ETF Evaluator:
Inspire Fidelis Multi Factor ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Small Blend Over the Last Year
| 55.4% | Invesco NASDAQ Future Gen 200 ETF (QQQS) |
| 45.8% | iShares Micro-Cap ETF (IWC) |
| 45.6% | First Trust Small Cap Core AlphaDEX® ETF (FYX) |
| 43.8% | Fidelity Enhanced Small Cap Core ETF (FESM) |
| 38.9% | Inspire Small/Mid Cap ETF (ISMD) |
Risk
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Risk
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ETF Details
Inspire Fidelis Multi Factor ETF Overview
Inspire Fidelis Multi Factor ETF (FDLS) is a passively managed U.S. Equity Small Blend exchange-traded fund (ETF). Inspire launched the ETF in 2022.
The investment seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the WI Fidelis Multi-Cap, Multi-Factor Index.
The fund generally invests at least 80% of its total assets in securities that meet the following criteria Multi Factor criteria that are the components of the index in an attempt to track the index. The index is composed of 100 constituents. The Adviser generally will use a replication methodology, meaning it will invest in all of the securities comprising the index in proportion to the weightings in the index. The fund will not concentrate in any particular industry.
About Inspire Fidelis Multi Factor ETF (FDLS)
There are 3 members of the management team with an average tenure of 3.94 years: Robert Netzly (2022), Darrell Jayroe (2022) and Tim Schwarzenberger (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and WI Fidelis Multi-Cap Multi-Factor USD index with a weighting of 100%. Inspire Fidelis Multi Factor ETF has 102 securities in its portfolio. The top 10 holdings constitute 13.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Inspire Fidelis Multi Factor ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Inspire Fidelis Multi Factor ETF has 12.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 87.6% There is 12.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Inspire Fidelis Multi Factor ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $230 million in total assets, which is below the $4 billion average for the Small Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FDLS Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Inspire Fidelis Multi Factor ETF expense ratio is above average compared to funds in the Small Blend category. Inspire Fidelis Multi Factor ETF has an expense ratio of 0.66%, which is 56% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Inspire Fidelis Multi Factor ETF has a portfolio turnover rate of 233%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 50% for the Small Blend category.
Recently, in the month of July 2026, Inspire Fidelis Multi Factor ETF returned 0.0%, which earned it a grade of A, as the Small Blend category had an average return of -2.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Inspire Fidelis Multi Factor ETF has a trailing yield of 0.80%, which is below the 1.17% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Inspire Fidelis Multi Factor ETF Grades
Year to date, the ETF has returned 18.9%, 0.9 percentage points better than the category, which translates into a grade of B. The fund has returned 33.8% over the past year (grade of A) and 17.4% over the past three years (grade of A).
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FDLS Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FDLS Return (NAV) | 0.0% | 4.2% | 33.8% | 17.4% | na | na |
| FDLS Return (Price) | 0.1% | 4.3% | 33.9% | 17.5% | na | na |
| NAV +/- Price Return | -0.047% | -0.126% | -0.109% | -0.046% | na | na |
| Small Blend Avg | -2.1% | 5.7% | 28.5% | 14.0% | 8.0% | 10.8% |
| FDLS Grade (NAV) | A | D | A | A | na | na |
| +/- Category (NAV) | 2.1% | -1.5% | 5.3% | 3.5% | na | na |
| FDLS Tax-Cost Ratio | na | na | 0.4% | 0.9% | na | na |
FDLS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FDLS Return (NAV) | 18.9% | 22.4% | 7.4% | 21.4% | na | na | na | na | na | na | na |
| FDLS Return (Price) | 18.9% | 22.5% | 7.4% | 20.7% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.003% | 0.004% | -0.005% | -0.034% | na | na | na | na | na | na | na |
| Small Blend Avg | 18.0% | 8.7% | 11.7% | 16.3% | -15.9% | 24.0% | 12.7% | 24.8% | -9.2% | 14.4% | 19.6% |
| FDLS Grade (NAV) | B | A | F | A | na | na | na | na | na | na | na |
| +/- Category | 0.9% | 13.6% | -4.3% | 5.1% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.03 |
| R-Squared: | 61% |
| Standard Deviation: | 17.2% |
| Category Risk Index: | 0.94 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 1.40 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.8% |
| Total Assets: | $ 230 Mil |
| Share Class Assets: | $ 230 Mil |
| Turnover: | 233.0% |
| Expense Ratio: | 0.66% |
| Index Fund: | Yes |
| Index Tracked: | MSCI ACWI NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.9 years | |||
| Average Tenure: 3.9 years | |||
| Managers (Year): Netzly Robert (2022), Jayroe Darrell (2022), Schwarzenberger Tim (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 102 |
| % in Top 10 Holdings: | 13.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 12.4% |
Portfolio Allocation |
|
| Domestic Stock: | 87.6% |
| Foreign Stock: | 12.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Inspire |
| Phone Number: | 877-658-9473 |
| Website: | |
| Inception Date: | August 23, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.66% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.42% |
