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)	$110
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	129
Wgt avg mkt cap (mns)	$210,979
Large cap (>$10bn)	91.5%
Mid cap ($2-10bn)	8.5%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	23.6 %
MICROSOFT CORP	5.0 %
AMAZON.COM INC	3.1 %
FACEBOOK	2.3 %
JPMORGAN CHASE & CO	2.2 %
BERKSHIRE HATHAWAY INC-CL B	2.2 %
JOHNSON & JOHNSON	2.1 %
VISA INC-CLASS A SHARES	2.0 %
MASTERCARD INC-CLASS A	1.7 %
MERCK & CO. INC.	1.6 %
VERIZON COMMUNICATIONS INC	1.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.5 %
	BRITAIN	2.7 %
	IRELAND	0.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
19.3%	9.8%	--	--	12.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.95	87%
MSCI EAFE	0.82	55%
MSCI Emg. Mkts.	0.57	43%

Technical Indicators
Recent close	$34.98
30d moving avg.	$34.85
Annualized volatility	12.3%
Short interest (ETF)	0.0%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	48
Turnover	1.5%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$48,186

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Fidelity Momentum Factor 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™:

4.2%

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 (%)
OMOM	Invesco Russell 1000 Momentum Factor ETF	50.7	19	10	5.3	+1.1
JMOM	JPMorgan U.S. Momentum Factor	48.9	12	17	4.3	+0.1
FDLO	Fidelity Low Volatility Factor	48.3	29	0	5.4	+1.2
SPYG	SPDR Portfolio S&P 500 Growth	47.7	4	25	5.1	+0.9
IVW	iShares S&P 500 Growth	47.7	18	11	4.9	+0.8
VOOG	Vanguard S&P 500 Growth	47.6	15	14	5.0	+0.8
IWL	iShares Russell Top 200	47.6	15	14	5.7	+1.5
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	47.4	19	10	5.6	+1.4
MGC	Vanguard Mega Cap 300 ETF	46.4	7	22	5.8	+1.6
MTUM	iShares MSCI USA Momentum Factor	46.2	15	14	4.4	+0.2
OEF	iShares S&P 100	46.1	20	9	5.5	+1.3
IUSG	iShares Core U.S. Growth	46.0	4	25	5.1	+0.9
MMTM	SPDR S&P1500 Momentum Tilt	45.9	12	17	5.4	+1.2
XLG	Invesco S&P Top 50	44.6	20	9	5.1	+1.0
PBP	Invesco S&P 500 Buy/Write	44.1	49	-20	5.6	+1.4
SPXV	ProShares S&P 500 Ex-Health Care	43.8	27	2	5.6	+1.4
PLC	Principal U.S. Large-Cap Multi-Factor Core Index	43.4	15	14	5.5	+1.3
SPXT	ProShares S&P 500 Ex-Technology	43.1	27	2	6.0	+1.8
HSPX	Global X S&P 500 Covered Call	42.9	65	-36	5.4	+1.2
SPY	S&P 500 SPDR	42.6	9	20	5.9	+1.7

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

	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 Momentum Factor
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	4.1	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	4.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	CATEGORY AVERAGE	1.55

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.