Key stats
About Fidelity Covington Trust Fidelity Enhanced Small Cap ETF
Expense ratio
0.28%
Home page
Inception date
Nov 20, 2023
FESM seeks capital appreciation by targeting common stocks within the Russel 2000 Index. The benchmark is a market capitalization-weighted index, specifically intended to evaluate the small-cap sector of the US equity market. Investments may also include foreign stocks. With the aim of potentially providing a total return that surpasses that of the Index, the fund utilizes a computer-aided, quantitative analysis that evaluates historical valuation, growth, profitability, and various other factors. In addition to capital growth, the fund engages in securities lending as an income-generating strategy. FESM converted from a mutual fund called Fidelity Small Cap Enhanced Index Fund to an actively managed ETF structure starting with $435 million in net assets.
Classification
What's in the fund
Exposure type
Finance
Technology Services
Health Technology
Stock breakdown by region