ETF Research Center

Fidelity NASDAQ Composite Index Tracking Stock ETF is an exchange traded fund incorporated in the USA. The Fund seeks to provide investment returns that closely correspond to the price and yield performance of the NASDAQ Composite Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Fidelity Management & Research/USA
Website	www.fidelity.com
Inception date	Oct 01, 2003
Assets (mns)	$2,199
Currency	USD
Expense ratio	21 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	JPMorgan Chase Bank
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1031
Wgt avg mkt cap (mns)	$333,292
Large cap (>$10bn)	79.1%
Mid cap ($2-10bn)	14.0%
Small cap (<$2bn)	6.8%
Developed mkts	98.6%
Emerging mkts	1.4%

TOP TEN HOLDINGS
Total	33.5 %
APPLE INC	7.5 %
MICROSOFT CORP	7.1 %
AMAZON.COM INC	5.3 %
FACEBOOK	3.2 %
ALPHABET INC. CLASS C	2.8 %
ALPHABET INC. CLASS A	2.4 %
INTEL CORP	1.6 %
COMCAST CORP-CL A	1.2 %
CISCO SYSTEMS INC	1.2 %
PEPSICO INC	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	79.3 %
	CHINA	1.0 %
	BRITAIN	0.7 %
	NETHERLANDS	0.6 %
	ISRAEL	0.5 %
	IRELAND	0.5 %
	BERMUDA	0.4 %
	CANADA	0.3 %
	SWITZERLAND	0.2 %
	ARGENTINA	0.2 %

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.
32.2%	19.9%	13.8%	16.2%	10.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.15	91%
MSCI EAFE	1.04	62%
MSCI Emg. Mkts.	0.76	53%

Technical Indicators
Recent close	$340.36
30d moving avg.	$333.46
Annualized volatility	14.6%
Short interest (ETF)	0.1%
Short interest (Underlying)	3.5%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	27
Turnover	0.4%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$89,423

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

ONEQ

Expense:

21 bp

ALTAR Score™:

3.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ONEQ
Ticker	Fund Name	Overlap¹ vs ONEQ (%)	Expense ratio (bp)	Savings vs ONEQ (bp)	ALTAR Score™ (%)	ALTAR vs ONEQ (%)
QQQ	Invesco QQQ	58.7	20	1	5.2	+1.2
QYLD	Global X NASDAQ 100 Covered Call ETF	58.7	60	-39	4.8	+0.8
VONG	Vanguard Russell 1000 Growth	53.5	12	9	5.1	+1.1
IWF	iShares Russell 1000 Growth	53.2	19	2	5.0	+1.0
VUG	Vanguard Growth ETF	51.1	4	17	4.9	+0.9
SCHG	Schwab U.S. Large-Cap Growth	50.4	4	17	4.9	+0.9
XOUT	GraniteShares XOUT US Large Cap	49.0	60	-39	5.1	+1.1
IGM	iShares S&P N. American Technology	48.2	46	-25	4.6	+0.7
IETC	iShares Evolved U.S. Technology	48.2	18	3	4.8	+0.9
OQAL	Invesco Russell 1000 Quality Factor ETF	46.7	19	2	5.3	+1.3
IWY	iShares Russell Top 200 Growth	45.6	20	1	5.0	+1.1
MGK	Vanguard Mega Cap 300 Growth	45.0	7	14	5.0	+1.1
ESGV	Vanguard ESG U.S. Stock	42.3	12	9	5.8	+1.8
IUSG	iShares Core U.S. Growth	41.6	4	17	5.0	+1.1
TMFC	Motley Fool 100 Index	41.2	50	-29	4.3	+0.4
VOOG	Vanguard S&P 500 Growth	40.7	15	6	4.9	+1.0
SPYG	SPDR Portfolio S&P 500 Growth	40.5	4	17	5.0	+1.1
IVW	iShares S&P 500 Growth	40.5	18	3	4.9	+0.9
SFY	SoFi Select 500	40.4	0	21	5.6	+1.6
SPXN	ProShares S&P 500 Ex-Financials	40.3	27	-6	5.9	+1.9

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

	2014	2015	2016	2017	2018	2019E	2020E
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

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Fidelity NASDAQ Composite
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.6	%
Divided by: Fwd. P/BV	3.8	x
Less: Expense ratio	21	bp
Equals: ALTAR Score	3.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	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.