Fidelity Enhanced Large Cap Value ETF
FELV
New York Stock Exchange Arca- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 245 Summer Street Boston MA United States of America 2210
- IPO Date
- Nov 20, 2023
- Website
- digital.fidelity.com
- Similar Companies
- Business
- Fidelity Enhanced Large Cap Value ETF (FELV), issued by Fidelity Covington Trust, is an actively managed exchange-traded fund that follows a diversified domestic equity strategy with a large-cap value orientation, seeking capital appreciation by outperforming the Russell 1000 Value Index through a quantitative investment process balancing risk and return. The fund employs multifactor statistical models to select securities with improving fundamentals and reasonable valuations, incorporating top-down market indicators and bottom-up factor inputs; at least 80% of assets are typically invested in common stocks from the benchmark index, with the remainder allocated to out-of-benchmark securities, including limited international equities from developed markets. Core holdings span financials (such as Berkshire Hathaway Class B, JPMorgan Chase, Bank of America), consumer discretionary (Amazon.com), communication services (Alphabet Class A and C, Walt Disney), consumer staples (Walmart, Philip Morris International), energy (Exxon Mobil), and other sectors including industrials, health care, information technology, and materials; the portfolio comprises approximately 319 holdings with a weighted average market capitalization of $338 billion. FELV operates primarily in the U.S. large-cap value equity segment, targeting institutional and retail investors seeking growth of capital with value characteristics; it maintains sector diversification aligned closely with the benchmark, such as 22% financials, 14% industrials, 11% health care, and 11% information technology as of September 30, 2025. The fund, with assets under management exceeding $2.4 billion and a gross expense ratio of 0.19%, trades on NYSE Arca under the ticker FELV (CUSIP: 31609A107). Originally launched as a mutual fund on April 19, 2007 with a predecessor strategy managed by Fidelity's Systematic Equity Strategies team (co-managers Shashi Naik, Anna Lester, George Liu), FELV converted to an ETF in November 2023 as part of Fidelity Investments' expansion of its active "Enhanced" ETF lineup, which included six new strategies launched commission-free. Fidelity Covington Trust, the statutory trust issuing FELV and other Fidelity ETFs, is headquartered at 82 Devonshire Street in Boston, Massachusetts, under the umbrella of Fidelity Investments. Recent portfolio adjustments reflect the quantitative model's signals, including additions to positions like Lyft following its Waymo partnership announcement, increases in Keurig Dr Pepper and Fiserv amid sector rotations, and new holdings such as Digital Realty Trust, STERIS, Huntington Bancshares, Amcor, and Extra Space Storage; no major structural changes, acquisitions, or funding events have occurred since the 2023 conversion.