FENI

FENI seeks capital appreciation by targeting common stocks within the MSCI EAFE Index. The benchmark is a market capitalization-weighted index that measures investable equity markets in developed countries, excluding the US and Canada. With the aim of potentially providing a total return that surpasses that of the Index, the fund utilizes a computer-aided, quantitative analysis that evaluates historical valuation, growth, profitability, and various other factors. In addition to capital growth, the fund engages in securities lending as an income-generating strategy. FENI converted from a mutual fund called Fidelity International Enhanced Index Fund to an actively managed ETF structure starting with $1.28 billion in net assets.