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)	$160
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)	$390,875
Large cap (>$10bn)	91.4%
Mid cap ($2-10bn)	8.6%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	27.3 %
APPLE INC	6.3 %
MICROSOFT CORP	5.3 %
ALPHABET INC. CLASS A	3.6 %
FACEBOOK	2.4 %
JOHNSON & JOHNSON	1.8 %
HOME DEPOT INC	1.7 %
UNITEDHEALTH GROUP INC	1.6 %
VISA INC-CLASS A SHARES	1.6 %
NVIDIA CORP	1.6 %
MASTERCARD INC-CLASS A	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.7 %
	BRITAIN	1.4 %
	IRELAND	1.0 %
	BERMUDA	0.8 %

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.
12.3%	15.2%	--	--	14.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.97	99%
MSCI EAFE	0.89	82%
MSCI Emg. Mkts.	0.71	66%

Technical Indicators
Recent close	$42.22
30d moving avg.	$40.54
Annualized volatility	18.2%
Short interest (ETF)	0.2%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	19
Turnover	0.5%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$82,018

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™:

5.2%

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 (%)
FLRG	Fidelity U.S. Multifactor ETF	53.2	29	0	6.2	+1.0
JQUA	JPMorgan U.S. Quality Factor ETF	49.5	12	17	5.2	-0.0
OEF	iShares S&P 100 ETF	49.4	20	9	4.5	-0.7
IWL	iShares Russell Top 200 ETF	48.2	15	14	4.6	-0.6
BKLC	BNY Mellon US Large Cap Core Equity ETF	48.1	0	29	4.8	-0.4
XLG	Invesco S&P 500 Top 50 ETF	47.9	20	9	4.3	-0.9
MGC	Vanguard Mega Cap Index Fund	47.8	7	22	4.8	-0.4
SPXN	ProShares S&P 500 Ex-Financials ETF	47.1	27	2	4.7	-0.5
EFIV	SPDR S&P 500 ESG ETF	46.9	10	19	4.8	-0.4
SNPE	Xtrackers S&P 500 ESG ETF	46.9	10	19	4.8	-0.4
FLQL	Franklin LibertyQ U.S. Equity ETF	46.9	15	14	5.9	+0.8
FVAL	Fidelity Value Factor ETF	46.7	29	0	7.2	+2.0
PBP	Invesco S&P 500 BuyWrite ETF	46.2	49	-20	4.6	-0.6
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	46.0	15	14	5.9	+0.7
HSPX	Global X S&P 500 Covered Call ETF	46.0	60	-31	4.5	-0.7
XYLG	Global X S&P 500 Covered Call & Growth ETF	45.4	60	-31	4.7	-0.5
SPY	SPDR S&P 500 ETF Trust	45.2	9	20	5.0	-0.2
DLN	WisdomTree U.S. LargeCap Dividend Fund	45.1	28	1	6.0	+0.8
SPLG	SPDR Portfolio Large Cap ETF	45.1	3	26	5.1	-0.1
IVV	iShares Core S&P 500 ETF	45.1	3	26	5.0	-0.2
RECS	Columbia Research Enhanced Core ETF	45.0	15	14	5.3	+0.2
EPS	WisdomTree U.S. Earnings 500 Fund	44.9	8	21	6.0	+0.8
ESGV	Vanguard ESG U.S. Stock ETF	44.7	12	17	4.7	-0.5
VOO	VANGUARD S&P 500 ETF	44.5	3	26	5.0	-0.2
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	44.5	20	9	5.0	-0.2
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	44.4	20	9	4.6	-0.6
FDLO	Fidelity Low Volatility Factor ETF	44.4	29	0	5.0	-0.2
QLC	FlexShares US Quality Large Cap Index Fund	44.4	32	-3	5.0	-0.2
IQSU	IQ Candriam ESG US Equity ETF	44.3	9	20	4.8	-0.4
SPXE	ProShares S&P 500 Ex-Energy ETF	44.1	27	2	4.9	-0.3
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	43.6	19	10	5.6	+0.4
SPXV	ProShares S&P 500 Ex-Health Care ETF	43.5	27	2	4.6	-0.6
VOOG	Vanguard S&P 500 Growth ETF	43.4	10	19	4.1	-1.1
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	43.2	7	22	4.8	-0.4
XOUT	GraniteShares XOUT U.S. Large Cap ETF	42.8	60	-31	3.8	-1.4
QUS	SPDR MSCI USA StrategicFactors ETF	42.6	15	14	5.5	+0.3
PBUS	Invesco PureBeta MSCI USA ETF	42.5	4	25	4.9	-0.3
BBUS	JP Morgan Betabuilders U.S. Equity ETF	42.5	2	27	4.9	-0.3
SPYG	SPDR Portfolio S&P 500 Growth ETF	42.4	4	25	4.2	-1.0
IVW	iShares S&P 500 Growth ETF	42.4	18	11	4.0	-1.2
ESGU	iShares MSCI USA ESG Optimized ETF	42.3	15	14	4.7	-0.5
FDRR	Fidelity Dividend ETF for Rising Rates	42.3	29	0	6.3	+1.1
DTD	WisdomTree U.S.Total Dividend Fund	42.1	28	1	6.2	+1.0
NACP	Impact Shares NAACP Minority Empowerment ETF	41.8	75	-46	4.7	-0.5
VV	Vanguard Large-Cap Index Fund	41.7	4	25	4.8	-0.4
SPTM	SPDR Portfolio Total Stock Market ETF	41.7	3	26	5.1	-0.1
IUSG	iShares Core S&P US Growth ETF	41.6	4	25	4.2	-1.0
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	41.4	49	-20	3.9	-1.3
DIVB	iShares U.S. Dividend & Buyback ETF	41.4	25	4	6.2	+1.0
CATH	Global X S&P 500 Catholic Values Custom ETF	41.2	29	0	4.8	-0.4
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	41.0	10	19	5.1	-0.1
SUSL	iShares ESG MSCI USA Leaders ETF	41.0	10	19	5.0	-0.2
SCHX	Schwab U.S. Large-Cap ETF	41.0	3	26	4.8	-0.4
DSI	iShares MSCI KLD 400 Social ETF	41.0	25	4	4.8	-0.4
QDEF	FlexShares Quality Dividend Defensive Index Fund	40.8	37	-8	5.8	+0.6
ESG	FlexShares STOXX US ESG Impact Index Fund	40.8	32	-3	4.8	-0.4
OUSA	O'Shares FTSE US Quality Dividend ETF	40.7	48	-19	5.5	+0.3
WOMN	Impact Shares YWCA Women's Empowerment ETF	40.6	75	-46	3.9	-1.3
IWY	iShares Russell Top 200 Growth ETF	40.6	20	9	3.8	-1.4
IWB	iShares Russell 1000 ETF	40.2	15	14	4.7	-0.5
SCHK	Schwab 1000 Index ETF	40.1	5	24	4.8	-0.4
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	39.9	9	20	5.0	-0.2
MMTM	SPDR S&P 1500 Momentum Tilt ETF	39.9	12	17	4.2	-1.0
IYY	iShares Dow Jones U.S. ETF	39.6	20	9	4.7	-0.5
IWF	iShares Russell 1000 Growth ETF	39.6	19	10	3.7	-1.5
VONG	Vanguard Russell 1000 Growth Index Fund	39.1	8	21	3.8	-1.4
QUAL	iShares MSCI Usa Quality Factor ETF	39.0	15	14	5.1	-0.1
KRMA	Global X Conscious Companies ETF	38.9	43	-14	5.1	-0.1
VTHR	Vanguard Russell 3000 Index Fund	38.8	10	19	4.7	-0.5
MGK	Vanguard Mega Cap Growth ETF	38.6	7	22	3.8	-1.4
FCPI	Fidelity Stocks for Inflation ETF	38.5	29	0	6.2	+1.0
VEGN	US Vegan Climate ETF	38.5	60	-31	4.7	-0.5
EXT	WisdomTree U.S. Total Earnings Fund	38.5	28	1	5.3	+0.1
FDMO	Fidelity Momentum Factor ETF	38.0	29	0	2.7	-2.5
IWV	iShares Russell 3000 ETF	37.7	20	9	4.6	-0.6
VUG	Vanguard Growth Index Fund	37.5	4	25	3.7	-1.5
SCHB	Schwab U.S. Broad Market ETF	37.5	3	26	4.7	-0.5
QDYN	FlexShares Quality Dividend Dynamic Index Fund	37.4	37	-8	5.7	+0.5
ITOT	iShares Core S&P Total U.S. Stock Market ETF	37.3	3	26	4.7	-0.5
SPQQ	Siren Large Cap Blend Index ETF	37.3	20	9	4.4	-0.8
QDF	FlexShares Quality Dividend Index Fund	37.2	37	-8	5.7	+0.5
DFAU	Dimensional US Core Equity Market ETF	36.8	12	17	5.0	-0.2
DGRO	iShares Core Dividend Growth ETF	36.8	8	21	6.2	+1.1
ACIO	Aptus Collared Income Opportunity ETF	36.5	79	-50	3.9	-1.3
VONE	Vanguard Russell 1000 ETF	36.5	8	21	4.8	-0.4
VTI	Vanguard Total Stock Market Index Fund	36.2	3	26	4.7	-0.5
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	36.2	12	17	5.1	-0.1
PFM	Invesco Dividend Achievers ETF	36.1	53	-24	5.1	-0.1
EQWL	Invesco Russell Top 200 Equal Weight ETF	35.8	25	4	5.8	+0.6
ADME	Aptus Drawdown Managed Equity ETF	35.6	79	-50	3.3	-1.9
SFY	SoFi Select 500 ETF	35.6	0	29	4.8	-0.4
AFLG	First Trust Active Factor Large Cap ETF	35.6	55	-26	5.0	-0.2
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	35.3	28	1	6.2	+1.0
STLC	iShares Factors US Blend Style ETF	35.2	25	4	5.3	+0.1
SPHQ	Invesco S&P 500 Quality ETF	35.1	15	14	4.4	-0.8
USDY	Pacific Global US Equity Income ETF	34.3	29	0	6.8	+1.7
SUSA	iShares MSCI USA ESG Select ETF	34.3	25	4	4.5	-0.7
IUS	Invesco Strategic US ETF	34.2	19	10	5.8	+0.6
SPXT	ProShares S&P 500 Ex-Technology ETF	34.0	27	2	5.2	0.0
USXF	iShares ESG Advanced MSCI USA ETF	33.9	10	19	4.7	-0.5

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	26.9	%
Divided by: Fwd. P/BV	4.9	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	5.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	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.