home

ETF/ETP Screener Tool Terms of Use

Your use of the ETF/ETP Screener Tool ("Tool") is governed by the following terms and conditions. In addition, your use of this Tool is subject to your agreement of the Terms of Use on Fidelity.com, including all disclaimers of warranties and limitations of liability therein.

  1. This is a Research Tool
  2. Leaving the ETF/ETP Screener Tool
  3. Third-Party Data
  4. ETPs Listed in Tool
  5. Order of results
  6. Taxes
  7. Key Investment Risks
  8. Morningstar Ratings Methodology

1. This is a Research Tool

Using market data and data on individual securities from third-party vendors (including, but not limited to Morningstar, Inc.® and Marco Polo XTF Inc. ®). The Tool provides a means to research information on exchange traded funds ("ETFs"), exchange traded notes ("ETNs"), Holding Company Depository Receipts (HOLDRs), as well as other kinds of exchange traded products (all products herein referred to as "ETPs"), which may be available for purchase or sale in a Fidelity brokerage account. You agree that you will use this Tool for your personal non-business purposes and that your use is for self-directed research of ETPs. You also agree that this Tool is only one of many ways that you may research ETPs for investment and that you will not rely upon the Tool as the sole basis for an investment decision.

The Tool is provided to help self-directed investors evaluate ETPs based on their individual needs and circumstances. The criteria and inputs entered are at the sole discretion of the user, and any information obtained should not be considered an offer to buy or sell, a solicitation of an offer to buy, or a recommendation for any securities. You acknowledge that your requests and/or searches for information are unsolicited and any information provided in response shall neither constitute, nor be considered as, investment advice by Fidelity Brokerage Services, LLC., Fidelity Distributors Corporation, or their affiliates (collectively, "Fidelity").

While this Tool may be of use to investors in evaluating certain information about ETPs, it should not be considered to include every factor that may be necessary for an investor to make a decision to invest in an ETP. A decision to invest in a particular ETF may be based on a number of factors, including investors' needs, goals, and comfort with risk. Please read the ETP's prospectus, offering circulate or other publicly available investment information before making an investment decision.

The Tool may provide results that identify ETPs by name and each name may contain a hyperlink to additional information. The additional information may include, among other things, Morningstar ratings information, standard quarter-end performance, fee information, and volatility measures. The Tool is dependent upon data provided by third-parties and Fidelity cannot guarantee its accuracy, timeliness or fitness for a specific purpose. The data is subject to change and revision by the third-party data providers.

For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with a marketing program that includes promotion of iShares ETFs and certain commission waivers. Additional information about the sources, amounts, and terms of compensation is described in the ETF's prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.

As with other investments through Fidelity, you must decide for yourself if an investment in a security is consistent with your evaluation of the security, your investment objectives, your risk tolerance, your investment time frame and your financial situation. By making this investment available to its customers, Fidelity is not recommending or endorsing it.

Top

2. Leaving the ETF/ETP Screener Tool

By selecting any of the hyperlinks that leave the Tool, you will be going to areas of Fidelity.com that are outside of the Tool in order to access additional information about a particular ETP. Although much of the data within the Tool is provided by Morningstar, some data is provided by other third-party vendors and Fidelity. As a result there may be ETP data differences within the Tool as well as differences from other areas of the Fidelity's websites and from other third-party websites.

Top

3. Third-Party Data

ETP data used within the Tool is provided by Morningstar, Inc.®, Marco Polo XTF Inc.® and other third-party sources. The ETP classification and categorization data are provided by third-party sources.

The Morningstar Category is a proprietary ETP categorization system based on Morningstar's category system for mutual funds. Morningstar Category sometimes defines ETPs by their investment style, as measured by the underlying portfolio holdings, which may differ from the ETP's stated investment objective, but which may be helpful in comparing to mutual fund alternatives.

Fidelity does not guarantee the suitability or potential value of any particular investment or information source. Data and information is provided for informational purposes only. All data is historical and is subject to revision or change at any time. Performance data quoted represents past performance, and the return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

Morningstar asserts copyright protection for all its data, all rights reserved. The Morningstar data contained herein (1) is proprietary to Morningstar or its affiliates; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Top

4. ETPs Listed in Tool

The ETPs included in the Tool include only those that are currently identified by third-party providers. There are no representations of completeness or that data will be available for all securities within the Tool.

Top

5. Order of results

Each ETP included in the Tool's results set will be listed in an order determined by the display view chosen. The default view is a descending order based on scored results, when criteria can be scored, otherwise it is alphabetically sorted by security name. You may change the sorting order at any time by clicking any of the column headers. To analyze other ETP-related information, change the View drop-down menu.

Top

6. Taxes

Taxes on distributions and capital gains/losses upon the sale of shares can affect the returns of an ETP investment. Different types of ETPs have different tax consequences. You should consider the impact of these taxes before making an investment decision. A tax or financial advisor should be consulted for additional information.

Top

7. Key Investment Risks

ETPs are subject to market volatility and the risks of their underlying securities which may include the risks associated with investing in smaller companies, foreign securities, commodities and fixed income investments. ETPs that target a small universe of stocks, such as a specific region or market sector are generally subject to greater market volatility as well as the specific risks associated with that sector, region or other focus. Investors should read the product's prospectus, offering circular or similar material to make sure they understand the ETP's risks.

Tracking Error: The return of an index-based ETP is usually different from that of the index it tracks. The difference may be small or large and may result from the cost of managing and operating the ETP, the timing of the ETP's trades and the ETP holding a smaller basket of securities than the complete set of securities held by the index or holding securities in a different proportion than the index.

Spread risk and discount/ premium to NAV: An ETP may sometimes trade at a premium or discount to its Net Asset Value (NAV). The premium or discount to NAV can lead to differences between the bid and ask of the ETP, referred to as the "spread". The ETP's premium or discount to NAV and its bid/ask spread may be the result of such things as supply and demand in the market, the lack of liquidity of some of the ETP's underlying securities, or the bid-ask spreads of the ETP's underlying securities. For ETNs, the discount/premium is relative to their Indicative Value.

Exchange Traded Notes (ETNs): ETNs are not mutual funds; they are unsecured debt of the issuer. Unlike ETFs, ETNs are subject to the credit risk of the issuer. ETNs may trade at a price significantly different from their indicative value. ETNs can become illiquid; you should be willing and able to hold your notes until maturity. Some ETNs are callable or redeemable by the issuer before their stated maturity date. The tax treatment of ETNs is uncertain and may vary from what is described in the prospectus.

Leveraged and Inverse ETFs and ETNs: Search results may include inverse and/or leveraged ETFs and ETNs, which require a Most Aggressive investment objective and an executed Designated Investments Agreement to purchase. These products are for sophisticated investors. They are not designed for buy-and-hold investors who seek to track an index over a long period of time. An inverse ETF or ETN attempts to mimic the opposite of its stated benchmark. A leveraged ETF or ETN seeks to generate a return that is a multiple (usually 2X or 3X) of its benchmark index's performance over a specific, pre-set time period indicated in the fund's prospectus. That time period is generally only one day. As a result, the returns for these types of ETFs and ETNs can differ significantly from that of their benchmark index, especially over periods lasting longer than one day because of the daily compounding of returns. Generally, the longer the time period, the bigger the difference. Although potential returns are increased by leveraging, so are the potential losses.

Top

8. Morningstar Ratings Methodology

The Morningstar RatingTM is provided for those exchange -traded funds ("ETFs") with at least a three-year history. Ratings are based on the ETF's Morningstar Risk-Adjusted Return measure which accounts for variation in monthly performance, placing more emphasis on downward variations and rewarding consistent performance. An ETF's risk-adjusted return includes a brokerage commission estimate. This estimate is intended to reflect what an average investor would pay when buying or selling an ETF.

Please note:this estimate is subject to change and the actual brokerage commission an investor pays may be higher or lower than this estimate. Morningstar compares each ETF's risk-adjusted return to the open -end mutual fund rating breakpoints for that category. Consistent with the open-end mutual fund ratings, the top 10% of ETFs in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22 .5% receive 2 stars and the bottom 10% receive 1 star. The overall rating for an ETF is based on a weighted average of the time-period ratings (e.g., the ETF' s 3, 5, and 10 year rating). The determination of an ETF's rating does not affect the retail open end mutual fund data published by Morningstar. Past performance is no guarantee of future results.

Top