Fidelity U.S. Momentum Index ETF
FCMO.TO
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- Fidelity U.S. Momentum ETF (FCMO.TO) is an exchange-traded fund that seeks to replicate the performance of the Fidelity Canada U.S. Momentum Index by investing primarily in equity securities of large- and mid-capitalization U.S. companies exhibiting positive momentum signals; it employs a composite scoring methodology based on four momentum factors over approximately one year, with quarterly rebalancing and holdings diversified across sectors including information technology, financials, industrials, materials, real estate, and energy. The ETF offers annual distributions, a management expense ratio of 0.37%, and units traded on the Cboe Canada exchange in Canadian dollars, with a U.S. dollar-denominated series (FCMO.U) also available; as of mid-2025, it maintains net assets exceeding CAD 679 million, approximately 100 holdings, and top-10 holdings representing around 43% of assets. Launched on June 5, 2020, and headquartered with Fidelity Investments Canada ULC in Toronto, the fund is managed by Fidelity Investments Canada ULC and co-managed by Geode Capital Management, LLC, a systematic investment manager overseeing over USD 1.7 trillion in assets. In December 2023, Fidelity U.S. Momentum Index ETF underwent a name change to Fidelity U.S. Momentum ETF to reflect its strategic focus; the units were subdivided on a 3-for-1 basis after market close on March 3, 2021, with split-adjusted trading commencing March 4, 2021. The fund has experienced substantial asset growth, with net assets rising to over CAD 794 million by June 2025 amid strong performance, including a 53.18% NAV return in 2024 and year-to-date gains of approximately 18-19% through mid-2025. It targets Canadian investors seeking U.S. equity exposure through a momentum factor strategy as a complement to diversified portfolios, with 100% allocation to foreign equities and no reported recent acquisitions, partnerships, or new product launches beyond ongoing index tracking enhancements.