Investment objective & strategy
As of Nov. 24, 2025 · prospectusObjective. Fidelity U.S. Multifactor ETF seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity U.S. Multifactor Index .
Strategy. Normally investing at least 80% of assets in securities included in the Fidelity U.S. Multifactor Index. The Fidelity U.S. Multifactor Index SM is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies with attractive valuations, high quality profiles, positive momentum signals, and lower volatility than the broader market. The Fidelity U.S. Multifactor Index SM is constructed using Fidelity's rules-based proprietary index methodology. Stocks in the universe are given a composite score based on four factors: valuation, quality, momentum, and volatility. Stocks with the highest composite scores are identified for inclusion in the index. Within each sector, stocks are weighted based on their market capitalization in the broader U.S. equity market plus an overweight adjustment that is … Normally investing at least 80% of assets in securities included in the Fidelity U.S. Multifactor Index. The Fidelity U.S. Multifactor Index SM is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies with attractive valuations, high quality profiles, positive momentum signals, and lower volatility than the broader market. The Fidelity U.S. Multifactor Index SM is constructed using Fidelity's rules-based proprietary index methodology. Stocks in the universe are given a composite score based on four factors: valuation, quality, momentum, and volatility. Stocks with the highest composite scores are identified for inclusion in the index. Within each sector, stocks are weighted based on their market capitalization in the broader U.S. 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 |
|---|---|---|---|
| NVIDIA CORP | — | $20.53M | 7.43% |
| APPLE INC | — | $17.27M | 6.25% |
| ALPHABET INC CL A | — | $15.75M | 5.70% |
| MICROSOFT CORP | — | $14.03M | 5.08% |
| BROADCOM INC | — | $7.32M | 2.65% |
| META PLATFORMS INC CL A | — | $6.99M | 2.53% |
| NEWMONT CORP | — | $5.20M | 1.88% |
| JOHNSON&JOHNSON | — | $5.14M | 1.86% |
| VISA INC-CLASS A | — | $4.27M | 1.54% |
| ABBVIE INC | — | $4.08M | 1.48% |
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 Stocks for Inflation ETF · FCPI | 56% | 0.15% |
| Fidelity Quality Factor ETF · FQAL | 52% | 0.15% |
| Applied Finance Valuation Large Cap ETF · VSLU | 48% | 0.49% |
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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