FAAA – Fidelity AAA CLO ETF – ETF Investment Strategy

Strategy

The investment seeks to generate income. The fund normally invests at least 80% of assets in collateralized loan obligations (CLOs) that are rated AAA. AAA rated securities in which the fund invests include securities or issuers rated at least AAA or its equivalent by at least one nationally recognized statistical ratings organization (NRSRO), or, if unrated, determined by the Adviser to be of comparable quality. It is non-diversified.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
FAAA	Fidelity AAA CLO ETF	ETF	Open	—	—	Feb 10, 2026	$213.84M	0.000%	—	—	—

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Fidelity AAA CLO ETF FAAA Strategy

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