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The fund is passively managed to build a high quality portfolio of large- and mid-cap US stocks. Taken from a universe of the largest 1,000 US stocks, eligible securities are ranked within their respective sectors based on a composite quality score, subject to a size factor adjustment. The quality score is taken from the weighted average of three fundamental metrics: free cash flow margin, return on invested capital, and free cash flow stability, except for banks wherein return on equity (ROE) and debt to assets are considered instead. The resulting portfolio of about 60-100 stocks is weighted to increase exposure to high-quality sectors based on return on invested capital. The index is rebalanced on a semi-annual basis.
Fidelity U.S. High Quality Currency Neutral ETF