Fidelity Targeted International Factor ETF
ALTAR
Score™
6.7% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
18.8x P/Sales
ratio
1.7x
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) $10
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 203
Wgt avg mkt cap (mns) $45,993
Large cap (>$10bn) 67.0%
Mid cap ($2-10bn) 33.0%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NESTLE SA-REG 2.6 %
ENEL SPA 1.3 %
SONY CORP 1.2 %
ROCHE HOLDING AG-GENUSSCHEIN 1.2 %
LVMH MOET HENNESSY LOUIS VUI 1.2 %
KDDI CORPORATION 1.2 %
ELISA OYJ CLASS A 1.1 %
CLP HOLDINGS LTD 1.1 %
SWISSCOM AG 1.1 %
ORIENTAL LAND CO LTD 1.1 %
Total 13.0 %

TOP COUNTRY EXPOSURE
JAPAN 26.0 %
BRITAIN 11.5 %
SWITZERLAND 9.3 %
FRANCE 7.2 %
CANADA 5.6 %
ITALY 5.2 %
AUSTRALIA 4.3 %
SWEDEN 3.8 %
NETHERLANDS 3.1 %
SPAIN 3.1 %

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.
-10.5% -1.8% -- -- -2.6%

Market Correlations
versus... Beta R-squared
S&P500 0.67 84%
MSCI EAFE 0.74 94%
MSCI Emg. Mkts. 0.54 74%

Technical Indicators
Recent close $24.23
30d moving avg. $22.69
Annualized volatility 16.3%
Short interest (ETF) 0.0%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 3
Turnover 0.8%
Bid/Ask (% of price) 0.39%
ADV underlying (mns) $17,630

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™: 6.7%


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
(%)
QEFA SPDR MSCI EAFE Quality Mix ETF 37.1 30 9 6.9 +0.2
EFAV iShares Edge MSCI Min Vol EAFE ETF 35.4 20 19 5.9 -0.7
IQLT iShares Edge MSCI Intl Quality Factor ETF 33.9 30 9 6.3 -0.3
GSIE Goldman Sachs ActiveBeta International Equity ETF 32.1 25 14 6.9 +0.3
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 31.4 25 14 6.9 +0.2
IQSI IQ Candriam ESG International Equity ETF 30.4 15 24 7.5 +0.8
EFA iShares MSCI EAFE ETF 30.3 32 7 7.3 +0.6
EFG iShares MSCI EAFE Growth ETF 30.2 40 -1 4.8 -1.9
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 30.1 35 4 7.1 +0.5
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 29.9 20 19 7.4 +0.8
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 29.9 48 -9 0.0 -6.7
DOL WisdomTree International LargeCap Dividend Fund 29.7 48 -9 8.7 +2.0
HFXI IQ 50 Percent Hedged FTSE International ETF 29.6 20 19 7.7 +1.0
EUMV iShares Edge MSCI Min Vol Europe ETF 29.4 25 14 5.6 -1.1
IEV iShares Europe ETF 29.1 59 -20 7.0 +0.3
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 28.9 30 9 7.0 +0.3
BBEU JPMorgan BetaBuilders Europe ETF 28.8 9 30 7.5 +0.8
FLEE Franklin FTSE Europe ETF 28.8 9 30 7.2 +0.5
DBEU Xtrackers MSCI Europe Hedged Equity ETF 28.7 45 -6 6.9 +0.2
FLEH Franklin FTSE Europe Hedged ETF 28.6 9 30 7.3 +0.6
RFDI First Trust Riverfront Dynamic Developed International ETF 28.4 83 -44 6.4 -0.2
DWM WisdomTree International Equity Fund 28.1 48 -9 8.4 +1.7
IEUR iShares Core MSCI Europe ETF 28.0 9 30 7.5 +0.8
JHMD John Hancock Multifactor Developed International ETF 28.0 45 -6 7.6 +0.9
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 27.9 7 32 7.7 +1.1
PDEV Principal International Multi-Factor Core Index ETF 27.8 25 14 8.0 +1.4
ESGD iShares MSCI EAFE ESG Optimized ETF 27.7 20 19 7.3 +0.7
FEU SPDR Portfolio Europe ETF 27.5 9 30 7.5 +0.8
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 27.5 32 7 6.6 -0.1
SCHF Schwab International Equity ETF 27.4 6 33 7.5 +0.9
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 27.4 35 4 8.7 +2.1
IEFA iShares Core MSCI EAFE ETF 27.3 7 32 7.4 +0.8
CIL VictoryShares International Volatility Weighted Index ETF 27.1 45 -6 6.8 +0.2
VGK Vanguard FTSE Europe ETF 26.7 8 31 7.5 +0.8
IDEV iShares Core MSCI International Developed Markets ETF 26.6 5 34 7.4 +0.7
RODM Hartford Multifactor Developed Markets (ex-US) ETF 26.5 29 10 8.8 +2.1
RBIN Nationwide Risk-Based International Equity ETF 25.8 42 -3 6.5 -0.2
SPDW SPDR Portfolio Developed World ex-US ETF 25.8 4 35 7.4 +0.7
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 25.8 39 0 6.8 +0.1
QINT American Century Quality Diversified International ETF 25.8 39 0 6.0 -0.7
JPEU JPMorgan Diversified Return Europe Equity ETF 25.7 37 2 7.0 +0.3
VEA Vanguard FTSE Developed Markets ETF 24.8 5 34 7.6 +0.9
RNDM Developed International Equity Select ETF 24.6 65 -26 6.5 -0.2
TPIF Timothy Plan International ETF 24.4 62 -23 7.1 +0.4
CWI SPDR MSCI ACWI ex-US ETF 24.2 30 9 7.8 +1.1
IDLV Invesco S&P International Developed Low Volatility ETF 24.2 25 14 6.9 +0.2
RFEU First Trust Riverfront Dynamic Europe ETF 24.2 83 -44 5.1 -1.6
OEUR O'shares FTSE Europe Quality Dividend ETF 23.8 48 -9 6.7 +0.1
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 23.6 14 25 7.1 +0.4
IDHQ Invesco S&P International Developed High Quality ETF 23.4 29 10 5.5 -1.2
UIVM VictoryShares USAA MSCI International Value Momentum ETF 23.4 35 4 8.7 +2.1
JPIN JPMorgan Diversified Return International Equity ETF 23.3 38 1 8.0 +1.4
ACWX iShares MSCI ACWI ex U.S. ETF 23.1 32 7 7.6 +1.0
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 22.8 40 -1 7.5 +0.8
IMTM iShares Edge MSCI Intl Momentum Factor ETF 22.6 30 9 5.0 -1.7
IDMO Invesco S&P International Developed Momentum ETF 22.5 25 14 4.7 -2.0
DWMF WisdomTree International Multifactor Fund 22.2 38 1 6.9 +0.2
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 22.0 80 -41 6.1 -0.6
IGRO iShares International Dividend Growth ETF 21.9 22 17 8.2 +1.5
ISDX Invesco Strategic Developed ex-US ETF 21.9 23 16 7.6 +0.9
FIVA Fidelity International Value Factor ETF 21.9 39 0 10.4 +3.8
IQDE FlexShares International Quality Dividend Defensive Index Fd 21.8 47 -8 12.9 +6.3
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 21.7 24 15 7.3 +0.6
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 21.7 45 -6 9.1 +2.4
FNDF Schwab Fundamental International Large Co. Index ETF 21.5 25 14 8.9 +2.2
VEU Vanguard FTSE All-World ex-US Index Fund 21.3 8 31 7.9 +1.2
SCID Global X Scientific Beta Europe ETF 21.2 38 1 7.1 +0.4
VIGI Vanguard International Dividend Appreciation ETF 20.7 25 14 6.0 -0.7
IQIN IQ 500 International ETF 20.6 25 14 9.2 +2.5
IXUS ishares Core MSCI Total International Stock ETF 20.5 9 30 7.7 +1.0
VXUS Vanguard Total International Stock Index Fund 19.6 8 31 7.8 +1.2
MVIN Natixis Seeyond International Minimum Volatility ETF 19.6 55 -16 5.8 -0.9
IDY Pacific Global International Equity Income ETF 19.5 39 0 8.2 +1.5
PQIN PGIM QMA Strategic Alpha International Equity ETF 19.3 29 10 8.2 +1.5
VSGX Vanguard ESG International Stock ETF 19.2 17 22 7.5 +0.8
ISZE iShares Edge MSCI Intl Size Factor ETF 19.1 30 9 7.1 +0.4
EUDG WisdomTree Europe Quality Dividend Growth Fund 18.9 58 -19 6.2 -0.5
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 18.8 16 23 7.2 +0.6
JPGE JPMorgan Diversified Return Global Equity ETF 18.2 29 10 7.4 +0.7
LVIN Hartford Multifactor Low Volatility International Equity ETF 18.2 29 10 12.4 +5.7
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 18.1 39 0 9.2 +2.6
EFAD ProShares MSCI EAFE Dividend Growers ETF 17.9 50 -11 6.6 -0.0
NUDM Nuveen ESG International Developed Markets Equity ETF 17.3 40 -1 7.0 +0.4
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 17.1 25 14 7.6 +0.9
EFV iShares MSCI EAFE Value ETF 17.1 39 0 10.3 +3.6
VYMI Vanguard International High Dividend Yield ETF 16.9 32 7 10.4 +3.7
DOO WisdomTree International Dividend ex-Financials Fund 16.6 58 -19 8.8 +2.2
EURZ Xtrackers Eurozone Equity ETF 16.5 9 30 7.3 +0.6
IQDF FlexShares International Quality Dividend Index Fund 16.5 47 -8 13.2 +6.5
SCIJ Global X Scientific Beta Japan ETF 16.5 39 0 7.1 +0.5
IQDG WisdomTree International Quality Dividend Growth Fund 16.4 38 1 6.5 -0.1
JPMV iShares Edge MSCI Min Vol Japan ETF 16.3 30 9 6.9 +0.2
IPAC iShares Core MSCI Pacific ETF 16.2 9 30 7.5 +0.8
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 16.1 58 -19 6.4 -0.3
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 16.1 45 -6 6.9 +0.3
EZU iShares MSCI Eurozone ETF 16.0 49 -10 7.0 +0.3
JPXN iShares JPX-Nikkei 400 ETF 15.7 48 -9 7.5 +0.8
EWJ iShares MSCI Japan ETF 15.7 49 -10 7.4 +0.7
PIZ Invesco DWA Developed Markets Momentum ETF 15.7 80 -41 4.3 -2.3

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 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 13.6 %
Divided by: Fwd. P/BV 1.9 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 6.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.67 CATEGORY
AVERAGE
1.59
 
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.