FSEV vs SEIV

FSEVBFidelity Enhanced Small Cap Value ETF

SEIVASEI QiM U.S. Large Cap Value Active ETF

In short

FSEV Fidelity's quants running active small-cap value, anchored to the Russell 2000 Value Index and priced at 0.28% a year. The market's dustiest corner, played cheap, by a fund that only opened its doors in 2026.

SEIV Active quant value stock-picking at an index-fund price. SEIV screens U.S. large caps for cheap valuations plus quality, momentum and low volatility, then runs a concentrated book of roughly 80 names for 0.15% a year.

Stated mandate

FSEV The fund seeks capital appreciation and normally invests at least 80% of its assets in common stocks included in the Russell 2000 Value Index, which represents the U.S. small-cap value segment.

SEIV The Fund seeks long-term capital appreciation through primarily U.S. common stocks priced below fundamental valuation measures, using a quantitative, active stock-selection approach.

Why people hold it

• FSEV 0.28% a year for active management, well under what the typical active US small-cap fund charges.
• At least 80% of assets sit in Russell 2000 Value names, spread across roughly 400 stocks. The active decisions happen inside the index, not off the map.
• Undercuts BSVO on fee and lands within a few basis points of AVUV, the other funds benchmarked to the same Russell 2000 Value index.
• Uses Fidelity's Enhanced quant approach, the same playbook behind sibling FESM, which stands among the strongest entries in this small-cap group.

• SEIV 0.15% a year for genuine active selection, against a 0.55% median in its U.S. value peer group. It matches the cheapest large-value quant funds rather than charging active prices.
• Value is not the only screen. The model also weighs quality, momentum and low volatility, which is how a cheap-stock strategy tries to avoid the cheap-for-a-reason trap.
• Other funds measured against the S&P 500 in this cohort charge far more (LSVD 0.40%, GSPY 0.50%, VNSE 1.34%). SEIV runs its version at 0.15%.
• Sits among the strongest implementations in a crowded U.S. value field, and trades with enough regular activity to be workable for ordinary retail order sizes.

Worth knowing

• FSEV Opened in 2026: short track record, modest asset base, and lighter trading than the category's household names, which can mean wider bid-ask spreads.
• Active by design, so the model's picks can diverge from the Russell 2000 Value Index in either direction.
• Distributions arrive once or twice a year, not monthly.

• SEIV About 80 stocks measured against a 500-name benchmark. That concentration means stretches where it looks nothing like the S&P 500, in either direction.
• Launched in 2022, so the live record is short, and the asset base is mid-sized rather than among the giants of the value aisle.
• You get the factor recipe, not the trade-by-trade logic: selection sits inside a quantitative model. Distributions land quarterly, not monthly.

Full FSEV profile⁠

Full SEIV profile⁠