
This U.S. equity fund specializes in smaller companies, utilizing a structured and consistent process to identify those with strong, appealing characteristics.
Is FESM's expense ratio expensive, average, or a steal for its category?
Pro reveals the verdict on a 5-tier spectrum calibrated against ICI 2025 industry averages, with strategy-aware bands so the comparison is meaningful.

Small caps just had their best first half since 1991.

Active ETFs continue to experience explosive industry growth, and Fidelity is positioning itself as a leader. Fidelity has been long known for its fundamental stock-picking based active strategies, built on a rich heritage of deep company research.

Fidelity Enhanced Small Cap Core ETF is an actively managed small-cap fund aiming to outperform the Russell 2000 using a multi-factor approach. FESM has consistently outperformed the Russell 2000, Russell 2000 Value, and Russell 2000 Growth indexes over 10 years. While FESM leads key competitors over 3 years, it slightly trails AVUV over 5 years and RWJ over 10 years.

Passive investing's central promise is hard to argue with: low costs, broad diversification, and returns that match the market.

Fidelity Investments just bolstered their Enhanced ETF lineup with four new funds, targeting mid- and small-cap equities with factor tilts. These actively managed funds offer investors sophisticated tools for better-than-passive performance.