# EDGAR Filing Document

**Accession Number:** 0001898391
**File Stem:** 0001898391-25-000238
**Filing Date:** 2025-8
**Character Count:** 107621
**Document Hash:** c00784737738df594efc8eec7241ab43
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001898391-25-000238.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001898391-25-000238

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 29

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**EFFECTIVENESS DATE**: 20250828

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fidelity Greenwood Street Trust
- **CENTRAL INDEX KEY:** 0001898391

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-261594
- **FILM NUMBER:** 251269900

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### Fidelity Hedged Equity ETF (Series ID: S000084303)

---

|  |  |  |
|:---|:---|:---|
| Class Name                 | Ticker Symbol | Class ID   |
| Fidelity Hedged Equity ETF | FHEQ          | C000248604 |

---

### Fidelity Dynamic Buffered Equity ETF (Series ID: S000084304)

---

|  |  |  |
|:---|:---|:---|
| Class Name                           | Ticker Symbol | Class ID   |
| Fidelity Dynamic Buffered Equity ETF | FBUF          | C000248605 |

---

### Fidelity Yield Enhanced Equity ETF (Series ID: S000084305)

---

|  |  |  |
|:---|:---|:---|
| Class Name                         | Ticker Symbol | Class ID   |
| Fidelity Yield Enhanced Equity ETF | FYEE          | C000248606 |

---

## Series and Classes Contracts Data

### Fidelity Hedged Equity ETF (Series ID: S000084303)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000248604 | Fidelity Hedged Equity ETF | FHEQ            |

### Fidelity Dynamic Buffered Equity ETF (Series ID: S000084304)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000248605 | Fidelity Dynamic Buffered Equity ETF | FBUF            |

### Fidelity Yield Enhanced Equity ETF (Series ID: S000084305)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000248606 | Fidelity Yield Enhanced Equity ETF | FYEE            |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

**<u>Fund</u>**<u>/Ticker</u>

**Fidelity** Dynamic Buffered Equity ETF/FBUF

**Fidelity** Hedged Equity ETF/FHEQ

**Fidelity** Yield Enhanced Equity ETF/FYEE

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

**Prospectus**

**May 30, 2025**

**As Revised September 1, 2025**

---

| | |
|:---|:---|
| These securities have not been approved or disapproved by the Securities and Exchange Commission, and the Securities and Exchange Commission has not determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.<br>| ![](img115945_1.jpg)<br> 245 Summer Street, Boston, MA 02210 |

---

**Contents**

---

| | |
|:---|:---|
| **Fund Summary** | [Fidelity® Dynamic Buffered Equity ETF](#SubSec_FundSummary_HBE-PRO_FundName7589) |
|  | [Fidelity® Hedged Equity ETF](#SubSec_FundSummary_HBE-PRO_FundName7588) |
|  | [Fidelity® Yield Enhanced Equity ETF](#SubSec_FundSummary_HBE-PRO_FundName7590) |
| **Fund Basics** | **[Investment Details](#SubSec_FundBasics_InvestmentDetails_HBE-PRO)** |
|  | **[Valuing Shares](#SubSec_FundBasics_ValuingShares_HBE-PRO)** |
| **Shareholder Information** | **[Additional Information about the Purchase and Sale of Shares](#SubSec_ShareholderInformation_AdditionalInformation_HBE-PRO)** |
|  | **[Dividends and Capital Gain Distributions](#SubSec_ShareholderInformation_Dividendsand_HBE-PRO)** |
|  | **[Tax Consequences](#SubSec_ShareholderInformation_TaxConsequences_HBE-PRO)** |
| **Fund Services** | **[Fund Management](#SubSec_FundServices_FundManagement_HBE-PRO)** |
|  | **[Fund Distribution](#SubSec_FundServices_FundDistribution_HBE-PRO)** |
|  | **[Other Service Providers](#SubSec_FundServices_OtherService_HBE-PRO)** |
| **Appendix** | **[Financial Highlights](#SubSec_Appendix_FinancialHighlights_HBE-PRO)** |
|  | **[Additional Index Information](#SubSec_Appendix_AdditionalIndex_HBE-PRO)** |

---

**Fund Summary**

**Fund:**

**Fidelity® Dynamic Buffered Equity ETF**

**Investment Objective**

Fidelity® Dynamic Buffered Equity ETF seeks capital appreciation.

**Fee Table**

The following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**Shareholder fees**

**(fees paid directly from your investment)**<br>

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee  | 0.48%  |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.04%  |
| **Total annual operating expenses** | 0.52%  |
| Fee waiver and/or expense reimbursement | 0.04% A |
| **Total annual operating expenses after fee waiver and/or expense reimbursement** | 0.48%  |

---

AFidelity Diversifying Solutions LLC (FDS) has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, certain taxes, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary), if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable), as a percentage of its average net assets, exceed 0.48% (the Expense Cap). If at any time during the current fiscal year expenses for the fund fall below the Expense Cap, FDS reserves the right to recoup through the end of the fiscal year any expenses that were reimbursed during the current fiscal year up to, but not in excess of, the Expense Cap. This arrangement will remain in effect through May 31, 2026. FDS may not terminate this arrangement before the expiration date without the approval of the Board of Trustees and may extend it in its discretion after that date.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $49 |
| 3 years | $161 |
| 5 years | $285 |
| 10 years | $647 |

---

**Portfolio Turnover**

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. For the period from April 9, 2024 to January 31, 2025, the fund's portfolio turnover rate was 98% (annualized) of the average value of its portfolio.

**Principal Investment Strategies**

* Normally investing at least 80% of assets in equity securities.

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics.

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.

* Investing in equity securities of companies with market capitalizations generally similar to companies in the S&P 500® Index or Russell 1000 Index.

* Generally using computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the S&P 500® Index.

* Employing a disciplined rules-based "Defensive Option Collar" strategy designed in combination with a diversified portfolio of equity securities to provide the fund with a significant portion of the returns associated with equity market investments while exposing investors to less risk than traditional long-only equity strategies.

* The "Defensive Options Collar" strategy involves purchasing index put options to provide downside protection in certain market conditions (i.e., offset or mitigate a decrease in the value of the fund's investments) and selling index call options that provides income to substantially offset the cost of that downside protection.

* Managing the options positions in a way that provides diversification of options strike prices and expirations.

* Investing in domestic and foreign issuers.

* Lending securities to earn income for the fund.

**Principal Investment Risks**

* *Stock Market Volatility.*

Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Foreign Exposure.*

Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty.

* *Fluctuation of Net Asset Value and Share Price.*

The net asset value per share (NAV) of the fund will generally fluctuate with changes in the market value of the fund's holdings. The fund's shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the fund's shares may result in the fund's shares trading significantly above (at a premium) or below (at a discount) to NAV.

Given the nature of the relevant markets for certain of the fund's securities, shares may trade at a larger premium or discount to the NAV than shares of other ETFs.

In addition, in stressed market conditions or periods of market disruption or volatility, the market for shares may become less liquid in response to deteriorating liquidity in the markets for the fund's underlying portfolio holdings.

* *Options Risk.*

The fund may purchase or write (i.e., sell) put and call options. Under certain circumstances, the fund may be required to buy or sell the underlying security or instrument (or settle in cash an amount of equal value) at a disadvantageous price, resulting in a loss. Options may involve economic leverage, which could result in greater volatility in price movement. Certain transaction costs associated with purchasing and writing options may impact the fund's returns.

* *Trading Issues.*

There can be no assurance that an active trading market will be maintained. Market makers and Authorized Participants are not obligated to make a market in the fund's shares or to submit purchase and redemption orders for creation units. Decisions by market makers or Authorized Participants to reduce their role with respect to market making or creation and redemption activities during times of market stress, or a decline in the number of Authorized Participants due to decisions to exit the business, bankruptcy, or other factors, could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the fund's portfolio securities and the market price of fund shares. In addition, trading may be halted, for example, due to market conditions.

* *Quantitative Investing.*

Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.

* *Securities Lending Risk.*

Securities lending involves the risk that the borrower may fail to return the securities loaned in a timely manner or at all. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral.

*An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency*. *You could lose money by investing in the fund.*

**Performance**

Performance history will be available for the fund after the fund has been in operation for one calendar year.

**Investment Adviser**

Fidelity Diversifying Solutions LLC (FDS) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

**Portfolio Manager(s)**

Eric Granat (Co-Portfolio Manager) has managed the fund since 2024.

Anna Lester (Co-Portfolio Manager) has managed the fund since 2024.

George Liu (Co-Portfolio Manager) has managed the fund since 2024.

Shashi Naik (Co-Portfolio Manager) has managed the fund since 2024.

**Purchase and Sale of Shares**

Shares of the fund are listed and traded on an exchange, and individual fund shares may only be bought and sold in the secondary market through a broker or dealer at market price. These transactions, which do not involve the fund, are made at market prices that may vary throughout the day, rather than at NAV. Shares of the fund may trade at a price greater than the fund's NAV (premium) or less than the fund's NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling fund shares in the secondary market (the "bid-ask spread"). Recent information, including information regarding the fund's NAV, market price, premiums and discounts, and bid-ask spread, is available at www.fidelity.com.

**Tax Information**

Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

**Fund:**

**Fidelity® Hedged Equity ETF**

**Investment Objective**

Fidelity® Hedged Equity ETF seeks capital appreciation.

**Fee Table**

The following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**Shareholder fees**

**(fees paid directly from your investment)**<br>

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee  | 0.48%  |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.04%  |
| **Total annual operating expenses** | 0.52%  |
| Fee waiver and/or expense reimbursement | 0.04% A |
| **Total annual operating expenses after fee waiver and/or expense reimbursement** | 0.48%  |

---

AFidelity Diversifying Solutions LLC (FDS) has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, certain taxes, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary), if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable), as a percentage of its average net assets, exceed 0.48% (the Expense Cap). If at any time during the current fiscal year expenses for the fund fall below the Expense Cap, FDS reserves the right to recoup through the end of the fiscal year any expenses that were reimbursed during the current fiscal year up to, but not in excess of, the Expense Cap. This arrangement will remain in effect through May 31, 2026. FDS may not terminate this arrangement before the expiration date without the approval of the Board of Trustees and may extend it in its discretion after that date.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $49 |
| 3 years | $161 |
| 5 years | $285 |
| 10 years | $647 |

---

**Portfolio Turnover**

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. For the period from April 9, 2024 to January 31, 2025, the fund's portfolio turnover rate was 86% (annualized) of the average value of its portfolio.

**Principal Investment Strategies**

* Normally investing at least 80% of assets in equity securities.

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics.

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.

* Investing in equity securities of companies with market capitalizations generally similar to companies in the S&P 500® Index or Russell 1000 Index.

* Generally using computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the S&P 500® Index.

* Employing a disciplined options-based strategy designed to provide downside protection in certain market conditions (i.e., offset or mitigate a decrease in the value of the fund's investments). The extent of this protection will be determined primarily based on the cost of the put options in the marketplace.

* Managing the options positions in a way that provides diversification of options strike prices and expirations.

* Investing in domestic and foreign issuers.

* Lending securities to earn income for the fund.

**Principal Investment Risks**

* *Stock Market Volatility.*

Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Foreign Exposure.*

Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty.

* *Fluctuation of Net Asset Value and Share Price.*

The net asset value per share (NAV) of the fund will generally fluctuate with changes in the market value of the fund's holdings. The fund's shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the fund's shares may result in the fund's shares trading significantly above (at a premium) or below (at a discount) to NAV.

Given the nature of the relevant markets for certain of the fund's securities, shares may trade at a larger premium or discount to the NAV than shares of other ETFs.

In addition, in stressed market conditions or periods of market disruption or volatility, the market for shares may become less liquid in response to deteriorating liquidity in the markets for the fund's underlying portfolio holdings.

* *Options Risk.*

The fund may purchase or write (i.e., sell) put and call options. Under certain circumstances, the fund may be required to buy or sell the underlying security or instrument (or settle in cash an amount of equal value) at a disadvantageous price, resulting in a loss. Options may involve economic leverage, which could result in greater volatility in price movement. Certain transaction costs associated with purchasing and writing options may impact the fund's returns.

* *Trading Issues.*

There can be no assurance that an active trading market will be maintained. Market makers and Authorized Participants are not obligated to make a market in the fund's shares or to submit purchase and redemption orders for creation units. Decisions by market makers or Authorized Participants to reduce their role with respect to market making or creation and redemption activities during times of market stress, or a decline in the number of Authorized Participants due to decisions to exit the business, bankruptcy, or other factors, could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the fund's portfolio securities and the market price of fund shares. In addition, trading may be halted, for example, due to market conditions.

* *Quantitative Investing.*

Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.

* *Securities Lending Risk.*

Securities lending involves the risk that the borrower may fail to return the securities loaned in a timely manner or at all. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral.

*An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency*. *You could lose money by investing in the fund.*

**Performance**

Performance history will be available for the fund after the fund has been in operation for one calendar year.

**Investment Adviser**

Fidelity Diversifying Solutions LLC (FDS) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

**Portfolio Manager(s)**

Eric Granat (Co-Portfolio Manager) has managed the fund since 2024.

Anna Lester (Co-Portfolio Manager) has managed the fund since 2024.

George Liu (Co-Portfolio Manager) has managed the fund since 2024.

Shashi Naik (Co-Portfolio Manager) has managed the fund since 2024.

**Purchase and Sale of Shares**

Shares of the fund are listed and traded on an exchange, and individual fund shares may only be bought and sold in the secondary market through a broker or dealer at market price. These transactions, which do not involve the fund, are made at market prices that may vary throughout the day, rather than at NAV. Shares of the fund may trade at a price greater than the fund's NAV (premium) or less than the fund's NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling fund shares in the secondary market (the "bid-ask spread"). Recent information, including information regarding the fund's NAV, market price, premiums and discounts, and bid-ask spread, is available at www.fidelity.com.

**Tax Information**

Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

**Fund:**

**Fidelity® Yield Enhanced Equity ETF**

**Investment Objective**

Fidelity® Yield Enhanced Equity ETF seeks current income while maintaining prospects for capital appreciation.

**Fee Table**

The following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**Shareholder fees**

**(fees paid directly from your investment)**<br>

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee  | 0.28%  |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.04%  |
| **Total annual operating expenses** | 0.32%  |
| Fee waiver and/or expense reimbursement | 0.32% A, B |
| **Total annual operating expenses after fee waiver and/or expense reimbursement** | 0.00%  |

---

AAdjusted to reflect current fees.

BFidelity Diversifying Solutions LLC (FDS) has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding management fee waivers, interest, certain taxes, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary), if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable), as a percentage of its average net assets, exceed 0.28% (the Expense Cap). If at any time during the current fiscal year expenses for the fund fall below the Expense Cap, FDS reserves the right to recoup through the end of the fiscal year any expenses that were reimbursed during the current fiscal year up to, but not in excess of, the Expense Cap. Effective September 1, 2025, FDS has contractually agreed to waive the fund's management fee (0.28%) on the first $250 million of the fund's assets. These arrangements will remain in effect through August 31, 2026. FDS may not terminate these arrangements before the expiration date without the approval of the Board of Trustees and may extend it in its discretion after that date.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $0 |
| 3 years | $70 |
| 5 years | $148 |
| 10 years | $374 |

---

**Portfolio Turnover**

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. For the period from April 9, 2024 to January 31, 2025, the fund's portfolio turnover rate was 101% (annualized) of the average value of its portfolio.

**Principal Investment Strategies**

* Normally investing at least 80% of assets in equity securities.

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics.

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.

* Investing in equity securities of companies with market capitalizations generally similar to companies in the S&P 500® Index or Russell 1000 Index.

* Generally using computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors to select a broadly diversified group of stocks that may have the potential to provide a higher total return than that of the S&P 500® Index.

* Selling (writing) call options on a large cap equity index, such as the S&P 500® Index.

* Employing a disciplined options-based strategy designed to provide income.

* Investing in domestic and foreign issuers.

* Lending securities to earn income for the fund.

**Principal Investment Risks**

* *Stock Market Volatility.*

Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Income Risk.*

The fund's ability to distribute income to shareholders will depend on the yield available on the common stocks held by the fund and the premiums received by the fund with respect to its written call options. Changes in the dividend policies of companies held by the fund could make it difficult for the fund to provide a predictable level of income. In addition, the premiums received by the fund with respect to its written call options will vary over time and based on market conditions.

* *Foreign Exposure.*

Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty.

* *Fluctuation of Net Asset Value and Share Price.*

The net asset value per share (NAV) of the fund will generally fluctuate with changes in the market value of the fund's holdings. The fund's shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the fund's shares may result in the fund's shares trading significantly above (at a premium) or below (at a discount) to NAV.

Given the nature of the relevant markets for certain of the fund's securities, shares may trade at a larger premium or discount to the NAV than shares of other ETFs.

In addition, in stressed market conditions or periods of market disruption or volatility, the market for shares may become less liquid in response to deteriorating liquidity in the markets for the fund's underlying portfolio holdings.

* *Trading Issues.*

There can be no assurance that an active trading market will be maintained. Market makers and Authorized Participants are not obligated to make a market in the fund's shares or to submit purchase and redemption orders for creation units. Decisions by market makers or Authorized Participants to reduce their role with respect to market making or creation and redemption activities during times of market stress, or a decline in the number of Authorized Participants due to decisions to exit the business, bankruptcy, or other factors, could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the fund's portfolio securities and the market price of fund shares. In addition, trading may be halted, for example, due to market conditions.

* *Quantitative Investing.*

Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.

* *Securities Lending Risk.*

Securities lending involves the risk that the borrower may fail to return the securities loaned in a timely manner or at all. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral.

* *Call Options Writing Risk.* 

Writing call options involves the risk that the fund may be required to sell the underlying security or instrument (or settle in cash an amount of equal value) at a disadvantageous price or below the market price of such underlying security or instrument, at the time the option is exercised. As the writer of a call option, the fund forgoes, during the option's life, the opportunity to profit from increases in the market value of the underlying security or instrument covering the option above the sum of the premium and the exercise price but retains the risk of loss should the price of the underlying security or instrument decline. Additionally, the fund's call option writing strategy may not fully protect it against declines in the value of the market.

* *Distribution Tax Risk.* 

While the fund will normally pay its income as distributions, the fund's distributions may exceed the fund's income and gains for the fund's taxable year. Distributions in excess of the fund's current and accumulated earnings and profits will be treated as a return of capital and may have a negative impact on the fund.

* *High Portfolio Turnover.*

High portfolio turnover (more than 100%) may result in increased transaction costs and potentially higher capital gains or losses. The effects of higher than normal portfolio turnover may adversely affect the fund's performance.

*An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency*. *You could lose money by investing in the fund.*

**Performance**

Performance history will be available for the fund after the fund has been in operation for one calendar year.

**Investment Adviser**

Fidelity Diversifying Solutions LLC (FDS) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

**Portfolio Manager(s)**

Eric Granat (Co-Portfolio Manager) has managed the fund since 2024.

Anna Lester (Co-Portfolio Manager) has managed the fund since 2024.

George Liu (Co-Portfolio Manager) has managed the fund since 2024.

Shashi Naik (Co-Portfolio Manager) has managed the fund since 2024.

**Purchase and Sale of Shares**

Shares of the fund are listed and traded on an exchange, and individual fund shares may only be bought and sold in the secondary market through a broker or dealer at market price. These transactions, which do not involve the fund, are made at market prices that may vary throughout the day, rather than at NAV. Shares of the fund may trade at a price greater than the fund's NAV (premium) or less than the fund's NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling fund shares in the secondary market (the "bid-ask spread"). Recent information, including information regarding the fund's NAV, market price, premiums and discounts, and bid-ask spread, is available at www.fidelity.com.

**Tax Information**

Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Basics**

**Investment Details**

***Investment Objective***

Fidelity® Dynamic Buffered Equity ETF seeks capital appreciation.

***Principal Investment Strategies***

The Adviser normally invests at least 80% of the fund's assets in equity securities.

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics.

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.

The Adviser invests the fund's assets in equity securities of companies with market capitalizations generally similar to companies in the S&P 500® Index or Russell 1000 Index.

In buying and selling securities for the fund, the Adviser seeks to outperform the S&P 500® Index by, in general, quantitatively evaluating factors such as historical valuation, growth, profitability, and other factors. The portfolio managers incorporate these analyses using a proprietary program to construct the optimal portfolio holdings and further manage benchmark relative risks. The portfolio managers will generally attempt to overweight securities with positive characteristics identified in the evaluation process and underweight securities with negative characteristics.

The Adviser may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

The Adviser also intends to employ a disciplined rules-based "Defensive Option Collar" strategy designed in combination with a diversified portfolio of equity securities to provide the fund with a significant portion of the returns associated with equity market investments while exposing investors to less risk than traditional long-only equity strategies. The Adviser seeks to construct a "Defensive Option Collar" strategy by generally buying out-of-the-money put options on the S&P 500® Index while simultaneously selling out-of-the-money S&P 500® Index call options.

The Adviser will purchase put options regularly, monthly and intra-month, to obtain continuing/ongoing downside protection. The extent of this protection will be determined primarily based on the cost of the put options in the marketplace. The Adviser attempts to purchase more protection when it is cheap and purchase less protection as it becomes expensive. The resulting trading activity is intended to help offset the cost of buying protection over time.

The premiums received from writing index call options are intended to provide income that substantially offsets the cost of the put options, but writing the options may also reduce the fund's ability to profit from increases in the value of its equity portfolio because in rising markets the call options will be exercised once the market price rises to the option's strike price. The Adviser typically utilizes index options but may also utilize options on S&P 500® ETFs or other comparable products.

The Adviser manages the options positions in a way that provides diversification of options strike prices and expirations. The Adviser will select a ladder of mixed maturity S&P 500® Index put options, where the option strikes are determined by a combination of the index price, time to expiration and market volatility at time of initial purchase or roll. The Adviser will follow a monthly roll schedule and resize its positions based on its monthly hedging cost budget. Between scheduled rolls, the Adviser will monitor the expected monthly decay (i.e., the reduction in value of the option as it reaches expiration) as well as the delta (i.e., the sensitivity of the option's price to changes in price of the underlying index) for each of the put options. Based on these variables the Adviser may look for opportunities to sell a portion of an option to bring it back in line with the monthly budget or, in cases where the option becomes deep in the money, to restrike that option by selling the entire position and purchasing put options with a lower strike price. This will reduce downside protection, but may increase upside participation by lowering hedging costs. Such position adjustments will result in realized gains, helping to offset the cost associated with put options that expire worthless or would be rolled at a loss. The Adviser will diversify its written call option positions across distinct options holdings with different strike prices and expiration dates and roll these positions generally weekly.

The fund may lend securities to broker-dealers or other institutions to earn income.

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

***Investment Objective***

Fidelity® Hedged Equity ETF seeks capital appreciation.

***Principal Investment Strategies***

The Adviser normally invests at least 80% of the fund's assets in equity securities.

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics.

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.

The Adviser invests the fund's assets in equity securities of companies with market capitalizations generally similar to companies in the S&P 500® Index or Russell 1000 Index.

In buying and selling securities for the fund, the Adviser seeks to outperform the S&P 500® Index by, in general, quantitatively evaluating factors such as historical valuation, growth, profitability, and other factors. The portfolio managers incorporate these analyses using a proprietary program to construct the optimal portfolio holdings and further manage benchmark relative risks. The portfolio managers will generally attempt to overweight securities with positive characteristics identified in the evaluation process and underweight securities with negative characteristics.

The Adviser may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

The Adviser also intends to employ a disciplined options-based strategy designed to provide downside protection in certain market conditions (i.e., offset or mitigate a decrease in the value of the fund's investments). The extent of this protection will be determined primarily based on the cost of the put options in the marketplace. The Adviser attempts to purchase more protection when it is cheap and own less protection as it becomes more expensive. The resulting trading activity helps to offset the cost of buying protection over time.

The Adviser manages the options positions in a way that provides diversification of options strike prices and expirations. The Adviser will select a ladder of mixed maturity S&P 500® Index put options, where the option strikes are determined by a combination of the index price, time to expiration and market volatility at time of initial purchase or roll. The Adviser will follow a monthly roll schedule and resize its positions based on its monthly hedging cost budget. Between scheduled rolls, the Adviser will monitor the expected monthly decay (i.e., the reduction in value of the option as it reaches expiration) as well as the delta (i.e., the sensitivity of the option's price to changes in price of the underlying index) for each of the put options. Based on these variables the Adviser may look for opportunities to sell a portion of an option to bring it back in line with the monthly budget or, in cases where the option becomes deep in the money, to restrike that option by selling the entire position and purchasing put options with a lower strike price. This will reduce downside protection but may increase upside participation by lowering hedging costs. Such position adjustments will result in realized gains, helping to offset the cost associated with put options that expire worthless or would be rolled at a loss.

The fund may lend securities to broker-dealers or other institutions to earn income.

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

***Investment Objective***

Fidelity® Yield Enhanced Equity ETF seeks current income while maintaining prospects for capital appreciation.

***Principal Investment Strategies***

The Adviser normally invests at least 80% of the fund's assets in equity securities.

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics.

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.

The Adviser invests the fund's assets in equity securities of companies with market capitalizations generally similar to companies in the S&P 500® Index or Russell 1000 Index.

In buying and selling securities for the fund, the Adviser seeks to outperform the S&P 500® Index by, in general, quantitatively evaluating factors such as historical valuation, growth, profitability, and other factors. The portfolio managers incorporate these analyses using a proprietary program to construct the optimal portfolio holdings and further manage benchmark relative risks. The portfolio managers will generally attempt to overweight securities with positive characteristics identified in the evaluation process and underweight securities with negative characteristics.

The Adviser may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

The Adviser also intends to employ a disciplined options-based strategy designed to generate income and reduce overall portfolio volatility. The fund sells (writes) call options on an index representing the performance of companies with large market capitalizations, such as the S&P 500® Index. When the fund writes (sells) a call option, the fund is entitled to receive a premium equal to the value of the option at the time of trade.

The fund will normally write call options with a notional value equal to a majority of the value of the equity securities in the fund's portfolio. The fund will generally write "out-of-the-money" options, meaning that they have a higher strike price than current market levels when they are written.

Typically, the fund will hold multiple distinct call options simultaneously, each with a unique strike price and expiration date. This diversified approach to the call option portfolio coupled with a systematic rebalancing of option positions is designed to allow all investors to receive similar portfolio risk attributes regardless of their entry point.

During periods in which the equity markets are generally unchanged or falling, or in a modestly rising market, a portfolio receiving premiums from its call option writing strategy may outperform the same portfolio without such an options strategy. However, in rising markets where the aggregate appreciation of the underlying index over its exercise price exceeds the income from options premiums, a portfolio with a call option writing strategy could underperform the same portfolio without the options strategy. Although not perfectly correlated, in return for a fixed option premium, such call options tend to have the impact of capping potential gains from the fund's long position in equity securities.

The fund may lend securities to broker-dealers or other institutions to earn income.

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

***Description of Principal Security Types***

In addition to the security types discussed above, the following describes the types of securities in which a fund invests or may invest principally:

*Derivatives* are investments whose values are tied to an underlying asset, instrument, currency, or index.

*Options* are derivatives that give the purchaser the right to buy (call) or sell (put) a specific amount of an underlying instrument, foreign currency or contract (such as a swap agreement or futures contract) on the underlying instrument or foreign currency from or to a counterparty at a specified price (the strike price) on or before an expiration date. Types of options include exchange-traded or listed, over-the-counter ("OTC") and FLexible EXchange® Options ("FLEX Options"). FLEX Options are customized exchange-traded option contracts available through the Chicago Board Option Exchange.

***Principal Investment Risks***

Many factors affect each fund's performance. Developments that disrupt global economies and financial markets, such as pandemics and epidemics, may magnify factors that affect a fund's performance. A fund's NAV changes daily based on changes in market conditions and interest rates and in response to other economic, political, or financial developments. A fund's reaction to these developments will be affected by the types of securities in which the fund invests, the financial condition, industry and economic sector, and geographic location of an issuer, and the fund's level of investment in the securities of that issuer. When you sell your shares they may be worth more or less than what you paid for them, which means that you could lose money by investing in a fund.

The following provides more information about the risks above and other factors that can significantly affect a fund's performance:

*Stock Market Volatility*. The value of equity securities fluctuates in response to issuer, political, market, and economic developments. Fluctuations, especially in foreign markets, can be dramatic over the short as well as long term, and different parts of the market, including different market sectors, and different types of equity securities can react differently to these developments. For example, stocks of companies in one sector can react differently from those in another, large cap stocks can react differently from small cap stocks, and "growth" stocks can react differently from "value" stocks. Issuer, political, or economic developments can affect a single issuer, issuers within an industry or economic sector or geographic region, or the market as a whole. Changes in the financial condition of a single issuer can impact the market as a whole. Terrorism and related geo-political risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

*Options Risk.* A fund may purchase or write (i.e., sell) put and call options. When writing options, a fund is exposed to the risk that it may be required to buy or sell the underlying security or instrument (or settle in cash an amount of equal value) at a disadvantageous price on or before the expiration date. If a fund sells a put option, the fund may be required to buy the underlying security or instrument (or settle in cash an amount of equal value) at a strike price that is above market price, resulting in a loss. If a fund sells a call option, the fund may be required to sell the underlying security or instrument (or settle in cash an amount of equal value) at a strike price that is below market price, resulting in a loss. If a fund sells a call option that is not covered (it does not own the underlying reference), the fund's losses are theoretically unlimited. Options may involve economic leverage, which could result in greater volatility in price movement. Certain transaction costs associated with purchasing and writing options may impact the fund's returns. Options may be traded on a securities exchange or in the OTC market.

In the event that trading in the underlying FLEX Options is limited or absent, the value of a fund's FLEX Options may decrease. There is no guarantee that a liquid secondary trading market will exist for the FLEX Options. The trading in FLEX Options may be less deep and liquid than the market for certain other securities, including certain non-customized option contracts. In a less liquid market for the FLEX Options, terminating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. Additionally, the liquidation of a large number of FLEX Options may more significantly impact the price in a less liquid market. Further, a fund requires a sufficient number of participants to facilitate the purchase and sale of options on an exchange to provide liquidity to the fund for its FLEX Option positions. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment.

*Call Options Writing Risk.* The writer of a call option takes the opposite side of the transaction from the option's purchaser. In return for receipt of the premium, the writer assumes the obligation to pay or receive the strike price for the option's underlying security or instrument if the other party to the option chooses to exercise it.

Writing a call option obligates the writer to sell or deliver the option's underlying security or instrument or make a net cash settlement payment, as applicable, in return for the strike price, upon exercise of the option. Writing call options generally is a profitable strategy if prices remain the same or fall. Through receipt of the option premium, a call writer should mitigate the effects of a price increase. At the same time, because a call writer must be prepared to deliver the underlying security or instrument or make a net cash settlement payment, as applicable, in return for the strike price, even if its current value is greater, a call writer gives up some ability to participate in price increases and, if a call writer does not hold the underlying security or instrument, a call writer's loss is theoretically unlimited. Out-of-the-money call options have lower premiums but are less likely to cap potential gains compared to at-the-money or in-the-money call options.

*Distribution Tax Risk.* Fidelity® Yield Enhanced Equity ETF currently expects to make distributions on a regular basis. While the fund will normally pay its income as distributions, the fund's distributions may exceed the fund's income and gains for the fund's taxable year. Such excess distributions if not in excess of the fund's current and accumulated earnings and profits will generally be taxable to shareholders. Distributions in excess of the fund's current and accumulated earnings and profits will be treated as a return of capital. A return of capital distribution generally will not be taxable but will reduce the shareholder's cost basis and will result in a higher capital gain or lower capital loss when those fund shares on which the distribution was received are sold. Once a fund shareholder's cost basis is reduced to zero, further distributions will be treated as capital gain, if the fund shareholder holds shares of the fund as capital assets. Because the fund's distributions may consist of return of capital, the fund may not be an appropriate investment for investors who do not wish to receive return of capital in a given period.

*Income Risk.* Fidelity® Yield Enhanced Equity ETF's ability to distribute income to shareholders will depend on the yield available on the common stocks held by the fund and the premiums received by the fund with respect to its written call options. Changes in the dividend policies of companies held by the fund could make it difficult for the fund to provide a predictable level of income. For example, if the stocks held by the fund reduce or stop paying dividends, the fund's ability to generate income may be adversely affected. In addition, the premiums received by the fund with respect to its written call options will vary over time and based on market conditions.

Fidelity® Yield Enhanced Equity ETF seeks current income while maintaining prospects for capital appreciation. However, there is no guarantee that the fund will make regular income payments to its shareholders or, if made, that the fund's regular income payments to shareholders will remain consistent as the amounts distributed to shareholders could vary (potentially significantly) based on the market or economic environment and other factors. To the extent a distribution consists of return of capital, as described above, it should not be confused with the fund's "yield" or "income." Shareholders who receive periodic distributions consisting of a return of capital may be under the impression that they are receiving net profits when they are not because a return of capital is a distribution from the shareholder's investment principal, rather than net profits from the fund's returns. Shareholders should not assume that the source of a distribution from the fund is net profit.

*Foreign Exposure.* Foreign securities, securities denominated in or providing exposure to foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign exchange rates; withholding or other taxes; trading, settlement, custodial, and other operational risks; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign investments more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market.

Global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers or providers in, or foreign exchange rates with, a different country or region.

*Issuer-Specific Changes*. Changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers.

*Quantitative Investing.* The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security's value. In addition, factors that affect a security's value can change over time and these changes may not be reflected in the quantitative model.

*Securities Lending Risk*. Securities lending involves the risk that the borrower may fail to return the securities loaned in a timely manner or at all. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. These delays and costs could be greater for foreign securities. If a fund is not able to recover the securities loaned, the fund may sell the collateral and purchase a replacement investment in the market. The value of the collateral could decrease below the value of the replacement investment by the time the replacement investment is purchased.

*High Portfolio Turnover.* A fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover (more than 100%) may result in increased transaction costs to a fund, including brokerage commissions, dealer mark-ups, and other transaction costs on the sale of securities or reinvestment in other securities. The sale of a fund's securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects of higher than normal portfolio turnover may adversely affect a fund's performance.

*Fluctuation of Net Asset Value and Share Price.* The NAV of each fund's shares will generally fluctuate with changes in the market value of each fund's holdings. Each fund's shares are listed on an exchange and can be bought and sold in the secondary market at market prices. The market prices of shares will fluctuate in accordance with changes in NAV and supply and demand on the listing exchange. Although a share's market price is expected to approximate its NAV, it is possible that the market price and NAV will vary significantly. As a result, you may sustain losses if you pay more than the shares' NAV when you purchase shares, or receive less than the shares' NAV when you sell shares, in the secondary market. During periods of disruptions to creations and redemptions, the existence of extreme market volatility, or lack of an active trading market for a fund's shares, the market price of fund shares is more likely to differ significantly from the fund's NAV. During such periods, you may be unable to sell your shares or may incur significant losses if you sell your shares. There are various methods by which investors can purchase and sell shares and various orders that may be placed. Investors should consult their financial intermediary before purchasing or selling shares of a fund. Disruptions at market makers, Authorized Participants or market participants may also result in significant differences between the market price of a fund's shares and the fund's NAV. In addition, in stressed market conditions or periods of market disruption or volatility, the market for shares may become less liquid in response to deteriorating liquidity in the markets for the fund's underlying portfolio holdings.

The market price of shares during the trading day, like the price of any exchange-traded security, includes a bid-ask spread charged by the exchange specialist, market makers, or other participants that trade the particular security. In times of severe market disruption or volatility, the bid-ask spread can increase significantly. At those times, shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of shares is falling fastest, which may be the time that you most want to sell your shares. Securities held by a fund may be traded in markets that close at a different time than the listing exchange. During the time when the listing exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting premium or discount to the fund's NAV may widen. The Adviser expects that, under normal market conditions, large discounts or premiums to NAV will not be sustained in the long term because of arbitrage opportunities.

*Trading Issues*. Although shares are listed on an exchange, there can be no assurance that an active trading market or requirements to remain listed will be met or maintained. Only an Authorized Participant may engage in creation or redemption transactions directly with a fund. A fund has a limited number of intermediaries that act as Authorized Participants. There are no obligations of market makers to make a market in a fund's shares or of Authorized Participants to submit purchase or redemption orders for Creation Units. Decisions by market makers or Authorized Participants to reduce their role with respect to market making or creation and redemption activities during times of market stress, or a decline in the number of Authorized Participants due to decisions to exit the business, bankruptcy, or other factors, could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of a fund's portfolio securities and the market price of fund shares. To the extent no other Authorized Participants are able to step forward to create or redeem, shares may trade at a discount to NAV and possibly face delisting. In addition, trading of shares in the secondary market may be halted, for example, due to activation of marketwide "circuit breakers." If trading halts or an unanticipated early closing of the listing exchange occurs, a shareholder may be unable to purchase or sell shares of a fund. FDC, the distributor of each fund's shares, does not maintain a secondary market in the shares.

If a fund's shares are delisted from the listing exchange, the Adviser may seek to list the fund shares on another market, merge the fund with another exchange-traded fund or traditional mutual fund, or redeem the fund shares at NAV.

Shares of a fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility and price decreases associated with being sold short.

In response to market, economic, political, or other conditions, a fund may temporarily use a different investment strategy for defensive purposes. If the fund does so, different factors could affect its performance and the fund may not achieve its investment objective.

***Other Investment Strategies***

In addition to the principal investment strategies discussed above, the Adviser may also use various techniques, such as buying and selling futures contracts, swaps and ETFs, to increase or decrease a fund's exposure to changing security prices or other factors that affect security values.

The Adviser may use derivative instruments and securities of other investment companies such as ETFs to equitize cash in situations involving large cash inflows or anticipated large redemptions.

**Non-Fundamental Investment Policies**

Each fund's investment objective is non-fundamental and may be changed without shareholder approval.

**Shareholder Notice**

The following is subject to change only upon 60 days' prior notice to shareholders:

Fidelity® Dynamic Buffered Equity ETF normally invests at least 80% of its assets in equity securities.

Fidelity® Hedged Equity ETF normally invests at least 80% of its assets in equity securities.

Fidelity® Yield Enhanced Equity ETF normally invests at least 80% of its assets in equity securities.

**Valuing Shares**

Each fund is open for business each day that either the listing exchange or the New York Stock Exchange (NYSE) is open.

The NAV is the value of a single share. Fidelity normally calculates NAV as of the close of regular trading hours on the listing exchange or the NYSE, normally 4:00 p.m. Eastern time. Each fund's assets normally are valued as of this time for the purpose of computing NAV. The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is received in an acceptable form under the authorized participant agreement.

NAV is not calculated and a fund will not process purchase and redemption requests submitted on days when the fund is not open for business. The time at which shares are priced and until which purchase and redemption orders are accepted may be changed as permitted by the Securities and Exchange Commission (SEC).

Shares of each fund may be purchased through a broker in the secondary market by individual investors at market prices which may vary throughout the day and may differ from NAV.

To the extent that a fund's assets are traded in other markets on days when the fund is not open for business, the value of the fund's assets may be affected on those days. In addition, trading in some of a fund's assets may not occur on days when the fund is open for business.

Shares of open-end funds in which each fund may invest (referred to as underlying funds) are valued at their respective NAVs. NAV is calculated using the values of any underlying funds in which it invests. Other assets are valued primarily on the basis of market quotations, official closing prices, or information furnished by a pricing service. Certain short-term securities are valued on the basis of amortized cost. If market quotations, official closing prices, or information furnished by a pricing service are not readily available or, in the Adviser's opinion, are deemed unreliable for a security, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. For example, if, in the Adviser's opinion, a security's value has been materially affected by events occurring before a fund's pricing time but after the close of the exchange or market on which the security is principally traded, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. Fair value pricing will be used for high yield debt securities when available pricing information is determined to be stale or for other reasons not to accurately reflect fair value.

Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold.

**Shareholder Information**

**Additional Information about the Purchase and Sale of Shares**

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

**General Information**

**Information on Fidelity**

Fidelity Investments was established in 1946 to manage one of America's first mutual funds. Today, Fidelity is one of the world's largest providers of financial services.

In addition to its fund business, the company operates one of America's leading brokerage firms, Fidelity Brokerage Services LLC. Fidelity is also a leader in providing tax-advantaged retirement plans for individuals investing on their own or through their employer.

The Depository Trust Company (DTC) is a limited trust company and securities depository that facilitates the clearance and settlement of trades for its participating banks and broker-dealers. DTC has executed an agreement with FDC, each fund's distributor.

**Buying and Selling Shares in the Secondary Market**

Shares of each fund are listed and traded on an exchange, and individual fund shares may only be bought and sold in the secondary market through a broker. Each fund does not impose any minimum investment for shares of a fund purchased on an exchange. These transactions are made at market prices that may vary throughout the day and may be greater than a fund's NAV (premium) or less than a fund's NAV (discount). As a result, you may pay more than NAV when you purchase shares, and receive less than NAV when you sell shares, in the secondary market. If you buy or sell shares in the secondary market, you will generally incur customary brokerage commissions and charges. Due to such commissions and charges, frequent trading may detract significantly from investment returns.

Each fund is designed to offer investors an equity investment that can be bought and sold frequently in the secondary market without impact on a fund, and such trading activity is critical to ensuring that the market price of fund shares remains at or close to NAV. Accordingly, the Board of Trustees has not adopted policies and procedures designed to discourage excessive or short-term trading by these investors.

Shares can be purchased and redeemed directly from each fund at NAV only by Authorized Participants in large increments called "Creation Units." Each fund accommodates frequent purchases and redemptions of Creation Units by Authorized Participants and does not place a limit on purchases or redemptions of Creation Units by these investors. Each fund reserves the right, but does not have the obligation, to reject any purchase transaction at any time. In addition, each fund reserves the right to impose restrictions on disruptive, excessive, or short-term trading.

**Precautionary Notes**

* *Note to Investment Companies.* For purposes of the Investment Company Act of 1940 (1940 Act), shares are issued by a fund, and the acquisition of shares by investment companies is subject to the restrictions of Section 12(d)(1) of the 1940 Act. Registered investment companies are permitted to invest in a fund beyond the limits set forth in Section 12(d)(1), subject to certain terms and conditions, including that such investment companies enter into an agreement with the fund.

* *Note to Authorized Participants Regarding Continuous Offering.* Certain legal risks may exist that are unique to Authorized Participants purchasing Creation Units directly from a fund. Because new Creation Units may be issued on an ongoing basis, at any point a "distribution," as such term is used in the Securities Act of 1933 (the Securities Act), could be occurring. As a broker-dealer, certain activities that you perform may, depending on the circumstances, result in your being deemed a participant in a distribution, in a manner which could render you a statutory underwriter and subject you to the prospectus delivery and liability provisions of the Securities Act.

For example, you may be deemed a statutory underwriter if you purchase Creation Units from a fund, break them down into individual fund shares, and sell such shares directly to customers, or if you choose to couple the creation of a supply of new fund shares with an active selling effort involving solicitation of secondary market demand for fund shares. A determination of whether a person is an underwriter for purposes of the Securities Act depends upon all of the facts and circumstances pertaining to that person's activities, and the examples mentioned here should not be considered a complete description of all the activities that could lead to a categorization as an underwriter.

Dealers who are not "underwriters" but are participating in a distribution (as opposed to engaging in ordinary secondary market transactions), and thus dealing with shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act.

This is because the prospectus delivery exemption in Section 4(a)(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, you should note that dealers who are not underwriters but are participating in a distribution (as opposed to engaging in ordinary secondary market transactions) and thus dealing with the shares that are part of an overallotment within the meaning of Section 4(a)(3)(A) of the Securities Act would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. Firms that incur a prospectus-delivery obligation with respect to shares of a fund are reminded that, under Rule 153 under the Securities Act, a prospectus delivery obligation under Section 5(b)(2) of the Securities Act owed to an exchange member in connection with a sale on an exchange is satisfied by the fact that the prospectus is available at the exchange upon request. The prospectus delivery mechanism provided in Rule 153 is only available with respect to transactions on an exchange. Certain affiliates of each fund may purchase and resell fund shares pursuant to this prospectus.

* *Note to Secondary Market Investors.* DTC, or its nominee, is the registered owner of all outstanding shares of a fund. The Adviser will not have any record of your ownership. Your ownership of shares will be shown on the records of DTC and the DTC participant broker through which you hold the shares. Your broker will provide you with account statements, confirmations of your purchases and sales, and tax information. Your broker will also be responsible for distributing income and capital gain distributions and for sending you shareholder reports and other information as may be required.

**Costs Associated with Creations and Redemptions** 

The funds may impose a creation transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units of shares. Information about the procedures regarding creation and redemption of Creation Units and the applicable transaction fees is included in the Statement of Additional Information (SAI).

**Dividends and Capital Gain Distributions**

Each fund earns interest, dividends, and other income from its investments, and distributes this income (less expenses) to shareholders as dividends. Each fund also realizes capital gains from its investments, and distributes these gains (less any losses) as capital gain distributions. If you purchased your shares in the secondary market, your broker is responsible for distributing the income and capital gain distributions to you.

Each fund normally pays dividends and capital gain distributions per the tables below:

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| | |
|:---|:---|
| **Fund Name** | **Dividends Paid** |
| Fidelity® Dynamic Buffered Equity ETF | March, June, September, December |
| Fidelity® Hedged Equity ETF | March, June, September, December |
| Fidelity® Yield Enhanced Equity ETF | March, June, September, December |

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| | |
|:---|:---|
| **Fund Name** | **Capital Gains Paid** |
| Fidelity® Dynamic Buffered Equity ETF | December |
| Fidelity® Hedged Equity ETF | December |
| Fidelity® Yield Enhanced Equity ETF | December |

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**Tax Consequences**

As with any investment, your investment in a fund could have tax consequences for you (for non-retirement accounts).

**Taxes on Distributions**

Distributions investors receive are subject to federal income tax, and may also be subject to state or local taxes.

For federal tax purposes, certain distributions, including dividends and distributions of short-term capital gains, are taxable to investors as ordinary income, while certain distributions, including distributions of long-term capital gains, are taxable to investors generally as capital gains. A percentage of certain distributions of dividends may qualify for taxation at long-term capital gains rates (provided certain holding period requirements are met).

If investors buy shares when a fund has realized but not yet distributed income or capital gains, they will be "buying a dividend" by paying the full price for the shares and then receiving a portion of the price back in the form of a taxable distribution.

Any taxable distributions investors receive will normally be taxable to them when they receive them.

**Taxes on Transactions**

Purchases and sales of shares, as well as purchases and redemptions of Creation Units, may result in a capital gain or loss for federal tax purposes.

**Fund Services**

**Fund Management**

**Adviser**

**FDS.** The Adviser is each fund's manager. The address of the Adviser is 245 Summer Street, Boston, Massachusetts 02210.

As of December 31, 2024, the Adviser had approximately $9.6 billion in discretionary assets under management.

As the manager, the Adviser has overall responsibility for directing each fund's investments and handling its business affairs.

**Sub-Adviser(s)**

**FMR Investment Management (UK) Limited (FMR UK)**, at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a sub-adviser for each fund. As of December 31, 2024, FMR UK had approximately $15.1 billion in discretionary assets under management. FMR UK is an affiliate of the Adviser.

FMR UK may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for Fidelity® Dynamic Buffered Equity ETF, Fidelity® Hedged Equity ETF, and Fidelity® Yield Enhanced Equity ETF.

**Fidelity Management & Research (Hong Kong) Limited (FMR H.K.)**, at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for each fund. As of December 31, 2024, FMR H.K. had approximately $29.2 billion in discretionary assets under management. FMR H.K. is an affiliate of the Adviser.

FMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for Fidelity® Dynamic Buffered Equity ETF, Fidelity® Hedged Equity ETF, and Fidelity® Yield Enhanced Equity ETF.

**Fidelity Management & Research (Japan) Limited (FMR Japan)**, at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for each fund. As of March 31, 2025, FMR Japan had approximately $2.8 billion in discretionary assets under management. FMR Japan is an affiliate of the Adviser.

FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for Fidelity® Dynamic Buffered Equity ETF, Fidelity® Hedged Equity ETF, and Fidelity® Yield Enhanced Equity ETF.

**Portfolio Manager(s)**

Eric Granat is Co-Portfolio Manager of each fund, which he has managed since 2024. He also manages other funds. Since joining Fidelity Investments in 1997, Mr. Granat has worked as a derivatives analyst and portfolio manager.

Anna Lester is Co-Portfolio Manager of each fund, which she has managed since 2024. She also manages other funds. Since joining FMR in 2022, Ms. Lester has worked as a portfolio manager. Prior to joining FMR, Ms. Lester worked at Geode Capital Management LLC (Geode) from 2019 to 2022, most recently as a senior portfolio manager, and at State Street Global Advisors from 2005 to 2019, most recently as senior portfolio manager.

George Liu is Co-Portfolio Manager of each fund, which he has managed since 2024. He also manages other funds. Since joining FMR in 2022, Mr. Liu has worked as a portfolio manager. Prior to joining FMR, Mr. Liu worked at Geode Capital Management LLC (Geode) from 2004 to 2022, most recently as portfolio manager.

Shashi Naik is Co-Portfolio Manager of each fund, which he has managed since 2024. He also manages other funds. Since joining FMR in 2022, Mr. Naik has worked as a portfolio manager. Prior to joining FMR, Mr. Naik worked at Geode Capital Management LLC (Geode) from 2010 to 2022, most recently as portfolio manager.

The SAI provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio manager(s).

From time to time a manager, analyst, or other Fidelity employee may express views regarding a particular company, security, industry, or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

**Advisory Fee(s)**

Each fund pays a management fee to the Adviser.

The management fee is calculated and paid to the Adviser every month.

The Adviser pays all of the other expenses of each fund with limited exceptions.

The annual management fee rate, as a percentage of each fund's average net assets, is shown in the following table:

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| | |
|:---|:---|
| **Fund** | **Management Fee Rate** |
| Fidelity® Dynamic Buffered Equity ETF | 0.48% |
| Fidelity® Hedged Equity ETF | 0.48% |
| Fidelity® Yield Enhanced Equity ETF | 0.28% |

---

Effective September 1, 2025, the Adviser has contractually agreed to waive Fidelity® Yield Enhanced Equity ETF's management fee on the first $250 million of the fund's assets through August 31, 2026.

The Adviser or an affiliate pays FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited for providing sub-advisory services.

The basis for the Board of Trustees approving the management contract and sub-advisory agreements for each fund is available in each fund's Form N-CSRS report for the fiscal period ended July 31, 2024, and each fund's Form N-CSR report for the fiscal period ended January 31, 2025.

From time to time, the Adviser or its affiliates may agree to reimburse or waive certain fund expenses while retaining the ability to be repaid if expenses fall below the specified limit prior to the end of the fiscal year.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

**Fund Distribution**

FDC distributes each fund's shares.

Intermediaries may receive from the Adviser, FDC, and/or their affiliates compensation for providing recordkeeping and administrative services, as well as other retirement plan expenses, and compensation for services intended to result in the sale of fund shares.

These payments are described in more detail in this section and in the SAI.

**Distribution and Service Plan(s)**

While each fund will not make direct payments for distribution or shareholder support services, each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act with respect to its shares. Each Plan recognizes that the Adviser may use its management fee revenues, as well as its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of shares of each fund and/or shareholder support services. The Adviser, directly or through FDC, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of each fund has authorized such payments for shares of each fund.

If payments made by the Adviser to FDC or to intermediaries under a Distribution and Service Plan were considered to be paid out of a fund's assets on an ongoing basis, they would increase the cost of your investment and might cost you more than paying other types of sales charges.

No dealer, sales representative, or any other person has been authorized to give any information or to make any representations, other than those contained in this prospectus and in the related SAI, in connection with the offer contained in this prospectus. If given or made, such other information or representations must not be relied upon as having been authorized by the funds or FDC. This prospectus and the related SAI do not constitute an offer by the funds or by FDC to sell shares of the funds to, or to buy shares of the funds from, any person to whom it is unlawful to make such offer.

**Other Service Providers**

State Street Bank and Trust Company serves as each fund's transfer agent and custodian, and is located at One Heritage Drive, Floor 1, North Quincy, Massachusetts, 02171 and One Congress Street, Boston, Massachusetts, 02114, respectively.

**Appendix**

**Financial Highlights**

Financial Highlights are intended to help you understand the financial history of fund shares for the past 5 years (or, if shorter, the period of operations). Certain information reflects financial results for a single share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in shares (assuming reinvestment of all dividends and distributions). The annual information has been audited by Deloitte & Touche LLP, independent registered public accounting firm, whose report, along with fund financial statements, is included in the annual report. Annual reports are available for free upon request.

**Fidelity® Dynamic Buffered Equity ETF** <br>

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| | |
|:---|:---|
| **Years ended January 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $24.99 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .17  |
| Net realized and unrealized gain (loss)  | 2.75  |
| Total from investment operations  | 2.92  |
| Distributions from net investment income  | (.15)  |
| Total distributions  | (.15)  |
| Net asset value, end of period  | $27.76 |
| **Total Return** D,E,F | 11.69% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .52% I |
| Expenses net of fee waivers, if any  | .48% I<br>|
| Expenses net of all reductions, if any  | .48% I |
| Net investment income (loss)  | .81% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $9716 |
| Portfolio turnover rate J | 98% I,K<br>|

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A*For the period April 9, 2024 (commencement of operations) through January 31, 2025.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Based on net asset value.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Hedged Equity ETF** <br>

---

| | |
|:---|:---|
| **Years ended January 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $24.99 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .17  |
| Net realized and unrealized gain (loss)  | 2.84  |
| Total from investment operations  | 3.01  |
| Distributions from net investment income  | (.14)  |
| Total distributions  | (.14)  |
| Net asset value, end of period  | $27.86 |
| **Total Return** D,E,F | 12.05% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .52% I |
| Expenses net of fee waivers, if any  | .48% I<br>|
| Expenses net of all reductions, if any  | .48% I |
| Net investment income (loss)  | .79% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $390109 |
| Portfolio turnover rate J | 86% I,K<br>|

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A*For the period April 9, 2024 (commencement of operations) through January 31, 2025.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Based on net asset value.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Yield Enhanced Equity ETF** <br>

---

| | |
|:---|:---|
| **Years ended January 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $24.99 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .21  |
| Net realized and unrealized gain (loss)  | 3.64  |
| Total from investment operations  | 3.85  |
| Distributions from net investment income  | (.22) D |
| Distributions from net realized gain  | (.07) D |
| Distributions from tax return of capital  | (1.17) |
| Total distributions  | (1.46)  |
| Net asset value, end of period  | $27.38 |
| **Total Return** E,F,G | 15.78% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | .32% J |
| Expenses net of fee waivers, if any  | .28% J<br>|
| Expenses net of all reductions, if any  | .27% J |
| Net investment income (loss)  | 1.02% J |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $8214 |
| Portfolio turnover rate K | 101% J,L<br>|

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A*For the period April 9, 2024 (commencement of operations) through January 31, 2025.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

E*Based on net asset value.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Additional Index Information**

Fidelity® Dynamic Buffered Equity ETF will compare its performance to the performance of CBOE S&P 500 95-110 Collar Index and S&P 500® Index.

Fidelity® Hedged Equity ETF will compare its performance to the performance of CBOE S&P 500 5% Put Protection Index and S&P 500® Index.

Fidelity® Yield Enhanced Equity ETF will compare its performance to the performance of CBOE S&P 500 2% OTM BuyWrite Index and S&P 500® Index.

**Cboe S&P 500 5% Put Protection Index (PPUT)** is a benchmark index designed to track the performance of a hypothetical risk-management strategy that consists of a long position indexed to the S&P 500® Index (SPX Index) and a long position in the monthly 5% Out-of-the-Money (OTM) SPX Put options.

**Cboe S&P 500 2% OTM BuyWrite Index (BXY)** is a benchmark index designed to track the performance of a hypothetical 2% out-of-the-money buy-write strategy on the S&P 500® Index. The BXY is a passive total return index based on (1) a "long" position indexed to the S&P 500® Index, and (2) "writing" (or selling) a near-term S&P 500® Index (SPX) "covered" call option, generally on the third Friday of each month.

**Cboe S&P 500 95-110 Collar Index (CLL)** measures the total return of the Cboe S&P 500 Collar Strategy. This is a passive strategy which consists of (a) holding the S&P 500 portfolio and collecting dividends, (b) buying 5% out-of-the-money SPX puts that expire on the quarterly cycle (e.g. March, June, September and December), and (c) selling 10% out-of-the-money SPX calls on a monthly basis. The options are "rolled" at SPX expirations, usually on the third Friday of the month.

**Russell 1000® Index** is a market capitalization-weighted index designed to measure the performance of the large-cap segment of the U.S. equity market.

**S&P 500® Index** is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

You can obtain additional information about the funds. A description of each fund's policies and procedures for disclosing its holdings is available in its Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI also includes more detailed information about each fund and its investments. The SAI is incorporated herein by reference (legally forms a part of the prospectus). Each fund's annual and semi-annual reports and Form N-CSR also include additional information. Each fund's annual report includes a discussion of recent market conditions and the fund's investment strategies that affected performance. In Form N-CSR, you will find each fund's annual and semi-annual financial statements.

For a free copy of any of these documents or to request other information or ask questions about a fund, call Fidelity at 1-800-FIDELITY. In addition, you may visit Fidelity's web site at www.fidelity.com for a free copy of a prospectus, SAI, annual or semi-annual report, or a fund's financial statements or to request other information.

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| |
|:---|
| &nbsp;&nbsp;The SAI, the funds' annual and semi-annual reports and other related materials are available from the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the SEC's web site (http://www.sec.gov). You can obtain copies of this information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing the Public Reference Section of the SEC, Washington, D.C. 20549-1520. You can also review and copy information about the funds, including the funds' SAI, at the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090 for information on the operation of the SEC's Public Reference Room. |
| &nbsp;&nbsp;*Investment Company Act of 1940, File Number(s), 811-23762*  |

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Fidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved.

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