Fidelity Fundamental Developed International ETF

Fidelity Fundamental Developed International ETF (FFDI) is an actively managed fund that owns stocks in developed markets mainly outside the US, with Japan, the UK and France the largest country weights. Fidelity's analysts supply the stock ideas, and a computer model sizes each position. Its 0.55% expense ratio (annual fee) is well above the 0.12% average of similar funds, and it held just $19.4 million in assets as of July 31, 2026.

• The deepest fall in its price history was 10% (Aug 13, 2026 to Oct 23, 2026), not yet recovered.

No distribution history is available for this fund.

As of Jul 31, 2026, the fund held 97 securities; the ten largest made up 25.16% of assets.

• Over the three months to Jul 31, 2026, investors withdrew a net $3.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +2.01%, +1.76%, -0.73%.

FFDI does not track an index. Fidelity Management & Research Company (FMR) picks its holdings, aiming for long-term growth of capital. Normally at least 80% of assets go into companies tied to developed markets, mostly outside the US. That means countries MSCI classifies as developed, plus similar markets. FMR decides where a company belongs using tests such as where it is incorporated, where its shares trade, and whether at least half its revenue or assets come from one country.

Stock selection starts with Fidelity's fundamental analysts, who study company finances and recommend stocks, and with reference portfolios FMR manages based on that research. A quantitative (computer-driven) process then assembles the fund, favoring stocks FMR has high conviction in, within limits on risk, liquidity and trading. As of July 31, 2026, it held 97 positions; ASML was the largest at 4.7%, and the top 10 made up about 25% of assets.

Holdings shift as FMR's views change. The prospectus reports portfolio turnover of 41%, roughly the share of holdings replaced in a year; the resulting trading costs aren't included in the expense ratio. Derivatives (contracts tied to other assets) can count toward the 80% rule, but the fund held none as of July 31, 2026. The prospectus warns that a computer-built portfolio can behave differently from the market.

• FFDI charges 0.55% a year, versus an average of 0.12% for the similar funds below (5th of 5, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $56 in the first year and $689 over 10 years (assuming a 5% annual return).

It adds analyst-picked stocks from Japan, the UK and Europe, which can perform differently from US shares, but its high fee and short record are drawbacks for a bigger role.

FFDI adds stocks from Japan, the UK, France and other developed markets, which can perform differently from US shares. Its record is short: launched November 19, 2024, it has no history through the 2008, 2020 or 2022 downturns. It gained 26.23% in 2025, its first full calendar year. It fell 10% between August 13 and October 23, 2026, and had not recovered as of October 27, 2026. Retirees drawing cash during a deeper slump could lock in losses.

Income is modest: a 1.1% yield over the 12 months to October 27, 2026, paid quarterly. Costs are high: the 0.55% expense ratio is well above the 0.12% average for similar funds, and the SEC's standard example, assuming 5% yearly returns, puts fees on $10,000 at $689 over 10 years. Past results don't predict future returns, and any plan needs to look at the whole portfolio, not one fund.

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