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)	$145
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	124
Wgt avg mkt cap (mns)	$370,832
Large cap (>$10bn)	91.8%
Mid cap ($2-10bn)	8.2%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	27.3 %
APPLE INC	6.1 %
MICROSOFT CORP	5.4 %
ALPHABET INC. CLASS A	3.2 %
FACEBOOK	2.4 %
JOHNSON & JOHNSON	2.0 %
HOME DEPOT INC	1.8 %
VISA INC-CLASS A SHARES	1.7 %
UNITEDHEALTH GROUP INC	1.6 %
NVIDIA CORP	1.6 %
MASTERCARD INC-CLASS A	1.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.3 %
	BRITAIN	1.4 %
	IRELAND	1.1 %
	BERMUDA	0.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru August 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
9.3%	19.4%	--	--	14.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.96	99%
MSCI EAFE	0.95	82%
MSCI Emg. Mkts.	0.68	66%

Technical Indicators
Recent close	$38.14
30d moving avg.	$39.75
Annualized volatility	16.9%
Short interest (ETF)	0.1%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	25
Turnover	0.7%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$4,783

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™:

6.3%

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	51.4	12	17	5.7	-0.6
OEF	iShares S&P 100 ETF	50.8	20	9	5.9	-0.4
BKLC	BNY Mellon US Large Cap Core Equity ETF	50.2	0	29	6.1	-0.2
IWL	iShares Russell Top 200 ETF	49.6	15	14	5.9	-0.5
XLG	Invesco S&P 500 Top 50 ETF	49.1	20	9	6.0	-0.3
FLQL	Franklin LibertyQ U.S. Equity ETF	48.8	15	14	6.4	+0.1
MGC	Vanguard Mega Cap Index Fund	48.6	7	22	6.0	-0.3
SPXN	ProShares S&P 500 Ex-Financials ETF	48.2	27	2	5.9	-0.4
SNPE	Xtrackers S&P 500 ESG ETF	47.6	10	19	6.1	-0.2
FVAL	Fidelity Value Factor ETF	47.3	29	0	8.6	+2.3
DLN	WisdomTree U.S. LargeCap Dividend Fund	46.5	28	1	7.1	+0.7
PBP	Invesco S&P 500 BuyWrite ETF	46.5	49	-20	5.6	-0.7
SPY	SPDR S&P 500 ETF Trust	46.4	9	20	6.1	-0.2
EPS	WisdomTree U.S. Earnings 500 Fund	46.4	8	21	7.2	+0.9
SPLG	SPDR Portfolio Large Cap ETF	46.0	3	26	6.2	-0.1
VOO	VANGUARD S&P 500 ETF	45.9	3	26	6.2	-0.2
RECS	Columbia Research Enhanced Core ETF	45.7	15	14	6.6	+0.3
IVV	iShares Core S&P 500 ETF	45.7	3	26	6.2	-0.2
HSPX	Global X S&P 500 Covered Call ETF	45.7	60	-31	5.6	-0.7
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	45.6	15	14	6.9	+0.6
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	45.6	20	9	5.7	-0.6
FDLO	Fidelity Low Volatility Factor ETF	45.6	29	0	5.2	-1.1
QLC	FlexShares US Quality Large Cap Index Fund	45.5	32	-3	6.0	-0.3
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	45.4	20	9	6.1	-0.2
IQSU	IQ Candriam ESG US Equity ETF	45.4	9	20	6.3	-0.1
SPXE	ProShares S&P 500 Ex-Energy ETF	45.3	27	2	6.1	-0.2
FDMO	Fidelity Momentum Factor ETF	45.3	29	0	4.2	-2.1
DIVB	iShares U.S. Dividend & Buyback ETF	45.2	25	4	7.2	+0.9
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	45.0	7	22	6.0	-0.3
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	45.0	19	10	6.8	+0.5
SPXV	ProShares S&P 500 Ex-Health Care ETF	44.7	27	2	5.9	-0.5
XOUT	GraniteShares XOUT U.S. Large Cap ETF	44.1	60	-31	5.5	-0.8
QUS	SPDR MSCI USA StrategicFactors ETF	43.9	15	14	6.3	-0.1
PBUS	Invesco PureBeta MSCI USA ETF	43.9	4	25	6.0	-0.3
VOOG	Vanguard S&P 500 Growth ETF	43.9	10	19	5.9	-0.4
FDRR	Fidelity Dividend ETF for Rising Rates	43.6	29	0	7.8	+1.5
DTD	WisdomTree U.S.Total Dividend Fund	43.6	28	1	7.2	+0.9
VV	Vanguard Large-Cap Index Fund	43.5	4	25	5.9	-0.4
SCHX	Schwab U.S. Large-Cap ETF	43.4	3	26	6.0	-0.4
ESGU	iShares MSCI USA ESG Optimized ETF	43.3	15	14	5.8	-0.5
SPTM	SPDR Portfolio Total Stock Market ETF	43.3	3	26	6.2	-0.1
IVW	iShares S&P 500 Growth ETF	43.2	18	11	5.8	-0.5
ESGV	Vanguard ESG U.S. Stock ETF	43.0	12	17	5.9	-0.4
SPYG	SPDR Portfolio S&P 500 Growth ETF	42.9	4	25	6.0	-0.3
CATH	Global X S&P 500 Catholic Values Custom ETF	42.9	29	0	6.0	-0.4
MMTM	SPDR S&P 1500 Momentum Tilt ETF	42.8	12	17	6.3	+0.0
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	42.7	49	-20	5.8	-0.6
WOMN	Impact Shares YWCA Women's Empowerment ETF	42.6	75	-46	5.2	-1.1
NACP	Impact Shares NAACP Minority Empowerment ETF	42.5	75	-46	5.7	-0.6
IUSG	iShares Core S&P US Growth ETF	42.5	4	25	5.9	-0.4
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	42.4	10	19	5.4	-1.0
SUSL	iShares ESG MSCI USA Leaders ETF	42.3	10	19	5.3	-1.0
DSI	iShares MSCI KLD 400 Social ETF	42.1	25	4	5.1	-1.2
SCHK	Schwab 1000 Index ETF	42.0	5	24	5.9	-0.4
QDEF	FlexShares Quality Dividend Defensive Index Fund	42.0	37	-8	7.1	+0.7
IWB	iShares Russell 1000 ETF	41.9	15	14	5.8	-0.5
ESG	FlexShares STOXX US ESG Impact Index Fund	41.9	32	-3	5.8	-0.6
OUSA	O'Shares FTSE US Quality Dividend ETF	41.8	48	-19	6.6	+0.3
IYY	iShares Dow Jones U.S. ETF	41.8	20	9	5.8	-0.5
IWY	iShares Russell Top 200 Growth ETF	41.3	20	9	6.2	-0.1
VONE	Vanguard Russell 1000 ETF	41.3	8	21	5.8	-0.5
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	40.9	9	20	6.3	-0.1
MGK	Vanguard Mega Cap Growth ETF	40.7	7	22	6.2	-0.1
IWF	iShares Russell 1000 Growth ETF	40.6	19	10	5.7	-0.7
BBUS	JP Morgan Betabuilders U.S. Equity ETF	40.6	2	27	6.0	-0.3
DSTL	Distillate US Fundamental Stability & Value ETF	40.4	39	-10	7.0	+0.7
VTHR	Vanguard Russell 3000 Index Fund	40.3	10	19	5.7	-0.6
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	40.3	12	17	5.1	-1.2
SPQQ	Siren Large Cap Blend Index ETF	40.2	20	9	5.3	-1.1
VONG	Vanguard Russell 1000 Growth Index Fund	40.0	8	21	5.8	-0.5
SCHB	Schwab U.S. Broad Market ETF	39.9	3	26	5.8	-0.5
ITOT	iShares Core S&P Total U.S. Stock Market ETF	39.8	3	26	5.8	-0.5
QUAL	iShares MSCI Usa Quality Factor ETF	39.8	15	14	6.0	-0.3
AFLG	First Trust Active Factor Large Cap ETF	39.7	55	-26	6.4	+0.1
EXT	WisdomTree U.S. Total Earnings Fund	39.7	28	1	6.2	-0.1
IWV	iShares Russell 3000 ETF	39.5	20	9	5.6	-0.7
VEGN	US Vegan Climate ETF	39.4	60	-31	5.8	-0.5
DGRO	iShares Core Dividend Growth ETF	39.1	8	21	7.0	+0.7
VUG	Vanguard Growth Index Fund	39.0	4	25	5.7	-0.7
FCPI	Fidelity Stocks for Inflation ETF	38.8	29	0	6.9	+0.6
QDYN	FlexShares Quality Dividend Dynamic Index Fund	38.4	37	-8	7.1	+0.8
QDF	FlexShares Quality Dividend Index Fund	38.4	37	-8	7.0	+0.7
VTI	Vanguard Total Stock Market Index Fund	37.9	3	26	5.7	-0.6
PFM	Invesco Dividend Achievers ETF	37.7	53	-24	5.4	-0.9
SFY	SoFi Select 500 ETF	37.0	0	29	5.7	-0.7
EQWL	Invesco Russell Top 200 Equal Weight ETF	36.9	25	4	6.3	-0.0
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	36.5	75	-46	4.2	-2.1
IUS	Invesco Strategic US ETF	35.9	19	10	7.2	+0.8
ACIO	Aptus Collared Income Opportunity ETF	35.9	79	-50	5.1	-1.2
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	35.8	28	1	7.4	+1.1
ADME	Aptus Drawdown Managed Equity ETF	35.6	79	-50	4.3	-2.0
SPHQ	Invesco S&P 500 Quality ETF	35.6	15	14	5.3	-1.0
USDY	Pacific Global US Equity Income ETF	35.3	29	0	7.3	+1.0
SCHG	Schwab U.S. Large-Cap Growth ETF	35.2	4	25	5.6	-0.7
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	35.1	25	4	7.4	+1.1
SPXT	ProShares S&P 500 Ex-Technology ETF	35.1	27	2	5.6	-0.7
JHML	John Hancock Multifactor Large Cap ETF	35.1	29	0	6.0	-0.3
SUSA	iShares MSCI USA ESG Select ETF	35.0	25	4	5.4	-0.9
KRMA	Global X Conscious Companies ETF	34.6	43	-14	5.9	-0.4
RFDA	RiverFront Dynamic US Dividend Advantage ETF	34.6	52	-23	5.7	-0.7

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

	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

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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	29.9	%
Divided by: Fwd. P/BV	4.5	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	6.3	%

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.