This
example
helps compare the cost of investing in the fund with the cost of investing in
other funds.
Let's say, hypothetically, that the annual return for shares
of the fund is 5% and that the fees and the annual operating expenses for shares
of the fund are exactly as described in the fee table. This example illustrates
the effect of fees and expenses, but is not meant to suggest actual or expected
fees and expenses or returns, all of which may vary. For every $10,000 you
invested, here's how much you would pay in total expenses if you sell all of
your shares at the end of each time period indicated:
|
1
year |
$ |
60 |
|
3
years |
$ |
189 |
|
5
years |
$ |
329 |
|
10
years |
$ |
738 |
Portfolio
Turnover
The
fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when fund
shares are held in a taxable account. These costs, which are not reflected in
annual operating expenses or in the example, affect the fund's performance.
During the most recent fiscal year, the fund's portfolio turnover rate
was 72%
of the average value of its portfolio.
Principal
Investment Strategies
- The
fund is an actively managed ETF that operates pursuant to an exemptive order
from the Securities and Exchange Commission (Order) and is not required to
publicly disclose its complete portfolio holdings each business day. Instead,
the fund publishes each business day on its website a "Tracking Basket," which
is designed to closely track the daily performance of the fund but is not the
fund's actual portfolio. The Tracking Basket is comprised of: (1) select
recently disclosed portfolio holdings and/or select securities from the
universe from which the fund's investments are selected (Strategy Components);
(2) liquid ETFs that convey information about the types of instruments (that
are not otherwise fully represented by the Strategy Components) in which the
fund invests (Representative ETFs); and (3) cash and cash equivalents. For
additional information regarding the Tracking Basket, see "Additional
Information about each Fund - Tracking Basket Structure" in the
prospectus.
- The
fund also publishes each business day on its website the "Tracking Basket
Weight Overlap," which is the percentage weight overlap between the holdings
of the prior business day's Tracking Basket compared to the holdings of the
fund that formed the basis for the fund's calculation of net asset value per
share (NAV) at the end of the prior business day. The Tracking Basket Weight
Overlap is designed to provide investors with an understanding of how similar
the Tracking Basket is to the fund's actual portfolio in percentage
terms.
- Normally
investing at least 80% of assets in equity securities of companies that
prioritize and advance women's leadership and development. Such companies
include those that, at the time of initial purchase, (i) include a woman as a
member of the senior management team, (ii) are governed by a board for which
women represent at least one third of all directors, or (iii) in Fidelity
Management & Research Company LLC's (FMR) (the Adviser) opinion, have
adopted policies designed to attract, retain and promote women.
- Investing
in securities of domestic and foreign issuers.
- Using
fundamental analysis of factors such as each issuer's financial condition and
industry position, as well as market and economic conditions, to select
investments.
- Employing
sustainable investing exclusion criteria to avoid investments in issuers that
are directly engaged in, and/or derive significant revenue from, certain
industries. Please see "Fund Basics - Investment Details - Sustainable
Investing Exclusions" for additional information.
Principal
Investment Risks
- Tracking
Basket Structure Risk.
The
fund's Tracking Basket structure may affect the price at which shares of the
fund trade in the secondary market. Although the Tracking Basket is intended to
provide investors with enough information to allow for an effective arbitrage
mechanism that will keep the market price of the fund at or close to the fund's
NAV per share, there is a risk that market prices will vary significantly from
NAV. Exchange Traded Funds (ETFs) trading on the basis of a published Tracking
Basket may trade at a wider bid-ask spread than ETFs that publish their
portfolios on a daily basis, and therefore, may cost investors more to trade.
These risks may increase during periods of market disruption or volatility. In
addition, although the fund seeks to benefit from keeping its portfolio
information secret, market participants may attempt to use the Tracking Basket
to identify the fund's trading strategy. If successful, this could result in
such market participants engaging in certain predatory trading practices that
may have the potential to harm the fund and its shareholders, such as front
running the fund's trades of portfolio securities.
Unlike
ETFs that publicly disclose their complete portfolio holdings each business day,
the fund provides certain other information intended to allow market
participants to estimate the value of positions in fund shares. Although this
information is designed to facilitate arbitrage opportunities in fund shares to
reduce bid-ask spread and minimize discounts or premiums between the market
price and NAV of fund shares, there is no guarantee the fund's arbitrage
mechanism will operate as intended and that the fund will not experience wide
bid-ask spreads and/or large discounts or premiums to NAV. In addition, market
participants may attempt to use the disclosed information to "reverse engineer"
the fund's trading strategy, which, if successful, could increase opportunities
for predatory trading practices that may have the potential to negatively impact
the fund's performance.
- Fluctuation
of Net Asset Value and Share Price.
Shares may
trade at a larger premium or discount to the NAV than shares of
other ETFs, including ETFs that make their daily holdings public. The NAV of the
fund will generally fluctuate with changes in the market value of the fund's
holdings. The fund's shares can be bought and sold in the secondary market at
market prices. Disruptions to creations and redemptions, the existence of
extreme market volatility or potential lack of an active trading market for the
fund's shares may result in the fund's shares trading significantly above (at a
premium) or below (at a discount) to NAV. In addition, in stressed market
conditions or periods of market disruption or volatility, the market for shares
may become less liquid in response to deteriorating liquidity in the markets for
the fund's underlying portfolio holdings.
The
fund has no public trading history and will operate differently from other
actively managed ETFs that publish their portfolio holdings on a daily basis.
There can be no assurance that an active trading market will develop or be
maintained or that the market for fund shares will operate as intended, which
could lead to the fund's shares trading at wider spreads and larger premiums and
discounts to NAV than other actively managed ETFs that publish their portfolio
holdings on a daily basis, particularly during periods of market disruption or
volatility. As a result, it may cost investors more to trade fund shares than
shares of other ETFs. There is no guarantee that the fund will be able to
attract market makers and Authorized Participants. Market makers and Authorized
Participants are not obligated to make a market in the fund's shares or to
submit purchase and redemption orders for creation units.
There
may be circumstances where a security held in the fund's portfolio but not in
the Tracking Basket does not have readily available market quotations. If the
Adviser determines that such circumstance may affect the reliability of the
Tracking Basket as an arbitrage vehicle, that information, along with the
identity and weighting of that security in the fund's portfolio, will be
publicly disclosed on the fund's website and the Adviser will assess appropriate
remedial measures. In these circumstances, market participants may use this
information to engage in certain predatory trading practices that may have the
potential to harm the fund and its shareholders. In addition, if securities
representing 10% or more of the fund's portfolio do not have readily available
market quotations, the Adviser would promptly request the Exchange to halt
trading on the fund, meaning that investors would not be able to trade their
shares. Trading may also be halted in other circumstances, for example, due to
market conditions.
- Authorized
Participant Concentration Risk.
The
fund may have a limited number of financial institutions that act as authorized
participants, none of which are obligated to engage in creation and/or
redemption transactions. To the extent that those authorized participants do not
engage in creation and redemption orders, there may be a significantly
diminished trading market for fund shares or fund shares may trade at a discount
(or premium) to NAV and possibly face trading halts and/or de-listing. The
authorized participant concentration risk may be heightened due to the fact that
the fund does not disclose its portfolio holdings daily, unlike certain other
actively managed ETFs, and could be greater during market disruptions or periods
of volatility.
Stock
markets are volatile and can decline significantly in response to adverse
issuer, political, regulatory, market, or economic developments. Different parts
of the market, including different market sectors, and different types of
securities can react differently to these developments.
Application
of Fidelity Management & Research Company LLC's (FMR) (the Adviser)
environmental, social, and governance (ESG) ratings process and/or its
sustainable investing exclusion criteria may affect the fund's exposure to
certain issuers, sectors, regions, and countries and may affect the fund's
performance depending on whether certain investments are in or out of favor. The
criteria related to the fund's ESG ratings process and/or adherence to its
sustainable investing exclusion criteria may result in the fund forgoing
opportunities to buy certain securities when it might otherwise be advantageous
to do so, or selling securities for ESG reasons when it might be otherwise
disadvantageous for it to do so. As a result, the fund's performance may at
times be better or worse than the performance of funds that do not use ESG or
sustainability criteria. There are significant differences in interpretations of
what it means for an issuer to have positive ESG factors. While the Adviser
believes its definitions are reasonable, the portfolio decisions it makes may
differ with other investors' or advisers' views. When evaluating an issuer, the
Adviser is dependent on information or data obtained through voluntary or
third-party reporting that may be incomplete, inaccurate, or unavailable, which
could cause the Adviser to incorrectly assess an issuer's business
practices.
Foreign
markets can be more volatile than the U.S. market due to increased risks of
adverse issuer, political, regulatory, market, or economic developments and can
perform differently from the U.S. market.
The
value of an individual security or particular type of security can be more
volatile than, and can perform differently from, the market as a
whole.
- Small-
and Mid-Cap Investing.
The
value of securities of small to medium size, less well-known issuers can perform
differently from the market as a whole and other types of stocks and can be more
volatile than that of larger issuers.
The
Adviser's application of the fund's strategy criteria may not achieve its
intended results. The fund could underperform in comparison to other funds with
a similar benchmark or similar objectives and investment strategies.
In
addition, the fund is classified as non-diversified under the Investment Company
Act of 1940 (1940 Act), which means that it has the ability to invest a greater
portion of assets in securities of a smaller number of individual issuers than a
diversified fund. As a result, changes in the market value of a single
investment could cause greater fluctuations in share price than would occur in a
more diversified fund.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You
could lose money by investing in the fund.
Performance
The
following information is intended to help you understand the risks of investing
in the fund.
The
information illustrates the performance of the fund's shares over the past year
and compares the performance of the fund's shares to the performance of a
securities market index and an additional index over various periods of time.
The
indexes have characteristics relevant to the fund's investment strategies. Index
descriptions appear in the "Additional Index Information" section of the
prospectus. Past
performance (before and after taxes) is not an indication of future
performance.
Visit
www.fidelity.com for
more recent performance information.
Year-by-Year
Returns
|
During
the periods shown in the chart: |
Returns |
Quarter
ended |
|
Highest
Quarter Return |
10.52% |
December
31, 2022 |
|
Lowest
Quarter Return |
-15.60% |
June
30, 2022 |
|
Year-to-Date
Return |
7.65% |
September
30, 2023 |
Average
Annual Returns
After-tax
returns are calculated using the historical highest individual federal marginal
income tax rates, but do not reflect the impact of state or local
taxes.
Actual after-tax returns may differ depending on your individual
circumstances.
The after-tax returns shown are not relevant if you hold your shares in a
retirement account or in another tax-deferred arrangement, such as an employee
benefit plan (profit sharing, 401(k), or 403(b)
plan).
Return After Taxes on Distributions and Sale of Fund Shares may be higher than
other returns for the same period due to a tax benefit of realizing a capital
loss upon the sale of fund shares.
|
For
the periods ended December 31, 2022 |
Past
1
year |
Life
of
fund A |
|
Fidelity®
Women's Leadership ETF |
|
|
|
Return
Before Taxes |
-18.96%
|
-%
|
|
Return
After Taxes on Distributions |
-19.14%
|
-%
|
|
Return
After Taxes on Distributions and Sale of Fund
Shares
|
-11.10%
|
-%
|
|
Russell
3000® Index
(reflects
no deduction for fees, expenses, or taxes) |
-19.21% |
-% |
|
MSCI
USA Women's Leadership Index
(reflects
no deduction for fees, expenses, or taxes) |
-20.44% |
-% |
|
|
|
|
Investment
Adviser
Fidelity
Management & Research Company LLC (FMR) (the Adviser) is the fund's manager.
Other investment advisers serve as sub-advisers for the fund.
Portfolio
Manager(s)
The
fund is jointly and primarily managed by the team of Nicole Connolly
(Co-Portfolio Manager) and Kenyon Hunt (Co-Portfolio Manager). Ms. Connolly has
managed the fund since 2021 and Mr. Hunt has managed the fund since
2023.
Ms.
Connolly develops the investment strategy for the fund and is not responsible
for the operational implementation of the strategy. Mr. Hunt is responsible for
the operational implementation of the strategy.
Purchase
and Sale of Shares
Shares
of the fund are listed and traded on an exchange, and individual fund shares may
only be bought and sold in the secondary market through a broker or dealer at
market price. These transactions, which do not involve the fund, are made at
market prices that may vary throughout the day, rather than at NAV. Shares of
the fund may trade at a price greater than the fund's NAV (premium) or less than
the fund's NAV (discount). An investor may incur costs attributable to the
difference between the highest price a buyer is willing to pay to purchase
shares (bid) and the lowest price a seller is willing to accept for shares (ask)
when buying or selling fund shares in the secondary market (the "bid-ask
spread"). Recent information, including information regarding the fund's NAV,
market price, premiums and discounts, and bid-ask spread, is available at
www.fidelity.com.
Tax
Information
Distributions
you receive from the fund are subject to federal income tax and generally will
be taxed as ordinary income or capital gains, and may also be subject to state
or local taxes, unless you are investing through a tax-advantaged retirement
account (in which case you may be taxed later, upon withdrawal of your
investment from such account).
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated with the Adviser or FDC), for the sale of fund shares and related
services. These payments may create a conflict of interest by influencing your
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Basics
Investment
Objective
Fidelity®
Blue Chip Growth ETF seeks long-term growth of capital.
Principal
Investment Strategies
The
fund is an actively managed ETF that operates pursuant to an exemptive order
from the SEC and is not required to publicly disclose its complete portfolio
holdings each business day. Instead, the fund publishes its Tracking Basket on
its website each business day. While the Tracking Basket, which is designed to
closely track the daily performance of the fund, includes some of the fund's
holdings, it is not the fund's actual portfolio. The Tracking Basket is
comprised of Strategy Components (select recently disclosed portfolio holdings
and/or select securities from the universe from which the fund's investments are
selected), Representative ETFs (liquid ETFs that convey information about the
types of instruments (that are not otherwise fully represented by the Strategy
Components) in which the fund invests), and cash and cash equivalents. For
additional information regarding the Tracking Basket, see "Additional
Information about each Fund - Tracking Basket Structure" below.
The
fund also publishes each business day on its website the Tracking Basket Weight
Overlap, which is the percentage weight overlap between the holdings of the
prior business day's Tracking Basket compared to the holdings of the fund that
formed the basis for the fund's calculation of NAV per share at the end of the
prior business day. The Tracking Basket Weight Overlap is designed to provide
investors with an understanding of how similar the Tracking Basket is to the
fund's actual portfolio in percentage terms. There is no minimum Tracking Basket
Weight Overlap.
The
Adviser normally invests the fund's assets primarily in equity
securities.
The
Adviser normally invests at least 80% of the fund's assets in blue chip
companies. Blue chip companies are companies that, in the Adviser's view, are
well-known, well-established and well-capitalized. Although blue chip companies
generally have large or medium market capitalizations, the Adviser may invest in
companies that it believes have good, long-term prospects to become blue chip
companies. A company's market capitalization is based on its current market
capitalization or its market capitalization at the time of the fund's
investment.
The
Adviser invests the fund's assets in companies it believes have above-average
growth potential. Growth may be measured by factors such as earnings or
revenue.
Companies
with high growth potential tend to be companies with higher than average
price/earnings (P/E) or price/book (P/B) ratios. Companies with strong growth
potential often have new products, technologies, distribution channels, or other
opportunities, or have a strong industry or market position. The stocks of these
companies are often called "growth" stocks.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers. The fund may only invest in common
stocks listed on a foreign exchange that trade contemporaneously with the fund's
shares.
The
fund may invest a significant percentage of its assets in relatively few
companies and may invest up to 25% in a single company. The fund is classified
as non-diversified.
In
buying and selling securities for the fund, the Adviser relies on fundamental
analysis, which involves a bottom-up assessment of a company's potential for
success in light of factors including its financial condition, earnings outlook,
strategy, management, industry position, and economic and market
conditions.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Shareholders
should be aware that investments made by the fund and results achieved by the
fund at any given time are not expected to be the same as those made by other
funds for which the Adviser or an affiliate acts as manager, including funds
with names, investment objectives, and policies that are similar to the
fund.
Investment
Objective
Fidelity®
Blue Chip Value ETF seeks long-term growth of capital.
Principal
Investment Strategies
The
fund is an actively managed ETF that operates pursuant to an exemptive order
from the SEC and is not required to publicly disclose its complete portfolio
holdings each business day. Instead, the fund publishes its Tracking Basket on
its website each business day. While the Tracking Basket, which is designed to
closely track the daily performance of the fund, includes some of the fund's
holdings, it is not the fund's actual portfolio. The Tracking Basket is
comprised of Strategy Components (select recently disclosed portfolio holdings
and/or select securities from the universe from which the fund's investments are
selected), Representative ETFs (liquid ETFs that convey information about the
types of instruments (that are not otherwise fully represented by the Strategy
Components) in which the fund invests), and cash and cash equivalents. For
additional information regarding the Tracking Basket, see "Additional
Information about each Fund - Tracking Basket Structure" below.
The
fund also publishes each business day on its website the Tracking Basket Weight
Overlap, which is the percentage weight overlap between the holdings of the
prior business day's Tracking Basket compared to the holdings of the fund that
formed the basis for the fund's calculation of NAV per share at the end of the
prior business day. The Tracking Basket Weight Overlap is designed to provide
investors with an understanding of how similar the Tracking Basket is to the
fund's actual portfolio in percentage terms. There is no minimum Tracking Basket
Weight Overlap.
The
Adviser normally invests the fund's assets primarily in equity
securities.
The
Adviser normally invests at least 80% of the fund's assets in blue chip
companies. Blue chip companies are companies that, in the Adviser's view, are
well-known, well-established and well-capitalized. Although blue chip companies
generally have large or medium market capitalizations, the Adviser may invest in
companies that it believes have good, long-term prospects to become blue chip
companies. A company's market capitalization is based on its current market
capitalization or its market capitalization at the time of the fund's
investment.
The
Adviser invests in securities of companies that it believes are undervalued in
the marketplace in relation to factors such as the company's assets, sales,
earnings, growth potential, or cash flow, or in relation to securities of other
companies in the same industry. The Adviser considers traditional and other
measures of value such as P/B ratio, price/sales (P/S) ratio, P/E ratio,
earnings relative to enterprise value (the total value of a company's
outstanding equity and debt), and the discounted value of a company's projected
future free cash flows. The types of companies in which the fund may invest
include companies experiencing positive fundamental change, such as a new
management team or product launch, a significant cost-cutting initiative, a
merger or acquisition, or a reduction in industry capacity that should lead to
improved pricing; companies whose earnings potential has increased or is
expected to increase more than generally perceived; and companies that have
enjoyed recent market popularity but which appear to have temporarily fallen out
of favor for reasons that are considered non-recurring or
short-term.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers. The fund may only invest in common
stocks listed on a foreign exchange that trade contemporaneously with the fund's
shares.
The
fund may invest a significant percentage of its assets in relatively few
companies and may invest up to 25% in a single company.
In
buying and selling securities for the fund, the Adviser relies on fundamental
analysis, which involves a bottom-up assessment of a company's potential for
success in light of factors including its financial condition, earnings outlook,
strategy, management, industry position, and economic and market
conditions.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Shareholders
should be aware that investments made by the fund and results achieved by the
fund at any given time are not expected to be the same as those made by other
funds for which the Adviser or an affiliate acts as manager, including funds
with names, investment objectives, and policies that are similar to the
fund.
Investment
Objective
Fidelity®
Growth Opportunities ETF seeks long-term growth of capital.
Principal
Investment Strategies
The
fund is an actively managed ETF that operates pursuant to an exemptive order
from the SEC and is not required to publicly disclose its complete portfolio
holdings each business day. Instead, the fund publishes its Tracking Basket on
its website each business day. While the Tracking Basket, which is designed to
closely track the daily performance of the fund, includes some of the fund's
holdings, it is not the fund's actual portfolio. The Tracking Basket is
comprised of Strategy Components (select recently disclosed portfolio holdings
and/or select securities from the universe from which the fund's investments are
selected), Representative ETFs (liquid ETFs that convey information about the
types of instruments (that are not otherwise fully represented by the Strategy
Components) in which the fund invests), and cash and cash equivalents. For
additional information regarding the Tracking Basket, see "Additional
Information about each Fund - Tracking Basket Structure" below.
The
fund also publishes each business day on its website the Tracking Basket Weight
Overlap, which is the percentage weight overlap between the holdings of the
prior business day's Tracking Basket compared to the holdings of the fund that
formed the basis for the fund's calculation of NAV per share at the end of the
prior business day. The Tracking Basket Weight Overlap is designed to provide
investors with an understanding of how similar the Tracking Basket is to the
fund's actual portfolio in percentage terms. There is no minimum Tracking Basket
Weight Overlap.
The
Adviser normally invests the fund's assets primarily in equity
securities.
The
Adviser invests the fund's assets in companies it believes have above-average
growth potential. Growth may be measured by factors such as earnings or
revenue.
Companies
with high growth potential tend to be companies with higher than average P/E or
P/B ratios. Companies with strong growth potential often have new products,
technologies, distribution channels, or other opportunities, or have a strong
industry or market position. The stocks of these companies are often called
"growth" stocks.
Although
the Adviser focuses on investing the fund's assets in securities issued by
larger-sized companies, the Adviser may also make substantial investments in
securities issued by medium and smaller companies.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers. The fund may only invest in common
stocks listed on a foreign exchange that trade contemporaneously with the fund's
shares.
The
fund may invest a significant percentage of its assets in relatively few
companies and may invest up to 25% in a single company. The fund is classified
as non-diversified.
In
buying and selling securities for the fund, the Adviser relies on fundamental
analysis, which involves a bottom-up assessment of a company's potential for
success in light of factors including its financial condition, earnings outlook,
strategy, management, industry position, and economic and market
conditions.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Shareholders
should be aware that investments made by the fund and results achieved by the
fund at any given time are not expected to be the same as those made by other
funds for which the Adviser or an affiliate acts as manager, including funds
with names, investment objectives, and policies that are similar to the
fund.
Investment
Objective
Fidelity®
Magellan℠ ETF seeks long-term growth of capital.
Principal
Investment Strategies
The
fund is an actively managed ETF that operates pursuant to an exemptive order
from the SEC and is not required to publicly disclose its complete portfolio
holdings each business day. Instead, the fund publishes its Tracking Basket on
its website each business day. While the Tracking Basket, which is designed to
closely track the daily performance of the fund, includes some of the fund's
holdings, it is not the fund's actual portfolio. The Tracking Basket is
comprised of Strategy Components (select recently disclosed portfolio holdings
and/or select securities from the universe from which the fund's investments are
selected), Representative ETFs (liquid ETFs that convey information about the
types of instruments (that are not otherwise fully represented by the Strategy
Components) in which the fund invests), and cash and cash equivalents. For
additional information regarding the Tracking Basket, see "Additional
Information about each Fund - Tracking Basket Structure" below.
The
fund also publishes each business day on its website the Tracking Basket Weight
Overlap, which is the percentage weight overlap between the holdings of the
prior business day's Tracking Basket compared to the holdings of the fund that
formed the basis for the fund's calculation of NAV per share at the end of the
prior business day. The Tracking Basket Weight Overlap is designed to provide
investors with an understanding of how similar the Tracking Basket is to the
fund's actual portfolio in percentage terms. There is no minimum Tracking Basket
Weight Overlap.
The
Adviser normally invests the fund's assets primarily in equity
securities.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers. The fund may only invest in common
stocks listed on a foreign exchange that trade contemporaneously with the fund's
shares.
The
Adviser is not constrained by any particular investment style. At any given
time, the Adviser may tend to buy "growth" stocks or "value" stocks, or a
combination of both types.
The
fund may invest a significant percentage of its assets in relatively few
companies and may invest up to 25% in a single company. The fund is classified
as non-diversified.
In
buying and selling securities for the fund, the Adviser relies on fundamental
analysis, which involves a bottom-up assessment of a company's potential for
success in light of factors including its financial condition, earnings outlook,
strategy, management, industry position, and economic and market
conditions.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Shareholders
should be aware that investments made by the fund and results achieved by the
fund at any given time are not expected to be the same as those made by other
funds for which the Adviser or an affiliate acts as manager, including funds
with names, investment objectives, and policies that are similar to the
fund.
Investment
Objective
Fidelity®
New Millennium ETF seeks long-term growth of capital.
Principal
Investment Strategies
The
fund is an actively managed ETF that operates pursuant to an exemptive order
from the SEC and is not required to publicly disclose its complete portfolio
holdings each business day. Instead, the fund publishes its Tracking Basket on
its website each business day. While the Tracking Basket, which is designed to
closely track the daily performance of the fund, includes some of the fund's
holdings, it is not the fund's actual portfolio. The Tracking Basket is
comprised of Strategy Components (select recently disclosed portfolio holdings
and/or select securities from the universe from which the fund's investments are
selected), Representative ETFs (liquid ETFs that convey information about the
types of instruments (that are not otherwise fully represented by the Strategy
Components) in which the fund invests), and cash and cash equivalents. For
additional information regarding the Tracking Basket, see "Additional
Information about each Fund - Tracking Basket Structure" below.
The
fund also publishes each business day on its website the Tracking Basket Weight
Overlap, which is the percentage weight overlap between the holdings of the
prior business day's Tracking Basket compared to the holdings of the fund that
formed the basis for the fund's calculation of NAV per share at the end of the
prior business day. The Tracking Basket Weight Overlap is designed to provide
investors with an understanding of how similar the Tracking Basket is to the
fund's actual portfolio in percentage terms. There is no minimum Tracking Basket
Weight Overlap.
The
Adviser normally invests the fund's assets primarily in equity
securities.
The
Adviser seeks to identify early signs of long-term changes in the marketplace
and to focus on those companies that may benefit from opportunities created by
these changes. The Adviser also examines technological advances, product
innovation, economic plans, demographics, social attitudes, and other factors to
identify companies that are innovating in their industry and growing market
share. The Adviser favors companies that show potential for
stronger-than-expected earnings or growth and industries that are undervalued or
out-of-favor. The fund's strategy can lead to investments in small and
medium-sized companies.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers. The fund may only invest in common
stocks listed on a foreign exchange that trade contemporaneously with the fund's
shares.
The
fund may invest a significant percentage of its assets in relatively few
companies and may invest up to 25% in a single company.
The
Adviser is not constrained by any particular investment style. At any given
time, the Adviser may tend to buy "growth" stocks or "value" stocks, or a
combination of both types. In buying and selling securities for the fund, the
Adviser relies on fundamental analysis, which involves a bottom-up assessment of
a company's potential for success in light of factors including its financial
condition, earnings outlook, strategy, management, industry position, and
economic and market conditions.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Shareholders
should be aware that investments made by the fund and results achieved by the
fund at any given time are not expected to be the same as those made by other
funds for which the Adviser or an affiliate acts as manager, including funds
with names, investment objectives, and policies that are similar to the
fund.
Investment
Objective
Fidelity®
Real Estate Investment ETF seeks above-average income and long-term capital
growth, consistent with reasonable investment risk.
Principal
Investment Strategies
The
fund is an actively managed ETF that operates pursuant to an exemptive order
from the SEC and is not required to publicly disclose its complete portfolio
holdings each business day. Instead, the fund publishes its Tracking Basket on
its website each business day. While the Tracking Basket, which is designed to
closely track the daily performance of the fund, includes some of the fund's
holdings, it is not the fund's actual portfolio. The Tracking Basket is
comprised of Strategy Components (select recently disclosed portfolio holdings
and/or select securities from the universe from which the fund's investments are
selected), Representative ETFs (liquid ETFs that convey information about the
types of instruments (that are not otherwise fully represented by the Strategy
Components) in which the fund invests), and cash and cash equivalents. For
additional information regarding the Tracking Basket, see "Additional
Information about each Fund - Tracking Basket Structure" below.
The
fund also publishes each business day on its website the Tracking Basket Weight
Overlap, which is the percentage weight overlap between the holdings of the
prior business day's Tracking Basket compared to the holdings of the fund that
formed the basis for the fund's calculation of NAV per share at the end of the
prior business day. The Tracking Basket Weight Overlap is designed to provide
investors with an understanding of how similar the Tracking Basket is to the
fund's actual portfolio in percentage terms. There is no minimum Tracking Basket
Weight Overlap.
The
Adviser normally invests the fund's assets primarily in equity
securities.
The
Adviser normally invests at least 80% of the fund's assets in securities of
companies principally engaged in the real estate industry and other real estate
related investments. Companies in the real estate industry and real estate
related investments may include, for example, real estate investment trusts
(REITs) that either own properties or make construction or mortgage loans, real
estate developers, companies with substantial real estate holdings, and other
companies whose products and services are related to the real estate industry,
such as building supply manufacturers, mortgage lenders, or mortgage servicing
companies.
Although
the Adviser focuses on investing the fund's assets in securities issued by
larger-sized companies, the Adviser may also make substantial investments in
securities issued by medium and smaller companies.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers. The fund may only invest in common
stocks listed on a foreign exchange that trade contemporaneously with the fund's
shares.
The
fund may invest a significant percentage of its assets in relatively few
companies and may invest up to 25% in a single company. The fund is classified
as non-diversified.
In
buying and selling securities for the fund, the Adviser relies on fundamental
analysis, which involves a bottom-up assessment of a company's potential for
success in light of factors including its financial condition, earnings outlook,
strategy, management, industry position, and economic and market
conditions.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Shareholders
should be aware that investments made by the fund and results achieved by the
fund at any given time are not expected to be the same as those made by other
funds for which the Adviser or an affiliate acts as manager, including funds
with names, investment objectives, and policies that are similar to the
fund.
Investment
Objective
Fidelity®
Small-Mid Cap Opportunities ETF seeks long-term growth of capital.
Principal
Investment Strategies
The
fund is an actively managed ETF that operates pursuant to an exemptive order
from the SEC and is not required to publicly disclose its complete portfolio
holdings each business day. Instead, the fund publishes its Tracking Basket on
its website each business day. While the Tracking Basket, which is designed to
closely track the daily performance of the fund, includes some of the fund's
holdings, it is not the fund's actual portfolio. The Tracking Basket is
comprised of Strategy Components (select recently disclosed portfolio holdings
and/or select securities from the universe from which the fund's investments are
selected), Representative ETFs (liquid ETFs that convey information about the
types of instruments (that are not otherwise fully represented by the Strategy
Components) in which the fund invests), and cash and cash equivalents. For
additional information regarding the Tracking Basket, see "Additional
Information about each Fund - Tracking Basket Structure" below.
The
fund also publishes each business day on its website the Tracking Basket Weight
Overlap, which is the percentage weight overlap between the holdings of the
prior business day's Tracking Basket compared to the holdings of the fund that
formed the basis for the fund's calculation of NAV per share at the end of the
prior business day. The Tracking Basket Weight Overlap is designed to provide
investors with an understanding of how similar the Tracking Basket is to the
fund's actual portfolio in percentage terms. There is no minimum Tracking Basket
Weight Overlap.
The
Adviser normally invests the fund's assets primarily in equity
securities.
The
Adviser normally invests at least 80% of the fund's assets in securities of
companies with small to medium market capitalizations. Although a universal
definition of small to medium market capitalization companies does not exist,
for purposes of this fund, the Adviser generally defines small to medium market
capitalization companies as those companies whose market capitalization is
similar to the market capitalization of companies included in the Russell
2500™
Index. A company's market capitalization is based on its current market
capitalization or its market capitalization at the time of the fund's
investment. The size of the companies in the index changes with market
conditions and the composition of the index.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers. The fund may only invest in common
stocks listed on a foreign exchange that trade contemporaneously with the fund's
shares.
The
fund may invest a significant percentage of its assets in relatively few
companies and may invest up to 25% in a single company. The fund is classified
as non-diversified.
In
buying and selling securities for the fund, the Adviser starts with fundamental
analyst research and security recommendations, and reference portfolios managed
by the Adviser that are based on fundamental analysis, which involves a
bottom-up assessment of a company's potential for success in light of
fundamental factors such as its financial condition, earnings outlook, strategy,
management, industry position, and economic and market conditions. The Adviser
then applies a quantitative portfolio construction process designed to emphasize
securities in which the Adviser has high conviction subject to appropriate
security and portfolio-level risk, liquidity, and trading characteristics. The
Adviser expects that the portfolio construction process will generally involve
less frequent trading than the reference portfolios.
Given
the investment process and anticipated trading frequency, shareholders should be
aware that investments made by the fund and results achieved by the fund at any
given time are not expected to be the same as those made by other funds for
which the Adviser or an affiliate acts as manager, including funds with names,
investment objectives, and policies that are similar to the fund.
The
Adviser is not constrained by any particular investment style. At any given
time, the Adviser may tend to buy "growth" stocks or "value" stocks, or a
combination of both types.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Sustainable U.S. Equity ETF seeks long-term growth of capital.
Principal
Investment Strategies
The
fund is an actively managed ETF that operates pursuant to an exemptive order
from the SEC and is not required to publicly disclose its complete portfolio
holdings each business day. Instead, the fund publishes its Tracking Basket on
its website each business day. While the Tracking Basket, which is designed to
closely track the daily performance of the fund, includes some of the fund's
holdings, it is not the fund's actual portfolio. The Tracking Basket is
comprised of Strategy Components (select recently disclosed portfolio holdings
and/or select securities from the universe from which the fund's investments are
selected), Representative ETFs (liquid ETFs that convey information about the
types of instruments (that are not otherwise fully represented by the Strategy
Components) in which the fund invests), and cash and cash equivalents. For
additional information regarding the Tracking Basket, see "Additional
Information about each Fund - Tracking Basket Structure" below.
The
fund also publishes each business day on its website the Tracking Basket Weight
Overlap, which is the percentage weight overlap between the holdings of the
prior business day's Tracking Basket compared to the holdings of the fund that
formed the basis for the fund's calculation of NAV per share at the end of the
prior business day. The Tracking Basket Weight Overlap is designed to provide
investors with an understanding of how similar the Tracking Basket is to the
fund's actual portfolio in percentage terms. There is no minimum Tracking Basket
Weight Overlap.
The
Adviser normally invests the fund's assets primarily in equity
securities.
The
Adviser normally invests at least 80% of the fund's assets in equity securities
of U.S. companies that the Adviser believes have proven or improving
sustainability practices, based on an evaluation of such companies' individual
ESG profile. An issuer is deemed to be located in the U.S. if the principal
trading market for the security is in the United States or the issuer is
organized under the laws of the United States. The Adviser's proprietary ESG
ratings process is designed to evaluate an issuer's current and future ESG
positioning relative to its peers. The process has two components. One component
evaluates the current state of an issuer's sustainability practices using a
data-driven framework that includes proprietary and third-party (such as CDP,
Institutional Shareholder Services, and MSCI) data. The other component involves
a qualitative forward-looking assessment of an issuer's sustainability outlook
provided by the Adviser's fundamental research analysts and ESG team. This
qualitative assessment is based on criteria including, but not limited to, the
issuer's public sustainability disclosure, the issuer's systems and policies
regarding sustainability, and issuer engagement on sustainability issues and
opportunities.
The
Adviser's ESG ratings of issuers are derived from multiple factors, including an
issuer's environmental profile, which may include, but is not limited to, carbon
and toxic emissions, water management, waste management, vulnerability to the
physical impacts of climate change, and research and investment into products,
services, and energies that reduce emissions and/or provide opportunities to
transition to less carbon-intensive products or operations. An assessment of an
issuer's social profile includes, but is not limited to, its approach to
diversity and inclusion, human capital management, data privacy, product safety
and human rights. With respect to governance, the independence and diversity of
an issuer's board, its compensation practices and board oversight of critical
ESG issues are considered as part of the assessment. These factors are weighted
based on how material the Adviser believes each factor is to an issuer's
financial outlook, and not all factors may be applicable to all issuers. Based
on this process, the Adviser will assign ratings for an issuer's overall ESG
performance.
The
fund may also invest in issuers that the Adviser believes deliver tangible
environmental or social impact through core business operations. An assessment
of the impact characteristics of an issuer may involve corporate engagement and
an analysis of issuer alignment with the United Nations Sustainable Development
Goals using qualitative analysis as well as proprietary or third-party data. For
example, issuers that provide access to clean water, education, or clean energy
through their core business may be considered to deliver tangible
impact.
The
fund is not limited to investing in securities of a specific market
capitalization and may hold securities of large, medium and/or small
capitalization companies.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers. The fund may only invest in common
stocks listed on a foreign exchange that trade contemporaneously with the fund's
shares.
The
fund may invest a significant percentage of its assets in relatively few
companies and may invest up to 25% in a single company. The fund is classified
as non-diversified.
In
buying and selling securities for the fund, in addition to the ESG ratings
process, the Adviser also relies on fundamental analysis, which involves a
bottom-up assessment of an issuer's potential for success in light of factors
including its financial condition, earnings outlook, strategy, management,
industry position, and economic and market conditions.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Shareholders
should be aware that investments made by the fund and results achieved by the
fund at any given time are not expected to be the same as those made by other
funds for which the Adviser or an affiliate acts as manager, including funds
with names, investment objectives, and policies that are similar to the
fund.
Investment
Objective
Fidelity®
Women's Leadership ETF seeks long-term growth of capital.
Principal
Investment Strategies
The
fund is an actively managed ETF that operates pursuant to an exemptive order
from the SEC and is not required to publicly disclose its complete portfolio
holdings each business day. Instead, the fund publishes its Tracking Basket on
its website each business day. While the Tracking Basket, which is designed to
closely track the daily performance of the fund, includes some of the fund's
holdings, it is not the fund's actual portfolio. The Tracking Basket is
comprised of Strategy Components (select recently disclosed portfolio holdings
and/or select securities from the universe from which the fund's investments are
selected), Representative ETFs (liquid ETFs that convey information about the
types of instruments (that are not otherwise fully represented by the Strategy
Components) in which the fund invests), and cash and cash equivalents. For
additional information regarding the Tracking Basket, see "Additional
Information about each Fund - Tracking Basket Structure" below.
The
fund also publishes each business day on its website the Tracking Basket Weight
Overlap, which is the percentage weight overlap between the holdings of the
prior business day's Tracking Basket compared to the holdings of the fund that
formed the basis for the fund's calculation of NAV per share at the end of the
prior business day. The Tracking Basket Weight Overlap is designed to provide
investors with an understanding of how similar the Tracking Basket is to the
fund's actual portfolio in percentage terms. There is no minimum Tracking Basket
Weight Overlap.
The
Advisor normally invests at least 80% of the fund's assets in equity securities
of companies that prioritize and advance women's leadership and development.
Such companies include those that, at the time of initial purchase, (i) include
a woman as a member of the senior management (C-suite) team, (ii) are governed
by a board for which women represent at least one third of all directors, or
(iii) in the Adviser's opinion, have adopted policies designed to attract,
retain and promote women. The policies considered by the Adviser may include,
but are not limited to, a company's parental leave policies, its policies
designed to monitor the gender pay gap, or those regarding its flexible work
environment.
Although
the Adviser focuses on investing the fund's assets in securities issued by
larger-sized companies, the Adviser may also make substantial investments in
securities issued by medium and smaller companies.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers. The fund may only invest in common
stocks listed on a foreign exchange that trade contemporaneously with the fund's
shares.
The
fund may invest a significant percentage of its assets in relatively few
companies and may invest up to 25% in a single company. The fund is classified
as non-diversified.
In
buying and selling securities for the fund, the Adviser relies on fundamental
analysis, which involves a bottom-up assessment of a company's potential for
success in light of factors including its financial condition, earnings outlook,
strategy, management, industry position, and economic and market
conditions.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Shareholders
should be aware that investments made by the fund and results achieved by the
fund at any given time are not expected to be the same as those made by other
funds for which the Adviser or an affiliate acts as manager, including funds
with names, investment objectives, and policies that are similar to the
fund.
Description
of Principal Security Types
Equity
securities
represent an ownership interest, or the right to acquire an ownership interest,
in an issuer. Different types of equity securities provide different voting and
dividend rights and priority in the event of the bankruptcy of the
issuer. Each fund principally invests in common stocks, preferred stocks,
American Depositary Receipts (ADRs), ETFs, and REITs, in each case that are
traded on a U.S. securities exchange; and common stocks listed on a foreign
exchange that trade on such exchange contemporaneously with a fund's
shares.
Sustainable
Investing Exclusions
For
Fidelity®
Sustainable U.S. Equity ETF and Fidelity®
Women's Leadership ETF:
As
part of its investment approach, a fund also applies broad criteria ("exclusion
criteria") that seek to exclude issuers that are directly engaged in, and/or
derive significant revenue from, certain industries or product lines. At
present, these include: civilian semi-automatic firearms; tobacco production, or
bonds issued against the proceeds of tobacco settlements; for-profit prisons;
controversial weapons (e.g., cluster munitions, land mines, biological/chemical
weapons, blinding lasers, and incendiary weapons); and coal production and/or
mining.
In
determining whether an issuer is directly engaged in, and/or derives significant
revenue from a particular industry or product line, a fund may use revenue
thresholds (e.g., issuers that derive more than 5% of revenue from tobacco
production) and/or categorical exclusions (e.g., issuers that derive any revenue
from the operation of private prisons or issuers that are classified within the
coal production or mining industries), depending on the industry or product
line, based generally on data provided by one or more third-party vendor(s). The
Adviser, in its sole discretion, retains the right not to use data provided by
third-party vendors where it deems the data not representative of an issuer's
current business operations. In such cases, or where data on specific issuers
may not be available from third-party vendors, the Adviser may make reasonable
estimates or otherwise exercise its discretion.
A
fund's exclusion criteria may be updated periodically to, among other things,
add or remove certain industries or product lines from the screening process,
revise the revenue thresholds and categorical exclusions applicable to such
activities, or change particular industries or product lines from a categorical
exclusion to a revenue threshold, or vice versa. Once the Adviser determines
that an issuer is not subject to the fund's exclusion criteria, the Adviser then
employs the sustainability strategy discussed above. In addition, a fund may
invest in third-party investment products (e.g., mutual funds, ETFs, and/or
index futures) that apply different or no exclusion criteria or sustainable
investment strategies.
The
implementation of the sustainability strategy (or strategies) is conducted
alongside traditional fundamental, bottom-up financial analysis of individual
issuers, using traditional fundamental metrics and/or traditional quantitative
metrics. The Adviser may also engage in dialogues with the issuer's management
teams to further inform investment decision-making and to foster best corporate
governance practices using its fundamental and sustainability analysis. In
addition, a fund may invest in an issuer prior to completion of the
sustainability analysis or without engaging with the issuer's
management.
Principal
Investment Risks
Many
factors affect each fund's performance. Developments that disrupt global
economies and financial markets, such as pandemics and epidemics, may magnify
factors that affect a fund's performance. A fund's NAV changes daily based on
changes in market conditions and interest rates and in response to other
economic, political, or financial developments. A fund's reaction to these
developments will be affected by the types of securities in which the fund
invests, the financial condition, industry and economic sector, and geographic
location of an issuer, and the fund's level of investment in the securities of
that issuer. Because Fidelity®
Real Estate Investment ETF concentrates its investments in a particular industry
or group of related industries, the fund's performance could depend heavily on
the performance of that industry or group of industries and could be more
volatile than the performance of less concentrated funds. In addition, because
Fidelity®
Blue Chip Growth ETF, Fidelity®
Growth Opportunities ETF, Fidelity®
Magellan℠
ETF, Fidelity®
Real Estate Investment ETF, Fidelity®
Small-Mid Cap Opportunities ETF, Fidelity®
Sustainable U.S. Equity ETF, and Fidelity®
Women's Leadership ETF may invest a significant percentage of assets in a single
issuer, the fund's performance could be closely tied to that one issuer and
could be more volatile than the performance of more diversified funds. When you
sell your shares they may be worth more or less than what you paid for them,
which means that you could lose money by investing in a fund.
The
following provides more information about the risks above and other factors that
can significantly affect a fund's performance:
Tracking
Basket Structure Risk.
A fund's Tracking Basket structure may affect the price at which shares of a
fund trade in the secondary market. Although the Tracking Basket is intended to
provide investors with enough information to allow for an effective arbitrage
mechanism that will keep the market price of a fund at or close to the
underlying NAV per share of a fund, there is a risk (which may increase during
periods of market disruption or volatility) that market prices will vary
significantly from the underlying NAV of the fund. ETFs trading on the basis of
a published Tracking Basket may trade at a wider bid-ask spread than ETFs that
publish their portfolios on a daily basis, especially during periods of market
disruption or volatility, and therefore, may cost investors more to trade. In
addition, although a fund seeks to benefit from keeping its portfolio
information secret, market participants may attempt to use the Tracking Basket
to identify the fund's trading strategy. If successful, this could result in
such market participants engaging in certain predatory trading practices that
may have the potential to harm the fund and its shareholders, such as front
running the fund's trades of portfolio securities.
Arbitrage
Risk.
Unlike ETFs that publicly disclose their complete portfolio holdings each
business day, each fund discloses the Tracking Basket and Tracking Basket Weight
Overlap, which is intended to allow market participants to estimate the value of
positions in fund shares. Although this information is designed to facilitate
arbitrage opportunities in fund shares to reduce bid-ask spread and minimize
discounts or premiums between the market price and NAV of fund shares, there is
no guarantee a fund's arbitrage mechanism will operate as intended and that the
fund will not experience wide bid-ask spreads and/or large discounts or premiums
to NAV. In addition, market participants may attempt to use the disclosed
information to "reverse engineer" a fund's trading strategy, which, if
successful, could increase opportunities for predatory trading practices that
may have the potential to negatively impact the fund's performance. These
practices may include front running (trading ahead of a fund) or free riding
(mirroring a fund's strategies).
Fluctuation
of Net Asset Value and Share Price.
Shares may trade at a larger premium or discount to the NAV than shares of other
ETFs, including ETFs that make their daily holdings public. The NAV of a fund's
shares will generally fluctuate with changes in the market value of the fund's
holdings. A fund's shares are listed on an exchange and can be bought and sold
in the secondary market at market prices. The market prices of shares will
fluctuate in accordance with changes in NAV and supply and demand on the listing
exchange. Although disclosure of the Tracking Basket and Tracking Basket Weight
Overlap is designed to facilitate the arbitrage process to permit the shares of
a fund to trade at market prices that are at or close to NAV, it is possible
that the market price and NAV will vary significantly. As a result, you may
sustain losses if you pay more than the shares' NAV when you purchase shares, or
receive less than the shares' NAV when you sell shares, in the secondary market.
During periods of disruptions to creations and redemptions, the existence of
extreme market volatility, or lack of an active trading market for a fund's
shares, the market price of fund shares is more likely to differ significantly
from the fund's NAV. During such periods, you may be unable to sell your shares
or may incur significant losses if you sell your shares. There are various
methods by which investors can purchase and sell shares and various orders that
may be placed. Investors should consult their financial intermediary before
purchasing or selling shares of a fund. Disruptions at market makers, Authorized
Participants or market participants may also result in significant differences
between the market price of a fund's shares and the fund's NAV. In addition, in
stressed market conditions or periods of market disruption or volatility, the
market for shares may become less liquid in response to deteriorating liquidity
in the markets for a fund's underlying portfolio holdings.
The
market price of shares during the trading day, like the price of any
exchange-traded security, includes a bid-ask spread charged by the exchange
specialist, market makers, or other participants that trade the particular
security. In times of severe market disruption or volatility, the bid-ask spread
can increase significantly. At those times, shares are most likely to be traded
at a discount to NAV, and the discount is likely to be greatest when the price
of shares is falling fastest, which may be the time that you most want to sell
your shares.
Trading
Issues.
Each fund has no public trading history and will operate differently from other
actively managed ETFs that publish their portfolio holdings on a daily basis.
Although shares are listed on an exchange, there can be no assurance that an
active trading market or requirements to remain listed will be met or
maintained, or that the market for fund shares will operate as intended. If the
market does not operate as intended, it could lead to a fund's shares trading at
wider spreads and larger premiums and discounts to NAV than other actively
managed ETFs that publish their portfolio holdings on a daily basis,
particularly during periods of market disruption or volatility. As a result, it
may cost investors more to trade fund shares than shares of other
ETFs.
Only
an Authorized Participant may engage in creation or redemption transactions
directly with a fund. There is no guarantee that a fund will be able to attract
market makers and Authorized Participants. There are no obligations of market
makers to make a market in a fund's shares or of Authorized Participants to
submit purchase or redemption orders for Creation Units. In addition, trading of
shares in the secondary market may be halted, for example, due to activation of
marketwide "circuit breakers. " If trading halts or an unanticipated early
closing of the listing exchange occurs, a shareholder may be unable to purchase
or sell shares of a fund. FDC, the distributor of a fund's shares, does not
maintain a secondary market in the shares.
If
a fund's shares are delisted from the listing exchange, the Adviser may seek to
list the fund shares on another market, merge the fund with another
exchange-traded fund or traditional mutual fund, or redeem the fund shares at
NAV.
Shares
of a fund, similar to shares of other issuers listed on a stock exchange, may be
sold short and are therefore subject to the risk of increased volatility and
price decreases associated with being sold short.
Trading
Halt Risk.
There may be circumstances where a security held in a fund's portfolio but not
in the Tracking Basket does not have readily available market quotations. If the
Adviser determines that such circumstance may affect the reliability of the
Tracking Basket as an arbitrage vehicle, that information, along with the
identity and weighting of that security in a fund's portfolio, will be publicly
disclosed on the fund's website and the Adviser will assess appropriate remedial
measures. In these circumstances, market participants may use this information
to engage in certain predatory trading practices that may have the potential to
harm a fund and its shareholders. In addition, if securities representing 10% or
more of a fund's portfolio do not have readily available market quotations, the
Adviser would promptly request the Exchange to halt trading on the fund, meaning
that investors would not be able to trade their shares. Trading may also be
halted in other circumstances, for example, due to market
conditions.
Authorized
Participant Concentration Risk. A
fund may have a limited number of financial institutions that act as Authorized
Participants, none of which are obligated to engage in creation and/or
redemption transactions. Decisions by market makers or Authorized Participants
to reduce their role with respect to market making or creation and redemption
activities during times of market stress, or a decline in the number of
Authorized Participants due to decisions to exit the business, bankruptcy, or
other factors, could inhibit the effectiveness of the arbitrage process in
maintaining the relationship between the underlying value of a fund's portfolio
securities and the market price of fund shares. To the extent no other
Authorized Participants are able to step forward to create or redeem, shares may
trade at a discount to NAV and possibly face delisting. The Authorized
Participant concentration risk may be heightened due to the fact that a fund
does not disclose its portfolio holdings daily, unlike certain other actively
managed ETFs, and could be greater during market disruptions or periods of
market volatility and in scenarios where authorized participants have limited or
diminished access to the capital required to post collateral.
Stock
Market Volatility.
The value of equity securities fluctuates in response to issuer, political,
market, and economic developments. Fluctuations, especially in foreign markets,
can be dramatic over the short as well as long term, and different parts of the
market, including different market sectors, and different types of equity
securities can react differently to these developments. For example, stocks of
companies in one sector can react differently from those in another, large cap
stocks can react differently from small cap stocks, and "growth" stocks can
react differently from "value" stocks. Issuer, political, or economic
developments can affect a single issuer, issuers within an industry or economic
sector or geographic region, or the market as a whole. Changes in the financial
condition of a single issuer can impact the market as a whole. Terrorism and
related geo-political risks have led, and may in the future lead, to increased
short-term market volatility and may have adverse long-term effects on world
economies and markets generally.
Sustainability
Risk.
Application of FMR's ESG ratings process and/or its sustainable investing
exclusion criteria may affect the fund's exposure to certain issuers, sectors,
regions, and countries and may affect the fund's performance depending on
whether certain investments are in or out of favor. The criteria related to a
fund's ESG ratings process and/or adherence to its sustainable investing
exclusion criteria may result in the fund forgoing opportunities to buy certain
securities when it might otherwise be advantageous to do so, or selling
securities for ESG reasons when it might be otherwise disadvantageous for it to
do so. As a result, the fund's performance may at times be better or worse than
the performance of funds that do not use ESG or sustainability criteria. There
are significant differences in interpretations of what it means for an issuer to
have positive ESG factors. While the Adviser believes its definitions are
reasonable, the portfolio decisions it makes may differ with other investors' or
advisers' views. Socially responsible norms differ by country and region, and an
issuer's ESG factors or the Adviser's assessment of such may change over time. A
fund may invest in issuers that do not reflect the beliefs and values of any
particular investor. When conducting the ESG ratings process of an issuer or
compiling and maintaining the sustainable investing exclusion list, the Adviser
may rely on information or data obtained through voluntary or third-party
reporting that may be incomplete, inaccurate, or unavailable, which could cause
the Adviser to incorrectly assess an issuer's business practices with respect to
ESG or to incorrectly include or exclude an issuer on or from its sustainable
investing exclusion list. Certain investments may be dependent on U.S. and
foreign government policies, including tax incentives and subsidies, which may
change without notice. A fund's investments in certain issuers may be
susceptible to various factors that may impact their businesses or operations,
including costs associated with government budgetary constraints that impact
publicly funded projects and initiatives, the effects of general economic
conditions throughout the world, increased competition from other providers of
services, unfavorable tax laws or accounting policies and high
leverage.
Foreign
Exposure.
Foreign securities, securities denominated in or providing exposure to foreign
currencies, and securities issued by U.S. entities with substantial foreign
operations can involve additional risks relating to political, economic, or
regulatory conditions in foreign countries. These risks include fluctuations in
foreign exchange rates; withholding or other taxes; trading, settlement,
custodial, and other operational risks; and the less stringent investor
protection and disclosure standards of some foreign markets. All of these
factors can make foreign investments more volatile and potentially less liquid
than U.S. investments. In addition, foreign markets can perform differently from
the U.S. market.
Global
economies and financial markets are becoming increasingly interconnected, which
increases the possibilities that conditions in one country or region might
adversely impact issuers or providers in, or foreign exchange rates with, a
different country or region.
Industry
Concentration.
Market conditions, interest rates, and economic, regulatory, or financial
developments could significantly affect a single industry, and the securities of
companies in that industry could react similarly to these or other developments.
In addition, from time to time, a small number of companies may represent a
large portion of a single industry, and these companies can be sensitive to
adverse economic, regulatory, or financial developments.
The
real
estate industry
is particularly sensitive to economic downturns. The value of securities of
issuers in the real estate industry, including REITs, can be affected by changes
in real estate values and rental income, property taxes, interest rates, tax and
regulatory requirements, and the management skill and creditworthiness of the
issuer. In addition, the value of REITs can depend on the structure of and cash
flow generated by the REIT, and REITs may not have diversified holdings. Because
REITs are pooled investment vehicles that have expenses of their own, the fund
will indirectly bear its proportionate share of those expenses.
Issuer-Specific
Changes.
Changes in the financial condition of an issuer or counterparty, changes in
specific economic or political conditions that affect a particular type of
security or issuer, and changes in general economic or political conditions can
increase the risk of default by an issuer or counterparty, which can affect a
security's or instrument's value. The value of securities of smaller, less
well-known issuers can be more volatile than that of larger
issuers.
Quantitative
Portfolio Construction Risk. A
portfolio managed using quantitative portfolio construction can react
differently to issuer, political, market, and economic developments than the
market as a whole or a portfolio managed using only fundamental analysis.
Although the Adviser uses a quantitative portfolio construction process that
seeks to emphasize securities in which the Adviser has high conviction, there is
no guarantee that this process will be successful. The fund is subject to the
risk that the methods and analyses, including models, tools and data employed by
the Adviser in this process may not produce the desired results.
"Growth"
Investing.
"Growth" stocks can react differently to issuer, political, market, and economic
developments than the market as a whole and other types of stocks. "Growth"
stocks tend to be more expensive relative to their earnings or assets compared
to other types of stocks. As a result, "growth" stocks tend to be sensitive to
changes in their earnings and more volatile than other types of
stocks.
"Value"
Investing.
"Value" stocks can react differently to issuer, political, market, and economic
developments than the market as a whole and other types of stocks. "Value"
stocks tend to be inexpensive relative to their earnings or assets compared to
other types of stocks. However, "value" stocks can continue to be inexpensive
for long periods of time and may not ever realize their full value.
Small
Cap Investing.
The value of securities of smaller, less well-known issuers can be more volatile
than that of larger issuers and can react differently to issuer, political,
market, and economic developments than the market as a whole and other types of
stocks. Smaller issuers can have more limited product lines, markets, and
financial resources.
Mid
Cap Investing. The
value of securities of medium size, less well-known issuers can be more volatile
than that of relatively larger issuers and can react differently to issuer,
political, market, and economic developments than the market as a whole and
other types of stocks.
Management
Risk.
The Adviser's application of a fund's strategy criteria may not achieve its
intended results. A fund could underperform in comparison to other funds with a
similar benchmark or similar objectives and investment strategies.
In
response to market, economic, political, or other conditions, a fund may
temporarily use a different investment strategy for defensive purposes. If the
fund does so, different factors could affect its performance and the fund may
not achieve its investment objective.
Other
Investment Strategies
In
addition to the principal investment strategies discussed above, the Adviser may
lend a fund's securities to broker-dealers or other institutions to earn income
for the fund.
The
Adviser may also use various techniques, such as buying and selling futures
contracts and ETFs, to increase or decrease a fund's exposure to changing
security prices or other factors that affect security values. All futures
contracts in which a fund may invest will be listed on a U.S. futures exchange
and trade contemporaneously with the fund's shares.
Permitted
Investments
Under
the terms of the Order, each fund's investments are limited to the following:
ETFs, notes, common stocks, preferred stocks, ADRs, real estate investment
trusts, commodity pools, metals trusts, and currency trusts, in each case that
are traded on a U.S. securities exchange; common stocks listed on a foreign
exchange that trade on such exchange contemporaneously with each fund's shares;
exchange-traded futures that are traded on a U.S. futures exchange
contemporaneously with each fund's shares; and cash and cash equivalents (which
are short-term U.S. Treasury securities, government money market funds, and
repurchase agreements).
Non-Fundamental
Investment Policies
Each
fund's investment objective is non-fundamental and may be changed without
shareholder approval.
Shareholder
Notice
The
following is subject to change only upon 60 days' prior notice to
shareholders:
Fidelity®
Blue Chip Growth ETF normally invests at least 80% of its assets in blue chip
companies.
Fidelity®
Blue Chip Value ETF normally invests at least 80% of its assets in blue chip
companies.
Fidelity®
Real Estate Investment ETF normally invests at least 80% of its assets in
securities of companies principally engaged in the real estate industry and
other real estate related investments.
Fidelity®
Small-Mid Cap Opportunities ETF normally
invests at least 80% of its assets in securities of companies with small to
medium market capitalizations.
Fidelity®
Sustainable U.S. Equity ETF normally invests at least 80% of its assets in
equity securities of U.S. companies that the Adviser believes have proven or
improving sustainability practices, based on an evaluation of such companies'
individual ESG profile.
Fidelity®
Women's Leadership ETF normally
invests at least 80% of its assets in equity securities of companies that
prioritize and advance women's leadership and development.
Each
fund is open for business each day that either the listing exchange or the New
York Stock Exchange (NYSE) is open.
The
NAV is the value of a single share. Fidelity normally calculates NAV as of the
close of regular trading hours on the listing exchange or the NYSE, normally
4:00 p.m. Eastern time. Each fund's assets normally are valued as of this time
for the purpose of computing NAV. The prices at which creations and redemptions
occur are based on the next calculation of NAV after a creation or redemption
order is received in an acceptable form under the authorized participant
agreement.
NAV
is not calculated and a fund will not process purchase and redemption requests
submitted on days when the fund is not open for business. The time at which
shares are priced and until which purchase and redemption orders are accepted
may be changed as permitted by the Securities and Exchange Commission
(SEC).
Shares
of each fund may be purchased through a broker in the secondary market by
individual investors at market prices which may vary throughout the day and may
differ from NAV.
To
the extent that a fund's assets are traded in other markets on days when the
fund is not open for business, the value of the fund's assets may be affected on
those days. In addition, trading in some of a fund's assets may not occur on
days when the fund is open for business.
Shares
of government money market funds in which each fund may invest (referred to as
underlying funds) are valued at their respective NAVs. NAV is calculated using
the values of any underlying funds in which it invests. Other assets are valued
primarily on the basis of market quotations, official closing prices, or
information furnished by a pricing service. Certain short-term securities are
valued on the basis of amortized cost. If market quotations, official closing
prices, or information furnished by a pricing service are not readily available
or, in the Adviser's opinion, are deemed unreliable for a security, then that
security will be fair valued in good faith by the Adviser in accordance with
applicable fair value pricing policies.
Fair
value pricing is based on subjective judgments and it is possible that the fair
value of a security may differ materially from the value that would be realized
if the security were sold.
Shareholder
Information
Additional
Information about the Purchase and Sale of Shares
As
used in this prospectus, the term "shares" generally refers to the shares
offered through this prospectus.
General
Information
Information
on Fidelity
Fidelity
Investments was established in 1946 to manage one of America's first mutual
funds. Today, Fidelity is one of the world's largest providers of financial
services.
In
addition to its fund business, the company operates one of America's leading
brokerage firms, Fidelity Brokerage Services LLC. Fidelity is also a leader in
providing tax-advantaged retirement plans for individuals investing on their own
or through their employer.
The
Depository Trust Company (DTC) is a limited trust company and securities
depository that facilitates the clearance and settlement of trades for its
participating banks and broker-dealers. DTC has executed an agreement with FDC,
each fund's distributor.
Additional
Information About Each Fund
Each
fund is an actively managed ETF that operates pursuant to an SEC exemptive
order. In many respects each fund operates similarly to other ETFs. For example,
as described in this Prospectus, shares of a fund are generally purchased and
redeemed in Creation Unit aggregations through Authorized Participants, shares
of a fund are listed and traded on a stock exchange, and individual investors
can purchase or sell shares in less than Creation Unit sizes and for cash in the
secondary market through a broker.
Tracking
Basket Structure
However,
each fund has some unique features that differentiate it from other ETFs. As
described above, a fund does not disclose its complete portfolio holdings each
business day, and instead, each fund discloses other information to the market
that is designed to facilitate arbitrage opportunities in fund shares to
maintain efficient secondary market trading of shares. On each business day
before the commencement of trading in shares on the listing exchange, each fund
publishes on its website a Tracking Basket that is designed to closely track the
daily performance of the fund. The Tracking Basket is comprised of Strategy
Components (select recently disclosed portfolio holdings and/or select
securities from the universe from which each fund's investments are selected),
Representative ETFs (liquid ETFs that convey information about the types of
instruments (that are not otherwise fully represented by the Strategy
Components) in which a fund invests), and cash and cash equivalents.
Representative ETFs are selected for inclusion in the Tracking Basket such that,
when aggregated with the other Tracking Basket components, the Tracking Basket
corresponds to a fund's overall holdings exposure. Representative ETFs may
constitute no more than 50% of the Tracking Basket's assets on each business day
at the time that the Tracking Basket is published.
The
Tracking Basket is constructed utilizing a proprietary optimization process to
minimize daily deviations in return of the Tracking Basket relative to a fund
and is used to facilitate the creation/redemption process and arbitrage. The
Tracking Basket is typically expected to be rebalanced on schedule with the
public disclosure of a fund's holdings; however, a new Tracking Basket may be
generated as frequently as daily. In determining whether to rebalance the
Tracking Basket, the Adviser will consider various factors, including liquidity
of the securities in the Tracking Basket, tracking error of the Tracking Basket
relative to a fund, and the cost to create and trade the Tracking
Basket.
Tracking
Basket Weight Overlap
In
addition to disclosure of the Tracking Basket, each fund publishes the Tracking
Basket Weight Overlap on its website on each business day before the
commencement of trading in shares on the listing exchange. The Tracking Basket
Weight Overlap is the percentage weight overlap between the holdings of the
prior day's Tracking Basket compared to the holdings of a fund that formed the
basis for a fund's calculation of NAV at the end of the prior business day. It
is calculated by taking the lesser weight of each asset held in common between a
fund's portfolio and the Tracking Basket, and adding the totals. The Tracking
Basket Weight Overlap is intended to provide investors with an understanding of
the degree to which the Tracking Basket and a fund's portfolio overlap and help
investors evaluate the risk that the performance of the Tracking Basket may
deviate from the performance of the portfolio holdings of a fund.
Information
on Each Fund's Website
Investors
can access information about the Tracking Basket and Tracking Basket Weight
Overlap for each business day on www.fidelity.com. Each fund discloses its
complete portfolio holdings, including the name, identifier, market value and
weight of each security and instrument in the portfolio, on www.fidelity.com on
a monthly basis with a 30-day lag. Recent information, including information
regarding a fund's NAV, market price, premiums and discounts, and bid/ask
spread, is also available at www.fidelity.com.
Buying
and Selling Shares in the Secondary Market
Shares
of each fund are listed and traded on an exchange, and individual fund shares
may only be bought and sold in the secondary market through a broker. Each fund
does not impose any minimum investment for shares of a fund purchased on an
exchange. These transactions are made at market prices that may vary throughout
the day and may be greater than a fund's NAV (premium) or less than a fund's NAV
(discount). As a result, you may pay more than NAV when you purchase shares, and
receive less than NAV when you sell shares, in the secondary market. If you buy
or sell shares in the secondary market, you will generally incur customary
brokerage commissions and charges and you may also incur the cost of the spread
between the price at which a dealer will buy fund shares and the somewhat higher
price at which a dealer will sell shares. Due to such commissions and charges
and spread costs, frequent trading may detract significantly from investment
returns.
Each
fund is designed to offer investors an investment that can be bought and sold
frequently in the secondary market without impact on a fund, and such trading
activity is designed to enable the market price of fund shares to remain at or
close to NAV. Accordingly, the Board of Trustees has not adopted policies and
procedures designed to discourage excessive or short-term trading by these
investors.
Shares
can be purchased and redeemed directly from each fund at NAV only by Authorized
Participants in large increments called "Creation Units." Each fund
accommodates frequent purchases and redemptions of Creation Units by Authorized
Participants and does not place a limit on purchases or redemptions of Creation
Units by these investors. Each fund reserves the right, but does not have the
obligation, to reject any purchase transaction at any time. With respect to
foreign common stocks, each fund may pay redemption proceeds more than seven
(but no more than fifteen) calendar days after the fund's shares are tendered
for redemption as a result of local market holidays. In addition, each fund
reserves the right to impose restrictions on disruptive, excessive, or
short-term trading.
Precautionary
Notes
- Note
to Investment Companies. For
purposes of the 1940 Act, shares are issued by a fund, and the acquisition of
shares by investment companies is subject to the restrictions of Section
12(d)(1) of the 1940 Act. Registered investment companies are permitted to
invest in a fund beyond the limits set forth in Section 12(d)(1), subject to
certain terms and conditions, including that such investment companies enter
into an agreement with the fund.
- Note
to Authorized Participants Regarding Continuous Offering. Certain
legal risks may exist that are unique to Authorized Participants purchasing
Creation Units directly from a fund. Because new Creation Units may be issued
on an ongoing basis, at any point a "distribution," as such term is used in
the Securities Act of 1933 (the Securities Act), could be occurring. As a
broker-dealer, certain activities that you perform may, depending on the
circumstances, result in your being deemed a participant in a distribution, in
a manner which could render you a statutory underwriter and subject you to the
prospectus delivery and liability provisions of the Securities
Act.
For
example, you may be deemed a statutory underwriter if you purchase Creation
Units from a fund, break them down into individual fund shares, and sell such
shares directly to customers, or if you choose to couple the creation of a
supply of new fund shares with an active selling effort involving solicitation
of secondary market demand for fund shares. A determination of whether a person
is an underwriter for purposes of the Securities Act depends upon all of the
facts and circumstances pertaining to that person's activities, and the examples
mentioned here should not be considered a complete description of all the
activities that could lead to a categorization as an underwriter.
Dealers
who are not "underwriters" but are participating in a distribution (as opposed
to engaging in ordinary secondary market transactions), and thus dealing with
shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C)
of the Securities Act, will be unable to take advantage of the prospectus
delivery exemption provided by Section 4(a)(3) of the Securities
Act.
This
is because the prospectus delivery exemption in Section 4(a)(3) of the
Securities Act is not available in respect of such transactions as a result of
Section 24(d) of the 1940 Act. As a result, you should note that dealers who are
not underwriters but are participating in a distribution (as opposed to engaging
in ordinary secondary market transactions) and thus dealing with the shares that
are part of an overallotment within the meaning of Section 4(a)(3)(A) of the
Securities Act would be unable to take advantage of the prospectus delivery
exemption provided by Section 4(a)(3) of the Securities Act. Firms that incur a
prospectus-delivery obligation with respect to shares of a fund are reminded
that, under Rule 153 under the Securities Act, a prospectus delivery obligation
under Section 5(b)(2) of the Securities Act owed to an exchange member in
connection with a sale on an exchange is satisfied by the fact that the
prospectus is available at the exchange upon request. The prospectus delivery
mechanism provided in Rule 153 is only available with respect to transactions on
an exchange. Certain affiliates of each fund may purchase and resell fund shares
pursuant to this prospectus.
- Note
to Secondary Market Investors.
DTC, or its nominee, is the registered owner of all outstanding shares of a
fund. The Adviser will not have any record of your ownership. Your ownership
of shares will be shown on the records of DTC and the DTC participant broker
through which you hold the shares. Your broker will provide you with account
statements, confirmations of your purchases and sales, and tax information.
Your broker will also be responsible for distributing income and capital gain
distributions and for sending you shareholder reports and other information as
may be required.
Costs
Associated with Creations and Redemptions
The
funds may impose a creation transaction fee and a redemption transaction fee to
offset transfer and other transaction costs associated with the issuance and
redemption of Creation Units of shares. Information about the procedures
regarding creation and redemption of Creation Units and the applicable
transaction fees is included in the Statement of Additional Information
(SAI).
Dividends
and Capital Gain Distributions
Each
fund earns interest, dividends, and other income from its investments, and
distributes this income (less expenses) to shareholders as dividends. Each fund
also realizes capital gains from its investments, and distributes these gains
(less any losses) as capital gain distributions. If you purchased your shares in
the secondary market, your broker is responsible for distributing the income and
capital gain distributions to you.
Each
fund normally pays dividends and capital gain distributions per the tables
below:
|
Fund
Name |
|
Dividends
Paid |
|
Fidelity®
Blue Chip Growth ETF |
|
March,
June, September, December |
|
Fidelity®
Blue Chip Value ETF |
|
March,
June, September, December |
|
Fidelity®
Growth Opportunities ETF |
|
March,
June, September, December |
|
Fidelity®
Magellan℠ ETF |
|
March,
June, September, December |
|
Fidelity®
New Millennium ETF |
|
March,
June, September, December |
|
Fidelity®
Real Estate Investment ETF |
|
March,
June, September, December |
|
Fidelity®
Small-Mid Cap Opportunities ETF |
|
March,
June, September, December |
|
Fidelity®
Sustainable U.S. Equity ETF |
|
March,
June, September, December |
|
Fidelity®
Women's Leadership ETF |
|
March,
June, September, December |
|
Fund
Name |
|
Capital
Gains Paid |
|
Fidelity®
Blue Chip Growth ETF |
|
December |
|
Fidelity®
Blue Chip Value ETF |
|
December |
|
Fidelity®
Growth Opportunities ETF |
|
December |
|
Fidelity®
Magellan℠ ETF |
|
December |
|
Fidelity®
New Millennium ETF |
|
December |
|
Fidelity®
Real Estate Investment ETF |
|
December |
|
Fidelity®
Small-Mid Cap Opportunities ETF |
|
December |
|
Fidelity®
Sustainable U.S. Equity ETF |
|
December |
|
Fidelity®
Women's Leadership ETF |
|
December |
As
with any investment, your investment in a fund could have tax consequences for
you (for non-retirement accounts).
Taxes
on Distributions
Distributions
investors receive are subject to federal income tax, and may also be subject to
state or local taxes.
For
federal tax purposes, certain distributions, including dividends and
distributions of short-term capital gains, are taxable to investors as ordinary
income, while certain distributions, including distributions of long-term
capital gains, are taxable to investors generally as capital gains. A percentage
of certain distributions of dividends may qualify for taxation at long-term
capital gains rates (provided certain holding period requirements are
met).
Unlike
other ETFs, the securities exchanged for a Creation Unit will not correspond pro
rata to the positions in a fund's portfolio, and a fund may effect its creations
and redemptions partially or wholly for cash rather than on an in-kind basis.
Because of this, a fund may be unable to realize certain tax benefits associated
with in-kind transfers of portfolio securities that may be realized by other
ETFs. Shareholders may be subject to tax on gains they would not otherwise have
been subject to and/or at an earlier date than if each fund had effected
redemptions wholly on an in-kind basis.
If
investors buy shares when a fund has realized but not yet distributed income or
capital gains, they will be "buying a dividend" by paying the full price for the
shares and then receiving a portion of the price back in the form of a taxable
distribution.
Any
taxable distributions investors receive will normally be taxable to them when
they receive them.
Taxes
on Transactions
Purchases
and sales of shares, as well as purchases and redemptions of Creation Units, may
result in a capital gain or loss for federal tax purposes.
Fund
Services
Adviser
FMR.
The
Adviser is each fund's manager. The address of the Adviser is 245 Summer Street,
Boston, Massachusetts 02210.
As
of December 31, 2022, the Adviser had approximately $3.1 trillion in
discretionary assets under management, and approximately $3.9 trillion when
combined with all of its affiliates' assets under management.
As
the manager, the Adviser has overall responsibility for directing each fund's
investments and handling its business affairs.
Sub-Adviser(s)
FMR
Investment Management (UK) Limited (FMR UK),
at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a
sub-adviser for each fund. As of December 31, 2022, FMR UK had approximately
$14.7 billion in discretionary assets under management. FMR UK is an affiliate
of the Adviser.
FMR
UK may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for Fidelity®
Blue Chip Growth ETF, Fidelity® Blue Chip Value ETF, Fidelity® Growth
Opportunities ETF, Fidelity® Magellan℠ ETF, Fidelity® New Millennium ETF,
Fidelity® Real Estate Investment ETF, Fidelity® Small-Mid Cap Opportunities ETF,
Fidelity® Sustainable U.S. Equity ETF, and Fidelity® Women's Leadership
ETF.
Fidelity
Management & Research (Hong Kong) Limited (FMR H.K.),
at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for
each fund. As of December 31, 2022, FMR H.K. had approximately $21.4 billion in
discretionary assets under management. FMR H.K. is an affiliate of the
Adviser.
FMR
H.K. may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for Fidelity®
Blue Chip Growth ETF, Fidelity® Blue Chip Value ETF, Fidelity® Growth
Opportunities ETF, Fidelity® Magellan℠ ETF, Fidelity® New Millennium ETF,
Fidelity® Real Estate Investment ETF, Fidelity® Small-Mid Cap Opportunities ETF,
Fidelity® Sustainable U.S. Equity ETF, and Fidelity® Women's Leadership
ETF.
Fidelity
Management & Research (Japan) Limited (FMR Japan),
at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan,
serves as a sub-adviser for each fund. As of March 31, 2023, FMR Japan had
approximately $2.9 billion in discretionary assets under management. FMR Japan
is an affiliate of the Adviser.
FMR
Japan may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for Fidelity®
Blue Chip Growth ETF, Fidelity® Blue Chip Value ETF, Fidelity® Growth
Opportunities ETF, Fidelity® Magellan℠ ETF, Fidelity® New Millennium ETF,
Fidelity® Real Estate Investment ETF, Fidelity® Small-Mid Cap Opportunities ETF,
Fidelity® Sustainable U.S. Equity ETF, and Fidelity® Women's Leadership
ETF.
Portfolio
Manager(s)
Fidelity®
Blue Chip Growth ETF is jointly and primarily managed by the team of Sonu Kalra
(Co-Portfolio Manager) and Michael Kim (Co-Portfolio Manager) each of whom has
managed the fund since 2020.
Mr.
Kalra develops the investment strategy for the fund and is not responsible for
the operational implementation of the fund's strategy. He also manages other
funds. Since joining Fidelity Investments in 1998, Mr. Kalra has worked as a
research analyst and portfolio manager.
Mr.
Kim is responsible for the operational implementation of the fund's investment
strategy. He also manages other funds. Since joining Fidelity Investments in
2007, Mr. Kim has worked as a quantitative analyst and portfolio
manager.
Fidelity®
Blue Chip Value ETF is jointly and primarily managed by the team of Sean Gavin
(Co-Portfolio Manager) and Anastasia Zabolotnikova (Co-Portfolio Manager) each
of whom has managed the fund since 2020.
Mr.
Gavin develops the investment strategy for the fund and is not responsible for
the operational implementation of the fund's strategy. He also manages other
funds. Since joining Fidelity Investments in 2007, Mr. Gavin has worked as a
research analyst and portfolio manager.
Ms.
Zabolotnikova is responsible for the operational implementation of the fund's
investment strategy. She also manages other funds. Since joining Fidelity
Investments in 2011, Ms. Zabolotnikova has worked as a quantitative analyst and
portfolio manager.
Fidelity®
Growth Opportunities ETF is jointly and primarily managed by the team of Kyle
Weaver (Co-Portfolio Manager) and Michael Kim (Co-Portfolio Manager) each of
whom has managed the fund since 2021.
Mr.
Weaver develops the investment strategy for the fund and is not responsible for
the operational implementation of the fund's strategy. He also manages other
funds. Since joining Fidelity Investments in 2008, Mr. Weaver has worked as a
research analyst and portfolio manager.
Mr.
Kim is responsible for the operational implementation of the fund's investment
strategy. He also manages other funds. Since joining Fidelity Investments in
2007, Mr. Kim has worked as a quantitative analyst and portfolio
manager.
Fidelity®
Magellan℠
ETF is jointly and primarily managed by the team of Sammy Simnegar (Co-Portfolio
Manager) and Tim Gannon (Co-Portfolio Manager) each of whom has managed the fund
since 2021.
Mr.
Simnegar develops the investment strategy for the fund and is not responsible
for the operational implementation of the fund's strategy. He also manages other
funds. Since joining Fidelity Investments in 1998, Mr. Simnegar has worked as an
equity research analyst and portfolio manager.
Mr.
Gannon is responsible for the operational implementation of the fund's
investment strategy. He also manages other funds. Since joining Fidelity
Investments in 2006, Mr. Gannon has worked as a quantitative analyst and
portfolio manager.
Fidelity®
New Millennium ETF is jointly and primarily managed by the team of Andy Browder
(Co-Portfolio Manager) and Daniel Sherwood (Co-Portfolio Manager). Mr. Browder
has managed the fund since 2020 and Mr. Sherwood has managed the fund since
2022.
Mr.
Sherwood develops the investment strategy for the fund and is not responsible
for the operational implementation of the fund's strategy. He also manages other
funds. Since joining Fidelity Investments in 2008, Mr. Sherwood has worked as a
research analyst and portfolio manager.
Mr.
Browder is responsible for the operational implementation of the fund's
investment strategy. Since joining Fidelity Investments in 2012, Mr. Browder has
worked as a quantitative analyst and portfolio manager.
Fidelity®
Real Estate Investment ETF is jointly and primarily managed by the team of Steve
Buller (Co-Portfolio Manager) and Wan Hua Tan (Co-Portfolio Manager). Mr. Buller
has managed the fund since 2021 and Ms. Tan has managed the fund since
2022.
Mr.
Buller develops the investment strategy for the fund and is not responsible for
the operational implementation of the fund's strategy. He also manages other
funds. Since joining Fidelity Investments in 1992, Mr. Buller has worked as a
research analyst and portfolio manager.
Ms.
Tan is responsible for the operational implementation of the fund's investment
strategy. Since joining Fidelity Investments in 2022, Ms. Tan has worked as a
qualitative analyst and portfolio manager. Prior to joining the firm, Ms. Tan
served as a quantitative analyst and portfolio manager at Acadian Asset
Management from 2014-2022.
Fidelity®
Small-Mid Cap Opportunities ETF is jointly and primarily managed by the team of
Tim Gannon (Co-Portfolio Manager) and Michelle Hoerber (Co-Portfolio Manager)
each of whom has managed the fund since 2021.
Mr.
Gannon also manages other funds. Since joining Fidelity Investments in 2006, Mr.
Gannon has worked as a quantitative analyst and portfolio manager.
Since
joining Fidelity Investments in 2014, Ms. Hoerber has worked as a quantitative
analyst and portfolio manager.
Fidelity®
Sustainable U.S. Equity ETF is jointly and primarily managed by the team of
Nicole Connolly (Co-Portfolio Manager) and Michael Robertson (Co-Portfolio
Manager) each of whom has managed the fund since 2021.
Ms.
Connolly develops the investment strategy for the fund in conjunction with Mr.
Robertson and is not responsible for the operational implementation of the
fund's strategy. She also manages other funds. Since joining Fidelity
Investments in 2000, Ms. Connolly has worked as an analyst, managing director of
research, Chief Investment Officer of ESG Investing, and portfolio
manager.
Mr.
Robertson, in addition to his role in developing the investment strategy for the
fund, is responsible for the operational implementation of the investment
strategy. He also manages other funds. Since joining Fidelity Investments in
2016, Mr. Robertson has worked as a quantitative analyst, Head of Systematic ESG
Research, and portfolio manager.
Fidelity®
Women's Leadership ETF is jointly and primarily managed by the team of Nicole
Connolly (Co-Portfolio Manager) and Kenyon Hunt (Co-Portfolio Manager). Ms.
Connolly has managed the fund since 2021 and Mr. Hunt has managed the fund since
2023.
Ms.
Connolly develops the investment strategy for the fund and is not responsible
for the implementation of the fund's strategy. She also manages other funds.
Since joining Fidelity Investments in 2000, Ms. Connolly has worked as an
analyst, managing director of research, Chief Investment Officer of ESG
Investing, and portfolio manager.
Mr.
Hunt is responsible for the operational implementation of the fund's investment
strategy. Since joining Fidelity Investments in 2020, Mr. Hunt has worked as a
quantitative research specialist, quantitative analyst, and portfolio manager.
Prior to joining Fidelity, Mr. Hunt worked at FactSet as a consultant and
consulting manager. He has been in the financial industry since
2016.
The
SAI provides additional information about the compensation of, any other
accounts managed by, and any fund shares held by the portfolio
manager(s).
From
time to time a manager, analyst, or other Fidelity employee may express views
regarding a particular company, security, industry, or market sector. The views
expressed by any such person are the views of only that individual as of the
time expressed and do not necessarily represent the views of Fidelity or any
other person in the Fidelity organization. Any such views are subject to change
at any time based upon market or other conditions and Fidelity disclaims any
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a fund are based on
numerous factors, may not be relied on as an indication of trading intent on
behalf of any fund.
Advisory
Fee(s)
Each
fund pays a management fee to the Adviser.
The
management fee is calculated and paid to the Adviser every month.
The
Adviser pays all of the other expenses of Fidelity® Blue Chip Growth ETF,
Fidelity® Blue Chip Value ETF, Fidelity® Growth Opportunities ETF, Fidelity®
Magellan℠ ETF, Fidelity® New Millennium ETF, Fidelity® Real Estate Investment
ETF, Fidelity® Small-Mid Cap Opportunities ETF, Fidelity® Sustainable U.S.
Equity ETF, and Fidelity® Women's Leadership ETF with limited
exceptions.
The
annual management fee rate, as a percentage of each fund's average net assets,
is shown in the following table:
|
Fund |
Management
Fee Rate |
|
Fidelity®
Blue Chip Growth ETF |
0.59% |
|
Fidelity®
Blue Chip Value ETF |
0.59% |
|
Fidelity®
Growth Opportunities ETF |
0.59% |
|
Fidelity®
Magellan℠ ETF |
0.59% |
|
Fidelity®
New Millennium ETF |
0.59% |
|
Fidelity®
Real Estate Investment ETF |
0.59% |
|
Fidelity®
Small-Mid Cap Opportunities ETF |
0.60% |
|
Fidelity®
Sustainable U.S. Equity ETF |
0.59% |
|
Fidelity®
Women's Leadership ETF |
0.59% |
The
Adviser pays FMR Investment Management (UK) Limited, Fidelity Management &
Research (Hong Kong) Limited, and Fidelity Management & Research (Japan)
Limited for providing sub-advisory services.
The
basis for the Board of Trustees approving the management contract and
sub-advisory agreements for each fund is available in each fund's annual report
for the fiscal period ended July 31, 2023.
From
time to time, the Adviser or its affiliates may agree to reimburse or waive
certain fund expenses while retaining the ability to be repaid if expenses fall
below the specified limit prior to the end of the fiscal year.
Reimbursement
or waiver arrangements can decrease expenses and boost performance.
FDC
distributes each fund's shares.
Intermediaries
may receive from the Adviser, FDC, and/or their affiliates compensation for
providing recordkeeping and administrative services, as well as other retirement
plan expenses, and compensation for services intended to result in the sale of
fund shares.
These
payments are described in more detail in this section and in the
SAI.
Distribution
and Service Plan(s)
While
each fund will not make direct payments for distribution or shareholder support
services, each fund has adopted a Distribution and Service Plan pursuant to
Rule 12b-1 under the 1940 Act with respect to its shares. Each Plan
recognizes that the Adviser may use its management fee revenues, as well as its
past profits or its resources from any other source, to pay FDC for
expenses incurred in connection with providing services intended to result in
the sale of shares of each fund and/or shareholder support services. The
Adviser, directly or through FDC, may pay significant amounts to intermediaries
that provide those services. Currently, the Board of Trustees of each fund
has authorized such payments for shares of each fund.
If
payments made by the Adviser to FDC or to intermediaries under a Distribution
and Service Plan were considered to be paid out of a fund's assets on an ongoing
basis, they might increase the cost of your investment and might cost you more
than paying other types of sales charges.
No
dealer, sales representative, or any other person has been authorized to give
any information or to make any representations, other than those contained in
this prospectus and in the related SAI, in connection with the offer contained
in this prospectus. If given or made, such other information or representations
must not be relied upon as having been authorized by the funds or FDC. This
prospectus and the related SAI do not constitute an offer by the funds or by FDC
to sell shares of the funds to, or to buy shares of the funds from, any person
to whom it is unlawful to make such offer.
State
Street Bank and Trust Company serves as each fund's transfer agent and
custodian, and is located at One Heritage Drive, Floor 1, North Quincy,
Massachusetts, 02171 and 1 Lincoln Street, Boston, Massachusetts, 02111,
respectively.
Appendix
Financial
Highlights are intended to help you understand the financial history of fund
shares for the past 5 years (or, if shorter, the period of operations). Certain
information reflects financial results for a single share. The total returns in
the table represent the rate that an investor would have earned (or lost) on an
investment in shares (assuming reinvestment of all dividends and distributions).
The annual information has been audited by PricewaterhouseCoopers LLP (for
Fidelity® Blue Chip Growth ETF, Fidelity® Blue Chip Value ETF, and Fidelity® New
Millennium ETF) and Deloitte & Touche LLP (for Fidelity® Growth
Opportunities ETF, Fidelity® Magellan℠ ETF, Fidelity® Real Estate Investment
ETF, Fidelity® Small-Mid Cap Opportunities ETF, Fidelity® Sustainable U.S.
Equity ETF, and Fidelity® Women's Leadership ETF), independent registered public
accounting firms, whose reports, along with fund financial statements, are
included in the annual report. Annual reports are available for free upon
request.
|
Fidelity®
Blue Chip Growth ETF |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 A |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
24.93 |
$ |
32.77 |
$ |
22.74 |
$ |
20.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
-
D |
|
(.05)
|
|
(.08)
|
|
(.01)
|
|
Net
realized and unrealized gain (loss) |
|
6.35
|
|
(7.79)
|
|
10.11
|
|
2.75
|
|
Total
from investment operations |
|
6.35
|
|
(7.84)
|
|
10.03
|
|
2.74
|
|
Distributions
from net investment income |
|
-
|
|
-
|
|
-
D |
|
-
|
|
Net
asset value, end of period |
$ |
31.28 |
$ |
24.93 |
$ |
32.77 |
$ |
22.74 |
|
Total
Return E,F,G |
|
25.44%
|
|
(23.92)%
|
|
44.14%
|
|
13.68%
|
|
Ratios
to Average Net Assets C,H,I |
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.59%
|
|
.59%
|
|
.59%
|
|
.59%
J |
|
Expenses
net of fee waivers, if any |
|
.59%
|
|
.59%
|
|
.59%
|
|
.59%
J |
|
Expenses
net of all reductions |
|
.59%
|
|
.59%
|
|
.59%
|
|
.59%
J |
|
Net
investment income (loss) |
|
-%
K |
|
(.17)%
|
|
(.27)%
|
|
(.34)%
J |
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
780,383 |
$ |
363,397 |
$ |
407,189 |
$ |
41,494 |
|
Portfolio
turnover rate L,M |
|
30%
|
|
57%
|
|
63%
|
|
11%
N |
AFor
the period June 2, 2020 (commencement of operations) through July 31,
2020.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DAmount
represents less than $.005 per share.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FBased
on net asset value.
GTotal
returns for periods of less than one year are not annualized.
HFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
IExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount
represents less than .005%.
LPortfolio
turnover rate excludes securities received or delivered
in-kind.
MAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
NAmount
not annualized.
|
Fidelity®
Blue Chip Value ETF |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 A |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
28.02 |
$ |
28.63 |
$ |
20.23 |
$ |
20.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
.43
|
|
.39
|
|
.32
|
|
.03
|
|
Net
realized and unrealized gain (loss) |
|
1.04
|
|
(.03)
|
|
8.32
|
|
.21
|
|
Total
from investment operations |
|
1.47
|
|
.36
|
|
8.64
|
|
.24
|
|
Distributions
from net investment income |
|
(.42)
|
|
(.39)
|
|
(.24)
|
|
(.01)
|
|
Distributions
from net realized gain |
|
(.19)
|
|
(.58)
|
|
-
|
|
-
|
|
Total
distributions |
|
(.61)
|
|
(.97)
|
|
(.24)
|
|
(.01)
|
|
Net
asset value, end of period |
$ |
28.88 |
$ |
28.02 |
$ |
28.63 |
$ |
20.23 |
|
Total
Return D,E,F |
|
5.35%
|
|
1.27%
|
|
42.83%
|
|
1.23%
|
|
Ratios
to Average Net Assets C,G,H |
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.59%
|
|
.59%
|
|
.59%
|
|
.59%
I |
|
Expenses
net of fee waivers, if any |
|
.59%
|
|
.59%
|
|
.59%
|
|
.59%
I |
|
Expenses
net of all reductions |
|
.59%
|
|
.59%
|
|
.58%
|
|
.59%
I |
|
Net
investment income (loss) |
|
1.53%
|
|
1.36%
|
|
1.22%
|
|
1.02%
I |
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
128,498 |
$ |
114,175 |
$ |
94,465 |
$ |
8,093 |
|
Portfolio
turnover rate J,K |
|
35%
|
|
54%
|
|
97%
|
|
20%
L |
AFor
the period June 2, 2020 (commencement of operations) through July 31,
2020.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DBased
on net asset value.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FTotal
returns for periods of less than one year are not annualized.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
HExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
IAnnualized.
JPortfolio
turnover rate excludes securities received or delivered
in-kind.
KAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
LAmount
not annualized.
|
Fidelity®
Growth Opportunities ETF |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 A
|
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
14.49 |
$ |
21.16 |
$ |
20.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
(.01)
|
|
(.03)
|
|
(.03)
|
|
Net
realized and unrealized gain (loss) |
|
3.46
|
|
(6.64)
|
|
1.19
|
|
Total
from investment operations |
|
3.45
|
|
(6.67)
|
|
1.16
|
|
Net
asset value, end of period |
$ |
17.94 |
$ |
14.49 |
$ |
21.16 |
|
Total
Return D,E,F |
|
23.80%
|
|
(31.53)%
|
|
5.82%
|
|
Ratios
to Average Net Assets C,G,H |
|
|
|
|
|
|
|
Expenses
before reductions |
|
.59%
|
|
.59%
|
|
.59%
I |
|
Expenses
net of fee waivers, if any |
|
.59%
|
|
.59%
|
|
.59%
I |
|
Expenses
net of all reductions |
|
.59%
|
|
.59%
|
|
.59%
I |
|
Net
investment income (loss) |
|
(.07)%
|
|
(.19)%
|
|
(.33)%
I |
|
Supplemental
Data |
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
195,099 |
$ |
62,310 |
$ |
39,679 |
|
Portfolio
turnover rate J,K |
|
78%
|
|
99%
|
|
49%
L |
AFor
the period February 2, 2021 (commencement of operations) through July 31,
2021.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
EBased
on net asset value.
FTotal
returns for periods of less than one year are not annualized.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
HExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
IAnnualized.
JPortfolio
turnover rate excludes securities received or delivered
in-kind.
KAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
LAmount
not annualized.
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 A
|
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
20.91 |
$ |
23.12 |
$ |
20.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
.06
|
|
.01
|
|
-
D |
|
Net
realized and unrealized gain (loss) |
|
1.44
|
|
(2.20)
|
|
3.13
|
|
Total
from investment operations |
|
1.50
|
|
(2.19)
|
|
3.13
|
|
Distributions
from net investment income |
|
(.07)
|
|
(.02)
|
|
(.01)
|
|
Total
distributions |
|
(.07)
|
|
(.02)
|
|
(.01)
|
|
Net
asset value, end of period |
$ |
22.34 |
$ |
20.91 |
$ |
23.12 |
|
Total
Return E,F,G |
|
7.21%
|
|
(9.50)%
|
|
15.65%
|
|
Ratios
to Average Net Assets C,H,I |
|
|
|
|
|
|
|
Expenses
before reductions |
|
.59%
|
|
.59%
|
|
.59%
J |
|
Expenses
net of fee waivers, if any |
|
.59%
|
|
.59%
|
|
.59%
J |
|
Expenses
net of all reductions |
|
.59%
|
|
.59%
|
|
.59%
J |
|
Net
investment income (loss) |
|
.30%
|
|
.05%
|
|
.01%
J |
|
Supplemental
Data |
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
50,275 |
$ |
46,527 |
$ |
35,842 |
|
Portfolio
turnover rate K,L |
|
89%
|
|
68%
|
|
41%
M |
AFor
the period February 2, 2021 (commencement of operations) through July 31,
2021.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DAmount
represents less than $.005 per share.
ETotal
returns for periods of less than one year are not annualized.
FTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
GBased
on net asset value.
HFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
IExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
JAnnualized.
KPortfolio
turnover rate excludes securities received or delivered
in-kind.
LAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
MAmount
not annualized.
|
Fidelity®
New Millennium ETF |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 A |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
28.86 |
$ |
29.11 |
$ |
20.37 |
$ |
20.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
.30
|
|
.40
|
|
.36
|
|
.03
|
|
Net
realized and unrealized gain (loss) |
|
5.78
|
|
(.12)
|
|
8.75
|
|
.36
|
|
Total
from investment operations |
|
6.08
|
|
.28
|
|
9.11
|
|
.39
|
|
Distributions
from net investment income |
|
(.33)
|
|
(.53)
|
|
(.37)
|
|
(.02)
|
|
Distributions
from net realized gain |
|
(.07)
|
|
-
|
|
-
|
|
-
|
|
Total
distributions |
|
(.40)
|
|
(.53)
|
|
(.37)
|
|
(.02)
|
|
Net
asset value, end of period |
$ |
34.54 |
$ |
28.86 |
$ |
29.11 |
$ |
20.37 |
|
Total
Return D,E,F |
|
21.36%
|
|
1.00%
|
|
45.03%
|
|
1.95%
|
|
Ratios
to Average Net Assets C,G,H |
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.59%
|
|
.59%
|
|
.59%
|
|
.59%
I |
|
Expenses
net of fee waivers, if any |
|
.59%
|
|
.59%
|
|
.59%
|
|
.59%
I |
|
Expenses
net of all reductions |
|
.59%
|
|
.59%
|
|
.58%
|
|
.59%
I |
|
Net
investment income (loss) |
|
.99%
|
|
1.36%
|
|
1.33%
|
|
1.00%
I |
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
107,923 |
$ |
56,276 |
$ |
60,407 |
$ |
6,112 |
|
Portfolio
turnover rate J,K |
|
76%
|
|
36%
|
|
68%
|
|
10%
L |
AFor
the period June 2, 2020 (commencement of operations) through July 31,
2020.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DTotal
returns for periods of less than one year are not annualized.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FBased
on net asset value.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
HExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
IAnnualized.
JPortfolio
turnover rate excludes securities received or delivered
in-kind.
KAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
LAmount
not annualized.
|
Fidelity®
Real Estate Investment ETF |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 A
|
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
23.83 |
$ |
24.79 |
$ |
20.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
.52
|
|
.39
|
|
.21
|
|
Net
realized and unrealized gain (loss) |
|
(2.91)
|
|
(.80)
|
|
4.79
|
|
Total
from investment operations |
|
(2.39)
|
|
(.41)
|
|
5.00
|
|
Distributions
from net investment income |
|
(.57)
|
|
(.55)
|
|
(.21)
|
|
Total
distributions |
|
(.57)
|
|
(.55)
|
|
(.21)
|
|
Net
asset value, end of period |
$ |
20.87 |
$ |
23.83 |
$ |
24.79 |
|
Total
Return D,E,F |
|
(9.93)%
|
|
(1.68)%
|
|
25.17%
|
|
Ratios
to Average Net Assets C,G,H |
|
|
|
|
|
|
|
Expenses
before reductions |
|
.59%
|
|
.59%
|
|
.59%
I |
|
Expenses
net of fee waivers, if any |
|
.59%
|
|
.59%
|
|
.59%
I |
|
Expenses
net of all reductions |
|
.59%
|
|
.59%
|
|
.58%
I |
|
Net
investment income (loss) |
|
2.49%
|
|
1.58%
|
|
1.80%
I |
|
Supplemental
Data |
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
15,134 |
$ |
20,257 |
$ |
16,735 |
|
Portfolio
turnover rate J,K |
|
33%
|
|
24%
|
|
23%
L |
AFor
the period February 2, 2021 (commencement of operations) through July 31,
2021.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DBased
on net asset value.
ETotal
returns for periods of less than one year are not annualized.
FTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
HExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
IAnnualized.
JPortfolio
turnover rate excludes securities received or delivered
in-kind.
KAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
LAmount
not annualized.
|
Fidelity®
Small-Mid Cap Opportunities ETF |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 A
|
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
20.94 |
$ |
22.84 |
$ |
20.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
.12
|
|
.10
|
|
.03
|
|
Net
realized and unrealized gain (loss) |
|
1.76
|
|
(1.89)
|
|
2.84
|
|
Total
from investment operations |
|
1.88
|
|
(1.79)
|
|
2.87
|
|
Distributions
from net investment income |
|
(.14)
|
|
(.11)
|
|
(.03)
|
|
Total
distributions |
|
(.14)
|
|
(.11)
|
|
(.03)
|
|
Net
asset value, end of period |
$ |
22.68 |
$ |
20.94 |
$ |
22.84 |
|
Total
Return D,E,F |
|
9.02%
|
|
(7.88)%
|
|
14.36%
|
|
Ratios
to Average Net Assets C,G,H |
|
|
|
|
|
|
|
Expenses
before reductions |
|
.60%
|
|
.62%
|
|
.64%
I |
|
Expenses
net of fee waivers, if any |
|
.60%
|
|
.62%
|
|
.64%
I |
|
Expenses
net of all reductions |
|
.60%
|
|
.62%
|
|
.63%
I |
|
Net
investment income (loss) |
|
.59%
|
|
.45%
|
|
.22%
I |
|
Supplemental
Data |
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
35,149 |
$ |
27,747 |
$ |
24,558 |
|
Portfolio
turnover rate J,K |
|
38%
|
|
42%
|
|
37%
L |
AFor
the period February 2, 2021 (commencement of operations) through July 31,
2021.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DBased
on net asset value.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FTotal
returns for periods of less than one year are not annualized.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
HExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
KPortfolio
turnover rate excludes securities received or delivered
in-kind.
LAmount
not annualized.
|
Fidelity®
Sustainable U.S. Equity ETF |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 A
|
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
19.21 |
$ |
20.80 |
$ |
20.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
.20
D |
|
.11
|
|
-
E |
|
Net
realized and unrealized gain (loss) |
|
2.51
|
|
(1.57)
|
|
.80
|
|
Total
from investment operations |
|
2.71
|
|
(1.46)
|
|
.80
|
|
Distributions
from net investment income |
|
(.20)
|
|
(.13)
|
|
-
|
|
Total
distributions |
|
(.20)
|
|
(.13)
|
|
-
|
|
Net
asset value, end of period |
$ |
21.72 |
$ |
19.21 |
$ |
20.80 |
|
Total
Return F,G |
|
14.25%
|
|
(7.01)%
|
|
3.99%
|
|
Ratios
to Average Net Assets C,H,I |
|
|
|
|
|
|
|
Expenses
before reductions |
|
.59%
|
|
.59%
|
|
.59%
J |
|
Expenses
net of fee waivers, if any |
|
.59%
|
|
.59%
|
|
.59%
J |
|
Expenses
net of all reductions |
|
.59%
|
|
.59%
|
|
.59%
J |
|
Net
investment income (loss) |
|
1.06%
D |
|
.56%
|
|
(.07)%
J |
|
Supplemental
Data |
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
10,317 |
$ |
5,763 |
$ |
3,120 |
|
Portfolio
turnover rate K,L |
|
45%
|
|
66%
|
|
23%
M |
AFor
the period June 15, 2021 (commencement of operations) through July 31,
2021.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DNet
investment income per share reflects one or more large, non-recurring
dividend(s) which amounted to $.05 per share. Excluding such non-recurring
dividend(s), the ratio of net investment income (loss) to average net assets
would have been .80%.
EAmount
represents less than $.005 per share.
FTotal
returns for periods of less than one year are not annualized.
GBased
on net asset value.
HFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
IExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
JAnnualized.
KPortfolio
turnover rate excludes securities received or delivered
in-kind.
LAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
MAmount
not annualized.
|
Fidelity®
Women's Leadership ETF |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 A
|
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
17.52 |
$ |
20.51 |
$ |
20.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
.16
|
|
.11
|
|
-
D |
|
Net
realized and unrealized gain (loss) |
|
2.08
|
|
(3.01)
|
|
.51
|
|
Total
from investment operations |
|
2.24
|
|
(2.90)
|
|
.51
|
|
Distributions
from net investment income |
|
(.17)
|
|
(.09)
|
|
-
|
|
Total
distributions |
|
(.17)
|
|
(.09)
|
|
-
|
|
Net
asset value, end of period |
$ |
19.59 |
$ |
17.52 |
$ |
20.51 |
|
Total
Return E,F |
|
12.98%
|
|
(14.14)%
|
|
2.53%
|
|
Ratios
to Average Net Assets C,G,H |
|
|
|
|
|
|
|
Expenses
before reductions |
|
.59%
|
|
.59%
|
|
.59%
I |
|
Expenses
net of fee waivers, if any |
|
.59%
|
|
.59%
|
|
.59%
I |
|
Expenses
net of all reductions |
|
.59%
|
|
.59%
|
|
.59%
I |
|
Net
investment income (loss) |
|
.91%
|
|
.56%
|
|
.08%
I |
|
Supplemental
Data |
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
3,428 |
$ |
2,627 |
$ |
2,051 |
|
Portfolio
turnover rate J,K |
|
72%
|
|
64%
|
|
5%
L |
AFor
the period June 15, 2021 (commencement of operations) through July 31,
2021.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DAmount
represents less than $.005 per share.
ETotal
returns for periods of less than one year are not annualized.
FBased
on net asset value.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
HExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
IAnnualized.
JPortfolio
turnover rate excludes securities received or delivered
in-kind.
KAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
LAmount
not annualized.
Additional
Index Information
MSCI
USA IMI ESG Leaders Index
is a capitalization-weighted index that provides exposure to companies with high
Environmental, Social and Governance (ESG) performance relative to their sector
peers. MSCI USA IMI ESG Leaders Index consists of large mid and small cap
companies in the US market. The Index is designed for investors seeking a broad,
diversified sustainability benchmark with relatively low tracking error to the
underlying equity market.
MSCI
USA Women's Leadership Index aims
to represent the performance of those companies that exhibit a commitment
towards gender diversity among their board of directors and among the leadership
positions. The index aims to include companies which lead in their respective
countries in terms of female representation in Board and in leadership
positions. The index is constructed as a sector neutral index so that each
GICS®
Sector weight in the index is equal to its weight in the underlying MSCI index.
Within each sector group, constituents of the index are equally
weighted.
MSCI
US IMI Real Estate 25/50 Index is
a modified market capitalization-weighted index of stocks designed to measure
the performance of real estate companies in the MSCI US Investable Market 2500
Index.
Russell
1000® Growth Index
is a market capitalization-weighted index designed to measure the performance of
the large-cap growth segment of the U.S. equity market. It includes those
Russell 1000®
Index companies with higher price-to-book ratios and higher forecasted growth
rates.
Russell
1000®
Value Index
is a market capitalization-weighted index designed to measure the performance of
the large-cap value segment of the U.S. equity market. It includes those Russell
1000®
Index companies with lower price-to-book ratios and lower expected growth
rates.
Russell
2500TM
Index
is a market capitalization-weighted index designed to measure the performance of
the small to mid-cap segment of the U.S. equity market. It includes
approximately 2,500 of the smallest securities in the Russell 3000®
Index.
Russell
3000®
Index
is a market capitalization-weighted index designed to measure the performance of
the 3,000 largest companies in the U.S. equity market.
S&P
500®
Index
is a market capitalization-weighted index of 500 common stocks chosen for market
size, liquidity, and industry group representation to represent U.S. equity
performance.
You
can obtain additional information about the funds. A description of each fund's
policies and procedures for disclosing its holdings is available in its
Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI
also includes more detailed information about each fund and its investments. The
SAI is incorporated herein by reference (legally forms a part of the
prospectus). Each fund's annual and semi-annual reports also include additional
information. Each fund's annual report includes a discussion of the fund's
holdings and recent market conditions and the fund's investment strategies that
affected performance.
For
a free copy of any of these documents or to request other information or ask
questions about a fund, call Fidelity at 1-800-FIDELITY. In addition, you may
visit Fidelity's web site at www.fidelity.com for a free copy of a prospectus,
SAI, or annual or semi-annual report or to request other
information.
The
SAI, the funds' annual and semi-annual reports and other related materials
are available from the Electronic Data Gathering, Analysis, and Retrieval
(EDGAR) Database on the SEC's web site (http://www.sec.gov). You can
obtain copies of this information, after paying a duplicating fee, by
sending a request by e-mail to [email protected] or by writing the Public
Reference Section of the SEC, Washington, D.C. 20549-1520. You can also
review and copy information about the funds, including the funds' SAI, at
the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090
for information on the operation of the SEC's Public Reference
Room. |
|
Investment
Company Act of 1940, File Number(s), 811-07319 |
Fidelity
Distributors Company LLC (FDC) is a member of the Securities Investor Protection
Corporation (SIPC). You may obtain information about SIPC, including the SIPC
brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
Fidelity,
the Fidelity Investments Logo and all other Fidelity trademarks or service marks
used herein are trademarks or service marks of FMR LLC. Any third-party marks
that are used herein are trademarks or service marks of their respective owners.
© 2023 FMR LLC. All rights reserved.
|
1.9900242.104 |
ETC-PRO-1123 |
