FREL

Fidelity Covington Trust

A Massachusetts business trust set up by Fidelity Investments to serve as the legal umbrella for many of its exchange-traded funds, including the Fidelity MSCI Real Estate Index ETF, which holds a broad basket of US real estate companies such as REITs. Although it carries the Covington name, Fidelity has long operated a major campus in Covington, Kentucky — a detail many assume inspired the trust's moniker. Each ETF inside the trust is a separate portfolio with its own ticker and holdings.

Fidelity MSCI Real Estate Index ETF tracks the MSCI USA IMI Real Estate 25/25 Index, providing broad exposure to U.S. equity REITs and real estate companies.