Fidelity Yield Enhanced Equity ETF

Fidelity Yield Enhanced Equity ETF (FYEE) is an actively managed fund. Computer models pick about 180 large US stocks for it, led by NVIDIA, Apple and Microsoft as of July 31, 2026. It also sells call options on the S&P 500 Index to earn extra income. Its trailing 12-month yield was 9.12% as of October 27, 2026, paid quarterly. Its 0.28% expense ratio is well above the 0.07% average of similar large-cap funds.

• Over the year to Oct 27, 2026, FYEE returned +15.1%, 1st of 9 among similar funds.
• Its worst full calendar year was 2025 (+15.7%); its best was 2025 (+15.7%).
• The deepest fall in its price history was 18.8% (Jan 27, 2025 to Apr 8, 2025), recovered by Aug 12, 2025.

As of Jul 31, 2026, the fund held 181 securities; the ten largest made up 38.89% of assets, and 2.79% sat in cash and money-market holdings.

By sector

• Over the three months to Jul 31, 2026, investors added a net $46.7M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +3.44%, -0.31%, +2.33%.

FYEE does not track an index. Fidelity's managers normally put at least 80% of assets in stocks and similar securities. They focus on companies about the size of those in the S&P 500 or Russell 1000 indexes. They use computer-aided, quantitative analysis of past valuation, growth, profitability and other factors to choose a broadly diversified group of stocks that they think could beat the S&P 500's total return. As of July 31, 2026, the fund held 181 stocks. The 10 largest made up about 39% of assets, led by NVIDIA (7.7%), Apple (7.3%) and Microsoft (5.1%). Technology was the biggest sector at 34%. Portfolio turnover was 90%, which means the managers trade often.

On top of the stocks, the fund sells (writes) call options on a large-company index such as the S&P 500. The buyer pays the fund a premium up front. If the index rises above the option's strike price before it expires, the fund owes the difference, so it gives up some gains in strong markets. As of July 31, 2026, the fund had written S&P 500 calls with strikes of 7,600 and 7,650, expiring at different dates in August 2026. Those index options settle in cash, so the fund does not have to sell its stocks. The fund also uses S&P 500 futures and lends securities for extra income. Some payouts may count as a return of capital, meaning part of your own money is handed back to you.

• FYEE charges 0.28% a year, versus an average of 0.07% for the similar funds below (9th of 9, cheapest first).
• The fee includes a 0.03% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $29 in the first year and $389 over 10 years (assuming a 5% annual return).

Its stated goal is current income from stock dividends plus option premiums, and it pays quarterly while staying mostly invested in large US stocks.

FYEE could add an income stream from a portfolio of large US stocks, but its track record is short. It launched on April 11, 2024, so it has no history through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 18.8%, from January 27 to April 8, 2025. It recovered by August 12, 2025, about four months later. Its only full calendar year, 2025, returned 15.45%. Option premiums soften losses only a little, so a long slump could still force sales at low prices. The trailing yield was 9.12% as of October 27, 2026, paid quarterly. Payouts can vary and may include a return of capital. The SEC's standard example puts costs at $29 for the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

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