ETF Research Center

The Fidelity Momentum Factor ETF tracks an index large-cap US stocks selected for positive momentum signals.

FUND BASICS
Category	US Equities
Fund Sponsor	Fidelity
Website	screener.fidelity.com
Inception date	Sep 12, 2016
Assets (mns)	$90
Currency	USD
Expense ratio	29 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	125
Wgt avg mkt cap (mns)	$423,324
Large cap (>$10bn)	90.7%
Mid cap ($2-10bn)	8.8%
Small cap (<$2bn)	0.0%
Developed mkts	99.5%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	31.4 %
APPLE INC	6.7 %
MICROSOFT CORP	5.7 %
AMAZON.COM INC	4.6 %
ALPHABET INC. CLASS A	3.3 %
FACEBOOK	2.5 %
BERKSHIRE HATHAWAY INC-CL B	1.9 %
NVIDIA CORP	1.8 %
UNITEDHEALTH GROUP INC	1.7 %
TESLA MOTORS INC	1.5 %
PROCTER & GAMBLE CO/THE	1.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.7 %
	BRITAIN	0.6 %
	UNITED KINGDOM	0.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru August 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
14.7%	18.9%	--	--	14.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.98	93%
MSCI EAFE	0.96	74%
MSCI Emg. Mkts.	0.69	61%

Technical Indicators
Recent close	$39.95
30d moving avg.	$40.21
Annualized volatility	17.9%
Short interest (ETF)	0.7%
Relative strength (RSI)	47

Liquidity measures
Avg. volume (thou.)	24
Turnover	1.1%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$7,003

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Fidelity Momentum Factor ETF ETF based on the alternatives' overlap in portfolio holdings with FDMO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FDMO

Expense:

29 bp

ALTAR Score™:

4.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FDMO
Ticker	Fund Name	Overlap¹ vs FDMO (%)	Expense ratio (bp)	Savings vs FDMO (bp)	ALTAR Score™ (%)	ALTAR vs FDMO (%)
MTUM	iShares Edge MSCI USA Momentum Factor ETF	53.6	15	14	5.0	+0.9
SPMO	Invesco S&P 500 Momentum ETF	51.7	13	16	5.8	+1.7
BKLC	BNY Mellon US Large Cap Core Equity ETF	49.8	0	29	6.0	+1.9
IWL	iShares Russell Top 200 ETF	49.8	15	14	5.7	+1.6
MMTM	SPDR S&P 1500 Momentum Tilt ETF	49.6	12	17	6.1	+2.0
MGC	Vanguard Mega Cap Index Fund	48.5	7	22	5.9	+1.8
MGK	Vanguard Mega Cap Growth ETF	47.6	7	22	6.0	+2.0
IWY	iShares Russell Top 200 Growth ETF	47.4	20	9	6.0	+1.9
IWF	iShares Russell 1000 Growth ETF	47.2	19	10	5.5	+1.4
VUG	Vanguard Growth Index Fund	46.6	4	25	5.5	+1.4
VONG	Vanguard Russell 1000 Growth Index Fund	46.5	8	21	5.6	+1.5
VOOG	Vanguard S&P 500 Growth ETF	46.5	10	19	5.7	+1.6
PBP	Invesco S&P 500 BuyWrite ETF	46.1	49	-20	5.6	+1.6
IVW	iShares S&P 500 Growth ETF	45.9	18	11	5.6	+1.6
SPYG	SPDR Portfolio S&P 500 Growth ETF	45.9	4	25	5.8	+1.7
SCHG	Schwab U.S. Large-Cap Growth ETF	45.8	4	25	5.4	+1.4
FQAL	Fidelity Quality Factor ETF	45.6	29	0	6.2	+2.1
HSPX	Global X S&P 500 Covered Call ETF	45.6	60	-31	5.5	+1.4
OEF	iShares S&P 100 ETF	45.5	20	9	5.8	+1.7
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	45.5	7	22	5.9	+1.8
IVV	iShares Core S&P 500 ETF	45.3	3	26	6.0	+1.9
SPXV	ProShares S&P 500 Ex-Health Care ETF	45.3	27	2	5.7	+1.6
XYLG	Global X S&P 500 Covered Call & Growth ETF	45.3	60	-31	5.6	+1.5
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	45.3	20	9	5.6	+1.5
SPY	SPDR S&P 500 ETF Trust	45.2	9	20	6.0	+1.9
SPLG	SPDR Portfolio Large Cap ETF	45.2	3	26	6.0	+1.9
IUSG	iShares Core S&P US Growth ETF	45.1	4	25	5.7	+1.6
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	45.0	20	9	6.0	+1.9
SPXE	ProShares S&P 500 Ex-Energy ETF	44.9	27	2	6.0	+1.9
XOUT	GraniteShares XOUT U.S. Large Cap ETF	44.8	60	-31	5.3	+1.2
BBUS	JP Morgan Betabuilders U.S. Equity ETF	44.8	2	27	5.9	+1.8
ESGV	Vanguard ESG U.S. Stock ETF	44.7	12	17	5.8	+1.7
EFIV	SPDR S&P 500 ESG ETF	44.6	10	19	6.0	+1.9
VOO	VANGUARD S&P 500 ETF	44.5	3	26	6.0	+1.9
SNPE	Xtrackers S&P 500 ESG ETF	44.5	10	19	5.9	+1.9
VV	Vanguard Large-Cap Index Fund	44.5	4	25	5.8	+1.7
PBUS	Invesco PureBeta MSCI USA ETF	44.5	4	25	5.9	+1.8
ESGU	iShares MSCI USA ESG Optimized ETF	44.2	15	14	5.7	+1.6
XLG	Invesco S&P 500 Top 50 ETF	44.2	20	9	5.8	+1.7
SPXN	ProShares S&P 500 Ex-Financials ETF	44.0	27	2	5.7	+1.6
SCHX	Schwab U.S. Large-Cap ETF	43.9	3	26	5.9	+1.8
SYG	SPDR MFS Systematic Growth Equity ETF	43.3	60	-31	5.3	+1.2
SCHK	Schwab 1000 Index ETF	43.0	5	24	5.8	+1.7
AFLG	First Trust Active Factor Large Cap ETF	42.9	55	-26	6.3	+2.2
SFY	SoFi Select 500 ETF	42.9	0	29	5.5	+1.4
HIPR	Direxion High Growth ETF	42.8	40	-11	6.8	+2.7
IWB	iShares Russell 1000 ETF	42.8	15	14	5.6	+1.6
IYY	iShares Dow Jones U.S. ETF	42.6	20	9	5.7	+1.6
CATH	Global X S&P 500 Catholic Values Custom ETF	42.5	29	0	5.8	+1.7
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	42.4	9	20	6.1	+2.0
IQSU	IQ Candriam ESG US Equity ETF	42.4	9	20	6.1	+2.0
TMFC	Motley Fool 100 Index ETF	42.3	50	-21	5.1	+1.1
SPTM	SPDR Portfolio Total Stock Market ETF	42.2	3	26	6.1	+2.0
VONE	Vanguard Russell 1000 ETF	42.1	8	21	5.7	+1.6
VTHR	Vanguard Russell 3000 Index Fund	41.2	10	19	5.6	+1.5
QYLD	Global X NASDAQ 100 Covered Call ETF	40.9	60	-31	5.4	+1.3
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	40.7	60	-31	5.3	+1.2
QQQ	Invesco QQQ Trust	40.6	20	9	5.7	+1.6
SCHB	Schwab U.S. Broad Market ETF	40.6	3	26	5.7	+1.6
NUSI	Nationwide Risk-Managed Income ETF	40.5	68	-39	5.5	+1.4
AIEQ	AI Powered Equity ETF	40.5	87	-58	2.7	-1.4
IWV	iShares Russell 3000 ETF	40.5	20	9	5.5	+1.4
ITOT	iShares Core S&P Total U.S. Stock Market ETF	40.3	3	26	5.7	+1.6
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	39.8	15	14	7.0	+2.9
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	39.6	75	-46	4.1	-0.0
GBGR	Global Beta Momentum-Growth ETF	39.5	29	0	4.3	+0.2
JMOM	JPMorgan U.S. Momentum Factor ETF	39.5	12	17	3.9	-0.2
RECS	Columbia Research Enhanced Core ETF	39.0	15	14	6.5	+2.4
ESG	FlexShares STOXX US ESG Impact Index Fund	39.0	32	-3	5.6	+1.5
VTI	Vanguard Total Stock Market Index Fund	38.9	3	26	5.6	+1.5
EXT	WisdomTree U.S. Total Earnings Fund	38.8	28	1	6.0	+1.9
ACIO	Aptus Collared Income Opportunity ETF	38.6	79	-50	5.1	+1.0
QLC	FlexShares US Quality Large Cap Index Fund	38.5	32	-3	5.9	+1.8
FVAL	Fidelity Value Factor ETF	38.2	29	0	8.4	+4.3
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	38.2	49	-20	5.6	+1.5
ADME	Aptus Drawdown Managed Equity ETF	38.1	79	-50	4.3	+0.2
EPS	WisdomTree U.S. Earnings 500 Fund	37.4	8	21	7.1	+3.0
RFFC	RiverFront Dynamic US Flex-Cap ETF	37.3	52	-23	5.5	+1.4
IGM	iShares Expanded Tech Sector ETF	36.7	46	-17	5.2	+1.1
IETC	iShares Evolved U.S. Technology ETF	36.4	18	11	5.8	+1.8
TECB	iShares US Tech Breakthrough Multisector ETF	36.2	40	-11	4.7	+0.6
ECOZ	TrueMark ESG Active Opportunities ETF	36.1	58	-29	4.2	+0.1
DSI	iShares MSCI KLD 400 Social ETF	35.9	25	4	5.0	+0.9
WOMN	Impact Shares YWCA Women's Empowerment ETF	35.9	75	-46	5.0	+1.0
SPXT	ProShares S&P 500 Ex-Technology ETF	35.9	27	2	5.5	+1.4
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	35.7	12	17	5.0	+0.9
STLG	iShares Factors US Growth Style ETF	35.2	25	4	6.1	+2.0
SYE	SPDR MFS Systematic Core Equity ETF	35.1	60	-31	6.5	+2.4
KRMA	Global X Conscious Companies ETF	35.0	43	-14	5.7	+1.6
SPQQ	Siren Large Cap Blend Index ETF	34.6	20	9	5.2	+1.1
NACP	Impact Shares NAACP Minority Empowerment ETF	34.5	75	-46	5.6	+1.5
VEGN	US Vegan Climate ETF	34.5	60	-31	5.7	+1.6
FTC	First Trust Large Cap Growth AlphaDEX Fund	34.4	61	-32	2.9	-1.2
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	34.2	21	8	3.5	-0.6
MMLG	First Trust Multi-Manager Large Growth ETF	34.1	85	-56	2.5	-1.6
PWB	Invesco Dynamic Large Cap Growth ETF	34.1	56	-27	3.7	-0.4
SFYF	SoFi 50 ETF	33.9	29	0	2.7	-1.4
SUSL	iShares ESG MSCI USA Leaders ETF	33.7	10	19	5.2	+1.2
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	33.7	10	19	5.2	+1.2
SUSA	iShares MSCI USA ESG Select ETF	33.7	25	4	5.3	+1.2

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 Momentum Factor ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	21.9	%
Divided by: Fwd. P/BV	5.0	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	4.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.44	CATEGORY AVERAGE	1.51

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.