# EDGAR Filing Document

**Accession Number:** 0001562565
**File Stem:** 0001379491-23-000037
**Filing Date:** 2023-1
**Character Count:** 14978
**Document Hash:** a86643059669fe1de46be53cf00f7abd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001379491-23-000037.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001379491-23-000037

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**EFFECTIVENESS DATE**: 20230124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fidelity Merrimack Street Trust
- **CENTRAL INDEX KEY:** 0001562565
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-186372
- **FILM NUMBER:** 23546681

**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 Tactical Bond ETF (Series ID: S000079047)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000239880 | Fidelity Tactical Bond ETF | FTBD            |

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

**Fidelity** Tactical Bond ETF**/FTBD

Principal U.S. Listing Exchange: NYSE Arca, Inc.<br>

**Summary Prospectus**

**January 13, 2023**<br>

Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, reports to shareholders, and other information about the fund (including the fund's SAI) online at www.fidelity.com/funddocuments/ETFs. You can also get this information at no cost by calling 1-800-FIDELITY or by sending an e-mail request to fidfunddocuments@fidelity.com. The fund's [prospectus](https://www.sec.gov/Archives/edgar/data/0001562565/000137949123000021/filing1507636.htm#PRO_proofplus8451) and [SAI](https://www.sec.gov/Archives/edgar/data/0001562565/000137949123000021/filing1507636.htm#SAI_proofplus8452) dated January 13, 2023 are incorporated herein by reference. ![Fidelity Investments](fipro_logo.jpg)

245 Summer Street, Boston, MA 02210<br>

**Fund Summary**

**Fund:**

**Fidelity® Tactical Bond ETF**

**Investment Objective**

The fund seeks a high level of current income. Growth of capital may also be considered.

**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 table or example below.**

**Shareholder fees**

**(fees paid directly from your investment)**

**Annual Operating Expenses**

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

---

| | |
|:---|:---|
| Management fee | 0.55% |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses<sup>(a)</sup> | 0.00% |
| **Total annual operating expenses** | 0.55% |

---

(a) *Based on estimated amounts for the current fiscal year.*

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 your shareholder 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 | $56 |
| 3 years | $176 |

---

**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.

**Principal Investment Strategies**

* Normally investing at least 80% of assets in debt securities of all types and repurchase agreements for those securities.

* Allocating assets across the full spectrum of the debt market, including investment-grade (those of medium and high quality),
 high yield and emerging markets debt securities across different maturities. Investments will normally include U.S. government
 securities (including Treasury securities), investment-grade corporate and other debt, lower-quality debt securities (those
 of less than investment-grade quality, also referred to as high yield debt securities or junk bonds), investment-grade securitized
 debt securities, floating rate loans and other floating rate securities, inflation-protected debt securities, hybrid and preferred
 securities, contingent convertible securities, and securities of foreign issuers, including securities of issuers located
 in emerging markets. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or
 markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser
 identifies as having similar emerging markets characteristics.
 

* Investing in both U.S. dollar-denominated and non-U.S. dollar-denominated securities, and generally hedging the fund's foreign
 currency exposures utilizing forward foreign currency exchange contracts.
 

* Investing in collateralized loan obligations.

* Analyzing the credit quality of the issuer, security-specific features, current and potential future valuation, and trading
 opportunities to select investments.
 

* Engaging in transactions that have a leveraging effect on the fund, including investments in derivatives - such as swaps (interest
 rate, total return, and credit default), options, and futures contracts - and forward-settling securities, to adjust the fund's
 risk exposure.
 

**Principal Investment Risks**

* **Interest Rate Changes.** 
 Interest rate increases can cause the price of a debt security to decrease.
 

* **Foreign and Emerging Markets Risk.** 
 Foreign markets, particularly emerging 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. Foreign
 exchange rates also can be extremely volatile. The extent of economic development; political stability; market depth, infrastructure,
 and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less
 established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope
 or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory,
 and political uncertainties and can be extremely volatile.
 

* **Foreign Currency Transactions.** 
 Although a forward foreign currency exchange contract is used to reduce or hedge a fund's exposure to changes in the
 value of the currency, suitable hedging transactions may not be available in all circumstances, may not be successful, and
 may eliminate any chance for the fund to benefit from favorable fluctuations in relevant foreign currencies.
 

* **Prepayment.** 
 The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility
 if interest rates change.
 

* **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. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security
 can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities
 or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the
 credit quality of the issuer. The value of lower-quality debt securities, and certain types of other securities can be more
 volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be
 difficult to resell. CLO tranches can experience substantial losses due to actual and anticipated defaults, as well as aversion
 to CLO securities as a class.
 

* **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. In
 addition, trading may be halted, for example, due to market conditions.
 

* ***Cash Transactions Risk.*** 
 Unlike certain ETFs, the fund may effect some or all creations and redemptions using cash, rather than in-kind securities.
 As a result, an investment in the fund may be less tax-efficient than an investment in an ETF that distributes portfolio securities
 entirely in-kind.
 

* **Leverage Risk.** 
 Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.
 

* **Contingent Convertible Securities Risk.** 
 Contingent convertible securities have unique equity conversion or principal write-down features that involve additional risks,
 which may include cancellation of interest payments by the issuer or a regulatory authority; subordination to other creditors
 due to either a liquidation or other bankruptcy-related event or a conversion of the security from debt to equity; and a write-down
 of the security's principal amount.
 

* **Impairment of Collateral.** 
 A floating rate loan may not be fully collateralized which may cause the floating rate loan to decline significantly in value.
 

* **Floating Rate Loan Liquidity.** 
 Floating rate loans generally are subject to restrictions on resale. Floating rate loans sometimes trade infrequently in the
 secondary market. As a result, valuing a floating rate loan can be more difficult, and buying and selling a floating rate
 loan at an acceptable price can be more difficult or delayed, including extended trade settlement periods. Difficulty in selling
 a floating rate loan can result in a loss.
 

* **Inflation-Protected Debt Exposure.** 
 Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments
 on inflation-protected debt securities can be unpredictable.
 

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. Unlike individual debt securities, which typically pay principal at maturity, the value of an investment in the fund will fluctuate. 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 Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

**Portfolio Manager(s)**

Jeffrey Moore (co-manager) has managed the fund since January 2023.

Michael Plage (co-manager) has managed the fund since January 2023.

**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. <br>

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 Investments & Pyramid Design and Fidelity are registered service marks of FMR LLC.© 2023 FMR LLC. All rights reserved.

Any third-party marks that may appear above are the marks of their respective owners.

1.9906544.100 TBE-SUM-0123

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