ETF Research Center

The Fidelity Low Volatility Factor ETF tracks an index of large-cap US stocks selected for low volatility of returns and earnings .

FUND BASICS
Category	US Equities
Fund Sponsor	Fidelity
Website	screener.fidelity.com
Inception date	Sep 12, 2016
Assets (mns)	$400
Currency	USD
Expense ratio	29 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	126
Wgt avg mkt cap (mns)	$262,966
Large cap (>$10bn)	96.2%
Mid cap ($2-10bn)	3.8%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	23.4 %
MICROSOFT CORP	5.8 %
ALPHABET INC. CLASS A	4.1 %
VISA INC-CLASS A SHARES	1.9 %
JOHNSON & JOHNSON	1.9 %
INTEL CORP	1.8 %
MASTERCARD INC-CLASS A	1.7 %
UNITEDHEALTH GROUP INC	1.6 %
ADOBE SYSTEMS INC	1.5 %
HOME DEPOT INC	1.5 %
ACCENTURE PLC-CL A	1.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.8 %
	IRELAND	2.7 %
	BRITAIN	1.4 %
	ISRAEL	0.9 %
	SWITZERLAND	0.9 %

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.
12.1%	12.1%	--	--	15.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.86	95%
MSCI EAFE	0.79	79%
MSCI Emg. Mkts.	0.61	61%

Technical Indicators
Recent close	$42.98
30d moving avg.	$42.43
Annualized volatility	16.6%
Short interest (ETF)	0.4%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	65
Turnover	0.7%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$58,320

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Fidelity Low Volatility Factor ETF ETF based on the alternatives' overlap in portfolio holdings with FDLO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FDLO

Expense:

29 bp

ALTAR Score™:

4.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FDLO
Ticker	Fund Name	Overlap¹ vs FDLO (%)	Expense ratio (bp)	Savings vs FDLO (bp)	ALTAR Score™ (%)	ALTAR vs FDLO (%)
USMV	iShares Edge MSCI Min Vol USA ETF	48.9	15	14	5.3	+0.4
QUS	SPDR MSCI USA StrategicFactors ETF	45.3	15	14	5.2	+0.3
FLLV	Franklin Liberty U.S. Low Volatility ETF	45.2	29	0	4.9	+0.0
LGLV	SPDR Russell 1000 Low Volatility ETF	44.9	12	17	5.2	+0.3
FQAL	Fidelity Quality Factor ETF	43.9	29	0	5.0	+0.1
JQUA	JPMorgan U.S. Quality Factor ETF	42.6	12	17	5.0	+0.1
QLV	FlexShares US Quality Low Volatility Index Fund	40.3	22	7	4.3	-0.6
SPMV	Invesco S&P 500 Minimum Variance ETF	40.0	10	19	5.4	+0.5
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	39.6	10	19	4.8	-0.1
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	39.6	15	14	4.6	-0.3
SUSL	iShares ESG MSCI USA Leaders ETF	39.5	10	19	4.8	-0.1
OUSA	O'Shares FTSE US Quality Dividend ETF	39.5	48	-19	5.5	+0.6
FLRG	Fidelity U.S. Multifactor ETF	39.4	29	0	5.9	+1.0
FLQL	Franklin LibertyQ U.S. Equity ETF	39.1	15	14	5.9	+1.0
IWL	iShares Russell Top 200 ETF	39.1	15	14	4.4	-0.5
MGC	Vanguard Mega Cap Index Fund	38.9	7	22	4.6	-0.3
ESGV	Vanguard ESG U.S. Stock ETF	38.3	12	17	4.5	-0.5
BKLC	BNY Mellon US Large Cap Core Equity ETF	38.3	0	29	4.5	-0.5
XLG	Invesco S&P 500 Top 50 ETF	38.3	20	9	4.1	-0.8
IQSU	IQ Candriam ESG US Equity ETF	38.1	9	20	4.5	-0.4
OEF	iShares S&P 100 ETF	38.0	20	9	4.2	-0.7
ACIO	Aptus Collared Income Opportunity ETF	37.9	79	-50	3.8	-1.1
PFM	Invesco Dividend Achievers ETF	37.8	53	-24	5.0	+0.1
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	37.2	20	9	4.6	-0.4
SPXN	ProShares S&P 500 Ex-Financials ETF	37.1	27	2	4.3	-0.6
EPS	WisdomTree U.S. Earnings 500 Fund	36.7	8	21	5.9	+1.0
EFIV	SPDR S&P 500 ESG ETF	36.6	10	19	4.6	-0.4
SNPE	Xtrackers S&P 500 ESG ETF	36.5	10	19	4.6	-0.3
PBP	Invesco S&P 500 BuyWrite ETF	36.1	49	-20	4.3	-0.6
QUAL	iShares MSCI Usa Quality Factor ETF	36.1	15	14	5.0	+0.1
DLN	WisdomTree U.S. LargeCap Dividend Fund	35.9	28	1	6.1	+1.2
DSI	iShares MSCI KLD 400 Social ETF	35.7	25	4	4.5	-0.4
XYLG	Global X S&P 500 Covered Call & Growth ETF	35.7	60	-31	4.4	-0.5
DGRO	iShares Core Dividend Growth ETF	35.7	8	21	6.0	+1.1
SPQQ	Siren Large Cap Blend Index ETF	35.6	20	9	4.2	-0.7
NACP	Impact Shares NAACP Minority Empowerment ETF	35.3	49	-20	4.7	-0.2
VOO	VANGUARD S&P 500 ETF	35.2	3	26	4.8	-0.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	35.2	20	9	4.8	-0.2
SPY	SPDR S&P 500 ETF Trust	35.1	9	20	4.7	-0.2
IVV	iShares Core S&P 500 ETF	35.0	3	26	4.7	-0.2
SPLG	SPDR Portfolio Large Cap ETF	35.0	3	26	4.7	-0.2
XOUT	GraniteShares XOUT U.S. Large Cap ETF	34.9	60	-31	3.6	-1.3
DIVB	iShares U.S. Dividend & Buyback ETF	34.8	25	4	5.9	+1.0
SPXE	ProShares S&P 500 Ex-Energy ETF	34.4	27	2	4.6	-0.3
DTD	WisdomTree U.S.Total Dividend Fund	34.0	28	1	6.2	+1.3
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	33.8	7	22	4.5	-0.4
VOOV	Vanguard S&P 500 Value ETF	33.8	10	19	6.6	+1.7
SPYV	SPDR Portfolio S&P 500 Value ETF	33.7	4	25	6.4	+1.5
ESGU	iShares MSCI USA ESG Optimized ETF	33.6	15	14	4.4	-0.5
IVE	iShares S&P 500 Value ETF	33.6	18	11	6.2	+1.3
VIG	Vanguard Dividend Appreciation Index Fund	33.5	6	23	5.0	+0.1
FVAL	Fidelity Value Factor ETF	33.4	29	0	6.8	+1.9
XVV	iShares ESG Screened S&P 500 ETF	33.3	8	21	4.9	-0.1
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	33.2	49	-20	3.4	-1.5
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	33.2	19	10	5.3	+0.4
PSET	Principal Price Setters Index ETF	33.2	15	14	4.6	-0.3
WOMN	Impact Shares YWCA Women's Empowerment ETF	33.1	75	-46	3.5	-1.4
VV	Vanguard Large-Cap Index Fund	33.1	4	25	4.6	-0.3
VOOG	Vanguard S&P 500 Growth ETF	33.1	10	19	3.9	-1.0
DEF	Invesco Defensive Equity ETF	33.0	55	-26	5.2	+0.3
BBUS	JP Morgan Betabuilders U.S. Equity ETF	33.0	2	27	4.6	-0.3
SPLV	Invesco S&P 500 Low Volatility ETF	33.0	25	4	5.6	+0.7
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	33.0	28	1	6.0	+1.1
SPXT	ProShares S&P 500 Ex-Technology ETF	33.0	27	2	4.8	-0.1
SPXV	ProShares S&P 500 Ex-Health Care ETF	32.9	27	2	4.3	-0.6
PBUS	Invesco PureBeta MSCI USA ETF	32.8	4	25	4.6	-0.3
RECS	Columbia Research Enhanced Core ETF	32.7	15	14	5.1	+0.2
NULC	Nuveen ESG Large-Cap ETF	32.5	20	9	4.2	-0.7
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	32.5	9	20	4.8	-0.1
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	32.2	12	17	4.9	+0.0
SPTM	SPDR Portfolio Total Stock Market ETF	32.2	3	26	4.8	-0.1
IWY	iShares Russell Top 200 Growth ETF	32.2	20	9	3.6	-1.3
SCHX	Schwab U.S. Large-Cap ETF	32.1	3	26	4.5	-0.4
EQWL	Invesco Russell Top 200 Equal Weight ETF	32.0	25	4	5.6	+0.7
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	32.0	15	14	5.8	+0.9
IUSV	iShares Core S&P U.S. Value ETF	31.9	4	25	6.4	+1.5
IWX	iShares Russell Top 200 Value ETF	31.9	20	9	6.0	+1.1
LSLT	Salt Low truBeta US Market ETF	31.8	60	-31	5.8	+0.9
HUSV	First Trust Horizon Managed Volatility Domestic ETF	31.7	70	-41	4.8	-0.1
SCHV	Schwab U.S. Large-Cap Value ETF	31.6	4	25	6.0	+1.1
SCHK	Schwab 1000 Index ETF	31.3	5	24	4.6	-0.3
IWB	iShares Russell 1000 ETF	31.3	15	14	4.4	-0.5
CATH	Global X S&P 500 Catholic Values Custom ETF	31.3	29	0	4.5	-0.4
ROUS	Hartford Multifactor US Equity ETF	31.2	19	10	5.8	+0.9
AFLG	First Trust Active Factor Large Cap ETF	31.2	55	-26	4.7	-0.3
VSDA	VictoryShares Dividend Accelerator ETF	30.9	35	-6	4.6	-0.3
IYY	iShares Dow Jones U.S. ETF	30.9	20	9	4.4	-0.5
ESG	FlexShares STOXX US ESG Impact Index Fund	30.9	32	-3	4.4	-0.5
MMTM	SPDR S&P 1500 Momentum Tilt ETF	30.8	12	17	4.0	-0.9
SPHQ	Invesco S&P 500 Quality ETF	30.6	15	14	4.4	-0.5
KRMA	Global X Conscious Companies ETF	30.6	43	-14	4.8	-0.1
SPYG	SPDR Portfolio S&P 500 Growth ETF	30.5	4	25	3.7	-1.2
IVW	iShares S&P 500 Growth ETF	30.5	18	11	3.5	-1.4
QDEF	FlexShares Quality Dividend Defensive Index Fund	30.4	37	-8	5.5	+0.6
RESP	WisdomTree US ESG Fund of Benef Interest	30.4	28	1	5.0	+0.1
MGV	Vanguard Mega Cap Value ETF	30.4	7	22	6.4	+1.5
VTV	Vanguard Value Index Fund	30.3	4	25	6.5	+1.6
CCOR	Core Alternative ETF	30.3	109	-80	4.2	-0.7
MGK	Vanguard Mega Cap Growth ETF	30.2	7	22	3.6	-1.3

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Fidelity Low Volatility Factor ETF
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	21.2	%
Divided by: Fwd. P/BV	4.1	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	4.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	CATEGORY AVERAGE	1.49

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.