At a glance
FVAL charges 0.15% a year, above the 0.14% average of the 8 funds most like it (the 5th cheapest of 9). It has $1.33B in assets, the 8th largest of that group; it paid 1.48% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +18.6% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +24.0% a year. At its worst it fell 37.0% in the 2020 crash (S&P 500: 33.7%) and 23.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 14 months after the lows. Its ten largest positions make up 42.3% of the fund, out of 125 in all.
The short version
Fidelity Value Factor ETF (FVAL) tracks the Fidelity U.S. Value Factor Index, a rules-based mix of large and midsize U.S. stocks that score well on four price-based value measures. The fund keeps each sector's weight in line with the overall stock market. Because of that, its largest holdings as of July 31, 2026 were NVIDIA, Apple and Microsoft, so it looks more like a broad market fund than a classic value fund. It costs 0.15% a year.
Price history
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FVAL +18.6% 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 | |
|---|---|---|---|---|---|---|
| FVAL official prospectus, to Nov 29, 2025 | — | +18.12% | — | +12.11% | — | +13.26% |
| IXZ6F index, same period | — | +18.30% | — | +12.38% | — | +13.57% |
| RS001 index, same period | — | +24.51% | — | +14.28% | — | +14.59% |
| FVAL price data to Oct 27, 2026 | +15.9% | +18.6% | +24.0% | +12.7% | +14.6% | +14.5% |
- Over the year to Oct 27, 2026, FVAL returned +18.6%, 1st of 9 among similar funds.
- Its 5-year annualized return was +12.7% and its 10-year +14.6%.
- In the 2020 COVID crash it fell 37% and regained its old high 7.7 months after the low.
- Its worst full calendar year was 2022 (-14.4%); its best was 2021 (+30.4%).
- The deepest fall in its price history was 37.2% (Feb 12, 2020 to Mar 23, 2020), recovered by Nov 16, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.9% | — |
| 2025 | +19.6% | — |
| 2024 | +18.1% | +18.12% |
| 2023 | +23.1% | +23.02% |
| 2022 | -14.4% | -14.33% |
| 2021 | +30.4% | +30.65% |
| 2020 | +9.1% | +8.87% |
| 2019 | +30.3% | +29.54% |
| 2018 | -7.8% | -7.08% |
| 2017 | +22.5% | +21.90% |
| 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 37% over that stretch · deepest drop along the way 37%, back to its old high 7.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.6% over that stretch · deepest drop along the way 23.4%, back to its old high 14.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8500 | |
| 2025 | $1.1700 | +18.2% |
| 2024 | $0.9900 | +10.0% |
| 2023 | $0.9000 | +13.9% |
| 2022 | $0.7900 | +6.8% |
| 2021 | $0.7400 | +13.8% |
| 2020 | $0.6500 | -3.0% |
| 2019 | $0.6700 | +8.1% |
| 2018 | $0.6200 | +17.0% |
| 2017 | $0.5300 |
What's inside
As of Jul 31, 2026, the fund held 125 securities; the ten largest made up 42.26% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 7.71% | |
| APPLE INC | 7.24% | |
| MICROSOFT CORP | 5.65% | |
| ALPHABET INC | 5.63% | |
| AMAZON.COM INC | 4.39% | |
| BROADCOM INC | 3.42% | |
| MICRON TECHNOLOGY INC | 2.67% | |
| META PLATFORMS INC | 1.95% | |
| BERKSHIRE HATHAWAY INC DEL | 1.86% | |
| ELI LILLY and CO | 1.76% | |
| VISA INC | 1.45% | |
| JOHNSON and JOHNSON | 1.36% | |
| UNITEDHEALTH GROUP INC | 1.19% | |
| BANK OF AMERICA CORPORATION | 1.17% | |
| ABBVIE INC | 1.14% |
By country
United States 96.85%Ireland 1.41%Bermuda 0.85%Netherlands 0.35%United Kingdom 0.16%By asset type
Stocks 99.59%Bonds and notes 0.02%By sector
Sectors of the companies held, for the 85.6% 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 $47.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.41%, -2.37%, +3.20%.
How it works
FVAL is a Fidelity index fund. It aims to match, before fees, the Fidelity U.S. Value Factor Index, built with Fidelity's own rules. It normally keeps at least 80% of assets in the index's stocks. Since December 11, 2025, derivatives with similar exposure count toward that 80%. The fund lends securities to earn extra income.
The index covers large and mid-sized US companies. Within each sector, it scores stocks on four value measures. The first is high free-cash-flow yield (cash left after investment, relative to market value). The second is low enterprise value to EBITDA (company value, including debt, against a measure of operating profit). The third is low price to tangible book value (share price against net assets, excluding goodwill and similar items). The fourth is low price to expected earnings. Scores are adjusted for company size, and each sector's top scorers are picked.
Each sector keeps its broad-market weight, so the value tilt applies only within sectors. Within a sector, stocks are weighted by market value plus an equal extra slice, so the biggest companies still lead. As of July 31, 2026, NVIDIA (7.7%), Apple (7.2%) and Microsoft (5.6%) led its 125 holdings, and the top 10 made up 42.3% of assets. About half its portfolio overlaps with SPDR S&P 500 ETF Trust (SPY).
What it really costs
- FVAL charges 0.15% a year, versus an average of 0.14% for the similar funds below (5th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FVAL | $15 | $48 | $85 | $192 |
In a retirement portfolio
It holds 125 large and midsize U.S. stocks with sector weights close to the market's, so it can act as a main stock holding with a mild value tilt.
FVAL is still a pure stock fund, and it launched in 2016, so it has no 2008 record. In the 2020 COVID crash it fell 37% between Feb. 19 and March 23, 2020. It was back to its old peak by Nov. 13, 2020, about eight months later. In the 2022 bear market it fell 23.4% and didn't fully recover until Dec. 11, 2023, about 14 months after the low. Its worst calendar year was 2022, at -14.4%. Anyone who has to sell shares during a drop like that turns a paper loss into a real one.
Income is modest. The fund had a 1.48% trailing 12-month yield as of Oct. 27, 2026, paid quarterly. In the SEC's standard example, $10,000 invested would cost $192 in fees over 10 years. Past results don't predict future returns, 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 a value tilt but keep market-like sector weights, including large stakes in NVIDIA, Apple and Microsoft as of July 31, 2026.
- Long-term holders comfortable paying 0.15% a year, close to the 0.14% average of funds with similar holdings.
- People who prefer a rules-based Fidelity index fund that pays dividends quarterly, with a 1.48% trailing yield as of Oct. 27, 2026.
Look elsewhere if
- Investors wanting a traditional deep-value fund full of cheap, unloved stocks; technology was FVAL's largest sector, at about 31%, as of July 31, 2026.
- Cost-focused investors: Vanguard Mega Cap ETF (MGC) charges 0.07% and SPDR S&P 500 ETF Trust (SPY) about 0.09%, with many of the same holdings.
- Anyone likely to sell stocks in a downturn: FVAL fell 37% in early 2020 and took about 14 months to recover after 2022.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FVAL this fund | — | 0.15% | $1.33B | +18.6% | +24.0% |
| MGC Vanguard Mega Cap ETF | 57% | 0.07% | $10.90B | +13.5% | +26.0% |
| IWL iShares Russell Top 200 ETF | 55% | 0.15% | $2.19B | +12.5% | +25.5% |
| FYEE Fidelity Yield Enhanced Equity ETF | 53% | 0.28% | $218.3M | +15.1% | — |
| USCL iShares Climate Conscious & Transition MSCI… | 53% | 0.08% | $2.87B | +9.2% | +23.1% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 53% | 0% | $5.47B | +13.4% | +25.4% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 52% | 0.2% | $2.74B | +12.6% | +24.8% |
| DYNF iShares U.S. Equity Factor Rotation Active … | 52% | 0.27% | $38.61B | +10.7% | +24.9% |
Questions investors ask
Why does FVAL hold NVIDIA and Apple if it's a value ETF?
Because the index keeps each sector's weight close to the overall market's. FVAL picks the cheapest-looking stocks within each sector, not across the whole market. Within a sector, stocks are weighted largely by company size. So big technology firms can still make the cut and end up with large weights. As of July 31, 2026, NVIDIA (7.7%), Apple (7.2%) and Microsoft (5.6%) were its top three holdings, and technology was its largest sector, at about 31%.
What's the difference between FVAL and MGC?
The main differences are approach and cost. FVAL follows Fidelity's value-factor index of large and midsize stocks with sector-neutral weights. Vanguard Mega Cap ETF (MGC), as its name suggests, focuses on the very largest companies. Based on their latest holdings reports, about 57% of their holdings overlap. MGC charges 0.07% compared with FVAL's 0.15%. Through Oct. 27, 2026, FVAL returned 18.6% over one year versus 13.5% for MGC. MGC led over three years, averaging 26% a year versus 24% for FVAL.
Does FVAL pay dividends?
Yes. FVAL pays dividends quarterly. Over the 12 months through Oct. 27, 2026, it paid about $1.23 per share, a trailing yield of 1.48%. That is a modest yield, because the fund picks stocks for low valuations, not high dividends. Its biggest holdings include technology companies that pay little or nothing. Investors looking mainly for income may want to compare it with funds built around dividend payers.
What is FVAL's expense ratio?
FVAL's expense ratio is 0.15% a year, according to its prospectus filed Nov. 24, 2025, and there is no fee waiver. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $15 after one year, $85 after five years and $192 after 10 years. Funds with similar holdings average 0.14%. Some cost less, such as Vanguard Mega Cap ETF at 0.07%.
How has FVAL performed over the long term?
FVAL's returns have been solid, but it has trailed a broader comparison index over longer periods. As of Nov. 29, 2025, its prospectus showed average annual returns of 18.12% over one year, 12.11% over five years and 13.26% since its 2016 launch. Over the same five years, a broader comparison index listed in the prospectus returned 14.28% a year. Based on share prices through Oct. 27, 2026, FVAL averaged 14.6% a year over 10 years. Its worst calendar year was 2022, at -14.4%.