ETF Research Center

The Fidelity Core Dividend ETF tracks an index of large- and midcap companies that exhibit positive dividend characteristics, with overweights to sectors that exhibit higher dividend yield.

FUND BASICS
Category	US Equities
Fund Sponsor	Fidelity
Website	screener.fidelity.com
Inception date	Sep 12, 2016
Assets (mns)	$478
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	121
Wgt avg mkt cap (mns)	$204,631
Large cap (>$10bn)	83.6%
Mid cap ($2-10bn)	15.9%
Small cap (<$2bn)	0.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	28.0 %
APPLE INC	3.7 %
MICROSOFT CORP	3.5 %
JPMORGAN CHASE & CO	3.3 %
PROCTER & GAMBLE CO/THE	3.0 %
BANK OF AMERICA CORP	2.7 %
PEPSICO INC	2.5 %
EXXON MOBIL CORP	2.5 %
CHEVRON CORP	2.3 %
WELLS FARGO & CO	2.3 %
PHILIP MORRIS INTERNATIONAL	2.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.1 %
	BRITAIN	4.4 %
	IRELAND	1.0 %
	BERMUDA	0.5 %
	DENMARK	0.1 %
	NETHERLANDS	0.1 %
	HONG KONG	0.1 %

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.
19.3%	9.2%	--	--	11.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.84	90%
MSCI EAFE	0.75	59%
MSCI Emg. Mkts.	0.52	45%

Technical Indicators
Recent close	$31.63
30d moving avg.	$31.14
Annualized volatility	10.7%
Short interest (ETF)	0.6%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	101
Turnover	0.7%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$53,366

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

FDVV

Expense:

29 bp

ALTAR Score™:

7.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FDVV
Ticker	Fund Name	Overlap¹ vs FDVV (%)	Expense ratio (bp)	Savings vs FDVV (bp)	ALTAR Score™ (%)	ALTAR vs FDVV (%)
FDRR	Fidelity Dividend for Rising Rates	61.8	29	0	7.7	+0.5
DLN	WisdomTree Large Cap Dividend	49.1	28	1	6.5	-0.8
OYLD	Invesco Russell 1000 Yield Factor ETF	46.7	19	10	7.0	-0.2
DTD	WisdomTree Total Dividend	45.3	28	1	6.5	-0.7
DIVB	iShares U.S. Dividend & Buyback	43.2	25	4	6.6	-0.7
VYM	Vanguard High Dividend Yield ETF	40.9	6	23	7.2	-0.1
OEF	iShares S&P 100	39.9	20	9	5.4	-1.8
IWL	iShares Russell Top 200	39.1	15	14	5.6	-1.6
DHS	WisdomTree Equity Income	38.5	38	-9	7.2	-0.1
MGV	Vanguard Mega Cap 300 Value	38.5	7	22	7.0	-0.3
SCHV	Schwab U.S. Large-Cap Value	38.4	4	25	6.9	-0.4
MGC	Vanguard Mega Cap 300 ETF	38.0	7	22	5.8	-1.5
OUSA	O'Shares FTSE U.S. Quality Dividend	38.0	48	-19	5.9	-1.4
WOMN	Impact Shares YWCA Women's Empowerment	38.0	75	-46	5.4	-1.9
EQWL	Invesco Fundamental Pure Large Core	38.0	25	4	6.3	-1.0
QDYN	FlexShares Quality Dividend Dynamic	37.6	37	-8	6.7	-0.6
DGRO	iShares Core Dividend Growth	37.5	8	21	6.4	-0.9
EPS	WisdomTree Earnings 500	37.3	8	21	6.8	-0.5
QDEF	FlexShares Quality Dividend Defensive	37.2	37	-8	6.4	-0.8
USDY	Pacific Global US Equity Income	37.1	29	0	7.4	+0.1

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 Core Dividend
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	14.1	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	7.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	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.