At a glance
FDVV charges 0.15% a year, above the 0.07% average of the 8 funds most like it (the 7th cheapest of 9). It has $10.16B in assets, the 5th largest of that group; it paid 2.73% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.6% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +22.8% a year. At its worst it fell 40.2% in the 2020 crash (S&P 500: 33.7%) and 20.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 9 months after the lows. Its ten largest positions make up 33.8% of the fund, out of 96 in all.
The short version
Fidelity High Dividend ETF (FDVV) is an index fund that tracks the Fidelity High Dividend Index. The index is a rules-based mix of about 96 large and mid-sized dividend-paying companies, mostly in the US. Its dividend screen still leaves room for big technology stocks: as of July 31, 2026, its largest holdings were NVIDIA, Apple and Microsoft. It pays dividends quarterly, with a trailing yield of 2.73% as of October 27, 2026, and charges 0.15% a year.
Price history
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FDVV +13.6% 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 | |
|---|---|---|---|---|---|---|
| FDVV official prospectus, to Nov 29, 2025 | — | +21.71% | — | +12.85% | — | +12.53% |
| IXZ6K index, same period | — | +21.94% | — | +13.13% | — | +12.85% |
| RS001 index, same period | — | +24.51% | — | +14.28% | — | +14.59% |
| FDVV price data to Oct 27, 2026 | +12.8% | +13.6% | +22.8% | +13.7% | +13.6% | +13.4% |
- Over the year to Oct 27, 2026, FDVV returned +13.6%, 1st of 9 among similar funds.
- Its 5-year annualized return was +13.7% and its 10-year +13.6%.
- In the 2020 COVID crash it fell 40.2% and regained its old high 9.5 months after the low.
- Its worst full calendar year was 2022 (-4.2%); its best was 2021 (+29.3%).
- The deepest fall in its price history was 40.2% (Feb 14, 2020 to Mar 23, 2020), recovered by Jan 6, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.8% | — |
| 2025 | +17.1% | — |
| 2024 | +21.8% | +21.71% |
| 2023 | +18.0% | +17.90% |
| 2022 | -4.2% | -4.11% |
| 2021 | +29.3% | +29.32% |
| 2020 | +2.9% | +2.85% |
| 2019 | +24.1% | +23.77% |
| 2018 | -1.2% | -0.93% |
| 2017 | +14.0% | +13.81% |
| 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 40.1% over that stretch · deepest drop along the way 40.2%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.2% over that stretch · deepest drop along the way 20.2%, back to its old high 9.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.3200 | |
| 2025 | $1.6400 | +11.6% |
| 2024 | $1.4700 | -7.5% |
| 2023 | $1.5900 | +23.3% |
| 2022 | $1.2900 | +17.3% |
| 2021 | $1.1000 | +7.8% |
| 2020 | $1.0200 | -20.3% |
| 2019 | $1.2800 | +15.3% |
| 2018 | $1.1100 | +5.7% |
| 2017 | $1.0500 |
Living on FDVV: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Jul 31, 2026, the fund held 96 securities; the ten largest made up 33.84% of assets, and 2.34% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 6.57% | |
| APPLE INC | 6.18% | |
| MICROSOFT CORP | 4.89% | |
| BROADCOM INC | 3.11% | |
| JPMORGAN CHASE and CO | 2.76% | |
| DELL TECHNOLOGIES INC | 2.66% | |
| BANK OF AMERICA CORPORATION | 1.96% | |
| COCA COLA CO | 1.96% | |
| ALPHABET INC | 1.95% | |
| PHILIP MORRIS INTERNATIONAL INC | 1.80% | |
| GOLDMAN SACHS GROUP INC (THE) | 1.80% | |
| PROCTER and GAMBLE CO | 1.69% | |
| BEST BUY CO INC | 1.65% | |
| HOME DEPOT INC | 1.59% | |
| TJX COMPANIES INC | 1.58% |
By country
United States 92.98%Italy 2.91%Denmark 1.48%Norway 1.18%Ireland 0.64%By asset type
Stocks 99.79%Bonds and notes 0.01%By sector
Sectors of the companies held, for the 81.9% 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 added a net $426.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.38%, -1.28%, +3.61%.
How it works
FDVV is an index fund that aims to match the Fidelity High Dividend Index, a rules-based index of Fidelity's own design. It normally keeps at least 80% of assets in the index's stocks or depositary receipts (certificates that let foreign shares trade in the US). The index targets large and mid-sized companies expected to keep paying and raising high dividends. Foreign stocks can be up to 10% of the index at each rebalance.
Within each sector, the index scores stocks on three measures: high dividend yield, low payout ratio (the share of profits paid as dividends) and strong dividend growth. It adjusts scores for company size and picks the top scorers. Higher-yielding sectors get more weight than in the broad market; lower-yielding sectors get less. Within a sector, each stock gets its size-based weight in the broad market plus the same extra boost.
Because weights start from company size, the largest of 96 holdings as of July 31, 2026, were tech giants, not classic income stocks: NVIDIA (6.6%), Apple (6.2%) and Microsoft (4.9%). The top 10 held about 34% of assets. The fund also lends securities for extra income, which risks delays and costs if a borrower fails to return them. Since December 11, 2025, derivatives can count toward the 80% rule.
What it really costs
- FDVV charges 0.15% a year, versus an average of 0.07% for the similar funds below (7th 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 |
|---|---|---|---|---|
| FDVV | $15 | $48 | $85 | $192 |
In a retirement portfolio
A dividend-focused index and quarterly payouts give it an income tilt, though its 2.73% trailing yield is modest and it holds nothing but stocks.
FDVV could add quarterly dividends to the stock side of a portfolio. Over the 12 months to October 27, 2026, it paid $1.71 per share, a 2.73% yield. It is still an all-stock fund. In the 2020 COVID crash, it fell 40.2% in about a month and took 9.5 months to recover. In 2022, it dropped 20.2% from its peak and needed 9.4 months to get back. Its worst calendar year, though, was 2022, when it lost only 4.11%. The fund launched in 2016, so it has no record from the 2008 crisis. Anyone drawing income in a slump like these might have to sell shares at low prices. In the SEC's standard example, costs come to $15 in the first year on $10,000. Past results don't predict future ones, 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 quarterly dividends from about 96 mostly US stocks, with a trailing yield of 2.73% as of October 27, 2026.
- People comfortable with a dividend fund whose largest holdings, as of July 31, 2026, were NVIDIA, Apple and Microsoft.
- Investors who like a rules-based screen that rewards dividend growth and low payout ratios, for 0.15% a year.
Look elsewhere if
- Cost-focused investors: 0.15% is about double the 0.07% average of similar funds, and iShares Core S&P 500 ETF charges 0.03%.
- Anyone who needs steady share prices for withdrawals: it fell 40.2% in early 2020 and 20.2% in 2022.
- Investors who want a dividend fund with little technology: tech was its largest sector, at 26.5% 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 |
|---|---|---|---|---|---|
| FDVV this fund | — | 0.15% | $10.16B | +13.6% | +22.8% |
| MGC Vanguard Mega Cap ETF | 39% | 0.07% | $10.90B | +13.5% | +26.0% |
| IWL iShares Russell Top 200 ETF | 39% | 0.15% | $2.19B | +12.5% | +25.5% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 38% | 0% | $5.47B | +13.4% | +25.4% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 38% | 0.2% | $2.74B | +12.6% | +24.8% |
| SPY SPDR S&P 500 ETF Trust | 38% | 0.0945% | $781.19B | +11.5% | +21.9% |
| SPYM SPDR Portfolio S&P 500 ETF | 38% | 0.02% | $153.92B | +11.5% | +22.0% |
| IVV iShares Core S&P 500 ETF | 38% | 0.03% | $888.13B | +11.5% | +22.0% |
Compared head to head: FDVV vs SCHD · DGRO vs FDVV · all comparisons →
Questions investors ask
Is FDVV good for retirement income?
It can supply some income, but it holds nothing but stocks. FDVV pays dividends quarterly, and its trailing 12-month yield was 2.73% as of October 27, 2026, or $1.71 per share. Its share price can fall sharply. It dropped 40.2% in early 2020 and 20.2% in 2022, and each time it took about nine and a half months to recover. It may suit retirees who want dividend income alongside other holdings rather than as their only source.
Does FDVV pay monthly dividends?
No. FDVV pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $1.71 per share, a trailing yield of 2.73%. Each payment depends on the dividends its roughly 96 holdings pay, so the amounts can change. The prospectus warns that if companies in the fund cut or stop their dividends, the fund's income may fall.
What's the difference between FDVV and MGC?
FDVV screens for dividend payers and gives more weight to higher-yielding sectors. Vanguard Mega Cap ETF (MGC) owns the largest US companies, and the two funds' holdings overlap by about 39%. MGC is cheaper, at 0.07% a year against FDVV's 0.15%. As of October 27, 2026, FDVV returned 13.6% over one year, close to MGC's 13.5%. Over three years, FDVV averaged 22.8% a year, while MGC averaged 26%.
Why does FDVV hold NVIDIA and Apple if it's a dividend fund?
Its index picks the top dividend scorers in every sector, including technology, and weights each stock mostly by its market value. Very large companies therefore stay large in the fund. As of July 31, 2026, NVIDIA made up 6.57% of the fund, Apple 6.18% and Microsoft 4.89%. Technology was its largest sector, at 26.5%. Financials came next at 13.5%, then consumer staples at 9.7%.
What is FDVV's expense ratio?
FDVV's expense ratio is 0.15% a year, according to its prospectus filed November 24, 2025. In the SEC's standard example, $10,000 earning 5% a year would cost $15 after one year, $48 after three, $85 after five and $192 after ten. That is more than the 0.07% average of similar funds. It ranks 7th of 9 on cost among comparable funds.