At a glance
FCPI charges 0.15% a year, below the 0.19% average of the 8 funds most like it (the 4th cheapest of 9). It has $270.3M in assets, the 8th largest of that group; it paid 1.55% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.7% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +23.9% a year. At its worst it fell 36.9% in the 2020 crash (S&P 500: 33.7%) and 18.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 14 months after the lows. Its ten largest positions make up 35.6% of the fund, out of 99 in all.
The short version
Fidelity Stocks for Inflation ETF (FCPI) is an index fund. It holds about 100 large and mid-sized U.S. stocks, chosen by Fidelity's rules for value, quality and momentum. It gives extra weight to industries that have tended to do well when inflation runs high. It costs 0.15% a year, below the 0.19% average for similar funds. Its biggest holdings still include large tech companies such as NVIDIA and Apple.
Price history
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FCPI +13.7% 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 | |
|---|---|---|---|---|---|---|
| FCPI official prospectus, to Nov 29, 2025 | — | +25.41% | — | +13.04% | — | +13.64% |
| IXXSE index, same period | — | +25.64% | — | +13.35% | — | +13.96% |
| RS001 index, same period | — | +24.51% | — | +14.28% | — | +14.99% |
| FCPI price data to Oct 27, 2026 | +14.9% | +13.7% | +23.9% | +13.6% | — | +14.5% |
- Over the year to Oct 27, 2026, FCPI returned +13.7%, 4th of 9 among similar funds.
- Its 5-year annualized return was +13.6%.
- In the 2020 COVID crash it fell 36.9% and regained its old high 8.8 months after the low.
- Its worst full calendar year was 2022 (-7.1%); its best was 2021 (+34.2%).
- The deepest fall in its price history was 37.2% (Jan 17, 2020 to Mar 23, 2020), recovered by Jan 6, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.9% | — |
| 2025 | +16.3% | — |
| 2024 | +25.5% | +25.41% |
| 2023 | +15.4% | +15.34% |
| 2022 | -7.1% | -7.05% |
| 2021 | +34.2% | +34.40% |
| 2020 | +2.2% | +2.12% |
| 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 36.9% over that stretch · deepest drop along the way 36.9%, back to its old high 8.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.9% over that stretch · deepest drop along the way 18.3%, back to its old high 14 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5300 | |
| 2025 | $0.8700 | +55.4% |
| 2024 | $0.5600 | -13.8% |
| 2023 | $0.6500 | +20.4% |
| 2022 | $0.5400 | +35.0% |
| 2021 | $0.4000 | -55.6% |
| 2020 | $0.9000 |
What's inside
As of Jul 31, 2026, the fund held 99 securities; the ten largest made up 35.57% of assets, and 2.2% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 6.00% | |
| APPLE INC | 5.62% | |
| MICROSOFT CORP | 4.29% | |
| APA CORP | 3.45% | |
| TECHNIPFMC PLC | 3.23% | |
| ALPHABET INC | 2.78% | |
| NEWMONT CORP | 2.73% | |
| ANGLOGOLD ASHANTI PLC | 2.58% | |
| SIMON PROPERTY GROUP INC | 2.49% | |
| BROADCOM INC | 2.39% | |
| CNX RESOURCES CORP | 2.33% | |
| MONSTER BEVERAGE CORP NEW | 2.17% | |
| MAPLEBEAR INC | 2.15% | |
| JOHNSON and JOHNSON | 2.13% | |
| NATIONAL FUEL GAS CO NJ | 2.10% |
By country
United States 90.01%United Kingdom 7.38%Bermuda 1.41%Ireland 0.75%Singapore 0.35%By asset type
Stocks 99.89%Bonds and notes 0.01%By sector
Sectors of the companies held, for the 64.4% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $10.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.79%, -0.06%, -0.01%.
How it works
FCPI tracks the Fidelity Stocks for Inflation Factor Index, which Fidelity builds with its own rules-based method. The fund normally keeps at least 80% of its assets in the index's stocks. The index starts with large and mid-sized U.S. companies and ranks them within each sector. Each stock gets a combined score from three factors: valuation (how cheap the stock looks), quality (how financially sound the company looks) and momentum (whether its price has been rising). The top scorers in each sector make the cut, and the index leans toward industries that have tended to beat the market during inflation.
Each stock starts at its market-value weight in the broader U.S. market. Every stock in a sector then gets the same extra boost. Because of this, giant companies still carry large weights. As of July 31, 2026, NVIDIA was 6.0% of assets, Apple 5.6% and Microsoft 4.3%. Energy and gold names came next: APA at 3.5%, TechnipFMC at 3.2%, Newmont at 2.7% and AngloGold Ashanti at 2.6%. The top 10 made up 35.6% of the fund.
Portfolio turnover was 77% in the prospectus, so holdings change often. The fund lends out securities to earn extra income, and a borrower could fail to return them. Starting December 11, 2025, derivatives can count toward the 80% rule. As of July 31, 2026, it held only a tiny S&P 500 futures position. It uses no leverage and no options.
What it really costs
- FCPI charges 0.15% a year, versus an average of 0.19% for the similar funds below (4th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FCPI | $15 | $48 | $85 | $192 |
In a retirement portfolio
The index is built to favor industries that tend to do well during inflation, but it is still an all-stock fund and gives no protection in a crash.
FCPI fell along with the market in past downturns. It launched in November 2019, so it has no 2008 record. In the 2020 COVID crash, it dropped 36.9%. Its deepest drop was 37.2%, from January 17 to March 23, 2020, and it was back to its old high by January 6, 2021. In 2022, a high-inflation year, it fell 18.3% from peak to low and took 14 months to recover. Its loss for calendar 2022 was about 7%, its worst full year. Anyone forced to sell shares for spending during stretches like these would lock in losses.
Income is modest: the trailing 12-month yield was 1.55% as of October 27, 2026, paid quarterly. In the SEC's standard example, costs total $192 over 10 years on $10,000. 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 who want a low-cost stock fund, at 0.15% a year, that adds weight to energy, gold-mining and real-estate stocks expected to help during inflation.
- People comfortable with a rules-based fund that picks stocks on value, quality and momentum and had 77% portfolio turnover.
- Long-term holders who mainly want stock growth plus some quarterly income: the trailing yield was 1.55% as of October 27, 2026.
Look elsewhere if
- Anyone wanting a direct inflation hedge: this all-stock fund fell 18.3% in the 2022 inflation bear market and 36.9% in 2020.
- Cost-focused investors who want the whole market: USPX and SPTM charge 0.03%, compared with FCPI's 0.15%.
- Those trying to avoid big tech: NVIDIA, Apple and Microsoft were FCPI's three largest holdings as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FCPI this fund | — | 0.15% | $270.3M | +13.7% | +23.9% |
| FLRG Fidelity U.S. Multifactor ETF | 55% | 0.16% | $290.4M | +10.7% | +21.4% |
| QLC FlexShares US Quality Large Cap Index Fund | 44% | 0.25% | $1.01B | +15.1% | +27.0% |
| AFLG First Trust Active Factor Large Cap ETF | 41% | 0.55% | $761.1M | +14.8% | +24.7% |
| USPX Franklin U.S. Equity Index ETF | 39% | 0.03% | $1.98B | +12.9% | +24.9% |
| IWL iShares Russell Top 200 ETF | 38% | 0.15% | $2.19B | +12.5% | +25.5% |
| SPTM SPDR Portfolio S&P 1500 Composite Stock Mar… | 38% | 0.03% | $13.58B | +11.9% | +21.5% |
| FYEE Fidelity Yield Enhanced Equity ETF | 37% | 0.28% | $218.3M | +15.1% | — |
Questions investors ask
Is FCPI a good inflation hedge?
It is a partial hedge, not a guaranteed one. FCPI holds stocks, not inflation-protected bonds. Its index favors industries that have tended to do well during inflation, such as energy and gold mining. Even so, the fund fell 18.3% from peak to low during the 2022 bear market, when inflation was high, and took 14 months to recover. Its loss for calendar 2022 was about 7%. The prospectus warns there is no guarantee the method will work.
What's the difference between FCPI and FLRG?
Both are Fidelity factor ETFs. As of the latest filings, they share about 55% of their holdings. FCPI adds a tilt toward industries that tend to do well during inflation. FLRG, the Fidelity U.S. Multifactor ETF, has no such tilt. Costs are almost the same: 0.15% for FCPI and 0.16% for FLRG. As of October 27, 2026, FCPI returned 13.7% over one year, compared with 10.7% for FLRG. Over three years, FCPI averaged 23.9% a year and FLRG 21.4%.
Does FCPI pay dividends?
Yes. FCPI pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $0.87 per share, a trailing yield of 1.55%. That is modest because most of the fund's return comes from stock price changes, not income. The fund also earns a little extra by lending out its securities. Dividend amounts can vary from quarter to quarter.
What is FCPI's expense ratio?
FCPI's expense ratio is 0.15% a year, according to the prospectus filed November 24, 2025, and there is no fee waiver. In the SEC's standard example of $10,000 earning 5% a year, costs come to $15 after one year, $85 after five years and $192 after ten. That is below the 0.19% average for similar funds. Broad-market funds such as USPX and SPTM cost less, at 0.03%.
How has FCPI performed since it launched?
FCPI's long-term returns have been solid but bumpy. As of November 29, 2025, the prospectus showed average annual returns of 25.41% over one year, 13.04% over five years and 13.64% since its 2019 launch. Its index returned 13.96% a year over the same period. Based on prices as of October 27, 2026, FCPI averaged 13.6% a year over five years. Its worst quarter was a 24.48% loss in early 2020.