FESM
Fidelity Enhanced Small Cap ETF
FESM is an actively managed fund that invests in US, small-cap companies.
US
EQUITY
Active
MANAGEMENT STYLE
2.9 B
ASSETS UNDER MGMT
28 bp
EXPENSES
Fund Basics
| Fund sponsor | Fidelity |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Dec 20, 2007 |
| Assets (mns) | $2,936 |
| Expense ratio | 28 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | |
| Taxation | 1099 |
| Stock selection | |
| Weighting | |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| FABRINET | 1.5 % |
| INSMED INC | 1.1 % |
| CREDO TECHNOLOGY GROUP HOLDING LTD. | 1.1 % |
| GUARDANT HEALTH, INC. | 1.0 % |
| COMFORT SYSTEMS USA INC | 1.0 % |
| CARPENTER TECHNOLOGY | 1.0 % |
| SPROUTS FARMERS MARKET INC | 0.9 % |
| APPLIED INDUSTRIAL TECH INC | 0.9 % |
| CARETRUST REIT INC | 0.9 % |
| WISDOMTREE INVESTMENTS INC | 0.9 % |
Constituent Breakdown
| Number of holdings | 600 |
| Herfindahl-Hirschman Index | 48 |
| Wgt avg mkt cap (mns) | $5,912 |
| Large cap (>$10bn) | 13.1% |
| Mid cap ($2-10bn) | 63.3% |
| Small cap (<$2bn) | 32.8% |
| Developed mkts. | 110.8% |
| Emerging mkts. | 0.1% |
Country Exposure
 |
UNITED STATES | 107.4 % |
 |
CAYMAN ISLANDS | 1.5 % |
Historical Performance
Standardized Performance (as of 10/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 14.9% | 16.9% | -- | -- | -- | -- | -- | 17.9% |
| Dividend Yield | 0.0% | 0.0% | -- | -- | -- | -- | -- | 0.4% |
| Total Returns | 14.9% | 16.9% | -- | -- | -- | -- | -- | 18.3% | Ann. Volatility | 23.8% | 23.8% | -- | -- | -- | -- | -- | 22.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.43 | 66% |
| MSCI EAFE | 0.45 | 8% |
| MSCI Emg Mkts | -0.15 | 1% |
Liquidity Measures
| Avg. volume (000) | 539 |
| ADV traded (mns) | $20 |
| Turnover | 0.7% |
| Avg. Bid/Ask (% of price) | 0.24% |
Technical Indicators
| Recent close | $36.72 |
| 30d moving avg. | $36.88 |
| Annualized volatility | 19.9% |
| Relative strength (RSI) | 53 |
| Short interest | 0.4% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| GSSC | Goldman Sachs Activebeta U.S. Small Cap Equity ETF | 41.6% | -8 bp | +5.6% |
| PSC | Principal U.S. Small-Cap ETF | 38.4% | +10 bp | +7.0% |
| BBSC | JPMorgan BetaBuilders U.S. Small Cap Equity ETF | 36.3% | -19 bp | +4.0% |
| RSSL | Global X Russell 2000 ETF | 36.2% | -20 bp | +4.2% |
| IWM | iShares Russell 2000 ETF | 35.1% | -9 bp | +4.2% |
| VTWO | Vanguard Russell 2000 ETF | 34.4% | -21 bp | +4.3% |
| OMFS | Invesco Russell 2000 Dynamic Multifactor ETF | 33.3% | +11 bp | +5.8% |
| IWO | iShares Russell 2000 Growth ETF | 32.2% | -4 bp | +0.8% |
| JPSE | JPMorgan Diversified Return U.S. Small Cap Equity ETF | 32.2% | +1 bp | +8.3% |
| VTWG | Vanguard Russell 2000 Growth ETF | 31.8% | -18 bp | +1.0% |
Risk and Returns: FESM vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 11/9/2025
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
ALTAR Score™
FESM
6.9%
Cat. Avg
5.7%
ALTAR Score™ Calculation
Category Overview
There are 996 funds in the US Equity category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. FESM's ALTAR Score™ is approximately
0.5 standard deviations
above
the category average. This places FESM in the 70th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
FESMSELL
U/W
HOLD
O/W
BUY