
United States	FESM +5.7 points	99.4%	93.7%
Canada	SYZ +2.4 points	0.2%	2.6%
Israel	SYZ +1.1 points	0.0%	1.1%
Singapore	SYZ +0.6 points	0.0%	0.6%
Other countries (9)	SYZ +1.6 points	0.4%	2.0%

Concentration

Weight in the 10 largest Holdings

FESM9.7%
SYZ7.1%

Securities held

FESM889
SYZ496

Asset class

FESM: Equity
SYZ: Equity

Holdings

Only in FESM691
In both198
Only in SYZ298

Only in FESM

691 securities, 66.7% of FESM by weight

Securities Lending Cf2.80%
Fluor Corp0.73%
Installed Building Prod Inc0.71%
Griffon Corp0.67%
Plexus Corp0.65%
Ceco Environmental Corp0.59%
Materion Corp0.58%
Payoneer Global Inc0.57%
Delek Us Holdings Inc0.56%
Brightspring Hlth Services Inc0.56%
Guardant Health Inc0.55%
Home Bancshares Inc0.55%
Navan Inc A0.53%
Hci Group Inc0.53%
Sensient Technologies Corp0.52%
Clear Secure Inc0.52%
Aar Corp0.51%
Option Care Health Inc0.49%
Kodiak Gas Services Inc0.49%
Wesbanco Inc0.48%
Commvault Systems Inc0.48%
Adaptive Biotechnologies Corp0.48%
Polaris Inc0.46%
Glacier Bancorp Inc0.45%
Wisdomtree Inc0.44%
Twist Bioscience Corp0.44%
Bgc Group Inc A0.41%
Eastern Bankshares Inc0.40%
Marriott Vacations World0.40%
Dxp Enterprises Inc0.38%
Hinge Health Inc0.37%
Wiley (John) & Sons Inc Class A0.36%
Cavco Industries Inc0.36%
Yelp Inc0.35%
Upstart Holdings Inc0.35%
Ducommun Inc0.34%
Avista Corp0.34%
Doubleverify Holdings Inc0.34%
Cytokinetics Inc0.33%
Progress Software Corp0.33%
Northwest Bancshares Inc0.33%
Exlservice Holdings Inc0.32%
Towne Bank0.32%
Appian Corp Class A0.31%
Southwest Gas Holdings Inc0.31%
Fb Financial Corp0.31%
Axsome Therapeutics Inc0.31%
Aveanna Healthcare Hldgs Inc0.31%
Spire Inc0.31%
Tenable Holdings Inc0.31%

Only in SYZ

298 securities, 60.8% of SYZ by weight

Mueller Industries Inc0.82%
Dynatrace Inc0.74%
Digi International Inc0.66%
Globus Medical Inc A0.65%
Arrow Electronics Inc0.65%
Docusign Inc0.63%
Timken Co0.62%
Adeia Inc0.62%
Sentinelone Inc Class A0.60%
Neurocrine Biosciences Inc0.57%
Copa Holdings SA Class A0.57%
Lazard Govt Mny Mmkt Ins Lzixx0.55%
Manitowoc Company Inc0.55%
Godaddy Inc Class A0.54%
Biomarin Pharmaceutical Inc0.54%
Millicom Intl Cellular S.a.0.54%
Avepoint Inc0.53%
Centerra Gold Inc0.52%
Azz Inc0.52%
Brady Corporation Class A0.51%
Trimble Inc0.50%
Hayward Holdings Inc0.50%
Garrett Motion Inc0.50%
Liquidity Services Inc0.49%
Deckers Outdoor Corp0.48%
Bw Lpg Ltd0.48%
Douglas Dynamics Inc0.47%
Armstrong World Industries0.45%
Tetra Tech Inc0.45%
Mueller Water Products Inc A0.44%
Hanover Insurance Group Inc/0.44%
Laureate Education Inc0.43%
Insulet Corp0.43%
Affiliated Managers Group0.42%
Ero Copper Corp0.42%
Fortuna Mining Corp0.42%
Terex Corp0.41%
Gen Digital Inc0.41%
Encompass Health Corp0.41%
Radware Ltd0.40%
Universal Health Services B0.40%
Hamilton Insurance Grou Class B0.39%
Global E Online Ltd0.39%
Septerna Inc0.39%
Assurant Inc0.39%
Livanova PLC0.39%
Piper Sandler Cos0.38%
Victory Capital Holding A0.38%
News Corp Class A0.38%
Lear Corp0.38%

Weight gaps

The 100 widest of 198 Holdings in both funds.

Holding weights in FESM and SYZ, widest gap first
Holding	More in FESMMore in SYZ	FESM	SYZ
Interface IncTILE	SYZ +0.66 points	0.16%	0.82%
Frontdoor IncFTDR	SYZ +0.66 points	0.00%	0.66%
C T’s CorpCTS	SYZ +0.61 points	0.00%	0.61%
Healthequity IncHQY	FESM +0.59 points	0.69%	0.10%
Glaukos CorpGKOS	FESM +0.59 points	1.02%	0.43%
Commercial Metals CoCMC	FESM +0.56 points	0.75%	0.19%
Wsfs Financial CorpWSFS	FESM +0.56 points	0.57%	<0.01%
Outfront Media IncOUT	FESM +0.52 points	0.72%	0.20%
Maxlinear IncMXL	FESM +0.52 points	0.59%	0.07%
Workiva IncWK	FESM +0.48 points	0.49%	<0.01%
Phillips Edison & CoPECO	FESM +0.47 points	0.62%	0.15%
Enersys IncENS	FESM +0.46 points	0.69%	0.23%
Enerpac Tool Group Corp Class AEPAC	SYZ +0.46 points	0.14%	0.60%
Sonos IncSONO	FESM +0.45 points	0.57%	0.12%
Atricure IncATRC	FESM +0.45 points	0.52%	0.07%
Esco Technologies IncESE	SYZ +0.44 points	0.11%	0.55%
Quinstreet IncQNST	SYZ +0.42 points	0.03%	0.45%
Oscar Health Inc - Class AOSCR	FESM +0.42 points	0.72%	0.30%
Insight Enterprises IncNSIT	FESM +0.41 points	0.49%	0.08%
Acadia Pharmaceuticals IncACAD	SYZ +0.42 points	0.04%	0.46%
Aci Worldwide IncACIW	FESM +0.39 points	0.58%	0.19%
Monarch Casino & Resort IncMCRI	SYZ +0.39 points	0.19%	0.58%
Abercrombie & Fitch Co Class AANF	FESM +0.39 points	0.71%	0.32%
Worthington Enterprises IncWOR	SYZ +0.38 points	0.07%	0.45%
Korn FerryKFY	SYZ +0.39 points	0.05%	0.44%
Kforce IncKFRC	SYZ +0.38 points	0.10%	0.48%
First Source CorpSRCE	SYZ +0.38 points	0.00%	0.38%
Callaway Golf CompanyELY	FESM +0.38 points	0.42%	0.05%
Healthcare Services Group IncHCSG	SYZ +0.36 points	0.03%	0.39%
Benchmark Electronics IncBHE	FESM +0.36 points	0.41%	0.05%
Enova Intl IncENVA	FESM +0.36 points	0.40%	0.04%
Viavi Solutions IncVIAV	SYZ +0.36 points	0.11%	0.47%
Formfactor IncFORM	SYZ +0.36 points	0.00%	0.36%
Skywest IncSKYW	FESM +0.35 points	0.49%	0.14%
Idt Corp Class B NewIDT	SYZ +0.34 points	0.12%	0.46%
United Natural Foods IncUNFI	FESM +0.33 points	0.37%	0.04%
Veracyte IncVCYT	SYZ +0.33 points	0.08%	0.41%
Central Garden & Pet Co Class ACENTA	SYZ +0.32 points	0.03%	0.35%
Cushman & Wakefield LtdCWK	FESM +0.33 points	0.49%	0.16%
Diodes IncDIOD	SYZ +0.32 points	0.32%	0.64%
Phibro Animal Health Corp Class APAHC	SYZ +0.32 points	0.05%	0.37%
M/I Homes IncMHO	FESM +0.31 points	0.34%	0.03%
Stonex Group IncSNEX	FESM +0.30 points	0.42%	0.12%
Frontier Group Holdings IncULCC	SYZ +0.31 points	0.00%	0.31%
Q2 Holdings IncQTWO	SYZ +0.30 points	0.33%	0.63%
Skyward Specialty Ins Grp IncSKWD	FESM +0.29 points	0.46%	0.17%
Caretrust Reit IncCTRE	FESM +0.29 points	0.29%	<0.01%
Innoviva IncINVA	SYZ +0.28 points	0.00%	0.28%
Taboola.com LtdTBLA	SYZ +0.28 points	<0.01%	0.29%
Donnelley Financial SolutionsDFIN	SYZ +0.28 points	0.08%	0.36%
Seneca Foods Corp Class ASENEA	SYZ +0.28 points	0.00%	0.28%
Gibraltar Industries IncROCK	SYZ +0.27 points	0.04%	0.31%
Constellium SECSTM	SYZ +0.26 points	0.07%	0.33%
Dorian Lpg LtdLPG	SYZ +0.25 points	0.06%	0.31%
Kaiser Alum CorpKALU	SYZ +0.25 points	0.05%	0.30%
Riley Exploration Permian IncREPX	SYZ +0.25 points	0.07%	0.32%
Balchem CorpBCPC	FESM +0.25 points	0.58%	0.33%
Silicon Laboratories IncSLAB	FESM +0.25 points	0.25%	<0.01%
Harmony Biosciences Hldgs IncHRMY	FESM +0.24 points	0.52%	0.28%
Daktronics IncDAKT	SYZ +0.24 points	0.07%	0.31%
Ttm Technologies IncTTMI	FESM +0.24 points	0.26%	0.02%
Ltc Properties Inc ReitLTC	SYZ +0.23 points	0.11%	0.34%
First Bancorp Puerto RicoFBP	SYZ +0.24 points	0.07%	0.31%
Kulicke & Soffa Industries IncKLIC	FESM +0.23 points	0.63%	0.40%
Sps Commerce IncSPSC	SYZ +0.23 points	0.05%	0.28%
Nmi Holdings IncNMIH	SYZ +0.22 points	0.34%	0.56%
California Res CorpCRC	FESM +0.23 points	0.23%	<0.01%
Amplitude IncAMPL	SYZ +0.22 points	0.06%	0.28%
Encore Cap Group IncECPG	FESM +0.21 points	0.53%	0.32%
Addus Homecare CorpADUS	SYZ +0.22 points	0.00%	0.22%
Scansource IncSCSC	SYZ +0.21 points	0.21%	0.42%
Diamondrock Hospitality CoDRH	SYZ +0.21 points	0.06%	0.27%
Strattec Sec CorpSTRT	SYZ +0.20 points	<0.01%	0.21%
Vericel CorpVCEL	SYZ +0.21 points	0.09%	0.30%
Cargurus Inc Class ACARG	FESM +0.19 points	0.40%	0.21%
Tutor Perini CorpTPC	FESM +0.18 points	0.53%	0.35%
Alarm.com Holdings IncALRM	SYZ +0.18 points	0.32%	0.50%
Slide Insurance Holdings IncSLDE	SYZ +0.18 points	<0.01%	0.18%
Copt Defense PropertiesCDP	FESM +0.17 points	0.17%	<0.01%
Bancfirst CorpBANF	SYZ +0.17 points	0.00%	0.17%
Agilysys IncAGYS	SYZ +0.17 points	0.04%	0.21%
Evertec IncEVTC	FESM +0.17 points	0.22%	0.05%
Renasant CorpRNST	SYZ +0.17 points	0.00%	0.17%
Harmonic IncHLIT	SYZ +0.16 points	<0.01%	0.17%
Par Pacific Holdings IncPARR	SYZ +0.17 points	0.04%	0.21%
Lsb Industries IncLXU	SYZ +0.16 points	<0.01%	0.16%
Openlane IncOPLN	SYZ +0.15 points	0.64%	0.79%
Blackbaud IncBLKB	FESM +0.15 points	0.22%	0.07%
Cinemark Holdings IncCNK	SYZ +0.15 points	0.27%	0.42%
Community Trust Bancorp IncCTBI	SYZ +0.15 points	0.09%	0.24%
Acadian Asset Management IncAAMI	FESM +0.14 points	0.30%	0.16%
Adtran Holdings IncADTN	FESM +0.14 points	0.17%	0.03%
Atmus Filtration Techn IncATMU	FESM +0.14 points	0.24%	0.10%
Banner CorpBANR	SYZ +0.14 points	0.00%	0.14%
Backblaze Inc ABLZE	SYZ +0.14 points	0.05%	0.19%
Netscout Systems IncNTCT	SYZ +0.14 points	0.02%	0.16%
Life Time Group Holdings IncLTH	FESM +0.14 points	0.43%	0.29%
Sm Energy CoSM	FESM +0.12 points	0.19%	0.07%
Haemonetics Corp MassHAE	FESM +0.12 points	0.13%	<0.01%
Proto Labs IncPRLB	FESM +0.13 points	0.25%	0.12%

All 632 FESM holdings⁠All 451 SYZ 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 SYZ Cost

Overpaying SYZ vs FESM

$6,243

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

FESM 0.28%
$5,755
SYZ 0.61%
$11,998

Amount$10,000

Years30 years

Cost over time

FESM 0.28%
SYZ 0.61%
Overpaying

Year by year

Year	FESM	SYZ	Overpaying
10	$509	$1,093	$584
20	$1,976	$4,181	$2,205
30	$5,755	$11,998	$6,243

Expense ratio

0.28%FESM, cheaper
0.61%SYZ

FESM0.28%SYZ0.61%

0.25%2.20%

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

FESM 2nd cheapest of 39 funds

SYZ 23rd cheapest of 39 funds

FESM vs SYZ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FESM 0.86%; SYZ No data
Payout (12M): FESM $0.39; SYZ No data
Last payment: FESM $0.10; SYZ $0.06
Ex-dividend: FESM Sep 18, 2026; SYZ Sep 18, 2026
Paid on: FESM Sep 22, 2026; SYZ Sep 21, 2026
Frequency: FESM Quarterly; SYZ Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

FESMQuarterly · 13 paymentsAll FESM payments⁠

SYZQuarterly · 3 paymentsAll SYZ payments⁠

FESM vs SYZ 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 2023SYZ 14.2%since Oct 2025
Return per unit of riskSharpe ratio, 3 years: FESM 0.97since Dec 2023SYZ 0.87since Oct 2025
Worst fallMax drawdown, 5 years: FESM −26.9%since Nov 2023SYZ −8.0%since Sep 2025
Market sensitivityBeta, 5 years: FESM 1.34SYZ 1.01; Market = 1

FESM and SYZ 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 SYZ

In short

Stated mandate

Why people hold it

Worth knowing

How FESM and SYZ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in SYZ

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 SYZ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in SYZ

Weight gaps