What Is FENI? Fidelity Enhanced International ETF
Last updated September 2026
Short answer
FENI is Fidelity Enhanced International ETF, an ETF that tracks Actively managed, no tracked index at a 0.28% expense ratio. FENI is Fidelity's enhanced international equity fund, which sits between an index tracker and a conventional active fund: it takes a broad developed-market portfolio and applies systematic tilts rather than making concentrated calls. The tilts are not always small. ASML is 4.1 percent of the fund, more than twice the weight of Nestle at 1.7 percent, and no other position exceeds 1.7 percent. Financials at 25 percent and industrials at 22 percent together make up nearly half the sector exposure. The fee is 0.28 percent, the yield is 2.94 percent and assets stand at $10.3 billion.
FENI is issued by Fidelity and tracks Actively managed, no tracked index. It charges a 0.28% expense ratio, holds approximately $10.3B in assets under management, yields about 2.94%, and launched in 2007.
Enhanced sits between indexing and stock picking
An enhanced strategy starts from a broad benchmark and adjusts it. Instead of replicating index weights exactly, the manager overweights companies scoring well on quantitative measures such as valuation, profitability or earnings quality, and underweights the rest. The intention is to keep the diversification and low turnover of an index approach while capturing a modest edge from the tilts.
The consequence for a holder is that the fund will look and behave much like a broad international index most of the time, with differences that accumulate slowly. It will not deliver the sharp divergence from a benchmark that a concentrated active manager can produce, in either direction. At 0.28 percent it charges more than a plain international index fund and much less than a traditional active one, which is consistent with what it is trying to do.
The semiconductor equipment weight is the real active bet
ASML at 4.1 percent is a large single-company position for a fund of this type. Add Tokyo Electron at 1.4 percent and the fund holds around 5.5 percent in two companies that make the machines used to manufacture semiconductors, a narrow and highly cyclical industry. That is the clearest deviation from a market-weighted international portfolio anywhere in the top holdings.
It also explains why the technology sector shows at 14 percent while feeling heavier than that number suggests: the exposure is concentrated in a small number of large positions rather than spread thinly. Anyone holding FENI alongside a US technology fund should look at the overlap in end-market exposure rather than at the geographic labels, because semiconductor capital equipment demand is driven by the same global cycle regardless of where the manufacturer is listed.
Financials and industrials are nearly half the fund
Financials at 25 percent and industrials at 22 percent dominate the sector table, with healthcare at 8 percent and consumer discretionary at 7 percent well behind. This shape is typical of developed international markets outside the US, where banks, insurers and engineering companies command far more of the index than they do at home, and where there is no equivalent of the US mega-cap technology bloc.
The top holdings illustrate it. Siemens and ABB in industrial automation, UBS in banking, Zurich-listed and Madrid-listed utilities and industrials, BHP in mining, Nestle in consumer staples and Roche in pharmaceuticals. It is a portfolio of large established operating businesses with heavy exposure to global industrial activity, interest rates and commodity demand. The 2.94 percent yield follows from that mix, since these are companies that typically distribute more of their earnings than US technology firms do.
FENI holdings: top 10
Approximate weights as of August 2026. Each ticker links to its individual stock guide in Walnut.
| Rank | Ticker | Company | % of FENI | |
|---|---|---|---|---|
| 1 | ASML Holding NV | 4.1% | ||
| 2 | Nestle SA | 1.7% | ||
| 3 | Siemens AG | 1.6% | ||
| 4 | Tokyo Electron Ltd | 1.4% | ||
| 5 | Roche Holding AG Ordinary Shares new | 1.4% | ||
| 6 | ABB Ltd | 1.2% | ||
| 7 | Iberdrola SA | 1.2% | ||
| 8 | UBS Group AG Registered Shares | 1.2% | ||
| 9 | BHP Group Ltd | 1.2% |
How do I invest in FENI?
There are three common ways to get FENI exposure. Buy shares (or fractional shares) of FENI directly at any major broker that lists it. Hold it as a core position and layer more concentrated ideas on top. Or build it into a thematic portfolio in Walnut, so FENI sits alongside other holdings that express the same thesis, with target weights you can rebalance toward. FENI trades like a stock during market hours, so you buy it the same way you would any listed share.
New to buying funds? See how to buy an ETF, step by step.
Is FENI a good buy?
Whether FENI is a good buy depends less on any single call and more on your time horizon and what you already hold: it tracks Actively managed, no tracked index, so the real question is whether you want that exposure in your mix and at what weight. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is FENI a buy?
The bottom line on FENI
FENI gives you Actively managed, no tracked index exposure in one ticker at a 0.28% expense ratio. Most investors use it as a core holding and layer more concentrated thematic portfolios on top.
More on FENI
Whether FENI is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is FENI a buy?
FENI yields 2.94% as of August 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see FENI dividend: yield and schedule.
New to funds like FENI? Start with what an ETF is, then how to buy an ETF, or browse the full guide to ETF investing.
Wondering how FENI fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in FENI with AI
Connect the broker you already use and ask Walnut's AI how FENI fits what you actually hold: what it overlaps with, what it leaves you exposed to, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What does enhanced mean in this fund's name?
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It describes a strategy that begins with a broad benchmark portfolio and adjusts individual weights using quantitative signals, rather than either replicating the index exactly or building a portfolio from scratch. The deviations are intended to be measured and systematic. The result behaves close to a broad international fund with a persistent tilt rather than like a concentrated active manager.
Is FENI an index fund?
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No. It is actively managed, which means there is no benchmark it is obliged to replicate and its holdings can differ from any published index. What it shares with index funds is breadth and a relatively low fee. What it shares with active funds is discretion over weights. Its regulatory documents describe the specific process, which is where the detail lives.
Why is ASML such a large position?
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ASML is one of the largest listed companies in Europe and dominates the equipment used in advanced semiconductor lithography, so it carries weight in any developed-market international portfolio. At 4.1 percent, FENI holds it well above its next position, which indicates the strategy's signals favour it rather than that index weighting alone put it there.
How much semiconductor exposure does the fund have?
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ASML at 4.1 percent and Tokyo Electron at 1.4 percent give roughly 5.5 percent in semiconductor manufacturing equipment among the top holdings alone. That is a meaningful concentration in one cyclical industry for a fund marketed on international diversification, and it means the fund responds to the global chip capital spending cycle more than its sector table implies.
Which countries does the fund invest in?
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The largest holdings are listed in the Netherlands, Switzerland, Germany, Japan, Spain and Australia, which is a developed-market profile outside the United States. Country weights in this kind of fund follow from where the large companies are listed rather than from a target allocation. The fund's own documentation carries the current country breakdown.
Why is the 2.94 percent yield higher than most US equity funds?
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Developed international markets carry more weight in banks, insurers, utilities, energy and consumer staples, which have historically distributed a larger share of earnings as dividends. US indices are dominated by technology companies that prefer buybacks and reinvestment. The gap in yield between international and US equity funds is mostly a difference in what each market is made of.
Is 0.28 percent a reasonable fee here?
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It sits between plain international index funds, which charge considerably less, and traditional active international funds, which charge more. Whether it is worth paying depends on whether the systematic tilts add enough over time to cover the difference against an index alternative. That is the only comparison that matters, and it is not resolved by looking at the fee alone.
When is FENI the wrong tool?
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When the objective is a pure benchmark match, since active discretion means tracking will differ. When emerging markets exposure is wanted, since the holdings are developed-market. And for anyone who already owns semiconductor equipment names elsewhere, because the concentration in ASML and Tokyo Electron adds to an exposure they may already hold.
What is FENI's expense ratio?
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FENI has an expense ratio of 0.28% per year as of August 2026, charged by Fidelity and deducted from the fund's value rather than billed to you separately. On a $10,000 position that is roughly $28 a year. Fees compound over time, so on a long-term holding the expense ratio is one of the few return drivers you control. It is worth comparing against other funds that track Actively managed, no tracked index before you choose.
How do I compare FENI to similar ETFs?
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Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. FENI's figures are above; the full method is in Walnut's guide on how to compare ETFs.
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Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to August 2026; verify current figures against Fidelity's fund page or your broker before investing.