ETF Evaluator: Fidelity Fundamental Large Cap Value ETF () Follow This ETF

Fidelity Fundamental Large Cap Value ETF Overview

Fidelity Fundamental Large Cap Value ETF (FFLV) is an actively managed U.S. Equity Large Value exchange-traded fund (ETF). Fidelity Investments launched the ETF in 2024.

The investment seeks long-term growth of capital. The fund will normally invest at least 80% of the fund’s assets in equity securities of companies with large market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 1000® Index or the S&P 500® Index). The fund is non-diversified.

About Fidelity Fundamental Large Cap Value ETF (FFLV)

There are 3 members of the management team with an average tenure of 2.44 years: Thomas Hense (2024), Timothy Gannon (2024) and Michael Kim (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 1 primary benchmark: Russell 1000 Value TR USD index with a weighting of 100%. Fidelity Fundamental Large Cap Value ETF has 116 securities in its portfolio. The top 10 holdings constitute 33.3% 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 Fundamental Large Cap Value ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Fidelity Fundamental Large Cap Value ETF has 8.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 91.3% There is 8.6% 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 Value ETF has 0.1% of the portfolio in cash.

Assets Under Management

The fund has $16 million in total assets, which is below the $5 billion average for the 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.

FFLV 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 Value ETF expense ratio is below average compared to funds in the Large Value category. Fidelity Fundamental Large Cap Value ETF has an expense ratio of 0.38%, which is 2% higher 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 Value ETF has a portfolio turnover rate of 44%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 40% for the Large Value category.

Recently, in the month of July 2026, Fidelity Fundamental Large Cap Value ETF returned 3.6%, which earned it a grade of B, as the Large Value category had an average return of 2.4%. 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 Value ETF has a trailing yield of 1.36%, which is below the 1.70% 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 Fundamental Large Cap Value ETF Grades

Year to date, the ETF has returned 18.2%, 3.8 percentage points better than the category, which translates into a grade of A. The fund has returned 31.5% over the past year (grade of A).

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