Fidelity Targeted International Factor ETF
ALTAR
Score™
6.3% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
19.0x P/Sales
ratio
1.9x
P/BV
ratio
2.0x Div.
yield
3.0%


  • 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 205
Wgt avg mkt cap (mns) $49,804
Large cap (>$10bn) 63.4%
Mid cap ($2-10bn) 35.1%
Small cap (<$2bn) 0.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NESTLE SA-REG 2.6 %
ENEL SPA 1.4 %
DAITO TRUST CONSTRUCT CO LTD 1.4 %
PSP SWISS PROPERTY AG-REG 1.3 %
CLP HOLDINGS LTD 1.3 %
AEDIFICA 1.3 %
NIPPON BUILDING FUND INC 1.2 %
ROCHE HOLDING AG-GENUSSCHEIN 1.2 %
MAPLETREE INDUSTRIAL TRUST 1.1 %
AIR LIQUIDE SA 1.1 %
Total 14.0 %

TOP COUNTRY EXPOSURE
JAPAN 22.3 %
BRITAIN 12.7 %
SWITZERLAND 11.0 %
CANADA 8.3 %
FRANCE 6.5 %
AUSTRALIA 5.8 %
ITALY 4.8 %
SWEDEN 4.4 %
GERMANY 3.6 %
HONG KONG 3.4 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-2.6% 4.3% -- -- 3.9%

Market Correlations
versus... Beta R-squared
S&P500 0.67 84%
MSCI EAFE 0.75 95%
MSCI Emg. Mkts. 0.51 70%

Technical Indicators
Recent close $25.91
30d moving avg. $25.58
Annualized volatility 15.3%
Short interest (ETF) 0.0%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 2
Turnover 0.5%
Bid/Ask (% of price) 0.47%
ADV underlying (mns) $7,854

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 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™: 6.3%


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 34.4 30 9 6.7 +0.4
IQLT iShares Edge MSCI Intl Quality Factor ETF 32.2 30 9 5.9 -0.4
GSIE Goldman Sachs ActiveBeta International Equity ETF 31.5 25 14 6.6 +0.3
EFAV iShares Edge MSCI Min Vol EAFE ETF 31.2 20 19 5.4 -0.9
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 30.7 30 9 0.0 -6.3
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 29.9 32 7 5.9 -0.4
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 29.7 25 14 6.3 -0.0
DWMF WisdomTree International Multifactor Fund 29.6 38 1 6.2 -0.1
BKIE BNY Mellon International Equity ETF 29.5 4 35 7.3 +1.0
EFA iShares MSCI EAFE ETF 29.0 32 7 6.9 +0.6
DOL WisdomTree International LargeCap Dividend Fund 28.8 48 -9 8.6 +2.3
PDEV Principal International Multi-Factor Core Index ETF 28.8 25 14 7.7 +1.4
GSID Goldman Sachs MarketBeta International Equity ETF 28.6 20 19 7.1 +0.8
RODM Hartford Multifactor Developed Markets (ex-US) ETF 28.6 29 10 7.6 +1.3
IQSI IQ Candriam ESG International Equity ETF 28.6 15 24 7.2 +0.9
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 28.5 35 4 6.7 +0.4
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 28.4 20 19 6.9 +0.6
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 28.3 30 9 0.0 -6.3
HFXI IQ 50 Percent Hedged FTSE International ETF 28.0 20 19 7.3 +1.0
FLEE Franklin FTSE Europe ETF 28.0 9 30 6.8 +0.5
DWM WisdomTree International Equity Fund 27.9 48 -9 8.2 +1.9
BBEU JPMorgan BetaBuilders Europe ETF 27.7 9 30 7.2 +0.9
DBEU Xtrackers MSCI Europe Hedged Equity ETF 27.7 45 -6 6.5 +0.2
ESGD iShares MSCI EAFE ESG Optimized ETF 27.7 20 19 6.8 +0.5
FLEH Franklin FTSE Europe Hedged ETF 27.6 9 30 7.0 +0.7
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 27.5 35 4 8.5 +2.2
IEV iShares Europe ETF 27.5 59 -20 6.7 +0.4
RBIN Nationwide Risk-Based International Equity ETF 27.4 42 -3 6.0 -0.3
JHMD John Hancock Multifactor Developed International ETF 27.3 39 0 7.2 +0.9
IEUR iShares Core MSCI Europe ETF 27.0 9 30 7.1 +0.7
EFG iShares MSCI EAFE Growth ETF 27.0 40 -1 4.4 -1.9
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 26.9 45 -6 6.5 +0.2
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 26.8 7 32 7.4 +1.1
CIL VictoryShares International Volatility Weighted Index ETF 26.7 45 -6 6.6 +0.3
SCHF Schwab International Equity ETF 26.5 6 33 7.2 +0.9
FEU SPDR Portfolio Europe ETF 26.3 9 30 7.1 +0.8
IEFA iShares Core MSCI EAFE ETF 26.3 7 32 7.1 +0.8
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 25.9 39 0 6.4 +0.1
IDHQ Invesco S&P International Developed Quality ETF 25.9 29 10 4.9 -1.4
IMTM iShares Edge MSCI Intl Momentum Factor ETF 25.9 30 9 4.3 -2.0
IDEV iShares Core MSCI International Developed Markets ETF 25.8 5 34 7.1 +0.8
VGK Vanguard FTSE Europe ETF 25.6 8 31 7.2 +0.9
VGFO Virtus WMC Global Factor Opportunities ETF 25.3 49 -10 7.9 +1.6
SPDW SPDR Portfolio Developed World ex-US ETF 24.5 4 35 7.0 +0.7
RFDI First Trust Riverfront Dynamic Developed International ETF 24.2 83 -44 5.6 -0.7
IDMO Invesco S&P International Developed Momentum ETF 24.1 26 13 4.5 -1.8
TPIF Timothy Plan International ETF 24.1 62 -23 6.1 -0.2
VEA Vanguard FTSE Developed Markets ETF 24.0 5 34 7.3 +1.0
RNDM Developed International Equity Select ETF 23.9 65 -26 6.2 -0.1
OEUR O'shares FTSE Europe Quality Dividend ETF 23.9 48 -9 6.5 +0.2
QINT American Century Quality Diversified International ETF 23.7 39 0 6.0 -0.3
IQDE FlexShares International Quality Dividend Defensive Index Fd 22.9 47 -8 9.0 +2.7
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 22.8 14 25 6.8 +0.5
SCID Global X Scientific Beta Europe ETF 22.8 39 0 6.3 -0.0
IDY Pacific Global International Equity Income ETF 22.7 39 0 7.9 +1.6
IDLV Invesco S&P International Developed Low Volatility ETF 22.7 25 14 6.6 +0.3
JPIN JPMorgan Diversified Return International Equity ETF 22.4 37 2 7.7 +1.4
CWI SPDR MSCI ACWI ex-US ETF 22.3 30 9 7.1 +0.8
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 21.9 24 15 7.0 +0.7
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 21.7 35 4 6.8 +0.5
PQIN PGIM QMA Strategic Alpha International Equity ETF 21.5 29 10 7.4 +1.1
ACWX iShares MSCI ACWI ex U.S. ETF 21.3 32 7 7.2 +0.9
LVIN Hartford Multifactor Low Volatility International Equity ETF 21.1 29 10 11.4 +5.1
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 21.0 40 -1 7.0 +0.7
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 20.8 45 -6 8.7 +2.4
IQDF FlexShares International Quality Dividend Index Fund 20.4 47 -8 8.9 +2.6
MVIN Natixis Seeyond International Minimum Volatility ETF 20.1 56 -17 5.5 -0.8
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 20.1 80 -41 6.4 +0.1
FNDF Schwab Fundamental International Large Co. Index ETF 19.8 25 14 8.6 +2.3
IGRO iShares International Dividend Growth ETF 19.7 22 17 7.9 +1.6
VEU Vanguard FTSE All-World ex-US Index Fund 19.7 8 31 7.5 +1.2
UIVM VictoryShares USAA MSCI International Value Momentum ETF 19.6 35 4 8.5 +2.2
VSGX Vanguard ESG International Stock ETF 19.4 17 22 7.0 +0.7
FIVA Fidelity International Value Factor ETF 19.3 39 0 9.6 +3.3
ISDX Invesco Strategic Developed ex-US ETF 19.2 23 16 7.2 +0.9
IXUS ishares Core MSCI Total International Stock ETF 18.9 9 30 7.3 +1.0
LVHI Legg Mason International Low Volatility High Dividend ETF 18.9 40 -1 9.2 +2.9
EUDG WisdomTree Europe Quality Dividend Growth Fund 18.8 58 -19 5.8 -0.5
RFEU First Trust Riverfront Dynamic Europe ETF 18.6 83 -44 5.7 -0.6
INTF iShares Edge MSCI Multifactor Intl ETF 18.2 30 9 7.7 +1.4
EFV iShares MSCI EAFE Value ETF 18.0 39 0 9.5 +3.2
IQIN IQ 500 International ETF 17.5 25 14 8.5 +2.2
VXUS Vanguard Total International Stock Index Fund 17.5 8 31 7.4 +1.1
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 17.4 16 23 6.8 +0.5
VYMI Vanguard International High Dividend Yield ETF 17.1 27 12 10.1 +3.8
DOO WisdomTree International Dividend ex-Financials Fund 16.8 58 -19 8.7 +2.4
ISZE iShares Edge MSCI Intl Size Factor ETF 16.8 30 9 7.1 +0.8
VIGI Vanguard International Dividend Appreciation ETF 16.7 20 19 5.5 -0.8
DTH WisdomTree DEFA Equity Income Fund 16.3 58 -19 9.7 +3.4
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 16.1 39 0 8.1 +1.8
IDLB Invesco FTSE International Low Beta Equal Weight ETF 16.1 45 -6 7.0 +0.7
PIZ Invesco DWA Developed Markets Momentum ETF 15.7 81 -42 4.5 -1.8
DWCR Arrow DWA Country Rotation ETF 15.7 95 -56 13.9 +7.6
IQDG WisdomTree International Quality Dividend Growth Fund 15.6 42 -3 6.1 -0.2
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 15.6 58 -19 6.0 -0.3
QWLD SPDR MSCI World StrategicFactors ETF 15.3 30 9 6.3 -0.0
IPAC iShares Core MSCI Pacific ETF 15.2 9 30 7.1 +0.8
EURZ Xtrackers Eurozone Equity ETF 15.1 9 30 6.9 +0.6

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 13.0 %
Divided by: Fwd. P/BV 1.9 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 6.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.69 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.