FDMO vs USCA: Grades, Fees and Holdings Compared

Fidelity Momentum Factor ETF

FDMOBNYSE Arca

Xtrackers MSCI USA Climate Action Equity ETF

USCAANYSE Arca

Overlap

49.7%by weight

Expense ratio

USCA −0.08pt a year

FDMO0.15%USCA0.07%

Avg volume · 30D

USCA 1.5×the volume

FDMO66.6KUSCA97.9K

3Y return · a year

FDMO +3.9pt

FDMO+24.4%USCA+20.5%

FDMO vs USCA Performance

Oct 31, 2025 – Nov 2, 2026

+4.8%FDMO+7.7%USCA

Expense ratio: FDMO 0.15%; USCA 0.07%, better
Fund size: FDMO $870M; USCA $3.42B
1Y total return: FDMO +4.8%; USCA +7.7%, better
Yield (12M): FDMO 0.66%; USCA 1.05%, better
Holdings: FDMO 135; USCA 392
Avg volume (30D): FDMO 66.6K sh; USCA 97.9K sh, better
NAV per share: FDMO $89.93; USCA $44.82
52W range

ETF.net Grade

Pillar letters and Scores for FDMO, USCA, with each pillar’s weight
Pillar	FDMO	USCA
Cost30% weight	A81	A97Higher
Mission25% weight	Not scored	A91
Risk15% weight	D38	C54Higher
Tradability15% weight	C43	B61Higher
Holdings10% weight	D39Higher	D29
Durability5% weight	B59Higher	C49

Rank among US Factor Index funds

How we build Categories ›

Same Category. FDMO and USCA are both graded against the same 30 US Factor Index funds, so their Grades compare head to head.

US Factor Index⁠

Category · 30 funds

See all 30 ›

USCA ranks 2nd and FDMO 13th of 30 funds in the US Factor Index Category.

Rank 1AMGVVanguard Morningstar Mega Cap Value ETFScore 78
Rank 2AUSCAXtrackers MSCI USA Climate Action Equity ETFScore 74
Rank 3ASIZEiShares MSCI USA Size Factor ETFScore 72
Rank 12BMTUMiShares MSCI USA Momentum Factor ETFScore 63
Rank 13BFDMOFidelity Momentum Factor ETFScore 57
Rank 14CEQRRProShares Equities for Rising Rates ETFScore 52

Our read on each fund

ETF.net Research

FDMOBFidelity Momentum Factor ETF

USCAAXtrackers MSCI USA Climate Action Equity ETF

In short

FDMO Momentum, house-built. FDMO tracks Fidelity's own US momentum index (about 130 stocks with the wind at their back) for 0.15% a year, roughly half what the typical US factor ETF charges.

USCA The largest US ETF debut on record when it launched in 2023, seeded by a Finnish pension fund. It owns roughly 400 US large- and mid-caps, keeping only the top half of each sector on MSCI's climate-transition scoring, for 0.07% a year.

Stated mandate

FDMO The fund seeks returns that generally correspond, before fees and expenses, to the Fidelity U.S. Momentum Factor Index.

USCA The fund seeks to track the MSCI USA Climate Action Index before fees and expenses through a passive indexing strategy. The index selects U.S. large- and mid-capitalization companies assessed as leading sector peers in climate-transition positioning and actions.

Why people hold it

FDMO 0.15% a year against a 0.28% median for US factor ETFs, so the momentum tilt starts with a smaller fee hurdle than most of the cohort.
Fidelity builds the index it tracks, so the momentum recipe and the fund come from one shop instead of a licensed outside benchmark.
Trading since 2016, which means a real record through the 2020 crash and the 2022 selloff rather than a backtest.
Sits in the upper half of its US factor peer group, and pays shareholders quarterly.

USCA Costs 0.07% a year against a typical screened US equity peer near 0.28%, and undercuts bigger ESG names like SUSA at 0.25%.
No blanket sector bans: the index keeps the top 50% of companies in each GICS sector, so energy and industrials stay in, represented by their climate-transition leaders.dws.com msci.com
Rules do the picking. MSCI's climate metrics, ESG ratings and controversy screens set the roster; no manager discretion, no stock-by-stock calls.dws.com
A multi-billion-dollar fund with an institutional anchor investor from day one, and it pays quarterly.businesswire.com

Worth knowing

FDMO Momentum buys what is already working. The portfolio can crowd into whatever sector is hot and reshuffle when market leadership changes.
About 130 names, so individual stocks and sector tilts pull harder here than in a broad total-market fund.
Moderately traded rather than a volume giant, so execution deserves more attention than with the largest factor ETFs.

USCA Half of each sector is screened out, so results can drift from a plain MSCI USA index fund in either direction.dws.com
Market-cap weighted and filed as non-diversified, so America's largest companies carry heavy weight at the top.dws.com
Moderately traded next to the giants of US equity, so spreads can be a bigger part of the cost of getting in and out.

Full FDMO profile⁠

Full USCA profile⁠

FDMO vs USCA Holdings

How FDMO and USCA differ

Overlap by weight

49.7%

Shared holdings make up 81.6% of FDMO and 52.1% of USCA.

Level by level

Holdings86 in both49.7%
Sector11 Sectors91.8%
Asset classEquity100%
Countryby domicile99.6%

Sector

Sector weights in FDMO and USCA, widest gap first
Sector	More in FDMOMore in USCA	FDMO	USCA
Technology	USCA +3.9 points	39.5%	43.4%
Communication	USCA +3.3 points	8.3%	11.6%
Industrials	FDMO +2.5 points	8.7%	6.2%
Financials	FDMO +2.5 points	11.5%	9.0%
Energy	FDMO +1.8 points	3.7%	1.9%
Consumer Discretionary	USCA +0.8 points	8.6%	9.4%
Materials	FDMO +0.6 points	2.0%	1.4%
Consumer Staples	FDMO +0.3 points	4.1%	3.8%
Utilities	FDMO +0.3 points	1.8%	1.5%
Real Estate	FDMO +0.2 points	1.9%	1.7%
Health Care	USCA +0.1 points	10.0%	10.1%

Country, concentration and asset class

Country by domicile

Country weights in FDMO and USCA, widest gap first
Country	More in FDMOMore in USCA	FDMO	USCA
United States	FDMO +0.1 points	99.4%	99.3%
Switzerland	FDMO +0.4 points	0.6%	0.2%
Brazil	USCA +0.1 points	0.0%	0.1%
China	USCA +0.1 points	0.0%	0.1%
Mexico	USCA +0.1 points	0.0%	0.1%
Canada	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%
Ireland	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

FDMO38.5%
USCA44.6%

Securities held

FDMO133
USCA391

Asset class

FDMO: Equity
USCA: Equity

Holdings

Only in FDMO47
In both86
Only in USCA305

Only in FDMO

47 securities, 18.4% of FDMO by weight

Moderna Inc2.16%
Berkshire Hathaway Inc Class B1.91%
Sandisk Corporation1.32%
Philip Morris Intl Inc0.72%
Echostar Corp Class A0.59%
Brightspring Hlth Services Inc0.57%
Roku Inc Class A0.56%
Revolution Medicines Inc0.54%
Oscar Health Inc - Class A0.52%
Iridium Communications Inc0.48%
Spyre Therapeutics Inc0.48%
Marathon Petroleum Corp0.47%
Jazz Pharma PLC0.44%
Applovin Corp0.44%
Phillips 660.42%
Valero Energy Corp0.42%
Bloom Energy Corp Class A0.39%
Tjx Companies Inc New0.37%
Arrowhead Pharmaceuticals Inc0.36%
Targa Resources Corp0.32%
Vicor Corporation0.31%
Ati Inc0.29%
Freeport Mcmoran Inc0.26%
Liquidia Corp0.26%
Pbf Energy Inc Class A0.25%
Sterling Infrastructure Inc0.24%
Entergy Corp0.24%
Casey General Stores0.22%
Darling Ingredients Inc0.22%
Argan Inc0.21%
Centerpoint Energy Inc0.21%
Carpenter Technology Corp0.20%
Five Below Inc0.20%
Victoria's Secret & Co0.19%
Murphy Usa Inc0.18%
Anglogold Ashanti PLC0.18%
Edison Intl0.17%
Viking Holdings Ltd0.16%
Borgwarner Inc0.15%
Element Solutions Inc0.14%
Hecla Mining Co0.13%
Host Hotels & Resorts Inc0.12%
Albemarle Corp0.12%
Eastgroup Pptys Inc0.10%
Kite Realty Group Trust0.09%
Ust Bills 0% 11/12/260.03%
Securities Lending Cf0.01%

Only in USCA

305 securities, 47.6% of USCA by weight

Microsoft Corp6.90%
Broadcom2.76%
Meta Platform Inc Class A2.53%
Alphabet Class C2.44%
AbbVie Inc0.98%
Mastercard Inc-Class A0.97%
Cisco Systems Inc0.77%
Palantir Technologies Inc Class A0.75%
Procter & Gamble Co0.71%
Home Depot Inc0.62%
Palo Alto Networks0.56%
Netflix Inc0.48%
Thermo Fisher Scientific Inc0.48%
Gilead Sciences Inc0.40%
Analog Devices Inc0.38%
Pepsico0.35%
salesforce.com Inc0.34%
McDonald's Corp0.34%
International Business Machine Corp0.34%
Arista Networks Inc0.34%
QUALCOMM Inc0.33%
Pfizer Inc0.33%
American Express Co0.32%
Oracle Corp0.32%
Blackrock Inc0.31%
Marvell Technology Group Ltd0.31%
Deere & Co0.31%
Accenture Ltd-Cl A0.29%
AT&T Inc0.28%
Danaher Corp0.28%
Charles Schwab Corp0.27%
Walt Disney Co0.27%
Eaton Corp PLC0.27%
S&P Global0.27%
Vertex Pharm0.26%
Abbott Laboratories0.26%
Wells Fargo & Co0.24%
Bristol-Myers Squibb Co0.24%
Automatic Data Process0.22%
Uber Technologies Inc0.22%
Booking Holdings Inc0.22%
Intuitive Surgical Inc0.21%
Cme Group Inc0.20%
ServiceNow Inc0.20%
Snowflake Inc0.19%
Adobe Systems Inc0.19%
Amphenol Corp A0.18%
CSX Corp0.18%
Marsh & McLennan Cos Inc0.18%
Intercontinental Exchange Inc0.18%

Weight gaps

All 86 Holdings in both funds, largest gap first.

Holding weights in FDMO and USCA, widest gap first
Holding	More in FDMOMore in USCA	FDMO	USCA
Micron Technology IncMU	FDMO +2.16 points	2.63%	0.47%
Alphabet Inc Class AGOOGL	FDMO +1.63 points	4.71%	3.08%
Lumentum Holdings IncLITE	FDMO +1.15 points	1.27%	0.12%
Dell Technologies Inc Class CDELL	FDMO +1.14 points	1.32%	0.18%
Western Digital CorpWDC	FDMO +0.96 points	1.14%	0.18%
Intel CorpINTC	FDMO +0.96 points	1.23%	0.27%
Lam Research CorpLRCX	FDMO +0.93 points	1.35%	0.42%
Ciena CorpCIEN	FDMO +0.92 points	1.00%	0.08%
Seagate Techn Holdings PLCSTX	FDMO +0.90 points	1.10%	0.20%
Applied Materials IncAMAT	FDMO +0.88 points	1.32%	0.44%
Kla CorpKLAC	FDMO +0.87 points	1.26%	0.39%
Advanced Micro Devices IncAMD	FDMO +0.87 points	2.41%	1.54%
Teradyne IncTER	FDMO +0.84 points	0.90%	0.06%
Apple IncAAPL	USCA +0.81 points	8.68%	9.49%
Amazon.com IncAMZN	USCA +0.78 points	3.58%	4.36%
Exxonmobil Holdings CorpXOM	FDMO +0.63 points	1.36%	0.73%
Rtx CorpRTX	FDMO +0.58 points	0.71%	0.13%
Citigroup IncC	FDMO +0.52 points	0.72%	0.20%
Travelers Companies IncTRV	FDMO +0.50 points	0.58%	0.08%
Pnc Financial Services Grp IncPNC	FDMO +0.50 points	0.54%	0.04%
NVIDIA CorpNVDA	USCA +0.49 points	8.33%	8.82%
JPMorgan Chase & CoJPM	FDMO +0.48 points	1.74%	1.26%
Chubb Ltd	FDMO +0.47 points	0.65%	0.18%
Costco Wholesale CorpCOST	FDMO +0.47 points	0.89%	0.42%
Amgen IncAMGN	FDMO +0.47 points	0.94%	0.47%
Chevron CorpCVX	FDMO +0.47 points	0.88%	0.41%
Us Bancorp DelUSB	FDMO +0.46 points	0.55%	0.09%
State Street CorpSTT	FDMO +0.44 points	0.48%	0.04%
Merck & Co Inc NewMRK	FDMO +0.43 points	1.12%	0.69%
Ge Vernova IncGEV	FDMO +0.42 points	0.64%	0.22%
Bank of New York Mellon CorpBNY	FDMO +0.42 points	0.56%	0.14%
Verizon Communications IncVZ	FDMO +0.41 points	0.76%	0.35%
Interactive Brokers Group IncIBKR	FDMO +0.40 points	0.45%	0.05%
Goldman Sachs Group IncGS	FDMO +0.40 points	0.77%	0.37%
Morgan StanleyMS	FDMO +0.40 points	0.71%	0.31%
Bank of America CorporationBAC	FDMO +0.37 points	0.83%	0.46%
UnitedHealth Group IncUNH	FDMO +0.35 points	1.04%	0.69%
Hunt J B Transport Services InJBHT	FDMO +0.31 points	0.32%	<0.01%
Parker Hannifin CorpPH	FDMO +0.30 points	0.46%	0.16%
Johnson Controls Internatl PLC	FDMO +0.30 points	0.47%	0.17%
Ge AerospaceGE	FDMO +0.30 points	0.74%	0.44%
Quanta Svcs IncPWR	FDMO +0.29 points	0.46%	0.17%
Tesla IncTSLA	USCA +0.28 points	1.86%	2.14%
Union Pacific CorpUNP	FDMO +0.29 points	0.63%	0.34%
Howmet Aerospace IncHWM	FDMO +0.29 points	0.36%	0.07%
Cummins IncCMI	FDMO +0.27 points	0.37%	0.10%
Vertiv Holdings CoVRT	FDMO +0.27 points	0.43%	0.16%
Caterpillar IncCAT	FDMO +0.26 points	0.67%	0.41%
Archer Daniels Midland CoADM	FDMO +0.25 points	0.27%	0.02%
Johnson & JohnsonJNJ	FDMO +0.26 points	1.49%	1.23%
Target CorpTGT	FDMO +0.24 points	0.34%	0.10%
Comfort Systems Usa IncFIX	FDMO +0.24 points	0.32%	0.08%
Southern CoSO	FDMO +0.22 points	0.32%	0.10%
Visa Inc Class AV	FDMO +0.21 points	1.50%	1.29%
American Electric Power Co IncAEP	FDMO +0.20 points	0.27%	0.07%
Monster Beverage CorpMNST	FDMO +0.19 points	0.32%	0.13%
Ross Stores IncROST	FDMO +0.19 points	0.26%	0.07%
Ebay IncEBAY	FDMO +0.18 points	0.27%	0.09%
General Motors CoGM	FDMO +0.18 points	0.29%	0.11%
Technipfmc PLCFTI	FDMO +0.17 points	0.22%	0.05%
SempraSRE	FDMO +0.17 points	0.25%	0.08%
Airbnb Inc Class AABNB	FDMO +0.16 points	0.29%	0.13%
Hilton Worldwide Holdings IncHLT	FDMO +0.16 points	0.31%	0.15%
Marriott International Inc AMAR	FDMO +0.16 points	0.32%	0.16%
Ford Motor CoF	FDMO +0.15 points	0.22%	0.07%
Nucor CorpNUE	FDMO +0.14 points	0.23%	0.09%
Expedia IncEXPE	FDMO +0.15 points	0.21%	0.06%
Dominion Energy IncD	FDMO +0.14 points	0.25%	0.11%
Steel Dynamics IncSTLD	FDMO +0.13 points	0.18%	0.05%
Starbucks CorpSBUX	FDMO +0.12 points	0.34%	0.22%
Tapestry IncTPR	FDMO +0.11 points	0.16%	0.05%
Eli Lilly & CoLLY	FDMO +0.10 points	2.23%	2.13%
Newmont CorpNEM	FDMO +0.10 points	0.31%	0.21%
Public StoragePSA	FDMO +0.09 points	0.17%	0.08%
Nextera EnergyNEE	FDMO +0.09 points	0.41%	0.32%
Equinix IncEQIX	FDMO +0.09 points	0.23%	0.14%
Coca Cola CoKO	FDMO +0.09 points	0.77%	0.68%
Ventas Inc ReitVTR	FDMO +0.08 points	0.14%	0.06%
Digital Realty Trust IncDLR	FDMO +0.07 points	0.17%	0.10%
Iron Mountain IncIRM	FDMO +0.07 points	0.13%	0.06%
Realty Income Corp ReitO	FDMO +0.06 points	0.16%	0.10%
Simon Ppty Group Inc - ReitSPG	FDMO +0.06 points	0.19%	0.13%
Linde PLC	FDMO +0.05 points	0.49%	0.44%
Prologis Inc ReitPLD	FDMO +0.04 points	0.26%	0.22%
Walmart IncWMT	FDMO +0.02 points	1.03%	1.01%
Welltower IncWELL	FDMO +0.02 points	0.33%	0.31%

All 130 FDMO holdings⁠All 394 USCA holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FDMO vs USCA Cost

Overpaying FDMO vs USCA

$1,657

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FDMO 0.15%
$3,137
USCA 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

FDMO 0.15%
USCA 0.07%
Overpaying

Year by year

Year	FDMO	USCA	Overpaying
10	$274	$128	$146
20	$1,071	$503	$568
30	$3,137	$1,480	$1,657

Expense ratio

0.15%FDMO
0.07%USCA, cheaper

USCA0.07%FDMO0.15%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

USCA 2nd cheapest of 30 funds

FDMO 5th cheapest of 30 funds

FDMO vs USCA Dividends

Last 12 months to Nov 2, 2026

Yield (12M): FDMO 0.66%; USCA 1.05%, better
Payout (12M): FDMO $0.59; USCA $0.47
Last payment: FDMO $0.17; USCA $0.10
Ex-dividend: FDMO Sep 18, 2026; USCA Sep 18, 2026
Paid on: FDMO Sep 22, 2026; USCA Sep 25, 2026
Frequency: FDMO Quarterly; USCA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FDMOQuarterly · 41 paymentsAll FDMO payments⁠

USCAQuarterly · 15 paymentsAll USCA payments⁠

FDMO vs USCA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FDMO 16.3%USCA 12.5%, better
Return per unit of riskSharpe ratio, 3 years: FDMO 1.26USCA 1.27, better
Worst fallMax drawdown, 5 years: FDMO −25.4%USCA −19.2%since Apr 2023
Market sensitivityBeta, 5 years: FDMO 1.06USCA 1.00; Market = 1

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