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
69 %
of the average value of its portfolio.
Principal
Investment Strategies
- Normally
investing at least 80% of assets in securities included in the Fidelity
International Value Factor IndexSM
and in depositary receipts representing securities included in the index. The
index is designed to reflect the performance of stocks of large- and
mid-capitalization developed international companies that have attractive
valuations.
- Lending
securities to earn income for the fund.
Principal
Investment Risks
Stock
markets and, as a result, stock market indexes, are volatile and can decline
significantly in response to adverse issuer, political, regulatory, market, or
economic developments. Different parts of the market, including different market
sectors, and different types of securities can react differently to these
developments.
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.
Foreign
exchange rates also can be extremely volatile.
- Geographic
Exposure to Japan.
Because
the fund invests a meaningful portion of its assets in Japan, the fund's
performance is expected to be closely tied to social, political, and economic
conditions within Japan and to be more volatile than the performance of more
geographically diversified funds.
The
value of an individual security or particular type of security can be more
volatile than, and can perform differently from, the market as a whole.
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.
Although
the fund's underlying index uses a rules-based proprietary index methodology
that is designed to identify stocks with attractive valuations, there is no
guarantee that this methodology will be successful or that these stocks will
continue to be good "values." "Value" stocks can perform differently from the
market as a whole and other types of stocks and can continue to be undervalued
by the market for long periods of time .
- 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 or group of
industries.
There
can be no assurance that an active trading market will be maintained. Market
makers and Authorized Participants are not obligated to make a market in the
fund's shares or to submit purchase and redemption orders for creation units. In
addition, trading may be halted, for example, due to market conditions.
The
value of securities of medium size, less well-known issuers can perform
differently from the market as a whole and other types of stocks and can be more
volatile than that of larger issuers.
Securities
lending involves the risk that the borrower may fail to return the securities
loaned in a timely manner or at all. If the borrower defaults on its obligation
to return the securities loaned because of insolvency or other reasons, a fund
could experience delays and costs in recovering the securities loaned or in
gaining access to the collateral.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency .
You
could lose money by investing in the fund.
Performance
The
following information is intended to help you understand the risks of investing
in the fund.
The
information illustrates the changes in the performance of the fund's shares from
year to year and compares the performance of the fund's shares to the
performance of a securities market index and an additional index over various
periods of time. The
indexes have characteristics relevant to the fund's investment strategies. Index
descriptions appear in the "Additional Index Information" section of the
prospectus. Past
performance (before and after taxes) is not an indication of future
performance.
Visit
www.fidelity.com
for
more recent performance information.
Year-by-Year
Returns
|
|
|
|
|
|
|
2019
|
2020
|
2021
|
2022
|
|
|
|
|
|
|
|
19.70 %
|
-
1.68 %
|
16.05 %
|
-
10.42 %
|
During
the periods shown in the chart: |
Returns
|
Quarter
ended |
Highest
Quarter Return |
19.23 %
|
December
31, 2022 |
Lowest
Quarter Return |
-
27.30 %
|
March
31, 2020 |
Average
Annual Returns
After-tax
returns are calculated using the historical highest individual federal marginal
income tax rates, but do not reflect the impact of state or local taxes.
Actual
after-tax returns may differ depending on your individual circumstances.
The
after-tax returns shown are not relevant if you hold your shares in a retirement
account or in another tax-deferred arrangement, such as an employee benefit plan
(profit sharing, 401(k), or 403(b) plan). Return
After Taxes on Distributions and Sale of Fund Shares may be higher than other
returns for the same period due to a tax benefit of realizing a capital loss
upon the sale of fund shares.
For
the periods ended December 31, 2022 |
Past
1
year
|
Life
of
fund
A
|
Fidelity®
International Value Factor ETF |
|
|
Return
Before Taxes |
-
10.42
%
|
%
|
Return
After Taxes on Distributions |
-
11.02
%
|
-
%
|
Return
After Taxes on Distributions and Sale of Fund Shares
|
-
5.47 %
|
%
|
Fidelity
International Value Factor Index℠
(reflects
no deduction for fees or expenses) |
-
9.93
%
|
%
|
MSCI
World ex USA Index
(reflects
no deduction for fees or expenses) |
-
14.10
%
|
%
|
|
|
|
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 2018.
Peter
Matthew (Senior Portfolio Manager) has managed the fund since 2018.
Robert
Regan (Portfolio Manager) has managed the fund since 2018.
Payal
Gupta (Portfolio Manager) has managed the fund since 2019.
Navid
Sohrabi (Portfolio Manager) has managed the fund since 2019.
Purchase
and Sale of Shares
Shares
of the fund are listed and traded on an exchange, and individual fund shares may
only be bought and sold in the secondary market through a broker or dealer at
market price. These transactions, which do not involve the fund, are made at
market prices that may vary throughout the day, rather than at NAV. Shares of
the fund may trade at a price greater than the fund's NAV (premium) or less than
the fund's NAV (discount). An investor may incur costs attributable to the
difference between the highest price a buyer is willing to pay to purchase
shares (bid) and the lowest price a seller is willing to accept for shares (ask)
when buying or selling fund shares in the secondary market (the "bid-ask
spread"). Recent information, including information regarding the fund's NAV,
market price, premiums and discounts, and bid-ask spread, is available at
www.fidelity.com.
Tax
Information
Distributions
you receive from the fund are subject to federal income tax and generally will
be taxed as ordinary income or capital gains, and may also be subject to state
or local taxes, unless you are investing through a tax-advantaged retirement
account (in which case you may be taxed later, upon withdrawal of your
investment from such account).
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated with the Adviser or FDC), for the sale of fund shares and related
services. These payments may create a conflict of interest by influencing your
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Basics
Investment
Objective
Fidelity®
Emerging Markets Multifactor ETF seeks to provide investment returns that
correspond, before fees and expenses, generally to the performance of the
Fidelity Emerging Markets Multifactor 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 Emerging Markets Multifactor
Index℠ and in depositary receipts representing securities included in the index.
The Fidelity Emerging Markets Multifactor Index℠ is designed to reflect the
performance of stocks of large- and mid-capitalization emerging markets
companies that have attractive valuations, high quality profiles, positive
momentum signals, lower volatility than the broader emerging markets equity
market, and lower correlation to the U.S. equity market.
The
universe of stocks for consideration in the index, which is intended to reflect
the broader emerging markets equity market, consists of the largest 1,000
emerging markets stocks based on market capitalization and certain liquidity and
investability requirements. To determine whether a country qualifies as an
emerging market, Fidelity uses both quantitative and qualitative inputs,
including definitions provided by S&P Dow Jones Indices and certain other
inputs that include, but are not limited to, development of the market and
exchange, market capitalization and liquidity, GDP per capita and sovereign debt
rating. Various criteria may be considered in determining whether an investment
is tied economically to a particular country or region, including definitions
provided by S&P Dow Jones Indices, country of incorporation or registration,
location of operational headquarters, primary stock exchange listing, geographic
breakdown of revenue and assets, ownership information, location of officers,
directors and employees, investor perception and other factors.
The
fund may not always hold all of the same securities as the
Fidelity Emerging Markets Multifactor Index℠. Geode may use
statistical sampling techniques to attempt to replicate the returns of the
index. Statistical sampling techniques attempt to match the investment
characteristics of the index and the fund by taking into account such factors as
capitalization, industry exposures, fundamental characteristics, 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 fund's index
concentrates in the securities of issuers in a particular industry.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
International High Dividend ETF seeks to provide investment returns that
correspond, before fees and expenses, generally to the performance of the
Fidelity International High Dividend Index℠.
Principal
Investment Strategies
Geode
normally invests at least 80% of the fund's assets in securities included in the
Fidelity International High Dividend Index SM
and
in depositary receipts representing securities included in the index. The index
is designed to reflect the performance of stocks of large- and
mid-capitalization developed international high dividend-paying companies that
are expected to continue to pay and grow their dividends.
The
universe of stocks for consideration in the index, which is intended to reflect
the broader developed international equity market, consists of the largest 1,000
developed markets international stocks based on market capitalization and
certain liquidity and investability requirements.
The
fund may not always hold all of the same securities as the
Fidelity International High Dividend Index℠. Geode may use
statistical sampling techniques to attempt to replicate the returns of the
index. Statistical sampling techniques attempt to match the investment
characteristics of the index and the fund by taking into account such factors as
capitalization, industry exposures, fundamental characteristics, liquidity,
country weightings, and the effect of foreign taxes.
The
fund may not track the index because differences between the index and the
fund's portfolio can cause differences in performance. In addition, expenses,
transaction costs, and differences between how and when the fund and the index
are valued can cause differences in performance.
The
fund may lend securities to broker-dealers or other institutions to earn
income.
The
fund will invest more than 25% of its total assets in securities of issuers in a
particular industry or group of industries to approximately the same extent that
the fund's index concentrates in the securities of issuers in a particular
industry or group of industries.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
International Multifactor ETF seeks to provide investment returns that
correspond, before fees and expenses, generally to the performance of the
Fidelity International Multifactor Index℠.
Principal
Investment Strategies
Geode
normally invests at least 80% of the fund's assets in securities included in the
Fidelity International Multifactor Index℠ and in depositary receipts
representing securities included in the index. The Fidelity International
Multifactor Index℠ is designed to reflect the performance of stocks of large-
and mid-capitalization developed international companies that have attractive
valuations, high quality profiles, positive momentum signals, lower volatility
than the broader developed international equity market, and lower correlation to
the U.S. equity market.
The
universe of stocks for consideration in the index, which is intended to reflect
the broader developed international equity market, consists of the largest 1,000
developed international market stocks based on market capitalization and certain
liquidity and investability requirements. Various criteria may be considered in
determining whether an investment is tied economically to a particular country
or region, including definitions provided by S&P Dow Jones Indices, country
of incorporation or registration, location of operational headquarters, primary
stock exchange listing, geographic breakdown of revenue and assets, ownership
information, location of officers, directors and employees, investor perception
and other factors.
The
fund may not always hold all of the same securities as the
Fidelity International Multifactor Index℠. Geode may use
statistical sampling techniques to attempt to replicate the returns of the
index. Statistical sampling techniques attempt to match the investment
characteristics of the index and the fund by taking into account such factors as
capitalization, industry exposures, fundamental characteristics, 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 fund's index
concentrates in the securities of issuers in a particular industry.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Investment
Objective
Fidelity®
International Value Factor ETF seeks to provide investment returns that
correspond, before fees and expenses, generally to the performance of the
Fidelity International Value Factor Index℠.
Principal
Investment Strategies
Geode
normally invests at least 80% of the fund's assets in securities included in the
Fidelity International Value Factor Index SM
and
in depositary receipts representing securities included in the index. The index
is designed to reflect the performance of stocks of large- and
mid-capitalization developed international companies that have attractive
valuations.
The
universe of stocks for consideration in the index, which is intended to reflect
the broader developed international equity market, consists of the largest 1,000
developed markets international stocks based on market capitalization and
certain liquidity and investability requirements.
The
fund may not always hold all of the same securities as the
Fidelity International Value Factor Index℠. Geode may use
statistical sampling techniques to attempt to replicate the returns of the
index. Statistical sampling techniques attempt to match the investment
characteristics of the index and the fund by taking into account such factors as
capitalization, industry exposures, fundamental characteristics, 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 or group of industries to approximately the same extent that
the fund's index concentrates in the securities of issuers in a particular
industry or group of industries.
If
Geode's strategies do not work as intended, the fund may not achieve its
objective.
Description
of Principal Security Types
Equity
securities represent
an ownership interest, or the right to acquire an ownership interest, in an
issuer. Different types of equity securities provide different voting and
dividend rights and priority in the event of the bankruptcy of the
issuer. Equity securities include common stocks, preferred stocks,
convertible securities, and warrants.
Principal
Investment Risks
Many
factors affect each fund's performance. Developments that disrupt global
economies and financial markets, such as pandemics and epidemics, may magnify
factors that affect a fund's performance. A fund's NAV changes daily based on
changes in market conditions and interest rates and in response to other
economic, political, or financial developments. A fund's reaction to these
developments will be affected by the types of securities in which the fund
invests, the financial condition, industry and economic sector, and geographic
location of an issuer, and the fund's level of investment in the securities of
that issuer. When you sell your shares they may be worth more or less than what
you paid for them, which means that you could lose money by investing in a
fund.
The
following factors can significantly affect a fund's performance:
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.
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.
Geographic
Exposure. Social,
political, and economic conditions and changes in regulatory, tax, or economic
policy in a country or region could significantly affect the market in that
country or region. From time to time, a small number of companies and industries
may represent a large portion of the market in a particular country or region,
and these companies and industries can be sensitive to adverse social,
political, economic, currency, or regulatory developments. Similarly, from time
to time, 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 China .
The
Chinese economy is dependent on the economies of other countries and can be
significantly affected by currency fluctuations and increasing competition from
Asia's other low-cost emerging economies. The willingness and ability of the
Chinese government to support the Chinese economy and markets is uncertain.
China has yet to develop comprehensive securities, corporate, or commercial
laws, its market is relatively new and less developed, and its economy is
experiencing a relative slowdown. Also, foreign investments may be subject to
certain restrictions. Changes in Chinese government policy and economic growth
rates could significantly affect local markets. Reduction in spending on Chinese
products and services, institution of tariffs or other trade barriers or a
downturn in any of the economies of China's key trading partners may have an
adverse impact on the securities of Chinese issuers. Concerns exist regarding a
potential trade war between China and the United States, which may trigger a
significant reduction in international trade, the oversupply of certain
manufactured goods, substantial price reductions of goods and possible failure
of individual companies and/or large segments of China's export industry, all of
which may have a negative impact on a fund's investments.
A
fund may obtain exposure to companies based or operated in China by investing
through legal structures known as variable interest entities (VIEs). Instead of
directly owning the equity securities of a Chinese company, a VIE enters into
service and other contracts with the Chinese company. Although the VIE has no
equity ownership of the Chinese company, the contractual arrangements permit the
VIE to consolidate the Chinese company into its financial statements. VIE
investments are subject to the risk that any breach of these contractual
arrangements will be subject to Chinese law and jurisdiction, that Chinese law
may be interpreted or change in a way that affects the enforceability of the
VIE's arrangements, or that contracts between the Chinese company and the VIE
may otherwise not be enforceable under Chinese law. Thus, limiting the remedies
and rights of investors such as the fund. If these risks materialize, the value
of investments in VIEs could be adversely affected and a fund could incur
significant losses with no recourse available.
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 each fund's shares will generally fluctuate with changes in the
market value of each fund's holdings. Each fund's shares are listed on an
exchange and can be bought and sold in the secondary market at market prices.
The market prices of shares will fluctuate in accordance with changes in NAV and
supply and demand on the listing exchange. Although a share's market price is
expected to approximate its NAV, it is possible that the market price and NAV
will vary significantly. As a result, you may sustain losses if you pay more
than the shares' NAV when you purchase shares, or receive less than the shares'
NAV when you sell shares, in the secondary market. During periods of disruptions
to creations and redemptions, the existence of extreme market volatility, or
lack of an active trading market for a fund's shares, the market price of fund
shares is more likely to differ significantly from the fund's NAV. During such
periods, you may be unable to sell your shares or may incur significant losses
if you sell your shares. There are various methods by which investors can
purchase and sell shares and various orders that may be placed. Investors should
consult their financial intermediary before purchasing or selling shares of a
fund. Disruptions at market makers, Authorized Participants or market
participants may also result in significant differences between the market price
of a fund's shares and the fund's NAV. In addition, in stressed market
conditions or periods of market disruption or volatility, the market for shares
may become less liquid in response to deteriorating liquidity in the markets for
the fund's underlying portfolio holdings.
The
market price of shares during the trading day, like the price of any
exchange-traded security, includes a bid-ask spread charged by the exchange
specialist, market makers, or other participants that trade the particular
security. In times of severe market disruption or volatility, the bid-ask spread
can increase significantly. At those times, shares are most likely to be traded
at a discount to NAV, and the discount is likely to be greatest when the price
of shares is falling fastest, which may be the time that you most want to sell
your shares. Securities held by a fund may be traded in markets that close at a
different time than the listing exchange. During the time when the listing
exchange is open but after the applicable market closing, fixing or settlement
times, bid-ask spreads and the resulting premium or discount to the fund's NAV
may widen. The Adviser expects that, under normal market conditions, large
discounts or premiums to NAV will not be sustained in the long term because of
arbitrage opportunities.
Correlation
to Index. The
performance of a fund and its index may vary somewhat due to factors such as
fees and expenses of the fund, transaction costs, imperfect correlation between
the fund's securities and those in the index, timing differences associated with
additions to and deletions from the index, and changes in the shares outstanding
of the component securities. A fund may not be fully invested at times as a
result of cash flows into the fund. The use of sampling techniques or futures or
other derivative positions may affect a fund's ability to achieve close
correlation with the index. In addition, the fund may not be able to invest in
certain securities included in the index or invest in them in the exact
proportions in which they are represented in the index due to regulatory
restrictions. Errors in the construction or calculation of the index may occur
from time to time and may not be identified and corrected for some period of
time, which may have an adverse impact on the fund and its shareholders.
Passive
Management Risk. An
index fund is managed with a passive investment strategy, attempting to track
the performance of an unmanaged index of securities, regardless of the current
or projected performance of the fund's index or of the actual securities
included in the index. This differs from an actively managed fund, which
typically seeks to outperform a benchmark index. As a result, an index fund's
performance could be lower than actively managed funds that may shift their
portfolio assets to take advantage of market opportunities or lessen the impact
of a market decline or a decline in the value of one or more issuers. The
structure and composition of an index fund's index will affect the performance,
volatility, and risk of the index and, consequently, the performance,
volatility, and risk of the fund. For Fidelity ®
International
High Dividend ETF and Fidelity ®
International
Value Factor ETF, the fund will be concentrated to approximately the same extent
that the fund's index concentrates in the securities of issuers in a particular
industry or group of industries. For Fidelity ®
Emerging
Markets Multifactor ETF and Fidelity ®
International
Multifactor ETF, the fund will be concentrated to approximately the same extent
that the fund's index concentrates in the securities of issuers in a particular
industry.
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.
Factor-Based
Strategy Risk. Although
the index uses a rules-based proprietary index methodology that seeks to
identify certain factors, there is no guarantee that this methodology will be
successful. In addition, there may be periods when a particular style of
investing or factor is out of favor and therefore, during such periods, the
investment performance of the fund may suffer.
Trading
Issues .
Although shares are listed on an exchange, there can be no assurance that an
active trading market or requirements to remain listed will be met or
maintained. Only an Authorized Participant may engage in creation or redemption
transactions directly with a fund. A fund has a limited number of intermediaries
that act as Authorized Participants. There are no obligations of market makers
to make a market in a fund's shares or of Authorized Participants to submit
purchase or redemption orders for Creation Units. Decisions by market makers or
Authorized Participants to reduce their role with respect to market making or
creation and redemption activities during times of market stress, or a decline
in the number of Authorized Participants due to decisions to exit the business,
bankruptcy, or other factors, could inhibit the effectiveness of the arbitrage
process in maintaining the relationship between the underlying value of a fund's
portfolio securities and the market price of fund shares. To the extent no other
Authorized Participants are able to step forward to create or redeem, shares may
trade at a discount to NAV and possibly face delisting. In addition, trading of
shares in the secondary market may be halted, for example, due to activation of
marketwide "circuit breakers." If trading halts or an unanticipated early
closing of the listing exchange occurs, a shareholder may be unable to purchase
or sell shares of a fund. FDC, the distributor of each fund's shares, does not
maintain a secondary market in the shares.
If
an index is discontinued, the fund may substitute a different index or,
alternatively, may liquidate the fund if the Board of Trustees deems it to be in
the best interest of shareholders.
If
a fund's shares are delisted from the listing exchange, the Adviser may seek to
list the fund shares on another market, merge the fund with another
exchange-traded fund or traditional mutual fund, or redeem the fund shares at
NAV.
Shares
of a fund, similar to shares of other issuers listed on a stock exchange, may be
sold short and are therefore subject to the risk of increased volatility and
price decreases associated with being sold short.
Cash
Transactions Risk. Unlike
certain ETFs, Fidelity ®
Emerging
Markets Multifactor ETF expects to generally effect its creations and
redemptions partially for cash, rather than primarily for in-kind securities.
Therefore, it may be required to sell portfolio securities and recognize gains
on such sales that the fund might not have recognized if it were to distribute
portfolio securities in-kind. As a result, an investment in Fidelity
®
Emerging
Markets Multifactor ETF may be less tax-efficient than an investment in an ETF
that distributes portfolio securities entirely in-kind. The use of cash
creations and redemptions may also cause the fund's shares to trade in the
market at greater bid-ask spreads or greater premiums or discounts to the fund's
NAV. Furthermore, cash creation and redemption transactions may result in
certain brokerage, tax, foreign exchange, execution, price movement and other
costs and expenses related to the execution of trades resulting from such
transactions. To the extent that the maximum additional charge for creation or
redemption transactions is insufficient to cover these costs and expenses, the
fund's performance could be negatively impacted.
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.
Dividend
Paying Securities. Although
the Fidelity International High Dividend Index SM
uses
a rules-based proprietary index methodology that is designed to identify stocks
of dividend-paying companies that will continue to pay and grow their dividends,
there is no guarantee that these methodologies will be successful.
Fidelity ®
International
High Dividend ETF may underperform funds that invest more broadly. If securities
held by a fund reduce or stop paying dividends, the fund's ability to generate
dividend income may be affected. In addition, there may be periods when
dividend-paying securities are out of favor and therefore, during such periods,
the investment performance of a fund may suffer.
"Value"
Investing.
Although
a fund's underlying index uses a rules-based proprietary index methodology that
is designed to identify stocks with attractive valuations, there is no guarantee
that this methodology will be successful or that these stocks will continue to
be good "values." "Value" stocks can react differently to issuer, political,
market, and economic developments than the market as a whole and other types of
stocks. "Value" stocks tend to be inexpensive relative to their earnings or
assets compared to other types of stocks. However, "value" stocks can continue
to be inexpensive for long periods of time and may not ever realize their full
value. In addition, there may be periods when the value style of investing is
out of favor and therefore, during such periods, the investment performance of
the fund may suffer.
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.
The
Fidelity Emerging Markets Multifactor Index SM
is
constructed using Fidelity's rules-based proprietary index methodology. Stocks
in the universe are given a composite score based on four factors: valuation,
quality, momentum, and volatility. Stocks with the highest composite scores
within each sector and country are identified for inclusion in the index. Within
each sector, stocks are weighted based on their market capitalization in the
broader emerging markets equity market plus an overweight adjustment that is
equal for all constituents within that sector.
The
index will overweight the five sectors with the lowest correlation to U.S. large
capitalization stocks and underweight the six sectors with the highest
correlation to U.S. large capitalization stocks. The index is rebalanced
semi-annually, as of the close of business of the listing exchange on the third
Friday in February and August. Fidelity Product Services LLC (FPS) is the index
provider. FPS is an affiliated person of the Adviser.
The
Fidelity International High Dividend Index SM
is
constructed using Fidelity's rules-based proprietary index methodology. Stocks
in the universe are grouped together by country and sector (with certain broader
groupings in the event of small sector and country combinations). Stocks are
ranked within each group and given a composite score based on three fundamental
characteristics: high dividend yield, low dividend payout ratio, and high
dividend growth. Within each group, composite scores are adjusted to remove size
bias. Stocks with the highest composite scores within each group are identified
for inclusion in the index. The grouping methodology results in country weights
that are comparable to but not exactly the same as the broader developed
international equity market.
Within
each group, each stock is weighted based on its market capitalization in the
broader equity market plus an overweight adjustment that is equal for all
constituents within that group. Sectors are weighted relative to the broader
developed international equity market depending on the yield characteristics of
the sector. Sectors with higher dividend yields are overweighted, while those
with lower dividend yields are underweighted.
The
index is rebalanced annually, as of the close of business of the listing
exchange on the last business day in February. FPS is the index provider. FPS is
an affiliated person of the Adviser.
The
Fidelity International Multifactor Index SM
is
constructed using Fidelity's rules-based proprietary index methodology. Stocks
in the universe are given a composite score based on four factors: valuation,
quality, momentum, and volatility. Stocks with the highest composite scores
within each sector and country are identified for inclusion in the index. Within
each sector, stocks are weighted based on their market capitalization in the
broader developed international equity market plus an overweight adjustment that
is equal for all constituents within that sector.
The
index will overweight the five sectors with the lowest correlation to U.S. large
capitalization stocks and underweight the six sectors with the highest
correlation to U.S. large capitalization stocks. The index is rebalanced
semi-annually, as of the close of business of the listing exchange on the third
Friday in February and August. FPS is the index provider. FPS is an affiliated
person of the Adviser.
The
Fidelity International Value Factor Index SM
is
constructed using Fidelity's rules-based proprietary index methodology. Stocks
in the universe are grouped together by country and sector (with certain broader
groupings in the event of small sector and country combinations). Stocks are
ranked within each group and given a composite score based on four measures of
value: high free cash flow yield; low enterprise value to earnings before
interest, taxes, depreciation and amortization; low price to tangible book
value; and low price to future earnings. Within each group, composite scores are
adjusted to remove size bias. Stocks with the highest composite scores within
each group are identified for inclusion in the index. The grouping methodology
results in country weights that are comparable to but not exactly the same as
the broader developed international equity market.
Within
each group, each stock is weighted based on its market capitalization in the
broader equity market plus an overweight adjustment that is equal for all
constituents within that group. Each sector is neutral-weighted relative to the
broader developed international equity market.
The
index is rebalanced semi-annually, as of the close of business of the listing
exchange on the last business day in February and August. FPS is the index
provider. FPS is an affiliated person of the Adviser.
Non-Fundamental
Investment Policies
Each
fund's investment objective is non-fundamental and may be changed without
shareholder approval.
Shareholder
Notice
The
following is subject to change only upon 60 days' prior notice to
shareholders:
Fidelity®
Emerging Markets Multifactor ETF
normally
invests at least 80% of its assets in securities included in the Fidelity
Emerging Markets Multifactor Index℠ and in depositary receipts representing
securities included in the index.
Fidelity®
International High Dividend ETF
normally
invests at least 80% of its assets in securities included in the Fidelity
International High Dividend Index SM
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 or redemption transaction at any time. In
addition, each fund reserves the right to impose restrictions on disruptive,
excessive, or short-term trading.
Precautionary
Notes
- Note
to Investment Companies. For
purposes of the Investment Company Act of 1940 (1940 Act), shares are issued
by a fund, and the acquisition of shares by investment companies is subject to
the restrictions of Section 12(d)(1) of the 1940 Act. Registered investment
companies are permitted to invest in a fund beyond the limits set forth in
Section 12(d)(1), subject to certain terms and conditions, including that such
investment companies enter into an agreement with the fund.
- Note
to Authorized Participants Regarding Continuous Offering. Certain
legal risks may exist that are unique to Authorized Participants purchasing
Creation Units directly from a fund. Because new Creation Units may be issued
on an ongoing basis, at any point a "distribution," as such term is used in
the Securities Act of 1933 (the Securities Act), could be occurring. As a
broker-dealer, certain activities that you perform may, depending on the
circumstances, result in your being deemed a participant in a distribution, in
a manner which could render you a statutory underwriter and subject you to the
prospectus delivery and liability provisions of the Securities Act.
For
example, you may be deemed a statutory underwriter if you purchase Creation
Units from a fund, break them down into individual fund shares, and sell such
shares directly to customers, or if you choose to couple the creation of a
supply of new fund shares with an active selling effort involving solicitation
of secondary market demand for fund shares. A determination of whether a person
is an underwriter for purposes of the Securities Act depends upon all of the
facts and circumstances pertaining to that person's activities, and the examples
mentioned here should not be considered a complete description of all the
activities that could lead to a categorization as an underwriter.
Dealers
who are not "underwriters" but are participating in a distribution (as opposed
to engaging in ordinary secondary market transactions), and thus dealing with
shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C)
of the Securities Act, will be unable to take advantage of the prospectus
delivery exemption provided by Section 4(a)(3) of the Securities Act.
This
is because the prospectus delivery exemption in Section 4(a)(3) of the
Securities Act is not available in respect of such transactions as a result of
Section 24(d) of the 1940 Act. As a result, you should note that dealers who are
not underwriters but are participating in a distribution (as opposed to engaging
in ordinary secondary market transactions) and thus dealing with the shares that
are part of an overallotment within the meaning of Section 4(a)(3)(A) of the
Securities Act would be unable to take advantage of the prospectus delivery
exemption provided by Section 4(a)(3) of the Securities Act. Firms that incur a
prospectus-delivery obligation with respect to shares of a fund are reminded
that, under Rule 153 under the Securities Act, a prospectus delivery obligation
under Section 5(b)(2) of the Securities Act owed to an exchange member in
connection with a sale on an exchange is satisfied by the fact that the
prospectus is available at the exchange upon request. The prospectus delivery
mechanism provided in Rule 153 is only available with respect to transactions on
an exchange. Certain affiliates of each fund may purchase and resell fund shares
pursuant to this prospectus.
- Note
to Secondary Market Investors.
DTC, or its nominee, is the registered owner of all outstanding shares of a
fund. The Adviser will not have any record of your ownership. Your ownership
of shares will be shown on the records of DTC and the DTC participant broker
through which you hold the shares. Your broker will provide you with account
statements, confirmations of your purchases and sales, and tax information.
Your broker will also be responsible for distributing income and capital gain
distributions and for sending you shareholder reports and other information as
may be required.
Costs
Associated with Creations and Redemptions
The
funds may impose a creation transaction fee and a redemption transaction fee to
offset transfer and other transaction costs associated with the issuance and
redemption of Creation Units of shares. Information about the procedures
regarding creation and redemption of Creation Units and the applicable
transaction fees is included in the Statement of Additional Information
(SAI).
Dividends
and Capital Gain Distributions
Each
fund earns interest, dividends, and other income from its investments, and
distributes this income (less expenses) to shareholders as dividends. Each fund
also realizes capital gains from its investments, and distributes these gains
(less any losses) as capital gain distributions. If you purchased your shares in
the secondary market, your broker is responsible for distributing the income and
capital gain distributions to you.
Each
fund normally declares dividends and pays capital gain distributions per the
tables below:
Fund
Name |
Dividends
Paid |
Fidelity®
Emerging Markets Multifactor ETF |
March,
June, September, December |
Fidelity®
International High Dividend ETF |
March,
June, September, December |
Fidelity®
International Multifactor ETF |
March,
June, September, December |
Fidelity®
International Value Factor ETF |
March,
June, September, December |
Fund
Name |
Capital
Gains Paid |
Fidelity®
Emerging Markets Multifactor ETF |
December
|
Fidelity®
International High Dividend ETF |
December
|
Fidelity®
International Multifactor ETF |
December
|
Fidelity®
International Value Factor ETF |
December
|
As
with any investment, your investment in a fund could have tax consequences for
you (for non-retirement accounts).
Taxes
on Distributions
Distributions
investors receive are subject to federal income tax, and may also be subject to
state or local taxes.
For
federal tax purposes, certain distributions, including dividends and
distributions of short-term capital gains, are taxable to investors as ordinary
income, while certain distributions, including distributions of long-term
capital gains, are taxable to investors generally as capital gains. A percentage
of certain distributions of dividends may qualify for taxation at long-term
capital gains rates (provided certain holding period requirements are
met).
Fidelity
®
Emerging
Markets Multifactor ETF expects to generally effect creations and redemptions
partially for cash, rather than primarily for in-kind securities, and may
recognize more capital gains and be less tax-efficient than if in-kind
securities were used. When the fund effects its redemptions with cash rather
than with in-kind securities, the fund may be required to sell portfolio
securities in order to obtain the cash needed to distribute redemption proceeds,
which involves transaction costs and may cause the fund to recognize gains that
might not have been otherwise recognized or to recognize such gains sooner than
otherwise. Losses from sales of immediately reacquired securities are subject to
deferral, potentially indefinitely. The fund generally intends to distribute net
annual gains, if any, to shareholders to comply with applicable tax rules,
causing shareholders to be subject to tax on gains they would not otherwise be
subject to or at an earlier date then if the fund effected redemptions
in-kind.
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, 2021, the Adviser had approximately $3.6 trillion in
discretionary assets under management, and approximately $4.5 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 are seeking 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 April 1, 2022, Geode had approximately
$915.0 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
2018 for Fidelity ®
International
High Dividend ETF and Fidelity ®
International
Value Factor ETF and managed since 2019 for Fidelity ®
Emerging
Markets Multifactor ETF and Fidelity ®
International
Multifactor ETF. 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
2018 for Fidelity ®
International
High Dividend ETF and Fidelity ®
International
Value Factor ETF and managed since 2019 for Fidelity ®
Emerging
Markets Multifactor ETF and Fidelity ®
International
Multifactor ETF. 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 2018 for
Fidelity ®
International
High Dividend ETF and Fidelity ®
International
Value Factor ETF and managed since 2019 for Fidelity ®
Emerging
Markets Multifactor ETF and Fidelity ®
International
Multifactor ETF. He also manages other funds. Since joining Geode in 2016, Mr.
Regan has worked as a portfolio manager.
Payal
Gupta is Portfolio Manager of each fund, which she has managed since 2019. She
also manages other funds. Since joining Geode in 2019, Ms. Gupta has worked as a
portfolio manager. Prior to joining Geode, Ms. Gupta worked at State Street
Global Advisors from 2005 to 2019, most recently as senior portfolio
manager.
Navid
Sohrabi is Portfolio Manager of each fund, which he has managed since 2019. 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).
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® Emerging Markets Multifactor
ETF, Fidelity® International High Dividend ETF, Fidelity® International
Multifactor ETF, and Fidelity® International Value Factor 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®
Emerging Markets Multifactor ETF |
0.45%
|
Fidelity®
International High Dividend ETF |
0.39%
|
Fidelity®
International Multifactor ETF |
0.39%
|
Fidelity®
International Value Factor 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 October 31, 2022.
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(s), along with
fund financial statements, is included in the annual report. Annual reports are
available for free upon request.
Fidelity
Emerging Markets Multifactor ETF |
|
Year
ended
October
31, 2022 |
Year
ended
October
31, 2021 |
Year
ended
October
31, 2020 |
Year
ended
October
31, 2019 A
|
Selected
Per-Share Data |
|
|
|
|
Net
asset value, beginning of period |
$
25.88
|
$
23.12
|
$24.68
|
$25.00
|
Income
from Investment Operations |
|
|
|
|
Net
investment income (loss) B
|
0.89
|
0.72
|
0.55
|
0.50
|
Net
realized and unrealized gain (loss) |
(6.37)
|
2.67
|
(1.57)
|
(0.34)
|
Total
from investment operations |
(5.48)
|
3.39
|
(1.02)
|
0.16
|
Distributions
from net investment income |
(0.86)
|
(0.63)
|
(0.54)
|
(0.48)
|
Return
of capital |
(0.03)
|
-
|
-
|
-
|
Total
distributions |
(0.89)
|
(0.63)
|
(0.54)
|
(0.48)
|
Net
asset value, end of period |
$
19.51
|
$
25.88
|
$23.12
|
$24.68
|
Total
Return C,D,E
|
(21.56)%
|
14.55%
|
(4.03)%
|
0.66%
|
Ratios
to Average Net Assets F,G,H
|
|
|
|
|
Expenses
before reductions |
.45%
|
.45%
|
.45%
|
.45%
I
|
Expenses
net of fee waivers, if any |
.45%
|
.45%
|
.45%
|
.45%
I
|
Expenses
net of all reductions |
.45%
|
.45%
|
.45%
|
.45%
I
|
Net
investment income (loss) |
3.84%
|
2.64%
|
2.39%
|
3.05%
I
|
Supplemental
Data |
|
|
|
|
Net
assets, end of period (000 omitted) |
$19,507
|
$20,703
|
$9,249
|
$9,872
|
Portfolio
turnover rate J
|
91%
K
|
65%
K
|
66%
|
34%
K,L
|
A
For
the period February 26, 2019 (commencement of operations) through October 31,
2019.
B
Calculated
based on average shares outstanding during the period.
C
Based
on net asset value.
D
Total
returns for periods of less than one year are not annualized.
E
Total
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
F
Expense
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.
G
Net
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.
H
Fees
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.
I
Annualized.
J
Amount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
K
Portfolio
turnover rate excludes securities received or delivered in-kind.
L
Amount
not annualized.
Fidelity
International High Dividend ETF |
|
Year
ended
October
31, 2022 |
Year
ended
October
31, 2021 |
Year
ended
October
31, 2020 |
Year
ended
October
31, 2019 |
Year
ended
October
31, 2018 A
|
Selected
Per-Share Data |
|
|
|
|
|
Net
asset value, beginning of period |
$
21.08
|
$
15.10
|
$
20.96
|
$
20.56
|
$
25.08
|
Income
from Investment Operations |
|
|
|
|
|
Net
investment income (loss) B
|
0.97
|
0.77
|
0.60
|
1.04
|
0.82
|
Net
realized and unrealized gain (loss) |
(4.22)
|
5.95
|
(5.81)
|
0.31
|
(4.63)
|
Total
from investment operations |
(3.25)
|
6.72
|
(5.21)
|
1.35
|
(3.81)
|
Distributions
from net investment income |
(1.01)
|
(0.74)
|
(0.65)
|
(0.95)
|
(0.71)
|
Total
distributions |
(1.01)
|
(0.74)
|
(0.65)
|
(0.95)
|
(0.71)
|
Net
asset value, end of period |
$
16.82
|
$
21.08
|
$
15.10
|
$
20.96
|
$
20.56
|
Total
Return C,D,E
|
(15.83)%
|
44.78%
|
(24.98)%
|
6.84%
|
(15.44)%
|
Ratios
to Average Net Assets F,G,H
|
|
|
|
|
|
Expenses
before reductions |
.39%
|
.39%
|
.39%
|
.39%
|
.39%
I
|
Expenses
net of fee waivers, if any |
.39%
|
.39%
|
.39%
|
.39%
|
.39%
I
|
Expenses
net of all reductions |
.39%
|
.39%
|
.39%
|
.39%
|
.39%
I
|
Net
investment income (loss) |
4.96%
|
3.82%
|
3.38%
|
5.07%
|
4.59%
I
|
Supplemental
Data |
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$80,730
|
$82,197
|
$45,290
|
$44,022
|
$18,500
|
Portfolio
turnover rate J,K
|
71%
|
67%
|
82%
|
47%
|
42%
L
|
A
For
the period January 16, 2018 (commencement of operations) through October 31,
2018.
B
Calculated
based on average shares outstanding during the period.
C
Based
on net asset value.
D
Total
returns for periods of less than one year are not annualized.
E
Total
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
F
Expense
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.
G
Net
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.
H
Fees
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.
I
Annualized.
J
Amount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
K
Portfolio
turnover rate excludes securities received or delivered in-kind.
L
Amount
not annualized.
Fidelity
International Multifactor ETF |
|
Year
ended
October
31, 2022 |
Year
ended
October
31, 2021 |
Year
ended
October
31, 2020 |
Year
ended
October
31, 2019 A
|
Selected
Per-Share Data |
|
|
|
|
Net
asset value, beginning of period |
$
29.41
|
$
24.01
|
$26.18
|
$
25.05
|
Income
from Investment Operations |
|
|
|
|
Net
investment income (loss) B
|
0.65
|
0.65
|
0.57
|
0.55
|
Net
realized and unrealized gain (loss) |
(7.12)
|
5.34
|
(2.07)
|
1.12
|
Total
from investment operations |
(6.47)
|
5.99
|
(1.50)
|
1.67
|
Distributions
from net investment income |
(0.87)
|
(0.59)
|
(0.67)
|
(0.54)
|
Total
distributions |
(0.87)
|
(0.59)
|
(0.67)
|
(0.54)
|
Net
asset value, end of period |
$
22.07
|
$
29.41
|
$24.01
|
$
26.18
|
Total
Return C,D,E
|
(22.36)%
|
25.08%
|
(5.73)%
|
6.72%
|
Ratios
to Average Net Assets F,G,H
|
|
|
|
|
Expenses
before reductions |
.39%
|
.39%
|
.39%
|
.39%
I
|
Expenses
net of fee waivers, if any |
.39%
|
.39%
|
.39%
|
.39%
I
|
Expenses
net of all reductions |
.39%
|
.39%
|
.39%
|
.39%
I
|
Net
investment income (loss) |
2.51%
|
2.28%
|
2.29%
|
3.18%
I
|
Supplemental
Data |
|
|
|
|
Net
assets, end of period (000 omitted) |
$13,243
|
$17,648
|
$7,202
|
$10,473
|
Portfolio
turnover rate J,K
|
61%
|
74%
|
69%
|
35%
L
|
A
For
the period February 26, 2019 (commencement of operations) through October 31,
2019.
B
Calculated
based on average shares outstanding during the period.
C
Based
on net asset value.
D
Total
returns for periods of less than one year are not annualized.
E
Total
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
F
Expense
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.
G
Net
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.
H
Fees
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.
I
Annualized.
J
Amount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
K
Portfolio
turnover rate excludes securities received or delivered in-kind.
L
Amount
not annualized.
Fidelity
International Value Factor ETF |
|
Year
ended
October
31, 2022 |
Year
ended
October
31, 2021 |
Year
ended
October
31, 2020 |
Year
ended
October
31, 2019 |
Year
ended
October
31, 2018 A
|
Selected
Per-Share Data |
|
|
|
|
|
Net
asset value, beginning of period |
$
24.38
|
$
17.82
|
$
21.89
|
$
20.89
|
$
25.00
|
Income
from Investment Operations |
|
|
|
|
|
Net
investment income (loss) B
|
0.83
|
0.79
|
0.51
|
0.80
|
0.62
|
Net
realized and unrealized gain (loss) |
(5.32)
|
6.54
|
(4.09)
|
1.05
|
(4.18)
|
Total
from investment operations |
(4.49)
|
7.33
|
(3.58)
|
1.85
|
(3.56)
|
Distributions
from net investment income |
(0.95)
|
(0.77)
|
(0.49)
|
(0.85)
|
(0.55)
|
Total
distributions |
(0.95)
|
(0.77)
|
(0.49)
|
(0.85)
|
(0.55)
|
Net
asset value, end of period |
$
18.94
|
$
24.38
|
$
17.82
|
$
21.89
|
$
20.89
|
Total
Return C,D,E
|
(18.82)%
|
41.36%
|
(16.32)%
|
9.04%
|
(14.46)%
|
Ratios
to Average Net Assets F,G,H
|
|
|
|
|
|
Expenses
before reductions |
.39%
|
.39%
|
.39%
|
.39%
|
.39%
I
|
Expenses
net of fee waivers, if any |
.39%
|
.39%
|
.39%
|
.39%
|
.39%
I
|
Expenses
net of all reductions |
.39%
|
.39%
|
.39%
|
.39%
|
.39%
I
|
Net
investment income (loss) |
3.79%
|
3.32%
|
2.60%
|
3.74%
|
3.38%
I
|
Supplemental
Data |
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$37,883
|
$41,449
|
$14,254
|
$13,135
|
$12,532
|
Portfolio
turnover rate J
|
69%
K
|
101%
K
|
76%
K
|
56%
|
65%
K,L
|
A
For
the period January 16, 2018 (commencement of operations) through October 31,
2018.
B
Calculated
based on average shares outstanding during the period.
C
Based
on net asset value.
D
Total
returns for periods of less than one year are not annualized.
E
Total
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
F
Expense
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.
G
Net
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.
H
Fees
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.
I
Annualized.
J
Amount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
K
Portfolio
turnover rate excludes securities received or delivered in-kind.
L
Amount
not annualized.
Additional
Index Information
The
Fidelity International High Dividend Index SM
is
designed to reflect the performance of stocks of large- and mid-capitalization
developed international high dividend-paying companies that are expected to
continue to pay and grow their dividends. Index returns are adjusted for tax
withholding rates applicable to U.S. based mutual funds organized as
Massachusetts business trusts (NR).
The
Fidelity
International Value Factor Index SM
is
designed to reflect the performance of stocks of large and mid-capitalization
developed international companies that have attractive valuations. Index returns
are adjusted for tax withholding rates applicable to U.S. based mutual funds
organized as Massachusetts business trusts (NR).
The
Fidelity
Emerging Markets Multifactor Index SM
is designed
to reflect the performance of stocks of large and mid-capitalization emerging
markets companies with attractive valuations, high quality profiles, positive
momentum signals, lower volatility than the broader emerging markets equity
market, and lower correlation to the U.S. equity market. Index returns are
adjusted for tax withholding rates applicable to U.S. based mutual funds
organized as Massachusetts business trusts (NR).
The
Fidelity
International Multifactor Index SM
is
designed to reflect the performance of stocks of large and mid-capitalization
developed international companies with attractive valuations, high quality
profiles, positive momentum signals, lower volatility than the broader developed
international equity market, and lower correlation to the U.S. equity market.
Index returns are adjusted for tax withholding rates applicable to U.S. based
mutual funds organized as Massachusetts business trusts (NR).
MSCI
Emerging Markets Index is
a market capitalization-weighted index that is designed to measure the
investable equity market performance for global investors in emerging markets.
Index returns are adjusted for tax withholding rates applicable to U.S. based
mutual funds organized as Massachusetts business trusts.
MSCI
World ex USA Index captures
large and mid-cap representation across the Developed Markets countries
(excluding the United States). The index covers approximately 85% of the free
float-adjusted market capitalization in each country. 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.
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.
1.9885302.106
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IHD-IVE-PRO-0323
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