Fund Description: Fidelity Low Volatility Factor 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 Low Volatility Factor ETF seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity U.S. Low Volatility Factor Index. INDEX DESCRIPTION: The Fidelity U.S. Low Volatility Factor Index is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies with lower volatility than the broader market. FUND STRATEGY: The Fund normally invests at least 80% of assets in securities included in the Index. FUND MANAGEMENT: FMR Co., Inc. (the Adviser) serves as the Fund's manager. Geode Capital Management, LLC serves as a sub-adviser for the Fund.