Fidelity Covington Trust - Fidelity Enhanced Emerging Markets ETF

FEMR is actively managed and aims for capital appreciation by investing at least 80% of assets in securities and depositary receipts of emerging market issuers. These markets are defined by MSCI and include low- to middle-income economies as per the World Bank. The fund primarily invests in common stocks, diversifying across various emerging countries. A research-driven approach is used to identify long-term stock return drivers such as valuation, growth, and quality. This research is systematically applied with a proprietary portfolio construction and risk management framework. The objective is to select a diversified stock group that potentially offers higher total returns than the MSCI Emerging Markets Index.