Investment objective & strategy
As of Nov. 24, 2025 · prospectusObjective. Fidelity Value Factor ETF seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity U.S. Value Factor Index .
Strategy. Normally investing at least 80% of assets in securities included in the Fidelity U.S. Value Factor IndexSM. The Fidelity U.S. Value Factor Index SM is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies that have attractive valuations. The Fidelity U.S. Value 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 four measures of value: high free-cash-flow yield; low enterprise value to earnings before interest, taxes, depreciation and amortization; low price to tangible book value; and low price to future earnings. Within each sector, composite scores are adjusted based on market capitalization. Stocks with the highest composite scores within each sector … Normally investing at least 80% of assets in securities included in the Fidelity U.S. Value Factor IndexSM. The Fidelity U.S. Value Factor Index SM is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies that have attractive valuations. The Fidelity U.S. Value 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 four measures of value: high free-cash-flow yield; low enterprise value to earnings before interest, taxes, depreciation and amortization; low price to tangible book value; and low price to future earnings. 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 |
|---|---|---|---|
| NVIDIA CORP | — | $81.20M | 7.11% |
| APPLE INC | — | $70.56M | 6.18% |
| ALPHABET INC CL A | — | $58.44M | 5.12% |
| MICROSOFT CORP | — | $54.02M | 4.73% |
| Fidelity Cash Central Fund | — | $48.39M | 4.24% |
| MICRON TECHNOLOGY INC | — | $39.80M | 3.49% |
| AMAZON.COM INC | — | $39.70M | 3.48% |
| META PLATFORMS INC CL A | — | $28.12M | 2.46% |
| TESLA INC | — | $23.80M | 2.09% |
| BERKSHIRE HATH-B | — | $20.52M | 1.80% |
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. |
|---|---|---|
| SGI Enhanced Market Leaders ETF · LDRX | 59% | 0.59% |
| iShares S&P 100 ETF · OEF | 58% | 0.20% |
| VistaShares Target 15 S&P 100 Distribution ETF | 58% | — |
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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