Fund Evaluator:

Fidelity® SAI Em Mkts Momt Idx Fd Overview

Fidelity® SAI Em Mkts Momt Idx Fd (FFNZX) is a passively managed International Equity Diversified Emerging Mkts fund. Fidelity Investments launched the fund in 2025.

The investment seeks to provide investment results that correspond to the total return of emerging markets stocks with high momentum characteristics. The fund normally invests at least 80% of assets in securities of companies included in the Fidelity Emerging Markets Momentum Focus IndexSM. The index is designed to reflect the performance of stocks of large- and mid-capitalization companies in emerging markets based on price and earnings momentum metrics.

About Fidelity® SAI Em Mkts Momt Idx Fd (FFNZX)

There are 5 members of the management team with an average tenure of 0.74 years: Louis Bottari (2025), Payal Gupta (2025), Peter Matthew (2025), Navid Sohrabi (2025), Robert Regan (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: Fidelity EM Momentum Focus TR USD index with a weighting of 100%. Fidelity® SAI Em Mkts Momt Idx Fd has 208 securities in its portfolio. The top 10 holdings constitute 42.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Fidelity® SAI Em Mkts Momt Idx Fd is part of the Equity global asset class and is within the International Equity fund group. Fidelity® SAI Em Mkts Momt Idx Fd has 98.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.1%. There is 98.8% allocated to foreign stock, and 0.1% 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® SAI Em Mkts Momt Idx Fd has 0.0% of the portfolio in cash.

Assets Under Management

The fund has $571 million in total assets, which is below the $967 million 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.

FFNZX 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® SAI Em Mkts Momt Idx Fd expense ratio is below average compared to funds in the Diversified Emerging Mkts category. Fidelity® SAI Em Mkts Momt Idx Fd has an expense ratio of 0.25%, which is 78% 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. A portfolio turnover rate cannot be currently calculated for Fidelity® SAI Em Mkts Momt Idx Fd. By way of comparison, the average portfolio turnover is 68% for the Diversified Emerging Mkts category.

Recently, in the month of July 2026, Fidelity® SAI Em Mkts Momt Idx Fd returned -7.9%, which earned it a grade of F, as the Diversified Emerging Mkts category had an average return of -4.9%. 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 funds in that category.

Fidelity® SAI Em Mkts Momt Idx Fd has a trailing yield of 0.00%, which is below the 1.72% category average. The fund normally distributes its income annually 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® SAI Em Mkts Momt Idx Fd Grades

Year to date, the fund has returned 23.6%, 4.6 percentage points better than the category, which translates into a grade of A.

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