Fidelity Women’s Leadership ETF (FDWM US) – Portfolio Construction Methodology

The investment process guiding the actively managed Fidelity Women’s Leadership ETF steers a U.S. all-cap equity portfolio toward issuers that demonstrably advance women’s leadership and gender diversity. Eligible companies include those with women in C-suite roles, boards with ≥ one-third women, or policies the adviser deems designed to attract, retain, and promote women. Security selection applies bottom-up fundamental research to assess business quality, durability of competitive advantage, capital discipline, and governance practices, with discretion to trim or exclude names that no longer meet leadership criteria or fail the team’s forward return and risk assessment. Portfolio construction targets diversified sector and market-cap exposure, typically emphasizing liquid common stocks and maintaining issuer and sector concentration within internal risk bands. Rebalancing occurs as holdings migrate against thesis, leadership eligibility changes, or relative valuation/quality spreads warrant repositioning.

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