FidelityDefined OutcomeHedged Equity#158 of 318 by YTD

Fidelity Hedged Equity ETFFHEQ

1D 1M 3M YTD 1Y3Y5YMAX

S&P 500 Compare

$32.61+0.1%

+$0.03 · Nov 6 close

Buy

AUM: $1000M
Fee: 0.52%
Yield: 0.6%

Bumpy · 1Y: 0.8×S&P
Volume: 51K
NAV: $32.56

What's insideAll 200 →

AAPL 7.8%NVDA 6.6%MSFT 5.7%AMZN 4.1%

52-week range6% below the high

$28.84$34.60

Returns	1D	1M	3M	YTD	1Y	3Y	5Y	MAX
Total return	+0.1%	−3.7%	−5.0%	+6.0%	+6.1%	—	—	+32.8%
Peer average	+0.2%	−3.6%	−3.7%	+3.9%	+4.6%	+50.1%	+48.8%	—
S&P 500 · VOO	+0.3%	−5.0%	−4.6%	+8.7%	+9.8%	+80.8%	+71.8%	—

FHEQ in One Breath

FHEQ Among Hedged Equity ETFs

YTD

#1SIXHMeridian+14.7%$621M

#2RFLRInnovator+11.3%$94.5M

#3PHEQEaton Vance+7.0%$149M

#4KSPYKraneShares+6.6%$130M

#5JUNZTrueShares+6.4%$29.4M

#6JULZTrueShares+6.3%$37.6M

#7MAYZTrueShares+6.2%$32.4M

#8SEPZTrueShares+6.1%$101M

#9FHEQFidelity+6.0%$1000M

End-of-day Nov 9, 2026 · 29 Hedged equity ETFs by YTD

$10,000 in FHEQ

$10,000 in FHEQ became

$13,283

In the S&P 500 (VOO)

$14,643

Total return, dividends in · Apr 11, 2024 – Nov 6, 2026 · S&P 500 uses VOO

FHEQ’s Top Holdings

Today

AAPLApple7.8%NVDA6.6%MSFT5.7%AMZN4.1%GOOGL2.5%AVGO2.3%BRK-B2.1%LLY2.0%META2.0%JPM1.9%GOOG1.9%V1.4%MA1.3%MU1.3%XOM1.2%TSLA1.0%CSCO1.0%UNHABBVBACGE COST178 more

AAPL7.8%NVDA6.6%MSFT5.7%AMZN4.1%GOOGL2.5%AVGO2.3%BRK-B2.1%LLYMETAJPMGOOGV188 more

TechnologyFinancial ServicesHealthcareCommunication ServicesConsumer CyclicalIndustrialsOther

Fidelity FHEQ · 200 holdings · tile size = share of the fund · as of Nov 6, 2026

What FHEQ Holds

Today

Technology33.5%

AAPL 7.8 · NVDA 6.6 · MSFT 5.7 · AVGO 2.3 · MU 1.3 · CSCO · UBER

Financial Services12.9%

BRK-B 2.1 · JPM 1.9 · V 1.4 · MA 1.3 · BAC · WFC · SCHW

Healthcare9.2%

LLY 2.0 · UNH · ABBV · GILD · PFE · BMY · REGN

Communication Services7.7%

GOOGL 2.5 · META 2.0 · GOOG 1.9 · NFLX · CMCSA · T

Consumer Cyclical7.4%

AMZN 4.1 · TSLA 1.0 · ABNB · F · GM · SBUX · ROST

Industrials6.3%

GE · RTX · CAT · GEV · TT · AME · VLTO

Consumer Defensive4.1%

COST · WMT · PG · MO · KO · PEP · SYY

Fidelity FHEQ · share of the fund by sector · as of Nov 6, 2026

Apple’s Share of FHEQ

Today

7.8%

$78 of every $1,000 in FHEQ is Apple

Apple held by FHEQ

$78.5M

Most Apple per dollar

GXPT22.7%

FTEC19.4%

IYW18.8%

MNZL17.7%

Fidelity FHEQ · each square = $10 of $1,000 · as of Nov 6, 2026

FHEQ’s Share of Hedged Equity ETFs

Today

6.9%

of the $14.6B in 31 Hedged equity ETFs

FHEQ$1000M6.9%

HELO$4.8B32.9%

BALT$3.3B22.3%

28 others$5.5B37.9%

Hedged equity ETF AUM · Nov 9, 2026

FHEQ Fee per $100 vs Peers

Today

$0.52a year
per $100

$52 a year on $10,000

SIXH$0.31

HELO$0.50

FHEQ$0.52

BALT$0.69

HEGD$0.88

SFLR$0.89

Expense ratio · Hedged equity peers · Nov 9, 2026

Inside FHEQ

95 holdings · as of Nov 6, 2026

FHEQ

Fidelity Hedged Equity ETF

Today

Technology33.5%AAPL7.8%NVDA6.6%MSFT5.7%AVGOMU CSCO19 moreFinancial Services12.9%JPMV MA BACWFC9 moreHealthcare9.2%LLYUNHABBVGILD6 moreCommunication Services7.7%GOOGLMETAGOOGCMCSAConsumer Cyclical7.4%AMZNTSLAABNBF Industrials6.3%GE RTXCATGEVTT Consumer Defensive4.1%WMTPG MO KO Energy2.4%XOMCVXOther13.3%

#	Ticker	Company	Weight ▼
1	AAPL	Apple	7.85%
2	NVDA	Nvidia	6.65%
3	MSFT	Microsoft	5.69%
4	AMZN	Amazon	4.11%
5	GOOGL	Alphabet	2.49%
6	AVGO	Broadcom	2.30%
7	BRK-B	Berkshire Hathaway	2.14%
8	LLY	ELI Lilly &	2.03%
9	META	META Platforms	2.01%
10	JPM	Jpmorgan Chase &	1.86%

See all 200 holdings ↓

TechnologyFinancial ServicesHealthcareCommunication ServicesConsumer CyclicalIndustrialsConsumer DefensiveEnergyReal EstateBasic MaterialsUtilitiesOther

Fidelity FHEQ · current holdings by weight · as of Nov 6, 2026 · each tile is one holding · top 20 = 49.0%

All FHEQ Holdings

200 holdings · as of Nov 6, 2026

FHEQ

FHEQ’s Holdings

Today

#
1	AAPLApple	Technology	7.85%	$784.93	224K	$77.3M
2	NVDANvidia	Technology	6.65%	$664.86	360K	$65.4M
3	MSFTMicrosoft	Technology	5.69%	$569.38	105K	$56.0M
4	AMZNAmazon	Consumer Cyclical	4.11%	$411.45	156K	$40.5M
5	GOOGLAlphabet	Communication Services	2.49%	$249.29	87K	$24.5M
6	AVGOBroadcom	Technology	2.30%	$230.29	78K	$22.7M
7	—Cash CF	—	2.27%	$226.83	22.3M	$22.3M
8	BRK-BBerkshire Hathaway	Financial Services	2.14%	$213.61	37K	$21.0M
9	LLYELI Lilly	Healthcare	2.03%	$202.58	15K	$19.9M
10	METAMETA Platforms	Communication Services	2.01%	$201.45	33K	$19.8M
11	JPMJpmorgan Chase	Financial Services	1.86%	$186.15	54K	$18.3M
12	GOOGAlphabet	Communication Services	1.86%	$185.75	65K	$18.3M
13	VVisa	Financial Services	1.41%	$141.14	33K	$13.9M
14	MAMastercard	Financial Services	1.33%	$132.62	20K	$13.1M
15	MUMicron Technology	Technology	1.27%	$127.29	19K	$12.5M

Fidelity FHEQ · every reported holding · per $10,000 = dollars of each holding in a $10,000 stake · as of Nov 6, 2026

How It Compares

FHEQ

Fidelity Hedged Equity ETF’s Peers

YTD


HELO	J.P. MorganRead Desk	0.50%	+2.7%	+4.3%	$4.8B
BALT	InnovatorRead Desk	0.69%	+3.8%	+5.5%	$3.3B
SFLR	InnovatorRead Desk	0.89%	+3.1%	+3.7%	$2.2B
FHEQ	FidelityThis fundRead Desk	0.52%	+6.0%	+6.1%	$1000M
HEGD	SwanRead Desk	0.88%	+4.0%	+4.2%	$719M
SIXH	MeridianRead Desk	0.31%	+14.7%	+19.6%	$621M

Hedged equity peers · YTD and past-year returns · as of Nov 9, 2026 · sorted by AUM

Head to Head

Put FHEQ head to head with HELO →

HELO vs FHEQ

YTD

HELOJ.P. Morgan · Hedged equityFHEQFidelity · Hedged equity

Year to date

+2.7%

+6.0%

FHEQ wins+3.4 pts

Past year

+4.3%

+6.1%

FHEQ wins+1.8 pts

Fee

0.50%

0.52%

HELO winslower fee

Yield

0.6%

Level

AUM

$4.8B

$1000M

HELO4.8× more

2–1FHEQ wins

J.P. Morgan HELO and Fidelity FHEQ · year-to-date · as of Nov 9, 2026 · AUM not scored

FHEQ vs VOO

YTD

FHEQ · Fidelity Hedged Equity

+6.0%

VOO · S&P 500

+8.7%

Gap

2.7 pts

Fidelity FHEQ and Vanguard VOO · YTD total return · as of Nov 9, 2026

FHEQ vs Its Peer Average

YTD

FHEQAvsBPeer average

1D+0.1%+0.2%

1M−3.7%−3.6%

3M−5.0%−3.7%

YTD+6.0%+3.9%

1Y+6.1%+4.6%

3Y[…]+50.1%

5Y[…]+48.8%

2–3Peer average wins

30 Hedged equity peers · each row scaled to its leader

How Bumpy Is FHEQ?

View

FHEQ

How Bumpy

0.8×the S&P 500’s swings

CalmerBumpierS&P 1×FHEQ

Calm rank among 7 hedged equity funds#5

Other hedged equity funds0.2× to 1.1×

Fidelity FHEQ · daily swings over the past year vs the S&P 500

FHEQ

Worst Drop

−7.8%from its Feb 2 high

Still below the high−5.5%

$10,000 at the high is now$9,450

Fidelity FHEQ · fall from the highest close, past year

FHEQ

On a Bad Day

0.8×the S&P 500’s fall

FHEQ’s worst day: Friday, Jun 5

FHEQ

−2.3%

S&P 500

−2.6%

Up days51 of every 100

S&P 500 up days52 of every 100

Fidelity FHEQ · average move on days the S&P 500 fell

FHEQ

Return for the Bumps

1Y#3 of 7 hedged equity funds

#1SIXHMeridian

most for the bumps

#2BALTInnovator

calmest ride

#3FHEQFidelity

#4HELOJ.P. Morgan

#5HEGDSwan

less than cash

#6SFLRInnovator

less than cash

#7QFLRInnovator

lost money

Ranked by return above cash for each unit of bumpiness (Sharpe ratio) · cash = 3.8%

FHEQ

Cost

Today

$52a year per $10,000

SIXH

$31

HELO

$50

FHEQ

$52

BALT

$69

HEGD

$88

SFLR

$89

QFLR

$89

Expense ratio 0.52%, taken from the fund’s value

FHEQ

Volatility & Beta

10.3%annual volatility

S&P 500 volatility13.6%

Downside volatility7.2%

Beta vs SPY0.72

Correlation vs SPY0.95

Beta rank, lowest first, of 7#5

Daily total returns × √252 · past 254 trading days

FHEQ

Max Drawdown

−7.8%peak to trough

Peak closeFeb 2, 2026

Current drawdown−5.5%

Worst day−2.30% · Jun 5

Closing prices, dividends in

FHEQ

Up / Down Capture

77%down capture vs SPY

Down days

77%

Up days

75%

S&P 500

100%

Up ÷ down capture0.98

Up days50.8% (S&P 52.0%)

Average daily move on SPY up days and down days

FHEQ

Sharpe & Sortino vs Peers

Fund	Sharpe	Sortino	Volatility	Max DD	Beta	Fee / $10k
SIXH	1.89	2.89	8.6%	−3.5%	0.17	$31
BALT	0.58	0.82	2.6%	−1.2%	0.15	$69
FHEQ	0.14	0.20	10.3%	−7.8%	0.72	$52
HELO	0.03	0.05	7.7%	−5.8%	0.53	$50
HEGD	−0.03	−0.05	8.5%	−4.6%	0.59	$88
SFLR	−0.08	−0.10	10.6%	−6.8%	0.73	$89
QFLR	−0.49	−0.66	14.8%	−9.8%	0.97	$89

Sharpe = (return − 3.8% cash) ÷ volatility · Sortino uses downside volatility only

FHEQ

Trading

Today

+0.15%above its holdings’ value

Close$32.61

NAV$32.56

Fee per $10,000$52 a year

Avg. volume 30D93K shares

Premium / discount history starts once daily NAV is saved

Close vs net asset value, Nov 6

The Details

FHEQ

Fund Facts

Today

2024launched Apr 9

Tracks[…]

Exchange · CUSIPCBOE · 31624J745

StructureETF

Leverage1x

Cost on $10,000$52 a year

Go deeper

Prospectus & documents Trading & liquidity Fees & costs Distributions

Fidelity FHEQ · fund facts · as of Nov 9, 2026

FHEQ

Payouts by Year

$0.0570per share, Sep 2026

Distribution yield0.6%

PaidEvery quarter

Latest ex-date · paidSep 18 · Sep 22, 2026

10 payouts added up$0.49 a share

Fidelity FHEQ · distributions by ex-date · 2024–2026

All Fund FactsDocuments · trading · fees · every payout

Prospectus & Documents

Trading & Liquidity

Net asset value$32.56

Premium / discount[…]

Median spread · 30D[…]

Volume today51K

Average volume · 30D93K

Shares outstanding[…]

Options[…]

Fees & Costs

Net expense ratio0.52%

Gross expense ratio[…]

Management fee[…]

Cost on $10,000 a year$52.00

Our risk indicator3/5

Estimated yearly cost excludes trading costs and assumes constant assets.

Distributions

Ex-date	Paid	Per share
Sep 18, 2026	Sep 22, 2026	$0.0570
Jun 18, 2026	Jun 23, 2026	$0.0420
Mar 20, 2026	Mar 24, 2026	$0.0590
Dec 19, 2025	Dec 23, 2025	$0.0400
Sep 19, 2025	Sep 23, 2025	$0.0400
Jun 20, 2025	Jun 24, 2025	$0.0570
Mar 21, 2025	Mar 25, 2025	$0.0570
Dec 20, 2024	Dec 24, 2024	$0.0570
Sep 20, 2024	Sep 24, 2024	$0.0500
Jun 21, 2024	Jun 25, 2024	$0.0300

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