Fidelity Covington Trust - Fidelity International Multifactor ETF

This committee provides the official revenue estimates and technical analysis for all tax legislation. Its expert input directly influences corporate tax structures, investment incentives, and the overall tax burden on financial markets and industries globally, which is highly material to an international ETF's holdings.

As the primary committee for taxation and trade policy, its decisions on corporate tax rates, international trade agreements, and tariffs directly and significantly impact the profitability of multinational corporations and the overall global economic environment, which are crucial for an international ETF.

This committee directly regulates the U.S. financial system, including the SEC, which oversees ETFs. Its decisions on financial regulation, bank capital requirements, and market stability directly impact the operational and regulatory environment for FDEV.

Members receive classified briefings on global threats, which can provide highly material non-public information directly impacting international geopolitical stability, market sentiment, and the valuation of international assets held by FDEV.

As FDEV is an 'International Multifactor ETF', U.S. foreign policy, sanctions, and global relations, directly influenced by this committee, profoundly affect the geopolitical stability and economic conditions of countries where the ETF's underlying assets are located, impacting their performance.