At a glance
FCOR charges 0.36% a year, above the 0.07% average of the 7 funds most like it (the most expensive of 8). It has $352.6M in assets, the 8th largest of that group; it paid 4.82% of its price in distributions over the past 12 months, monthly. Over the past year it returned −2.3% with distributions reinvested, 7th of those 8 funds; over three years it returned +6.5% a year. At its worst it fell 18.8% in the 2020 crash (S&P 500: 33.7%) and 18.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 34 months after the lows. Its ten largest positions make up 8.6% of the fund, out of 573 in all.
The short version
Fidelity Corporate Bond ETF (FCOR) is an actively managed fund that holds mostly investment-grade corporate bonds, meaning debt from companies with higher credit ratings. It had 573 holdings as of August 31, 2026, and pays income monthly. Most rivals track an index, but FCOR's managers pick their own bonds while keeping interest-rate risk close to the Bloomberg U.S. Credit Bond Index. That approach costs 0.36% a year, far above the 0.07% average for similar funds.
Price history
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FCOR -2.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FCOR official prospectus, to Oct 30, 2026 | — | +8.11% | — | +0.13% | +3.56% | — |
| LB004 index, same period | — | +7.83% | — | -0.05% | +3.15% | — |
| LB001 index, same period | — | +7.30% | — | -0.36% | +2.01% | — |
| FCOR price data to Oct 27, 2026 | -1.6% | -2.3% | +6.5% | 0.0% | +2.4% | +2.6% |
- Over the year to Oct 27, 2026, FCOR returned -2.3%, 7th of 8 among similar funds.
- Its 5-year annualized return was 0.0% and its 10-year +2.4%.
- In the 2020 COVID crash it fell 18.8% and regained its old high 2.9 months after the low.
- Its worst full calendar year was 2022 (-15.9%); its best was 2019 (+14.9%).
- The deepest fall in its price history was 22.6% (Aug 4, 2021 to Oct 20, 2022), recovered by Oct 15, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -1.6% | — |
| 2025 | +7.9% | +8.11% |
| 2024 | +3.0% | +3.03% |
| 2023 | +8.9% | +9.02% |
| 2022 | -15.9% | -16.30% |
| 2021 | -1.6% | -1.00% |
| 2020 | +11.4% | +10.86% |
| 2019 | +14.9% | +14.96% |
| 2018 | -3.0% | -2.92% |
| 2017 | +6.1% | +5.99% |
| 2016 | +7.6% | +7.53% |
| 2015 | -2.2% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 13.6% over that stretch · deepest drop along the way 18.8%, back to its old high 2.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.8% over that stretch · deepest drop along the way 18.8%, back to its old high 33.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.6300 | |
| 2025 | $2.1500 | +6.4% |
| 2024 | $2.0200 | +16.1% |
| 2023 | $1.7400 | +16.8% |
| 2022 | $1.4900 | +13.7% |
| 2021 | $1.3100 | -23.4% |
| 2020 | $1.7100 | +4.3% |
| 2019 | $1.6400 | -6.3% |
| 2018 | $1.7500 | +22.4% |
| 2017 | $1.4300 | -5.3% |
| 2016 | $1.5100 | -17.9% |
| 2015 | $1.8400 |
What's inside
As of Aug 31, 2026, the fund held 573 securities; the ten largest made up 8.59% of assets, and 2.03% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| UNITED STATES TREASURY BOND Bonds and notes | 1.61% | |
| BROADCOM INC Bonds and notes | 1.14% | |
| AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATION TRUST Bonds and notes | 0.91% | |
| ENBRIDGE INC Bonds and notes | 0.77% | |
| WESTERN GAS PARTNERS LP Bonds and notes | 0.76% | |
| BAYER US FIN LLC Bonds and notes | 0.70% | |
| BANK OF AMERICA CORPORATION Bonds and notes | 0.68% | |
| STELLANTIS FINANCE US INC Bonds and notes | 0.67% | |
| BOEING CO Bonds and notes | 0.67% | |
| WELLS FARGO and CO Bonds and notes | 0.67% | |
| JPMORGAN CHASE and CO Bonds and notes | 0.64% | |
| COLUMBIA PIPELINES HOLDING CO LLC Bonds and notes | 0.61% | |
| HSBC HOLDINGS PLC Bonds and notes | 0.59% | |
| CITIZENS FINANCIAL GRP INC Bonds and notes | 0.57% | |
| MORGAN STANLEY Bonds and notes | 0.57% |
By country
United States 80.46%United Kingdom 3.12%Ireland 2.84%Canada 2.75%Japan 1.28%By issuer
Companies 93.55%US Treasury 3.04%Foreign governments 0.5%The bonds mature in 10.9 years on average (weighted by size), with an average coupon of 4.99%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $18.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.14%, -1.64%, +0.33%.
How it works
FCOR does not copy an index. Fidelity's managers choose the bonds. Under normal conditions, the fund puts at least 80% of its assets in corporate bonds and other corporate debt. These are IOUs that companies sell to borrow money: they pay interest and repay the loan when the bond matures. Most holdings are investment-grade, but the managers may also buy lower-rated high-yield bonds, often called junk bonds. Issuers can be US or foreign. To pick bonds, the team looks at each issuer's credit quality, each bond's features, its current and possible future value, and trading opportunities.
The managers keep the fund's overall interest-rate risk similar to that of the Bloomberg U.S. Credit Bond Index. That limits how far the fund can drift from its benchmark's sensitivity to rates, even when it holds different bonds. As of August 31, 2026, bonds and notes made up 94.65% of the portfolio, US Treasuries 3.04% and cash 2.03%. The average bond had 10.9 years to maturity and a 4.99% coupon (its annual interest rate). Portfolio turnover was 38%, so a fair share of the holdings changes each year.
The prospectus allows swaps, options, futures and forward-settling securities, which can have a leveraging effect, to adjust risk. The August 31, 2026, holdings report showed no derivative positions. The fund may also create and redeem shares for cash instead of bonds. That can make it less tax-efficient than ETFs that exchange securities in kind.
What it really costs
- FCOR charges 0.36% a year, versus an average of 0.07% for the similar funds below (8th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $37 in the first year and $456 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FCOR | $37 | $116 | $202 | $456 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
The fund's stated goal is a high level of current income, which it pays monthly from a broad mix of mostly investment-grade corporate bonds.
FCOR could add monthly income to a portfolio. Its trailing 12-month yield was 4.82% as of October 27, 2026. Corporate bonds are not a safe haven, though. The fund fell 18.8% in March 2020 but was back to its prior peak by June 16, 2020. Rising interest rates did more lasting damage. It lost 16.3% in 2022, its worst calendar year. Its deepest drop was 22.6%, from August 2021 to October 2022, and it took about 36 months to recover. Anyone who had to sell shares during that stretch would have locked in losses. The fund launched in 2014, so it has no record from the 2008 crisis.
Cost is the other trade-off. In the SEC's standard example, $10,000 invested would cost $456 in expenses over 10 years. Similar funds charge 0.07% on average, against FCOR's 0.36%. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking monthly income from mostly investment-grade corporate bonds; the trailing yield was 4.82% as of October 27, 2026.
- People who prefer active bond picking; FCOR beat both comparison indexes in its prospectus over 1, 5 and 10 years.
- Holders who value spreading money widely: 573 holdings, with the top 10 making up just 8.59% of assets as of August 31, 2026.
Look elsewhere if
- Cost-focused investors: FCOR's 0.36% expense ratio ranks last of eight similar funds. USIG charges 0.04% and VCIT charges 0.03%.
- Anyone who needs steady prices: FCOR fell 22.6% between August 2021 and October 2022 and took about 36 months to recover.
- Those who want a large, heavily traded fund: at about $353 million in net assets, FCOR is the smallest of its eight-fund peer group.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FCOR this fund | 10.9 yrs | 0.36% | $352.6M | -2.3% | +6.5% |
| USIG iShares Broad USD Investment Grade Corporat… | 10.3 yrs | 0.04% | $17.85B | -0.9% | +5.7% |
| JAAA Janus Henderson AAA CLO ETF | 11.4 yrs | 0.2% | $29.21B | +4.9% | +6.1% |
| LQD iShares iBoxx $ Investment Grade Corporate … | 13 yrs | 0.14% | $32.04B | -2.3% | +5.2% |
| IGIB iShares 5-10 Year Investment Grade Corporat… | 8.3 yrs | 0.04% | $18.72B | -1.0% | +6.4% |
| VCIT Vanguard Intermediate-Term Corporate Bond E… | 8.2 yrs | 0.03% | $72.04B | -0.6% | +7.1% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 8.1 yrs | 0.03% | $11.60B | -1.8% | +6.9% |
| SPIB SPDR Portfolio Intermediate Term Corporate … | 5.6 yrs | 0.04% | $11.57B | 0.0% | +6.1% |
Questions investors ask
Does FCOR pay monthly dividends?
Yes. FCOR pays income every month. Over the 12 months to October 27, 2026, it paid $2.19 per share, a trailing yield of 4.82%. That income comes mainly from interest on the corporate bonds it holds, whose average coupon was 4.99% as of August 31, 2026. Payments can rise or fall as interest rates change and as the managers buy and sell bonds, so past payouts are not a guaranteed income level.
What's the difference between FCOR and USIG?
The biggest differences are cost, size and approach. iShares Broad USD Investment Grade Corporate Bond ETF (USIG) is the closest match by maturity and issuer mix. It charges 0.04% a year, compared with FCOR's 0.36%, and had $17.8 billion in net assets versus FCOR's roughly $353 million. FCOR's managers pick bonds actively and may hold some junk bonds. Their average maturities are close: 10.9 years for FCOR and 10.3 years for USIG. Over three years, both returned about 6.5% a year.
Is FCOR actively managed or an index fund?
FCOR is actively managed. Fidelity's managers choose bonds based on each issuer's credit quality, the features of each security, its valuation and trading opportunities. They keep overall interest-rate risk similar to the Bloomberg U.S. Credit Bond Index but don't copy it. As of August 31, 2026, the largest positions included a US Treasury bond maturing in 2056 (1.61%) and bonds from Broadcom, AerCap, Enbridge and Western Gas Partners. Major banks such as Bank of America, Wells Fargo and JPMorgan Chase also appeared among the top holdings.
How much did FCOR lose in 2022?
FCOR lost 16.3% in 2022, its worst calendar year, according to its prospectus. Its worst quarter was the one ended June 30, 2022, when it fell 7.83%, as rising interest rates pushed bond prices down. Its deepest decline was 22.6%, from August 4, 2021, to October 20, 2022. The fund didn't recover that loss until October 15, 2025, about 36 months later. Corporate bond funds can take years to recover when interest rates rise sharply.
What is FCOR's expense ratio?
FCOR's expense ratio is 0.36% a year, according to the prospectus filed October 27, 2026. That is all management fee, with no fee waiver. It ranks last on cost among eight similar funds, whose average is 0.07%. In the SEC's standard example, which assumes $10,000 invested and a 5% annual return, expenses would total $37 after one year, $202 after five years and $456 after ten years.