Fidelity Small-Mid Factor ETF
ALTAR
Score™
7.1% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
21.9x P/Sales
ratio
1.3x
P/BV
ratio
2.0x Div.
yield
1.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Fidelity Small-Mid Factor ETF is an exchange-traded fund incorporated in the USA. The fund seeks to track the performance of the Fidelity Small-Mid Factor Index.

FUND BASICS
Category US Equities
Fund Sponsor Fidelity
Website www.fidelity.com
Inception date Feb 26, 2019
Assets (mns) $18
Currency USD
Expense ratio 29 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Proprietary
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 597
Wgt avg mkt cap (mns) $4,960
Large cap (>$10bn) 9.6%
Mid cap ($2-10bn) 68.9%
Small cap (<$2bn) 21.4%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TELADOC INC 0.6 %
QUIDEL CORP 0.6 %
MOLINA HEALTHCARE INC 0.5 %
NEUROCRINE BIOSCIENCES INC 0.5 %
CATALENT INC 0.5 %
HORIZON PHARMA PLC 0.5 %
E*TRADE FINANCIAL CORP 0.4 %
ABIOMED INC 0.4 %
MASIMO CORPORATION 0.4 %
POOL CORP 0.4 %
Total 4.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.1 %
BERMUDA 1.4 %
IRELAND 1.1 %
BRITAIN 0.5 %
CAYMAN ISLANDS 0.4 %
PUERTO RICO 0.4 %
NETHERLANDS 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.
-14.0% -7.7% -- -- -4.3%

Market Correlations
versus... Beta R-squared
S&P500 1.26 96%
MSCI EAFE 1.28 92%
MSCI Emg. Mkts. 0.96 79%

Technical Indicators
Recent close $22.71
30d moving avg. $22.99
Annualized volatility 27.7%
Short interest (ETF) 4.3%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 20
Turnover 2.5%
Bid/Ask (% of price) 0.32%
ADV underlying (mns) $34,391

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: FSMD Expense: 29 bp ALTAR Score™: 7.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FSMD
Ticker Fund
Name
Overlap1
vs FSMD
(%)
Expense
ratio
(bp)
Savings
vs FSMD
(bp)
ALTAR
Score™
(%)
ALTAR
vs FSMD
(%)
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 46.4 7 22 5.6 -1.6
PBSM Invesco PureBeta MSCI USA Small Cap ETF 43.8 6 23 5.4 -1.7
EZM WisdomTree U.S. MidCap Earnings Fund 43.7 38 -9 9.3 +2.2
VB Vanguard Small-Cap ETF 43.6 5 24 5.4 -1.7
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 43.1 17 12 5.2 -1.9
SCHM Schwab U.S. Mid-Cap ETF 43.0 4 25 6.3 -0.8
BKSE BNY Mellon US Small Cap Core Equity ETF 42.7 4 25 5.8 -1.4
FNX First Trust Mid Cap Core AlphaDEX Fund 42.6 61 -32 6.5 -0.6
MDY SPDR S&P Midcap 400 ETF Trust 41.8 23 6 6.5 -0.6
SPMD SPDR Portfolio Mid Cap ETF 41.8 5 24 6.7 -0.4
IJH iShares Core S&P Mid-Cap ETF 41.8 6 23 6.7 -0.5
SFYX Sofi Next 500 ETF 41.1 0 29 6.0 -1.1
IVOO Vanguard S&P Mid-Cap 400 ETF 40.9 10 19 6.5 -0.6
RNMC Mid Cap US Equity Select ETF 40.6 60 -31 7.9 +0.7
EWMC Invesco S&P MidCap 400 Equal Weight ETF 39.8 40 -11 7.3 +0.2
SCHA Schwab U.S. Small-Cap ETF 39.7 4 25 4.7 -2.4
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 38.3 20 9 9.6 +2.4
VBR Vanguard Small Cap Value Index Fund 37.6 7 22 8.5 +1.4
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 36.0 20 9 6.1 -1.0
VBK Vanguard Small-Cap Growth Index Fund 34.8 7 22 2.4 -4.7
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 34.5 24 5 7.3 +0.2
AFMC First Trust Active Factor Mid Cap ETF 34.1 65 -36 6.3 -0.8
SMDY Syntax Stratified MidCap ETF 33.5 30 -1 6.4 -0.7
FNDA Schwab Fundamental U.S. Small Co. Index ETF 33.5 25 4 6.8 -0.3
VTWO Vanguard Russell 2000 Index Fund 33.3 10 19 3.7 -3.4
IUSS Invesco Strategic US Small Company ETF 33.2 23 6 5.6 -1.5
IJK iShares S&P Mid-Cap 400 Growth ETF 33.0 24 5 4.9 -2.2
MDYG SPDR S&P 400 Mid Cap Growth ETF 33.0 15 14 5.0 -2.1
VXF Vanguard Extended Market Index Fund 32.7 7 22 3.8 -3.4
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 32.0 15 14 4.9 -2.2
JHSC John Hancock Multifactor Small Cap ETF 31.7 42 -13 6.0 -1.1
DON WisdomTree U.S. MidCap Dividend Fund 31.3 38 -9 7.7 +0.6
IWM iShares Russell 2000 ETF 30.2 19 10 3.7 -3.5
FNY First Trust Mid Cap Growth AlphaDEX Fund 29.7 70 -41 2.1 -5.0
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 29.3 29 0 5.6 -1.5
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 28.7 39 -10 4.2 -2.9
JHMM John Hancock Multifactor Mid Cap ETF 28.5 42 -13 5.8 -1.4
RWK Invesco S&P MidCap 400 Revenue ETF 28.0 39 -10 8.1 +1.0
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 27.6 29 0 6.7 -0.4
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 27.4 24 5 6.2 -0.9
NUSC Nuveen ESG Small-Cap ETF 27.0 40 -11 5.4 -1.7
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 26.9 29 0 9.9 +2.8
VTWG Vanguard Russell 2000 Growth Index Fund 26.1 15 14 0.8 -6.3
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 26.1 30 -1 7.9 +0.8
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 25.3 20 9 4.8 -2.4
VFMF Vanguard U.S. Multifactor ETF 24.6 19 10 7.2 +0.1
ONEV SPDR Russell 1000 Low Volatility Focus ETF 24.4 20 9 7.0 -0.1
VFLQ Vanguard U.S. Liquidity Factor ETF 24.2 14 15 4.8 -2.4
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 24.1 48 -19 5.8 -1.4
IVOV Vanguard S&P Mid-Cap 400 Value ETF 24.0 15 14 8.7 +1.6
SMMD iShares Russell 2500 ETF 24.0 15 14 5.5 -1.6
IJJ iShares S&P Mid-Cap 400 Value ETF 23.7 25 4 8.7 +1.6
MDYV SPDR S&P 400 Mid Cap Value ETF 23.7 15 14 8.8 +1.6
AFSM First Trust Active Factor Small Cap ETF 23.2 75 -46 5.7 -1.4
VFQY Vanguard U.S. Quality Factor ETF 22.8 13 16 6.1 -1.1
ONEO SPDR Russell 1000 Momentum Focus ETF 22.5 20 9 6.4 -0.7
EQAL Invesco Russell 1000 Equal Weight ETF 22.4 20 9 5.7 -1.4
FNK First Trust Mid Cap Value AlphaDEX Fund 22.4 70 -41 10.5 +3.4
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 22.4 29 0 1.8 -5.3
TPLC Timothy Plan US Large Cap Core ETF 22.2 52 -23 5.5 -1.6
FAD First Trust Multi Cap Growth AlphaDEX Fund 21.9 66 -37 2.5 -4.6
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 21.1 35 -6 6.4 -0.7
IWO iShares Russell 2000 Growth ETF 20.8 24 5 0.8 -6.4
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 20.6 17 12 6.4 -0.8
IWN iShares Russell 2000 Value ETF 20.6 24 5 7.4 +0.3
TUSA First Trust Total US Market AlphaDEX ETF 20.5 70 -41 6.1 -1.0
BFOR Barron's 400 ETF 20.3 65 -36 6.3 -0.8
FAB First Trust Multi Cap Value AlphaDEX Fund 19.9 71 -42 9.6 +2.5
CSML IQ Chaikin U.S. Small Cap ETF 19.7 35 -6 4.2 -2.9
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 19.7 35 -6 8.4 +1.3
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 19.5 35 -6 8.4 +1.2
VTWV Vanguard Russell 2000 Value Index Fund 19.0 15 14 7.6 +0.4
TPSC Timothy Plan US Small Cap Core ETF 19.0 52 -23 8.4 +1.3
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 18.9 40 -11 6.9 -0.2
IWS iShares Russell Mid-Cap Value ETF 18.9 24 5 7.2 +0.1
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 18.8 12 17 8.0 +0.9
VIOO Vanguard S&P Small-Cap 600 ETF 18.8 10 19 7.3 +0.2
CFA VictoryShares US 500 Volatility Weighted Index ETF 18.6 35 -6 5.9 -1.2
SPSM SPDR Portfolio Small Cap ETF 18.5 5 24 7.2 +0.1
IJR iShares Core S&P Small Cap ETF 18.5 7 22 7.2 +0.1
SLY SPDR S&P 600 Small Cap ETF 18.5 15 14 7.1 +0.0
PSC Principal U.S. Small Cap Index ETF 18.2 38 -9 7.2 +0.0
VFVA Vanguard U.S. Value Factor ETF 18.0 14 15 11.6 +4.5
SSLY Syntax Stratified SmallCap ETF 17.7 30 -1 6.2 -0.9
IWR iShares Russell Midcap ETF 17.7 19 10 5.6 -1.5
JKK iShares Morningstar Small-Cap Growth ETF 17.6 30 -1 1.1 -6.0
ONEY SPDR Russell 1000 Yield Focus ETF 16.9 20 9 9.4 +2.3
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 16.7 30 -1 5.7 -1.4
JKJ iShares Morningstar Small-Cap ETF 16.7 25 4 6.8 -0.3
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 16.6 35 -6 5.4 -1.8
VFMO Vanguard U.S. Momentum Factor ETF 16.6 13 16 1.1 -6.0
VIOG Vanguard S&P Small-Cap 600 Growth ETF 16.4 16 13 5.3 -1.9
RFG Invesco S&P Midcap 400 Pure Growth ETF 16.3 35 -6 4.0 -3.1
USMF WisdomTree U.S. Multifactor Fund 16.2 28 1 5.4 -1.7
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 15.9 80 -51 5.7 -1.4
VUSE Vident Core US Equity Fund 15.9 48 -19 8.3 +1.2
ROGS Hartford Multifactor Global Small Cap ETF 15.9 34 -5 8.0 +0.9
SLYG SPDR S&P 600 Small Cap Growth ETF 15.8 15 14 5.3 -1.8
IJT iShares S&P Small-Cap 600 Growth ETF 15.8 25 4 5.2 -1.9
FYX First Trust Small Cap Core AlphaDEX Fund 15.8 63 -34 6.7 -0.4

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 Small-Mid Factor ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 13.9 %
Divided by: Fwd. P/BV 1.9 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 7.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.55 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.