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 |
$ |
15 |
|
3
years |
$ |
48 |
|
5
years |
$ |
85 |
|
10
years |
$ |
192 |
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 43%
of the average value of its portfolio.
Principal
Investment Strategies
- Normally
investing at least 80% of assets in securities included in the Fidelity U.S.
Value Factor IndexSM,
which is designed to reflect the performance of stocks of large and
mid-capitalization U.S. companies that have attractive valuations.
- Lending
securities to earn income for the fund.
Principal
Investment Risks
Stock
markets and, as a result, stock market indexes, 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.
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.
Changes
in the financial condition of an issuer or counterparty (e.g., broker-dealer or
other borrower in a securities lending transaction) can increase the risk of
default by an issuer or counterparty, which can affect a security's or
instrument's value or result in delays in recovering securities and/or capital
from a counterparty.
- Fluctuation
of Net Asset Value and Share Price.
The
net asset value per share (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
performance of the fund and its underlying index may vary somewhat due to
factors such as fees and expenses of the fund, transaction costs, sample
selection, regulatory restrictions, and timing differences associated with
additions to and deletions from the index. Errors in the construction or
calculation of the index may occur from time to time and may not be identified
and corrected for some period of time, which may have an adverse impact on the
fund and its shareholders.
The
fund is managed with a passive investment strategy, attempting to track the
performance of an unmanaged index of securities, regardless of the current or
projected performance of the fund's index or of the actual securities included
in the index. This differs from an actively managed fund, which typically seeks
to outperform a benchmark index. As a result, the fund's performance could be
lower than actively managed funds that may shift their portfolio assets to take
advantage of market opportunities or lessen the impact of a market decline or a
decline in the value of one or more issuers.
The
fund may be concentrated to approximately the same extent that the fund's index
concentrates in the securities of issuers in a particular industry or group of
industries.
There
can be no assurance that an active trading market will be maintained. 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. In
addition, trading may be halted, for example, due to market
conditions.
Although
the fund's underlying index uses a rules-based proprietary index methodology
that is designed to identify stocks with attractive valuations, there is no
guarantee that this methodology will be successful or that these stocks will
continue to be good "values." "Value" stocks can perform differently from the
market as a whole and other types of stocks and can continue to be undervalued
by the market for long periods of time.
The
value of securities of 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.
Securities
lending involves the risk that the borrower may fail to return the securities
loaned in a timely manner or at all. If the borrower defaults on its obligation
to return the securities loaned because of insolvency or other reasons, a fund
could experience delays and costs in recovering the securities loaned or in
gaining access to the collateral.
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 changes in the performance of the fund's shares from
year to 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
|
|
|
|
|
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
|
|
|
|
|
|
21.90%
|
-7.08%
|
29.54%
|
8.87%
|
30.65%
|
-14.33%
|
|
During
the periods shown in the chart: |
Returns |
Quarter
ended |
|
Highest
Quarter Return |
19.76% |
June
30, 2020 |
|
Lowest
Quarter Return |
-25.25% |
March
31, 2020 |
|
Year-to-Date
Return |
10.58% |
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 |
Past
5
years |
Life
of
fund A |
|
Fidelity®
Value Factor ETF |
|
|
|
|
Return
Before Taxes |
-14.33%
|
7.96%
|
%
|
|
Return
After Taxes on Distributions |
-14.68%
|
7.50%
|
%
|
|
Return
After Taxes on Distributions and Sale of Fund
Shares
|
-8.22%
|
6.21%
|
%
|
|
Fidelity
U.S. Value Factor Index℠
(reflects
no deduction for fees, expenses, or taxes) |
-14.10% |
8.27% |
% |
|
Russell
1000® Index
(reflects
no deduction for fees, expenses, or taxes) |
-19.13% |
9.13% |
% |
|
|
|
|
|
Investment
Adviser
Fidelity
Management & Research Company LLC (FMR) (the Adviser) is the fund's manager.
Geode Capital Management, LLC serves as a sub-adviser for the fund.
Portfolio
Manager(s)
Louis
Bottari (Senior Portfolio Manager) has managed the fund since 2016.
Peter
Matthew (Senior Portfolio Manager) has managed the fund since 2016.
Robert
Regan (Portfolio Manager) has managed the fund since 2016.
Payal
Gupta (Portfolio Manager) has managed the fund since 2019.
Navid
Sohrabi (Portfolio Manager) has managed the fund since 2019.
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®
Dividend ETF for Rising Rates seeks to provide investment returns that
correspond, before fees and expenses, generally to the performance of the
Fidelity Dividend Index for Rising Rates℠.
Principal
Investment Strategies
Geode
normally invests at least 80% of the fund's assets in securities included in the
Fidelity Dividend Index for Rising RatesSM
and in depositary receipts representing securities included in the index. The
Fidelity Dividend Index for Rising RatesSM
is designed to reflect the performance of stocks of large and mid-capitalization
dividend-paying companies that are expected to continue to pay and grow their
dividends and have a positive correlation of returns to increasing 10-year U.S.
Treasury yields.
The
universe of stocks for consideration in the index, which is intended to reflect
the broader equity market, consists of the largest 1,000 U.S. stocks and the
largest 1,000 developed markets international stocks based on market
capitalization and certain liquidity and investability
requirements.
The
fund may not always hold all of the same securities as the
Fidelity Dividend Index for Rising Rates℠ Geode may use
statistical sampling techniques to attempt to replicate the returns of the
index. Statistical sampling techniques attempt to match the investment
characteristics of the index and the fund by taking into account such factors as
capitalization, industry exposures, fundamental characteristics, liquidity,
country weightings, and the effect of foreign taxes.
The
fund may not track the index because differences between the index and the
fund's portfolio can cause differences in performance. In addition, expenses,
transaction costs, and differences between how and when the fund and the index
are valued can cause differences in performance.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
The
fund may invest more than 25% of its total assets in securities of issuers in a
particular industry or group of industries to approximately the same extent that
the fund's index concentrates in the securities of issuers in a particular
industry or group of industries.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
High Dividend ETF seeks to provide investment returns that correspond, before
fees and expenses, generally to the performance of the Fidelity High Dividend
Index℠.
Principal
Investment Strategies
Geode
normally invests at least 80% of the fund's assets in securities included in the
Fidelity High Dividend IndexSM
and in depositary receipts representing securities included in the index. The
Fidelity High Dividend IndexSM
is designed to reflect the performance of stocks of large and mid-capitalization
high-dividend-paying companies that are expected to continue to pay and grow
their dividends.
The
universe of stocks for consideration in the index, which is intended to reflect
the broader equity market, consists of the largest 1,000 U.S. stocks and the
largest 1,000 developed markets international stocks based on market
capitalization and certain liquidity and investability
requirements.
The
fund may not always hold all of the same securities as the
Fidelity High Dividend Index℠ Geode may use statistical
sampling techniques to attempt to replicate the returns of the index.
Statistical sampling techniques attempt to match the investment characteristics
of the index and the fund by taking into account such factors as capitalization,
industry exposures, fundamental characteristics, liquidity, country weightings,
and the effect of foreign taxes.
The
fund may not track the index because differences between the index and the
fund's portfolio can cause differences in performance. In addition, expenses,
transaction costs, and differences between how and when the fund and the index
are valued can cause differences in performance.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
The
fund may invest more than 25% of its total assets in securities of issuers in a
particular industry or group of industries to approximately the same extent that
the fund's index concentrates in the securities of issuers in a particular
industry or group of industries.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Low Volatility Factor ETF seeks to provide investment returns that correspond,
before fees and expenses, generally to the performance of the Fidelity U.S. Low
Volatility Factor Index℠.
Principal
Investment Strategies
Geode
normally invests at least 80% of the fund's assets in securities included in the
Fidelity U.S. Low Volatility Factor IndexSM.
The Fidelity U.S. Low Volatility Factor IndexSM
is designed to reflect the performance of stocks of large and mid-capitalization
U.S. companies with lower volatility than the broader market.
The
universe of stocks for consideration in the index, which is intended to reflect
the broader equity market, consists of the largest 1,000 U.S. stocks based on
market capitalization and certain liquidity and investability
requirements.
The
fund may not always hold all of the same securities as the Fidelity U.S. Low
Volatility Factor Index℠. Geode may use statistical sampling techniques to
attempt to replicate the returns of the index. Statistical sampling techniques
attempt to match the investment characteristics of the index and the fund by
taking into account such factors as capitalization, industry exposures,
fundamental characteristics, and liquidity.
The
fund may not track the index because differences between the index and the
fund's portfolio can cause differences in performance. In addition, expenses,
transaction costs, and differences between how and when the fund and the index
are valued can cause differences in performance.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
The
fund may invest more than 25% of its total assets in securities of issuers in a
particular industry or group of industries to approximately the same extent that
the fund's index concentrates in the securities of issuers in a particular
industry or group of industries.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Momentum Factor ETF seeks to provide investment returns that correspond, before
fees and expenses, generally to the performance of the Fidelity U.S. Momentum
Factor Index℠.
Principal
Investment Strategies
Geode
normally invests at least 80% of the fund's assets in securities included in the
Fidelity U.S. Momentum Factor IndexSM.
The Fidelity U.S. Momentum Factor IndexSM
is designed to reflect the performance of stocks of large and mid-capitalization
U.S. companies that exhibit positive momentum signals.
The
universe of stocks for consideration in the index, which is intended to reflect
the broader equity market, consists of the largest 1,000 U.S. stocks based on
market capitalization and certain liquidity and investability
requirements.
The
fund may not always hold all of the same securities as the Fidelity U.S.
Momentum Factor Index℠. Geode may use statistical sampling techniques to attempt
to replicate the returns of the index. Statistical sampling techniques attempt
to match the investment characteristics of the index and the fund by taking into
account such factors as capitalization, industry exposures, fundamental
characteristics, and liquidity.
The
fund may not track the index because differences between the index and the
fund's portfolio can cause differences in performance. In addition, expenses,
transaction costs, and differences between how and when the fund and the index
are valued can cause differences in performance.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
The
fund may invest more than 25% of its total assets in securities of issuers in a
particular industry or group of industries to approximately the same extent that
the fund's index concentrates in the securities of issuers in a particular
industry or group of industries.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Quality Factor ETF seeks to provide investment returns that correspond, before
fees and expenses, generally to the performance of the Fidelity U.S. Quality
Factor Index℠.
Principal
Investment Strategies
Geode
normally invests at least 80% of the fund's assets in securities included in the
Fidelity U.S. Quality Factor IndexSM.
The Fidelity U.S. Quality Factor IndexSM
is designed to reflect the performance of stocks of large and mid-capitalization
U.S. companies with a higher quality profile than the broader
market.
The
universe of stocks for consideration in the index, which is intended to reflect
the broader equity market, consists of the largest 1,000 U.S. stocks based on
market capitalization and certain liquidity and investability
requirements.
The
fund may not always hold all of the same securities as the Fidelity U.S. Quality
Factor Index℠. Geode may use statistical sampling techniques to attempt to
replicate the returns of the index. Statistical sampling techniques attempt to
match the investment characteristics of the index and the fund by taking into
account such factors as capitalization, industry exposures, fundamental
characteristics, and liquidity.
The
fund may not track the index because differences between the index and the
fund's portfolio can cause differences in performance. In addition, expenses,
transaction costs, and differences between how and when the fund and the index
are valued can cause differences in performance.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
The
fund may invest more than 25% of its total assets in securities of issuers in a
particular industry or group of industries to approximately the same extent that
the fund's index concentrates in the securities of issuers in a particular
industry or group of industries.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Small-Mid Multifactor ETF seeks to provide investment returns that correspond,
before fees and expenses, generally to the performance of the Fidelity Small-Mid
Multifactor Index℠.
Principal
Investment Strategies
Geode
normally invests at least 80% of the fund's assets in securities included in the
Fidelity Small-Mid Multifactor IndexSM.
The Fidelity Small-Mid Multifactor IndexSM
is designed to reflect the performance of stocks of small- and
mid-capitalization U.S. companies with attractive valuations, high quality
profiles, positive momentum signals, and lower volatility than the broader
market, as represented by the Fidelity U.S. Extended Investable Market
IndexSM.
The
universe of stocks for consideration in the Fidelity Small-Mid Multifactor
IndexSM
is the Fidelity U.S. Extended Investable Market IndexSM
which is a float-adjusted market capitalization-weighted index designed to
reflect the performance of U.S. small- and mid-capitalization stocks. This index
is a subset of the Fidelity U.S. Total Investable Market IndexSM,
but excludes the 500 largest companies included in the broader
index.
The
fund may not always hold all of the same securities as the Fidelity Small-Mid
Multifactor Index℠. Geode may use statistical sampling techniques to attempt to
replicate the returns of the index. Statistical sampling techniques attempt to
match the investment characteristics of the index and the fund by taking into
account such factors as capitalization, industry exposures, fundamental
characteristics, and liquidity.
The
fund may not track the index because differences between the index and the
fund's portfolio can cause differences in performance. In addition, expenses,
transaction costs, and differences between how and when the fund and the index
are valued can cause differences in performance.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
The
fund will invest more than 25% of its total assets in securities of issuers in a
particular industry to approximately the same extent that the fund's index
concentrates in the securities of issuers in a particular industry.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Stocks for Inflation ETF seeks to provide investment returns that correspond,
before fees and expenses, generally to the performance of the Fidelity Stocks
for Inflation Factor Index℠.
Principal
Investment Strategies
Geode
normally invests at least 80% of the fund's assets in securities included in the
Fidelity Stocks for Inflation Factor IndexSM.
The Fidelity Stocks for Inflation Factor IndexSM
is designed to reflect the performance of stocks of large and mid-capitalization
U.S. companies with attractive valuations, high quality profiles and positive
momentum signals, emphasizing industries that tend to outperform in inflationary
environments.
The
universe of stocks for consideration in the index, which is intended to reflect
the broader U.S. equity market, consists of the largest 1,000 U.S. stocks based
on market capitalization and certain liquidity and investability
requirements.
The
fund may not always hold all of the same securities as the Fidelity Stocks for
Inflation Factor Index℠. Geode may use statistical sampling techniques to
attempt to replicate the returns of the index. Statistical sampling techniques
attempt to match the investment characteristics of the index and the fund by
taking into account such factors as capitalization, industry exposures,
fundamental characteristics, and liquidity.
The
fund may not track the index because differences between the index and the
fund's portfolio can cause differences in performance. In addition, expenses,
transaction costs, and differences between how and when the fund and the index
are valued can cause differences in performance.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
The
fund will invest more than 25% of its total assets in securities of issuers in a
particular industry to approximately the same extent that the fund's index
concentrates in the securities of issuers in a particular industry.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
U.S. Multifactor ETF seeks to provide investment returns that correspond, before
fees and expenses, generally to the performance of the Fidelity U.S. Multifactor
Index℠.
Principal
Investment Strategies
Geode
normally invests at least 80% of the fund's assets in securities included in the
Fidelity U.S. Multifactor Index℠.
The Fidelity U.S. Multifactor Index℠
is designed to reflect the performance of stocks of large and mid-capitalization
U.S. companies with attractive valuations, high quality profiles, positive
momentum signals, and lower volatility than the broader market.
The
universe of stocks for consideration in the index, which is intended to reflect
the broader equity market, consists of the largest 1,000 U.S. stocks based on
market capitalization and certain liquidity and investability
requirements.
The
fund may not always hold all of the same securities as the Fidelity U.S.
Multifactor Index℠. Geode may use statistical sampling techniques to attempt to
replicate the returns of the index. Statistical sampling techniques attempt to
match the investment characteristics of the index and the fund by taking into
account such factors as capitalization, industry exposures, fundamental
characteristics, and liquidity.
The
fund may not track the index because differences between the index and the
fund's portfolio can cause differences in performance. In addition, expenses,
transaction costs, and differences between how and when the fund and the index
are valued can cause differences in performance.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
The
fund will invest more than 25% of its total assets in securities of issuers in a
particular industry to approximately the same extent that the fund's index
concentrates in the securities of issuers in a particular industry.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Value Factor ETF seeks to provide investment returns that correspond, before
fees and expenses, generally to the performance of the Fidelity U.S. Value
Factor Index℠.
Principal
Investment Strategies
Geode
normally invests at least 80% of the fund's assets in securities included in the
Fidelity U.S. Value Factor IndexSM.
The Fidelity U.S. Value Factor IndexSM
is designed to reflect the performance of stocks of large and mid-capitalization
U.S. companies that have attractive valuations.
The
universe of stocks for consideration in the index, which is intended to reflect
the broader equity market, consists of the largest 1,000 U.S. stocks based on
market capitalization and certain liquidity and investability
requirements.
The
fund may not always hold all of the same securities as the Fidelity U.S. Value
Factor Index℠. Geode may use statistical sampling techniques to attempt to
replicate the returns of the index. Statistical sampling techniques attempt to
match the investment characteristics of the index and the fund by taking into
account such factors as capitalization, industry exposures, fundamental
characteristics, and liquidity.
The
fund may not track the index because differences between the index and the
fund's portfolio can cause differences in performance. In addition, expenses,
transaction costs, and differences between how and when the fund and the index
are valued can cause differences in performance.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
The
fund may invest more than 25% of its total assets in securities of issuers in a
particular industry or group of industries to approximately the same extent that
the fund's index concentrates in the securities of issuers in a particular
industry or group of industries.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
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. Equity securities include common stocks, preferred stocks,
convertible securities, and warrants.
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. 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 factors can significantly affect a fund's performance:
Low
Volatility Strategies.
Although a fund's underlying index uses a rules-based proprietary index
methodology that is designed to identify stocks with lower volatility than the
broader market, there is no guarantee that this methodology or a fund's low
volatility strategy will be successful. Because the index may not minimize
volatility or the fund may not be successful in implementing the strategy, the
fund may experience more volatility than desired. Securities in the fund's
portfolio may be subject to price volatility and the prices may not be any less
volatile than the market as a whole, and could be more volatile. There may be
periods when equity securities with lower volatility are out of favor and
therefore, during such periods, the performance of the fund may suffer. In
addition, the securities selected for the index may underperform higher
volatility securities.
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.
Foreign
Exposure. Foreign
securities 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.
Issuer-Specific
Changes.
Changes in the financial condition of an issuer or counterparty (e.g.,
broker-dealer or other borrower in a securities lending transaction), 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 or result in delays in recovering securities
and/or capital from a counterparty. The value of securities of smaller, less
well-known issuers can be more volatile than that of larger
issuers.
Fluctuation
of Net Asset Value and Share Price. The
NAV of each fund's shares will generally fluctuate with changes in the market
value of each fund's holdings. Each 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 a share's market price is expected to
approximate its 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 the 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. Securities held by a fund may be traded in markets that close at a
different time than the listing exchange. During the time when the listing
exchange is open but after the applicable market closing, fixing or settlement
times, bid-ask spreads and the resulting premium or discount to the fund's NAV
may widen. The Adviser expects that, under normal market conditions, large
discounts or premiums to NAV will not be sustained in the long term because of
arbitrage opportunities.
Correlation
to Index. The
performance of a fund and its index may vary somewhat due to factors such as
fees and expenses of the fund, transaction costs, imperfect correlation between
the fund's securities and those in the index, timing differences associated with
additions to and deletions from the index, and changes in the shares outstanding
of the component securities. A fund may not be fully invested at times as a
result of cash flows into the fund. The use of sampling techniques or futures or
other derivative positions may affect a fund's ability to achieve close
correlation with the index. In addition, the fund may not be able to invest in
certain securities included in the index or invest in them in the exact
proportions in which they are represented in the index due to regulatory
restrictions. Errors in the construction or calculation of the index may occur
from time to time and may not be identified and corrected for some period of
time, which may have an adverse impact on the fund and its
shareholders.
Passive
Management Risk.
An index fund is managed with a passive investment strategy, attempting to track
the performance of an unmanaged index of securities, regardless of the current
or projected performance of the fund's index or of the actual securities
included in the index. This differs from an actively managed fund, which
typically seeks to outperform a benchmark index. As a result, an index fund's
performance could be lower than actively managed funds that may shift their
portfolio assets to take advantage of market opportunities or lessen the impact
of a market decline or a decline in the value of one or more issuers. The
structure and composition of an index fund's index will affect the performance,
volatility, and risk of the index and, consequently, the performance,
volatility, and risk of the fund. For each fund (other than Fidelity®
Small-Mid Multifactor ETF, Fidelity®
Stocks for Inflation ETF, and Fidelity®
U.S. Multifactor ETF), the fund may be concentrated to approximately the same
extent that the fund's index concentrates in the securities of issuers in a
particular industry or group of industries. For Fidelity®
Small-Mid Multifactor ETF, Fidelity®
Stocks for Inflation ETF, and Fidelity®
U.S. Multifactor ETF, the fund will be concentrated to approximately the same
extent that the fund's index concentrates in the securities of issuers in a
particular industry.
Factor-Based
Strategy Risk. Although
the index uses a rules-based proprietary index methodology that seeks to
identify certain factors, there is no guarantee that this methodology will be
successful. In addition, there may be periods when a particular style of
investing or factor is out of favor and therefore, during such periods, the
investment performance of the fund may suffer.
Trading
Issues.
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. Only an Authorized Participant may engage in creation or redemption
transactions directly with a fund. A fund has a limited number of intermediaries
that act as 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. 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. 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 each fund's shares, does not
maintain a secondary market in the shares.
If
an index is discontinued, the fund may substitute a different index or,
alternatively, may liquidate the fund if the Board of Trustees deems it to be in
the best interest of shareholders.
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.
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.
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.
Securities
Lending Risk.
Securities lending involves the risk that the borrower may fail to return the
securities loaned in a timely manner or at all. If the borrower defaults on its
obligation to return the securities loaned because of insolvency or other
reasons, a fund could experience delays and costs in recovering the securities
loaned or in gaining access to the collateral. These delays and costs could be
greater for foreign securities. If a fund is not able to recover the securities
loaned, the fund may sell the collateral and purchase a replacement investment
in the market. The value of the collateral could decrease below the value of the
replacement investment by the time the replacement investment is
purchased.
Dividend
Paying Securities.
Although the Fidelity Dividend Index for Rising RatesSM
and
the Fidelity High Dividend IndexSM each
use a rules- based proprietary index methodology that is designed to identify
stocks of dividend- paying companies that will continue to pay and grow their
dividends, there is no guarantee that these methodologies will be successful.
Fidelity® Dividend
ETF for Rising Rates and Fidelity® High
Dividend ETF may underperform funds that invest more broadly. If securities held
by a fund reduce or stop paying dividends, the fund's ability to generate
dividend income may be affected. In addition, there may be periods when
dividend- paying securities are out of favor and therefore, during such periods,
the investment performance of a fund may suffer.
Momentum
Securities Risk.
Although a fund's underlying index uses a rules-based proprietary index
methodology that is designed to identify stocks that exhibit positive momentum
signals, there is no guarantee that this methodology will be successful. Stocks
that previously exhibited high momentum characteristics may not experience
positive momentum or may experience more volatility than the market as a whole.
In addition, there may be periods when momentum investing is out of favor and
therefore, during such periods, the investment performance of the fund may
suffer.
Quality
Stocks.
Although a fund's underlying index uses a rules-based proprietary index
methodology that is designed to identify stocks with a higher quality profile
than the broader market, there is no guarantee that this methodology will be
successful or that the past performance of these stocks will continue. Companies
that issue these stocks may experience lower than expected returns or may
experience negative growth, as well as increased leverage, resulting in lower
than expected or negative returns. Many factors can affect a stock's quality and
performance, and the impact of these factors on a stock or its price can be
difficult to predict. In addition, there may be periods when investing in
quality stocks is out of favor and therefore, the investment performance of the
fund may suffer.
Stocks
for Inflation.
Although a fund's underlying index uses a rules- based proprietary index
methodology that is designed to identify stocks with attractive valuations, high
quality profiles and positive momentum signals, there is no guarantee that this
methodology will be successful. A fund may underperform funds that invest more
broadly. Though stocks should provide a hedge against inflation, the value of
the stocks in which a fund invests may decrease in the future. As inflation
increases, purchasing power is eroded and the future value of a fund's assets
and distributions may decline. In addition, there may be periods when stocks for
inflation are out of favor and therefore, during such periods, the investment
performance of the fund may be less attractive than funds that invest more
broadly.
"Value"
Investing. Although
a fund's underlying index uses a rules-based proprietary index methodology that
is designed to identify stocks with attractive valuations, there is no guarantee
that this methodology will be successful or that these stocks will continue to
be good "values." "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. In addition, there may be periods when the value style of investing is
out of favor and therefore, during such periods, the investment performance of
the fund may suffer.
High
Portfolio Turnover. A
fund may engage in active and frequent trading of its portfolio securities. High
portfolio turnover (more than 100%) may result in increased transaction costs to
a fund, including brokerage commissions, dealer mark-ups, and other transaction
costs on the sale of securities or reinvestment in other securities. The sale of
a fund's securities may result in the realization and/or distribution to
shareholders of higher capital gains or losses as compared to a fund with less
active trading policies. These effects of higher than normal portfolio turnover
may adversely affect a fund's performance.
Other
Investment Strategies
In
addition to the principal investment strategies discussed above, Geode Capital
Management, LLC (Geode) may use various techniques, such as buying and selling
futures contracts, swaps, and exchange traded funds, to increase or decrease a
fund's exposure to changing security prices or other factors that affect
security values.
The
Fidelity U.S. Multifactor IndexSM
is constructed using Fidelity's rules-based proprietary index methodology.
Stocks in the universe are given a composite score based on four factors:
valuation, quality, momentum, and volatility. Stocks with the highest composite
scores are identified for inclusion in the index. Within each sector, stocks are
weighted based on their market capitalization in the broader U.S. equity market
plus an overweight adjustment that is equal for all constituents within that
sector.
The
index is rebalanced semi-annually, as of the close of business of the listing
exchange on the third Friday in February and August. Fidelity Product Services
LLC (FPS) is the index provider. FPS is an affiliated person of the
Adviser.
The
Fidelity Dividend Index for Rising RatesSM
is constructed using Fidelity's rules-based proprietary index methodology.
Stocks are ranked within each sector and given a composite score based on four
fundamental characteristics: high dividend yield, low dividend payout ratio,
high dividend growth, and positive correlation of returns to increasing 10-year
U.S. Treasury yields. Within each sector, composite scores are adjusted based on
market capitalization. Stocks with the highest composite scores within each
sector are identified for inclusion in the index.
Each
sector is neutral-weighted relative to the broader equity market. Within each
sector, each stock is weighted based on its market capitalization in the broader
equity market plus an overweight adjustment that is equal for all constituents
within that sector.
International
stocks may comprise up to 10% of the index when the index is rebalanced. The
index is rebalanced annually, as of the close of business of the listing
exchange on the third Friday in February. FPS is the index provider. FPS is an
affiliated person of the Adviser.
The
Fidelity High Dividend IndexSM
is constructed using Fidelity's rules-based proprietary index methodology.
Stocks are ranked within each sector and given a composite score based on three
fundamental characteristics: high dividend yield, low dividend payout ratio, and
high dividend growth. Within each sector, composite scores are adjusted based on
market capitalization. Stocks with the highest composite scores within each
sector are identified for inclusion in the index.
Sectors
are weighted relative to the broader equity market depending on the yield
characteristics of the sector. Sectors with higher dividend yields are
overweighted, while sectors with lower dividend yields are underweighted. Within
each sector, each stock is weighted based on its market capitalization in the
broader equity market plus an overweight adjustment that is equal for all
constituents within that sector.
International
stocks may comprise up to 10% of the index when the index is rebalanced. The
index is rebalanced annually, as of the close of business of the listing
exchange on the third Friday in February. FPS is the index provider. FPS is an
affiliated person of the Adviser.
The
Fidelity U.S. Low Volatility Factor IndexSM
is constructed using Fidelity's rules-based proprietary index methodology.
Stocks are ranked within each sector and given a composite score based on three
measures of volatility: low volatility of returns, low beta (a measure of market
sensitivity), and low earnings volatility. Within each sector, composite scores
are adjusted based on market capitalization. Stocks with the highest composite
scores within each sector are identified for inclusion in the
index.
Each
sector is neutral-weighted relative to the broader equity market. Within each
sector, each stock is weighted based on its market capitalization in the broader
equity market plus an overweight adjustment that is equal for all constituents
within that sector.
The
index is rebalanced semi-annually, as of the close of business of the listing
exchange on the third Friday in February and August. FPS is the index provider.
FPS is an affiliated person of the Adviser.
The
Fidelity U.S. Momentum Factor IndexSM is
constructed using Fidelity's rules-based proprietary index methodology. Stocks
are ranked within each sector and given a composite score based on four measures
of momentum: high total returns, high volatility-adjusted returns, high positive
earnings surprises, and low average short interest. Within each sector,
composite scores are adjusted based on market capitalization. Stocks with the
highest composite scores within each sector are identified for inclusion in the
index.
Each
sector is neutral-weighted relative to the broader equity market. Within each
sector, each stock is weighted based on its market capitalization in the broader
equity market plus an overweight adjustment that is equal for all constituents
within that sector.
The
index is rebalanced quarterly, as of the close of business of the listing
exchange on the third Friday in February, May, August and November. FPS is the
index provider. FPS is an affiliated person of the Adviser.
The
Fidelity U.S. Quality Factor IndexSM is
constructed using Fidelity's rules-based proprietary index methodology. Stocks
are ranked within each sector and given a composite score based on three
measures of quality: high free cash flow margin, high return on invested
capital, and high free cash flow stability. Within each sector, composite scores
are adjusted based on market capitalization. Stocks with the highest composite
scores within each sector are identified for inclusion in the
index.
Each
sector is neutral-weighted relative to the broader equity market. Within each
sector, each stock is weighted based on its market capitalization in the broader
equity market plus an overweight adjustment that is equal for all constituents
within that sector.
The
index is rebalanced semi-annually, as of the close of business of the listing
exchange on the third Friday in February and August. FPS is the index provider.
FPS is an affiliated person of the Adviser.
The
Fidelity Small-Mid Multifactor IndexSM is
constructed using Fidelity's rules-based proprietary index methodology. Stocks
are ranked and given a composite score based on four factors: valuation,
quality, momentum, and volatility. Within each sector, stocks are weighted based
on their market capitalization weight in the Fidelity U.S. Extended Investable
Market IndexSM plus
an overweight adjustment that is equal for all constituents within that
sector.
The
index is rebalanced semi-annually, as of the close of business of the listing
exchange on the third Friday in February and August. FPS is the index provider.
FPS is an affiliated person of the Adviser.
The
Fidelity Stocks for Inflation Factor IndexSM is
constructed using Fidelity's rules-based proprietary index methodology. Stocks
are ranked within each sector and given a composite score based on three
factors: valuation, quality, and momentum. Within each sector, stocks are
weighted based on their market cap weight in the broader U.S. equity market plus
an overweight adjustment that is equal for all constituents within that sector.
Stocks with the highest composite scores within each sector are identified for
inclusion in the index.
The
index is rebalanced semi-annually, as of the close of business of the listing
exchange on the third Friday in February and August. FPS is the index provider.
FPS is an affiliated person of the Adviser.
The
Fidelity U.S. Value Factor IndexSM
is constructed using Fidelity's rules-based proprietary index methodology.
Stocks are ranked within each sector and given a composite score based on four
measures of value: high free-cash-flow yield; low enterprise value to earnings
before interest, taxes, depreciation and amortization; low price to tangible
book value; and low price to future earnings. Within each sector, composite
scores are adjusted based on market capitalization. Stocks with the highest
composite scores within each sector are identified for inclusion in the
index.
Each
sector is neutral-weighted relative to the broader equity market. Within each
sector, each stock is weighted based on its market capitalization in the broader
equity market plus an overweight adjustment that is equal for all constituents
within that sector.
The
index is rebalanced semi-annually, as of the close of business of the listing
exchange on the third Friday in February and August. FPS is the index provider.
FPS is an affiliated person of the Adviser.
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®
U.S. Multifactor ETF normally invests at least 80% of its assets in securities
included in the Fidelity U.S. Multifactor Index℠.
Fidelity®
Small-Mid Multifactor ETF normally invests at least 80% of its assets in
securities included in the Fidelity Small-Mid Multifactor IndexSM.
Fidelity®
Stocks for Inflation ETF normally invests at least 80% of its assets in
securities included in the Fidelity Stocks for Inflation Factor
IndexSM.
Fidelity®
Dividend ETF for Rising Rates normally invests at least 80% of its assets in
securities included in the Fidelity Dividend Index for Rising RatesSM
and in depositary receipts representing securities included in the
index.
Fidelity®
High Dividend ETF normally invests at least 80% of its assets in securities
included in the Fidelity High Dividend IndexSM and in depositary receipts
representing securities included in the index.
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 open-end 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. For example, if, in the Adviser's opinion, a security's
value has been materially affected by events occurring before a fund's pricing
time but after the close of the exchange or market on which the security is
principally traded, then that security will be fair valued in good faith by the
Adviser in accordance with applicable fair value pricing policies. Fair value
pricing will be used for high yield debt securities when available pricing
information is determined to be stale or for other reasons not to accurately
reflect fair value.
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.
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. Due to such commissions and
charges, frequent trading may detract significantly from investment
returns.
Each
fund is designed to offer investors an equity investment that can be bought and
sold frequently in the secondary market without impact on a fund, and such
trading activity is critical to ensuring that the market price of fund shares
remains 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. 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 Investment Company Act of 1940 (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®
Dividend ETF for Rising Rates |
|
March,
June, September, December |
|
Fidelity®
High Dividend ETF |
|
March,
June, September, December |
|
Fidelity®
Low Volatility Factor ETF |
|
March,
June, September, December |
|
Fidelity®
Momentum Factor ETF |
|
March,
June, September, December |
|
Fidelity®
Quality Factor ETF |
|
March,
June, September, December |
|
Fidelity®
Small-Mid Multifactor ETF |
|
March,
June, September, December |
|
Fidelity®
Stocks for Inflation ETF |
|
March,
June, September, December |
|
Fidelity®
U.S. Multifactor ETF |
|
March,
June, September, December |
|
Fidelity®
Value Factor ETF |
|
March,
June, September, December |
|
Fund
Name |
|
Capital
Gains Paid |
|
Fidelity®
Dividend ETF for Rising Rates |
|
December |
|
Fidelity®
High Dividend ETF |
|
December |
|
Fidelity®
Low Volatility Factor ETF |
|
December |
|
Fidelity®
Momentum Factor ETF |
|
December |
|
Fidelity®
Quality Factor ETF |
|
December |
|
Fidelity®
Small-Mid Multifactor ETF |
|
December |
|
Fidelity®
Stocks for Inflation ETF |
|
December |
|
Fidelity®
U.S. Multifactor ETF |
|
December |
|
Fidelity®
Value Factor 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).
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 is responsible for handling each fund's business
affairs.
Sub-Adviser(s)
The
Adviser and the funds may seek an exemptive order from the SEC that will permit
the Adviser, subject to the approval of the Board of Trustees, to enter into new
or amended sub-advisory agreements with one or more unaffiliated and affiliated
sub-advisers without obtaining shareholder approval of such agreements. The
funds' initial sole shareholder has approved the funds' use of this exemptive
order once issued by the SEC and the funds and the Adviser intend to rely on the
exemptive order when issued without seeking additional shareholder approval.
Subject to oversight by the Board of Trustees, the Adviser has the ultimate
responsibility to oversee the funds' sub-advisers and recommend their hiring,
termination, and replacement. In the event the Board of Trustees approves a
sub-advisory agreement with a new sub-adviser, shareholders will be provided
with information about the new sub-adviser and sub-advisory
agreement.
Geode,
at 100 Summer Street, 12th Floor, Boston, Massachusetts 02110, serves as a
sub-adviser for each fund. As of December 31, 2022, Geode had approximately
$803.4 billion in discretionary assets under management.
Geode
chooses each fund's investments and places orders to buy and sell each fund's
investments.
Portfolio
Manager(s)
Louis
Bottari is Senior Portfolio Manager of each fund, which he has managed since
2016 (except for Fidelity®
Small-Mid Multifactor ETF and Fidelity®
Stocks for Inflation ETF, both of which he has managed since 2019, and
Fidelity®
U.S. Multifactor ETF, which he has managed since 2020). He also manages other
funds. Since joining Geode in 2008, Mr. Bottari has worked as an assistant
portfolio manager, portfolio manager, and senior portfolio manager.
Peter
Matthew is Senior Portfolio Manager of each fund, which he has managed since
2016 (except for Fidelity®
Small-Mid Multifactor ETF and Fidelity®
Stocks for Inflation ETF, both of which he has managed since 2019, and
Fidelity®
U.S. Multifactor ETF, which he has managed since 2020). He also manages other
funds. Since joining Geode in 2007, Mr. Matthew has worked as a senior
operations associate, portfolio manager assistant, assistant portfolio manager,
portfolio manager, and senior portfolio manager.
Robert
Regan is Portfolio Manager of each fund, which he has managed since 2016 (except
for Fidelity®
Small-Mid Multifactor ETF and Fidelity®
Stocks for Inflation ETF, both of which he has managed since 2019, and
Fidelity®
U.S. Multifactor ETF, which he has managed since 2020). He also manages other
funds. Since joining Geode in 2016, Mr. Regan has worked as a portfolio
manager.
Payal
Gupta is Portfolio Manager of each fund, which she has managed since 2019
(except for Fidelity®
U.S. Multifactor ETF, which she has managed since 2020). She also manages other
funds. Since joining Geode in 2019, Ms. Gupta has worked as a portfolio manager.
Prior to joining Geode, Ms. Gupta worked at State Street Global Advisors from
2005 to 2019, most recently as senior portfolio manager.
Navid
Sohrabi is Portfolio Manager of each fund, which he has managed since 2019
(except for Fidelity®
U.S. Multifactor ETF, which he has managed since 2020). He also manages other
funds. Since joining Geode in 2019, Mr. Sohrabi has worked as a portfolio
manager. Prior to joining Geode, Mr. Sohrabi worked at DWS, most recently as an
index portfolio manager.
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® Dividend ETF for Rising
Rates, Fidelity® High Dividend ETF, Fidelity® Low Volatility Factor ETF,
Fidelity® Momentum Factor ETF, Fidelity® Quality Factor ETF, Fidelity® Small-Mid
Multifactor ETF, Fidelity® Stocks for Inflation ETF, Fidelity® U.S. Multifactor
ETF, and Fidelity® Value Factor ETF with limited exceptions.
The
total management fee for each fund for the fiscal year ended July 31, 2023, was
0.29% of the fund's average net assets. Effective November 1, 2023, each fund's
annual management fee rate has been reduced to 0.15% of its average net
assets.
The
Adviser pays Geode for providing investment management services.
The
basis for the Board of Trustees approving the management contract and
sub-advisory agreement 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® Dividend ETF for Rising Rates, Fidelity® High Dividend ETF, Fidelity®
Low Volatility Factor ETF, Fidelity® Momentum Factor ETF, Fidelity® Quality
Factor ETF, Fidelity® Small-Mid Multifactor ETF, Fidelity® U.S. Multifactor ETF,
and Fidelity® Value Factor ETF) and Deloitte & Touche LLP (for Fidelity®
Stocks for Inflation 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®
Dividend ETF for Rising Rates |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
41.08 |
$ |
42.62 |
$ |
31.72 |
$ |
32.31 |
$ |
31.54 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
1.22
|
|
1.08
|
|
.93
|
|
1.01
|
|
1.07
|
|
Net
realized and unrealized gain (loss) |
|
2.02
|
|
(1.54)
|
|
10.85
|
|
(.56)
|
|
.79
|
|
Total
from investment operations |
|
3.24
|
|
(.46)
|
|
11.78
|
|
.45
|
|
1.86
|
|
Distributions
from net investment income |
|
(1.22)
|
|
(1.08)
|
|
(.88)
|
|
(1.04)
|
|
(1.09)
|
|
Total
distributions |
|
(1.22)
|
|
(1.08)
|
|
(.88)
|
|
(1.04)
|
|
(1.09)
|
|
Net
asset value, end of period |
$ |
43.10 |
$ |
41.08 |
$ |
42.62 |
$ |
31.72 |
$ |
32.31 |
|
Total
Return C,D |
|
8.17%
|
|
(1.06)%
|
|
37.57%
|
|
1.86%
|
|
6.09%
|
|
Ratios
to Average Net Assets B,E,F |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
Expenses
net of fee waivers, if any |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
Expenses
net of all reductions |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
Net
investment income (loss) |
|
3.04%
|
|
2.54%
|
|
2.44%
|
|
3.15%
|
|
3.42%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
549,536 |
$ |
612,143 |
$ |
490,089 |
$ |
282,317 |
$ |
360,229 |
|
Portfolio
turnover rate G,H |
|
29%
|
|
28%
|
|
32%
|
|
35%
|
|
35%
|
ACalculated
based on average shares outstanding during the period.
BNet
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.
CBased
on net asset value.
DTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
EFees
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. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
FExpense
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.
GPortfolio
turnover rate excludes securities received or delivered
in-kind.
HAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
|
Fidelity®
High Dividend ETF |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
38.44 |
$ |
38.05 |
$ |
27.56 |
$ |
30.12 |
$ |
30.15 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
1.39
|
|
1.21
|
|
1.02
|
|
1.10
|
|
1.23
|
|
Net
realized and unrealized gain (loss) |
|
3.11
|
|
.44
C |
|
10.48
|
|
(2.52)
|
|
(.03)
|
|
Total
from investment operations |
|
4.50
|
|
1.65
|
|
11.50
|
|
(1.42)
|
|
1.20
|
|
Distributions
from net investment income |
|
(1.43)
|
|
(1.26)
|
|
(1.01)
|
|
(1.14)
|
|
(1.23)
|
|
Total
distributions |
|
(1.43)
|
|
(1.26)
|
|
(1.01)
|
|
(1.14)
|
|
(1.23)
|
|
Net
asset value, end of period |
$ |
41.51 |
$ |
38.44 |
$ |
38.05 |
$ |
27.56 |
$ |
30.12 |
|
Total
Return D,E |
|
12.22%
|
|
4.43%
|
|
42.42%
|
|
(4.54)%
|
|
4.16%
|
|
Ratios
to Average Net Assets B,F,G |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
Expenses
net of fee waivers, if any |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
Expenses
net of all reductions |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
Net
investment income (loss) |
|
3.66%
|
|
3.11%
|
|
3.04%
|
|
3.85%
|
|
4.15%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
1,695,767 |
$ |
1,278,054 |
$ |
1,052,122 |
$ |
520,795 |
$ |
362,952 |
|
Portfolio
turnover rate H,I |
|
52%
|
|
38%
|
|
32%
|
|
49%
|
|
50%
|
ACalculated
based on average shares outstanding during the period.
BNet
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.
CThe
amount shown for a share outstanding does not correspond with the aggregate net
gain (loss) on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
DBased
on net asset value.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FFees
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. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
GExpense
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.
HPortfolio
turnover rate excludes securities received or delivered
in-kind.
IAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
|
Fidelity®
Low Volatility Factor ETF |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
47.58 |
$ |
48.75 |
$ |
38.33 |
$ |
36.37 |
$ |
32.40 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
.74
|
|
.62
|
|
.56
|
|
.62
|
|
.62
|
|
Net
realized and unrealized gain (loss) |
|
3.44
|
|
(1.17)
|
|
10.43
|
|
1.95
|
|
3.92
|
|
Total
from investment operations |
|
4.18
|
|
(.55)
|
|
10.99
|
|
2.57
|
|
4.54
|
|
Distributions
from net investment income |
|
(.74)
|
|
(.62)
|
|
(.57)
|
|
(.61)
|
|
(.57)
|
|
Total
distributions |
|
(.74)
|
|
(.62)
|
|
(.57)
|
|
(.61)
|
|
(.57)
|
|
Net
asset value, end of period |
$ |
51.02 |
$ |
47.58 |
$ |
48.75 |
$ |
38.33 |
$ |
36.37 |
|
Total
Return C,D |
|
8.96%
|
|
(1.12)%
|
|
28.90%
|
|
7.29%
|
|
14.20%
|
|
Ratios
to Average Net Assets B,E,F |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
Expenses
net of fee waivers, if any |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
Expenses
net of all reductions |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
Net
investment income (loss) |
|
1.57%
|
|
1.27%
|
|
1.31%
|
|
1.69%
|
|
1.83%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
553,605 |
$ |
444,863 |
$ |
511,897 |
$ |
350,708 |
$ |
245,502 |
|
Portfolio
turnover rate G,H |
|
46%
|
|
28%
|
|
46%
|
|
31%
|
|
36%
|
ACalculated
based on average shares outstanding during the period.
BNet
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.
CTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
DBased
on net asset value.
EFees
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. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
FExpense
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.
GAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
HPortfolio
turnover rate excludes securities received or delivered
in-kind.
|
Fidelity®
Momentum Factor ETF |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
45.78 |
$ |
49.77 |
$ |
39.26 |
$ |
35.80 |
$ |
33.58 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
.53
|
|
.43
|
|
.25
|
|
.42
|
|
.40
|
|
Net
realized and unrealized gain (loss) |
|
3.53
|
|
(4.01)
|
|
10.54
|
|
3.47
|
|
2.22
|
|
Total
from investment operations |
|
4.06
|
|
(3.58)
|
|
10.79
|
|
3.89
|
|
2.62
|
|
Distributions
from net investment income |
|
(.54)
|
|
(.41)
|
|
(.28)
|
|
(.43)
|
|
(.40)
|
|
Total
distributions |
|
(.54)
|
|
(.41)
|
|
(.28)
|
|
(.43)
|
|
(.40)
|
|
Net
asset value, end of period |
$ |
49.30 |
$ |
45.78 |
$ |
49.77 |
$ |
39.26 |
$ |
35.80 |
|
Total
Return C,D |
|
9.02%
|
|
(7.20)%
|
|
27.58%
|
|
11.06%
|
|
7.91%
|
|
Ratios
to Average Net Assets B,E,F |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
Expenses
net of fee waivers, if any |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
Expenses
net of all reductions |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
Net
investment income (loss) |
|
1.19%
|
|
.88%
|
|
.55%
|
|
1.18%
|
|
1.18%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
152,831 |
$ |
116,748 |
$ |
156,764 |
$ |
88,329 |
$ |
121,736 |
|
Portfolio
turnover rate G,H |
|
137%
|
|
123%
|
|
128%
|
|
138%
|
|
133%
|
ACalculated
based on average shares outstanding during the period.
BNet
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.
CBased
on net asset value.
DTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
EFees
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. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
FExpense
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.
GAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
HPortfolio
turnover rate excludes securities received or delivered
in-kind.
|
Fidelity®
Quality Factor ETF |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
48.06 |
$ |
51.19 |
$ |
38.19 |
$ |
35.28 |
$ |
33.47 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
.72
|
|
.67
|
|
.62
|
|
.62
|
|
.58
|
|
Net
realized and unrealized gain (loss) |
|
4.20
|
|
(3.10)
|
|
13.00
|
|
2.90
|
|
1.77
|
|
Total
from investment operations |
|
4.92
|
|
(2.43)
|
|
13.62
|
|
3.52
|
|
2.35
|
|
Distributions
from net investment income |
|
(.69)
|
|
(.70)
|
|
(.62)
|
|
(.61)
|
|
(.54)
|
|
Total
distributions |
|
(.69)
|
|
(.70)
|
|
(.62)
|
|
(.61)
|
|
(.54)
|
|
Net
asset value, end of period |
$ |
52.29 |
$ |
48.06 |
$ |
51.19 |
$ |
38.19 |
$ |
35.28 |
|
Total
Return C,D |
|
10.46%
|
|
(4.79)%
|
|
36.00%
|
|
10.26%
|
|
7.14%
|
|
Ratios
to Average Net Assets B,E,F |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
Expenses
net of fee waivers, if any |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
Expenses
net of all reductions |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
Net
investment income (loss) |
|
1.54%
|
|
1.33%
|
|
1.39%
|
|
1.74%
|
|
1.72%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
326,843 |
$ |
266,714 |
$ |
245,721 |
$ |
147,022 |
$ |
162,282 |
|
Portfolio
turnover rate G,H |
|
43%
|
|
38%
|
|
35%
|
|
41%
|
|
29%
|
ACalculated
based on average shares outstanding during the period.
BNet
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.
CBased
on net asset value.
DTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
EFees
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. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
FExpense
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.
GPortfolio
turnover rate excludes securities received or delivered
in-kind.
HAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
|
Fidelity®
Small-Mid Multifactor ETF |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 A |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
32.70 |
$ |
33.97 |
$ |
23.90 |
$ |
25.50 |
$ |
24.85 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
.53
|
|
.45
|
|
.38
|
|
.31
|
|
.18
|
|
Net
realized and unrealized gain (loss) |
|
2.01
|
|
(1.26)
|
|
10.11
|
|
(1.58)
|
|
.64
|
|
Total
from investment operations |
|
2.54
|
|
(.81)
|
|
10.49
|
|
(1.27)
|
|
.82
|
|
Distributions
from net investment income |
|
(.52)
|
|
(.46)
|
|
(.42)
|
|
(.33)
|
|
(.17)
|
|
Total
distributions |
|
(.52)
|
|
(.46)
|
|
(.42)
|
|
(.33)
|
|
(.17)
|
|
Net
asset value, end of period |
$ |
34.72 |
$ |
32.70 |
$ |
33.97 |
$ |
23.90 |
$ |
25.50 |
|
Total
Return D,E,F |
|
7.92%
|
|
(2.35)%
|
|
44.21%
|
|
(4.90)%
|
|
3.35%
|
|
Ratios
to Average Net Assets C,G,H |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
I |
|
Expenses
net of fee waivers, if any |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
I |
|
Expenses
net of all reductions |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
I |
|
Net
investment income (loss) |
|
1.65%
|
|
1.35%
|
|
1.23%
|
|
1.32%
|
|
1.70%
I |
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
124,976 |
$ |
71,949 |
$ |
67,939 |
$ |
19,117 |
$ |
7,650 |
|
Portfolio
turnover rate J,K |
|
65%
|
|
60%
|
|
61%
|
|
52%
|
|
2%
L |
AFor
the period February 26, 2019 (commencement of operations) through July 31,
2019.
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.
EBased
on net asset value.
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. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
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®
Stocks for Inflation ETF |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 A |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
31.75 |
$ |
30.72 |
$ |
24.07 |
$ |
24.94 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
.61
|
|
.54
|
|
.39
|
|
.38
|
|
Net
realized and unrealized gain (loss) |
|
1.80
|
|
1.00
D |
|
7.08
|
|
(.90)
|
|
Total
from investment operations |
|
2.41
|
|
1.54
|
|
7.47
|
|
(.52)
|
|
Distributions
from net investment income |
|
(.64)
|
|
(.51)
|
|
(.82)
|
|
(.35)
|
|
Total
distributions |
|
(.64)
|
|
(.51)
|
|
(.82)
|
|
(.35)
|
|
Net
asset value, end of period |
$ |
33.52 |
$ |
31.75 |
$ |
30.72 |
$ |
24.07 |
|
Total
Return E,F,G |
|
7.77%
|
|
5.03%
|
|
31.78%
|
|
(1.88)%
|
|
Ratios
to Average Net Assets C,H,I |
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
J,K |
|
Expenses
net of fee waivers, if any |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
J,K |
|
Expenses
net of all reductions |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
J,K |
|
Net
investment income (loss) |
|
1.95%
|
|
1.68%
|
|
1.34%
|
|
2.16%
J,K |
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
147,499 |
$ |
260,379 |
$ |
46,083 |
$ |
3,610 |
|
Portfolio
turnover rate L,M |
|
105%
|
|
76%
|
|
52%
|
|
65%
N |
AFor
the period November 5, 2019 (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.
DThe
amount shown for a share outstanding does not correspond with the aggregate net
gain (loss) on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
ETotal
returns for periods of less than one year are not annualized.
FBased
on net asset value.
GTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
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. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
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.
JProxy
expenses are not annualized.
KAnnualized.
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®
U.S. Multifactor ETF |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 A
|
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
24.46 |
$ |
25.54 |
$ |
20.09 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
.41
|
|
.41
|
|
.31
D |
|
Net
realized and unrealized gain (loss) |
|
2.19
|
|
(1.09)
|
|
5.62
|
|
Total
from investment operations |
|
2.60
|
|
(.68)
|
|
5.93
|
|
Distributions
from net investment income |
|
(.40)
|
|
(.40)
|
|
(.48)
|
|
Total
distributions |
|
(.40)
|
|
(.40)
|
|
(.48)
|
|
Net
asset value, end of period |
$ |
26.66 |
$ |
24.46 |
$ |
25.54 |
|
Total
Return E,F,G |
|
10.78%
|
|
(2.64)%
|
|
29.94%
|
|
Ratios
to Average Net Assets C,H,I |
|
|
|
|
|
|
|
Expenses
before reductions |
|
.29%
|
|
.29%
|
|
.29%
J |
|
Expenses
net of fee waivers, if any |
|
.29%
|
|
.29%
|
|
.29%
J |
|
Expenses
net of all reductions |
|
.29%
|
|
.29%
|
|
.29%
J |
|
Net
investment income (loss) |
|
1.66%
|
|
1.63%
|
|
1.56%
D,J |
|
Supplemental
Data |
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
34,653 |
$ |
14,676 |
$ |
11,491 |
|
Portfolio
turnover rate K,L |
|
45%
|
|
46%
|
|
30%
M |
AFor
the period September 15, 2020 (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 1.33%.
EBased
on net asset value.
FTotal
returns for periods of less than one year are not annualized.
GTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
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. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
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
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
LPortfolio
turnover rate excludes securities received or delivered
in-kind.
MAmount
not annualized.
|
Fidelity®
Value Factor ETF |
|
|
|
Years
ended July 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
46.27 |
$ |
48.94 |
$ |
34.85 |
$ |
34.53 |
$ |
33.90 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
.87
|
|
.79
|
|
.64
|
|
.73
|
|
.70
|
|
Net
realized and unrealized gain (loss) |
|
4.70
|
|
(2.65)
|
|
14.07
|
|
.28
|
|
.59
|
|
Total
from investment operations |
|
5.57
|
|
(1.86)
|
|
14.71
|
|
1.01
|
|
1.29
|
|
Distributions
from net investment income |
|
(.84)
|
|
(.81)
|
|
(.62)
|
|
(.69)
|
|
(.66)
|
|
Total
distributions |
|
(.84)
|
|
(.81)
|
|
(.62)
|
|
(.69)
|
|
(.66)
|
|
Net
asset value, end of period |
$ |
51.00 |
$ |
46.27 |
$ |
48.94 |
$ |
34.85 |
$ |
34.53 |
|
Total
Return C,D |
|
12.33%
|
|
(3.86)%
|
|
42.56%
|
|
3.12%
|
|
3.95%
|
|
Ratios
to Average Net Assets B,E,F |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
Expenses
net of fee waivers, if any |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
Expenses
net of all reductions |
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
.29%
|
|
Net
investment income (loss) |
|
1.91%
|
|
1.61%
|
|
1.50%
|
|
2.13%
|
|
2.09%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
527,860 |
$ |
499,673 |
$ |
450,269 |
$ |
189,916 |
$ |
136,403 |
|
Portfolio
turnover rate G,H |
|
43%
|
|
46%
|
|
42%
|
|
45%
|
|
31%
|
ACalculated
based on average shares outstanding during the period.
BNet
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.
CTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
DBased
on net asset value.
EFees
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. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
FExpense
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.
GAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
HPortfolio
turnover rate excludes securities received or delivered
in-kind.
Additional
Index Information
Dow
Jones U.S. Completion Total Stock Market Index℠ is
a float-adjusted market capitalization-weighted index of all equity securities
of U.S. headquartered companies with readily available price data, except those
included in the S&P 500®
Index.
The
Fidelity Dividend Index for Rising Rates℠
is designed to reflect the performance of stocks of large and mid-capitalization
dividend-paying companies that are expected to continue to pay and grow their
dividends and have a positive correlation of returns to increasing 10-year U.S.
Treasury yields. Index returns are adjusted for tax withholding rates applicable
to U.S. based mutual funds organized as Massachusetts business trusts
(NR).
The
Fidelity High Dividend Index℠
is
designed to reflect the performance of stocks of large and mid-capitalization
high-dividend-paying companies that are expected to continue to pay and grow
their dividends. Index returns are adjusted for tax withholding rates applicable
to U.S. based mutual funds organized as Massachusetts business trusts
(NR).
The
Fidelity
Small-Mid Multifactor Index℠ is
designed to reflect the performance of stocks of small- and mid-capitalization
U.S. companies with attractive valuations, high quality profiles, positive
momentum signals, and lower volatility than the broader market, as represented
by the Fidelity U.S. Extended Investable Market IndexSM.
The
Fidelity
Stocks for Inflation Factor Index℠ is
designed to reflect the performance of stocks of large- and mid-capitalization
U.S. companies with attractive valuations, high quality profiles, and positive
momentum signals, with structural tilts to sectors that tend to outperform in
inflationary environments.
Fidelity
U.S. Extended Investable Market Index℠ is
a float-adjusted market capitalization-weighted index designed to reflect the
performance of U.S. mid- and small-cap stocks. This index is a subset of the
Fidelity U.S. Total Investable Market Index℠
excluding the 500 largest companies.
The
Fidelity
U.S. Low Volatility Factor Index℠ is
designed to reflect the performance of stocks of large and mid-capitalization
U.S. companies with lower volatility than the broader market.
The
Fidelity
U.S. Momentum Factor Index℠
is designed to reflect the performance of stocks of large and mid-capitalization
U.S. companies that exhibit positive momentum signals.
The
Fidelity U.S. Multifactor Index℠ is
designed to reflect the performance of stocks of large and mid-capitalization
U.S. companies with attractive valuations, high quality profiles, positive
momentum signals, and lower volatility than the broader market.
The
Fidelity U.S. Quality Factor Index℠ is
designed to reflect the performance of stocks of large and mid-capitalization
U.S. companies with a higher quality profile than the broader
market.
Fidelity
U.S. Total Investable Market Index℠ is
a float-adjusted market capitalization-weighted index designed to reflect the
performance of U.S. equity market, including large-, mid- and
small-capitalization stocks.
The
Fidelity U.S. Value Factor Index℠ is
designed to reflect the performance of stocks of large and mid-capitalization
U.S. companies that have attractive valuations.
Russell
1000®
Index
is a market capitalization-weighted index designed to measure the performance of
the large-cap segment of the U.S. equity market.
The
Fidelity index or indices listed above were created by FPS using a rules-based
proprietary index methodology described for the applicable fund(s) in the "Fund
Basics - Investment Details" section of this prospectus.
A
fund is entitled to use its index pursuant to a licensing arrangement with
FPS.
The
fund(s), the Adviser, and Geode have each adopted policies and procedures
designed to minimize potential conflicts of interest in connection with the
management of the fund(s).
Additional
information regarding the index or indices is available on
i.fidelity.com/indices.
The
index or indices are the property of FPS, which has contracted with S&P
Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and
maintain the index or indices. The index or indices are not sponsored by S&P
Dow Jones Indices LLC or its affiliates or its third party licensors, including
Standard & Poor's Financial Services LLC and Dow Jones Trademark Holdings
LLC (collectively, "S&P
Dow Jones Indices").
S&P Dow Jones Indices will not be liable for any errors or omissions in
calculating the index or indices. "Calculated by S&P Dow Jones Indices" and
the related stylized mark(s) are service marks of S&P Dow Jones Indices and
have been licensed for use by FPS. S&P® is
a registered trademark of Standard & Poor's Financial Services LLC, and Dow
Jones® is
a registered trademark of Dow Jones Trademark Holdings LLC.
The
fund(s) based on the index or indices are not sponsored, endorsed, sold or
promoted by S&P Dow Jones Indices. S&P Dow Jones Indices does not make
any representation or warranty, express or implied, to the owners of the fund(s)
or any member of the public regarding the advisability of investing in
securities generally or in the fund(s) particularly or the ability of the index
or indices to track general market performance. S&P Dow Jones Indices' only
relationship to FPS with respect to the index or indices is the licensing of
certain trademarks, service marks and trade names of S&P Dow Jones Indices,
and the provision of the calculation services related to the index or indices.
S&P Dow Jones Indices is not responsible for and has not participated in the
determination of the prices and amount of the fund(s) or the timing of the
issuance or sale of the fund(s) or in the determination or calculation of the
equation by which the fund(s) may be converted into cash or other redemption
mechanics. S&P Dow Jones Indices has no obligation or liability in
connection with the administration, marketing or trading of the fund(s). S&P
Dow Jones Indices LLC is not an investment advisor. Inclusion of a security
within an index is not a recommendation by S&P Dow Jones Indices to buy,
sell, or hold such security, nor is it investment advice.
S&P
DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR
THE COMPLETENESS OF THE INDEX OR INDICES OR ANY DATA RELATED THERETO OR ANY
COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION
(INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES
INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS,
OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR
IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY
FPS, OWNERS OF THE FUND(S), OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE
INDEX OR INDICES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING
ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE
LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL
DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST
TIME, OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.
FPS
is the index provider. FPS is an affiliated person of the investment adviser for
the fund(s) and as such is an affiliated index provider. FPS makes no
representation or warranty, express or implied, to the owners of shares of the
fund(s) or any member of the public regarding the advisability of investing in
securities generally or in the fund(s) particularly or the ability of the
fund(s) to track the index or indices or of the ability of the index or indices
to operate as designed. FPS has no obligation to take the needs of the fund(s)
or the owners of shares of the fund(s) into consideration in determining,
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or interruptions of any Fidelity index or any data included therein. FPS has
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or indices, even if notified of the possibility of such damages.
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
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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,
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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
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© 2023 FMR LLC. All rights reserved.
|
1.9870686.108 |
CPF-PRO-1123 |
