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FESMvsITWOETF Comparison

ETF 1

FESM

Fidelity Enhanced Small Cap ETF

This fund is part of

US Small Cap

-0.7%

Full FESM fund page

VS

ETF 2

ITWO

ProShares Russell 2000 High Income ETF

This fund is part of

Options Strategies

-0.25%

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. Both ETFs have the same top 3 sector exposures: Finance, Healthcare and Technology. FESM is less expensive with a Total Expense Ratio (TER) of 0.28%, versus 0.55% for ITWO. FESM is up 23.86% year-to-date (YTD) with +$2.22B in YTD flows. ITWO performs worse with 19.78% YTD performance, and +$73M 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 09/09/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	FESM ITWO	-3.31%-2.95%	+3.73%+2.79%	+23.86%+19.78%	+31.36%+26.64%	n/an/a	n/an/a
Flows	FESM ITWO	+$370M+$2M	+$1.07B+$9M	+$2.22B+$73M	+$3.11B+$113M	--	--

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	FESM ITWO	+15.62%+14.96%	+18.89%+18.38%	n/an/a	n/an/a
Max drawdown	FESM ITWO	-4.82%-4.69%	-10.11%-9.74%	n/an/a	n/an/a
Max drawdown duration	FESM ITWO	24d24d	81d81d	n/an/a	n/an/a

Trading data

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	FESM	ITWO
Last sale 9/10/2026 at 1:30 PM	$46.00	$44.31
Previous close 09/09/2026	$46.55	$44.73
Consolidated volume 09/09/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of August 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 9/10/2026 at 1:30 PM

Live

Closed

	FESM	ITWO
Last price	$46.00	$44.31
1D performance	-1.18%	-0.94%
AuM	$6.51 B	$194.71 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	780	1911
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

96.2%

Other

3.8%

ITWO

USA

79.19%

Other

20.81%

Sectors

FESM

Finance

22.75%

Healthcare

19.79%

Technology

17.72%

Industrials

11.76%

Other

27.98%

ITWO

Finance

22.34%

Healthcare

16.54%

Technology

9.74%

Industrials

8.97%

Other

42.4%

Diversification

FESM

Total weight of top 15 holdings out of 15

9.93%

ITWO

Total weight of top 15 holdings out of 15

3.89%

Top 15 holdings

Data as of July 31, 2026

FESM

Commercial Metals Co.

0.78%

HealthEquity, Inc.

0.76%

Oscar Health, Inc.

0.74%

Installed Building Products, Inc.

0.71%

Phillips Edison & Co., Inc.

0.69%

Option Care Health, Inc.

0.65%

WesBanco, Inc.

0.64%

ACI Worldwide, Inc.

0.64%

Tutor Perini Corp.

0.63%

EnerSys

0.63%

OUTFRONT Media, Inc.

0.62%

Plexus Corp.

0.62%

SkyWest, Inc.

0.61%

Griffon Corp.

0.61%

Clear Secure, Inc.

0.60%

ITWO

Moog, Inc.

0.32%

BrightSpring Health Services, Inc.

0.32%

Cytokinetics, Inc.

0.29%

UMB Financial Corp.

0.28%

CareTrust REIT, Inc.

0.27%

ViaSat, Inc.

0.26%

Old National Bancorp

0.25%

Krystal Biotech, Inc.

0.25%

JFrog Ltd.

0.24%

Alkermes Plc

0.24%

Glaukos Corp.

0.24%

Crinetics Pharmaceuticals, Inc.

0.24%

ESCO Technologies, Inc.

0.23%

FirstCash Holdings, Inc.

0.23%

Brinker International, Inc.

0.23%

Frequently asked questions about FESM and ITWO

How have the FESM and ITWO ETFs performed in 2026?

As of September 9, 2026, FESM is up 23.86% year-to-date (YTD), while ITWO has returned 19.78%. 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 +$2.22B in flows, compared to +$73M for ITWO.

Which ETF is more volatile: FESM or ITWO?

Over the past year, FESM had a volatility of 18.89%, while ITWO experienced 18.38%.

Which ETF is bigger: FESM or ITWO?

As of September 9, 2026, FESM holds $6.51 B in assets under management (AUM), while ITWO manages $194.71 M.

What sectors do the FESM and ITWO ETFs invest in?

FESM leans toward sectors like Finance, Healthcare and Technology. Meanwhile, ITWO focuses on Finance, Healthcare and Technology.

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

FESM top holdings include Commercial Metals Co., HealthEquity, Inc. and Oscar Health, Inc.. ITWO holds in its top three: Moog, Inc., BrightSpring Health Services, Inc. and Cytokinetics, Inc..

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 September 9, 2026, FESM is up 23.86% year-to-date (YTD), while ITWO has returned 19.78%. 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 +$2.22B in flows, compared to +$73M for ITWO.

Which ETF is more volatile: FESM or ITWO?

Over the past year, FESM had a volatility of 18.89%, while ITWO experienced 18.38%.

Which ETF is bigger: FESM or ITWO?

As of September 9, 2026, FESM holds $6.51 B in assets under management (AUM), while ITWO manages $194.71 M.

What sectors do the FESM and ITWO ETFs invest in?

FESM leans toward sectors like Finance, Healthcare and Technology. Meanwhile, ITWO focuses on Finance, Healthcare and Technology.

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

FESM top holdings include Commercial Metals Co., HealthEquity, Inc. and Oscar Health, Inc.. ITWO holds in its top three: Moog, Inc., BrightSpring Health Services, Inc. and Cytokinetics, Inc..

Which ETF is more diversified: FESM or ITWO?

FESM holds 781 securities with 9.93% of its assets in the top 15. ITWO has 1920 securities and a top 15 weight of 3.89%.

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