# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001379491-23-000051
**Filing Date:** 2023-1
**Character Count:** 20381
**Document Hash:** af7987e759009b867def4dd58b2c3a0b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001379491-23-000051.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001379491-23-000051

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY COVINGTON TRUST
- **CENTRAL INDEX KEY:** 0000945908
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-60973
- **FILM NUMBER:** 23570496

**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 Women's Leadership ETF (Series ID: S000072127)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000227888 | Fidelity Women's Leadership ETF | FDWM            |

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

**Fidelity** Women's Leadership ETF**/FDWM

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

**Summary Prospectus**

**November 29, 2022**

**As Revised January 31, 2023**

**This ETF is different from traditional ETFs.**

Traditional ETFs tell the public what assets they hold each day. This ETF will not. This may **create additional risks** for your investment. For example:

* You may have to pay more money to trade the ETF's shares. This ETF will provide less information to traders, who tend to charge
 more for trades when they have less information.
 

* The price you pay to buy ETF shares on an exchange may not match the value of the ETF's portfolio. The same is true when you
 sell shares. These price differences may be greater for this ETF compared to other ETFs because it provides less information
 to traders.
 

* These additional risks may be even greater in bad or uncertain market conditions.

* The ETF will publish on its website each day a "Tracking Basket" designed to help trading in shares of the ETF. While the
 Tracking Basket includes some of an ETF's holdings, it is not the ETF's actual portfolio.
 

The differences between this ETF and other ETFs may also have advantages. By keeping certain information about the ETF secret, this ETF may face less risk that other traders can predict or copy its investment strategy. This may improve the ETF's performance. If other traders are able to copy or predict the ETF's investment strategy, however, this may hurt the ETF's performance. <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/0000945908/000137949122003852/filing712.htm#PRO_proofplus7914) dated November 29, 2022, as supplemented on January 31, 2023, and [SAI](https://www.sec.gov/Archives/edgar/data/0000945908/000137949122003852/filing712.htm#SAI_proofplus7915) dated November 29, 2022 are incorporated herein by reference. ![Fidelity Investments](fipro_logo.jpg)

245 Summer Street, Boston, MA 02210<br>

**Fund Summary**

**Fund:**

**Fidelity® Women's Leadership ETF**

**Investment Objective**

The fund seeks long-term growth of capital.

**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 | 0.59% |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.00% |
| **Total annual operating expenses** | 0.59% |

---

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 | $61 |
| 3 years | $190 |
| 5 years | $331 |
| 10 years | $742 |

---

**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. During the most recent fiscal year, the fund's portfolio turnover rate was 64% of the average value of its portfolio.

**Principal Investment Strategies**

* The fund is an actively managed ETF that operates pursuant to an exemptive order from the Securities and Exchange Commission
 (Order) and is not required to publicly disclose its complete portfolio holdings each business day. Instead, the fund publishes
 each business day on its website a "Tracking Basket," which is designed to closely track the daily performance of
 the fund but is not the fund's actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio
 holdings and/or select securities from the universe from which the fund's investments are selected (Strategy Components);
 (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy
 Components) in which the fund invests (Representative ETFs); and (3) cash and cash equivalents. For additional information
 regarding the Tracking Basket, see "Additional Information about each Fund – Tracking Basket Structure" in
 the prospectus.
 

* The fund also publishes each business day on its website the "Tracking Basket Weight Overlap," which is the percentage weight
 overlap between the holdings of the prior business day's Tracking Basket compared to the holdings of the fund that formed
 the basis for the fund's calculation of net asset value per share (NAV) at the end of the prior business day. The Tracking
 Basket Weight Overlap is designed to provide investors with an understanding of how similar the Tracking Basket is to the
 fund's actual portfolio in percentage terms.
 

* Normally investing at least 80% of assets in equity securities of companies that prioritize and advance women's leadership
 and development. Such companies include those that, at the time of initial purchase, (i) include a woman as a member of the
 senior management team, (ii) are governed by a board for which women represent at least one third of all directors, or (iii)
 in the Adviser's opinion, have adopted policies designed to attract, retain and promote women.
 

* Investing in securities of domestic and foreign issuers.

* Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and
 economic conditions, to select investments.
 

* Employing sustainable investing exclusion criteria to avoid investments in issuers that are directly engaged in, and/or derive
 significant revenue from, certain industries. Please see "Fund Basics – Investment Details – Sustainable Investing
 Exclusions" for additional information.
 

**Principal Investment Risks**

* **Tracking Basket Structure Risk.** 
 The fund's Tracking Basket structure may affect the price at which shares of the fund trade in the secondary market.
 Although the Tracking Basket is intended to provide investors with enough information to allow for an effective arbitrage
 mechanism that will keep the market price of the fund at or close to the fund's NAV per share, there is a risk that market
 prices will vary significantly from NAV. ETFs trading on the basis of a published Tracking Basket may trade at a wider bid-ask
 spread than ETFs that publish their portfolios on a daily basis, and therefore, may cost investors more to trade. These risks
 may increase during periods of market disruption or volatility. In addition, although the fund seeks to benefit from keeping
 its portfolio information secret, market participants may attempt to use the Tracking Basket to identify the fund's trading
 strategy. If successful, this could result in such market participants engaging in certain predatory trading practices that
 may have the potential to harm the fund and its shareholders, such as front running the fund's trades of portfolio securities.
 

* **Arbitrage Risk.** 
 Unlike ETFs that publicly disclose their complete portfolio holdings each business day, the fund provides certain other information
 intended to allow market participants to estimate the value of positions in fund shares. Although this information is designed
 to facilitate arbitrage opportunities in fund shares to reduce bid-ask spread and minimize discounts or premiums between the
 market price and NAV of fund shares, there is no guarantee the fund's arbitrage mechanism will operate as intended and
 that the fund will not experience wide bid-ask spreads and/or large discounts or premiums to NAV. In addition, market participants
 may attempt to use the disclosed information to "reverse engineer" the fund's trading strategy, which, if successful,
 could increase opportunities for predatory trading practices that may have the potential to negatively impact the fund's
 performance.
 

* **Fluctuation of Net Asset Value and Share Price.** 
 Shares may trade at a larger premium or discount to the NAV than shares of other ETFs, including ETFs that make their daily
 holdings public. The 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. 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.** 
 The fund has no public trading history and will operate differently from other actively managed ETFs that publish their portfolio
 holdings on a daily basis. There can be no assurance that an active trading market will develop or be maintained or that the
 market for fund shares will operate as intended, which could lead to the fund's shares trading at wider spreads and larger
 premiums and discounts to NAV than other actively managed ETFs that publish their portfolio holdings on a daily basis, particularly
 during periods of market disruption or volatility. As a result, it may cost investors more to trade fund shares than shares
 of other ETFs. There is no guarantee that the fund will be able to attract market makers and Authorized Participants. 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.
 

* **Trading Halt Risk.** 
 There may be circumstances where a security held in the fund's portfolio but not in the Tracking Basket does not have
 readily available market quotations. If the Adviser determines that such circumstance may affect the reliability of the Tracking
 Basket as an arbitrage vehicle, that information, along with the identity and weighting of that security in the fund's
 portfolio, will be publicly disclosed on the fund's website and the Adviser will assess appropriate remedial measures.
 In these circumstances, market participants may use this information to engage in certain predatory trading practices that
 may have the potential to harm the fund and its shareholders. In addition, if securities representing 10% or more of the fund's
 portfolio do not have readily available market quotations, the Adviser would promptly request the Exchange to halt trading
 on the fund, meaning that investors would not be able to trade their shares. Trading may also be halted in other circumstances,
 for example, due to market conditions.
 

* **Authorized Participant Concentration Risk.** 
 The fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated
 to engage in creation and/or redemption transactions. To the extent that those authorized participants do not engage in creation
 and redemption orders, there may be a significantly diminished trading market for fund shares or fund shares may trade at
 a discount (or premium) to NAV and possibly face trading halts and/or de-listing. The authorized participant concentration
 risk may be heightened due to the fact that the fund does not disclose its portfolio holdings daily, unlike certain other
 actively managed ETFs, and could be greater during market disruptions or periods of volatility.
 

* **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.
 

* **Sustainability Risk.** 
 Application of FMR's ESG ratings process and/or its sustainable investing exclusion criteria may affect the fund's exposure
 to certain issuers, sectors, regions, and countries and may affect the fund's performance depending on whether certain
 investments are in or out of favor. The criteria related to the fund's ESG ratings process and/or adherence to its sustainable
 investing exclusion criteria may result in the fund forgoing opportunities to buy certain securities when it might otherwise
 be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so.
 As a result, the fund's performance may at times be better or worse than the performance of funds that do not use ESG
 or sustainability criteria. There are significant differences in interpretations of what it means for an issuer to have positive
 ESG factors. While the Adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other
 investors' or advisers' views. When evaluating an issuer, the Adviser is dependent on information or data obtained
 through voluntary or third-party reporting that may be incomplete, inaccurate, or unavailable, which could cause the Adviser
 to incorrectly assess an issuer's business practices.
 

* **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.
 

* **Small- and Mid-Cap Investing.** 
 The value of securities of small to medium size, less well-known issuers can perform differently from the market as a whole
 and other types of stocks and can be more volatile than that of larger issuers.
 

* **Management Risk.** 
 The Adviser's application of the fund's strategy criteria may not achieve its intended results. The fund could underperform
 in comparison to other funds with a similar benchmark or similar objectives and investment strategies.
 

*In addition, the fund is classified as non-diversified under the Investment Company Act of 1940 (1940 Act), which means that it has the ability to invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.*

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 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)**

The fund is jointly and primarily managed by the team of Nicole Connolly (co-manager) and Kenyon Hunt (co-manager). Ms. Connolly has managed the fund since June 2021. Mr. Hunt has managed the fund since January 2023.

Ms. Connolly develops the investment strategy for the fund and is not responsible for the operational implementation of the strategy. Mr. Hunt is responsible for the operational implementation of the strategy.

**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.

1.9901540.106 WLE-SUM-1122-01

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