Fund Description: Fidelity MSCI Real Estate 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 Real Estate Index ETF seeks to provide investment returns that correspond, before fees and expenses, to the performance of the MSCI USA IMI Real Estate Index. INDEX DESCRIPTION: The MSCI USA IMI Real Estate Index is a market-cap weighted Index that represents the performance of the real estate sector in the U.S. equity market. FUND STRATEGY: The Fund normally invests at least 80% of assets in securities included in the Index. The Fund uses a representative sampling indexing strategy to manage the Fund. Representative sampling srategy 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. FUND MANAGEMENT: Fidelity SelectCo, LLC (the Adviser) is the Fund's manager. BlackRock Fund Advisors (BFA) serves as a sub-adviser for the Fund.