ETF Research Center

The Fidelity Quality Factor ETF tracks an index of fundamentally- selected large and mid- cap US companies that are weighted according to a tiered scheme.

FUND BASICS
Category	US Equities
Fund Sponsor	Fidelity
Website	screener.fidelity.com
Inception date	Sep 12, 2016
Assets (mns)	$172
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	125
Wgt avg mkt cap (mns)	$399,858
Large cap (>$10bn)	94.3%
Mid cap ($2-10bn)	5.7%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	26.0 %
APPLE INC	5.8 %
MICROSOFT CORP	5.3 %
ALPHABET INC. CLASS A	3.7 %
FACEBOOK	2.1 %
JOHNSON & JOHNSON	1.6 %
VISA INC-CLASS A SHARES	1.6 %
HOME DEPOT INC	1.5 %
NVIDIA CORP	1.5 %
MASTERCARD INC-CLASS A	1.5 %
UNITEDHEALTH GROUP INC	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.0 %
	BRITAIN	1.5 %
	IRELAND	1.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
1.1%	25.8%	--	--	14.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.97	99%
MSCI EAFE	0.89	82%
MSCI Emg. Mkts.	0.71	64%

Technical Indicators
Recent close	$43.46
30d moving avg.	$44.09
Annualized volatility	18.1%
Short interest (ETF)	1.1%
Short interest (Underlying)	1.6%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	21
Turnover	0.5%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$90,080

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Fidelity Quality Factor ETF ETF based on the alternatives' overlap in portfolio holdings with FQAL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FQAL

Expense:

29 bp

ALTAR Score™:

5.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FQAL
Ticker	Fund Name	Overlap¹ vs FQAL (%)	Expense ratio (bp)	Savings vs FQAL (bp)	ALTAR Score™ (%)	ALTAR vs FQAL (%)
ESGV	Vanguard ESG U.S. Stock ETF	53.8	12	17	4.7	-0.4
FDLO	Fidelity Low Volatility Factor ETF	51.5	29	0	4.7	-0.4
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	50.9	15	14	5.0	-0.1
JQUA	JPMorgan U.S. Quality Factor ETF	50.9	12	17	5.3	+0.3
OEF	iShares S&P 100 ETF	50.8	20	9	4.5	-0.5
MGC	Vanguard Mega Cap Index Fund	49.9	7	22	4.8	-0.2
IWL	iShares Russell Top 200 ETF	49.8	15	14	4.7	-0.4
BKLC	BNY Mellon US Large Cap Core Equity ETF	49.4	0	29	4.8	-0.3
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	48.9	15	14	0.0	-5.1
EFIV	SPDR S&P 500 ESG ETF	48.4	10	19	4.9	-0.2
FLRG	Fidelity U.S. Multifactor ETF	48.4	29	0	6.0	+0.9
SNPE	Xtrackers S&P 500 ESG ETF	48.4	10	19	4.9	-0.2
SPXN	ProShares S&P 500 Ex-Financials ETF	47.9	27	2	4.5	-0.6
XLG	Invesco S&P 500 Top 50 ETF	47.8	20	9	4.4	-0.7
FVAL	Fidelity Value Factor ETF	47.5	29	0	6.7	+1.7
IQSU	IQ Candriam ESG US Equity ETF	46.9	9	20	4.8	-0.3
EPS	WisdomTree U.S. Earnings 500 Fund	46.3	8	21	6.2	+1.1
FLQL	Franklin LibertyQ U.S. Equity ETF	46.1	15	14	6.1	+1.0
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	46.0	20	9	5.0	-0.1
PBP	Invesco S&P 500 BuyWrite ETF	45.8	49	-20	4.5	-0.6
XYLG	Global X S&P 500 Covered Call & Growth ETF	45.5	60	-31	4.5	-0.6
SPY	SPDR S&P 500 ETF Trust	45.5	9	20	4.9	-0.2
IVV	iShares Core S&P 500 ETF	45.5	3	26	4.9	-0.1
SPLG	SPDR Portfolio Large Cap ETF	45.4	3	26	4.9	-0.1
FDRR	Fidelity Dividend ETF for Rising Rates	45.4	29	0	6.5	+1.4
SPXE	ProShares S&P 500 Ex-Energy ETF	45.1	27	2	4.8	-0.2
DLN	WisdomTree U.S. LargeCap Dividend Fund	45.1	28	1	6.4	+1.3
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	44.9	20	9	4.8	-0.3
VOO	VANGUARD S&P 500 ETF	44.9	3	26	4.9	-0.1
VOOG	Vanguard S&P 500 Growth ETF	44.9	10	19	4.0	-1.1
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	44.7	49	-20	3.9	-1.2
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	44.6	7	22	4.8	-0.3
NACP	Impact Shares NAACP Minority Empowerment ETF	44.5	49	-20	4.6	-0.5
QUS	SPDR MSCI USA StrategicFactors ETF	44.1	15	14	5.5	+0.4
XVV	iShares ESG Screened S&P 500 ETF	44.0	8	21	5.0	-0.1
DIVB	iShares U.S. Dividend & Buyback ETF	43.8	25	4	6.0	+0.9
VV	Vanguard Large-Cap Index Fund	43.7	4	25	4.8	-0.3
BBUS	JP Morgan Betabuilders U.S. Equity ETF	43.6	2	27	4.8	-0.2
ESGU	iShares MSCI USA ESG Optimized ETF	43.6	15	14	4.7	-0.4
XOUT	GraniteShares XOUT U.S. Large Cap ETF	43.4	60	-31	3.8	-1.3
QUAL	iShares MSCI Usa Quality Factor ETF	43.4	15	14	5.1	+0.1
PBUS	Invesco PureBeta MSCI USA ETF	43.3	4	25	4.8	-0.2
OUSA	O'Shares FTSE US Quality Dividend ETF	43.2	48	-19	5.8	+0.7
SPYG	SPDR Portfolio S&P 500 Growth ETF	43.2	4	25	4.1	-1.0
IVW	iShares S&P 500 Growth ETF	43.2	18	11	3.9	-1.1
RECS	Columbia Research Enhanced Core ETF	42.8	15	14	5.5	+0.5
QLC	FlexShares US Quality Large Cap Index Fund	42.8	32	-3	4.9	-0.2
SPXV	ProShares S&P 500 Ex-Health Care ETF	42.8	27	2	4.5	-0.6
SUSL	iShares ESG MSCI USA Leaders ETF	42.7	10	19	5.0	-0.0
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	42.7	10	19	5.0	-0.0
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	42.3	19	10	5.3	+0.2
DTD	WisdomTree U.S.Total Dividend Fund	42.3	28	1	6.4	+1.3
IWY	iShares Russell Top 200 Growth ETF	42.2	20	9	3.9	-1.1
DSI	iShares MSCI KLD 400 Social ETF	42.1	25	4	4.7	-0.4
SCHX	Schwab U.S. Large-Cap ETF	42.1	3	26	4.8	-0.3
SPTM	SPDR Portfolio Total Stock Market ETF	41.9	3	26	5.0	-0.1
IUSG	iShares Core S&P US Growth ETF	41.8	4	25	4.0	-1.0
WOMN	Impact Shares YWCA Women's Empowerment ETF	41.5	75	-46	4.5	-0.6
ESG	FlexShares STOXX US ESG Impact Index Fund	41.4	32	-3	4.8	-0.3
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	41.4	9	20	5.1	+0.1
IWF	iShares Russell 1000 Growth ETF	41.2	19	10	3.8	-1.3
IWB	iShares Russell 1000 ETF	41.2	15	14	4.7	-0.4
SCHK	Schwab 1000 Index ETF	40.6	5	24	4.7	-0.4
IYY	iShares Dow Jones U.S. ETF	40.6	20	9	4.6	-0.5
VONG	Vanguard Russell 1000 Growth Index Fund	40.2	8	21	3.9	-1.2
CATH	Global X S&P 500 Catholic Values Custom ETF	40.0	29	0	4.7	-0.4
EQWL	Invesco Russell Top 200 Equal Weight ETF	39.9	25	4	5.8	+0.7
MGK	Vanguard Mega Cap Growth ETF	39.7	7	22	3.8	-1.2
KRMA	Global X Conscious Companies ETF	39.6	43	-14	5.1	+0.0
VONE	Vanguard Russell 1000 ETF	39.6	8	21	4.7	-0.3
ACVF	American Conservative Values ETF	39.3	75	-46	4.4	-0.7
VUG	Vanguard Growth Index Fund	39.2	4	25	3.7	-1.4
MMTM	SPDR S&P 1500 Momentum Tilt ETF	39.2	12	17	4.2	-0.8
SUSA	iShares MSCI USA ESG Select ETF	39.1	25	4	4.5	-0.6
QDEF	FlexShares Quality Dividend Defensive Index Fund	38.8	37	-8	5.7	+0.7
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	38.6	28	1	6.3	+1.2
VTHR	Vanguard Russell 3000 Index Fund	38.6	10	19	4.6	-0.5
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	38.6	12	17	5.1	+0.1
QDF	FlexShares Quality Dividend Index Fund	38.6	37	-8	5.7	+0.6
SFY	SoFi Select 500 ETF	38.5	0	29	4.8	-0.3
ACIO	Aptus Collared Income Opportunity ETF	38.4	79	-50	4.0	-1.0
IWV	iShares Russell 3000 ETF	38.4	20	9	4.5	-0.6
QDYN	FlexShares Quality Dividend Dynamic Index Fund	38.4	37	-8	5.7	+0.7
SCHB	Schwab U.S. Broad Market ETF	38.1	3	26	4.6	-0.4
DGRO	iShares Core Dividend Growth ETF	38.0	8	21	6.3	+1.3
ITOT	iShares Core S&P Total U.S. Stock Market ETF	37.8	3	26	4.6	-0.5
RESP	WisdomTree US ESG Fund of Benef Interest	37.8	28	1	5.5	+0.4
SPHQ	Invesco S&P 500 Quality ETF	37.7	15	14	4.7	-0.4
SPQQ	Siren Large Cap Blend Index ETF	37.4	20	9	4.0	-1.1
FDMO	Fidelity Momentum Factor ETF	37.1	29	0	2.9	-2.2
VTI	Vanguard Total Stock Market Index Fund	37.0	3	26	4.6	-0.5
HIPR	Direxion High Growth ETF	37.0	40	-11	4.2	-0.8
DFAU	Dimensional US Core Equity Market ETF	36.8	12	17	4.9	-0.2
PFM	Invesco Dividend Achievers ETF	36.8	53	-24	5.2	+0.1
VEGN	US Vegan Climate ETF	36.3	60	-31	4.1	-1.0
VOOV	Vanguard S&P 500 Value ETF	35.6	10	19	6.2	+1.1
SPXT	ProShares S&P 500 Ex-Technology ETF	35.4	27	2	5.1	+0.0
STLC	iShares Factors US Blend Style ETF	35.4	25	4	5.6	+0.5
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	35.1	30	-1	5.2	+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%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2016	2017	2018	2019	2020	2021E	2022E
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

Content on this tab for subscribers only

VALUATION METRICS

	2020	2021E	2022E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Fidelity Quality Factor ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	27.6	%
Divided by: Fwd. P/BV	5.2	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	5.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	CATEGORY AVERAGE	1.50

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.