12-May-2021:  FEMX is an active ETF, so there's value added by the manager via stock selection, which is important in an emerging markets fund because there is a lot of rubbish out there.  Have a look at their 12-month and 3-Year charts and you can see just how well this fund has performed.  The COVID-19 issues in emerging economies, particularly in India, is resulting in some sideways and a little downward movement in the unit price of FEMX currently, but I'm confident that their NE unit price trajectory will resume once the worst of the current pandemic wave is over.

I currently do hold FEMX units, and they are also in my Strawman.com portfolio.  The screenshot below shows their Top 10 positions as at 31-Mar-2021.  Click on the image to enlarge it.  FEMX hold(/held):

1. Taiwan Semiconductor Manufacturing Company ("TSMC", Taiwan);
2. HDFC Bank (India);
3. AIA Group (Hong Kong, Life Insurance);
4. Naspers Limited (South Africa) operates in the technology industry and invests in global internet companies across the world. Its largest asset is Tencent, the leading social network platform in China;
5. Bank Central Asia ("BCA", Indonesia);
6. Samsung Electronics (South Korea);
7. MediaTek Inc (Taiwan) is a fabless semiconductor company for wireless communications and digital multimedia solutions;
8. Tata Consultancy Services (India) is India’s largest IT services and consulting company, operating in 149 locations across 45 countries;
9. Techtronic Industries Ltd ("TTI", Hong Kong) is is a power tool manufacturer operating predominantly in China; and
10. Housing Development Finance (India).

Of those top 10 positions, 3 are headquartered in India, 2 in Hong Kong, 2 in Taiwan, 1 in South Africa, 1 in Indonesia and 1 is based in South Korea. 

They have a nice geographical spread, although there is clearly a sector bias towards the technology and finance/banking industries.  My understanding is that the managers (Fidelity) have a growth focus but they do not like to pay too much either, so they have an eye on value as well.  I like them for a multi-year hold.