Fidelity U.S. Value Currency Neutral ETF
FCVH.TO
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- Fidelity U.S. Value Currency Neutral ETF (FCVH.TO) is an exchange-traded fund that provides investors with exposure to large- and mid-capitalization U.S. companies exhibiting attractive valuations; it employs derivatives, such as forwards, to mitigate currency fluctuations between the U.S. dollar and the Canadian dollar while seeking to track the Fidelity Canada U.S. Value Currency Neutral Index before fees and expenses. The ETF invests directly in equity securities, through derivatives, and via other funds across diversified sectors including information technology, financials, health care, industrials, materials, utilities, consumer discretionary, and communication services; its portfolio typically comprises around 95 to 97 holdings, with the top ten aggregating approximately 40% of assets. Launched on June 5, 2020, and domiciled in Canada, the ETF trades on the Toronto Stock Exchange in Canadian dollars, with Fidelity Investments Canada ULC serving as manager and Geode Capital Management, LLC, and State Street Global Advisors Limited acting as co-managers; it features a management expense ratio of 0.38%, quarterly distributions, a dividend reinvestment program, and semi-annual rebalancing. The fund underwent a 3-for-1 unit subdivision after market close on March 3, 2021, with split-adjusted trading commencing March 4, 2021; effective December 1, 2023, it changed its name from Fidelity U.S. Value Currency Neutral Index ETF to Fidelity U.S. Value Currency Neutral ETF. As of late 2025, net assets stand at approximately $171.4 million, with units outstanding at 8.325 million and continued operations focused on Canadian investors seeking value-oriented U.S. equity exposure hedged against currency risk.