Fidelity Electric Vehicles and Future Transportation ETF
FDRV
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- Fidelity Electric Vehicles and Future Transportation ETF (FDRV) is an exchange-traded fund that seeks investment results corresponding to the performance of the Fidelity Electric Vehicles and Future Transportation Index before fees and expenses. Launched on October 5, 2021, by Fidelity Covington Trust and managed passively by Fidelity Management & Research Company LLC (FMR LLC), a subsidiary of Fidelity Investments headquartered in Boston, Massachusetts, the ETF normally invests at least 80% of its assets in equity securities of companies deriving significant revenue from electric vehicles, autonomous vehicles, and future transportation initiatives; these include manufacturers of electric and autonomous vehicles, producers of components such as batteries and semiconductors, providers of related technology and energy systems, and firms engaged in broader mobility innovations across developed and emerging markets worldwide. The fund employs a modified market-cap-weighted approach, holding approximately 65 securities spanning sectors like consumer cyclical, technology, industrials, and basic materials, with top holdings including Contemporary Amperex Technology Co., Uber Technologies, and cash equivalents. FDRV targets investors seeking thematic exposure to the global evolution of transportation, focusing on companies positioned to benefit from the shift toward electrification, autonomy, and sustainable mobility solutions. Geographically, it provides diversified access to issuers in the United States, Europe, Asia-Pacific, and other regions, reflecting the international scope of the underlying index provided by FMR Co., Inc. The ETF maintains a competitive expense ratio of 0.39% to 0.40% and distributes quarterly dividends, with a recent payout of $0.059 per share on June 20, 2025, marking a significant increase from prior distributions and signaling portfolio resilience amid EV sector growth. In a major recent development, Fidelity Investments announced the liquidation of FDRV and four other thematic ETFs, with the fund ceasing operations on or about November 20, 2025, as part of a strategic portfolio rationalization by Fidelity Covington Trust. Prior to closure, the ETF demonstrated year-to-date gains of approximately 10.8% through mid-2025, buoyed by rising global EV sales and advancements in battery technology and autonomous systems, though it navigated volatility from supply chain issues and sector-specific risks. No significant acquisitions, partnerships, or new product launches were reported for FDRV in the last 1-2 years, with focus remaining on index tracking until the liquidation decision.