ETF Evaluator:
Fidelity Enhanced Large Cap Core ETF (FELC)
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(as of Aug 14)
Best Performing in Large Blend Over the Last Year
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ETF Details
Fidelity Enhanced Large Cap Core ETF Overview
Fidelity Enhanced Large Cap Core ETF (FELC) is an actively managed U.S. Equity Large Blend exchange-traded fund (ETF). Fidelity Investments launched the ETF in 2007.
The investment seeks capital appreciation.
The fund will normally invest at least 80% of assets in common stocks included in the S&P 500® Index, which is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. The adviser will generally utilizing a research-driven approach identifying long-term drivers of stock returns that may include, but are not limited to, valuation, growth, quality, and other factors.
About Fidelity Enhanced Large Cap Core ETF (FELC)
There are 3 members of the management team with an average tenure of 7.17 years: Anna Mitelman-Lester (2019), George Liu (2023) and Shashi Naik (2014). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Fidelity Enhanced Large Cap Core ETF has 289 securities in its portfolio. The top 10 holdings constitute 39.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Fidelity Enhanced Large Cap Core ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Fidelity Enhanced Large Cap Core ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity Enhanced Large Cap Core ETF has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $8 billion in total assets, which is below the $13 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FELC Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity Enhanced Large Cap Core ETF expense ratio is low compared to funds in the Large Blend category. Fidelity Enhanced Large Cap Core ETF has an expense ratio of 0.18%, which is 57% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity Enhanced Large Cap Core ETF has a portfolio turnover rate of 77%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 158% for the Large Blend category.
Recently, in the month of July 2026, Fidelity Enhanced Large Cap Core ETF returned 1.5%, which earned it a grade of A, as the Large Blend category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Fidelity Enhanced Large Cap Core ETF has a trailing yield of 0.84%, which is below the 1.16% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Fidelity Enhanced Large Cap Core ETF Grades
Year to date, the ETF has returned 12.0%, 2.5 percentage points better than the category, which translates into a grade of B. The fund has returned 22.7% over the past year (grade of A), 20.0% over the past three years (grade of A) and 13.6% per year over the past five years (grade of A) and 15.4% per year over the past 10 years (grade of A).
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FELC Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FELC Return (NAV) | 1.5% | 6.4% | 22.7% | 20.0% | 13.6% | 15.4% |
| FELC Return (Price) | 1.6% | 6.5% | 22.8% | 20.0% | 13.6% | 15.4% |
| NAV +/- Price Return | -0.089% | -0.074% | -0.100% | -0.017% | -0.009% | -0.005% |
| Large Blend Avg | -0.8% | 3.7% | 17.5% | 17.4% | 11.2% | 13.6% |
| FELC Grade (NAV) | A | A | A | A | A | A |
| +/- Category (NAV) | 2.3% | 2.7% | 5.1% | 2.5% | 2.5% | 1.7% |
| FELC Tax-Cost Ratio | na | na | 0.3% | 0.4% | 1.1% | 1.0% |
FELC Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FELC Return (NAV) | 12.0% | 17.1% | 25.3% | 26.1% | -16.2% | 30.4% | 18.0% | 27.7% | -3.4% | 21.7% | 10.9% |
| FELC Return (Price) | 12.1% | 17.1% | 25.3% | 26.2% | -16.2% | 30.4% | 18.0% | 27.7% | -3.4% | 21.7% | 10.9% |
| NAV +/- Price Ret | 0.005% | -0.003% | -0.003% | 0.004% | 0.000% | 0.000% | 0.000% | 0.0% | 0.0% | 0.0% | 0.0% |
| Large Blend Avg | 9.5% | 15.3% | 21.9% | 22.9% | -17.1% | 26.9% | 18.3% | 29.6% | -5.1% | 21.5% | 11.4% |
| FELC Grade (NAV) | B | B | B | B | B | A | C | D | B | C | D |
| +/- Category | 2.5% | 1.8% | 3.4% | 3.2% | 0.9% | 3.5% | -0.3% | -2.0% | 1.8% | 0.1% | -0.5% |
| Risk Measures | |
| Beta: | 0.99 |
| R-Squared: | 99% |
| Standard Deviation: | 13.0% |
| Category Risk Index: | 0.96 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 1.06 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 0.8% |
| Total Assets: | $ 8,048 Mil |
| Share Class Assets: | $ 8,048 Mil |
| Turnover: | 77.0% |
| Expense Ratio: | 0.18% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 11.8 years | |||
| Average Tenure: 7.2 years | |||
| Managers (Year): Naik Shashi (2014), Mitelman-Lester Anna (2019), Liu George (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 289 |
| % in Top 10 Holdings: | 39.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.1% |
| Cash: | 1.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-225-5288 |
| Website: | www.institutional.fidelity.com |
| Inception Date: | April 19, 2007 |
Expenses and Fees
| Expense Ratio (%): | 0.18% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.41% |
