Fidelity Low Volatility Factor ETF
FDLO
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- Fidelity Low Volatility Factor ETF (FDLO) is an exchange-traded fund that seeks investment returns corresponding to the performance of the Fidelity U.S. Low Volatility Factor Index, prior to fees and expenses; the index reflects large- and mid-capitalization U.S. companies exhibiting lower volatility relative to the broader market. Launched on September 12, 2016, and domiciled in the United States, FDLO is managed by Fidelity Covington Trust under Fidelity Management & Research Company LLC, with co-management by Geode Capital Management, LLC; its portfolio primarily comprises U.S. equities (approximately 99%), including leading low-volatility stocks such as Apple Inc., Microsoft Corp., Alphabet Inc., Broadcom Inc., and Amazon.com Inc., which together represent nearly 29% of assets under management of about $1.42 billion. The fund targets investors seeking market-like returns with reduced volatility through a passive strategy that invests at least 80% of assets in index securities across diversified sectors like technology (35%), financial services (13%), and consumer cyclical (10%); it features a net expense ratio of 0.16% and trades on U.S. exchanges with daily pricing. FDLO operates within the large blend equity segment, focusing on less volatile stocks of companies across market capitalizations to provide downside protection during market corrections; it serves retail and institutional investors pursuing balanced risk-adjusted performance in U.S. equity markets. Geographically, the fund concentrates on U.S.-listed securities with minimal non-U.S. exposure (under 1%), and it is available for sale primarily in the United States. Key managers include Louis Bottari and Peter Matthew since inception, alongside Robert Regan, Payal Gupta, and Navid Sohrabi. No major acquisitions, funding rounds, partnerships, or structural changes have been reported for FDLO in the last 1-2 years; the fund maintains its established low-volatility factor strategy amid recent market volatility influenced by economic slowdown signals and policy shifts.