FDEM
Fidelity Emerging Markets Multifactor ETF
The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Targeted Emerging Markets Factor Index.
Emerging Market
EQUITY
Rules-Based
MANAGEMENT STYLE
102.7 M
ASSETS UNDER MGMT
25 bp
EXPENSES
Fund Basics
| Fund sponsor | Fidelity |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Feb 26, 2019 |
| Assets (mns) | $103 |
| Expense ratio | 25 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| TENCENT HOLDINGS LTD | 4.2 % |
| SAMSUNG ELECTRONICS CO LTD | 3.6 % |
| YUHAN CORPORATION | 2.2 % |
| LONGFOR PROPERTIES | 2.0 % |
| EMAAR PROPERTIES PJSC | 1.8 % |
| BIM BIRLESIK MAGAZALAR AS | 1.6 % |
| DR. REDDY'S LABORATORIES | 1.5 % |
| OIL INDIA LTD | 1.4 % |
| TF ADMINISTRADORA INDUSTRIAL | 1.4 % |
| AUROBINDO PHARMA LTD | 1.4 % |
Constituent Breakdown
| Number of holdings | 241 |
| Herfindahl-Hirschman Index | 101 |
| Wgt avg mkt cap (mns) | $60,544 |
| Large cap (>$10bn) | 51.7% |
| Mid cap ($2-10bn) | 44.0% |
| Small cap (<$2bn) | 4.0% |
| Developed mkts. | 6.8% |
| Emerging mkts. | 93.2% |
Country Exposure
 |
CHINA | 22.2 % |
 |
INDIA | 17.5 % |
 |
TAIWAN | 14.9 % |
 |
SOUTH KOREA | 11.8 % |
 |
TURKEY | 5.9 % |
 |
INDONESIA | 4.0 % |
 |
MEXICO | 3.7 % |
 |
HONG KONG | 3.2 % |
 |
SAUDI ARABIA | 2.7 % |
 |
UAE | 2.4 % |
Historical Performance
Standardized Performance (as of 10/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 11.7% | 25.5% | 21.6% | 4.9% | 5.0% | -- | 4.6% | Volatility | 13.6% | 13.5% | 13.5% | 15.2% | 18.4% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.59 | 48% |
| MSCI EAFE | 0.68 | 68% |
| MSCI Emg Mkts | 0.80 | 91% |
Liquidity Measures
| Avg. volume (000) | 28 |
| Turnover | 0.7% |
| Avg. Bid/Ask (% of price) | 0.75% |
| ADV of underlying (mns) | $10,245 |
Technical Indicators
| Recent close | $25.68 |
| 30d moving avg. | $26.77 |
| Annualized volatility | 14.6% |
| Relative strength (RSI) | 48 |
| Short interest (ETF) | 0.8% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. FDEM |
Expenses vs. FDEM |
ALTAR Score™ vs. FDEM |
|---|---|---|---|---|
| JHEM | John Hancock Multifactor Emerging Markets ETF | 33.0% | +24 bp | -4.2% |
| ROAM | Hartford Multifactor Emerging Markets ETF | 31.6% | +19 bp | +3.4% |
| GEM | Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 30.7% | +20 bp | -1.4% |
| EMGF | iShares Emerging Markets Equity Factor ETF | 30.2% | 0 bp | -3.9% |
| EEMX | SPDR MSCI Emerging Markets Fossil Fuel Free ETF | 28.8% | +5 bp | -5.1% |
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 28.7% | +41 bp | -2.4% |
| JEMA | JPMorgan ActiveBuilders Emerging Markets Equity ETF | 28.5% | +8 bp | -4.1% |
| QEMM | SPDR MSCI Emerging Markets StrategicFactors ETF | 28.1% | +5 bp | -4.2% |
| BKEM | BNY Mellon Emerging Markets Equity ETF | 27.8% | -14 bp | -4.0% |
| BBEM | JPMorgan BetaBuilders Emerging Markets Equity ETF | 27.8% | -10 bp | -5.1% |
Risk and Returns: FDEM vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 11/22/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
FDEM
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
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™
FDEM
12.4%
Cat. Avg
7.7%
ALTAR Score™ Calculation
Category Overview
There are 165 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.7% and a standard deviation of
4.1%. FDEM's ALTAR Score™ is approximately
1.1 standard deviations
above
the category average. This places FDEM in the 87th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
FDEMSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based Emerging Market Equity ETFs |
| # of ETFs | 103 |
| Avg. Expense Ratio | 64.6 bp |
| Std. Deviation | 29 bp |
| FDEM (25 bp) Percentile rank | 9 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| FDEM | 25.0 | 75.1 | 100.1 |
| Peer Avg. | 48.9 | 28.9 | 77.8 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .