Fidelity U.S. Dividend for Rising Rates Currency Neutral ETF

Fidelity U.S. Dividend for Rising Rates Currency Neutral Index ETF (Fund) seeks to replicate, to the extent reasonably possible and before fees and expenses, the performance of the Fidelity Canada U.S. Dividend for Rising Rates Currency Neutral Index (Index). The Fund invests primarily in dividend paying equity securities of U.S. companies that have a positive correlation of returns with increasing 10 year U.S. Treasury yields and uses derivatives to try to minimize exposure to currency fluctuations between the U.S. and Canadian dollars. In order to achieve its investment objective, Fidelity U.S. Dividend for Rising Rates Currency Neutral Index ETF normally holds securities of Fidelity U.S. Dividend for Rising Rates Index ETF (Underlying Fund).