ETF Evaluator:
Fidelity U.S. Multifactor ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Large Blend Over the Last Year
| 62.5% | ARS Focused Opportunities Strategy ETF (AFOS) |
| 35.7% | Mohr Company Nav ETF (CNAV) |
| 33.9% | Impact Shares NAACP Minority Empwrmt ETF (NACP) |
| 31.8% | Astoria US Equal Weight Quality KingsETF (ROE) |
| 30.5% | FIS Bright Portfolios Focused Equity ETF (BRIF) |
Risk
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Risk
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ETF Details
Fidelity U.S. Multifactor ETF Overview
Fidelity U.S. Multifactor ETF (FLRG) is a passively managed U.S. Equity Large Blend exchange-traded fund (ETF). Fidelity Investments launched the ETF in 2020.
The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity U.S. Multifactor Index℠.
The fund normally invests at least 80% of its assets in securities included in the Fidelity U.S. Multifactor Index℠. The Fidelity U.S. Multifactor Index℠ is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies with attractive valuations, high quality profiles, positive momentum signals, and lower volatility than the broader market.
About Fidelity U.S. Multifactor ETF (FLRG)
There are 5 members of the management team with an average tenure of 5.87 years: Louis Bottari (2020), Payal Gupta (2020), Peter Matthew (2020), Navid Sohrabi (2020) and Robert Regan (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Russell 1000 TR USD index with a weighting of 100% and Fidelity U.S. Multifactor TR USD index with a weighting of 100%. Fidelity U.S. Multifactor ETF has 105 securities in its portfolio. The top 10 holdings constitute 35.8% 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 U.S. Multifactor ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Fidelity U.S. Multifactor ETF has 2.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.3% There is 2.5% 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 U.S. Multifactor ETF has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $290 million 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.
FLRG 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 U.S. Multifactor ETF expense ratio is low compared to funds in the Large Blend category. Fidelity U.S. Multifactor ETF has an expense ratio of 0.15%, which is 64% 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 U.S. Multifactor ETF has a portfolio turnover rate of 43%, 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 U.S. Multifactor ETF returned 1.2%, which earned it a grade of B, 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 U.S. Multifactor ETF has a trailing yield of 1.37%, which is above the 1.16% 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 U.S. Multifactor ETF Grades
Year to date, the ETF has returned 10.1%, 0.5 percentage points better than the category, which translates into a grade of C. The fund has returned 16.4% over the past year (grade of D), 17.6% over the past three years (grade of C) and 11.9% per year over the past five years (grade of C).
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FLRG 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 |
|
| FLRG Return (NAV) | 1.2% | 4.6% | 16.4% | 17.6% | 11.9% | na |
| FLRG Return (Price) | 1.3% | 4.7% | 16.3% | 17.7% | 11.9% | na |
| NAV +/- Price Return | -0.135% | -0.168% | 0.066% | -0.094% | -0.036% | na |
| Large Blend Avg | -0.8% | 3.7% | 17.5% | 17.4% | 11.2% | 13.6% |
| FLRG Grade (NAV) | B | C | D | C | C | na |
| +/- Category (NAV) | 2.0% | 0.8% | -1.2% | 0.1% | 0.7% | na |
| FLRG Tax-Cost Ratio | na | na | 0.5% | 0.4% | 0.5% | na |
FLRG Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FLRG Return (NAV) | 10.1% | 13.9% | 23.6% | 18.1% | -10.9% | 29.4% | na | na | na | na | na |
| FLRG Return (Price) | 10.3% | 13.9% | 23.4% | 18.3% | -11.0% | 29.4% | na | na | na | na | na |
| NAV +/- Price Ret | 0.023% | -0.002% | -0.010% | 0.013% | 0.007% | -0.001% | na | na | na | na | na |
| 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% |
| FLRG Grade (NAV) | C | D | C | D | A | A | na | na | na | na | na |
| +/- Category | 0.5% | -1.4% | 1.7% | -4.8% | 6.2% | 2.5% | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.82 |
| R-Squared: | 89% |
| Standard Deviation: | 11.4% |
| Category Risk Index: | 0.84 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.93 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 1.4% |
| Total Assets: | $ 290 Mil |
| Share Class Assets: | $ 290 Mil |
| Turnover: | 43.0% |
| Expense Ratio: | 0.15% |
| Index Fund: | Yes |
| Index Tracked: | Russell 1000 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 5.9 years | |||
| Average Tenure: 5.9 years | |||
| Managers (Year): Bottari Louis (2020), Gupta Payal (2020), Matthew Peter (2020), Regan Robert (2020), Sohrabi Navid (2020) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 105 |
| % in Top 10 Holdings: | 35.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.5% |
Portfolio Allocation |
|
| Domestic Stock: | 97.3% |
| Foreign Stock: | 2.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.5% |
| Cash: | 0.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Fidelity Investments |
| Phone Number: | 202-551-8090 |
| Website: | www.institutional.fidelity.com |
| Inception Date: | September 15, 2020 |
Expenses and Fees
| Expense Ratio (%): | 0.15% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.41% |
