First-Year Review
Cambria Global EW ETF's largest holding is another fund, about 25 times an equal share
Fidelity Low Volatility Factor ETF
$73.17+0.09 (+0.12%)
- 0.15%
- $1.4B
- +14.9%
- 1.36%
- 0.1M sh
- $73.04
- low $63.36high $73.64
The ETF.net FDLO Grade
B
Score 65 out of 100
- 6 of 16
Score 65 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A70 out of 100Rank 5 of 16Mission
Whether the fund did what it promised, tested against its stated mandate.A78 out of 100Rank 7 of 16Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B63 out of 100Rank 5 of 16Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B61 out of 100Rank 6 of 16Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D33 out of 100Rank 14 of 16Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B65 out of 100Rank 4 of 16
Our read on FDLO
BFidelity's in-house take on low volatility: roughly 130 US stocks drawn from an index Fidelity built itself, priced under the category median and matched to what the category's biggest name charges.
The fund seeks investment returns that generally correspond, before fees and expenses, to the performance of the Fidelity U.S. Low Volatility Factor Index.
Why people hold it
- 0.15% a year undercuts the low-vol category's median fee and matches USMV, the category heavyweight, while running a very different, tighter portfolio.
- Does the job it advertises: it hews closely to the Fidelity U.S. Low Volatility Factor Index rather than drifting into a generic large-cap blend.
- Trading is smooth for a factor fund: a multi-billion-dollar portfolio with steady daily volume, so getting in and out is rarely the hard part.
- Running since 2016 with a real track record behind it, and it sits in the upper half of the US low-volatility group on our review.
Worth knowing
- Low volatility means a steadier ride than the broad market, not a shield. This is a fully invested US stock fund, and stock funds fall.
- About 130 names is a narrow roster for a large-cap fund, and the resulting sector tilts are where it looks thinner than peers holding wider baskets.
- The benchmark is Fidelity's own index, so the rules and any future tweaks sit with the issuer rather than an independent index provider.
FDLO Holdings
- Stocks
- 138
- 38%
- AAPL
Sectors
- Technology38.1%
- Financials11.9%
- Health Care9.9%
- Communication9.8%
- Consumer Discretionary8.6%
- Industrials8.3%
- Consumer Staples4.3%
- Energy3.6%
- Utilities1.9%
- Real Estate1.8%
- Materials1.7%
Geography
- United States95.36%
- Ireland3.29%
- Switzerland0.92%
- United Kingdom0.43%
FDLO Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
FDLO$11,490
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | FDLO |
|---|---|
| Year to date | +10.7% |
| 1 month | +1.8% |
| 3 months | +4.5% |
| 1 year | +14.9% |
| 3 years | +15.7% |
| 5 years | +10.3% |
| 10 years | +13.1% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | FDLO |
|---|---|---|
| 2026 YTD | +10.7% | |
| 2025 | +11.8% | |
| 2024 | +16.1% | |
| 2023 | +16.4% | |
| 2022 | −10.4% | |
| 2021 | +24.0% | |
| 2020 | +12.2% |
FDLO in the news
FDLO Dividends
- 1.36%
- $1.00
- $0.23 per share
- Quarterly
Distribution history
FDLO Risk
- 10.0%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 1.00
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −19.2%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.69
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FDLO Cost
0.15%
FDLO0.15%
- The middle half of US Low Volatility Index funds
- Median 0.20%
4 of the 16 US Low Volatility Index funds charge less.
Other funds in US Low Volatility Index
- BSMLVState Street SPDR US Small Cap Low Volatility Index ETFExpense ratio 0.12%1 year return +25.1%
- BONEVState Street SPDR Russell 1000 Low Volatility Focus ETFExpense ratio 0.20%1 year return +12.0%
- BSMMViShares MSCI USA Small-Cap Min Vol Factor ETFExpense ratio 0.20%1 year return +9.5%
- BSPLVInvesco S&P 500 Low Volatility ETFExpense ratio 0.25%1 year return +2.8%
- BVFMVVanguard U.S. Minimum Volatility ETFExpense ratio 0.13%1 year return +15.7%