Fidelity Small-Mid Factor ETF
ALTAR
Score™
5.9% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
20.1x P/Sales
ratio
1.7x
P/BV
ratio
2.5x Div.
yield
1.5%


  • 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) $30
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 595
Wgt avg mkt cap (mns) $6,740
Large cap (>$10bn) 17.8%
Mid cap ($2-10bn) 63.1%
Small cap (<$2bn) 18.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MODERNA, INC. 1.1 %
MATCH GROUP, INC. 0.7 %
ETSY, INC. 0.5 %
ZILLOW GROUP, INC. CLASS C 0.5 %
HUBSPOT INC 0.4 %
ZENDESK INC 0.4 %
ALBEMARLE CORP 0.4 %
CATALENT INC 0.4 %
ZOOM VIDEO COMMUNICATIONS, INC. CL 0.4 %
SOLAREDGE TECHNOLOGIES, INC. 0.4 %
Total 5.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.8 %
BERMUDA 1.1 %
IRELAND 1.0 %
BRITAIN 0.6 %
PUERTO RICO 0.4 %
CAYMAN ISLANDS 0.3 %
CANADA 0.1 %




HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
3.1% 4.5% -- -- 7.8%

Market Correlations
versus... Beta R-squared
S&P500 1.19 92%
MSCI EAFE 1.12 88%
MSCI Emg. Mkts. 0.98 79%

Technical Indicators
Recent close $27.43
30d moving avg. $26.09
Annualized volatility 26.6%
Short interest (ETF) 3.3%
Relative strength (RSI) 64

Liquidity measures
Avg. volume (thou.) 14
Turnover 1.3%
Bid/Ask (% of price) 0.28%
ADV underlying (mns) $34,464

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™: 5.9%


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
(%)
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 44.6 17 12 4.4 -1.5
PBSM Invesco PureBeta MSCI USA Small Cap ETF 44.6 6 23 4.6 -1.3
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 44.6 7 22 4.7 -1.2
BKSE BNY Mellon US Small Cap Core Equity ETF 44.0 4 25 5.2 -0.7
SCHM Schwab U.S. Mid-Cap ETF 43.0 4 25 5.6 -0.3
SFYX Sofi Next 500 ETF 41.9 0 29 5.4 -0.5
VB Vanguard Small-Cap ETF 41.2 5 24 5.0 -0.9
EZM WisdomTree U.S. MidCap Earnings Fund 41.1 38 -9 7.7 +1.8
MDY SPDR S&P Midcap 400 ETF Trust 39.3 23 6 5.8 -0.1
IJH iShares Core S&P Mid-Cap ETF 39.3 5 24 6.0 +0.1
SPMD SPDR Portfolio Mid Cap ETF 39.3 5 24 6.0 +0.1
IVOO Vanguard S&P Mid-Cap 400 ETF 39.1 10 19 5.9 -0.0
EWMC Invesco S&P MidCap 400 Equal Weight ETF 38.3 40 -11 6.3 +0.4
SCHA Schwab U.S. Small-Cap ETF 37.4 4 25 4.3 -1.7
FNX First Trust Mid Cap Core AlphaDEX Fund 36.6 61 -32 5.8 -0.1
VBR Vanguard Small Cap Value Index Fund 36.0 7 22 7.2 +1.3
VBK Vanguard Small-Cap Growth Index Fund 35.3 7 22 2.2 -3.8
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 34.3 24 5 5.7 -0.2
RNMC Mid Cap US Equity Select ETF 33.8 60 -31 6.5 +0.6
AFMC First Trust Active Factor Mid Cap ETF 33.3 65 -36 5.9 +0.0
SMDY Syntax Stratified MidCap ETF 32.6 30 -1 6.0 +0.1
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 32.3 20 9 4.4 -1.5
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 31.9 20 9 7.4 +1.5
IUSS Invesco Strategic US Small Company ETF 31.9 23 6 4.4 -1.5
FNDA Schwab Fundamental U.S. Small Co. Index ETF 31.3 25 4 5.7 -0.2
JHMM John Hancock Multifactor Mid Cap ETF 30.6 42 -13 5.1 -0.8
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 30.1 39 -10 4.0 -1.9
IWM iShares Russell 2000 ETF 29.8 19 10 3.0 -2.9
VXF Vanguard Extended Market Index Fund 29.8 6 23 2.9 -3.0
VTWO Vanguard Russell 2000 Index Fund 29.5 10 19 3.1 -2.8
DON WisdomTree U.S. MidCap Dividend Fund 29.4 38 -9 7.0 +1.1
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 29.3 29 0 4.6 -1.3
MDYG SPDR S&P 400 Mid Cap Growth ETF 29.2 15 14 4.7 -1.2
IJK iShares S&P Mid-Cap 400 Growth ETF 29.2 24 5 4.6 -1.3
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 28.9 15 14 4.7 -1.2
FAD First Trust Multi Cap Growth AlphaDEX Fund 27.4 66 -37 2.1 -3.8
NUSC Nuveen ESG Small-Cap ETF 27.4 40 -11 4.4 -1.6
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 27.3 29 0 6.3 +0.4
SMMD iShares Russell 2500 ETF 27.2 15 14 5.3 -0.6
VFMF Vanguard U.S. Multifactor ETF 27.2 19 10 6.7 +0.8
RWK Invesco S&P MidCap 400 Revenue ETF 26.3 39 -10 6.9 +1.0
VFQY Vanguard U.S. Quality Factor ETF 26.2 13 16 5.8 -0.1
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 26.0 30 -1 7.1 +1.2
JHSC John Hancock Multifactor Small Cap ETF 25.1 42 -13 5.2 -0.7
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 24.9 29 0 -0.3 -6.2
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 24.5 24 5 5.7 -0.2
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 23.9 20 9 4.8 -1.2
FNY First Trust Mid Cap Growth AlphaDEX Fund 23.9 70 -41 2.0 -3.9
ONEV SPDR Russell 1000 Low Volatility Focus ETF 23.8 20 9 6.5 +0.6
MDYV SPDR S&P 400 Mid Cap Value ETF 23.5 15 14 7.4 +1.5
IJJ iShares S&P Mid-Cap 400 Value ETF 23.5 25 4 7.3 +1.4
ONEO SPDR Russell 1000 Momentum Focus ETF 23.5 20 9 6.0 +0.1
STSB iShares Factors US Small Blend Style ETF 23.4 35 -6 3.3 -2.6
TUSA First Trust Total US Market AlphaDEX ETF 23.4 70 -41 5.5 -0.4
IWO iShares Russell 2000 Growth ETF 22.9 24 5 0.0 -5.9
IVOV Vanguard S&P Mid-Cap 400 Value ETF 22.9 15 14 7.4 +1.5
AFSM First Trust Active Factor Small Cap ETF 22.8 75 -46 5.2 -0.7
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 22.6 29 0 8.0 +2.1
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 22.2 35 -6 6.9 +1.0
VTWG Vanguard Russell 2000 Growth Index Fund 22.1 15 14 0.1 -5.8
VFLQ Vanguard U.S. Liquidity Factor ETF 22.0 14 15 3.8 -2.1
CSML IQ Chaikin U.S. Small Cap ETF 22.0 35 -6 3.3 -2.6
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 21.9 35 -6 6.9 +1.0
TPSC Timothy Plan US Small Cap Core ETF 21.4 52 -23 6.6 +0.7
BFOR Barron's 400 ETF 21.2 65 -36 6.3 +0.4
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 21.2 17 12 6.1 +0.2
FAB First Trust Multi Cap Value AlphaDEX Fund 20.9 71 -42 8.3 +2.4
EQAL Invesco Russell 1000 Equal Weight ETF 20.3 20 9 5.3 -0.6
FNK First Trust Mid Cap Value AlphaDEX Fund 20.2 70 -41 8.5 +2.6
JKK iShares Morningstar Small-Cap Growth ETF 20.1 30 -1 1.1 -4.8
TPLC Timothy Plan US Large Cap Core ETF 20.1 52 -23 4.8 -1.1
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 20.0 35 -6 5.5 -0.4
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 19.6 40 -11 5.7 -0.2
STMB iShares Factors US Mid Blend Style ETF 19.4 30 -1 5.4 -0.5
IWP iShares Russell Mid-Cap Growth ETF 19.3 24 5 2.9 -3.0
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 19.2 80 -51 5.2 -0.7
SPSM SPDR Portfolio Small Cap ETF 19.1 5 24 6.5 +0.6
SLY SPDR S&P 600 Small Cap ETF 19.1 15 14 6.4 +0.5
IJR iShares Core S&P Small Cap ETF 19.1 6 23 6.5 +0.6
VIOO Vanguard S&P Small-Cap 600 ETF 19.0 10 19 6.5 +0.6
IWR iShares Russell Midcap ETF 18.7 19 10 5.1 -0.8
IWN iShares Russell 2000 Value ETF 18.6 24 5 5.8 -0.1
CFO VictoryShares US 500 Enhanced Volatility Weighted Index ETF 18.4 35 -6 5.3 -0.6
CFA VictoryShares US 500 Volatility Weighted Index ETF 18.3 35 -6 5.3 -0.6
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 18.2 29 0 5.5 -0.4
USMF WisdomTree U.S. Multifactor Fund 17.6 28 1 5.7 -0.2
VUSE Vident Core US Equity Fund 17.5 48 -19 8.2 +2.3
IWS iShares Russell Mid-Cap Value ETF 17.4 24 5 6.4 +0.5
VFMO Vanguard U.S. Momentum Factor ETF 17.3 13 16 0.9 -5.0
JKJ iShares Morningstar Small-Cap ETF 17.1 25 4 5.8 -0.1
PSC Principal U.S. Small Cap Index ETF 17.0 38 -9 5.1 -0.8
VTWV Vanguard Russell 2000 Value Index Fund 16.9 15 14 5.9 -0.0
FYX First Trust Small Cap Core AlphaDEX Fund 16.8 63 -34 6.5 +0.6
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 16.8 35 -6 5.2 -0.7
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 16.8 12 17 6.7 +0.8
EES WisdomTree SmallCap Earnings Fund 16.7 38 -9 8.9 +3.0
DES WisdomTree U.S. SmallCap Dividend Fund 16.5 38 -9 7.5 +1.6
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 16.1 30 -1 5.5 -0.4
ROGS Hartford Multifactor Global Small Cap ETF 16.1 34 -5 7.6 +1.7
SSLY Syntax Stratified SmallCap ETF 16.1 30 -1 5.5 -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 13.8 %
Divided by: Fwd. P/BV 2.2 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 5.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.52 CATEGORY
AVERAGE
1.50
 
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.