Fund Evaluator:
Fidelity SAI International Sm Cp Idx (FSISX)
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Best Performing in Foreign Small/Mid Blend Over the Last Year
| 26.1% | Nuveen Quant Intl Small Cap Eq I (TAISX) |
| 26.0% | Goldman Sachs Intl Sm Cp Insghts Inv (GIRLX) |
| 18.6% | Vanguard FTSE All-Wld ex-US SmCp Idx Adm (VFSAX) |
| 14.3% | Invesco International Small Company Y (IEGYX) |
| 14.1% | Putnam International Small Cap Y (PIVYX) |
Fund Details
Fidelity SAI International Sm Cp Idx Overview
Fidelity SAI International Sm Cp Idx (FSISX) is a passively managed International Equity Foreign Small/Mid Blend fund. Fidelity Investments launched the fund in 2021.
The investment seeks to provide investment results that correspond to the total return of stocks of small-capitalization foreign companies. The fund normally invests at least 80% of assets in securities included in the MSCI EAFE Small Cap Index and in depositary receipts representing securities included in the index. The MSCI EAFE Small Cap Index is a market capitalization-weighted index that is designed to measure the investable equity market performance of small cap stocks for global investors in developed markets, excluding the U.S. and Canada.
About Fidelity SAI International Sm Cp Idx (FSISX)
There are 5 members of the management team with an average tenure of 5.27 years: Louis Bottari (2021), Payal Gupta (2021), Peter Matthew (2021), Navid Sohrabi (2021), Robert Regan (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI EAFE NR USD index with a weighting of 100% and MSCI EAFE Small Cap NR USD index with a weighting of 100%. Fidelity SAI International Sm Cp Idx has 2060 securities in its portfolio. The top 10 holdings constitute 5.1% 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 International Sm Cp Idx is part of the Equity global asset class and is within the International Equity fund group. Fidelity SAI International Sm Cp Idx has 98.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.0%. There is 98.8% 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 SAI International Sm Cp Idx has -0.0% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $553 million average for the Foreign Small/Mid 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.
FSISX 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 International Sm Cp Idx expense ratio is low compared to funds in the Foreign Small/Mid Blend category. Fidelity SAI International Sm Cp Idx has an expense ratio of 0.10%, which is 91% 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 SAI International Sm Cp Idx has a portfolio turnover rate of 18%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 64% for the Foreign Small/Mid Blend category.
Recently, in the month of August 2026, Fidelity SAI International Sm Cp Idx returned 4.0%, which earned it a grade of C, as the Foreign Small/Mid Blend category had an average return of 4.3%. 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 International Sm Cp Idx has a trailing yield of 3.25%, which is above the 2.63% category average. The fund normally distributes its income 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 International Sm Cp Idx Grades
Year to date, the fund has returned 13.9%, 0.5 percentage points worse than the category, which translates into a grade of D. The fund has returned 19.4% over the past year (grade of C), 17.7% over the past three years (grade of C) and 5.8% per year over the past five years (grade of D).
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FSISX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FSISX Return (NAV) | 4.0% | 1.9% | 19.4% | 17.7% | 5.8% | na |
| FSISX Grade | C | B | C | C | D | na |
| +/- Category | -0.4% | 1.3% | 0.6% | 0.6% | -0.5% | na |
| Foreign Small/Mid Blend Avg | 4.3% | 0.6% | 18.8% | 17.1% | 6.3% | 8.6% |
| FSISX Tax Cost Ratio | na | na | 1.1% | 0.9% | 0.9% | na |
FSISX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FSISX Return (NAV) | 13.9% | 32.6% | 1.8% | 13.2% | -21.2% | na | na | na | na | na | na |
| FSISX Grade | D | B | C | F | D | na | na | na | na | na | na |
| +/- Category | -0.5% | 2.5% | -0.5% | -1.7% | -2.0% | na | na | na | na | na | na |
| Foreign Small/Mid Blend Avg | 14.4% | 30.1% | 2.2% | 15.0% | -19.2% | 12.2% | 10.8% | 22.2% | -19.4% | 33.6% | 2.4% |
| Risk Measures | |
| Standard Deviation: | 14.7% |
| Total Risk Index: | 1.21 - Above Average |
| Category Risk Index: | 0.98 - Average |
| Category Risk Grade: | C (53% Rank) |
| Beta: | 1.02 |
| R-Squared: | 85% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 3.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $1094 Mil |
| Fund Total Assets: | $1,094 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 18% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 5.3 years | |||
| Average Tenure: 5.3 years | |||
| Managers (Year): Bottari Louis (2021), Gupta Payal (2021), Matthew Peter (2021), Regan Robert (2021), Sohrabi Navid (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 2060 |
| % in Top 10 Holdings: | 5.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 98.8% |
Portfolio Allocation |
|
| Domestic Stock: | 1.0% |
| Foreign Stock: | 98.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.2% |
| Cash: | -0.0% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-3455 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | May 27, 2021 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.10% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 1.14% |
| Share Class: | Fidelity SAI International Sm Cp Idx |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
