Fidelity International Value Factor ETF
ALTAR
Score™
10.1% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
14.0x P/Sales
ratio
0.7x
P/BV
ratio
1.0x Div.
yield
3.9%


  • 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) $15
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 104
Wgt avg mkt cap (mns) $61,044
Large cap (>$10bn) 89.0%
Mid cap ($2-10bn) 11.0%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NESTLE SA-REG 2.6 %
ROCHE HOLDING AG-GENUSSCHEIN 1.9 %
NUTRIEN LTD. 1.7 %
NOVARTIS AG-REG 1.7 %
SAP AG 1.6 %
FIAT CHRYSLER AUTOMOBILES NV 1.4 %
VOLVO AB-B SHS 1.4 %
INDITEX 1.4 %
UBS GROUP AG 1.4 %
SONY CORP 1.4 %
Total 16.5 %

TOP COUNTRY EXPOSURE
JAPAN 24.5 %
BRITAIN 12.2 %
GERMANY 11.1 %
FRANCE 10.3 %
SWITZERLAND 8.5 %
CANADA 8.3 %
AUSTRALIA 4.4 %
SPAIN 4.0 %
HONG KONG 3.3 %
NETHERLANDS 3.3 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-15.6% -8.6% -- -- -5.4%

Market Correlations
versus... Beta R-squared
S&P500 0.83 76%
MSCI EAFE 1.04 96%
MSCI Emg. Mkts. 0.75 77%

Technical Indicators
Recent close $18.80
30d moving avg. $19.17
Annualized volatility 18.0%
Short interest (ETF) 1.6%
Relative strength (RSI) 38

Liquidity measures
Avg. volume (thou.) 4
Turnover 0.5%
Bid/Ask (% of price) 0.36%
ADV underlying (mns) $11,473

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Fidelity International Value Factor ETF 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™: 10.1%


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
(%)
DOL WisdomTree International LargeCap Dividend Fund 33.2 48 -9 9.0 -1.2
IVLU iShares Edge MSCI Intl Value Factor ETF 30.9 30 9 11.7 +1.6
IDY Pacific Global International Equity Income ETF 29.7 39 0 8.2 -1.9
IQIN IQ 500 International ETF 28.7 25 14 8.8 -1.4
IQSI IQ Candriam ESG International Equity ETF 28.6 15 24 7.5 -2.6
IEV iShares Europe ETF 27.8 59 -20 7.0 -3.1
DOO WisdomTree International Dividend ex-Financials Fund 27.6 58 -19 9.1 -1.1
VGFO Virtus WMC Global Factor Opportunities ETF 27.5 49 -10 8.2 -1.9
EFV iShares MSCI EAFE Value ETF 27.0 39 0 9.8 -0.3
DBEU Xtrackers MSCI Europe Hedged Equity ETF 27.0 45 -6 6.9 -3.3
BBEU JPMorgan BetaBuilders Europe ETF 26.9 9 30 7.5 -2.6
BKIE BNY Mellon International Equity ETF 26.7 4 35 7.5 -2.6
FLEH Franklin FTSE Europe Hedged ETF 26.6 9 30 7.3 -2.9
FLEE Franklin FTSE Europe ETF 26.6 9 30 7.2 -2.9
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 26.3 25 14 6.6 -3.6
EFA iShares MSCI EAFE ETF 26.1 32 7 7.1 -3.0
GSID Goldman Sachs MarketBeta International Equity ETF 26.0 20 19 7.4 -2.7
RESD WisdomTree International ESG Fund 26.0 30 9 6.9 -3.2
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 25.7 45 -6 9.0 -1.1
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 25.6 35 4 7.0 -3.1
PDEV Principal International Multi-Factor Core Index ETF 25.5 25 14 8.0 -2.1
IEUR iShares Core MSCI Europe ETF 25.3 9 30 7.4 -2.7
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 25.2 35 4 8.8 -1.3
VGK Vanguard FTSE Europe ETF 25.2 8 31 7.6 -2.5
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 25.0 20 19 7.2 -3.0
DWM WisdomTree International Equity Fund 25.0 48 -9 8.5 -1.6
ESGD iShares MSCI EAFE ESG Optimized ETF 24.9 20 19 7.0 -3.1
IGRO iShares International Dividend Growth ETF 24.9 22 17 8.5 -1.6
FEU SPDR Portfolio Europe ETF 24.8 9 30 7.5 -2.6
FNDF Schwab Fundamental International Large Co. Index ETF 24.7 25 14 8.8 -1.3
HFXI IQ 50 Percent Hedged FTSE International ETF 24.3 20 19 7.5 -2.6
ISDX Invesco Strategic Developed ex-US ETF 23.8 23 16 7.5 -2.7
JHMD John Hancock Multifactor Developed International ETF 23.7 39 0 7.4 -2.7
NUDM Nuveen ESG International Developed Markets Equity ETF 23.4 40 -1 6.9 -3.2
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 23.1 7 32 7.6 -2.5
GSIE Goldman Sachs ActiveBeta International Equity ETF 23.0 25 14 6.7 -3.4
SCHF Schwab International Equity ETF 23.0 6 33 7.3 -2.8
QEFA SPDR MSCI EAFE Quality Mix ETF 23.0 30 9 6.9 -3.3
RFDI First Trust Riverfront Dynamic Developed International ETF 22.6 83 -44 5.8 -4.3
VYMI Vanguard International High Dividend Yield ETF 22.4 27 12 10.2 +0.0
IEFA iShares Core MSCI EAFE ETF 22.3 7 32 7.4 -2.8
ESGN Columbia Sustainable International Equity Income ETF 22.2 45 -6 11.0 +0.9
OEUR O'shares FTSE Europe Quality Dividend ETF 22.1 48 -9 7.0 -3.1
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 21.7 14 25 7.1 -3.1
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 21.5 35 4 6.9 -3.2
IDEV iShares Core MSCI International Developed Markets ETF 21.2 5 34 7.3 -2.8
DTH WisdomTree DEFA Equity Income Fund 21.0 58 -19 10.1 +0.0
EZU iShares MSCI Eurozone ETF 20.9 49 -10 6.8 -3.4
SPDW SPDR Portfolio Developed World ex-US ETF 20.7 4 35 7.2 -3.0
FIDI Fidelity International High Dividend ETF 20.7 39 0 11.6 +1.5
IQLT iShares Edge MSCI Intl Quality Factor ETF 20.6 30 9 6.1 -4.0
EURZ Xtrackers Eurozone Equity ETF 20.4 9 30 7.2 -2.9
VEA Vanguard FTSE Developed Markets ETF 20.4 5 34 7.5 -2.7
INTF iShares Edge MSCI Multifactor Intl ETF 19.8 30 9 8.0 -2.2
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 19.8 45 -6 6.9 -3.2
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 19.7 32 7 6.1 -4.0
CWI SPDR MSCI ACWI ex-US ETF 19.5 30 9 7.2 -2.9
FDEV Fidelity Targeted International Factor ETF 18.6 39 0 6.6 -3.5
CID VictoryShares Intl High Dividend Volatility Wtd Index ETF 17.9 45 -6 11.1 +1.0
MVIN Natixis Seeyond International Minimum Volatility ETF 17.8 56 -17 5.7 -4.4
ACWX iShares MSCI ACWI ex U.S. ETF 17.7 32 7 7.3 -2.8
DWMF WisdomTree International Multifactor Fund 17.6 38 1 6.3 -3.8
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 17.5 40 -1 7.1 -3.0
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 17.4 39 0 6.6 -3.5
EWJV iShares MSCI Japan Value ETF 17.2 15 24 9.2 -0.9
RODM Hartford Multifactor Developed Markets (ex-US) ETF 17.2 29 10 7.8 -2.3
EFG iShares MSCI EAFE Growth ETF 17.2 40 -1 4.6 -5.6
FEZ SPDR EURO STOXX 50 ETF 17.1 29 10 7.0 -3.1
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 17.1 16 23 7.0 -3.2
RFEU First Trust Riverfront Dynamic Europe ETF 17.1 83 -44 6.0 -4.1
HDEF Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF 16.8 20 19 9.9 -0.2
LVIN Hartford Multifactor Low Volatility International Equity ETF 16.7 29 10 11.6 +1.5
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 16.7 80 -41 6.7 -3.5
UIVM VictoryShares USAA MSCI International Value Momentum ETF 16.7 35 4 8.7 -1.4
VEU Vanguard FTSE All-World ex-US Index Fund 16.6 8 31 7.6 -2.6
RBIN Nationwide Risk-Based International Equity ETF 16.5 42 -3 6.1 -4.0
IDHQ Invesco S&P International Developed Quality ETF 16.2 29 10 5.1 -5.0
ICOW Pacer Developed Markets International Cash Cows 100 ETF 16.2 65 -26 11.0 +0.8
JPXN iShares JPX-Nikkei 400 ETF 16.2 48 -9 7.1 -3.1
VSGX Vanguard ESG International Stock ETF 16.1 17 22 7.1 -3.0
JPN Xtrackers Japan JPX-Nikkei 400 Equity ETF 16.1 9 30 7.5 -2.6
DGT SPDR Global Dow ETF 15.9 50 -11 7.3 -2.8
CIL VictoryShares International Volatility Weighted Index ETF 15.7 45 -6 7.0 -3.1
QJPN SPDR MSCI Japan StrategicFactors ETF 15.7 14 25 7.5 -2.6
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 15.6 45 -6 7.0 -3.1
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 15.6 25 14 7.2 -2.9
IXUS ishares Core MSCI Total International Stock ETF 15.5 9 30 7.4 -2.7
EWJ iShares MSCI Japan ETF 15.4 49 -10 7.0 -3.1
DBJP Xtrackers MSCI Japan Hedged Equity ETF 15.3 45 -6 7.1 -3.1
IQDE FlexShares International Quality Dividend Defensive Index Fd 15.1 47 -8 9.2 -0.9
IQDF FlexShares International Quality Dividend Index Fund 15.1 47 -8 9.2 -0.9
BBJP JPMorgan BetaBuilders Japan ETF 15.0 19 20 7.3 -2.9
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 15.0 39 0 8.4 -1.7
DMXF iShares ESG Advanced MSCI EAFE ETF 15.0 12 27 7.0 -3.1
IQDY FlexShares International Quality Dividend Dynamic Index Fund 14.9 47 -8 9.4 -0.8
VIGI Vanguard International Dividend Appreciation ETF 14.8 20 19 5.6 -4.5
IPAC iShares Core MSCI Pacific ETF 14.7 9 30 7.2 -2.9
FLJP Franklin FTSE Japan ETF 14.6 9 30 7.4 -2.7
FLJH Franklin FTSE Japan Hedged ETF 14.6 9 30 7.3 -2.8

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 International Value Factor ETF
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 1.0 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 10.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

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