ETF Evaluator:
Fidelity Enhanced Emerging Markets ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Diversified Emerging Mkts Over the Last Year
| 114.0% | Nomura Focused Emerging Mrkts Eq ETF (EMEQ) |
| 81.0% | FT EM Human Flourishing ETF (FTHF) |
| 68.7% | First Trust Bloomberg Emr Mkt Dem ETF (EMDM) |
| 67.8% | Freedom 100 Emerging Markets ETF (FRDM) |
| 59.4% | Pacific NoS Global EM Equity Active ETF (GEME) |
Risk
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Risk
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ETF Details
Fidelity Enhanced Emerging Markets ETF Overview
Fidelity Enhanced Emerging Markets ETF (FEMR) is an actively managed International Equity Diversified Emerging Mkts exchange-traded fund (ETF). Fidelity Investments launched the ETF in 2024.
The investment seeks capital appreciation.
Normally investing at least 80% of assets in securities of issuers and in depositary receipts representing securities of issuers in emerging markets and other investments that are tied economically to emerging markets. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.
About Fidelity Enhanced Emerging Markets ETF (FEMR)
There are 4 members of the management team with an average tenure of 1.70 years: Anna Lester (2024), George Liu (2024), Shashi Naik (2024) and Satyajit Chandrashekar (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: MSCI EM NR USD index with a weighting of 100%. Fidelity Enhanced Emerging Markets ETF has 163 securities in its portfolio. The top 10 holdings constitute 36.4% 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 Emerging Markets ETF is part of the Equity global asset class and is within the International Equity ETF group. Fidelity Enhanced Emerging Markets ETF has 97.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.6% There is 97.7% 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 Emerging Markets ETF has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $167 million in total assets, which is below the $3 billion average for the Diversified Emerging Mkts 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.
FEMR 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 Emerging Markets ETF expense ratio is below average compared to funds in the Diversified Emerging Mkts category. Fidelity Enhanced Emerging Markets ETF has an expense ratio of 0.38%, which is 27% 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 Emerging Markets ETF has a portfolio turnover rate of 46%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 44% for the Diversified Emerging Mkts category.
Recently, in the month of July 2026, Fidelity Enhanced Emerging Markets ETF returned -4.4%, which earned it a grade of D, as the Diversified Emerging Mkts category had an average return of -3.0%. 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 Emerging Markets ETF has a trailing yield of 1.55%, which is below the 2.41% 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 Emerging Markets ETF Grades
Year to date, the ETF has returned 24.0%, 6.9 percentage points better than the category, which translates into a grade of B. The fund has returned 43.0% over the past year (grade of A).
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FEMR Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FEMR Return (NAV) | -4.4% | 5.5% | 43.0% | na | na | na |
| FEMR Return (Price) | -7.4% | 1.9% | 41.7% | na | na | na |
| NAV +/- Price Return | 2.986% | 3.621% | 1.270% | na | na | na |
| Diversified Emerging Mkts Avg | -3.0% | 3.0% | 31.9% | 16.6% | 7.1% | 7.8% |
| FEMR Grade (NAV) | D | B | A | na | na | na |
| +/- Category (NAV) | -1.4% | 2.5% | 11.0% | na | na | na |
| FEMR Tax-Cost Ratio | na | na | 0.6% | na | na | na |
FEMR Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FEMR Return (NAV) | 24.0% | 34.4% | na | na | na | na | na | na | na | na | na |
| FEMR Return (Price) | 22.2% | 35.3% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.078% | 0.025% | na | na | na | na | na | na | na | na | na |
| Diversified Emerging Mkts Avg | 17.1% | 29.2% | 6.7% | 12.8% | -18.8% | 2.3% | 12.7% | 18.2% | -14.6% | 33.7% | 10.9% |
| FEMR Grade (NAV) | B | A | na | na | na | na | na | na | na | na | na |
| +/- Category | 6.9% | 5.2% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 1.6% |
| Total Assets: | $ 167 Mil |
| Share Class Assets: | $ 167 Mil |
| Turnover: | 46.0% |
| Expense Ratio: | 0.38% |
| Index Fund: | No |
| Index Tracked: | MSCI EM 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: 4 | |||
| Longest Tenure: 1.7 years | |||
| Average Tenure: 1.7 years | |||
| Managers (Year): Lester Anna (2024), Liu George (2024), Naik Shashi (2024), Chandrashekar Satyajit (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 163 |
| % in Top 10 Holdings: | 36.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 97.7% |
Portfolio Allocation |
|
| Domestic Stock: | 1.6% |
| Foreign Stock: | 97.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 0.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-343-3548 |
| Website: | www.institutional.fidelity.com |
| Inception Date: | November 19, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.38% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.52% |
