Fidelity Asia Active ETF (FASI) — Review & Analysis

FASI is Fidelity's actively managed Asia ex-Japan strategy delivered in ETF form — a concentrated portfolio of developed and emerging Asian companies excluding Japan. AUM is $30.45 million as at May 2026 with a 1.15% p.a. management fee. FASI launched in May 2024, so the track record is short. Compare FASI across active and passive Asia options on our Asia ETF page or use the Compare ETFs tool to weigh active fees against passive options.

The competitive picture is crowded. PAXX (Platinum Asia, 1.10%) is the closest equivalent — also active, also Asia ex-Japan — and it returned +37.9% over the past year versus FASI's +11.9%. VAE (Vanguard FTSE Asia ex-Japan, 0.40%) provides passive exposure at less than half the fee. FASI charges the top end of the active fee scale and is still building track record — investors are paying for Fidelity's broader Asian research team and stock-selection process, but the recent numbers have not yet justified the premium.

Structurally, FASI is a high-conviction concentrated portfolio with active stock selection across China, India, Korea, Taiwan and ASEAN markets. The fund manager has flexibility to underweight or skip countries entirely — meaningful when China sentiment is poor or when policy risk spikes. The trade-off is that small AUM ($30M) means spreads on-screen can be wider than the larger active competitors.

For investors who want exposure to Fidelity's Asia research process specifically, FASI is the only vehicle on the ASX. Read our active vs passive ETF guide for how active managers have performed versus passive in different regions.