Fidelity MSCI Materials Index ETF
ALTAR
Score™		 6.0% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 25.7x P/Sales
ratio		 1.5x
P/BV
ratio		 2.2x Div.
yield		 2.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Fidelity MSCI Materials Index ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the MSCI USA IMI Materials Index.

FUND BASICS
Category US Equities
Fund Sponsor FMR LLC
Website www.fidelity.com
Inception date Oct 21, 2013
Assets (mns) $149
Currency USD
Expense ratio 8 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust Co
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 114
Wgt avg mkt cap (mns) $37,660
Large cap (>$10bn) 73.0%
Mid cap ($2-10bn) 21.8%
Small cap (<$2bn) 5.2%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
PRAXAIR INC 14.3 %
AIR PRODUCTS & CHEMICALS INC 7.2 %
ECOLAB INC 6.1 %
NEWMONT MINING CORP 5.9 %
SHERWIN-WILLIAMS CO/THE 5.8 %
DOW CHEMICAL 4.6 %
DOW, INC. 3.6 %
PPG INDUSTRIES INC 3.0 %
BALL CORP 2.8 %
CORTEVA INC 2.4 %
Total 55.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 81.3 %
BRITAIN 18.4 %
LUXEMBOURG 0.1 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-9.0% -3.8% 4.5% -- 5.2%

Market Correlations
versus... Beta R-squared
S&P500 1.18 90%
MSCI EAFE 1.23 85%
MSCI Emg. Mkts. 0.91 73%

Technical Indicators
Recent close $31.46
30d moving avg. $30.99
Annualized volatility 21.2%
Short interest (ETF) 0.6%
Short interest (Underlying) 3.5%
Relative strength (RSI) 54

Liquidity measures
Avg. volume (thou.) 76
Turnover 1.6%
Bid/Ask (% of price) 0.10%
ADV underlying (mns) $12,510

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Fidelity MSCI Materials Index ETF ETF based on the alternatives' overlap in portfolio holdings with FMAT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: FMAT Expense: 8 bp ALTAR Score™: 6.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FMAT
Ticker Fund
Name		 Overlap1
vs FMAT
(%)		 Expense
ratio
(bp)		 Savings
vs FMAT
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs FMAT
(%)
VAW Vanguard Materials Index Fund 97.6 10 -2 6.1 +0.0
XLB Materials Select Sector SPDR Fund 79.1 13 -5 5.9 -0.2
IYM iShares U.S. Basic Materials ETF 70.9 42 -34 5.4 -0.7
JHMA John Hancock Multifactor Materials ETF 69.6 40 -32 6.8 +0.8
RTM Invesco S&P 500 Equal Weight Materials ETF 55.8 40 -32 6.3 +0.3
PYZ Invesco DWA Basic Materials Momentum ETF 43.2 60 -52 6.0 -0.0
MXI iShares Global Materials ETF 35.5 46 -38 6.0 -0.0
FXZ First Trust Materials AlphaDEX Fund 30.9 65 -57 7.3 +1.3
IGE iShares North American Natural Resources ETF 20.3 46 -38 4.2 -1.8
EQRR ProShares Equities for Rising Rates ETF 15.9 35 -27 6.3 +0.3
XME SPDR S&P Metals & Mining ETF 13.7 35 -27 8.2 +2.2
NANR SPDR S&P North American Natural Resources ETF 13.3 35 -27 3.5 -2.6
GNR SPDR S&P Global Natural Resources ETF 12.5 40 -32 6.7 +0.7
NOBL ProShares S&P 500 Dividend Aristocrats ETF 12.5 35 -27 6.2 +0.2
KNG Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF 12.3 75 -67 5.8 -0.2
VOE Vanguard Mid-Cap Value Index Fund 11.4 7 1 8.1 +2.0
YLDE ClearBridge Dividend Strategy ESG ETF 11.3 60 -52 5.0 -1.0
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 11.0 29 -21 10.0 +4.0
CZA Invesco Zacks Mid-Cap ETF 11.0 76 -68 6.4 +0.3
GUNR Flexshares Morningstar Global Upstream Natural Resources 10.5 46 -38 5.8 -0.2
DAX Global X DAX Germany ETF 10.5 21 -13 7.6 +1.6
LVUS Hartford Multifactor Low Volatility US Equity ETF 10.4 19 -11 6.1 +0.1
JPUS JPMorgan Diversified Return U.S. Equity ETF 10.2 18 -10 6.3 +0.2
TPHD Timothy Plan High Dividend Stock ETF 10.1 52 -44 7.8 +1.8
PAVE Global X U.S. Infrastructure Development ETF 9.9 47 -39 6.0 -0.1
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 9.8 24 -16 6.3 +0.2
JDIV JPMorgan U.S. Dividend ETF 9.8 12 -4 8.0 +2.0
CUT Invesco MSCI Global Timber ETF 9.5 61 -53 9.3 +3.3
ONEY SPDR Russell 1000 Yield Focus ETF 9.5 20 -12 9.5 +3.5
DON WisdomTree U.S. MidCap Dividend Fund 9.4 38 -30 7.8 +1.8
DTN WisdomTree U.S. Dividend ex-Financials Fund 9.3 38 -30 8.1 +2.1
SDY SPDR S&P Dividend ETF 9.2 35 -27 7.1 +1.1
FDVV Fidelity Core Dividend ETF 9.1 29 -21 7.2 +1.2
PEXL Pacer US Export Leaders ETF 9.1 60 -52 6.0 -0.0
TMDV ProShares Russell US Dividend Growers ETF 8.9 35 -27 5.4 -0.7
EQAL Invesco Russell 1000 Equal Weight ETF 8.7 20 -12 5.7 -0.3
IFRA iShares U.S. Infrastructure ETF 8.5 40 -32 6.2 +0.1
RDIV Invesco S&P Ultra Dividend Revenue ETF 8.3 39 -31 11.3 +5.3
COWZ Pacer US Cash Cows 100 ETF 8.3 49 -41 11.0 +4.9
FXR First Trust Industrials/Producer Durables AlphaDEX Fund 7.8 63 -55 7.2 +1.1
SPYD SPDR S&P 500 High Dividend ETF 7.8 7 1 10.6 +4.5
QDIV Global X S&P 500 Quality Dividend ETF 7.8 20 -12 7.8 +1.7
RPV Invesco S&P 500 Pure Value ETF 7.7 35 -27 11.4 +5.4
MAGA Point Bridge GOP Stock Tracker ETF 7.6 72 -64 6.7 +0.6
SPDV AAM S&P 500 High Dividend Value ETF 7.5 29 -21 11.1 +5.1
QSY WisdomTree U.S. LargeCap Value Fund 7.4 38 -30 6.9 +0.9
GRES IQ Global Resources ETF 7.4 77 -69 7.6 +1.6
PICK iShares MSCI Global Metals & Mining Producers ETF 7.4 39 -31 7.3 +1.3
VBR Vanguard Small Cap Value Index Fund 7.4 7 1 8.6 +2.6
GDX VanEck Vectors Gold Miners ETF 7.3 52 -44 2.7 -3.3
SGDM Sprott Gold Miners ETF 7.3 50 -42 2.6 -3.4
JKG iShares Morningstar Mid-Cap ETF 7.3 25 -17 5.6 -0.5
EZM WisdomTree U.S. MidCap Earnings Fund 7.3 38 -30 9.4 +3.4
TPLC Timothy Plan US Large Cap Core ETF 7.2 52 -44 5.5 -0.5
HAP VanEck Vectors Natural Resources ETF 7.0 50 -42 6.4 +0.4
SDOG ALPS Sector Dividend Dogs ETF 6.9 40 -32 10.5 +4.5
ESGS Columbia Sustainable U.S. Equity Income ETF 6.9 35 -27 8.6 +2.6
DVY iShares Select Dividend ETF 6.9 39 -31 9.8 +3.8
IWS iShares Russell Mid-Cap Value ETF 6.7 24 -16 7.3 +1.3
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 6.7 20 -12 9.6 +3.6
KLCD KFA Large Cap Quality Dividend Index ETF 6.7 41 -33 5.4 -0.6
EWMC Invesco S&P MidCap 400 Equal Weight ETF 6.6 40 -32 7.3 +1.3
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 6.6 35 -27 8.8 +2.7
PVAL Principal Contrarian Value Index ETF 6.6 29 -21 10.4 +4.3
RWK Invesco S&P MidCap 400 Revenue ETF 6.5 39 -31 8.2 +2.2
PY Principal Shareholder Yield Index ETF 6.5 29 -21 9.7 +3.6
JKI iShares Morningstar Mid-Cap Value ETF 6.5 30 -22 9.3 +3.3
JMIN JPMorgan U.S. Minimum Volatility ETF 6.4 12 -4 5.9 -0.1
RVRS Reverse Cap Weighted U.S. Large Cap ETF 6.4 29 -21 8.3 +2.3
SYLD Cambria Shareholder Yield ETF 6.4 59 -51 9.0 +3.0
FAB First Trust Multi Cap Value AlphaDEX Fund 6.4 71 -63 9.8 +3.8
SLVP iShares MSCI Global Silver Miners ETF 6.3 39 -31 1.5 -4.5
RNMC Mid Cap US Equity Select ETF 6.3 60 -52 7.9 +1.9
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 6.3 29 -21 6.8 +0.8
VFVA Vanguard U.S. Value Factor ETF 6.3 14 -6 11.7 +5.7
FNDA Schwab Fundamental U.S. Small Co. Index ETF 6.3 25 -17 6.9 +0.8
VO Vanguard Mid-Cap Index Fund 6.3 4 4 5.4 -0.6
SCHM Schwab U.S. Mid-Cap ETF 6.2 4 4 6.3 +0.3
CSD Invesco S&P Spin-Off ETF 6.2 62 -54 6.4 +0.4
RING iShares MSCI Global Gold Miners ETF 6.1 39 -31 3.2 -2.9
PIO Invesco Global Water ETF 6.1 75 -67 4.0 -2.1
PHO Invesco Water Resources ETF 6.1 60 -52 3.7 -2.4
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 6.1 17 -9 6.6 +0.5
MDY SPDR S&P Midcap 400 ETF Trust 6.1 23 -15 6.5 +0.5
IYJ iShares U.S. Industrials ETF 6.0 42 -34 6.0 -0.0
IJH iShares Core S&P Mid-Cap ETF 6.0 6 2 6.7 +0.7
SPMD SPDR Portfolio Mid Cap ETF 6.0 5 3 6.7 +0.7
IVOO Vanguard S&P Mid-Cap 400 ETF 6.0 10 -2 6.6 +0.5
VEGI iShares MSCI Global Agriculture Producers ETF 5.9 39 -31 6.1 +0.1
CWS AdvisorShares Focused Equity ETF 5.9 85 -77 5.3 -0.7
HLAL Wahed FTSE USA Shariah ETF 5.9 50 -42 4.6 -1.4
GBDV Global Beta Smart Income ETF 5.9 29 -21 9.1 +3.1
FTAG First Trust Indxx Global Agriculture ETF 5.8 70 -62 6.5 +0.5
ONEV SPDR Russell 1000 Low Volatility Focus ETF 5.8 20 -12 7.1 +1.1
IVOV Vanguard S&P Mid-Cap 400 Value ETF 5.8 15 -7 8.8 +2.7
MDYV SPDR S&P 400 Mid Cap Value ETF 5.8 15 -7 8.8 +2.8
IJJ iShares S&P Mid-Cap 400 Value ETF 5.8 25 -17 8.7 +2.7
IUSS Invesco Strategic US Small Company ETF 5.8 23 -15 5.6 -0.4
RSP Invesco S&P 500 Equal Weight ETF 5.8 20 -12 6.8 +0.8
BUL Pacer US Cash Cows Growth ETF 5.7 60 -52 6.2 +0.2

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 MSCI Materials Index ETF
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 13.0 %
Divided by: Fwd. P/BV 2.1 x
Less: Expense ratio 8 bp
Equals: ALTAR Score 6.0 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.53 CATEGORY
AVERAGE		 1.52
 
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.