At a glance
FDFF charges 0.5% a year, above the 0.35% average of the 6 funds most like it (the 5th cheapest of 7). It has $47.2M in assets, the 6th largest of that group; it paid 0.99% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −1.9% with distributions reinvested (S&P 500: +11.5%), 5th of those 7 funds; over three years it returned +15.7% a year. Its ten largest positions make up 46.4% of the fund, out of 46 in all.
The short version
Fidelity Disruptive Finance ETF (FDFF) is an actively managed fund. Its managers pick stocks of banks, payment firms, asset managers and fintech (financial technology) companies that Fidelity believes are changing how financial services are delivered. As of August 31, 2026, it held 46 stocks. About a quarter of the fund sat outside the US, in names like Bankinter and DBS. It charges 0.50% a year, far more than Vanguard Financials ETF (0.09%).
Price history
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FDFF -1.9% 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 | |
|---|---|---|---|---|---|---|
| FDFF official prospectus, to Sep 29, 2026 | — | -1.52% | — | +5.83% | — | +15.82% |
| IXXIL index, same period | — | +31.96% | — | +13.53% | — | +24.18% |
| MS159 index, same period | — | +22.71% | — | +11.56% | — | +19.90% |
| FDFF price data to Oct 27, 2026 | -0.2% | -1.9% | +15.7% | — | — | +11.4% |
- Over the year to Oct 27, 2026, FDFF returned -1.9%, 5th of 7 among similar funds.
- Its worst full calendar year was 2025 (-2.7%); its best was 2024 (+27.9%).
- The deepest fall in its price history was 23.1% (Jan 30, 2025 to Apr 8, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.2% | — |
| 2025 | -2.7% | -1.52% |
| 2024 | +27.9% | +26.64% |
| 2023 | — | +14.98% |
| 2022 | — | -24.79% |
| 2021 | — | +23.09% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3000 | |
| 2025 | $0.3100 | +19.2% |
| 2024 | $0.2600 |
What's inside
As of Aug 31, 2026, the fund held 46 securities; the ten largest made up 46.43% of assets. It also reported 4.35% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| BLACKROCK INC | 5.81% | |
| CAPITAL ONE FINANCIAL CORP | 5.44% | |
| BANKINTER SA | 4.94% | |
| FINECOBANK SPA | 4.47% | |
| VISA INC | 4.42% | |
| CHIME FINANCIAL INC | 4.38% | |
| MASTERCARD INC | 4.36% | |
| DBS GROUP HOLDINGS LTD | 4.31% | |
| APOLLO GLOBAL MANAGEMENT, INC | 4.16% | |
| TOAST INC | 4.12% | |
| BLOCK INC | 3.97% | |
| HISCOX LTD | 3.01% | |
| INTERCONTINENTAL EXCHANGE INC | 2.82% | |
| LONDON STOCK EXCHANGE GROUP PLC | 2.80% | |
| EQUIFAX INC | 2.67% |
By country
United States 74.18%Spain 4.94%Italy 4.47%Singapore 4.31%Bermuda 3.01%By asset type
Stocks 99.38%By sector
Sectors of the companies held, for the 49.8% 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 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 $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.05%, +7.20%, +6.76%.
How it works
FDFF does not track an index. Fidelity's managers choose the stocks. The fund normally puts at least 80% of its assets in what Fidelity calls disruptive finance companies. These are firms with new ways of delivering banking, insurance, investment management, mortgages, digital payments, data processing, blockchain-based services or AI-driven lending. A company can qualify if, in Fidelity's view, it meets at least one test: it has a business model that could challenge established rivals, it is early to market, it has clear competitive advantages, it patents high-impact products, or it stands to gain from its own research.
Managers study each company's finances and industry position. They then use quantitative (rules-based, computer-driven) tools to build the portfolio. They can buy growth or value stocks, in the US or abroad. The fund concentrates in finance industries but may own companies in any sector. Portfolio turnover was 26%, which means roughly a quarter of the holdings were replaced over the year.
The fund is non-diversified, so it can hold larger stakes in fewer companies than a diversified fund. As of August 31, 2026, the top 10 holdings made up about 46% of assets, and about 74% was in US companies. Derivatives can count toward the 80% rule, but the fund held none on that date.
What it really costs
- FDFF charges 0.5% a year, versus an average of 0.35% for the similar funds below (5th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FDFF | $51 | $160 | $280 | $628 |
In a retirement portfolio
FDFF is a concentrated, actively managed bet on financial innovation that has had deep losses, so it fits best as a small add-on to a broader portfolio.
FDFF could add a targeted bet on financial innovation to a portfolio built on broad stock and bond funds. Its record shows how big the swings can be. The fund has no history from the 2008 crisis or the 2020 crash. Its prospectus shows a 24.79% loss in 2022, including a 21.44% drop in the second quarter alone. In its price history, the deepest fall was 23.1%, from January 30 to April 8, 2025, and the fund had not regained that peak as of October 27, 2026. Anyone forced to sell shares in a year like that would lock in the loss.
Income is small: the fund paid quarterly, with a trailing yield of 0.99% as of October 27, 2026. Its 0.50% expense ratio is above the 0.35% average of similar funds. Past results don't predict the future, and a retirement 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 small, actively picked stake in payment, fintech and asset-management firms such as Visa, Chime, Toast and BlackRock.
- Those seeking global financials exposure, with about a quarter of the fund outside the US, in names like Bankinter, FinecoBank and DBS, as of August 31, 2026.
- Long-horizon holders who can ride out deep drops, like the 24.79% loss in 2022, without needing to sell.
Look elsewhere if
- Cost-focused investors: broad financials index funds such as XLF (0.08%) and VFH (0.09%) charge far less than FDFF's 0.50%.
- Income seekers, since the trailing yield was just 0.99% as of October 27, 2026, paid quarterly.
- Anyone wanting proof that active picking pays: FDFF's 1-year return of -1.52% trailed both its prospectus benchmarks as of September 29, 2026.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FDFF this fund | — | 0.5% | $47.2M | -1.9% | +15.7% |
| IPAY Amplify Mobile Payments ETF | 29% | 0.75% | $152.4M | -16.5% | +11.7% |
| BPAY iShares FinTech Active ETF | 29% | 0.7% | $9.6M | -21.7% | +12.5% |
| IYG iShares U.S. Financial Services ETF | 18% | 0.39% | $2.17B | +6.1% | +26.1% |
| VFH Vanguard Financials ETF | 18% | 0.09% | $14.77B | +10.0% | +23.4% |
| FNCL Fidelity MSCI Financials Index ETF | 17% | 0.084% | $2.38B | +6.5% | +23.6% |
| XLF Financial Select Sector SPDR Fund | 17% | 0.08% | $51.35B | +9.9% | +22.7% |
Questions investors ask
Is FDFF a good investment for retirement?
FDFF fits better as a small, higher-risk satellite than as a core retirement holding. It is an actively managed, non-diversified fund focused on financial innovation. Its prospectus shows a 24.79% loss in 2022. Its deepest price drop since then was 23.1%, from January 30 to April 8, 2025. Its yield was 0.99% as of October 27, 2026. Investors who may need to sell during a downturn could find those swings hard to absorb.
What stocks does FDFF hold?
As of August 31, 2026, FDFF held 46 stocks. The largest were BlackRock (5.8%), Capital One (5.4%), Spain's Bankinter (4.9%), Italy's FinecoBank (4.5%), Visa (4.4%), Chime (4.4%), Mastercard (4.4%), Singapore's DBS Group (4.3%), Apollo Global Management (4.2%) and Toast (4.1%). The top 10 made up about 46% of the fund. About 74% was in US companies.
What is FDFF's expense ratio?
FDFF's expense ratio is 0.50% a year, according to its prospectus filed September 24, 2026. The SEC's standard example assumes $10,000 invested with a 5% yearly return. On that basis, costs come to about $51 after one year, $160 after three years, $280 after five and $628 after ten. That is above the 0.35% average for similar funds and far above Fidelity MSCI Financials Index ETF, at 0.084%.
Does FDFF pay dividends?
Yes, FDFF pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.35 per share, a yield of 0.99%. Income is a minor part of what the fund offers. Its stated objective is long-term growth of capital, not income, so investors who rely on regular payouts may want to compare it with funds built for yield.
FDFF vs IPAY: what's the difference?
Both funds focus on financial technology, but they differ in cost and breadth. Fidelity actively manages FDFF and charges 0.50%. Amplify Mobile Payments ETF (IPAY) charges 0.75%. About 29% of their holdings overlap, and FDFF also owns banks, asset managers and exchanges. As of October 27, 2026, FDFF returned -1.9% over one year and 15.7% a year over three years. IPAY returned -16.5% and 11.7% over the same periods.