Fidelity Fundamental Large Cap Value ETF

Fidelity Fundamental Large Cap Value ETF (FFLV) is actively managed, not an index fund: it holds large US and foreign companies that Fidelity considers undervalued, and a quantitative model sets how much of each it owns. Its 0.38% annual fee falls between cheaper rivals such as iShares Russell 1000 Value ETF (0.19%) and the pricier Fidelity Blue Chip Value ETF (0.59%). With $16.4 million in assets as of July 31, 2026, it is the smallest fund in its comparison group.

• Over the year to Oct 27, 2026, FFLV returned +22.8%, 6th of 9 among similar funds.
• Its worst full calendar year was 2025 (+16.1%); its best was 2025 (+16.1%).
• The deepest fall in its price history was 16.7% (Nov 29, 2024 to Apr 8, 2025), recovered by Aug 22, 2025.

As of Jul 31, 2026, the fund held 112 securities; the ten largest made up 33.27% of assets.

By sector

• Over the three months to Jul 31, 2026, investors withdrew a net $2.0M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.78%, +2.60%, +3.58%.

FFLV is actively managed, not tied to an index. Its adviser, Fidelity Management & Research Company, buys US and foreign stocks it considers undervalued relative to the company's assets, sales, earnings, growth potential or cash flow, or to industry peers. Since December 11, 2025, the fund must normally keep at least 80% of assets in large value companies, sized like those in the Russell 1000 or S&P 500 indexes.

Its "value" label is broad. A stock qualifies by meeting any one test: membership in a third-party value index, or a cheaper-than-median reading on price-to-book (price versus net assets), projected price-to-earnings, enterprise value (equity plus debt) to earnings, or free cash flow yield (spare cash per dollar of share price). That flexibility shows in the top holdings as of July 31, 2026: Amazon (7.3%), Apple (4.8%) and Microsoft (4.5%).

Selection starts with Fidelity analysts' research and reference portfolios. A quantitative (computer-driven) process then sizes positions, favoring high-conviction picks within risk, liquidity and trading limits. There is no scheduled index rebalance; the prospectus reported 44% annual turnover, roughly the share of the portfolio replaced. Being non-diversified, the fund can concentrate in fewer companies. As of July 31, 2026, it held 112 stocks and no derivatives.

• FFLV charges 0.38% a year, versus an average of 0.31% for the similar funds below (6th 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).

It leans toward value holdings such as banks, insurers, oil companies and drugmakers, which can balance a broad or growth-heavy stock fund, though Amazon, Apple and Microsoft were its largest holdings as of July 31, 2026.

FFLV could add a value tilt that moved less than the broad market over the year to October 27, 2026. Its beta, a measure of how much it moves with the market, was 0.6. It launched in February 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 16.1%. Its deepest drop, 16.7%, ran from November 29, 2024, to April 8, 2025. It regained that peak on August 22, 2025, about 4.5 months after the low. Anyone who cashed out near that low to cover spending would have locked in much of the loss.

Income is modest. Dividends over the 12 months to October 27, 2026, equaled a 1.33% yield, paid quarterly. Annual costs of 0.38% come to $39 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.