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 |
$ |
24 |
|
3
years |
$ |
74 |
|
5
years |
$ |
130 |
|
10
years |
$ |
293 |
Portfolio
Turnover
The
fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when fund
shares are held in a taxable account. These costs, which are not reflected in
annual operating expenses or in the example, affect the fund's performance.
During the most recent fiscal year of the Predecessor Fund (as defined below),
the Predecessor Fund's portfolio turnover rate was 104%
of the average value of its portfolio.
Principal
Investment Strategies
- Normally
investing at least 80% of assets in common stocks included in the Russell
Midcap®
Index, which is a market capitalization-weighted index designed to measure the
performance of the mid-cap segment of the U.S. equity market.
- Generally
using computer-aided, quantitative analysis of historical valuation, growth,
profitability, and other factors to select a broadly diversified group of
stocks that may have the potential to provide a higher total return than that
of the Russell Midcap®
Index.
- Investing
in domestic and foreign issuers.
- Lending
securities to earn income for the fund.
Principal
Investment Risks
Stock
markets are volatile and can decline significantly in response to adverse
issuer, political, regulatory, market, or economic developments. Different parts
of the market, including different market sectors, and different types of
securities can react differently to these developments.
Foreign
markets can be more volatile than the U.S. market due to increased risks of
adverse issuer, political, regulatory, market, or economic developments and can
perform differently from the U.S. market.
The
value of an individual security or particular type of security can be more
volatile than, and can perform differently from, the market as a
whole.
Changes
in the financial condition of an issuer or counterparty (e.g., broker-dealer or
other borrower in a securities lending transaction) can increase the risk of
default by an issuer or counterparty, which can affect a security's or
instrument's value or result in delays in recovering securities and/or capital
from a counterparty.
- Fluctuation
of Net Asset Value and Share Price.
The
net asset value per share (NAV) of the fund will generally fluctuate with
changes in the market value of the fund's holdings. The fund's shares can be
bought and sold in the secondary market at market prices. Disruptions to
creations and redemptions, the existence of extreme market volatility or
potential lack of an active trading market for the fund's shares may result in
the fund's shares trading significantly above (at a premium) or below (at a
discount) to NAV.
In
addition, in stressed market conditions or periods of market disruption or
volatility, the market for shares may become less liquid in response to
deteriorating liquidity in the markets for the fund's underlying portfolio
holdings.
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.
Securities
selected using quantitative analysis can perform differently from the market as
a whole as a result of the factors used in the analysis, the weight placed on
each factor, and changes in the factors' historical trends.
The
value of securities of medium size, less well-known issuers can perform
differently from the market as a whole and other types of stocks and can be more
volatile than that of larger issuers.
Securities
lending involves the risk that the borrower may fail to return the securities
loaned in a timely manner or at all. If the borrower defaults on its obligation
to return the securities loaned because of insolvency or other reasons, a fund
could experience delays and costs in recovering the securities loaned or in
gaining access to the collateral.
High
portfolio turnover (more than 100%) may result in increased transaction costs
and potentially higher capital gains or losses. The effects of higher than
normal portfolio turnover may adversely affect the fund's
performance.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You
could lose money by investing in the fund.
Performance
Effective
November 17, 2023, Fidelity® Mid Cap Enhanced Index Fund ("Predecessor Fund")
was reorganized into the fund ("Reorganization"). The Predecessor Fund's
investment objective was identical to the fund's and the Predecessor Fund was
managed in a manner that, in all material respects, complied with the investment
guidelines and restrictions of the fund. The Predecessor Fund was designated as
the accounting survivor in the Reorganization. As a result, the fund has assumed
the Predecessor Fund's historical performance and the performance information
shown below reflects that of Fidelity® Mid Cap Enhanced Index Fund which had a
different fee structure than the fund. Past performance may have been different
if the fund's current fee structure had been in place during the
period.
The
following information is intended to help you understand the risks of investing
in the fund.
The
information illustrates the changes in the performance of the fund's shares from
year to year and compares the performance of the fund's shares to the
performance of a securities market index. The
index has characteristics relevant to the fund's investment strategies. Index
descriptions appear in the "Additional Index Information" section of the
prospectus. Past
performance (before and after taxes) is not an indication of future
performance.
Visit
www.fidelity.com for
more recent performance information.
Year-by-Year
Returns
|
|
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
|
|
39.88%
|
13.08%
|
-2.42%
|
13.49%
|
18.40%
|
-11.72%
|
27.35%
|
15.37%
|
24.12%
|
-14.21%
|
|
During
the periods shown in the chart: |
Returns |
Quarter
ended |
|
Highest
Quarter Return |
24.31% |
June
30, 2020 |
|
Lowest
Quarter Return |
-27.29% |
March
31, 2020 |
|
Year-to-Date
Return |
2.72% |
September
30, 2023 |
Average
Annual Returns
After-tax
returns are calculated using the historical highest individual federal marginal
income tax rates, but do not reflect the impact of state or local
taxes.
Actual after-tax returns may differ depending on your individual
circumstances.
The after-tax returns shown are not relevant if you hold your shares in a
retirement account or in another tax-deferred arrangement, such as an employee
benefit plan (profit sharing, 401(k), or 403(b)
plan).
Return After Taxes on Distributions and Sale of Fund Shares may be higher than
other returns for the same period due to a tax benefit of realizing a capital
loss upon the sale of fund shares.
|
For
the periods ended December 31, 2022 |
Past
1
year |
Past
5
years |
Past
10
years |
|
Fidelity®
Enhanced Mid Cap ETF |
|
|
|
|
Return
Before Taxes |
-14.21%
|
6.67%
|
11.10%
|
|
Return
After Taxes on Distributions |
-14.88%
|
4.98%
|
9.36%
|
|
Return
After Taxes on Distributions and Sale of Fund
Shares
|
-7.93%
|
5.07%
|
8.74%
|
|
Russell
Midcap® Index
(reflects
no deduction for fees, expenses, or taxes) |
-17.32% |
7.10% |
10.96% |
|
|
|
|
|
Investment
Adviser
Fidelity
Management & Research Company LLC (FMR) (the Adviser) is the fund's
manager.
Portfolio
Manager(s)
Max
Kaufmann (Co-Portfolio Manager) has managed the fund since 2023 and managed the
Predecessor Fund since 2009.
Anna
Lester (Co-Portfolio Manager) has managed the fund since 2023 and managed the
Predecessor Fund since 2019.
Shashi
Naik (Co-Portfolio Manager) has managed the fund since 2023 and managed the
Predecessor Fund since 2014.
George
Liu (Co-Portfolio Manager) has managed the fund since 2023.
Purchase
and Sale of Shares
Shares
of the fund are listed and traded on an exchange, and individual fund shares may
only be bought and sold in the secondary market through a broker or dealer at
market price. These transactions, which do not involve the fund, are made at
market prices that may vary throughout the day, rather than at NAV. Shares of
the fund may trade at a price greater than the fund's NAV (premium) or less than
the fund's NAV (discount). An investor may incur costs attributable to the
difference between the highest price a buyer is willing to pay to purchase
shares (bid) and the lowest price a seller is willing to accept for shares (ask)
when buying or selling fund shares in the secondary market (the "bid-ask
spread"). Recent information, including information regarding the fund's NAV,
market price, premiums and discounts, and bid-ask spread, is available at
www.fidelity.com.
Tax
Information
Distributions
you receive from the fund are subject to federal income tax and generally will
be taxed as ordinary income or capital gains, and may also be subject to state
or local taxes, unless you are investing through a tax-advantaged retirement
account (in which case you may be taxed later, upon withdrawal of your
investment from such account).
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated with the Adviser or FDC), for the sale of fund shares and related
services. These payments may create a conflict of interest by influencing your
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Basics
Investment
Objective
Fidelity®
Enhanced International ETF seeks capital appreciation.
Principal
Investment Strategies
The
Adviser normally invests at least 80% of the fund's assets in common stocks
included in the MSCI EAFE Index. The MSCI EAFE Index is a market
capitalization-weighted index that is designed to measure the investable equity
market performance for global investors in developed markets, excluding the U.S.
& Canada.
The
Adviser will also invest in securities of issuers that are not part of the MSCI
EAFE Index. The Adviser considers the fund's security, industry, region, and
market capitalization weightings relative to the index. In buying and selling
securities for the fund, the Adviser seeks to outperform the MSCI EAFE Index by,
in general, quantitatively evaluating factors such as historical valuation,
growth, profitability, and other factors. The portfolio managers incorporate
these analyses using a proprietary program to construct the optimal portfolio
holdings and further manage benchmark relative risks. The portfolio managers
will generally attempt to overweight securities with positive characteristics
identified in the evaluation process and underweight securities with negative
characteristics.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Enhanced Large Cap Core ETF seeks capital appreciation.
Principal
Investment Strategies
The
Adviser normally invests at least 80% of the fund's assets in common stocks
included in the S&P 500®
Index. The S&P 500®
Index is a market capitalization-weighted index of 500 common stocks chosen for
market size, liquidity, and industry group representation to represent U.S.
equity performance.
A
company's market capitalization is based on its current market capitalization or
its market capitalization at the time of the fund's investment. Companies whose
capitalization falls below this level after purchase continue to be considered
to have a large market capitalization. The size of the companies in an index
changes with market conditions and the composition of the index.
The
Adviser will also invest in securities of issuers that are not part of the
S&P 500®
Index. The Adviser considers the fund's security, industry, and market
capitalization weightings relative to the index. In buying and selling
securities for the fund, the Adviser seeks to outperform the S&P
500®
Index by, in general, quantitatively evaluating factors such as historical
valuation, growth, profitability, and other factors. The portfolio managers
incorporate these analyses using a proprietary program to construct the optimal
portfolio holdings and further manage benchmark relative risks. The portfolio
managers will generally attempt to overweight securities with positive
characteristics identified in the evaluation process and underweight securities
with negative characteristics.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Enhanced Large Cap Growth ETF seeks capital appreciation.
Principal
Investment Strategies
The
Adviser normally invests at least 80% of the fund's assets in common stocks
included in the Russell 1000®
Growth Index. The Russell 1000®
Growth Index is a market capitalization-weighted index designed to measure the
performance of the large-cap growth segment of the U.S. equity market. It
includes those Russell 1000®
Index companies with higher price-to-book ratios and higher forecasted growth
rates. The stocks of these companies are often called "growth"
stocks.
A
company's market capitalization is based on its current market capitalization or
its market capitalization at the time of the fund's investment. Companies whose
capitalization falls below this level after purchase continue to be considered
to have a large market capitalization. The size of the companies in an index
changes with market conditions and the composition of the index.
The
Adviser will also invest in securities of issuers that are not part of the
Russell 1000® Growth
Index. The Adviser considers the fund's security, industry, and market
capitalization weightings relative to the index. In buying and selling
securities for the fund, the Adviser seeks to outperform the Russell
1000® Growth
Index by, in general, quantitatively evaluating factors such as historical
valuation, growth, profitability, and other factors. The portfolio managers
incorporate these analyses using a proprietary program to construct the optimal
portfolio holdings and further manage benchmark relative risks. The portfolio
managers will generally attempt to overweight securities with positive
characteristics identified in the evaluation process and underweight securities
with negative characteristics.
The
fund may invest a significant percentage of its assets in relatively few
companies and may invest up to 25% in a single company. The fund is classified
as non-diversified.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Enhanced Large Cap Value ETF seeks capital appreciation.
Principal
Investment Strategies
The
Adviser normally invests at least 80% of the fund's assets in common stocks
included in the Russell 1000®
Value Index. The Russell 1000®
Value Index is a market capitalization-weighted index designed to measure the
performance of the large-cap value segment of the U.S. equity market. It
includes those Russell 1000®
Index companies with lower price-to-book ratios and lower expected growth rates.
The stocks of these companies are often called "value" stocks.
A
company's market capitalization is based on its current market capitalization or
its market capitalization at the time of the fund's investment. Companies whose
capitalization falls below this level after purchase continue to be considered
to have a large market capitalization. The size of the companies in an index
changes with market conditions and the composition of the index.
The
Adviser will also invest in securities of issuers that are not part of the
Russell 1000®
Value Index. The Adviser considers the fund's security, industry, and market
capitalization weightings relative to the index. In buying and selling
securities for the fund, the Adviser seeks to outperform the Russell
1000®
Value Index by, in general, quantitatively evaluating factors such as historical
valuation, growth, profitability, and other factors. The portfolio managers
incorporate these analyses using a proprietary program to construct the optimal
portfolio holdings and further manage benchmark relative risks. The portfolio
managers will generally attempt to overweight securities with positive
characteristics identified in the evaluation process and underweight securities
with negative characteristics.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
Enhanced Mid Cap ETF seeks capital appreciation.
Principal
Investment Strategies
The
Adviser normally invests at least 80% of the fund's assets in common stocks
included in the Russell Midcap®
Index. The Russell Midcap®
Index is a market capitalization-weighted index designed to measure the
performance of the mid-cap segment of the U.S. equity market. It contains
approximately 800 of the smallest securities in the Russell 1000®
Index.
A
company's market capitalization is based on its current market capitalization or
its market capitalization at the time of the fund's investment. The size of the
companies in an index changes with market conditions and the composition of the
index.
The
Adviser will also invest in securities of issuers that are not part of the
Russell Midcap®
Index. The Adviser considers the fund's security, industry, and market
capitalization weightings relative to the index. In buying and selling
securities for the fund, the Adviser seeks to outperform the Russell
Midcap®
Index by, in general, quantitatively evaluating factors such as historical
valuation, growth, profitability, and other factors. The portfolio managers
incorporate these analyses using a proprietary program to construct the optimal
portfolio holdings and further manage benchmark relative risks. The portfolio
managers will generally attempt to overweight securities with positive
characteristics identified in the evaluation process and underweight securities
with negative characteristics.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
If
the Adviser'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 share price changes daily
based on changes in market conditions and interest rates and in response to
other economic, political, or financial developments. A fund's reaction to these
developments will be affected by the types of securities in which the fund
invests, the financial condition, industry and economic sector, and geographic
location of an issuer, and the fund's level of investment in the securities of
that issuer. 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.
Foreign
Exposure.
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.
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.
Geographic
Concentration. Social,
political, and economic conditions and changes in regulatory, tax, or economic
policy in a country or region could significantly affect the market in that
country or region. From time to time, a small number of companies and industries
may represent a large portion of the market in a particular country or region,
and these companies and industries can be sensitive to adverse social,
political, economic, currency, or regulatory developments. Similarly, from time
to time, a fund may invest a meaningful portion of its assets in the securities
of issuers located in a single country or a limited number of countries. If the
fund invests in this manner, there is a higher risk that social, political,
economic, tax (such as a tax on foreign investments or financial transactions),
currency, or regulatory developments in those countries may have a significant
impact on the fund's investment performance.
Special
Considerations regarding Europe.
Europe
includes both developed and emerging markets. Most developed countries in
Western Europe are members of the European Union (EU), and many are also members
of the European Economic and Monetary Union (EMU). European countries can be
significantly affected by the tight fiscal and monetary controls with which EU
members and candidates for EMU membership are required to comply. In addition,
the private and public sectors' debt problems of a single EU country can pose
economic risks to the EU as a whole. Unemployment in Europe has historically
been higher than in the United States, public deficits are an ongoing concern in
many European countries, the region is currently facing great political and
economic uncertainty and many European economies are experiencing slow economic
growth or recession. Eastern European countries generally continue to move
toward market economies. However, their markets remain relatively undeveloped
and can be particularly sensitive to social, political, and economic
developments. The EU faces challenges related to member states seeking to change
their relationship with the EU, exemplified by the United Kingdom's withdrawal.
There can be significant uncertainty as to the terms and consequences of one or
more member states seeking to change their relationship with the EU. Among other
things, a member state's decision to leave the EU could result in increased
volatility and illiquidity in the European and such member state's economies, as
well as the broader global economy. Companies with a significant amount of
business in the member state or Europe may experience lower revenue and/or
profit growth, which may adversely affect the value of a fund's investments. In
addition, uncertainty regarding any member state's exit from the EU may lead to
instability in the foreign exchange markets, including volatility in the value
of the euro.
Special
Considerations regarding Japan. The
Japanese economy, at times, has been characterized by government intervention
and protectionism, an aging demographic, declining population, and an unstable
financial services sector. International trade, particularly with the United
States, government support of the financial services sector and other troubled
sectors, consistent government policy, natural disasters, and geopolitical
developments can significantly affect economic growth. Since a significant
portion of Japan's trade is conducted with developing nations, almost all of
which are in East and Southeast Asia, it can be affected by currency
fluctuations and other conditions in these other countries.
Issuer-Specific
Changes.
Changes in the financial condition of an issuer or counterparty (e.g.,
broker-dealer or other borrower in a securities lending transaction), changes in
specific economic or political conditions that affect a particular type of
security or issuer, and changes in general economic or political conditions can
increase the risk of default by an issuer or counterparty, which can affect a
security's or instrument's value or result in delays in recovering securities
and/or capital from a counterparty. The value of securities of smaller, less
well-known issuers can be more volatile than that of larger
issuers.
Fluctuation
of Net Asset Value and Share Price. The
NAV of a fund's shares will generally fluctuate with changes in the market value
of the fund's holdings. A fund's shares are listed on an exchange and can be
bought and sold in the secondary market at market prices. The market prices of
shares will fluctuate in accordance with changes in NAV and supply and demand on
the listing exchange. Although 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 the fund's
shares and the fund's NAV. In addition, in stressed market conditions
or periods of market disruption or volatility, the market for shares may become
less liquid in response to deteriorating liquidity in the markets for the fund's
underlying portfolio holdings.
The
market price of shares during the trading day, like the price of any
exchange-traded security, includes a bid-ask spread charged by the exchange
specialist, market makers, or other participants that trade the particular
security. In times of severe market disruption or volatility, the bid-ask spread
can increase significantly. At those times, shares are most likely to be traded
at a discount to NAV, and the discount is likely to be greatest when the price
of shares is falling fastest, which may be the time that you most want to sell
your shares. Securities held by a fund may be traded in markets that close at a
different time than the listing exchange. During the time when the listing
exchange is open but after the applicable market closing, fixing or settlement
times, bid-ask spreads and the resulting premium or discount to the fund's NAV
may widen. The Adviser expects that, under normal market conditions, large
discounts or premiums to NAV will not be sustained in the long term because of
arbitrage opportunities.
Trading
Issues.
Although shares are listed on an exchange, there can be no assurance that an
active trading market or requirements to remain listed will be met or
maintained. Only an Authorized Participant may engage in creation or redemption
transactions directly with a fund. A fund has a limited number of intermediaries
that act as Authorized Participants. There are no obligations of market makers
to make a market in a fund's shares or of Authorized Participants to submit
purchase or redemption orders for Creation Units. Decisions by market makers or
Authorized Participants to reduce their role with respect to market making or
creation and redemption activities during times of market stress, or a decline
in the number of Authorized Participants due to decisions to exit the business,
bankruptcy, or other factors, could inhibit the effectiveness of the arbitrage
process in maintaining the relationship between the underlying value of a fund's
portfolio securities and the market price of fund shares. To the extent no other
Authorized Participants are able to step forward to create or redeem, shares may
trade at a discount to NAV and possibly face delisting. In addition, trading of
shares in the secondary market may be halted, for example, due to activation of
marketwide "circuit breakers." If trading halts or an unanticipated early
closing of the listing exchange occurs, a shareholder may be unable to purchase
or sell shares of a fund. FDC, the distributor of each fund's shares, does not
maintain a secondary market in the shares.
If
a fund's shares are delisted from the listing exchange, the Adviser may seek to
list fund shares on another market, merge a 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.
"Growth"
Investing.
"Growth" stocks can react differently to issuer, political, market, and economic
developments than the market as a whole and other types of stocks. "Growth"
stocks tend to be more expensive relative to their earnings or assets compared
to other types of stocks. As a result, "growth" stocks tend to be sensitive to
changes in their earnings and more volatile than other types of
stocks.
"Value"
Investing.
"Value" stocks can react differently to issuer, political, market, and economic
developments than the market as a whole and other types of stocks. "Value"
stocks tend to be inexpensive relative to their earnings or assets compared to
other types of stocks. However, "value" stocks can continue to be inexpensive
for long periods of time and may not ever realize their full value.
Quantitative
Investing.
The value of securities selected using quantitative analysis can react
differently to issuer, political, market, and economic developments than the
market as a whole or securities selected using only fundamental analysis. The
factors used in quantitative analysis and the weight placed on those factors may
not be predictive of a security's value. In addition, factors that affect a
security's value can change over time and these changes may not be reflected in
the quantitative model.
Mid
Cap Investing. The
value of securities of medium size, less well-known issuers can be more volatile
than that of relatively larger issuers and can react differently to issuer,
political, market, and economic developments than the market as a whole and
other types of stocks.
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.
High
Portfolio Turnover. A
fund may engage in active and frequent trading of its portfolio securities. High
portfolio turnover (more than 100%) may result in increased transaction costs to
a fund, including brokerage commissions, dealer mark-ups, and other transaction
costs on the sale of securities or reinvestment in other securities. The sale of
a fund's securities may result in the realization and/or distribution to
shareholders of higher capital gains or losses as compared to a fund with less
active trading policies. These effects of higher than normal portfolio turnover
may adversely affect a fund's performance.
In
response to market, economic, political, or other conditions, a fund may
temporarily use a different investment strategy for defensive purposes. If the
fund does so, different factors could affect its performance and the fund may
not achieve its investment objective.
Other
Investment Strategies
For
Fidelity® Enhanced International ETF:
The
Adviser may also use various techniques, such as buying and selling futures
contracts, swaps, foreign exchange forward and spot transactions, and exchange
traded funds, to increase or decrease the fund's exposure to changing security
prices or other factors that affect security values.
For
Fidelity® Enhanced Large Cap Core ETF, Fidelity® Enhanced Large Cap Growth ETF,
Fidelity® Enhanced Large Cap Value ETF, and Fidelity® Enhanced Mid Cap
ETF:
The
Adviser may also 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®
Enhanced International ETF normally invests at least 80% of its assets in common
stocks included in the MSCI EAFE Index.
Fidelity®
Enhanced Large Cap Core ETF normally invests at least 80% of its assets in
common stocks included in the S&P 500®
Index.
Fidelity®
Enhanced Large Cap Growth ETF normally
invests at least 80% of its assets in common stocks included in the Russell
1000®
Growth Index.
Fidelity®
Enhanced Large Cap Value ETF normally
invests at least 80% of its assets in common stocks included in the Russell
1000®
Value Index.
Fidelity®
Enhanced Mid Cap ETF normally
invests at least 80% of its assets in common stocks included in the Russell
Midcap®
Index.
Country
or Geographic Region
The
Adviser considers a number of factors to determine whether an investment is tied
economically to a particular country or region, including: the source of
government guarantees (if any); the primary trading market; the issuer's
domicile, sources of revenue, and location of assets; whether the investment is
included in an index representative of a particular country or region; and
whether the investment is exposed to the economic fortunes and risks of a
particular country or region.
Each
fund is open for business each day that either the listing exchange or the New
York Stock Exchange (NYSE) is open.
The
NAV is the value of a single share. Fidelity normally calculates NAV as of the
close of regular trading hours on the listing exchange or the NYSE, normally
4:00 p.m. Eastern time. Each fund's assets normally are valued as of this time
for the purpose of computing NAV. The prices at which creations and redemptions
occur are based on the next calculation of NAV after a creation or redemption
order is received in an acceptable form under the authorized participant
agreement.
NAV
is not calculated and a fund will not process purchase and redemption requests
submitted on days when the fund is not open for business. The time at which
shares are priced and until which purchase and redemption orders are accepted
may be changed as permitted by the Securities and Exchange Commission
(SEC).
Shares
of each fund may be purchased through a broker in the secondary market by
individual investors at market prices which may vary throughout the day and may
differ from NAV.
To
the extent that a fund's assets are traded in other markets on days when the
fund is not open for business, the value of the fund's assets may be affected on
those days. In addition, trading in some of a fund's assets may not occur on
days when the fund is open for business.
Shares
of open-end funds in which each fund may invest (referred to as underlying
funds) are valued at their respective NAVs. NAV is calculated using the values
of any underlying funds in which it invests. Other assets are valued primarily
on the basis of market quotations, official closing prices, or information
furnished by a pricing service. Certain short-term securities are valued on the
basis of amortized cost. If market quotations, official closing prices, or
information furnished by a pricing service are not readily available or, in the
Adviser's opinion, are deemed unreliable for a security, then that security will
be fair valued in good faith by the Adviser in accordance with applicable fair
value pricing policies. For example, if, in the Adviser's opinion, a security's
value has been materially affected by events occurring before a fund's pricing
time but after the close of the exchange or market on which the security is
principally traded, then that security will be fair valued in good faith by the
Adviser in accordance with applicable fair value pricing policies. Fair value
pricing will be used for high yield debt securities when available pricing
information is determined to be stale or for other reasons not to accurately
reflect fair value.
Fair
value pricing is based on subjective judgments and it is possible that the fair
value of a security may differ materially from the value that would be realized
if the security were sold.
Shareholder
Information
Additional
Information about the Purchase and Sale of Shares
As
used in this prospectus, the term "shares" generally refers to the shares
offered through this prospectus.
General
Information
Information
on Fidelity
Fidelity
Investments was established in 1946 to manage one of America's first mutual
funds. Today, Fidelity is one of the world's largest providers of financial
services.
In
addition to its fund business, the company operates one of America's leading
brokerage firms, Fidelity Brokerage Services LLC. Fidelity is also a leader in
providing tax-advantaged retirement plans for individuals investing on their own
or through their employer.
The
Depository Trust Company (DTC) is a limited trust company and securities
depository that facilitates the clearance and settlement of trades for its
participating banks and broker-dealers. DTC has executed an agreement with FDC,
each fund's distributor.
Buying
and Selling Shares in the Secondary Market
Shares
of each fund are listed and traded on an exchange, and individual fund shares
may only be bought and sold in the secondary market through a broker. Each fund
does not impose any minimum investment for shares of a fund purchased on an
exchange. These transactions are made at market prices that may vary throughout
the day and may be greater than a fund's NAV (premium) or less than a
fund's NAV (discount). As a result, you may pay more than NAV when you purchase
shares, and receive less than NAV when you sell shares, in the secondary market.
If you buy or sell shares in the secondary market, you will generally incur
customary brokerage commissions and charges. Due to such commissions and
charges, frequent trading may detract significantly from investment
returns.
Each
fund is designed to offer investors an equity investment that can be bought and
sold frequently in the secondary market without impact on a fund, and such
trading activity is critical to ensuring that the market price of fund shares
remains at or close to NAV. Accordingly, the Board of Trustees has not adopted
policies and procedures designed to discourage excessive or short-term trading
by these investors.
Shares
can be purchased and redeemed directly from each fund at NAV only by Authorized
Participants in large increments called "Creation Units." Each fund
accommodates frequent purchases and redemptions of Creation Units by Authorized
Participants and does not place a limit on purchases or redemptions of Creation
Units by these investors. Each fund reserves the right, but does not have the
obligation, to reject any purchase transaction at any time. In addition, each
fund reserves the right to impose restrictions on disruptive, excessive, or
short-term trading.
Precautionary
Notes
- Note
to Investment Companies. For
purposes of the Investment Company Act of 1940 (1940 Act), shares are issued
by a fund, and the acquisition of shares by investment companies is subject to
the restrictions of Section 12(d)(1) of the 1940 Act. Registered investment
companies are permitted to invest in a fund beyond the limits set forth in
Section 12(d)(1), subject to certain terms and conditions, including that such
investment companies enter into an agreement with the fund.
- Note
to Authorized Participants Regarding Continuous Offering. Certain
legal risks may exist that are unique to Authorized Participants purchasing
Creation Units directly from a fund. Because new Creation Units may be issued
on an ongoing basis, at any point a "distribution," as such term is used in
the Securities Act of 1933 (the Securities Act), could be occurring. As a
broker-dealer, certain activities that you perform may, depending on the
circumstances, result in your being deemed a participant in a distribution, in
a manner which could render you a statutory underwriter and subject you to the
prospectus delivery and liability provisions of the Securities
Act.
For
example, you may be deemed a statutory underwriter if you purchase Creation
Units from a fund, break them down into individual fund shares, and sell such
shares directly to customers, or if you choose to couple the creation of a
supply of new fund shares with an active selling effort involving solicitation
of secondary market demand for fund shares. A determination of whether a person
is an underwriter for purposes of the Securities Act depends upon all of the
facts and circumstances pertaining to that person's activities, and the examples
mentioned here should not be considered a complete description of all the
activities that could lead to a categorization as an underwriter.
Dealers
who are not "underwriters" but are participating in a distribution (as opposed
to engaging in ordinary secondary market transactions), and thus dealing with
shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C)
of the Securities Act, will be unable to take advantage of the prospectus
delivery exemption provided by Section 4(a)(3) of the Securities
Act.
This
is because the prospectus delivery exemption in Section 4(a)(3) of the
Securities Act is not available in respect of such transactions as a result of
Section 24(d) of the 1940 Act. As a result, you should note that dealers who are
not underwriters but are participating in a distribution (as opposed to engaging
in ordinary secondary market transactions) and thus dealing with the shares that
are part of an overallotment within the meaning of Section 4(a)(3)(A) of the
Securities Act would be unable to take advantage of the prospectus delivery
exemption provided by Section 4(a)(3) of the Securities Act. Firms that incur a
prospectus-delivery obligation with respect to shares of a fund are reminded
that, under Rule 153 under the Securities Act, a prospectus delivery obligation
under Section 5(b)(2) of the Securities Act owed to an exchange member in
connection with a sale on an exchange is satisfied by the fact that the
prospectus is available at the exchange upon request. The prospectus delivery
mechanism provided in Rule 153 is only available with respect to transactions on
an exchange. Certain affiliates of each fund may purchase and resell fund shares
pursuant to this prospectus.
- Note
to Secondary Market Investors.
DTC, or its nominee, is the registered owner of all outstanding shares of a
fund. The Adviser will not have any record of your ownership. Your ownership
of shares will be shown on the records of DTC and the DTC participant broker
through which you hold the shares. Your broker will provide you with account
statements, confirmations of your purchases and sales, and tax information.
Your broker will also be responsible for distributing income and capital gain
distributions and for sending you shareholder reports and other information as
may be required.
Costs
Associated with Creations and Redemptions
The
funds may impose a creation transaction fee and a redemption transaction fee to
offset transfer and other transaction costs associated with the issuance and
redemption of Creation Units of shares. Information about the procedures
regarding creation and redemption of Creation Units and the applicable
transaction fees is included in the Statement of Additional Information
(SAI).
Dividends
and Capital Gain Distributions
Each
fund earns interest, dividends, and other income from its investments, and
distributes this income (less expenses) to shareholders as dividends. Each fund
also realizes capital gains from its investments, and distributes these gains
(less any losses) as capital gain distributions. If you purchased your shares in
the secondary market, your broker is responsible for distributing the income and
capital gain distributions to you.
Each
fund normally pays dividends and capital gain distributions per the tables
below:
|
Fund
Name |
|
Dividends
Paid |
|
Fidelity®
Enhanced International ETF |
|
March,
June, September, December |
|
Fidelity®
Enhanced Large Cap Core ETF |
|
March,
June, September, December |
|
Fidelity®
Enhanced Large Cap Growth ETF |
|
March,
June, September, December |
|
Fidelity®
Enhanced Large Cap Value ETF |
|
March,
June, September, December |
|
Fidelity®
Enhanced Mid Cap ETF |
|
March,
June, September, December |
|
Fund
Name |
|
Capital
Gains Paid |
|
Fidelity®
Enhanced International ETF |
|
December |
|
Fidelity®
Enhanced Large Cap Core ETF |
|
December |
|
Fidelity®
Enhanced Large Cap Growth ETF |
|
December |
|
Fidelity®
Enhanced Large Cap Value ETF |
|
December |
|
Fidelity®
Enhanced Mid Cap ETF |
|
December |
As
with any investment, your investment in a fund could have tax consequences for
you (for non-retirement accounts).
Taxes
on Distributions
Distributions
investors receive are subject to federal income tax, and may also be subject to
state or local taxes.
For
federal tax purposes, certain distributions, including dividends and
distributions of short-term capital gains, are taxable to investors as ordinary
income, while certain distributions, including distributions of long-term
capital gains, are taxable to investors generally as capital gains. A percentage
of certain distributions of dividends may qualify for taxation at long-term
capital gains rates (provided certain holding period requirements are
met).
If
investors buy shares when a fund has realized but not yet distributed income or
capital gains, they will be "buying a dividend" by paying the full price for the
shares and then receiving a portion of the price back in the form of a taxable
distribution.
Any
taxable distributions investors receive will normally be taxable to them when
they receive them.
Taxes
on Transactions
Purchases
and sales of shares, as well as purchases and redemptions of Creation Units, may
result in a capital gain or loss for federal tax purposes.
Fund
Services
Adviser
FMR.
The
Adviser is each fund's manager. The address of the Adviser is 245 Summer Street,
Boston, Massachusetts 02210.
As
of December 31, 2022, the Adviser had approximately $3.1 trillion in
discretionary assets under management, and approximately $3.9 trillion when
combined with all of its affiliates' assets under management.
As
the manager, the Adviser has overall responsibility for directing each fund's
investments and handling its business affairs.
Portfolio
Manager(s)
Max
Kaufmann is Co-Portfolio Manager of each fund, which he has managed since 2023,
and each Predecessor Fund, which he has managed since 2009. He also manages
other funds. Since joining FMR in 2022, Mr. Kaufmann has worked as a portfolio
manager. Prior to joining FMR, Mr. Kaufmann worked at Geode Capital Management
LLC (Geode), each Predecessor Fund's former sub-adviser, from 2009 to 2022, most
recently as senior portfolio manager.
Anna
Lester is Co-Portfolio Manager of each fund, which she has managed since 2023,
and each Predecessor Fund, which she has managed since 2019. She also manages
other funds. Since joining FMR in 2022, Ms. Lester has worked as a portfolio
manager. Prior to joining FMR, Ms. Lester worked at Geode Capital Management LLC
(Geode), each Predecessor Fund's former sub-adviser, from 2019 to 2022, most
recently as a senior portfolio manager, and at State Street Global Advisors from
2005 to 2019, most recently as senior portfolio manager.
George
Liu is Co-Portfolio Manager of each fund, which he has managed since
2023. He also manages other funds. Since joining FMR in 2022, Mr. Liu has worked
as a portfolio manager. Prior to joining FMR, Mr. Liu worked at Geode Capital
Management LLC (Geode) from 2004 to 2022, most recently as portfolio
manager.
Shashi
Naik is Co-Portfolio Manager of each fund, which he has managed since 2023, and
each Predecessor Fund, which he has managed since 2014. He also manages other
funds. Since joining FMR in 2022, Mr. Naik has worked as a portfolio manager.
Prior to joining FMR, Mr. Naik worked at Geode Capital Management LLC (Geode),
each Predecessor Fund's former sub-adviser, from 2010 to 2022, most recently as
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® Enhanced International ETF,
Fidelity® Enhanced Large Cap Core ETF, Fidelity® Enhanced Large Cap Growth ETF,
Fidelity® Enhanced Large Cap Value ETF, and Fidelity® Enhanced Mid Cap 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®
Enhanced International ETF |
0.28% |
|
Fidelity®
Enhanced Large Cap Core ETF |
0.18% |
|
Fidelity®
Enhanced Large Cap Growth ETF |
0.18% |
|
Fidelity®
Enhanced Large Cap Value ETF |
0.18% |
|
Fidelity®
Enhanced Mid Cap ETF |
0.23% |
The
management fee for Fidelity® Enhanced International ETF's Predecessor Fund for
the fiscal year ended August 31, 2023 was 0.55% of the fund's average net
assets.
The
management fee for Fidelity® Enhanced Large Cap Core ETF's Predecessor Fund for
the fiscal year ended August 31, 2023 was 0.39% of the fund's average net
assets.
The
management fee for Fidelity® Enhanced Large Cap Growth ETF's Predecessor Fund
for the fiscal year ended August 31, 2023 was 0.39% of the fund's average net
assets.
The
management fee for Fidelity® Enhanced Large Cap Value ETF's Predecessor Fund for
the fiscal year ended August 31, 2023 was 0.39% of the fund's average net
assets.
The
management fee for Fidelity® Enhanced Mid Cap ETF's Predecessor Fund for the
fiscal year ended August 31, 2023 was 0.45% of the fund's average net
assets.
The
basis for the Board of Trustees approving the management contract for each fund
will be included in each fund's semi-annual report for the fiscal period ending
February 29, 2024, when available.
From
time to time, the Adviser or its affiliates may agree to reimburse or waive
certain fund expenses while retaining the ability to be repaid if expenses fall
below the specified limit prior to the end of the fiscal year.
Reimbursement
or waiver arrangements can decrease expenses and boost performance.
FDC
distributes each fund's shares.
Intermediaries
may receive from the Adviser, FDC, and/or their affiliates compensation for
providing recordkeeping and administrative services, as well as other retirement
plan expenses, and compensation for services intended to result in the sale of
fund shares.
These
payments are described in more detail in this section and in the
SAI.
Distribution
and Service Plan(s)
While
each fund will not make direct payments for distribution or shareholder support
services, each fund has adopted a Distribution and Service Plan pursuant to
Rule 12b-1 under the 1940 Act with respect to its shares. Each Plan
recognizes that the Adviser may use its management fee revenues, as well as its
past profits or its resources from any other source, to pay FDC for
expenses incurred in connection with providing services intended to result in
the sale of shares of each fund and/or shareholder support services. The
Adviser, directly or through FDC, may pay significant amounts to intermediaries
that provide those services. Currently, the Board of Trustees of each fund
has authorized such payments for shares of each fund.
If
payments made by the Adviser to FDC or to intermediaries under a Distribution
and Service Plan were considered to be paid out of a fund's assets on an ongoing
basis, they might increase the cost of your investment and might cost you more
than paying other types of sales charges.
No
dealer, sales representative, or any other person has been authorized to give
any information or to make any representations, other than those contained in
this prospectus and in the related SAI, in connection with the offer contained
in this prospectus. If given or made, such other information or representations
must not be relied upon as having been authorized by the funds or FDC. This
prospectus and the related SAI do not constitute an offer by the funds or by FDC
to sell shares of the funds to, or to buy shares of the funds from, any person
to whom it is unlawful to make such offer.
State
Street Bank and Trust Company serves as each fund's transfer agent and
custodian, and is located at One Heritage Drive, Floor 1, North Quincy,
Massachusetts, 02171 and 1 Lincoln Street, Boston, Massachusetts, 02111,
respectively.
Appendix
Financial
Highlights are intended to help you understand the financial history of fund
shares for the past 5 years (or, if shorter, the period of operations). Certain
information reflects financial results for a single share. The total returns in
the table represent the rate that an investor would have earned (or lost) on an
investment in shares (assuming reinvestment of all dividends and distributions).
Effective November 17, 2023, Fidelity® International Enhanced Index Fund,
Fidelity® Large Cap Core Enhanced Index Fund, Fidelity® Large Cap Growth
Enhanced Index Fund, Fidelity® Large Cap Value Enhanced Index Fund, and
Fidelity® Mid Cap Enhanced Index Fund (each a "Predecessor Fund") were
reorganized into their respective Exchange Traded Fund(s). Each fund has adopted
the Financial Statements of the applicable Predecessor Fund. Therefore, the
financial highlights shown below are those of Fidelity® International Enhanced
Index Fund, Fidelity® Large Cap Core Enhanced Index Fund, Fidelity® Large Cap
Growth Enhanced Index Fund, Fidelity® Large Cap Value Enhanced Index Fund, and
Fidelity® Mid Cap Enhanced Index Fund for all periods prior to each fund's
commencement of operations. The annual information below for each Predecessor
Fund has been audited by PricewaterhouseCoopers LLP, independent registered
public accounting firms, whose reports, along with the Predecessor Fund's
financial statements, are included in the Predecessor Fund's annual report.
Annual reports are available for free upon request.
|
Fidelity®
Enhanced International ETF |
|
|
|
Years
ended August 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
8.96 |
$ |
11.56 |
$ |
9.20 |
$ |
8.98 |
$ |
9.83 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
.26
|
|
.31
|
|
.25
|
|
.19
|
|
.30
|
|
Net
realized and unrealized gain (loss) |
|
1.45
|
|
(2.61)
|
|
2.28
|
|
.32
|
|
(.95)
|
|
Total
from investment operations |
|
1.71
|
|
(2.30)
|
|
2.53
|
|
.51
|
|
(.65)
|
|
Distributions
from net investment income |
|
(.23)
|
|
(.30)
|
|
(.17)
|
|
(.29)
|
|
(.20)
|
|
Total
distributions |
|
(.23)
|
|
(.30)
|
|
(.17)
|
|
(.29)
|
|
(.20)
|
|
Net
asset value, end of period |
$ |
10.44 |
$ |
8.96 |
$ |
11.56 |
$ |
9.20 |
$ |
8.98 |
|
Total
Return C |
|
19.29%
|
|
(20.35)%
|
|
27.77%
|
|
5.55%
|
|
(6.51)%
|
|
Ratios
to Average Net Assets B,D,E |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.55%
|
|
.57%
|
|
.59%
|
|
.59%
|
|
.59%
|
|
Expenses
net of fee waivers, if any |
|
.55%
|
|
.57%
|
|
.59%
|
|
.59%
|
|
.59%
|
|
Expenses
net of all reductions |
|
.55%
|
|
.57%
|
|
.59%
|
|
.59%
|
|
.59%
|
|
Net
investment income (loss) |
|
2.69%
|
|
2.99%
|
|
2.32%
|
|
2.13%
|
|
3.27%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
1,565,113 |
$ |
1,304,804 |
$ |
1,679,091 |
$ |
1,182,923 |
$ |
1,505,889 |
|
Portfolio
turnover rate F |
|
105%
|
|
114%
|
|
82%
|
|
75%
|
|
103%
|
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
DFees
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.
EExpense
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.
FAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
|
Fidelity®
Enhanced Large Cap Core ETF |
|
|
|
Years
ended August 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
18.48 |
$ |
23.40 |
$ |
18.12 |
$ |
15.21 |
$ |
16.22 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
.24
|
|
.24
|
|
.22
|
|
.24
|
|
.27
|
|
Net
realized and unrealized gain (loss) |
|
2.49
|
|
(2.08)
|
|
5.50
|
|
3.06
|
|
(.27)
|
|
Total
from investment operations |
|
2.73
|
|
(1.84)
|
|
5.72
|
|
3.30
|
|
-
|
|
Distributions
from net investment income |
|
(.15)
|
|
(.36)
C |
|
(.22)
|
|
(.26)
|
|
(.24)
|
|
Distributions
from net realized gain |
|
(.08)
|
|
(2.72)
C |
|
(.22)
|
|
(.13)
|
|
(.78)
|
|
Total
distributions |
|
(.22)
D |
|
(3.08)
|
|
(.44)
|
|
(.39)
|
|
(1.01)
D |
|
Net
asset value, end of period |
$ |
20.99 |
$ |
18.48 |
$ |
23.40 |
$ |
18.12 |
$ |
15.21 |
|
Total
Return E |
|
15.01%
|
|
(9.41)%
|
|
32.14%
|
|
21.97%
|
|
.65%
|
|
Ratios
to Average Net Assets B,F,G |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.39%
|
|
.39%
|
|
.39%
|
|
.39%
|
|
.39%
|
|
Expenses
net of fee waivers, if any |
|
.39%
|
|
.39%
|
|
.39%
|
|
.39%
|
|
.39%
|
|
Expenses
net of all reductions |
|
.39%
|
|
.39%
|
|
.39%
|
|
.39%
|
|
.39%
|
|
Net
investment income (loss) |
|
1.26%
|
|
1.18%
|
|
1.09%
|
|
1.49%
|
|
1.81%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
2,048,315 |
$ |
2,462,111 |
$ |
1,508,781 |
$ |
1,087,245 |
$ |
834,635 |
|
Portfolio
turnover rate H |
|
105%
I |
|
104%
|
|
83%
|
|
63%
|
|
77%
|
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CThe
amount shown reflects reclassifications related to book to tax differences that
were made in the year shown.
DTotal
distributions per share do not sum due to rounding.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
GExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
HAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
IPortfolio
turnover rate excludes securities received or delivered
in-kind.
|
Fidelity®
Enhanced Large Cap Growth ETF |
|
|
|
Years
ended August 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
24.83 |
$ |
34.25 |
$ |
27.80 |
$ |
20.24 |
$ |
21.58 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
.18
|
|
.15
|
|
.14
|
|
.16
|
|
.21
|
|
Net
realized and unrealized gain (loss) |
|
4.71
|
|
(5.05)
|
|
7.63
|
|
8.08
|
|
(.15)
|
|
Total
from investment operations |
|
4.89
|
|
(4.90)
|
|
7.77
|
|
8.24
|
|
.06
|
|
Distributions
from net investment income |
|
(.14)
|
|
(.14)
|
|
(.16)
|
|
(.18)
|
|
(.24)
C |
|
Distributions
from net realized gain |
|
-
|
|
(4.38)
|
|
(1.16)
|
|
(.51)
|
|
(1.16)
C |
|
Total
distributions |
|
(.14)
|
|
(4.52)
|
|
(1.32)
|
|
(.68)
D |
|
(1.40)
|
|
Net
asset value, end of period |
$ |
29.58 |
$ |
24.83 |
$ |
34.25 |
$ |
27.80 |
$ |
20.24 |
|
Total
Return E |
|
19.85%
|
|
(16.70)%
|
|
29.08%
|
|
41.73%
|
|
1.28%
|
|
Ratios
to Average Net Assets B,F,G |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.39%
|
|
.39%
|
|
.39%
|
|
.39%
|
|
.39%
|
|
Expenses
net of fee waivers, if any |
|
.39%
|
|
.39%
|
|
.39%
|
|
.39%
|
|
.39%
|
|
Expenses
net of all reductions |
|
.39%
|
|
.39%
|
|
.39%
|
|
.39%
|
|
.39%
|
|
Net
investment income (loss) |
|
.71%
|
|
.52%
|
|
.47%
|
|
.74%
|
|
1.07%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
2,368,445 |
$ |
1,625,632 |
$ |
1,784,746 |
$ |
1,417,537 |
$ |
1,106,497 |
|
Portfolio
turnover rate H |
|
108%
I |
|
101%
|
|
84%
|
|
69%
|
|
85%
|
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CThe
amount shown reflects reclassifications related to book to tax differences that
were made in the year shown.
DTotal
distributions per share do not sum due to rounding.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
GExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
HAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
IPortfolio
turnover rate excludes securities received or delivered
in-kind.
|
Fidelity®
Enhanced Large Cap Value ETF |
|
|
|
Years
ended August 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
14.55 |
$ |
17.28 |
$ |
12.63 |
$ |
12.81 |
$ |
13.81 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
.27
|
|
.28
|
|
.25
|
|
.28
|
|
.30
|
|
Net
realized and unrealized gain (loss) |
|
.91
|
|
(1.04)
|
|
4.63
|
|
-
C |
|
(.46)
|
|
Total
from investment operations |
|
1.18
|
|
(.76)
|
|
4.88
|
|
.28
|
|
(.16)
|
|
Distributions
from net investment income |
|
(.22)
|
|
(.33)
D |
|
(.23)
|
|
(.29)
|
|
(.31)
|
|
Distributions
from net realized gain |
|
(.45)
|
|
(1.64)
D |
|
-
|
|
(.17)
|
|
(.54)
|
|
Total
distributions |
|
(.67)
|
|
(1.97)
|
|
(.23)
|
|
(.46)
|
|
(.84)
E |
|
Net
asset value, end of period |
$ |
15.06 |
$ |
14.55 |
$ |
17.28 |
$ |
12.63 |
$ |
12.81 |
|
Total
Return F |
|
8.30%
|
|
(5.18)%
|
|
39.12%
|
|
1.95%
|
|
(.77)%
|
|
Ratios
to Average Net Assets B,G,H |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.39%
|
|
.39%
|
|
.39%
|
|
.39%
|
|
.39%
|
|
Expenses
net of fee waivers, if any |
|
.39%
|
|
.39%
|
|
.39%
|
|
.39%
|
|
.39%
|
|
Expenses
net of all reductions |
|
.39%
|
|
.39%
|
|
.39%
|
|
.39%
|
|
.39%
|
|
Net
investment income (loss) |
|
1.88%
|
|
1.76%
|
|
1.65%
|
|
2.21%
|
|
2.37%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
5,531,764 |
$ |
5,691,392 |
$ |
6,187,508 |
$ |
3,887,139 |
$ |
3,757,353 |
|
Portfolio
turnover rate I |
|
88%
J |
|
112%
|
|
75%
|
|
81%
|
|
94%
|
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CAmount
represents less than $.005 per share.
DThe
amount shown reflects reclassifications related to book to tax differences that
were made in the year shown.
ETotal
distributions per share do not sum due to rounding.
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.
IAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
JPortfolio
turnover rate excludes securities received or delivered
in-kind.
|
Fidelity®
Enhanced Mid Cap ETF |
|
|
|
Years
ended August 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
15.92 |
$ |
20.78 |
$ |
15.16 |
$ |
14.59 |
$ |
16.42 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B |
|
.18
|
|
.18
|
|
.14
|
|
.19
|
|
.21
|
|
Net
realized and unrealized gain (loss) |
|
1.09
|
|
(2.46)
|
|
6.07
|
|
.97
|
|
(.71)
|
|
Total
from investment operations |
|
1.27
|
|
(2.28)
|
|
6.21
|
|
1.16
|
|
(.50)
|
|
Distributions
from net investment income |
|
(.15)
|
|
(.15)
C |
|
(.16)
|
|
(.22)
|
|
(.25)
|
|
Distributions
from net realized gain |
|
(.37)
|
|
(2.43)
C |
|
(.43)
|
|
(.38)
|
|
(1.09)
|
|
Total
distributions |
|
(.53)
D |
|
(2.58)
|
|
(.59)
|
|
(.59)
D |
|
(1.33)
D |
|
Net
asset value, end of period |
$ |
16.66 |
$ |
15.92 |
$ |
20.78 |
$ |
15.16 |
$ |
14.59 |
|
Total
Return E |
|
8.19%
|
|
(12.36)%
|
|
41.82%
|
|
7.91%
|
|
(2.19)%
|
|
Ratios
to Average Net Assets B,F,G |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.45%
|
|
.51%
|
|
.59%
|
|
.59%
|
|
.59%
|
|
Expenses
net of fee waivers, if any |
|
.45%
|
|
.51%
|
|
.59%
|
|
.59%
|
|
.59%
|
|
Expenses
net of all reductions |
|
.45%
|
|
.51%
|
|
.59%
|
|
.59%
|
|
.59%
|
|
Net
investment income (loss) |
|
1.12%
|
|
1.00%
|
|
.77%
|
|
1.33%
|
|
1.46%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$ |
1,636,516 |
$ |
1,654,862 |
$ |
2,042,347 |
$ |
1,182,253 |
$ |
1,263,319 |
|
Portfolio
turnover rate H |
|
104%
I |
|
116%
|
|
70%
|
|
73%
|
|
90%
|
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CThe
amount shown reflects reclassifications related to book to tax differences that
were made in the year shown.
DTotal
distributions per share do not sum due to rounding.
ETotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
FFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
GExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
HAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
IPortfolio
turnover rate excludes securities received or delivered
in-kind.
Additional
Index Information
MSCI
EAFE Index is
a market capitalization-weighted index that is designed to measure the
investable equity market performance for global investors of developed markets,
excluding the U.S. & Canada. Index returns are adjusted for tax withholding
rates applicable to U.S. based mutual funds organized as Massachusetts business
trusts.
Russell
1000® Growth Index
is a market capitalization-weighted index designed to measure the performance of
the large-cap growth segment of the U.S. equity market. It includes those
Russell 1000®
Index companies with higher price-to-book ratios and higher forecasted growth
rates.
Russell
1000®
Value Index
is a market capitalization-weighted index designed to measure the performance of
the large-cap value segment of the U.S. equity market. It includes those Russell
1000®
Index companies with lower price-to-book ratios and lower expected growth
rates.
Russell
Midcap®
Index is
a market capitalization-weighted index designed to measure the performance of
the mid-cap segment of the U.S. equity market. It contains approximately 800 of
the smallest securities in the Russell 1000®
Index.
S&P
500®
Index
is a market capitalization-weighted index of 500 common stocks chosen for market
size, liquidity, and industry group representation to represent U.S. equity
performance.
You
can obtain additional information about the funds. A description of each fund's
policies and procedures for disclosing its holdings is available in the funds'
SAI and on Fidelity's web sites. The SAI also includes more detailed information
about each fund and its investments. The SAI is incorporated herein by reference
(legally forms a part of the prospectus). Financial reports will be available
once the funds have completed their first annual or semi-annual period. Each
fund's annual and semi-annual reports also include additional information. Each
fund's annual report includes a discussion of the fund's holdings and recent
market conditions and the fund's investment strategies that affected
performance. Financial reports for the previous year for each Predecessor Fund
are available.
For
a free copy of any of these documents or to request other information or ask
questions about a fund, call Fidelity at 1-800-FIDELITY. In addition, you may
visit Fidelity's web site at www.fidelity.com for a free copy of a prospectus,
SAI, or annual or semi-annual report or to request other
information.
The
Statement of Additional Information (SAI), the funds' annual and
semi-annual reports and other related materials are available from the
Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the
SEC's web site (http://www.sec.gov). You can obtain copies of this
information, after paying a duplicating fee, by sending a request by
e-mail to [email protected] or by writing the Public Reference Section of
the SEC, Washington, D.C. 20549-1520. You can also review and copy
information about the funds, including the funds' SAI, at the SEC's Public
Reference Room in Washington, D.C. Call 1-202-551-8090 for information on
the operation of the SEC's Public Reference Room. |
|
Investment
Company Act of 1940, File Number(s), 811-07319 |
Fidelity
Distributors Company LLC (FDC) is a member of the Securities Investor Protection
Corporation (SIPC). You may obtain information about SIPC, including the SIPC
brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
Fidelity,
the Fidelity Investments Logo and all other Fidelity trademarks or service marks
used herein are trademarks or service marks of FMR LLC. Any third-party marks
that are used herein are trademarks or service marks of their respective owners.
© 2023 FMR LLC. All rights reserved.
|
1.9910051.102 |
EIE-PRO-1223 |
