Fund Description: Fidelity Corporate Bond ETF is an 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 Corporate 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. Credit Bond Index. FUND STRATEGY: The Adviser normally invests at least 80% of assets in investment-grade corporate bonds and other corporate debt securities and repurchase agreements for those securities. The Adviser uses the benchmark, Barclays U.S. Credit Bond Index, as a guide in structuring the Fund and selecting its investments. The Fund is managed to have similar overall interest rate risk to the index. The Adviser may invest the Fund's assets in securities of foreign issuers in addition to securities of domestic issuers and may also invest the Fund's assets in lower-quality debt securities. 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. 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. 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. FUND MANAGEMENT: Fidelity Investments Money Management, Inc. (FIMM) serves as the Adviser to the Fund.