At a glance
FFLC charges 0.38% a year, above the 0.26% average of the 8 funds most like it (the 7th cheapest of 9). It has $1.20B in assets, the 6th largest of that group; it paid 1.04% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +11.1% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds. Its ten largest positions make up 39.5% of the fund, out of 115 in all.
The short version
Fidelity Fundamental Large Cap Core ETF (FFLC) is an actively managed fund of about 115 mostly US large-company stocks. Fidelity's research analysts pick them, and a quantitative model sets how much of each to hold. Its 0.38% expense ratio is above the 0.26% average of similar funds and well above index funds such as Vanguard Mega Cap ETF (0.07%). NVIDIA, Alphabet and Amazon made up about 21% of assets as of July 31, 2026.
Price history
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FFLC +11.1% 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 | |
|---|---|---|---|---|---|---|
| FFLC official prospectus, to Nov 29, 2025 | — | +27.66% | — | +21.37% | — | — |
| S&P 001 index, same period | — | +25.02% | — | +16.94% | — | — |
| FFLC price data to Oct 27, 2026 | +10.8% | +11.1% | — | — | — | +16.6% |
- Over the year to Oct 27, 2026, FFLC returned +11.1%, 7th of 9 among similar funds.
- Its worst full calendar year was 2025 (+17.7%); its best was 2025 (+17.7%).
- The deepest fall in its price history was 19.7% (Jan 23, 2025 to Apr 8, 2025), recovered by Jun 26, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.8% | — |
| 2025 | +17.7% | — |
| 2024 | — | +27.66% |
| 2023 | — | +25.19% |
| 2022 | — | -0.07% |
| 2021 | — | +24.46% |
| 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 | Not in the price data, which starts Feb 26, 2024 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3800 | |
| 2025 | $0.5900 |
What's inside
As of Jul 31, 2026, the fund held 115 securities; the ten largest made up 39.46% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 8.35% | |
| ALPHABET INC | 7.10% | |
| AMAZON.COM INC | 5.55% | |
| APPLE INC | 4.18% | |
| META PLATFORMS INC | 2.94% | |
| MICROSOFT CORP | 2.60% | |
| BROADCOM INC | 2.48% | |
| TAIWAN SEMICONDUCTOR MFG CO LTD | 2.40% | |
| EXXONMOBIL HOLDINGS CORP | 1.96% | |
| VISA INC | 1.90% | |
| BOEING CO | 1.84% | |
| WESTERN DIGITAL CORP | 1.73% | |
| ELI LILLY and CO | 1.67% | |
| BANK OF AMERICA CORPORATION | 1.65% | |
| WELLS FARGO and CO | 1.57% |
By country
United States 86.81%United Kingdom 2.92%Taiwan 2.4%Ireland 1.72%Canada 1.26%By asset type
Stocks 99.21%By sector
Sectors of the companies held, for the 75.2% 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 $36.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.86%, +0.29%, +0.05%.
How it works
FFLC does not track an index. Its prospectus goal is long-term growth of capital. It normally keeps at least 80% of its assets in stocks of large companies. Fidelity defines these as companies similar in size to those in the Russell 1000 Index or the S&P 500 Index. The fund can own US and foreign companies. It can hold "growth" stocks (companies expected to grow fast), "value" stocks (shares that look cheap relative to the business) or both.
Stocks are chosen in two steps. First, Fidelity's fundamental analysts study each company's business and finances and make recommendations. Fidelity Management & Research also runs reference portfolios built on that research. Then a quantitative, or rules-based, process builds the actual portfolio. It gives more weight to stocks where Fidelity has high conviction and checks risk, liquidity and trading costs. The prospectus does not set a fixed rebalancing schedule. Portfolio turnover was 46%, so a large share of the holdings changed over the year.
As of July 31, 2026, the fund held 115 stocks, and the top 10 made up about 39% of assets. About 13% sat in companies based outside the US. That includes Taiwan Semiconductor, held through US-listed depositary receipts. Cash was 1.86%, and the fund had a very small S&P 500 futures position. Since December 11, 2025, derivatives like these can count toward the 80% stock requirement.
What it really costs
- FFLC charges 0.38% a year, versus an average of 0.26% for the similar funds below (7th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $39 in the first year and $480 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FFLC | $39 | $122 | $213 | $480 |
In a retirement portfolio
It holds about 115 large companies across many sectors, so it could serve as a main stock fund, though its active approach and higher fee set it apart from index-based core funds.
FFLC launched in June 2020, after the COVID crash, so it has no record from 2008 or 2020. In the 2022 bear market it lost just 0.07% for the calendar year. Even so, its worst quarter that year was an 11.03% drop in the three months to June 30, 2022. In price data starting February 2024, its deepest decline was 19.7%, from January 23 to April 8, 2025. It recovered by June 26, 2025, about 2.6 months later. A retiree forced to sell near that low would have taken a loss of nearly a fifth.
Income is modest. The trailing yield was 1.04% as of October 27, 2026, paid quarterly. In the SEC's standard example, a $10,000 investment costs $39 in the first year and $480 over 10 years. 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 Fidelity's analysts choosing large-company stocks and accept a 0.38% fee for active management instead of an index.
- People comfortable with heavy big-tech exposure: NVIDIA, Alphabet, Amazon and Apple made up about 25% of assets as of July 31, 2026.
- Long-term holders wanting one broad stock fund that also owns some foreign companies, about 13% of assets, such as Taiwan Semiconductor.
Look elsewhere if
- Cost-focused investors: Vanguard Mega Cap ETF (0.07%) and iShares Russell Top 200 ETF (0.15%) charge far less than FFLC's 0.38%.
- Retirees who need steady income: the trailing yield was just 1.04% as of October 27, 2026, paid quarterly.
- Investors expecting active picks to beat cheaper funds: FFLC's one-year return ranked 7th of 9 similar funds as of October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FFLC this fund | — | 0.38% | $1.20B | +11.1% | — |
| LCDS JPMorgan Fundamental Data Science Large Cor… | 46% | 0.3% | $16.0M | +14.1% | — |
| TGRT T. Rowe Price Growth ETF | 45% | 0.38% | $1.48B | +1.0% | +23.5% |
| MGC Vanguard Mega Cap ETF | 45% | 0.07% | $10.90B | +13.5% | +26.0% |
| IWL iShares Russell Top 200 ETF | 44% | 0.15% | $2.19B | +12.5% | +25.5% |
| FYEE Fidelity Yield Enhanced Equity ETF | 43% | 0.28% | $218.3M | +15.1% | — |
| SCHG Schwab U.S. Large-Cap Growth ETF | 42% | 0.04% | $63.03B | +2.2% | +23.0% |
| TSPA T. Rowe Price U.S. Equity Research ETF | 41% | 0.34% | $4.06B | +12.9% | +24.8% |
Questions investors ask
Is FFLC an index fund or actively managed?
FFLC is actively managed and does not track an index. Fidelity's research analysts recommend stocks, and Fidelity Management & Research runs reference portfolios based on that research. A quantitative model then builds the final portfolio. It favors high-conviction picks and checks risk, liquidity and trading costs. The fund defines large companies as those similar in size to companies in the Russell 1000 or S&P 500. Portfolio turnover was 46%.
What are FFLC's top holdings?
As of July 31, 2026, the largest holdings were NVIDIA (8.3%), Alphabet (7.1%), Amazon (5.5%), Apple (4.2%), Meta Platforms (2.9%), Microsoft (2.6%), Broadcom (2.5%) and Taiwan Semiconductor (2.4%). ExxonMobil and Visa completed the top 10, which together made up about 39% of the fund. Below them were stocks such as Boeing, Western Digital, Eli Lilly, Bank of America and Wells Fargo. The fund held 115 stocks in all.
Does FFLC pay monthly dividends?
No. FFLC pays dividends quarterly, not monthly. Over the 12 months to October 27, 2026, it paid $0.61 per share, a trailing yield of 1.04%. That is modest income, because the fund's stated goal is long-term growth of capital, not income. Investors who rely on portfolio income may want to compare it with funds built around dividend-paying stocks.
What's the difference between FFLC and LCDS?
Both are large-company "core" stock ETFs. Their holdings overlapped by about 46%, the most of any similar fund. JPMorgan Fundamental Data Science Large Core ETF (LCDS) charges 0.30%, compared with 0.38% for FFLC. LCDS returned 14.1% over the year to October 27, 2026, versus 11.1% for FFLC. FFLC is much larger: it had about $1.2 billion in net assets as of July 31, 2026, against about $16 million for LCDS as of June 30, 2026.
How has FFLC performed?
According to its prospectus, FFLC returned 24.46% in 2021, -0.07% in 2022, 25.19% in 2023 and 27.66% in 2024. Based on prices, it returned 17.67% in 2025 and 10.8% in 2026 through October 27. Its one-year return to that date was 11.1%, behind Vanguard Mega Cap ETF's 13.5%. Its worst quarter was an 11.03% loss in the three months ending June 30, 2022.