Fidelity Enhanced International ETF
FENI
New York Stock Exchange Arca- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Global
- Address
- 245 Summer Street Boston MA United States of America 2210
- IPO Date
- Nov 20, 2023
- Website
- digital.fidelity.com
- Similar Companies
- Business
- Fidelity Enhanced International ETF (FENI), issued by Fidelity Covington Trust, is an actively managed exchange-traded fund that provides diversified exposure to large-cap equities in developed international markets outside the United States and Canada; it employs a quantitative investment process utilizing multifactor statistical models to select securities from the MSCI EAFE Index components based on improving fundamentals, reasonable valuations, earnings growth, and quality measures, while balancing risk through top-down industry allocation and bottom-up stock selection; the fund normally invests at least 80% of its assets in common stocks included in the benchmark index, supplemented by non-index securities, futures, and securities lending for income generation; key holdings as of September 30, 2025, include ASML Holding NV, HSBC Holdings PLC, Novartis AG, Roche Holding AG, and Shell PLC, representing approximately 15% of net assets across sectors such as financials (25%), industrials (20%), and health care (9%), with geographic emphasis on Europe (62%), Japan (21%), and Asia-Pacific ex-Japan (14%). FENI, with approximately $5 billion in assets under management as of late 2025, trades on NYSE Arca under the ticker FENI and carries a gross expense ratio of 0.29%; it targets institutional and retail investors seeking capital appreciation and potential outperformance of the MSCI EAFE Index (Net MA) through a systematic, data-driven approach that mitigates behavioral biases and maintains benchmark-like risk characteristics, including sector weights within two percentage points of the index and limited single-stock exposure. Originally launched on December 20, 2007, as the Fidelity International Enhanced Index Fund—a mutual fund—with historical performance assumed by the current ETF structure, FENI converted to an exchange-traded fund on November 20, 2023, transitioning from the predecessor mutual fund's $1.28 billion in net assets to enhance liquidity and accessibility while preserving the quantitative strategy managed by Fidelity's Systematic Equity Strategies team, including co-managers Shashi Naik, Anna Lester, and George Liu. Fidelity Covington Trust, the issuer, is headquartered at 245 Summer Street in Boston, Massachusetts, and operates as part of the broader Fidelity Investments ecosystem, which manages trillions in assets globally from its Boston base established in 1946; the trust oversees a suite of Fidelity Enhanced ETFs focused on research-driven, active strategies across equity segments. Recent developments include surpassing $5 billion in assets under management in December 2025 amid strong 2025 performance, with year-to-date NAV returns of 30.49% and 1-year returns of 20.68% through September 30, 2025, outpacing the MSCI EAFE Index; the fund maintained its core quantitative model with no significant strategic changes, though portfolio adjustments added exposure to high-conviction names like Advantest, Genmab, and Yangzijiang Shipbuilding in Q3 2025; increased institutional ownership, such as Advisory Resource Group's new $4.4 million stake in Q2 2025, reflects growing adoption, alongside robust trading liquidity averaging over 800,000 shares daily and tight bid/ask spreads of 0.05%.