FCIM ETF: holdings, MER, international momentum

Short answer: FCIM is a rules-based international developed-markets equity ETF from Fidelity. It owns non-U.S., non-Canadian developed-market stocks showing the strongest recent momentum. Listed in June 2020, 0.49% MER, 27.3% three-year annualized return through May 2026.

FCIM is the international leg of Fidelity’s factor lineup, complementing FCCM for Canada and FCMO for the U.S. It is one of the not-all-passive ETFs: the holdings are picked by a rules-based screen, not a broad index. The 2022 rate shock hit international markets sooner than the U.S., and the rebound since has been broader, which has helped FCIM run.

Not financial advice. Fund details change. Check current disclosures before buying.

What FCIM actually is

FCIM trades on Cboe Canada in CAD and is unhedged. Fidelity manages it using the same rules-based momentum screen they apply to FCCM and FCMO, scoped to international developed markets (think Europe, Japan, Australia, plus a few others).

FCIM fund facts
Attribute	Value
Ticker	FCIM (Cboe Canada)
Inception	June 5, 2020
Asset mix	International developed equities
MER	0.49%
Currency	CAD (unhedged)
Net assets	about $1,587.0M (May 2026)
3-year annualized return	27.3% (through May 19, 2026)

What FCIM holds

FCIM asset allocation

International equity 98.5%

Cash and other 1.5%

Source: Morningstar Direct, data as of May 19, 2026, via The Globe and Mail.

The country mix shifts with the screen but historically weights toward Japan, the UK, France, Germany, and Switzerland. Currency is unhedged, so CAD strength against EUR, GBP, and JPY pulls headline returns down, and CAD weakness pushes them up.

The fee

FCIM’s MER is 0.49%, the highest of the three Fidelity factor momentum ETFs (FCCM at 0.38%, FCMO at 0.37%). International coverage is more expensive to operate, which explains the gap. A broad international developed index fund like XEF charges roughly 0.22%. Over decades, that kind of fee gap compounds into real money, so a momentum tilt has to earn its keep.

Fee drag calculator

How much FCIM's MER costs vs XEF over time

Starting balance Annual contribution Years Gross return %

Extra cost from FCIM

That's what you pay FCIM (0.49%) over 20 years above what XEF (0.22%) would charge on the same portfolio.

FCIM total fees

XEF total fees

Peer comparison: XEF, iShares Core MSCI EAFE IMI Index ETF, broad international developed benchmark. Assumes constant gross return, annual contributions made at year-end, and MER charged on average annual balance. Real returns vary.

For illustration only. Simplified compounding. Ignores trading costs, tracking error, distribution reinvestment timing, taxes, and the obvious fact that real returns are not constant. MERs and peer fees as of May 2026 and may change. Do not use this number as the basis for a real decision.

Tax treatment

Tax treatment for Canadian investors

Distribution frequency: Quarterly
What distributions are made of: Foreign income from international dividends (taxed as interest in non-registered accounts)
Capital gains from the quarterly rebalance
Small return-of-capital in some years
In a registered account: Inside an RRSP, foreign withholding tax on international dividends is generally not recoverable (the U.S.-Canada treaty does not apply to non-U.S. countries). The good news is that withholding is typically less material in developed markets than in emerging markets.
In a non-registered account: Foreign income is the least tax-efficient distribution type. If you can place FCIM in a TFSA or RRSP, you should.
Adjusted cost base: Quarterly distributions and rebalances mean ACB tracking matters.

General guidance, not tax advice. Distribution composition shifts year to year, and edge cases (currency-hedged wrappers, fund-of-funds structures, the U.S.-Canada treaty's reach inside an RRSP) can change the picture. Confirm with the issuer's current T3 disclosures and a tax professional before acting.

How FCIM compares to alternatives

FCIM vs XEF. Broad international developed index at 0.22% vs FCIM at 0.49% with a momentum tilt. The three-year window has rewarded momentum but XEF is the cheaper core holding.
FCIM vs IMTM (U.S.-listed). iShares MSCI International Momentum Factor ETF, U.S.-listed at 0.30%. Cheaper, but USD account and U.S. tax treatment apply.

For more on this and other recent factor and momentum funds, see our roundup of newer Canadian ETFs.

Frequently asked questions

What is FCIM.TO?

FCIM is the ticker for Fidelity International Momentum ETF. It is a rules-based strategic-beta ETF that owns non-U.S., non-Canadian developed-market stocks showing the strongest recent price momentum, rebalanced quarterly. CAD-denominated, unhedged.

What is FCIM’s MER?

FCIM’s MER is 0.49%. Higher than the Canadian and U.S. momentum siblings because international coverage is more expensive to operate.

What does FCIM hold?

FCIM holds international developed-market equities scoring highest on a momentum signal. Country weights shift with the screen but historically lean toward Japan, the UK, France, Germany, and Switzerland.

Is FCIM hedged to CAD?

No. FCIM is unhedged, so currency moves affect headline returns. If CAD strengthens against EUR, GBP, or JPY, FCIM returns drag. If CAD weakens, they get a tailwind.

Where should I hold FCIM?

A TFSA or RRSP is the most tax-efficient home, because distributions flow as foreign income. In a non-registered account, that interest-equivalent treatment is the least efficient bucket.

Why has FCIM beaten its category?

The 2022 to 2026 cycle has rewarded international momentum, partly because European and Japanese markets had more reasonable starting valuations than the U.S. coming out of 2022, and partly because currency moves have been kind. Both inputs can reverse.

Is FCIM a good ETF?

FCIM is a credible international momentum tilt, but it is a tilt, not a core holding. The three-year record is strong and the rules-based screen is transparent, yet the 0.49% MER is high for international coverage and the strategy can lag in cycles that punish momentum. It earns a place for investors who deliberately want a factor overlay on a broad developed-markets core, ideally in a sheltered account.

FCIM vs XEF?

XEF is a broad, market-cap international developed index at roughly 0.22%, while FCIM charges 0.49% to add a momentum screen on the same universe. XEF is the cheaper, lower-maintenance core holding most investors should anchor on. FCIM makes sense only as a deliberate tilt on top, accepting higher cost and the chance that momentum underperforms in some windows.

The honest verdict

Good fit for

DIY investors who want a deliberate international developed-markets momentum tilt on top of a broad core, ideally held in a TFSA or RRSP to shelter the foreign-income distributions.

Skip if

You want a single international developed-markets holding (XEF at 0.22% is the cheaper core), or you're already getting international exposure through a one-ticker all-in-one.

Cheaper alternative XEF · iShares Core MSCI EAFE IMI Index ETF · MER 0.22%

Bottom line

FCIM completes the Fidelity factor momentum triangle (Canada, U.S., international). The three-year run is strong, the fee is on the high side for international coverage, and the tax behaviour is the standard international-equity story. Treat it as a tilt, hold it in a sheltered account, and don’t expect every three-year window to look like the last one.

FCIM ETF: what Fidelity International Momentum ETF is, what it holds, and how it works