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)	$150
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)	$333,537
Large cap (>$10bn)	91.6%
Mid cap ($2-10bn)	8.4%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	27.9 %
MICROSOFT CORP	6.1 %
APPLE INC	6.0 %
ALPHABET INC. CLASS A	3.5 %
FACEBOOK	2.4 %
JOHNSON & JOHNSON	1.9 %
NVIDIA CORP	1.8 %
VISA INC-CLASS A SHARES	1.6 %
HOME DEPOT INC	1.6 %
UNITEDHEALTH GROUP INC	1.6 %
ADOBE SYSTEMS INC	1.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.3 %
	IRELAND	2.0 %
	ISRAEL	0.6 %
	BERMUDA	0.6 %
	BRITAIN	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru June 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.2%	7.2%	--	--	11.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.96	99%
MSCI EAFE	0.93	81%
MSCI Emg. Mkts.	0.67	66%

Technical Indicators
Recent close	$37.06
30d moving avg.	$36.84
Annualized volatility	16.4%
Short interest (ETF)	0.1%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	40
Turnover	1.0%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$109,088

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 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™:

5.5%

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 (%)
JQUA	JPMorgan U.S. Quality Factor ETF	56.1	12	17	5.3	-0.2
FDLO	Fidelity Low Volatility Factor ETF	53.9	29	0	5.2	-0.3
OEF	iShares S&P 100 ETF	52.2	20	9	4.8	-0.7
RECS	Columbia Research Enhanced Core ETF	52.1	15	14	5.7	+0.2
BKLC	BNY Mellon US Large Cap Core Equity ETF	50.3	0	29	5.2	-0.3
IWL	iShares Russell Top 200 ETF	50.0	15	14	5.0	-0.5
MGC	Vanguard Mega Cap Index Fund	49.6	7	22	5.2	-0.3
XLG	Invesco S&P 500 Top 50 ETF	49.3	20	9	4.4	-1.1
SNPE	Xtrackers S&P 500 ESG ETF	49.2	11	18	5.1	-0.4
SPXN	ProShares S&P 500 Ex-Financials ETF	48.9	27	2	5.0	-0.5
PBP	Invesco S&P 500 BuyWrite ETF	47.7	49	-20	5.0	-0.5
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	47.5	49	-20	4.1	-1.4
EPS	WisdomTree U.S. Earnings 500 Fund	47.4	8	21	6.5	+1.0
HSPX	Global X S&P 500 Covered Call ETF	47.1	65	-36	4.9	-0.6
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	47.1	20	9	5.0	-0.5
SPY	SPDR S&P 500 ETF Trust	46.8	9	20	5.4	-0.1
VOO	VANGUARD S&P 500 ETF	46.8	3	26	5.4	-0.1
SPLG	SPDR Portfolio Large Cap ETF	46.8	3	26	5.4	-0.1
IVV	iShares Core S&P 500 ETF	46.8	4	25	5.4	-0.1
IQSU	IQ Candriam ESG US Equity ETF	46.6	9	20	5.1	-0.4
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	46.2	20	9	5.4	-0.1
SPXE	ProShares S&P 500 Ex-Energy ETF	46.2	27	2	5.3	-0.2
FLQL	Franklin LibertyQ U.S. Equity ETF	46.2	15	14	6.3	+0.8
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	46.2	15	14	6.2	+0.7
FVAL	Fidelity Value Factor ETF	45.9	29	0	8.0	+2.5
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	45.9	19	10	5.7	+0.2
WOMN	Impact Shares YWCA Women's Empowerment ETF	45.8	75	-46	4.5	-1.0
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	45.8	7	22	5.2	-0.3
DIVB	iShares U.S. Dividend & Buyback ETF	45.8	25	4	6.6	+1.1
DLN	WisdomTree U.S. LargeCap Dividend Fund	45.3	28	1	6.4	+0.9
SPXV	ProShares S&P 500 Ex-Health Care ETF	45.0	27	2	5.0	-0.5
QUS	SPDR MSCI USA StrategicFactors ETF	45.0	15	14	5.9	+0.4
VV	Vanguard Large-Cap Index Fund	45.0	4	25	5.3	-0.2
DSI	iShares MSCI KLD 400 Social ETF	44.8	25	4	5.1	-0.3
BBUS	JP Morgan Betabuilders U.S. Equity ETF	44.7	2	27	5.3	-0.2
FDRR	Fidelity Dividend ETF for Rising Rates	44.6	29	0	7.0	+1.5
ESGU	iShares MSCI USA ESG Optimized ETF	44.6	15	14	5.1	-0.4
PBUS	Invesco PureBeta MSCI USA ETF	44.4	4	25	5.3	-0.2
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	44.3	10	19	5.3	-0.2
SUSL	iShares ESG MSCI USA Leaders ETF	44.1	10	19	5.3	-0.2
MMTM	SPDR S&P 1500 Momentum Tilt ETF	44.1	12	17	4.9	-0.6
CATH	Global X S&P 500 Catholic Values Custom ETF	44.1	29	0	5.2	-0.3
NACP	Impact Shares NAACP Minority Empowerment ETF	43.7	75	-46	4.5	-1.0
SCHX	Schwab U.S. Large-Cap ETF	43.6	3	26	5.3	-0.2
SPTM	SPDR Portfolio Total Stock Market ETF	43.5	3	26	5.5	+0.1
XOUT	GraniteShares XOUT U.S. Large Cap ETF	43.1	60	-31	4.4	-1.1
DTD	WisdomTree U.S.Total Dividend Fund	42.8	28	1	6.7	+1.2
SPYG	SPDR Portfolio S&P 500 Growth ETF	42.7	4	25	4.3	-1.2
VOOG	Vanguard S&P 500 Growth ETF	42.6	10	19	4.2	-1.3
IVW	iShares S&P 500 Growth ETF	42.6	18	11	4.2	-1.3
FDMO	Fidelity Momentum Factor ETF	42.6	29	0	3.8	-1.7
VONE	Vanguard Russell 1000 ETF	42.5	8	21	5.3	-0.2
QLC	FlexShares US Quality Large Cap Index Fund	42.5	32	-3	5.4	-0.1
OUSA	O'Shares FTSE US Quality Dividend ETF	42.4	48	-19	5.7	+0.2
QUAL	iShares MSCI Usa Quality Factor ETF	42.3	15	14	5.4	-0.1
SCHK	Schwab 1000 Index ETF	42.3	5	24	5.3	-0.2
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	42.1	9	20	5.6	+0.1
IWB	iShares Russell 1000 ETF	41.9	15	14	5.2	-0.3
VONG	Vanguard Russell 1000 Growth Index Fund	41.9	8	21	4.2	-1.3
IYY	iShares Dow Jones U.S. ETF	41.8	20	9	5.2	-0.3
IUSG	iShares Core S&P US Growth ETF	41.7	4	25	4.3	-1.2
ESG	FlexShares STOXX US ESG Impact Index Fund	41.7	32	-3	5.1	-0.4
IWY	iShares Russell Top 200 Growth ETF	41.4	20	9	4.1	-1.4
ESGV	Vanguard ESG U.S. Stock ETF	41.3	12	17	5.2	-0.3
AFLG	First Trust Active Factor Large Cap ETF	40.8	55	-26	5.6	+0.1
MGK	Vanguard Mega Cap Growth ETF	40.7	7	22	4.1	-1.4
EQWL	Invesco Russell Top 200 Equal Weight ETF	40.7	25	4	6.1	+0.7
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	40.5	12	17	4.8	-0.7
VTHR	Vanguard Russell 3000 Index Fund	40.1	10	19	5.1	-0.3
SCHB	Schwab U.S. Broad Market ETF	40.1	3	26	5.3	-0.2
VEGN	US Vegan Climate ETF	39.9	60	-31	5.2	-0.3
ITOT	iShares Core S&P Total U.S. Stock Market ETF	39.9	3	26	5.2	-0.3
IWF	iShares Russell 1000 Growth ETF	39.9	19	10	4.1	-1.4
TMFC	Motley Fool 100 Index ETF	39.9	50	-21	3.7	-1.8
VTI	Vanguard Total Stock Market Index Fund	39.8	3	26	5.2	-0.3
KRMA	Global X Conscious Companies ETF	39.8	43	-14	5.2	-0.3
IWV	iShares Russell 3000 ETF	39.7	20	9	5.1	-0.4
QDEF	FlexShares Quality Dividend Defensive Index Fund	39.7	37	-8	5.9	+0.4
SPHQ	Invesco S&P 500 Quality ETF	39.5	15	14	4.6	-0.9
DGRO	iShares Core Dividend Growth ETF	39.3	8	21	6.7	+1.2
VUG	Vanguard Growth Index Fund	39.3	4	25	4.0	-1.5
FCPI	Fidelity Stocks for Inflation ETF	39.2	29	0	7.0	+1.5
ACIO	Aptus Collared Income Opportunity ETF	39.1	79	-50	4.4	-1.1
PFM	Invesco Dividend Achievers ETF	38.3	54	-25	5.5	0.0
DYNF	BlackRock U.S. Equity Factor Rotation ETF	38.2	30	-1	6.6	+1.1
EXT	WisdomTree U.S. Total Earnings Fund	38.1	28	1	5.2	-0.2
QDF	FlexShares Quality Dividend Index Fund	38.0	37	-8	6.1	+0.7
SUSA	iShares MSCI USA ESG Select ETF	37.7	25	4	4.8	-0.7
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	37.5	28	1	6.5	+1.0
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	37.3	25	4	6.6	+1.1
SFY	SoFi Select 500 ETF	36.9	0	29	5.2	-0.3
SCHG	Schwab U.S. Large-Cap Growth ETF	36.8	4	25	4.1	-1.4
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	36.8	75	-46	3.8	-1.7
IUS	Invesco Strategic US ETF	36.8	19	10	6.7	+1.2
QDYN	FlexShares Quality Dividend Dynamic Index Fund	36.7	37	-8	6.2	+0.8
RFFC	RiverFront Dynamic US Flex-Cap ETF	36.4	52	-23	4.7	-0.8
DSTL	Distillate US Fundamental Stability & Value ETF	36.4	39	-10	6.6	+1.1
USDY	Pacific Global US Equity Income ETF	36.1	29	0	7.3	+1.8
JHML	John Hancock Multifactor Large Cap ETF	36.0	29	0	5.6	+0.1
SPXT	ProShares S&P 500 Ex-Technology ETF	35.9	27	2	5.7	+0.2

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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	23.8	%
Divided by: Fwd. P/BV	4.1	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	5.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	CATEGORY AVERAGE	1.52

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.