Fidelity Targeted International Factor ETF
ALTAR
Score™
5.9% info Recommen-
dation
UNDERWEIGHT
2021E    2022E
P/E
ratio
16.9x P/Sales
ratio
1.6x
P/BV
ratio
2.0x 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 International Factor Index.

FUND BASICS
Category International Equities
Fund Sponsor Fidelity
Website institutional.fidelity.com
Inception date Feb 26, 2019
Assets (mns) $11
Currency USD
Expense ratio 39 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) $49,224
Large cap (>$10bn) 65.3%
Mid cap ($2-10bn) 33.7%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NESTLE SA-REG 2.1 %
ROCHE HOLDING AG-GENUSSCHEIN 1.7 %
NOVARTIS AG-REG 1.6 %
ENEL SPA 1.5 %
OSAKA GAS CO LTD 1.3 %
UNILEVER PLC 1.3 %
DAITO TRUST CONSTRUCT CO LTD 1.2 %
ADVANCE RESIDENCE INVESTMENT 1.2 %
KDDI CORPORATION 1.2 %
SNAM RETE GAS 1.2 %
Total 14.3 %

TOP COUNTRY EXPOSURE
JAPAN 24.3 %
BRITAIN 11.5 %
SWITZERLAND 11.4 %
GERMANY 7.7 %
CANADA 6.9 %
FRANCE 6.7 %
AUSTRALIA 4.9 %
ITALY 4.2 %
SWEDEN 3.4 %
DENMARK 3.2 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru February 28)
Year-to-date 1 year 5 years 10 years Since Incep.
-1.7% 13.9% -- -- 6.2%

Market Correlations
versus... Beta R-squared
S&P500 0.71 84%
MSCI EAFE 0.72 94%
MSCI Emg. Mkts. 0.55 65%

Technical Indicators
Recent close $27.13
30d moving avg. $27.93
Annualized volatility 15.6%
Short interest (ETF) 0.0%
Relative strength (RSI) 45

Liquidity measures
Avg. volume (thou.) 3
Turnover 0.8%
Bid/Ask (% of price) 0.47%
ADV underlying (mns) $14,984

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 potential alternatives to the Fidelity Targeted International Factor ETF ETF based on the alternatives' overlap in portfolio holdings with FDEV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: FDEV Expense: 39 bp ALTAR Score™: 5.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FDEV
Ticker Fund
Name
Overlap1
vs FDEV
(%)
Expense
ratio
(bp)
Savings
vs FDEV
(bp)
ALTAR
Score™
(%)
ALTAR
vs FDEV
(%)
DFAI Dimensional International Core Equity Market ETF 54.3 18 21 6.3 +0.4
RESD WisdomTree International ESG Fund 33.9 30 9 6.5 +0.6
QEFA SPDR MSCI EAFE Quality Mix ETF 33.4 30 9 6.1 +0.1
IQLT iShares Edge MSCI Intl Quality Factor ETF 32.1 30 9 5.4 -0.5
GSIE Goldman Sachs ActiveBeta International Equity ETF 31.8 25 14 6.1 +0.2
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 31.6 25 14 6.1 +0.1
EFAV iShares Edge MSCI Min Vol EAFE ETF 30.4 20 19 5.1 -0.8
DWMF WisdomTree International Multifactor Fund 30.2 38 1 6.2 +0.3
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 29.5 32 7 6.0 +0.1
PDEV Principal International Multi-Factor Core Index ETF 28.8 25 14 6.9 +1.0
BKIE BNY Mellon International Equity ETF 28.7 4 35 6.6 +0.7
DOL WisdomTree International LargeCap Dividend Fund 28.5 48 -9 7.2 +1.2
RBIN Nationwide Risk-Based International Equity ETF 28.0 42 -3 5.9 -0.0
RODM Hartford Multifactor Developed Markets (ex-US) ETF 27.9 29 10 7.3 +1.4
DWM WisdomTree International Equity Fund 27.4 48 -9 7.2 +1.2
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 27.2 45 -6 6.4 +0.4
CIL VictoryShares International Volatility Weighted Index ETF 27.2 45 -6 6.3 +0.4
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 27.0 40 -1 7.3 +1.3
ESGD iShares MSCI EAFE ESG Optimized ETF 26.9 20 19 6.2 +0.3
EFA iShares MSCI EAFE ETF 26.9 32 7 6.2 +0.3
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 26.6 20 19 6.3 +0.3
FLEE Franklin FTSE Europe ETF 26.2 9 30 6.5 +0.5
FLEH Franklin FTSE Europe Hedged ETF 26.2 9 30 6.5 +0.5
GSID Goldman Sachs MarketBeta International Equity ETF 26.1 20 19 6.3 +0.4
BBEU JPMorgan BetaBuilders Europe ETF 26.1 9 30 6.7 +0.7
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 26.0 35 4 6.1 +0.2
DBEU Xtrackers MSCI Europe Hedged Equity ETF 25.9 45 -6 6.1 +0.1
IQSI IQ Candriam ESG International Equity ETF 25.7 15 24 6.3 +0.4
IEV iShares Europe ETF 25.7 59 -20 6.1 +0.2
IDHQ Invesco S&P International Developed Quality ETF 25.5 29 10 5.2 -0.8
TPIF Timothy Plan International ETF 25.3 62 -23 6.0 +0.1
VWID Virtus WMC International Dividend ETF 25.3 49 -10 7.5 +1.6
HFXI IQ 50 Percent Hedged FTSE International ETF 25.2 20 19 6.5 +0.5
FIVA Fidelity International Value Factor ETF 25.2 39 0 8.6 +2.6
IEUR iShares Core MSCI Europe ETF 25.2 9 30 6.5 +0.6
SCHF Schwab International Equity ETF 25.2 6 33 6.5 +0.6
RFDI First Trust Riverfront Dynamic Developed International ETF 25.0 83 -44 5.4 -0.5
RNDM First Trust Developed International Equity Select ETF 25.0 65 -26 5.7 -0.3
EFG iShares MSCI EAFE Growth ETF 24.8 40 -1 4.0 -1.9
SPEU SPDR Portfolio Europe ETF 24.8 9 30 6.6 +0.6
IDEV iShares Core MSCI International Developed Markets ETF 24.2 5 34 6.4 +0.5
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 24.0 7 32 6.5 +0.6
UIVM VictoryShares USAA MSCI International Value Momentum ETF 23.9 35 4 7.8 +1.8
JHMD John Hancock Multifactor Developed International ETF 23.9 39 0 6.4 +0.5
VGK Vanguard FTSE Europe ETF 23.8 8 31 6.6 +0.7
IEFA iShares Core MSCI EAFE ETF 23.7 7 32 6.4 +0.5
IQDE FlexShares International Quality Dividend Defensive Index ET 23.4 47 -8 8.2 +2.3
IDLV Invesco S&P International Developed Low Volatility ETF 23.2 25 14 6.2 +0.3
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 23.1 39 0 5.6 -0.3
IMTM iShares Edge MSCI Intl Momentum Factor ETF 23.0 30 9 3.9 -2.0
SPDW SPDR Portfolio Developed World ex-US ETF 22.7 4 35 6.2 +0.3
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 22.7 80 -41 5.9 +0.0
IGRO iShares International Dividend Growth ETF 22.6 15 24 7.1 +1.2
EUDG WisdomTree Europe Quality Dividend Growth Fund 22.5 58 -19 6.6 +0.6
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 22.3 24 15 6.6 +0.7
VEA Vanguard FTSE Developed Markets ETF 22.2 5 34 6.5 +0.6
VSGX Vanguard ESG International Stock ETF 22.0 17 22 6.3 +0.4
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 22.0 14 25 6.0 +0.1
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 21.9 35 4 6.0 +0.1
DMXF iShares ESG Advanced MSCI EAFE ETF 21.7 12 27 5.9 +0.0
PQIN PGIM QMA Strategic Alpha International Equity ETF 21.6 29 10 7.1 +1.2
TTAI TrimTabs All Cap International Free-Cash-Flow ETF 21.5 61 -22 4.2 -1.8
QINT American Century Quality Diversified International ETF 21.4 39 0 6.5 +0.6
IQDF FlexShares International Quality Dividend Index Fund 21.1 47 -8 8.3 +2.3
INTF iShares Edge MSCI Multifactor Intl ETF 21.1 30 9 7.5 +1.6
JPIN JPMorgan Diversified Return International Equity ETF 20.7 37 2 7.0 +1.1
CWI SPDR MSCI ACWI ex-US ETF 20.6 30 9 6.2 +0.3
IDMO Invesco S&P International Developed Momentum ETF 20.5 26 13 3.7 -2.3
IDLB Invesco FTSE International Low Beta Equal Weight ETF 20.4 45 -6 6.1 +0.2
RODE Hartford Multifactor Diversified International ETF 20.2 29 10 10.2 +4.3
ACWX iShares MSCI ACWI ex U.S. ETF 19.3 32 7 6.3 +0.4
OEUR O'shares FTSE Europe Quality Dividend ETF 19.0 48 -9 5.2 -0.7
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 18.8 40 -1 6.1 +0.2
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 18.5 45 -6 7.5 +1.5
VEU Vanguard FTSE All-World ex-US Index Fund 18.3 8 31 6.6 +0.7
RFEU First Trust Riverfront Dynamic Europe ETF 18.1 83 -44 5.3 -0.6
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 18.0 16 23 5.9 +0.0
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 17.8 58 -19 5.9 0.0
ISZE iShares Edge MSCI Intl Size Factor ETF 17.8 30 9 6.1 +0.2
IQDG WisdomTree International Quality Dividend Growth Fund 17.7 42 -3 6.1 +0.1
HDEF Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF 17.6 20 19 8.6 +2.7
VYMI Vanguard International High Dividend Yield ETF 17.5 27 12 9.0 +3.1
EFV iShares MSCI EAFE Value ETF 17.5 39 0 8.2 +2.3
VIGI Vanguard International Dividend Appreciation ETF 17.3 20 19 4.9 -1.0
DSTX Distillate International Fundamental Stability & Value ETF 17.3 55 -16 6.3 +0.4
DTH WisdomTree International High Dividend Fund 17.2 58 -19 8.5 +2.6
IXUS ishares Core MSCI Total International Stock ETF 17.0 9 30 6.4 +0.5
EFAD ProShares MSCI EAFE Dividend Growers ETF 17.0 51 -12 5.2 -0.8
AVDE Avantis International Equity ETF 16.5 23 16 6.8 +0.8
FNDF Schwab Fundamental International Large Co. Index ETF 16.5 25 14 7.6 +1.7
HDAW Xtrackers MSCI All World ex US High Dividend Yield Equity ET 16.4 20 19 9.5 +3.6
FIDI Fidelity International High Dividend ETF 16.2 39 0 8.5 +2.6
NUDM Nuveen ESG International Developed Markets Equity ETF 16.0 40 -1 5.8 -0.2
LVHI Legg Mason International Low Volatility High Dividend ETF 16.0 40 -1 9.0 +3.1
PIZ Invesco DWA Developed Markets Momentum ETF 15.7 81 -42 3.5 -2.4
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 15.5 39 0 6.8 +0.9
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 15.4 25 14 6.3 +0.3

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

  2016 2017 2018 2019 2020 2021E 2022E
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
  2020 2021E 2022E
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 International Factor ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.7 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 5.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.65 CATEGORY
AVERAGE
1.54
 
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.