Embeddable common lisp only builds .fasc not .o

Question

The documentation for ECL suggests that

(compile-file "hello.lisp" :system-p t)

should produce a .o file however I instead get a .fasc file and the ouput

>  (compile-file "hello.lisp" :system-p t)
;;; Compiling hello.lisp;;; Compiling #<input stream hello.lisp>#P"hello.fasc"
NIL
NIL