Fidelity Value Factor ETF
ALTAR
Score™
7.7% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
14.2x P/Sales
ratio
1.1x
P/BV
ratio
2.3x Div.
yield
2.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Fidelity Factor Value ETF follows a fundamentally selected, tier-weighted index of large-cap US stocks.

FUND BASICS
Category US Equities
Fund Sponsor Fidelity
Website screener.fidelity.com
Inception date Sep 12, 2016
Assets (mns) $206
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) $333,367
Large cap (>$10bn) 88.1%
Mid cap ($2-10bn) 12.0%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICROSOFT CORP 5.2 %
APPLE INC 5.2 %
AMAZON.COM INC 3.3 %
ALPHABET INC. CLASS A 3.3 %
JOHNSON & JOHNSON 2.1 %
JPMORGAN CHASE & CO 2.0 %
FACEBOOK 1.9 %
BERKSHIRE HATHAWAY INC-CL B 1.9 %
VISA INC-CLASS A SHARES 1.8 %
UNITEDHEALTH GROUP INC 1.7 %
Total 28.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.1 %
IRELAND 1.9 %
CAYMAN ISLANDS 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.
-2.0% 16.9% -- -- 14.1%

Market Correlations
versus... Beta R-squared
S&P500 1.09 94%
MSCI EAFE 1.01 66%
MSCI Emg. Mkts. 0.69 53%

Technical Indicators
Recent close $38.95
30d moving avg. $38.42
Annualized volatility 13.7%
Short interest (ETF) 0.5%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 43
Turnover 0.8%
Bid/Ask (% of price) 0.22%
ADV underlying (mns) $65,926

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Fidelity Value Factor ETF ETF based on the alternatives' overlap in portfolio holdings with FVAL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: FVAL Expense: 29 bp ALTAR Score™: 7.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FVAL
Ticker Fund
Name
Overlap1
vs FVAL
(%)
Expense
ratio
(bp)
Savings
vs FVAL
(bp)
ALTAR
Score™
(%)
ALTAR
vs FVAL
(%)
OEF iShares S&P 100 53.5 20 9 5.2 -2.5
EPS WisdomTree Earnings 500 50.5 8 21 6.7 -1.0
IWL iShares Russell Top 200 50.2 15 14 5.3 -2.4
MGC Vanguard Mega Cap 300 ETF 49.6 7 22 5.5 -2.2
XLG Invesco S&P Top 50 48.8 20 9 4.9 -2.8
OVOL Invesco Russell 1000 Low Volatility Factor ETF 46.9 19 10 6.6 -1.1
NACP Impact Shares NAACP Minority Empowerment 46.8 75 -46 4.8 -2.9
PBP Invesco S&P 500 Buy/Write 46.8 49 -20 5.2 -2.5
SPY S&P 500 SPDR 45.9 9 20 5.6 -2.1
IVV iShares Core S&P 500 45.9 4 25 5.6 -2.1
SPLG SPDR Portfolio Large Cap 45.8 3 26 5.6 -2.1
HSPX Global X S&P 500 Covered Call 45.8 65 -36 5.1 -2.6
EXT WisdomTree Total Earnings 45.8 28 1 6.7 -1.0
JUST Goldman Sachs JUST U.S. Large Cap Equity 45.7 20 9 5.2 -2.5
VOO Vanguard S&P 500 ETF 45.6 3 26 5.6 -2.1
SPYX SPDR S&P 500 Fossil Fuel Reserves Free 45.6 20 9 5.6 -2.1
SPXV ProShares S&P 500 Ex-Health Care 45.6 27 2 5.3 -2.4
SNPE Xtrackers S&P 500 ESG 45.5 11 18 5.5 -2.2
SPXE ProShares S&P 500 Ex-Energy 45.3 27 2 5.5 -2.2
PLC Principal U.S. Large-Cap Multi-Factor Core Index 45.1 15 14 5.3 -2.4

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

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 Value Factor ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 17.9 %
Divided by: Fwd. P/BV 2.2 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 7.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.50 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.