Fidelity Magellan ETF (FMAG)

The fund is an actively managed ETF that operates pursuant to an exemptive order from the Securities and Exchange Commission (Order) and is not required to publicly disclose its complete portfolio holdings each business day. Instead, the fund publishes each business day on its website a "Tracking Basket," which is designed to closely track the daily performance of the fund but is not the fund's actual portfolio. The fund normally invests primarily in equity securities. It invests in domestic and foreign issuers. The fund is non-diversified.