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 |
$ |
40 |
3
years |
$ |
125 |
5
years |
$ |
219 |
10
years |
$ |
493 |
Portfolio
Turnover
The
fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when fund
shares are held in a taxable account. These costs, which are not reflected in
annual operating expenses or in the example, affect the fund's performance.
During the most recent fiscal year, the fund's portfolio turnover rate
was 47%
of the average value of its portfolio.
Principal
Investment Strategies
- Normally
investing at least 80% of assets in securities included in the Fidelity
Metaverse IndexSM
and in depositary receipts representing securities included in the index.
"Metaverse" is a term used to describe a future state of the internet
characterized by a network of both augmented reality and virtual worlds that
can be experienced persistently and in a shared environment by large numbers
of users. The Fidelity Metaverse IndexSM
is designed to reflect the performance of a global universe of companies that
develop, manufacture, distribute, or sell products or services related to
establishing and enabling the Metaverse.
- Lending
securities to earn income for the fund.
Principal
Investment Risks
Stock
markets and, as a result, stock market indexes, are volatile and can decline
significantly in response to adverse issuer, political, regulatory, market, or
economic developments. Different parts of the market, including different market
sectors, and different types of securities can react differently to these
developments.
Metaverse
companies are subject to various risks, including those associated with limited
product lines, markets, financial resources or personnel, intense competition,
potentially rapid product obsolescence, impairment of intellectual property
rights, disruptions in service, cybersecurity attacks, and changes in
regulation. Although the fund's underlying index uses a rules-based proprietary
index methodology that seeks to identify such companies, there is no guarantee
that this methodology will be successful.
- 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.
In
seeking to track the performance of its underlying index, the fund will
generally have significant exposure to one or more industries, groups of related
industries, or sectors, and the fund's performance may be impacted by events
affecting those industries or sectors.
The
communication services industries can be significantly affected by government
regulation, intense competition, technology changes, general economic
conditions, consumer and business confidence and spending, and changes in
consumer and business preferences.
The
information technology industries can be significantly affected by obsolescence
of existing technology, short product cycles, falling prices and profits,
competition from new market entrants, and general economic conditions. In
addition, information technology industries can be affected by the loss or
impairment of intellectual property rights.
The
value of an individual security or particular type of security can be more
volatile than, and can perform differently from, the market as a
whole.
Changes
in the financial condition of an issuer or counterparty (e.g., broker-dealer or
other borrower in a securities lending transaction) can increase the risk of
default by an issuer or counterparty, which can affect a security's or
instrument's value or result in delays in recovering securities and/or capital
from a counterparty.
- Fluctuation
of Net Asset Value and Share Price.
The
net asset value per share (NAV) of the fund will generally fluctuate with
changes in the market value of the fund's holdings. The fund's shares can be
bought and sold in the secondary market at market prices. Disruptions to
creations and redemptions, the existence of extreme market volatility or
potential lack of an active trading market for the fund's shares may result in
the fund's shares trading significantly above (at a premium) or below (at a
discount) to NAV.
Given
the nature of the relevant markets for certain of the fund's securities, shares
may trade at a larger premium or discount to the NAV than shares of other
ETFs.
In
addition, in stressed market conditions or periods of market disruption or
volatility, the market for shares may become less liquid in response to
deteriorating liquidity in the markets for the fund's underlying portfolio
holdings.
The
performance of the fund and its underlying index may vary somewhat due to
factors such as fees and expenses of the fund, transaction costs, sample
selection, regulatory restrictions, and timing differences associated with
additions to and deletions from the index. Errors in the construction or
calculation of the index may occur from time to time and may not be identified
and corrected for some period of time, which may have an adverse impact on the
fund and its shareholders.
The
fund is managed with a passive investment strategy, attempting to track the
performance of an unmanaged index of securities, regardless of the current or
projected performance of the fund's index or of the actual securities included
in the index. This differs from an actively managed fund, which typically seeks
to outperform a benchmark index. As a result, the fund's performance could be
lower than actively managed funds that may shift their portfolio assets to take
advantage of market opportunities or lessen the impact of a market decline or a
decline in the value of one or more issuers.
The
fund will be concentrated to approximately the same extent that the fund's index
concentrates in the securities of issuers in a particular industry.
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.
- Small-
and Mid-Cap Investing.
The
value of securities of small to medium size, less well-known issuers can perform
differently from the market as a whole and other types of stocks and can be more
volatile than that of larger issuers.
Securities
lending involves the risk that the borrower may fail to return the securities
loaned in a timely manner or at all. If the borrower defaults on its obligation
to return the securities loaned because of insolvency or other reasons, a fund
could experience delays and costs in recovering the securities loaned or in
gaining access to the collateral.
In
addition, the fund is classified as non-diversified under the Investment Company
Act of 1940 (1940 Act), which means that it has the ability to invest a greater
portion of assets in securities of a smaller number of individual issuers than a
diversified fund. As a result, changes in the market value of a single
investment could cause greater fluctuations in share price than would occur in a
more diversified fund.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You
could lose money by investing in the fund.
Performance
Performance
history will be available for the fund after the fund has been in operation for
one calendar year.
Investment
Adviser
Fidelity
Management & Research Company LLC (FMR) (the Adviser) is the fund's manager.
Geode Capital Management, LLC serves as a sub-adviser for the fund.
Portfolio
Manager(s)
Louis
Bottari (Senior Portfolio Manager) has managed the fund since 2022.
Peter
Matthew (Senior Portfolio Manager) has managed the fund since 2022.
Robert
Regan (Portfolio Manager) has managed the fund since 2022.
Payal
Gupta (Portfolio Manager) has managed the fund since 2022.
Navid
Sohrabi (Portfolio Manager) has managed the fund since 2022.
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®
Clean Energy ETF seeks to provide investment returns that correspond, before
fees and expenses, generally to the performance of the Fidelity Clean Energy
Index℠.
Principal
Investment Strategies
Geode
Capital Management, LLC (Geode) normally invests at least 80% of the fund's
assets in securities included in the Fidelity Clean Energy IndexSM
and in depositary receipts representing securities included in the index. The
Fidelity Clean Energy IndexSM
is designed to reflect the performance of a global universe of companies across
the market capitalization spectrum that distribute, produce or provide
technology or equipment to support the production of energy from solar, wind,
hydrogen and other renewable sources.
The
universe of stocks for consideration in the index, which is intended to reflect
the broader equity market, consists of U.S., developed international and
emerging market stocks across the market capitalization spectrum, subject to
liquidity and investability requirements.
The
Fidelity Clean Energy IndexSM
is constructed using Fidelity's rules-based proprietary index methodology. The
index methodology identifies and ranks stocks for inclusion in the index based
on company revenues and proprietary natural language processing (NLP) scores.
Stocks of companies that generate at least 50% of their total revenue from one
or more of the following business activity categories are eligible for inclusion
in the index, subject to thematic quality screens and a third party
environmental, social, and governance controversy screen: clean energy
distributors, clean energy equipment manufacturers, and clean energy technology
providers.
Stocks
of companies with less than 50% of their total revenue from these business
activities may also be included in the index if an insufficient number of
companies meet the 50% revenue threshold. NLP is used to analyze text-based
documents to identify companies with relevant keywords. Stocks are assigned
thematic relevancy scores and those with the highest scores are selected for
inclusion in the index. Each stock is weighted by adjusted market capitalization
and capped under the methodology. The index is rebalanced
quarterly.
The
fund may not always hold the same securities as the Fidelity Clean Energy
Index℠. Geode may use statistical sampling techniques to attempt to replicate
the returns of the index. Statistical sampling techniques attempt to match the
investment characteristics of the index and the fund by taking into account such
factors as capitalization, industry exposures, fundamental characteristics,
liquidity, country weightings, and the effect of foreign taxes.
The
fund may not track the index because differences between the index and the
fund's portfolio can cause differences in performance. In addition, expenses,
transaction costs, and differences between how and when the fund and the index
are valued can cause differences in performance.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
The
fund will invest more than 25% of its total assets in securities of issuers in a
particular industry to approximately the same extent that the Fidelity Clean
Energy Index℠ concentrates in the securities of issuers in a particular
industry. In addition, the fund may invest a significant percentage of its
assets in relatively few companies. The fund is classified as
non-diversified.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Cloud Computing ETF seeks to provide investment returns that correspond, before
fees and expenses, generally to the performance of the Fidelity Cloud Computing
Index℠.
Principal
Investment Strategies
Geode
normally invests at least 80% of the fund's assets in securities included in the
Fidelity Cloud Computing IndexSM
and in depositary receipts representing securities included in the index. The
Fidelity Cloud Computing IndexSM
is designed to reflect the performance of a global universe of companies across
the market capitalization spectrum that provide products or services enabling
the increased adoption of cloud computing, characterized by the delivery of
computing services over the internet.
The
universe of stocks for consideration in the index, which is intended to reflect
the broader equity market, consists of U.S., developed international and
emerging market stocks across the market capitalization spectrum, subject to
liquidity and investability requirements.
The
Fidelity Cloud Computing IndexSM
is constructed using Fidelity's rules-based proprietary index methodology. The
index methodology identifies and ranks stocks for inclusion in the index based
on company revenues and proprietary natural language processing (NLP) scores.
Stocks of companies that generate at least 50% of their total revenue from one
or more of the following business activity categories are eligible for inclusion
in the index, subject to thematic quality screens: cloud infrastructure, cloud
platforms, and cloud software providers.
Stocks
of companies with less than 50% of their total revenue from these business
activities may also be included in the index if an insufficient number of
companies meet the 50% revenue threshold. NLP is used to analyze text-based
documents to identify companies with relevant keywords. Stocks are assigned
thematic relevancy scores and those with the highest scores are selected for
inclusion in the index. Each stock is weighted by adjusted market capitalization
and capped under the methodology. The index is rebalanced
quarterly.
The
fund may not always hold the same securities as the Fidelity Cloud Computing
Index℠. Geode may use statistical sampling techniques to attempt to replicate
the returns of the index. Statistical sampling techniques attempt to match the
investment characteristics of the index and the fund by taking into account such
factors as capitalization, industry exposures, fundamental characteristics,
liquidity, country weightings, and the effect of foreign taxes.
The
fund may not track the index because differences between the index and the
fund's portfolio can cause differences in performance. In addition, expenses,
transaction costs, and differences between how and when the fund and the index
are valued can cause differences in performance.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
The
fund will invest more than 25% of its total assets in securities of issuers in a
particular industry to approximately the same extent that the Fidelity Cloud
Computing Index℠ concentrates in the securities of issuers in a particular
industry. In addition, the fund may invest a significant percentage of its
assets in relatively few companies. The fund is classified as
non-diversified.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Crypto Industry and Digital Payments ETF seeks to provide investment returns
that correspond, before fees and expenses, generally to the performance of the
Fidelity Crypto Industry and Digital Payments Index℠.
Principal
Investment Strategies
Geode
normally invests at least 80% of the fund's assets in equity securities included
in the Fidelity Crypto Industry and Digital Payments IndexSM
and in depositary receipts representing securities included in the index. The
Fidelity Crypto Industry and Digital Payments IndexSM
is designed to reflect the performance of a global universe of companies engaged
in activities related to cryptocurrency, related blockchain technology and
digital payments processing.
Cryptocurrency
companies include those involved in cryptocurrency mining or provide financial
services to support cryptocurrency issued on a blockchain such as custody,
trading, asset management and other services.
Blockchain
technology companies include those that distribute or manufacture
infrastructure, hardware or software that supports cryptocurrency mining
activities and/or the encryption and integrity of cryptocurrency.
Digital
payments processing companies include those that facilitate payment activities
through processes and protocols such as Electronic Funds Transfer (EFT),
including Automated Clearing House (ACH), and other traditional payment
information services.
The
fund will not invest in digital assets (including cryptocurrencies) directly, or
indirectly through the use of digital asset derivatives. The fund also will not
invest in initial coin offerings. Therefore, the fund is not expected to track
the price movement of any digital asset. The fund may, however, have indirect
exposure to digital assets by virtue of its investments in cryptocurrency
companies that use one or more digital assets as part of their business
activities or that hold digital assets as proprietary investments.
The
universe of stocks for consideration in the index, which is intended to reflect
the broader equity market, consists of U.S., developed international and
emerging market stocks across the market capitalization spectrum, subject to
liquidity and investability requirements.
The
Fidelity Crypto Industry and Digital Payments IndexSM
is constructed using Fidelity's rules-based proprietary index methodology. The
index methodology identifies stocks for inclusion in the index based on company
revenues. Stocks of companies that generate at least 50% of their total revenue
from one or more of the following business activity categories are eligible for
inclusion in the index: cryptocurrency mining, cryptocurrency trading, exchanges
and other services, and related blockchain technologies, or digital payments
processing. Stocks with greater than 50% of revenues tied to cryptocurrency
mining, cryptocurrency trading, exchanges and other services (such as custody
and asset management), and related blockchain technologies will represent at
least 60% of the weight of the index. Stocks of digital payments processing
companies with greater than 50% of revenues from digital payments processing
activities are included in the index based on average daily volume metrics.
Fidelity Product Services LLC (FPS) is the index provider. FPS is an affiliated
person of the Adviser.
Each
stock is weighted based on modified average daily volume metrics subject to
caps. The index is rebalanced (and reconstituted) quarterly.
The
fund primarily utilizes replication, however, the fund may not always hold the
same securities as the Fidelity Crypto Industry and Digital Payments
Index℠. Geode may use statistical sampling techniques to attempt to replicate
the returns of the index. Statistical sampling techniques attempt to match the
investment characteristics of the index and the fund by taking into account such
factors as capitalization, industry exposures, fundamental characteristics,
liquidity, country weightings, and the effect of foreign taxes.
The
fund may not track the index because differences between the index and the
fund's portfolio can cause differences in performance. In addition, expenses,
transaction costs, and differences between how and when the fund and the index
are valued can cause differences in performance.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
The
fund will invest more than 25% of its total assets in securities of issuers in a
particular industry to approximately the same extent that the Fidelity Crypto
Industry and Digital Payments Index℠ concentrates in the securities of issuers
in a particular industry. In addition, the fund may invest a significant
percentage of its assets in relatively few companies. The fund is classified as
non-diversified.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Digital Health ETF seeks to provide investment returns that correspond, before
fees and expenses, generally to the performance of the Fidelity Digital Health
Index℠.
Principal
Investment Strategies
Geode
normally invests at least 80% of the fund's assets in securities included in the
Fidelity Digital Health IndexSM
and in depositary receipts representing securities included in the index. The
Fidelity Digital Health IndexSM
is designed to reflect the performance of a global universe of companies across
the market capitalization spectrum providing healthcare records management,
connected healthcare devices, surgical robotics, telemedicine, and other
technology-enabled healthcare products and services.
The
universe of stocks for consideration in the index, which is intended to reflect
the broader equity market, consists of U.S., developed international and
emerging market stocks across the market capitalization spectrum, subject to
liquidity and investability requirements.
The
Fidelity Digital Health IndexSM
is constructed using Fidelity's rules-based proprietary index methodology. The
index methodology identifies and ranks stocks for inclusion in the index based
on company revenues and proprietary natural language processing (NLP) scores.
Stocks of companies that generate at least 50% of their total revenue from one
or more of the following business activity categories are eligible for inclusion
in the index, subject to thematic quality screens: digital healthcare products
& services and connected medical devices.
Stocks
of companies with less than 50% of their total revenue from these business
activities may also be included in the index if an insufficient number of
companies meet the 50% revenue threshold. NLP is used to analyze text-based
documents to identify companies with relevant keywords. Stocks are assigned
thematic relevancy scores and those with the highest scores are selected for
inclusion in the index. Each stock is weighted by adjusted market capitalization
and capped under the methodology. The index is rebalanced
quarterly.
The
fund may not always hold the same securities as the Fidelity Digital Health
Index℠. Geode may use statistical sampling techniques to attempt to replicate
the returns of the index. Statistical sampling techniques attempt to match the
investment characteristics of the index and the fund by taking into account such
factors as capitalization, industry exposures, fundamental characteristics,
liquidity, country weightings, and the effect of foreign taxes.
The
fund may not track the index because differences between the index and the
fund's portfolio can cause differences in performance. In addition, expenses,
transaction costs, and differences between how and when the fund and the index
are valued can cause differences in performance.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
The
fund will invest more than 25% of its total assets in securities of issuers in a
particular industry to approximately the same extent that the Fidelity Digital
Health Index℠ concentrates in the securities of issuers in a particular
industry. In addition, the fund may invest a significant percentage of its
assets in relatively few companies. The fund is classified as
non-diversified.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Electric Vehicles and Future Transportation ETF seeks to provide investment
returns that correspond, before fees and expenses, generally to the performance
of the Fidelity Electric Vehicles and Future Transportation Index℠.
Principal
Investment Strategies
Geode
normally invests at least 80% of the fund's assets in securities included in the
Fidelity Electric Vehicles and Future Transportation IndexSM
and in depositary receipts representing securities included in the index. The
Fidelity Electric Vehicles and Future Transportation IndexSM
is designed to reflect the performance of a global universe of companies across
the market capitalization spectrum engaged in the production of electric and/or
autonomous vehicles and their components, technology, or energy systems or
engaged in other initiatives that aim to change the future of
transportation.
The
universe of stocks for consideration in the index, which is intended to reflect
the broader equity market, consists of U.S., developed international and
emerging market stocks across the market capitalization spectrum, subject to
liquidity and investability requirements.
The
Fidelity Electric Vehicles and Future Transportation IndexSM
is constructed using Fidelity's rules-based proprietary index methodology. The
index methodology identifies and ranks stocks for inclusion in the index based
on company revenues and proprietary natural language processing (NLP) scores.
Stocks of companies that generate at least 50% of their total revenue from one
or more of the following business activity categories are eligible for inclusion
in the index, subject to thematic quality screens: future transportation
technologies, enabling semiconductors, and enabling components &
software.
Stocks
of companies with less than 50% of their total revenue from these business
activities may also be included in the index if an insufficient number of
companies meet the 50% revenue threshold. NLP is used to analyze text-based
documents to identify companies with relevant keywords. Stocks are assigned
thematic relevancy scores and those with the highest scores are selected for
inclusion in the index. Each stock is weighted by adjusted market capitalization
and capped under the methodology. The index is rebalanced
quarterly.
The
fund may not always hold the same securities as the Fidelity Electric Vehicles
and Future Transportation Index℠. Geode may use statistical sampling techniques
to attempt to replicate the returns of the index. Statistical sampling
techniques attempt to match the investment characteristics of the index and the
fund by taking into account such factors as capitalization, industry exposures,
fundamental characteristics, liquidity, country weightings, and the effect of
foreign taxes.
The
fund may not track the index because differences between the index and the
fund's portfolio can cause differences in performance. In addition, expenses,
transaction costs, and differences between how and when the fund and the index
are valued can cause differences in performance.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
The
fund will invest more than 25% of its total assets in securities of issuers in a
particular industry to approximately the same extent that the Fidelity Electric
Vehicles and Future Transportation Index℠ concentrates in the securities of
issuers in a particular industry. In addition, the fund may invest a significant
percentage of its assets in relatively few companies. The fund is classified as
non-diversified.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Metaverse ETF seeks to provide investment returns that correspond, before fees
and expenses, generally to the performance of the Fidelity Metaverse
Index℠.
Principal
Investment Strategies
Geode
normally invests at least 80% of the fund's assets in securities included in the
Fidelity Metaverse IndexSM
and in depositary receipts representing securities included in the index.
"Metaverse" is a term used to describe a future state of the internet
characterized by a network of both augmented reality and virtual worlds that can
be experienced persistently and in a shared environment by large numbers of
users. The Fidelity Metaverse IndexSM
is designed to reflect the performance of a global universe of companies that
develop, manufacture, distribute, or sell products or services related to
establishing and enabling the Metaverse.
The
universe of stocks for consideration in the index, which is intended to reflect
the broader equity market, consists of U.S., developed international and
emerging market stocks across the market capitalization spectrum, subject to
liquidity and investability requirements.
The
Fidelity Metaverse IndexSM
is constructed using Fidelity's rules-based proprietary index methodology. The
index methodology identifies and ranks stocks for inclusion in the index based
on company revenues and proprietary natural language processing (NLP) scores.
Stocks of companies that generate at least 50% of their total revenue from one
or more of the following business activity categories are eligible for inclusion
in the index, subject to thematic quality screens: computing hardware and
components, digital infrastructure, design and engineering software, gaming
technology and software, web development and content services, and smart phone
and wearable technology. NLP is used to analyze text-based documents to identify
companies with relevant keywords. Stocks are assigned thematic relevancy scores
and those with the highest scores are selected for inclusion in the index. FPS
is the index provider. FPS is an affiliated person of the Adviser.
Each
stock is weighted by adjusted market capitalization and capped under the
methodology. The index is rebalanced (and reconstituted) quarterly.
The
fund primarily utilizes replication, however, the fund may not always hold the
same securities as the Fidelity Metaverse Index℠. Geode may use statistical
sampling techniques to attempt to replicate the returns of the index.
Statistical sampling techniques attempt to match the investment characteristics
of the index and the fund by taking into account such factors as capitalization,
industry exposures, fundamental characteristics, liquidity, country weightings,
and the effect of foreign taxes.
The
fund may not track the index because differences between the index and the
fund's portfolio can cause differences in performance. In addition, expenses,
transaction costs, and differences between how and when the fund and the index
are valued can cause differences in performance.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
The
fund will invest more than 25% of its total assets in securities of issuers in a
particular industry to approximately the same extent that the Fidelity Metaverse
Index℠ concentrates in the securities of issuers in a particular industry. In
addition, the fund may invest a significant percentage of its assets in
relatively few companies. The fund is classified as
non-diversified.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Description
of Principal Security Types
Equity
securities
represent an ownership interest, or the right to acquire an ownership interest,
in an issuer. Different types of equity securities provide different voting and
dividend rights and priority in the event of the bankruptcy of the
issuer. Equity securities include common stocks, preferred stocks,
convertible securities, and warrants.
Principal
Investment Risks
Many
factors affect each fund's performance. Developments that disrupt global
economies and financial markets, such as pandemics and epidemics, may magnify
factors that affect a fund's performance. A fund's NAV changes daily based on
changes in market conditions and interest rates and in response to other
economic, political, or financial developments. A fund's reaction to these
developments will be affected by the types of securities in which the fund
invests, the financial condition, industry and economic sector, and geographic
location of an issuer, and the fund's level of investment in the securities of
that issuer. Because each fund's investments may be concentrated in a particular
industry or group of related industries to approximately the same extent that
the underlying index is concentrated, the fund's performance could depend
heavily on the performance of that industry or group of industries and could be
more volatile than the performance of less concentrated funds. In addition,
because each fund 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:
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.
Thematic
Investing.
Each fund seeks to track an underlying index that is designed to reflect the
performance of companies engaged in certain business activities and will
therefore be susceptible to adverse economic, business, social, political,
environmental, regulatory or other developments affecting those companies.
Although a fund's underlying index uses a rules-based proprietary index
methodology that seeks to identify companies engaged in such activities, there
is no guarantee that this methodology will be successful.
Companies
engaged in clean
energy
activities are subject to certain risks, including fluctuations in commodity
prices and/or interest rates, obsolescence of existing technology, short product
cycles, changes in governmental and environmental regulations and enforcement
policies, changes in U.S. and foreign government policies, including tax
incentives and government subsidies, reduced availability of clean energy
sources or other commodities for transporting, processing storing or delivering,
slowdowns in new construction, seasonal weather conditions, extreme weather or
other natural disasters, and threats of attack by terrorists on certain clean
energy assets. In addition, clean energy companies may depend on the successful
development of new and proprietary technologies. There can be no assurance that
the development of new technologies will be successful or that intellectual
property rights will be obtained with respect to new technologies. Shares of
such companies may be more volatile than shares of companies operating in other
more established industries and may be subject to sharp price
declines.
Companies
engaged in cloud
computing
activities are heavily dependent on the internet and utilizing a distributed
network of servers over the internet. Such companies may have limited operating
history, product lines, markets, financial resources or personnel and are
subject to the risks of changes in business cycles. These companies typically
face intense competition and potentially rapid product obsolescence. In
addition, these companies can be significantly affected by disruption in service
caused by hardware or software failure, interruptions or delays in service by
third-party data center hosting facilities and maintenance providers, and
privacy concerns and laws, evolving internet regulation and other foreign or
domestic regulations that may limit or otherwise affect the operations of such
companies. Additionally, many cloud computing companies store sensitive consumer
information and could be the target of cybersecurity attacks and other types of
theft, which could have a negative impact on these companies. Securities of
cloud computing companies tend to be more volatile than securities of companies
that rely less heavily on technology. Cloud computing companies can typically
engage in significant amounts of spending on research and development, and rapid
changes to the field could have a material adverse effect on a company's
operating results.
Companies
engaged in cryptocurrency
and related blockchain technology
activities are subject to various risks. These technologies are new and
developing and related risks may not fully emerge until the technologies are
widely used. In addition, these companies may engage in other lines of business
unrelated to these activities and these lines of business could adversely affect
their operating results. These companies also may not be able to develop digital
asset or payment technology applications or may not be able to capitalize on
those applications. The cryptographic keys necessary to transact a digital asset
may be subject to theft, loss, or destruction, which could adversely affect a
company's business or operations if it were dependent on the digital asset.
Digital asset or payment technologies also may never be fully implemented, which
could adversely affect an investment in the fund. Companies that use these
technologies may be subject to cybersecurity risk. In addition, certain features
of these technologies, such as decentralization, open-source protocol, and
reliance on peer-to-peer connectivity, may increase the risk of fraud or
cyber-attack by potentially reducing the likelihood of a coordinated response. A
significant disruption of internet connectivity affecting large numbers of users
or geographic areas could impede the functionality of these technologies and
adversely affect companies included in the index. These companies may be subject
to the risks posed by conflicting intellectual property claims, which may reduce
confidence in the viability of a digital asset or other technology. There may be
risks posed by the lack of regulation for digital assets and any future
regulatory developments could affect the viability and expansion of the use of
digital assets. Because digital asset platforms may operate across many national
boundaries and regulatory jurisdictions, it is possible that digital asset
platforms may be subject to widespread and inconsistent regulation. Digital
asset systems built using third party products may be subject to technical
defects or vulnerabilities beyond a company's control. Because many digital
assets do not have a standardized exchange, like a stock market, there is less
liquidity for such assets and greater possibility of volatility, fraud or
manipulation.
Certain
of the fund's investments, including investments in companies that hold material
amounts of digital assets, may be subject to the risks associated with investing
in digital assets, including cryptocurrencies and crypto tokens. Such companies
may be subject to the risk that: the technology that facilitates the transfer of
a digital asset could fail; the decentralized, open source protocol of the
applicable blockchain network could be affected by Internet connectivity
disruptions, fraud, consensus failures or cybersecurity attacks; such network
may not be adequately maintained by its participants; because digital assets are
a new technological innovation with a limited history, they are highly
speculative assets and may experience extreme price volatility; future
regulatory actions or policies may limit the ability to sell, exchange or use a
digital asset; the price of a digital asset may be impacted by the transactions
of a small number of holders of such digital asset; and that a digital asset
will decline in popularity, acceptance or use, thereby impairing its
price.
Companies
engaged in digital
health
activities can be significantly affected by competition and potentially rapid
product obsolescence, increasing regulatory scrutiny, changes in government
regulatory requirements, regulatory approval for new drugs and medical products,
changes in business cycles, and vulnerability to cybersecurity breaches or other
means by which sensitive data stored or transmitted by digital health companies
could be exposed. These companies rely heavily on intellectual property rights
and may be adversely affected by loss or impairment of those rights. There can
be no assurance that digital health companies will be able to successfully
protect their intellectual property or that their intellectual property rights
will be adequate to prevent competitors from developing substantially similar or
superior technology. Digital health companies may have limited product lines,
markets, financial resources or personnel and demand for digital health services
may fluctuate due to unexpected events, including but not limited to pandemics
and related strains on health care systems. In addition, digital health
companies typically engage in significant amounts of spending on research and
development, and there is no guarantee that the products or services produced by
these companies will be successful.
Companies
engaged in digital
payments processing
activities can be significantly affected by changing government regulations,
economic conditions, and deterioration in credit markets. Digital payments
processing companies may face intense competition and potentially rapid product
obsolescence. In addition, these companies can be significantly affected by
disruptions in service caused by hardware or software failure or interruptions
or delays in service by third-party data center hosting facilities and
maintenance providers. Additionally, many digital payments processing companies
store sensitive consumer information and could be the target of cybersecurity
attacks and other types of theft, which could have a negative impact on these
companies. Digital payments processing companies may be highly dependent on
their ability to enter into agreements with merchants and other third parties to
utilize a particular payment method, system, software or service, and such
agreements may be subject to increased regulatory scrutiny. These companies rely
heavily on intellectual property rights and may be adversely affected by loss or
impairment of those rights. They may also be impacted by privacy concerns and
laws, evolving regulation and other foreign or domestic regulations that may
limit or otherwise affect the operations of such companies. Securities of these
companies, especially smaller, start-up companies, tend to be more volatile than
securities of companies that do not rely heavily on technology.
Companies
engaged in electric
vehicle and future transportation
activities may have limited product lines, markets, financial resources or
personnel. Electric vehicle and autonomous driving technology is relatively new
and companies developing such technology are subject to risks associated with a
developing industry, such as intense competition, delays or other complications
in connection with production, rapid product obsolescence, increased government
regulation, supply or demand shortfalls and market volatility. Electric vehicle
companies currently benefit from certain government subsidiaries, policies and
economic incentives, which may be reduced or eliminated in the future. In
addition, electric vehicle and future transportation companies may be adversely
affected by loss or impairment of intellectual property rights. There can be no
assurance that these companies will be able to successfully protect their
intellectual property or that their intellectual property rights will be
adequate to prevent competitors from developing substantially similar or
superior technology. These companies typically engage in significant amounts of
spending on research and development, and there is no guarantee that the
products or services produced by these companies will be successful. Electric
vehicle and future transportation companies are also susceptible to litigation
based on product liability claims and can be significantly affected by insurance
costs and such companies may not maintain sufficient insurance coverage to cover
all losses or claims. Companies that produce the raw materials that are used in
electric vehicles may be concentrated in certain commodities, and therefore be
exposed to the price fluctuations of those commodities.
Companies
engaged in Metaverse activities
may have limited product lines, markets, financial resources or personnel and
are subject to the risks of changes in business cycles. Securities of these
companies, especially smaller, start-up companies, tend to be more volatile than
securities of companies that do not rely heavily on technology. Metaverse
companies may face intense competition and potentially rapid product
obsolescence. These companies rely heavily on intellectual property rights and
may be adversely affected by loss or impairment of those rights. There can be no
assurance that these companies will be able to successfully protect their
intellectual property or that their intellectual property rights will be
adequate to prevent competitors from developing substantially similar or
superior technology. In addition, Metaverse companies can be significantly
affected by disruption in service caused by hardware or software failure and by
cybersecurity attacks. They may also be impacted by privacy concerns and laws,
evolving internet regulation and other foreign or domestic regulations that may
limit or otherwise affect the operations of such companies.
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.
Sector
Exposure.
In seeking to track the performance of its underlying index, a fund will
generally have significant exposure to one or more industries, groups of related
industries, or sectors. Market conditions, interest rates, and economic,
regulatory, or financial developments could significantly affect a single
industry, group of related industries, or sector, and the securities of
companies in that industry, group of related industries, or sector 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,
group of related industries, or sector as a whole, and these companies can be
sensitive to adverse economic, regulatory, or financial
developments.
The
communication
services
industries can be significantly affected by federal and state government
regulation, intense competition, and obsolescence of existing technology. Many
communication services companies compete for market share and can be impacted by
competition from new market entrants, consumer and business confidence and
spending, changes in consumer and business preferences, and general economic
conditions. Certain communication services companies may be more susceptible
than other companies to hacking and potential theft of proprietary or consumer
information or disruptions in service, which could adversely affect their
businesses.
The
consumer
discretionary
industries can be significantly affected by the performance of the overall
economy, interest rates, competition, and consumer confidence. Success can
depend heavily on disposable household income and consumer spending. Changes in
demographics and consumer tastes can also affect the demand for, and success of,
consumer discretionary products.
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.
The
industrials
industries can be significantly affected by general economic trends, including
employment, economic growth, and interest rates, changes in consumer sentiment
and spending, commodity prices, legislation, government regulation and spending,
import controls, and worldwide competition. Companies in these industries also
can be adversely affected by liability for environmental damage, depletion of
resources, and mandated expenditures for safety and pollution
control.
The
information
technology
industries can be significantly affected by obsolescence of existing technology,
short product cycles, falling prices and profits, competition from new market
entrants, and general economic conditions. In addition, information technology
industries can be affected by the loss or impairment of intellectual property
rights.
The
utilities
industries can be significantly affected by government regulation, interest rate
changes, financing difficulties, supply and demand of services or fuel, changes
in taxation, natural resource conservation, intense competition, and commodity
price fluctuations.
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.
Fluctuation
of Net Asset Value and Share Price. The
NAV of each fund's shares will generally fluctuate with changes in the market
value of each fund's holdings. Each fund's shares are listed on an exchange and
can be bought and sold in the secondary market at market prices. The market
prices of shares will fluctuate in accordance with changes in NAV and supply and
demand on the listing exchange. Although a share's market price is expected to
approximate its NAV, it is possible that the market price and NAV will vary
significantly. As a result, you may sustain losses if you pay more than the
shares' NAV when you purchase shares, or receive less than the shares' NAV when
you sell shares, in the secondary market. During periods of disruptions to
creations and redemptions, the existence of extreme market volatility, or lack
of an active trading market for a fund's shares, the market price of fund shares
is more likely to differ significantly from the fund's NAV. During such periods,
you may be unable to sell your shares or may incur significant losses if you
sell your shares. There are various methods by which investors can purchase and
sell shares and various orders that may be placed. Investors should consult
their financial intermediary before purchasing or selling shares of a fund.
Disruptions at market makers, Authorized Participants or market participants may
also result in significant differences between the market price of a fund's
shares and the fund's NAV. In addition, in stressed market conditions or periods
of market disruption or volatility, the market for shares may become less liquid
in response to deteriorating liquidity in the markets for the fund's underlying
portfolio holdings.
The
market price of shares during the trading day, like the price of any
exchange-traded security, includes a bid-ask spread charged by the exchange
specialist, market makers, or other participants that trade the particular
security. In times of severe market disruption or volatility, the bid-ask spread
can increase significantly. At those times, shares are most likely to be traded
at a discount to NAV, and the discount is likely to be greatest when the price
of shares is falling fastest, which may be the time that you most want to sell
your shares. Securities held by a fund may be traded in markets that close at a
different time than the listing exchange. During the time when the listing
exchange is open but after the applicable market closing, fixing or settlement
times, bid-ask spreads and the resulting premium or discount to the fund's NAV
may widen. The Adviser expects that, under normal market conditions, large
discounts or premiums to NAV will not be sustained in the long term because of
arbitrage opportunities.
Correlation
to Index. The
performance of a fund and its index may vary somewhat due to factors such as
fees and expenses of the fund, transaction costs, imperfect correlation between
the fund's securities and those in the index, timing differences associated with
additions to and deletions from the index, and changes in the shares outstanding
of the component securities. A fund may not be fully invested at times as a
result of cash flows into the fund. The use of sampling techniques or futures or
other derivative positions may affect a fund's ability to achieve close
correlation with the index. In addition, the fund may not be able to invest in
certain securities included in the index or invest in them in the exact
proportions in which they are represented in the index due to regulatory
restrictions. Errors in the construction or calculation of the index may occur
from time to time and may not be identified and corrected for some period of
time, which may have an adverse impact on the fund and its
shareholders.
Passive
Management Risk.
An index fund is managed with a passive investment strategy, attempting to track
the performance of an unmanaged index of securities, regardless of the current
or projected performance of the fund's index or of the actual securities
included in the index. This differs from an actively managed fund, which
typically seeks to outperform a benchmark index. As a result, an index fund's
performance could be lower than actively managed funds that may shift their
portfolio assets to take advantage of market opportunities or lessen the impact
of a market decline or a decline in the value of one or more issuers. The
structure and composition of an index fund's index will affect the performance,
volatility, and risk of the index and, consequently, the performance,
volatility, and risk of the fund. Each fund will be concentrated to
approximately the same extent that the fund's index concentrates in the
securities of issuers in a particular industry.
The
index relies on various sources of information to assess the criteria of issuers
included in the index, including information that may be based on assumptions
and estimates. There is no assurance that the index's methodology or sources of
information will provide an accurate assessment of included issuers or a correct
valuation of securities. Information about non-U.S. issuers, particularly
emerging markets issuers, may be unavailable or unreliable, which could increase
the risk of errors in index data, computation, and construction. Any such errors
could significantly impact the fund's performance.
Trading
Issues.
Although shares are listed on an exchange, there can be no assurance that an
active trading market or requirements to remain listed will be met or
maintained. Only an Authorized Participant may engage in creation or redemption
transactions directly with a fund. A fund has a limited number of intermediaries
that act as Authorized Participants. There are no obligations of market makers
to make a market in a fund's shares or of Authorized Participants to submit
purchase or redemption orders for Creation Units. Decisions by market makers or
Authorized Participants to reduce their role with respect to market making or
creation and redemption activities during times of market stress, or a decline
in the number of Authorized Participants due to decisions to exit the business,
bankruptcy, or other factors, could inhibit the effectiveness of the arbitrage
process in maintaining the relationship between the underlying value of a fund's
portfolio securities and the market price of fund shares. To the extent no other
Authorized Participants are able to step forward to create or redeem, shares may
trade at a discount to NAV and possibly face delisting. In addition, trading of
shares in the secondary market may be halted, for example, due to activation of
marketwide "circuit breakers." If trading halts or an unanticipated early
closing of the listing exchange occurs, a shareholder may be unable to purchase
or sell shares of a fund. FDC, the distributor of each fund's shares, does not
maintain a secondary market in the shares.
If
an index is discontinued, the fund may substitute a different index or,
alternatively, may liquidate the fund if the Board of Trustees deems it to be in
the best interest of shareholders.
If
a fund's shares are delisted from the listing exchange, the Adviser may seek to
list the fund shares on another market, merge the fund with another
exchange-traded fund or traditional mutual fund, or redeem the fund shares at
NAV.
Shares
of a fund, similar to shares of other issuers listed on a stock exchange, may be
sold short and are therefore subject to the risk of increased volatility and
price decreases associated with being sold short.
Small-
and Mid-Cap Investing.
The value of securities of small to medium size, less well-known issuers can be
more volatile than that of relatively larger issuers and can react differently
to issuer, political, market, and economic developments than the market as a
whole and other types of stocks. Smaller issuers can have more limited product
lines, markets, and financial resources.
Securities
Lending Risk.
Securities lending involves the risk that the borrower may fail to return the
securities loaned in a timely manner or at all. If the borrower defaults on its
obligation to return the securities loaned because of insolvency or other
reasons, a fund could experience delays and costs in recovering the securities
loaned or in gaining access to the collateral. These delays and costs could be
greater for foreign securities. If a fund is not able to recover the securities
loaned, the fund may sell the collateral and purchase a replacement investment
in the market. The value of the collateral could decrease below the value of the
replacement investment by the time the replacement investment is
purchased.
Other
Investment Strategies
In
addition to the principal investment strategies discussed above, Geode may use
various techniques, such as buying and selling futures contracts, swaps, and
exchange traded funds, to increase or decrease a fund's exposure to changing
security prices or other factors that affect security values.
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®
Clean Energy ETF normally invests at least 80% of its assets in securities
included in the Fidelity Clean Energy IndexSM
and in depositary receipts representing securities included in the
index.
Fidelity®
Cloud Computing ETF normally invests at least 80% of its assets in securities
included in the Fidelity Cloud Computing IndexSM
and in depositary receipts representing securities included in the
index.
Fidelity®
Crypto Industry and Digital Payments ETF normally invests at least 80% of its
assets in equity securities included in the Fidelity Crypto Industry and Digital
Payments IndexSM
and in depositary receipts representing securities included in the
index.
Fidelity®
Digital Health ETF normally invests at least 80% of its assets in securities
included in the Fidelity Digital Health IndexSM
and in depositary receipts representing securities included in the
index.
Fidelity®
Electric Vehicles and Future Transportation ETF normally invests at least 80% of
its assets in securities included in the Fidelity Electric Vehicles and Future
Transportation IndexSM
and in depositary receipts representing securities included in the
index.
Fidelity®
Metaverse ETF normally invests at least 80% of its assets in securities included
in the Fidelity Metaverse IndexSM
and in depositary receipts representing securities included in the
index.
Each
fund is open for business each day that either the listing exchange or the New
York Stock Exchange (NYSE) is open.
The
NAV is the value of a single share. Fidelity normally calculates NAV as of the
close of regular trading hours on the listing exchange or the NYSE, normally
4:00 p.m. Eastern time. Each fund's assets normally are valued as of this time
for the purpose of computing NAV. The prices at which creations and redemptions
occur are based on the next calculation of NAV after a creation or redemption
order is received in an acceptable form under the authorized participant
agreement.
NAV
is not calculated and a fund will not process purchase and redemption requests
submitted on days when the fund is not open for business. The time at which
shares are priced and until which purchase and redemption orders are accepted
may be changed as permitted by the Securities and Exchange Commission
(SEC).
Shares
of each fund may be purchased through a broker in the secondary market by
individual investors at market prices which may vary throughout the day and may
differ from NAV.
To
the extent that a fund's assets are traded in other markets on days when the
fund is not open for business, the value of the fund's assets may be affected on
those days. In addition, trading in some of a fund's assets may not occur on
days when the fund is open for business.
Shares
of open-end funds in which each fund may invest (referred to as underlying
funds) are valued at their respective NAVs. NAV is calculated using the values
of any underlying funds in which it invests. Other assets are valued primarily
on the basis of market quotations, official closing prices, or information
furnished by a pricing service. Certain short-term securities are valued on the
basis of amortized cost. If market quotations, official closing prices, or
information furnished by a pricing service are not readily available or, in the
Adviser's opinion, are deemed unreliable for a security, then that security will
be fair valued in good faith by the Adviser in accordance with applicable fair
value pricing policies. For example, if, in the Adviser's opinion, a security's
value has been materially affected by events occurring before a fund's pricing
time but after the close of the exchange or market on which the security is
principally traded, then that security will be fair valued in good faith by the
Adviser in accordance with applicable fair value pricing policies. Fair value
pricing will be used for high yield debt securities when available pricing
information is determined to be stale or for other reasons not to accurately
reflect fair value.
Fair
value pricing is based on subjective judgments and it is possible that the fair
value of a security may differ materially from the value that would be realized
if the security were sold.
Shareholder
Information
Additional
Information about the Purchase and Sale of Shares
As
used in this prospectus, the term "shares" generally refers to the shares
offered through this prospectus.
General
Information
Information
on Fidelity
Fidelity
Investments was established in 1946 to manage one of America's first mutual
funds. Today, Fidelity is one of the world's largest providers of financial
services.
In
addition to its fund business, the company operates one of America's leading
brokerage firms, Fidelity Brokerage Services LLC. Fidelity is also a leader in
providing tax-advantaged retirement plans for individuals investing on their own
or through their employer.
The
Depository Trust Company (DTC) is a limited trust company and securities
depository that facilitates the clearance and settlement of trades for its
participating banks and broker-dealers. DTC has executed an agreement with FDC,
each fund's distributor.
Buying
and Selling Shares in the Secondary Market
Shares
of each fund are listed and traded on an exchange, and individual fund shares
may only be bought and sold in the secondary market through a broker. Each fund
does not impose any minimum investment for shares of a fund purchased on an
exchange. These transactions are made at market prices that may vary throughout
the day and may be greater than a fund's NAV (premium) or less than a
fund's NAV (discount). As a result, you may pay more than NAV when you purchase
shares, and receive less than NAV when you sell shares, in the secondary market.
If you buy or sell shares in the secondary market, you will generally incur
customary brokerage commissions and charges. Due to such commissions and
charges, frequent trading may detract significantly from investment
returns.
Each
fund is designed to offer investors an equity investment that can be bought and
sold frequently in the secondary market without impact on a fund, and such
trading activity is critical to ensuring that the market price of fund shares
remains at or close to NAV. Accordingly, the Board of Trustees has not adopted
policies and procedures designed to discourage excessive or short-term trading
by these investors.
Shares
can be purchased and redeemed directly from each fund at NAV only by Authorized
Participants in large increments called "Creation Units." Each fund
accommodates frequent purchases and redemptions of Creation Units by Authorized
Participants and does not place a limit on purchases or redemptions of Creation
Units by these investors. Each fund reserves the right, but does not have the
obligation, to reject any purchase transaction at any time. In addition, each
fund reserves the right to impose restrictions on disruptive, excessive, or
short-term trading.
Precautionary
Notes
- Note
to Investment Companies. For
purposes of the 1940 Act, shares are issued by a fund, and the acquisition of
shares by investment companies is subject to the restrictions of Section
12(d)(1) of the 1940 Act. Registered investment companies are permitted to
invest in a fund beyond the limits set forth in Section 12(d)(1), subject to
certain terms and conditions, including that such investment companies enter
into an agreement with the fund.
- Note
to Authorized Participants Regarding Continuous Offering. Certain
legal risks may exist that are unique to Authorized Participants purchasing
Creation Units directly from a fund. Because new Creation Units may be issued
on an ongoing basis, at any point a "distribution," as such term is used in
the Securities Act of 1933 (the Securities Act), could be occurring. As a
broker-dealer, certain activities that you perform may, depending on the
circumstances, result in your being deemed a participant in a distribution, in
a manner which could render you a statutory underwriter and subject you to the
prospectus delivery and liability provisions of the Securities
Act.
For
example, you may be deemed a statutory underwriter if you purchase Creation
Units from a fund, break them down into individual fund shares, and sell such
shares directly to customers, or if you choose to couple the creation of a
supply of new fund shares with an active selling effort involving solicitation
of secondary market demand for fund shares. A determination of whether a person
is an underwriter for purposes of the Securities Act depends upon all of the
facts and circumstances pertaining to that person's activities, and the examples
mentioned here should not be considered a complete description of all the
activities that could lead to a categorization as an underwriter.
Dealers
who are not "underwriters" but are participating in a distribution (as opposed
to engaging in ordinary secondary market transactions), and thus dealing with
shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C)
of the Securities Act, will be unable to take advantage of the prospectus
delivery exemption provided by Section 4(a)(3) of the Securities
Act.
This
is because the prospectus delivery exemption in Section 4(a)(3) of the
Securities Act is not available in respect of such transactions as a result of
Section 24(d) of the 1940 Act. As a result, you should note that dealers who are
not underwriters but are participating in a distribution (as opposed to engaging
in ordinary secondary market transactions) and thus dealing with the shares that
are part of an overallotment within the meaning of Section 4(a)(3)(A) of the
Securities Act would be unable to take advantage of the prospectus delivery
exemption provided by Section 4(a)(3) of the Securities Act. Firms that incur a
prospectus-delivery obligation with respect to shares of a fund are reminded
that, under Rule 153 under the Securities Act, a prospectus delivery obligation
under Section 5(b)(2) of the Securities Act owed to an exchange member in
connection with a sale on an exchange is satisfied by the fact that the
prospectus is available at the exchange upon request. The prospectus delivery
mechanism provided in Rule 153 is only available with respect to transactions on
an exchange. Certain affiliates of each fund may purchase and resell fund shares
pursuant to this prospectus.
- Note
to Secondary Market Investors.
DTC, or its nominee, is the registered owner of all outstanding shares of a
fund. The Adviser will not have any record of your ownership. Your ownership
of shares will be shown on the records of DTC and the DTC participant broker
through which you hold the shares. Your broker will provide you with account
statements, confirmations of your purchases and sales, and tax information.
Your broker will also be responsible for distributing income and capital gain
distributions and for sending you shareholder reports and other information as
may be required.
Costs
Associated with Creations and Redemptions
The
funds may impose a creation transaction fee and a redemption transaction fee to
offset transfer and other transaction costs associated with the issuance and
redemption of Creation Units of shares. Information about the procedures
regarding creation and redemption of Creation Units and the applicable
transaction fees is included in the Statement of Additional Information
(SAI).
Dividends
and Capital Gain Distributions
Each
fund earns interest, dividends, and other income from its investments, and
distributes this income (less expenses) to shareholders as dividends. Each fund
also realizes capital gains from its investments, and distributes these gains
(less any losses) as capital gain distributions. If you purchased your shares in
the secondary market, your broker is responsible for distributing the income and
capital gain distributions to you.
Each
fund normally pays dividends and capital gain distributions per the tables
below:
Fund
Name |
|
Dividends
Paid |
Fidelity®
Clean Energy ETF |
|
March,
June, September, December |
Fidelity®
Cloud Computing ETF |
|
March,
June, September, December |
Fidelity®
Crypto Industry and Digital Payments ETF |
|
March,
June, September, December |
Fidelity®
Digital Health ETF |
|
March,
June, September, December |
Fidelity®
Electric Vehicles and Future Transportation ETF |
|
March,
June, September, December |
Fidelity®
Metaverse ETF |
|
March,
June, September, December |
Fund
Name |
|
Capital
Gains Paid |
Fidelity®
Clean Energy ETF |
|
December |
Fidelity®
Cloud Computing ETF |
|
December |
Fidelity®
Crypto Industry and Digital Payments ETF |
|
December |
Fidelity®
Digital Health ETF |
|
December |
Fidelity®
Electric Vehicles and Future Transportation ETF |
|
December |
Fidelity®
Metaverse ETF |
|
December |
As
with any investment, your investment in a fund could have tax consequences for
you (for non-retirement accounts).
Taxes
on Distributions
Distributions
investors receive are subject to federal income tax, and may also be subject to
state or local taxes.
For
federal tax purposes, certain distributions, including dividends and
distributions of short-term capital gains, are taxable to investors as ordinary
income, while certain distributions, including distributions of long-term
capital gains, are taxable to investors generally as capital gains. A percentage
of certain distributions of dividends may qualify for taxation at long-term
capital gains rates (provided certain holding period requirements are
met).
If
investors buy shares when a fund has realized but not yet distributed income or
capital gains, they will be "buying a dividend" by paying the full price for the
shares and then receiving a portion of the price back in the form of a taxable
distribution.
Any
taxable distributions investors receive will normally be taxable to them when
they receive them.
Taxes
on Transactions
Purchases
and sales of shares, as well as purchases and redemptions of Creation Units, may
result in a capital gain or loss for federal tax purposes.
Fund
Services
Adviser
FMR.
The
Adviser is each fund's manager. The address of the Adviser is 245 Summer Street,
Boston, Massachusetts 02210.
As
of December 31, 2022, the Adviser had approximately $3.1 trillion in
discretionary assets under management, and approximately $3.9 trillion when
combined with all of its affiliates' assets under management.
As
the manager, the Adviser is responsible for handling each fund's business
affairs.
Sub-Adviser(s)
The
Adviser and the funds may seek an exemptive order from the SEC that will permit
the Adviser, subject to the approval of the Board of Trustees, to enter into new
or amended sub-advisory agreements with one or more unaffiliated and affiliated
sub-advisers without obtaining shareholder approval of such agreements. The
funds' initial sole shareholder has approved the funds' use of this exemptive
order once issued by the SEC and the funds and the Adviser intend to rely on the
exemptive order when issued without seeking additional shareholder approval.
Subject to oversight by the Board of Trustees, the Adviser has the ultimate
responsibility to oversee the funds' sub-advisers and recommend their hiring,
termination, and replacement. In the event the Board of Trustees approves a
sub-advisory agreement with a new sub-adviser, shareholders will be provided
with information about the new sub-adviser and sub-advisory
agreement.
Geode,
at 100 Summer Street, 12th Floor, Boston, Massachusetts 02110, serves as a
sub-adviser for each fund. As of December 31, 2022, Geode had approximately
$803.4 billion in discretionary assets under management.
Geode
chooses each fund's investments and places orders to buy and sell each fund's
investments.
Portfolio
Manager(s)
Louis
Bottari is Senior Portfolio Manager of each fund, which he has managed since
2021 (except for Fidelity®
Metaverse ETF and Fidelity®
Crypto Industry and Digital Payments ETF, both of which he has managed since
2022). He also manages other funds. Since joining Geode in 2008, Mr. Bottari has
worked as an assistant portfolio manager, portfolio manager, and senior
portfolio manager.
Peter
Matthew is Senior Portfolio Manager of each fund, which he has managed since
2021 (except for Fidelity®
Metaverse ETF and Fidelity®
Crypto Industry and Digital Payments ETF, both of which he has managed since
2022). He also manages other funds. Since joining Geode in 2007, Mr. Matthew has
worked as a senior operations associate, portfolio manager assistant, assistant
portfolio manager, portfolio manager, and senior portfolio manager.
Robert
Regan is Portfolio Manager of each fund, which he has managed since 2021 (except
for Fidelity®
Metaverse ETF and Fidelity®
Crypto Industry and Digital Payments ETF, both of which he has managed since
2022). He also manages other funds. Since joining Geode in 2016, Mr. Regan has
worked as a portfolio manager.
Payal
Gupta is Portfolio Manager of each fund, which she has managed since 2021
(except for Fidelity®
Metaverse ETF and Fidelity®
Crypto Industry and Digital Payments ETF, both of which she has managed since
2022). She also manages other funds. Since joining Geode in 2019, Ms. Gupta has
worked as a portfolio manager. Prior to joining Geode, Ms. Gupta worked at State
Street Global Advisors from 2005 to 2019, most recently as senior portfolio
manager.
Navid
Sohrabi is Portfolio Manager of each fund, which he has managed since 2021
(except for Fidelity®
Metaverse ETF and Fidelity®
Crypto Industry and Digital Payments ETF, both of which he has managed since
2022). He also manages other funds. Since joining Geode in 2019, Mr. Sohrabi has
worked as a portfolio manager. Prior to joining Geode, Mr. Sohrabi worked at
DWS, most recently as an index portfolio manager.
The
SAI provides additional information about the compensation of, any other
accounts managed by, and any fund shares held by the portfolio
manager(s).
From
time to time a manager, analyst, or other Fidelity employee may express views
regarding a particular company, security, industry, or market sector. The views
expressed by any such person are the views of only that individual as of the
time expressed and do not necessarily represent the views of Fidelity or any
other person in the Fidelity organization. Any such views are subject to change
at any time based upon market or other conditions and Fidelity disclaims any
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a fund are based on
numerous factors, may not be relied on as an indication of trading intent on
behalf of any fund.
Advisory
Fee(s)
Each
fund pays a management fee to the Adviser.
The
management fee is calculated and paid to the Adviser every month.
The
Adviser pays all of the other expenses of Fidelity® Clean Energy ETF, Fidelity®
Cloud Computing ETF, Fidelity® Crypto Industry and Digital Payments ETF,
Fidelity® Digital Health ETF, Fidelity® Electric Vehicles and Future
Transportation ETF, and Fidelity® Metaverse 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®
Clean Energy ETF |
0.39% |
Fidelity®
Cloud Computing ETF |
0.39% |
Fidelity®
Crypto Industry and Digital Payments ETF |
0.39% |
Fidelity®
Digital Health ETF |
0.39% |
Fidelity®
Electric Vehicles and Future Transportation ETF |
0.39% |
Fidelity®
Metaverse ETF |
0.39% |
The
Adviser pays Geode for providing investment management services.
The
basis for the Board of Trustees approving the management contract and
sub-advisory agreement for each fund is available in each fund's annual report
for the fiscal period ended June 30, 2023.
From
time to time, the Adviser or its affiliates may agree to reimburse or waive
certain fund expenses while retaining the ability to be repaid if expenses fall
below the specified limit prior to the end of the fiscal year.
Reimbursement
or waiver arrangements can decrease expenses and boost performance.
FDC
distributes each fund's shares.
Intermediaries
may receive from the Adviser, FDC, and/or their affiliates compensation for
providing recordkeeping and administrative services, as well as other retirement
plan expenses, and compensation for services intended to result in the sale of
fund shares.
These
payments are described in more detail in this section and in the
SAI.
Distribution
and Service Plan(s)
While
each fund will not make direct payments for distribution or shareholder support
services, each fund has adopted a Distribution and Service Plan pursuant to
Rule 12b-1 under the 1940 Act with respect to its shares. Each Plan
recognizes that the Adviser may use its management fee revenues, as well as its
past profits or its resources from any other source, to pay FDC for
expenses incurred in connection with providing services intended to result in
the sale of shares of each fund and/or shareholder support services. The
Adviser, directly or through FDC, may pay significant amounts to intermediaries
that provide those services. Currently, the Board of Trustees of each fund
has authorized such payments for shares of each fund.
If
payments made by the Adviser to FDC or to intermediaries under a Distribution
and Service Plan were considered to be paid out of a fund's assets on an ongoing
basis, they might increase the cost of your investment and might cost you more
than paying other types of sales charges.
No
dealer, sales representative, or any other person has been authorized to give
any information or to make any representations, other than those contained in
this prospectus and in the related SAI, in connection with the offer contained
in this prospectus. If given or made, such other information or representations
must not be relied upon as having been authorized by the funds or FDC. This
prospectus and the related SAI do not constitute an offer by the funds or by FDC
to sell shares of the funds to, or to buy shares of the funds from, any person
to whom it is unlawful to make such offer.
State
Street Bank and Trust Company serves as each fund's transfer agent and
custodian, and is located at One Heritage Drive, Floor 1, North Quincy,
Massachusetts, 02171 and 1 Lincoln Street, Boston, Massachusetts, 02111,
respectively.
Appendix
Financial
Highlights are intended to help you understand the financial history of fund
shares for the past 5 years (or, if shorter, the period of operations). Certain
information reflects financial results for a single share. The total returns in
the table represent the rate that an investor would have earned (or lost) on an
investment in shares (assuming reinvestment of all dividends and distributions).
The annual information has been audited by Deloitte & Touche LLP,
independent registered public accounting firm, whose report, along with
fund financial statements, is included in the annual report. Annual reports are
available for free upon request.
Fidelity®
Clean Energy ETF |
|
Years
ended June 30, |
|
2023
|
|
2022 A |
Selected
Per-Share Data |
|
|
|
|
Net
asset value, beginning of period |
$ |
20.95 |
$ |
25.12 |
Income
from Investment Operations |
|
|
|
|
Net
investment income (loss) B,C |
|
.15
|
|
.15
|
Net
realized and unrealized gain (loss) |
|
(.12)
|
|
(4.20)
|
Total
from investment operations |
|
.03
|
|
(4.05)
|
Distributions
from net investment income |
|
(.17)
|
|
(.12)
|
Total
distributions |
|
(.17)
|
|
(.12)
|
Net
asset value, end of period |
$ |
20.81 |
$ |
20.95 |
Total
Return D,E,F |
|
.10%
|
|
(16.12)%
|
Ratios
to Average Net Assets C,G,H |
|
|
|
|
Expenses
before reductions |
|
.39%
|
|
.39%
I |
Expenses
net of fee waivers, if any |
|
.39%
|
|
.39%
I |
Expenses
net of all reductions |
|
.39%
|
|
.39%
I |
Net
investment income (loss) |
|
.69%
|
|
.90%
I |
Supplemental
Data |
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
38,504 |
$ |
28,288 |
Portfolio
turnover rate J,K |
|
37%
|
|
30%
L |
AFor
the period October 5, 2021 (commencement of operations) through June 30,
2022.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DTotal
returns for periods of less than one year are not annualized.
EBased
on net asset value.
FTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
HExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
IAnnualized.
JPortfolio
turnover rate excludes securities received or delivered
in-kind.
KAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
LAmount
not annualized.
Fidelity®
Cloud Computing ETF |
|
Years
ended June 30, |
|
2023
|
|
2022 A |
Selected
Per-Share Data |
|
|
|
|
Net
asset value, beginning of period |
$ |
15.91 |
$ |
25.20 |
Income
from Investment Operations |
|
|
|
|
Net
investment income (loss) B,C |
|
.04
|
|
.06
|
Net
realized and unrealized gain (loss) |
|
3.53
|
|
(9.29)
|
Total
from investment operations |
|
3.57
|
|
(9.23)
|
Distributions
from net investment income |
|
(.03)
|
|
(.06)
|
Tax
return of capital |
|
(.01) |
|
- |
Total
distributions |
|
(.04)
|
|
(.06)
|
Net
asset value, end of period |
$ |
19.44 |
$ |
15.91 |
Total
Return D,E,F |
|
22.51%
|
|
(36.69)%
|
Ratios
to Average Net Assets C,G,H |
|
|
|
|
Expenses
before reductions |
|
.39%
|
|
.39%
I |
Expenses
net of fee waivers, if any |
|
.39%
|
|
.39%
I |
Expenses
net of all reductions |
|
.39%
|
|
.39%
I |
Net
investment income (loss) |
|
.23%
|
|
.41%
I |
Supplemental
Data |
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
36,938 |
$ |
18,293 |
Portfolio
turnover rate J,K |
|
38%
|
|
31%
L |
AFor
the period October 5, 2021 (commencement of operations) through June 30,
2022.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DTotal
returns for periods of less than one year are not annualized.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FBased
on net asset value.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
HExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
IAnnualized.
JPortfolio
turnover rate excludes securities received or delivered
in-kind.
KAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
LAmount
not annualized.
Fidelity®
Crypto Industry and Digital Payments ETF |
|
Years
ended June 30, |
|
2023
|
|
2022 A |
Selected
Per-Share Data |
|
|
|
|
Net
asset value, beginning of period |
$ |
12.39 |
$ |
25.76 |
Income
from Investment Operations |
|
|
|
|
Net
investment income (loss) B,C |
|
(.03)
|
|
(.01)
|
Net
realized and unrealized gain (loss) |
|
6.83
|
|
(13.36)
|
Total
from investment operations |
|
6.80
|
|
(13.37)
|
Net
asset value, end of period |
$ |
19.19 |
$ |
12.39 |
Total
Return D,E,F |
|
54.94%
|
|
(51.92)%
|
Ratios
to Average Net Assets C,G,H |
|
|
|
|
Expenses
before reductions |
|
.39%
|
|
.39%
I |
Expenses
net of fee waivers, if any |
|
.39%
|
|
.39%
I |
Expenses
net of all reductions |
|
.39%
|
|
.39%
I |
Net
investment income (loss) |
|
(.19)%
|
|
(.29)%
I |
Supplemental
Data |
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
36,462 |
$ |
13,005 |
Portfolio
turnover rate J,K |
|
55%
|
|
28%
L |
AFor
the period April 19, 2022 (commencement of operations) through June 30,
2022.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DTotal
returns for periods of less than one year are not annualized.
EBased
on net asset value.
FTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
HExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
IAnnualized.
JPortfolio
turnover rate excludes securities received or delivered
in-kind.
KAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
LAmount
not annualized.
Fidelity®
Digital Health ETF |
|
Years
ended June 30, |
|
2023
|
|
2022 A |
Selected
Per-Share Data |
|
|
|
|
Net
asset value, beginning of period |
$ |
18.58 |
$ |
25.10 |
Income
from Investment Operations |
|
|
|
|
Net
investment income (loss) B,C |
|
.03
D |
|
(.01)
|
Net
realized and unrealized gain (loss) |
|
1.08
|
|
(6.51)
|
Total
from investment operations |
|
1.11
|
|
(6.52)
|
Distributions
from net investment income |
|
(.03)
|
|
-
|
Total
distributions |
|
(.03)
|
|
-
|
Net
asset value, end of period |
$ |
19.66 |
$ |
18.58 |
Total
Return E,F,G |
|
5.98%
|
|
(25.99)%
|
Ratios
to Average Net Assets C,H,I |
|
|
|
|
Expenses
before reductions |
|
.39%
|
|
.39%
J |
Expenses
net of fee waivers, if any |
|
.39%
|
|
.39%
J |
Expenses
net of all reductions |
|
.39%
|
|
.39%
J |
Net
investment income (loss) |
|
.18%
D |
|
(.05)%
J |
Supplemental
Data |
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
9,828 |
$ |
9,289 |
Portfolio
turnover rate K |
|
36%
|
|
48%
L,M |
AFor
the period October 5, 2021 (commencement of operations) through June 30,
2022.
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 (.03)%.
ETotal
returns for periods of less than one year are not annualized.
FTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
GBased
on net asset value.
HFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
IExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
LPortfolio
turnover rate excludes securities received or delivered
in-kind.
MAmount
not annualized.
Fidelity®
Electric Vehicles and Future Transportation ETF |
|
Years
ended June 30, |
|
2023
|
|
2022 A |
Selected
Per-Share Data |
|
|
|
|
Net
asset value, beginning of period |
$ |
17.82 |
$ |
25.20 |
Income
from Investment Operations |
|
|
|
|
Net
investment income (loss) B,C |
|
.05
|
|
.04
|
Net
realized and unrealized gain (loss) |
|
1.27
|
|
(7.39)
|
Total
from investment operations |
|
1.32
|
|
(7.35)
|
Distributions
from net investment income |
|
(.05)
|
|
(.03)
|
Total
distributions |
|
(.05)
|
|
(.03)
|
Net
asset value, end of period |
$ |
19.09 |
$ |
17.82 |
Total
Return D,E,F |
|
7.36%
|
|
(29.15)%
|
Ratios
to Average Net Assets C,G,H |
|
|
|
|
Expenses
before reductions |
|
.39%
|
|
.39%
I |
Expenses
net of fee waivers, if any |
|
.39%
|
|
.39%
I |
Expenses
net of all reductions |
|
.39%
|
|
.39%
I |
Net
investment income (loss) |
|
.26%
|
|
.25%
I |
Supplemental
Data |
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
54,395 |
$ |
38,318 |
Portfolio
turnover rate J,K |
|
62%
|
|
31%
L |
AFor
the period October 5, 2021 (commencement of operations) through June 30,
2022.
BCalculated
based on average shares outstanding during the period.
CNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
DTotal
returns for periods of less than one year are not annualized.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FBased
on net asset value.
GFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
HExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
IAnnualized.
JPortfolio
turnover rate excludes securities received or delivered
in-kind.
KAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
LAmount
not annualized.
Years
ended June 30, |
|
2023
|
|
2022 A |
Selected
Per-Share Data |
|
|
|
|
Net
asset value, beginning of period |
$ |
21.32 |
$ |
25.28 |
Income
from Investment Operations |
|
|
|
|
Net
investment income (loss) B,C |
|
.11
D |
|
-
E |
Net
realized and unrealized gain (loss) |
|
4.36
|
|
(3.96)
|
Total
from investment operations |
|
4.47
|
|
(3.96)
|
Distributions
from net investment income |
|
(.12)
|
|
-
|
Total
distributions |
|
(.12)
|
|
-
|
Net
asset value, end of period |
$ |
25.67 |
$ |
21.32 |
Total
Return F,G,H |
|
21.06%
|
|
(15.67)%
|
Ratios
to Average Net Assets C,I,J |
|
|
|
|
Expenses
before reductions |
|
.39%
|
|
.39%
K |
Expenses
net of fee waivers, if any |
|
.39%
|
|
.39%
K |
Expenses
net of all reductions |
|
.39%
|
|
.39%
K |
Net
investment income (loss) |
|
.49%
D |
|
.01%
K |
Supplemental
Data |
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
16,689 |
$ |
10,658 |
Portfolio
turnover rate L,M |
|
47%
|
|
8%
N |
AFor
the period April 19, 2022 (commencement of operations) through June 30,
2022.
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 $.06 per share. Excluding such non-recurring
dividend(s), the ratio of net investment income (loss) to average net assets
would have been .22%.
EAmount
represents less than $.005 per share.
FTotal
returns for periods of less than one year are not annualized.
GTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
HBased
on net asset value.
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.
KAnnualized.
LPortfolio
turnover rate excludes securities received or delivered
in-kind.
MAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
NAmount
not annualized.
Additional
Index Information
The
Fidelity Clean Energy IndexSM
is designed to reflect the performance a global universe of companies across the
market capitalization spectrum that distribute, produce or provide technology or
equipment to support the production of energy from solar, wind, hydrogen and
other renewable sources. Index returns are adjusted for tax withholding rates
applicable to U.S. based mutual funds organized as Massachusetts business trusts
(NR).
The Fidelity
Cloud Computing IndexSM
is designed to reflect the performance of a global universe of companies across
the market capitalization spectrum that provide products or services enabling
the increased adoption of cloud computing, characterized by the delivery of
computing services over the internet. Index returns are adjusted for tax
withholding rates applicable to U.S. based mutual funds organized as
Massachusetts business trusts (NR).
The Fidelity
Crypto Industry and Digital Payments IndexSM
is designed to reflect the performance of a global universe of companies engaged
in activities related to cryptocurrency, related blockchain technology, and
digital payments processing. Index returns are adjusted for tax withholding
rates applicable to U.S. based mutual funds organized as Massachusetts business
trusts (NR).
The
Fidelity
Digital Health IndexSM
is designed to reflect the performance of a global universe of companies across
the market capitalization spectrum providing healthcare records management,
connected healthcare devices, surgical robotics, telemedicine, and other
technology-enabled healthcare products and services. Index returns are adjusted
for tax withholding rates applicable to U.S. based mutual funds organized as
Massachusetts business trusts (NR).
The Fidelity
Electric Vehicles and Future Transportation IndexSM
is designed to reflect the performance of a global universe of companies across
the market capitalization spectrum engaged in the production of electric and/or
autonomous vehicles and their components, technology, or energy systems or
engaged in other initiatives that aim to change the future of transportation.
Index returns are adjusted for tax withholding rates applicable to U.S. based
mutual funds organized as Massachusetts business trusts (NR).
The Fidelity
Metaverse IndexSM
is designed to reflect the performance of a global universe of companies that
develop, manufacture, distribute, or sell products or services related to
establishing and enabling the Metaverse. Index returns are adjusted for tax
withholding rates applicable to U.S. based mutual funds organized as
Massachusetts business trusts (NR).
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.
The
Fidelity index or indices listed above were created by FPS using a rules-based
proprietary index methodology described for the applicable fund(s) in the "Fund
Basics - Investment Details" section of this prospectus.
A
fund is entitled to use its index pursuant to a licensing arrangement with
FPS.
The
fund(s), the Adviser, and Geode have each adopted policies and procedures
designed to minimize potential conflicts of interest in connection with the
management of the fund(s).
Additional
information regarding the index or indices is available on
i.fidelity.com/indices.
The
index or indices are the property of FPS, which has contracted with S&P
Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and
maintain the index or indices. The index or indices are not sponsored by S&P
Dow Jones Indices LLC or its affiliates or its third party licensors, including
Standard & Poor's Financial Services LLC and Dow Jones Trademark Holdings
LLC (collectively, "S&P
Dow Jones Indices").
S&P Dow Jones Indices will not be liable for any errors or omissions in
calculating the index or indices. "Calculated by S&P Dow Jones Indices" and
the related stylized mark(s) are service marks of S&P Dow Jones Indices and
have been licensed for use by FPS. S&P® is
a registered trademark of Standard & Poor's Financial Services LLC, and Dow
Jones® is
a registered trademark of Dow Jones Trademark Holdings LLC.
The
fund(s) based on the index or indices are not sponsored, endorsed, sold or
promoted by S&P Dow Jones Indices. S&P Dow Jones Indices does not make
any representation or warranty, express or implied, to the owners of the fund(s)
or any member of the public regarding the advisability of investing in
securities generally or in the fund(s) particularly or the ability of the index
or indices to track general market performance. S&P Dow Jones Indices' only
relationship to FPS with respect to the index or indices is the licensing of
certain trademarks, service marks and trade names of S&P Dow Jones Indices,
and the provision of the calculation services related to the index or indices.
S&P Dow Jones Indices is not responsible for and has not participated in the
determination of the prices and amount of the fund(s) or the timing of the
issuance or sale of the fund(s) or in the determination or calculation of the
equation by which the fund(s) may be converted into cash or other redemption
mechanics. S&P Dow Jones Indices has no obligation or liability in
connection with the administration, marketing or trading of the fund(s). S&P
Dow Jones Indices LLC is not an investment advisor. Inclusion of a security
within an index is not a recommendation by S&P Dow Jones Indices to buy,
sell, or hold such security, nor is it investment advice.
S&P
DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR
THE COMPLETENESS OF THE INDEX OR INDICES OR ANY DATA RELATED THERETO OR ANY
COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION
(INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES
INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS,
OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR
IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY
FPS, OWNERS OF THE FUND(S), OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE
INDEX OR INDICES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING
ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE
LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL
DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST
TIME, OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.
FPS
is the index provider. FPS is an affiliated person of the investment adviser for
the fund(s) and as such is an affiliated index provider. FPS makes no
representation or warranty, express or implied, to the owners of shares of the
fund(s) or any member of the public regarding the advisability of investing in
securities generally or in the fund(s) particularly or the ability of the
fund(s) to track the index or indices or of the ability of the index or indices
to operate as designed. FPS has no obligation to take the needs of the fund(s)
or the owners of shares of the fund(s) into consideration in determining,
composing, or calculating the index or indices. FPS does not make any express or
implied warranties, and expressly disclaims all warranties of merchantability or
fitness for a particular purpose or use with respect to the index or indices or
any data included therein. FPS does not guarantee the accuracy, completeness, or
performance of any index or the data included therein and shall have no
liability in connection with any index or index calculation, errors, omissions
or interruptions of any Fidelity index or any data included therein. FPS has
contracted with an independent calculation agent to calculate the index or
indices. Without limiting any of the foregoing, in no event shall FPS have any
liability for any special, punitive, direct, indirect or consequential damages
(including lost profits) arising out of matters relating to the use of the index
or indices, even if notified of the possibility of such damages.
You
can obtain additional information about the funds. A description of each fund's
policies and procedures for disclosing its holdings is available in its
Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI
also includes more detailed information about each fund and its investments. The
SAI is incorporated herein by reference (legally forms a part of the
prospectus). Each fund's annual and semi-annual reports also include additional
information. Each fund's annual report includes a discussion of the fund's
holdings and recent market conditions and the fund's investment strategies that
affected performance.
For
a free copy of any of these documents or to request other information or ask
questions about a fund, call Fidelity at 1-800-FIDELITY. In addition, you may
visit Fidelity's web site at www.fidelity.com for a free copy of a prospectus,
SAI, or annual or semi-annual report or to request other
information.
The
SAI, the funds' annual and semi-annual reports and other related materials
are available from the Electronic Data Gathering, Analysis, and Retrieval
(EDGAR) Database on the SEC's web site (http://www.sec.gov). You can
obtain copies of this information, after paying a duplicating fee, by
sending a request by e-mail to [email protected] or by writing the Public
Reference Section of the SEC, Washington, D.C. 20549-1520. You can also
review and copy information about the funds, including the funds' SAI, at
the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090
for information on the operation of the SEC's Public Reference
Room. |
Investment
Company Act of 1940, File Number(s), 811-07319 |
Fidelity
Distributors Company LLC (FDC) is a member of the Securities Investor Protection
Corporation (SIPC). You may obtain information about SIPC, including the SIPC
brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
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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.
1.9903824.103 |
CEE-PRO-1023 |