Fidelity Low Volatility Factor ETF
ALTAR
Score™
5.0% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
25.9x P/Sales
ratio
3.0x
P/BV
ratio
4.0x Div.
yield
1.9%


  • 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) $357
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) $366,349
Large cap (>$10bn) 94.0%
Mid cap ($2-10bn) 5.8%
Small cap (<$2bn) 0.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
APPLE INC 6.9 %
MICROSOFT CORP 6.3 %
ALPHABET INC. CLASS A 3.5 %
JOHNSON & JOHNSON 2.0 %
PAYPAL HOLDINGS INC 1.8 %
HOME DEPOT INC 1.7 %
VISA INC-CLASS A SHARES 1.7 %
UNITEDHEALTH GROUP INC 1.7 %
MASTERCARD INC-CLASS A 1.5 %
PROCTER & GAMBLE CO/THE 1.5 %
Total 28.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 93.2 %
IRELAND 2.2 %
BRITAIN 1.6 %
BERMUDA 1.2 %
SWITZERLAND 0.9 %
ISRAEL 0.7 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
0.1% 7.3% -- -- 13.4%

Market Correlations
versus... Beta R-squared
S&P500 0.88 95%
MSCI EAFE 0.87 80%
MSCI Emg. Mkts. 0.60 61%

Technical Indicators
Recent close $39.01
30d moving avg. $37.54
Annualized volatility 15.4%
Short interest (ETF) 0.3%
Relative strength (RSI) 69

Liquidity measures
Avg. volume (thou.) 60
Turnover 0.7%
Bid/Ask (% of price) 0.10%
ADV underlying (mns) $67,710

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™: 5.0%


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 53.9 29 0 5.4 +0.4
USMV iShares Edge MSCI Min Vol USA ETF 50.2 15 14 5.4 +0.4
BKLC BNY Mellon US Large Cap Core Equity ETF 48.9 0 29 4.9 -0.0
QUS SPDR MSCI USA StrategicFactors ETF 48.5 15 14 5.7 +0.7
IWL iShares Russell Top 200 ETF 48.2 15 14 4.8 -0.2
OEF iShares S&P 100 ETF 47.9 20 9 4.6 -0.4
MGC Vanguard Mega Cap Index Fund 47.4 7 22 5.0 +0.1
SPXN ProShares S&P 500 Ex-Financials ETF 47.1 27 2 4.8 -0.2
LGLV SPDR Russell 1000 Low Volatility ETF 46.8 12 17 5.5 +0.5
XLG Invesco S&P 500 Top 50 ETF 46.3 20 9 4.3 -0.7
PBP Invesco S&P 500 BuyWrite ETF 46.2 49 -20 4.8 -0.1
IQSU IQ Candriam ESG US Equity ETF 45.9 9 20 4.9 -0.1
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 45.7 20 9 4.7 -0.2
HSPX Global X S&P 500 Covered Call ETF 45.3 65 -36 4.7 -0.3
SPY SPDR S&P 500 ETF Trust 44.7 9 20 5.2 +0.2
SNPE Xtrackers S&P 500 ESG ETF 44.7 11 18 4.9 -0.0
SPLG SPDR Portfolio Large Cap ETF 44.6 3 26 5.2 +0.3
IVV iShares Core S&P 500 ETF 44.6 4 25 5.2 +0.3
VOO VANGUARD S&P 500 ETF 44.4 3 26 5.2 +0.3
SPXE ProShares S&P 500 Ex-Energy ETF 44.3 27 2 5.1 +0.1
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 44.3 20 9 5.1 +0.2
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 44.1 7 22 5.0 +0.1
EPS WisdomTree U.S. Earnings 500 Fund 43.7 8 21 6.3 +1.3
LVUS Hartford Multifactor Low Volatility US Equity ETF 43.6 19 10 6.0 +1.1
DLN WisdomTree U.S. LargeCap Dividend Fund 43.5 28 1 6.3 +1.3
SPXV ProShares S&P 500 Ex-Health Care ETF 43.3 27 2 4.8 -0.2
QLV FlexShares US Quality Low Volatility Index Fund 42.8 22 7 4.6 -0.3
JQUA JPMorgan U.S. Quality Factor ETF 42.7 12 17 5.2 +0.2
BBUS JP Morgan Betabuilders U.S. Equity ETF 42.6 2 27 5.1 +0.1
ACIO Aptus Collared Income Opportunity ETF 42.6 79 -50 4.1 -0.9
FLLV Franklin Liberty U.S. Low Volatility ETF 42.6 29 0 5.6 +0.7
FDMO Fidelity Momentum Factor ETF 42.4 29 0 3.7 -1.3
PBUS Invesco PureBeta MSCI USA ETF 42.3 4 25 5.1 +0.1
XOUT GraniteShares XOUT U.S. Large Cap ETF 42.3 60 -31 4.0 -1.0
VV Vanguard Large-Cap Index Fund 42.0 4 25 5.0 +0.1
SCHX Schwab U.S. Large-Cap ETF 41.5 3 26 5.1 +0.1
SPTM SPDR Portfolio Total Stock Market ETF 41.2 3 26 5.3 +0.4
ESGU iShares MSCI USA ESG Optimized ETF 40.7 15 14 4.9 -0.0
NACP Impact Shares NAACP Minority Empowerment ETF 40.7 75 -46 4.5 -0.5
DTD WisdomTree U.S.Total Dividend Fund 40.6 28 1 6.5 +1.5
DGRO iShares Core Dividend Growth ETF 40.4 8 21 6.5 +1.5
SCHK Schwab 1000 Index ETF 40.2 5 24 5.1 +0.1
VONE Vanguard Russell 1000 ETF 40.1 8 21 5.0 +0.0
IWB iShares Russell 1000 ETF 39.9 15 14 4.9 -0.0
CATH Global X S&P 500 Catholic Values Custom ETF 39.9 29 0 5.0 +0.1
IYY iShares Dow Jones U.S. ETF 39.8 20 9 5.0 +0.0
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 39.7 15 14 6.0 +1.1
OUSA O'Shares FTSE US Quality Dividend ETF 39.6 48 -19 5.5 +0.6
SPYG SPDR Portfolio S&P 500 Growth ETF 39.6 4 25 4.2 -0.8
VOOG Vanguard S&P 500 Growth ETF 39.5 10 19 4.1 -0.9
IVW iShares S&P 500 Growth ETF 39.5 18 11 4.0 -0.9
QDEF FlexShares Quality Dividend Defensive Index Fund 39.4 37 -8 5.7 +0.7
PFM Invesco Dividend Achievers ETF 39.3 54 -25 5.3 +0.3
FDRR Fidelity Dividend ETF for Rising Rates 39.2 29 0 6.8 +1.9
USMC Principal U.S. Mega-Cap Multi-Factor Index ETF 38.8 12 17 4.6 -0.4
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 38.7 9 20 5.3 +0.4
IUSG iShares Core S&P US Growth ETF 38.5 4 25 4.2 -0.8
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 38.4 49 -20 3.8 -1.1
IWY iShares Russell Top 200 Growth ETF 38.4 20 9 3.7 -1.3
FLQL Franklin LibertyQ U.S. Equity ETF 38.3 15 14 6.0 +1.0
DIVB iShares U.S. Dividend & Buyback ETF 38.2 25 4 6.4 +1.5
MMTM SPDR S&P 1500 Momentum Tilt ETF 38.2 12 17 4.4 -0.5
SCHB Schwab U.S. Broad Market ETF 38.1 3 26 5.0 +0.1
ITOT iShares Core S&P Total U.S. Stock Market ETF 37.9 3 26 5.0 +0.0
FVAL Fidelity Value Factor ETF 37.8 29 0 7.7 +2.8
IWV iShares Russell 3000 ETF 37.8 20 9 4.8 -0.2
VTHR Vanguard Russell 3000 Index Fund 37.8 10 19 4.9 -0.1
ESG FlexShares STOXX US ESG Impact Index Fund 37.8 32 -3 4.9 -0.1
ESGV Vanguard ESG U.S. Stock ETF 37.8 12 17 4.9 -0.0
SCHG Schwab U.S. Large-Cap Growth ETF 37.4 4 25 3.9 -1.0
JKD iShares Morningstar Large-Cap ETF 37.3 20 9 5.3 +0.4
RECS Columbia Research Enhanced Core ETF 37.2 15 14 5.4 +0.5
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 37.1 10 19 5.2 +0.2
SUSL iShares ESG MSCI USA Leaders ETF 37.1 10 19 5.2 +0.2
VONG Vanguard Russell 1000 Growth Index Fund 36.8 8 21 3.7 -1.3
IWF iShares Russell 1000 Growth ETF 36.8 19 10 3.6 -1.4
VTI Vanguard Total Stock Market Index Fund 36.8 3 26 4.9 -0.0
MGK Vanguard Mega Cap Growth ETF 36.8 7 22 3.9 -1.1
DGRW WisdomTree U.S. Quality Dividend Growth Fund 36.7 28 1 6.3 +1.4
AFLG First Trust Active Factor Large Cap ETF 36.7 55 -26 5.3 +0.4
FNDX Schwab Fundamental U.S. Large Co. Index ETF 36.6 25 4 6.2 +1.3
WOMN Impact Shares YWCA Women's Empowerment ETF 36.6 75 -46 3.9 -1.1
SPXT ProShares S&P 500 Ex-Technology ETF 36.6 27 2 5.4 +0.5
IUS Invesco Strategic US ETF 36.4 19 10 6.3 +1.3
DYNF BlackRock U.S. Equity Factor Rotation ETF 36.3 30 -1 6.3 +1.3
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 36.2 29 0 5.8 +0.9
SFY SoFi Select 500 ETF 36.2 0 29 5.0 +0.1
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 35.9 19 10 5.9 +0.9
DSI iShares MSCI KLD 400 Social ETF 35.7 25 4 5.0 +0.0
VUG Vanguard Growth Index Fund 35.7 4 25 3.8 -1.2
ADME Aptus Drawdown Managed Equity ETF 35.3 81 -52 3.2 -1.7
VIG Vanguard Dividend Appreciation Index Fund 35.2 6 23 5.2 +0.3
JHML John Hancock Multifactor Large Cap ETF 34.9 29 0 5.4 +0.4
FNDB Schwab Fundamental U.S. Broad Market Index ETF 34.4 25 4 6.2 +1.3
EQWL Invesco Russell Top 200 Equal Weight ETF 34.4 25 4 6.0 +1.0
SPMO Invesco S&P 500 Momentum ETF 34.1 13 16 4.1 -0.8
SPYV SPDR Portfolio S&P 500 Value ETF 34.0 4 25 7.3 +2.3
IVE iShares S&P 500 Value ETF 34.0 18 11 7.1 +2.2
SPMV Invesco S&P 500 Minimum Variance ETF 34.0 10 19 5.6 +0.7
VOOV Vanguard S&P 500 Value ETF 34.0 15 14 7.1 +2.2

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 19.4 %
Divided by: Fwd. P/BV 3.7 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 5.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

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