Investment objective & strategy
As of Nov. 24, 2025 · prospectusObjective. Fidelity Low Volatility Factor ETF seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity U.S. Low Volatility Factor Index .
Strategy. Normally investing at least 80% of assets in securities included in the Fidelity U.S. Low Volatility Factor IndexSM. The Fidelity U.S. Low Volatility Factor Index SM is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies with lower volatility than the broader market. The Fidelity U.S. Low Volatility 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 measures of volatility: low volatility of returns, low beta (a measure of market sensitivity), and low earnings volatility. Within each sector, composite scores are adjusted based on market capitalization. Stocks with the highest composite scores within each sector are identified for inclusion in … Normally investing at least 80% of assets in securities included in the Fidelity U.S. Low Volatility Factor IndexSM. The Fidelity U.S. Low Volatility Factor Index SM is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies with lower volatility than the broader market. The Fidelity U.S. Low Volatility 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 measures of volatility: low volatility of returns, low beta (a measure of market sensitivity), and low earnings volatility. Within each sector, composite scores are adjusted based on market capitalization. Stocks with the highest composite scores within each sector are identified for inclusion in the index. Each sector is neutral-weighted relative to the broader equity market. Within each sector, each stock is weighted based on its market capitalization in the broader equity market plus an overweight adjustment that is equal for all constituents within that sector. 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 |
|---|---|---|---|
| APPLE INC | — | $109.43M | 7.43% |
| ALPHABET INC CL A | — | $88.98M | 6.04% |
| MICROSOFT CORP | — | $86.70M | 5.88% |
| AMAZON.COM INC | — | $58.01M | 3.94% |
| BROADCOM INC | — | $54.01M | 3.66% |
| META PLATFORMS INC CL A | — | $39.47M | 2.68% |
| LILLY ELI and CO | — | $27.85M | 1.89% |
| BERKSHIRE HATH-B | — | $27.14M | 1.84% |
| JPMORGAN CHASE and CO | — | $26.51M | 1.80% |
| INTL BUS MACH CORP | — | $25.99M | 1.76% |
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 SAI U.S. Low Volatility Index Fund · FSUVX | 62% | 0.10% |
| Horizon Equity Premium Income Fund · HNDDX, HIDDX, HADUX | 58% | 0.98% |
| SGI Enhanced Market Leaders ETF · LDRX | 58% | 0.59% |
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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