Fund Description: Fidelity Total Bond ETF is a diversified actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Fidelity Merrimack Street Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Fidelity Total Bond ETF seeks to provide a high level of current income. The Fund is an actively managed ETF and thus, does not seek to replicate the performance of a specific index, but rather uses an active investment strategy to meet its investment objective, however, an actively managed ETF may have an index-based benchmark. Accordingly, the ETF’s investment advisor, Fidelity Investments Money Management, Inc. (FIMM), has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective and investment policies. The Fund's Index Benchmark is the Barclays U.S. Universal Bond Index. FUND STRATEGY: The Adviser normally invests at least 80% of the Fund's assets in debt securities of all types and repurchase agreements for those securities. The Adviser allocates the Fund's assets across investment-grade, high yield, and emerging market debt securities. The Adviser may invest up to 20% of the Fund's assets in lower-quality debt securities. The Adviser uses the Barclays U.S. Universal Bond Index as a guide in structuring the Fund and selecting its investments. The Adviser uses the Index as a guide in allocating the Fund's assets across the investment-grade, high yield, and emerging market asset classes. The Adviser manages the Fund to have similar overall interest rate risk to the Index. 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. 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, currency, or components of the Index underlying the derivative, and forward-settling securities. The Fund's derivative investments may include interest rate swaps, total return swaps, credit default swaps, options (including options on futures and swaps), forwards, and futures contracts (both long and short positions) on securities, other instruments, indexes, or currencies. 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, foreign exchange rates, or other factors that affect security values, or to gain or reduce exposure to an asset, instrument, currency, or index. The Adviser allocates the Fund's assets among different asset classes using the composition of the Index as a guide, and 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. In selecting foreign securities, the Adviser's analysis also considers the credit, currency, and economic risks associated with the security and the country of its issuer. The Adviser may also consider an issuer's potential for success in light of its current financial condition, its industry position, and economic and market conditions. To earn additional income for the Fund, the Adviser may use a trading strategy that involves selling (or buying) mortgage securities and simultaneously agreeing to purchase (or sell) mortgage securities on a later date at a set price. This trading strategy may increase interest rate exposure and result in an increased portfolio turnover rate which increases transaction costs and may increase taxable gains. FUND MANAGEMENT: Fidelity Investments Money Management, Inc. (FIMM) serves as the Adviser to the Fund.