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1. Shard Calculation

Query:

Response:

Calculated Shard: 93 (from laksa161)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa093.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.fidelity.com/learning-center/trading-investing/how-to-buy-international-stocks\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.fidelity.com/learning-center/trading-investing/how-to-buy-international-stocks\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.fidelity.com\/learning-center\/trading-investing\/how-to-buy-international-stocks","crawl_time":1776019521,"first_indexed_time":1773851558,"http_code":200,"src_unparsed":"com,fidelity!www,\/learning-center\/trading-investing\/how-to-buy-international-stocks s443","src_root_hash":"17952695050214760493","history_drop_reason":null,"meta_title":"How to buy international stocks | Fidelity","meta_descriptions":["International stocks have been outperforming, but how do US investors buy them? Learn how to buy international stocks here."],"attrs_boilerpipe_text":"Funds, ETFs, or stock-by-stock? Here's how to decide.\nKey takeaways\nInternational stocks have been outperforming US stocks so far in 2026.\nFor many investors, it makes sense to maintain a long-term exposure to international stocks as part of a diversified portfolio.\nInvestors can gain foreign stock exposure through American Depository Receipts (ADRs), foreign-listed stocks, mutual funds, ETFs, or separately managed accounts—each of which comes with its own tradeoffs.\nTax treatment of international stocks can be complex. Investors should consult a tax professional for advice.\nInternational stocks came into 2026 with real momentum, after outpacing US stocks by some 15 percentage points in 2025.\n1\nWhile the recent market pullback has interrupted that momentum to a degree, as of mid March both developed and emerging market stocks were still outperforming US stocks on a year-to-date basis.\n2\nWhile past performance does not foretell the future, there are many reasons why investors might want to maintain an allocation to non-US stocks in 2026 in a diversified portfolio. Even after a year of outperformance, a large valuation gap still remains: Foreign large-cap stocks recently traded at about a 30% discount to US stocks on a forward price\/earnings (PE) ratio comparison and a more than 50% discount on a price-to-book-value basis.\n3\nYasmin Landy, a Fidelity institutional portfolio manager focused on international stocks, notes that several of the\nforces that drove strong international performance\nlast year still remain intact, and new drivers have been emerging. The US dollar, down by about 10% in 2025 relative to a basket of foreign developed-market currencies,\n4\nremains under pressure as foreign businesses and investors diversify away from the US dollar in trade and investing decisions (when the dollar declines, foreign currency-denominated investments become more valuable to US investors). Currency movements are notoriously difficult to predict, particularly in the short term, but have historically often moved in long cycles, Landy says.\nEurope—and Germany in particular—has been boosting spending on defense and infrastructure, providing fiscal stimulus that could help to raise the continent’s economic growth rate. European banks, a top-performing group last year, have continued to deliver generally good results thanks to favorable interest rate dynamics, loan growth in certain areas, and cost-control efforts. In Japan, after years of corporate restructuring, companies are becoming more profitable and friendly to shareholders. Additionally, Landy notes that supply-demand imbalances have created potentially compelling opportunities abroad in certain specific industries, including aerospace aftermarket parts, semiconductor manufacturing and equipment, and power generation and transmission.\nWhy own international stocks\nIn truth, the case for owning foreign shares is about much more than just performance chasing. “It’s always important to consider an investment in international stocks, due to the potential portfolio diversification benefits,” says Heather Knight, a national brokerage coach at Fidelity. Since economic and business cycles differ between countries, stocks from different nations and regions typically don’t move in synch. “Because US and international investments don’t move in lockstep, combining them in a diversified portfolio can help reduce that portfolio’s risk profile,” says Scott McAdam, an institutional portfolio manager with Strategic Advisers, LLC, the investment manager for many of Fidelity’s managed accounts.\nMoreover, international markets represent a large, fruitful opportunity set, accounting for a large proportion of the world’s listed stocks and as much as 40% to 50% of global market capitalization. \nHow much should you hold in international stocks?\nThere’s no one-size-fits-all answer to the question of how much of one’s stock portfolio should be dedicated to foreign shares. Typically, a long-term allocation to international stocks is something that investors should establish when they come up with their\nasset allocation\nfor a given goal, and should reevaluate periodically or if they have any changes to their goals, time horizon, risk tolerance, or risk capacity.\nOne common approach is to carve international stocks out of a portfolio’s total stock allocation. For example, McAdam says that Strategic Advisers often uses a guideline of a 70% US, 30% international allocation within the portion of a portfolio earmarked for stocks. Following that guideline, a portfolio with a 60% stock, 40% bond allocation would have about 18% of the total portfolio allocated to international stocks.\nHow to invest in international stocks\nFortunately, there are numerous ways to access overseas markets and stocks today. “It’s easier to invest in international stocks today than it was in the past, and Fidelity offers all options,” says Knight.\nFor investors, the main challenge is parsing the many options, which generally can be divided into 3 groups: investing in individual stocks, investing with exchange-traded funds (ETFs) or mutual funds, and investing with separately managed accounts (SMAs).\nRead on for a brief review of some of the characteristics, advantages, and disadvantages of each option.\n1. Individual stocks\nThere are 2 distinct types of securities that fall under the broader umbrella of individual foreign stocks: American Depository Receipts (ADRs), which represent shares of foreign companies that trade on US stock exchanges, and foreign-listed stocks (for example, shares of a Japanese company that trade on the Tokyo Stock Exchange).\nAn\nADR\nis a security that trades in the US and in US dollars but represents claims to shares of a foreign stock. The ADR is created by a bank that purchases shares of the foreign stock and then issues receipts of that company for trading in the US. There are several hundred ADRs that trade on major US stock exchanges, plus several hundred more that trade in the over-the-counter (OTC) market. Fidelity customers can use the\nFidelity Stock Screener\nLog In Required\nto search for ADRs and sort them by size, earnings, industry, valuation, or other characteristics.\nPros\nEasy to buy.\nAccess to many of the largest foreign companies.\nNo need to handle currency conversion.\nDividends are paid in US dollars.\nMany brokers, including Fidelity, charge no fees to trade ADRs.\nADRs that trade on US exchanges are generally highly liquid.\nADRs that trade on US exchanges generally must follow US reporting requirements—meaning investors can access English-language financial reports, and the underlying companies must meet certain US regulatory requirements around corporate governance and disclosures.\nCons\nLimited investment universe.\nOver-the-counter ADRs may not provide thorough financial reporting or follow rigorous US accounting and regulatory standards.\nMay take significant work, research, and initial investment to build a sufficiently diversified portfolio.\nAlthough investments are in US dollars, there is still currency risk from the underlying foreign-listed holding.\nDividends may have foreign taxes withheld, depending on the nature (or existence) of tax treaties between the US and the issuing company’s country. Investors should consult a tax professional for advice.\nSome brokers, including Fidelity, may also offer access to\nforeign-listed stocks\nvia access to foreign exchanges. For example, Fidelity’s\ninternational stock trading\nplatform allows investors to invest in foreign-listed stocks from 25 countries and in 16 different currencies. Clients need to enroll online (there is no fee) to enable international stock and currency trading on foreign exchanges. At Fidelity, investors can choose to settle shares in either US dollars or local currencies.\nPros\nAccess to a much broader universe of foreign stocks.\nMore precise control over exactly what companies, industries, countries, and regions an investor has exposure to.\nAbility to trade in foreign currencies to help manage currency exposure.\nSome local foreign markets may be less efficient than US markets, potentially allowing investors to identify and benefit from mispriced securities.\nCons\nBrokerage and other fees may apply for stock trading on foreign markets.\nCurrency conversion fees may apply.\nAs with ADRs, tax treatment differs by country and may be complex—certain jurisdictions may levy stamp duties or transaction taxes.\nForeign markets may be less liquid than US markets.\nTrading hours may differ from US trading hours.\nForeign markets may have weaker regulatory controls, accounting requirements, or reporting requirements than US markets.\nResearching individual foreign-listed stocks may be more difficult than researching US stocks or US-listed ADRs.\n2. Mutual funds and ETFs\nSince investing overseas may feel, well, foreign to most American investors,\ninternational ETFs\nand\nmutual funds\nmake sense for many for gaining stock exposure abroad. “It’s harder for the US-based investor to monitor some of the top-down issues in foreign countries,” says Landy. “That’s why professional management can be helpful for international stock investing.”\nWhile investors don’t have precise control over the exact stocks they own in a\nmutual fund\nor\nETF\n, they can choose funds that match the investment style or geographic exposure they seek. Fidelity investors can search among thousands of international-stock-focused funds and ETFs using the Fidelity\nMutual Funds Research\ntool and Fidelity\nETF screener\n.\nPros\nConvenience.\nThousands of international funds and ETFs to choose from.\nPotential access to broad diversification for low minimum investment amounts.\nProfessional managers may be well suited to keep their fingers on the pulse of local economies, currencies, opportunities, and market dislocations.\nFunds and\nactive ETFs\nthat are supported by teams of stock analysts may have the resources to conduct in-depth research on individual stocks, sectors, and markets.\nAbility to target specific regions, countries, sectors, or investment styles if desired.\nCons\nSubject to annual expense ratios.\nLess control over exact stocks held.\nLess control over timing of taxable events (funds and ETFs are generally required to distribute nearly all net investment income—dividends, short- and long-term gains—to shareholders each year).\nETFs are subject to market volatility and the risks of their underlying securities, and can trade at premiums or discounts to their net asset values.\nBoth passively managed options (like\nindex funds\n) and actively managed options are available. But Landy makes a case for active management abroad. “With active management overseas, you can add value by what you exclude,” she says. “Avoidance is important for some companies and regions around the world.”\n3. Separately managed accounts (SMAs)\nA third way to gain international exposure is with\nSMAs\n. Unlike mutual funds and ETFs, these are not pooled investments. Instead of owning shares of a fund or ETF in their account, an investor owns the underlying individual international stocks, but the portfolio is professionally managed. (Learn more about\nSMAs\n.)\nAn SMA could be a particularly compelling structure for international stock investing due to the key blend of features it can offer: access to professional active management, plus access to tax-sensitive strategies.\nPros\nConvenience.\nPotential access to broad diversification.\nProfessional management—potentially using either an active or passive approach.\nPotential for customization of portfolio.\nAccess to tax-smart investing strategies, such as\ntax-loss harvesting\nand deferred realization of capital gains. (Note: Tax-smart investing strategies may only provide a benefit when held in a taxable account, such as a brokerage account).\nFull transparency: Account holders can see exactly what securities they hold (and any transactions) daily.\nCons\nPotentially more limited investment universe than international mutual funds or ETFs (many international stock SMAs invest primarily or exclusively in ADRs, which are explained further in section 1 above).\nAdvisory fees, management expenses, and transaction costs may be higher than for some ETFs and funds.\nMany types of SMAs may require high minimum initial investment.\nNo tax benefit if held in a tax-advantaged account such as an IRA.\nFidelity offers both indexed and actively managed international-stock SMA strategies. Investors can learn more about\nFidFolios\n®\n, digital SMAs that require a minimum initial investment of $5,000, or Fidelity’s\ntraditional SMAs\n, which have investment minimums ranging from $100,000–$350,000.\nTake the next step\nIf you’re not sure how much you should be holding in international stocks, go back to basics by revisiting your\nasset allocation\n. If you’re ready to dive into investment options, you can research\nmutual funds\n,\nETFs\n, and\nstocks\nthat may be a fit for your goals and needs.\nOr, if you could use some help in navigating your investing journey, learn more about\nhow we can work together\n.\nResearch stocks, ETFs, or mutual funds\nGet our industry-leading investment analysis, and put our research to work.\nMore to explore","attrs_markdown":"[Skip to main content](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/how-to-buy-international-stocks#navSkipToContent)\n\n[Fidelity.com Home](https:\/\/www.fidelity.com\/)\n\n[Log in](https:\/\/digital.fidelity.com\/prgw\/digital\/login\/full-page)\n\n- [Accounts & Trade]()\n  - [Portfolio](https:\/\/digital.fidelity.com\/prgw\/digital\/login\/full-page?AuthRedUrl=https:\/\/digital.fidelity.com\/ftgw\/digital\/portfolio\/summary)\n  - [Account Positions](https:\/\/digital.fidelity.com\/ftgw\/digital\/portfolio\/positions)\n  - [Trade](https:\/\/digital.fidelity.com\/ftgw\/digital\/trade-equity\/index\/orderEntry)\n  - 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[Alerts](https:\/\/alertable.fidelity.com\/ftgw\/digital\/alerts)\n  - [Stocks, ETFs, Crypto](https:\/\/digital.fidelity.com\/prgw\/digital\/research\/src)\n  - [Mutual Funds](https:\/\/fundresearch.fidelity.com\/fund-screener)\n  - [Fixed Income, Bonds & CDs](https:\/\/fixedincome.fidelity.com\/ftgw\/fi\/FILanding)\n  - [Options](https:\/\/digital.fidelity.com\/ftgw\/digital\/options-home\/)\n  - [IPOs](https:\/\/brokerage.fidelity.com\/ftgw\/brkg\/ipo\/calendar)\n  - [Annuities](https:\/\/fundresearch.fidelity.com\/fund-screener\/annuities\/)\n  - [Learn](https:\/\/www.fidelity.com\/learning-center\/overview)\n\n- [Customer Service](https:\/\/www.fidelity.com\/customer-service\/overview)\n- [Fidelity Assistant](https:\/\/www.fidelity.com\/customer-service\/overview?ccsource=FA_NAV)\n- [Profile](https:\/\/digital.fidelity.com\/ftgw\/digital\/profile)\n\n[Log in](https:\/\/digital.fidelity.com\/prgw\/digital\/login\/full-page) [Open an account](https:\/\/www.fidelity.com\/open-account\/overview)\n\n[Fidelity.com Home](https:\/\/www.fidelity.com\/)\n\n- [Customer Service](https:\/\/www.fidelity.com\/customer-service\/overview)\n- [Fidelity Assistant](https:\/\/www.fidelity.com\/customer-service\/overview?ccsource=FA_NAV)\n- [Profile](https:\/\/digital.fidelity.com\/ftgw\/digital\/profile)\n- [Open an account](https:\/\/www.fidelity.com\/open-account\/overview)\n- [Log in](https:\/\/digital.fidelity.com\/prgw\/digital\/login\/full-page)\n\n- [Accounts & Trade]()\n  - [Portfolio](https:\/\/digital.fidelity.com\/prgw\/digital\/login\/full-page?AuthRedUrl=https:\/\/digital.fidelity.com\/ftgw\/digital\/portfolio\/summary)\n  - [Account Positions](https:\/\/digital.fidelity.com\/ftgw\/digital\/portfolio\/positions)\n  - [Trade](https:\/\/digital.fidelity.com\/ftgw\/digital\/trade-equity\/index\/orderEntry)\n  - [Fidelity Trader+ Web](https:\/\/digital.fidelity.com\/ftgw\/digital\/trader-dashboard)\n  - [Fidelity Trader+](https:\/\/www.fidelity.com\/trading\/trading-platforms)\n  - [Transfers](https:\/\/www.fidelity.com\/customer-service\/money-movement)\n  - [Cash Management](https:\/\/digital.fidelity.com\/ftgw\/digital\/cashmanagement)\n  - [Bill Pay](https:\/\/digital.fidelity.com\/ftgw\/digital\/billpay\/home)\n  - [Full View®](https:\/\/digital.fidelity.com\/ftgw\/pna\/customer\/pgc\/networth\/)\n  - [Security Settings](https:\/\/digital.fidelity.com\/ftgw\/digital\/security\/dashboard\/view)\n  - [Account Features](https:\/\/digital.fidelity.com\/ftgw\/digital\/portfolio\/features)\n  - [Documents](https:\/\/digital.fidelity.com\/ftgw\/digital\/portfolio\/documents)\n  - [Tax Forms & Information](https:\/\/www.fidelity.com\/tax-information\/overview)\n  - [Retirement Distributions](https:\/\/digital.fidelity.com\/ftgw\/digital\/mrdhub)\n  - [Refer a Friend](https:\/\/www.fidelity.com\/customer-service\/friendsandfamily3a)\n- [Investing]()\n  - [Self Directed Investing](https:\/\/www.fidelity.com\/investing\/trading)\n  - [Advanced Trading](https:\/\/www.fidelity.com\/investing\/advanced-trading)\n  - [Investing for a Child](https:\/\/www.fidelity.com\/investing\/investing-for-kids)\n  - [Managing Cash & Credit](https:\/\/www.fidelity.com\/investing\/manage-cash-credit-lending)\n  - [Investment Accounts & Products](https:\/\/www.fidelity.com\/investing\/investment-accounts)\n  - [Investing & Trading Education](https:\/\/www.fidelity.com\/learning-center\/personal-finance\/investing-trading-education)\n- [Retirement]()\n  - [Retirement Planning](https:\/\/www.fidelity.com\/retirement\/retirement-planning)\n  - [401(k) Rollovers & IRA Transfers](https:\/\/www.fidelity.com\/retirement\/401k-rollover)\n  - [Retirement Accounts](https:\/\/www.fidelity.com\/retirement\/retirement-accounts)\n  - [Retirement Education](https:\/\/www.fidelity.com\/learning-center\/personal-finance\/retirement-education)\n- [Wealth Management]()\n  - [Wealth Management Offerings](https:\/\/www.fidelity.com\/wealth\/wealth-management-offerings)\n  - [Financial Advisors](https:\/\/www.fidelity.com\/wealth\/financial-advisors)\n  - [Financial Planning](https:\/\/www.fidelity.com\/wealth\/financial-planning)\n  - [Investment Management](https:\/\/www.fidelity.com\/wealth\/investment-management)\n  - [Wealth Management Insights](https:\/\/www.fidelity.com\/learning-center\/wealth-management-insights)\n- [News & Research]()\n  - [News](https:\/\/www.fidelity.com\/news\/overview)\n  - [Wealth Management Insights](https:\/\/www.fidelity.com\/learning-center\/wealth-management-insights)\n  - [Watchlist](https:\/\/digital.fidelity.com\/ftgw\/digital\/watwebex)\n  - [Alerts](https:\/\/alertable.fidelity.com\/ftgw\/digital\/alerts)\n  - [Stocks, ETFs, Crypto](https:\/\/digital.fidelity.com\/prgw\/digital\/research\/src)\n  - [Mutual Funds](https:\/\/fundresearch.fidelity.com\/fund-screener)\n  - [Fixed Income, Bonds & CDs](https:\/\/fixedincome.fidelity.com\/ftgw\/fi\/FILanding)\n  - [Options](https:\/\/digital.fidelity.com\/ftgw\/digital\/options-home\/)\n  - [IPOs](https:\/\/brokerage.fidelity.com\/ftgw\/brkg\/ipo\/calendar)\n  - [Annuities](https:\/\/fundresearch.fidelity.com\/fund-screener\/annuities\/)\n  - [Learn](https:\/\/www.fidelity.com\/learning-center\/overview)\n\n## Learn\n- [Learn](https:\/\/www.fidelity.com\/learning-center\/overview)\n- [Favorites](https:\/\/www.fidelity.com\/learning-center\/favorites)\n- Topics\n  - Financial essentials\n    - [Saving and budgeting money](https:\/\/www.fidelity.com\/learning-center\/personal-finance\/saving-and-budgeting-money \"Saving and budgeting money\")\n    - [Managing debt](https:\/\/www.fidelity.com\/learning-center\/personal-finance\/managing-debt \"Managing debt\")\n    - [Saving for retirement](https:\/\/www.fidelity.com\/learning-center\/personal-finance\/retirement\/saving-for-retirement \"Saving for retirement\")\n    - [Working and income](https:\/\/www.fidelity.com\/learning-center\/personal-finance\/working-and-income \"Working and income\")\n    - [Managing health care](https:\/\/www.fidelity.com\/learning-center\/personal-finance\/managing-health-care \"Managing health care\")\n    - [Talking to family about money](https:\/\/www.fidelity.com\/learning-center\/personal-finance\/talking-to-family-about-money \"Talking to family about money\")\n    - [Personal finance for students](https:\/\/www.fidelity.com\/learning-center\/personal-finance\/personal-finance-for-students \"Personal finance for students\")\n    - [Managing taxes](https:\/\/www.fidelity.com\/learning-center\/personal-finance\/managing-taxes\/managing-taxes \"Managing taxes\")\n    - [Managing estate planning](https:\/\/www.fidelity.com\/learning-center\/personal-finance\/managing-estate-planning \"Managing estate planning\")\n    - [Making charitable donations](https:\/\/www.fidelity.com\/learning-center\/personal-finance\/charitable-giving\/making-charitable-donations \"Making charitable donations\")\n  - Life events\n    - [Changing jobs](https:\/\/www.fidelity.com\/learning-center\/life-events\/career-planning \"Changing jobs\")\n    - [Planning for college](https:\/\/www.fidelity.com\/learning-center\/life-events\/prepare-for-college \"Planning for college\")\n    - [Getting divorced](https:\/\/www.fidelity.com\/learning-center\/life-events\/getting-divorced \"Getting divorced\")\n    - [Becoming a parent](https:\/\/www.fidelity.com\/learning-center\/life-events\/parenting \"Becoming a parent\")\n    - [Caring for aging loved ones](https:\/\/www.fidelity.com\/learning-center\/life-events\/caring-for-the-aging \"Caring for aging loved ones\")\n    - [Marriage and partnering](https:\/\/www.fidelity.com\/learning-center\/life-events\/marriage \"Marriage and partnering\")\n    - [Buying or selling a house](https:\/\/www.fidelity.com\/learning-center\/life-events\/selling-and-buying-house \"Buying or selling a house\")\n    - [Retiring](https:\/\/www.fidelity.com\/learning-center\/personal-finance\/retirement\/planning-your-retirement \"Retiring\")\n    - [Losing a loved one](https:\/\/www.fidelity.com\/learning-center\/life-events\/loss-of-loved-one \"Losing a loved one\")\n    - [Making a major purchase](https:\/\/www.fidelity.com\/learning-center\/life-events\/major-purchase \"Making a major purchase&#9;\")\n    - [Experiencing illness or injury](https:\/\/www.fidelity.com\/learning-center\/life-events\/injury-and-illness \"Experiencing illness or injury\")\n    - [Disabilities and special needs](https:\/\/www.fidelity.com\/learning-center\/life-events\/disabilities-and-special-needs \"Disabilities and special needs\")\n    - [Aging well](https:\/\/www.fidelity.com\/learning-center\/life-events\/aging-well \"Aging well\")\n    - [Becoming self-employed](https:\/\/www.fidelity.com\/learning-center\/life-events\/how-to-become-self-employed \"Becoming self-employed\")\n  - Investing and trading\n    - [Investing for beginners](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/investing-for-beginners \"Investing for beginners\")\n    - [Trading for beginners](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/trading-for-beginners \"Trading for beginners\")\n    - [Crypto basics](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/crypto\/crypto-for-beginners \"Crypto basics\")\n    - [Crypto: Beyond the basics](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/crypto\/crypto-advanced \"Crypto: Beyond the basics\")\n    - [Alternative investing](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/alternative-investing \"Alternative investing\")\n    - [Exploring stocks and sectors](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/finding-stocks-and-sector-ideas \"Exploring stocks and sectors\")\n    - [Investing for income](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/investing-for-income \"Investing for income\")\n    - [Analyzing stock fundamentals](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/fundamental-analysis\/analyzing-stock-fundamentals \"Analyzing stock fundamentals\")\n    - [Using technical analysis](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/technical-analysis\/using-technical-analysis \"Using technical analysis\")\n  - Investment products\n    - [ETFs](https:\/\/www.fidelity.com\/learning-center\/investment-products\/etf\/etfs \"ETFs\")\n    - [Mutual funds](https:\/\/www.fidelity.com\/learning-center\/investment-products\/mutual-funds\/mutual-funds \"Mutual funds \")\n    - [Stocks](https:\/\/www.fidelity.com\/learning-center\/investment-products\/stocks\/stocks \"Stocks\")\n    - [Fixed income, bonds, CDs](https:\/\/www.fidelity.com\/learning-center\/investment-products\/fixed-income-bonds\/fixed-income-bonds-cds \"Fixed income, bonds, CDs\")\n    - [Annuities](https:\/\/www.fidelity.com\/learning-center\/investment-products\/annuities \"Annuities\")\n    - [Closed-end funds](https:\/\/www.fidelity.com\/learning-center\/investment-products\/closed-end-funds\/closed-end-funds \"Closed-end funds\")\n  - Advanced trading\n    - [Using margin](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/using-margin \"Using margin\")\n    - [Options trading basics](https:\/\/www.fidelity.com\/learning-center\/investment-products\/options\/options-for-beginners \"Options trading basics\")\n    - [Options: Beyond the basics](https:\/\/www.fidelity.com\/learning-center\/investment-products\/options\/options \"Options: Beyond the basics\")\n    - [Advanced trading strategies](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/more-trading-strategies \"Advanced trading strategies\")\n    - [Using Fidelity Trader+](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/trading-platforms\/using-trader-plus \"Using Fidelity Trader+\")\n    - [Options Strategy Guide](https:\/\/www.fidelity.com\/learning-center\/investment-products\/options\/options-strategy-guide\/overview \"Options Strategy Guide\")\n    - [Technical Indicator Guide](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/technical-analysis\/technical-indicator-guide\/overview \"Technical Indicator Guide\")\n  - [Latest Market Insights](https:\/\/www.fidelity.com\/viewpoints\/market-and-economic-insights\/market-volatility-overview \"Latest Market Insights\")\n  - [Viewpoints: Expert insights](https:\/\/www.fidelity.com\/learning-center\/viewpoints \"Viewpoints: Expert insights\")\n  - [Smart Money: Tips and tactics](https:\/\/www.fidelity.com\/learning-center\/smart-money \"Smart Money: Tips and tactics\")\n  - [Money Unscripted](https:\/\/www.fidelity.com\/learning-center\/money-unscripted \"Money Unscripted\")\n  - [The Trading Post](https:\/\/www.fidelity.com\/learning-center\/trading-post \"The Trading Post\")\n  - [Women Talk Money](https:\/\/www.fidelity.com\/learning-center\/women-talk-money \"Women Talk Money\")\n  - [Wealth Management Insights](https:\/\/www.fidelity.com\/learning-center\/wealth-management-insights \"Wealth Management Insights\")\n- Events\n  - [Upcoming events](https:\/\/fidelityevents.com\/allevents\/special \"Upcoming events\")\n  - [On-demand webinars](https:\/\/www.fidelity.com\/learning-center\/events\/investing-webinars \"On-demand webinars\")\n  - [Market briefings](https:\/\/fidelityevents.com\/allevents\/filtered?hubFilter=tags|Coaching,Market%20Analysis#hub \"Market briefings\")\n  - [Market Sense](https:\/\/www.fidelity.com\/learning-center\/live-pi \"Market Sense\")\n  - [Trading Strategy Desk® coaching](https:\/\/www.fidelity.com\/learning-center\/events\/coaching-sessions \"Trading Strategy Desk® coaching\")\n  - [Trading Strategy Desk® classes](https:\/\/www.fidelity.com\/learning-center\/events\/virtual-classrooms \"Trading Strategy Desk® classes\")\n- Search\n\nMarch 17, 2026\n\n![Estimate Time](https:\/\/www.fidelity.com\/bin-public\/600_Fidelity_Com_English\/images\/article\/time-clock-circle.svg)8 min\n\nSave ![](https:\/\/www.fidelity.com\/bin-public\/600_Fidelity_Com_English\/images\/article\/Bookmark.svg) ![](https:\/\/www.fidelity.com\/bin-public\/600_Fidelity_Com_English\/images\/article\/save-success.svg)\n\nClose Popover\n\n***\nGreat, you have saved this article to you My Learn Profile page.\n\nShare ![Share](https:\/\/www.fidelity.com\/bin-public\/600_Fidelity_Com_English\/images\/article\/share.svg)\n\nClose Popover\n\n***\nHow to buy international stocks \\| Fidelity\n\nClicking a link will open a new window.\n\n- [Facebook](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/how-to-buy-international-stocks#facebook)\n- [Twitter](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/how-to-buy-international-stocks#twitter)\n- [LinkedIn](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/how-to-buy-international-stocks#linkedin)\n\n[Print ![Print](https:\/\/www.fidelity.com\/bin-public\/600_Fidelity_Com_English\/images\/article\/Print.svg)](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/how-to-buy-international-stocks#print)\n\n# How to buy international stocks\nFunds, ETFs, or stock-by-stock? Here's how to decide.\n\nFidelity Viewpoints\n\n![](https:\/\/www.fidelity.com\/bin-public\/600_Fidelity_Com_English\/images\/learning-center\/heros\/how-to-invest-in-international-stocks-217600534-banner.png)\n\n### Key takeaways\n- International stocks have been outperforming US stocks so far in 2026.\n- For many investors, it makes sense to maintain a long-term exposure to international stocks as part of a diversified portfolio.\n- Investors can gain foreign stock exposure through American Depository Receipts (ADRs), foreign-listed stocks, mutual funds, ETFs, or separately managed accounts—each of which comes with its own tradeoffs.\n- Tax treatment of international stocks can be complex. Investors should consult a tax professional for advice.\n\nInternational stocks came into 2026 with real momentum, after outpacing US stocks by some 15 percentage points in 2025.1\n\nWhile the recent market pullback has interrupted that momentum to a degree, as of mid March both developed and emerging market stocks were still outperforming US stocks on a year-to-date basis.2\n\nWhile past performance does not foretell the future, there are many reasons why investors might want to maintain an allocation to non-US stocks in 2026 in a diversified portfolio. Even after a year of outperformance, a large valuation gap still remains: Foreign large-cap stocks recently traded at about a 30% discount to US stocks on a forward price\/earnings (PE) ratio comparison and a more than 50% discount on a price-to-book-value basis.3\n\nYasmin Landy, a Fidelity institutional portfolio manager focused on international stocks, notes that several of the [forces that drove strong international performance](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/international-stocks-outlook) last year still remain intact, and new drivers have been emerging. The US dollar, down by about 10% in 2025 relative to a basket of foreign developed-market currencies,4 remains under pressure as foreign businesses and investors diversify away from the US dollar in trade and investing decisions (when the dollar declines, foreign currency-denominated investments become more valuable to US investors). Currency movements are notoriously difficult to predict, particularly in the short term, but have historically often moved in long cycles, Landy says.\n\nEurope—and Germany in particular—has been boosting spending on defense and infrastructure, providing fiscal stimulus that could help to raise the continent’s economic growth rate. European banks, a top-performing group last year, have continued to deliver generally good results thanks to favorable interest rate dynamics, loan growth in certain areas, and cost-control efforts. In Japan, after years of corporate restructuring, companies are becoming more profitable and friendly to shareholders. Additionally, Landy notes that supply-demand imbalances have created potentially compelling opportunities abroad in certain specific industries, including aerospace aftermarket parts, semiconductor manufacturing and equipment, and power generation and transmission.\n\n### Why own international stocks\nIn truth, the case for owning foreign shares is about much more than just performance chasing. “It’s always important to consider an investment in international stocks, due to the potential portfolio diversification benefits,” says Heather Knight, a national brokerage coach at Fidelity. Since economic and business cycles differ between countries, stocks from different nations and regions typically don’t move in synch. “Because US and international investments don’t move in lockstep, combining them in a diversified portfolio can help reduce that portfolio’s risk profile,” says Scott McAdam, an institutional portfolio manager with Strategic Advisers, LLC, the investment manager for many of Fidelity’s managed accounts.\n\nMoreover, international markets represent a large, fruitful opportunity set, accounting for a large proportion of the world’s listed stocks and as much as 40% to 50% of global market capitalization.\n\n### How much should you hold in international stocks?\nThere’s no one-size-fits-all answer to the question of how much of one’s stock portfolio should be dedicated to foreign shares. Typically, a long-term allocation to international stocks is something that investors should establish when they come up with their [asset allocation](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/asset-allocation) for a given goal, and should reevaluate periodically or if they have any changes to their goals, time horizon, risk tolerance, or risk capacity.\n\nOne common approach is to carve international stocks out of a portfolio’s total stock allocation. For example, McAdam says that Strategic Advisers often uses a guideline of a 70% US, 30% international allocation within the portion of a portfolio earmarked for stocks. Following that guideline, a portfolio with a 60% stock, 40% bond allocation would have about 18% of the total portfolio allocated to international stocks.\n\n### How to invest in international stocks\nFortunately, there are numerous ways to access overseas markets and stocks today. “It’s easier to invest in international stocks today than it was in the past, and Fidelity offers all options,” says Knight.\n\nFor investors, the main challenge is parsing the many options, which generally can be divided into 3 groups: investing in individual stocks, investing with exchange-traded funds (ETFs) or mutual funds, and investing with separately managed accounts (SMAs).\n\nRead on for a brief review of some of the characteristics, advantages, and disadvantages of each option.\n\n### 1\\. Individual stocks\nThere are 2 distinct types of securities that fall under the broader umbrella of individual foreign stocks: American Depository Receipts (ADRs), which represent shares of foreign companies that trade on US stock exchanges, and foreign-listed stocks (for example, shares of a Japanese company that trade on the Tokyo Stock Exchange).\n\nAn **ADR** is a security that trades in the US and in US dollars but represents claims to shares of a foreign stock. The ADR is created by a bank that purchases shares of the foreign stock and then issues receipts of that company for trading in the US. There are several hundred ADRs that trade on major US stock exchanges, plus several hundred more that trade in the over-the-counter (OTC) market. Fidelity customers can use the [Fidelity Stock ScreenerLog In Required](https:\/\/research2.fidelity.com\/pi\/stock-screener) to search for ADRs and sort them by size, earnings, industry, valuation, or other characteristics.\n\n**Pros**\n\n- Easy to buy.\n- Access to many of the largest foreign companies.\n- No need to handle currency conversion.\n- Dividends are paid in US dollars.\n- Many brokers, including Fidelity, charge no fees to trade ADRs.\n- ADRs that trade on US exchanges are generally highly liquid.\n- ADRs that trade on US exchanges generally must follow US reporting requirements—meaning investors can access English-language financial reports, and the underlying companies must meet certain US regulatory requirements around corporate governance and disclosures.\n\n**Cons**\n\n- Limited investment universe.\n- Over-the-counter ADRs may not provide thorough financial reporting or follow rigorous US accounting and regulatory standards.\n- May take significant work, research, and initial investment to build a sufficiently diversified portfolio.\n- Although investments are in US dollars, there is still currency risk from the underlying foreign-listed holding.\n- Dividends may have foreign taxes withheld, depending on the nature (or existence) of tax treaties between the US and the issuing company’s country. Investors should consult a tax professional for advice.\n\nSome brokers, including Fidelity, may also offer access to **foreign-listed stocks** via access to foreign exchanges. For example, Fidelity’s [international stock trading](https:\/\/www.fidelity.com\/stock-trading\/international-stock-trading) platform allows investors to invest in foreign-listed stocks from 25 countries and in 16 different currencies. Clients need to enroll online (there is no fee) to enable international stock and currency trading on foreign exchanges. At Fidelity, investors can choose to settle shares in either US dollars or local currencies.\n\n**Pros**\n\n- Access to a much broader universe of foreign stocks.\n- More precise control over exactly what companies, industries, countries, and regions an investor has exposure to.\n- Ability to trade in foreign currencies to help manage currency exposure.\n- Some local foreign markets may be less efficient than US markets, potentially allowing investors to identify and benefit from mispriced securities.\n\n**Cons**\n\n- Brokerage and other fees may apply for stock trading on foreign markets.\n- Currency conversion fees may apply.\n- As with ADRs, tax treatment differs by country and may be complex—certain jurisdictions may levy stamp duties or transaction taxes.\n- Foreign markets may be less liquid than US markets.\n- Trading hours may differ from US trading hours.\n- Foreign markets may have weaker regulatory controls, accounting requirements, or reporting requirements than US markets.\n- Researching individual foreign-listed stocks may be more difficult than researching US stocks or US-listed ADRs.\n\n### 2\\. Mutual funds and ETFs\nSince investing overseas may feel, well, foreign to most American investors, **international ETFs** and **mutual funds** make sense for many for gaining stock exposure abroad. “It’s harder for the US-based investor to monitor some of the top-down issues in foreign countries,” says Landy. “That’s why professional management can be helpful for international stock investing.”\n\nWhile investors don’t have precise control over the exact stocks they own in a [mutual fund](http:\/\/www.fidelity.com\/learning-center\/investment-products\/mutual-funds\/what-are-mutual-funds) or [ETF](http:\/\/www.fidelity.com\/learning-center\/smart-money\/what-are-etfs), they can choose funds that match the investment style or geographic exposure they seek. Fidelity investors can search among thousands of international-stock-focused funds and ETFs using the Fidelity [Mutual Funds Research](https:\/\/fundresearch.fidelity.com\/fund-screener\/) tool and Fidelity [ETF screener](https:\/\/digital.fidelity.com\/prgw\/digital\/research\/etf).\n\n**Pros**\n\n- Convenience.\n- Thousands of international funds and ETFs to choose from.\n- Potential access to broad diversification for low minimum investment amounts.\n- Professional managers may be well suited to keep their fingers on the pulse of local economies, currencies, opportunities, and market dislocations.\n- Funds and [active ETFs](http:\/\/www.fidelity.com\/learning-center\/investment-products\/etf\/types-of-etfs-actively-managed) that are supported by teams of stock analysts may have the resources to conduct in-depth research on individual stocks, sectors, and markets.\n- Ability to target specific regions, countries, sectors, or investment styles if desired.\n\n**Cons**\n\n- Subject to annual expense ratios.\n- Less control over exact stocks held.\n- Less control over timing of taxable events (funds and ETFs are generally required to distribute nearly all net investment income—dividends, short- and long-term gains—to shareholders each year).\n- ETFs are subject to market volatility and the risks of their underlying securities, and can trade at premiums or discounts to their net asset values.\n\nBoth passively managed options (like [index funds](https:\/\/www.fidelity.com\/learning-center\/smart-money\/what-is-an-index-fund)) and actively managed options are available. But Landy makes a case for active management abroad. “With active management overseas, you can add value by what you exclude,” she says. “Avoidance is important for some companies and regions around the world.”\n\n### 3\\. Separately managed accounts (SMAs)\nA third way to gain international exposure is with **SMAs**. Unlike mutual funds and ETFs, these are not pooled investments. Instead of owning shares of a fund or ETF in their account, an investor owns the underlying individual international stocks, but the portfolio is professionally managed. (Learn more about [SMAs](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/separately-managed-accounts).)\n\nAn SMA could be a particularly compelling structure for international stock investing due to the key blend of features it can offer: access to professional active management, plus access to tax-sensitive strategies.\n\n**Pros**\n\n- Convenience.\n- Potential access to broad diversification.\n- Professional management—potentially using either an active or passive approach.\n- Potential for customization of portfolio.\n- Access to tax-smart investing strategies, such as [tax-loss harvesting](https:\/\/www.fidelity.com\/viewpoints\/personal-finance\/tax-loss-harvesting) and deferred realization of capital gains. (Note: Tax-smart investing strategies may only provide a benefit when held in a taxable account, such as a brokerage account).\n- Full transparency: Account holders can see exactly what securities they hold (and any transactions) daily.\n\n**Cons**\n\n- Potentially more limited investment universe than international mutual funds or ETFs (many international stock SMAs invest primarily or exclusively in ADRs, which are explained further in section 1 above).\n- Advisory fees, management expenses, and transaction costs may be higher than for some ETFs and funds.\n- Many types of SMAs may require high minimum initial investment.\n- No tax benefit if held in a tax-advantaged account such as an IRA.\n\nFidelity offers both indexed and actively managed international-stock SMA strategies. Investors can learn more about [FidFolios®](https:\/\/digital.fidelity.com\/prgw\/digital\/msw\/overview\/a), digital SMAs that require a minimum initial investment of \\$5,000, or Fidelity’s [traditional SMAs](https:\/\/www.fidelity.com\/managed-accounts\/separately-managed-accounts\/overview), which have investment minimums ranging from \\$100,000–\\$350,000.\n\n### Take the next step\nIf you’re not sure how much you should be holding in international stocks, go back to basics by revisiting your [asset allocation](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/asset-allocation). If you’re ready to dive into investment options, you can research [mutual funds](https:\/\/fundresearch.fidelity.com\/fund-screener\/), [ETFs](https:\/\/digital.fidelity.com\/prgw\/digital\/research\/etf), and [stocks](https:\/\/digital.fidelity.com\/prgw\/digital\/research\/src\/overview) that may be a fit for your goals and needs.\n\nOr, if you could use some help in navigating your investing journey, learn more about [how we can work together](https:\/\/www.fidelity.com\/what-we-offer\/overview).\n\n## Research stocks, ETFs, or mutual funds\nGet our industry-leading investment analysis, and put our research to work.\n\n[Research now](https:\/\/www.fidelity.com\/go\/research)\n\n## More to explore\n### [Need help with investing?](https:\/\/www.fidelity.com\/what-we-offer\/overview)\nLearn how we can work together.\n\n### [Explore stocks and sectors](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/finding-stocks-and-sector-ideas)\nRead our latest market insights.\n\n## Subscribe to  *Fidelity Viewpoints®*\nTimely news and insights from our pros on markets, investing, and personal finance.(debug tcm:2365-349569)\n\n### Looking for more ideas and insights?\nWe'll deliver them right to your inbox.\n\nManage subscriptions\n\n### Thanks for subscribing\\!\nCheck out your Favorites page, where you can:\n\n- Tell us the topics you want to learn more about\n- View content you've saved for later\n- Subscribe to our newsletters\n\n[Go to Favorites](https:\/\/www.fidelity.com\/learning-center\/favorites)\n\n### We're on our way, but not quite there yet\nGood news, you're on the early-access list.   \n But we're not available in your state just yet. As soon as we are, we'll let you know. In the meantime, boost your crypto brainpower in our Learning Center.\n\nManage subscriptions\n\n### Oh, hello again\\!\nGood news, you’re already on the early-access list. Keep an eye on your email for your invitation to Fidelity Crypto.\n\nManage subscriptions\n\nClose dialog\n\n### Thanks for subscribing to  Looking for more ideas and insights?   You might like these too:\n### Looking for more ideas and insights? You might like these too:\n\n### *Fidelity Viewpoints®*\nTimely news and insights from our pros on markets, investing, and personal finance.(debug tcm:2 ...\n\n### Decode Crypto\nClarity on crypto every month. Build your knowledge with education for all levels.\n\n### *Fidelity Smart Money℠*\nWhat the news means for your money, plus tips to help you spend, save, and invest.\n\n### Active Investor\nOur most advanced investment insights, strategies, and tools.\n\n### *Insights from Fidelity Wealth Management* ℠\nTimely news, events, and wealth strategies from top Fidelity thought leaders.\n\n### Women Talk Money\nReal talk and helpful tips about money, investing, and careers.\n\n### Educational Webinars and Events\nFree financial education from Fidelity and other leading industry professionals.\n\n*Fidelity Viewpoints®*\n\nTimely news and insights from our pros on markets, investing, and personal finance.(debug tcm:2 ...\n\nDecode Crypto\n\nClarity on crypto every month. Build your knowledge with education for all levels.\n\n*Fidelity Smart Money℠*\n\nWhat the news means for your money, plus tips to help you spend, save, and invest.\n\nActive Investor\n\nOur most advanced investment insights, strategies, and tools.\n\n*Insights from Fidelity Wealth Management* ℠\n\nTimely news, events, and wealth strategies from top Fidelity thought leaders.\n\nWomen Talk Money\n\nReal talk and helpful tips about money, investing, and careers.\n\nEducational Webinars and Events\n\nFree financial education from Fidelity and other leading industry professionals.\n\nDone\n\nAdd subscriptions\n\nNo, thanks.\n\nLoading\n\n- [Investing for beginners](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/investing-for-beginners)\n- [Finding stock and sector ideas](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/finding-stocks-and-sector-ideas)\n- [Managing taxes](https:\/\/www.fidelity.com\/learning-center\/personal-finance\/managing-taxes\/managing-taxes)\n- [ETFs](https:\/\/www.fidelity.com\/learning-center\/investment-products\/etf\/etfs)\n- [Mutual funds](https:\/\/www.fidelity.com\/learning-center\/investment-products\/mutual-funds\/mutual-funds)\n- [Investing for income](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/investing-for-income)\n- [Stocks](https:\/\/www.fidelity.com\/learning-center\/investment-products\/stocks\/stocks)\n- [Using technical analysis](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/technical-analysis\/using-technical-analysis)\n- [Trading options](https:\/\/www.fidelity.com\/learning-center\/investment-products\/options\/options)\n\n**Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.**\n\n1\\. As measured by the MSCI ACWI ex USA Index compared with the S\\&P 500 Index. The MSCI ACWI ex USA Index measures performance of large- and mid-cap stocks across 22 non-US developed-market countries and 24 emerging-market countries. The S\\&P 500® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent US equity performance.\n\n2\\. As measured by the MSCI ACWI ex USA Index compared with the S\\&P 500 Index. The MSCI ACWI ex USA Index measures performance of large- and mid-cap stocks across 22 non-US developed-market countries and 24 emerging-market countries. The S\\&P 500® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent US equity performance.\n\n3\\. Based on a comparison of the MSCI ACWI ex USA Index with the S\\&P 500 Index. Data as of February 27, 2026. The MSCI ACWI ex USA Index measures performance of large- and mid-cap stocks across 22 non-US developed-market countries and 24 emerging-market countries. The S\\&P 500® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent US equity performance. Sources: \"MSCI ACWI ex USA Index (USD),\" MSCI, accessed on March 16, 2026. \"S\\&P 500 factsheet,\" S\\&P Global, accessed on March 16, 2026.\n\n4\\. As measured by the US Dollar Index (DXY), which measures the US dollar against a basket of 6 currencies (Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona, Swiss Franc). Source: Fidelity.\n\nThis information is intended to be educational and is not tailored to the investment needs of any specific investor.\n\nFidelity does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation.\n\nAs with all your investments through Fidelity, and in connection with your evaluation of the security, you must make your own determination whether an investment in any particular security or securities is consistent with your investment objectives, risk tolerance, and financial situation. Fidelity is not recommending or endorsing this investment by making it available to its customers.\n\n*Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.*\n\nDiversification and asset allocation do not ensure a profit or guarantee against loss.\n\n**Past performance is no guarantee of future results.**\n\nViews expressed are as of the date indicated, based on the information available at that time, and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the speaker or author and not necessarily those of Fidelity Investments or its affiliates. Fidelity does not assume any duty to update any of the information.\n\nStock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal.\n\nForeign markets can be more volatile than U.S. markets due to increased risks of adverse issuer, political, market, or economic developments, all of which are magnified in emerging markets. These risks are particularly significant for investments that focus on a single country or region.\n\nExchange-traded products (ETPs) are subject to market volatility and the risks of their underlying securities, which may include the risks associated with investing in smaller companies, foreign securities, commodities, and fixed income investments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets. ETPs that target a small universe of securities, such as a specific region or market sector, are generally subject to greater market volatility, as well as to the specific risks associated with that sector, region, or other focus. ETPs that use derivatives, leverage, or complex investment strategies are subject to additional risks. The return of an index ETP is usually different from that of the index it tracks because of fees, expenses, and tracking error. An ETP may trade at a premium or discount to its net asset value (NAV) (or indicative value in the case of exchange-traded notes). The degree of liquidity can vary significantly from one ETP to another and losses may be magnified if no liquid market exists for the ETP's shares when attempting to sell them. Each ETP has a unique risk profile, detailed in its prospectus, offering circular, or similar material, which should be considered carefully when making investment decisions.\n\nThe risk of loss in trading foreign currency can be substantial and may be magnified if trading on margin. Customers should therefore carefully consider whether such trading is suitable for them in light of their financial condition, risk tolerance and understanding of foreign markets. These risks include foreign currency risk and liquidation risk.\n\nCurrency exchanges are completed on behalf of Fidelity Brokerage Services LLC, and National Financial Services (together, \"Fidelity\") by Fidelity FOREX, LLC, an affiliate of Fidelity. Fidelity sends the transaction to Fidelity FOREX, LLC for the foreign exchange transaction. Fidelity serves as agent and Fidelity FOREX, LLC as principal to the foreign exchange transaction. Fidelity FOREX, LLC may impose a commission or markup to the price they receive from the interbank market which may result in a higher price to you. Fidelity FOREX, LLC may in turn share a portion of any foreign exchange commission or markup with Fidelity. More favorable exchange rates may be available through third parties not affiliated with Fidelity. Furthermore, larger foreign currency exchange transactions may receive more favorable rates than smaller transactions.\n\nTax-smart (i.e., tax-sensitive) investing techniques, including tax-loss harvesting, are applied in managing certain taxable accounts on a limited basis, at the discretion of the portfolio manager, primarily with respect to determining when assets in a client's account should be bought or sold. Assets contributed may be sold for a taxable gain or loss at any time. 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bPJL+pkG7w4iF1IiZLyXhfbQ7pml9e3604pRtnPccfbDeIDF0v6ba\/uJ4NBrnVJRu9y\/BnOlMoqjVPDpsP3c7dAzw4SR1mWv8zQEYrcClV137yHSITjs3bAQfYYQRRhhhhBFGGAH8D9DXSGd7oPh2AAAAAElFTkSuQmCC)\n\nWelcome 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SGcUnQ+0AMDeP2uJX1rbc1PAMmJH6Pekzn70x\/bWI5vav\/\/bO+0hAT+ntcP8P8IOrGXbdHt4cao9BL8tNnDYQU66wQ4LTrUbPJL+pkG7w4iF1IiZLyXhfbQ7pml9e3604pRtnPccfbDeIDF0v6ba\/uJ4NBrnVJRu9y\/BnOlMoqjVPDpsP3c7dAzw4SR1mWv8zQEYrcClV137yHSITjs3bAQfYYQRRhhhhBFGGAH8D9DXSGd7oPh2AAAAAElFTkSuQmCC)\n\nTo get your conversation started, type a question in the entry field or choose from one of the following popular topics and commonly asked questions.\n\n- How can I learn to effectively use my stocks for buying, trading, and selling?\n- How many shares should I buy for the international stock \\[stock symbol\\] trading at \\[bid-ask price\\]?\n- How can I learn about executing an international trade ticket and converting currency with Fidelity?\n\nProvide Feedback\n\nanswers will appear above the text input\n\nSubmit message\n\nPrivacy Settings\n\nWhen you visit our website, it may store or retrieve information on your browser, mostly in the form of cookies. Because we respect your right to privacy, you can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. However, blocking some types of cookies may impact your experience on this site and the services we are able to offer.\n***\nStrictly Necessary Cookies\n\nThese cookies are necessary for this website to function and cannot be switched off in our systems. You can set your browser to block or alert you about these cookies, but if you block these cookies, some parts of the site will not work. These cookies do not store any personally identifiable information.\n***\nPerformance Cookies\n\nThese cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not know when you have visited our site, and will not be able to monitor its performance.\n***\nFunctional Cookies\n\nThese cookies enable the website to provide enhanced functionality and personalization. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.\n***\nTargeting or Advertising Cookies\n\nThese cookies help us present relevant online advertising and marketing messages to you, and measure the effectiveness of our advertising and marketing campaigns. These cookies may be placed on your device by us or by our third-party advertising providers. When these cookies have been placed on your device, they can be recognized by certain advertising platforms used by other websites you visit, and this allows us to present our advertisements to you on those third party websites. While targeting cookies can identify you when you visit different websites, the information collected is anonymous. They do not store personal information, but are based on uniquely identifying your browser and device. If you do not allow these cookies, our online advertisements that you see may be less relevant to you.\n***\n\nCancel\n\nSave","attrs_readable_markdown":"Funds, ETFs, or stock-by-stock? Here's how to decide.\n\n![](https:\/\/www.fidelity.com\/bin-public\/600_Fidelity_Com_English\/images\/learning-center\/heros\/how-to-invest-in-international-stocks-217600534-banner.png)\n\n### Key takeaways\n- International stocks have been outperforming US stocks so far in 2026.\n- For many investors, it makes sense to maintain a long-term exposure to international stocks as part of a diversified portfolio.\n- Investors can gain foreign stock exposure through American Depository Receipts (ADRs), foreign-listed stocks, mutual funds, ETFs, or separately managed accounts—each of which comes with its own tradeoffs.\n- Tax treatment of international stocks can be complex. Investors should consult a tax professional for advice.\n\nInternational stocks came into 2026 with real momentum, after outpacing US stocks by some 15 percentage points in 2025.1\n\nWhile the recent market pullback has interrupted that momentum to a degree, as of mid March both developed and emerging market stocks were still outperforming US stocks on a year-to-date basis.2\n\nWhile past performance does not foretell the future, there are many reasons why investors might want to maintain an allocation to non-US stocks in 2026 in a diversified portfolio. Even after a year of outperformance, a large valuation gap still remains: Foreign large-cap stocks recently traded at about a 30% discount to US stocks on a forward price\/earnings (PE) ratio comparison and a more than 50% discount on a price-to-book-value basis.3\n\nYasmin Landy, a Fidelity institutional portfolio manager focused on international stocks, notes that several of the [forces that drove strong international performance](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/international-stocks-outlook) last year still remain intact, and new drivers have been emerging. The US dollar, down by about 10% in 2025 relative to a basket of foreign developed-market currencies,4 remains under pressure as foreign businesses and investors diversify away from the US dollar in trade and investing decisions (when the dollar declines, foreign currency-denominated investments become more valuable to US investors). Currency movements are notoriously difficult to predict, particularly in the short term, but have historically often moved in long cycles, Landy says.\n\nEurope—and Germany in particular—has been boosting spending on defense and infrastructure, providing fiscal stimulus that could help to raise the continent’s economic growth rate. European banks, a top-performing group last year, have continued to deliver generally good results thanks to favorable interest rate dynamics, loan growth in certain areas, and cost-control efforts. In Japan, after years of corporate restructuring, companies are becoming more profitable and friendly to shareholders. Additionally, Landy notes that supply-demand imbalances have created potentially compelling opportunities abroad in certain specific industries, including aerospace aftermarket parts, semiconductor manufacturing and equipment, and power generation and transmission.\n\n### Why own international stocks\nIn truth, the case for owning foreign shares is about much more than just performance chasing. “It’s always important to consider an investment in international stocks, due to the potential portfolio diversification benefits,” says Heather Knight, a national brokerage coach at Fidelity. Since economic and business cycles differ between countries, stocks from different nations and regions typically don’t move in synch. “Because US and international investments don’t move in lockstep, combining them in a diversified portfolio can help reduce that portfolio’s risk profile,” says Scott McAdam, an institutional portfolio manager with Strategic Advisers, LLC, the investment manager for many of Fidelity’s managed accounts.\n\nMoreover, international markets represent a large, fruitful opportunity set, accounting for a large proportion of the world’s listed stocks and as much as 40% to 50% of global market capitalization.\n\n### How much should you hold in international stocks?\nThere’s no one-size-fits-all answer to the question of how much of one’s stock portfolio should be dedicated to foreign shares. Typically, a long-term allocation to international stocks is something that investors should establish when they come up with their [asset allocation](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/asset-allocation) for a given goal, and should reevaluate periodically or if they have any changes to their goals, time horizon, risk tolerance, or risk capacity.\n\nOne common approach is to carve international stocks out of a portfolio’s total stock allocation. For example, McAdam says that Strategic Advisers often uses a guideline of a 70% US, 30% international allocation within the portion of a portfolio earmarked for stocks. Following that guideline, a portfolio with a 60% stock, 40% bond allocation would have about 18% of the total portfolio allocated to international stocks.\n\n### How to invest in international stocks\nFortunately, there are numerous ways to access overseas markets and stocks today. “It’s easier to invest in international stocks today than it was in the past, and Fidelity offers all options,” says Knight.\n\nFor investors, the main challenge is parsing the many options, which generally can be divided into 3 groups: investing in individual stocks, investing with exchange-traded funds (ETFs) or mutual funds, and investing with separately managed accounts (SMAs).\n\nRead on for a brief review of some of the characteristics, advantages, and disadvantages of each option.\n\n### 1\\. Individual stocks\nThere are 2 distinct types of securities that fall under the broader umbrella of individual foreign stocks: American Depository Receipts (ADRs), which represent shares of foreign companies that trade on US stock exchanges, and foreign-listed stocks (for example, shares of a Japanese company that trade on the Tokyo Stock Exchange).\n\nAn **ADR** is a security that trades in the US and in US dollars but represents claims to shares of a foreign stock. The ADR is created by a bank that purchases shares of the foreign stock and then issues receipts of that company for trading in the US. There are several hundred ADRs that trade on major US stock exchanges, plus several hundred more that trade in the over-the-counter (OTC) market. Fidelity customers can use the [Fidelity Stock ScreenerLog In Required](https:\/\/research2.fidelity.com\/pi\/stock-screener) to search for ADRs and sort them by size, earnings, industry, valuation, or other characteristics.\n\n**Pros**\n\n- Easy to buy.\n- Access to many of the largest foreign companies.\n- No need to handle currency conversion.\n- Dividends are paid in US dollars.\n- Many brokers, including Fidelity, charge no fees to trade ADRs.\n- ADRs that trade on US exchanges are generally highly liquid.\n- ADRs that trade on US exchanges generally must follow US reporting requirements—meaning investors can access English-language financial reports, and the underlying companies must meet certain US regulatory requirements around corporate governance and disclosures.\n\n**Cons**\n\n- Limited investment universe.\n- Over-the-counter ADRs may not provide thorough financial reporting or follow rigorous US accounting and regulatory standards.\n- May take significant work, research, and initial investment to build a sufficiently diversified portfolio.\n- Although investments are in US dollars, there is still currency risk from the underlying foreign-listed holding.\n- Dividends may have foreign taxes withheld, depending on the nature (or existence) of tax treaties between the US and the issuing company’s country. Investors should consult a tax professional for advice.\n\nSome brokers, including Fidelity, may also offer access to **foreign-listed stocks** via access to foreign exchanges. For example, Fidelity’s [international stock trading](https:\/\/www.fidelity.com\/stock-trading\/international-stock-trading) platform allows investors to invest in foreign-listed stocks from 25 countries and in 16 different currencies. Clients need to enroll online (there is no fee) to enable international stock and currency trading on foreign exchanges. At Fidelity, investors can choose to settle shares in either US dollars or local currencies.\n\n**Pros**\n\n- Access to a much broader universe of foreign stocks.\n- More precise control over exactly what companies, industries, countries, and regions an investor has exposure to.\n- Ability to trade in foreign currencies to help manage currency exposure.\n- Some local foreign markets may be less efficient than US markets, potentially allowing investors to identify and benefit from mispriced securities.\n\n**Cons**\n\n- Brokerage and other fees may apply for stock trading on foreign markets.\n- Currency conversion fees may apply.\n- As with ADRs, tax treatment differs by country and may be complex—certain jurisdictions may levy stamp duties or transaction taxes.\n- Foreign markets may be less liquid than US markets.\n- Trading hours may differ from US trading hours.\n- Foreign markets may have weaker regulatory controls, accounting requirements, or reporting requirements than US markets.\n- Researching individual foreign-listed stocks may be more difficult than researching US stocks or US-listed ADRs.\n\n### 2\\. Mutual funds and ETFs\nSince investing overseas may feel, well, foreign to most American investors, **international ETFs** and **mutual funds** make sense for many for gaining stock exposure abroad. “It’s harder for the US-based investor to monitor some of the top-down issues in foreign countries,” says Landy. “That’s why professional management can be helpful for international stock investing.”\n\nWhile investors don’t have precise control over the exact stocks they own in a [mutual fund](http:\/\/www.fidelity.com\/learning-center\/investment-products\/mutual-funds\/what-are-mutual-funds) or [ETF](http:\/\/www.fidelity.com\/learning-center\/smart-money\/what-are-etfs), they can choose funds that match the investment style or geographic exposure they seek. Fidelity investors can search among thousands of international-stock-focused funds and ETFs using the Fidelity [Mutual Funds Research](https:\/\/fundresearch.fidelity.com\/fund-screener\/) tool and Fidelity [ETF screener](https:\/\/digital.fidelity.com\/prgw\/digital\/research\/etf).\n\n**Pros**\n\n- Convenience.\n- Thousands of international funds and ETFs to choose from.\n- Potential access to broad diversification for low minimum investment amounts.\n- Professional managers may be well suited to keep their fingers on the pulse of local economies, currencies, opportunities, and market dislocations.\n- Funds and [active ETFs](http:\/\/www.fidelity.com\/learning-center\/investment-products\/etf\/types-of-etfs-actively-managed) that are supported by teams of stock analysts may have the resources to conduct in-depth research on individual stocks, sectors, and markets.\n- Ability to target specific regions, countries, sectors, or investment styles if desired.\n\n**Cons**\n\n- Subject to annual expense ratios.\n- Less control over exact stocks held.\n- Less control over timing of taxable events (funds and ETFs are generally required to distribute nearly all net investment income—dividends, short- and long-term gains—to shareholders each year).\n- ETFs are subject to market volatility and the risks of their underlying securities, and can trade at premiums or discounts to their net asset values.\n\nBoth passively managed options (like [index funds](https:\/\/www.fidelity.com\/learning-center\/smart-money\/what-is-an-index-fund)) and actively managed options are available. But Landy makes a case for active management abroad. “With active management overseas, you can add value by what you exclude,” she says. “Avoidance is important for some companies and regions around the world.”\n\n### 3\\. Separately managed accounts (SMAs)\nA third way to gain international exposure is with **SMAs**. Unlike mutual funds and ETFs, these are not pooled investments. Instead of owning shares of a fund or ETF in their account, an investor owns the underlying individual international stocks, but the portfolio is professionally managed. (Learn more about [SMAs](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/separately-managed-accounts).)\n\nAn SMA could be a particularly compelling structure for international stock investing due to the key blend of features it can offer: access to professional active management, plus access to tax-sensitive strategies.\n\n**Pros**\n\n- Convenience.\n- Potential access to broad diversification.\n- Professional management—potentially using either an active or passive approach.\n- Potential for customization of portfolio.\n- Access to tax-smart investing strategies, such as [tax-loss harvesting](https:\/\/www.fidelity.com\/viewpoints\/personal-finance\/tax-loss-harvesting) and deferred realization of capital gains. (Note: Tax-smart investing strategies may only provide a benefit when held in a taxable account, such as a brokerage account).\n- Full transparency: Account holders can see exactly what securities they hold (and any transactions) daily.\n\n**Cons**\n\n- Potentially more limited investment universe than international mutual funds or ETFs (many international stock SMAs invest primarily or exclusively in ADRs, which are explained further in section 1 above).\n- Advisory fees, management expenses, and transaction costs may be higher than for some ETFs and funds.\n- Many types of SMAs may require high minimum initial investment.\n- No tax benefit if held in a tax-advantaged account such as an IRA.\n\nFidelity offers both indexed and actively managed international-stock SMA strategies. Investors can learn more about [FidFolios®](https:\/\/digital.fidelity.com\/prgw\/digital\/msw\/overview\/a), digital SMAs that require a minimum initial investment of \\$5,000, or Fidelity’s [traditional SMAs](https:\/\/www.fidelity.com\/managed-accounts\/separately-managed-accounts\/overview), which have investment minimums ranging from \\$100,000–\\$350,000.\n\n### Take the next step\nIf you’re not sure how much you should be holding in international stocks, go back to basics by revisiting your [asset allocation](https:\/\/www.fidelity.com\/learning-center\/trading-investing\/asset-allocation). If you’re ready to dive into investment options, you can research [mutual funds](https:\/\/fundresearch.fidelity.com\/fund-screener\/), [ETFs](https:\/\/digital.fidelity.com\/prgw\/digital\/research\/etf), and [stocks](https:\/\/digital.fidelity.com\/prgw\/digital\/research\/src\/overview) that may be a fit for your goals and needs.\n\nOr, if you could use some help in navigating your investing journey, learn more about [how we can work together](https:\/\/www.fidelity.com\/what-we-offer\/overview).\n\nResearch stocks, ETFs, or mutual funds\n\nGet our industry-leading investment analysis, and put our research to work.\n\nMore to explore","meta_canonical":null}

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Boilerpipe Text	Funds, ETFs, or stock-by-stock? Here's how to decide. Key takeaways International stocks have been outperforming US stocks so far in 2026. For many investors, it makes sense to maintain a long-term exposure to international stocks as part of a diversified portfolio. Investors can gain foreign stock exposure through American Depository Receipts (ADRs), foreign-listed stocks, mutual funds, ETFs, or separately managed accounts—each of which comes with its own tradeoffs. Tax treatment of international stocks can be complex. Investors should consult a tax professional for advice. International stocks came into 2026 with real momentum, after outpacing US stocks by some 15 percentage points in 2025. 1 While the recent market pullback has interrupted that momentum to a degree, as of mid March both developed and emerging market stocks were still outperforming US stocks on a year-to-date basis. 2 While past performance does not foretell the future, there are many reasons why investors might want to maintain an allocation to non-US stocks in 2026 in a diversified portfolio. Even after a year of outperformance, a large valuation gap still remains: Foreign large-cap stocks recently traded at about a 30% discount to US stocks on a forward price/earnings (PE) ratio comparison and a more than 50% discount on a price-to-book-value basis. 3 Yasmin Landy, a Fidelity institutional portfolio manager focused on international stocks, notes that several of the forces that drove strong international performance last year still remain intact, and new drivers have been emerging. The US dollar, down by about 10% in 2025 relative to a basket of foreign developed-market currencies, 4 remains under pressure as foreign businesses and investors diversify away from the US dollar in trade and investing decisions (when the dollar declines, foreign currency-denominated investments become more valuable to US investors). Currency movements are notoriously difficult to predict, particularly in the short term, but have historically often moved in long cycles, Landy says. Europe—and Germany in particular—has been boosting spending on defense and infrastructure, providing fiscal stimulus that could help to raise the continent’s economic growth rate. European banks, a top-performing group last year, have continued to deliver generally good results thanks to favorable interest rate dynamics, loan growth in certain areas, and cost-control efforts. In Japan, after years of corporate restructuring, companies are becoming more profitable and friendly to shareholders. Additionally, Landy notes that supply-demand imbalances have created potentially compelling opportunities abroad in certain specific industries, including aerospace aftermarket parts, semiconductor manufacturing and equipment, and power generation and transmission. Why own international stocks In truth, the case for owning foreign shares is about much more than just performance chasing. “It’s always important to consider an investment in international stocks, due to the potential portfolio diversification benefits,” says Heather Knight, a national brokerage coach at Fidelity. Since economic and business cycles differ between countries, stocks from different nations and regions typically don’t move in synch. “Because US and international investments don’t move in lockstep, combining them in a diversified portfolio can help reduce that portfolio’s risk profile,” says Scott McAdam, an institutional portfolio manager with Strategic Advisers, LLC, the investment manager for many of Fidelity’s managed accounts. Moreover, international markets represent a large, fruitful opportunity set, accounting for a large proportion of the world’s listed stocks and as much as 40% to 50% of global market capitalization. How much should you hold in international stocks? There’s no one-size-fits-all answer to the question of how much of one’s stock portfolio should be dedicated to foreign shares. Typically, a long-term allocation to international stocks is something that investors should establish when they come up with their asset allocation for a given goal, and should reevaluate periodically or if they have any changes to their goals, time horizon, risk tolerance, or risk capacity. One common approach is to carve international stocks out of a portfolio’s total stock allocation. For example, McAdam says that Strategic Advisers often uses a guideline of a 70% US, 30% international allocation within the portion of a portfolio earmarked for stocks. Following that guideline, a portfolio with a 60% stock, 40% bond allocation would have about 18% of the total portfolio allocated to international stocks. How to invest in international stocks Fortunately, there are numerous ways to access overseas markets and stocks today. “It’s easier to invest in international stocks today than it was in the past, and Fidelity offers all options,” says Knight. For investors, the main challenge is parsing the many options, which generally can be divided into 3 groups: investing in individual stocks, investing with exchange-traded funds (ETFs) or mutual funds, and investing with separately managed accounts (SMAs). Read on for a brief review of some of the characteristics, advantages, and disadvantages of each option. 1. Individual stocks There are 2 distinct types of securities that fall under the broader umbrella of individual foreign stocks: American Depository Receipts (ADRs), which represent shares of foreign companies that trade on US stock exchanges, and foreign-listed stocks (for example, shares of a Japanese company that trade on the Tokyo Stock Exchange). An ADR is a security that trades in the US and in US dollars but represents claims to shares of a foreign stock. The ADR is created by a bank that purchases shares of the foreign stock and then issues receipts of that company for trading in the US. There are several hundred ADRs that trade on major US stock exchanges, plus several hundred more that trade in the over-the-counter (OTC) market. Fidelity customers can use the Fidelity Stock Screener Log In Required to search for ADRs and sort them by size, earnings, industry, valuation, or other characteristics. Pros Easy to buy. Access to many of the largest foreign companies. No need to handle currency conversion. Dividends are paid in US dollars. Many brokers, including Fidelity, charge no fees to trade ADRs. ADRs that trade on US exchanges are generally highly liquid. ADRs that trade on US exchanges generally must follow US reporting requirements—meaning investors can access English-language financial reports, and the underlying companies must meet certain US regulatory requirements around corporate governance and disclosures. Cons Limited investment universe. Over-the-counter ADRs may not provide thorough financial reporting or follow rigorous US accounting and regulatory standards. May take significant work, research, and initial investment to build a sufficiently diversified portfolio. Although investments are in US dollars, there is still currency risk from the underlying foreign-listed holding. Dividends may have foreign taxes withheld, depending on the nature (or existence) of tax treaties between the US and the issuing company’s country. Investors should consult a tax professional for advice. Some brokers, including Fidelity, may also offer access to foreign-listed stocks via access to foreign exchanges. For example, Fidelity’s international stock trading platform allows investors to invest in foreign-listed stocks from 25 countries and in 16 different currencies. Clients need to enroll online (there is no fee) to enable international stock and currency trading on foreign exchanges. At Fidelity, investors can choose to settle shares in either US dollars or local currencies. Pros Access to a much broader universe of foreign stocks. More precise control over exactly what companies, industries, countries, and regions an investor has exposure to. Ability to trade in foreign currencies to help manage currency exposure. Some local foreign markets may be less efficient than US markets, potentially allowing investors to identify and benefit from mispriced securities. Cons Brokerage and other fees may apply for stock trading on foreign markets. Currency conversion fees may apply. As with ADRs, tax treatment differs by country and may be complex—certain jurisdictions may levy stamp duties or transaction taxes. Foreign markets may be less liquid than US markets. Trading hours may differ from US trading hours. Foreign markets may have weaker regulatory controls, accounting requirements, or reporting requirements than US markets. Researching individual foreign-listed stocks may be more difficult than researching US stocks or US-listed ADRs. 2. Mutual funds and ETFs Since investing overseas may feel, well, foreign to most American investors, international ETFs and mutual funds make sense for many for gaining stock exposure abroad. “It’s harder for the US-based investor to monitor some of the top-down issues in foreign countries,” says Landy. “That’s why professional management can be helpful for international stock investing.” While investors don’t have precise control over the exact stocks they own in a mutual fund or ETF , they can choose funds that match the investment style or geographic exposure they seek. Fidelity investors can search among thousands of international-stock-focused funds and ETFs using the Fidelity Mutual Funds Research tool and Fidelity ETF screener . Pros Convenience. Thousands of international funds and ETFs to choose from. Potential access to broad diversification for low minimum investment amounts. Professional managers may be well suited to keep their fingers on the pulse of local economies, currencies, opportunities, and market dislocations. Funds and active ETFs that are supported by teams of stock analysts may have the resources to conduct in-depth research on individual stocks, sectors, and markets. Ability to target specific regions, countries, sectors, or investment styles if desired. Cons Subject to annual expense ratios. Less control over exact stocks held. Less control over timing of taxable events (funds and ETFs are generally required to distribute nearly all net investment income—dividends, short- and long-term gains—to shareholders each year). ETFs are subject to market volatility and the risks of their underlying securities, and can trade at premiums or discounts to their net asset values. Both passively managed options (like index funds ) and actively managed options are available. But Landy makes a case for active management abroad. “With active management overseas, you can add value by what you exclude,” she says. “Avoidance is important for some companies and regions around the world.” 3. Separately managed accounts (SMAs) A third way to gain international exposure is with SMAs . Unlike mutual funds and ETFs, these are not pooled investments. Instead of owning shares of a fund or ETF in their account, an investor owns the underlying individual international stocks, but the portfolio is professionally managed. (Learn more about SMAs .) An SMA could be a particularly compelling structure for international stock investing due to the key blend of features it can offer: access to professional active management, plus access to tax-sensitive strategies. Pros Convenience. Potential access to broad diversification. Professional management—potentially using either an active or passive approach. Potential for customization of portfolio. Access to tax-smart investing strategies, such as tax-loss harvesting and deferred realization of capital gains. (Note: Tax-smart investing strategies may only provide a benefit when held in a taxable account, such as a brokerage account). Full transparency: Account holders can see exactly what securities they hold (and any transactions) daily. Cons Potentially more limited investment universe than international mutual funds or ETFs (many international stock SMAs invest primarily or exclusively in ADRs, which are explained further in section 1 above). Advisory fees, management expenses, and transaction costs may be higher than for some ETFs and funds. Many types of SMAs may require high minimum initial investment. No tax benefit if held in a tax-advantaged account such as an IRA. Fidelity offers both indexed and actively managed international-stock SMA strategies. Investors can learn more about FidFolios ® , digital SMAs that require a minimum initial investment of $5,000, or Fidelity’s traditional SMAs , which have investment minimums ranging from $100,000–$350,000. Take the next step If you’re not sure how much you should be holding in international stocks, go back to basics by revisiting your asset allocation . If you’re ready to dive into investment options, you can research mutual funds , ETFs , and stocks that may be a fit for your goals and needs. Or, if you could use some help in navigating your investing journey, learn more about how we can work together . Research stocks, ETFs, or mutual funds Get our industry-leading investment analysis, and put our research to work. More to explore
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Share ![Share](https://www.fidelity.com/bin-public/600_Fidelity_Com_English/images/article/share.svg) Close Popover * How to buy international stocks \\| Fidelity Clicking a link will open a new window. - [Facebook](https://www.fidelity.com/learning-center/trading-investing/how-to-buy-international-stocks#facebook) - [Twitter](https://www.fidelity.com/learning-center/trading-investing/how-to-buy-international-stocks#twitter) - [LinkedIn](https://www.fidelity.com/learning-center/trading-investing/how-to-buy-international-stocks#linkedin) [Print ![Print](https://www.fidelity.com/bin-public/600_Fidelity_Com_English/images/article/Print.svg)](https://www.fidelity.com/learning-center/trading-investing/how-to-buy-international-stocks#print) # How to buy international stocks Funds, ETFs, or stock-by-stock? Here's how to decide. Fidelity Viewpoints ![](https://www.fidelity.com/bin-public/600_Fidelity_Com_English/images/learning-center/heros/how-to-invest-in-international-stocks-217600534-banner.png) ### Key takeaways - International stocks have been outperforming US stocks so far in 2026. - For many investors, it makes sense to maintain a long-term exposure to international stocks as part of a diversified portfolio. - Investors can gain foreign stock exposure through American Depository Receipts (ADRs), foreign-listed stocks, mutual funds, ETFs, or separately managed accounts—each of which comes with its own tradeoffs. - Tax treatment of international stocks can be complex. Investors should consult a tax professional for advice. International stocks came into 2026 with real momentum, after outpacing US stocks by some 15 percentage points in 2025.1 While the recent market pullback has interrupted that momentum to a degree, as of mid March both developed and emerging market stocks were still outperforming US stocks on a year-to-date basis.2 While past performance does not foretell the future, there are many reasons why investors might want to maintain an allocation to non-US stocks in 2026 in a diversified portfolio. Even after a year of outperformance, a large valuation gap still remains: Foreign large-cap stocks recently traded at about a 30% discount to US stocks on a forward price/earnings (PE) ratio comparison and a more than 50% discount on a price-to-book-value basis.3 Yasmin Landy, a Fidelity institutional portfolio manager focused on international stocks, notes that several of the [forces that drove strong international performance](https://www.fidelity.com/learning-center/trading-investing/international-stocks-outlook) last year still remain intact, and new drivers have been emerging. The US dollar, down by about 10% in 2025 relative to a basket of foreign developed-market currencies,4 remains under pressure as foreign businesses and investors diversify away from the US dollar in trade and investing decisions (when the dollar declines, foreign currency-denominated investments become more valuable to US investors). Currency movements are notoriously difficult to predict, particularly in the short term, but have historically often moved in long cycles, Landy says. Europe—and Germany in particular—has been boosting spending on defense and infrastructure, providing fiscal stimulus that could help to raise the continent’s economic growth rate. European banks, a top-performing group last year, have continued to deliver generally good results thanks to favorable interest rate dynamics, loan growth in certain areas, and cost-control efforts. In Japan, after years of corporate restructuring, companies are becoming more profitable and friendly to shareholders. Additionally, Landy notes that supply-demand imbalances have created potentially compelling opportunities abroad in certain specific industries, including aerospace aftermarket parts, semiconductor manufacturing and equipment, and power generation and transmission. ### Why own international stocks In truth, the case for owning foreign shares is about much more than just performance chasing. “It’s always important to consider an investment in international stocks, due to the potential portfolio diversification benefits,” says Heather Knight, a national brokerage coach at Fidelity. Since economic and business cycles differ between countries, stocks from different nations and regions typically don’t move in synch. “Because US and international investments don’t move in lockstep, combining them in a diversified portfolio can help reduce that portfolio’s risk profile,” says Scott McAdam, an institutional portfolio manager with Strategic Advisers, LLC, the investment manager for many of Fidelity’s managed accounts. Moreover, international markets represent a large, fruitful opportunity set, accounting for a large proportion of the world’s listed stocks and as much as 40% to 50% of global market capitalization. ### How much should you hold in international stocks? There’s no one-size-fits-all answer to the question of how much of one’s stock portfolio should be dedicated to foreign shares. Typically, a long-term allocation to international stocks is something that investors should establish when they come up with their [asset allocation](https://www.fidelity.com/learning-center/trading-investing/asset-allocation) for a given goal, and should reevaluate periodically or if they have any changes to their goals, time horizon, risk tolerance, or risk capacity. One common approach is to carve international stocks out of a portfolio’s total stock allocation. For example, McAdam says that Strategic Advisers often uses a guideline of a 70% US, 30% international allocation within the portion of a portfolio earmarked for stocks. Following that guideline, a portfolio with a 60% stock, 40% bond allocation would have about 18% of the total portfolio allocated to international stocks. ### How to invest in international stocks Fortunately, there are numerous ways to access overseas markets and stocks today. “It’s easier to invest in international stocks today than it was in the past, and Fidelity offers all options,” says Knight. For investors, the main challenge is parsing the many options, which generally can be divided into 3 groups: investing in individual stocks, investing with exchange-traded funds (ETFs) or mutual funds, and investing with separately managed accounts (SMAs). Read on for a brief review of some of the characteristics, advantages, and disadvantages of each option. ### 1\. Individual stocks There are 2 distinct types of securities that fall under the broader umbrella of individual foreign stocks: American Depository Receipts (ADRs), which represent shares of foreign companies that trade on US stock exchanges, and foreign-listed stocks (for example, shares of a Japanese company that trade on the Tokyo Stock Exchange). An ADR is a security that trades in the US and in US dollars but represents claims to shares of a foreign stock. The ADR is created by a bank that purchases shares of the foreign stock and then issues receipts of that company for trading in the US. There are several hundred ADRs that trade on major US stock exchanges, plus several hundred more that trade in the over-the-counter (OTC) market. Fidelity customers can use the [Fidelity Stock ScreenerLog In Required](https://research2.fidelity.com/pi/stock-screener) to search for ADRs and sort them by size, earnings, industry, valuation, or other characteristics. Pros - Easy to buy. - Access to many of the largest foreign companies. - No need to handle currency conversion. - Dividends are paid in US dollars. - Many brokers, including Fidelity, charge no fees to trade ADRs. - ADRs that trade on US exchanges are generally highly liquid. - ADRs that trade on US exchanges generally must follow US reporting requirements—meaning investors can access English-language financial reports, and the underlying companies must meet certain US regulatory requirements around corporate governance and disclosures. Cons - Limited investment universe. - Over-the-counter ADRs may not provide thorough financial reporting or follow rigorous US accounting and regulatory standards. - May take significant work, research, and initial investment to build a sufficiently diversified portfolio. - Although investments are in US dollars, there is still currency risk from the underlying foreign-listed holding. - Dividends may have foreign taxes withheld, depending on the nature (or existence) of tax treaties between the US and the issuing company’s country. Investors should consult a tax professional for advice. Some brokers, including Fidelity, may also offer access to foreign-listed stocks via access to foreign exchanges. For example, Fidelity’s [international stock trading](https://www.fidelity.com/stock-trading/international-stock-trading) platform allows investors to invest in foreign-listed stocks from 25 countries and in 16 different currencies. Clients need to enroll online (there is no fee) to enable international stock and currency trading on foreign exchanges. At Fidelity, investors can choose to settle shares in either US dollars or local currencies. Pros - Access to a much broader universe of foreign stocks. - More precise control over exactly what companies, industries, countries, and regions an investor has exposure to. - Ability to trade in foreign currencies to help manage currency exposure. - Some local foreign markets may be less efficient than US markets, potentially allowing investors to identify and benefit from mispriced securities. Cons - Brokerage and other fees may apply for stock trading on foreign markets. - Currency conversion fees may apply. - As with ADRs, tax treatment differs by country and may be complex—certain jurisdictions may levy stamp duties or transaction taxes. - Foreign markets may be less liquid than US markets. - Trading hours may differ from US trading hours. - Foreign markets may have weaker regulatory controls, accounting requirements, or reporting requirements than US markets. - Researching individual foreign-listed stocks may be more difficult than researching US stocks or US-listed ADRs. ### 2\. Mutual funds and ETFs Since investing overseas may feel, well, foreign to most American investors, international ETFs and mutual funds make sense for many for gaining stock exposure abroad. “It’s harder for the US-based investor to monitor some of the top-down issues in foreign countries,” says Landy. “That’s why professional management can be helpful for international stock investing.” While investors don’t have precise control over the exact stocks they own in a [mutual fund](http://www.fidelity.com/learning-center/investment-products/mutual-funds/what-are-mutual-funds) or [ETF](http://www.fidelity.com/learning-center/smart-money/what-are-etfs), they can choose funds that match the investment style or geographic exposure they seek. Fidelity investors can search among thousands of international-stock-focused funds and ETFs using the Fidelity [Mutual Funds Research](https://fundresearch.fidelity.com/fund-screener/) tool and Fidelity [ETF screener](https://digital.fidelity.com/prgw/digital/research/etf). Pros - Convenience. - Thousands of international funds and ETFs to choose from. - Potential access to broad diversification for low minimum investment amounts. - Professional managers may be well suited to keep their fingers on the pulse of local economies, currencies, opportunities, and market dislocations. - Funds and [active ETFs](http://www.fidelity.com/learning-center/investment-products/etf/types-of-etfs-actively-managed) that are supported by teams of stock analysts may have the resources to conduct in-depth research on individual stocks, sectors, and markets. - Ability to target specific regions, countries, sectors, or investment styles if desired. Cons - Subject to annual expense ratios. - Less control over exact stocks held. - Less control over timing of taxable events (funds and ETFs are generally required to distribute nearly all net investment income—dividends, short- and long-term gains—to shareholders each year). - ETFs are subject to market volatility and the risks of their underlying securities, and can trade at premiums or discounts to their net asset values. Both passively managed options (like [index funds](https://www.fidelity.com/learning-center/smart-money/what-is-an-index-fund)) and actively managed options are available. But Landy makes a case for active management abroad. “With active management overseas, you can add value by what you exclude,” she says. “Avoidance is important for some companies and regions around the world.” ### 3\. Separately managed accounts (SMAs) A third way to gain international exposure is with SMAs. Unlike mutual funds and ETFs, these are not pooled investments. Instead of owning shares of a fund or ETF in their account, an investor owns the underlying individual international stocks, but the portfolio is professionally managed. (Learn more about [SMAs](https://www.fidelity.com/learning-center/trading-investing/separately-managed-accounts).) An SMA could be a particularly compelling structure for international stock investing due to the key blend of features it can offer: access to professional active management, plus access to tax-sensitive strategies. Pros - Convenience. - Potential access to broad diversification. - Professional management—potentially using either an active or passive approach. - Potential for customization of portfolio. - Access to tax-smart investing strategies, such as [tax-loss harvesting](https://www.fidelity.com/viewpoints/personal-finance/tax-loss-harvesting) and deferred realization of capital gains. (Note: Tax-smart investing strategies may only provide a benefit when held in a taxable account, such as a brokerage account). - Full transparency: Account holders can see exactly what securities they hold (and any transactions) daily. Cons - Potentially more limited investment universe than international mutual funds or ETFs (many international stock SMAs invest primarily or exclusively in ADRs, which are explained further in section 1 above). - Advisory fees, management expenses, and transaction costs may be higher than for some ETFs and funds. - Many types of SMAs may require high minimum initial investment. - No tax benefit if held in a tax-advantaged account such as an IRA. Fidelity offers both indexed and actively managed international-stock SMA strategies. Investors can learn more about [FidFolios®](https://digital.fidelity.com/prgw/digital/msw/overview/a), digital SMAs that require a minimum initial investment of \$5,000, or Fidelity’s [traditional SMAs](https://www.fidelity.com/managed-accounts/separately-managed-accounts/overview), which have investment minimums ranging from \$100,000–\$350,000. ### Take the next step If you’re not sure how much you should be holding in international stocks, go back to basics by revisiting your [asset allocation](https://www.fidelity.com/learning-center/trading-investing/asset-allocation). If you’re ready to dive into investment options, you can research [mutual funds](https://fundresearch.fidelity.com/fund-screener/), [ETFs](https://digital.fidelity.com/prgw/digital/research/etf), and [stocks](https://digital.fidelity.com/prgw/digital/research/src/overview) that may be a fit for your goals and needs. 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Loading - [Investing for beginners](https://www.fidelity.com/learning-center/trading-investing/investing-for-beginners) - [Finding stock and sector ideas](https://www.fidelity.com/learning-center/trading-investing/finding-stocks-and-sector-ideas) - [Managing taxes](https://www.fidelity.com/learning-center/personal-finance/managing-taxes/managing-taxes) - [ETFs](https://www.fidelity.com/learning-center/investment-products/etf/etfs) - [Mutual funds](https://www.fidelity.com/learning-center/investment-products/mutual-funds/mutual-funds) - [Investing for income](https://www.fidelity.com/learning-center/trading-investing/investing-for-income) - [Stocks](https://www.fidelity.com/learning-center/investment-products/stocks/stocks) - [Using technical analysis](https://www.fidelity.com/learning-center/trading-investing/technical-analysis/using-technical-analysis) - [Trading options](https://www.fidelity.com/learning-center/investment-products/options/options) Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully. 1\. As measured by the MSCI ACWI ex USA Index compared with the S\&P 500 Index. The MSCI ACWI ex USA Index measures performance of large- and mid-cap stocks across 22 non-US developed-market countries and 24 emerging-market countries. The S\&P 500® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent US equity performance. 2\. As measured by the MSCI ACWI ex USA Index compared with the S\&P 500 Index. The MSCI ACWI ex USA Index measures performance of large- and mid-cap stocks across 22 non-US developed-market countries and 24 emerging-market countries. The S\&P 500® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent US equity performance. 3\. Based on a comparison of the MSCI ACWI ex USA Index with the S\&P 500 Index. Data as of February 27, 2026. The MSCI ACWI ex USA Index measures performance of large- and mid-cap stocks across 22 non-US developed-market countries and 24 emerging-market countries. The S\&P 500® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent US equity performance. Sources: "MSCI ACWI ex USA Index (USD)," MSCI, accessed on March 16, 2026. "S\&P 500 factsheet," S\&P Global, accessed on March 16, 2026. 4\. As measured by the US Dollar Index (DXY), which measures the US dollar against a basket of 6 currencies (Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona, Swiss Franc). Source: Fidelity. This information is intended to be educational and is not tailored to the investment needs of any specific investor. Fidelity does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation. As with all your investments through Fidelity, and in connection with your evaluation of the security, you must make your own determination whether an investment in any particular security or securities is consistent with your investment objectives, risk tolerance, and financial situation. Fidelity is not recommending or endorsing this investment by making it available to its customers. Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money. Diversification and asset allocation do not ensure a profit or guarantee against loss. Past performance is no guarantee of future results. Views expressed are as of the date indicated, based on the information available at that time, and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the speaker or author and not necessarily those of Fidelity Investments or its affiliates. Fidelity does not assume any duty to update any of the information. Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal. Foreign markets can be more volatile than U.S. markets due to increased risks of adverse issuer, political, market, or economic developments, all of which are magnified in emerging markets. These risks are particularly significant for investments that focus on a single country or region. Exchange-traded products (ETPs) are subject to market volatility and the risks of their underlying securities, which may include the risks associated with investing in smaller companies, foreign securities, commodities, and fixed income investments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets. ETPs that target a small universe of securities, such as a specific region or market sector, are generally subject to greater market volatility, as well as to the specific risks associated with that sector, region, or other focus. ETPs that use derivatives, leverage, or complex investment strategies are subject to additional risks. The return of an index ETP is usually different from that of the index it tracks because of fees, expenses, and tracking error. An ETP may trade at a premium or discount to its net asset value (NAV) (or indicative value in the case of exchange-traded notes). The degree of liquidity can vary significantly from one ETP to another and losses may be magnified if no liquid market exists for the ETP's shares when attempting to sell them. Each ETP has a unique risk profile, detailed in its prospectus, offering circular, or similar material, which should be considered carefully when making investment decisions. The risk of loss in trading foreign currency can be substantial and may be magnified if trading on margin. Customers should therefore carefully consider whether such trading is suitable for them in light of their financial condition, risk tolerance and understanding of foreign markets. These risks include foreign currency risk and liquidation risk. Currency exchanges are completed on behalf of Fidelity Brokerage Services LLC, and National Financial Services (together, "Fidelity") by Fidelity FOREX, LLC, an affiliate of Fidelity. Fidelity sends the transaction to Fidelity FOREX, LLC for the foreign exchange transaction. Fidelity serves as agent and Fidelity FOREX, LLC as principal to the foreign exchange transaction. Fidelity FOREX, LLC may impose a commission or markup to the price they receive from the interbank market which may result in a higher price to you. Fidelity FOREX, LLC may in turn share a portion of any foreign exchange commission or markup with Fidelity. More favorable exchange rates may be available through third parties not affiliated with Fidelity. Furthermore, larger foreign currency exchange transactions may receive more favorable rates than smaller transactions. Tax-smart (i.e., tax-sensitive) investing techniques, including tax-loss harvesting, are applied in managing certain taxable accounts on a limited basis, at the discretion of the portfolio manager, primarily with respect to determining when assets in a client's account should be bought or sold. Assets contributed may be sold for a taxable gain or loss at any time. There are no guarantees as to the effectiveness of the tax-smart investing techniques applied in serving to reduce or minimize a client's overall tax liabilities, or as to the tax results that may be generated by a given transaction. Fidelity Managed FidFolios® and Fidelity® Strategic Disciplines are advisory services offered by Strategic Advisers LLC (Strategic Advisers), a registered investment adviser, for a fee. Brokerage services provided by Fidelity Brokerage Services LLC (FBS), and custodial and related services provided by National Financial Services LLC (NFS), each a member NYSE and SIPC. Strategic Advisers, FBS and NFS are Fidelity Investments companies. 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zw4SR1mWv8zQEYrcClV137yHSITjs3bAQfYYQRRhhhhBFGGAH8D9DXSGd7oPh2AAAAAElFTkSuQmCC) 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![](data:image/png;base64,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) 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Readable Markdown	Funds, ETFs, or stock-by-stock? Here's how to decide. ![](https://www.fidelity.com/bin-public/600_Fidelity_Com_English/images/learning-center/heros/how-to-invest-in-international-stocks-217600534-banner.png) ### Key takeaways - International stocks have been outperforming US stocks so far in 2026. - For many investors, it makes sense to maintain a long-term exposure to international stocks as part of a diversified portfolio. - Investors can gain foreign stock exposure through American Depository Receipts (ADRs), foreign-listed stocks, mutual funds, ETFs, or separately managed accounts—each of which comes with its own tradeoffs. - Tax treatment of international stocks can be complex. Investors should consult a tax professional for advice. International stocks came into 2026 with real momentum, after outpacing US stocks by some 15 percentage points in 2025.1 While the recent market pullback has interrupted that momentum to a degree, as of mid March both developed and emerging market stocks were still outperforming US stocks on a year-to-date basis.2 While past performance does not foretell the future, there are many reasons why investors might want to maintain an allocation to non-US stocks in 2026 in a diversified portfolio. Even after a year of outperformance, a large valuation gap still remains: Foreign large-cap stocks recently traded at about a 30% discount to US stocks on a forward price/earnings (PE) ratio comparison and a more than 50% discount on a price-to-book-value basis.3 Yasmin Landy, a Fidelity institutional portfolio manager focused on international stocks, notes that several of the [forces that drove strong international performance](https://www.fidelity.com/learning-center/trading-investing/international-stocks-outlook) last year still remain intact, and new drivers have been emerging. The US dollar, down by about 10% in 2025 relative to a basket of foreign developed-market currencies,4 remains under pressure as foreign businesses and investors diversify away from the US dollar in trade and investing decisions (when the dollar declines, foreign currency-denominated investments become more valuable to US investors). Currency movements are notoriously difficult to predict, particularly in the short term, but have historically often moved in long cycles, Landy says. Europe—and Germany in particular—has been boosting spending on defense and infrastructure, providing fiscal stimulus that could help to raise the continent’s economic growth rate. European banks, a top-performing group last year, have continued to deliver generally good results thanks to favorable interest rate dynamics, loan growth in certain areas, and cost-control efforts. In Japan, after years of corporate restructuring, companies are becoming more profitable and friendly to shareholders. Additionally, Landy notes that supply-demand imbalances have created potentially compelling opportunities abroad in certain specific industries, including aerospace aftermarket parts, semiconductor manufacturing and equipment, and power generation and transmission. ### Why own international stocks In truth, the case for owning foreign shares is about much more than just performance chasing. “It’s always important to consider an investment in international stocks, due to the potential portfolio diversification benefits,” says Heather Knight, a national brokerage coach at Fidelity. Since economic and business cycles differ between countries, stocks from different nations and regions typically don’t move in synch. “Because US and international investments don’t move in lockstep, combining them in a diversified portfolio can help reduce that portfolio’s risk profile,” says Scott McAdam, an institutional portfolio manager with Strategic Advisers, LLC, the investment manager for many of Fidelity’s managed accounts. Moreover, international markets represent a large, fruitful opportunity set, accounting for a large proportion of the world’s listed stocks and as much as 40% to 50% of global market capitalization. ### How much should you hold in international stocks? There’s no one-size-fits-all answer to the question of how much of one’s stock portfolio should be dedicated to foreign shares. Typically, a long-term allocation to international stocks is something that investors should establish when they come up with their [asset allocation](https://www.fidelity.com/learning-center/trading-investing/asset-allocation) for a given goal, and should reevaluate periodically or if they have any changes to their goals, time horizon, risk tolerance, or risk capacity. One common approach is to carve international stocks out of a portfolio’s total stock allocation. For example, McAdam says that Strategic Advisers often uses a guideline of a 70% US, 30% international allocation within the portion of a portfolio earmarked for stocks. Following that guideline, a portfolio with a 60% stock, 40% bond allocation would have about 18% of the total portfolio allocated to international stocks. ### How to invest in international stocks Fortunately, there are numerous ways to access overseas markets and stocks today. “It’s easier to invest in international stocks today than it was in the past, and Fidelity offers all options,” says Knight. For investors, the main challenge is parsing the many options, which generally can be divided into 3 groups: investing in individual stocks, investing with exchange-traded funds (ETFs) or mutual funds, and investing with separately managed accounts (SMAs). Read on for a brief review of some of the characteristics, advantages, and disadvantages of each option. ### 1\. Individual stocks There are 2 distinct types of securities that fall under the broader umbrella of individual foreign stocks: American Depository Receipts (ADRs), which represent shares of foreign companies that trade on US stock exchanges, and foreign-listed stocks (for example, shares of a Japanese company that trade on the Tokyo Stock Exchange). An ADR is a security that trades in the US and in US dollars but represents claims to shares of a foreign stock. The ADR is created by a bank that purchases shares of the foreign stock and then issues receipts of that company for trading in the US. There are several hundred ADRs that trade on major US stock exchanges, plus several hundred more that trade in the over-the-counter (OTC) market. Fidelity customers can use the [Fidelity Stock ScreenerLog In Required](https://research2.fidelity.com/pi/stock-screener) to search for ADRs and sort them by size, earnings, industry, valuation, or other characteristics. Pros - Easy to buy. - Access to many of the largest foreign companies. - No need to handle currency conversion. - Dividends are paid in US dollars. - Many brokers, including Fidelity, charge no fees to trade ADRs. - ADRs that trade on US exchanges are generally highly liquid. - ADRs that trade on US exchanges generally must follow US reporting requirements—meaning investors can access English-language financial reports, and the underlying companies must meet certain US regulatory requirements around corporate governance and disclosures. Cons - Limited investment universe. - Over-the-counter ADRs may not provide thorough financial reporting or follow rigorous US accounting and regulatory standards. - May take significant work, research, and initial investment to build a sufficiently diversified portfolio. - Although investments are in US dollars, there is still currency risk from the underlying foreign-listed holding. - Dividends may have foreign taxes withheld, depending on the nature (or existence) of tax treaties between the US and the issuing company’s country. Investors should consult a tax professional for advice. Some brokers, including Fidelity, may also offer access to foreign-listed stocks via access to foreign exchanges. For example, Fidelity’s [international stock trading](https://www.fidelity.com/stock-trading/international-stock-trading) platform allows investors to invest in foreign-listed stocks from 25 countries and in 16 different currencies. Clients need to enroll online (there is no fee) to enable international stock and currency trading on foreign exchanges. At Fidelity, investors can choose to settle shares in either US dollars or local currencies. Pros - Access to a much broader universe of foreign stocks. - More precise control over exactly what companies, industries, countries, and regions an investor has exposure to. - Ability to trade in foreign currencies to help manage currency exposure. - Some local foreign markets may be less efficient than US markets, potentially allowing investors to identify and benefit from mispriced securities. Cons - Brokerage and other fees may apply for stock trading on foreign markets. - Currency conversion fees may apply. - As with ADRs, tax treatment differs by country and may be complex—certain jurisdictions may levy stamp duties or transaction taxes. - Foreign markets may be less liquid than US markets. - Trading hours may differ from US trading hours. - Foreign markets may have weaker regulatory controls, accounting requirements, or reporting requirements than US markets. - Researching individual foreign-listed stocks may be more difficult than researching US stocks or US-listed ADRs. ### 2\. Mutual funds and ETFs Since investing overseas may feel, well, foreign to most American investors, international ETFs and mutual funds make sense for many for gaining stock exposure abroad. “It’s harder for the US-based investor to monitor some of the top-down issues in foreign countries,” says Landy. “That’s why professional management can be helpful for international stock investing.” While investors don’t have precise control over the exact stocks they own in a [mutual fund](http://www.fidelity.com/learning-center/investment-products/mutual-funds/what-are-mutual-funds) or [ETF](http://www.fidelity.com/learning-center/smart-money/what-are-etfs), they can choose funds that match the investment style or geographic exposure they seek. Fidelity investors can search among thousands of international-stock-focused funds and ETFs using the Fidelity [Mutual Funds Research](https://fundresearch.fidelity.com/fund-screener/) tool and Fidelity [ETF screener](https://digital.fidelity.com/prgw/digital/research/etf). Pros - Convenience. - Thousands of international funds and ETFs to choose from. - Potential access to broad diversification for low minimum investment amounts. - Professional managers may be well suited to keep their fingers on the pulse of local economies, currencies, opportunities, and market dislocations. - Funds and [active ETFs](http://www.fidelity.com/learning-center/investment-products/etf/types-of-etfs-actively-managed) that are supported by teams of stock analysts may have the resources to conduct in-depth research on individual stocks, sectors, and markets. - Ability to target specific regions, countries, sectors, or investment styles if desired. Cons - Subject to annual expense ratios. - Less control over exact stocks held. - Less control over timing of taxable events (funds and ETFs are generally required to distribute nearly all net investment income—dividends, short- and long-term gains—to shareholders each year). - ETFs are subject to market volatility and the risks of their underlying securities, and can trade at premiums or discounts to their net asset values. Both passively managed options (like [index funds](https://www.fidelity.com/learning-center/smart-money/what-is-an-index-fund)) and actively managed options are available. But Landy makes a case for active management abroad. “With active management overseas, you can add value by what you exclude,” she says. “Avoidance is important for some companies and regions around the world.” ### 3\. Separately managed accounts (SMAs) A third way to gain international exposure is with SMAs. Unlike mutual funds and ETFs, these are not pooled investments. Instead of owning shares of a fund or ETF in their account, an investor owns the underlying individual international stocks, but the portfolio is professionally managed. (Learn more about [SMAs](https://www.fidelity.com/learning-center/trading-investing/separately-managed-accounts).) An SMA could be a particularly compelling structure for international stock investing due to the key blend of features it can offer: access to professional active management, plus access to tax-sensitive strategies. Pros - Convenience. - Potential access to broad diversification. - Professional management—potentially using either an active or passive approach. - Potential for customization of portfolio. - Access to tax-smart investing strategies, such as [tax-loss harvesting](https://www.fidelity.com/viewpoints/personal-finance/tax-loss-harvesting) and deferred realization of capital gains. (Note: Tax-smart investing strategies may only provide a benefit when held in a taxable account, such as a brokerage account). - Full transparency: Account holders can see exactly what securities they hold (and any transactions) daily. Cons - Potentially more limited investment universe than international mutual funds or ETFs (many international stock SMAs invest primarily or exclusively in ADRs, which are explained further in section 1 above). - Advisory fees, management expenses, and transaction costs may be higher than for some ETFs and funds. - Many types of SMAs may require high minimum initial investment. - No tax benefit if held in a tax-advantaged account such as an IRA. Fidelity offers both indexed and actively managed international-stock SMA strategies. Investors can learn more about [FidFolios®](https://digital.fidelity.com/prgw/digital/msw/overview/a), digital SMAs that require a minimum initial investment of \$5,000, or Fidelity’s [traditional SMAs](https://www.fidelity.com/managed-accounts/separately-managed-accounts/overview), which have investment minimums ranging from \$100,000–\$350,000. ### Take the next step If you’re not sure how much you should be holding in international stocks, go back to basics by revisiting your [asset allocation](https://www.fidelity.com/learning-center/trading-investing/asset-allocation). If you’re ready to dive into investment options, you can research [mutual funds](https://fundresearch.fidelity.com/fund-screener/), [ETFs](https://digital.fidelity.com/prgw/digital/research/etf), and [stocks](https://digital.fidelity.com/prgw/digital/research/src/overview) that may be a fit for your goals and needs. Or, if you could use some help in navigating your investing journey, learn more about [how we can work together](https://www.fidelity.com/what-we-offer/overview). Research stocks, ETFs, or mutual funds Get our industry-leading investment analysis, and put our research to work. More to explore
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