Fidelity Low Volatility Factor ETF
ALTAR
Score™
5.2% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
23.7x P/Sales
ratio
3.0x
P/BV
ratio
4.3x Div.
yield
1.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Fidelity Low Volatility Factor ETF tracks an index of large-cap US stocks selected for low volatility of returns and earnings .

FUND BASICS
Category US Equities
Fund Sponsor Fidelity
Website screener.fidelity.com
Inception date Sep 12, 2016
Assets (mns) $370
Currency USD
Expense ratio 29 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 125
Wgt avg mkt cap (mns) $242,946
Large cap (>$10bn) 94.7%
Mid cap ($2-10bn) 5.3%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICROSOFT CORP 6.0 %
ALPHABET INC. CLASS A 3.9 %
VISA INC-CLASS A SHARES 1.9 %
JOHNSON & JOHNSON 1.8 %
MASTERCARD INC-CLASS A 1.8 %
ADOBE SYSTEMS INC 1.7 %
HOME DEPOT INC 1.7 %
UNITEDHEALTH GROUP INC 1.6 %
VERIZON COMMUNICATIONS INC 1.6 %
INTEL CORP 1.5 %
Total 23.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 93.6 %
IRELAND 2.5 %
BRITAIN 1.3 %
ISRAEL 1.0 %
SWITZERLAND 0.8 %






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.
3.5% 9.6% -- -- 13.8%

Market Correlations
versus... Beta R-squared
S&P500 0.86 95%
MSCI EAFE 0.88 81%
MSCI Emg. Mkts. 0.61 61%

Technical Indicators
Recent close $39.39
30d moving avg. $39.79
Annualized volatility 15.7%
Short interest (ETF) 0.1%
Relative strength (RSI) 47

Liquidity measures
Avg. volume (thou.) 58
Turnover 0.6%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $53,711

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: FDLO Expense: 29 bp ALTAR Score™: 5.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FDLO
Ticker Fund
Name
Overlap1
vs FDLO
(%)
Expense
ratio
(bp)
Savings
vs FDLO
(bp)
ALTAR
Score™
(%)
ALTAR
vs FDLO
(%)
USMV iShares Edge MSCI Min Vol USA ETF 51.4 15 14 5.5 +0.3
QUS SPDR MSCI USA StrategicFactors ETF 46.4 15 14 5.8 +0.6
LGLV SPDR Russell 1000 Low Volatility ETF 44.5 12 17 5.6 +0.4
JQUA JPMorgan U.S. Quality Factor ETF 44.4 12 17 5.4 +0.2
FQAL Fidelity Quality Factor ETF 44.3 29 0 5.4 +0.2
FLLV Franklin Liberty U.S. Low Volatility ETF 43.9 29 0 5.5 +0.3
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 41.1 10 19 5.3 +0.1
SUSL iShares ESG MSCI USA Leaders ETF 41.0 10 19 5.2 +0.1
QLV FlexShares US Quality Low Volatility Index Fund 40.8 22 7 4.8 -0.4
BKLC BNY Mellon US Large Cap Core Equity ETF 40.1 0 29 5.0 -0.2
IWL iShares Russell Top 200 ETF 40.0 15 14 4.8 -0.4
FLQL Franklin LibertyQ U.S. Equity ETF 39.9 15 14 6.1 +0.9
SPMV Invesco S&P 500 Minimum Variance ETF 39.9 10 19 5.7 +0.5
MGC Vanguard Mega Cap Index Fund 39.6 7 22 5.0 -0.2
FLRG Fidelity U.S. Multifactor ETF 39.2 29 0 6.4 +1.2
OEF iShares S&P 100 ETF 39.2 20 9 4.7 -0.5
HSPX Global X S&P 500 Covered Call ETF 38.6 60 -31 4.8 -0.4
SPXN ProShares S&P 500 Ex-Financials ETF 38.5 27 2 4.8 -0.4
XLG Invesco S&P 500 Top 50 ETF 38.2 20 9 4.4 -0.8
IQSU IQ Candriam ESG US Equity ETF 38.0 9 20 4.9 -0.2
PFM Invesco Dividend Achievers ETF 37.9 53 -24 5.3 +0.2
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 37.7 20 9 4.8 -0.4
PBP Invesco S&P 500 BuyWrite ETF 37.7 49 -20 4.9 -0.3
DSI iShares MSCI KLD 400 Social ETF 37.6 25 4 5.0 -0.2
ACIO Aptus Collared Income Opportunity ETF 37.5 79 -50 4.3 -0.9
XYLG Global X S&P 500 Covered Call & Growth ETF 37.5 60 -31 4.9 -0.3
DLN WisdomTree U.S. LargeCap Dividend Fund 37.2 28 1 6.5 +1.3
SPY SPDR S&P 500 ETF Trust 37.1 9 20 5.2 +0.0
IVV iShares Core S&P 500 ETF 37.0 3 26 5.3 +0.1
SPLG SPDR Portfolio Large Cap ETF 37.0 3 26 5.3 +0.1
EFIV SPDR S&P 500 ESG ETF 37.0 10 19 5.0 -0.2
SNPE Xtrackers S&P 500 ESG ETF 37.0 10 19 4.9 -0.3
USMC Principal U.S. Mega-Cap Multi-Factor Index ETF 36.6 12 17 4.7 -0.5
SPXE ProShares S&P 500 Ex-Energy ETF 36.5 27 2 5.1 -0.1
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 36.5 20 9 5.2 +0.0
VOO VANGUARD S&P 500 ETF 36.4 3 26 5.3 +0.1
EPS WisdomTree U.S. Earnings 500 Fund 36.3 8 21 6.4 +1.2
NULC Nuveen ESG Large-Cap ETF 36.2 20 9 5.0 -0.2
DGRO iShares Core Dividend Growth ETF 35.9 8 21 6.7 +1.5
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 35.7 7 22 5.1 -0.1
XOUT GraniteShares XOUT U.S. Large Cap ETF 35.7 60 -31 4.0 -1.2
NACP Impact Shares NAACP Minority Empowerment ETF 35.7 75 -46 4.8 -0.4
SPQQ Siren Large Cap Blend Index ETF 35.5 20 9 4.8 -0.4
DTD WisdomTree U.S.Total Dividend Fund 35.4 28 1 6.7 +1.5
FVAL Fidelity Value Factor ETF 35.0 29 0 7.7 +2.5
ESGV Vanguard ESG U.S. Stock ETF 34.9 12 17 5.0 -0.2
BBUS JP Morgan Betabuilders U.S. Equity ETF 34.8 2 27 5.1 -0.1
VV Vanguard Large-Cap Index Fund 34.6 4 25 5.1 -0.1
SPXV ProShares S&P 500 Ex-Health Care ETF 34.5 27 2 4.9 -0.3
SPXT ProShares S&P 500 Ex-Technology ETF 34.5 27 2 5.5 +0.3
USXF iShares ESG Advanced MSCI USA ETF 34.5 10 19 4.9 -0.3
ESGU iShares MSCI USA ESG Optimized ETF 34.4 15 14 4.9 -0.3
PBUS Invesco PureBeta MSCI USA ETF 34.4 4 25 5.1 -0.1
SPTM SPDR Portfolio Total Stock Market ETF 34.4 3 26 5.4 +0.2
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 34.3 49 -20 3.9 -1.3
DIVB iShares U.S. Dividend & Buyback ETF 34.2 25 4 6.9 +1.7
DEF Invesco Defensive Equity ETF 34.1 55 -26 5.2 +0.0
QDEF FlexShares Quality Dividend Defensive Index Fund 33.8 37 -8 6.0 +0.8
VIG Vanguard Dividend Appreciation Index Fund 33.8 6 23 5.2 +0.1
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 33.8 9 20 5.4 +0.2
PSET Principal Price Setters Index ETF 33.7 15 14 4.8 -0.3
SCHX Schwab U.S. Large-Cap ETF 33.7 3 26 5.0 -0.2
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 33.6 19 10 6.0 +0.8
VOOG Vanguard S&P 500 Growth ETF 33.6 10 19 4.2 -1.0
VOOV Vanguard S&P 500 Value ETF 33.2 10 19 7.3 +2.1
WOMN Impact Shares YWCA Women's Empowerment ETF 33.2 75 -46 4.2 -1.0
QUAL iShares MSCI Usa Quality Factor ETF 33.1 15 14 5.3 +0.1
SPLV Invesco S&P 500 Low Volatility ETF 33.1 25 4 5.5 +0.3
ALTL Pacer Lunt Large Cap Alternator ETF 33.1 60 -31 5.1 -0.1
IWB iShares Russell 1000 ETF 33.0 15 14 5.0 -0.2
SCHK Schwab 1000 Index ETF 33.0 5 24 5.1 -0.1
IWY iShares Russell Top 200 Growth ETF 32.9 20 9 3.8 -1.4
SPYG SPDR Portfolio S&P 500 Growth ETF 32.9 4 25 4.2 -1.0
IVW iShares S&P 500 Growth ETF 32.9 18 11 16.9 +11.7
SCHV Schwab U.S. Large-Cap Value ETF 32.8 4 25 6.8 +1.7
ROUS Hartford Multifactor US Equity ETF 32.7 19 10 6.4 +1.2
LSLT Salt Low truBeta US Market ETF 32.6 60 -31 5.7 +0.5
IYY iShares Dow Jones U.S. ETF 32.6 20 9 4.9 -0.3
RECS Columbia Research Enhanced Core ETF 32.6 15 14 5.6 +0.4
OUSA O'Shares FTSE US Quality Dividend ETF 32.3 48 -19 5.8 +0.7
VONE Vanguard Russell 1000 ETF 32.3 8 21 5.0 -0.2
EQWL Invesco Russell Top 200 Equal Weight ETF 32.2 25 4 6.3 +1.1
MMTM SPDR S&P 1500 Momentum Tilt ETF 32.2 12 17 4.6 -0.6
IVE iShares S&P 500 Value ETF 32.2 18 11 7.2 +2.0
SPYV SPDR Portfolio S&P 500 Value ETF 32.1 4 25 7.4 +2.2
IWX iShares Russell Top 200 Value ETF 32.1 20 9 6.8 +1.7
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 32.0 49 -20 5.0 -0.2
IUSG iShares Core S&P US Growth ETF 31.9 4 25 4.3 -0.9
CATH Global X S&P 500 Catholic Values Custom ETF 31.8 29 0 5.0 -0.2
JMOM JPMorgan U.S. Momentum Factor ETF 31.8 12 17 3.3 -1.8
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 31.7 29 0 5.9 +0.7
DYNF BlackRock U.S. Equity Factor Rotation ETF 31.5 30 -1 6.6 +1.4
VTHR Vanguard Russell 3000 Index Fund 31.5 10 19 4.9 -0.3
VSDA VictoryShares Dividend Accelerator ETF 31.4 35 -6 4.8 -0.4
ESG FlexShares STOXX US ESG Impact Index Fund 31.4 32 -3 5.0 -0.2
RAFE PIMCO RAFI ESG U.S. ETF 31.4 29 0 7.7 +2.5
QLC FlexShares US Quality Large Cap Index Fund 31.3 32 -3 5.1 -0.1
MGK Vanguard Mega Cap Growth ETF 31.3 7 22 4.0 -1.2
IWF iShares Russell 1000 Growth ETF 31.1 19 10 3.6 -1.6
IWV iShares Russell 3000 ETF 31.1 20 9 4.8 -0.4

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 Low Volatility 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 21.2 %
Divided by: Fwd. P/BV 3.9 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 5.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.52 CATEGORY
AVERAGE
1.51
 
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.