At a glance
FELC charges 0.18% a year. It has $7.88B in assets; it paid 0.83% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +14.9% with distributions reinvested (S&P 500: +11.5%). Its ten largest positions make up 38.4% of the fund, out of 254 in all.
The short version
Fidelity Enhanced Large Cap Core ETF (FELC) is an actively managed fund. It uses a computer-driven model to choose stocks from the S&P 500 Index, aiming to beat that index. As of June 30, 2026, it held 254 stocks, led by NVIDIA, Apple and Microsoft, so it looks a lot like the broad market. It charges 0.18% a year. Its record is short because it launched on November 20, 2023.
Price history
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FELC +14.9% 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 | |
|---|---|---|---|---|---|---|
| FELC official prospectus, to Oct 30, 2026 | — | +17.13% | — | +15.12% | +14.79% | — |
| S&P 001 index, same period | — | +17.88% | — | +14.42% | +14.82% | — |
| FELC price data to Oct 27, 2026 | +14.8% | +14.9% | — | — | — | +21.7% |
- Over the year to Oct 27, 2026, FELC returned +14.9%.
- Its worst full calendar year was 2025 (+17.1%); its best was 2024 (+25.3%).
- The deepest fall in its price history was 18.6% (Jan 23, 2025 to Apr 8, 2025), recovered by Jun 26, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.8% | — |
| 2025 | +17.1% | +17.13% |
| 2024 | +25.3% | +25.33% |
| 2023 | — | +26.08% |
| 2022 | — | -16.20% |
| 2021 | — | +30.36% |
| 2020 | — | +18.05% |
| 2019 | — | +27.66% |
| 2018 | — | -3.35% |
| 2017 | — | +21.65% |
| 2016 | — | +10.86% |
| 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) | $0.2750 | |
| 2025 | $0.3510 | +3.5% |
| 2024 | $0.3390 |
What's inside
As of Jun 30, 2026, the fund held 254 securities; the ten largest made up 38.41% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 7.95% | |
| APPLE INC | 7.00% | |
| MICROSOFT CORP | 4.03% | |
| AMAZON.COM INC | 3.89% | |
| ALPHABET INC Class A | 3.69% | |
| BROADCOM INC | 3.19% | |
| ALPHABET INC Class C | 2.40% | |
| META PLATFORMS INC | 2.19% | |
| MICRON TECHNOLOGY INC | 2.11% | |
| BERKSHIRE HATHAWAY INC DEL | 1.94% | |
| JPMORGAN CHASE and CO | 1.54% | |
| ELI LILLY and CO | 1.44% | |
| TESLA INC | 1.30% | |
| LAM RESEARCH CORP | 1.22% | |
| APPLIED MATERIALS INC | 1.18% |
By country
United States 96.47%Ireland 2.11%United Kingdom 0.13%Switzerland 0.09%Netherlands 0.08%By asset type
Stocks 98.68%Bonds and notes 0.19%By sector
Sectors of the companies held, for the 87.7% 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 $543.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.40%, +5.71%, -0.78%.
How it works
FELC normally keeps at least 80% of its assets in stocks from the S&P 500 Index. That index follows 500 large US companies, weighted by market capitalization (share price times shares outstanding). FELC is not an index fund, though. It doesn't simply hold all 500 stocks at their index weights. Fidelity's research looks for long-term drivers of stock returns, such as valuation (how cheap a stock is), growth and quality. These signals are applied systematically, through a quantitative model rather than one manager's judgment.
The model's output goes through Fidelity's own portfolio-construction and risk-management framework. The goal is a broadly diversified mix that could earn more than the S&P 500. As of June 30, 2026, the 10 largest positions made up 38.4% of the fund. They were NVIDIA (8.0%), Apple (7.0%), Microsoft (4.0%), Amazon (3.9%), Alphabet (about 6.1% across two share classes), Broadcom, Meta, Micron and Berkshire Hathaway. Technology made up about 35% of the holdings that had a sector label.
The fund trades a lot. Its portfolio turnover was 77%, meaning it replaced roughly three-quarters of its holdings over a year. The prospectus lets derivatives count toward the 80% rule. As of June 30, 2026, though, the only derivative was a tiny S&P 500 futures position (0.01%), alongside 1.13% in cash. The prospectus doesn't give a fixed rebalancing schedule.
What it really costs
- FELC 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 |
|---|---|---|---|---|
| FELC | $18 | $58 | $101 | $230 |
In a retirement portfolio
It holds about 250 large US stocks, moves closely with the S&P 500 (its beta, a measure of how much it moves with the market, was 1 over the year to October 27, 2026) and charges 0.18% a year.
FELC launched in November 2023, so it hasn't been tested in the 2008, 2020 or 2022 downturns. Its deepest drop was 18.6%, from January 23 to April 8, 2025. It regained that peak by June 26, 2025, about 2.6 months later. Both of its full calendar years were gains: 25.3% in 2024 and 17.1% in 2025. A retiree selling shares near a low like April 2025 would have locked in losses. A cash or bond reserve can help avoid that. The fund isn't built for income. It yielded 0.83% over the 12 months to October 27, 2026, paid quarterly. On the SEC's standard $10,000 example, costs come to $18 after one year and $230 after 10 years. 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 broad S&P 500-style exposure plus a rules-based attempt to beat the index, for 0.18% a year.
- Long-term holders comfortable with large positions in NVIDIA, Apple and Microsoft, and about 35% in technology.
- Investors who find a quantitative, factor-based method (valuation, growth, quality) easier to trust than one manager's stock picks.
Look elsewhere if
- Retirees who need cash flow: the yield was 0.83% as of October 27, 2026, paid only quarterly.
- Investors who want a fund that has been tested in a bear market: FELC launched in November 2023 and missed 2008, 2020 and 2022.
- Anyone who wants to own the whole index exactly. FELC holds about 250 of the 500 stocks, and its 77% turnover could make it trail the index.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is FELC an index fund?
No. FELC is actively managed, though it stays close to the S&P 500. At least 80% of its assets normally go into S&P 500 stocks. A quantitative model then picks and weights them using factors such as valuation, growth and quality. As of June 30, 2026, it held 254 stocks, not all 500. The goal is a higher total return than the index, but it can also trail the index.
What is the difference between FELC and an S&P 500 index fund?
An S&P 500 index fund holds all 500 stocks at their market-value weights. FELC holds about half of them and adjusts the weights using Fidelity's factor model. That gives it a chance to beat the index, along with the risk of lagging it. FELC also traded more: its portfolio turnover was 77%. Its largest positions as of June 30, 2026, were NVIDIA, Apple and Microsoft, which are also big index holdings.
What is the expense ratio of FELC?
FELC's expense ratio is 0.18% a year, all of it a management fee with no waiver, according to the prospectus filed October 27, 2026. The SEC's standard example assumes $10,000 invested, a 5% yearly return, and shares sold at the end of each period. On that basis, costs come to about $18 after one year, $101 after five years and $230 after 10 years.
Does FELC pay dividends?
Yes, FELC pays dividends quarterly, but they are small. Over the 12 months to October 27, 2026, it paid $0.361 per share, a yield of 0.83%. Most of its holdings are large growth companies such as NVIDIA, Apple and Microsoft, which pay little or nothing in dividends. Most of the return investors can expect is from changes in share price, not income.
How much did FELC fall in the 2025 stock market drop?
FELC fell 18.6% from its January 23, 2025 peak to its April 8, 2025 low. That was its deepest decline since it launched in November 2023. It recovered to its old high by June 26, 2025, about 2.6 months later. It still finished 2025 up 17.1%, after gaining 25.3% in 2024. It has not yet been through a long bear market.