Fidelity Global Emerging Markets Active ETF Discloses May 2026 Holdings: Taiwan Semiconductor and Samsung Electronics Constitute Over 20% of Portfolio

TSMC and Samsung Electronics Lead FEMX Holdings with 10.4% and 10.1% Weightings

As of 31 May 2026, Taiwan Semiconductor Manufacturing Company (TSMC) is the largest holding in the Fidelity Global Emerging Markets Active ETF, accounting for 10.4% of the portfolio. Recognized as a critical player in global technology supply chains, TSMC manufactures advanced semiconductor chips used in consumer electronics, AI infrastructure, and automotive systems. Its position as the fund’s top holding highlights the portfolio manager’s confidence in the sustained demand for semiconductor manufacturing capacity within emerging markets.

Samsung Electronics holds the second-largest stake at 10.1%, nearly matching TSMC’s allocation. Combined, these two technology giants represent approximately 20.5% of the total portfolio, indicating a significant concentration in the semiconductor and electronics sub-sector. South Korean memory chipmaker SK Hynix ranks third with a 5.9% weighting, further emphasizing the fund’s overweight exposure to Asian technology hardware and semiconductors. Together, these three technology companies constitute about 26.4% of the portfolio, a concentration investors should consider in risk assessments.

Top Ten Holdings Include Key Financial Institutions from India and Latin America

Beyond technology, the fund’s top ten holdings demonstrate deliberate diversification across sectors and regions within emerging markets. ICICI Bank, represented through its American Depositary Receipt (ADR), is the fourth-largest holding at 5.0%, marking the fund’s largest exposure to the financial sector. ICICI Bank is a leading private-sector lender in India and benefits from the country’s expanding middle class and increasing credit penetration.

Financial companies from Latin America also feature prominently: Grupo Financiero Banorte (Mexico) and B3 SA Brasil Bolsa Balcao (Brazil) each hold 2.0%, placing them within the broader top fifteen. This allocation reflects the portfolio manager’s emphasis on financial sector growth in South Asia and Latin America, regions noted for favorable demographics and regulatory improvements. Additional financial sector diversification is provided by Bank Central Asia (Indonesia) and Capitec Bank Holdings (South Africa), both at 1.8%.

MediaTek and Contemporary Amperex Enhance Technology and New Energy Exposure

MediaTek, a Taiwanese fabless semiconductor designer, holds 4.6% of the portfolio, ranking fifth overall. As a key chip supplier for smartphones and connected devices, with growing automotive and IoT market presence, MediaTek’s inclusion alongside TSMC and SK Hynix underscores the fund’s strong tilt toward the Asian semiconductor ecosystem.

Contemporary Amperex Technology Co. Limited (CATL), a Chinese manufacturer of electric vehicle batteries, is the sixth-largest holding at 3.0%. CATL’s presence reflects the portfolio manager’s interest in the structural shift toward electrification and energy storage in emerging economies. As a global leader in lithium-ion battery production with expanding international reach, CATL complements the fund’s technology and new energy exposure beyond semiconductors.

Selective Exposure to Chinese and Emerging Market Internet Platforms via Tencent, Naspers, and Alibaba

Tencent Holdings, the Chinese internet conglomerate, represents 2.9% of the portfolio, while South African investment holding company Naspers, a major Tencent shareholder, holds 2.4%. This dual exposure provides layered access to the Tencent ecosystem, which investors should consider when evaluating portfolio overlap.

Alibaba Group Holding, a leading Chinese e-commerce and cloud computing company, is held at a modest 0.8%. Other Chinese internet-related holdings include Trip.com Group (1.4%) and KE Holdings (1.3%). The relatively lower allocations to these consumer internet names compared to semiconductor and financial positions may suggest a cautious but selective stance amid current regulatory and macroeconomic conditions. The announcement does not include portfolio management commentary on this positioning.

Materials Sector Exposure Through AngloGold Ashanti and Grupo Mexico

The materials sector is represented by AngloGold Ashanti PLC, a South African gold miner, at 2.1%, and Grupo Mexico SAB de CV, a diversified Mexican mining company with significant copper production, at 2.0%. These holdings provide modest but intentional exposure to precious and base metals, which can diversify an equity-focused emerging markets portfolio.

AngloGold Ashanti’s inclusion is notable due to its ongoing transformation and primary listing changes attracting international investor interest. Grupo Mexico’s copper operations align with emerging market infrastructure and electrification themes. Combined, these two holdings account for about 4.1% of the portfolio. The announcement does not disclose the fund’s total net asset value or assets under management.

Consumer and Healthcare Holdings Include Anta Sports, Fortis Healthcare, and Yifeng Pharmacy

The consumer sector features several prominent emerging market brands. Anta Sports Products, a Chinese sportswear manufacturer and multi-brand group, holds 2.0%, alongside Techtronic Industries, a Hong Kong-listed power tools and floor care equipment maker, also at 2.0%. Li Ning, another Chinese sportswear brand, accounts for 1.6%, and Shenzhou International Group, a vertically integrated knitwear manufacturer supplying global brands, holds 1.2%.

Healthcare exposure includes Fortis Healthcare, one of India’s largest hospital networks, at 1.7%, and Yifeng Pharmacy Chain, a Chinese retail pharmacy operator, also at 1.7%. These positions reflect rising domestic healthcare consumption in India and China driven by income growth, aging populations, and increased insurance coverage. China Mengniu Dairy, a leading dairy products company, rounds out consumer holdings at 1.6%, adding a consumer staples element to the growth-oriented portfolio.

Latin American Logistics and Aviation Holdings Include Localiza, Copa Holdings, and Grupo Aeroportuario

The fund’s Latin American exposure extends beyond financials and mining into transportation and logistics. Localiza Rent a Car, Brazil’s largest vehicle rental company, holds 2.0%, making it a significant Latin American position. Copa Holdings, a Panamanian airline operator with a hub-and-spoke network across Central and South America, is held at 1.1%.

Grupo Aeroportuario del Pacifico (GAP), a Mexican airport operator, appears at 0.3%, indicating either a reduced or new position as of May 2026. Full Truck Alliance, a Chinese digital freight platform listed via ADR, is held at 1.1%, extending the transportation and logistics theme into Asia. The diversity of transportation-related holdings across regions and business models suggests the portfolio manager is targeting structural growth in mobility and logistics infrastructure in multiple emerging markets.

Severstal Listed at Zero Weight as Uninvested Cash Reaches 4.2%

Severstal PAO, the Russian steel producer, is listed with a 0.0% portfolio weight, likely reflecting a legacy position effectively written down or illiquid due to international sanctions following Russia’s 2022 invasion of Ukraine. Many global fund managers have been unable to trade or divest Russian securities and must disclose them at assessed carrying values. No further details on this holding’s treatment were provided.

The fund holds 4.2% of its portfolio in uninvested cash as of 31 May 2026. This cash level in an active ETF may reflect settlement timing, redemption buffers, or a tactical decision by the portfolio manager to maintain liquidity for future investment opportunities. The announcement does not specify the intended use or timeline for deploying this cash. Investors should watch the June 2026 disclosure, expected in August 2026, for updates on cash allocation changes.

FEMX Portfolio Encompasses Over 40 Securities Across Multiple Emerging Market Regions

The May 2026 portfolio includes more than 40 individual securities plus cash, covering a broad range of emerging market economies. Asian markets—including Taiwan, South Korea, India, China, Hong Kong, Indonesia, and Singapore—dominate by weight, aligning with broad emerging market benchmarks. Latin American holdings from Brazil, Mexico, and Panama add geographic diversity, while South African names such as Naspers, Capitec Bank, AngloGold Ashanti, and Bid Corp (0.9%) provide African exposure.

European emerging market exposure is limited, with Greek bank Piraeus Bank SA at 1.0% as the main European position. Other smaller holdings include Eicher Motors (India, 1.1%), HDFC Bank (India, 1.6%), Advantech Co (Taiwan, 1.6%), ASML Holding NV (Netherlands, 1.4%)—a notable developed market inclusion within an emerging markets fund—Sinbon Electronics (Taiwan, 0.9%), Gold Circuit Electronics (Taiwan, 1.0%), Delta Electronics Industrial (Thailand, 0.5%), Minth Group (China, 1.0%), Cognizant Technology Solutions (US-listed, 1.8%), BOC Aviation (Singapore, 1.7%), Sea Limited ADR (0.9%), Samsonite Group (0.8%), Lojas Renner (Brazil, 0.8%), Gentera SAB de CV (Mexico, 0.5%), and Five Star Business Finance (India, 0.9%). The immediate market reaction to this disclosure was not evident from publicly available information.