Investment objective & strategy
As of Nov. 24, 2025 · prospectusObjective. Fidelity Stocks for Inflation ETF seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Stocks for Inflation Factor Index .
Strategy. Normally investing at least 80% of assets in securities included in the Fidelity Stocks for Inflation Factor IndexSM. The Fidelity Stocks for Inflation Factor Index SM is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies with attractive valuations, high quality profiles and positive momentum signals, emphasizing industries that tend to outperform in inflationary environments. The Fidelity Stocks for Inflation Factor Index SM is constructed using Fidelity's rules-based proprietary index methodology. Stocks are ranked within each sector and given a composite score based on three factors: valuation, quality, and momentum. Within each sector, stocks are weighted based on their market cap weight in the broader U.S. equity market plus an overweight adjustment that is equal for … Normally investing at least 80% of assets in securities included in the Fidelity Stocks for Inflation Factor IndexSM. The Fidelity Stocks for Inflation Factor Index SM is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies with attractive valuations, high quality profiles and positive momentum signals, emphasizing industries that tend to outperform in inflationary environments. The Fidelity Stocks for Inflation Factor Index SM is constructed using Fidelity's rules-based proprietary index methodology. Stocks are ranked within each sector and given a composite score based on three factors: valuation, quality, and momentum. Within each sector, stocks are weighted based on their market cap weight in the broader U.S. equity market plus an overweight adjustment that is equal for all constituents within that sector. Stocks with the highest composite scores within each sector are identified for inclusion in the index. Effective December 11, 2025, derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives. Lending securities to earn income for the fund.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| NVIDIA CORP | — | $15.41M | 6.33% |
| NEWMONT CORP | — | $14.59M | 5.99% |
| APPLE INC | — | $12.95M | 5.32% |
| MICROSOFT CORP | — | $10.60M | 4.36% |
| CF INDUSTRIES HOLDINGS INC | — | $7.89M | 3.24% |
| CNX RESOURCES CORP | — | $7.57M | 3.11% |
| ALPHABET INC CL A | — | $6.55M | 2.69% |
| SIMON PROPERTY | — | $6.21M | 2.55% |
| ANTERO MIDSTREAM CORP | — | $6.07M | 2.50% |
| UNITED THERAPEUTICS CORP DEL | — | $5.66M | 2.33% |
Portfolio moves
Oct 31, 2025 → Jan 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Fidelity U.S. Multifactor ETF · FLRG | 56% | 0.15% |
| Franklin U.S. Large Cap Equity Fund · LMUPX, LMUGX, LMUSX, LMUOX, LMTIX, LMISX | 41% | 0.70% |
| SA Franklin Systematic U.S. Large Cap Core Portfolio | 40% | 0.56% |
Advisers
| Firm | Role |
|---|---|
| Fidelity Management & Research Company LLC | Adviser |
| Geode Capital Management, LLC | Sub-adviser |
Footnotes
- Expense ratio as of November 24, 2025, from the fund's prospectus.
- Net assets and holdings count as of January 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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