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 |
$ |
51 |
|
3
years |
$ |
160 |
|
5
years |
$ |
280 |
|
10
years |
$ |
628 |
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 of the Predecessor Fund (as defined below),
the Predecessor Fund's portfolio turnover rate was 12%
of the average value of its portfolio.
Principal
Investment Strategies
Normally
investing assets in a combination of five Fidelity® funds, each of which
normally invests in equity securities of companies that represent a disruptive
theme.
- Fidelity®
Disruptive Automation ETF normally invests at least 80% of assets in
securities of disruptive automation companies, which include but are not
limited to companies that, in the Adviser's opinion, are engaged in designing
and manufacturing automation, enabling technology, tools, or processes
including robotics, artificial intelligence, machine vision, process sensors,
pneumatic systems, autonomous driving & electric vehicles, and 3D
printing.
- Fidelity®
Disruptive Communications ETF normally invests at least 80% of assets in
securities of disruptive communications companies, which include but are not
limited to companies that, in the Adviser's opinion, are engaged in social
media, interactive gaming, streaming services, next generation digital
infrastructure, and connected devices (e.g., 5G communications, cloud
networking). In pursuing this investment theme, the fund may invest in
companies in any economic sector.
- Fidelity®
Disruptive Finance ETF normally invests at least 80% of assets in securities
of disruptive finance companies, which include but are not limited to
companies that, in the Adviser's opinion, are engaged in digital
solutions to deliver more cost effective, efficient, and customized financial
services such as blockchain enabled financial services, digital payments, data
processing, internet banks, embedded finance, AI-enabled underwriting and
other disruptive lending and insurance business models.
- Fidelity®
Disruptive Medicine ETF normally invests at least 80% of assets in securities
of disruptive medicine companies, which include but are not limited to
companies that, in the Adviser's opinion, are engaged in robotic surgery, cell
and gene therapy, genomics, rare diseases, medical devices and equipment,
immunotherapy, technology-based health care platforms, advanced diagnostics
and consumer wellness.
- Fidelity®
Disruptive Technology ETF normally invests at least 80% of assets in
securities of disruptive technology companies, which include but are not
limited to companies that, in the Adviser's opinion, are engaged in big data,
machine learning, artificial intelligence, cloud computing/software as a
service (SaaS), cybersecurity, ecommerce and consumer technologies, rideshare,
battery technology, and next generation hardware.
Fidelity's
disruptive strategies seek to identify innovative developments that could signal
new directions for delivering products and services to customers. Generally,
these companies have or are developing new or unconventional ways of doing
business that could disrupt and displace incumbents over time. This may include
creating, providing, or contributing to new or expanded business models, value
networks, pricing, and delivery of products and services.
Principal
Investment Risks
The
fund is subject to risks resulting from the Adviser's asset allocation
decisions. The selection of underlying funds could cause the fund to lose value
or its results to lag relevant benchmarks or other funds with similar
objectives. In addition, the fund's active asset allocation strategy may cause
the fund to have a risk profile different than that portrayed above from time to
time and may increase losses.
- Investing
in Other Funds.
The
fund bears all risks of investment strategies employed by the underlying funds,
including the risk that the underlying funds will not meet their investment
objectives. Because the fund invests in underlying ETFs, the fund also bears
trading-related risks associated with investment in ETFs, as set forth below
with respect to the fund's shares.
Stock
markets are volatile and can decline significantly in response to adverse
issuer, political, regulatory, market, or economic developments. Different parts
of the market, including different market sectors, and different types of
securities can react differently to these developments.
- Foreign
and Emerging Markets Risk.
Foreign
markets, particularly emerging markets, can be more volatile than the U.S.
market due to increased risks of adverse issuer, political, regulatory, market,
or economic developments and can perform differently from the U.S.
market.
The
extent of economic development; political stability; market depth,
infrastructure, and capitalization; and regulatory oversight can be less than in
more developed markets. Emerging markets typically have less established legal,
accounting and financial reporting systems than those in more developed markets,
which may reduce the scope or quality of financial information available to
investors.
Emerging
markets can be subject to greater social, economic, regulatory, and political
uncertainties and can be extremely volatile.
Foreign
exchange rates also can be extremely volatile.
The
fund normally invests in equity securities of companies that the Adviser
believes represent a disruptive theme. These companies may not in fact be
disruptive or may not be able to capitalize thereon. The risks associated with
such companies include, but are not limited to, small or limited markets for
such securities, changes in business cycles, world economic growth,
technological progress, rapid obsolescence, and government regulation.
Securities of companies that represent disruptive themes tend to be more
volatile than securities of companies that do not rely heavily on technology.
Rapid change to technologies that affect a company's products could have a
material adverse effect on such company's results.
Social,
political, and economic conditions and changes in regulatory, tax, or economic
policy in other countries or regions could significantly affect the market in
such country or region.
- Geographic
Exposure to Japan.
Because
an underlying fund invests a meaningful portion of its assets in Japan, the
underlying fund's performance is expected to be closely tied to social,
political, and economic conditions within Japan and to be more volatile than the
performance of more geographically diversified funds.
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.
The
value of securities of smaller issuers can be more volatile than that of larger
issuers.
- 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.
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.
- Authorized
Participant Concentration Risk.
The
fund may have a limited number of financial institutions that act as authorized
participants, none of which are obligated to engage in creation and/or
redemption transactions. To the extent that those authorized participants do not
engage in creation and redemption orders, there may be a significantly
diminished trading market for fund shares or fund shares may trade at a discount
(or premium) to NAV and possibly face trading halts and/or
de-listing.
"Growth"
stocks can perform differently from the market as a whole and other types of
stocks and can be more volatile than other types of stocks.
"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
Adviser's application of the fund's strategy criteria may not achieve its
intended results. The fund could underperform in comparison to other funds with
a similar benchmark or similar objectives and investment strategies.
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
Effective
June 16, 2023, Fidelity®
Disruptors Fund ("Predecessor Fund") was reorganized into the fund
("Reorganization"). The Predecessor Fund's investment objective was
identical to the fund's and the Predecessor Fund was managed in a manner that,
in all material respects, complied with the investment guidelines and
restrictions of the fund. The Predecessor Fund was designated as the accounting
survivor in the Reorganization. As a result, the fund has assumed the
Predecessor Fund's historical performance and the performance information shown
below reflects that of Fidelity®
Disruptors Fund, a class of shares of the Predecessor Fund, which had a
different fee structure than the fund. Past performance may have been different
if the fund's current fee structure had been in place during the period.
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 over various periods of time.
The
index description appears in the "Additional Index Information" section of the
prospectus. Past
performance (before and after taxes) is not an indication of future
performance.
Visit
www.fidelity.com for
more recent performance information.
Year-by-Year
Returns
|
During
the periods shown in the chart: |
Returns |
Quarter
ended |
|
Highest
Quarter Return |
9.71% |
June
30, 2021 |
|
Lowest
Quarter Return |
-22.68% |
June
30, 2022 |
|
Year-to-Date
Return |
20.45% |
June
30, 2023 |
Average
Annual Returns
After-tax
returns are calculated using the historical highest individual federal marginal
income tax rates, but do not reflect the impact of state or local
taxes.
Actual after-tax returns may differ depending on your individual
circumstances.
The after-tax returns shown are not relevant if you hold your shares in a
retirement account or in another tax-deferred arrangement, such as an employee
benefit plan (profit sharing, 401(k), or 403(b)
plan).
Return After Taxes on Distributions and Sale of Fund Shares may be higher than
other returns for the same period due to a tax benefit of realizing a capital
loss upon the sale of fund shares.
|
For
the periods ended December 31, 2022 |
Past
1
year |
Life
of
fund A |
|
Fidelity®
Disruptors ETF |
|
|
|
Return
Before Taxes |
-33.37% |
% |
|
Return
After Taxes on Distributions |
-33.37% |
% |
|
Return
After Taxes on Distributions and Sale of Fund
Shares
|
-19.76% |
% |
|
MSCI
ACWI (All Country World Index) Index
(reflects
no deduction for fees or expenses) |
-18.07% |
% |
|
|
|
|
Investment
Adviser
Fidelity
Management & Research Company LLC (FMR) (the Adviser) is the fund's manager.
FMR Investment Management (UK) Limited (FMR UK), Fidelity Management &
Research (Hong Kong) Limited (FMR H.K.), and another investment adviser
serve as sub-advisers for the fund.
Portfolio
Manager(s)
Niamh
Brodie-Machura (Co-Portfolio Manager) has managed the fund since 2023 and
managed the Predecessor Fund since 2020.
Camille
Carlstrom (Co-Portfolio Manager) has managed the fund since 2023 and managed the
Predecessor Fund since 2020.
Tim
Codrington (Co-Portfolio Manager) has managed the fund since 2023 and managed
the Predecessor Fund since 2020.
Charlie
Hebard (Co-Portfolio Manager) has managed the fund since 2023 and managed the
Predecessor Fund since 2020.
Michael
Kim (Co-Portfolio Manager) has managed the fund since 2023 and managed the
Predecessor Fund since 2020.
William
Shanley (Co-Portfolio Manager) has managed the fund since 2023 and managed the
Predecessor Fund since 2020.
Risteard
Hogan (Co-Portfolio Manager) has managed the fund since 2023.
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®
Disruptive Automation ETF seeks long-term growth of capital.
Principal
Investment Strategies
The
Adviser normally invests at least 80% of the fund's assets in securities of
disruptive automation companies.
Fidelity's
disruptive strategies seek to identify innovative developments that could signal
new directions for delivering products and services to customers. Generally,
these companies have or are developing new or unconventional ways of doing
business that could disrupt and displace incumbents over time. This may include
creating, providing, or contributing to new or expanded business models, value
networks, pricing, and delivery of products and services.
Companies
within the disruptive automation theme include but are not limited to those
companies that, in the Adviser's opinion, are engaged in designing and
manufacturing automation, enabling technology, tools, or processes including
robotics, artificial intelligence, machine vision, process sensors, pneumatic
systems, autonomous driving & electric vehicles, and 3D printing. In
pursuing this investment theme, the fund may invest in companies in any economic
sector.
The
Adviser normally invests primarily in equity securities.
The
Adviser is not constrained by any particular investment style. At any given
time, the Adviser may tend to buy "growth" stocks or "value" stocks or a
combination of both types. In buying and selling securities for the fund, the
Adviser relies on both fundamental analysis, which involves a bottom-up
assessment of a company's potential for success in light of factors including
its financial condition, earnings outlook, strategy, management, industry
position, and economic and market conditions, and a quantitative process for
portfolio construction.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
Because
the fund is classified as non-diversified, the Adviser may invest a significant
percentage of the fund's assets in a single issuer.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Disruptive Communications ETF seeks long-term growth of capital.
Principal
Investment Strategies
The
Adviser normally invests at least 80% of the fund's assets in securities of
disruptive communications companies.
Fidelity's
disruptive strategies seek to identify innovative developments that could signal
new directions for delivering products and services to customers. Generally,
these companies have or are developing new or unconventional ways of doing
business that could disrupt and displace incumbents over time. This may include
creating, providing, or contributing to new or expanded business models, value
networks, pricing, and delivery of products and services.
Companies
within the disruptive communications theme include but are not limited to those
companies that, in the Adviser's opinion, are engaged in social media,
interactive gaming, streaming services, next generation digital infrastructure,
and connected devices (e.g., 5G communications, cloud networking). In pursuing
this investment theme, the fund may invest in companies in any economic
sector.
The
Adviser normally invests primarily in equity securities.
The
Adviser is not constrained by any particular investment style. At any given
time, the Adviser may tend to buy "growth" stocks or "value" stocks or a
combination of both types. In buying and selling securities for the fund, the
Adviser relies on both fundamental analysis, which involves a bottom-up
assessment of a company's potential for success in light of factors including
its financial condition, earnings outlook, strategy, management, industry
position, and economic and market conditions, and a quantitative process for
portfolio construction.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
Because
the fund is classified as non-diversified, the Adviser may invest a significant
percentage of the fund's assets in a single issuer.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Disruptive Finance ETF seeks long-term growth of capital.
Principal
Investment Strategies
The
Adviser normally invests at least 80% of the fund's assets in securities of
disruptive finance companies.
Fidelity's
disruptive strategies seek to identify innovative developments that could signal
new directions for delivering products and services to customers. Generally,
these companies have or are developing new or unconventional ways of doing
business that could disrupt and displace incumbents over time. This may include
creating, providing, or contributing to new or expanded business models, value
networks, pricing, and delivery of products and services.
Companies
within the disruptive finance theme include but are not limited to those
companies that, in the Adviser's opinion, are engaged in digital solutions to
deliver more cost effective, efficient, and customized financial services such
as blockchain enabled financial services, digital payments, data processing,
internet banks, embedded finance, AI-enabled underwriting and other disruptive
lending and insurance business models. In pursuing this investment theme, the
fund may invest in companies in any economic sector. Although the fund may
invest across economic sectors, the fund concentrates its investments in the
finance industries.
The
Adviser normally invests primarily in equity securities.
The
Adviser is not constrained by any particular investment style. At any given
time, the Adviser may tend to buy "growth" stocks or "value" stocks or a
combination of both types. In buying and selling securities for the fund, the
Adviser relies on both fundamental analysis, which involves a bottom-up
assessment of a company's potential for success in light of factors including
its financial condition, earnings outlook, strategy, management, industry
position, and economic and market conditions, and a quantitative process for
portfolio construction.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
Because
the fund is classified as non-diversified, the Adviser may invest a significant
percentage of the fund's assets in a single issuer.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Disruptive Medicine ETF seeks long-term growth of capital.
Principal
Investment Strategies
The
Adviser normally invests at least 80% of the fund's assets in securities of
disruptive medicine companies.
Fidelity's
disruptive strategies seek to identify innovative developments that could signal
new directions for delivering products and services to customers. Generally,
these companies have or are developing new or unconventional ways of doing
business that could disrupt and displace incumbents over time. This may include
creating, providing, or contributing to new or expanded business models, value
networks, pricing, and delivery of products and services.
Companies
within the disruptive medicine theme include but are not limited to those
companies that, in the Adviser's opinion, are engaged in robotic surgery, cell
and gene therapy, genomics, rare diseases, medical devices and equipment,
immunotherapy, technology-based health care platforms, advanced diagnostics and
consumer wellness. In pursuing this investment theme, the fund may invest in
companies in any economic sector. Although the fund may invest across economic
sectors, the fund concentrates its investments in the health care
industries.
The
Adviser normally invests primarily in equity securities.
The
Adviser is not constrained by any particular investment style. At any given
time, the Adviser may tend to buy "growth" stocks or "value" stocks or a
combination of both types. In buying and selling securities for the fund, the
Adviser relies on both fundamental analysis, which involves a bottom-up
assessment of a company's potential for success in light of factors including
its financial condition, earnings outlook, strategy, management, industry
position, and economic and market conditions, and a quantitative process for
portfolio construction.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Disruptive Technology ETF seeks long-term growth of capital.
Principal
Investment Strategies
The
Adviser normally invests at least 80% of the fund's assets in securities of
disruptive technology companies.
Fidelity's
disruptive strategies seek to identify innovative developments that could signal
new directions for delivering products and services to customers. Generally,
these companies have or are developing new or unconventional ways of doing
business that could disrupt and displace incumbents over time. This may include
creating, providing, or contributing to new or expanded business models, value
networks, pricing, and delivery of products and services.
Companies
within the disruptive technology theme include but are not limited to those
companies that, in the Adviser's opinion, are engaged in big data, machine
learning, artificial intelligence, cloud computing/software as a service (SaaS),
cybersecurity, ecommerce and consumer technologies, rideshare, battery
technology and next generation hardware. In pursuing this investment theme, the
fund may invest in companies in any economic sector.
The
Adviser normally invests primarily in equity securities.
The
Adviser is not constrained by any particular investment style. At any given
time, the Adviser may tend to buy "growth" stocks or "value" stocks or a
combination of both types. In buying and selling securities for the fund, the
Adviser relies on both fundamental analysis, which involves a bottom-up
assessment of a company's potential for success in light of factors including
its financial condition, earnings outlook, strategy, management, industry
position, and economic and market conditions, and a quantitative process for
portfolio construction.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
Because
the fund is classified as non-diversified, the Adviser may invest a significant
percentage of the fund's assets in a single issuer.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Disruptors ETF seeks long-term growth of capital.
Principal
Investment Strategies
The
Adviser invests the fund's assets in a combination of five Fidelity®
funds, each of which normally invests in equity securities of companies that
represent a disruptive theme.
Fidelity's
disruptive strategies seek to identify innovative developments that could signal
new directions for delivering products and services to customers. Generally,
these companies have or are developing new or unconventional ways of doing
business that could disrupt and displace incumbents over time. This may include
creating, providing, or contributing to new or expanded business models, value
networks, pricing, and delivery of products and services.
The
following table lists the underlying Fidelity®
funds in which the fund currently may invest and the fund's approximate asset
allocation.
|
Funds |
Asset
Allocation |
|
Fidelity®
Disruptive Automation ETF |
20% |
|
Fidelity®
Disruptive Communications ETF |
20% |
|
Fidelity®
Disruptive
Finance ETF |
20% |
|
Fidelity®
Disruptive Medicine ETF |
20% |
|
Fidelity®
Disruptive Technology ETF |
20% |
The
Adviser intends to manage the fund to remain neutral to its asset allocation
strategy. The Adviser does not intend to trade actively among underlying
Fidelity®
funds or attempt to capture short-term market opportunities.
Description
of Underlying Fidelity® Funds
The
fund invests in underlying Fidelity® funds each of which focuses on a particular
disruptive theme. Visit the fund's website for more information about the fund's
approximate asset allocation to each underlying Fidelity® fund. The Adviser may
change these allocations over time.
Detailed
Information of the underlying Fidelity®
funds is provided above.
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 share price changes daily
based on changes in market conditions and interest rates and in response to
other economic, political, or financial developments. A fund's reaction to these
developments will be affected by the types of securities in which the fund
invests, the financial condition, industry and economic sector, and geographic
location of an issuer, and the fund's level of investment in the securities of
that issuer. Because certain funds concentrate their investments in a particular
industry or group of related industries, such fund's performance could depend
heavily on the performance of that industry or group of industries and could be
more volatile than the performance of less concentrated funds. In addition,
because Fidelity®
Disruptive Automation ETF, Fidelity®
Disruptive Communications ETF, Fidelity®
Disruptive Finance ETF, and Fidelity®
Disruptive Technology ETF may invest a significant percentage of assets in a
single issuer, the fund's performance could be closely tied to that one issuer
and could be more volatile than the performance of more diversified funds. When
you sell your shares they may be worth more or less than what you paid for them,
which means that you could lose money by investing in a fund.
The
following factors can significantly affect a fund's performance:
Asset
Allocation Risk. A
fund is subject to risks resulting from the Adviser's asset allocation
decisions. The selection of underlying funds and the allocation of the fund's
assets among various asset classes could cause the fund to lose value or its
results to lag relevant benchmarks or other funds with similar objectives. In
addition, the fund's active asset allocation strategy may cause the fund to have
a risk profile different than that portrayed above from time to time and may
increase losses.
Investing
in Other Funds.
A fund bears all risks of investment strategies employed by the underlying
funds. A fund does not control the investments of the underlying funds, which
may have different investment objectives and may engage in investment strategies
that a fund would not engage in directly. Aggregation of underlying fund
holdings may result in indirect concentration of assets in a particular industry
or group of industries, or in a single issuer, which may increase
volatility.
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
and Emerging Markets Risk. Foreign
securities, foreign currencies, and securities issued by U.S. entities with
substantial foreign operations can involve additional risks relating to
political, economic, or regulatory conditions in foreign countries. These risks
include fluctuations in foreign exchange rates; withholding or other taxes;
trading, settlement, custodial, and other operational risks; and the less
stringent investor protection and disclosure standards of some foreign markets.
All of these factors can make foreign investments, especially those in emerging
markets, more volatile and potentially less liquid than U.S. investments. In
addition, foreign markets can perform differently from the U.S.
market.
Investing
in emerging markets can involve risks in addition to and greater than those
generally associated with investing in more developed foreign markets. The
extent of economic development; political stability; market depth,
infrastructure, and capitalization; and regulatory oversight can be less than in
more developed markets. Emerging markets typically have less established legal,
accounting and financial reporting systems than those in more developed markets,
which may reduce the scope or quality of financial information available to
investors. Emerging markets economies can be subject to greater social,
economic, regulatory, and political uncertainties and can be extremely volatile.
All of these factors can make emerging markets securities more volatile and
potentially less liquid than securities issued in more developed
markets.
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.
Disruptive
Theme Risk.
Each fund normally invests directly; or in the case of Fidelity®
Disruptors
ETF indirectly; in equity securities of companies that the Adviser believes
represent a disruptive theme. These companies may not in fact be disruptive or
may not be able to capitalize thereon. The risks associated with such companies
include, but are not limited to, small or limited markets for such securities,
changes in business cycles, world economic growth, technological progress, rapid
obsolescence, and government regulation. Securities of companies that represent
disruptive themes tend to be more volatile than securities of companies that do
not rely heavily on technology. Rapid change to technologies that affect a
company's products could have a material adverse effect on such company's
results.
Geographic
Exposure.
Social, political, and economic conditions and changes in regulatory, tax, or
economic policy in a country or region could significantly affect the market in
that country or region. From time to time, a small number of companies and
industries may represent a large portion of the market in a particular country
or region, and these companies and industries can be sensitive to adverse
social, political, economic, currency, or regulatory developments. Similarly,
from time to time, the fund or an underlying fund may invest a meaningful
portion of its assets in the securities of issuers located in a single country
or a limited number of countries. If the fund or an underlying fund invests in
this manner, there is a higher risk that social, political, economic, tax (such
as a tax on foreign investments or financial transactions), currency, or
regulatory developments in those countries may have a significant impact on the
fund's or the underlying fund's investment performance.
Special
Considerations regarding Japan. The
Japanese economy, at times, has been characterized by government intervention
and protectionism, an aging demographic, declining population, and an unstable
financial services sector. International trade, particularly with the United
States, government support of the financial services sector and other troubled
sectors, consistent government policy, natural disasters, and geopolitical
developments can significantly affect economic growth. Since a significant
portion of Japan's trade is conducted with developing nations, almost all of
which are in East and Southeast Asia, it can be affected by currency
fluctuations and other conditions in these other countries.
Industry
Concentration.
Market conditions, interest rates, and economic, regulatory, or financial
developments could significantly affect a single industry or group of related
industries, and the securities of companies in that industry or group of
industries could react similarly to these or other developments. In addition,
from time to time, a small number of companies may represent a large portion of
a single industry or group of related industries as a whole, and these companies
can be sensitive to adverse economic, regulatory, or financial developments.
Certain funds will concentrate in the industries or sectors identified in
"Principal Investment Strategies" above that have the risks described
below:
The
financials
industries are subject to extensive government regulation which can limit both
the amounts and types of loans and other financial commitments they can make,
and the interest rates and fees they can charge. Profitability can be largely
dependent on the availability and cost of capital and the rate of corporate and
consumer debt defaults, and can fluctuate significantly when interest rates
change. Financial difficulties of borrowers can negatively affect the financial
services industries. Insurance companies can be subject to severe price
competition. The financial services industries can be subject to relatively
rapid change as distinctions between financial service segments become
increasingly blurred.
The
health
care
industries are subject to government regulation and reimbursement rates, as well
as government approval of products and services, which could have a significant
effect on price and availability. Furthermore, the types of products or services
produced or provided by health care companies quickly can become obsolete. In
addition, pharmaceutical companies and other companies in the health care
industries can be significantly affected by patent expirations as well as
product liability claims.
Issuer-Specific
Changes.
Changes in the financial condition of an issuer or counterparty, changes in
specific economic or political conditions that affect a particular type of
security or issuer, and changes in general economic or political conditions can
increase the risk of default by an issuer or counterparty, which can affect a
security's or instrument's value. The value of securities of smaller, less
well-known issuers can be more volatile than that of larger issuers. Smaller
issuers can have more limited product lines, markets, or financial
resources.
Quantitative
Investing.
The value of securities selected using quantitative analysis can react
differently to issuer, political, market, and economic developments than the
market as a whole or securities selected using only fundamental analysis. The
factors used in quantitative analysis and the weight placed on those factors may
not be predictive of a security's value. In addition, factors that affect a
security's value can change over time and these changes may not be reflected in
the quantitative model.
Fluctuation
of Net Asset Value and Share Price. The
NAV of the fund's shares will generally fluctuate with changes in the market
value of the fund's holdings. The 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 the 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 the 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.
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
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.
Authorized
Participant Concentration Risk. A
fund may have a limited number of financial institutions that act as Authorized
Participants, none of which are obligated to engage in creation and/or
redemption transactions. Decisions by market makers or Authorized Participants
to reduce their role with respect to market making or creation and redemption
activities during times of market stress, or a decline in the number of
Authorized Participants due to decisions to exit the business, bankruptcy, or
other factors, could inhibit the effectiveness of the arbitrage process in
maintaining the relationship between the underlying value of a fund's portfolio
securities and the market price of fund shares. To the extent no other
Authorized Participants are able to step forward to create or redeem, shares may
trade at a discount to NAV and possibly face delisting.
"Growth"
Investing.
"Growth" stocks can react differently to issuer, political, market, and economic
developments than the market as a whole and other types of stocks. "Growth"
stocks tend to be more expensive relative to their earnings or assets compared
to other types of stocks. As a result, "growth" stocks tend to be sensitive to
changes in their earnings and more volatile than other types of
stocks.
"Value"
Investing.
"Value" stocks can react differently to issuer, political, market, and economic
developments than the market as a whole and other types of stocks. "Value"
stocks tend to be inexpensive relative to their earnings or assets compared to
other types of stocks. However, "value" stocks can continue to be inexpensive
for long periods of time and may not ever realize their full value.
Management
Risk.
The Adviser's application of a fund's strategy criteria may not achieve its
intended results. A fund could underperform in comparison to other funds with a
similar benchmark or similar objectives and investment strategies.
In
response to market, economic, political, or other conditions, a fund may
temporarily use a different investment strategy for defensive purposes. If the
fund does so, different factors could affect its performance and the fund may
not achieve its investment objective.
Other
Investment Strategies
In
addition to the principal investment strategies discussed above, the Adviser may
lend a fund's securities to broker-dealers or other institutions to earn income
for the fund.
The
Adviser may also use various techniques, such as buying and selling futures
contracts and exchange traded funds, to increase or decrease a fund's exposure
to changing security prices or other factors that affect security
values.
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®
Disruptive Automation ETF normally invests at least 80% of its assets in
securities of disruptive automation companies.
Fidelity®
Disruptive Communications ETF normally invests at least 80% of its assets in
securities of disruptive communications companies.
Fidelity®
Disruptive Finance ETF normally invests at least 80% of its assets in securities
of disruptive finance companies.
Fidelity®
Disruptive Medicine ETF normally invests at least 80% of its assets in
securities of disruptive medicine companies.
Fidelity®
Disruptive Technology ETF normally invests at least 80% of its assets in
securities of disruptive technology companies.
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 or underlying Fidelity®
fund assets are traded in other markets on days when a fund is not open for
business, the value of the fund's assets may be affected on those days. In
addition, trading in some underlying Fidelity®
fund assets may not occur on days when a fund is open for business.
Shares
of open-end funds (excluding ETFs) in which the 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 declares dividends and pays capital gain distributions per the
tables below:
|
Fund
Name |
|
Dividends
Paid |
|
Fidelity®
Disruptive Automation ETF |
|
March,
June, September, December |
|
Fidelity®
Disruptive Communications ETF |
|
March,
June, September, December |
|
Fidelity®
Disruptive Finance ETF |
|
March,
June, September, December |
|
Fidelity®
Disruptive Medicine ETF |
|
March,
June, September, December |
|
Fidelity®
Disruptive Technology ETF |
|
March,
June, September, December |
|
Fidelity®
Disruptors ETF |
|
March,
June, September, December |
|
Fund
Name |
|
Capital
Gains Paid |
|
Fidelity®
Disruptive Automation ETF |
|
December |
|
Fidelity®
Disruptive Communications ETF |
|
December |
|
Fidelity®
Disruptive Finance ETF |
|
December |
|
Fidelity®
Disruptive Medicine ETF |
|
December |
|
Fidelity®
Disruptive Technology ETF |
|
December |
|
Fidelity®
Disruptors 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 has overall responsibility for directing each fund's
investments and handling its business affairs.
Sub-Adviser(s)
FMR
Investment Management (UK) Limited (FMR UK),
at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a
sub-adviser for each fund. As of December 31, 2022, FMR UK had approximately
$14.7 billion in discretionary assets under management. FMR UK is an affiliate
of the Adviser.
Currently,
FMR UK has day-to-day responsibility for choosing certain types of investments
for each fund.
Fidelity
Management & Research (Hong Kong) Limited (FMR H.K.),
at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for
each fund. As of December 31, 2022, FMR H.K. had approximately $21.4 billion in
discretionary assets under management. FMR H.K. is an affiliate of the
Adviser.
Currently,
FMR H.K. has day-to-day responsibility for choosing certain types of investments
for each fund.
Fidelity
Management & Research (Japan) Limited (FMR Japan),
at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan,
serves as a sub-adviser for each fund. As of March 31, 2023, FMR Japan had
approximately $2.9 billion in discretionary assets under management. FMR Japan
is an affiliate of the Adviser.
FMR
Japan may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for Fidelity®
Disruptive Automation ETF, Fidelity® Disruptive Communications ETF, Fidelity®
Disruptive Finance ETF, Fidelity® Disruptive Medicine ETF, Fidelity® Disruptive
Technology ETF, and Fidelity® Disruptors ETF.
Portfolio
Manager(s)
Niamh
Brodie-Machura is Co-Portfolio Manager of each fund, which she has managed since
2023, and each Predecessor Fund, which she managed since 2020. She also manages
other funds. Since joining Fidelity Investments in 2011, Ms. Brodie-Machura has
worked as a portfolio manager.
Camille
Carlstrom is Co-Portfolio Manager of each fund, which she has managed since
2023, and each Predecessor Fund, which she managed since 2020. She also manages
other funds. Since joining Fidelity Investments in 2012, Ms. Carlstrom has
worked as a managing director of research, associate portfolio manager, analyst,
and portfolio manager.
Tim
Codrington is Co-Portfolio Manager of each fund, which he has managed since
2023, and each Predecessor Fund, which he managed since 2020. He also manages
other funds. Since joining Fidelity Investments in 2020, Mr. Codrington has
worked as a managing director of research and portfolio manager. Prior to
joining the firm in 2020, Mr. Codrington served as a partner and portfolio
manager at Copper Rock Capital Partners from 2015 to 2020.
Charlie
Hebard is Co-Portfolio Manager of each fund, which he has managed since 2023,
and each Predecessor Fund, which he managed since 2020. He also manages other
funds. Since joining Fidelity Investments in 1998, Mr. Hebard has worked as a
managing director of research and portfolio manager.
Risteard
Hogan is Co-Portfolio Manager of each fund, which he has managed since 2023. He
also manages other funds. Since joining Fidelity Investments in 2005, Mr. Hogan
has worked as a research analyst and portfolio manager.
Michael
Kim is Co-Portfolio Manager of each fund, which he has managed since 2023, and
each Predecessor Fund, which he managed since 2020. He also manages other funds.
Since joining Fidelity Investments in 2007, Mr. Kim has worked as a quantitative
analyst and portfolio manager.
William
Shanley is Co-Portfolio Manager of each fund, which he has managed since 2023,
and each Predecessor Fund, which he managed since 2020. He also manages other
funds. Since joining Fidelity Investments in 2004, Mr. Shanley has worked as a
managing director of research, research analyst, and 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® Disruptive Automation ETF,
Fidelity® Disruptive Communications ETF, Fidelity® Disruptive Finance ETF,
Fidelity® Disruptive Medicine ETF, Fidelity® Disruptive Technology ETF, and
Fidelity® Disruptors ETF with limited exceptions.
The
annual management fee rate, as a percentage of each fund's average net assets,
is shown in the following table:
|
Fund |
Management
Fee Rate |
|
Fidelity®
Disruptive Automation ETF |
0.50% |
|
Fidelity®
Disruptive Communications ETF |
0.50% |
|
Fidelity®
Disruptive Finance ETF |
0.50% |
|
Fidelity®
Disruptive Medicine ETF |
0.50% |
|
Fidelity®
Disruptive Technology ETF |
0.50% |
|
Fidelity®
Disruptors ETF |
0.00% |
The
management fee for each Predecessor Fund for the fiscal year ended May 31, 2023
was 1.00% of the fund's average net assets.
The
Adviser pays FMR Investment Management (UK) Limited, Fidelity Management &
Research (Hong Kong) Limited, and Fidelity Management & Research (Japan)
Limited for providing sub-advisory services.
The
basis for the Board of Trustees approving the management contract and
sub-advisory agreements for each fund will be included in each fund's
semi-annual report for the fiscal period ended November 30, 2023, when
available.
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).
Effective June 9, 2023 (June 16, 2023, for Fidelity®
Disruptors Fund), Fidelity®
Disruptive Automation Fund, Fidelity®
Disruptive Communications Fund, Fidelity®
Disruptive Finance Fund, Fidelity®
Disruptive Medicine Fund, Fidelity®
Disruptive Technology Fund, and Fidelity®
Disruptors Fund (each a "Predecessor Fund") were reorganized into their
respective Exchange Traded Fund(s). Each fund has adopted the Financial
Statements of the applicable Predecessor Fund. Therefore, the financial
highlights shown below are those of Fidelity®
Disruptive Automation Fund, Fidelity®
Disruptive Communications Fund, Fidelity®
Disruptive Finance Fund, Fidelity®
Disruptive Medicine Fund, Fidelity®
Disruptive Technology Fund, and Fidelity®
Disruptors Fund, each a class of shares of the respective Predecessor Funds, for
all periods prior to each fund's commencement of operations. The annual
information below for each Predecessor Fund has been audited by
PricewaterhouseCoopers LLP (for Fidelity® Disruptive
Automation ETF, Fidelity® Disruptive
Communications ETF, Fidelity® Disruptive
Finance ETF, Fidelity® Disruptive
Medicine ETF, and Fidelity® Disruptive
Technology ETF) and Deloitte & Touche LLP (for Fidelity® Disruptors
ETF), independent registered public accounting firms, whose reports, along with
the Predecessor Fund's financial statements, are included in the Predecessor
Fund's annual report. Annual reports are available for free upon
request.
|
Fidelity®
Disruptive Automation ETF |
|
|
|
Years
ended May 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 A |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
14.93 |
$ |
18.28 |
$ |
11.90 |
$ |
10.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
.03
|
|
(.06)
|
|
.01
|
|
(.01)
|
|
Net
realized and unrealized gain (loss) |
|
1.62
|
|
(2.92)
|
|
6.42
|
|
1.91
|
|
Total
from investment operations |
|
1.65
|
|
(2.98)
|
|
6.43
|
|
1.90
|
|
Distributions
from net investment income |
|
-
|
|
-
|
|
(.04)
|
|
-
|
|
Distributions
from net realized gain |
|
-
|
|
(.37)
|
|
(.02)
|
|
-
|
|
Total
distributions |
|
-
|
|
(.37)
|
|
(.05)
D |
|
-
|
|
Net
asset value, end of period |
$ |
16.58 |
$ |
14.93 |
$ |
18.28 |
$ |
11.90 |
|
Total
Return E,F |
|
11.05%
|
|
(16.75)%
|
|
54.13%
|
|
19.00%
|
|
Ratios
to Average Net Assets C,G,H |
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.85%
|
|
1.00%
|
|
1.01%
I |
|
1.01%
I,J |
|
Expenses
net of fee waivers, if any |
|
.85%
|
|
1.00%
|
|
1.01%
I |
|
1.01%
I,J |
|
Expenses
net of all reductions |
|
.85%
|
|
1.00%
|
|
1.01%
I |
|
1.01%
I,J |
|
Net
investment income (loss) |
|
.23%
|
|
(.33)%
|
|
.06%
|
|
(.47)%
J |
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
111,726 |
$ |
36,333 |
$ |
111,910 |
$ |
5,308 |
|
Portfolio
turnover rate K |
|
26%
L |
|
22%
|
|
14%
|
|
6%
M |
AFor
the period April 16, 2020 (commencement of operations) through May 31,
2020.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DTotal
distributions per share do not sum due to rounding.
ETotal
returns for periods of less than one year are not annualized.
FTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. 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.
IOn
certain classes, the size and fluctuation of net assets and expense amounts may
cause ratios to differ from contractual rates.
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®
Disruptive Communications ETF |
|
|
|
Years
ended May 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 A |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
11.62 |
$ |
17.02 |
$ |
11.58 |
$ |
10.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
(.05)
D |
|
(.13)
|
|
(.13)
|
|
-
E |
|
Net
realized and unrealized gain (loss) |
|
.62
|
|
(4.45)
|
|
5.78
|
|
1.58
|
|
Total
from investment operations |
|
.57
|
|
(4.58)
|
|
5.65
|
|
1.58
|
|
Distributions
from net investment income |
|
-
|
|
-
|
|
-
E |
|
-
|
|
Distributions
from net realized gain |
|
-
|
|
(.82)
|
|
(.20)
|
|
-
|
|
Total
distributions |
|
-
|
|
(.82)
|
|
(.21)
F |
|
-
|
|
Net
asset value, end of period |
$ |
12.19 |
$ |
11.62 |
$ |
17.02 |
$ |
11.58 |
|
Total
Return G,H |
|
4.91%
|
|
(28.39)%
|
|
48.96%
|
|
15.80%
|
|
Ratios
to Average Net Assets C,I,J |
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.79%
|
|
.99%
K |
|
1.01%
K |
|
1.01%
K,L |
|
Expenses
net of fee waivers, if any |
|
.79%
|
|
.99%
K |
|
1.01%
K |
|
1.01%
K,L |
|
Expenses
net of all reductions |
|
.79%
|
|
.99%
K |
|
1.01%
K |
|
1.01%
K,L |
|
Net
investment income (loss) |
|
(.44)%
D |
|
(.81)%
|
|
(.83)%
|
|
(.23)%
L |
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
37,981 |
$ |
7,746 |
$ |
36,731 |
$ |
2,880 |
|
Portfolio
turnover rate M |
|
31%
|
|
32%
|
|
39%
|
|
-%
L,N |
AFor
the period April 16, 2020 (commencement of operations) through May 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.
DNet
investment income per share reflects one or more large, non-recurring
dividend(s) which amounted to $.01 per share. Excluding such non-recurring
dividend(s), the ratio of net investment income (loss) to average net assets
would have been (.53)%.
EAmount
represents less than $.005 per share.
FTotal
distributions per share do not sum due to rounding.
GTotal
returns for periods of less than one year are not annualized.
HTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
IFees
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.
JExpense
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.
KOn
certain classes, the size and fluctuation of net assets and expense amounts may
cause ratios to differ from contractual rates.
LAnnualized.
MAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
NAmount
not annualized.
|
Fidelity®
Disruptive Finance ETF |
|
|
|
Years
ended May 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 A |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
15.22 |
$ |
18.20 |
$ |
11.86 |
$ |
10.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
.06
|
|
.02
|
|
.11
D |
|
.03
|
|
Net
realized and unrealized gain (loss) |
|
(1.77)
|
|
(2.67)
|
|
6.41
|
|
1.83
|
|
Total
from investment operations |
|
(1.71)
|
|
(2.65)
|
|
6.52
|
|
1.86
|
|
Distributions
from net investment income |
|
-
|
|
(.04)
|
|
(.05)
|
|
-
|
|
Distributions
from net realized gain |
|
(.81)
|
|
(.29)
|
|
(.13)
|
|
-
|
|
Total
distributions |
|
(.81)
|
|
(.33)
|
|
(.18)
|
|
-
|
|
Net
asset value, end of period |
$ |
12.70 |
$ |
15.22 |
$ |
18.20 |
$ |
11.86 |
|
Total
Return E,F |
|
(11.46)%
|
|
(14.88)%
|
|
55.31%
|
|
18.60%
|
|
Ratios
to Average Net Assets C,G,H |
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.86%
|
|
1.00%
|
|
1.01%
I |
|
1.01%
I,J |
|
Expenses
net of fee waivers, if any |
|
.86%
|
|
1.00%
|
|
1.01%
I |
|
1.01%
I,J |
|
Expenses
net of all reductions |
|
.86%
|
|
1.00%
|
|
1.01%
I |
|
1.01%
I,J |
|
Net
investment income (loss) |
|
.48%
|
|
.12%
|
|
.72%
D |
|
1.99%
J |
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
40,820 |
$ |
18,486 |
$ |
48,219 |
$ |
2,373 |
|
Portfolio
turnover rate K |
|
22%
|
|
43%
|
|
18%
|
|
-%
L,M |
AFor
the period April 16, 2020 (commencement of operations) through May 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.
DNet
investment income per share reflects one or more large, non-recurring
dividend(s) which amounted to $.04 per share. Excluding such non-recurring
dividend(s), the ratio of net investment income (loss) to average net assets
would have been .49%.
ETotal
returns for periods of less than one year are not annualized.
FTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. 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.
IOn
certain classes, the size and fluctuation of net assets and expense amounts may
cause ratios to differ from contractual rates.
JAnnualized.
KAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
LAmount
not annualized.
MAmount
represents less than 1%.
|
Fidelity®
Disruptive Medicine ETF |
|
|
|
Years
ended May 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 A |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
9.96 |
$ |
13.00 |
$ |
11.06 |
$ |
10.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
(.05)
|
|
(.09)
|
|
(.07)
|
|
(.01)
|
|
Net
realized and unrealized gain (loss) |
|
1.08
|
|
(2.82)
|
|
2.10
|
|
1.07
|
|
Total
from investment operations |
|
1.03
|
|
(2.91)
|
|
2.03
|
|
1.06
|
|
Distributions
from net realized gain |
|
-
|
|
(.13)
|
|
(.09)
|
|
-
|
|
Total
distributions |
|
-
|
|
(.13)
|
|
(.09)
|
|
-
|
|
Net
asset value, end of period |
$ |
10.99 |
$ |
9.96 |
$ |
13.00 |
$ |
11.06 |
|
Total
Return D,E |
|
10.34%
|
|
(22.68)%
|
|
18.44%
|
|
10.60%
|
|
Ratios
to Average Net Assets C,F,G |
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.84%
|
|
1.00%
|
|
1.01%
H |
|
1.01%
H,I |
|
Expenses
net of fee waivers, if any |
|
.84%
|
|
1.00%
|
|
1.01%
H |
|
1.01%
H,I |
|
Expenses
net of all reductions |
|
.84%
|
|
1.00%
|
|
1.01%
H |
|
1.01%
H,I |
|
Net
investment income (loss) |
|
(.51)%
|
|
(.70)%
|
|
(.58)%
|
|
(.75)%
I |
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
43,197 |
$ |
11,027 |
$ |
32,331 |
$ |
5,666 |
|
Portfolio
turnover rate J |
|
39%
|
|
47%
|
|
44%
|
|
-%
K,L |
AFor
the period April 16, 2020 (commencement of operations) through May 31,
2020.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DTotal
returns for periods of less than one year are not annualized.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
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.
HOn
certain classes, the size and fluctuation of net assets and expense amounts may
cause ratios to differ from contractual rates.
IAnnualized.
JAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
KAmount
not annualized.
LAmount
represents less than 1%.
|
Fidelity®
Disruptive Technology ETF |
|
|
|
Years
ended May 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 A |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
11.81 |
$ |
18.10 |
$ |
11.49 |
$ |
10.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
(.05)
D |
|
(.14)
|
|
(.13)
|
|
(.01)
|
|
Net
realized and unrealized gain (loss) |
|
1.62
|
|
(5.88)
|
|
6.81
|
|
1.50
|
|
Total
from investment operations |
|
1.57
|
|
(6.02)
|
|
6.68
|
|
1.49
|
|
Distributions
from net realized gain |
|
(.14)
|
|
(.27)
|
|
(.07)
|
|
-
|
|
Total
distributions |
|
(.14)
|
|
(.27)
|
|
(.07)
|
|
-
|
|
Net
asset value, end of period |
$ |
13.24 |
$ |
11.81 |
$ |
18.10 |
$ |
11.49 |
|
Total
Return E,F |
|
13.45%
|
|
(33.85)%
|
|
58.13%
|
|
14.90%
|
|
Ratios
to Average Net Assets C,G,H |
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.87%
|
|
.99%
I |
|
1.01%
I |
|
1.01%
I,J |
|
Expenses
net of fee waivers, if any |
|
.87%
|
|
.99%
I |
|
1.01%
I |
|
1.01%
I,J |
|
Expenses
net of all reductions |
|
.87%
|
|
.99%
I |
|
1.01%
I |
|
1.01%
I,J |
|
Net
investment income (loss) |
|
(.42)%
D |
|
(.78)%
|
|
(.77)%
|
|
(.62)%
J |
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
101,545 |
$ |
34,802 |
$ |
130,244 |
$ |
6,198 |
|
Portfolio
turnover rate K |
|
28%
|
|
33%
|
|
29%
|
|
-%
J,L |
AFor
the period April 16, 2020 (commencement of operations) through May 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.
DNet
investment income per share reflects one or more large, non-recurring
dividend(s) which amounted to $.01 per share. Excluding such non-recurring
dividend(s), the ratio of net investment income (loss) to average net assets
would have been (.47)%.
ETotal
returns for periods of less than one year are not annualized.
FTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. 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.
IOn
certain classes, the size and fluctuation of net assets and expense amounts may
cause ratios to differ from contractual rates.
JAnnualized.
KAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
LAmount
not annualized.
|
Years
ended May 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 A |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
12.80 |
$ |
16.89 |
$ |
11.57 |
$ |
10.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C |
|
(.06)
|
|
(.12)
|
|
(.12)
|
|
(.01)
|
|
Net
realized and unrealized gain (loss) |
|
.85
|
|
(3.75)
|
|
5.55
|
|
1.58
|
|
Total
from investment operations |
|
.79
|
|
(3.87)
|
|
5.43
|
|
1.57
|
|
Distributions
from net realized gain |
|
-
|
|
(.22)
|
|
(.11)
|
|
-
|
|
Total
distributions |
|
-
|
|
(.22)
|
|
(.11)
|
|
-
|
|
Net
asset value, end of period |
$ |
13.59 |
$ |
12.80 |
$ |
16.89 |
$ |
11.57 |
|
Total
Return D,E |
|
6.17%
|
|
(23.29)%
|
|
46.99%
|
|
15.70%
|
|
Ratios
to Average Net Assets C,F,G |
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.90%
|
|
1.00%
|
|
1.01%
H |
|
1.01%
H,I |
|
Expenses
net of fee waivers, if any |
|
.82%
|
|
1.00%
|
|
1.01%
H |
|
1.01%
H,I |
|
Expenses
net of all reductions |
|
.82%
|
|
1.00%
|
|
1.01%
H |
|
1.01%
H,I |
|
Net
investment income (loss) |
|
(.50)%
|
|
(.69)%
|
|
(.77)%
|
|
(1.01)%
I |
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
95,409 |
$ |
48,579 |
$ |
141,385 |
$ |
19,310 |
|
Portfolio
turnover rate J |
|
12%
|
|
22%
|
|
3%
|
|
-%
K |
AFor
the period April 16, 2020 (commencement of operations) through May 31,
2020.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DTotal
returns for periods of less than one year are not annualized.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
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.
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.
HOn
certain classes, the size and fluctuation of net assets and expense amounts may
cause ratios to differ from contractual rates.
IAnnualized.
JAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
KAmount
not annualized.
Additional
Index Information
MSCI
ACWI (All Country World Index) Index is
a market capitalization-weighted index that is designed to measure the
investable equity market performance for global investors of developed and
emerging markets. Index returns are adjusted for tax withholding rates
applicable to U.S. based mutual funds organized as Massachusetts business
trusts.
MSCI
All Country World Communication Services Equal Weighted Index
is an equal weighted index of stocks designed to measure the performance of
Communication Services companies in the MSCI All Country World Index (Net MA).
The MSCI ACWI (All Country World Index) Index is a market capitalization
weighted index that is designed to measure the investable equity market
performance for global investors of developed and emerging markets. Index
returns are adjusted for tax withholding rates applicable to U.S. based mutual
funds organized as Massachusetts business trusts.
MSCI
All Country World Financials Equal Weighted Index is
an equal weighted index of stocks designed to measure the performance of
Financials companies in the MSCI All Country World Index (Net MA). The MSCI ACWI
(All Country World Index) Index is a market capitalization weighted index that
is designed to measure the investable equity market performance for global
investors of developed and emerging markets. Index returns are adjusted for tax
withholding rates applicable to U.S. based mutual funds organized as
Massachusetts business trusts.
MSCI
All Country World Health Care Equal Weighted Index is
an equal weighted index of stocks designed to measure the performance of Health
Care companies in the MSCI All Country World Index (Net MA). The MSCI ACWI (All
Country World Index) Index is a market capitalization weighted index that is
designed to measure the investable equity market performance for global
investors of developed and emerging markets. Index returns are adjusted for tax
withholding rates applicable to U.S. based mutual funds organized as
Massachusetts business trusts.
MSCI
All Country World Industrials Equal Weighted Index is
an equal weighted index of stocks designed to measure the performance of
Industrials companies in the MSCI All Country World Index (Net MA). The MSCI
ACWI (All Country World Index) Index is a market capitalization weighted index
that is designed to measure the investable equity market performance for global
investors of developed and emerging markets. Index returns are adjusted for tax
withholding rates applicable to U.S. based mutual funds organized as
Massachusetts business trusts.
MSCI
All Country World Information Technology Equal Weighted Index
is an equal weighted index of stocks designed to measure the performance of
Information Technology companies in the MSCI All Country World Index (Net MA).
The MSCI ACWI (All Country World Index) Index is a market capitalization
weighted index that is designed to measure the investable equity market
performance for global investors of developed and emerging markets. Index
returns are adjusted for tax withholding rates applicable to U.S. based mutual
funds organized as Massachusetts business trusts.
You
can obtain additional information about the funds. A description of each fund's
policies and procedures for disclosing its holdings is available in the funds'
SAI and on Fidelity's web sites. The SAI also includes more detailed information
about each fund and its investments. The SAI is incorporated herein by reference
(legally forms a part of the prospectus). Financial reports will be available
once the funds have completed their first annual or semi-annual period. Each
fund's annual and semi-annual reports also include additional information. Each
fund's annual report includes a discussion of the fund's holdings and recent
market conditions and the fund's investment strategies that affected
performance. Financial reports for the previous year for each Predecessor Fund
are available.
For
a free copy of any of these documents or to request other information or ask
questions about a fund, call Fidelity at 1-800-FIDELITY. In addition, you may
visit Fidelity's web site at www.fidelity.com for a free copy of a prospectus,
SAI, or annual or semi-annual report or to request other
information.
The
Statement of Additional Information (SAI), the funds' annual and
semi-annual reports and other related materials are available from the
Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the
SEC's web site (http://www.sec.gov). You can obtain copies of this
information, after paying a duplicating fee, by sending a request by
e-mail to [email protected] or by writing the Public Reference Section of
the SEC, Washington, D.C. 20549-1520. You can also review and copy
information about the funds, including the funds' SAI, at the SEC's Public
Reference Room in Washington, D.C. Call 1-202-551-8090 for information on
the operation of the SEC's Public Reference Room. |
|
Investment
Company Act of 1940, File Number(s), 811-07319 |
Fidelity
Distributors Company LLC (FDC) is a member of the Securities Investor Protection
Corporation (SIPC). You may obtain information about SIPC, including the SIPC
brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
Fidelity,
the Fidelity Investments Logo and all other Fidelity trademarks or service marks
used herein are trademarks or service marks of FMR LLC. Any third-party marks
that are used herein are trademarks or service marks of their respective owners.
© 2023 FMR LLC. All rights reserved.
|
1.9907219.102 |
DRA-PRO-0923 |
