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the reporting period. Fidelity® Sustainable High Yield ETF Fidelity® Sustainable High Yield ETF FSYD NYSEArca This annual shareholder report contains information about Fidelity® Sustainable High Yield ETF for the period September 1, 2025 to August 31, 2026. annual shareholder report You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com. fundresearch.fidelity.com/prospectus/sec 1-800-FIDELITY fidfunddocuments@fidelity.com <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> </td> <td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div> </td> <td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Sustainable High Yield ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>57<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.55<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> </table> </div> <div style="text-align:left;text-align-last:auto;"></div> 57 0.0055 <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. high-yield bonds achieved a solid gain for the 12 months ending August 31, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, the fund's core investment in high-yield bonds rose 5.59% and contributed to performance versus the benchmark, the ICE BofA US High Yield Constrained Index, for the fiscal year. By industry, security selection was the primary contributor, especially within technology &amp; electronics, media, telecommunications, and energy.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The top individual relative contributor was a stake in EchoStar (+63%), These securities were not held at period end. The second-largest relative contributor was an overweight in Organon (+22%). An underweight in Altice USA (-30%) also helped versus the benchmark.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, the primary detractors from performance versus the benchmark were security selection in consumer goods and retail. Also detracting from our result were picks and an underweight in leisure.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The largest individual relative detractor was an overweight in Cornerstone Building Brands (-49%). Another notable relative detractor was an overweight in Whirlpool (-10%). An overweight in Accendra Health returned roughly -44% and hurt the fund's relative result.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Notable changes in positioning include decreased exposure to the media industry and a higher allocation to health care.</span></div> <span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:italic;font-weight:normal;">Application of FMR's environmental, social, and government 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.</span></div> <div style="text-align:left;text-align-last:auto;"></div> How did the Fund perform over the life of Fund?    CUMULATIVE PERFORMANCE February 15, 2022 through August 31, 2026. Initial investment of $10,000. Fidelity® Sustainable High Yield ETF $10,000 $9,322 $9,959 $11,186 $12,126 ICE® BofA® US High Yield Constrained Index $10,000 $9,295 $9,948 $11,189 $12,099 ICE® US High Yield Best-in-Class ESG Index $10,000 $9,248 $9,853 $11,104 $12,033 Bloomberg U.S. Universal Bond Index $10,000 $9,276 $9,239 $9,971 $10,343   2022 2023 2024 2025 2026   <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Sustainable High Yield ETF</span> 10000 9322 9959 11186 12126 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">ICE® BofA® US High Yield Constrained Index</span> 10000 9295 9948 11189 12099 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">ICE® US High Yield Best-in-Class ESG Index</span> 10000 9248 9853 11104 12033 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Bloomberg U.S. Universal Bond Index</span> 10000 9276 9239 9971 10343 AVERAGE ANNUAL TOTAL RETURNS:   1 Year Life of Fund Fidelity® Sustainable High Yield ETF - NAV  A  6.45% 5.78% ICE® BofA® US High Yield Constrained Index  A 4.80% 5.37% ICE® US High Yield Best-in-Class ESG Index  A 4.99% 5.28% Bloomberg U.S. Universal Bond Index  A 2.23% 1.24% A   From February 15, 2022   Visit www.fidelity.com for more recent performance information.    The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 0.0645 0.0578 0.0480 0.0537 0.0499 0.0528 0.0223 0.0124 2022-02-15 <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">www.fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span> <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of August 31, 2026)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div> <div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>145,598,058</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">371</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>567,853</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">99<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> <div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> </table> </div> <div style="text-align:left;text-align-last:auto;"></div> 145598058 371 567853 0.99   AA 0.1 A 0.2 BBB 3.1 BB 50.4 B 27.6 CCC,CC,C 13.0 Not Rated 3.1 Equities 1.0 Short-Term Investments and Net Other Assets (Liabilities) 1.5 QUALITY DIVERSIFICATION (% of Fund's net assets)     AA - 0.1                                   A - 0.2                                    BBB - 3.1                                  BB - 50.4                                  B - 27.6                                   CCC,CC,C - 13.0                            Not Rated - 3.1                            Equities - 1.0                             Short-Term Investments and Net Other Assets (Liabilities) - 1.5   We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.         Corporate Bonds 87.2 Bank Loan Obligations 9.9 Preferred Stocks 0.5 Common Stocks 0.5 Preferred Securities 0.4 Short-Term Investments and Net Other Assets (Liabilities) 1.5 ASSET ALLOCATION (% of Fund's net assets)     Corporate Bonds - 87.2                     Bank Loan Obligations - 9.9                Preferred Stocks - 0.5                     Common Stocks - 0.5                        Preferred Securities - 0.4                 Short-Term Investments and Net Other Assets (Liabilities) - 1.5   United States 91.9 Canada 1.8 Ghana 1.2 Switzerland 1.0 Luxembourg 1.0 France 0.7 Colombia 0.7 Brazil 0.6 Nigeria 0.3 Others 0.8 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)     United States - 91.9                       Canada - 1.8                               Ghana - 1.2                                Switzerland - 1.0                          Luxembourg - 1.0                           France - 0.7                               Colombia - 0.7                             Brazil - 0.6                               Nigeria - 0.3                              Others - 0.8                                   0.001 0.002 0.031 0.504 0.276 0.130 0.031 0.010 0.015 0.872 0.099 0.005 0.005 0.004 0.015 0.919 0.018 0.012 0.010 0.010 0.007 0.007 0.006 0.003 0.008 TOP HOLDINGS(% of Fund's net assets)     CVS Health Corp 2.7   Hilton Domestic Operating Co Inc 2.3   Tenet Healthcare Corp 2.3   PG&E Corp 2.3   XPLR Infrastructure Operating Partners LP 2.2   Block Inc 2.2   Wayfair LLC 2.0   NRG Energy Inc 2.0   Sunoco LP 1.9   Level 3 Financing Inc 1.9     21.8   0.027 0.023 0.023 0.023 0.022 0.022 0.020 0.020 0.019 0.019 <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">How has the Fund changed?</span></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2026 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span><span style="font-family:'Fidelity Sans';font-size:0px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span></div> <div style="text-align:left;text-align-last:auto;"></div> <span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:50%; background-color:#ebf3e9;border-right:2px dashed #368627;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;text-align-last:auto;"> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual proxy and shareholder meeting expense cap expired during the reporting period.</span></div> <div style="text-align:left;text-align-last:auto;"></div></div> <div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:50%; background-color:#ebf3e9;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> </table> </div> <div style="text-align:left;text-align-last:auto;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2026 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span><span style="font-family:'Fidelity Sans';font-size:0px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual proxy and shareholder meeting expense cap expired during the reporting period.</span></div> <div style="text-align:left;text-align-last:auto;"></div> 2026-08-31 Fidelity® Preferred Securities & Income ETF Fidelity® Preferred Securities & Income ETF FPFD CboeBZX This annual shareholder report contains information about Fidelity® Preferred Securities & Income ETF for the period September 1, 2025 to August 31, 2026. annual shareholder report You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com. fundresearch.fidelity.com/prospectus/sec 1-800-FIDELITY fidfunddocuments@fidelity.com <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> </td> <td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div> </td> <td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Preferred Securities &amp; Income ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>60<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.59<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> </table> </div> <div style="text-align:left;text-align-last:auto;"></div> 60 0.0059 <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. high-yield bonds achieved a solid gain for the 12 months ending August 31, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, security selection in the utility and telecommunications industries were the primary detractors from the fund's performance versus the benchmark, the ICE U.S. All Capital Securities Constrained Custom Index, for the fiscal year.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The largest individual relative detractor was an overweight in T-Mobile USA (-6%). This period we increased our position in T-Mobile. A second notable relative detractor was an overweight in AT&amp;T (-9%), another position we increased this period. Also hurting the fund's result was an overweight in Southern (-4%). This period we increased our position in Southern, which was one of the fund's biggest holdings.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, the biggest contributors to performance versus the benchmark were security selection and an overweight in energy, along with our picks in financial services. The fund's stake in cash also helped relative performance this period.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The top individual relative contributor was an overweight in Energy Transfer Group (+8%), the fund's largest holding and a position we increased the past 12 months. The second-largest relative contributor was an overweight in BNY Mellon (+6%). A third relative contributor was timely non-benchmark exposure to Compass Holdings (+21%), which was not held on August 31.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Notable changes in positioning include decreased exposure to financial services and a higher allocation to banking.</span></div> <div style="text-align:left;text-align-last:auto;"></div> How did the Fund perform over the life of Fund?    CUMULATIVE PERFORMANCE June 15, 2021 through August 31, 2026. Initial investment of $10,000. Fidelity® Preferred Securities & Income ETF $10,000 $10,144 $8,673 $8,863 $10,131 $10,614 ICE® BofA® US All Capital Securities Index $10,000 $10,116 $8,958 $8,941 $10,243 $10,819 ICE U.S. All Capital Securities Constrained Custom Index $10,000 $10,118 $8,948 $8,898 $10,196 $10,771 Bloomberg U.S. Universal Bond Index $10,000 $10,125 $8,925 $8,890 $9,594 $9,951   2021 2022 2023 2024 2025 2026   <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Preferred Securities &amp; Income ETF</span> 10000 10144 8673 8863 10131 10614 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">ICE® BofA® US All Capital Securities Index</span> 10000 10116 8958 8941 10243 10819 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">ICE U.S. All Capital Securities Constrained Custom Index</span> 10000 10118 8948 8898 10196 10771 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Bloomberg U.S. Universal Bond Index</span> 10000 10125 8925 8890 9594 9951 AVERAGE ANNUAL TOTAL RETURNS:   1 Year 5 Year Life of Fund Fidelity® Preferred Securities & Income ETF - NAV  A  2.52% 1.41% 1.63% ICE® BofA® US All Capital Securities Index  A 3.01% 1.96% 2.10% ICE U.S. All Capital Securities Constrained Custom Index  A 3.00% 1.86% 2.01% Bloomberg U.S. Universal Bond Index  A 2.23% 0.10% 0.33% A   From June 15, 2021   Visit www.fidelity.com for more recent performance information.    The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 0.0252 0.0141 0.0163 0.0301 0.0196 0.0210 0.0300 0.0186 0.0201 0.0223 0.0010 0.0033 2021-06-15 <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">www.fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span> <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of August 31, 2026)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div> <div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>79,324,127</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">332</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>461,497</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">19<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> <div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> </table> </div> <div style="text-align:left;text-align-last:auto;"></div> 79324127 332 461497 0.19   A 5.7 BBB 27.5 BB 27.4 B 1.4 CCC,CC,C 0.4 Not Rated 0.2 Equities 34.2 Short-Term Investments and Net Other Assets (Liabilities) 3.2 QUALITY DIVERSIFICATION (% of Fund's net assets)     A - 5.7                                    BBB - 27.5                                 BB - 27.4                                  B - 1.4                                    CCC,CC,C - 0.4                             Not Rated - 0.2                            Equities - 34.2                            Short-Term Investments and Net Other Assets (Liabilities) - 3.2   We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.         Preferred Securities 39.3 Preferred Stocks 34.2 Corporate Bonds 23.3 Short-Term Investments and Net Other Assets (Liabilities) 3.2 ASSET ALLOCATION (% of Fund's net assets)     Preferred Securities - 39.3                Preferred Stocks - 34.2                    Corporate Bonds - 23.3                     Short-Term Investments and Net Other Assets (Liabilities) - 3.2   United States 85.6 Canada 6.1 Japan 4.0 France 1.7 United Kingdom 1.6 Germany 0.7 Ireland 0.2 Monaco 0.1 Bermuda 0.0 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)     United States - 85.6                       Canada - 6.1                               Japan - 4.0                                France - 1.7                               United Kingdom - 1.6                       Germany - 0.7                              Ireland - 0.2                              Monaco - 0.1                               Bermuda - 0.0                                  0.057 0.275 0.274 0.014 0.004 0.002 0.342 0.032 0.393 0.342 0.233 0.032 0.856 0.061 0.040 0.017 0.016 0.007 0.002 0.001 0.000 TOP HOLDINGS(% of Fund's net assets)     Energy Transfer LP 6.5   Citigroup Inc 4.2   Goldman Sachs Group Inc/The 3.8   Enbridge Inc 2.9   JPMorgan Chase & Co 2.4   Bank of America Corp 2.2   PNC Financial Services Group Inc/The 1.9   Nippon Life Insurance Co 1.7   Wells Fargo & Co 1.6   NextEra Energy Capital Holdings Inc 1.6     28.8   0.065 0.042 0.038 0.029 0.024 0.022 0.019 0.017 0.016 0.016 2026-08-31 This report describes changes to the Fund that occurred during the reporting period. Fidelity® Enhanced High Yield ETF Fidelity® Enhanced High Yield ETF FDHY NYSEArca This annual shareholder report contains information about Fidelity® Enhanced High Yield ETF for the period September 1, 2025 to August 31, 2026. annual shareholder report You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com. fundresearch.fidelity.com/prospectus/sec 1-800-FIDELITY fidfunddocuments@fidelity.com <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> </td> <td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div> </td> <td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Enhanced High Yield ETF</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>36<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.35<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> </table> </div> <div style="text-align:left;text-align-last:auto;"></div> 36 0.0035 <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. high-yield bonds achieved a solid gain for the 12 months ending August 31, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, the fund's core investment in high-yield bonds rose 6.83% and contributed to performance versus the benchmark, the ICE BofA BB-B US High Yield Constrained Index, for the fiscal year. By industry, security selection was the primary contributor, led by energy, basic industry and media.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The top individual relative contributor was an overweight in DIRECTV Financing (+14%). The company was among our biggest holdings. The second-largest relative contributor was an overweight in EnQuest (+13%). An underweight in Virgin Media Secured Finance (-10%) also contributed versus the benchmark. It was not held at period end.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, the primary detractors from performance versus the benchmark were our choices and an overweight in financial services. Security selection in automotive also hampered the fund's result.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The biggest individual relative detractor was a stake in goeasy (-10%), which was sold by August 31. A second notable relative detractor was an overweight in Pagaya US Holdings (-5%). A non-benchmark stake in Chicago Board of Trade returned about -2% and notably hurt. It was not held at period end.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Notable changes in positioning include decreased exposure to the financial services industry and a higher allocation to utility.</span></div> <div style="text-align:left;text-align-last:auto;"></div> How did the Fund perform over the life of Fund?    CUMULATIVE PERFORMANCE June 12, 2018 through August 31, 2026. Initial investment of $10,000. Fidelity® Enhanced High Yield ETF $10,000 $10,159 $11,122 $12,191 $13,246 $11,677 $12,483 $14,006 $15,030 ICE® BofA® BB-B US High Yield Constrained Index $10,000 $10,149 $10,965 $11,488 $12,461 $11,189 $11,941 $13,368 $14,329 Bloomberg U.S. Universal Bond Index $10,000 $10,113 $11,132 $11,846 $11,950 $10,534 $10,492 $11,323 $11,745   2018 2019 2020 2021 2022 2023 2024 2025 2026   <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Enhanced High Yield ETF</span> 10000 10159 11122 12191 13246 11677 12483 14006 15030 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">ICE® BofA® BB-B US High Yield Constrained Index</span> 10000 10149 10965 11488 12461 11189 11941 13368 14329 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Bloomberg U.S. Universal Bond Index</span> 10000 10113 11132 11846 11950 10534 10492 11323 11745 AVERAGE ANNUAL TOTAL RETURNS:   1 Year 5 Year Life of Fund Fidelity® Enhanced High Yield ETF - NAV  A  6.41% 3.84% 5.88% ICE® BofA® BB-B US High Yield Constrained Index  A 5.32% 3.90% 5.13% Bloomberg U.S. Universal Bond Index  A 2.23% 0.10% 2.25% A   From June 12, 2018   Visit www.fidelity.com for more recent performance information.    The Fund's past performance is not a good predictor of the Fund's future performance.  The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 0.0641 0.0384 0.0588 0.0532 0.0390 0.0513 0.0223 0.0010 0.0225 2018-06-12 <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">www.fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span> <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of August 31, 2026)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div> <div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>605,508,653</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">297</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>1,731,940</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">55<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> <div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> </table> </div> <div style="text-align:left;text-align-last:auto;"></div> 605508653 297 1731940 0.55   BBB 5.2 BB 38.5 B 50.3 CCC,CC,C 3.7 Short-Term Investments and Net Other Assets (Liabilities) 2.3 QUALITY DIVERSIFICATION (% of Fund's net assets)     BBB - 5.2                                  BB - 38.5                                  B - 50.3                                   CCC,CC,C - 3.7                             Short-Term Investments and Net Other Assets (Liabilities) - 2.3   We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.         Corporate Bonds 96.8 Preferred Securities 0.9 Short-Term Investments and Net Other Assets (Liabilities) 2.3 ASSET ALLOCATION (% of Fund's net assets)     Corporate Bonds - 96.8                     Preferred Securities - 0.9                 Short-Term Investments and Net Other Assets (Liabilities) - 2.3   United States 79.6 Canada 5.2 United Kingdom 2.6 Australia 2.5 Denmark 1.4 Guatemala 1.2 Cameroon 1.0 France 0.9 Italy 0.9 Others 4.7 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)     United States - 79.6                       Canada - 5.2                               United Kingdom - 2.6                       Australia - 2.5                            Denmark - 1.4                              Guatemala - 1.2                            Cameroon - 1.0                             France - 0.9                               Italy - 0.9                                Others - 4.7                                   0.052 0.385 0.503 0.037 0.023 0.968 0.009 0.023 0.796 0.052 0.026 0.025 0.014 0.012 0.010 0.009 0.009 0.047 TOP HOLDINGS(% of Fund's net assets)     TransDigm Inc 2.7   CoreWeave Inc 1.5   Resorts World Las Vegas LLC / RWLV Capital Inc 1.5   Genmab A/S/Genmab Finance LLC 1.4   Rithm Capital Corp 1.3   AmeriGas Partners LP / AmeriGas Finance Corp 1.3   Delek Logistics Partners LP / Delek Logistics Finance Corp 1.3   Brookfield Residential Properties Inc / Brookfield Residential US LLC 1.2   Millicom International Cellular SA 1.2   Icahn Enterprises LP / Icahn Enterprises Finance Corp 1.2     14.6   0.027 0.015 0.015 0.014 0.013 0.013 0.013 0.012 0.012 0.012 <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">How has the Fund changed?</span></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2026 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span><span style="font-family:'Fidelity Sans';font-size:0px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span></div> <div style="text-align:left;text-align-last:auto;"></div> <span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:50%; background-color:#ebf3e9;border-right:2px dashed #368627;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;text-align-last:auto;"> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.</span></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual proxy and shareholder meeting expense cap expired during the reporting period.</span></div> <div style="text-align:left;text-align-last:auto;"></div></div> <div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:50%; background-color:#ebf3e9;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> </table> </div> <div style="text-align:left;text-align-last:auto;"></div> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2026 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span><span style="font-family:'Fidelity Sans';font-size:0px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-FIDELITY</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.</span></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund's contractual proxy and shareholder meeting expense cap expired during the reporting period.</span></div> <div style="text-align:left;text-align-last:auto;"></div> 2026-08-31 Fidelity® CLO ETF Fidelity® CLO ETF FCLO NASDAQ This annual shareholder report contains information about Fidelity® CLO ETF for the period February 10, 2026 to August 31, 2026. annual shareholder report You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com. fundresearch.fidelity.com/prospectus/sec 1-800-FIDELITY fidfunddocuments@fidelity.com <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> </td> <td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div> </td> <td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® CLO ETF</span><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:4px;font-weight:normal;">A</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div> </td> <td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>0<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:4px;font-weight:normal;">B</span></div> </td> <td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.00<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:4px;font-weight:normal;">C</span></div> </td> <td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> </table> </div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:4px;font-weight:normal;">A</span><span style="font-family:'Fidelity Sans Cd';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Expenses for the full reporting period would be higher.</span></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:4px;font-weight:normal;">B</span><span style="font-family:'Fidelity Sans Cd';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Amount represents less than $.50</span></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:6px;color:#000000;font-style:normal;vertical-align:4px;font-weight:normal;">C</span><span style="font-family:'Fidelity Sans Cd';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Amount represents less than 0.005%</span></div> <span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"></div> 0 0.0000 Expenses for the full reporting period would be higher. <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. taxable investment-grade bonds achieved a gain for the 12 months ending August 31, 2026, buoyed by three policy interest-rate cuts by the Federal Reserve in late 2025, but pulled down since then by rising bond yields amid higher consumer inflation, a resilient economy and heavy U.S. Treasury issuance. </span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, the Co-Portfolio Managers' selection among collateralized loan obligations - a type of asset-backed security that is typically collateralized by a diverse pool of leveraged loans - contributed to the ETF's performance versus the J.P. Morgan CLO High Quality Mezzanine Index. </span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, the ETF's yield-curve positioning - including a slightly longer-than-benchmark spread duration - modestly detracted from relative performance.</span></div> <div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The majority of the fund's assets are invested in floating-rate CLOs rated from BBB+ to B- (or, if unrated, determined to be of comparable quality), typically referred to as "mezzanine" and "junior" debt tranches. The ETF also may invest a portion of assets (up to 30%) in higher-rated CLO debt tranches, as well as in cash or other short-term instruments, such as money market instruments or money market funds. </span></div> <div style="text-align:left;text-align-last:auto;"></div> How did the Fund perform over the life of Fund?    CUMULATIVE PERFORMANCE February 10, 2026 through August 31, 2026. Initial investment of $10,000. Fidelity® CLO ETF $10,000 J.P. Morgan CLO High Quality Mezzanine Index $10,000 Bloomberg U.S. Universal Bond Index $10,000   2026   <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® CLO ETF</span> 10000 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;"> J.P. Morgan CLO High Quality Mezzanine Index</span> 10000 <span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Bloomberg U.S. Universal Bond Index</span> 10000 Visit www.fidelity.com for more recent performance information.    The Fund's past performance is not a good predictor of the Fund's future performance.  The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">www.fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span> <span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span> <span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of August 31, 2026)</span></div> <div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div> <div style="text-align:left;text-align-last:auto;"></div> <div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div> <div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>31,322,260</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">80</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>0</div> <div style="text-align:right;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> <tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div> </td> <td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">46<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div> <div style="text-align:left;text-align-last:auto;"></div> </td> <td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div> </td> </tr> </table> </div> <div style="text-align:left;text-align-last:auto;"></div> 31322260 80 0 0.46   AAA 7.6 AA 1.6 A 9.7 BBB 26.4 BB 10.0 Not Rated 42.5 Equities 1.8 Short-Term Investments and Net Other Assets (Liabilities) 0.4 QUALITY DIVERSIFICATION (% of Fund's net assets)     AAA - 7.6                                  AA - 1.6                                   A - 9.7                                    BBB - 26.4                                 BB - 10.0                                  Not Rated - 42.5                           Equities - 1.8                             Short-Term Investments and Net Other Assets (Liabilities) - 0.4   We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.         Asset-Backed Securities 95.3 CMOs and Other Mortgage Related Securities 2.5 Fixed-Income Funds 1.8 Short-Term Investments and Net Other Assets (Liabilities) 0.4 ASSET ALLOCATION (% of Fund's net assets)     Asset-Backed Securities - 95.3             CMOs and Other Mortgage Related Securities - 2.5   Fixed-Income Funds - 1.8                   Short-Term Investments and Net Other Assets (Liabilities) - 0.4   Grand Cayman (UK Overseas Ter) 79.4 United States 10.3 Bailiwick Of Jersey 8.7 Bermuda 1.6 GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)     Grand Cayman (UK Overseas Ter) - 79.4      United States - 10.3                       Bailiwick Of Jersey - 8.7                  Bermuda - 1.6                                  0.076 0.016 0.097 0.264 0.100 0.425 0.018 0.004 0.953 0.025 0.018 0.004 0.794 0.103 0.087 0.016 TOP HOLDINGS(% of Fund's net assets)     Magnetite XXI Ltd 3.2   Ocp CLO Aegis Ltd 2.9   Freddie Mac STACR REMIC Trust 2.5   Galaxy CLO Ltd 2.4   Elmwood CLO Ltd 2.4   Rowe CLO Ltd 2.2   Neuberger Berman Loan Advisers CLO 46 Ltd 2.1   Sandstone Peak III Ltd 2.0   Elmwood CLO 25 Ltd 2.0   Anchorage Capital CLO Ltd 2.0     23.7   0.032 0.029 0.025 0.024 0.024 0.022 0.021 0.020 0.020 0.020