FDEV vs IFLO

FDEVAFidelity International Multifactor ETF

IFLODVictoryShares International Free Cash Flow ETF

In short

FDEV Four factors (value, quality, momentum, low volatility) blended into one developed-markets index fund at 0.18% a year. Fidelity's answer to paying up for a single-factor tilt overseas.

IFLO Free cash flow is the number that's hardest to dress up, and IFLO takes that lens overseas. It tracks a rules-based Victory index of roughly 110 developed-market companies screened on cash generation rather than reported earnings.

Stated mandate

FDEV The fund seeks returns generally corresponding to the Fidelity International Multifactor Index before fees and expenses.

IFLO The Fund seeks to track, before fees and expenses, the Victory International Free Cash Flow Index.

Why people hold it

• FDEV 0.18% a year, less than half the typical fee in its international multifactor group, and within a rounding error of the cheapest name there (INTF at 0.16%).
• One index does the work of four screens: value, quality, momentum and low volatility applied together, instead of you stacking separate single-factor funds.
• Roughly 220 developed-market stocks outside the US, picked by published index rules rather than a manager's hunches, with cash paid out quarterly.
• Sits in the top quartile of a 29-fund international factor cohort, which is a crowded field full of far pricier attempts at the same job.

• IFLO Clean, stated mandate: track the Victory International Free Cash Flow Index. Rules-based construction, no manager stock-picking on top, so what you buy is what the methodology selects.
• A cash-flow screen is a different lens than the low-volatility and momentum tilts that fill most of the international factor shelf (EFAV, IDMO, QLVD).
• Roughly 110 developed-market holdings: focused enough that the screen actually shows up in the portfolio, broad enough that no single name runs the show.

Worth knowing

• FDEV Thinly traded. Spreads can quietly cost more than the fee, so limit orders matter more here than with the category's household names.
• A 2019 launch still in the mid-size asset range, so there is no decades-long record to lean on the way older international index funds offer.
• Blending four factors means none of them drives the bus. When value or momentum alone runs hot, this owns only a slice of that move.

• IFLO At 1.05% a year, this is a premium-priced ticket in a cohort where broad international factor funds run a fraction of that (EFAV 0.20%, QLVD 0.15%).
• Launched in 2025, so there is no long record here and no full market cycle to judge how the cash-flow screen behaves overseas.
• Small asset base and thin trading volume, which typically means wider bid-ask spreads than the household-name international ETFs. Distributions arrive on an irregular schedule.

Full FDEV profile⁠

Full IFLO profile⁠