FCCV ETF: what Fidelity Canadian Value ETF is, what it holds, and how it works

Short answer: FCCV is a rules-based Canadian equity ETF from Fidelity that owns Canadian stocks looking cheap on fundamentals. It listed in June 2020, charges 0.39% MER, and has put up a 22.9% three-year annualized return through May 2026. It is a tilt, not a core. The value premium has been quieter than momentum in this cycle, but it has held its own.

FCCV is the value sibling to FCCM, both launched by Fidelity in 2020. Morningstar awarded FCCV Five Stars and Gold as of May 2026. This guide walks through what the fund actually does and how it pairs with the other Fidelity factor ETFs.

Not financial advice. Fund details change. Check current disclosures before buying.

What FCCV actually is

FCCV is an ETF listed on the TSX in Canadian dollars, managed by Fidelity. The strategy is rules-based value: a quarterly screen ranks Canadian stocks on cheapness using book value, earnings, and cash flow, and the highest-scoring names get weighted higher in the portfolio.

Like FCCM, this is strategic beta. The rules are public and applied without discretion.

What FCCV holds

FCCV is almost entirely Canadian equity. The cash sleeve is operational.

Value strategies in Canada tend to overweight financials and energy because those are where the cheap multiples cluster. Expect a different sector mix than a momentum strategy or a broad cap-weighted index. The fund is not designed to mimic the TSX Composite.

The fee

FCCV’s MER is 0.39%, basically tied with FCCM. Roughly seven times what a broad Canadian equity index like XIC charges (0.05%), but the gap pays for the rules-based screen and quarterly rebalance.

The honest read: you are paying about 0.34% per year for the value tilt. Value has had stretches where it earned that premium handily and stretches where it lagged for a decade.

How the value strategy works

Value investing is the academic finding that stocks that look cheap relative to their fundamentals tend to outperform expensive stocks, on average and over long stretches. The premium is most associated with Fama and French’s 1992 work but the underlying observation goes back further.

Fidelity’s rules:

• Universe. Liquid Canadian stocks above a size threshold.
• Score. Each stock gets a value score combining price-to-book, price-to-earnings, and price-to-cash-flow signals.
• Selection. The cheapest names by composite score are weighted higher.
• Rebalance. Quarterly.

Tax treatment

How FCCV compares to alternatives

• FCCV vs XIC. Cap-weighted Canadian equity at 0.05% vs FCCV at 0.39% with a value tilt. The three-year window has been kind to value, but factor premia are noisier than recent returns suggest.
• FCCV vs FCCM. Value vs momentum on the same Canadian universe. The two factors have a low correlation, so some investors hold both to smooth the cycle.
• FCCV vs a Canadian dividend ETF. Funds like VDY or XEI overlap with FCCV in holdings (both pull in dividend-heavy financials and energy names) but a pure dividend screen is different from a pure value screen. The holdings overlap, the selection logic doesn’t.

Frequently asked questions

What is FCCV.TO?

FCCV is the ticker for Fidelity Canadian Value ETF. It is a rules-based strategic-beta ETF listed in June 2020 that owns Canadian stocks looking cheap on fundamentals. Fidelity rebalances the portfolio quarterly to rotate names in and out.

What is FCCV’s MER?

FCCV’s MER is 0.39%. That is roughly seven times the cost of a broad Canadian equity index ETF like XIC, but well below a discretionary active Canadian equity fund.

What does FCCV hold?

FCCV holds Canadian equities only, selected by a rules-based value score that combines price-to-book, price-to-earnings, and price-to-cash-flow signals. Value tilts in Canada tend to overweight financials and energy, where cheap multiples cluster.

Is FCCV actively managed?

FCCV is strategic beta. The rules are public and applied without discretion. It is more active than a cap-weighted index fund but less active than a manager-driven fund.

Can I hold FCCV in a TFSA, RRSP, or FHSA?

Yes. FCCV trades on the TSX in Canadian dollars and is eligible in all standard Canadian registered accounts. The high Canadian-dividend content also makes it reasonable in a non-registered account, with the trade-off that quarterly rebalancing distributes capital gains.

When does value stop working?

Value strategies underperform during long growth-led markets (think 2010 through 2020) and during high-growth speculative phases. Holding through those stretches is the whole game.

How is FCCV different from FCCM?

FCCM picks Canadian stocks with the strongest recent price momentum. FCCV picks Canadian stocks looking cheap on fundamentals. The two factor tilts often hold different names and lead at different times in the cycle. Pairing both is a reasonable way to express factor investing without betting on one factor over the other.

The honest verdict

Bottom line

FCCV does what it says on the box: it tilts Canadian equity toward cheap stocks using a clean, rules-based screen. Three years in, the strategy has delivered. The longer history of value tells us to expect stretches where it lags broad indices. Pair it with FCCM if you want the factor blend, or hold it standalone if you have a strong value preference. Either way, treat it as a tilt, not a core.