Fund Description: Fidelity MSCI Materials Index 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 MSCI Materials Index ETF seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the MSCI USA IMI Materials Index. INDEX DESCRIPTION: The MSCI USA IMI Materials Index represents the performance of the materials sector in the U.S. equity market. FUND STRATEGY: The Fund will invest at least 80% of assets in securities included in the Index. The Fund will use a representative sampling indexing strategy to manage the Fund. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Index. The Fund may or may not hold all of the securities in the Index. In addition, the Fund is considered non-diversified and can invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund. FUND MANAGEMENT: Fidelity SelectCo, LLC (the Adviser) is the Fund's manager. BlackRock Fund Advisors (BFA) serves as a sub-adviser for the Fund.