Fund Description: Fidelity Value 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 Value Factor ETF seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity U.S. Value Factor Index. INDEX DESCRIPTION: The Fidelity U.S. Value Factor Index is designed to reflect the performance of stocks of large and mid-capitalization U.S. companies that have attractive valuations. FUND STRATEGY: The Fund normally invests at least 80% of assets in securities included in the Index. It may lend securities to earn income for the Fund. 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.