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)	$83
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	127
Wgt avg mkt cap (mns)	$379,415
Large cap (>$10bn)	93.5%
Mid cap ($2-10bn)	6.5%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	29.3 %
MICROSOFT CORP	5.9 %
APPLE INC	5.9 %
AMAZON.COM INC	4.4 %
ALPHABET INC. CLASS A	3.5 %
UNITEDHEALTH GROUP INC	1.8 %
VISA INC-CLASS A SHARES	1.7 %
BERKSHIRE HATHAWAY INC-CL B	1.6 %
NVIDIA CORP	1.5 %
MASTERCARD INC-CLASS A	1.5 %
INTEL CORP	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.4 %
	BRITAIN	1.2 %
	IRELAND	0.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru June 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.6%	4.8%	--	--	11.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.98	92%
MSCI EAFE	0.94	74%
MSCI Emg. Mkts.	0.67	59%

Technical Indicators
Recent close	$37.00
30d moving avg.	$36.14
Annualized volatility	17.3%
Short interest (ETF)	0.5%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	27
Turnover	1.2%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$134,766

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™:

3.9%

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 (%)
MMTM	SPDR S&P 1500 Momentum Tilt ETF	51.4	12	17	5.0	+1.1
MTUM	iShares Edge MSCI USA Momentum Factor ETF	50.0	15	14	4.2	+0.3
BKLC	BNY Mellon US Large Cap Core Equity ETF	50.0	0	29	5.3	+1.4
IWL	iShares Russell Top 200 ETF	49.7	15	14	5.1	+1.2
MGC	Vanguard Mega Cap Index Fund	49.3	7	22	5.3	+1.4
SNPE	Xtrackers S&P 500 ESG ETF	48.2	11	18	5.2	+1.3
SPXV	ProShares S&P 500 Ex-Health Care ETF	47.8	27	2	5.1	+1.2
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	47.5	20	9	5.0	+1.1
PBP	Invesco S&P 500 BuyWrite ETF	47.4	49	-20	5.0	+1.2
OEF	iShares S&P 100 ETF	47.2	20	9	4.9	+1.0
SPY	SPDR S&P 500 ETF Trust	47.0	9	20	5.4	+1.5
IVV	iShares Core S&P 500 ETF	46.9	4	25	5.5	+1.6
SPLG	SPDR Portfolio Large Cap ETF	46.8	3	26	5.5	+1.6
VOO	VANGUARD S&P 500 ETF	46.8	3	26	5.5	+1.6
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	46.8	20	9	5.4	+1.5
SPXE	ProShares S&P 500 Ex-Energy ETF	46.6	27	2	5.4	+1.5
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	46.5	7	22	5.3	+1.4
VV	Vanguard Large-Cap Index Fund	46.4	4	25	5.3	+1.4
HSPX	Global X S&P 500 Covered Call ETF	46.3	65	-36	4.9	+1.0
BBUS	JP Morgan Betabuilders U.S. Equity ETF	46.1	2	27	5.4	+1.5
VOOG	Vanguard S&P 500 Growth ETF	46.0	10	19	4.3	+0.4
SPYG	SPDR Portfolio S&P 500 Growth ETF	45.9	4	25	4.4	+0.5
IVW	iShares S&P 500 Growth ETF	45.9	18	11	4.2	+0.3
SCHG	Schwab U.S. Large-Cap Growth ETF	45.9	4	25	4.2	+0.3
PBUS	Invesco PureBeta MSCI USA ETF	45.6	4	25	5.3	+1.4
ESGU	iShares MSCI USA ESG Optimized ETF	45.6	15	14	5.2	+1.3
XLG	Invesco S&P 500 Top 50 ETF	45.6	20	9	4.6	+0.7
SCHX	Schwab U.S. Large-Cap ETF	44.9	3	26	5.4	+1.5
IUSG	iShares Core S&P US Growth ETF	44.9	4	25	4.4	+0.5
IQSU	IQ Candriam ESG US Equity ETF	44.7	9	20	5.2	+1.3
SPXN	ProShares S&P 500 Ex-Financials ETF	44.6	27	2	5.0	+1.1
AFLG	First Trust Active Factor Large Cap ETF	44.1	55	-26	5.6	+1.7
CATH	Global X S&P 500 Catholic Values Custom ETF	43.9	29	0	5.3	+1.4
IWB	iShares Russell 1000 ETF	43.8	15	14	5.3	+1.4
SCHK	Schwab 1000 Index ETF	43.8	5	24	5.3	+1.5
VONE	Vanguard Russell 1000 ETF	43.7	8	21	5.3	+1.5
SPTM	SPDR Portfolio Total Stock Market ETF	43.6	3	26	5.6	+1.7
IWF	iShares Russell 1000 Growth ETF	43.5	19	10	4.2	+0.3
FDLO	Fidelity Low Volatility Factor ETF	43.4	29	0	5.2	+1.3
VONG	Vanguard Russell 1000 Growth Index Fund	43.3	8	21	4.3	+0.4
XOUT	GraniteShares XOUT U.S. Large Cap ETF	43.2	60	-31	4.5	+0.6
IYY	iShares Dow Jones U.S. ETF	43.2	20	9	5.2	+1.4
IWY	iShares Russell Top 200 Growth ETF	43.0	20	9	4.2	+0.3
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	42.9	9	20	5.6	+1.7
ESGV	Vanguard ESG U.S. Stock ETF	42.8	12	17	5.3	+1.4
FQAL	Fidelity Quality Factor ETF	42.6	29	0	5.5	+1.7
VUG	Vanguard Growth Index Fund	42.2	4	25	4.1	+0.2
SFY	SoFi Select 500 ETF	41.6	0	29	5.3	+1.4
SCHB	Schwab U.S. Broad Market ETF	41.5	3	26	5.3	+1.4
IWV	iShares Russell 3000 ETF	41.4	20	9	5.1	+1.2
MGK	Vanguard Mega Cap Growth ETF	41.4	7	22	4.2	+0.3
VTHR	Vanguard Russell 3000 Index Fund	41.3	10	19	5.2	+1.3
JMOM	JPMorgan U.S. Momentum Factor ETF	41.3	12	17	3.9	0.0
ITOT	iShares Core S&P Total U.S. Stock Market ETF	41.3	3	26	5.3	+1.4
VTI	Vanguard Total Stock Market Index Fund	41.0	3	26	5.2	+1.4
ADME	Aptus Drawdown Managed Equity ETF	40.9	81	-52	3.6	-0.3
TMFC	Motley Fool 100 Index ETF	40.9	50	-21	3.8	-0.1
SPMO	Invesco S&P 500 Momentum ETF	40.8	13	16	4.4	+0.5
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	40.3	15	14	6.3	+2.4
ESG	FlexShares STOXX US ESG Impact Index Fund	40.3	32	-3	5.1	+1.3
EPS	WisdomTree U.S. Earnings 500 Fund	40.2	8	21	6.6	+2.7
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	39.9	12	17	4.9	+1.0
WOMN	Impact Shares YWCA Women's Empowerment ETF	39.6	75	-46	4.6	+0.7
HIPR	Direxion High Growth ETF	39.3	40	-11	2.9	-1.0
ACIO	Aptus Collared Income Opportunity ETF	39.0	79	-50	4.4	+0.5
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	38.7	10	19	5.4	+1.5
FTC	First Trust Large Cap Growth AlphaDEX Fund	38.6	61	-32	2.9	-1.0
SUSL	iShares ESG MSCI USA Leaders ETF	38.6	10	19	5.4	+1.5
QUS	SPDR MSCI USA StrategicFactors ETF	38.2	15	14	5.9	+2.0
NACP	Impact Shares NAACP Minority Empowerment ETF	38.2	75	-46	4.6	+0.7
ECOZ	TrueMark ESG Active Opportunities ETF	37.6	58	-29	4.4	+0.5
SPXT	ProShares S&P 500 Ex-Technology ETF	37.5	27	2	5.7	+1.8
RECS	Columbia Research Enhanced Core ETF	37.3	15	14	5.7	+1.8
QYLD	Global X NASDAQ 100 Covered Call ETF	36.8	60	-31	3.5	-0.4
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	36.8	75	-46	3.9	-0.0
NUSI	Nationwide Risk-Managed Income ETF	36.7	68	-39	3.5	-0.4
DLN	WisdomTree U.S. LargeCap Dividend Fund	36.6	28	1	6.5	+2.6
QLC	FlexShares US Quality Large Cap Index Fund	36.6	32	-3	5.4	+1.6
QQQ	Invesco QQQ Trust	36.6	20	9	3.9	+0.0
DSI	iShares MSCI KLD 400 Social ETF	36.3	25	4	5.2	+1.3
JHML	John Hancock Multifactor Large Cap ETF	35.7	29	0	5.7	+1.8
EXT	WisdomTree U.S. Total Earnings Fund	35.6	28	1	5.3	+1.4
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	35.1	21	8	3.0	-0.9
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	35.0	49	-20	4.2	+0.3
JQUA	JPMorgan U.S. Quality Factor ETF	35.0	12	17	5.3	+1.4
AIEQ	AI Powered Equity ETF	34.6	87	-58	3.7	-0.2
KRMA	Global X Conscious Companies ETF	34.4	43	-14	5.3	+1.4
VFMO	Vanguard U.S. Momentum Factor ETF	34.2	13	16	1.2	-2.7
DTD	WisdomTree U.S.Total Dividend Fund	33.8	28	1	6.7	+2.8
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	33.8	19	10	5.7	+1.8
AVUS	Avantis U.S. Equity ETF	33.4	15	14	5.8	+1.9
IETC	iShares Evolved U.S. Technology ETF	33.3	18	11	3.9	-0.0
VEGN	US Vegan Climate ETF	33.3	60	-31	5.3	+1.4
FVAL	Fidelity Value Factor ETF	33.2	29	0	8.1	+4.2
SUSA	iShares MSCI USA ESG Select ETF	32.9	25	4	4.9	+1.0
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	32.7	28	1	6.6	+2.7
DIVB	iShares U.S. Dividend & Buyback ETF	32.6	25	4	6.7	+2.8
TOK	iShares MSCI Kokusai ETF	32.2	25	4	5.7	+1.8
IGM	iShares Expanded Tech Sector ETF	32.1	46	-17	3.8	-0.1
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	32.0	25	4	6.6	+2.7

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	18.4	%
Divided by: Fwd. P/BV	4.4	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	3.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.43	CATEGORY AVERAGE	1.52

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.