Investment objective & strategy
As of Feb. 24, 2026 · prospectusObjective. Fidelity Fundamental Developed International ETF seeks long-term growth of capital.
Strategy. Normally investing at least 80% of assets in securities of issuers in developed markets and other investments that are tied economically to developed markets. Developed markets include countries that have a developed stock market as defined by MSCI and other countries or markets with similar developed 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, … Normally investing at least 80% of assets in securities of issuers in developed markets and other investments that are tied economically to developed markets. Developed markets include countries that have a developed stock market as defined by MSCI and other countries or markets with similar developed 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. 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 non-U.S. securities. Normally investing primarily in equity securities. Allocating investments across different countries and regions. Using an investment process that starts with fundamental analyst research and security recommendations, and reference portfolios managed by Fidelity Management & Research Company LLC (FMR) (the Adviser) that are based on fundamental analysis, and then applying a quantitative portfolio construction process designed to emphasize securities in which the Adviser has high conviction subject to appropriate security and portfolio-level risk, liquidity, and trading characteristics.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| ASML Holding NV | — | $639.76K | 4.08% |
| HITACHI LTD | — | $420.78K | 2.68% |
| SCHNEIDER ELECTR | — | $405.54K | 2.59% |
| BANCO SANTANDER SA | — | $400.48K | 2.55% |
| SAFRAN SA | — | $380.34K | 2.43% |
| ROLLS-ROYCE HOLDINGS PLC | — | $340.40K | 2.17% |
| CAIXABANK SA | — | $337.57K | 2.15% |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | AIQUF | $321.45K | 2.05% |
| MITSUBISHI HEAVY INDS LTD | — | $307.86K | 1.96% |
| UNICREDIT SPA | — | $291.93K | 1.86% |
Portfolio moves
Oct 31, 2025 → Jan 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. |
|---|---|---|
| Fidelity Overseas Fund · FOSFX, FOSKX, FVOZX, FOVHX, FOVBX, FOVMX, FOVDX | 64% | 0.58% |
| Fidelity Series Overseas Fund · FSOSX | 64% | 0.01% |
| Fidelity Advisor Overseas Fund · FAOAX, FAOCX, FAERX, FAOIX, FAOSX | 62% | 0.64% |
Advisers
| Firm | Role |
|---|---|
| FMR Investment Management (UK) Limited | Sub-adviser |
| Fidelity Management & Research (Japan) Limited | Sub-adviser |
| Fidelity Management & Research (Hong Kong) Limited | Sub-adviser |
| Fidelity Management & Research Company LLC | Adviser |
Footnotes
- Expense ratio as of February 24, 2026, from the fund's prospectus.
- Net assets and holdings count as of January 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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