At a glance
FELV charges 0.18% a year, above the 0.14% average of the 6 funds most like it (the 4th cheapest of 7). It has $3.20B in assets, the 7th largest of that group; it paid 1.38% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +28.0% with distributions reinvested (S&P 500: +11.5%), 2nd of those 7 funds. Its ten largest positions make up 26.2% of the fund, out of 354 in all.
The short version
Fidelity Enhanced Large Cap Value ETF (FELV) is an actively managed fund. It keeps at least 80% of its assets in stocks from the Russell 1000 Value Index and uses a computer-driven model to try to beat that index. Its largest positions were Amazon, Apple and Microsoft as of June 30, 2026. At 0.18% a year, it costs more than plain value index funds such as Vanguard Value ETF (VTV), which charges 0.04%.
Price history
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FELV +28.0% 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 | |
|---|---|---|---|---|---|---|
| FELV official prospectus, to Oct 30, 2026 | — | +15.95% | — | +12.30% | +11.18% | — |
| RS005 index, same period | — | +15.91% | — | +11.33% | +10.53% | — |
| RS001 index, same period | — | +17.37% | — | +13.59% | +14.59% | — |
| FELV price data to Oct 27, 2026 | +25.5% | +28.0% | — | — | — | +22.3% |
- Over the year to Oct 27, 2026, FELV returned +28.0%, 2nd of 7 among similar funds.
- Its worst full calendar year was 2025 (+15.8%); its best was 2024 (+15.9%).
- The deepest fall in its price history was 16.1% (Nov 29, 2024 to Apr 8, 2025), recovered by Aug 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +25.5% | — |
| 2025 | +15.8% | +15.95% |
| 2024 | +15.9% | +15.88% |
| 2023 | — | +10.77% |
| 2022 | — | -6.47% |
| 2021 | — | +28.30% |
| 2020 | — | +4.43% |
| 2019 | — | +24.16% |
| 2018 | — | -7.53% |
| 2017 | — | +15.88% |
| 2016 | — | +16.32% |
| 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) | $0.4480 | |
| 2025 | $0.5790 | -6.0% |
| 2024 | $0.6160 |
What's inside
As of Jun 30, 2026, the fund held 354 securities; the ten largest made up 26.19% of assets.
| Holding | Weight | |
|---|---|---|
| AMAZON.COM INC | 5.15% | |
| APPLE INC | 4.66% | |
| MICROSOFT CORP | 3.39% | |
| BERKSHIRE HATHAWAY INC DEL | 3.08% | |
| JPMORGAN CHASE and CO | 2.62% | |
| EXXON MOBIL CORP | 1.80% | |
| INTEL CORP | 1.77% | |
| JOHNSON and JOHNSON | 1.30% | |
| CISCO SYSTEMS INC | 1.23% | |
| UNITEDHEALTH GROUP INC | 1.18% | |
| RTX CORP | 1.09% | |
| WALMART INC | 1.01% | |
| CHEVRON CORP NEW | 0.98% | |
| WELLS FARGO and CO | 0.97% | |
| SCHWAB CHARLES CORP | 0.90% |
By country
United States 94.75%Ireland 3.34%United Kingdom 0.37%Netherlands 0.2%Switzerland 0.16%By asset type
Stocks 98.14%Bonds and notes 0.78%By sector
Sectors of the companies held, for the 78% 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 $147.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.65%, +3.49%, +2.55%.
How it works
FELV is not an index fund, but it is built around one. It normally invests at least 80% of its assets in stocks that belong to the Russell 1000 Value Index. That index measures the large-cap value part of the US market. "Value" stocks are shares that look cheap compared with measures such as earnings or assets. The index weights each company by its market value (share price times shares outstanding). Every quarter it caps the weights so no single company tops 22.5%, and the companies above 4.5% can't add up to more than 45%.
Fidelity's managers then apply a quantitative, or rules-based, process. Their research looks for long-term drivers of stock returns, such as valuation, growth and quality. A proprietary system for building the portfolio and managing risk applies that research to pick a broadly diversified group of stocks that may beat the index's total return. As of June 30, 2026, the fund held 354 stocks, and the 10 largest made up 26% of assets.
The prospectus does not set a fixed rebalancing schedule, and the fund trades actively. Its portfolio turnover was 72%, which means it replaced holdings worth about 72% of the portfolio over a year. Derivatives count toward the 80% rule, but they were tiny: S&P 500 futures worth about 0.01% of assets, with 0.31% held in cash.
What it really costs
- FELV charges 0.18% a year, versus an average of 0.14% for the similar funds below (4th of 7, cheapest first).
- 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 |
|---|---|---|---|---|
| FELV | $18 | $58 | $101 | $230 |
In a retirement portfolio
It spreads money across 354 large US value stocks, so it could anchor the value part of a stock allocation, though it leaves out much of the growth side of the market.
FELV began trading on November 20, 2023, so the ETF itself did not exist during the 2008, 2020 or 2022 sell-offs. Its prospectus shows a longer record from before the ETF launched. In that record, its worst calendar year was 2018, when it fell 7.53%. It also lost 6.47% in 2022 and dropped 25.69% in the first quarter of 2020. Since launch, its deepest price drop was 16.1%, from November 29, 2024 to April 8, 2025. It recovered by August 13, 2025, about four months later. Selling shares to cover spending during a drop like that locks in losses.
The yield was 1.38% over the 12 months to October 27, 2026, paid quarterly. That is modest income, not a paycheck. In the SEC's standard $10,000 example, costs come to $18 in the first year and $230 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting broad US large-cap value exposure (354 stocks as of June 30, 2026) with a model-driven attempt to beat the Russell 1000 Value Index.
- Those comfortable paying 0.18% a year for an active approach, close to the 0.19% charged by iShares Russell 1000 Value ETF (IWD).
- Long-term holders seeking a value tilt with quarterly dividends and moderate swings: one-year volatility was 10.7% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: Vanguard Value ETF (VTV), SPDR Portfolio S&P 500 Value ETF (SPYV) and iShares Core S&P U.S. Value ETF (IUSV) each charge 0.04%.
- Those wanting a pure index fund. FELV's quantitative model can trail the Russell 1000 Value Index, and its 72% turnover reflects frequent trading.
- Investors wanting a long ETF track record. FELV launched November 20, 2023, so its own trading history covers less than three years.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FELV this fund | — | 0.18% | $3.20B | +28.0% | — |
| IWD iShares Russell 1000 Value ETF | 61% | 0.19% | $79.74B | +28.8% | +22.2% |
| SPYV SPDR Portfolio S&P 500 Value ETF | 52% | 0.04% | $35.30B | +16.8% | +17.8% |
| IVE iShares S&P 500 Value ETF | 52% | 0.18% | $47.74B | +16.7% | +17.7% |
| IUSV iShares Core S&P U.S. Value ETF | 51% | 0.04% | $26.46B | +16.8% | +17.8% |
| VTV Vanguard Value ETF | 51% | 0.04% | $254.48B | +25.4% | +22.3% |
| CGDV Capital Group Dividend Value ETF | 23% | 0.33% | $38.69B | +15.6% | +23.9% |
Questions investors ask
Does FELV pay dividends?
Yes. FELV pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.59 per share, a trailing yield of 1.38%. That is modest income, because the fund's stated goal is capital appreciation (growth in share value), not income. Payments can rise or fall with the dividends paid by its 354 stocks and with the fund's trading, so past payouts don't guarantee future ones.
What's the difference between FELV and IWD?
The main difference is approach. FELV uses Fidelity's quantitative model to try to beat the Russell 1000 Value Index. IWD, the iShares Russell 1000 Value ETF, is FELV's closest match and shares 61% of its holdings. Costs are similar: 0.18% for FELV and 0.19% for IWD. IWD is much larger, with $79.7 billion in net assets against FELV's $3.2 billion as of June 30, 2026. Over one year, IWD returned 29.3% through October 29, 2026, and FELV returned 28% through October 27.
Is FELV an index fund?
No. FELV is actively managed, though it stays close to an index. It normally keeps at least 80% of its assets in stocks from the Russell 1000 Value Index. A systematic model built on factors such as valuation, growth and quality then chooses and weights those stocks. The aim is to beat the index's total return, but stocks picked this way can also trail it. Portfolio turnover was 72%, a sign of active trading.
What is FELV's expense ratio?
FELV's expense ratio is 0.18%, according to its prospectus filed October 27, 2026, and all of it is the management fee. In the SEC's standard example, $10,000 earning 5% a year would cost $18 after one year, $101 after five years and $230 after ten. That is close to IWD's 0.19%. It is above the 0.14% average for similar funds and well above the 0.04% charged by VTV, SPYV and IUSV.
Why does FELV hold Apple and Amazon if it's a value fund?
Because FELV's model, not a simple screen for cheap stocks, sets its weights. As of June 30, 2026, Amazon (5.1%), Apple (4.7%) and Microsoft (3.4%) were its three largest positions. Technology was its biggest sector at 17.1%, among the 78% of assets with sector data. The fund must keep at least 80% in Russell 1000 Value stocks, but its research weighs growth and quality as well as valuation, so it can look different from a classic value fund.