Fund Description: Fidelity High Yield Factor ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Fidelity Covington Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Fidelity High Yield Factor ETF seeks a high level of income. The fund may also seek capital appreciation. 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 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 ICE BofAML BB-B US High Yield Constrained Index. FUND STRATEGY: The Adviser normally invests at least 80% of the Fund's assets in debt securities rated below investment grade (also referred to as high yield debt securities or junk bonds). The Adviser uses the benchmark, ICE BofAML BB-B US High Yield Constrained Index, as a guide in structuring the fund and selecting its investments as it relates to credit quality distribution and risk characteristics. The Fund normally invests primarily in securities rated BB or B by Standard & Poor's (S&P), Ba or B by Moody's Investors Services (Moody's), comparably rated by at least one nationally recognized credit rating agency, or, if unrated, considered to be of comparable quality. The Adviser otentially invests in securities that have a higher or lower credit quality and in companies in troubled or uncertain financial condition. It Invests in domestic and foreign issuers. The Adviser uses a proprietary multifactor quantitative model to systematically screen over 1,000 bonds and select those with strong return potential and low probability of default using a value and quality factor-based methodology. FUND MANAGEMENT: FMR Co., Inc. (FMRC) (the Adviser), an affiliate of Fidelity Management & Research Company (FMR), is the fund's manager. Other investment advisers serve as sub-advisers for the fund.