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)	$348
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	126
Wgt avg mkt cap (mns)	$483,927
Large cap (>$10bn)	90.8%
Mid cap ($2-10bn)	9.2%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	29.5 %
APPLE INC	6.2 %
MICROSOFT CORP	5.4 %
AMAZON.COM INC	3.9 %
ALPHABET INC. CLASS A	3.9 %
FACEBOOK	2.1 %
JOHNSON & JOHNSON	1.8 %
BERKSHIRE HATHAWAY INC-CL B	1.8 %
VISA INC-CLASS A SHARES	1.5 %
INTEL CORP	1.4 %
UNITEDHEALTH GROUP INC	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.2 %
	IRELAND	1.0 %
	ISRAEL	0.6 %
	CHINA	0.5 %
	BRITAIN	0.4 %

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.
3.7%	26.7%	--	--	14.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.11	97%
MSCI EAFE	1.05	85%
MSCI Emg. Mkts.	0.86	71%

Technical Indicators
Recent close	$42.13
30d moving avg.	$42.18
Annualized volatility	20.8%
Short interest (ETF)	0.7%
Short interest (Underlying)	2.2%
Relative strength (RSI)	56

Liquidity measures
Avg. volume (thou.)	41
Turnover	0.5%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$95,675

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 98 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™:

6.8%

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 (%)
EPS	WisdomTree U.S. Earnings 500 Fund	51.5	8	21	6.1	-0.7
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	51.0	15	14	0.0	-6.8
OEF	iShares S&P 100 ETF	50.8	20	9	4.5	-2.3
ESGV	Vanguard ESG U.S. Stock ETF	49.2	12	17	4.6	-2.2
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	48.4	15	14	4.9	-1.9
MGC	Vanguard Mega Cap Index Fund	48.4	7	22	4.8	-2.0
IWL	iShares Russell Top 200 ETF	48.3	15	14	4.6	-2.2
BKLC	BNY Mellon US Large Cap Core Equity ETF	47.4	0	29	4.7	-2.1
PBP	Invesco S&P 500 BuyWrite ETF	46.5	49	-20	4.5	-2.3
FQAL	Fidelity Quality Factor ETF	45.9	29	0	5.1	-1.7
XYLG	Global X S&P 500 Covered Call & Growth ETF	45.8	60	-31	4.4	-2.4
EFIV	SPDR S&P 500 ESG ETF	45.6	10	19	4.9	-1.9
SNPE	Xtrackers S&P 500 ESG ETF	45.6	10	19	4.9	-1.9
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	45.4	20	9	4.7	-2.1
SPY	SPDR S&P 500 ETF Trust	45.2	9	20	4.8	-2.0
IVV	iShares Core S&P 500 ETF	45.2	3	26	4.9	-1.9
SPLG	SPDR Portfolio Large Cap ETF	45.1	3	26	4.9	-1.9
SPXN	ProShares S&P 500 Ex-Financials ETF	44.9	27	2	4.4	-2.4
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	44.9	20	9	4.9	-1.9
RESP	WisdomTree US ESG Fund of Benef Interest	44.9	28	1	5.4	-1.4
XLG	Invesco S&P 500 Top 50 ETF	44.7	20	9	4.3	-2.5
VOO	VANGUARD S&P 500 ETF	44.6	3	26	4.9	-1.9
SPXE	ProShares S&P 500 Ex-Energy ETF	44.3	27	2	4.8	-2.0
DIVB	iShares U.S. Dividend & Buyback ETF	44.3	25	4	6.0	-0.8
WOMN	Impact Shares YWCA Women's Empowerment ETF	43.7	75	-46	3.7	-3.1
SPXV	ProShares S&P 500 Ex-Health Care ETF	43.7	27	2	4.4	-2.4
ESGU	iShares MSCI USA ESG Optimized ETF	43.7	15	14	4.6	-2.2
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	43.6	7	22	4.7	-2.1
XVV	iShares ESG Screened S&P 500 ETF	43.4	8	21	4.9	-1.9
FLRG	Fidelity U.S. Multifactor ETF	43.0	29	0	6.0	-0.8
BBUS	JP Morgan Betabuilders U.S. Equity ETF	42.9	2	27	4.8	-2.0
VV	Vanguard Large-Cap Index Fund	42.9	4	25	4.7	-2.1
CATH	Global X S&P 500 Catholic Values Custom ETF	42.8	29	0	4.6	-2.2
FDRR	Fidelity Dividend ETF for Rising Rates	42.5	29	0	6.1	-0.7
PBUS	Invesco PureBeta MSCI USA ETF	42.4	4	25	4.8	-2.0
EQWL	Invesco Russell Top 200 Equal Weight ETF	42.1	25	4	5.8	-1.0
ESG	FlexShares STOXX US ESG Impact Index Fund	42.0	32	-3	4.7	-2.1
SPTM	SPDR Portfolio Total Stock Market ETF	41.7	3	26	4.9	-1.9
IUS	Invesco Strategic US ETF	41.7	19	10	5.2	-1.6
RECS	Columbia Research Enhanced Core ETF	41.6	15	14	5.4	-1.4
SCHX	Schwab U.S. Large-Cap ETF	41.4	3	26	4.7	-2.1
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	41.3	19	10	5.2	-1.6
DLN	WisdomTree U.S. LargeCap Dividend Fund	41.2	28	1	6.4	-0.4
QLC	FlexShares US Quality Large Cap Index Fund	41.0	32	-3	4.8	-2.0
HIPR	Direxion High Growth ETF	40.8	40	-11	4.1	-2.7
NACP	Impact Shares NAACP Minority Empowerment ETF	40.7	49	-20	4.9	-1.9
IWB	iShares Russell 1000 ETF	40.6	15	14	4.6	-2.2
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	40.6	25	4	5.6	-1.2
KRMA	Global X Conscious Companies ETF	40.4	43	-14	5.1	-1.7
IYY	iShares Dow Jones U.S. ETF	40.0	20	9	4.6	-2.2
SCHK	Schwab 1000 Index ETF	39.9	5	24	4.7	-2.1
RWL	Invesco S&P 500 Revenue ETF	39.8	39	-10	6.1	-0.7
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	39.7	9	20	5.0	-1.8
VOOV	Vanguard S&P 500 Value ETF	39.7	10	19	6.2	-0.6
PRF	Invesco FTSE RAFI US 1000 ETF	39.2	39	-10	5.7	-1.1
SFY	SoFi Select 500 ETF	39.1	0	29	4.7	-2.1
VONE	Vanguard Russell 1000 ETF	39.0	8	21	4.7	-2.1
IQSU	IQ Candriam ESG US Equity ETF	38.9	9	20	4.7	-2.1
XOUT	GraniteShares XOUT U.S. Large Cap ETF	38.7	60	-31	3.7	-3.1
QUS	SPDR MSCI USA StrategicFactors ETF	38.4	15	14	5.4	-1.4
DTD	WisdomTree U.S.Total Dividend Fund	38.4	28	1	6.4	-0.4
VTHR	Vanguard Russell 3000 Index Fund	38.1	10	19	4.5	-2.3
JVAL	JPMorgan U.S. Value Factor ETF	37.9	12	17	7.1	+0.3
IWV	iShares Russell 3000 ETF	37.9	20	9	4.4	-2.4
SYE	SPDR MFS Systematic Core Equity ETF	37.8	60	-31	4.9	-1.9
SCHB	Schwab U.S. Broad Market ETF	37.5	3	26	4.6	-2.2
DFAU	Dimensional US Core Equity Market ETF	37.4	12	17	4.8	-2.0
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	37.3	25	4	5.5	-1.3
VOOG	Vanguard S&P 500 Growth ETF	37.3	10	19	3.9	-2.9
ITOT	iShares Core S&P Total U.S. Stock Market ETF	37.2	3	26	4.5	-2.3
FCPI	Fidelity Stocks for Inflation ETF	37.1	29	0	6.3	-0.5
MGV	Vanguard Mega Cap Value ETF	37.0	7	22	6.6	-0.2
AFLG	First Trust Active Factor Large Cap ETF	36.9	55	-26	4.8	-2.0
SPXT	ProShares S&P 500 Ex-Technology ETF	36.8	27	2	5.0	-1.8
VTV	Vanguard Value Index Fund	36.8	4	25	6.6	-0.2
ACIO	Aptus Collared Income Opportunity ETF	36.5	79	-50	4.1	-2.7
VTI	Vanguard Total Stock Market Index Fund	36.3	3	26	4.5	-2.3
IWY	iShares Russell Top 200 Growth ETF	36.3	20	9	3.8	-3.0
MMTM	SPDR S&P 1500 Momentum Tilt ETF	36.1	12	17	4.1	-2.7
RAFE	PIMCO RAFI ESG U.S. ETF	36.0	30	-1	6.7	-0.1
SPYG	SPDR Portfolio S&P 500 Growth ETF	36.0	4	25	3.9	-2.9
IVW	iShares S&P 500 Growth ETF	36.0	18	11	3.8	-3.0
VLU	SPDR S&P 1500 Value Tilt ETF	35.5	12	17	5.9	-0.9
JQUA	JPMorgan U.S. Quality Factor ETF	35.1	12	17	5.2	-1.6
IUSG	iShares Core S&P US Growth ETF	35.0	4	25	3.9	-2.9
JHML	John Hancock Multifactor Large Cap ETF	35.0	29	0	5.0	-1.8
SPYV	SPDR Portfolio S&P 500 Value ETF	34.7	4	25	6.3	-0.5
IVE	iShares S&P 500 Value ETF	34.6	18	11	6.1	-0.7
RFFC	RiverFront Dynamic US Flex-Cap ETF	34.6	52	-23	4.7	-2.1
STLC	iShares Factors US Blend Style ETF	34.5	25	4	5.4	-1.4
SCHV	Schwab U.S. Large-Cap Value ETF	34.3	4	25	6.1	-0.7
IWX	iShares Russell Top 200 Value ETF	34.0	20	9	6.1	-0.7
IOO	iShares Global 100 ETF	34.0	40	-11	4.7	-2.1
IWF	iShares Russell 1000 Growth ETF	33.8	19	10	3.6	-3.2
DGRO	iShares Core Dividend Growth ETF	33.7	8	21	6.4	-0.4
AVUS	Avantis U.S. Equity ETF	33.6	15	14	5.0	-1.8
FDLO	Fidelity Low Volatility Factor ETF	33.5	29	0	5.0	-1.8
VALQ	American Century STOXX U.S. Quality Value ETF	33.4	29	0	7.7	+0.9

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

	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

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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 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	17.5	%
Divided by: Fwd. P/BV	2.5	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	6.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	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.