| Investment Objective: |
Fidelity Enhanced High Yield ETF seeks a high level of income. The fund may also seek capital appreciation. The Fund normally investing at least 80% of assets in debt securities rated below investment grade (also referred to as high yield debt securities or junk bonds). Debt securities are used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security. Debt securities include corporate bonds, government securities (including Treasury securities), repurchase agreements, money market securities, mortgage and other asset-backed securities, loans and loan participations, and other securities, such as hybrids and synthetic securities, believed to have debt-like characteristics (e.g., securities classified as Tier 2 Regulatory capital, securities that rank above share capital in an insolvency waterfall, securities with maturity dates and non-cancellable interest payment structures). |
