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)	$417
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	121
Wgt avg mkt cap (mns)	$125,351
Large cap (>$10bn)	83.9%
Mid cap ($2-10bn)	11.3%
Small cap (<$2bn)	4.8%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	70.7 %
EXXON MOBIL CORP	23.5 %
CHEVRON CORP	17.9 %
CONOCOPHILLIPS	5.5 %
SCHLUMBERGER LTD	4.1 %
PHILLIPS 66	4.1 %
EOG RESOURCES INC	3.4 %
KINDER MORGAN INC	3.2 %
MARATHON PETROLEUM	3.2 %
VALERO ENERGY CORP	3.1 %
OCCIDENTAL PETROLEUM CORP	2.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.1 %
	BRITAIN	0.7 %
	SWITZERLAND	0.2 %
	NETHERLANDS	0.2 %
	BERMUDA	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.
2.0%	-11.7%	-5.0%	--	-5.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.28	55%
MSCI EAFE	1.38	53%
MSCI Emg. Mkts.	0.81	29%

Technical Indicators
Recent close	$15.79
30d moving avg.	$15.74
Annualized volatility	20.9%
Short interest (ETF)	0.1%
Short interest (Underlying)	3.4%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	205
Turnover	0.8%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$8,831

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 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™:

3.9%

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 ETF	96.4	10	-2	3.9	-0.0
IYE	iShares DJ US Energy Sector	94.6	42	-34	3.9	-0.0
XLE	Energy Select Sector SPDR	87.8	13	-5	4.3	+0.4
JHME	John Hancock Multifactor Energy	63.0	40	-32	3.3	-0.7
IGE	iShares North American Natural Resources	62.7	46	-38	3.9	0.0
RYE	Invesco S&P Equal Weight Energy ETF	53.3	40	-32	3.4	-0.5
FTXN	First Trust Nasdaq Oil & Gas	53.1	60	-52	2.6	-1.3
IXC	iShares S&P Global Energy Sector	51.1	46	-38	5.1	+1.2
XLEY	Cushing Energy & MLP	46.4	65	-57	3.5	-0.4
FILL	iShares MSCI Global Energy Producers	44.0	39	-31	5.6	+1.7
FXN	First Trust Energy Alphadex	43.5	63	-55	4.2	+0.3
NANR	SPDR S&P N. American Nat. Resources	37.5	35	-27	4.0	+0.1
PXI	Invesco Dynamic Energy Sector	35.8	60	-52	-0.8	-4.7
IEO	iShares U.S. Oil & Gas Exploration & Production	35.0	42	-34	3.2	-0.8
XOP	SPDR S&P Oil & Gas Exploration	34.3	35	-27	3.5	-0.5
XLSY	Cushing Energy Supply Chain & MLP	31.1	65	-57	5.4	+1.4
FRAK	VanEck Vectors Unconventional Oil & Gas	23.2	54	-46	2.2	-1.8
HDV	iShares High Dividend	21.3	8	0	6.6	+2.6
FDL	First Trust Morningstar Dividend Leaders	20.9	45	-37	8.5	+4.5
PXE	Invesco Dynamic Energy Exploration & Production	16.9	63	-55	1.2	-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

	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	3.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	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.