ETF Evaluator: Fidelity International Value Factor ETF (FIVA) Follow This ETF

Fidelity International Value Factor ETF Overview

Fidelity International Value Factor ETF (FIVA) is a passively managed International Equity Foreign Large Value exchange-traded fund (ETF). Fidelity Investments launched the ETF in 2018.

The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity ® International Value Factor Index. The fund normally invests at least 80% of assets in securities included in the Fidelity International Value Factor Index℠ and in depositary receipts representing securities included in the index. The index is designed to reflect the performance of stocks of large- and mid-capitalization developed international companies that have attractive valuations.

About Fidelity International Value Factor ETF (FIVA)

There are 5 members of the management team with an average tenure of 7.85 years: Louis Bottari (2018), Payal Gupta (2019), Peter Matthew (2018), Navid Sohrabi (2019) and Robert Regan (2018). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 2 primary benchmarks: MSCI World ex USA NR USD index with a weighting of 100% and Fidelity Intl Value Factor NR USD index with a weighting of 100%. Fidelity International Value Factor ETF has 136 securities in its portfolio. The top 10 holdings constitute 19.6% 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 International Value Factor ETF is part of the Equity global asset class and is within the International Equity ETF group. Fidelity International Value Factor ETF has 96.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.0% There is 96.8% 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 International Value Factor ETF has 0.4% of the portfolio in cash.

Assets Under Management

The fund has $560 million in total assets, which is below the $2 billion average for the Foreign Large Value 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.

FIVA 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 International Value Factor ETF expense ratio is low compared to funds in the Foreign Large Value category. Fidelity International Value Factor ETF has an expense ratio of 0.18%, which is 61% lower than its category average, making the fund expense ratio grade a A. 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 International Value Factor ETF has a portfolio turnover rate of 61%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 46% for the Foreign Large Value category.

Recently, in the month of June 2026, Fidelity International Value Factor ETF returned 1.3%, which earned it a grade of A, as the Foreign Large Value category had an average return of -1.7%. 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 International Value Factor ETF has a trailing yield of 2.64%, which is below the 3.40% 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 International Value Factor ETF Grades

Year to date, the ETF has returned 14.3%, 4.1 percentage points better than the category, which translates into a grade of A. The fund has returned 35.4% over the past year (grade of A), 22.3% over the past three years (grade of B) and 13.7% per year over the past five years (grade of A).

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