ETF Research Center

The Fidelity Factor Value ETF follows a fundamentally selected, tier-weighted index of large-cap US stocks.

FUND BASICS
Category	US Equities
Fund Sponsor	Fidelity
Website	screener.fidelity.com
Inception date	Sep 12, 2016
Assets (mns)	$206
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	127
Wgt avg mkt cap (mns)	$333,367
Large cap (>$10bn)	88.1%
Mid cap ($2-10bn)	12.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	28.5 %
MICROSOFT CORP	5.2 %
APPLE INC	5.2 %
AMAZON.COM INC	3.3 %
ALPHABET INC. CLASS A	3.3 %
JOHNSON & JOHNSON	2.1 %
JPMORGAN CHASE & CO	2.0 %
FACEBOOK	1.9 %
BERKSHIRE HATHAWAY INC-CL B	1.9 %
VISA INC-CLASS A SHARES	1.8 %
UNITEDHEALTH GROUP INC	1.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.1 %
	IRELAND	1.9 %
	CAYMAN ISLANDS	0.6 %
	BRITAIN	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.0%	16.9%	--	--	14.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.09	94%
MSCI EAFE	1.01	66%
MSCI Emg. Mkts.	0.69	53%

Technical Indicators
Recent close	$38.95
30d moving avg.	$38.42
Annualized volatility	13.7%
Short interest (ETF)	0.5%
Relative strength (RSI)	58

Liquidity measures
Avg. volume (thou.)	43
Turnover	0.8%
Bid/Ask (% of price)	0.22%
ADV underlying (mns)	$65,926

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

FVAL

Expense:

29 bp

ALTAR Score™:

7.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FVAL
Ticker	Fund Name	Overlap¹ vs FVAL (%)	Expense ratio (bp)	Savings vs FVAL (bp)	ALTAR Score™ (%)	ALTAR vs FVAL (%)
OEF	iShares S&P 100	53.5	20	9	5.2	-2.5
EPS	WisdomTree Earnings 500	50.5	8	21	6.7	-1.0
IWL	iShares Russell Top 200	50.2	15	14	5.3	-2.4
MGC	Vanguard Mega Cap 300 ETF	49.6	7	22	5.5	-2.2
XLG	Invesco S&P Top 50	48.8	20	9	4.9	-2.8
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	46.9	19	10	6.6	-1.1
NACP	Impact Shares NAACP Minority Empowerment	46.8	75	-46	4.8	-2.9
PBP	Invesco S&P 500 Buy/Write	46.8	49	-20	5.2	-2.5
SPY	S&P 500 SPDR	45.9	9	20	5.6	-2.1
IVV	iShares Core S&P 500	45.9	4	25	5.6	-2.1
SPLG	SPDR Portfolio Large Cap	45.8	3	26	5.6	-2.1
HSPX	Global X S&P 500 Covered Call	45.8	65	-36	5.1	-2.6
EXT	WisdomTree Total Earnings	45.8	28	1	6.7	-1.0
JUST	Goldman Sachs JUST U.S. Large Cap Equity	45.7	20	9	5.2	-2.5
VOO	Vanguard S&P 500 ETF	45.6	3	26	5.6	-2.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	45.6	20	9	5.6	-2.1
SPXV	ProShares S&P 500 Ex-Health Care	45.6	27	2	5.3	-2.4
SNPE	Xtrackers S&P 500 ESG	45.5	11	18	5.5	-2.2
SPXE	ProShares S&P 500 Ex-Energy	45.3	27	2	5.5	-2.2
PLC	Principal U.S. Large-Cap Multi-Factor Core Index	45.1	15	14	5.3	-2.4

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 Value Factor ETF
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	17.9	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	7.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	CATEGORY AVERAGE	1.56

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.