Fidelity Targeted Emerging Markets Factor ETF
ALTAR
Score™		 8.5% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 14.6x P/Sales
ratio		 1.4x
P/BV
ratio		 1.7x 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) $10
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 198
Wgt avg mkt cap (mns) $111,847
Large cap (>$10bn) 48.8%
Mid cap ($2-10bn) 44.7%
Small cap (<$2bn) 4.1%
Developed mkts 7.7%
Emerging mkts 90.8%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 5.6 %
TENCENT HOLDINGS LTD 4.4 %
SAMSUNG ELECTRONICS CO LTD 3.6 %
TAIWAN SEMICONDUCTOR MANUFAC 3.6 %
DIVI'S LABORATORIES LTD 1.4 %
KOREA KUMHO PETROCHEMICAL CO 1.2 %
MANILA ELECTRIC COMPANY 1.2 %
PIDILITE INDUSTRIES LTD 1.1 %
GRUPO AEROPORTUARIO DEL-B SH 1.1 %
AIRPORTS OF THAILAND PCL-FOR 1.1 %
Total 24.4 %

TOP COUNTRY EXPOSURE
CHINA 26.7 %
SOUTH KOREA 14.1 %
TAIWAN 10.6 %
INDIA 9.4 %
BRAZIL 4.8 %
MALAYSIA 4.7 %
HONG KONG 4.4 %
MEXICO 4.2 %
SOUTH AFRICA 3.7 %
RUSSIA 3.4 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-7.8% -0.3% -- -- -1.8%

Market Correlations
versus... Beta R-squared
S&P500 0.83 76%
MSCI EAFE 0.95 87%
MSCI Emg. Mkts. 0.79 96%

Technical Indicators
Recent close $24.15
30d moving avg. $23.49
Annualized volatility 19.9%
Short interest (ETF) 0.0%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 2
Turnover 0.5%
Bid/Ask (% of price) 0.67%
ADV underlying (mns) $16,190

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™: 8.5%


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 37.6 45 0 7.5 -1.0
JHEM John Hancock Multifactor Emerging Markets ETF 36.5 49 -4 8.7 +0.3
EEM iShares MSCI Emerging Markets ETF 35.9 68 -23 7.3 -1.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 35.7 65 -20 7.4 -1.1
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 35.3 36 9 7.2 -1.2
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 35.1 40 5 7.2 -1.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 35.1 30 15 7.6 -0.9
EEMA iShares MSCI Emerging Markets Asia ETF 34.8 50 -5 7.6 -0.8
IEMG iShares Core MSCI Emerging Markets ETF 34.7 13 32 7.8 -0.7
ESGE iShares ESG MSCI EM ETF 33.7 25 20 8.5 +0.0
DVEM WisdomTree Emerging Markets Dividend Fund 32.8 32 13 7.2 -1.3
AAXJ iShares MSCI All Country Asia ex Japan ETF 32.8 68 -23 7.0 -1.5
FLAX Franklin FTSE Asia Ex Japan ETF 32.6 19 26 7.6 -0.9
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 31.4 30 15 8.7 +0.3
SCHE Schwab Emerging Markets Equity ETF 30.3 11 34 7.8 -0.6
SPEM SPDR Portfolio Emerging Markets ETF 30.2 11 34 7.7 -0.8
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 30.0 32 13 5.6 -2.9
VWO Vanguard FTSE Emerging Markets ETF 29.9 10 35 7.9 -0.5
PBEE Invesco PureBeta FTSE Emerging Markets ETF 28.7 15 30 8.3 -0.1
BKEM BNY Mellon Emerging Markets Equity ETF 27.3 11 34 8.2 -0.2
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 27.3 95 -50 8.0 -0.5
EMMF WisdomTree Emerging Markets Multifactor Fund 26.9 48 -3 9.5 +1.1
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 26.4 32 13 8.9 +0.5
GMF SPDR S&P Emerging Asia Pacific ETF 26.2 49 -4 7.0 -1.4
BKF iShares MSCI BRIC ETF 26.2 69 -24 7.3 -1.1
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 25.9 25 20 7.9 -0.6
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 25.8 49 -4 7.9 -0.6
EEMO Invesco S&P Emerging Markets Momentum ETF 25.8 29 16 4.0 -4.5
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 25.4 20 25 6.7 -1.8
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 25.3 45 0 9.0 +0.6
PXH Invesco FTSE RAFI Emerging Markets ETF 24.0 50 -5 13.3 +4.8
NUEM Nuveen ESG Emerging Markets Equity ETF 23.6 45 0 6.7 -1.8
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 22.4 49 -4 7.7 -0.8
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 22.3 59 -14 11.0 +2.5
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 22.1 44 1 9.1 +0.6
AVEM Avantis Emerging Markets Equity ETF 21.7 33 12 8.7 +0.3
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 21.0 39 6 13.4 +5.0
EMXC iShares MSCI Emerging Markets ex China ETF 20.8 25 20 8.1 -0.4
MCHI iShares MSCI China ETF 19.9 59 -14 7.6 -0.9
GXC SPDR S&P China ETF 19.6 59 -14 7.6 -0.8
FLCH Franklin FTSE China ETF 19.6 19 26 8.1 -0.4
ISEM Invesco Strategic Emerging Markets ETF 19.6 35 10 10.8 +2.3
KALL KraneShares FTSE Emerging Markets Plus ETF 19.5 49 -4 7.8 -0.6
RNEM Emerging Markets Equity Select ETF 19.4 75 -30 11.8 +3.3
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 19.2 45 0 14.3 +5.9
ECON Columbia Emerging Markets Consumer ETF 19.0 59 -14 4.9 -3.6
CN Xtrackers MSCI All China Equity ETF 18.8 50 -5 7.9 -0.6
ROAM Hartford Multifactor Emerging Markets ETF 18.5 44 1 13.0 +4.5
AIA iShares Asia 50 ETF 17.3 50 -5 7.8 -0.7
EELV Invesco S&P Emerging Markets Low Volatility ETF 17.1 29 16 10.1 +1.6
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 16.6 16 29 6.9 -1.6
CHIL Global X MSCI China Large-Cap 50 ETF 16.5 29 16 7.4 -1.0
CXSE WisdomTree China ex-State-Owned Enterprises Fund 16.3 32 13 11.3 +2.8
VSGX Vanguard ESG International Stock ETF 15.8 17 28 7.0 -1.4
XCEM Columbia EM Core ex-China ETF 14.8 16 29 7.1 -1.4
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 13.7 40 5 7.1 -1.4
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 13.7 86 -41 2.1 -6.4
KWEB KraneShares CSI China Internet ETF 13.0 76 -31 2.0 -6.5
FDNI First Trust Dow Jones International Internet ETF 12.9 65 -20 2.0 -6.4
ACWX iShares MSCI ACWI ex U.S. ETF 12.9 32 13 7.2 -1.2
BICK First Trust BICK Index Fund 12.9 64 -19 4.7 -3.8
IXUS ishares Core MSCI Total International Stock ETF 12.0 9 36 7.3 -1.1
TTTN UP Fintech China-U.S. Internet Titans ETF 11.9 59 -14 4.2 -4.2
OGIG O'Shares Global Internet Giants ETF 11.9 48 -3 0.5 -7.9
PIE Invesco DWA Emerging Markets Momentum ETF 11.9 90 -45 4.9 -3.6
VYMI Vanguard International High Dividend Yield ETF 11.6 27 18 10.2 +1.7
PEK VanEck Vectors ChinaAMC CSI 300 ETF 11.5 60 -15 3.8 -4.6
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 11.5 51 -6 16.4 +8.0
VXUS Vanguard Total International Stock Index Fund 10.9 8 37 7.5 -1.0
VEU Vanguard FTSE All-World ex-US Index Fund 10.8 8 37 7.5 -1.0
FXI iShares China Large-Cap ETF 10.4 74 -29 13.1 +4.7
EDIV SPDR S&P Emerging Markets Dividend ETF 9.8 49 -4 12.1 +3.6
CWI SPDR MSCI ACWI ex-US ETF 9.8 30 15 7.2 -1.3
GBUY Goldman Sachs Motif New Age Consumer ETF 9.7 50 -5 1.7 -6.8
DEM WisdomTree Emerging Markets High Dividend Fund 9.7 63 -18 15.1 +6.6
IQDE FlexShares International Quality Dividend Defensive Index Fd 9.7 47 -2 9.1 +0.7
AIQ Global X Future Analytics Tech ETF 9.6 68 -23 4.0 -4.5
CHIQ Global X China Consumer ETF 9.6 65 -20 6.6 -1.8
FNI First Trust Chindia ETF 9.6 60 -15 2.4 -6.0
EWY iShares MSCI South Korea ETF 9.6 59 -14 8.3 -0.1
FLTW Franklin FTSE Taiwan ETF 9.5 19 26 6.2 -2.3
IQDF FlexShares International Quality Dividend Index Fund 9.1 47 -2 9.1 +0.7
EWT iShares MSCI Taiwan ETF 9.1 59 -14 6.1 -2.4
JOYY Infusive Compounding Global Equities ETF 9.0 50 -5 3.6 -4.9
PGJ Invesco Golden Dragon China ETF 8.9 70 -25 3.3 -5.1
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 8.9 61 -16 9.0 +0.5
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 8.8 18 27 4.8 -3.7
ECOW Pacer Emerging Markets Cash Cows 100 ETF 8.8 74 -29 13.6 +5.1
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 8.7 20 25 11.6 +3.1
FLKR Franklin FTSE South Korea ETF 8.7 9 36 8.7 +0.3
VIGI Vanguard International Dividend Appreciation ETF 8.6 20 25 5.5 -2.9
BUYZ Franklin Disruptive Commerce ETF 8.5 50 -5 -0.2 -8.6
EMFM Global X MSCI Next Emerging & Frontier ETF 8.2 66 -21 9.0 +0.6
WUGI Esoterica NextG Economy ETF 8.0 75 -30 1.5 -7.0
FRDM Freedom 100 Emerging Markets ETF 7.7 49 -4 6.5 -1.9
GIGE SoFi Gig Economy ETF 7.7 59 -14 -0.8 -9.3
PNQI Invesco NASDAQ Internet ETF 7.7 60 -15 0.9 -7.5
NFTY First Trust India NIFTY 50 Equal Weight ETF 7.5 80 -35 8.0 -0.4
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 7.4 60 -15 4.4 -4.1

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 14.6 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 8.5 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.44 CATEGORY
AVERAGE		 1.43
 
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.