At a glance
FENY charges 0.08% a year, below the 0.37% average of the 8 funds most like it (the 2nd cheapest of 9). It has $2.01B in assets, the 3rd largest of that group; it paid 2.14% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +56.9% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +20.5% a year. At its worst it fell 56.5% in the 2020 crash (S&P 500: 33.7%) and 26.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 4 months after the lows. Its ten largest positions make up 65.1% of the fund, out of 101 in all.
The short version
Fidelity MSCI Energy Index ETF (FENY) tracks the MSCI USA IMI Energy 25/50 Index. Through it, you own about 100 U.S. oil, gas, refining, pipeline and energy-services stocks. Its expense ratio is 0.084%, the second lowest among nine similar funds, against a peer average of 0.37%. It is also concentrated. As of July 31, 2026, ExxonMobil made up about 22% of assets and Chevron about 14%.
Price history
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FENY +56.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FENY official prospectus, to Nov 29, 2025 | — | +6.63% | — | +12.60% | +4.21% | — |
| IXWMY index, same period | — | +6.73% | — | +12.69% | +4.30% | — |
| S&P 001 index, same period | — | +25.02% | — | +14.53% | +13.10% | — |
| FENY price data to Oct 27, 2026 | +54.1% | +56.9% | +20.5% | +22.7% | +10.8% | +6.7% |
- Over the year to Oct 27, 2026, FENY returned +56.9%, 6th of 9 among similar funds.
- Its 5-year annualized return was +22.7% and its 10-year +10.8%.
- In the 2020 COVID crash it fell 56.5% and regained its old high 11.5 months after the low.
- Its worst full calendar year was 2020 (-33.2%); its best was 2022 (+63.1%).
- The deepest fall in its price history was 74.3% (Jun 23, 2014 to Mar 18, 2020), recovered by Apr 18, 2022.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +54.1% | — |
| 2025 | +7.3% | — |
| 2024 | +6.6% | +6.63% |
| 2023 | 0.0% | +0.04% |
| 2022 | +63.1% | +63.13% |
| 2021 | +55.7% | +55.48% |
| 2020 | -33.2% | -33.11% |
| 2019 | +9.1% | +9.23% |
| 2018 | -19.9% | -19.95% |
| 2017 | -2.3% | -2.43% |
| 2016 | +27.1% | +27.03% |
| 2015 | -23.0% | -23.00% |
| 2014 | -9.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 56.4% over that stretch · deepest drop along the way 56.5%, back to its old high 11.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 45.2% over that stretch · deepest drop along the way 26.6%, back to its old high 3.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6100 | |
| 2025 | $0.8000 | +11.1% |
| 2024 | $0.7200 | -6.5% |
| 2023 | $0.7700 | -3.7% |
| 2022 | $0.8000 | +42.9% |
| 2021 | $0.5600 | +21.7% |
| 2020 | $0.4600 | -55.3% |
| 2019 | $1.0300 | +102.0% |
| 2018 | $0.5100 | -13.6% |
| 2017 | $0.5900 | +22.9% |
| 2016 | $0.4800 | -11.1% |
| 2015 | $0.5400 | +25.6% |
| 2014 | $0.4300 |
What's inside
As of Jul 31, 2026, the fund held 101 securities; the ten largest made up 65.07% of assets.
| Holding | Weight | |
|---|---|---|
| ExxonMobil Holdings Corp | 22.00% | |
| Chevron Corp | 14.38% | |
| ConocoPhillips | 5.87% | |
| Valero Energy Corp | 3.77% | |
| Marathon Petroleum Corp | 3.75% | |
| Williams Cos Inc | 3.42% | |
| Phillips 66 | 3.35% | |
| EOG Resources Inc | 3.17% | |
| SLB Ltd | 2.90% | |
| Kinder Morgan Inc | 2.46% | |
| Baker Hughes Co | 2.35% | |
| Targa Resources Corp | 2.29% | |
| ONEOK Inc | 2.25% | |
| Cheniere Energy Inc | 2.20% | |
| Devon Energy Corp | 2.01% |
By country
United States 94.01%Curaçao 2.9%United Kingdom 1.44%Bermuda 0.44%Marshall Islands 0.33%By asset type
Stocks 99.74%By sector
Sectors of the companies held, for the 57.6% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $3.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -6.11%, -4.80%, +11.74%.
How it works
Fidelity's FENY is an index fund that aims to match the MSCI USA IMI Energy 25/50 Index before fees. The index includes U.S. companies that GICS, a widely used sector-sorting system, labels as energy, such as oilfield service firms, oil and gas producers, refiners, pipeline operators and coal companies. The fund keeps at least 80% of assets in index stocks; since December 11, 2025, derivatives with similar exposure also count toward that 80%.
Fidelity uses representative sampling: it may hold only a subset of index stocks, chosen to resemble the whole in company size, industry mix, yield and how easily shares trade. As of July 31, 2026, the fund had 101 holdings, led by ExxonMobil at about 22% of assets and Chevron at about 14%; the top 10 made up 65%. It is classed as non-diversified, so it can lean heavily on a few stocks.
Portfolio turnover, a gauge of how much of the fund changes hands in a year, was a low 7% according to the prospectus filed November 24, 2025. It does not use leverage or an options-income strategy. Its only derivative as of July 31, 2026, was a tiny energy-sector contract worth about 0.01% of assets. Fees and sampling can make returns drift slightly from the index.
What it really costs
- FENY charges 0.084% a year, versus an average of 0.37% for the similar funds below (2nd of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $9 in the first year and $108 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FENY | $9 | $27 | $47 | $108 |
In a retirement portfolio
It is a concentrated bet on a single, volatile sector, and it has lost about three-quarters of its value at its lowest point.
FENY could add U.S. energy exposure that sometimes moves apart from the wider market. While the broad market fell peak to trough in the 2022 bear market, FENY returned 45.2%. The bad years are severe, though. The fund fell 56.5% in the 2020 COVID crash and took about 11.5 months to recover. It lost 33.2% in calendar 2020. Its deepest drop was 74.3%, from June 2014 to March 2020, and it did not regain that peak until April 2022. It launched in 2013, so it has no 2008 record. Selling shares to pay for living costs during a slump like that would lock in deep losses. The fund yielded 2.14% over the 12 months to October 27, 2026, and pays quarterly. In the SEC's standard $10,000 example, costs are $9 for the first year. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting low-cost U.S. energy exposure: the 0.084% expense ratio ranks second-cheapest of nine similar funds, against a 0.37% peer average.
- Those wanting a small sector position that has sometimes gained while the market fell, as it did with a 45.2% return during the 2022 bear market.
- Investors who want the whole energy sector, from producers and refiners to pipelines and oilfield services, rather than a fund that holds only exploration and production companies.
Look elsewhere if
- Anyone uncomfortable with deep losses: it fell 74.3% from June 2014 to March 2020 and did not fully recover until April 2022.
- Investors wanting spread-out holdings: ExxonMobil and Chevron were about 22% and 14% of assets, and the top 10 were 65%, as of July 31, 2026.
- People needing high or steady income: the trailing yield was 2.14% as of October 27, 2026, and energy company profits move with oil and gas prices.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FENY this fund | — | 0.084% | $2.01B | +56.9% | +20.5% |
| VDE Vanguard Energy ETF | 97% | 0.09% | $13.26B | +62.1% | +21.4% |
| IYE iShares U.S. Energy ETF | 91% | 0.39% | $1.76B | +56.7% | +20.5% |
| XLE Energy Select Sector SPDR Fund | 60% | 0.08% | $35.72B | +64.6% | -4.0% |
| FTXN First Trust Nasdaq Oil & Gas ETF | 59% | 0.6% | $180.7M | +57.0% | +16.5% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 55% | 0.4% | $573.6M | +56.1% | +19.7% |
| FXN First Trust Energy AlphaDEX Fund | 47% | 0.61% | $379.1M | +58.5% | +15.6% |
| IXC iShares Global Energy ETF | 42% | 0.41% | $2.00B | +54.8% | +20.9% |
Questions investors ask
What's the difference between FENY and VDE?
Very little in what they hold. Vanguard Energy ETF (VDE) shared about 97% of its holdings with FENY in the latest reports. FENY's expense ratio is 0.084%, compared with 0.09% for VDE. Their one-year returns through October 27, 2026 were almost identical: 56.9% for FENY and 56.7% for VDE. The main difference is size. VDE had about $13.3 billion in net assets as of August 31, 2026. FENY had about $2.0 billion as of July 31, 2026.
Does FENY pay dividends?
Yes. FENY pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.80 per share, a yield of 2.14%. The payouts come from dividends paid by the energy companies it owns, such as ExxonMobil and Chevron. The amounts vary over time, because the prospectus notes that energy companies are heavily affected by swings in energy prices and in supply and demand.
What is FENY's expense ratio?
FENY's expense ratio is 0.084%, according to the prospectus filed November 24, 2025. That is the second lowest among nine similar energy funds, whose average is 0.37%. The SEC's standard example assumes you invest $10,000, earn 5% a year and sell at the end of each period. On that basis, total costs would be about $9 after one year, $27 after three, $47 after five and $108 after ten.
What are FENY's top holdings?
As of July 31, 2026, FENY's largest holdings were ExxonMobil (about 22% of assets), Chevron (14%), ConocoPhillips (5.9%), Valero Energy (3.8%) and Marathon Petroleum (3.8%). The rest of the top 10 were Williams Companies, Phillips 66, EOG Resources, SLB and Kinder Morgan. Together the top 10 made up about 65% of the fund, out of 101 stocks in total. That concentration means a few large oil companies drive much of its performance.
How has FENY performed over 10 years?
Over the decade to November 29, 2025, it lagged the broad market by a wide margin. In that period FENY returned 4.21% a year, close to its index's 4.30%. A broad-market S&P benchmark shown in the prospectus returned 13.10%. A strong recent run has lifted the price-based figure: FENY's 10-year return was 10.8% a year as of October 27, 2026. Results have swung widely along the way, from minus 33.11% in 2020 to plus 63.13% in 2022.