Fidelity Targeted Emerging Markets Factor ETF
ALTAR
Score™
9.8% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
13.5x P/Sales
ratio
1.3x
P/BV
ratio
1.3x Div.
yield
3.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Targeted Emerging Markets Factor Index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Fidelity
Website institutional.fidelity.com
Inception date Feb 26, 2019
Assets (mns) $9
Currency USD
Expense ratio 45 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Proprietary
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 199
Wgt avg mkt cap (mns) $39,268
Large cap (>$10bn) 48.0%
Mid cap ($2-10bn) 44.5%
Small cap (<$2bn) 7.1%
Developed mkts 10.8%
Emerging mkts 88.1%

TOP TEN HOLDINGS
SAMSUNG ELECTRONICS CO LTD 3.6 %
TAIWAN SEMICONDUCTOR MANUFAC 2.9 %
DIVI'S LABORATORIES LTD 2.1 %
SINO BIOPHARMACEUTICAL 2.0 %
KALBE FARMA PT 1.6 %
PETRONAS GAS BHD 1.5 %
CHINA CONSTRUCTION BANK-H 1.4 %
MANILA ELECTRIC COMPANY 1.4 %
CHINA RESOURCES GAS GROUP LT 1.4 %
HAPVIDA PARTICIPACOES E INVESTIMEN 1.3 %
Total 19.4 %

TOP COUNTRY EXPOSURE
CHINA 18.5 %
SOUTH KOREA 13.2 %
INDIA 11.0 %
TAIWAN 10.9 %
HONG KONG 8.2 %
BRAZIL 6.0 %
MALAYSIA 5.9 %
RUSSIA 3.8 %
INDONESIA 3.1 %
MEXICO 2.6 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-16.0% -7.2% -- -- -9.8%

Market Correlations
versus... Beta R-squared
S&P500 0.89 83%
MSCI EAFE 0.98 92%
MSCI Emg. Mkts. 0.83 97%

Technical Indicators
Recent close $22.26
30d moving avg. $20.67
Annualized volatility 21.7%
Short interest (ETF) 0.0%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 3
Turnover 0.8%
Bid/Ask (% of price) 0.59%
ADV underlying (mns) $8,226

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Fidelity Targeted Emerging Markets Factor ETF ETF based on the alternatives' overlap in portfolio holdings with FDEM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: FDEM Expense: 45 bp ALTAR Score™: 9.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FDEM
Ticker Fund
Name
Overlap1
vs FDEM
(%)
Expense
ratio
(bp)
Savings
vs FDEM
(bp)
ALTAR
Score™
(%)
ALTAR
vs FDEM
(%)
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 32.0 45 0 8.8 -1.1
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 30.9 30 15 9.5 -0.4
JHEM John Hancock Multifactor Emerging Markets ETF 30.7 55 -10 8.9 -0.9
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 29.1 30 15 8.9 -1.0
EEMA iShares MSCI Emerging Markets Asia ETF 28.5 50 -5 8.5 -1.4
EEM iShares MSCI Emerging Markets ETF 28.3 68 -23 8.3 -1.5
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 28.1 65 -20 8.4 -1.4
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 26.5 25 20 8.5 -1.4
IEMG iShares Core MSCI Emerging Markets ETF 26.4 14 31 8.8 -1.1
AAXJ iShares MSCI All Country Asia ex Japan ETF 25.6 68 -23 8.0 -1.8
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 25.5 40 5 7.9 -1.9
FLAX Franklin FTSE Asia Ex Japan ETF 25.2 19 26 8.6 -1.3
ESGE iShares ESG MSCI EM ETF 24.7 25 20 9.8 -0.1
EMCG WisdomTree Emerging Markets Consumer Growth Fund 24.7 32 13 7.9 -1.9
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 24.3 45 0 9.0 -0.8
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 24.1 49 -4 9.1 -0.8
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 24.1 32 13 9.6 -0.2
EEMO Invesco S&P Emerging Markets Momentum ETF 24.0 30 15 7.3 -2.6
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 23.5 49 -4 8.4 -1.4
DVEM WisdomTree Emerging Markets Dividend Fund 23.0 32 13 9.2 -0.7
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 22.6 59 -14 11.2 +1.3
SCHE Schwab Emerging Markets Equity ETF 22.5 13 32 8.7 -1.1
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 22.4 95 -50 10.2 +0.4
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 22.4 64 -19 5.3 -4.5
VWO Vanguard FTSE Emerging Markets ETF 22.3 10 35 8.9 -1.0
ROAM Hartford Multifactor Emerging Markets ETF 22.2 44 1 15.1 +5.2
EMMF WisdomTree Emerging Markets Multifactor Fund 22.1 48 -3 9.9 +0.1
SPEM SPDR Portfolio Emerging Markets ETF 22.1 11 34 8.7 -1.2
EMXC iShares MSCI Emerging Markets ex China ETF 21.7 49 -4 8.5 -1.4
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 21.6 32 13 6.9 -3.0
PXH Invesco FTSE RAFI Emerging Markets ETF 21.3 50 -5 13.8 +3.9
PBEE Invesco PureBeta FTSE Emerging Markets ETF 21.2 14 31 9.6 -0.2
AXJL WisdomTree Asia Pacific ex-Japan Fund 20.8 48 -3 10.0 +0.2
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 20.0 45 0 10.0 +0.2
BKF iShares MSCI BRIC ETF 20.0 69 -24 8.5 -1.3
GMF SPDR S&P Emerging Asia Pacific ETF 19.7 49 -4 8.0 -1.8
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 19.6 39 6 13.2 +3.4
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 19.3 50 -5 9.9 +0.1
EELV Invesco S&P Emerging Markets Low Volatility ETF 19.0 29 16 9.9 +0.1
RNEM Emerging Markets Equity Select ETF 17.8 75 -30 10.6 +0.7
BICK First Trust BICK Index Fund 16.8 64 -19 4.5 -5.3
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 16.8 20 25 7.7 -2.1
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 16.3 45 0 13.5 +3.7
AIA iShares Asia 50 ETF 15.4 50 -5 9.1 -0.8
AVEM Avantis Emerging Markets Equity ETF 15.0 33 12 9.6 -0.2
MCHI iShares MSCI China ETF 14.7 59 -14 9.1 -0.8
ISEM Invesco Strategic Emerging Markets ETF 14.5 35 10 10.4 +0.6
XCEM Columbia EM Core ex-China ETF 14.0 16 29 7.9 -1.9
GXC SPDR S&P China ETF 13.9 59 -14 9.0 -0.9
FLCH Franklin FTSE China ETF 13.5 19 26 9.3 -0.6
KALL KraneShares FTSE Emerging Markets Plus ETF 13.5 49 -4 9.1 -0.7
NUEM Nuveen ESG Emerging Markets Equity ETF 13.4 45 0 7.9 -2.0
CHIL Global X MSCI China Large-Cap 50 ETF 12.6 29 16 9.6 -0.3
CN Xtrackers MSCI All China Equity ETF 12.4 50 -5 9.4 -0.5
PIE Invesco DWA Emerging Markets Momentum ETF 12.1 90 -45 5.7 -4.1
ECON Columbia Emerging Markets Consumer ETF 12.0 59 -14 4.9 -4.9
EWY iShares MSCI South Korea ETF 11.3 59 -14 9.3 -0.6
DEM WisdomTree Emerging Markets High Dividend Fund 11.2 63 -18 14.2 +4.3
EDIV SPDR S&P Emerging Markets Dividend ETF 11.1 49 -4 11.6 +1.8
WCHN WisdomTree ICBCCS S&P China 500 Fund 11.0 55 -10 9.2 -0.7
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 10.6 60 -15 8.6 -1.3
FLKR Franklin FTSE South Korea ETF 10.5 9 36 9.9 +0.1
VYMI Vanguard International High Dividend Yield ETF 10.1 32 13 10.4 +0.5
EWT iShares MSCI Taiwan ETF 9.7 59 -14 6.5 -3.4
FXI iShares China Large-Cap ETF 9.6 74 -29 13.6 +3.7
FLTW Franklin FTSE Taiwan ETF 9.6 19 26 6.8 -3.1
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 9.5 20 25 11.1 +1.2
CXSE WisdomTree China ex-State-Owned Enterprises Fund 9.2 32 13 7.0 -2.8
DOGS Arrow Dogs of the World ETF 8.6 134 -89 11.5 +1.7
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 8.6 40 5 7.5 -2.3
EMFM Global X MSCI Next Emerging & Frontier ETF 8.4 55 -10 8.8 -1.0
LVIN Hartford Multifactor Low Volatility International Equity ETF 8.3 29 16 12.4 +2.6
VSGX Vanguard ESG International Stock ETF 8.2 17 28 7.5 -2.4
PIN Invesco India ETF 7.9 82 -37 6.4 -3.5
ACWX iShares MSCI ACWI ex U.S. ETF 7.8 32 13 7.6 -2.2
FLIN Franklin FTSE India ETF 7.8 19 26 6.4 -3.5
FEM First Trust Emerging Markets AlphaDEX Fund 7.7 80 -35 11.7 +1.9
FRDM Freedom 100 Emerging Markets ETF 7.6 49 -4 7.5 -2.4
IXUS ishares Core MSCI Total International Stock ETF 7.5 9 36 7.7 -2.2
VXUS Vanguard Total International Stock Index Fund 7.5 8 37 7.8 -2.0
ACWF iShares FactorSelect MSCI Global ETF 7.3 35 10 8.2 -1.7
INDA iShares MSCI India ETF 7.3 69 -24 6.0 -3.9
IXSE WisdomTree India Ex-State-Owned Enterprises Fund 7.3 58 -13 5.6 -4.3
DVYE iShares Emerging Markets Dividend ETF 7.1 49 -4 13.1 +3.2
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 7.1 16 29 7.2 -2.6
ECOW Pacer Emerging Markets Cash Cows 100 ETF 7.0 70 -25 13.1 +3.2
VIGI Vanguard International Dividend Appreciation ETF 7.0 25 20 6.0 -3.9
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 6.9 51 -6 13.6 +3.7
EPI WisdomTree India Earnings Fund 6.9 85 -40 9.8 -0.0
DWCR Arrow DWA Country Rotation ETF 6.9 95 -50 17.8 +8.0
IQDY FlexShares International Quality Dividend Dynamic Index Fund 6.7 47 -2 13.8 +3.9
FKO First Trust South Korea AlphadDEX Fund 6.5 80 -35 9.1 -0.7
NFTY First Trust India NIFTY 50 Equal Weight ETF 6.5 80 -35 8.7 -1.2
INDY iShares India 50 ETF 6.5 94 -49 6.3 -3.5
CHIX Global X China Financials ETF 6.4 65 -20 18.7 +8.8
VEU Vanguard FTSE All-World ex-US Index Fund 6.3 8 37 7.9 -2.0
CHIQ Global X China Consumer ETF 6.2 65 -20 9.4 -0.4
EWM iShares MSCI Malaysia ETF 5.7 49 -4 6.0 -3.9
IQDE FlexShares International Quality Dividend Defensive Index Fd 5.7 47 -2 12.9 +3.1
IQDF FlexShares International Quality Dividend Index Fund 5.6 47 -2 13.2 +3.3

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Fidelity Targeted Emerging Markets Factor ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 13.2 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 9.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.47 CATEGORY
AVERAGE
1.45
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.