ETFs are subject to management fees as well as other expenses including brokerage
commissions. Please contact your investment professional for more information on applicable brokerage fees.
Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their
NAV, and may only be redeemed directly with the fund by Authorized Participants in creation units.
Important Additional Risk Information: Fidelity Active Equity ETFs
These ETFs are different from traditional ETFs. Traditional ETFs tell the public what assets they hold
These ETFs will not. This may create additional risks for your investment. For example, you may have to
more money to trade the shares of these ETFs. These ETFs 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 each ETF's portfolio. The same is true when you sell shares. These price differences may
greater for these ETFs compared to other ETFs because they provide less information to traders; these additional
risks may be even greater in bad or uncertain market conditions; each ETF will publish on Fidelity.com and
i.Fidelity.com a "Tracking Basket" designed to help trading in shares of the ETF. While the Tracking Basket
some of the ETF's holdings, it is not the ETF's actual portfolio. The differences between these ETFs and other
may also have some advantages. By keeping certain information about the ETFs secret, they may face less risk
other traders can predict or copy their investment strategy. This may improve the ETFs' performance. However, if
investment strategy can be predicted or copied, this may hurt the ETFs' performance. For additional information
regarding the unique attributes and risks of these ETFs, see section below.
The objective of the actively managed ETF Tracking Basket is to construct a portfolio of stocks and
index ETFs that tracks the daily performance of an actively managed ETF without exposing current holdings,
activities, or internal equity research. The Tracking Basket is designed to conceal any nonpublic information
underlying portfolio and only uses the Fund's latest publicly disclosed holdings, representative ETFs, and the
known daily performance in its construction. You can gain access to the Tracking Basket and the Tracking Basket
Weight overlap on Fidelity.com or i.Fidelity.com.
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 underlying NAV per share of
Fund, there is a risk (which may increase during periods of market disruption or volatility) that market prices
significantly from the underlying NAV of the Fund; 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, especially during
market disruption or volatility, and, therefore, may cost investors more to trade, and although the Fund seeks
benefit from keeping its portfolio information secret, market participants may attempt to use the Tracking
identify a Fund?s trading strategy, which, if successful, could result in such market participants engaging in
predatory trading practices that may have the potential to harm the Fund and its shareholders.
Because shares are traded in the secondary market, a broker may charge a commission to execute a transaction in
shares, and an investor may incur the cost of the spread between the price at which a dealer will buy shares and
price at which a dealer will sell shares.
* A hypothetical $10,000 investment made in the fund ten years ago, or on
commencement of operations for funds lacking a ten-year track record. Figures include reinvestment of capital
gains and dividends, but do not reflect the effect of any applicable sales charges or redemption fees, which
would lower these figures. This chart is not intended to imply any future performance of the fund.
The performance data shown represents past performance, which is no
guarantee of future results. Current performance may be higher or lower than the performance data quoted. Yield
and return will vary, therefore you have a gain or loss when you sell your shares. Click on the "Performance
& Risk" link to view quarter-end performance.
Average annual total returns are historical and include change in share value and
reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period
indicated. Life of fund figures are reported as of the commencement date to the period indicated. Since ETFs are
bought and sold at prices set by the market - which can result in a premium or discount to NAV- the returns
calculated using market price (market return) can differ from those calculated using NAV (NAV return).
Basket holdings, asset allocation, market sectors, industry exposure, and
geographical diversification are as of the date indicated and may not be representative of the fund's current or
© 2014 Morningstar, Inc. All rights reserved. The Morningstar information
contained herein (1) is proprietary to Morningstar or its affiliates; (2) may not be copied or redistributed;
and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of this information.
Before investing in any exchange traded product, you should consider its
investment objective, risks, charges and expenses. Contact Fidelity for a prospectus, or, if available, a
summary prospectus containing this information. Read it carefully.