FESM Fees and Costs — Fidelity Enhanced Small Cap Core ETF
Data updated: 2026-09-11
The net expense ratio is 0.28%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $2.1M in broker commissions, 0.0583% of average net assets, and portfolio turnover was 73%.
FESM Fees and Expenses
Annual operating expenses and sales charges of FESM. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.28% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.28% |
| Fee waiver | — |
| Net expense ratio | 0.28% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
FESM Costs Over Time
On $10,000 invested in FESM, assuming 5% a year before costs, total costs come to $214 over 5 years, cutting the return by 0.36% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.28%) | $29 | $92 | $161 |
| Trading costs (broker commissions) | $6 | $19 | $34 |
| Lost growth on money paid in costs | $0 | $5 | $20 |
| Total costs | $36 | $117 | $214 |
| Value after costs | $10,464 | $11,459 | $12,548 |
| Impact on return, per year | 0.36% | 0.36% | 0.36% |
FESM Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0583%
- Total broker commissions: $2.1M
- Bought from dealers (principal trades, not a cost): $53.1M
- Portfolio turnover (prospectus): 73%
- Securities on loan, average value: $214.7M
- Net income from securities lending: $550K (0.016% of average net assets)
FESM Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS GROUP INC (THE) | $584K | 31.76% |
| BANK OF AMERICA CORPORATION | $356K | 19.37% |
| UBS GROUP AG | $250K | 13.62% |
| MORGAN STANLEY | $169K | 9.18% |
| BARCLAYS PLC | $135K | 7.33% |
| JPMORGAN CHASE and CO | $127K | 6.89% |
| CITIGROUP INC | $126K | 6.86% |
| VIRTU FINANCIAL INC | $41K | 2.23% |
| JEFFERIES FINANCIAL GROUP INC | $36K | 1.99% |
| THE TORONTO DOMINION BANK | $14K | 0.77% |
FESM Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| NOMURA HOLDINGS INC | $31.1M | 58.54% |
| BANK OF MONTREAL QUE | $7.3M | 13.70% |
| JEFFERIES FINANCIAL GROUP INC | $6.9M | 12.94% |
| WELLS FARGO and CO | $6.1M | 11.54% |
| CITIGROUP INC | $1.4M | 2.63% |
| BARCLAYS PLC | $347K | 0.65% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.