Fidelity Quality Factor ETF
ALTAR
Score™
5.5% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
22.3x P/Sales
ratio
3.8x
P/BV
ratio
4.5x Div.
yield
2.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Fidelity Quality Factor ETF tracks an index of fundamentally- selected large and mid- cap US companies that are weighted according to a tiered scheme.

FUND BASICS
Category US Equities
Fund Sponsor Fidelity
Website screener.fidelity.com
Inception date Sep 12, 2016
Assets (mns) $150
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 125
Wgt avg mkt cap (mns) $333,537
Large cap (>$10bn) 91.6%
Mid cap ($2-10bn) 8.4%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICROSOFT CORP 6.1 %
APPLE INC 6.0 %
ALPHABET INC. CLASS A 3.5 %
FACEBOOK 2.4 %
JOHNSON & JOHNSON 1.9 %
NVIDIA CORP 1.8 %
VISA INC-CLASS A SHARES 1.6 %
HOME DEPOT INC 1.6 %
UNITEDHEALTH GROUP INC 1.6 %
ADOBE SYSTEMS INC 1.5 %
Total 27.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.3 %
IRELAND 2.0 %
ISRAEL 0.6 %
BERMUDA 0.6 %
BRITAIN 0.2 %






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.
-2.2% 7.2% -- -- 11.9%

Market Correlations
versus... Beta R-squared
S&P500 0.96 99%
MSCI EAFE 0.93 81%
MSCI Emg. Mkts. 0.67 66%

Technical Indicators
Recent close $37.06
30d moving avg. $36.84
Annualized volatility 16.4%
Short interest (ETF) 0.1%
Relative strength (RSI) 53

Liquidity measures
Avg. volume (thou.) 40
Turnover 1.0%
Bid/Ask (% of price) 0.17%
ADV underlying (mns) $109,088

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: FQAL Expense: 29 bp ALTAR Score™: 5.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FQAL
Ticker Fund
Name
Overlap1
vs FQAL
(%)
Expense
ratio
(bp)
Savings
vs FQAL
(bp)
ALTAR
Score™
(%)
ALTAR
vs FQAL
(%)
JQUA JPMorgan U.S. Quality Factor ETF 56.1 12 17 5.3 -0.2
FDLO Fidelity Low Volatility Factor ETF 53.9 29 0 5.2 -0.3
OEF iShares S&P 100 ETF 52.2 20 9 4.8 -0.7
RECS Columbia Research Enhanced Core ETF 52.1 15 14 5.7 +0.2
BKLC BNY Mellon US Large Cap Core Equity ETF 50.3 0 29 5.2 -0.3
IWL iShares Russell Top 200 ETF 50.0 15 14 5.0 -0.5
MGC Vanguard Mega Cap Index Fund 49.6 7 22 5.2 -0.3
XLG Invesco S&P 500 Top 50 ETF 49.3 20 9 4.4 -1.1
SNPE Xtrackers S&P 500 ESG ETF 49.2 11 18 5.1 -0.4
SPXN ProShares S&P 500 Ex-Financials ETF 48.9 27 2 5.0 -0.5
PBP Invesco S&P 500 BuyWrite ETF 47.7 49 -20 5.0 -0.5
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 47.5 49 -20 4.1 -1.4
EPS WisdomTree U.S. Earnings 500 Fund 47.4 8 21 6.5 +1.0
HSPX Global X S&P 500 Covered Call ETF 47.1 65 -36 4.9 -0.6
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 47.1 20 9 5.0 -0.5
SPY SPDR S&P 500 ETF Trust 46.8 9 20 5.4 -0.1
VOO VANGUARD S&P 500 ETF 46.8 3 26 5.4 -0.1
SPLG SPDR Portfolio Large Cap ETF 46.8 3 26 5.4 -0.1
IVV iShares Core S&P 500 ETF 46.8 4 25 5.4 -0.1
IQSU IQ Candriam ESG US Equity ETF 46.6 9 20 5.1 -0.4
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 46.2 20 9 5.4 -0.1
SPXE ProShares S&P 500 Ex-Energy ETF 46.2 27 2 5.3 -0.2
FLQL Franklin LibertyQ U.S. Equity ETF 46.2 15 14 6.3 +0.8
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 46.2 15 14 6.2 +0.7
FVAL Fidelity Value Factor ETF 45.9 29 0 8.0 +2.5
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 45.9 19 10 5.7 +0.2
WOMN Impact Shares YWCA Women's Empowerment ETF 45.8 75 -46 4.5 -1.0
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 45.8 7 22 5.2 -0.3
DIVB iShares U.S. Dividend & Buyback ETF 45.8 25 4 6.6 +1.1
DLN WisdomTree U.S. LargeCap Dividend Fund 45.3 28 1 6.4 +0.9
SPXV ProShares S&P 500 Ex-Health Care ETF 45.0 27 2 5.0 -0.5
QUS SPDR MSCI USA StrategicFactors ETF 45.0 15 14 5.9 +0.4
VV Vanguard Large-Cap Index Fund 45.0 4 25 5.3 -0.2
DSI iShares MSCI KLD 400 Social ETF 44.8 25 4 5.1 -0.3
BBUS JP Morgan Betabuilders U.S. Equity ETF 44.7 2 27 5.3 -0.2
FDRR Fidelity Dividend ETF for Rising Rates 44.6 29 0 7.0 +1.5
ESGU iShares MSCI USA ESG Optimized ETF 44.6 15 14 5.1 -0.4
PBUS Invesco PureBeta MSCI USA ETF 44.4 4 25 5.3 -0.2
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 44.3 10 19 5.3 -0.2
SUSL iShares ESG MSCI USA Leaders ETF 44.1 10 19 5.3 -0.2
MMTM SPDR S&P 1500 Momentum Tilt ETF 44.1 12 17 4.9 -0.6
CATH Global X S&P 500 Catholic Values Custom ETF 44.1 29 0 5.2 -0.3
NACP Impact Shares NAACP Minority Empowerment ETF 43.7 75 -46 4.5 -1.0
SCHX Schwab U.S. Large-Cap ETF 43.6 3 26 5.3 -0.2
SPTM SPDR Portfolio Total Stock Market ETF 43.5 3 26 5.5 +0.1
XOUT GraniteShares XOUT U.S. Large Cap ETF 43.1 60 -31 4.4 -1.1
DTD WisdomTree U.S.Total Dividend Fund 42.8 28 1 6.7 +1.2
SPYG SPDR Portfolio S&P 500 Growth ETF 42.7 4 25 4.3 -1.2
VOOG Vanguard S&P 500 Growth ETF 42.6 10 19 4.2 -1.3
IVW iShares S&P 500 Growth ETF 42.6 18 11 4.2 -1.3
FDMO Fidelity Momentum Factor ETF 42.6 29 0 3.8 -1.7
VONE Vanguard Russell 1000 ETF 42.5 8 21 5.3 -0.2
QLC FlexShares US Quality Large Cap Index Fund 42.5 32 -3 5.4 -0.1
OUSA O'Shares FTSE US Quality Dividend ETF 42.4 48 -19 5.7 +0.2
QUAL iShares MSCI Usa Quality Factor ETF 42.3 15 14 5.4 -0.1
SCHK Schwab 1000 Index ETF 42.3 5 24 5.3 -0.2
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 42.1 9 20 5.6 +0.1
IWB iShares Russell 1000 ETF 41.9 15 14 5.2 -0.3
VONG Vanguard Russell 1000 Growth Index Fund 41.9 8 21 4.2 -1.3
IYY iShares Dow Jones U.S. ETF 41.8 20 9 5.2 -0.3
IUSG iShares Core S&P US Growth ETF 41.7 4 25 4.3 -1.2
ESG FlexShares STOXX US ESG Impact Index Fund 41.7 32 -3 5.1 -0.4
IWY iShares Russell Top 200 Growth ETF 41.4 20 9 4.1 -1.4
ESGV Vanguard ESG U.S. Stock ETF 41.3 12 17 5.2 -0.3
AFLG First Trust Active Factor Large Cap ETF 40.8 55 -26 5.6 +0.1
MGK Vanguard Mega Cap Growth ETF 40.7 7 22 4.1 -1.4
EQWL Invesco Russell Top 200 Equal Weight ETF 40.7 25 4 6.1 +0.7
USMC Principal U.S. Mega-Cap Multi-Factor Index ETF 40.5 12 17 4.8 -0.7
VTHR Vanguard Russell 3000 Index Fund 40.1 10 19 5.1 -0.3
SCHB Schwab U.S. Broad Market ETF 40.1 3 26 5.3 -0.2
VEGN US Vegan Climate ETF 39.9 60 -31 5.2 -0.3
ITOT iShares Core S&P Total U.S. Stock Market ETF 39.9 3 26 5.2 -0.3
IWF iShares Russell 1000 Growth ETF 39.9 19 10 4.1 -1.4
TMFC Motley Fool 100 Index ETF 39.9 50 -21 3.7 -1.8
VTI Vanguard Total Stock Market Index Fund 39.8 3 26 5.2 -0.3
KRMA Global X Conscious Companies ETF 39.8 43 -14 5.2 -0.3
IWV iShares Russell 3000 ETF 39.7 20 9 5.1 -0.4
QDEF FlexShares Quality Dividend Defensive Index Fund 39.7 37 -8 5.9 +0.4
SPHQ Invesco S&P 500 Quality ETF 39.5 15 14 4.6 -0.9
DGRO iShares Core Dividend Growth ETF 39.3 8 21 6.7 +1.2
VUG Vanguard Growth Index Fund 39.3 4 25 4.0 -1.5
FCPI Fidelity Stocks for Inflation ETF 39.2 29 0 7.0 +1.5
ACIO Aptus Collared Income Opportunity ETF 39.1 79 -50 4.4 -1.1
PFM Invesco Dividend Achievers ETF 38.3 54 -25 5.5 0.0
DYNF BlackRock U.S. Equity Factor Rotation ETF 38.2 30 -1 6.6 +1.1
EXT WisdomTree U.S. Total Earnings Fund 38.1 28 1 5.2 -0.2
QDF FlexShares Quality Dividend Index Fund 38.0 37 -8 6.1 +0.7
SUSA iShares MSCI USA ESG Select ETF 37.7 25 4 4.8 -0.7
DGRW WisdomTree U.S. Quality Dividend Growth Fund 37.5 28 1 6.5 +1.0
FNDX Schwab Fundamental U.S. Large Co. Index ETF 37.3 25 4 6.6 +1.1
SFY SoFi Select 500 ETF 36.9 0 29 5.2 -0.3
SCHG Schwab U.S. Large-Cap Growth ETF 36.8 4 25 4.1 -1.4
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 36.8 75 -46 3.8 -1.7
IUS Invesco Strategic US ETF 36.8 19 10 6.7 +1.2
QDYN FlexShares Quality Dividend Dynamic Index Fund 36.7 37 -8 6.2 +0.8
RFFC RiverFront Dynamic US Flex-Cap ETF 36.4 52 -23 4.7 -0.8
DSTL Distillate US Fundamental Stability & Value ETF 36.4 39 -10 6.6 +1.1
USDY Pacific Global US Equity Income ETF 36.1 29 0 7.3 +1.8
JHML John Hancock Multifactor Large Cap ETF 36.0 29 0 5.6 +0.1
SPXT ProShares S&P 500 Ex-Technology ETF 35.9 27 2 5.7 +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 Quality Factor 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 23.8 %
Divided by: Fwd. P/BV 4.1 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 5.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.50 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.