Prospectus by Investment Company - Form 497

Supplement to the

Fidelity® Corporate Bond ETF, Fidelity® Investment Grade Bond ETF, Fidelity® Investment Grade Securitized ETF, Fidelity® Limited Term Bond ETF, and Fidelity® Total Bond ETF

December 30, 2023

Prospectus

Matthew Bartlett no longer serves as Co-Portfolio Manager of Fidelity® Corporate Bond ETF.

The following information supplements information for Fidelity® Corporate Bond ETF found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

Steven Rolecek (Co-Portfolio Manager) has managed the fund since 2024.

The following information supplements information for Fidelity® Investment Grade Bond ETF found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

Brian Day (Co-Portfolio Manager) has managed the fund since 2024.

Celso Munoz (Co-Portfolio Manager) has managed the fund since 2024.

Stacie Ware (Co-Portfolio Manager) has managed the fund since 2024.

It is expected that Mr. Moore will retire effective on or about December 31, 2024. At that time, he will no longer serve as a Co-Portfolio Manager of the fund.

The following information supplements information for Fidelity® Limited Term Bond ETF found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

John Mistovich (Co-Portfolio Manager) has managed the fund since 2024.

The following information supplements information for Fidelity® Total Bond ETF found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

Brian Day (Co-Portfolio Manager) has managed the fund since 2024.

Stacie Ware (Co-Portfolio Manager) has managed the fund since 2024.

The following information supplements the biographical information found in the "Fund Management" section under the "Portfolio Manager(s)" heading.

Steven Rolecek is Co-Portfolio Manager of Fidelity® Corporate Bond ETF, which he has managed since 2024. He also manages other funds. Since joining Fidelity Investments in 2009, Mr. Rolecek has worked as a trader and portfolio manager.

Brian Day is Co-Portfolio Manager of Fidelity® Investment Grade Bond ETF and Fidelity® Total Bond ETF, which he has managed since 2024. He also manages other funds. Since joining Fidelity Investments in 2012, Mr. Day has worked as a trader and portfolio manager.

Stacie Ware is Co-Portfolio Manager of Fidelity® Investment Grade Bond ETF and Fidelity® Total Bond ETF, which she has managed since 2024. She also manages other funds. Since joining Fidelity Investments in 2018, Ms. Ware has worked as a quantitative analyst and portfolio manager.

It is expected that Mr. Moore will retire effective on or about December 31, 2024. At that time, he will no longer serve as a Co-Portfolio Manager of Fidelity® Investment Grade Bond ETF.

John Mistovich is Co-Portfolio Manager of Fidelity® Limited Term Bond ETF, which he has managed since 2024. He also manages other funds. Since joining Fidelity Investments in 2017, Mr. Mistovich has worked as a research analyst and portfolio manager.

The following information replaces similar biographical information found in the "Fund Management" section under the "Portfolio Manager(s)" heading.

Celso Munoz is Co-Portfolio Manager of Fidelity® Investment Grade Bond ETF and Fidelity® Total Bond ETF, which he has managed since 2024 and 2016, respectively. He also manages other funds. Since joining Fidelity Investments in 2005, Mr. Munoz has worked as a research analyst and portfolio manager.

Effective February 28, 2024, the following information replaces the "Principal Investment Strategies" for Fidelity® Limited Term Bond ETF found in the "Fund Summary" section.

Effective February 28, 2024, the following information replaces similar information for Fidelity® Limited Term Bond ETF found in the "Fund Summary" section under the "Principal Investment Risks" heading.

Foreign markets, particularly emerging 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.

Foreign exchange rates also can be extremely volatile.

Effective February 28, 2024, the following information supplements information for Fidelity® Limited Term Bond ETF found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

Alexandre Karam (Co-Portfolio Manager) has managed the fund since 2024.

Effective February 28, 2024, the following information replaces similar information for Fidelity® Limited Term Bond ETF found in the "Fund Basics" section under the "Principal Investment Strategies" heading.

The Adviser normally invests at least 80% of the fund's assets in debt securities of all types and repurchase agreements for those securities. The Adviser allocates the fund's assets across investment-grade, high yield, and emerging markets debt securities. The Adviser may invest up to 20% of the fund's assets in lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds). Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics. Emerging markets tend to have relatively low gross national product per capita compared to the world's major economies and may have the potential for rapid economic growth.

The Adviser uses the Fidelity Limited Term Composite Index℠ as a guide in structuring the fund and selecting its investments. The Adviser uses the index as a guide in allocating the fund's assets across the investment-grade and high yield asset classes. The Adviser manages the fund to have similar overall interest rate risk to the index.

The Adviser considers other factors when selecting the fund's investments, including the credit quality of the issuer, security-specific features, current valuation relative to alternatives in the market, short-term trading opportunities resulting from market inefficiencies, and potential future valuation. In managing the fund's exposure to various risks, including interest rate risk, the Adviser considers, among other things, the market's overall risk characteristics, the market's current pricing of those risks, and internal views of potential future market conditions.

In addition, the fund normally maintains a dollar-weighted average maturity between two and five years. As of August 31, 2023, the fund's dollar-weighted average maturity was approximately 2.7 years and the index's dollar-weighted average maturity was approximately 2.8 years. In determining a security's maturity for purposes of calculating the fund's average maturity, an estimate of the average time for its principal to be paid may be used. This can be substantially shorter than its stated maturity.

The Adviser may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

The Adviser may engage in transactions that have a leveraging effect on the fund, including investments in derivatives, regardless of whether the fund may own the asset, instrument, currency, or components of the index underlying the derivative, and forward-settling securities. The Adviser may invest a significant portion of the fund's assets in these types of investments. If the fund invests a significant portion of its assets in derivatives, its investment exposure could far exceed the value of its portfolio securities and its investment performance could be primarily dependent upon securities it does not own. The fund's derivative investments may include interest rate swaps, total return swaps, credit default swaps, options (including options on futures and swaps), forwards, and futures contracts (both long and short positions) on securities, other instruments, indexes, or currencies. Depending on the Adviser's outlook and market conditions, the Adviser may engage in these transactions to increase or decrease the fund's exposure to changing security prices, interest rates, credit qualities, foreign exchange rates, or other factors that affect security values, or to gain or reduce exposure to an asset, instrument, currency, or index.

The Adviser allocates the fund's assets among different asset classes using the composition of the index as a guide, and among different market sectors (for example, corporate, asset-backed, or government securities) and different maturities based on its view of the relative value of each sector or maturity.

In selecting foreign securities, the Adviser's analysis also considers the credit, currency, and economic risks associated with the security and the country of its issuer. The Adviser may also consider an issuer's potential for success in light of its current financial condition, its industry position, and economic and market conditions.

To earn additional income for the fund, the Adviser may use a trading strategy that involves selling (or buying) mortgage securities and simultaneously agreeing to purchase (or sell) mortgage securities on a later date at a set price. This trading strategy may increase interest rate exposure and result in an increased portfolio turnover rate which increases transaction costs and may increase taxable gains.

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

Shareholders should be aware that investments made by the fund and results achieved by the fund at any given time are not expected to be the same as those made by other funds for which the Adviser or an affiliate acts as manager, including funds with names, investment objectives, and policies that are similar to the fund.

Effective February 28, 2024, the following information replaces similar information found in the "Fund Basics" section under the "Principal Investment Risks" heading.

Foreign Exposure. Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign exchange rates; withholding or other taxes; trading, settlement, custodial, and other operational risks; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market.

Investing in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets economies can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. All of these factors can make emerging markets securities more volatile and potentially less liquid than securities issued in more developed markets.

Global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers or providers in, or foreign exchange rates with, a different country or region.

Effective February 28, 2024, the following information supplements the biographical information found in the "Fund Management" section under the "Portfolio Manager(s)" heading.

Alexandre Karam is Co-Portfolio Manager of Fidelity® Limited Term Bond ETF, which he has managed since 2024. He also manages other funds. Since joining Fidelity Investments in 2016, Mr. Karam has worked as a research analyst and portfolio manager.

Effective February 28, 2024, the following information replaces similar information found in the "Additional Index Information" section under the "Appendix" heading.

Fidelity Limited Term Composite IndexSM is a customized blend of unmanaged indexes, weighted as follows: Bloomberg U.S. 1-5 Year Credit Bond Index - 70%; Bloomberg U.S. 1-5 Year Government Bond Index - 20%; and ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index - 10%. The composition differed in periods prior to February 28, 2024.

Supplement to the

Fidelity® Low Duration Bond Factor ETF

December 30, 2023

Prospectus

The following information supplements information found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

Mark Lande (Co-Portfolio Manager) has managed the fund since 2024.

The following information supplements the biographical information found in the "Fund Management" section under the "Portfolio Manager(s)" heading.

Mark Lande is Co-Portfolio Manager of Fidelity® Low Duration Bond Factor ETF, which he has managed since 2024. He also manages other funds. Since joining Fidelity Investments in 2011, Mr. Lande has worked as a quantitative analyst and portfolio manager.

Supplement to the

Fidelity® Sustainable Core Plus Bond ETF

December 30, 2023

Prospectus

Michael Cheng no longer serves as Co-Portfolio Manager of the fund.

The following information supplements information found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

Brian Day (Co-Portfolio Manager) has managed the fund since 2024.

Stacie Ware (Co-Portfolio Manager) has managed the fund since 2024.

The following information supplements the biographical information found in the "Fund Management" section under the "Portfolio Manager(s)" heading.

Brian Day is Co-Portfolio Manager of Fidelity® Sustainable Core Plus Bond ETF, which he has managed since 2024. He also manages other funds. Since joining Fidelity Investments in 2012, Mr. Day has worked as a trader and portfolio manager.

Stacie Ware is Co-Portfolio Manager of Fidelity® Sustainable Core Plus Bond ETF, which she has managed since 2024. She also manages other funds. Since joining Fidelity Investments in 2018, Ms. Ware has worked as a quantitative analyst and portfolio manager.

Supplement to the

Fidelity® Sustainable Low Duration Bond ETF

December 30, 2023

Prospectus

The following information supplements information found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

John Mistovich (Co-Portfolio Manager) has managed the fund since 2024.

The following information supplements the biographical information found in the "Fund Management" section under the "Portfolio Manager(s)" heading.

John Mistovich is Co-Portfolio Manager of Fidelity® Sustainable Low Duration Bond ETF, which he has managed since 2024. He also manages other funds. Since joining Fidelity Investments in 2017, Mr. Mistovich has worked as a research analyst and portfolio manager.

Supplement to the

Fidelity® Tactical Bond ETF

December 30, 2023

Prospectus

The following information supplements information found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

Brian Day (Co-Portfolio Manager) has managed the fund since 2024.

Celso Munoz (Co-Portfolio Manager) has managed the fund since 2024.

Stacie Ware (Co-Portfolio Manager) has managed the fund since 2024.

It is expected that Mr. Moore will retire effective on or about December 31, 2024. At that time, he will no longer serve as a Co-Portfolio Manager of Fidelity® Tactical Bond ETF.

The following information supplements the biographical information found in the "Fund Management" section under the "Portfolio Manager(s)" heading.

Brian Day is Co-Portfolio Manager of Fidelity® Tactical Bond ETF, which he has managed since 2024. He also manages other funds. Since joining Fidelity Investments in 2012, Mr. Day has worked as a trader and portfolio manager.

Celso Munoz is Co-Portfolio Manager of Fidelity® Tactical Bond ETF, which he has managed since 2024. He also manages other funds. Since joining Fidelity Investments in 2005, Mr. Munoz has worked as a research analyst and portfolio manager.

Stacie Ware is Co-Portfolio Manager of Fidelity® Tactical Bond ETF, which she has managed since 2024. She also manages other funds. Since joining Fidelity Investments in 2018, Ms. Ware has worked as a quantitative analyst and portfolio manager.

It is expected that Mr. Moore will retire effective on or about December 31, 2024. At that time, he will no longer serve as a Co-Portfolio Manager of Fidelity® Tactical Bond ETF.

Supplement to the

Fidelity® Low Duration Bond ETF

February 9, 2024

Prospectus

The following information supplements information found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

John Mistovich (Co-Portfolio Manager) has managed the fund since 2024.

The following information supplements the biographical information found in the "Fund Management" section under the "Portfolio Manager(s)" heading.

John Mistovich is Co-Portfolio Manager of Fidelity® Low Duration Bond ETF, which he has managed since 2024. He also manages other funds. Since joining Fidelity Investments in 2017, Mr. Mistovich has worked as a research analyst and portfolio manager.