ETF Evaluator: Fidelity Fundamental Large Cap Core ETF (FFLC) Follow This ETF

Fidelity Fundamental Large Cap Core ETF Overview

Fidelity Fundamental Large Cap Core ETF (FFLC) is an actively managed U.S. Equity Large Blend exchange-traded fund (ETF). Fidelity Investments launched the ETF in 2020.

The investment seeks long-term growth of capital. Normally the fund invests primarily in equity securities. Identifying early signs of long-term changes in the marketplace and focusing on those companies that may benefit from opportunities created by these changes by examining technological advances, product innovation, economic plans, demographics, social attitudes, and other factors, which can lead to investments in small and medium-sized companies. It invests in domestic and foreign issuers.

About Fidelity Fundamental Large Cap Core ETF (FFLC)

There are 3 members of the management team with an average tenure of 2.68 years: Timothy Gannon (2024), Camille Carlstrom (2024) and Michael Kim (2024). 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 Fundamental Large Cap Core ETF has 128 securities in its portfolio. The top 10 holdings constitute 41.6% 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 Fundamental Large Cap Core ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Fidelity Fundamental Large Cap Core ETF has 9.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 89.5% There is 9.5% 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 Fundamental Large Cap Core ETF has 1.8% of the portfolio in cash.

Assets Under Management

The fund has $1 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.

FFLC 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 Fundamental Large Cap Core ETF expense ratio is below average compared to funds in the Large Blend category. Fidelity Fundamental Large Cap Core ETF has an expense ratio of 0.38%, which is 8% lower than its category average, making the fund expense ratio grade a C. 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 Fundamental Large Cap Core ETF has a portfolio turnover rate of 31%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 151% for the Large Blend category.

Recently, in the month of October 2026, Fidelity Fundamental Large Cap Core ETF returned -1.7%, which earned it a grade of D, as the Large Blend category had an average return of -0.4%. 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 Fundamental Large Cap Core ETF has a trailing yield of 1.03%, which is below the 1.41% category average. The fund normally distributes its income quarterly.

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 Fundamental Large Cap Core ETF Grades

Year to date, the ETF has returned 9.6%, 1.0 percentage points worse than the category, which translates into a grade of D. The fund has returned 10.5% over the past year (grade of D), 23.4% over the past three years (grade of B) and 15.6% per year over the past five years (grade of A).

Fidelity Fundamental Large Cap Core ETF Risk

A basic investment concept is that risk should be rewarded. Standard deviation measures the degree of variation in return experienced relative to the average return for an ETF. It notes the recent volatility of the ETF but does not explain the elements impacting the volatility. For example, portfolio concentration or exposure to foreign investments can impact the volatility and should be examined to gain an understanding of the ETF.

The total risk index relates the volatility of the ETF to the volatility of all ETFs. It can help you understand the volatility of an ETF across all categories. Ratios above 1.00 indicate higher risk than average. Fidelity Fundamental Large Cap Core ETF has an average total risk index of 1.08 because of its standard deviation of 13.1%.

The category risk index relates the volatility of an ETF to the average volatility for ETFs in the same investment category. Fidelity Fundamental Large Cap Core ETF has an above average category risk of 1.01, giving it a category risk grade of D. Letter grades of A, B, C, D and F are based upon these relative rankings.