Fidelity^® Enhanced Emerging Markets ETF (FEMR): Investment Approach

• Fidelity^® Enhanced Emerging Markets ETF is a diversified emerging markets equity strategy with a large-cap core orientation.
• The fund seeks to outperform its benchmark through a quantitative investment process that balances both risk and return.
• Our approach involves building multifactor statistical models to help us select companies with desirable fundamental characteristics. We generally favor companies with improving fundamentals and that are also trading at reasonable valuations.
• Our systematic investment process accounts for both top-down market indicators and bottom-up factor inputs that allow the fund to adapt to changing market conditions in a risk-aware manner.