Investment objective & strategy
As of Oct. 27, 2025 · prospectusObjective. Fidelity Enhanced Emerging Markets ETF seeks capital appreciation.
Strategy. 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. The Adviser considers a number of factors to determine whether an issuer is located in or tied economically to a particular country or region including: whether a third-party vendor has assigned a particular country or region classification to the issuer or included the issuer in … 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. The Adviser considers a number of factors to determine whether an issuer is located in or tied economically to a particular country or region including: whether a third-party vendor has assigned a particular country or region classification to the issuer or included the issuer in an index representative of a particular country or region; the issuer's domicile, incorporation, and location of assets; whether the issuer derives at least 50% of its revenues from, or has at least 50% of its assets in, a particular country or region; the source of government guarantees (if any); and the primary trading market or listing exchange. Whether an issuer is located in or tied economically to a particular country can be determined under any of these factors. Effective December 11, 2025, derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives. Normally investing primarily in common stocks.Allocating investments across different emerging markets countries.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. The research is systematically applied alongside a proprietary portfolio construction and risk management framework to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the MSCI Emerging Markets Index.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| TSMC | — | $13.16M | 13.82% |
| SAMSUNG ELECTRONICS CO LTD | — | $5.18M | 5.44% |
| SK HYNIX INC | — | $3.32M | 3.49% |
| TENCENT HOLDINGS LTD | — | $3.12M | 3.27% |
| BABA-W | — | $1.81M | 1.90% |
| DELTA ELEC | — | $1.51M | 1.58% |
| RELIANCE INDUSTRIES LTD(DEMAT)DEMATERIALIZED SHS | — | $1.31M | 1.37% |
| Fidelity Cash Central Fund | — | $1.30M | 1.36% |
| MEDIATEK | — | $1.24M | 1.30% |
| ITAU UNIBAN-PREF | — | $1.13M | 1.18% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund | 47% | 0.46% |
| Franklin Emerging Market Core Equity (IU) Fund · FCEEX | 46% | 0.00% |
| SSGA Emerging Markets Enhanced Index Portfolio | 45% | 0.66% |
Advisers
| Firm | Role |
|---|---|
| Fidelity Management & Research Company LLC | Adviser |
Footnotes
- Expense ratio as of October 27, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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