What Is FENY? Fidelity MSCI Energy Index ETF
Short answer
FENY is a US energy-sector ETF from Fidelity that tracks the MSCI USA IMI Energy 25/50 Index, holding the full sweep of American oil and gas companies. Its cap-weighted design means Exxon Mobil and Chevron alone make up over a third of the fund, with the rest spread across producers, refiners, services, and pipelines. The result is concentrated exposure to oil and gas prices plus a healthy dividend yield around 3%, since energy companies tend to return a lot of cash to shareholders. At roughly 0.08% in fees, FENY is cheaper than the better-known XLE and VDE energy ETFs.
FENY is issued by Fidelity and tracks MSCI USA IMI Energy 25/50 Index. It charges a 0.08% expense ratio, holds approximately ~$2.0 billion in assets under management, yields about ~3.0%, and launched in October 24, 2013.
What is FENY?
FENY is a US energy-sector ETF from Fidelity that tracks the MSCI USA IMI Energy 25/50 Index, holding the full sweep of American oil and gas companies. Its cap-weighted design means Exxon Mobil and Chevron alone make up over a third of the fund, with the rest spread across producers, refiners, services, and pipelines. The result is concentrated exposure to oil and gas prices plus a healthy dividend yield around 3%, since energy companies tend to return a lot of cash to shareholders. At roughly 0.08% in fees, FENY is cheaper than the better-known XLE and VDE energy ETFs.
FENY is issued by Fidelity and tracks MSCI USA IMI Energy 25/50 Index, so a single ticker gives you the whole basket of underlying holdings weighted by the index's methodology rather than by any active stock-picking.
FENY holdings: what's actually inside
FENY is weighted toward its largest constituents. As of early 2026, the top holdings are:
| Rank | Ticker | Company | % of FENY | |
|---|---|---|---|---|
| 1 | XOM | Exxon Mobil Corp | ~21.7% | |
| 2 | CVX | Chevron Corp | ~14.1% | |
| 3 | COP | ConocoPhillips | ~5.9% | |
| 4 | WMB | Williams Companies Inc | ~4.0% | |
| 5 | EOG | EOG Resources Inc | ~3.6% | |
| 6 | SLB | Schlumberger NV | ~3.4% | |
| 7 | MPC | Marathon Petroleum Corp | ~3.2% | |
| 8 | VLO | Valero Energy Corp | ~3.2% | |
| 9 | OKE | ONEOK Inc | ~3.0% | |
| 10 | PSX | Phillips 66 | ~2.9% |
The remaining holdings make up the balance of the fund, with weights tapering off below the top names. Because the index reconstitutes on a rolling basis, the roster stays current without active management. Each ticker above links to its individual stock guide in Walnut.
The bottom line on FENY
FENY offers broad, low-cost access to the US energy sector and a solid dividend, making it a simple way to add oil and gas exposure to a portfolio. Returns are highly cyclical and tied to commodity prices, so the fund can swing sharply with the energy cycle rather than moving steadily.
More on FENY
Whether FENY 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 FENY a buy?
FENY yields ~3.0% as of early 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see FENY dividend: yield and schedule.
Build a portfolio around FENY with Walnut
Use FENY as your core holding, then let Walnut's AI propose thematic satellites: AI infrastructure, dividend growth, clean energy, whatever you believe in. Connect your broker, build the basket in conversation, track it as one unit.
FAQ
What is FENY?
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FENY is the Fidelity MSCI Energy Index ETF, a fund that tracks the MSCI USA IMI Energy 25/50 Index. It holds a broad basket of US energy companies, including oil and gas majors, exploration and production firms, refiners, oilfield services providers, and pipeline operators, in a single low-cost fund.
What is FENY's expense ratio?
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FENY charges an expense ratio of about 0.08% per year, which works out to roughly $8 annually on a $10,000 investment. That makes it one of the lowest-cost energy-sector ETFs available, and noticeably cheaper than many actively managed alternatives.
FENY vs XLE vs VDE
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All three are US energy-sector ETFs dominated by Exxon Mobil and Chevron. XLE (State Street) holds only large-cap S&P 500 energy names, while FENY (Fidelity) and VDE (Vanguard) track broader cap-weighted indexes that also include mid- and small-cap energy stocks. FENY's ~0.08% fee is lower than XLE's, and comparable to VDE. Walnut is informational, not investment advice.
What does FENY hold?
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FENY holds roughly 100-plus US energy stocks weighted by market value. The largest positions are Exxon Mobil and Chevron, which together make up over a third of the fund, followed by ConocoPhillips, Williams Companies, EOG Resources, SLB, and other producers, refiners, and pipeline companies.
Does FENY pay a dividend?
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Yes. FENY pays dividends, typically on a quarterly schedule, with a trailing yield that has recently been around 3%. Energy companies tend to return substantial cash to shareholders, so the sector generally offers an above-average yield, though the exact payout varies with the holdings and energy prices.
Is FENY a good investment?
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FENY gives cheap, diversified exposure to the US energy sector and a competitive dividend, but it is concentrated in a single cyclical industry tied to oil and gas prices. Whether it fits depends on your goals, time horizon, and how much energy exposure you already have. Walnut is informational, not investment advice.
What index does FENY track?
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FENY tracks the MSCI USA IMI Energy 25/50 Index, a market-cap-weighted benchmark of US energy companies across large, mid, and small caps. The 25/50 rules cap how much weight any single stock and the largest holdings combined can take, which limits but does not eliminate concentration in the biggest names.
Is FENY a good way to get oil and gas exposure?
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FENY is a straightforward way to own a broad slice of US oil and gas through equities rather than buying commodities directly. Its returns track energy companies and, indirectly, oil and natural gas prices, so it tends to rise and fall with the commodity cycle. It does not hold physical oil or futures, so it behaves like a stock fund, not a commodity fund.
How do I compare FENY 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. FENY'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 early 2026; verify current figures against Fidelity's fund page or your broker before investing.