ETF Research Center

The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Targeted International Factor Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Fidelity
Website	institutional.fidelity.com
Inception date	Feb 26, 2019
Assets (mns)	$11
Currency	USD
Expense ratio	39 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	204
Wgt avg mkt cap (mns)	$51,027
Large cap (>$10bn)	73.3%
Mid cap ($2-10bn)	26.7%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	12.4 %
NESTLE SA-REG	2.4 %
ENEL SPA	1.4 %
DEUTSCHE ANNINGTON IMMOBILIE	1.3 %
AIR LIQUIDE SA	1.1 %
NIPPON BUILDING FUND INC	1.1 %
KDDI CORPORATION	1.0 %
LEG IMMOBILIEN AG	1.0 %
ENAGAS	1.0 %
RIO TINTO PLC	1.0 %
CAN APARTMENT PROP REAL ESTA	1.0 %

TOP COUNTRY EXPOSURE
	JAPAN	22.5 %
	BRITAIN	13.6 %
	CANADA	8.8 %
	FRANCE	7.8 %
	SWITZERLAND	7.1 %
	GERMANY	7.0 %
	AUSTRALIA	5.4 %
	ITALY	4.4 %
	SPAIN	3.8 %
	SWEDEN	3.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
8.4%	--	--	--	8.4%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$27.17
30d moving avg.	$26.87
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	64

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.3%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$11,730

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Fidelity Targeted International Factor ETF based on the alternatives' overlap in portfolio holdings with FDEV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FDEV

Expense:

39 bp

ALTAR Score™:

6.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FDEV
Ticker	Fund Name	Overlap¹ vs FDEV (%)	Expense ratio (bp)	Savings vs FDEV (bp)	ALTAR Score™ (%)	ALTAR vs FDEV (%)
QEFA	SPDR MSCI EAFE Quality Mix	35.7	30	9	6.4	-0.3
EFAV	iShares MSCI EAFE Minimum Volatility	35.3	20	19	5.6	-1.2
IQLT	iShares MSCI Int'l Developed Quality	33.5	30	9	5.8	-0.9
PDEV	Principal International Multi-Factor Core Index	33.0	25	14	6.5	-0.3
GSIE	Goldman Sachs ActiveBeta Int'l Equity	32.0	25	14	6.4	-0.3
IMTM	iShares MSCI Int'l Developed Momentum	31.5	30	9	4.5	-2.2
EUMV	iShares MSCI Europe Min Volatility	31.3	25	14	5.1	-1.6
RBIN	Nationwide Risk-Based International Equity	30.8	42	-3	7.1	+0.4
EFA	iShares MSCI EAFE	30.5	31	8	6.7	-0.0
IQSI	IQ Candriam ESG International Equity ETF	30.1	15	24	6.7	-0.1
GSEU	Goldman Sachs ActiveBeta Europe Equity	29.9	25	14	6.2	-0.6
EFAX	SPDR MSCI EAFE Fossil Fuel Free	29.7	20	19	6.8	+0.1
DBEF	Xtrackers MSCI EAFE Hedged	29.7	35	4	6.6	-0.1
CIZ	Compass EMP Dev. 500 Enhanced Vol. Wgt.	29.6	45	-6	6.8	+0.0
CIL	Victory CEMP International Volatility Wtd	29.6	45	-6	6.8	+0.1
EFG	iShares MSCI EAFE Growth	29.6	40	-1	4.5	-2.2
IEV	iShares S&P Europe 350	29.5	59	-20	6.2	-0.5
RFDI	First Trust Riverfront Dynamic Developed Int'l	29.5	83	-44	6.4	-0.4
FLEE	Franklin FTSE Europe	29.4	9	30	6.7	-0.0

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Fidelity Targeted International Factor
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.5	%
Divided by: Fwd. P/BV	2.0	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	6.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.76	CATEGORY AVERAGE	1.63

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.