Since its release in 2012, there have been continuous industry updates and hype around Facebook Exchange (FBX), the site retargeting program introduced for Facebook ad inventory. Much of the early speculation and reports compared FBX performance against both Facebook and general display. Over time, product improvements and attribution functionality have influenced FBX’s valuation. As such, it is necessary for marketers and advertisers alike to understand how performance has evolved and is defined so as to adequately determine its value and impact on the advertising ecosystem.