FVAL Fees and Costs — Fidelity Value Factor ETF
Data updated: 2026-10-13
The net expense ratio is 0.15%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $100K in broker commissions, 0.0088% of average net assets, and portfolio turnover was 42%.
FVAL Fees and Expenses
Annual operating expenses and sales charges of FVAL. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.15% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.15% |
| Fee waiver | — |
| Net expense ratio | 0.15% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
FVAL Costs Over Time
On $10,000 invested in FVAL, assuming 5% a year before costs, total costs come to $101 over 5 years, cutting the return by 0.17% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.15%) | $16 | $50 | $87 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $3 | $9 |
| Total costs | $17 | $55 | $101 |
| Value after costs | $10,483 | $11,521 | $12,662 |
| Impact on return, per year | 0.17% | 0.17% | 0.17% |
FVAL Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0088%
- Total broker commissions: $100K
- Bought from dealers (principal trades, not a cost): $860K
- Portfolio turnover (prospectus): 42%
FVAL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MIZUHO FINANCIAL GROUP INC | $35K | 35.22% |
| GOLDMAN SACHS GROUP INC (THE) | $30K | 29.78% |
| MORGAN STANLEY | $13K | 12.60% |
| BANK OF AMERICA CORPORATION | $12K | 12.51% |
| JPMORGAN CHASE and CO | $4K | 3.55% |
| CITIGROUP INC | $3K | 3.35% |
| JEFFERIES FINANCIAL GROUP INC | $2K | 1.87% |
| MACQUARIE GROUP LTD | $645 | 0.65% |
| NOMURA HOLDINGS INC | $373 | 0.37% |
| UBS GROUP AG | $106 | 0.11% |
FVAL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BANK OF MONTREAL QUE | $622K | 72.36% |
| JPMORGAN CHASE and CO | $126K | 14.63% |
| CITIGROUP INC | $112K | 13.01% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.