ETF Evaluator:
Fidelity Disruptive Finance ETF ()
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(as of Aug 26)
Best Performing in Financial Over the Last Year
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ETF Details
Fidelity Disruptive Finance ETF Overview
Fidelity Disruptive Finance ETF (FDFF) is an actively managed Sector Equity Financial exchange-traded fund (ETF). Fidelity Investments launched the ETF in 2020.
The investment seeks long-term growth of capital.
The fund normally invests at least 80% of assets in securities of disruptive finance companies. Fidelity's disruptive strategies seek to identify innovative developments that could signal new directions for delivering products and services to customers. Generally, these companies have or are developing new or unconventional ways of doing business that could disrupt and displace incumbents over time. The fund is non-diversified.
About Fidelity Disruptive Finance ETF (FDFF)
There are 2 members of the management team with an average tenure of 3.50 years: Matt Reed (2025) and Michael Kim (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and MSCI ACWI Financials Equal Weig NR USD index with a weighting of 100%. Fidelity Disruptive Finance ETF has 51 securities in its portfolio. The top 10 holdings constitute 49.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Fidelity Disruptive Finance ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Fidelity Disruptive Finance ETF has 24.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 75.1% There is 24.2% 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 Disruptive Finance ETF has 5.1% of the portfolio in cash.
Assets Under Management
The fund has $44 million in total assets, which is below the $2 billion average for the Financial 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.
FDFF 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 Disruptive Finance ETF expense ratio is average compared to funds in the Financial category. Fidelity Disruptive Finance ETF has an expense ratio of 0.50%, which is 67% 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 Disruptive Finance ETF has a portfolio turnover rate of 26%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 27% for the Financial category.
Recently, in the month of July 2026, Fidelity Disruptive Finance ETF returned 7.2%, which earned it a grade of A, as the Financial category had an average return of 4.6%. 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 Disruptive Finance ETF has a trailing yield of 0.98%, which is below the 3.85% 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 Disruptive Finance ETF Grades
Year to date, the ETF has returned 0.2%, 4.6 percentage points worse than the category, which translates into a grade of D. The fund has returned -5.1% over the past year (grade of D), 10.6% over the past three years (grade of D) and 2.3% per year over the past five years (grade of F).
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FDFF 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 |
|
| FDFF Return (NAV) | 7.2% | 6.0% | -5.1% | 10.6% | 2.3% | na |
| FDFF Return (Price) | 7.3% | 6.0% | -5.6% | 10.6% | 2.3% | na |
| NAV +/- Price Return | -0.112% | -0.016% | 0.472% | -0.013% | 0.020% | na |
| Financial Avg | 4.6% | 6.3% | 9.3% | 15.6% | 8.6% | 10.8% |
| FDFF Grade (NAV) | A | D | D | D | F | na |
| +/- Category (NAV) | 2.6% | -0.3% | -14.4% | -5.0% | -6.3% | na |
| FDFF Tax-Cost Ratio | na | na | 0.4% | 0.3% | 0.6% | na |
FDFF Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FDFF Return (NAV) | 0.2% | -1.5% | 26.6% | 15.0% | -24.8% | 23.1% | na | na | na | na | na |
| FDFF Return (Price) | 0.4% | -2.8% | 27.9% | 15.0% | -24.8% | 23.1% | na | na | na | na | na |
| NAV +/- Price Ret | 0.853% | 0.807% | 0.046% | 0.001% | 0.000% | 0.000% | na | na | na | na | na |
| Financial Avg | 4.8% | 11.7% | 23.9% | 13.9% | -13.8% | 32.1% | -1.0% | 28.6% | -12.8% | 14.2% | 22.3% |
| FDFF Grade (NAV) | D | F | C | B | F | F | na | na | na | na | na |
| +/- Category | -4.6% | -13.3% | 2.7% | 1.1% | -11.0% | -9.0% | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.06 |
| R-Squared: | 48% |
| Standard Deviation: | 19.4% |
| Category Risk Index: | 1.13 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 1.58 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 1.0% |
| Total Assets: | $ 44 Mil |
| Share Class Assets: | $ 44 Mil |
| Turnover: | 26.0% |
| Expense Ratio: | 0.50% |
| Index Fund: | No |
| Index Tracked: | MSCI ACWI NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.3 years | |||
| Average Tenure: 3.5 years | |||
| Managers (Year): Kim Michael (2020), Reed Matt (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 51 |
| % in Top 10 Holdings: | 49.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 24.2% |
Portfolio Allocation |
|
| Domestic Stock: | 75.1% |
| Foreign Stock: | 24.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -4.4% |
| Cash: | 5.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-343-3548 |
| Website: | www.institutional.fidelity.com |
| Inception Date: | April 16, 2020 |
Expenses and Fees
| Expense Ratio (%): | 0.50% (Rating: Avg) |
| Category Average Expense Ratio (%): | 1.52% |
