Fidelity Momentum Factor
ALTAR
Score™
4.2% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
24.8x P/Sales
ratio
3.6x
P/BV
ratio
4.6x Div.
yield
1.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Fidelity Momentum Factor ETF tracks an index large-cap US stocks selected for positive momentum signals.

FUND BASICS
Category US Equities
Fund Sponsor Fidelity
Website screener.fidelity.com
Inception date Sep 12, 2016
Assets (mns) $110
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) $210,979
Large cap (>$10bn) 91.5%
Mid cap ($2-10bn) 8.5%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICROSOFT CORP 5.0 %
AMAZON.COM INC 3.1 %
FACEBOOK 2.3 %
JPMORGAN CHASE & CO 2.2 %
BERKSHIRE HATHAWAY INC-CL B 2.2 %
JOHNSON & JOHNSON 2.1 %
VISA INC-CLASS A SHARES 2.0 %
MASTERCARD INC-CLASS A 1.7 %
MERCK & CO. INC. 1.6 %
VERIZON COMMUNICATIONS INC 1.5 %
Total 23.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.5 %
BRITAIN 2.7 %
IRELAND 0.7 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
19.3% 9.8% -- -- 12.2%

Market Correlations
versus... Beta R-squared
S&P500 0.95 87%
MSCI EAFE 0.82 55%
MSCI Emg. Mkts. 0.57 43%

Technical Indicators
Recent close $34.98
30d moving avg. $34.85
Annualized volatility 12.3%
Short interest (ETF) 0.0%
Relative strength (RSI) 50

Liquidity measures
Avg. volume (thou.) 48
Turnover 1.5%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $48,186

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Fidelity Momentum Factor ETF based on the alternatives' overlap in portfolio holdings with FDMO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: FDMO Expense: 29 bp ALTAR Score™: 4.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FDMO
Ticker Fund
Name
Overlap1
vs FDMO
(%)
Expense
ratio
(bp)
Savings
vs FDMO
(bp)
ALTAR
Score™
(%)
ALTAR
vs FDMO
(%)
OMOM Invesco Russell 1000 Momentum Factor ETF 50.7 19 10 5.3 +1.1
JMOM JPMorgan U.S. Momentum Factor 48.9 12 17 4.3 +0.1
FDLO Fidelity Low Volatility Factor 48.3 29 0 5.4 +1.2
SPYG SPDR Portfolio S&P 500 Growth 47.7 4 25 5.1 +0.9
IVW iShares S&P 500 Growth 47.7 18 11 4.9 +0.8
VOOG Vanguard S&P 500 Growth 47.6 15 14 5.0 +0.8
IWL iShares Russell Top 200 47.6 15 14 5.7 +1.5
OVOL Invesco Russell 1000 Low Volatility Factor ETF 47.4 19 10 5.6 +1.4
MGC Vanguard Mega Cap 300 ETF 46.4 7 22 5.8 +1.6
MTUM iShares MSCI USA Momentum Factor 46.2 15 14 4.4 +0.2
OEF iShares S&P 100 46.1 20 9 5.5 +1.3
IUSG iShares Core U.S. Growth 46.0 4 25 5.1 +0.9
MMTM SPDR S&P1500 Momentum Tilt 45.9 12 17 5.4 +1.2
XLG Invesco S&P Top 50 44.6 20 9 5.1 +1.0
PBP Invesco S&P 500 Buy/Write 44.1 49 -20 5.6 +1.4
SPXV ProShares S&P 500 Ex-Health Care 43.8 27 2 5.6 +1.4
PLC Principal U.S. Large-Cap Multi-Factor Core Index 43.4 15 14 5.5 +1.3
SPXT ProShares S&P 500 Ex-Technology 43.1 27 2 6.0 +1.8
HSPX Global X S&P 500 Covered Call 42.9 65 -36 5.4 +1.2
SPY S&P 500 SPDR 42.6 9 20 5.9 +1.7

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%.

Content on this tab for subscribers only**

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 Momentum Factor
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 18.4 %
Divided by: Fwd. P/BV 4.1 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 4.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.46 CATEGORY
AVERAGE
1.55
 
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.