ETF Research Center

Fidelity International High Dividend ETF is an exchange-traded fund incorporated in the USA. The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity International High Dividend I

FUND BASICS
Category	International Equities
Fund Sponsor	Fidelity
Website	screener.fidelity.com
Inception date	Jan 16, 2018
Assets (mns)	$44
Currency	USD
Expense ratio	39 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	97
Wgt avg mkt cap (mns)	$55,704
Large cap (>$10bn)	81.9%
Mid cap ($2-10bn)	18.1%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	24.3 %
SSE PLC	3.3 %
TOYOTA MOTOR CORP	2.9 %
ROYAL DUTCH SHELL PLC-B SHS	2.5 %
VODAFONE GROUP PLC	2.4 %
NIPPON TELEGRAPH AND TELEPHONE COR	2.3 %
NTT DOCOMO, INC.	2.2 %
WPP PLC	2.2 %
AGL ENERGY LTD	2.2 %
SEKISUI HOUSE LTD	2.2 %
WESFARMERS LIMITED	2.1 %

TOP COUNTRY EXPOSURE
	JAPAN	23.4 %
	BRITAIN	22.3 %
	CANADA	9.5 %
	FRANCE	9.0 %
	AUSTRALIA	8.0 %
	SINGAPORE	3.3 %
	GERMANY	3.2 %
	ITALY	3.2 %
	NETHERLANDS	3.2 %
	SWITZERLAND	2.4 %

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.
11.3%	6.3%	--	--	-5.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.76	63%
MSCI EAFE	1.06	92%
MSCI Emg. Mkts.	0.83	78%

Technical Indicators
Recent close	$21.08
30d moving avg.	$20.99
Annualized volatility	14.3%
Short interest (ETF)	0.5%
Relative strength (RSI)	73

Liquidity measures
Avg. volume (thou.)	13
Turnover	0.6%
Bid/Ask (% of price)	0.50%
ADV underlying (mns)	$10,397

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

FIDI

Expense:

39 bp

ALTAR Score™:

10.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FIDI
Ticker	Fund Name	Overlap¹ vs FIDI (%)	Expense ratio (bp)	Savings vs FIDI (bp)	ALTAR Score™ (%)	ALTAR vs FIDI (%)
EFV	iShares MSCI EAFE Value	30.1	38	1	9.1	-1.1
DOL	WisdomTree Int'l Large Cap Dividend	29.9	48	-9	7.8	-2.4
DTH	WisdomTree DEFA Equity Income	27.5	58	-19	8.6	-1.6
CID	Victory CEMP International High Div Volatility Wtd	27.5	45	-6	9.0	-1.2
DOO	WisdomTree Int'l Dividend Ex-Financials	26.8	58	-19	8.1	-2.1
IDY	Pacific Global International Equity Income	25.7	39	0	8.2	-2.0
PXF	Invesco FTSE-RAFI Developed ex-US	25.2	45	-6	8.2	-2.0
FNDF	Schwab Fundamental Intl Large Cap	24.8	25	14	7.6	-2.6
DDWM	WisdomTree Dynamic Currency Hedged Int'l Equity	24.8	35	4	7.9	-2.3
DWM	WisdomTree DEFA Fund	24.1	48	-9	7.7	-2.5
VYMI	Vanguard Int'l High Dividend Yield	23.9	32	7	9.3	-0.9
REFA	Invesco International Revenue ETF	23.9	42	-3	8.9	-1.3
IDOG	ALPS International Sector Dividend Dogs	23.8	50	-11	7.5	-2.7
IQIN	IQ 500 International	23.7	25	14	8.5	-1.7
IVLU	iShares MSCI Int'l Developed Value Factor	23.2	30	9	10.5	+0.3
DMDV	AAM S&P Developed Markets High Dividend Value	23.0	39	0	10.3	+0.1
FIVA	Fidelity International Value Factor	22.3	39	0	9.5	-0.7
LVHI	Legg Mason International Low Volatility High Dividend	21.1	40	-1	9.2	-1.0
IDV	iShares DJ Int'l Select Dividend	20.7	49	-10	8.6	-1.6
JHMD	John Hancock Multifactor Developed International	20.6	45	-6	7.3	-2.9

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 International High Dividend
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.7	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	10.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.68	CATEGORY AVERAGE	1.63

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.