FDEV vs FEP: Grades, Fees and Holdings Compared

Fidelity International Multifactor ETF

FDEVACboe

First Trust Europe AlphaDEX Fund

FEPDNasdaq

Overlap

12.0%by weight

Expense ratio

FDEV −0.62pt a year

FDEV0.18%FEP0.80%

Avg volume · 30D

FDEV 1.2×the volume

FDEV29.3KFEP24.5K

5Y return · a year

FEP +1.4pt

FDEV+7.8%FEP+9.2%

FDEV vs FEP Performance

Oct 29, 2021 – Oct 30, 2026

+45.8%FDEV+55.4%FEP

Expense ratio: FDEV 0.18%, better; FEP 0.80%
Fund size: FDEV $276M; FEP $484M
1Y total return: FDEV +16.6%, better; FEP +14.1%
Yield (12M): FDEV 3.27%, better; FEP 3.09%
Holdings: FDEV 210; FEP 209
Avg volume (30D): FDEV 29.3K sh, better; FEP 24.5K sh
NAV per share: FDEV $37.31; FEP $56.56
52W range

ETF.net Grade

Pillar letters and Scores for FDEV, FEP, with each pillar’s weight
Pillar	FDEV	FEP
Cost30% weight	A91Higher	F5
Mission25% weight	Not scored	Not scored
Risk15% weight	A78Higher	D34
Tradability15% weight	B59Higher	C50
Holdings10% weight	C48	B58Higher
Durability5% weight	C42	B69Higher

Rank among International Multifactor funds

How we build Categories ›

Same Category. FDEV and FEP are both graded against the same 30 International Multifactor funds, so their Grades compare head to head.

International Multifactor⁠

Category · 30 funds

See all 30 ›

FDEV ranks 4th and FEP 25th of 30 funds in the International Multifactor Category.

Rank 1AINTFiShares International Equity Factor ETFScore 79
Rank 2ADFAIDimensional International Core Equity Market ETFScore 77
Rank 3AGSWOGoldman Sachs ActiveBeta World Equity ETFScore 76
Rank 4AFDEVFidelity International Multifactor ETFScore 73
Rank 5ARODMHartford Multifactor Developed Markets (ex-US) ETFScore 71
Rank 23DIFLOVictoryShares International Free Cash Flow ETFScore 37
Rank 25DFEPFirst Trust Europe AlphaDEX FundScore 31
Rank 25DIDYNiShares International Equity Factor Rotation Active ETFScore 31

Our read on each fund

ETF.net Research

FDEVAFidelity International Multifactor ETF

FEPDFirst Trust Europe AlphaDEX Fund

In short

FDEV Four factors (value, quality, momentum, low volatility) blended into one developed-markets index fund at 0.18% a year. Fidelity's answer to paying up for a single-factor tilt overseas.

FEP Most multifactor international funds sweep in the whole developed world. FEP sticks to Europe, ranking developed-European stocks on growth and value marks through First Trust's AlphaDEX screen rather than by market size.

Stated mandate

FDEV The fund seeks returns generally corresponding to the Fidelity International Multifactor Index before fees and expenses.

FEP The Fund seeks to track, before fees and expenses, the Nasdaq AlphaDEX® EuropeTM Index, an equity index selecting and weighting developed-European securities through the AlphaDEX® methodology.

Why people hold it

FDEV 0.18% a year, less than half the typical fee in its international multifactor group, and within a rounding error of the cheapest name there (INTF at 0.16%).
One index does the work of four screens: value, quality, momentum and low volatility applied together, instead of you stacking separate single-factor funds.
Roughly 220 developed-market stocks outside the US, picked by published index rules rather than a manager's hunches, with cash paid out quarterly.
Sits in the top quartile of a 29-fund international factor cohort, which is a crowded field full of far pricier attempts at the same job.

FEP Europe-only by design: a rules-based screen selects and weights developed-European stocks on growth and value marks instead of on who carries the biggest market cap.ftportfolios.com
Live since 2011, making it one of the longer-tenured factor-screened Europe equity ETFs, and it has stayed a multi-hundred-million-dollar fund.
Rules do the picking, not a manager's hunch: it tracks the Nasdaq AlphaDEX Europe Index, holds roughly 200 stocks and pays quarterly.

Worth knowing

FDEV Thinly traded. Spreads can quietly cost more than the fee, so limit orders matter more here than with the category's household names.
A 2019 launch still in the mid-size asset range, so there is no decades-long record to lean on the way older international index funds offer.
Blending four factors means none of them drives the bus. When value or momentum alone runs hot, this owns only a slice of that move.

FEP Cost is the sticking point: 0.80% a year, well above the norm for international multifactor funds. Peers like INTF and GSIE charge a fraction of that.
One of the thinner-traded names in its category, so bid-ask spreads can run wider than at the group's heavyweights.
Developed Europe only. No Japan, Canada or Asia-Pacific, so it is a slice of international equity rather than the whole allocation.ftportfolios.com

Full FDEV profile⁠

Full FEP profile⁠

FDEV vs FEP Holdings

How FDEV and FEP differ

Overlap by weight

12.0%

Shared holdings make up 17.2% of FDEV and 17.1% of FEP.

Level by level

Holdings30 in both12.0%
Countryby domicile51.5%
Sector11 Sectors77.9%
Asset classEquity100%

Sector

Sector weights in FDEV and FEP, widest gap first
Sector	More in FDEVMore in FEP	FDEV	FEP
Health Care	FDEV +9.5 points	13.3%	3.8%
Materials	FEP +9.5 points	3.7%	13.2%
Consumer Discretionary	FEP +5.5 points	3.5%	9.0%
Utilities	FEP +3.8 points	0.0%	3.8%
Consumer Staples	FDEV +3.6 points	8.3%	4.7%
Communication	FDEV +3.4 points	8.5%	5.1%
Industrials	FEP +3.3 points	14.5%	17.8%
Financials	FDEV +2.3 points	24.0%	21.7%
Technology	FDEV +1.5 points	6.2%	4.7%
Energy	FDEV +0.9 points	11.5%	10.6%
Real Estate	FDEV +0.7 points	6.4%	5.7%

Country, concentration and asset class

Country by domicile

Country weights in FDEV and FEP, widest gap first
Country	More in FDEVMore in FEP	FDEV	FEP
Japan	FDEV +22.4 points	22.4%	0.0%
Canada	FDEV +14.9 points	14.9%	0.0%
Germany	FEP +7.6 points	3.6%	11.2%
United Kingdom	FEP +5.2 points	15.5%	20.7%
Italy	FEP +3.9 points	1.6%	5.5%
Austria	FEP +3.7 points	0.3%	4.0%
France	FEP +3.5 points	7.6%	11.1%
Denmark	FEP +3.3 points	1.7%	5.0%
Other countries (18)	FEP +10.1 points	32.4%	42.5%

Outside the US: FDEV 97% developed, 3% emerging. FEP 97% developed, 3% emerging.

Concentration

Weight in the 10 largest Holdings

FDEV15.6%
FEP9.3%

Securities held

FDEV198
FEP202

Asset class

FDEV: Equity
FEP: Equity

Holdings

Only in FDEV168
In both30
Only in FEP172

Only in FDEV

168 securities, 82.3% of FDEV by weight

Roche Holding AG1.75%
Daito Trust Construction1.69%
Hongkong Land Hldgs Ltd1.63%
Novartis AG (Reg)1.50%
Asml Holding NV1.50%
Astrazeneca PLC (Uk)1.44%
Canadian Natl Resources Ltd1.32%
Suncor Energy Inc1.28%
Firstservice Corp1.27%
Unilever PLC Ord1.26%
Loblaw Cos Ltd1.17%
Nexon Co Ltd1.14%
Kddi Corp1.12%
Anheuser-Busch Inbev Sa/Nv1.09%
Hsbc Holdings PLC (Uk Reg)1.08%
Ly Corporation1.07%
Royal Bank of Canada1.05%
Rightmove PLC1.03%
Inpex Corp1.03%
Japan Tobacco Inc1.02%
Kpn (Kon) NV1.02%
Cenovus Energy Inc1.01%
Autotrader Group PLC0.98%
Whitecap Resources Inc0.97%
Shionogi & Co Ltd0.93%
Reckitt Benckiser Group PLC0.91%
Quebecor Inc Class B Sub Vtg0.91%
Imperial Brands PLC0.89%
Essity Ab B0.87%
Carlsberg As Class B0.86%
Toyo Suisan Kaisha Ltd0.84%
Toronto-Dominion Bank0.83%
Ono Pharmaceutical Co Ltd0.81%
Novo-Nordisk As Class B0.81%
Gsk PLC0.75%
Fisher & Paykel Health (Nz)0.69%
Itochu Corp0.65%
Ucb SA0.64%
Oversea-Chinese Bkg Corp Ltd0.62%
Mitsui & Co Ltd0.60%
Gaztransport Et Techniga0.59%
Thomson Reuters Corp0.56%
Bnp Paribas (Fran)0.54%
MS&AD Insurance Grp Hldgs Inc0.52%
Relx PLC0.52%
Macquarie Group Ltd0.51%
Canadian Imp Bk of Commerce0.50%
Merck Kgaa0.50%
Haleon PLC0.49%
Finning International Inc0.49%

Only in FEP

172 securities, 82.8% of FEP by weight

JD Sports Fashion Plc0.95%
Frasers Group Plc0.94%
Teleperformance SE0.94%
Sofina S.A.0.93%
Indra Sistemas, S.A.0.91%
Investor AB (Class B)0.90%
Standard Life PLC0.88%
Basf SE0.88%
Legal & General Group Plc0.88%
L E Lundbergforetagen AB (Class B)0.85%
Man Group Plc0.85%
Industrivarden AB (Class C)0.84%
Vontobel Holding AG (Registered)0.83%
Iss A/S0.83%
Boliden AB0.82%
Aedifica SA0.82%
Genmab A/S0.81%
Metlen Energy & Metals Plc0.81%
A.P. Moeller - Maersk A/S (Class B)0.80%
Prosus N.V.0.80%
Motor Oil (Hellas) Corinth Refineries S.A.0.80%
Glencore Plc0.79%
3i Group Plc0.79%
Vonovia SE0.78%
Demant A/S0.78%
Kingspan Group Plc0.77%
Koninklijke Vopak N.V.0.75%
ArcelorMittal0.74%
Piraeus Bank S.A.0.74%
Aker ASA (Class A)0.74%
Kesko Oyj (Class B)0.73%
The British Land Company Plc0.72%
Lion Finance Group PLC0.71%
Elis SA0.71%
Omv AG0.70%
Storebrand ASA0.70%
A2A S.p.A.0.70%
Associated British Foods Plc0.70%
Heidelberg Materials AG0.70%
Orange0.70%
Bayerische Motoren Werke (BMW) AG0.69%
Umicore S.A.0.69%
Aurubis AG0.69%
Rs Group PLC0.68%
Dhl AG0.68%
thyssenkrupp AG0.68%
Sonae - SGPS, S.A.0.66%
NN Group N.V.0.66%
SBM Offshore N.V.0.66%
Compagnie de Saint-Gobain S.A.0.65%

Weight gaps

All 30 Holdings in both funds, largest gap first.

Holding weights in FDEV and FEP, widest gap first
Holding	More in FDEVMore in FEP	FDEV	FEP
Shell PLCSHEL.L	FDEV +0.87 points	1.83%	0.96%
Klepierre SA	FDEV +0.72 points	1.54%	0.82%
Buzzi Spa	FEP +0.68 points	0.20%	0.88%
Orkla Asa	FDEV +0.67 points	0.85%	0.18%
Computacenter PLCCCC.L	FEP +0.64 points	0.13%	0.77%
Totalenergies SE	FDEV +0.63 points	1.38%	0.75%
Yara International Asa	FEP +0.60 points	0.21%	0.81%
Balfour Beatty PLCBBY.L	FEP +0.48 points	0.30%	0.78%
Capgemini SA (FF40)	FEP +0.43 points	0.17%	0.60%
Mercedes-Benz Group AG (Gerw)	FEP +0.43 points	0.23%	0.66%
Koninklijke Ahold Delhaize NV	FDEV +0.41 points	0.92%	0.51%
Sanofi	FDEV +0.39 points	0.75%	0.36%
Banco Santander SA (Spain)	FDEV +0.38 points	0.79%	0.41%
Orion Oyj (New) B	FDEV +0.33 points	0.53%	0.20%
Smiths Group PLCSMIN.L	FEP +0.31 points	0.33%	0.64%
Raiffeisen Bank Interntnl AG	FEP +0.30 points	0.30%	0.60%
Eiffage SA (Form Fougerolle)	FEP +0.24 points	0.26%	0.50%
Fresenius Medical Care AG	FEP +0.23 points	0.44%	0.67%
Var Energi As	FEP +0.23 points	0.79%	1.02%
Natwest Group PLCNWG.L	FDEV +0.23 points	0.37%	0.14%
Vodafone Group PLCVOD.L	FDEV +0.20 points	1.02%	0.82%
Ackermans & Van Haaren SA	FDEV +0.20 points	0.36%	0.16%
Ageas Sa/Nv	FEP +0.16 points	0.35%	0.51%
Rio Tinto PLC (Regd)RIO.L	FEP +0.12 points	0.32%	0.44%
Equinor Asa	FDEV +0.09 points	0.87%	0.78%
Endeavour Mining PLCEDV.L	FDEV +0.07 points	0.22%	0.15%
Abn Amro Bank Nv-Cva	FEP +0.06 points	0.39%	0.45%
Bouygues Ord	FEP +0.05 points	0.27%	0.32%
Repsol SA	FEP +0.05 points	0.80%	0.85%
Standard Chartered PLC (Uk)STAN.L	FDEV +0.03 points	0.33%	0.30%

All 218 FDEV holdings⁠All 203 FEP holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FDEV vs FEP Cost

Overpaying FEP vs FDEV

$11,597

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FDEV 0.18%
$3,749
FEP 0.80%
$15,346

Amount$10,000

Years30 years

Cost over time

FDEV 0.18%
FEP 0.80%
Overpaying

Year by year

Year	FDEV	FEP	Overpaying
10	$328	$1,422	$1,094
20	$1,281	$5,393	$4,112
30	$3,749	$15,346	$11,597

Expense ratio

0.18%FDEV, cheaper
0.80%FEP

FDEV0.18%FEP0.80%

0.15%0.80%

Middle half of International Multifactor funds
Median 0.34%

FDEV 3rd cheapest of 30 funds

FEP 27th cheapest of 30 funds

FDEV vs FEP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FDEV 3.27%, better; FEP 3.09%
Payout (12M): FDEV $1.22; FEP $1.74
Last payment: FDEV $0.33; FEP $0.33
Ex-dividend: FDEV Sep 18, 2026; FEP Sep 24, 2026
Paid on: FDEV Sep 22, 2026; FEP Sep 30, 2026
Frequency: FDEV Quarterly; FEP Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FDEVQuarterly · 31 paymentsAll FDEV payments⁠

FEPQuarterly · 38 paymentsAll FEP payments⁠

FDEV vs FEP Risk

Fall from peak · 5 years

FDEV
FEP

Risk facts

VolatilityStd dev, 3 years: FDEV 10.5%, betterFEP 14.4%
Return per unit of riskSharpe ratio, 3 years: FDEV 1.31FEP 1.39, better
Worst fallMax drawdown, 5 years: FDEV −27.9%, betterFEP −38.3%
Market sensitivityBeta, 5 years: FDEV 0.65FEP 0.90; Market = 1

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