CSEN vs FENY

CSENDCohen & Steers Future of Energy Active ETF

FENYAFidelity MSCI Energy Index ETF

In short

CSEN Cohen & Steers took its 2013-vintage energy mutual fund and rewrapped it as an active ETF in 2026. Roughly 40 names spanning oil and gas, renewables and the infrastructure in between, run by a real assets specialist.

FENY One of the cheapest ways to own U.S. energy: 0.08% a year for roughly 110 energy stocks tracked through MSCI's full-market benchmark. No stock picking, no clever tilts, just the sector at cost.

Stated mandate

CSEN The Fund seeks attractive total return through a combination of current income and price appreciation.

FENY Seeks investment returns that generally correspond, before fees and expenses, to the performance of the MSCI USA IMI Energy 25/50 Index. The fund invests at least 80% of assets in securities included in that index and uses representative sampling.

Why people hold it

• CSEN Refuses to pick a side: the mandate covers hydrocarbon producers, renewables and the companies enabling both, rather than a traditional-only or clean-only sleeve.cohenandsteers.comcohenandsteers.com 2
• Actively managed and concentrated at roughly 40 holdings, so position sizes reflect the manager's conviction instead of whichever energy giant happens to be biggest.
• The stated objective is total return from current income plus price appreciation, and the fund distributes once or twice a year rather than monthly.
• Not a startup strategy in a new suit: the portfolio ran as a Cohen & Steers mutual fund from 2013 before the 2026 ETF conversion.cohenandsteers.com

• FENY Costs 0.08% a year against a 0.45% median for broad energy funds. Only XLE matches it; VDE, IYE and ENFR all charge more.
• Tracks MSCI's USA IMI energy benchmark, a full-market read on the sector, so the basket runs roughly 110 names deep rather than a short list.
• Returns have lined up closely with the index it follows, and it trades actively. As implementations of broad energy go, this is one of the tidiest in the group.
• Running since 2013, so it has a long record through both oil booms and busts, and Fidelity has kept it plain vanilla the whole way.

Worth knowing

• CSEN Active management carries an active price tag: 0.80% a year, against a 0.46% typical energy ETF and 0.08% for index staples like XLE and FENY.
• Trades lightly next to the category's index heavyweights, so bid-ask spreads matter more and limit orders earn their keep.
• With about 40 stock-picked names, returns can diverge meaningfully from a broad energy benchmark in either direction.cohenandsteers.com

• FENY One sector, one country. Oil and gas prices set the mood here, and the swings run wider than a total-market fund's.
• The index weights by company size, so even with roughly 110 holdings a handful of giants carry most of the load.
• Distributions land quarterly, not monthly, which matters if you are pacing income.

Full CSEN profile⁠

Full FENY profile⁠