Fund Description: Fidelity Stocks For Inflation ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Fidelity Covington Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Fidelity Stocks For Inflation ETF for Rising Rates seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Stocks for Inflation Factor Index. INDEX DESCRIPTION: The Fidelity Stocks for Inflation Factor Index is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies with attractive valuations, high quality profiles and positive momentum signals, emphasizing industries that tend to outperform in inflationary environments. FUND STRATEGY: The Fund normally will invest at least 80% of its assets in securities included in the Index. The Fund will lend securities to earn income for the fund. FUND MANAGEMENT: FMR Co., Inc. serves as the Fund's manager. Geode Capital Management, LLC serves as a sub-adviser for the Fund.