The Fund Grade · free · no account needed
What grade does FLRG get?
Morningstar rates funds on what they returned. We grade them on where their money sits today: how much of the book overlaps with the converged buys of the top specialist stock pickers.
Fundprints Fund Grade · as of 2026-10-01
Fidelity U.S. Multifactor ETF
#291 of 500 graded active funds · blend · large segment peer group
The point · specialist footprint
FLRG sits mid pack for specialist backing among graded funds.
Bottom 20%
Bottom 40%
● Middle
Top 40%
Top 20%
The middle rungs sat between the extremes, and the pattern was monotonic: every step up in specialist backing came with better subsequent results. Not damning, not compelling. The fee decides whether it is worth it.
10,000+ funds tracked · the graded specialists among them drive every read
You pay 0.15% a year for a C.
3 funds in the same segment carry an A. Members see the names and what they charge. See the alternatives →
The grade scores this fund's specialist share, the slice that overlaps what the top 1% of proven funds are building. We ignore index ballast and names outside our edge on purpose: that slice is small, and it's what decides the outcome.
FLRG vs the Honor Roll · share card ↗Conviction exposure
31%
of the book in specialist-converged names
Late-stage weight
27.1%
of the book in Crowded or Fading names
Active share
84.6%
how far it strays from the index
The best grades have beaten the worst by about +5% a year since we began grading. The gap held in 9 out of 10 months. Measured on filings as they were published, no hindsight.
Inside the book: top names by stage · as of 2026-10-20
We email you the day it crosses 50% crowded, and where you stand every month.
Graded monthly from point-in-time filings. A description of where the money sits, not a recommendation. Evidence, not advice.
The read · what to do with it
FLRG earns a C grade, ranking 291 out of 500, with specialists holding only 31% and 27% of the book sitting in late or fading positions. The fee is a reasonable 0.15%, but the portfolio carries meaningful fading weight in names like AVGO and PG where specialists are actively leaving. Early conviction spots in JNJ, ABBV, and OHI offer some interest, though better graded options exist in this segment.
→ Watch the combined fading weight in AVGO, AGX, PG, NRG, and TJX, which together represent over 8% of the fund.
→ Compare FLRG against the three higher graded peers in this segment and the stronger options within the Fidelity family itself.
Support leaving these positions
Same family, higher grade
Read from today's disclosed book. Evidence, not advice.