FDVV — Fidelity High Dividend ETF

Normally investing at least 80% of assets in securities included in the Fidelity High Dividend Index SM and in depositary receipts representing securities included in the index. The Fidelity High Dividend Index SM is designed to reflect the performance of stocks of large and mid-capitalization high-dividend-paying companies that are expected to continue to pay and grow their dividends. The Fidelity High Dividend Index SM is constructed using Fidelity's rules-based proprietary index methodology.

Stocks are ranked within each sector and given a composite score based on three fundamental characteristics: high dividend yield, low dividend payout ratio, and high dividend growth. Within each sector, composite scores are adjusted based on market capitalization. Stocks with the highest composite scores within each sector are identified for inclusion in the index. Sectors are weighted relative to the broader equity market depending on the yield characteristics of the sector. Sectors with higher dividend yields are over weighted, while sectors with lower dividend yields are under weighted.

Within each sector, each stock is weighted based on its market capitalization in the broader equity market plus an overweight adjustment that is equal for all constituents within that sector. International stocks may comprise up to 10% of the index when the index is rebalanced. Effective December 11, 2025, derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives.

Lending securities to earn income for the fund.