Fidelity International Value Factor
ALTAR
Score™
9.2% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
11.3x P/Sales
ratio
0.7x
P/BV
ratio
1.2x Div.
yield
4.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Fidelity International Value Factor ETF tracks a multi-factor index of large- and midcap value stocks from developed markets, ex-US.

FUND BASICS
Category International Equities
Fund Sponsor Fidelity
Website screener.fidelity.com
Inception date Jan 16, 2018
Assets (mns) $14
Currency USD
Expense ratio 39 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 105
Wgt avg mkt cap (mns) $65,214
Large cap (>$10bn) 88.9%
Mid cap ($2-10bn) 11.1%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NESTLE SA-REG 2.5 %
ROCHE HOLDING AG-GENUSSCHEIN 1.9 %
NOVARTIS AG-REG 1.7 %
SAP AG 1.7 %
ROYAL DUTCH SHELL PLC-B SHS 1.6 %
SONY CORP 1.6 %
PANDORA A/S 1.4 %
ASTELLAS PHARMA INC 1.3 %
SCHNEIDER ELECTRIC SA 1.3 %
ALLIANZ SE-REG 1.3 %
Total 16.4 %

TOP COUNTRY EXPOSURE
JAPAN 24.1 %
BRITAIN 17.0 %
SWITZERLAND 10.0 %
FRANCE 9.2 %
CANADA 7.8 %
GERMANY 7.6 %
AUSTRALIA 6.0 %
NETHERLANDS 4.5 %
HONG KONG 3.2 %
ITALY 2.7 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
19.8% 19.8% -- -- 1.8%

Market Correlations
versus... Beta R-squared
S&P500 0.80 68%
MSCI EAFE 1.09 97%
MSCI Emg. Mkts. 0.79 82%

Technical Indicators
Recent close $22.78
30d moving avg. $22.91
Annualized volatility 14.0%
Short interest (ETF) 1.0%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 3
Turnover 0.5%
Bid/Ask (% of price) 0.64%
ADV underlying (mns) $10,294

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: FIVA Expense: 39 bp ALTAR Score™: 9.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FIVA
Ticker Fund
Name
Overlap1
vs FIVA
(%)
Expense
ratio
(bp)
Savings
vs FIVA
(bp)
ALTAR
Score™
(%)
ALTAR
vs FIVA
(%)
IVLU iShares MSCI Int'l Developed Value Factor 35.1 30 9 10.4 +1.2
IDY Pacific Global International Equity Income 33.5 39 0 8.1 -1.1
DOL WisdomTree Int'l Large Cap Dividend 33.2 48 -9 7.6 -1.6
IQIN IQ 500 International 30.3 25 14 8.3 -0.9
EFV iShares MSCI EAFE Value 30.0 38 1 8.9 -0.3
IEV iShares S&P Europe 350 29.8 59 -20 6.2 -3.0
DBEU Xtrackers Europe Hedged 28.7 45 -6 6.2 -3.0
FLEE Franklin FTSE Europe 28.4 9 30 6.7 -2.5
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE 28.3 30 9 6.4 -2.8
EFA iShares MSCI EAFE 28.3 31 8 6.7 -2.5
FLEH Franklin FTSE Europe Hedged 28.0 9 30 6.7 -2.5
PXF Invesco FTSE-RAFI Developed ex-US 27.8 45 -6 8.0 -1.2
IQSI IQ Candriam ESG International Equity ETF 27.6 15 24 6.7 -2.5
DOO WisdomTree Int'l Dividend Ex-Financials 27.5 58 -19 7.9 -1.3
RFDI First Trust Riverfront Dynamic Developed Int'l 27.4 83 -44 6.4 -2.8
DBEF Xtrackers MSCI EAFE Hedged 27.3 35 4 6.6 -2.6
FNDF Schwab Fundamental Intl Large Cap 27.2 25 14 7.5 -1.7
BBEU JPMorgan BetaBuilders Europe 27.2 9 30 6.6 -2.6
REFA Invesco International Revenue ETF 27.0 42 -3 8.6 -0.6
IEUR iShares Core MSCI Europe 26.7 9 30 6.7 -2.5

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 International Value Factor
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 10.4 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 9.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.57 CATEGORY
AVERAGE
1.63
 
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.