ETF Research Center

The Fidelity Dividend ETF for Rising Rates tracks an index of large- and midcap companies in developed nations that exhibit strong dividend characteristics and have a positive correlation to increasing 10-year U.S. Treasury yields.

FUND BASICS
Category	US Equities
Fund Sponsor	Fidelity
Website	screener.fidelity.com
Inception date	Sep 12, 2016
Assets (mns)	$361
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	131
Wgt avg mkt cap (mns)	$251,592
Large cap (>$10bn)	87.4%
Mid cap ($2-10bn)	12.5%
Small cap (<$2bn)	0.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	26.7 %
APPLE INC	5.4 %
MICROSOFT CORP	5.1 %
JPMORGAN CHASE & CO	2.6 %
JOHNSON & JOHNSON	2.5 %
MERCK & CO. INC.	2.1 %
BANK OF AMERICA CORP	2.0 %
AMGEN INC	1.9 %
PFIZER INC	1.8 %
PROCTER & GAMBLE CO/THE	1.8 %
INTEL CORP	1.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	92.8 %
	BRITAIN	3.2 %
	IRELAND	1.9 %
	DENMARK	0.4 %
	BERMUDA	0.3 %
	NETHERLANDS	0.3 %
	HONG KONG	0.2 %
	AUSTRALIA	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
22.4%	12.1%	--	--	12.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.94	95%
MSCI EAFE	0.84	64%
MSCI Emg. Mkts.	0.59	50%

Technical Indicators
Recent close	$34.25
30d moving avg.	$33.63
Annualized volatility	11.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	36
Turnover	0.3%
Bid/Ask (% of price)	0.23%
ADV underlying (mns)	$54,635

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Fidelity Dividend for Rising Rates ETF based on the alternatives' overlap in portfolio holdings with FDRR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FDRR

Expense:

29 bp

ALTAR Score™:

7.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FDRR
Ticker	Fund Name	Overlap¹ vs FDRR (%)	Expense ratio (bp)	Savings vs FDRR (bp)	ALTAR Score™ (%)	ALTAR vs FDRR (%)
FDVV	Fidelity Core Dividend	61.8	29	0	7.3	-0.5
DLN	WisdomTree Large Cap Dividend	57.4	28	1	6.5	-1.3
OYLD	Invesco Russell 1000 Yield Factor ETF	53.9	19	10	7.0	-0.7
OEF	iShares S&P 100	53.5	20	9	5.4	-2.3
DIVB	iShares U.S. Dividend & Buyback	53.3	25	4	6.6	-1.2
DTD	WisdomTree Total Dividend	51.6	28	1	6.5	-1.2
IWL	iShares Russell Top 200	51.1	15	14	5.6	-2.1
WOMN	Impact Shares YWCA Women's Empowerment	49.8	75	-46	5.4	-2.4
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	49.4	19	10	5.6	-2.2
MGC	Vanguard Mega Cap 300 ETF	48.7	7	22	5.8	-2.0
VYM	Vanguard High Dividend Yield ETF	48.5	6	23	7.2	-0.6
PRID	InsightShares LGBT Employment Equality	48.0	65	-36	5.4	-2.4
DGRO	iShares Core Dividend Growth	47.9	8	21	6.4	-1.4
QDYN	FlexShares Quality Dividend Dynamic	47.3	37	-8	6.7	-1.1
USDY	Pacific Global US Equity Income	47.0	29	0	7.4	-0.4
SCHV	Schwab U.S. Large-Cap Value	46.9	4	25	6.9	-0.8
SNPE	Xtrackers S&P 500 ESG	46.2	11	18	5.7	-2.0
OUSA	O'Shares FTSE U.S. Quality Dividend	46.1	48	-19	5.9	-1.8
XLG	Invesco S&P Top 50	45.9	20	9	5.1	-2.6
EPS	WisdomTree Earnings 500	45.4	8	21	6.8	-0.9

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 Dividend for Rising Rates
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	18.4	%
Divided by: Fwd. P/BV	2.3	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	7.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.56

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.