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)	$121
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	124
Wgt avg mkt cap (mns)	$490,130
Large cap (>$10bn)	92.6%
Mid cap ($2-10bn)	6.9%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	31.3 %
APPLE INC	6.8 %
MICROSOFT CORP	5.3 %
AMAZON.COM INC	4.2 %
ALPHABET INC. CLASS A	3.5 %
TESLA MOTORS INC	2.5 %
FACEBOOK	2.2 %
PLUG POWER INC	1.8 %
BERKSHIRE HATHAWAY INC-CL B	1.8 %
PAYPAL HOLDINGS INC	1.6 %
UNITEDHEALTH GROUP INC	1.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.0 %
	BRITAIN	1.0 %
	IRELAND	0.7 %

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.
21.7%	21.7%	--	--	15.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.98	94%
MSCI EAFE	0.87	75%
MSCI Emg. Mkts.	0.70	61%

Technical Indicators
Recent close	$46.51
30d moving avg.	$44.62
Annualized volatility	18.9%
Short interest (ETF)	1.3%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	22
Turnover	0.9%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$143,747

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™:

2.4%

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 MSCI USA Momentum Factor ETF	51.5	15	14	2.2	-0.2
ESGV	Vanguard ESG U.S. Stock ETF	50.8	12	17	4.5	+2.0
VOOG	Vanguard S&P 500 Growth ETF	48.6	10	19	3.9	+1.4
BKLC	BNY Mellon US Large Cap Core Equity ETF	47.8	0	29	4.5	+2.0
SPYG	SPDR Portfolio S&P 500 Growth ETF	47.4	4	25	3.7	+1.2
IVW	iShares S&P 500 Growth ETF	47.4	18	11	3.5	+1.1
IWL	iShares Russell Top 200 ETF	47.2	15	14	4.4	+2.0
MGC	Vanguard Mega Cap Index Fund	46.8	7	22	4.6	+2.1
IUSG	iShares Core S&P US Growth ETF	46.7	4	25	3.7	+1.2
SCHG	Schwab U.S. Large-Cap Growth ETF	46.4	4	25	3.2	+0.7
MMTM	SPDR S&P 1500 Momentum Tilt ETF	45.8	12	17	4.0	+1.6
VUG	Vanguard Growth Index Fund	45.6	4	25	3.5	+1.1
PBP	Invesco S&P 500 BuyWrite ETF	44.8	49	-20	4.3	+1.9
IWF	iShares Russell 1000 Growth ETF	44.6	19	10	3.4	+1.0
OEF	iShares S&P 100 ETF	44.5	20	9	4.2	+1.8
SPXV	ProShares S&P 500 Ex-Health Care ETF	44.3	27	2	4.3	+1.8
XOUT	GraniteShares XOUT U.S. Large Cap ETF	44.3	60	-31	3.6	+1.2
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	44.2	15	14	4.7	+2.2
XYLG	Global X S&P 500 Covered Call & Growth ETF	44.2	60	-31	4.4	+2.0
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	44.0	7	22	4.5	+2.1
SPY	SPDR S&P 500 ETF Trust	43.8	9	20	4.7	+2.2
IVV	iShares Core S&P 500 ETF	43.8	3	26	4.7	+2.3
SPLG	SPDR Portfolio Large Cap ETF	43.8	3	26	4.7	+2.3
VONG	Vanguard Russell 1000 Growth Index Fund	43.8	8	21	3.5	+1.1
SPXE	ProShares S&P 500 Ex-Energy ETF	43.7	27	2	4.6	+2.2
HIPR	Direxion High Growth ETF	43.7	40	-11	3.8	+1.4
MGK	Vanguard Mega Cap Growth ETF	43.7	7	22	3.7	+1.2
VV	Vanguard Large-Cap Index Fund	43.5	4	25	4.6	+2.1
BBUS	JP Morgan Betabuilders U.S. Equity ETF	43.3	2	27	4.6	+2.2
JMOM	JPMorgan U.S. Momentum Factor ETF	43.2	12	17	3.0	+0.5
VOO	VANGUARD S&P 500 ETF	43.0	3	26	4.8	+2.4
PBUS	Invesco PureBeta MSCI USA ETF	42.9	4	25	4.6	+2.1
IWY	iShares Russell Top 200 Growth ETF	42.8	20	9	3.6	+1.1
TMFC	Motley Fool 100 Index ETF	42.6	50	-21	3.0	+0.6
ESGU	iShares MSCI USA ESG Optimized ETF	42.6	15	14	4.4	+2.0
SPMO	Invesco S&P 500 Momentum ETF	42.5	13	16	3.8	+1.3
SPXN	ProShares S&P 500 Ex-Financials ETF	42.2	27	2	4.4	+1.9
SCHX	Schwab U.S. Large-Cap ETF	42.2	3	26	4.6	+2.1
XVV	iShares ESG Screened S&P 500 ETF	42.2	8	21	4.9	+2.4
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	42.2	20	9	4.8	+2.3
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	41.9	20	9	4.6	+2.1
SFY	SoFi Select 500 ETF	41.0	0	29	4.6	+2.1
SNPE	Xtrackers S&P 500 ESG ETF	40.9	10	19	4.6	+2.1
EFIV	SPDR S&P 500 ESG ETF	40.9	10	19	4.6	+2.1
IWB	iShares Russell 1000 ETF	40.9	15	14	4.5	+2.0
SCHK	Schwab 1000 Index ETF	40.8	5	24	4.6	+2.1
IYY	iShares Dow Jones U.S. ETF	40.6	20	9	4.4	+2.0
PWB	Invesco Dynamic Large Cap Growth ETF	40.4	56	-27	2.1	-0.3
SPTM	SPDR Portfolio Total Stock Market ETF	40.3	3	26	4.8	+2.4
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	39.9	9	20	4.8	+2.4
VTHR	Vanguard Russell 3000 Index Fund	39.8	10	19	4.4	+1.9
IQSU	IQ Candriam ESG US Equity ETF	39.3	9	20	4.5	+2.1
XLG	Invesco S&P 500 Top 50 ETF	39.3	20	9	4.1	+1.6
CATH	Global X S&P 500 Catholic Values Custom ETF	39.2	29	0	4.6	+2.1
ADME	Aptus Drawdown Managed Equity ETF	38.9	79	-50	3.1	+0.7
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	38.7	49	-20	3.4	+1.0
SCHB	Schwab U.S. Broad Market ETF	38.4	3	26	4.5	+2.0
IWV	iShares Russell 3000 ETF	38.3	20	9	4.3	+1.8
ITOT	iShares Core S&P Total U.S. Stock Market ETF	38.1	3	26	4.4	+2.0
AFLG	First Trust Active Factor Large Cap ETF	37.4	55	-26	4.7	+2.2
VONE	Vanguard Russell 1000 ETF	37.4	8	21	4.6	+2.1
RESP	WisdomTree US ESG Fund of Benef Interest	37.1	28	1	5.1	+2.6
VTI	Vanguard Total Stock Market Index Fund	37.0	3	26	4.4	+2.0
EPS	WisdomTree U.S. Earnings 500 Fund	37.0	8	21	5.9	+3.5
FQAL	Fidelity Quality Factor ETF	36.8	29	0	5.0	+2.5
ESG	FlexShares STOXX US ESG Impact Index Fund	36.8	32	-3	4.5	+2.0
ACIO	Aptus Collared Income Opportunity ETF	36.8	79	-50	3.8	+1.4
QYLD	Global X NASDAQ 100 Covered Call ETF	36.7	60	-31	3.2	+0.7
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	36.6	15	14	5.8	+3.4
NUSI	Nationwide Risk-Managed Income ETF	36.5	68	-39	3.1	+0.7
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	36.5	60	-31	3.1	+0.7
QQQM	Invesco NASDAQ 100 ETF	36.3	15	14	3.5	+1.1
QQQ	Invesco QQQ Trust	36.3	20	9	3.5	+1.0
RECS	Columbia Research Enhanced Core ETF	36.2	15	14	5.1	+2.6
SYG	SPDR MFS Systematic Growth Equity ETF	36.2	60	-31	3.4	+1.0
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	35.9	21	8	2.9	+0.4
SPXT	ProShares S&P 500 Ex-Technology ETF	35.8	27	2	4.9	+2.4
IETC	iShares Evolved U.S. Technology ETF	35.2	18	11	3.4	+1.0
TECB	iShares US Tech Breakthrough Multisector ETF	35.0	40	-11	3.5	+1.0
ECOZ	TrueMark ESG Active Opportunities ETF	34.8	58	-29	3.0	+0.5
KRMA	Global X Conscious Companies ETF	34.8	43	-14	4.8	+2.4
IGM	iShares Expanded Tech Sector ETF	34.3	46	-17	3.3	+0.8
SFYF	SoFi 50 ETF	33.8	29	0	0.8	-1.6
DFAU	Dimensional US Core Equity Market ETF	33.8	12	17	4.7	+2.2
FVAL	Fidelity Value Factor ETF	33.8	29	0	6.8	+4.4
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	33.8	12	17	4.9	+2.5
NACP	Impact Shares NAACP Minority Empowerment ETF	33.5	49	-20	4.7	+2.2
JKE	iShares Morningstar Large-Cap Growth ETF	33.4	25	4	2.2	-0.3
RFFC	RiverFront Dynamic US Flex-Cap ETF	33.4	52	-23	4.4	+1.9
SUSA	iShares MSCI USA ESG Select ETF	33.1	25	4	4.2	+1.8
STLG	iShares Factors US Growth Style ETF	33.1	25	4	3.9	+1.5
TTAC	TrimTabs US Free Cash Flow Quality ETF	33.0	59	-30	3.4	+1.0
QLC	FlexShares US Quality Large Cap Index Fund	32.7	32	-3	4.4	+2.0
WOMN	Impact Shares YWCA Women's Empowerment ETF	32.3	75	-46	3.5	+1.0
VEGN	US Vegan Climate ETF	32.2	60	-31	3.9	+1.5
JHML	John Hancock Multifactor Large Cap ETF	31.6	29	0	4.9	+2.4
MMLG	First Trust Multi-Manager Large Growth ETF	31.3	85	-56	1.8	-0.7
DSI	iShares MSCI KLD 400 Social ETF	31.3	25	4	4.6	+2.1
FTC	First Trust Large Cap Growth AlphaDEX Fund	31.2	61	-32	2.2	-0.2

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:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	17.5	%
Divided by: Fwd. P/BV	6.4	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	2.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.41	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.