Fidelity International Value Factor ETF
ALTAR
Score™
8.8% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
15.6x P/Sales
ratio
0.8x
P/BV
ratio
1.2x Div.
yield
3.4%


  • 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) $20
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 103
Wgt avg mkt cap (mns) $65,033
Large cap (>$10bn) 90.5%
Mid cap ($2-10bn) 8.7%
Small cap (<$2bn) 0.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NESTLE SA-REG 2.1 %
NUTRIEN LTD. 1.9 %
ROCHE HOLDING AG-GENUSSCHEIN 1.8 %
NOVARTIS AG-REG 1.7 %
SONY CORP 1.6 %
SHIN-ETSU CHEMICAL CO LTD 1.5 %
VOLVO AB-B SHS 1.5 %
FIAT CHRYSLER AUTOMOBILES NV 1.5 %
RIO TINTO LTD 1.5 %
AIA GROUP LTD 1.4 %
Total 16.5 %

TOP COUNTRY EXPOSURE
JAPAN 24.5 %
BRITAIN 13.3 %
GERMANY 10.7 %
FRANCE 9.2 %
CANADA 8.5 %
SWITZERLAND 7.9 %
AUSTRALIA 4.6 %
SPAIN 4.3 %
HONG KONG 3.4 %
SINGAPORE 2.5 %

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.
-1.9% -1.9% -- -- 0.5%

Market Correlations
versus... Beta R-squared
S&P500 0.94 75%
MSCI EAFE 1.07 97%
MSCI Emg. Mkts. 0.81 70%

Technical Indicators
Recent close $22.66
30d moving avg. $22.27
Annualized volatility 20.7%
Short interest (ETF) 0.1%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 5
Turnover 0.6%
Bid/Ask (% of price) 0.39%
ADV underlying (mns) $16,469

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 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™: 8.8%


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
(%)
DFAI Dimensional International Core Equity Market ETF 58.8 18 21 6.4 -2.4
IVLU iShares Edge MSCI Intl Value Factor ETF 33.5 30 9 10.0 +1.2
DOL WisdomTree International LargeCap Dividend Fund 32.2 48 -9 7.2 -1.7
IQIN IQ 500 International ETF 27.8 25 14 7.7 -1.1
EFV iShares MSCI EAFE Value ETF 27.5 39 0 8.4 -0.4
VWID Virtus WMC International Dividend ETF 27.1 49 -10 7.4 -1.4
DWM WisdomTree International Equity Fund 26.9 48 -9 7.2 -1.6
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 26.5 40 -1 7.2 -1.6
PDEV Principal International Multi-Factor Core Index ETF 26.4 25 14 7.1 -1.7
IEV iShares Europe ETF 26.2 59 -20 6.3 -2.6
IQSI IQ Candriam ESG International Equity ETF 26.0 15 24 6.4 -2.4
BKIE BNY Mellon International Equity ETF 26.0 4 35 6.6 -2.3
DBEU Xtrackers MSCI Europe Hedged Equity ETF 25.5 45 -6 6.0 -2.8
BBEU JPMorgan BetaBuilders Europe ETF 25.4 9 30 6.7 -2.1
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 25.4 25 14 5.9 -2.9
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 25.3 45 -6 7.7 -1.1
EFA iShares MSCI EAFE ETF 25.1 32 7 6.2 -2.6
GSID Goldman Sachs MarketBeta International Equity ETF 25.0 20 19 6.3 -2.5
ESGD iShares MSCI EAFE ESG Optimized ETF 25.0 20 19 6.2 -2.7
FLEE Franklin FTSE Europe ETF 24.9 9 30 6.5 -2.4
DTH WisdomTree International High Dividend Fund 24.8 58 -19 8.8 -0.1
FLEH Franklin FTSE Europe Hedged ETF 24.8 9 30 6.5 -2.3
RESD WisdomTree International ESG Fund 24.7 30 9 6.5 -2.4
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 24.7 35 4 6.1 -2.8
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 24.0 20 19 6.4 -2.4
FNDF Schwab Fundamental International Large Co. Index ETF 23.8 25 14 7.7 -1.1
IEUR iShares Core MSCI Europe ETF 23.6 9 30 6.6 -2.2
NUDM Nuveen ESG International Developed Markets Equity ETF 23.5 40 -1 5.9 -2.9
VGK Vanguard FTSE Europe ETF 23.4 8 31 6.8 -2.0
SPEU SPDR Portfolio Europe ETF 23.2 9 30 6.8 -2.0
ESGN Columbia Sustainable International Equity Income ETF 23.1 45 -6 9.2 +0.3
HFXI IQ 50 Percent Hedged FTSE International ETF 23.0 20 19 6.4 -2.4
JHMD John Hancock Multifactor Developed International ETF 23.0 39 0 6.6 -2.3
GSIE Goldman Sachs ActiveBeta International Equity ETF 22.9 25 14 6.0 -2.8
QEFA SPDR MSCI EAFE Quality Mix ETF 22.8 30 9 6.0 -2.9
VYMI Vanguard International High Dividend Yield ETF 22.8 27 12 9.0 +0.2
DOO WisdomTree International Dividend ex-Financials Fund 22.8 58 -19 7.7 -1.2
ISDX Invesco RAFI Strategic Developed ex-US ETF 22.6 23 16 6.3 -2.5
HDEF Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF 22.4 20 19 8.4 -0.4
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 22.2 7 32 6.5 -2.3
SCHF Schwab International Equity ETF 22.0 6 33 6.5 -2.3
IGRO iShares International Dividend Growth ETF 21.7 15 24 7.0 -1.8
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 21.6 35 4 6.0 -2.9
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 21.5 14 25 6.1 -2.7
IEFA iShares Core MSCI EAFE ETF 21.3 7 32 6.5 -2.3
INTF iShares Edge MSCI Multifactor Intl ETF 21.3 30 9 7.2 -1.6
IQLT iShares Edge MSCI Intl Quality Factor ETF 20.9 30 9 5.2 -3.6
IDEV iShares Core MSCI International Developed Markets ETF 20.5 5 34 6.5 -2.4
ICOW Pacer Developed Markets International Cash Cows 100 ETF 20.2 65 -26 10.2 +1.4
CID VictoryShares Intl High Dividend Volatility Wtd Index ETF 20.1 45 -6 9.8 +1.0
FIDI Fidelity International High Dividend ETF 20.1 39 0 10.3 +1.4
EZU iShares MSCI Eurozone ETF 19.7 51 -12 6.0 -2.8
SPDW SPDR Portfolio Developed World ex-US ETF 19.5 4 35 6.2 -2.6
VEA Vanguard FTSE Developed Markets ETF 19.5 5 34 6.6 -2.3
EURZ Xtrackers Eurozone Equity ETF 19.3 9 30 6.6 -2.3
RFDI First Trust Riverfront Dynamic Developed International ETF 19.0 83 -44 5.1 -3.7
HDAW Xtrackers MSCI All World ex US High Dividend Yield Equity ET 18.9 20 19 9.4 +0.6
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 18.8 45 -6 6.0 -2.8
EUDG WisdomTree Europe Quality Dividend Growth Fund 18.7 58 -19 6.5 -2.4
CWI SPDR MSCI ACWI ex-US ETF 18.4 30 9 6.2 -2.7
FDEV Fidelity Targeted International Factor ETF 18.4 39 0 6.2 -2.7
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 18.3 32 7 5.7 -3.2
UIVM VictoryShares USAA MSCI International Value Momentum ETF 17.9 35 4 7.7 -1.1
EWJV iShares MSCI Japan Value ETF 17.6 15 24 8.9 +0.1
IDOG ALPS International Sector Dividend Dogs ETF 17.1 50 -11 8.2 -0.6
JPXN iShares JPX-Nikkei 400 ETF 17.0 48 -9 6.2 -2.6
OEUR O'shares FTSE Europe Quality Dividend ETF 17.0 48 -9 5.1 -3.7
JPN Xtrackers Japan JPX-Nikkei 400 Equity ETF 16.9 9 30 6.6 -2.2
VSGX Vanguard ESG International Stock ETF 16.8 17 22 6.3 -2.5
DGT SPDR Global Dow ETF 16.8 50 -11 6.3 -2.5
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 16.7 16 23 6.0 -2.9
ACWX iShares MSCI ACWI ex U.S. ETF 16.7 32 7 6.3 -2.5
LVHI Legg Mason International Low Volatility High Dividend ETF 16.6 40 -1 9.0 +0.2
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 16.6 39 0 5.6 -3.3
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 16.5 40 -1 6.1 -2.8
RFEU First Trust Riverfront Dynamic Europe ETF 16.5 83 -44 5.6 -3.2
RODM Hartford Multifactor Developed Markets (ex-US) ETF 16.5 29 10 7.3 -1.6
RBIN Nationwide Risk-Based International Equity ETF 16.3 42 -3 6.0 -2.8
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 16.3 25 14 6.2 -2.6
ZJPN SPDR Solactive Japan ETF 16.2 14 25 6.5 -2.4
DMXF iShares ESG Advanced MSCI EAFE ETF 16.1 12 27 6.2 -2.6
EWJ iShares MSCI Japan ETF 16.0 51 -12 6.0 -2.8
IQDE FlexShares International Quality Dividend Defensive Index ET 16.0 47 -8 7.8 -1.0
CIL VictoryShares International Volatility Weighted Index ETF 15.8 45 -6 6.4 -2.5
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 15.8 45 -6 6.4 -2.5
DBJP Xtrackers MSCI Japan Hedged Equity ETF 15.8 45 -6 6.1 -2.8
RODE Hartford Multifactor Diversified International ETF 15.8 29 10 10.5 +1.7
VEU Vanguard FTSE All-World ex-US Index Fund 15.8 8 31 6.7 -2.2
FEZ SPDR EURO STOXX 50 ETF 15.7 29 10 6.2 -2.6
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 15.7 80 -41 6.0 -2.8
DWMF WisdomTree International Multifactor Fund 15.6 38 1 6.2 -2.7
BBJP JPMorgan BetaBuilders Japan ETF 15.6 19 20 6.4 -2.5
IQDY FlexShares International Quality Dividend Dynamic Index Fund 15.5 47 -8 8.2 -0.6
IPAC iShares Core MSCI Pacific ETF 15.3 9 30 6.3 -2.6
FLJP Franklin FTSE Japan ETF 15.1 9 30 6.5 -2.3
EFG iShares MSCI EAFE Growth ETF 15.1 40 -1 4.1 -4.8
IQDF FlexShares International Quality Dividend Index Fund 15.1 47 -8 7.9 -0.9
FLJH Franklin FTSE Japan Hedged ETF 15.0 9 30 6.5 -2.3

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

  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 10.5 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 8.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.46 CATEGORY
AVERAGE
1.54
 
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.