Fidelity Quality Factor
ALTAR
Score™
5.5% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
19.4x P/Sales
ratio
4.0x
P/BV
ratio
4.5x Div.
yield
1.9%


  • 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) $166
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 127
Wgt avg mkt cap (mns) $287,573
Large cap (>$10bn) 92.4%
Mid cap ($2-10bn) 7.6%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICROSOFT CORP 5.2 %
APPLE INC 5.2 %
ALPHABET INC. CLASS A 3.2 %
JOHNSON & JOHNSON 2.1 %
FACEBOOK 1.9 %
VISA INC-CLASS A SHARES 1.7 %
MASTERCARD INC-CLASS A 1.6 %
HOME DEPOT INC 1.5 %
ABBVIE INC 1.5 %
PROCTER & GAMBLE CO/THE 1.4 %
Total 25.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.6 %
IRELAND 1.0 %
BERMUDA 0.8 %
ISRAEL 0.6 %
BRITAIN 0.3 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
0.1% 18.7% -- -- 14.2%

Market Correlations
versus... Beta R-squared
S&P500 0.95 98%
MSCI EAFE 0.83 62%
MSCI Emg. Mkts. 0.56 48%

Technical Indicators
Recent close $39.52
30d moving avg. $38.57
Annualized volatility 11.6%
Short interest (ETF) 0.2%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 32
Turnover 0.8%
Bid/Ask (% of price) 0.09%
ADV underlying (mns) $61,183

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Fidelity Quality Factor 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
(%)
OQAL Invesco Russell 1000 Quality Factor ETF 55.3 19 10 6.0 +0.5
JQUA JPMorgan U.S. Quality Factor 55.1 12 17 5.6 +0.1
OVOL Invesco Russell 1000 Low Volatility Factor ETF 54.0 19 10 6.6 +1.1
OEF iShares S&P 100 49.7 20 9 5.2 -0.3
RECS Columbia Research Enhanced Core 49.1 15 14 5.9 +0.4
IWL iShares Russell Top 200 48.8 15 14 5.3 -0.2
FDLO Fidelity Low Volatility Factor 48.0 29 0 5.0 -0.5
MGC Vanguard Mega Cap 300 ETF 47.5 7 22 5.5 -0.1
SPXN ProShares S&P 500 Ex-Financials 46.7 27 2 5.5 -0.0
PLC Principal U.S. Large-Cap Multi-Factor Core Index 46.3 15 14 5.3 -0.2
JUST Goldman Sachs JUST U.S. Large Cap Equity 45.0 20 9 5.2 -0.3
PBP Invesco S&P 500 Buy/Write 44.9 49 -20 5.2 -0.3
IQSU IQ Candriam ESG US Equity ETF 44.7 9 20 5.4 -0.1
XLG Invesco S&P Top 50 44.7 20 9 4.9 -0.6
DIVB iShares U.S. Dividend & Buyback 44.3 25 4 6.5 +1.0
IWY iShares Russell Top 200 Growth 44.3 20 9 4.6 -0.9
HSPX Global X S&P 500 Covered Call 44.3 65 -36 5.0 -0.5
SPXV ProShares S&P 500 Ex-Health Care 44.2 27 2 5.3 -0.2
SPY S&P 500 SPDR 44.1 9 20 5.6 +0.0
IVV iShares Core S&P 500 44.1 4 25 5.6 +0.1

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

Content on this tab for subscribers only

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
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 25.3 %
Divided by: Fwd. P/BV 4.4 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
1.53 CATEGORY
AVERAGE
1.56
 
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.