Fidelity Enhanced International ETF

FENI

Market cap $8.03B

Of the myriad storylines markets produced in 2025, foreign equities success was one of the biggest. Only overshadowed, perhaps, by the continued ascent of AI-related technology stocks, ex-U.S. equities saw strong returns for investor portfolios.

With the world of exchange traded funds, investors have plentiful options to choose from not only in terms of the vast number of products available in the market (more than 10,000) but the number of ETF providers as well.

Shopping for Fidelity exchange-traded funds (ETFs)? A good place to start is by looking at the top nine performers of 2025, all of which returned over 27% last year.

VettaFi held its 2026 Winter Symposium last week, focusing on the year that was and the year ahead. The symposium included plenty of juicy data, including from firms like Fidelity Investments.

The international ETF space has rewarded investors greatly so far in 2025. One particular strategy, FENI, recently crossed $5 billion in AUM.

Clark Allen, head of product at Horizon Investments, and Mike Hagopian, institutional portfolio manager at Fidelity Investments, joined host Nate Geraci this week on ETF Prime to discuss how their firms are addressing specific needs in advisor portfolios. Allen discussed Horizon's rapid entry into the ETF space, launching nine ETFs with $1.

Fidelity Enhanced International ETF earns a buy rating for its consistent outperformance and lower risk vs. the MSCI EAFE Index benchmark. FENI's active, factor-based strategy delivers superior total returns, lower volatility, and a lower expense ratio (0.28%) compared to EFA's 0.32%. The ETF features dynamic sector and geographic tilts, emphasizing growth and defensive positions, but relies on a new management team since 2023.

Investors seeking international exposure may want to target companies using a discerning strategy as opposed to simply tracking an all-encompassing index. They can achieve this with the flexibility of an active ETF wrapper with the Fidelity Enhanced International ETF (FENI).

Fidelity Enhanced International ETF is an actively managed ETF in developed markets outside the US and Canada, using quantitative analysis to select stocks. The FENI fund is well-diversified across 300+ holdings, with a tilt toward large caps, Japan, and financials. FENI has outperformed its benchmark, EFA, and major factor-based international ETFs over the past decade.

For many investors, building a diversified portfolio is one of the first steps in investing. Fidelity Investments' extensive range of ETFs offers a powerful toolkit to achieve this.