Fidelity Low Volatility Factor ETF
ALTAR
Score™
6.5% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
17.2x P/Sales
ratio
2.3x
P/BV
ratio
3.1x Div.
yield
2.5%


  • 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) $335
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) $243,162
Large cap (>$10bn) 91.2%
Mid cap ($2-10bn) 8.6%
Small cap (<$2bn) 0.2%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICROSOFT CORP 5.6 %
APPLE INC 5.0 %
ALPHABET INC. CLASS A 3.3 %
JOHNSON & JOHNSON 2.1 %
VISA INC-CLASS A SHARES 1.8 %
UNITEDHEALTH GROUP INC 1.7 %
INTEL CORP 1.6 %
MERCK & CO. INC. 1.6 %
PROCTER & GAMBLE CO/THE 1.5 %
HOME DEPOT INC 1.5 %
Total 25.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 93.1 %
IRELAND 2.2 %
BRITAIN 1.5 %
BERMUDA 1.2 %
SWITZERLAND 0.9 %
ISRAEL 0.7 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-18.9% -6.8% -- -- 8.1%

Market Correlations
versus... Beta R-squared
S&P500 0.88 95%
MSCI EAFE 0.81 77%
MSCI Emg. Mkts. 0.58 58%

Technical Indicators
Recent close $30.62
30d moving avg. $33.77
Annualized volatility 13.8%
Short interest (ETF) 0.1%
Relative strength (RSI) 36

Liquidity measures
Avg. volume (thou.) 273
Turnover 2.5%
Bid/Ask (% of price) 0.47%
ADV underlying (mns) $127,860

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™: 6.5%


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
(%)
FQAL Fidelity Quality Factor ETF 54.4 29 0 7.0 +0.5
USMV iShares Edge MSCI Min Vol USA ETF 52.8 15 14 6.8 +0.3
QUS SPDR MSCI USA StrategicFactors ETF 49.7 15 14 7.3 +0.8
HSPX Global X S&P 500 Covered Call ETF 49.1 65 -36 6.2 -0.3
IWL iShares Russell Top 200 ETF 49.0 15 14 6.6 +0.1
MGC Vanguard Mega Cap Index Fund 48.6 7 22 6.8 +0.3
PBP Invesco S&P 500 BuyWrite ETF 48.3 49 -20 6.5 +0.0
SPXN ProShares S&P 500 Ex-Financials ETF 48.0 27 2 6.6 +0.1
LGLV SPDR Russell 1000 Low Volatility ETF 47.8 12 17 7.1 +0.6
OEF iShares S&P 100 ETF 47.5 20 9 6.3 -0.2
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 46.6 20 9 6.6 +0.1
IQSU IQ Candriam ESG US Equity ETF 46.6 9 20 6.7 +0.2
SNPE Xtrackers S&P 500 ESG ETF 46.3 11 18 6.8 +0.3
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 46.2 15 14 6.9 +0.4
SPY SPDR S&P 500 ETF Trust 45.6 9 20 7.1 +0.5
VOO VANGUARD S&P 500 ETF 45.6 3 26 7.1 +0.6
SPLG SPDR Portfolio Large Cap ETF 45.5 3 26 7.1 +0.6
IVV iShares Core S&P 500 ETF 45.5 4 25 7.1 +0.6
XLG Invesco S&P 500 Top 50 ETF 44.9 20 9 5.9 -0.6
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 44.9 20 9 7.1 +0.6
FLLV Franklin Liberty U.S. Low Volatility ETF 44.8 29 0 7.1 +0.6
SPXE ProShares S&P 500 Ex-Energy ETF 44.8 27 2 7.0 +0.5
VV Vanguard Large-Cap Index Fund 44.6 4 25 7.0 +0.5
LVUS Hartford Multifactor Low Volatility US Equity ETF 44.3 19 10 7.6 +1.1
JQUA JPMorgan U.S. Quality Factor ETF 44.3 12 17 6.6 +0.1
EPS WisdomTree U.S. Earnings 500 Fund 43.8 8 21 8.5 +2.0
DLN WisdomTree U.S. LargeCap Dividend Fund 43.7 28 1 8.0 +1.5
BBUS JP Morgan Betabuilders U.S. Equity ETF 43.7 2 27 7.1 +0.6
SPXV ProShares S&P 500 Ex-Health Care ETF 43.5 27 2 6.8 +0.3
USMC Principal U.S. Mega-Cap Multi-Factor Index ETF 43.3 12 17 6.3 -0.2
PBUS Invesco PureBeta MSCI USA ETF 43.2 4 25 7.2 +0.7
QLV FlexShares US Quality Low Volatility Index Fund 43.0 22 7 6.4 -0.1
RECS Columbia Research Enhanced Core ETF 42.8 15 14 7.5 +1.0
SCHX Schwab U.S. Large-Cap ETF 42.7 3 26 7.0 +0.5
FDMO Fidelity Momentum Factor ETF 42.6 29 0 5.5 -1.0
VONE Vanguard Russell 1000 ETF 42.5 8 21 7.0 +0.5
MMTM SPDR S&P 1500 Momentum Tilt ETF 42.4 12 17 6.7 +0.2
SPTM SPDR Portfolio Total Stock Market ETF 42.2 3 26 7.3 +0.8
OMFL Oppenheimer Russell 1000 Dynamic Multifactor ETF 42.0 29 0 5.6 -0.9
IWB iShares Russell 1000 ETF 41.8 15 14 7.0 +0.5
SFY SoFi Select 500 ETF 41.7 0 29 6.7 +0.2
DGRO iShares Core Dividend Growth ETF 41.6 8 21 8.4 +1.9
ESGU iShares MSCI USA ESG Optimized ETF 41.5 15 14 6.7 +0.2
SCHK Schwab 1000 Index ETF 41.4 5 24 7.0 +0.5
DEF Invesco Defensive Equity ETF 41.4 55 -26 6.4 -0.1
IYY iShares Dow Jones U.S. ETF 41.1 20 9 6.9 +0.4
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 41.0 9 20 7.3 +0.8
XOUT GraniteShares XOUT U.S. Large Cap ETF 40.9 60 -31 6.0 -0.5
DTD WisdomTree U.S.Total Dividend Fund 40.7 28 1 8.5 +2.0
DYNF BlackRock U.S. Equity Factor Rotation ETF 40.7 30 -1 8.1 +1.6
NACP Impact Shares NAACP Minority Empowerment ETF 40.6 75 -46 6.2 -0.3
OUSA O'Shares FTSE US Quality Dividend ETF 40.3 48 -19 7.0 +0.5
CATH Global X S&P 500 Catholic Values Custom ETF 40.2 29 0 7.0 +0.5
VTHR Vanguard Russell 3000 Index Fund 40.1 10 19 6.9 +0.4
IWY iShares Russell Top 200 Growth ETF 39.9 20 9 5.5 -1.0
VOOG Vanguard S&P 500 Growth ETF 39.9 10 19 5.7 -0.8
SPYG SPDR Portfolio S&P 500 Growth ETF 39.9 4 25 5.8 -0.7
IVW iShares S&P 500 Growth ETF 39.8 18 11 5.6 -0.9
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 39.7 49 -20 5.5 -1.1
ESGV Vanguard ESG U.S. Stock ETF 39.6 12 17 7.0 +0.5
IUS Invesco Strategic US ETF 39.5 19 10 7.9 +1.4
SCHB Schwab U.S. Broad Market ETF 39.4 3 26 7.0 +0.5
VTI Vanguard Total Stock Market Index Fund 39.4 3 26 7.0 +0.5
IWV iShares Russell 3000 ETF 39.4 20 9 6.9 +0.4
ITOT iShares Core S&P Total U.S. Stock Market ETF 39.3 3 26 7.0 +0.5
FDRR Fidelity Dividend ETF for Rising Rates 39.0 29 0 9.6 +3.1
VONG Vanguard Russell 1000 Growth Index Fund 38.9 8 21 5.8 -0.7
IWF iShares Russell 1000 Growth ETF 38.9 19 10 5.7 -0.8
IUSG iShares Core S&P US Growth ETF 38.7 4 25 5.8 -0.7
SUSL iShares ESG MSCI USA Leaders ETF 38.6 10 19 6.9 +0.4
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 38.6 10 19 6.9 +0.4
ESG FlexShares STOXX US ESG Impact Index Fund 38.4 32 -3 6.8 +0.3
SPXT ProShares S&P 500 Ex-Technology ETF 38.4 27 2 7.3 +0.8
RFDA RiverFront Dynamic US Dividend Advantage ETF 38.1 52 -23 7.9 +1.4
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 38.1 25 4 7.7 +1.2
FLQL Franklin LibertyQ U.S. Equity ETF 37.8 15 14 8.0 +1.5
WOMN Impact Shares YWCA Women's Empowerment ETF 37.7 75 -46 6.2 -0.3
DIVB iShares U.S. Dividend & Buyback ETF 37.7 25 4 8.8 +2.3
JMOM JPMorgan U.S. Momentum Factor ETF 37.7 12 17 5.2 -1.3
FNDX Schwab Fundamental U.S. Large Co. Index ETF 37.5 25 4 8.3 +1.8
PFM Invesco Dividend Achievers ETF 37.4 54 -25 6.4 -0.1
SPMO Invesco S&P 500 Momentum ETF 37.1 13 16 5.3 -1.2
FVAL Fidelity Value Factor ETF 37.0 29 0 11.0 +4.5
EQWL Invesco Russell Top 200 Equal Weight ETF 36.5 25 4 7.5 +1.0
SCHG Schwab U.S. Large-Cap Growth ETF 36.4 4 25 5.6 -0.9
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 36.4 29 0 8.2 +1.7
ACIO Aptus Collared Income Opportunity ETF 36.4 79 -50 6.6 +0.1
DGRW WisdomTree U.S. Quality Dividend Growth Fund 36.2 28 1 8.2 +1.7
AFLG First Trust Active Factor Large Cap ETF 36.0 55 -26 7.7 +1.2
JHML John Hancock Multifactor Large Cap ETF 36.0 34 -5 7.5 +1.0
DSI iShares MSCI KLD 400 Social ETF 35.8 25 4 6.7 +0.2
VEGN US Vegan Climate ETF 35.8 60 -31 7.1 +0.6
FNDB Schwab Fundamental U.S. Broad Market Index ETF 35.8 25 4 8.4 +1.9
DSTL Distillate US Fundamental Stability & Value ETF 35.5 39 -10 7.7 +1.2
MGK Vanguard Mega Cap Growth ETF 35.4 7 22 5.6 -0.9
VOOV Vanguard S&P 500 Value ETF 35.4 15 14 9.2 +2.7
EXT WisdomTree U.S. Total Earnings Fund 35.4 28 1 7.7 +1.2
VUG Vanguard Growth Index Fund 35.3 4 25 5.5 -1.0
SPYV SPDR Portfolio S&P 500 Value ETF 35.2 4 25 9.2 +2.7
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 35.2 19 10 7.6 +1.1

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 Low Volatility 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 20.0 %
Divided by: Fwd. P/BV 2.9 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 6.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.47 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.