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About Fidelity Covington Trust Fidelity Fundamental Large Cap Value ETF

FFLV aims for long-term capital growth by investing in large-cap value stocks. The fund assesses undervalued stocks based on factors such as assets, sales, earnings, growth potential, or cash flow, as well as other companies in the same industry. The investment process starts with research and recommendations based on fundamental analysis. This involves a bottom-up assessment of a company's success potential, with consideration to other fundamental factors such as financial condition, earnings outlook, strategy, management, industry position, and economic and market conditions. The fund then applies a quantitative portfolio construction process that emphasizes securities in which the adviser has high conviction, which is subject to security and portfolio-level risk, liquidity, and trading characteristics. The fund caps its investments to a single stock to 25%. The actively managed fund has full discretion to make any investment decision at any time.