ETF Research Center

The Fidelity MSCI Energy Index ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the MSCI USA IMI Energy Index.

FUND BASICS
Category	US Equities
Fund Sponsor	FMR LLC
Website	www.fidelity.com
Inception date	Oct 24, 2013
Assets (mns)	$420
Currency	USD
Expense ratio	8 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust Co
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	118
Wgt avg mkt cap (mns)	$126,241
Large cap (>$10bn)	86.1%
Mid cap ($2-10bn)	9.1%
Small cap (<$2bn)	4.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	69.2 %
EXXON MOBIL CORP	22.6 %
CHEVRON CORP	17.1 %
CONOCOPHILLIPS	5.6 %
SCHLUMBERGER LTD	4.1 %
EOG RESOURCES INC	3.9 %
PHILLIPS 66	3.6 %
KINDER MORGAN INC	3.4 %
OCCIDENTAL PETROLEUM CORP	3.2 %
VALERO ENERGY CORP	2.9 %
MARATHON PETROLEUM	2.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.5 %
	BRITAIN	0.8 %
	SWITZERLAND	0.2 %
	NETHERLANDS	0.2 %
	BERMUDA	0.1 %

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.
9.1%	9.1%	-3.6%	--	-4.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.30	55%
MSCI EAFE	1.42	54%
MSCI Emg. Mkts.	0.84	32%

Technical Indicators
Recent close	$15.71
30d moving avg.	$15.97
Annualized volatility	21.3%
Short interest (ETF)	0.1%
Short interest (Underlying)	3.4%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	262
Turnover	1.0%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$9,194

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 18 potential alternatives to the Fidelity MSCI Energy ETF based on the alternatives' overlap in portfolio holdings with FENY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FENY

Expense:

8 bp

ALTAR Score™:

3.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FENY
Ticker	Fund Name	Overlap¹ vs FENY (%)	Expense ratio (bp)	Savings vs FENY (bp)	ALTAR Score™ (%)	ALTAR vs FENY (%)
VDE	Vanguard Energy	97.8	10	-2	3.8	-0.1
IYE	iShares DJ US Energy Sector	94.7	42	-34	3.8	-0.0
XLE	Energy Select Sector SPDR	88.1	13	-5	4.2	+0.4
JHME	John Hancock Multifactor Energy	63.9	40	-32	3.1	-0.8
IGE	iShares North American Natural Resources	61.9	46	-38	3.8	-0.0
RYE	Invesco S&P Equal Weight Energy ETF	53.0	40	-32	3.2	-0.7
IXC	iShares Global Energy	51.2	46	-38	4.9	+1.1
FTXN	First Trust Nasdaq Oil & Gas	46.3	60	-52	4.0	+0.2
FXN	First Trust Energy Alphadex	44.8	63	-55	3.9	+0.1
FILL	iShares MSCI Global Energy Producers	43.7	39	-31	5.5	+1.7
NANR	SPDR S&P N. American Nat. Resources	37.5	35	-27	3.8	+0.0
IEO	iShares U.S. Oil & Gas Exploration & Production	35.9	42	-34	2.8	-1.0
XOP	SPDR S&P Oil & Gas Exploration & Production	34.8	35	-27	2.9	-0.9
PXI	Invesco Dynamic Energy Sector	34.0	60	-52	0.4	-3.5
FRAK	VanEck Vectors Unconventional Oil & Gas	25.4	54	-46	1.8	-2.0
HDV	iShares High Dividend	23.0	8	0	6.9	+3.1
FDL	First Trust Morningstar Dividend Leaders	22.1	45	-37	8.3	+4.5
EQRR	ProShares Equities for Rising Rates	17.3	35	-27	7.5	+3.7

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 MSCI Energy
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	5.1	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	8	bp
Equals: ALTAR Score	3.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	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.