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FESMvsITWOETF Comparison

ETF 1

FESM

Fidelity Enhanced Small Cap ETF

This fund is part of

US Small Cap

+0.36%

Full FESM fund page

VS

ETF 2

ITWO

ProShares Russell 2000 High Income ETF

This fund is part of

Options Strategies

+0.26%

Full ITWO fund page

Fidelity Enhanced Small Cap ETF (FESM) belongs to the US Small Cap segment. ProShares Russell 2000 High Income ETF (ITWO) is part of the Options Strategies segment. FESM's top 3 sector exposures are Industrials, Information Technology and Financials. In contrast, ITWO's top sector exposures are Industrials, Health Care and Information Technology. FESM is less expensive with a Total Expense Ratio (TER) of 0.28%, versus 0.55% for ITWO. FESM is up 14.01% year-to-date (YTD) with +$925M in YTD flows. ITWO performs worse with 13.11% YTD performance, and +$59M in YTD flows. Run a side-by-side ETF comparison of FESM and ITWO below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.

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FESM vs ITWO performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 04/24/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	FESM ITWO	+12.52%+10.73%	+6.83%+5.74%	+14.01%+13.11%	+51.01%+43.57%	n/an/a	n/an/a
Flows	FESM ITWO	+$200M+$10M	+$701M+$27M	+$925M+$59M	+$2.07B+$112M	--	--

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	FESM ITWO	+22.03%+20.01%	+19.20%+18.27%	n/an/a	n/an/a
Max drawdown	FESM ITWO	-9.39%-8.44%	-10.11%-9.74%	n/an/a	n/an/a
Max drawdown duration	FESM ITWO	46d60d	81d81d	n/an/a	n/an/a

Trading data

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	FESM	ITWO
Last sale 4/27/2026 at 3:34 PM	$42.81	$43.29
Previous close 04/24/2026	$42.91	$43.50
Consolidated volume 04/24/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of March 31, 2026

1-year trailing difference

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FESM

is actively managed and doesn’t replicate an index

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	FESM	ITWO
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 4/27/2026 at 3:34 PM

Live

Closed

	FESM	ITWO
Last price	$42.81	$43.29
1D performance	-0.23%	-0.48%
AuM	$4.81 B	$175.99 M
E/R	0.28%	0.55%

Characteristics

	FESM	ITWO
Management strategy	Active	Passive
Provider	Fidelity	ProShares
Benchmark	-	Cboe Russell 2000 Daily Covered Call Index
N° of holdings	555	1609
Asset class	-	-
Trailing 12m distribution yield	Join	Join
Inception date	November 20, 2023	September 4, 2024
ESG	No	No

More FESM data on Trackinsight

More ITWO data on Trackinsight

Exposure

Countries

FESM

USA

92.12%

Other

7.88%

ITWO

USA

78.08%

Other

21.92%

Sectors

FESM

Industrials

17.55%

Information Techn.

16.09%

Financials

14.71%

Health Care

13.83%

Energy

8.15%

Consumer Discreti.

7.58%

Other

22.08%

ITWO

Industrials

13.54%

Health Care

12.67%

Information Techn.

12.67%

Financials

12.22%

Consumer Discreti.

7.23%

Other

41.67%

Diversification

FESM

Total weight of top 15 holdings out of 15

12.15%

ITWO

Total weight of top 15 holdings out of 15

6.75%

Top 15 holdings

Data as of March 31, 2026

FESM

BLOOM ENERGY CORP

1.32%

FABRINET

1.23%

CREDO TECHNOLOGY GROUP HOLDING

0.86%

GUARDANT HEALTH INC

0.81%

HEALTHEQUITY I/D

0.76%

FASTLY INC

0.76%

ENERSYS

0.76%

PLANET LABS PBC

0.76%

HECLA MINING

0.74%

COMMERCIAL METALS

0.72%

CALIFORNIA RESOURCES

0.70%

COEUR MINING INC

0.69%

PHILLIPS EDISON AND COMPANY

0.69%

DELEK US HOLDINGS

0.68%

ABERCROMBIE AND FITCH

0.67%

ITWO

BLOOM ENERGY CORP

0.94%

FABRINET

0.64%

US65290E1010

0.55%

COEUR MINING INC

0.52%

CREDO TECHNOLOGY GROUP HOLDING

0.48%

ECHOSTAR

0.46%

KRATOS DEFENSE AND SECURITY SOLS

0.42%

STERLING INFRASTRUCTURE INC

0.39%

ADVANCED ENERGY INDUSTRIES

0.37%

MODINE MNFC CO

0.35%

HECLA MINING

0.34%

ENSIGN GROUP

0.33%

BRIDGEBIO PHARMA

0.33%

TTM TECHNOLOGIES

0.32%

IONQ

0.32%

Frequently asked questions about FESM and ITWO

How have the FESM and ITWO ETFs performed in 2026?

As of April 24, 2026, FESM is up 14.01% year-to-date (YTD), while ITWO has returned 13.11%. That puts FESM better performer ahead so far this year.

Which ETF is attracting more investor money: FESM or ITWO?

Year-to-date, the FESM ETF saw +$925M in flows, compared to +$59M for ITWO.

Which ETF is more volatile: FESM or ITWO?

Over the past year, FESM had a volatility of 19.2%, while ITWO experienced 18.27%.

Which ETF is bigger: FESM or ITWO?

As of April 24, 2026, FESM holds $4.81 B in assets under management (AUM), while ITWO manages $175.99 M.

What sectors do the FESM and ITWO ETFs invest in?

FESM leans toward sectors like Industrials, Information Technology and Financials. Meanwhile, ITWO focuses on Industrials, Health Care and Information Technology.

What are the top holdings of the FESM ETF and ITWO ETF?

FESM top holdings include BLOOM ENERGY CORP, FABRINET and CREDO TECHNOLOGY GROUP HOLDING. ITWO holds in its top three: BLOOM ENERGY CORP, FABRINET and US65290E1010.

FESMvsITWOETF Comparison

Fidelity Enhanced Small Cap ETF

ProShares Russell 2000 High Income ETF

FESM vs ITWO performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the FESM and ITWO ETFs performed in 2026?

As of April 24, 2026, FESM is up 14.01% year-to-date (YTD), while ITWO has returned 13.11%. That puts FESM better performer ahead so far this year.

Which ETF is attracting more investor money: FESM or ITWO?

Year-to-date, the FESM ETF saw +$925M in flows, compared to +$59M for ITWO.

Which ETF is more volatile: FESM or ITWO?

Over the past year, FESM had a volatility of 19.2%, while ITWO experienced 18.27%.

Which ETF is bigger: FESM or ITWO?

As of April 24, 2026, FESM holds $4.81 B in assets under management (AUM), while ITWO manages $175.99 M.

What sectors do the FESM and ITWO ETFs invest in?

FESM leans toward sectors like Industrials, Information Technology and Financials. Meanwhile, ITWO focuses on Industrials, Health Care and Information Technology.

What are the top holdings of the FESM ETF and ITWO ETF?

FESM top holdings include BLOOM ENERGY CORP, FABRINET and CREDO TECHNOLOGY GROUP HOLDING. ITWO holds in its top three: BLOOM ENERGY CORP, FABRINET and US65290E1010.

Which ETF is more diversified: FESM or ITWO?

FESM holds 622 securities with 12.15% of its assets in the top 15. ITWO has 1860 securities and a top 15 weight of 6.75%.

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