At a glance
FFGX charges 0.55% a year, above the 0.09% average of the 8 funds most like it (the most expensive of 9). It has $54.4M in assets, the 9th largest of that group; it paid 0.99% of its price in distributions over the past 12 months, quarterly. Its ten largest positions make up 26.3% of the fund, out of 172 in all.
The short version
Fidelity Fundamental Global ex-U.S. ETF (FFGX) is an actively managed fund that owns stocks from outside the United States, including emerging markets. Fidelity's analysts choose the stocks, and a quantitative model then sets how much of each to hold. Its 0.55% expense ratio is far above the 0.09% average of similar funds. With about $54 million in assets as of July 31, 2026, it is also the smallest fund in its peer group.
Price history
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FFGX — 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 | |
|---|---|---|---|---|---|---|
| FFGX official prospectus, to Feb 28, 2026 | — | +27.41% | — | — | — | +21.65% |
| MS112 index, same period | — | +32.64% | — | — | — | +27.36% |
| FFGX price data to Oct 27, 2026 | -2.3% | — | — | — | — | — |
- The deepest fall in its price history was 9.8% (Jun 22, 2026 to Oct 26, 2026), not yet recovered.
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 172 securities; the ten largest made up 26.26% of assets.
| Holding | Weight | |
|---|---|---|
| TAIWAN SEMICONDUCTOR MFG CO LTD | 7.59% | |
| SAMSUNG ELECTRONICS CO LTD | 3.58% | |
| ASML HOLDING NV | 2.70% | |
| SK HYNIX INC | 2.45% | |
| TENCENT HLDGS LTD | 1.96% | |
| BANCO SANTANDER SA | 1.67% | |
| SCHNEIDER ELEC SA | 1.67% | |
| ROLLS-ROYCE HOLDINGS PLC | 1.66% | |
| CAIXABANK SA | 1.57% | |
| SAFRAN SA | 1.41% | |
| FRANCO NEVADA CORP | 1.41% | |
| INVESTOR AB | 1.37% | |
| UNICREDIT SPA | 1.34% | |
| HITACHI LTD | 1.31% | |
| SUMITOMO MITSUI FINANCIAL GROUP INC | 1.27% |
By country
Japan 13.13%United Kingdom 12.52%Taiwan 9.21%France 6.88%South Korea 6.57%By asset type
Stocks 99.29%Bonds and notes 0.05%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $13.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.68%, +0.46%, -1.25%.
How it works
FFGX does not track an index. Its adviser, Fidelity Management & Research Company (FMR), starts with fundamental research. That means analysts study each company's business and finances and recommend stocks. FMR also uses reference portfolios built from that research. Then a quantitative portfolio construction process takes over. This is a rules-based computer model that leans toward the stocks FMR feels most strongly about (its "high conviction" picks). The model works within limits on risk, liquidity and trading. The fund's goal is long-term growth of capital.
The fund invests mainly in common stocks of companies outside the US and spreads them across countries and regions. That includes emerging markets, which the prospectus defines using MSCI's list, the World Bank's low- and middle-income countries, and similar markets. As of July 31, 2026, it held 172 stocks. The top 10 made up 26.3% of assets. Taiwan Semiconductor was the largest at 7.6%, followed by Samsung Electronics (3.6%), ASML (2.7%) and SK Hynix (2.4%). Japan (13.1%), the UK (12.5%) and Taiwan (9.2%) were the biggest country weights. Portfolio turnover was 49%, so the managers replaced roughly half the portfolio over the year.
The fund uses no leverage and no options. It held a very small MSCI EAFE futures position, about 0.01% of assets. The prospectus says FFGX handles creations and redemptions (the way large traders add or remove ETF shares) partly in cash rather than mostly in securities. Because of this, it may be less tax-efficient than ETFs that trade fully in kind.
What it really costs
- FFGX charges 0.55% a year, versus an average of 0.09% for the similar funds below (9th of 9, 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).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FFGX | $56 | $176 | $307 | $689 |
In a retirement portfolio
It adds non-US stocks such as Taiwan Semiconductor, Samsung and ASML to a US-focused portfolio, but it costs more and has a much shorter record than broad index alternatives.
FFGX gives a US-heavy portfolio exposure to foreign companies, from Japanese and British firms to Asian chipmakers. Its track record is short. The fund launched on November 19, 2024, so it has no history from the 2008, 2020 or 2022 downturns. In its only full calendar year, 2025, it returned 27.41%. Its price data starts June 9, 2026. Its deepest drop in that data was 9.8%, from June 22 to October 26, 2026, and it had not recovered as of October 27, 2026. Anyone who has to sell shares during a drop like that turns a paper loss into a real one.
Income is small: the yield was 0.99% as of October 27, 2026, paid quarterly. On the SEC's standard $10,000 example, costs come to $56 after one year and $689 after 10. Past results don't predict future ones, 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 foreign stocks, including emerging markets, picked by Fidelity analysts and sized by a rules-based quantitative process rather than copied from an index.
- Those comfortable with a chip-industry tilt: Taiwan Semiconductor (7.6%), Samsung (3.6%) and ASML (2.7%) were the largest holdings as of July 31, 2026.
- Owners of Vanguard Total International Stock ETF (VXUS) wanting a different mix: holdings overlap was only 26%, based on the latest fund filings.
Look elsewhere if
- Cost-focused investors: the 0.55% expense ratio ranks last of nine similar funds, versus 0.05% for VXUS.
- Retirees needing steady income: payouts over the past year equaled a 0.99% yield as of October 27, 2026, paid quarterly.
- Investors wanting a long, proven record: launched November 2024, it returned 27.41% versus 32.64% for its benchmark over one year to February 28, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FFGX this fund | — | 0.55% | $54.4M | — | — |
| VEU Vanguard FTSE All-World ex-US Index Fund | 28% | 0.04% | $95.84B | +13.4% | +20.6% |
| IXUS iShares Core MSCI Total International Stock… | 27% | 0.07% | $58.39B | +13.8% | +19.5% |
| VXUS Vanguard Total International Stock ETF | 26% | 0.05% | $645.86B | +12.9% | +20.3% |
| SCHF Schwab International Equity ETF | 26% | 0.06% | $69.68B | +17.7% | +20.4% |
| EFA iShares MSCI EAFE ETF | 24% | 0.32% | $77.98B | +13.5% | +18.2% |
| IEMG iShares Core MSCI Emerging Markets ETF | 24% | 0.09% | $160.90B | +11.7% | +19.8% |
| IEFA iShares Core MSCI EAFE ETF | 22% | 0.07% | $190.11B | +13.7% | +18.5% |
Questions investors ask
What is the expense ratio of FFGX?
FFGX's expense ratio is 0.55%, according to its prospectus filed February 24, 2026. All of it is the management fee, and there is no fee waiver. On the SEC's standard example of $10,000 earning 5% a year, costs come to $56 after one year, $307 after five years and $689 after 10. That makes it the most expensive of the nine similar funds compared, which average 0.09%.
What are FFGX's top holdings?
Taiwan Semiconductor was FFGX's largest holding at 7.6% of assets as of July 31, 2026. Next came Samsung Electronics (3.6%), ASML (2.7%), SK Hynix (2.4%) and Tencent (2.0%). The fund held 172 stocks, and the top 10 made up about 26% of assets. By country, Japan (13.1%), the United Kingdom (12.5%) and Taiwan (9.2%) had the largest weights.
What's the difference between FFGX and VEU?
The main difference is that VEU is an index fund and FFGX is actively managed. Vanguard's VEU follows the FTSE All-World ex-US index. FFGX lets Fidelity's analysts and a quantitative model choose and weight its stocks. Of the similar funds compared, VEU overlaps most with FFGX's holdings, at 28%. VEU charges 0.04% against FFGX's 0.55%. It is also far larger, with about $95.8 billion in net assets versus about $54.4 million for FFGX as of July 31, 2026.
Does FFGX pay dividends?
Yes, FFGX pays dividends every quarter, but the amounts are small. Its trailing 12-month payout was $0.32 per share, a yield of 0.99% as of October 27, 2026. The fund's stated objective is long-term growth of capital, not income. Investors who need regular cash from a fund may find this yield modest.
How has FFGX performed since launch?
FFGX returned 27.41% in 2025, its first full calendar year. From its November 2024 launch through February 28, 2026, its average annual return was 21.65%. That was behind the 27.36% of the comparison index in its prospectus. Its strongest quarter gained 13.59% (ended June 30, 2025), and its weakest gained 2.83% (ended December 31, 2025). Later results were weaker: the price return was -2.3% year to date as of October 27, 2026.