Fidelity Covington Trust – Fidelity Fundamental Global ex-U.S. ETF is an actively managed exchange-traded fund that seeks long-term capital growth by investing principally in equity securities of non-U.S. issuers across developed and emerging markets. Trading under the ticker FFGX, the fund combines fundamental research and high-conviction security selection by a select group of Fidelity portfolio managers and may invest in companies of any market capitalization. Its portfolio provides international equity exposure across sectors and countries and has included holdings in semiconductor, technology, financial, industrial, consumer, healthcare, materials, and other industries; representative holdings have included Taiwan Semiconductor Manufacturing Co., Samsung Electronics Co., ASML Holding N.V., SK hynix Inc., Tencent Holdings Ltd., Franco-Nevada Corp., Schneider Electric SE, and Rolls-Royce Holdings plc. The fund is designed for retail and institutional investors seeking actively managed global equity exposure outside the United States, and it distributes investment income and capital gains, if any, to shareholders. Fidelity Covington Trust serves as the issuing trust, while Fidelity Management & Research Company LLC acts as investment adviser; the fund is part of the Fidelity Investments fund family, which is headquartered in Boston, Massachusetts. FFGX commenced operations on November 19, 2024. Recent developments include the fund’s February 28, 2026 prospectus update and continued implementation of its active, research-driven international-equity strategy; as of June 30, 2026, its reported gross expense ratio was 0.55%. The fund has not publicly disclosed a material acquisition, corporate combination, name change, or strategic partnership during the most recently available reporting period.