ETF Evaluator: Fidelity International Multifactor ETF () Follow This ETF

Fidelity International Multifactor ETF Overview

Fidelity International Multifactor ETF (FDEV) is a passively managed International Equity Foreign Large Blend exchange-traded fund (ETF). Fidelity Investments launched the ETF in 2019.

The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity International Multifactor Index. The fund invests at least 80% of its assets in securities included in the index and in depositary receipts representing securities included in the index. The index is designed to reflect the performance of stocks of large- and mid-capitalization developed international companies that have attractive valuations, high quality profiles, positive momentum signals, lower volatility than the broader developed international equity market, and lower correlation to the U.S. equity market.

About Fidelity International Multifactor ETF (FDEV)

There are 5 members of the management team with an average tenure of 7.26 years: Louis Bottari (2019), Payal Gupta (2019), Peter Matthew (2019), Navid Sohrabi (2019) and Robert Regan (2019). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and Fidelity Intl Multifactor NR USD index with a weighting of 100%. Fidelity International Multifactor ETF has 221 securities in its portfolio. The top 10 holdings constitute 14.0% 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 International Multifactor ETF is part of the Equity global asset class and is within the International Equity ETF group. Fidelity International Multifactor ETF has 99.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 99.6% 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 International Multifactor ETF has 0.3% of the portfolio in cash.

Assets Under Management

The fund has $283 million in total assets, which is below 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.

FDEV 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 International Multifactor ETF expense ratio is low compared to funds in the Foreign Large Blend category. Fidelity International Multifactor ETF has an expense ratio of 0.18%, which is 55% lower than its category average, making the fund expense ratio grade a A. 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 International Multifactor ETF has a portfolio turnover rate of 66%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 38% for the Foreign Large Blend category.

Recently, in the month of July 2026, Fidelity International Multifactor ETF returned 5.0%, which earned it a grade of A, as the Foreign Large Blend category had an average return of 1.1%. 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 International Multifactor ETF has a trailing yield of 2.94%, which is above the 2.56% category average. The fund normally distributes its income quarterly.

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 International Multifactor ETF Grades

Year to date, the ETF has returned 9.5%, 2.6 percentage points worse than the category, which translates into a grade of F. The fund has returned 20.9% over the past year (grade of F), 15.7% over the past three years (grade of D) and 7.9% per year over the past five years (grade of D).

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