At a glance
FIVA charges 0.18% a year, above the 0.15% average of the 8 funds most like it (the 6th cheapest of 9). It has $587.1M in assets, the 8th largest of that group; it paid 2.83% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +23.0% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +24.9% a year. At its worst it fell 35.6% in the 2020 crash (S&P 500: 33.7%) and 28.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 10 months after the lows. Its ten largest positions make up 17.0% of the fund, out of 107 in all.
The short version
Fidelity International Value Factor ETF (FIVA) is an index fund. It tracks the Fidelity International Value Factor Index, a rules-based basket of large and mid-size companies in developed markets outside the US that look cheap on four valuation measures. At 0.18% a year, it costs a little over half what the iShares MSCI EAFE Value ETF (EFV) charges. It costs more than broad international index funds that charge 0.03% to 0.07%.
Price history
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FIVA +23.0% 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 | |
|---|---|---|---|---|---|---|
| FIVA official prospectus, to Feb 28, 2026 | — | +44.65% | — | +13.32% | — | +7.66% |
| IXYCJ index, same period | — | +45.05% | — | +13.85% | — | +8.18% |
| MC040 index, same period | — | +32.22% | — | +9.72% | — | +7.18% |
| FIVA price data to Oct 27, 2026 | +14.4% | +23.0% | +24.9% | +13.3% | — | +8.5% |
- Over the year to Oct 27, 2026, FIVA returned +23.0%, 1st of 9 among similar funds.
- Its 5-year annualized return was +13.3%.
- In the 2020 COVID crash it fell 35.6% and regained its old high 8.8 months after the low.
- Its worst full calendar year was 2022 (-10.3%); its best was 2025 (+45.9%).
- The deepest fall in its price history was 39.7% (Jan 23, 2018 to Mar 23, 2020), recovered by Feb 16, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.4% | — |
| 2025 | +45.9% | +44.65% |
| 2024 | +2.6% | +3.34% |
| 2023 | +20.4% | +20.26% |
| 2022 | -10.3% | -10.42% |
| 2021 | +16.0% | +16.05% |
| 2020 | -1.7% | -1.68% |
| 2019 | +19.8% | +19.70% |
| 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 | Lost 35.6% over that stretch · deepest drop along the way 35.6%, back to its old high 8.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.2% over that stretch · deepest drop along the way 28.7%, back to its old high 9.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9400 | |
| 2025 | $0.9200 | +7.0% |
| 2024 | $0.8600 | -3.4% |
| 2023 | $0.8900 | +15.6% |
| 2022 | $0.7700 | -16.3% |
| 2021 | $0.9200 | +67.3% |
| 2020 | $0.5500 | -33.7% |
| 2019 | $0.8300 |
What's inside
As of Jul 31, 2026, the fund held 107 securities; the ten largest made up 16.98% of assets.
| Holding | Weight | |
|---|---|---|
| ASML HOLDING NV | 2.83% | |
| KIOXIA HOLDINGS CORPORATION | 2.04% | |
| SIEMENS AG | 1.61% | |
| MITSUBISHI UFJ FINANCIAL GROUP INC | 1.57% | |
| THE TORONTO DOMINION BANK | 1.56% | |
| PANDORA A/S | 1.53% | |
| SHELL PLC | 1.51% | |
| NESTLE SA | 1.49% | |
| CANADIAN NATIONAL RAILWAY CO | 1.46% | |
| BANCO SANTANDER SA | 1.39% | |
| VOLVO AB | 1.33% | |
| MACQUARIE GROUP LTD | 1.33% | |
| ROCHE HOLDING AG | 1.32% | |
| ALLIANZ SE | 1.30% | |
| KDDI CORP | 1.27% |
By country
Japan 23.15%Canada 13.45%United Kingdom 11.87%France 9.64%Germany 9.33%By asset type
Stocks 99.67%Bonds and notes 0.01%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $19.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.07%, +1.31%, +2.04%.
How it works
FIVA tracks the Fidelity International Value Factor Index, which Fidelity builds with its own rules. The index starts with large and mid-size companies in developed markets outside the US. It sorts them into groups by country and sector. Within each group, it scores each stock on four value measures: high free cash flow yield (cash generated relative to share price), low enterprise value to EBITDA (company value relative to operating earnings), low price to tangible book value, and low price to expected earnings. Scores are adjusted so smaller companies aren't favored just for their size. The top scorers in each group get in.
Each stock is weighted by its market value, plus an extra boost that is equal for every stock in its group. Sector weights match the broader developed international market, and country weights end up close to it. As of July 31, 2026, Japan made up 23.15% of the fund, Canada 13.45% and the UK 11.87%. The 10 largest holdings, led by ASML, Kioxia and Siemens, made up 16.98% of assets.
The fund must keep at least 80% of its assets in index stocks or depositary receipts (certificates that represent foreign shares). It may use futures; as of July 31, 2026 it held a tiny MSCI EAFE futures position. It also lends out securities to earn extra income. Portfolio turnover was 61%, a fairly heavy yearly reshuffle.
What it really costs
- FIVA charges 0.18% a year, versus an average of 0.15% for the similar funds below (6th of 9, 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 |
|---|---|---|---|---|
| FIVA | $18 | $58 | $101 | $230 |
In a retirement portfolio
FIVA adds cheaper-priced companies from Japan, Canada and Europe, which can behave differently from a mostly US stock portfolio.
FIVA could balance a US-heavy portfolio, but it has been a bumpy ride. It launched in 2018, so it has no 2008 record. In the 2020 COVID crash it fell 35.6% in about five weeks and took 8.8 months to recover. From January to September 2022 it fell 28.7%, then needed 9.7 months to get back. Its deepest drop was 39.7%, from January 2018 to March 2020, and it recovered by February 2021. Its worst calendar year was 2022, when it lost 10.42%. Anyone forced to sell shares during a slump like these would lock in losses.
FIVA's trailing 12-month yield was 2.83% as of October 27, 2026, paid quarterly. It costs 0.18% a year. 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 with mostly US stocks who want lower-priced companies in Japan, Canada and Europe, spread across 107 names as of July 31, 2026.
- Value-minded investors watching costs: 0.18% a year is below EFV's 0.33% and EFA's 0.32%, about $18 on $10,000 in year one.
- Investors who want some quarterly income alongside growth; the trailing 12-month yield was 2.83% as of October 27, 2026.
Look elsewhere if
- Investors after the cheapest broad international exposure: VEA and SPDW charge 0.03%, IDEV 0.04% and IEFA 0.07%.
- Anyone who may need to sell during a downturn; FIVA fell 35.6% in early 2020 and 28.7% during 2022.
- Investors who prefer a very large fund; at about $587 million in net assets as of July 31, 2026, it ranks 8th of 9 among similar funds.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FIVA this fund | — | 0.18% | $587.1M | +23.0% | +24.9% |
| EFV iShares MSCI EAFE Value ETF | 35% | 0.33% | $29.11B | +21.9% | +23.3% |
| EFA iShares MSCI EAFE ETF | 31% | 0.32% | $77.98B | +13.5% | +18.2% |
| CEFA Global X S&P Catholic Values Developed ex-U… | 29% | 0.35% | $56.2M | +10.4% | +18.9% |
| IEFA iShares Core MSCI EAFE ETF | 27% | 0.07% | $190.11B | +13.7% | +18.5% |
| IDEV iShares Core MSCI International Developed M… | 27% | 0.04% | $31.64B | +14.6% | +19.2% |
| SCHF Schwab International Equity ETF | 26% | 0.06% | $69.68B | +17.7% | +20.4% |
| VEA Vanguard FTSE Developed Markets ETF | 24% | 0.03% | $316.42B | +16.8% | +21.7% |
Questions investors ask
Does FIVA pay dividends?
Yes. FIVA pays distributions every quarter. Over the 12 months through October 27, 2026, it paid about $1.08 per share, a trailing yield of 2.83%. The money comes from dividends on the foreign stocks it holds, so payouts can rise or fall with company profits and exchange rates. The fund also lends out securities to earn extra income.
What is the FIVA expense ratio?
FIVA's expense ratio is 0.18% a year, according to its prospectus filed February 24, 2026, with no fee waiver. In the SEC's standard example ($10,000 invested, a 5% annual return), that adds up to about $18 after one year, $101 after five years and $230 after ten. FIVA is cheaper than EFV (0.33%) and EFA (0.32%), but it costs more than VEA (0.03%) and IEFA (0.07%). The average among similar funds is 0.15%.
FIVA vs EFV: what's the difference?
Both hold lower-priced stocks in developed markets outside the US, and about 35% of their holdings overlap. FIVA follows Fidelity's own sector-neutral index and charges 0.18%. The iShares MSCI EAFE Value ETF (EFV) charges 0.33%. EFV is much larger, with about $29.1 billion in net assets versus about $587 million for FIVA (as of July 31, 2026). FIVA returned 23% over one year and 24.9% a year over three years through October 27, 2026. EFV returned 21.2% and 24.4% through October 30, 2026.
What are FIVA's top holdings?
As of July 31, 2026, FIVA's largest holdings were ASML Holding (2.83%), Kioxia Holdings (2.04%), Siemens (1.61%), Mitsubishi UFJ Financial Group (1.57%) and Toronto-Dominion Bank (1.56%). Pandora, Shell, Nestle, Canadian National Railway and Banco Santander complete the top 10. Together the top 10 made up 16.98% of assets, so no single stock dominates. The fund held 107 companies in all.
How has FIVA performed since launch?
Strongly in recent years, unevenly before that. According to its prospectus, as of February 28, 2026, FIVA returned 44.65% over one year, 13.32% a year over five years and 7.66% a year since its January 2018 launch. Its index returned slightly more over each period, which reflects fees and trading costs. The fund gained 44.65% in 2025 and lost 10.42% in 2022. Its price was up 14.4% for 2026 through October 27.