(FELV) Fidelity Covington Trust - Overview

The Fidelity Covington Trust Large-Cap Value ETF (NYSE ARCA:FELV) is mandated to allocate at least 80% of its net assets to stocks that are constituents of the Russell 1000® Value Index, a cap-weighted benchmark that captures the large-cap value segment of the U.S. equity market.

In practice, the fund’s manager applies a research-driven framework that screens for long-term return drivers such as relative valuation, earnings growth, and quality metrics, while also allowing flexibility to incorporate other factor signals as they become relevant.

Key performance indicators as of Q4 2024 include an expense ratio of 0.12%, a trailing 12-month dividend yield of roughly 1.8%, and a top-10 holding concentration of about 30% (e.g., Berkshire Hathaway, Johnson & Johnson, JPMorgan Chase). Sector exposure is tilted toward Financials (~20%), Health Care (~15%), and Consumer Staples (~14%), which historically outperform in a rising-rate environment.

Macro-level drivers that are likely to influence FELV’s trajectory are the Federal Reserve’s policy stance (higher rates tend to compress growth-oriented valuations but can benefit dividend-paying value names), inflation trends that affect input-cost pressures in industrial and consumer sectors, and corporate earnings resilience in the large-cap value space.

If you want a data-rich, side-by-side comparison of FELV’s risk-adjusted returns versus peer ETFs, the ValueRay platform offers a quick, interactive view that can help you validate the assumptions behind this summary.