At a glance
FEAC charges 0.18% a year. It has $25.9M in assets; it paid 0.39% of its price in distributions over the past 12 months, quarterly. Its ten largest positions make up 31.9% of the fund, out of 480 in all.
The short version
Fidelity Enhanced U.S. All-Cap Equity ETF (FEAC) is an actively managed fund that uses a computer-driven process to pick U.S. stocks of all sizes, aiming to beat the Russell 3000 Index. It charges 0.18% a year and held 480 stocks as of June 30, 2026, led by NVIDIA and Apple. Launched in November 2024, it has a short record; in 2025 it returned 17.89% versus 17.15% for the index.
Price history
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FEAC — 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 | |
|---|---|---|---|---|---|---|
| FEAC official prospectus, to Oct 30, 2026 | — | +17.89% | — | — | — | +15.00% |
| RS003 index, same period | — | +17.15% | — | — | — | +14.44% |
| FEAC price data to Oct 27, 2026 | +4.5% | — | — | — | — | — |
- The deepest fall in its price history was 4.3% (Aug 19, 2026 to Sep 16, 2026), not yet recovered.
| 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
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jun 30, 2026, the fund held 480 securities; the ten largest made up 31.94% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 7.02% | |
| APPLE INC | 6.11% | |
| MICROSOFT CORP | 3.09% | |
| BROADCOM INC | 3.04% | |
| ALPHABET INC Class A | 2.78% | |
| AMAZON.COM INC | 2.51% | |
| MICRON TECHNOLOGY INC | 2.48% | |
| ALPHABET INC Class C | 1.72% | |
| ELI LILLY and CO | 1.65% | |
| LAM RESEARCH CORP | 1.54% | |
| ABBVIE INC | 1.34% | |
| CISCO SYSTEMS INC | 1.27% | |
| GE AEROSPACE | 1.26% | |
| EXXON MOBIL CORP | 1.22% | |
| META PLATFORMS INC | 1.13% |
By country
United States 92.92%Ireland 3.91%Cayman Islands 0.39%United Kingdom 0.34%Bermuda 0.14%By asset type
Stocks 97.78%Bonds and notes 0.35%Preferred stock 0.01%By sector
Sectors of the companies held, for the 73.9% 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 Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $14.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.16%, +5.60%, -0.01%.
How it works
FEAC is actively managed, not an index fund. It aims for capital growth and a higher total return than the Russell 3000 Index, a broad U.S. market benchmark. It normally keeps at least 80% of assets in U.S. stocks of all sizes. Fidelity's research looks for long-term drivers of returns, such as valuation (how cheaply a stock is priced), growth and quality. A computer-driven process applies that research, alongside Fidelity's own portfolio-construction and risk framework, to select a broadly diversified group of stocks.
As of June 30, 2026, the fund held 480 companies, and its 10 largest positions made up 31.94% of assets. NVIDIA (7.0%) and Apple (6.1%) led, followed by Microsoft, Broadcom, Alphabet, Amazon and Micron. A company can count as U.S. based on tests such as its main listing or where it earns most of its revenue; 3.91% of assets were in Irish-based companies.
The prospectus doesn't describe a fixed rebalancing schedule. Turnover was 66%, meaning yearly trades equal to about two-thirds of the portfolio; trading costs come on top of the expense ratio. On June 30, 2026, the fund held 1.8% in cash and a tiny stake (0.02% of assets) in S&P 500 futures, contracts that track that index. The main added risk is the model: factors that worked before can stop working.
What it really costs
- FEAC charges 0.18% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $18 in the first year and $230 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FEAC | $18 | $58 | $101 | $230 |
In a retirement portfolio
It held a broad mix of 480 mostly U.S. companies of all sizes as of June 30, 2026, and charges 0.18% a year, though its record is short.
FEAC could serve as a portfolio's U.S. stock holding, but it launched November 19, 2024, after the 2008, 2020 and 2022 declines, so it has never faced a major crash. In 2025, its only full calendar year, it gained 17.89%; its weakest quarter was a 4.46% loss. Between June 9 and October 27, 2026, its deepest drop was 4.3%, from August 19 to September 16, and it had not regained that high by October 27. It has moved almost in step with the market (a beta of 0.99), so anyone drawing cash in a bad year could face market-sized losses.
It yielded just 0.39% over the 12 months to October 27, 2026, paid quarterly. The 0.18% yearly fee comes to $230 over 10 years on $10,000 in the SEC's standard example. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one fund for U.S. stocks of all sizes, spread across 480 companies as of June 30, 2026, for 0.18% a year.
- Those comfortable with a computer-driven active approach, built on valuation, growth and quality signals, that aims to beat the Russell 3000 Index.
- Long-term investors who can ride out market-sized swings and heavy big-tech exposure, led by NVIDIA (7.0%) and Apple (6.1%) as of June 30, 2026.
Look elsewhere if
- Retirees seeking meaningful income: FEAC yielded just 0.39% over the 12 months to October 27, 2026, paid quarterly.
- Investors who want a long track record: the fund launched November 19, 2024, and has never been tested by a major market crash.
- Those who prefer a plain index fund or a much larger fund: FEAC had about $25.9 million in assets as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is FEAC actively managed?
Yes. FEAC doesn't track an index. Fidelity uses a quantitative (computer-driven), research-based process that weighs factors such as valuation, growth and quality, aiming for a higher total return than the Russell 3000 Index. The portfolio is still broad, with 480 companies as of June 30, 2026, led by NVIDIA and Apple. Turnover was 66%, a sign of active trading. The fund was small, with about $25.9 million in assets as of June 30, 2026, and the prospectus warns that an active trading market may not always be maintained.
What is FEAC's expense ratio?
FEAC's expense ratio, its yearly fee as a share of assets, is 0.18%, according to the prospectus filed October 27, 2026. In the SEC's standard example, which assumes $10,000 invested, a 5% yearly return and shares redeemed at the end of each period, costs total $18 after one year, $58 after three, $101 after five and $230 after 10. Trading costs from the fund's 66% turnover aren't included in that figure.
How has FEAC performed vs the Russell 3000?
It edged ahead of its benchmark in its first full year. In 2025, FEAC returned 17.89% versus 17.15% for the Russell 3000 Index. From its November 19, 2024 launch, it averaged 15% a year against 14.44% for the index, as reported in the prospectus filed October 27, 2026. Its strongest quarter gained 11.23% (ended June 30, 2025) and its weakest lost 4.46% (ended March 31, 2025). A record this short says little about future results.
Does FEAC pay dividends?
Yes, FEAC pays dividends quarterly, but they're small. Over the 12 months to October 27, 2026, it paid $0.13 per share, a yield of 0.39%. That fits its goal: the prospectus lists capital appreciation (growth in share value), not income, as the objective, and technology was its largest sector as of June 30, 2026, led by NVIDIA, Apple and Microsoft. Fast-growing tech companies often reinvest profits rather than pay large dividends, so investors seeking steady income may find the payout thin.
Is FEAC good for retirement?
It could serve as the U.S. stock part of a long-term retirement portfolio, with caveats. FEAC owns a broad mix of U.S. stocks for 0.18% a year and has moved almost in step with the market. But it yields little, 0.39% over the 12 months to October 27, 2026, and it launched on November 19, 2024, so it has never faced a major crash. Retirees drawing cash in a downturn could see market-sized losses. Past results don't predict future ones.