Investing · ETF deep dive
FEQT Fidelity All-in-One Equity ETF
Not an index fund in a trench coat: 12 proprietary single-factor sleeves, an active small-cap fund, and a deliberate Bitcoin allocation — priced accordingly at 0.43%.
Best for: Investors who actively want factor exposure and a small crypto sleeve in one ticket — chosen knowingly
Pros
- Genuine factor diversification: momentum, value, quality, low-vol — four sleeves per region
- The 3% (neutral) Bitcoin sleeve has a stated 2× guardrail and 5% deviation rebalance trigger
- No wrapper fee — the 0.43% MER is the whole cost, honestly presented
Cons
- Roughly double the index families’ cost
- Proprietary Fidelity indexes — you’re trusting their factor methodology, not a public benchmark
- Cboe-listed, annual distributions, and crypto volatility inside a “set-and-forget” product
What's inside FEQT
| Underlying fund | Weight |
|---|---|
| US factor sleeves — Momentum 12.7, Value 12.2, High Quality 11.9, Low Volatility 11.7 | 48.5% |
| International factor sleeves (same four factors) | 23.5% |
| Canadian factor sleeves (same four factors) | 23.4% |
| Fidelity Global Small Cap Opportunities Fund (active) | 2.4% |
| Fidelity Advantage Bitcoin ETF | 2.2% |
US equities 48.5% · International 23.5% · Canada 23.4% · Bitcoin 2.2% (allocation, June 9, 2026) (Provider allocation table — roughly 2:1:1 US:Intl:Canada across the factor sleeves) · holdings as of June 9, 2026
The deep dive
FEQT is the category’s contrarian. Where rivals wrap cap-weighted index funds, Fidelity builds from 12 proprietary single-factor sleeves — Momentum, Value, High Quality and Low Volatility, each for the US, Canada and international — tracking indexes designed by Fidelity itself and rebalanced quarterly, plus an active global small-cap fund and the headline item: a Bitcoin sleeve at a 3% neutral weight (2.2% on verification day).
The crypto plumbing is more disciplined than critics assume: allocation banded 0.5–3%, a hard rebalance if it doubles past neutral, and a 5% deviation trigger on every sleeve between annual rebalances. The honest framing: FEQT is a view — that factors and a crypto kicker beat plain beta after its extra ~0.2% cost. That view has filled it to $5B. Just don’t buy it thinking it’s an index fund.
Same family, different dose
The Fidelity Canada ladder lets you change risk level without changing philosophy:
- FGRO — 82/15 + 3% crypto · 0.42% MER · annually distributions
- FBAL — 59/39 + 2% crypto · 0.41% MER · annually distributions
- FCNS — 40/59 + 1% crypto · 0.40% MER · annually distributions
Frequently asked questions
What does FEQT hold?
FEQT holds 97/0 + 3% crypto — led by US factor sleeves — Momentum 12.7, Value 12.2, High Quality 11.9, Low Volatility 11.7 at 48.5%, International factor sleeves (same four factors) at 23.5%, Canadian factor sleeves (same four factors) at 23.4% (as of June 9, 2026). Geographic mix: US equities 48.5% · International 23.5% · Canada 23.4% · Bitcoin 2.2% (allocation, June 9, 2026) (provider allocation table — roughly 2:1:1 us:intl:canada across the factor sleeves). Weights drift between rebalances — annual, plus a crypto guardrail: trimmed back if it exceeds 2× its neutral weight.
What does FEQT cost?
Currently no wrapper fee — the 0.43% MER is the all-in cost. For context, the asset-allocation category now runs roughly 0.17%–0.25% all-in at the index families after the 2025 fee war — see the full cost table, and what fee gaps compound into with the MER calculator.
Should I pick FEQT or one of its siblings?
The Fidelity Canada ladder runs FEQT · FGRO · FBAL · FCNS — same construction, different equity/bond dose. FEQT sits at 97/0 + 3% crypto. The risk level is the decision that matters; pick the rung whose worst year you could actually sit through (the asset-allocation calculator helps), then stay put. Comparing across providers instead? Start with the family-by-family guide.
The bottom line
A well-engineered product for a specific conviction. If you just wanted cheap world equity, that’s VEQT/XEQT/ZEQT — this is for people who read the holdings list and nodded.
This page is for educational purposes only and is not investment advice. Fund facts were verified at Fidelity Canada's published fact sheets and product pages on June 10, 2026; holdings and weights are point-in-time and drift between rebalances; published MERs may lag recent fee changes (pages as of June 9, 2026; MERs as at Sep 30, 2025). We deliberately do not compare or project returns. Read the fund facts document before buying. See our methodology.