Fidelity Disruptive Medicine ETF

FMED seeks long-term capital appreciation by utilizing proprietary disruptive strategies in identifying companies involved in disruptive technologies for its portfolio. Disruptive technologies are innovations that may reshape how businesses currently deliver their services and operate, potentially displacing industry leaders over time. The fund primarily invests in growth and value stocks of companies tied with disruptive innovation in health care globally. This includes robotic surgery, cell and gene therapy, genomics, rare diseases, medical devices and equipment, immunotherapy, technology-based healthcare platforms, advanced diagnostics, and consumer wellness. The adviser uses fundamental analysis, as well as economic and market conditions for its portfolio construction. The adviser may buy, sell, and hold decisions at their discretion. FMED converted from a mutual fund to an actively managed ETF, with $44 million in assets.