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Fidelity Covington Trust - Fidelity High Yield Factor ETF is an exchange traded fund launched and managed by Fidelity Management & Research Company LLC. The fund is co-managed by Fidelity Management & Research (U.K.) Limited, Fidelity Management & Research (Hong Kong) Limited, Fidelity Management & Research (Japan) Limited. It invests in the fixed income markets of global region. The fund invests in below investment grade securities that are rated BB or B by S&P or Ba or B by Moody's. It employs quantitative analysis to create its portfolio. The fund benchmarks the performance of its portfolio against the ICE BofA BB-B US High Yield Constrained Index. It employs proprietary research to create its portfolio. Fidelity Covington Trust - Fidelity High Yield Factor ETF was formed on June 12, 2018 and is domiciled in the United States.