Just as she did last year in the same Royal Ascot Group 1, the daughter of Invincible Spirit went down by three parts of a length, but she ran her heart out.
Held up on the stands' side rail, Fleeting Spirit fizzed past horses through the closing furlong and a half.
But Scenic Blast, drawn on the other side, always had the upper hand in the duel and prevailed in the end.
Trainer Jeremy Noseda said: "I can't have any quibbles - we got beaten by a very, very good horse. She ran hard to the line.
"The key to this filly is that she seems to run her best races when she's fresh."