ETF Evaluator:
Fidelity Enhanced International ETF (FENI)
Follow This ETF
(as of Jul 31)
Best Performing in Foreign Large Blend Over the Last Year
| 61.4% | Pacer Nasdaq International Ptnt Ldrs ETF (PATN) |
| 37.4% | Harbor International Equity ETF (EPIN) |
| 35.9% | iShares Currency Hdgd MSCI ACWI exUS ETF (HAWX) |
| 34.5% | Xtrackers MSCI All World exUS Hdg Eq ETF (DBAW) |
| 33.6% | NYLI FTSE International Eq Ccy Netrl ETF (HFXI) |
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Risk
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ETF Details
Fidelity Enhanced International ETF Overview
Fidelity Enhanced International ETF (FENI) is an actively managed International Equity Foreign Large Blend exchange-traded fund (ETF). Fidelity Investments launched the ETF in 2007.
The investment seeks capital appreciation.
The fund will normally invest at least 80% of assets in common stocks included in the MSCI EAFE Index, which is a market capitalization-weighted index that is designed to measure the investable equity market performance for global investors in developed markets, excluding the U.S. & Canada. The adviser will generally utilizing a research-driven approach identifying long-term drivers of stock returns that may include, but are not limited to, valuation, growth, quality, and other factors.
About Fidelity Enhanced International ETF (FENI)
There are 3 members of the management team with an average tenure of 7.09 years: Anna Mitelman-Lester (2019), George Liu (2023) and Shashi Naik (2014). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: MSCI EAFE NR USD index with a weighting of 100%. Fidelity Enhanced International ETF has 420 securities in its portfolio. The top 10 holdings constitute 16.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Fidelity Enhanced International ETF is part of the Equity global asset class and is within the International Equity ETF group. Fidelity Enhanced International ETF has 97.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.2% There is 97.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity Enhanced International ETF has 2.6% of the portfolio in cash.
Assets Under Management
The fund has $10 billion in total assets, which is above the $9 billion average for the Foreign Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FENI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity Enhanced International ETF expense ratio is below average compared to funds in the Foreign Large Blend category. Fidelity Enhanced International ETF has an expense ratio of 0.28%, which is 29% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity Enhanced International ETF has a portfolio turnover rate of 73%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 39% for the Foreign Large Blend category.
Recently, in the month of June 2026, Fidelity Enhanced International ETF returned -0.1%, which earned it a grade of C, as the Foreign Large Blend category had an average return of -0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Fidelity Enhanced International ETF has a trailing yield of 2.94%, which is above the 2.63% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Fidelity Enhanced International ETF Grades
Year to date, the ETF has returned 11.0%, 0.1 percentage points better than the category, which translates into a grade of C. The fund has returned 24.3% over the past year (grade of B), 19.8% over the past three years (grade of A) and 10.9% per year over the past five years (grade of A) and 10.5% per year over the past 10 years (grade of B).
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FENI Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FENI Return (NAV) | -0.1% | 10.4% | 24.3% | 19.8% | 10.9% | 10.5% |
| FENI Return (Price) | 0.4% | 8.9% | 24.5% | 20.0% | 11.0% | 10.6% |
| NAV +/- Price Return | -0.457% | 1.513% | -0.228% | -0.149% | -0.083% | -0.041% |
| Foreign Large Blend Avg | -0.1% | 10.5% | 22.3% | 17.2% | 9.0% | 9.7% |
| FENI Grade (NAV) | C | C | B | A | A | B |
| +/- Category (NAV) | 0.0% | -0.1% | 2.0% | 2.6% | 1.9% | 0.8% |
| FENI Tax-Cost Ratio | na | na | 1.2% | 1.4% | 1.2% | 1.1% |
FENI Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FENI Return (NAV) | 11.0% | 37.2% | 6.8% | 19.0% | -14.0% | 11.5% | 7.7% | 18.3% | -14.7% | 27.6% | 1.9% |
| FENI Return (Price) | 11.6% | 37.3% | 7.0% | 18.6% | -14.0% | 11.5% | 7.7% | 18.3% | -14.7% | 27.6% | 1.9% |
| NAV +/- Price Ret | 0.051% | 0.001% | 0.027% | -0.020% | 0.000% | 0.000% | 0.000% | 0.0% | 0.0% | 0.0% | 0.0% |
| Foreign Large Blend Avg | 10.9% | 31.3% | 5.3% | 16.9% | -14.7% | 10.3% | 8.8% | 22.0% | -13.2% | 24.6% | 1.9% |
| FENI Grade (NAV) | C | A | A | A | B | C | C | F | F | A | C |
| +/- Category | 0.1% | 6.0% | 1.5% | 2.1% | 0.7% | 1.2% | -1.2% | -3.7% | -1.5% | 3.0% | -0.0% |
| Risk Measures | |
| Beta: | 0.92 |
| R-Squared: | 93% |
| Standard Deviation: | 13.3% |
| Category Risk Index: | 1.01 |
| Category Risk Rating: | Average |
| Total Risk Index: | 1.09 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 2.9% |
| Total Assets: | $ 10,289 Mil |
| Share Class Assets: | $ 10,289 Mil |
| Turnover: | 73.0% |
| Expense Ratio: | 0.28% |
| Index Fund: | No |
| Index Tracked: | MSCI EAFE NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 11.8 years | |||
| Average Tenure: 7.1 years | |||
| Managers (Year): Naik Shashi (2014), Mitelman-Lester Anna (2019), Liu George (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 420 |
| % in Top 10 Holdings: | 16.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 97.3% |
Portfolio Allocation |
|
| Domestic Stock: | 1.2% |
| Foreign Stock: | 97.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -1.1% |
| Cash: | 2.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-225-5288 |
| Website: | www.institutional.fidelity.com |
| Inception Date: | December 20, 2007 |
Expenses and Fees
| Expense Ratio (%): | 0.28% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.39% |
