Fidelity International Multifactor ETF

Fidelity International Multifactor ETF (FDEV) tracks the Fidelity International Multifactor Index. The index is a rules-based mix of about 200 large and mid-sized companies in developed markets outside the US, chosen for value, quality, momentum and lower volatility. It also leans toward sectors that move less in step with US stocks. Its 0.18% expense ratio is below EFV's 0.33% but well above broad funds such as IDEV at 0.04%.

• Over the year to Oct 27, 2026, FDEV returned +15.3%, 3rd of 6 among similar funds.
• Its 5-year annualized return was +8.1%.
• In the 2020 COVID crash it fell 29.5% and regained its old high 8 months after the low.
• Its worst full calendar year was 2022 (-16.5%); its best was 2025 (+30.4%).
• The deepest fall in its price history was 30.1% (Jan 17, 2020 to Mar 23, 2020), recovered by Nov 27, 2020.

As of Jul 31, 2026, the fund held 201 securities; the ten largest made up 13.98% of assets.

• Over the three months to Jul 31, 2026, investors added a net $6.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -0.79%, -1.41%, +4.96%.

The fund puts at least 80% of its assets in stocks from the Fidelity International Multifactor Index, or in depositary receipts for those stocks. A depositary receipt is a certificate that trades like a share of a foreign company. Fidelity builds the index with its own rules. It starts with large and mid-sized companies in developed markets outside the US. Each stock gets a combined score on four "factors," which are traits linked to returns. They are valuation (how cheap the stock is), quality (financial strength), momentum (recent price strength) and volatility (how much the price swings). The top scorers in each sector and country are picked.

Within each sector, stocks are weighted by company size in the wider developed international market. Every stock in that sector then gets the same extra boost. The index favors the five sectors that move least with large US stocks and holds less of the six that move most. As of July 31, 2026, the fund held 201 stocks. The 10 largest made up only 13.98% of assets, led by Shell, Endesa, Roche, Novartis and AstraZeneca.

Portfolio turnover was 66%, so the fund trades often, and those trading costs are not part of the expense ratio. The fund also lends out securities to earn extra income. It uses no leverage or options. Its only derivative as of July 31, 2026 was a tiny futures position.

• FDEV charges 0.18% a year, versus an average of 0.16% for the similar funds below (4th of 6, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $18 in the first year and $230 over 10 years (assuming a 5% annual return).

The index is built to own developed international stocks that move less with the US market, which may balance a portfolio heavy in US stocks.

FDEV could add stocks from outside the US, mostly Japan, the UK and Canada, with a tilt toward cheaper and steadier companies. Over the year to October 27, 2026, its beta was 0.55. Beta measures how much a fund moves compared with the market, so 0.55 means it moved roughly half as much. The fund launched in February 2019, so it has no record from 2008. It fell 29.5% in the 2020 COVID crash and was back to its old high by November 2020. In the 2022 bear market it fell 27.7% and took about 20 months from the low to recover. 2022 was its worst calendar year, down 16.7%. Selling shares or drawing income during a slump like that would lock in losses. The trailing 12-month yield was 3.27% as of October 27, 2026, paid quarterly. In the SEC's standard example, a $10,000 investment costs $18 in the first year and $230 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.