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:
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.
For the period from April 19, 2022 to August 31, 2022, the
fund's portfolio turnover rate was 4 %
of the average value of its portfolio.
Principal
Investment Strategies
- Normally
investing at least 80% of assets in investment-grade debt securities (those of
medium and high quality) of all types that Fidelity Management & Research
Company LLC (FMR) (the Adviser) believes have positive environmental, social
and governance (ESG) characteristics and repurchase agreements for those
securities.
- Evaluating
each security in which the fund invests using both a traditional bond credit,
structure and relative value analysis and a consideration of the Adviser's
judgment about the security's ESG characteristics. When assessing a security's
ESG characteristics and its eligibility for purchase, the Adviser considers
the following, where available: (i) the sustainability practices of the
security's issuer or sponsor, as applicable (each, an "issuer"), based on an
evaluation of such issuer's individual ESG profile; (ii) ESG factors related
to the security's underlying pool of assets; and (iii) any third-party
designation as a green, sustainable or sustainability-linked bond. A
security's positive ESG characteristics can be determined under any of those
three factors.
- Using
the Adviser's proprietary ESG ratings process to evaluate the current state of
an issuer's sustainability practices using a data-driven framework that
includes both proprietary and third-party data, and also provide a qualitative
forward-looking assessment of an issuer's sustainability outlook provided by
the Adviser's fundamental research analysts and ESG team.
- The
Adviser's ESG ratings of issuers are derived from multiple factors, including
an issuer's environmental profile, which may include, but is not limited to,
carbon and toxic emissions, water management, waste management, vulnerability
to the physical impacts of climate change, and research and investment into
products, services, and energies that reduce emissions and/or provide
opportunities to transition to less carbon-intensive products or operations.
An assessment of an issuer's social profile includes, but is not limited to,
its approach to diversity and inclusion, human capital management, data
privacy, product safety and human rights. With respect to governance, the
independence and diversity of an issuer's board, its compensation practices
and board oversight of critical ESG issues are considered as part of the
assessment. These factors are weighted based on how material the Adviser
believes each factor is to an issuer's financial outlook, and not all factors
may be applicable to all issuers. Issuers with an above average ESG rating as
determined by the Adviser are considered to have positive ESG characteristics
and well-managed ESG risks.
- Investing
in debt securities of issuers that the Adviser believes deliver tangible
environmental or social impact through core business operations. An assessment
of the impact characteristics of an issuer may involve corporate engagement
and an analysis of issuer alignment with the United Nations Sustainable
Development Goals using qualitative analysis as well as proprietary or
third-party data. For example, issuers that provide access to clean water,
education, or clean energy through their core business may be considered to
deliver tangible impact.
- When
evaluating securitized debt securities (including mortgage-backed securities,
commercial mortgage-backed securities, and other asset-backed securities),
generally considering the issuer's ESG rating along with ESG factors related
to the underlying pool of assets, such as energy efficiency and environmental
impact of the underlying assets; providing access to affordable housing or
opportunities for first time home ownership; and compliance with fair lending
laws.
- In
addition to its focus on debt securities with positive ESG characteristics,
analyzing the credit quality of the issuer, security-specific features,
current and potential future valuation, and trading opportunities to select
investments.
- Normally
maintaining a duration of 1 year or less.
- Managing
the fund to have similar overall interest rate risk to the Bloomberg US
Treasury Bill: 6-9 Months Index.
- Normally
maintaining a dollar-weighted average maturity of two years or less.
- Allocating
assets across different market sectors and maturities.
- Investing
more than 25% of total assets in the financial services industries.
- Investing
in domestic and foreign issuers.
- Engaging
in transactions that have a leveraging effect on the fund, including
investments in derivatives - such as swaps (interest rate, total return, and
credit default), options, and futures contracts - and forward-settling
securities, to adjust the fund's risk exposure.
- Employing
sustainable investing exclusion criteria to avoid investments in issuers that
are directly engaged in, and/or derive significant revenue from, certain
industries. Please see "Fund Basics - Investment Details - Sustainable
Investing Exclusions" for additional information.
Principal
Investment Risks
Interest
rate increases can cause the price of a debt security to decrease.
Application
of FMR's ESG ratings process and/or its sustainable investing exclusion criteria
may affect the fund's exposure to certain issuers, sectors, regions, and
countries and may affect the fund's performance depending on whether certain
investments are in or out of favor. The criteria related to the fund's ESG
ratings process and/or adherence to its sustainable investing exclusion criteria
may result in the fund forgoing opportunities to buy certain securities when it
might otherwise be advantageous to do so, or selling securities for ESG reasons
when it might be otherwise disadvantageous for it to do so. As a result, the
fund's performance may at times be better or worse than the performance of funds
that do not use ESG or sustainability criteria. There are significant
differences in interpretations of what it means for an issuer to have positive
ESG factors. While the Adviser believes its definitions are reasonable, the
portfolio decisions it makes may differ with other investors' or advisers'
views. When evaluating an issuer, the Adviser is dependent on information or
data obtained through voluntary or third-party reporting that may be incomplete,
inaccurate, or unavailable, which could cause the Adviser to incorrectly assess
an issuer's business practices.
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.
- Financial
Services Concentration.
Changes
in government regulation and interest rates and economic downturns can have a
significant negative effect on issuers in the financial services sector,
including the price of their securities or their ability to meet their payment
obligations.
The
ability of an issuer of a debt security to repay principal prior to a security's
maturity can cause greater price volatility if interest rates change.
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.
A
decline in the credit quality of an issuer or a provider of credit support or a
maturity-shortening structure for a security can cause the price of a security
to decrease.
- 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.
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.
Leverage
can increase market exposure, magnify investment risks, and cause losses to be
realized more quickly.
Unlike
certain ETFs, the fund may effect some or all creations and redemptions using
cash, rather than in-kind securities. As a result, an investment in the fund may
be less tax-efficient than an investment in an ETF that distributes portfolio
securities entirely in-kind.
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.
Unlike
individual debt securities, which typically pay principal at maturity, the value
of an investment in the fund will fluctuate.
Performance
Performance
history will be available for the fund after the fund has been in operation for
one calendar year.
Investment
Adviser
Fidelity
Management & Research Company LLC (FMR) (the Adviser) is the fund's manager.
Other investment advisers serve as sub-advisers for the fund.
Portfolio
Manager(s)
David
DeBiase (Co-Portfolio Manager) has managed the fund since 2022.
Rob
Galusza (Co-Portfolio Manager) has managed the fund since 2022.
Julian
Potenza (Co-Portfolio Manager) has managed the fund since 2022.
Purchase
and Sale of Shares
Shares
of the fund are listed and traded on an exchange, and individual fund shares may
only be bought and sold in the secondary market through a broker or dealer at
market price. These transactions, which do not involve the fund, are made at
market prices that may vary throughout the day, rather than at NAV. Shares of
the fund may trade at a price greater than the fund's NAV (premium) or less than
the fund's NAV (discount). An investor may incur costs attributable to the
difference between the highest price a buyer is willing to pay to purchase
shares (bid) and the lowest price a seller is willing to accept for shares (ask)
when buying or selling fund shares in the secondary market (the "bid-ask
spread"). Recent information, including information regarding the fund's NAV,
market price, premiums and discounts, and bid-ask spread, is available at
www.fidelity.com.
Tax
Information
Distributions
you receive from the fund are subject to federal income tax and generally will
be taxed as ordinary income or capital gains, and may also be subject to state
or local taxes, unless you are investing through a tax-advantaged retirement
account (in which case you may be taxed later, upon withdrawal of your
investment from such account).
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated with the Adviser or FDC), for the sale of fund shares and related
services. These payments may create a conflict of interest by influencing your
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Basics
Investment
Objective
Fidelity®
Sustainable Low Duration Bond ETF seeks to obtain a high level of current income
consistent with preservation of capital.
Principal
Investment Strategies
The
Adviser normally invests at least 80% of the fund's assets in investment-grade
debt securities (those of medium and high quality) of all types that the Adviser
believes have positive ESG characteristics and repurchase agreements
for those securities.
The
Adviser evaluates each security in which the fund invests using both a
traditional bond credit, structure and relative value analysis and a
consideration of the Adviser's judgment about the security's ESG
characteristics. When assessing a security's ESG characteristics and its
eligibility for purchase, the Adviser considers the following, where available:
(i) the sustainability practices of the security's issuer or sponsor, as
applicable (each, an "issuer"), based on an evaluation of such issuer's
individual ESG profile; (ii) ESG factors related to the security's underlying
pool of assets; and (iii) any third-party designation as a green, sustainable or
sustainability-linked bond. A security's positive ESG characteristics can be
determined under any of those three factors.
The
Adviser's proprietary ESG ratings process is designed to evaluate an issuer's
current and future ESG positioning relative to its peers. The process has two
components. One component evaluates the current state of an issuer's
sustainability practices using a data-driven framework that includes proprietary
and third-party (such as CDP, Institutional Shareholder Services, and MSCI)
data. The other component involves a qualitative forward-looking assessment of
an issuer's sustainability outlook provided by the Adviser's fundamental
research analysts and ESG team. This qualitative assessment is based on criteria
including, but not limited to, the issuer's public sustainability disclosure,
the issuer's systems and policies regarding sustainability, and issuer
engagement on sustainability issues and opportunities.
The
Adviser's ESG ratings of issuers are derived from multiple factors, including an
issuer's environmental profile, which may include, but is not limited to, carbon
and toxic emissions, water management, waste management, vulnerability to the
physical impacts of climate change, and research and investment into products,
services, and energies that reduce emissions and/or provide opportunities to
transition to less carbon-intensive products or operations. An assessment of an
issuer's social profile includes, but is not limited to, its approach to
diversity and inclusion, human capital management, data privacy, product safety
and human rights. With respect to governance, the independence and diversity of
an issuer's board, its compensation practices and board oversight of critical
ESG issues are considered as part of the assessment. These factors are weighted
based on how material the Adviser believes each factor is to an issuer's
financial outlook, and not all factors may be applicable to all issuers. Based
on this process, the Adviser will assign ratings for an issuer's overall ESG
performance. Issuers with an above average ESG rating as determined by the
Adviser are considered to have positive ESG characteristics and well-managed ESG
risks.
The
fund may also invest in debt securities of issuers that the Adviser believes
deliver tangible environmental or social impact through core business
operations. An assessment of the impact characteristics of an issuer may involve
corporate engagement and an analysis of issuer alignment with the United Nations
Sustainable Development Goals using qualitative analysis as well as proprietary
or third-party data. For example, issuers that provide access to clean water,
education, or clean energy through their core business may be considered to
deliver tangible impact.
When
evaluating securitized debt securities (including mortgage-backed securities,
commercial mortgage-backed securities, and other asset-backed securities), the
Adviser generally considers the issuer's ESG rating along with ESG factors
related to the underlying pool of assets, such as energy efficiency and
environmental impact of the underlying assets; providing access to affordable
housing or opportunities for first time home ownership; and compliance with fair
lending laws.
In
addition to its focus on debt securities with positive ESG characteristics, the
Adviser considers other factors when selecting the fund's investments, including
the credit quality of the issuer, security-specific features, current valuation
relative to alternatives in the market, short-term trading opportunities
resulting from market inefficiencies, and potential future valuation. In
managing the fund's exposure to various risks, including interest rate risk, the
Adviser considers, among other things, the market's overall risk
characteristics, the market's current pricing of those risks, information on the
fund's competitive universe and internal views of potential future market
conditions.
The
fund normally maintains a duration of 1 year or less. Duration is a measure of a
bond's price sensitivity to a change in interest rates. For example, if a bond
has a 1-year duration and interest rates rise 1%, the bond's value is likely to
fall about 1%. Similarly, if a bond fund has a 1-year duration and interest
rates rise 1%, the fund's value is likely to fall about 1%.
The
Adviser uses the Bloomberg US Treasury Bill: 6-9 Months Index as a guide in
structuring the fund and selecting its investments. The Adviser manages the fund
to have similar overall interest rate risk to the index.
In
addition, the fund normally maintains a dollar-weighted average maturity of two
years or less. In determining a security's maturity for purposes of calculating
the fund's average maturity, an estimate of the average time for its principal
to be paid may be used. This can be substantially shorter than its
stated maturity.
The
Adviser allocates the fund's assets among different market sectors (for example,
corporate, asset-backed, or government securities) and different maturities
based on its view of the relative value of each sector or maturity.
The
Adviser will invest more than 25% of the fund's total assets in the financial
services industries.
The
Adviser may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
The
Adviser may engage in transactions that have a leveraging effect on the fund,
including investments in derivatives, regardless of whether the fund may own the
asset, instrument, or components of the index underlying the derivative, and
forward-settling securities. The Adviser may invest a significant portion of the
fund's assets in these types of investments. If the fund invests a significant
portion of its assets in derivatives, its investment exposure could far exceed
the value of its portfolio securities and its investment performance could be
primarily dependent upon securities it does not own. The fund's derivative
investments may include interest rate swaps, total return swaps, credit default
swaps, options (including options on futures and swaps), and futures contracts
(both long and short positions) on securities, other instruments, and indexes.
Depending on the Adviser's outlook and market conditions, the Adviser may engage
in these transactions to increase or decrease the fund's exposure to changing
security prices, interest rates, credit qualities, or other factors that affect
security values, or to gain or reduce exposure to an asset, instrument, or
index.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Shareholders
should be aware that investments made by the fund and results achieved by the
fund at any given time are not expected to be the same as those made by other
funds for which the Adviser or an affiliate acts as manager, including funds
with names, investment objectives, and policies that are similar to the
fund.
Description
of Principal Security Types
Debt
securities are
used by issuers to borrow money. The issuer usually pays a fixed, variable, or
floating rate of interest, and must repay the amount borrowed, usually at the
maturity of the security. Some debt securities, such as zero coupon bonds,
do not pay current interest but are sold at a discount from their face
values. Debt securities include corporate bonds, government securities
(including Treasury securities), repurchase agreements, money market securities,
mortgage and other asset-backed securities (including collateralized loan
obligations), loans and loan participations, and other securities believed to
have debt-like characteristics, including hybrids and synthetic
securities.
A
repurchase agreement is
an agreement to buy a security at one price and a simultaneous agreement to sell
it back at an agreed-upon price.
Derivatives
are
investments whose values are tied to an underlying asset, instrument, currency,
or index. Derivatives include futures, options, forwards, and swaps, such
as interest rate swaps (exchanging a floating rate for a fixed rate), total
return swaps (exchanging a floating rate for the total return of an index,
security, or other instrument or investment) and credit default swaps (buying or
selling credit default protection).
Forward-settling
securities involve
a commitment to purchase or sell specific securities when issued, or at a
predetermined price or yield. When a fund does not already own or have the right
to obtain securities equivalent in kind and amount, a commitment to sell
securities is equivalent to a short sale. Payment and delivery take place after
the customary settlement period.
Sustainable
Investing Exclusions
As
part of its investment approach, the fund also applies broad criteria
("exclusion criteria") that seek to exclude issuers that are directly engaged
in, and/or derive significant revenue from, certain industries or product lines.
At present, these include: civilian semi-automatic firearms; tobacco production,
or bonds issued against the proceeds of tobacco settlements; for-profit prisons;
controversial weapons (e.g., cluster munitions, land mines, biological/chemical
weapons, blinding lasers, and incendiary weapons); and coal production and/or
mining.
In
determining whether an issuer is directly engaged in, and/or derives significant
revenue from a particular industry or product line, the fund may use revenue
thresholds (e.g., issuers that derive more than 5% of revenue from tobacco
production) and/or categorical exclusions (e.g., issuers that derive any revenue
from the operation of private prisons or issuers that are classified within the
coal production or mining industries), depending on the industry or product
line, based generally on data provided by one or more third-party vendor(s). The
Adviser, in its sole discretion, retains the right not to use data provided by
third-party vendors where it deems the data not representative of an issuer's
current business operations. In such cases, or where data on specific issuers
may not be available from third-party vendors, the Adviser may make reasonable
estimates or otherwise exercise its discretion.
The
fund's exclusion criteria may be updated periodically to, among other things,
add or remove certain industries or product lines from the screening process,
revise the revenue thresholds and categorical exclusions applicable to such
activities, or change particular industries or product lines from a categorical
exclusion to a revenue threshold, or vice versa. Once the Adviser determines
that an issuer is not subject to the fund's exclusion criteria, the Adviser then
employs the sustainability strategy discussed above.
The
implementation of the sustainability strategy (or strategies) is conducted
alongside traditional fundamental, bottom-up financial analysis of individual
issuers, using traditional fundamental metrics and/or traditional quantitative
metrics. The Adviser may also engage in dialogues with the issuer's management
teams to further inform investment decision-making and to foster best corporate
governance practices using its fundamental and sustainability analysis. In
addition, the fund may invest in an issuer prior to completion of the
sustainability analysis or without engaging with the issuer's management.
Principal
Investment Risks
Many
factors affect the 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. The fund's share price and yield
change daily based on changes in market conditions and interest rates and in
response to other economic, political, or financial developments. The fund's
reaction to these developments will be affected by the types and maturities 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. Unlike individual debt securities,
which typically pay principal at maturity, the value of an investment in the
fund will fluctuate. 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 the fund.
T
he
following factors can significantly affect the fund's performance:
Sustainability
Risk. Application
of FMR's ESG ratings process and/or its sustainable investing exclusion criteria
may affect the fund's exposure to certain issuers, sectors, regions, and
countries and may affect the fund's performance depending on whether certain
investments are in or out of favor. The criteria related to the fund's ESG
ratings process and/or adherence to its sustainable investing exclusion criteria
may result in the fund forgoing opportunities to buy certain securities when it
might otherwise be advantageous to do so, or selling securities for ESG reasons
when it might be otherwise disadvantageous for it to do so. As a result, the
fund's performance may at times be better or worse than the performance of funds
that do not use ESG or sustainability criteria. There are significant
differences in interpretations of what it means for an issuer to have positive
ESG factors. While the Adviser believes its definitions are reasonable, the
portfolio decisions it makes may differ with other investors' or advisers'
views. Socially responsible norms differ by country and region, and an issuer's
ESG factors or the Adviser's assessment of such may change over time. A fund may
invest in issuers that do not reflect the beliefs and values of any particular
investor. When conducting the ESG ratings process of an issuer or compiling and
maintaining the sustainable investing exclusion list, the Adviser may rely on
information or data obtained through voluntary or third-party reporting that may
be incomplete, inaccurate, or unavailable, which could cause the Adviser to
incorrectly assess an issuer's business practices with respect to ESG or to
incorrectly include or exclude an issuer on or from its sustainable investing
exclusion list. Certain investments may be dependent on U.S. and foreign
government policies, including tax incentives and subsidies, which may change
without notice. A fund's investments in certain issuers may be susceptible to
various factors that may impact their businesses or operations, including costs
associated with government budgetary constraints that impact publicly funded
projects and initiatives, the effects of general economic conditions throughout
the world, increased competition from other providers of services, unfavorable
tax laws or accounting policies and high leverage.
Interest
Rate Changes. Debt
securities, including money market securities, have varying levels of
sensitivity to changes in interest rates. In general, the price of a debt
security can fall when interest rates rise and can rise when interest rates
fall. Securities with longer maturities and certain types of securities, such as
mortgage securities and the securities of issuers in the financial services
sector, can be more sensitive to interest rate changes, meaning the longer the
maturity of a security, the greater the impact a change in interest rates could
have on the security's price. Short-term and long-term interest rates do not
necessarily move in the same amount or the same direction. Short-term securities
tend to react to changes in short-term interest rates, and long-term securities
tend to react to changes in long-term interest rates. Securities with floating
interest rates can be less sensitive to interest rate changes, but may decline
in value if their interest rates do not rise as much as interest rates in
general. Securities whose payment at maturity is based on the movement of all or
part of an index and inflation-protected debt securities may react differently
from other types of debt securities. In market environments where interest rates
are rising, issuers may be less willing or able to make principal and/or
interest payments on securities when due. The discontinuation and replacement of
London Interbank Offered Rate (LIBOR) (an indicative measure of the average
interest rate at which major global banks could borrow from one another) and
other benchmark rates may have a significant impact on the financial markets and
may adversely impact a fund's performance.
Foreign
Exposure. Foreign
securities and securities issued by U.S. entities with substantial foreign
operations can involve additional risks relating to political, economic, or
regulatory conditions in foreign countries. These risks include fluctuations in
foreign exchange rates; withholding or other taxes; trading, settlement,
custodial, and other operational risks; and the less stringent investor
protection and disclosure standards of some foreign markets. All of these
factors can make foreign investments more volatile and potentially less liquid
than U.S. investments. In addition, foreign markets can perform differently from
the U.S. market.
Global
economies and financial markets are becoming increasingly interconnected, which
increases the possibilities that conditions in one country or region might
adversely impact issuers or providers in, or foreign exchange rates with, a
different country or region.
Financial
Services Concentration. Financial
services companies are highly dependent on the supply of short-term financing
and can be sensitive to changes in government regulation and interest rates and
to economic downturns in the United States and abroad. These events can
significantly affect the price of issuers' securities as well as their ability
to make payments of principal or interest or otherwise meet obligations on
securities or instruments for which they serve as guarantors or
counterparties.
Prepayment.
Many
types of debt securities, including mortgage securities, are subject to
prepayment risk. Prepayment risk occurs when the issuer of a security can repay
principal prior to the security's maturity. Securities subject to prepayment can
offer less potential for gains during a declining interest rate environment and
similar or greater potential for loss in a rising interest rate environment. In
addition, the potential impact of prepayment features on the price of a debt
security can be difficult to predict and result in greater volatility.
Issuer-Specific
Changes. Changes
in the financial condition of an issuer or counterparty, changes in specific
economic or political conditions that affect a particular type of security or
issuer, and changes in general economic or political conditions can increase the
risk of default by an issuer or counterparty, which can affect a security's or
instrument's credit quality or value. Entities providing credit support or a
maturity-shortening structure also can be affected by these types of changes,
and if the structure of a security fails to function as intended, the security
could decline in value. Lower-quality debt securities (those of less than
investment-grade quality, also referred to as high yield debt securities or junk
bonds) tend to be more sensitive to these changes than higher-quality debt
securities.
Leverage
Risk. Derivatives,
forward-settling securities, and short sale transactions involve leverage
because they can provide investment exposure in an amount exceeding the initial
investment. Leverage can magnify investment risks and cause losses to be
realized more quickly. A small change in the underlying asset, instrument, or
index can lead to a significant loss. Forward-settling securities and short sale
transactions also involve the risk that a security will not be issued,
delivered, available for purchase, or paid for when anticipated. An increase in
the market price of securities sold short will result in a loss. Government
legislation or regulation could affect the use of these transactions and could
limit a fund's ability to pursue its investment strategies.
Fluctuation
of Net Asset Value and Share Price. The
NAV of the fund's shares will generally fluctuate with changes in the market
value of the fund's holdings. The fund's shares are listed on an exchange and
can be bought and sold in the secondary market at market prices. The market
prices of shares will fluctuate in accordance with changes in NAV and supply and
demand on the listing exchange. Although a share's market price is expected to
approximate its NAV, it is possible that the market price and NAV will vary
significantly. As a result, you may sustain losses if you pay more than the
shares' NAV when you purchase shares, or receive less than the shares' NAV when
you sell shares, in the secondary market. During periods of disruptions to
creations and redemptions, the existence of extreme market volatility, or lack
of an active trading market for the fund's shares, the market price of fund
shares is more likely to differ significantly from the fund's NAV. During such
periods, you may be unable to sell your shares or may incur significant losses
if you sell your shares. There are various methods by which investors can
purchase and sell shares and various orders that may be placed. Investors should
consult their financial intermediary before purchasing or selling shares of a
fund. Disruptions at market makers, Authorized Participants or market
participants may also result in significant differences between the market price
of the fund's shares and the fund's NAV. In addition, in stressed market
conditions
or periods of market disruption or volatility, the market for shares may become
less liquid in response to deteriorating liquidity in the markets for the fund's
underlying portfolio holdings.
The
market price of shares during the trading day, like the price of any
exchange-traded security, includes a bid-ask spread charged by the exchange
specialist, market makers, or other participants that trade the particular
security. In times of severe market disruption or volatility, the bid-ask spread
can increase significantly. At those times, shares are most likely to be traded
at a discount to NAV, and the discount is likely to be greatest when the price
of shares is falling fastest, which may be the time that you most want to sell
your shares. Securities held by a fund may be traded in markets that close at a
different time than the listing exchange. During the time when the listing
exchange is open but after the applicable market closing, fixing or settlement
times, bid-ask spreads and the resulting premium or discount to the fund's NAV
may widen. The Adviser expects that, under normal market conditions, large
discounts or premiums to NAV will not be sustained in the long term because of
arbitrage opportunities.
Trading
Issues .
Although shares are listed on an exchange, there can be no assurance that an
active trading market or requirements to remain listed will be met or
maintained. Only an Authorized Participant may engage in creation or redemption
transactions directly with the fund. The fund has a limited number of
intermediaries that act as Authorized Participants. There are no obligations of
market makers to make a market in the 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 the 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 the fund. FDC, the
distributor of the fund's shares, does not maintain a secondary market in the
shares.
If
the 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 the 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, the fund may effect some or all creations and redemptions using
cash, rather than 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 the fund 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.
In
response to market, economic, political, or other conditions, a fund may
temporarily use a different investment strategy for defensive purposes. If the
fund does so, different factors could affect its performance and the fund may
not achieve its investment objective.
Other
Investment Strategies
In
addition to the principal investment strategies discussed above, the Adviser may
invest in collateralized loan obligations.
Shareholder
Notice
The
following is subject to change only upon 60 days' prior notice to
shareholders:
Fidelity®
Sustainable Low Duration Bond ETF
normally
invests at least 80% of its assets in investment-grade debt securities (those of
medium and high quality) of all types that the Adviser believes have positive
ESG characteristics and repurchase agreements for those securities.
The
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. The 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 the 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 the 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 the 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 the fund's assets may not occur on
days when the fund is open for business.
Shares
of open-end funds in which the fund may invest (referred to as underlying funds)
are valued at their respective NAVs. NAV is calculated using the values of any
underlying funds in which it invests. Other assets are valued primarily on the
basis of market quotations, official closing prices, or information furnished by
a pricing service. Certain short-term securities are valued on the basis of
amortized cost. If market quotations, official closing prices, or information
furnished by a pricing service are not readily available or, in the Adviser's
opinion, are deemed unreliable for a security, then that security will be fair
valued in good faith by the Adviser in accordance with applicable fair value
pricing policies. For example, if, in the Adviser's opinion, a security's value
has been materially affected by events occurring before a fund's pricing time
but after the close of the exchange or market on which the security is
principally traded, then that security will be fair valued in good faith by the
Adviser in accordance with applicable fair value pricing policies. Fair value
pricing will be used for high yield debt securities when available pricing
information is determined to be stale or for other reasons not to accurately
reflect fair value.
Fair
value pricing is based on subjective judgments and it is possible that the fair
value of a security may differ materially from the value that would be realized
if the security were sold.
Shareholder
Information
Additional
Information about the Purchase and Sale of Shares
As
used in this prospectus, the term "shares" generally refers to the shares
offered through this prospectus.
General
Information
Information
on Fidelity
Fidelity
Investments was established in 1946 to manage one of America's first mutual
funds. Today, Fidelity is one of the world's largest providers of financial
services.
In
addition to its fund business, the company operates one of America's leading
brokerage firms, Fidelity Brokerage Services LLC. Fidelity is also a leader in
providing tax-advantaged retirement plans for individuals investing on their own
or through their employer.
The
Depository Trust Company (DTC) is a limited trust company and securities
depository that facilitates the clearance and settlement of trades for its
participating banks and broker-dealers. DTC has executed an agreement with FDC,
the fund's distributor.
Buying
and Selling Shares in the Secondary Market
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. The fund does
not impose any minimum investment for shares of the fund purchased on an
exchange. These transactions are made at market prices that may vary throughout
the day and may be greater than the fund's NAV (premium) or less than the
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.
The
fund is designed to offer investors an investment that can be bought and sold
frequently in the secondary market without impact on the 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 the fund at NAV only by Authorized
Participants in large increments called "Creation Units." The 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. The fund reserves the right, but does not have the
obligation, to reject any purchase or redemption transaction at any time. In
addition, the 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 the 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 the 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 the 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 the 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 the 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 the
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
fund 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
The
fund earns interest, dividends, and other income from its investments, and
distributes this income (less expenses) to shareholders as dividends. The 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.
The
fund normally declares dividends and pays capital gain distributions per the
tables below:
|
Fund
Name |
Dividends
Paid |
|
Fidelity®
Sustainable Low Duration Bond ETF |
January,
February, March, April, May, June, July, August, September, October,
November, December |
|
Fund
Name |
Capital
Gains Paid |
|
Fidelity®
Sustainable Low Duration Bond ETF |
December
|
As
with any investment, your investment in the 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).
Because the fund's income is primarily derived from interest, dividends from the
fund generally will not qualify for the long-term capital gains tax rates
available to individuals.
The
fund may effect creations and redemptions using cash rather than 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 the 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 has overall responsibility for directing the fund's
investments and handling its business affairs.
Sub-Adviser(s)
FMR
Investment Management (UK) Limited (FMR UK) ,
at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a
sub-adviser for the fund. As of December 31, 2021, FMR UK had approximately
$30.9 billion in discretionary assets under management. FMR UK is an affiliate
of the Adviser.
FMR
UK may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for the
fund.
Fidelity
Management & Research (Hong Kong) Limited (FMR H.K.) ,
at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for
the fund. As of December 31, 2021, FMR H.K. had approximately $19.0 billion in
discretionary assets under management. FMR H.K. is an affiliate of the
Adviser.
FMR
H.K. may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for the
fund.
Fidelity
Management & Research (Japan) Limited (FMR Japan) ,
at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan,
serves as a sub-adviser for the fund. As of March 31, 2022, FMR Japan had
approximately $6.9 billion in discretionary assets under management. FMR Japan
is an affiliate of the Adviser.
FMR
Japan may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for the
fund.
Portfolio
Manager(s)
David
DeBiase is Co-Portfolio Manager of the fund, which he has managed
since 2022. He also manages other funds. Since joining Fidelity Investments in
2006, Mr. DeBiase has worked as a trader and portfolio manager.
Rob
Galusza is Co-Portfolio Manager of the fund, which he has managed
since 2022. He also manages other funds. Since joining Fidelity Investments in
1987, Mr. Galusza has worked as a research analyst and portfolio manager.
Julian
Potenza is Co-Portfolio Manager of the fund, which he has managed
since 2022. He also manages other funds. Since joining Fidelity Investments in
2007, Mr. Potenza has worked as a research analyst and portfolio
manager.
The
SAI provides additional information about the compensation of, any other
accounts managed by, and any fund shares held by the portfolio
manager(s).
From
time to time a manager, analyst, or other Fidelity employee may express views
regarding a particular company, security, industry, or market sector. The views
expressed by any such person are the views of only that individual as of the
time expressed and do not necessarily represent the views of Fidelity or any
other person in the Fidelity organization. Any such views are subject to change
at any time based upon market or other conditions and Fidelity disclaims any
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a fund are based on
numerous factors, may not be relied on as an indication of trading intent on
behalf of any fund.
Advisory
Fee(s)
The
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® Sustainable Low Duration
Bond ETF with limited exceptions.
The
annual management fee rate, as a percentage of the fund's average net assets, is
shown in the following table:
|
Fund
|
Management
Fee Rate |
|
Fidelity®
Sustainable Low Duration Bond ETF |
0.30%
|
The
Adviser pays FMR Investment Management (UK) Limited, Fidelity Management &
Research (Hong Kong) Limited, and Fidelity Management & Research (Japan)
Limited for providing sub-advisory services.
The
basis for the Board of Trustees approving the management contract and
sub-advisory agreements for the fund is available in the fund's annual report
for the fiscal period ended August 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 the 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
the fund will not make direct payments for distribution or shareholder support
services, the fund has adopted a Distribution and Service Plan pursuant to
Rule 12b-1 under the 1940 Act with respect to its shares. The 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 the 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 the fund
has authorized such payments for shares of the fund.
If
payments made by the Adviser to FDC or to intermediaries under the Distribution
and Service Plan were considered to be paid out of the 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 fund or FDC. This
prospectus and the related SAI do not constitute an offer by the fund or by FDC
to sell shares of the fund to, or to buy shares of the fund from, any person to
whom it is unlawful to make such offer.
State
Street Bank and Trust Company serves as the 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
Sustainable Low Duration Bond ETF |
|
|
Year
ended
August
31, 2022 A
|
|
Selected
Per-Share Data |
|
|
Net
asset value, beginning of period |
$
50.00
|
|
Income
from Investment Operations |
|
|
Net
investment income (loss) B,C
|
0.278
|
|
Net
realized and unrealized gain (loss) |
(0.197)
|
|
Total
from investment operations |
0.081
|
|
Distributions
from net investment income |
(0.271)
|
|
Total
distributions |
(0.271)
|
|
Net
asset value, end of period |
$
49.81
|
|
Total
Return D,E
|
0.16%
|
|
Ratios
to Average Net Assets B,F,G,H
|
|
|
Expenses
before reductions |
.30%
|
|
Expenses
net of fee waivers, if any |
.30%
|
|
Expenses
net of all reductions |
.30%
|
|
Net
investment income (loss) |
1.52%
|
|
Supplemental
Data |
|
|
Net
assets, end of period (000 omitted) |
$
4,981
|
|
Portfolio
turnover rate I,J
|
4%
|
A
For
the period April 19, 2022 (commencement of operations) through August 31,
2022.
B
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 such underlying funds is not included in the
Fund's net investment income (loss) ratio.
C
Calculated
based on average shares outstanding during the period.
D
Based
on net asset value.
E
Total
returns for periods of less than one year are not annualized.
F
Annualized.
G
Expense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment advisor, 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.
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
Amount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
J
Amount
not annualized.
Additional
Index Information
Fidelity®
Sustainable Low Duration Bond ETF will compare its performance to the
performance of Bloomberg US Treasury Bill: 6-9 Months Index.
Bloomberg
US Treasury Bill: 6-9 Months Index is
a market value-weighted index of investment-grade fixed-rate public obligations
of the U.S. Treasury with maturities between six and nine months.
You
can obtain additional information about the fund. A description of the 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 the fund and its investments. The
SAI
is
incorporated herein by reference (legally forms a part of the prospectus). The
fund's annual and semi-annual reports also include additional information. The
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 the 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 fund's 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 fund, including the fund's 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), 811-22796
|
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.
© 2022 FMR LLC. All rights reserved.
|
1.9904948.102
|
LDB-PRO-1222
|
