3/14/2013 5:27:09 PM
3/14/13 - Fidelity updated their Commission Free iShares ETF list. We've updated the list on our site as well. However, we are missing the following tickers (less than 1yr. data): ITOT, IXUS, IEFA, FM, ISTB, ILTB.
4/5/2013 4:52:10 PM
Need to update the names of the following funds:
SLVP, RING, PICK, VEGI, ITIP, STIP, GOVT, FLOT, EEMV, DVYE, EEME, EEMS, USMV,
I would do it myself if the software allowed it. Thanks,
7/13/2013 12:07:31 PM
Hi jbj2020 - sorry for the late response here. Fund names are passed to us by our data provider...I suspect the right names will be updated in time. We haven't implemented the capability to overwrite names but if this is of interest, we may do so.
1/8/2014 2:33:37 PM
FM is not a US Mega Cap. Best fit would be Emerging Markets. Calls into question the portfolio recommendations.
2/5/2014 3:28:44 PM
PFF also not a Emerging Market Bond fund. Is all US Preferred Stock and should have a corresponding index. Not to say that these should not be in the portfolio, but they are giving wrong comparisons.
5/5/2014 9:14:39 PM
Hi there, sorry for the delayed response but I only saw these comments earlier today!
The "Best Fit Index" you're speaking of is a statistical measure representing which of the 52 different global indices we cover the specific funds returns have correlated best with over the past year. Since we don't have a separate index for "Africa & Middle East Emerging Markets" or "Preferred Stocks" our analysis defaults to the best fit amongst the remaining indices used in our service. We expect to further build-out our index list over time, so I suspect many of these issues will go away as well.
The "Best Fit Index" (BFI) is not used in the portfolio construction process - instead we rely on each fund's style maps. The style maps (presented in condensed form at the bottom right hand side of each fund page) present a more refined breakdown of the fund's style based on 30 different factors in our risk framework...so, while the BFI is subject to bigger errors, the style mapping should always convey a better overall fit for funds, and provide a better mapping to our portfolio construction process.
For example, in our style framework FM looks like a combination of emerging markets (~20%), credit sensitive bonds (~40%) and US stocks (~40% with a tilt towards value). The style map explains about 38% of the past year's movements for the fund's returns.
For PFF the style map shows as 78% bonds (predominantly credit sensitive), 4% alternatives (REITs) and 18% US value-oriented stocks. The style weights explain about 53% of PFFs last year's returns.
The explanability for both funds (38% and 53%) is modest and I'd expect that to rise substantially when we add indices that better represent some of these sectors - we'll probably add a finer breakdown of international stocks, preferreds, MLPs, etc. in time.
Overall I think the portfolio construction picks these securities because they have style exposures to sectors we are biased towards and positive "alpha" versus their respective style maps. So I'm not overly concerned about the BFI misfit.
5/26/2014 12:09:58 PM
Ok, that was very helpful. Appreciate the feedback on how you use the style maps to construct the portfolio.
8/13/2014 12:25:23 PM
Adding the following ETFs to the list: IUSV, IUSG, HDV. Missing DGRO & IEUR as they don't yet have a year of historical data to back them up.
8/13/2014 12:27:41 PM
Added ONEQ to the list. Missing DGRO, IEUR, FDIS, FSTA, FENY, FNCL, FHLC, FIDU, FTEC, FMAT, FCOM, FUTY as there is not one full year of data for these securities as of yet.
10/22/2015 10:19:49 AM
Added: SHV, IEUR, FDIS, FSTA, FENY, FNCL, FHLC, FIDU, FTEC, FMAT, FCOM, FUTY. Removed: ONEQ, IYR, EEME. Missing: DRGO, ACWV, FREL, FBND, FLTB, FCOR.
12/9/2015 5:35:19 PM
12/10/15 - the list of no-cost ETFs is exactly correct as of 12/10/15.
4/18/2016 4:57:13 PM
Plan is exactly correct as of 4/18/16.
8/10/2016 10:05:36 AM
Removed ITIP from the fund lineup as it will stop trading at the end of August, 2016. Will add IAGG when we have a year's worth of trade data.
12/1/2016 5:43:30 PM
Fidelity added 6 factor ETFs that will be added in the next year as their trading dictates: FDLO, FDMO, FDRR, FDVV, FQAL, FVAL.
1/18/2018 12:09:16 PM
Updated plan to include Fidelity Factor ETFs and IWL, removed IDV. Only missing FIDI and FIVA at this time.
7/7/2018 5:27:21 PM
Plan is missing FDHY, FIDI, FLDR. All else is exactly correct.