Fidelity Low Volatility Factor
ALTAR
Score™
5.4% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
20.7x P/Sales
ratio
2.7x
P/BV
ratio
3.6x 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) $341
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 129
Wgt avg mkt cap (mns) $211,340
Large cap (>$10bn) 92.0%
Mid cap ($2-10bn) 8.0%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICROSOFT CORP 4.7 %
ALPHABET INC. CLASS A 2.9 %
BERKSHIRE HATHAWAY INC-CL B 2.2 %
JOHNSON & JOHNSON 2.0 %
FACEBOOK 1.8 %
VISA INC-CLASS A SHARES 1.8 %
INTEL CORP 1.7 %
UNITEDHEALTH GROUP INC 1.6 %
MASTERCARD INC-CLASS A 1.6 %
HOME DEPOT INC 1.5 %
Total 21.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 92.0 %
IRELAND 2.4 %
BERMUDA 2.3 %
BRITAIN 1.3 %
SWITZERLAND 0.9 %
ISRAEL 0.8 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
28.6% 17.8% -- -- 15.8%

Market Correlations
versus... Beta R-squared
S&P500 0.80 93%
MSCI EAFE 0.67 55%
MSCI Emg. Mkts. 0.45 39%

Technical Indicators
Recent close $37.91
30d moving avg. $37.47
Annualized volatility 10.0%
Short interest (ETF) 0.1%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 82
Turnover 0.9%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $48,428

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Fidelity Low Volatility Factor 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™: 5.4%


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 MSCI USA Minimum Volatility 53.0 15 14 5.2 -0.2
OVOL Invesco Russell 1000 Low Volatility Factor ETF 52.0 19 10 5.6 +0.3
LVUS Hartford Multifactor Low Volatility US Equity 49.5 21 8 5.8 +0.5
QUS SPDR MSCI USA Quality Mix 48.9 15 14 6.0 +0.6
LGLV SPDR Russell 1000 Low Volatility 48.9 12 17 5.2 -0.1
IWL iShares Russell Top 200 48.1 15 14 5.7 +0.3
FQAL Fidelity Quality Factor 47.8 29 0 5.8 +0.4
MGC Vanguard Mega Cap 300 ETF 46.7 7 22 5.8 +0.5
OEF iShares S&P 100 46.5 20 9 5.5 +0.1
FLLV Franklin Liberty U.S. Low Volatility 45.9 29 0 5.3 -0.1
SPYG SPDR Portfolio S&P 500 Growth 45.7 4 25 5.1 -0.3
VOOG Vanguard S&P 500 Growth 45.5 15 14 5.0 -0.4
PRID InsightShares LGBT Employment Equality 45.5 65 -36 5.4 0.0
OMOM Invesco Russell 1000 Momentum Factor ETF 45.5 19 10 5.3 -0.1
IVW iShares S&P 500 Growth 45.5 18 11 4.9 -0.4
SPXN ProShares S&P 500 Ex-Financials 45.3 27 2 5.9 +0.6
JQUA JPMorgan U.S. Quality Factor 44.6 12 17 5.8 +0.5
FDMO Fidelity Momentum Factor 44.5 29 0 4.1 -1.2
DYNF BlackRock U.S. Equity Factor Rotation 44.3 30 -1 6.5 +1.1
IUSG iShares Core U.S. Growth 44.0 4 25 5.1 -0.3

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

  2014 2015 2016 2017 2018 2019E 2020E
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

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
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
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 18.1 %
Divided by: Fwd. P/BV 3.2 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 5.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.53 CATEGORY
AVERAGE
1.56
 
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.