Fidelity Small-Mid Factor ETF
ALTAR
Score™
6.3% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
17.4x P/Sales
ratio
1.5x
P/BV
ratio
2.5x Div.
yield
1.8%


  • 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) $8
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 594
Wgt avg mkt cap (mns) $5,790
Large cap (>$10bn) 12.2%
Mid cap ($2-10bn) 69.2%
Small cap (<$2bn) 18.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MARKETAXESS HOLDINGS INC 0.4 %
INSULET CORP 0.4 %
LKQ CORP 0.4 %
PAYCOM SOFTWARE INC 0.4 %
TELEDYNE TECHNOLOGIES INC 0.4 %
GARMIN LTD 0.4 %
WESTERN UNION CO 0.4 %
HEICO CORP-CLASS A 0.3 %
ALLEGION PLC 0.3 %
WEST PHARMACEUTICAL SERVICES 0.3 %
Total 3.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.9 %
BERMUDA 1.6 %
IRELAND 0.9 %
PUERTO RICO 0.6 %
CAYMAN ISLANDS 0.5 %
BRITAIN 0.5 %
SWITZERLAND 0.4 %
NETHERLANDS 0.2 %



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.
8.5% -- -- -- 8.5%

Market Correlations
versus... Beta R-squared
S&P500 -- --
MSCI EAFE -- --
MSCI Emg. Mkts. -- --

Technical Indicators
Recent close $26.55
30d moving avg. $26.01
Annualized volatility 0.0%
Short interest (ETF) 0.1%
Relative strength (RSI) 66

Liquidity measures
Avg. volume (thou.) 2
Turnover 0.7%
Bid/Ask (% of price) 0.20%
ADV underlying (mns) $20,469

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 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™: 6.3%


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
(%)
SPMD SPDR Portfolio Mid Cap 48.5 5 24 6.0 -0.3
SFYX SoFi Next 500 47.9 0 29 5.6 -0.7
VB Vanguard Smallcap ETF 47.2 5 24 5.5 -0.9
SCHM Schwab US Mid Cap 47.1 4 25 6.2 -0.1
PSM Principal U.S. Small-MidCap Multi-Factor Core Index 45.3 20 9 6.9 +0.6
EZM WisdomTree Midcap Earnings 45.1 38 -9 7.6 +1.3
PBSM Invesco PureBeta MSCI USA Small Cap 44.8 6 23 5.3 -1.1
FNX First Trust Mid Cap Core Alpadex 43.3 62 -33 6.5 +0.2
IJH iShares Core S&P MidCap 39.9 7 22 6.2 -0.1
IVOO Vanguard S&P Mid-Cap 400 39.9 15 14 6.1 -0.2
VBR Vanguard Small-Cap Value ETF 39.8 7 22 7.6 +1.3
MDY S&P MidCap 400 SPDR 39.8 24 5 6.0 -0.3
RNMC First Trust Mid Cap US Equity Select 39.6 60 -31 6.6 +0.2
EWMC Invesco S&P Mid Cap 400 Equal Weight 39.6 40 -11 6.5 +0.2
ESML iShares MSCI USA Small-Cap ESG Optimized 38.5 17 12 4.7 -1.7
VXF Vanguard Extended Market 38.4 7 22 3.3 -3.1
IUSS Invesco Strategic US Small Company 38.1 23 6 6.1 -0.2
OSIZ Invesco Russell 1000 Size Factor ETF 38.0 19 10 6.2 -0.2
SCHA Schwab U.S. Small-Cap 37.9 4 25 4.9 -1.4
FNDA Schwab Fundamental Small Cap 37.4 25 4 5.9 -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

  2014 2015 2016 2017 2018 2019E 2020E
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
  2018 2019E 2020E
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 14.6 %
Divided by: Fwd. P/BV 2.2 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 6.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.60 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.