# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000945908-26-000060
**Filing Date:** 2026-2
**Character Count:** 553580
**Document Hash:** 16f182a10eed7a77b105538ef6f34882
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000945908-26-000060.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0000945908-26-000060

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 72

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**EFFECTIVENESS DATE**: 20260220

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY COVINGTON TRUST
- **CENTRAL INDEX KEY:** 0000945908

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 26657366

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### Fidelity Clean Energy ETF (Series ID: S000073597)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000230602 | Fidelity Clean Energy ETF | FRNW            |

### Fidelity Cloud Computing ETF (Series ID: S000073598)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000230603 | Fidelity Cloud Computing ETF | FCLD            |

### Fidelity Electric Vehicles and Future Transportation ETF (Series ID: S000073600)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000230605 | Fidelity Electric Vehicles and Future Transportation ETF | FDRV            |

### Fidelity Crypto Industry and Digital Payments ETF (Series ID: S000075902)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000235243 | Fidelity Crypto Industry and Digital Payments ETF | FDIG            |

### Fidelity Metaverse ETF (Series ID: S000075903)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000235244 | Fidelity Metaverse ETF | FMET            |

### Fidelity Enhanced International ETF (Series ID: S000081802)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000244833 | Fidelity Enhanced International ETF | FENI            |

### Fidelity Enhanced Mid Cap ETF (Series ID: S000081803)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000244834 | Fidelity Enhanced Mid Cap ETF | FMDE            |

### Fidelity Enhanced Large Cap Core ETF (Series ID: S000081804)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000244835 | Fidelity Enhanced Large Cap Core ETF | FELC            |

### Fidelity Enhanced Large Cap Growth ETF (Series ID: S000081805)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000244836 | Fidelity Enhanced Large Cap Growth ETF | FELG            |

### Fidelity Enhanced Large Cap Value ETF (Series ID: S000081806)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000244837 | Fidelity Enhanced Large Cap Value ETF | FELV            |

### Fidelity Enhanced Small Cap ETF (Series ID: S000081807)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000244838 | Fidelity Enhanced Small Cap ETF | FESM            |

### Fidelity Enhanced U.S. All-Cap Equity ETF (Series ID: S000087779)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000253741 | Fidelity Enhanced U.S. All-Cap Equity ETF | FEAC            |

### Fidelity Enhanced Emerging Markets ETF (Series ID: S000087780)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000253742 | Fidelity Enhanced Emerging Markets ETF | FEMR            |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-07319</u>

<u>Fidelity Covington Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, MA 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;June 30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;December 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Fidelity® Metaverse ETF<br> **Fidelity® Metaverse ETF : FMET** <br> **Principal U.S. Listing Exchange :** **NASDAQ/NMS Global Market**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Metaverse ETF for the period July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Metaverse ETF  | $20  | 0.38% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $48622082<br>|
| Number of Holdings | 53<br>|
| Portfolio Turnover | 41%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 53.0 |
| Communication Services | 39.5 |
| Real Estate | 7.3 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6566_20251231_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 77.8 |
| China | 7.1 |
| Korea (South) | 6.2 |
| France | 2.7 |
| Japan | 2.2 |
| Israel | 1.3 |
| Taiwan | 0.7 |
| Hong Kong | 0.6 |
| Germany | 0.6 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6566_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 77.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Hong Kong - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Adobe Inc | 4.9<br>|
| NVIDIA Corp | 4.7<br>|
| Microsoft Corp | 4.6<br>|
| Meta Platforms Inc Class A | 4.6<br>|
| Advanced Micro Devices Inc | 4.6<br>|
| Alphabet Inc Class A | 4.5<br>|
| QUALCOMM Inc | 4.5<br>|
| Apple Inc | 4.4<br>|
| Equinix Inc | 4.1<br>|
| Digital Realty Trust Inc | 3.2<br>|
|  | 44.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6566_20251231_1.jpg)<br>| ![](img123569_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915178.101 6566-TSRS-0226 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Fidelity® Electric Vehicles and Future Transportation ETF<br> **Fidelity® Electric Vehicles and Future Transportation ETF : FDRV** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Electric Vehicles and Future Transportation ETF for the period July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Electric Vehicles and Future Transportation ETF  | $20  | 0.38% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $28787410<br>|
| Number of Holdings | 53<br>|
| Portfolio Turnover | 48%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Consumer Discretionary | 48.2 |
| Information Technology | 28.4 |
| Industrials | 19.6 |
| Materials | 3.5 |

---

Common Stocks 99.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6445_20251231_AA.jpg) <br>|

---

Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.3 <br>

---

| | |
|:---|:---|
| United States | 39.1 |
| China | 28.5 |
| Japan | 8.0 |
| Germany | 4.8 |
| Netherlands | 4.4 |
| Korea (South) | 3.9 |
| Sweden | 3.0 |
| France | 1.9 |
| Israel | 1.8 |
| Others | 4.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6445_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 39.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 28.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 8.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Contemporary Amperex Technology Co Ltd H Shares | 4.9<br>|
| Infineon Technologies AG | 4.8<br>|
| Tesla Inc | 4.7<br>|
| Renesas Electronics Corp | 4.6<br>|
| BYD Co Ltd H Shares | 4.5<br>|
| NXP Semiconductors NV | 4.4<br>|
| Uber Technologies Inc | 4.2<br>|
| Rivian Automotive Inc Class A | 4.1<br>|
| Aptiv PLC | 4.1<br>|
| XPeng Inc A Shares | 3.9<br>|
|  | 44.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6445_20251231_1.jpg)<br>| ![](img123580_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915176.101 6445-TSRS-0226 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Fidelity® Crypto Industry and Digital Payments ETF<br> **Fidelity® Crypto Industry and Digital Payments ETF : FDIG** <br> **Principal U.S. Listing Exchange :** **NASDAQ/NMS Global Market**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Crypto Industry and Digital Payments ETF for the period July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Crypto Industry and Digital Payments ETF  | $20  | 0.38% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $257400817<br>|
| Number of Holdings | 62<br>|
| Portfolio Turnover | 72%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 51.3 |
| Information Technology | 46.6 |
| Communication Services | 1.1 |
| Industrials | 0.8 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6565_20251231_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 66.9 |
| Canada | 7.5 |
| Australia | 5.5 |
| Japan | 4.7 |
| Brazil | 2.9 |
| China | 2.2 |
| Netherlands | 2.0 |
| Grand Cayman (UK Overseas Ter) | 1.9 |
| United Kingdom | 1.5 |
| Others | 4.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6565_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 66.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 1.9&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Coinbase Global Inc Class A | 5.6<br>|
| Circle Internet Group Inc Class A | 4.8<br>|
| IREN Ltd | 4.2<br>|
| BitMine Immersion Technologies Inc | 3.7<br>|
| Block Inc Class A | 3.6<br>|
| Applied Digital Corp | 3.5<br>|
| Cipher Mining Inc | 2.9<br>|
| Terawulf Inc | 2.8<br>|
| Hut 8 Corp (United States) | 2.8<br>|
| Riot Platforms Inc | 2.7<br>|
|  | 36.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6565_20251231_1.jpg)<br>| ![](img123581_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915177.101 6565-TSRS-0226 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Fidelity® Cloud Computing ETF<br> **Fidelity® Cloud Computing ETF : FCLD** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Cloud Computing ETF for the period July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Cloud Computing ETF  | $20  | 0.38% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $89244967<br>|
| Number of Holdings | 53<br>|
| Portfolio Turnover | 42%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 89.7 |
| Real Estate | 7.0 |
| Consumer Discretionary | 2.0 |
| Communication Services | 1.1 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6443_20251231_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 93.4 |
| China | 2.1 |
| Taiwan | 2.0 |
| Israel | 1.6 |
| Germany | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6443_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Salesforce Inc | 4.8<br>|
| Microsoft Corp | 4.5<br>|
| Servicenow Inc | 4.1<br>|
| Equinix Inc | 3.9<br>|
| Snowflake Inc | 3.6<br>|
| Western Digital Corp | 3.6<br>|
| Seagate Technology Holdings PLC | 3.5<br>|
| Digital Realty Trust Inc | 3.1<br>|
| Workday Inc Class A | 3.1<br>|
| Sandisk Corp/DE | 2.9<br>|
|  | 37.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6443_20251231_1.jpg)<br>| ![](img123582_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915174.101 6443-TSRS-0226 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Fidelity® Clean Energy ETF<br> **Fidelity® Clean Energy ETF : FRNW** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Clean Energy ETF for the period July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Clean Energy ETF  | $22  | 0.38% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $39553956<br>|
| Number of Holdings | 52<br>|
| Portfolio Turnover | 46%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Utilities | 45.0 |
| Industrials | 37.1 |
| Information Technology | 17.6 |

---

Common Stocks 99.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6442_20251231_AA.jpg) <br>|

---

Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.3 <br>

---

| | |
|:---|:---|
| United States | 35.2 |
| China | 14.8 |
| Denmark | 8.8 |
| Spain | 8.2 |
| Canada | 7.6 |
| Germany | 3.6 |
| Portugal | 3.5 |
| New Zealand | 3.3 |
| Israel | 2.7 |
| Others | 12.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6442_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 35.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 14.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Denmark - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Portugal - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;New Zealand - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| GE Vernova Inc | 4.7<br>|
| Vestas Wind Systems A/S | 4.6<br>|
| First Solar Inc | 4.4<br>|
| EDP SA | 3.5<br>|
| Nextpower Inc Class A | 3.3<br>|
| Bloom Energy Corp Class A | 3.1<br>|
| Enlight Renewable Energy Ltd | 2.7<br>|
| Orsted AS | 2.7<br>|
| Ormat Technologies Inc | 2.6<br>|
| Acciona SA | 2.5<br>|
|  | 34.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6442_20251231_1.jpg)<br>| ![](img123583_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915173.101 6442-TSRS-0226 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Fidelity® Enhanced Large Cap Value ETF<br> **Fidelity® Enhanced Large Cap Value ETF : FELV** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Enhanced Large Cap Value ETF for the period July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Enhanced Large Cap Value ETF  | $10  | 0.18% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2540997582<br>|
| Number of Holdings | 321<br>|
| Portfolio Turnover | 79%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.0 |
| Industrials | 14.5 |
| Information Technology | 12.3 |
| Health Care | 10.9 |
| Communication Services | 9.2 |
| Consumer Discretionary | 8.1 |
| Consumer Staples | 5.2 |
| Energy | 5.0 |
| Utilities | 3.4 |
| Materials | 3.4 |
| Real Estate | 3.4 |

---

Common Stocks 98.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7542_20251231_AA.jpg) <br>|

---

Common Stocks - 98.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.6 <br>

---

| | |
|:---|:---|
| United States | 99.7 |
| United Kingdom | 0.2 |
| Netherlands | 0.1 |
| Puerto Rico | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7542_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Berkshire Hathaway Inc Class B | 3.7<br>|
| JPMorgan Chase & Co | 2.9<br>|
| Amazon.com Inc | 2.5<br>|
| Alphabet Inc Class A | 2.2<br>|
| Alphabet Inc Class C | 1.8<br>|
| Exxon Mobil Corp | 1.6<br>|
| Walmart Inc | 1.4<br>|
| Bank of America Corp | 1.4<br>|
| Salesforce Inc | 1.2<br>|
| Johnson & Johnson | 1.1<br>|
|  | 19.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img7542_20251231_1.jpg)<br>| ![](img123584_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915505.101 7542-TSRS-0226 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Fidelity® Enhanced International ETF<br> **Fidelity® Enhanced International ETF : FENI** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Enhanced International ETF for the period July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Enhanced International ETF  | $15  | 0.28% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5939368858<br>|
| Number of Holdings | 323<br>|
| Portfolio Turnover | 79%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 26.0 |
| Industrials | 20.8 |
| Consumer Discretionary | 10.3 |
| Health Care | 9.3 |
| Information Technology | 8.8 |
| Consumer Staples | 6.5 |
| Materials | 5.1 |
| Utilities | 4.4 |
| Communication Services | 3.6 |
| Energy | 3.3 |
| Real Estate | 0.8 |

---

Common Stocks 98.4 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7544_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| Japan | 22.2 |
| United States | 11.3 |
| United Kingdom | 10.9 |
| Germany | 10.5 |
| France | 9.1 |
| Australia | 5.6 |
| Spain | 5.1 |
| Netherlands | 4.7 |
| Switzerland | 3.6 |
| Others | 17.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7544_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 22.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 17.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| ASML Holding NV | 2.6<br>|
| Novartis AG | 1.8<br>|
| Nestle SA | 1.7<br>|
| Toyota Motor Corp | 1.6<br>|
| Siemens AG | 1.5<br>|
| HSBC Holdings PLC | 1.4<br>|
| UBS Group AG | 1.3<br>|
| Sony Group Corp | 1.3<br>|
| Iberdrola SA | 1.2<br>|
| Hitachi Ltd | 1.2<br>|
|  | 15.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img7544_20251231_1.jpg)<br>| ![](img123585_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915507.101 7544-TSRS-0226 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Fidelity® Enhanced Large Cap Core ETF<br> **Fidelity® Enhanced Large Cap Core ETF : FELC** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Enhanced Large Cap Core ETF for the period July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Enhanced Large Cap Core ETF  | $10  | 0.18% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6162424629<br>|
| Number of Holdings | 177<br>|
| Portfolio Turnover | 89%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 35.0 |
| Financials | 15.2 |
| Communication Services | 11.9 |
| Consumer Discretionary | 10.4 |
| Industrials | 9.8 |
| Health Care | 8.8 |
| Consumer Staples | 2.7 |
| Energy | 2.6 |
| Real Estate | 1.6 |
| Utilities | 0.8 |
| Materials | 0.6 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7541_20251231_AA.jpg) <br>|

---

Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.6 <br>

---

| | |
|:---|:---|
| United States | 99.8 |
| Mexico | 0.1 |
| United Kingdom | 0.1 |
| Switzerland | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7541_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.0<br>|
| Apple Inc | 7.0<br>|
| Microsoft Corp | 5.9<br>|
| Amazon.com Inc | 4.3<br>|
| Broadcom Inc | 3.3<br>|
| Meta Platforms Inc Class A | 2.9<br>|
| Alphabet Inc Class C | 2.6<br>|
| Alphabet Inc Class A | 2.4<br>|
| Berkshire Hathaway Inc Class B | 2.1<br>|
| Eli Lilly & Co | 2.0<br>|
|  | 40.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img7541_20251231_1.jpg)<br>| ![](img123586_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915504.101 7541-TSRS-0226 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Fidelity® Enhanced Large Cap Growth ETF<br> **Fidelity® Enhanced Large Cap Growth ETF : FELG** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Enhanced Large Cap Growth ETF for the period July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Enhanced Large Cap Growth ETF  | $10  | 0.18% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4731140374<br>|
| Number of Holdings | 110<br>|
| Portfolio Turnover | 69%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 50.3 |
| Communication Services | 14.0 |
| Consumer Discretionary | 11.2 |
| Health Care | 9.2 |
| Industrials | 7.8 |
| Financials | 5.2 |
| Consumer Staples | 0.7 |
| Real Estate | 0.2 |
| Materials | 0.1 |
| Energy | 0.1 |

---

Common Stocks 98.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7543_20251231_AA.jpg) <br>|

---

Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.2 <br>

United States 99.9 <br> United Kingdom 0.1 <br> Switzerland 0.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7543_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 12.7<br>|
| Apple Inc | 11.5<br>|
| Microsoft Corp | 10.2<br>|
| Broadcom Inc | 5.3<br>|
| Amazon.com Inc | 3.9<br>|
| Meta Platforms Inc Class A | 3.9<br>|
| Alphabet Inc Class A | 3.5<br>|
| Eli Lilly & Co | 3.3<br>|
| Alphabet Inc Class C | 3.3<br>|
| Tesla Inc | 3.3<br>|
|  | 60.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img7543_20251231_1.jpg)<br>| ![](img123587_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915506.101 7543-TSRS-0226 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Fidelity® Enhanced Small Cap ETF<br> **Fidelity® Enhanced Small Cap ETF : FESM** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Enhanced Small Cap ETF for the period July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Enhanced Small Cap ETF  | $15  | 0.28% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3360243752<br>|
| Number of Holdings | 602<br>|
| Portfolio Turnover | 41%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 18.2 |
| Financials | 16.7 |
| Health Care | 16.6 |
| Information Technology | 16.5 |
| Consumer Discretionary | 9.3 |
| Real Estate | 5.4 |
| Materials | 5.2 |
| Energy | 4.8 |
| Communication Services | 2.5 |
| Utilities | 2.3 |
| Consumer Staples | 1.1 |

---

Common Stocks 98.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7545_20251231_AA.jpg) <br>|

---

Common Stocks - 98.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.4 <br>

---

| | |
|:---|:---|
| United States | 97.5 |
| Thailand | 1.0 |
| Canada | 0.5 |
| Ireland | 0.3 |
| Switzerland | 0.2 |
| Singapore | 0.2 |
| Monaco | 0.1 |
| United Kingdom | 0.1 |
| Panama | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7545_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Monaco - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Panama - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Hecla Mining Co | 1.1<br>|
| Fabrinet | 1.0<br>|
| Guardant Health Inc | 1.0<br>|
| Coeur Mining Inc | 0.9<br>|
| Credo Technology Group Holding Ltd | 0.9<br>|
| Bloom Energy Corp Class A | 0.9<br>|
| Abercrombie & Fitch Co Class A | 0.9<br>|
| Commercial Metals Co | 0.8<br>|
| EnerSys | 0.7<br>|
| CareTrust REIT Inc | 0.7<br>|
|  | 8.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img7545_20251231_1.jpg)<br>| ![](img123588_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914576.101 7545-TSRS-0226 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Fidelity® Enhanced Mid Cap ETF<br> **Fidelity® Enhanced Mid Cap ETF : FMDE** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Enhanced Mid Cap ETF for the period July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Enhanced Mid Cap ETF  | $12  | 0.23% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4638624208<br>|
| Number of Holdings | 347<br>|
| Portfolio Turnover | 60%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.3 |
| Financials | 16.0 |
| Information Technology | 14.1 |
| Consumer Discretionary | 12.8 |
| Health Care | 8.4 |
| Real Estate | 7.3 |
| Energy | 4.9 |
| Communication Services | 4.3 |
| Materials | 4.2 |
| Utilities | 4.0 |
| Consumer Staples | 2.6 |

---

Common Stocks 98.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7546_20251231_AA.jpg) <br>|

---

Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.1 <br>

---

| | |
|:---|:---|
| United States | 98.2 |
| United Kingdom | 0.6 |
| Korea (South) | 0.5 |
| Mexico | 0.4 |
| Australia | 0.2 |
| Puerto Rico | 0.1 |
| Brazil | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7546_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Howmet Aerospace Inc | 1.3<br>|
| Bank of New York Mellon Corp/The | 1.2<br>|
| Western Digital Corp | 1.0<br>|
| Ford Motor Co | 1.0<br>|
| Electronic Arts Inc | 1.0<br>|
| Kinder Morgan Inc | 1.0<br>|
| AMETEK Inc | 1.0<br>|
| Allstate Corp/The | 0.9<br>|
| Cardinal Health Inc | 0.9<br>|
| Corteva Inc | 0.9<br>|
|  | 10.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img7546_20251231_1.jpg)<br>| ![](img123589_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915508.101 7546-TSRS-0226 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Fidelity® Enhanced U.S. All-Cap Equity ETF<br> **Fidelity® Enhanced U.S. All-Cap Equity ETF : FEAC** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Enhanced U.S. All-Cap Equity ETF for the period July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Enhanced U.S. All-Cap Equity ETF  | $10  | 0.18% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7972992<br>|
| Number of Holdings | 426<br>|
| Portfolio Turnover | 86%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 33.7 |
| Financials | 11.6 |
| Health Care | 11.6 |
| Industrials | 11.3 |
| Consumer Discretionary | 10.4 |
| Communication Services | 9.0 |
| Energy | 3.6 |
| Materials | 2.9 |
| Consumer Staples | 2.5 |
| Real Estate | 2.0 |
| Utilities | 0.5 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7725_20251231_AA.jpg) <br>|

---

Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 99.5 |
| United Kingdom | 0.2 |
| Mexico | 0.1 |
| Monaco | 0.1 |
| Singapore | 0.1 |
| Puerto Rico | 0.0 |
| Canada | 0.0 |
| Ireland | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7725_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Monaco - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Singapore - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.3<br>|
| Apple Inc | 5.3<br>|
| Microsoft Corp | 4.7<br>|
| Broadcom Inc | 3.0<br>|
| Alphabet Inc Class A | 2.8<br>|
| Amazon.com Inc | 2.7<br>|
| Tesla Inc | 2.6<br>|
| Eli Lilly & Co | 1.8<br>|
| Alphabet Inc Class C | 1.5<br>|
| Meta Platforms Inc Class A | 1.5<br>|
|  | 33.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img7725_20251231_1.jpg)<br>| ![](img123590_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918720.101 7725-TSRS-0226 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| Fidelity® Enhanced Emerging Markets ETF<br> **Fidelity® Enhanced Emerging Markets ETF : FEMR** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Enhanced Emerging Markets ETF for the period July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Enhanced Emerging Markets ETF  | $21  | 0.38% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $48562477<br>|
| Number of Holdings | 146<br>|
| Portfolio Turnover | 130%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 29.5 |
| Financials | 19.5 |
| Materials | 10.6 |
| Consumer Discretionary | 8.6 |
| Communication Services | 8.3 |
| Industrials | 8.2 |
| Energy | 6.9 |
| Health Care | 2.3 |
| Utilities | 2.3 |
| Consumer Staples | 2.0 |
| Real Estate | 1.5 |

---

Common Stocks 98.9 <br> Preferred Stocks 0.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7726_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| China | 29.0 |
| Taiwan | 22.6 |
| Korea (South) | 16.3 |
| India | 12.2 |
| Brazil | 4.1 |
| South Africa | 2.5 |
| Saudi Arabia | 2.2 |
| United Arab Emirates | 2.0 |
| Poland | 1.7 |
| Others | 7.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7726_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 22.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 16.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;South Africa - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Saudi Arabia - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Poland - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 12.4<br>|
| Tencent Holdings Ltd | 4.5<br>|
| Samsung Electronics Co Ltd | 4.3<br>|
| SK Hynix Inc | 3.3<br>|
| Alibaba Group Holding Ltd | 2.5<br>|
| Reliance Industries Ltd | 1.7<br>|
| HDFC Bank Ltd ADR | 1.6<br>|
| Hon Hai Precision Industry Co Ltd | 1.6<br>|
| MediaTek Inc | 1.3<br>|
| Delta Electronics Inc | 1.3<br>|
|  | 34.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img7726_20251231_1.jpg)<br>| ![](img123591_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918718.101 7726-TSRS-0226 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

<u>Principal Accountant Fees and Services</u>

Not applicable.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Clean Energy ETF**

**Fidelity® Cloud Computing ETF**

**Fidelity® Crypto Industry and Digital Payments ETF**

**Fidelity® Electric Vehicles and Future Transportation ETF**

**Fidelity® Metaverse ETF**

**Semi-Annual Report**

**December 31, 2025**

![](img123913_1.jpg)

![](img123913_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_CEE-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Clean Energy ETF](#Sub_Sec_Fund_6442_CEE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Cloud Computing ETF](#Sub_Sec_Fund_6443_CEE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Crypto Industry and Digital Payments ETF](#Sub_Sec_Fund_6565_CEE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Electric Vehicles and Future Transportation ETF](#Sub_Sec_Fund_6445_CEE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Metaverse ETF](#Sub_Sec_Fund_6566_CEE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6442_CEE-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CEE-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CEE-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CEE-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CEE-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Funds nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® Clean Energy ETF**

**Schedule of Investments December 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| AUSTRIA - 2.5%  |  |  |
| Utilities - 2.5% |  |  |
| Electric Utilities - 2.5% |  |  |
| Verbund AG Class A  | 13652 | 994083 |
| CANADA - 7.6%  |  |  |
| Information Technology - 1.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| Canadian Solar Inc (a) | 23017 | 547114 |
| Utilities - 6.2% |  |  |
| Independent Power and Renewable Electricity Producers - 6.2% |  |  |
| Boralex Inc Class A  | 36105 | 667182 |
| Brookfield Renewable Corp Class A  | 24336 | 934737 |
| Northland Power Inc  | 65992 | 859352 |
| TOTAL UTILITIES |  | 2461271 |
| TOTAL CANADA |  | 3008385 |
| CHINA - 14.8%  |  |  |
| Industrials - 2.8% |  |  |
| Construction & Engineering - 1.0% |  |  |
| Xinte Energy Co Ltd H Shares (a) | 405200 | 382632 |
| Electrical Equipment - 1.8% |  |  |
| Goldwind Science & Technology Co Ltd H Shares  | 424000 | 730499 |
| TOTAL INDUSTRIALS |  | 1113131 |
| Information Technology - 4.1% |  |  |
| Semiconductors & Semiconductor Equipment - 4.1% |  |  |
| Flat Glass Group Co Ltd H Shares (a)(b) | 399000 | 483403 |
| JinkoSolar Holding Co Ltd ADR  | 20033 | 517052 |
| Xinyi Solar Holdings Ltd  | 1632437 | 622900 |
| TOTAL INFORMATION TECHNOLOGY |  | 1623355 |
| Utilities - 7.9% |  |  |
| Independent Power and Renewable Electricity Producers - 7.9% |  |  |
| CGN Power Co Ltd H Shares (c)(d) | 2410000 | 907215 |
| China Datang Corp Renewable Power Co Ltd H Shares  | 1676000 | 443574 |
| China Longyuan Power Group Corp Ltd H Shares  | 916000 | 781427 |
| China Power International Development Ltd  | 1535000 | 636995 |
| Xinyi Energy Holdings Ltd (b) | 2434000 | 343984 |
| TOTAL UTILITIES |  | 3113195 |
| TOTAL CHINA |  | 5849681 |
| DENMARK - 8.8%  |  |  |
| Industrials - 6.1% |  |  |
| Construction & Engineering - 1.5% |  |  |
| Cadeler A/S (a) | 123765 | 589448 |
| Electrical Equipment - 4.6% |  |  |
| Vestas Wind Systems A/S  | 67197 | 1832184 |
| TOTAL INDUSTRIALS |  | 2421632 |
| Utilities - 2.7% |  |  |
| Independent Power and Renewable Electricity Producers - 2.7% |  |  |
| Orsted AS (a)(c)(d) | 56069 | 1078691 |
| TOTAL DENMARK |  | 3500323 |
| GERMANY - 3.6%  |  |  |
| Industrials - 3.6% |  |  |
| Electrical Equipment - 3.6% |  |  |
| Nordex SE (a) | 28447 | 972887 |
| SMA Solar Technology AG (a) | 11116 | 444921 |
| TOTAL GERMANY |  | 1417808 |
| INDIA - 1.0%  |  |  |
| Utilities - 1.0% |  |  |
| Independent Power and Renewable Electricity Producers - 1.0% |  |  |
| ReNew Energy Global PLC Class A (a) | 72560 | 409963 |
| ISRAEL - 2.7%  |  |  |
| Utilities - 2.7% |  |  |
| Independent Power and Renewable Electricity Producers - 2.7% |  |  |
| Enlight Renewable Energy Ltd (a) | 23795 | 1081082 |
| ITALY - 1.5%  |  |  |
| Utilities - 1.5% |  |  |
| Independent Power and Renewable Electricity Producers - 1.5% |  |  |
| ERG SpA  | 23259 | 600417 |
| JAPAN - 1.6%  |  |  |
| Industrials - 0.9% |  |  |
| Construction & Engineering - 0.9% |  |  |
| West Holdings Corp  | 34900 | 340216 |
| Utilities - 0.7% |  |  |
| Independent Power and Renewable Electricity Producers - 0.7% |  |  |
| RENOVA Inc (a) | 68900 | 301104 |
| TOTAL JAPAN |  | 641320 |
| KOREA (SOUTH) - 2.5%  |  |  |
| Industrials - 2.5% |  |  |
| Electrical Equipment - 2.5% |  |  |
| CS Wind Corp  | 16674 | 481509 |
| Doosan Fuel Cell Co Ltd (a) | 24416 | 488981 |
| TOTAL KOREA (SOUTH) |  | 970490 |
| NEW ZEALAND - 3.3%  |  |  |
| Utilities - 3.3% |  |  |
| Electric Utilities - 1.1% |  |  |
| Mercury NZ Ltd  | 116827 | 435335 |
| Independent Power and Renewable Electricity Producers - 2.2% |  |  |
| Meridian Energy Ltd  | 273833 | 881819 |
| TOTAL NEW ZEALAND |  | 1317154 |
| NORWAY - 1.6%  |  |  |
| Industrials - 1.6% |  |  |
| Electrical Equipment - 1.6% |  |  |
| T1 Energy Inc (a) | 92526 | 618074 |
| PORTUGAL - 3.5%  |  |  |
| Utilities - 3.5% |  |  |
| Electric Utilities - 3.5% |  |  |
| EDP SA  | 298097 | 1370642 |
| SPAIN - 8.2%  |  |  |
| Utilities - 8.2% |  |  |
| Electric Utilities - 2.5% |  |  |
| Acciona SA  | 4594 | 1003009 |
| Independent Power and Renewable Electricity Producers - 5.7% |  |  |
| EDP Renovaveis SA  | 64884 | 917485 |
| Grenergy Renovables SA (a) | 6143 | 621181 |
| Solaria Energia y Medio Ambiente SA (a) | 32062 | 683442 |
|  |  | 2222108 |
| TOTAL SPAIN |  | 3225117 |
| SWITZERLAND - 1.6%  |  |  |
| Information Technology - 1.6% |  |  |
| Electronic Equipment, Instruments & Components - 1.6% |  |  |
| Landis+Gyr Group AG  | 9946 | 645282 |
| UNITED STATES - 34.9%  |  |  |
| Industrials - 19.6% |  |  |
| Construction & Engineering - 1.2% |  |  |
| Ameresco Inc Class A (a) | 16265 | 476401 |
| Electrical Equipment - 18.4% |  |  |
| Array Technologies Inc (a) | 72096 | 664725 |
| Bloom Energy Corp Class A (a) | 14244 | 1237661 |
| GE Vernova Inc  | 2845 | 1859407 |
| Nextpower Inc Class A (a) | 14800 | 1289228 |
| Plug Power Inc (a)(b) | 338944 | 667720 |
| Shoals Technologies Group Inc (a) | 75926 | 645371 |
| Sunrun Inc (a) | 48905 | 899852 |
|  |  | 7263964 |
| TOTAL INDUSTRIALS |  | 7740365 |
| Information Technology - 10.5% |  |  |
| Electronic Equipment, Instruments & Components - 2.2% |  |  |
| Itron Inc (a) | 9266 | 860441 |
| Semiconductors & Semiconductor Equipment - 8.3% |  |  |
| Enphase Energy Inc (a) | 28660 | 918553 |
| First Solar Inc (a) | 6732 | 1758601 |
| SolarEdge Technologies Inc (a)(b) | 21304 | 614620 |
|  |  | 3291774 |
| TOTAL INFORMATION TECHNOLOGY |  | 4152215 |
| Utilities - 4.8% |  |  |
| Independent Power and Renewable Electricity Producers - 4.8% |  |  |
| Clearway Energy Inc Class C (b) | 25650 | 853119 |
| Ormat Technologies Inc (b) | 9430 | 1041732 |
| TOTAL UTILITIES |  | 1894851 |
| TOTAL UNITED STATES |  | 13787431 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $36,125,354) |  | <br> **39437252** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.4%** | &nbsp;&nbsp;**Money Market Funds - 7.4%** | &nbsp;&nbsp;**Money Market Funds - 7.4%** | &nbsp;&nbsp;**Money Market Funds - 7.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Securities Lending Cash Central Fund (e)(f)<br>(Cost $2,917,783)<br>| 3.77 | 2917492 | **2917783** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 107.1%**<br> (Cost $39,043,137)<br>| <br>**42355035** |
| **NET OTHER ASSETS (LIABILITIES) - (7.1)%**  | **(2801079)** |
| **NET ASSETS - 100.0%** | **39553956** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 3 | 3/2026 | 103388 | (370) |
| The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. |

---

**Legend**

(a) Non-income producing.

(b) Security or a portion of the security is on loan at period end.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,985,906 or 5.0% of net assets.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,985,906 or 5.0% of net assets.

(e) Investment made with cash collateral received from securities on loan.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 26258 | 2699851 | 2726110 | 620 | 1 | - | - | - | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 2039559 | 34200301 | 33322196 | 115024 | 119 | - | 2917783 | 2917492 | 0.0% |
| Total | 2065817 | 36900152 | 36048306 | 115644 | 120 | - | 2917783 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Industrials | 14621716 | 14621716 | - | - |
| Information Technology | 6967966 | 6967966 | - | - |
| Utilities | 17847570 | 17847570 | - | - |
|  **Money Market Funds** | 2917783 | 2917783 | - | - |
| **Total Investments in Securities:** | 42355035 | 42355035 | - | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (370) | (370) | - | - |
| Total Liabilities | (370) | (370) | - | - |
| **Total Derivative Instruments:** | (370) | (370) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | - | (370) |
| **Total Equity Risk**  | - | (370) |
| **Total Value of Derivatives** | - | (370) |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Clean Energy ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,802,824) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $36,125,354) | $39437252 |  |
| Fidelity Central Funds (cost $2,917,783) | 2917783 |  |
| Total Investment in Securities (cost $39,043,137) |  | $42355035 |
| Segregated cash with brokers for derivative instruments |  | 12562 |
| Cash |  | 113395 |
| Foreign currency held at value (cost $32,265) |  | 32182 |
| Receivable for investments sold |  | 33379 |
| Dividends receivable |  | 12230 |
| Reclaims receivable |  | 27128 |
| Distributions receivable from Fidelity Central Funds |  | 12574 |
| Other receivables |  | 9 |
| **Total assets** |  | 42598494 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $113154 |  |
| Accrued management fee | 12943 |  |
| Payable for daily variation margin on futures contracts | 776 |  |
| Collateral on securities loaned | 2917665 |  |
| **Total liabilities** |  | 3044538 |
| **Net Assets**  |  | $39553956 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $49803261 |
| Total accumulated earnings (loss) |  | (10249305) |
| **Net Assets** |  | $39553956 |
| **Net Asset Value**, offering price and redemption price per share ($39,553,956 ÷ 1,950,000 shares) |  | $20.28 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $153193 |
| Interest  |  | 244 |
| Income from Fidelity Central Funds (including $115,024 from security lending)  |  | 115644 |
| Income before foreign taxes withheld |  | $269081 |
| Less foreign taxes withheld |  | (20063) |
| **Total income** |  | 249018 |
| **Expenses** |  |  |
| Management fee | $64965 |  |
| Independent trustees' fees and expenses | 61 |  |
| Total expenses before reductions | 65026 |  |
| Expense reductions | (149) |  |
| Total expenses after reductions |  | 64877 |
| **Net Investment income (loss)** |  | 184141 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (748664) |  |
| Fidelity Central Funds | 120 |  |
| Foreign currency transactions | (1493) |  |
| Futures contracts | 10546 |  |
| Total net realized gain (loss) |  | (739491) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 8400604 |  |
| Assets and liabilities in foreign currencies | (2372) |  |
| Futures contracts | (3593) |  |
| Total change in net unrealized appreciation (depreciation) |  | 8394639 |
| **Net gain (loss)** |  | 7655148 |
| **Net increase (decrease) in net assets resulting from operations** |  | $7839289 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **June 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $184141 | $307102 |
| &nbsp;&nbsp;Net realized gain (loss) | (739491)<br>| (3465893)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 8394639 | 4991797<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7839289<br>| 1833006<br>|
| Distributions to shareholders | (213600)<br>| (363900)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 6242188 | 748678 |
| &nbsp;&nbsp;Cost of shares redeemed | - | (1918527) |
| **Net increase (decrease) in net assets resulting from share transactions** | 6242188<br>| (1169849)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 13867877<br>| 299257<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 25686079 | 25386822<br>|
| &nbsp;&nbsp;End of period | $39553956 | $25686079 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 300000 | 50000 |
| &nbsp;&nbsp;Redeemed | - | (150000) |
| &nbsp;&nbsp;Net increase (decrease) | 300000 | (100000) |

---

**Financial Highlights** 

**Fidelity® Clean Energy ETF** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)**  | **Years ended June 30, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.57 | $14.51 | $20.81 | $20.95 | $25.12 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .11  | .17  | .18  | .15  | .15  |
| Net realized and unrealized gain (loss)  | 4.72  | 1.10  | (6.27)  | (.12)  | (4.20)  |
| Total from investment operations  | 4.83  | 1.27  | (6.09)  | .03  | (4.05)  |
| Distributions from net investment income  | (.12)  | (.21)  | (.21)  | (.17)  | (.12)  |
| Total distributions  | (.12)  | (.21)  | (.21)  | (.17)  | (.12)  |
| Net asset value, end of period  | $20.28 | $15.57 | $14.51 | $20.81 | $20.95 |
| **Total Return** D,E,F | 31.12% <br>| 8.84%  | (29.37)%  | .10%  | (16.12)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | .38% I | .39%  | .42%  | .39%  | .39% I |
| Expenses net of fee waivers, if any  | .38% I<br>| .39%  | .40%  | .39%  | .39% I |
| Expenses net of all reductions, if any  | .38% I | .39%  | .40%  | .39%  | .39% I |
| Net investment income (loss)  | 1.09% I | 1.22%  | 1.13%  | .69%  | .90% I |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $39554 | $25686 | $25387 | $38504 | $28288 |
| Portfolio turnover rate J,K | 46% I<br>| 46%  | 45%  | 37%  | 30% L |

---

A*For the period October 5, 2021 (commencement of operations) through June 30, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Based on net asset value.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

L*Amount not annualized.*

**Fidelity® Cloud Computing ETF**

**Schedule of Investments December 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| CHINA - 2.1%  |  |  |
| Information Technology - 2.1% |  |  |
| IT Services - 0.8% |  |  |
| Kingsoft Cloud Holdings Ltd (a)(b) | 1054000 | 746135 |
| Software - 1.3% |  |  |
| Kingdee International Software Group Co Ltd (a) | 675500 | 1153388 |
| TOTAL CHINA |  | 1899523 |
| GERMANY - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| IT Services - 0.9% |  |  |
| IONOS Group SE (a) | 24528 | 770584 |
| ISRAEL - 1.6%  |  |  |
| Information Technology - 1.6% |  |  |
| Software - 1.6% |  |  |
| Nice Ltd (a) | 12366 | 1385554 |
| TAIWAN - 2.0%  |  |  |
| Information Technology - 2.0% |  |  |
| Electronic Equipment, Instruments & Components - 2.0% |  |  |
| Hon Hai Precision Industry Co Ltd  | 243000 | 1782642 |
| UNITED STATES - 93.2%  |  |  |
| Communication Services - 1.1% |  |  |
| Interactive Media & Services - 1.1% |  |  |
| ZoomInfo Technologies Inc (a) | 95449 | 970716 |
| Consumer Discretionary - 2.0% |  |  |
| Broadline Retail - 2.0% |  |  |
| Amazon.com Inc (a) | 7727 | 1783546 |
| Information Technology - 83.1% |  |  |
| IT Services - 11.8% |  |  |
| CoreWeave Inc Class A (a) | 22572 | 1616381 |
| DigitalOcean Holdings Inc (a) | 21429 | 1031163 |
| MongoDB Inc Class A (a) | 6047 | 2537865 |
| Snowflake Inc (a) | 14601 | 3202876 |
| Twilio Inc Class A (a) | 15606 | 2219797 |
|  |  | 10608082 |
| Software - 57.0% |  |  |
| Appian Corp Class A (a) | 19620 | 694940 |
| Atlassian Corp Class A (a) | 14020 | 2273203 |
| Box Inc Class A (a) | 35795 | 1070628 |
| Commvault Systems Inc (a) | 9949 | 1247207 |
| Confluent Inc Class A (a) | 56412 | 1705899 |
| Datadog Inc Class A (a) | 18569 | 2525198 |
| Docusign Inc (a) | 24570 | 1680588 |
| Dropbox Inc Class A (a) | 40864 | 1136019 |
| Dynatrace Inc (a) | 38342 | 1661742 |
| Elastic NV (a) | 17895 | 1349999 |
| Five9 Inc (a) | 37368 | 749228 |
| Gitlab Inc Class A (a)(b) | 31763 | 1192065 |
| HubSpot Inc (a) | 5251 | 2107226 |
| Intapp Inc (a) | 20485 | 938623 |
| JFrog Ltd (a) | 20600 | 1286676 |
| LiveRamp Holdings Inc (a) | 28587 | 839600 |
| Microsoft Corp  | 8284 | 4006308 |
| Monday.com Ltd (a) | 8304 | 1225338 |
| Nutanix Inc Class A (a) | 35296 | 1824450 |
| Onestream Inc Class A (a) | 40107 | 737167 |
| Pegasystems Inc  | 20991 | 1253583 |
| RingCentral Inc Class A (a)(b) | 30467 | 879887 |
| Rubrik Inc Class A (a) | 21088 | 1612810 |
| Salesforce Inc  | 16098 | 4264522 |
| Servicenow Inc (a) | 23743 | 3637190 |
| Teradata Corp (a) | 31930 | 971949 |
| UiPath Inc Class A (a) | 75202 | 1232561 |
| Vertex Inc Class A (a) | 38237 | 763593 |
| Workday Inc Class A (a) | 12825 | 2754554 |
| Zeta Global Holdings Corp Class A (a) | 56122 | 1142083 |
| Zoom Communications Inc Class A (a) | 24017 | 2072427 |
|  |  | 50837263 |
| Technology Hardware, Storage & Peripherals - 14.3% |  |  |
| NetApp Inc  | 18135 | 1942077 |
| Pure Storage Inc Class A (a) | 28742 | 1926001 |
| Sandisk Corp/DE  | 10827 | 2570113 |
| Seagate Technology Holdings PLC  | 11287 | 3108327 |
| Western Digital Corp  | 18537 | 3193370 |
|  |  | 12739888 |
| TOTAL INFORMATION TECHNOLOGY |  | 74185233 |
| Real Estate - 7.0% |  |  |
| Specialized REITs - 7.0% |  |  |
| Digital Realty Trust Inc  | 17952 | 2777354 |
| Equinix Inc  | 4535 | 3474536 |
| TOTAL REAL ESTATE |  | 6251890 |
| TOTAL UNITED STATES |  | 83191385 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $84,661,911) |  | <br> **89029688** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.79 | 126042 | 126067 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.77 | 1799840 | 1800020 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,926,087) |  |  | **1926087** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.9%**<br> (Cost $86,587,998)<br>| <br>**90955775** |
| **NET OTHER ASSETS (LIABILITIES) - (1.9)%**  | **(1710808)** |
| **NET ASSETS - 100.0%** | **89244967** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini Nasdaq 100 Index Contracts (United States) | 4 | 3/2026 | 203654 | (153) |
| The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures as a percentage of Net Assets is 0.2%. |

---

**Legend**

(a) Non-income producing.

(b) Security or a portion of the security is on loan at period end.

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(d) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 185591 | 2715982 | 2775514 | 4055 | 8 | - | 126067 | 126042 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 2271457 | 27120158 | 27591615 | 34079 | 20 | - | 1800020 | 1799840 | 0.0% |
| Total | 2457048 | 29836140 | 30367129 | 38134 | 28 | - | 1926087 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 970716 | 970716 | - | - |
| Consumer Discretionary | 1783546 | 1783546 | - | - |
| Information Technology | 80023536 | 80023536 | - | - |
| Real Estate | 6251890 | 6251890 | - | - |
|  **Money Market Funds** | 1926087 | 1926087 | - | - |
| **Total Investments in Securities:** | 90955775 | 90955775 | - | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (153) | (153) | - | - |
| Total Liabilities | (153) | (153) | - | - |
| **Total Derivative Instruments:** | (153) | (153) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | - | (153) |
| **Total Equity Risk**  | - | (153) |
| **Total Value of Derivatives** | - | (153) |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Cloud Computing ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,633,514) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $84,661,911) | $89029688 |  |
| Fidelity Central Funds (cost $1,926,087) | 1926087 |  |
| Total Investment in Securities (cost $86,587,998) |  | $90955775 |
| Segregated cash with brokers for derivative instruments |  | 36320 |
| Foreign currency held at value (cost $35,937) |  | 36022 |
| Dividends receivable |  | 43881 |
| Distributions receivable from Fidelity Central Funds |  | 4130 |
| **Total assets** |  | 91076128 |
| **Liabilities** |  |  |
| Accrued management fee | $29410 |  |
| Payable for daily variation margin on futures contracts | 1748 |  |
| Other payables and accrued expenses | 3 |  |
| Collateral on securities loaned | 1800000 |  |
| **Total liabilities** |  | 1831161 |
| **Net Assets**  |  | $89244967 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $82391652 |
| Total accumulated earnings (loss) |  | 6853315 |
| **Net Assets** |  | $89244967 |
| **Net Asset Value**, offering price and redemption price per share ($89,244,967 ÷ 3,000,000 shares) |  | $29.75 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $153656 |
| Interest  |  | 427 |
| Income from Fidelity Central Funds (including $34,079 from security lending)  |  | 38134 |
| **Total income** |  | 192217 |
| **Expenses** |  |  |
| Management fee | $177356 |  |
| Independent trustees' fees and expenses | 185 |  |
| Total expenses before reductions | 177541 |  |
| Expense reductions | (420) |  |
| Total expenses after reductions |  | 177121 |
| **Net Investment income (loss)** |  | 15096 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (632391) |  |
| Redemptions in-kind | 11411798 |  |
| Fidelity Central Funds | 28 |  |
| Foreign currency transactions | (4455) |  |
| Futures contracts | 29488 |  |
| Total net realized gain (loss) |  | 10804468 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (6068376) |  |
| Assets and liabilities in foreign currencies | (54) |  |
| Futures contracts | (8386) |  |
| Total change in net unrealized appreciation (depreciation) |  | (6076816) |
| **Net gain (loss)** |  | 4727652 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4742748 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **June 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $15096 | $48034 |
| &nbsp;&nbsp;Net realized gain (loss) | 10804468<br>| 6413490<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (6076816) | 6091949<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4742748<br>| 12553473<br>|
| Distributions to shareholders | (13000)<br>| (45600)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 16169717 | 26788469 |
| &nbsp;&nbsp;Cost of shares redeemed | (23994601) | (24077800) |
| **Net increase (decrease) in net assets resulting from share transactions** | (7824884)<br>| 2710669<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (3095136)<br>| 15218542<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 92340103 | 77121561<br>|
| &nbsp;&nbsp;End of period | $89244967 | $92340103 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 550000 | 950000 |
| &nbsp;&nbsp;Redeemed | (800000) | (900000) |
| &nbsp;&nbsp;Net increase (decrease) | (250000) | 50000 |

---

**Financial Highlights** 

**Fidelity® Cloud Computing ETF** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)**  | **Years ended June 30, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.41 | $24.10 | $19.44 | $15.91 | $25.20 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | - D | .02  | .04 E | .04  | .06  |
| Net realized and unrealized gain (loss)  | 1.34  | 4.30  | 4.66  | 3.53  | (9.29)  |
| Total from investment operations  | 1.34  | 4.32  | 4.70  | 3.57  | (9.23)  |
| Distributions from net investment income  | - F | (.01)  | (.04)  | (.03)  | (.06)  |
| Distributions from tax return of capital  | - | - | - | (.01) | - |
| Total distributions  | -  | (.01)  | (.04)  | (.04)  | (.06)  |
| Net asset value, end of period  | $29.75 | $28.41 | $24.10 | $19.44 | $15.91 |
| **Total Return** G,H,I | 4.72% <br>| 17.96%  | 24.16%  | 22.51%  | (36.69)%  |
| **Ratios to Average Net Assets** C,J,K |  |  |  |  |  |
| Expenses before reductions  | .38% L | .39%  | .41%  | .39%  | .39% L |
| Expenses net of fee waivers, if any  | .38% L<br>| .39%  | .40%  | .39%  | .39% L |
| Expenses net of all reductions, if any  | .38% L | .39%  | .40%  | .39%  | .39% L |
| Net investment income (loss)  | .03% L | .06%  | .18% E | .23%  | .41% L |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $89245 | $92340 | $77122 | $36938 | $18293 |
| Portfolio turnover rate M,N | 42% L<br>| 32%  | 33%  | 38%  | 31% O |

---

A*For the period October 5, 2021 (commencement of operations) through June 30, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .10%.*

F*Amount represents less than .005%.*

G*Total returns for periods of less than one year are not annualized.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Based on net asset value.*

J*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

K*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

L*Annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

N*Portfolio turnover rate excludes securities received or delivered in-kind.*

O*Amount not annualized.*

**Fidelity® Crypto Industry and Digital Payments ETF**

**Schedule of Investments December 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 5.5%  |  |  |
| Financials - 1.3% |  |  |
| Consumer Finance - 1.3% |  |  |
| Zip Co Ltd (a) | 1535387 | 3368541 |
| Information Technology - 4.2% |  |  |
| Software - 4.2% |  |  |
| IREN Ltd (a)(b) | 283527 | 10708815 |
| TOTAL AUSTRALIA |  | 14077356 |
| BRAZIL - 2.9%  |  |  |
| Financials - 2.9% |  |  |
| Financial Services - 2.9% |  |  |
| Pagseguro Digital Ltd Class A  | 348281 | 3357429 |
| StoneCo Ltd Class A (a) | 278820 | 4123748 |
| TOTAL BRAZIL |  | 7481177 |
| CANADA - 7.5%  |  |  |
| Information Technology - 7.5% |  |  |
| IT Services - 1.7% |  |  |
| Shopify Inc Class A (a) | 27205 | 4386143 |
| Software - 5.8% |  |  |
| Bitfarms Ltd/Canada (a)(b) | 1843943 | 4345020 |
| Hive Digital Technologies Ltd (United States) (a)(b) | 1324644 | 3417581 |
| Hut 8 Corp (United States) (a) | 156405 | 7185246 |
|  |  | 14947847 |
| TOTAL CANADA |  | 19333990 |
| CHINA - 2.2%  |  |  |
| Communication Services - 0.5% |  |  |
| Entertainment - 0.5% |  |  |
| Boyaa Interactive International Ltd (b) | 2724000 | 1196901 |
| Financials - 0.8% |  |  |
| Capital Markets - 0.8% |  |  |
| OSL Group Ltd (a)(b) | 973000 | 2125137 |
| Information Technology - 0.9% |  |  |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| Canaan Inc Class A ADR (a)(b) | 3480606 | 2401618 |
| TOTAL CHINA |  | 5723656 |
| GERMANY - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| Northern Data AG (a)(b) | 63257 | 1155243 |
| GRAND CAYMAN (UK OVERSEAS TER) - 1.9%  |  |  |
| Financials - 1.9% |  |  |
| Capital Markets - 1.9% |  |  |
| Bullish (b) | 127968 | 4846148 |
| ISRAEL - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Capital Markets - 1.1% |  |  |
| Etoro Group Ltd Class A  | 82973 | 2914841 |
| ITALY - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Financial Services - 1.3% |  |  |
| Nexi SpA (b)(c)(d) | 657819 | 3261041 |
| JAPAN - 4.7%  |  |  |
| Communication Services - 0.6% |  |  |
| Media - 0.6% |  |  |
| Ceres Inc/Japan (b) | 122600 | 1519741 |
| Financials - 2.9% |  |  |
| Capital Markets - 2.9% |  |  |
| Monex Group Inc  | 465300 | 2169985 |
| SBI Holdings Inc  | 240400 | 5176242 |
| TOTAL FINANCIALS |  | 7346227 |
| Information Technology - 1.2% |  |  |
| IT Services - 1.2% |  |  |
| CAICA DIGITAL Inc (a)(b) | 2425000 | 1485215 |
| GMO internet group Inc  | 65100 | 1627240 |
| TOTAL INFORMATION TECHNOLOGY |  | 3112455 |
| TOTAL JAPAN |  | 11978423 |
| KOREA (SOUTH) - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Financial Services - 1.3% |  |  |
| Danal Co Ltd (a) | 687488 | 3436128 |
| MALAYSIA - 0.8%  |  |  |
| Industrials - 0.8% |  |  |
| Professional Services - 0.8% |  |  |
| Zetrix Ai Bhd  | 9954699 | 1987015 |
| NETHERLANDS - 2.0%  |  |  |
| Financials - 2.0% |  |  |
| Capital Markets - 0.2% |  |  |
| Coincheck Group NV (a) | 184394 | 464673 |
| Financial Services - 1.8% |  |  |
| Adyen NV (a)(c)(d) | 2849 | 4600761 |
| TOTAL NETHERLANDS |  | 5065434 |
| UNITED KINGDOM - 1.5%  |  |  |
| Financials - 1.5% |  |  |
| Financial Services - 1.5% |  |  |
| Klarna Group PLC (b) | 136166 | 3936559 |
| UNITED STATES - 66.7%  |  |  |
| Financials - 34.3% |  |  |
| Capital Markets - 11.2% |  |  |
| Bakkt Holdings Inc/US Class A (a)(b) | 187366 | 1881155 |
| Coinbase Global Inc Class A (a) | 63334 | 14322351 |
| Galaxy Digital Inc Class A (b) | 229164 | 5124107 |
| Gemini Space Station Inc Class A (b) | 277971 | 2757472 |
| Robinhood Markets Inc Class A (a) | 43044 | 4868276 |
|  |  | 28953361 |
| Consumer Finance - 2.1% |  |  |
| Figure Technology Solutions Inc Class A  | 134099 | 5476603 |
| Financial Services - 21.0% |  |  |
| Block Inc Class A (a) | 138146 | 8991924 |
| Chime Financial Inc Class A (a) | 181017 | 4556198 |
| Corpay Inc (a) | 14881 | 4478139 |
| Fiserv Inc (a) | 66991 | 4499785 |
| Flywire Corp (a) | 210919 | 2986613 |
| Global Payments Inc  | 55498 | 4295545 |
| Mastercard Inc Class A  | 8160 | 4658381 |
| Paymentus Holdings Inc Class A (a) | 78709 | 2486417 |
| PayPal Holdings Inc  | 71690 | 4185262 |
| Shift4 Payments Inc Class A (a)(b) | 63803 | 4017675 |
| Visa Inc Class A  | 13529 | 4744756 |
| WEX Inc (a) | 25617 | 3816421 |
|  |  | 53717116 |
| TOTAL FINANCIALS |  | 88147080 |
| Information Technology - 32.4% |  |  |
| IT Services - 3.5% |  |  |
| Applied Digital Corp (a)(b) | 369568 | 9061807 |
| Software - 28.9% |  |  |
| Bit Digital Inc (a)(b) | 1837240 | 3472384 |
| Bitdeer Technologies Group Class A (a)(b) | 329753 | 3696531 |
| BitMine Immersion Technologies Inc  | 349458 | 9487785 |
| BTCS Inc (b) | 722604 | 1907675 |
| Cipher Mining Inc (a)(b) | 513209 | 7574965 |
| Circle Internet Group Inc Class A  | 152717 | 12110458 |
| Cleanspark Inc (a)(b) | 528387 | 5347276 |
| Core Scientific Inc (a)(b) | 400172 | 5826504 |
| Digi Power X Inc (United States) (a) | 560749 | 1429910 |
| Exodus Movement Inc Class A (a)(b) | 74668 | 1104339 |
| MARA Holdings Inc (a)(b) | 734156 | 6592721 |
| Riot Platforms Inc (a) | 550988 | 6981018 |
| Soluna Holdings Inc (a)(b) | 1259329 | 1473415 |
| Terawulf Inc (a)(b) | 637499 | 7324864 |
|  |  | 74329845 |
| TOTAL INFORMATION TECHNOLOGY |  | 83391652 |
| TOTAL UNITED STATES |  | 171538732 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $252,082,260) |  | <br> **256735743** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 28.0%** | &nbsp;&nbsp;**Money Market Funds - 28.0%** | &nbsp;&nbsp;**Money Market Funds - 28.0%** | &nbsp;&nbsp;**Money Market Funds - 28.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.79 | 494591 | 494690 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.77 | 71601691 | 71608851 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $72,103,541) |  |  | **72103541** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 127.8%**<br> (Cost $324,185,801)<br>| <br>**328839284** |
| **NET OTHER ASSETS (LIABILITIES) - (27.8)%**  | **(71438467)** |
| **NET ASSETS - 100.0%** | **257400817** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini Nasdaq 100 Index Contracts (United States) | 2 | 3/2026 | 101827 | 486 |
| CME E-Mini Russell 2000 Index Contracts (United States) | 4 | 3/2026 | 499600 | (12011) |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **(11525)** |
| The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures as a percentage of Net Assets is 0.2%. |

---

**Legend**

(a) Non-income producing.

(b) Security or a portion of the security is on loan at period end.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $7,861,802 or 3.1% of net assets.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $7,861,802 or 3.1% of net assets.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(f) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 425752 | 18474259 | 18405159 | 13609 | (163) | 1 | 494690 | 494591 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 55926092 | 412421882 | 396739437 | 537383 | 314 | - | 71608851 | 71601691 | 0.2% |
| Total | 56351844 | 430896141 | 415144596 | 550992 | 151 | 1 | 72103541 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 2716642 | 2716642 | - | - |
| Financials | 131928313 | 131928313 | - | - |
| Industrials | 1987015 | 1987015 | - | - |
| Information Technology | 120103773 | 120103773 | - | - |
|  **Money Market Funds** | 72103541 | 72103541 | - | - |
| **Total Investments in Securities:** | 328839284 | 328839284 | - | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 486 | 486 | - | - |
| Total Assets | 486 | 486 | - | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (12011) | (12011) | - | - |
| Total Liabilities | (12011) | (12011) | - | - |
| **Total Derivative Instruments:** | (11525) | (11525) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 486 | (12011) |
| **Total Equity Risk**  | 486 | (12011) |
| **Total Value of Derivatives** | 486 | (12011) |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Crypto Industry and Digital Payments ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $72,199,302) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $252,082,260) | $256735743 |  |
| Fidelity Central Funds (cost $72,103,541) | 72103541 |  |
| Total Investment in Securities (cost $324,185,801) |  | $328839284 |
| Segregated cash with brokers for derivative instruments |  | 45631 |
| Foreign currency held at value (cost $175,111) |  | 174379 |
| Dividends receivable |  | 73237 |
| Distributions receivable from Fidelity Central Funds |  | 62617 |
| **Total assets** |  | 329195148 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $89262 |  |
| Accrued management fee | 91716 |  |
| Payable for daily variation margin on futures contracts | 4814 |  |
| Other payables and accrued expenses | 2 |  |
| Collateral on securities loaned | 71608537 |  |
| **Total liabilities** |  | 71794331 |
| **Net Assets**  |  | $257400817 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $229631748 |
| Total accumulated earnings (loss) |  | 27769069 |
| **Net Assets** |  | $257400817 |
| **Net Asset Value**, offering price and redemption price per share ($257,400,817 ÷ 6,700,000 shares) |  | $38.42 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $373585 |
| Interest  |  | 1665 |
| Income from Fidelity Central Funds (including $537,383 from security lending)  |  | 550992 |
| **Total income** |  | 926242 |
| **Expenses** |  |  |
| Management fee | $522924 |  |
| Independent trustees' fees and expenses | 482 |  |
| Total expenses before reductions | 523406 |  |
| Expense reductions | (257) |  |
| Total expenses after reductions |  | 523149 |
| **Net Investment income (loss)** |  | 403093 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (2432774) |  |
| Redemptions in-kind | 43358726 |  |
| Fidelity Central Funds | 151 |  |
| Foreign currency transactions | 10505 |  |
| Futures contracts | 52316 |  |
| Total net realized gain (loss) |  | 40988924 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (34313530) |  |
| Fidelity Central Funds  | 1 |  |
| Assets and liabilities in foreign currencies | (12501) |  |
| Futures contracts | (26816) |  |
| Total change in net unrealized appreciation (depreciation) |  | (34352846) |
| **Net gain (loss)** |  | 6636078 |
| **Net increase (decrease) in net assets resulting from operations** |  | $7039171 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **June 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $403093 | $449724 |
| &nbsp;&nbsp;Net realized gain (loss) | 40988924<br>| 5843142<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (34352846) | 12623214<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7039171<br>| 18916080<br>|
| Distributions to shareholders | (3156300)<br>| (1957600)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 114557517 | 104716736 |
| &nbsp;&nbsp;Cost of shares redeemed | (56606598) | (29900709) |
| **Net increase (decrease) in net assets resulting from share transactions** | 57950919<br>| 74816027<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 61833790<br>| 91774507<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 195567027 | 103792520<br>|
| &nbsp;&nbsp;End of period | $257400817 | $195567027 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2500000 | 2900000 |
| &nbsp;&nbsp;Redeemed | (1300000) | (950000) |
| &nbsp;&nbsp;Net increase (decrease) | 1200000 | 1950000 |

---

**Financial Highlights** 

**Fidelity® Crypto Industry and Digital Payments ETF** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)**  | **Years ended June 30, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $35.56 | $29.24 | $19.19 | $12.39 | $25.76 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .07  | .10 D | (.04)  | (.03)  | (.01)  |
| Net realized and unrealized gain (loss)  | 3.23  | 6.60  | 10.14  | 6.83  | (13.36)  |
| Total from investment operations  | 3.30  | 6.70  | 10.10  | 6.80  | (13.37)  |
| Distributions from net investment income  | (.44)  | (.38)  | (.05)  | -  | -  |
| Total distributions  | (.44)  | (.38)  | (.05)  | -  | -  |
| Net asset value, end of period  | $38.42 | $35.56 | $29.24 | $19.19 | $12.39 |
| **Total Return** E,F,G | 9.21% <br>| 22.94%  | 52.67%  | 54.94%  | (51.92)%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |
| Expenses before reductions  | .38% J | .39%  | .42%  | .39%  | .39% J |
| Expenses net of fee waivers, if any  | .38% J<br>| .39%  | .40%  | .39%  | .39% J |
| Expenses net of all reductions, if any  | .38% J | .39%  | .40%  | .39%  | .39% J |
| Net investment income (loss)  | .29% J | .32% D | (.19)%  | (.19)%  | (.29)% J |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $257401 | $195567 | $103793 | $36462 | $13005 |
| Portfolio turnover rate K,L | 72% J<br>| 79%  | 53%  | 55%  | 28% M |

---

A*For the period April 19, 2022 (commencement of operations) through June 30, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .26%.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Based on net asset value.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

M*Amount not annualized.*

**Fidelity® Electric Vehicles and Future Transportation ETF**

**Schedule of Investments December 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| AUSTRIA - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| ams-OSRAM AG (a) | 23254 | 230411 |
| BELGIUM - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| Melexis NV  | 5615 | 379186 |
| CANADA - 1.3%  |  |  |
| Industrials - 1.3% |  |  |
| Machinery - 1.3% |  |  |
| NFI Group Inc (a) | 34247 | 387754 |
| CHINA - 28.5%  |  |  |
| Consumer Discretionary - 20.5% |  |  |
| Automobile Components - 2.9% |  |  |
| CALB Group Co Ltd H Shares (a)(c)(d) | 109700 | 354039 |
| Hesai Group ADR (a) | 21680 | 485632 |
|  |  | 839671 |
| Automobiles - 17.6% |  |  |
| BYD Co Ltd H Shares  | 104900 | 1285055 |
| Li Auto Inc A Shares (a) | 106100 | 883996 |
| NIO Inc A Shares (a) | 162950 | 857510 |
| XPeng Inc A Shares (a) | 110500 | 1126508 |
| Yadea Group Holdings Ltd (c)(d) | 277073 | 404743 |
| Zhejiang Leapmotor Technology Co Ltd H Shares (a)(c)(d) | 80800 | 504721 |
|  |  | 5062533 |
| TOTAL CONSUMER DISCRETIONARY |  | 5902204 |
| Industrials - 6.0% |  |  |
| Electrical Equipment - 6.0% |  |  |
| Contemporary Amperex Technology Co Ltd H Shares (b) | 21400 | 1389825 |
| REPT BATTERO Energy Co Ltd H Shares (a)(b) | 189800 | 324075 |
| TOTAL INDUSTRIALS |  | 1713900 |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| indie Semiconductor Inc Class A (a) | 72581 | 256211 |
| Materials - 1.1% |  |  |
| Chemicals - 1.1% |  |  |
| Ganfeng Lithium Group Co Ltd H Shares (b)(c)(d) | 48480 | 323574 |
| TOTAL CHINA |  | 8195889 |
| FRANCE - 1.9%  |  |  |
| Consumer Discretionary - 1.9% |  |  |
| Automobile Components - 1.9% |  |  |
| Forvia SE (a) | 33764 | 540089 |
| GERMANY - 4.8%  |  |  |
| Information Technology - 4.8% |  |  |
| Semiconductors & Semiconductor Equipment - 4.8% |  |  |
| Infineon Technologies AG  | 31127 | 1379300 |
| HONG KONG - 1.2%  |  |  |
| Consumer Discretionary - 1.2% |  |  |
| Automobiles - 1.2% |  |  |
| Polestar Automotive Holding UK PLC Class A ADR (a)(b) | 16311 | 348566 |
| ISRAEL - 1.8%  |  |  |
| Consumer Discretionary - 1.4% |  |  |
| Automobile Components - 1.4% |  |  |
| Mobileye Global Inc Class A (a) | 37934 | 396031 |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Innoviz Technologies Ltd (a)(b) | 152048 | 129712 |
| TOTAL ISRAEL |  | 525743 |
| JAPAN - 8.0%  |  |  |
| Information Technology - 8.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.6% |  |  |
| Alps Alpine Co Ltd  | 35500 | 451493 |
| Semiconductors & Semiconductor Equipment - 6.4% |  |  |
| Allegro MicroSystems Inc (a) | 20320 | 536041 |
| Renesas Electronics Corp  | 96300 | 1314760 |
|  |  | 1850801 |
| TOTAL JAPAN |  | 2302294 |
| KOREA (SOUTH) - 3.9%  |  |  |
| Industrials - 1.8% |  |  |
| Electrical Equipment - 1.8% |  |  |
| Doosan Fuel Cell Co Ltd (a) | 9996 | 200190 |
| LG Energy Solution Ltd (a) | 1227 | 313873 |
| TOTAL INDUSTRIALS |  | 514063 |
| Information Technology - 1.1% |  |  |
| Electronic Equipment, Instruments & Components - 1.1% |  |  |
| Samsung SDI Co Ltd  | 1669 | 312239 |
| Materials - 1.0% |  |  |
| Chemicals - 1.0% |  |  |
| LG Chem Ltd  | 1343 | 310450 |
| TOTAL KOREA (SOUTH) |  | 1136752 |
| NETHERLANDS - 4.4%  |  |  |
| Information Technology - 4.4% |  |  |
| Semiconductors & Semiconductor Equipment - 4.4% |  |  |
| NXP Semiconductors NV  | 5864 | 1272840 |
| SWEDEN - 3.0%  |  |  |
| Consumer Discretionary - 3.0% |  |  |
| Automobile Components - 3.0% |  |  |
| Autoliv Inc  | 7168 | 850842 |
| UNITED STATES - 38.8%  |  |  |
| Consumer Discretionary - 20.2% |  |  |
| Automobile Components - 9.6% |  |  |
| Aptiv PLC (a) | 15172 | 1154438 |
| Gentherm Inc (a) | 9822 | 357226 |
| Lear Corp  | 6622 | 758881 |
| Visteon Corp  | 5207 | 495186 |
|  |  | 2765731 |
| Automobiles - 9.9% |  |  |
| Lucid Group Inc (a)(b) | 31262 | 330439 |
| Rivian Automotive Inc Class A (a) | 60098 | 1184532 |
| Tesla Inc (a) | 2918 | 1312283 |
|  |  | 2827254 |
| Specialty Retail - 0.7% |  |  |
| EVgo Inc Class A (a) | 73905 | 215063 |
| TOTAL CONSUMER DISCRETIONARY |  | 5808048 |
| Industrials - 10.5% |  |  |
| Electrical Equipment - 3.2% |  |  |
| Bloom Energy Corp Class A (a) | 2810 | 244161 |
| Sensata Technologies Holding PLC  | 20092 | 668863 |
|  |  | 913024 |
| Ground Transportation - 6.8% |  |  |
| Lyft Inc Class A (a) | 38845 | 752427 |
| Uber Technologies Inc (a) | 14577 | 1191087 |
|  |  | 1943514 |
| Machinery - 0.5% |  |  |
| Microvast Holdings Inc (a) | 54971 | 153919 |
| TOTAL INDUSTRIALS |  | 3010457 |
| Information Technology - 6.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Aeva Technologies Inc (a)(b) | 15373 | 204153 |
| Semiconductors & Semiconductor Equipment - 6.0% |  |  |
| Analog Devices Inc  | 627 | 170042 |
| Diodes Inc (a) | 5233 | 258196 |
| Lattice Semiconductor Corp (a) | 4468 | 328756 |
| ON Semiconductor Corp (a) | 6163 | 333727 |
| SiTime Corp (a) | 939 | 331646 |
| Skyworks Solutions Inc  | 4898 | 310582 |
|  |  | 1732949 |
| TOTAL INFORMATION TECHNOLOGY |  | 1937102 |
| Materials - 1.4% |  |  |
| Chemicals - 1.4% |  |  |
| Albemarle Corp  | 2883 | 407771 |
| TOTAL UNITED STATES |  | 11163378 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $26,208,195) |  | <br> **28713044** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.5%** | &nbsp;&nbsp;**Money Market Funds - 8.5%** | &nbsp;&nbsp;**Money Market Funds - 8.5%** | &nbsp;&nbsp;**Money Market Funds - 8.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.79 | 23448 | 23453 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.77 | 2417469 | 2417710 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,441,228) |  |  | **2441163** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 108.2%**<br> (Cost $28,649,423)<br>| <br>**31154207** |
| **NET OTHER ASSETS (LIABILITIES) - (8.2)%**  | **(2366797)** |
| **NET ASSETS - 100.0%** | **28787410** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini Nasdaq 100 Index Contracts (United States) | 1 | 3/2026 | 50914 | 243 |
| The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures as a percentage of Net Assets is 0.2%. | The notional amount of long futures as a percentage of Net Assets is 0.2%. |

---

**Legend**

(a) Non-income producing.

(b) Security or a portion of the security is on loan at period end.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,587,077 or 5.5% of net assets.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,587,077 or 5.5% of net assets.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(f) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 260187 | 236732 | 56 | - | (2) | 23453 | 23448 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 6656900 | 14669794 | 18908809 | 163613 | (112) | (63) | 2417710 | 2417469 | 0.0% |
| Total | 6656900 | 14929981 | 19145541 | 163669 | (112) | (65) | 2441163 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 13845780 | 13845780 | - | - |
| Industrials | 5626174 | 5626174 | - | - |
| Information Technology | 8199295 | 8199295 | - | - |
| Materials | 1041795 | 1041795 | - | - |
|  **Money Market Funds** | 2441163 | 2441163 | - | - |
| **Total Investments in Securities:** | 31154207 | 31154207 | - | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 243 | 243 | - | - |
| Total Assets | 243 | 243 | - | - |
| **Total Derivative Instruments:** | 243 | 243 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 243 | - |
| **Total Equity Risk**  | 243 | - |
| **Total Value of Derivatives** | 243 | - |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Electric Vehicles and Future Transportation ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,328,713) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $26,208,195) | $28713044 |  |
| Fidelity Central Funds (cost $2,441,228) | 2441163 |  |
| Total Investment in Securities (cost $28,649,423) |  | $31154207 |
| Segregated cash with brokers for derivative instruments |  | 6399 |
| Foreign currency held at value (cost $5,336) |  | 5341 |
| Receivable for investments sold |  | 11 |
| Dividends receivable |  | 33620 |
| Distributions receivable from Fidelity Central Funds |  | 15646 |
| **Total assets** |  | 31215224 |
| **Liabilities** |  |  |
| Accrued management fee | $9484 |  |
| Payable for daily variation margin on futures contracts | 437 |  |
| Other payables and accrued expenses | 8 |  |
| Collateral on securities loaned | 2417885 |  |
| **Total liabilities** |  | 2427814 |
| **Net Assets**  |  | $28787410 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $56669016 |
| Total accumulated earnings (loss) |  | (27881606) |
| **Net Assets** |  | $28787410 |
| **Net Asset Value**, offering price and redemption price per share ($28,787,410 ÷ 1,750,000 shares) |  | $16.45 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $79847 |
| Income from Fidelity Central Funds (including $163,613 from security lending)  |  | 163669 |
| **Total income** |  | 243516 |
| **Expenses** |  |  |
| Management fee | $57674 |  |
| Independent trustees' fees and expenses | 60 |  |
| Total expenses before reductions | 57734 |  |
| Expense reductions | (296) |  |
| Total expenses after reductions |  | 57438 |
| **Net Investment income (loss)** |  | 186078 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 566635 |  |
| Redemptions in-kind | 653953 |  |
| Fidelity Central Funds | (112) |  |
| Foreign currency transactions | (613) |  |
| Futures contracts | 5365 |  |
| Total net realized gain (loss) |  | 1225228 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1860547 |  |
| Fidelity Central Funds  | (65) |  |
| Assets and liabilities in foreign currencies | (255) |  |
| Futures contracts | (1208) |  |
| Total change in net unrealized appreciation (depreciation) |  | 1859019 |
| **Net gain (loss)** |  | 3084247 |
| **Net increase (decrease) in net assets resulting from operations** |  | $3270325 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **June 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $186078 | $198815 |
| &nbsp;&nbsp;Net realized gain (loss) | 1225228<br>| (10126548)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1859019 | 12856237<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 3270325<br>| 2928504<br>|
| Distributions to shareholders | (199500)<br>| (169000)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 235 | 2453 |
| &nbsp;&nbsp;Cost of shares redeemed | (2464278) | (7368497) |
| **Net increase (decrease) in net assets resulting from share transactions** | (2464043)<br>| (7366044)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 606782<br>| (4606540)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 28180628 | 32787168<br>|
| &nbsp;&nbsp;End of period | $28787410 | $28180628 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Redeemed | (150000) | (550000) |
| &nbsp;&nbsp;Net increase (decrease) | (150000) | (550000) |

---

**Financial Highlights** 

**Fidelity® Electric Vehicles and Future Transportation ETF** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)**  | **Years ended June 30, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.83 | $13.38 | $19.09 | $17.82 | $25.20 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .10  | .09 D | .07  | .05  | .04  |
| Net realized and unrealized gain (loss)  | 1.63  | 1.45  | (5.71)  | 1.27  | (7.39)  |
| Total from investment operations  | 1.73  | 1.54  | (5.64)  | 1.32  | (7.35)  |
| Distributions from net investment income  | (.11)  | (.09)  | (.07)  | (.05)  | (.03)  |
| Total distributions  | (.11)  | (.09)  | (.07)  | (.05)  | (.03)  |
| Net asset value, end of period  | $16.45 | $14.83 | $13.38 | $19.09 | $17.82 |
| **Total Return** E,F,G | 11.66% <br>| 11.51%  | (29.55)%  | 7.36%  | (29.15)%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |
| Expenses before reductions  | .38% J | .39%  | .42%  | .39%  | .39% J |
| Expenses net of fee waivers, if any  | .38% J<br>| .39%  | .40%  | .39%  | .39% J |
| Expenses net of all reductions, if any  | .38% J | .39%  | .40%  | .39%  | .39% J |
| Net investment income (loss)  | 1.23% J | .68% D | .44%  | .26%  | .25% J |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $28787 | $28181 | $32787 | $54395 | $38318 |
| Portfolio turnover rate K,L | 48% J<br>| 77%  | 54%  | 62%  | 31% M |

---

A*For the period October 5, 2021 (commencement of operations) through June 30, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .61%.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Based on net asset value.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

M*Amount not annualized.*

**Fidelity® Metaverse ETF**

**Schedule of Investments December 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| CHINA - 7.1%  |  |  |
| Communication Services - 5.1% |  |  |
| Entertainment - 3.2% |  |  |
| Netease Inc  | 55900 | 1541227 |
| Interactive Media & Services - 1.9% |  |  |
| Hello Group Inc Class A ADR  | 40680 | 266454 |
| Newborn Town Inc (a)(b) | 248000 | 356539 |
| Weibo Corp A Shares  | 31320 | 318089 |
|  |  | 941082 |
| TOTAL COMMUNICATION SERVICES |  | 2482309 |
| Information Technology - 2.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.3% |  |  |
| Sunny Optical Technology Group Co Ltd  | 73600 | 619834 |
| IT Services - 0.7% |  |  |
| Vnet Group Inc Class A ADR (a) | 41589 | 351843 |
| TOTAL INFORMATION TECHNOLOGY |  | 971677 |
| TOTAL CHINA |  | 3453986 |
| FRANCE - 2.7%  |  |  |
| Communication Services - 0.6% |  |  |
| Entertainment - 0.6% |  |  |
| Ubisoft Entertainment SA (a) | 38485 | 291170 |
| Information Technology - 2.1% |  |  |
| Software - 2.1% |  |  |
| Dassault Systemes SE  | 37063 | 1037723 |
| TOTAL FRANCE |  | 1328893 |
| GERMANY - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| Nagarro SE  | 3119 | 279312 |
| HONG KONG - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Cowell e Holdings Inc (a) | 83000 | 293888 |
| ISRAEL - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| IT Services - 1.3% |  |  |
| Wix.com Ltd (a) | 6201 | 644222 |
| JAPAN - 2.2%  |  |  |
| Communication Services - 2.2% |  |  |
| Entertainment - 2.2% |  |  |
| GungHo Online Entertainment Inc  | 17700 | 284225 |
| Nexon Co Ltd  | 32300 | 788619 |
| TOTAL JAPAN |  | 1072844 |
| KOREA (SOUTH) - 6.2%  |  |  |
| Communication Services - 6.2% |  |  |
| Entertainment - 3.8% |  |  |
| Krafton Inc (a) | 3609 | 616302 |
| NCSoft Corp  | 2948 | 412358 |
| Netmarble Corp (a)(b)(c) | 8985 | 300945 |
| Pearl Abyss Corp (a) | 11835 | 307264 |
| Wemade Co Ltd (a) | 11783 | 204079 |
|  |  | 1840948 |
| Interactive Media & Services - 2.4% |  |  |
| NAVER Corp  | 6878 | 1157832 |
| TOTAL KOREA (SOUTH) |  | 2998780 |
| TAIWAN - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Himax Technologies Inc ADR  | 39703 | 325168 |
| UNITED ARAB EMIRATES - 0.5%  |  |  |
| Communication Services - 0.5% |  |  |
| Interactive Media & Services - 0.5% |  |  |
| Yalla Group Ltd ADR (a) | 32200 | 223468 |
| UNITED KINGDOM - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Endava PLC Class A ADR (a) | 30936 | 195516 |
| UNITED STATES - 77.6%  |  |  |
| Communication Services - 24.9% |  |  |
| Entertainment - 9.7% |  |  |
| Electronic Arts Inc  | 7536 | 1539831 |
| Playtika Holding Corp  | 46391 | 183244 |
| ROBLOX Corp Class A (a) | 18372 | 1488683 |
| Take-Two Interactive Software Inc (a) | 6017 | 1540533 |
|  |  | 4752291 |
| Interactive Media & Services - 15.2% |  |  |
| Alphabet Inc Class A  | 6983 | 2185679 |
| Meta Platforms Inc Class A  | 3353 | 2213282 |
| Pinterest Inc Class A (a) | 35983 | 931600 |
| Reddit Inc Class A (a) | 5506 | 1265664 |
| Snap Inc Class A (a) | 96679 | 780199 |
|  |  | 7376424 |
| TOTAL COMMUNICATION SERVICES |  | 12128715 |
| Information Technology - 45.4% |  |  |
| IT Services - 3.5% |  |  |
| CoreWeave Inc Class A (a) | 12117 | 867698 |
| EPAM Systems Inc (a) | 4158 | 851891 |
|  |  | 1719589 |
| Semiconductors & Semiconductor Equipment - 20.6% |  |  |
| Advanced Micro Devices Inc (a) | 10269 | 2199209 |
| Ambarella Inc (a) | 6816 | 482845 |
| Cirrus Logic Inc (a) | 5416 | 641796 |
| Monolithic Power Systems Inc  | 1606 | 1455614 |
| NVIDIA Corp  | 12095 | 2255719 |
| QUALCOMM Inc  | 12721 | 2175927 |
| Skyworks Solutions Inc  | 11692 | 741390 |
|  |  | 9952500 |
| Software - 14.8% |  |  |
| Adobe Inc (a) | 6747 | 2361383 |
| Bentley Systems Inc Class B  | 15612 | 595831 |
| Microsoft Corp  | 4613 | 2230939 |
| PTC Inc (a) | 6157 | 1072611 |
| Unity Software Inc (a) | 21374 | 944090 |
|  |  | 7204854 |
| Technology Hardware, Storage & Peripherals - 6.5% |  |  |
| Apple Inc  | 7901 | 2147966 |
| Super Micro Computer Inc (a) | 29240 | 855855 |
| Turtle Beach Corp (a) | 12552 | 176104 |
|  |  | 3179925 |
| TOTAL INFORMATION TECHNOLOGY |  | 22056868 |
| Real Estate - 7.3% |  |  |
| Specialized REITs - 7.3% |  |  |
| Digital Realty Trust Inc  | 10044 | 1553907 |
| Equinix Inc  | 2575 | 1972862 |
| TOTAL REAL ESTATE |  | 3526769 |
| TOTAL UNITED STATES |  | 37712352 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $43,255,224) |  | <br> **48528429** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d) | 3.79 | 26700 | 26706 |
| Fidelity Securities Lending Cash Central Fund (d)(e) | 3.77 | 108 | 107 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $26,816) |  |  | **26813** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $43,282,040)<br>| <br>**48555242** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **66840** |
| **NET ASSETS - 100.0%** | **48622082** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini Nasdaq 100 Index Contracts (United States) | 1 | 3/2026 | 50914 | 243 |
| The notional amount of long futures as a percentage of Net Assets is 0.1%. | The notional amount of long futures as a percentage of Net Assets is 0.1%. | The notional amount of long futures as a percentage of Net Assets is 0.1%. | The notional amount of long futures as a percentage of Net Assets is 0.1%. | The notional amount of long futures as a percentage of Net Assets is 0.1%. |

---

**Legend**

(a) Non-income producing.

(b) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $657,484 or 1.4% of net assets.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $300,945 or 0.6% of net assets.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(e) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 44160 | 1924741 | 1942198 | 1745 | 6 | (3) | 26706 | 26700 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 231250 | 9951209 | 10182416 | 905 | 64 | - | 107 | 108 | 0.0% |
| Total | 275410 | 11875950 | 12124614 | 2650 | 70 | (3) | 26813 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 19197286 | 19197286 | - | - |
| Information Technology | 25804374 | 25804374 | - | - |
| Real Estate | 3526769 | 3526769 | - | - |
|  **Money Market Funds** | 26813 | 26813 | - | - |
| **Total Investments in Securities:** | 48555242 | 48555242 | - | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 243 | 243 | - | - |
| Total Assets | 243 | 243 | - | - |
| **Total Derivative Instruments:** | 243 | 243 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 243 | - |
| **Total Equity Risk**  | 243 | - |
| **Total Value of Derivatives** | 243 | - |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Metaverse ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $43,255,224) | $48528429 |  |
| Fidelity Central Funds (cost $26,816) | 26813 |  |
| Total Investment in Securities (cost $43,282,040) |  | $48555242 |
| Segregated cash with brokers for derivative instruments |  | 14554 |
| Cash |  | 27367 |
| Foreign currency held at value (cost $8,753) |  | 8962 |
| Dividends receivable |  | 32112 |
| Distributions receivable from Fidelity Central Funds |  | 231 |
| **Total assets** |  | 48638468 |
| **Liabilities** |  |  |
| Accrued management fee | $15949 |  |
| Payable for daily variation margin on futures contracts | 437 |  |
| **Total liabilities** |  | 16386 |
| **Net Assets**  |  | $48622082 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $43892558 |
| Total accumulated earnings (loss) |  | 4729524 |
| **Net Assets** |  | $48622082 |
| **Net Asset Value**, offering price and redemption price per share ($48,622,082 ÷ 1,350,000 shares) |  | $36.02 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $129267 |
| Interest  |  | 332 |
| Income from Fidelity Central Funds (including $905 from security lending)  |  | 2650 |
| **Total income** |  | 132249 |
| **Expenses** |  |  |
| Management fee | $92058 |  |
| Independent trustees' fees and expenses | 88 |  |
| Total expenses before reductions | 92146 |  |
| Expense reductions | (308) |  |
| Total expenses after reductions |  | 91838 |
| **Net Investment income (loss)** |  | 40411 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 133569 |  |
| Redemptions in-kind | 2653992 |  |
| Fidelity Central Funds | 70 |  |
| Foreign currency transactions | (4809) |  |
| Futures contracts | 15508 |  |
| Total net realized gain (loss) |  | 2798330 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (84371) |  |
| Fidelity Central Funds  | (3) |  |
| Assets and liabilities in foreign currencies | (45) |  |
| Futures contracts | (3160) |  |
| Total change in net unrealized appreciation (depreciation) |  | (87579) |
| **Net gain (loss)** |  | 2710751 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2751162 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **June 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $40411 | $303619 |
| &nbsp;&nbsp;Net realized gain (loss) | 2798330<br>| 988215<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (87579) | 2596078<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2751162<br>| 3887912<br>|
| Distributions to shareholders | (92400)<br>| (321750)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 10890715 | 11031831 |
| &nbsp;&nbsp;Cost of shares redeemed | (5581367) | (7503621) |
| **Net increase (decrease) in net assets resulting from share transactions** | 5309348<br>| 3528210<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 7968110<br>| 7094372<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 40653972 | 33559600<br>|
| &nbsp;&nbsp;End of period | $48622082 | $40653972 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 300000 | 350000 |
| &nbsp;&nbsp;Redeemed | (150000) | (250000) |
| &nbsp;&nbsp;Net increase (decrease) | 150000 | 100000 |

---

**Financial Highlights** 

**Fidelity® Metaverse ETF** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)**  | **Years ended June 30, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $33.88 | $30.51 | $25.67 | $21.32 | $25.28 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .03  | .28 D | .10  | .11 E | - F |
| Net realized and unrealized gain (loss)  | 2.18  | 3.38  | 4.84  | 4.36  | (3.96)  |
| Total from investment operations  | 2.21  | 3.66  | 4.94  | 4.47  | (3.96)  |
| Distributions from net investment income  | (.07)  | (.29)  | (.10)  | (.12)  | -  |
| Total distributions  | (.07)  | (.29)  | (.10)  | (.12)  | -  |
| Net asset value, end of period  | $36.02 | $33.88 | $30.51 | $25.67 | $21.32 |
| **Total Return** G,H,I | 6.50% <br>| 12.13%  | 19.25%  | 21.06%  | (15.67)%  |
| **Ratios to Average Net Assets** C,J,K |  |  |  |  |  |
| Expenses before reductions  | .38% L | .39%  | .42%  | .39%  | .39% L |
| Expenses net of fee waivers, if any  | .38% L<br>| .39%  | .40%  | .39%  | .39% L |
| Expenses net of all reductions, if any  | .38% L | .39%  | .40%  | .39%  | .39% L |
| Net investment income (loss)  | .17% L | .94% D | .35%  | .49% E | .01% L |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $48622 | $40654 | $33560 | $16689 | $10658 |
| Portfolio turnover rate M,N | 41% L<br>| 30%  | 52%  | 47%  | 8% O |

---

A*For the period April 19, 2022 (commencement of operations) through June 30, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .42%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.*

F*Amount represents less than $.005 per share.*

G*Total returns for periods of less than one year are not annualized.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Based on net asset value.*

J*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

K*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

L*Annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

N*Portfolio turnover rate excludes securities received or delivered in-kind.*

O*Amount not annualized.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended December 31, 2025

**1. Organization.**

Fidelity Clean Energy ETF, Fidelity Cloud Computing ETF, Fidelity Crypto Industry and Digital Payments ETF, Fidelity Electric Vehicles and Future Transportation ETF and Fidelity Metaverse ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. Fidelity Clean Energy ETF, Fidelity Cloud Computing ETF, Fidelity Electric Vehicles and Future Transportation ETF, and Fidelity Metaverse ETF are each a diversified fund. Fidelity Crypto Industry and Digital Payments ETF is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Certain Funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

For Fidelity Clean Energy ETF, clean energy companies are subject to various risks, including fluctuations in commodity prices and/or interest rates, obsolescence of existing technology, short product cycles, changes in governmental and environmental regulations and enforcement policies, changes in U.S. and foreign government policies, including tax incentives and government subsidies, reduced availability of clean energy sources or other commodities, and extreme weather or other natural disasters.

For Fidelity Cloud Computing ETF, cloud computing companies are subject to various risks, including those associated with limited operating history, product lines, markets, financial resources or personnel, changes in business cycles, intense competition, potentially rapid product obsolescence, disruptions in service, changes in regulation, and cybersecurity attacks and other types of theft.

For Fidelity Crypto Industry and Digital Payments ETF, cryptocurrency and blockchain companies are subject to various risks, including inability to develop digital asset applications or to capitalize on those applications, theft, loss, or destruction of cryptographic keys, the possibility that digital asset technologies may never be fully implemented, cybersecurity risk, conflicting intellectual property claims, and inconsistent and changing regulations. Digital payments processing companies are subject to various risks, including those associated with intense competition, changes in regulation, economic conditions, deterioration in credit markets, impairment of intellectual property rights, disruptions in service, and cybersecurity attacks and other types of theft.

For Fidelity Electric Vehicles and Future Transportation ETF, electric vehicles and future transportation companies are subject to various risks, including those associated with limited product lines, markets, financial resources or personnel, intense competition, production delays, changes in governmental regulation, and litigation based on product liability claims.

For Fidelity Metaverse ETF, metaverse companies are subject to various risks, including those associated with limited product lines, markets, financial resources or personnel, intense competition, potentially rapid product obsolescence, impairment of intellectual property rights, disruptions in service, cybersecurity attacks, and changes in regulation.

Although each Fund's underlying index uses a rules-based proprietary index methodology that seeks to identify such companies, there is no guarantee that this methodology will be successful.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than.005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025 is included at the end of each Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business (normally 4:00 p.m. Eastern time) of the Nasdaq Stock Market for Fidelity Crypto Industry and Digital Payments ETF and Fidelity Metaverse ETF, and of the Cboe BZX Exchange, Inc. (CboeBZX) for all other funds; and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends or foreign taxes withheld, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities and dividend receivable or reclaims receivable, as applicable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Funds and is not distributed to shareholders of the Funds. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Clean Energy ETF.** | 39558813 | 9099671 | (6303819) | 2795852 |
| **Fidelity Cloud Computing ETF**  | 87303070 | 11744168 | (8091616) | 3652552 |
| **Fidelity Crypto Industry and Digital Payments ETF**  | 326681203 | 52200171 | (50053615) | 2146556 |
| **Fidelity Electric Vehicles and Future Transportation ETF**  | 28725695 | 5380178 | (2951423) | 2428755 |
| **Fidelity Metaverse ETF** | 43470330 | 9018279 | (3933124) | 5085155 |

---

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Clean Energy ETF.** | (2280041) | (9854117) | (12134158) |
| **Fidelity Cloud Computing ETF**  | (2943152) | (4480974) | (7424126) |
| **Fidelity Crypto Industry and Digital Payments ETF**  | (9801302) | (4136229) | (13937531) |
| **Fidelity Electric Vehicles and Future Transportation ETF**  | (8959016) | (22428793) | (31387809) |
| **Fidelity Metaverse ETF** | (950308) | (2044900) | (2995208) |

---

Certain of the Funds intend to elect to defer to the next fiscal year ordinary losses recognized during the period January 1, 2025, to June 30, 2025. Loss deferrals are as follows:

---

| | |
|:---|:---|
|  | **Ordinary Losses($)** |
| **Fidelity Cloud Computing ETF**  | (7133) |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Clean Energy ETF** | 8461412 | 7548580 |
| **Fidelity Cloud Computing ETF** | 30117092 | 19083110 |
| **Fidelity Crypto Industry and Digital Payments ETF** | 144619693 | 92848408 |
| **Fidelity Electric Vehicles and Future Transportation ETF** | 7091795 | 11943328 |
| **Fidelity Metaverse ETF** | 14015654 | 9476301 |

---

Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions ($)** | **In-Kind Redemptions ($)** |
| **Fidelity Clean Energy ETF** | 5343125 | - |
| **Fidelity Cloud Computing ETF** | 7160730 | 24393503 |
| **Fidelity Crypto Industry and Digital Payments ETF** | 61172718 | 57944972 |
| **Fidelity Electric Vehicles and Future Transportation ETF** | - | 2360114 |
| **Fidelity Metaverse ETF** | 6506558 | 5750680 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of each Fund's average net assets as noted in the table below. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

---

| | |
|:---|:---|
|  | **Fee Rate** |
| **Fidelity Clean Energy ETF** | .39% |
| **Fidelity Cloud Computing ETF** | .39% |
| **Fidelity Crypto Industry and Digital Payments ETF** | .39% |
| **Fidelity Electric Vehicles and Future Transportation ETF** | .39% |
| **Fidelity Metaverse ETF** | .39% |

---

**Sub-Adviser.** Geode Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Clean Energy ETF** | 11895 | - | - |
| **Fidelity Cloud Computing ETF** | 3605 | - | - |
| **Fidelity Crypto Industry and Digital Payments ETF** | 56612 | 4683 | - |
| **Fidelity Electric Vehicles and Future Transportation ETF** | 17326 | - | - |
| **Fidelity Metaverse ETF** | 95 | - | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Crypto Industry and Digital Payments ETF** | 3816767 |

---

**8. Expense Reductions.** 

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Clean Energy ETF**. | 149 |
| **Fidelity Cloud Computing ETF**  | 420 |
| **Fidelity Crypto Industry and Digital Payments ETF**  | 257 |
| **Fidelity Electric Vehicles and Future Transportation ETF**  | 296 |
| **Fidelity Metaverse ETF** | 308 |

---

**9. Share Transactions.**

Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities to a fund and redemption proceeds are paid with a basket of securities from a fund's portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund's shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units.

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img123913_4.jpg)<br>

1.9903829.104 CEE-SANN-0226

**Fidelity® Enhanced Emerging Markets ETF**

**Fidelity® Enhanced International ETF**

**Fidelity® Enhanced Large Cap Core ETF**

**Fidelity® Enhanced Large Cap Growth ETF**

**Fidelity® Enhanced Large Cap Value ETF**

**Fidelity® Enhanced Mid Cap ETF**

**Fidelity® Enhanced Small Cap ETF**

**Fidelity® Enhanced U.S. All-Cap Equity ETF**

**(Fidelity® Enhanced Mid Cap ETF and**

**Fidelity® Enhanced Small Cap ETF to be renamed Fidelity® Enhanced Mid Cap Core ETF and Fidelity® Enhanced Small Cap Core ETF, respectively, effective April 30, 2026)**

**Semi-Annual Report**

**December 31, 2025**

![](img123929_1.jpg)

![](img123929_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_EIE-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Enhanced Emerging Markets ETF](#Sub_Sec_Fund_7726_EIE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Enhanced International ETF](#Sub_Sec_Fund_7544_EIE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Enhanced Large Cap Core ETF](#Sub_Sec_Fund_7541_EIE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Enhanced Large Cap Growth ETF](#Sub_Sec_Fund_7543_EIE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Enhanced Large Cap Value ETF](#Sub_Sec_Fund_7542_EIE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Enhanced Mid Cap ETF](#Sub_Sec_Fund_7546_EIE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Enhanced Small Cap ETF](#Sub_Sec_Fund_7545_EIE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Enhanced U.S. All-Cap Equity ETF](#Sub_Sec_Fund_7725_EIE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements7726_EIE-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EIE-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EIE-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EIE-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EIE-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Funds nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® Enhanced Emerging Markets ETF**

**Schedule of Investments December 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 4.1%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Telefonica Brasil SA  | 51750 | 312592 |
| Consumer Staples - 0.7% |  |  |
| Beverages - 0.7% |  |  |
| Ambev SA  | 135700 | 343228 |
| Financials - 1.9% |  |  |
| Banks - 1.9% |  |  |
| Banco Bradesco SA  | 47550 | 135367 |
| Banco Bradesco SA (PN)  | 74250 | 246473 |
| Itau Unibanco Holding SA  | 70096 | 501823 |
| TOTAL FINANCIALS |  | 883663 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Embraer SA ADR  | 5478 | 352619 |
| Utilities - 0.2% |  |  |
| Water Utilities - 0.2% |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 4502 | 109589 |
| TOTAL BRAZIL |  | 2001691 |
| CHILE - 0.8%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Broadline Retail - 0.8% |  |  |
| Falabella SA  | 52380 | 365388 |
| CHINA - 29.0%  |  |  |
| Communication Services - 6.5% |  |  |
| Entertainment - 1.1% |  |  |
| Kingsoft Corp Ltd  | 858 | 3135 |
| Netease Inc  | 19530 | 538520 |
|  |  | 541655 |
| Interactive Media & Services - 5.2% |  |  |
| Bilibili Inc ADR (b) | 4521 | 111171 |
| Bilibili Inc Z Shares (b) | 8988 | 222774 |
| Tencent Holdings Ltd  | 28271 | 2175894 |
|  |  | 2509839 |
| Wireless Telecommunication Services - 0.2% |  |  |
| China United Network Communications Ltd A Shares (China)  | 100100 | 73139 |
| TOTAL COMMUNICATION SERVICES |  | 3124633 |
| Consumer Discretionary - 5.0% |  |  |
| Automobile Components - 0.6% |  |  |
| Huayu Automotive Systems Co Ltd A Shares (China)  | 109900 | 314283 |
| Automobiles - 0.8% |  |  |
| Geely Automobile Holdings Ltd  | 167292 | 384767 |
| Broadline Retail - 3.4% |  |  |
| Alibaba Group Holding Ltd  | 64995 | 1192554 |
| JD.com Inc A Shares  | 17464 | 250425 |
| PDD Holdings Inc Class A ADR (b) | 1703 | 193103 |
|  |  | 1636082 |
| Specialty Retail - 0.2% |  |  |
| Pop Mart International Group Ltd (c)(d) | 4840 | 116729 |
| TOTAL CONSUMER DISCRETIONARY |  | 2451861 |
| Consumer Staples - 1.0% |  |  |
| Beverages - 0.4% |  |  |
| Beijing Yanjing Brewery Co Ltd A Shares (China)  | 111200 | 178557 |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| JD Health International Inc (b)(c)(d) | 43249 | 308418 |
| TOTAL CONSUMER STAPLES |  | 486975 |
| Energy - 1.2% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| China Oilfield Services Ltd H Shares  | 44000 | 39518 |
| Oil, Gas & Consumable Fuels - 1.1% |  |  |
| China Petroleum & Chemical Corp A Shares (China)  | 110200 | 97379 |
| PetroChina Co Ltd H Shares  | 392982 | 423142 |
|  |  | 520521 |
| TOTAL ENERGY |  | 560039 |
| Financials - 4.0% |  |  |
| Banks - 1.0% |  |  |
| Bank of Beijing Co Ltd A Shares (China)  | 294400 | 230681 |
| Bank of Changsha Co Ltd A Shares (China)  | 50000 | 69348 |
| Bank of Jiangsu Co Ltd A Shares (China)  | 9300 | 13830 |
| China Construction Bank Corp H Shares  | 170719 | 168686 |
| Industrial Bank Co Ltd A Shares (China)  | 3100 | 9334 |
|  |  | 491879 |
| Consumer Finance - 0.4% |  |  |
| Qfin Holdings Inc Class A ADR  | 11886 | 229043 |
| Insurance - 2.6% |  |  |
| China Life Insurance Co Ltd H Shares  | 82700 | 290944 |
| People's Insurance Co Group of China Ltd/The A Shares (China)  | 45700 | 58483 |
| People's Insurance Co Group of China Ltd/The H Shares  | 337050 | 292327 |
| Ping An Insurance Group Co of China Ltd A Shares (China)  | 61700 | 603440 |
|  |  | 1245194 |
| TOTAL FINANCIALS |  | 1966116 |
| Health Care - 1.4% |  |  |
| Biotechnology - 0.7% |  |  |
| Innovent Biologics Inc (b)(c)(d) | 34650 | 339479 |
| Life Sciences Tools & Services - 0.7% |  |  |
| Wuxi Apptec Co Ltd A Shares (China)  | 27400 | 355110 |
| TOTAL HEALTH CARE |  | 694589 |
| Industrials - 3.5% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| AviChina Industry & Technology Co Ltd H Shares  | 123214 | 62852 |
| Electrical Equipment - 0.8% |  |  |
| Sunwoda Electronic Co Ltd A Shares (China)  | 35200 | 131616 |
| Zhejiang Chint Electrics Co Ltd A Shares (China)  | 65200 | 260009 |
|  |  | 391625 |
| Industrial Conglomerates - 0.6% |  |  |
| Fosun International Ltd  | 501117 | 282022 |
| Machinery - 2.0% |  |  |
| Sany Heavy Industry Co Ltd A Shares (China)  | 104500 | 315725 |
| Weichai Power Co Ltd A Shares (China)  | 94700 | 232902 |
| Weichai Power Co Ltd H Shares  | 39642 | 96014 |
| Yutong Bus Co Ltd A Shares (China)  | 64200 | 300175 |
|  |  | 944816 |
| TOTAL INDUSTRIALS |  | 1681315 |
| Information Technology - 0.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| BOE Technology Group Co Ltd A Shares (China)  | 453300 | 272873 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Xiaomi Corp B Shares (b)(c)(d) | 24198 | 122192 |
| TOTAL INFORMATION TECHNOLOGY |  | 395065 |
| Materials - 5.0% |  |  |
| Chemicals - 1.3% |  |  |
| Hengli Petrochemical Co Ltd A Shares (China)  | 111800 | 360160 |
| Kingfa Sci & Tech Co Ltd A Shares (China)  | 70300 | 196414 |
| Rongsheng Petrochemical Co Ltd A Shares (China)  | 32000 | 53580 |
|  |  | 610154 |
| Metals & Mining - 3.7% |  |  |
| Aluminum Corp of China Ltd A Shares (China)  | 124700 | 217888 |
| Aluminum Corp of China Ltd H Shares  | 108000 | 168882 |
| Baoshan Iron & Steel Co Ltd A Shares (China)  | 306300 | 326284 |
| Citic Pacific Special Steel Group Co Ltd A Shares (China)  | 147400 | 345016 |
| Hunan Valin Steel Co Ltd A Shares (China)  | 67900 | 54563 |
| Shandong Nanshan Aluminum Co Ltd A Shares (China)  | 482400 | 371093 |
| Zhongjin Gold Corp Ltd A Shares (China)  | 96800 | 323326 |
|  |  | 1807052 |
| TOTAL MATERIALS |  | 2417206 |
| Utilities - 0.6% |  |  |
| Independent Power and Renewable Electricity Producers - 0.6% |  |  |
| Huaneng Power International Inc A Shares (China)  | 217600 | 232109 |
| Huaneng Power International Inc H Shares  | 102857 | 75728 |
| TOTAL UTILITIES |  | 307837 |
| TOTAL CHINA |  | 14085636 |
| GREECE - 1.0%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Eurobank SA  | 28773 | 115813 |
| Utilities - 0.8% |  |  |
| Electric Utilities - 0.8% |  |  |
| Public Power Corp SA  | 16300 | 348635 |
| TOTAL GREECE |  | 464448 |
| HUNGARY - 1.4%  |  |  |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| MOL Hungarian Oil & Gas PLC Class A  | 21830 | 196252 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| OTP Bank Nyrt  | 4314 | 463021 |
| TOTAL HUNGARY |  | 659273 |
| INDIA - 12.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Tata Motors Passenger Vehicles Limited  | 10342 | 42277 |
| Energy - 3.2% |  |  |
| Oil, Gas & Consumable Fuels - 3.2% |  |  |
| Bharat Petroleum Corp Ltd  | 9769 | 41745 |
| Hindustan Petroleum Corp Ltd  | 61217 | 339970 |
| Indian Oil Corp Ltd  | 175732 | 325525 |
| Reliance Industries Ltd  | 47403 | 828400 |
| TOTAL ENERGY |  | 1535640 |
| Financials - 5.5% |  |  |
| Banks - 4.8% |  |  |
| Canara Bank  | 195079 | 336290 |
| HDFC Bank Ltd  | 3274 | 36113 |
| HDFC Bank Ltd ADR  | 21653 | 791201 |
| ICICI Bank Ltd  | 1668 | 24927 |
| ICICI Bank Ltd ADR  | 18008 | 536638 |
| Punjab National Bank  | 186831 | 256934 |
| State Bank of India  | 32396 | 354091 |
|  |  | 2336194 |
| Consumer Finance - 0.7% |  |  |
| Muthoot Finance Ltd  | 8396 | 356135 |
| TOTAL FINANCIALS |  | 2692329 |
| Industrials - 1.1% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Hindustan Aeronautics Ltd (c) | 4431 | 216402 |
| Transportation Infrastructure - 0.7% |  |  |
| Adani Ports & Special Economic Zone Ltd  | 19608 | 320712 |
| TOTAL INDUSTRIALS |  | 537114 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Tata Consultancy Services Ltd  | 2046 | 73000 |
| Materials - 2.2% |  |  |
| Chemicals - 0.6% |  |  |
| Asian Paints Ltd  | 7052 | 217339 |
| UPL Ltd  | 9515 | 84194 |
|  |  | 301533 |
| Metals & Mining - 1.6% |  |  |
| Hindalco Industries Ltd  | 34821 | 343591 |
| Vedanta Ltd  | 60934 | 409834 |
|  |  | 753425 |
| TOTAL MATERIALS |  | 1054958 |
| TOTAL INDIA |  | 5935318 |
| KOREA (SOUTH) - 15.5%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| LG Uplus Corp  | 15568 | 159004 |
| Wireless Telecommunication Services - 0.0% |  |  |
| SK Telecom Co Ltd  | 16 | 594 |
| TOTAL COMMUNICATION SERVICES |  | 159598 |
| Consumer Discretionary - 2.3% |  |  |
| Automobile Components - 1.6% |  |  |
| Hankook Tire & Technology Co Ltd  | 7661 | 309899 |
| Hyundai Mobis Co Ltd  | 1674 | 433243 |
|  |  | 743142 |
| Household Durables - 0.7% |  |  |
| LG Electronics Inc  | 5561 | 354597 |
| TOTAL CONSUMER DISCRETIONARY |  | 1097739 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| HD Hyundai Co Ltd  | 1890 | 247195 |
| Financials - 0.9% |  |  |
| Capital Markets - 0.1% |  |  |
| Korea Investment Holdings Co Ltd  | 20 | 2244 |
| Mirae Asset Securities Co Ltd  | 3427 | 55522 |
|  |  | 57766 |
| Financial Services - 0.7% |  |  |
| Meritz Financial Group Inc  | 4397 | 345053 |
| Insurance - 0.1% |  |  |
| Samsung Life Insurance Co Ltd (b) | 475 | 51942 |
| TOTAL FINANCIALS |  | 454761 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| Samsung Episholdings Co Ltd  | 52 | 26807 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Samsung Biologics Co Ltd (b)(c)(d) | 29 | 34106 |
| TOTAL HEALTH CARE |  | 60913 |
| Industrials - 2.5% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Hanwha Aerospace Co Ltd  | 351 | 229173 |
| Industrial Conglomerates - 0.7% |  |  |
| SK Inc  | 1912 | 340284 |
| Machinery - 1.3% |  |  |
| HD Hyundai Heavy Industries Co Ltd  | 806 | 284655 |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd  | 1206 | 340572 |
|  |  | 625227 |
| TOTAL INDUSTRIALS |  | 1194684 |
| Information Technology - 8.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| LG Display Co Ltd (b) | 37917 | 310707 |
| Semiconductors & Semiconductor Equipment - 3.3% |  |  |
| SK Hynix Inc  | 3537 | 1597654 |
| Technology Hardware, Storage & Peripherals - 4.3% |  |  |
| Samsung Electronics Co Ltd  | 24804 | 2063515 |
| TOTAL INFORMATION TECHNOLOGY |  | 3971876 |
| Utilities - 0.7% |  |  |
| Electric Utilities - 0.7% |  |  |
| Korea Electric Power Corp  | 10805 | 353862 |
| TOTAL KOREA (SOUTH) |  | 7540628 |
| MALAYSIA - 0.7%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Maxis Bhd  | 54600 | 50994 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Malayan Banking Bhd  | 108600 | 280465 |
| TOTAL MALAYSIA |  | 331459 |
| MEXICO - 1.3%  |  |  |
| Materials - 1.3% |  |  |
| Construction Materials - 0.4% |  |  |
| Cemex SAB de CV ADR  | 16392 | 188344 |
| Metals & Mining - 0.9% |  |  |
| Industrias Penoles SAB de CV (b) | 8715 | 458189 |
| TOTAL MEXICO |  | 646533 |
| PHILIPPINES - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Transportation Infrastructure - 0.4% |  |  |
| International Container Terminal Services Inc  | 25490 | 245573 |
| POLAND - 1.7%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| ORLEN SA  | 14265 | 381897 |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Santander Bank Polska SA  | 2243 | 340761 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| KGHM Polska Miedz SA (b) | 1496 | 117013 |
| TOTAL POLAND |  | 839671 |
| SAUDI ARABIA - 2.2%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Saudi Arabian Oil Co (c)(d) | 58438 | 371275 |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| Al Rajhi Bank  | 19699 | 512065 |
| Saudi Awwal Bank  | 2043 | 17637 |
| Saudi National Bank/The  | 15270 | 154214 |
| TOTAL FINANCIALS |  | 683916 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Saudi Arabian Mining Co (b) | 32 | 520 |
| TOTAL SAUDI ARABIA |  | 1055711 |
| SOUTH AFRICA - 2.5%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Standard Bank Group Ltd  | 16507 | 289471 |
| Materials - 1.9% |  |  |
| Metals & Mining - 1.9% |  |  |
| Gold Fields Ltd  | 616 | 26995 |
| Gold Fields Ltd ADR  | 11393 | 497418 |
| Harmony Gold Mining Co Ltd  | 18891 | 384528 |
| TOTAL MATERIALS |  | 908941 |
| TOTAL SOUTH AFRICA |  | 1198412 |
| TAIWAN - 22.6%  |  |  |
| Communication Services - 0.8% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| Chunghwa Telecom Co Ltd  | 90649 | 377319 |
| Consumer Staples - 0.3% |  |  |
| Food Products - 0.3% |  |  |
| Uni-President Enterprises Corp  | 63000 | 154928 |
| Financials - 2.0% |  |  |
| Banks - 1.0% |  |  |
| CTBC Financial Holding Co Ltd  | 273250 | 437521 |
| E.Sun Financial Holding Co Ltd  | 19000 | 20453 |
|  |  | 457974 |
| Financial Services - 0.4% |  |  |
| Yuanta Financial Holding Co Ltd  | 167142 | 209514 |
| Insurance - 0.6% |  |  |
| Cathay Financial Holding Co Ltd  | 121000 | 292543 |
| TOTAL FINANCIALS |  | 960031 |
| Information Technology - 19.5% |  |  |
| Communications Equipment - 0.9% |  |  |
| Accton Technology Corp  | 11242 | 424910 |
| Electronic Equipment, Instruments & Components - 3.4% |  |  |
| Delta Electronics Inc  | 19920 | 611858 |
| Hon Hai Precision Industry Co Ltd  | 102900 | 756521 |
| Innolux Corp  | 243214 | 132265 |
| Zhen Ding Technology Holding Ltd  | 35000 | 158523 |
|  |  | 1659167 |
| Semiconductors & Semiconductor Equipment - 14.9% |  |  |
| MediaTek Inc  | 13992 | 638191 |
| Novatek Microelectronics Corp  | 19642 | 234311 |
| Realtek Semiconductor Corp  | 21042 | 328194 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 122114 | 6037149 |
|  |  | 7237845 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Compal Electronics Inc  | 151200 | 146608 |
| TOTAL INFORMATION TECHNOLOGY |  | 9468530 |
| TOTAL TAIWAN |  | 10960808 |
| THAILAND - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Kasikornbank PCL depository receipt  | 58700 | 360845 |
| UNITED ARAB EMIRATES - 2.0%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Specialty Retail - 0.5% |  |  |
| Abu Dhabi National Oil Co for Distribution PJSC  | 232414 | 246795 |
| Real Estate - 1.5% |  |  |
| Real Estate Management & Development - 1.5% |  |  |
| Aldar Properties PJSC  | 128781 | 305056 |
| Emaar Properties PJSC  | 106716 | 408239 |
| TOTAL REAL ESTATE |  | 713295 |
| TOTAL UNITED ARAB EMIRATES |  | 960090 |
| UNITED STATES - 0.8%  |  |  |
| Health Care - 0.8% |  |  |
| Biotechnology - 0.8% |  |  |
| BeOne Medicines Ltd H Shares (b) | 16350 | 376676 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $42,148,946) |  | <br> **48028160** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.8%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.8%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.8%** |
|  | Shares | Value ($)<br>|
| KOREA (SOUTH) - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Technology Hardware, Storage & Peripherals - 0.8% |  |  |
| Samsung Electronics Co Ltd <br>(Cost $301,150)<br>| 6593 | **408051** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/2/2026 (f) | 3.89 | 20000 | 20000 |
| US Treasury Bills 0% 3/12/2026 (f) | 3.58 | 20000 | 19864 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $39,860) |  |  | **39864** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g)<br>(Cost $127,906)<br>| 3.79 | 127868 | **127893** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $42,617,862)<br>| <br>**48603968** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(41491)** |
| **NET ASSETS - 100.0%** | **48562477** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| ICE MSCI Emerging Markets Index Contracts (United States) | 2 | 3/2026 | 141140 | 1403 |
| The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,508,601 or 3.1% of net assets.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,292,199 or 2.7% of net assets.

(e) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $39,864.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 70825 | 21900025 | 21843129 | 10486 | 185 | (13) | 127893 | 127868 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 771875 | 771875 | 695 | - | - | - | - | 0.0% |
| Total | 70825 | 22671900 | 22615004 | 11181 | 185 | (13) | 127893 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 4025136 | 4025136 | - | - |
| Consumer Discretionary | 4204060 | 4204060 | - | - |
| Consumer Staples | 985131 | 985131 | - | - |
| Energy | 3292298 | 3292298 | - | - |
| Financials | 9491192 | 9491192 | - | - |
| Health Care | 1132178 | 1132178 | - | - |
| Industrials | 4011305 | 4011305 | - | - |
| Information Technology | 13908471 | 13908471 | - | - |
| Materials | 5145171 | 5145171 | - | - |
| Real Estate | 713295 | 713295 | - | - |
| Utilities | 1119923 | 1119923 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 408051 | 408051 | - | - |
|  **U.S. Treasury Obligations** | 39864 | - | 39864 | - |
|  **Money Market Funds** | 127893 | 127893 | - | - |
| **Total Investments in Securities:** | 48603968 | 48564104 | 39864 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 1403 | 1403 | - | - |
| Total Assets | 1403 | 1403 | - | - |
| **Total Derivative Instruments:** | 1403 | 1403 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 1403 | - |
| **Total Equity Risk**  | 1403 | - |
| **Total Value of Derivatives** | 1403 | - |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Enhanced Emerging Markets ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $42,489,956) | $48476075 |  |
| Fidelity Central Funds (cost $127,906) | 127893 |  |
| Total Investment in Securities (cost $42,617,862) |  | $48603968 |
| Cash |  | 3685 |
| Foreign currency held at value (cost $30,812) |  | 30843 |
| Dividends receivable |  | 44301 |
| Distributions receivable from Fidelity Central Funds |  | 1361 |
| **Total assets** |  | 48684158 |
| **Liabilities** |  |  |
| Accrued management fee | $14523 |  |
| Payable for daily variation margin on futures contracts | 460 |  |
| Deferred taxes | 106698 |  |
| **Total liabilities** |  | 121681 |
| **Net Assets**  |  | $48562477 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $42929455 |
| Total accumulated earnings (loss) |  | 5633022 |
| **Net Assets** |  | $48562477 |
| **Net Asset Value**, offering price and redemption price per share ($48,562,477 ÷ 1,500,000 shares) |  | $32.37 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $387305 |
| Interest  |  | 1063 |
| Income from Fidelity Central Funds (including $695 from security lending)  |  | 11181 |
| Income before foreign taxes withheld |  | $399549 |
| Less foreign taxes withheld |  | (49925) |
| **Total income** |  | 349624 |
| **Expenses** |  |  |
| Management fee | $64259 |  |
| Independent trustees' fees and expenses | 51 |  |
| Total expenses before reductions | 64310 |  |
| Expense reductions | (209) |  |
| Total expenses after reductions |  | 64101 |
| **Net Investment income (loss)** |  | 285523 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 60367 |  |
| Redemptions in-kind | 51570 |  |
| Fidelity Central Funds | 185 |  |
| Foreign currency transactions | (6567) |  |
| Futures contracts | 53110 |  |
| Total net realized gain (loss) |  | 158665 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $106,698)  | 4472476 |  |
| Fidelity Central Funds  | (13) |  |
| Assets and liabilities in foreign currencies | (502) |  |
| Futures contracts | 503 |  |
| Total change in net unrealized appreciation (depreciation) |  | 4472464 |
| **Net gain (loss)** |  | 4631129 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4916652 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)** | **For the period November 19, 2024 (commencement of operations) through June 30, 2025**  |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $285523 | $167610 |
| &nbsp;&nbsp;Net realized gain (loss) | 158665<br>| (297015)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 4472464 | 1408235<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4916652<br>| 1278830<br>|
| Distributions to shareholders | (370500)<br>| (170800)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 35606747 | 12633157 |
| &nbsp;&nbsp;Cost of shares redeemed | (2808278) | (2523331) |
| **Net increase (decrease) in net assets resulting from share transactions** | 32798469<br>| 10109826<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 37344621<br>| 11217856<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 11217856 | -<br>|
| &nbsp;&nbsp;End of period | $48562477 | $11217856 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1200000 | 500000 |
| &nbsp;&nbsp;Redeemed | (100000) | (100000) |
| &nbsp;&nbsp;Net increase (decrease) | 1100000 | 400000 |

---

**Financial Highlights** 

**Fidelity® Enhanced Emerging Markets ETF** <br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)**  | **Years ended June 30, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $28.04 | $25.00 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .26  | .42  |
| Net realized and unrealized gain (loss)  | 4.36  | 3.05  |
| Total from investment operations  | 4.62  | 3.47  |
| Distributions from net investment income  | (.29)  | (.43)  |
| Total distributions  | (.29)  | (.43)  |
| Net asset value, end of period  | $32.37 | $28.04 |
| **Total Return** D,E,F | 16.51% <br>| 14.00%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | .38% I | .38% I |
| Expenses net of fee waivers, if any  | .38% I<br>| .38% I |
| Expenses net of all reductions, if any  | .38% I | .38% I |
| Net investment income (loss)  | 1.69% I | 2.65% I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $48562 | $11218 |
| Portfolio turnover rate J | 130% I,K<br>| 46% I,K |

---

A*For the period November 19, 2024 (commencement of operations) through June 30, 2025.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Based on net asset value.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Enhanced International ETF**

**Schedule of Investments December 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.4%** | &nbsp;&nbsp;**Common Stocks - 98.4%** | &nbsp;&nbsp;**Common Stocks - 98.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 5.6%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Telstra Group Ltd  | 6764751 | 21985404 |
| Interactive Media & Services - 0.0% |  |  |
| CAR Group Ltd  | 10 | 205 |
| TOTAL COMMUNICATION SERVICES |  | 21985609 |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.6% |  |  |
| Wesfarmers Ltd  | 632682 | 34237847 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Aristocrat Leisure Ltd  | 483254 | 18763024 |
| TOTAL CONSUMER DISCRETIONARY |  | 53000871 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Santos Ltd  | 1366655 | 5627270 |
| Financials - 1.5% |  |  |
| Banks - 0.8% |  |  |
| ANZ Group Holdings Ltd  | 481166 | 11668997 |
| Commonwealth Bank of Australia  | 195213 | 20918321 |
| National Australia Bank Ltd  | 436700 | 12330477 |
| Westpac Banking Corp  | 70086 | 1805395 |
|  |  | 46723190 |
| Capital Markets - 0.4% |  |  |
| Macquarie Group Ltd  | 156220 | 21184294 |
| Insurance - 0.3% |  |  |
| Medibank Pvt Ltd  | 129 | 412 |
| QBE Insurance Group Ltd  | 1476331 | 19596215 |
|  |  | 19596627 |
| TOTAL FINANCIALS |  | 87504111 |
| Health Care - 0.2% |  |  |
| Health Care Technology - 0.2% |  |  |
| Pro Medicus Ltd  | 82106 | 12102227 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| Brambles Ltd  | 490441 | 7514712 |
| Trading Companies & Distributors - 0.0% |  |  |
| SGH Ltd  | 91619 | 2840043 |
| Transportation Infrastructure - 0.0% |  |  |
| Transurban Group unit  | 54528 | 517091 |
| TOTAL INDUSTRIALS |  | 10871846 |
| Materials - 2.4% |  |  |
| Metals & Mining - 2.4% |  |  |
| BHP Group Ltd  | 984835 | 29897376 |
| Evolution Mining Ltd  | 1432199 | 12119265 |
| Fortescue Ltd  | 1959427 | 28780796 |
| Northern Star Resources Ltd  | 563049 | 10043818 |
| Rio Tinto Ltd  | 233465 | 22874977 |
| Rio Tinto PLC  | 262754 | 21229505 |
| Rio Tinto PLC ADR (f) | 229854 | 18395215 |
| South32 Ltd  | 200 | 475 |
| TOTAL MATERIALS |  | 143341427 |
| TOTAL AUSTRALIA |  | 334433361 |
| BELGIUM - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Anheuser-Busch InBev SA/NV  | 4089 | 263816 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Groupe Bruxelles Lambert NV  | 12865 | 1148284 |
| TOTAL BELGIUM |  | 1412100 |
| CHINA - 1.8%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| Prosus NV Class N  | 823788 | 51164913 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| BOC Hong Kong Holdings Ltd  | 2308500 | 11692738 |
| Industrials - 0.7% |  |  |
| Machinery - 0.5% |  |  |
| Yangzijiang Shipbuildling (Holdings) Ltd  | 11925000 | 32284892 |
| Marine Transportation - 0.2% |  |  |
| SITC International Holdings Co Ltd  | 2575000 | 9217816 |
| TOTAL INDUSTRIALS |  | 41502708 |
| TOTAL CHINA |  | 104360359 |
| COTE D'IVOIRE - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Endeavour Mining PLC (United Kingdom)  | 27551 | 1437959 |
| DENMARK - 1.3%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Pandora A/S  | 17472 | 1945227 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Danske Bank A/S  | 586958 | 29423398 |
| Health Care - 0.8% |  |  |
| Biotechnology - 0.5% |  |  |
| Genmab A/S (b) | 67595 | 21557994 |
| Genmab A/S ADR (b)(f) | 170775 | 5259870 |
|  |  | 26817864 |
| Pharmaceuticals - 0.3% |  |  |
| Novo Nordisk A/S Series B  | 302583 | 15484667 |
| TOTAL HEALTH CARE |  | 42302531 |
| Industrials - 0.0% |  |  |
| Building Products - 0.0% |  |  |
| ROCKWOOL A/S Series B  | 18 | 638 |
| Electrical Equipment - 0.0% |  |  |
| Vestas Wind Systems A/S  | 88340 | 2410164 |
| TOTAL INDUSTRIALS |  | 2410802 |
| TOTAL DENMARK |  | 76081958 |
| FINLAND - 1.8%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.4% |  |  |
| Nordea Bank Abp  | 1100702 | 20806671 |
| Insurance - 0.2% |  |  |
| Sampo Oyj A Shares  | 1295476 | 15726840 |
| TOTAL FINANCIALS |  | 36533511 |
| Industrials - 1.2% |  |  |
| Machinery - 1.2% |  |  |
| Kone Oyj B Shares  | 527232 | 37523161 |
| Wartsila OYJ Abp  | 954574 | 34103187 |
| TOTAL INDUSTRIALS |  | 71626348 |
| TOTAL FINLAND |  | 108159859 |
| FRANCE - 9.1%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Automobiles - 0.0% |  |  |
| Renault SA  | 16 | 666 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| FDJ UNITED  | 179494 | 4982435 |
| Sodexo SA  | 29181 | 1498626 |
|  |  | 6481061 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 29080 | 22042757 |
| TOTAL CONSUMER DISCRETIONARY |  | 28524484 |
| Consumer Staples - 0.9% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Carrefour SA  | 279859 | 4680109 |
| Food Products - 0.8% |  |  |
| Danone SA  | 507095 | 45756123 |
| Personal Care Products - 0.0% |  |  |
| L'Oreal SA  | 3309 | 1425611 |
| TOTAL CONSUMER STAPLES |  | 51861843 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| TotalEnergies SE  | 605036 | 39526620 |
| Financials - 2.5% |  |  |
| Banks - 2.4% |  |  |
| BNP Paribas SA  | 636446 | 60426989 |
| Credit Agricole SA  | 1497988 | 30895643 |
| Societe Generale SA Series A  | 636796 | 51427482 |
|  |  | 142750114 |
| Insurance - 0.1% |  |  |
| AXA SA  | 144600 | 6960493 |
| TOTAL FINANCIALS |  | 149710607 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| EssilorLuxottica SA  | 25055 | 7947107 |
| Industrials - 2.4% |  |  |
| Aerospace & Defense - 1.3% |  |  |
| Airbus SE  | 39586 | 9229859 |
| Safran SA  | 163988 | 57314541 |
| Thales SA  | 50249 | 13570293 |
|  |  | 80114693 |
| Building Products - 0.0% |  |  |
| Cie de Saint-Gobain SA  | 54 | 5518 |
| Construction & Engineering - 0.5% |  |  |
| Bouygues SA  | 6 | 313 |
| Eiffage SA  | 156233 | 22473255 |
| Vinci SA  | 48978 | 6909951 |
|  |  | 29383519 |
| Electrical Equipment - 0.5% |  |  |
| Legrand SA  | 182301 | 27262057 |
| Transportation Infrastructure - 0.1% |  |  |
| Getlink SE Series A  | 197033 | 3642332 |
| TOTAL INDUSTRIALS |  | 140408119 |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| Capgemini SE  | 221655 | 37054554 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Air Liquide SA  | 57124 | 10758594 |
| Real Estate - 0.2% |  |  |
| Diversified REITs - 0.2% |  |  |
| Covivio SA/France  | 97385 | 6483415 |
| Office REITs - 0.0% |  |  |
| Gecina SA  | 23893 | 2271595 |
| Retail REITs - 0.0% |  |  |
| Klepierre SA  | 52980 | 2100723 |
| TOTAL REAL ESTATE |  | 10855733 |
| Utilities - 1.1% |  |  |
| Multi-Utilities - 1.1% |  |  |
| Engie SA  | 1579695 | 41603215 |
| Veolia Environnement SA  | 651906 | 22769084 |
| TOTAL UTILITIES |  | 64372299 |
| TOTAL FRANCE |  | 541019960 |
| GERMANY - 10.0%  |  |  |
| Communication Services - 1.1% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Deutsche Telekom AG  | 1943959 | 63190394 |
| Interactive Media & Services - 0.0% |  |  |
| Scout24 SE (d)(e) | 39534 | 3986298 |
| TOTAL COMMUNICATION SERVICES |  | 67176692 |
| Consumer Discretionary - 1.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Aumovio SE  | 4216 | 212752 |
| Automobiles - 0.6% |  |  |
| Mercedes-Benz Group AG  | 470511 | 33215378 |
| Volkswagen AG  | 6736 | 831987 |
|  |  | 34047365 |
| Specialty Retail - 0.2% |  |  |
| Zalando SE (b)(d)(e) | 417251 | 12425555 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| adidas AG  | 52667 | 10463224 |
| TOTAL CONSUMER DISCRETIONARY |  | 57148896 |
| Financials - 2.1% |  |  |
| Capital Markets - 0.3% |  |  |
| Deutsche Bank AG  | 405808 | 15790343 |
| Insurance - 1.8% |  |  |
| Allianz SE  | 121668 | 55835344 |
| Hannover Rueck SE  | 12 | 3754 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 49016 | 32384746 |
| Talanx AG  | 144268 | 19294079 |
|  |  | 107517923 |
| TOTAL FINANCIALS |  | 123308266 |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.3% |  |  |
| Fresenius Medical Care AG  | 317746 | 15220399 |
| Pharmaceuticals - 0.0% |  |  |
| Bayer AG  | 33192 | 1443658 |
| TOTAL HEALTH CARE |  | 16664057 |
| Industrials - 3.0% |  |  |
| Air Freight & Logistics - 0.3% |  |  |
| Deutsche Post AG  | 287918 | 15811620 |
| Electrical Equipment - 1.0% |  |  |
| Siemens Energy AG (b) | 433198 | 61294953 |
| Industrial Conglomerates - 1.5% |  |  |
| Siemens AG  | 323528 | 90927248 |
| Machinery - 0.2% |  |  |
| Gea Group Ag  | 30127 | 2046423 |
| Knorr-Bremse AG  | 36706 | 4104476 |
| Rational AG  | 4423 | 3438417 |
|  |  | 9589316 |
| TOTAL INDUSTRIALS |  | 177623137 |
| Information Technology - 0.7% |  |  |
| Software - 0.7% |  |  |
| SAP SE  | 180807 | 44271122 |
| Materials - 0.8% |  |  |
| Chemicals - 0.3% |  |  |
| Evonik Industries AG  | 937584 | 14720699 |
| Symrise AG  | 51621 | 4178605 |
|  |  | 18899304 |
| Construction Materials - 0.5% |  |  |
| Heidelberg Materials AG  | 107142 | 28078661 |
| TOTAL MATERIALS |  | 46977965 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Vonovia SE  | 670569 | 19338813 |
| Utilities - 0.7% |  |  |
| Independent Power and Renewable Electricity Producers - 0.7% |  |  |
| RWE AG  | 763754 | 40623733 |
| TOTAL GERMANY |  | 593132681 |
| HONG KONG - 2.2%  |  |  |
| Consumer Staples - 0.4% |  |  |
| Food Products - 0.4% |  |  |
| WH Group Ltd (d)(e) | 23781455 | 26492761 |
| Financials - 1.4% |  |  |
| Capital Markets - 0.4% |  |  |
| Hong Kong Exchanges & Clearing Ltd  | 507400 | 26573842 |
| Insurance - 1.0% |  |  |
| AIA Group Ltd  | 4956632 | 50886569 |
| Prudential PLC  | 99838 | 1540230 |
|  |  | 52426799 |
| TOTAL FINANCIALS |  | 79000641 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Techtronic Industries Co Ltd  | 929500 | 10736897 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| CLP Holdings Ltd  | 1407000 | 12582677 |
| TOTAL HONG KONG |  | 128812976 |
| INDONESIA - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.1% |  |  |
| Jardine Matheson Holdings Ltd (Singapore)  | 51000 | 3487890 |
| IRELAND - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Trading Companies & Distributors - 0.2% |  |  |
| AerCap Holdings NV  | 77161 | 11092665 |
| ISRAEL - 1.4%  |  |  |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| Bank Hapoalim BM  | 766470 | 17341277 |
| Bank Leumi Le-Israel BM  | 1653781 | 36455834 |
| Israel Discount Bank Ltd Class A  | 254680 | 2704708 |
| Mizrahi Tefahot Bank Ltd  | 145723 | 10176884 |
| TOTAL FINANCIALS |  | 66678703 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Elbit Systems Ltd  | 14890 | 8584585 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.1% |  |  |
| Wix.com Ltd (b) | 66122 | 6869415 |
| Software - 0.1% |  |  |
| Nice Ltd (b) | 3932 | 440915 |
| Nice Ltd ADR (b) | 26353 | 2978943 |
|  |  | 3419858 |
| TOTAL INFORMATION TECHNOLOGY |  | 10289273 |
| TOTAL ISRAEL |  | 85552561 |
| ITALY - 2.8%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telecom Italia SpA/Milano (b) | 6739175 | 4069233 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Coca-Cola HBC AG  | 279444 | 14471913 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Eni SpA  | 890367 | 16888239 |
| Financials - 1.4% |  |  |
| Banks - 1.3% |  |  |
| Banca Monte dei Paschi di Siena SpA  | 2135344 | 22911336 |
| Intesa Sanpaolo SpA  | 7177296 | 49942204 |
| UniCredit SpA  | 41852 | 3488163 |
|  |  | 76341703 |
| Financial Services - 0.0% |  |  |
| Banca Mediolanum SpA  | 55087 | 1260454 |
| Nexi SpA (d)(e)(f) | 512 | 2539 |
|  |  | 1262993 |
| Insurance - 0.1% |  |  |
| Generali  | 178348 | 7493006 |
| TOTAL FINANCIALS |  | 85097702 |
| Industrials - 0.6% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| Leonardo SpA  | 628666 | 36319816 |
| Electrical Equipment - 0.0% |  |  |
| Prysmian SpA  | 18 | 1827 |
| TOTAL INDUSTRIALS |  | 36321643 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Enel SpA  | 902606 | 9416211 |
| TOTAL ITALY |  | 166264941 |
| JAPAN - 22.2%  |  |  |
| Communication Services - 1.0% |  |  |
| Entertainment - 0.2% |  |  |
| Konami Group Corp  | 81300 | 11070793 |
| Interactive Media & Services - 0.0% |  |  |
| LY Corp  | 1621522 | 4318814 |
| Wireless Telecommunication Services - 0.8% |  |  |
| SoftBank Corp  | 2500 | 3428 |
| SoftBank Group Corp  | 1655600 | 46505618 |
|  |  | 46509046 |
| TOTAL COMMUNICATION SERVICES |  | 61898653 |
| Consumer Discretionary - 5.5% |  |  |
| Automobile Components - 0.5% |  |  |
| Aisin Corp  | 502400 | 9384719 |
| Bridgestone Corp (f) | 316600 | 7102479 |
| Denso Corp  | 1072300 | 14772877 |
|  |  | 31260075 |
| Automobiles - 2.2% |  |  |
| Subaru Corp  | 105300 | 2282262 |
| Suzuki Motor Corp  | 2274000 | 33890788 |
| Toyota Motor Corp  | 4061461 | 87016491 |
|  |  | 123189541 |
| Household Durables - 1.9% |  |  |
| Panasonic Holdings Corp  | 2979700 | 38492230 |
| Sony Group Corp  | 2871280 | 73761688 |
|  |  | 112253918 |
| Leisure Products - 0.4% |  |  |
| Bandai Namco Holdings Inc  | 960100 | 25571611 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Asics Corp (f) | 1297800 | 31111076 |
| TOTAL CONSUMER DISCRETIONARY |  | 323386221 |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Aeon Co Ltd  | 197300 | 3119970 |
| Food Products - 0.2% |  |  |
| Ajinomoto Co Inc  | 539400 | 11422305 |
| Tobacco - 0.2% |  |  |
| Japan Tobacco Inc (f) | 374200 | 13473493 |
| TOTAL CONSUMER STAPLES |  | 28015768 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| ENEOS Holdings Inc  | 1574700 | 11128657 |
| Idemitsu Kosan Co Ltd  | 360300 | 2721111 |
| Inpex Corp (f) | 1375300 | 27455077 |
| TOTAL ENERGY |  | 41304845 |
| Financials - 3.2% |  |  |
| Banks - 1.5% |  |  |
| Japan Post Bank Co Ltd  | 2440500 | 34416908 |
| Mitsubishi UFJ Financial Group Inc  | 1895800 | 30172557 |
| Mizuho Financial Group Inc  | 1600 | 58223 |
| Sumitomo Mitsui Financial Group Inc  | 717900 | 23103511 |
|  |  | 87751199 |
| Capital Markets - 1.2% |  |  |
| Daiwa Securities Group Inc  | 3037948 | 26580106 |
| Nomura Holdings Inc  | 4120200 | 34221018 |
| SBI Holdings Inc  | 502000 | 10816202 |
|  |  | 71617326 |
| Financial Services - 0.1% |  |  |
| ORIX Corp  | 321400 | 9344073 |
| Insurance - 0.4% |  |  |
| Dai-ichi Life Holdings Inc  | 2765100 | 23010137 |
| TOTAL FINANCIALS |  | 191722735 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Terumo Corp  | 1305400 | 18917633 |
| Pharmaceuticals - 1.0% |  |  |
| Astellas Pharma Inc  | 2724200 | 36400349 |
| Daiichi Sankyo Co Ltd  | 180200 | 3851568 |
| Otsuka Holdings Co Ltd  | 130800 | 7409272 |
| Shionogi & Co Ltd  | 298400 | 5412120 |
| Takeda Pharmaceutical Co Ltd  | 180200 | 5562225 |
|  |  | 58635534 |
| TOTAL HEALTH CARE |  | 77553167 |
| Industrials - 5.9% |  |  |
| Building Products - 0.1% |  |  |
| Agc Inc (f) | 60500 | 2005723 |
| Daikin Industries Ltd  | 20900 | 2679214 |
|  |  | 4684937 |
| Construction & Engineering - 0.3% |  |  |
| Obayashi Corp  | 452900 | 9451801 |
| Taisei Corp  | 58000 | 5493041 |
|  |  | 14944842 |
| Electrical Equipment - 0.5% |  |  |
| Mitsubishi Electric Corp  | 818300 | 23952410 |
| NIDEC CORP  | 558200 | 7597564 |
|  |  | 31549974 |
| Ground Transportation - 0.5% |  |  |
| Central Japan Railway Co  | 1044200 | 28911487 |
| Industrial Conglomerates - 1.2% |  |  |
| Hitachi Ltd  | 2312300 | 72362708 |
| Machinery - 0.9% |  |  |
| Daifuku Co Ltd (f) | 315000 | 9910112 |
| FANUC Corp  | 429000 | 16662640 |
| Makita Corp  | 840000 | 25402708 |
|  |  | 51975460 |
| Marine Transportation - 0.2% |  |  |
| Nippon Yusen KK  | 315300 | 10221485 |
| Professional Services - 0.5% |  |  |
| Recruit Holdings Co Ltd  | 480200 | 27121613 |
| Trading Companies & Distributors - 1.7% |  |  |
| ITOCHU Corp  | 1030500 | 12993089 |
| Mitsubishi Corp  | 339100 | 7763104 |
| Mitsui & Co Ltd  | 1049700 | 31114384 |
| Sumitomo Corp  | 831500 | 28728792 |
| Toyota Tsusho Corp  | 672100 | 22629312 |
|  |  | 103228681 |
| TOTAL INDUSTRIALS |  | 345001187 |
| Information Technology - 3.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Murata Manufacturing Co Ltd  | 150700 | 3122907 |
| TDK Corp  | 108100 | 1525850 |
| Yokogawa Electric Corp  | 608400 | 19482472 |
|  |  | 24131229 |
| IT Services - 0.8% |  |  |
| Fujitsu Ltd  | 229300 | 6337077 |
| NEC Corp  | 1029000 | 34882470 |
| Obic Co Ltd  | 114100 | 3585292 |
| Otsuka Corp  | 88900 | 1834300 |
|  |  | 46639139 |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| Advantest Corp  | 429500 | 53838308 |
| Renesas Electronics Corp  | 2008500 | 27439926 |
| Tokyo Electron Ltd  | 249600 | 54687640 |
|  |  | 135965874 |
| Software - 0.0% |  |  |
| Oracle Corp Japan  | 8300 | 698908 |
| TOTAL INFORMATION TECHNOLOGY |  | 207435150 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Asahi Kasei Corp  | 744900 | 6605376 |
| Mitsubishi Chemical Group Corp  | 1364900 | 7973825 |
| TOTAL MATERIALS |  | 14579201 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Mitsui Fudosan Co Ltd  | 350500 | 3984073 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.0% |  |  |
| Kansai Electric Power Co Inc/The  | 190600 | 2987251 |
| Gas Utilities - 0.3% |  |  |
| Osaka Gas Co Ltd  | 81800 | 2835636 |
| Tokyo Gas Co Ltd  | 361200 | 14308261 |
|  |  | 17143897 |
| TOTAL UTILITIES |  | 20131148 |
| TOTAL JAPAN |  | 1315012148 |
| LUXEMBOURG - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| ArcelorMittal SA  | 44584 | 2048125 |
| MACAU - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Galaxy Entertainment Group Ltd  | 857000 | 4219646 |
| MEXICO - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Fresnillo PLC  | 474405 | 21320070 |
| NETHERLANDS - 4.7%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Koninklijke KPN NV  | 5388634 | 25178905 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Heineken Holding NV Class A  | 43167 | 3165543 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Koninklijke Ahold Delhaize NV  | 61815 | 2533131 |
| Food Products - 0.0% |  |  |
| Magnum Ice Cream Co NV/The (United Kingdom)  | 49188 | 780717 |
| TOTAL CONSUMER STAPLES |  | 6479391 |
| Financials - 1.2% |  |  |
| Banks - 0.5% |  |  |
| ABN AMRO Bank NV depository receipt (d)(e) | 389550 | 13637837 |
| ING Groep NV  | 700948 | 19778336 |
|  |  | 33416173 |
| Insurance - 0.7% |  |  |
| ASR Nederland NV  | 48269 | 3438714 |
| NN Group NV  | 464445 | 35881928 |
|  |  | 39320642 |
| TOTAL FINANCIALS |  | 72736815 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Argenx SE (b) | 12716 | 10711747 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Koninklijke Philips NV  | 3649 | 99660 |
| TOTAL HEALTH CARE |  | 10811407 |
| Industrials - 0.2% |  |  |
| Professional Services - 0.2% |  |  |
| Wolters Kluwer NV  | 95595 | 9924402 |
| Information Technology - 2.6% |  |  |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| ASML Holding NV  | 140485 | 152121273 |
| TOTAL NETHERLANDS |  | 277252193 |
| NEW ZEALAND - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Meridian Energy Ltd  | 1618111 | 5217113 |
| NORWAY - 0.5%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telenor ASA  | 68963 | 1003658 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Gjensidige Forsikring ASA  | 367517 | 11010926 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Kongsberg Gruppen ASA  | 774554 | 19870998 |
| TOTAL NORWAY |  | 31885582 |
| PORTUGAL - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Galp Energia SGPS SA  | 172154 | 2959874 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| EDP SA  | 7 | 32 |
| TOTAL PORTUGAL |  | 2959906 |
| SINGAPORE - 2.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Singapore Telecommunications Ltd  | 1006400 | 3562409 |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Sea Ltd Class A ADR (b) | 82931 | 10579508 |
| Financials - 1.3% |  |  |
| Banks - 1.1% |  |  |
| DBS Group Holdings Ltd  | 733100 | 32143703 |
| Oversea-Chinese Banking Corp Ltd  | 612400 | 9414209 |
| United Overseas Bank Ltd  | 766755 | 20913669 |
|  |  | 62471581 |
| Capital Markets - 0.2% |  |  |
| Singapore Exchange Ltd  | 1074900 | 14182592 |
| TOTAL FINANCIALS |  | 76654173 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Singapore Technologies Engineering Ltd  | 4588700 | 30058234 |
| Real Estate - 0.2% |  |  |
| Diversified REITs - 0.2% |  |  |
| CapitaLand Integrated Commercial Trust  | 7036200 | 13082712 |
| TOTAL SINGAPORE |  | 133937036 |
| SPAIN - 5.1%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Amadeus IT Group SA Class A  | 140490 | 10375126 |
| Specialty Retail - 0.2% |  |  |
| Industria de Diseno Textil SA  | 202613 | 13415162 |
| TOTAL CONSUMER DISCRETIONARY |  | 23790288 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Repsol SA  | 310144 | 5804364 |
| Financials - 2.1% |  |  |
| Banks - 2.1% |  |  |
| Banco Bilbao Vizcaya Argentaria SA  | 2361436 | 55641950 |
| Banco Bilbao Vizcaya Argentaria SA ADR  | 8 | 186 |
| Banco Santander SA  | 5722728 | 67724275 |
|  |  | 123366411 |
| Insurance - 0.0% |  |  |
| Mapfre SA  | 404347 | 2034757 |
| TOTAL FINANCIALS |  | 125401168 |
| Industrials - 0.8% |  |  |
| Construction & Engineering - 0.2% |  |  |
| ACS Actividades de Construccion y Servicios SA  | 141545 | 14114261 |
| Transportation Infrastructure - 0.6% |  |  |
| Aena SME SA (d)(e) | 1293690 | 36214606 |
| TOTAL INDUSTRIALS |  | 50328867 |
| Utilities - 1.7% |  |  |
| Electric Utilities - 1.6% |  |  |
| Endesa SA  | 618274 | 22255623 |
| Iberdrola SA  | 3334807 | 72365540 |
|  |  | 94621163 |
| Gas Utilities - 0.1% |  |  |
| Naturgy Energy Group SA  | 160290 | 4882623 |
| TOTAL UTILITIES |  | 99503786 |
| TOTAL SPAIN |  | 304828473 |
| SWEDEN - 2.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telia Co AB  | 487445 | 2085003 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Tele2 AB B Shares  | 307323 | 5159048 |
| TOTAL COMMUNICATION SERVICES |  | 7244051 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Evolution AB (e) | 66032 | 4517130 |
| Financials - 0.9% |  |  |
| Banks - 0.5% |  |  |
| Svenska Handelsbanken AB A Shares  | 1335302 | 19485997 |
| Swedbank AB A1 Shares  | 216863 | 7563646 |
|  |  | 27049643 |
| Financial Services - 0.4% |  |  |
| Industrivarden AB A Shares  | 126082 | 5688857 |
| Industrivarden AB C Shares  | 19 | 856 |
| Investor AB B Shares  | 568687 | 20408862 |
|  |  | 26098575 |
| TOTAL FINANCIALS |  | 53148218 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Swedish Orphan Biovitrum AB B Shares (b) | 65851 | 2380406 |
| Industrials - 0.3% |  |  |
| Construction & Engineering - 0.1% |  |  |
| Skanska AB B Shares  | 154739 | 4240553 |
| Machinery - 0.2% |  |  |
| Sandvik AB  | 266491 | 8701156 |
| SKF AB B Shares  | 113466 | 3029375 |
| Volvo AB B Shares  | 880 | 28284 |
|  |  | 11758815 |
| TOTAL INDUSTRIALS |  | 15999368 |
| Information Technology - 0.6% |  |  |
| Communications Equipment - 0.6% |  |  |
| Telefonaktiebolaget LM Ericsson B Shares  | 3804005 | 37434731 |
| TOTAL SWEDEN |  | 120723904 |
| SWITZERLAND - 3.6%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Cie Financiere Richemont SA Series A  | 47356 | 10286075 |
| Financials - 1.4% |  |  |
| Capital Markets - 1.3% |  |  |
| UBS Group AG  | 1624608 | 75805469 |
| Insurance - 0.1% |  |  |
| Zurich Insurance Group AG  | 9982 | 7583850 |
| TOTAL FINANCIALS |  | 83389319 |
| Industrials - 1.5% |  |  |
| Electrical Equipment - 0.8% |  |  |
| ABB Ltd  | 669495 | 50053647 |
| Machinery - 0.4% |  |  |
| Schindler Holding AG participation certificate  | 58414 | 22064725 |
| Professional Services - 0.3% |  |  |
| SGS SA  | 136375 | 15643268 |
| TOTAL INDUSTRIALS |  | 87761640 |
| Information Technology - 0.1% |  |  |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Logitech International SA  | 35189 | 3622410 |
| Materials - 0.4% |  |  |
| Chemicals - 0.4% |  |  |
| Givaudan SA  | 6715 | 26670105 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| BKW AG  | 12436 | 2643886 |
| TOTAL SWITZERLAND |  | 214373435 |
| UNITED KINGDOM - 10.9%  |  |  |
| Communication Services - 0.3% |  |  |
| Wireless Telecommunication Services - 0.3% |  |  |
| Vodafone Group PLC  | 11164331 | 14880412 |
| Vodafone Group PLC ADR  | 2318 | 30620 |
| TOTAL COMMUNICATION SERVICES |  | 14911032 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Next PLC  | 12035 | 2219249 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Compass Group PLC  | 252 | 8030 |
| Specialty Retail - 0.0% |  |  |
| Kingfisher PLC  | 736 | 3102 |
| TOTAL CONSUMER DISCRETIONARY |  | 2230381 |
| Consumer Staples - 2.7% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Tesco PLC  | 6838279 | 40723614 |
| Household Products - 0.1% |  |  |
| Reckitt Benckiser Group PLC  | 89724 | 7259027 |
| Personal Care Products - 0.2% |  |  |
| Unilever PLC  | 196877 | 12896158 |
| Tobacco - 1.7% |  |  |
| British American Tobacco PLC  | 415998 | 23629773 |
| British American Tobacco PLC ADR  | 711244 | 40270636 |
| Imperial Brands PLC  | 831690 | 34966377 |
|  |  | 98866786 |
| TOTAL CONSUMER STAPLES |  | 159745585 |
| Financials - 4.3% |  |  |
| Banks - 3.5% |  |  |
| Barclays PLC  | 1125941 | 7223551 |
| Barclays PLC ADR  | 884784 | 22517753 |
| HSBC Holdings PLC  | 5177188 | 81914697 |
| HSBC Holdings PLC ADR (f) | 365240 | 28733431 |
| Lloyds Banking Group PLC  | 24335374 | 32225537 |
| NatWest Group PLC  | 2439792 | 21435861 |
| NatWest Group PLC ADR  | 456966 | 7996905 |
| Standard Chartered PLC  | 129719 | 3185853 |
|  |  | 205233588 |
| Capital Markets - 0.3% |  |  |
| 3i Group PLC  | 168048 | 7391357 |
| London Stock Exchange Group PLC  | 69892 | 8433762 |
|  |  | 15825119 |
| Financial Services - 0.0% |  |  |
| M&G PLC  | 1448128 | 5590540 |
| Insurance - 0.5% |  |  |
| Admiral Group PLC  | 261125 | 11178994 |
| Aviva PLC  | 1808437 | 16683500 |
| Legal & General Group PLC  | 112031 | 395501 |
|  |  | 28257995 |
| TOTAL FINANCIALS |  | 254907242 |
| Health Care - 1.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Smith & Nephew PLC  | 425101 | 7096789 |
| Pharmaceuticals - 1.0% |  |  |
| Astrazeneca PLC  | 304975 | 56689457 |
| Astrazeneca PLC ADR  | 38138 | 3506026 |
|  |  | 60195483 |
| TOTAL HEALTH CARE |  | 67292272 |
| Industrials - 2.2% |  |  |
| Aerospace & Defense - 2.0% |  |  |
| BAE Systems PLC  | 1802474 | 41644112 |
| Rolls-Royce Holdings PLC  | 4488470 | 69577682 |
|  |  | 111221794 |
| Industrial Conglomerates - 0.1% |  |  |
| CK Hutchison Holdings Ltd  | 879000 | 5980322 |
| Smiths Group PLC  | 90064 | 2855369 |
|  |  | 8835691 |
| Trading Companies & Distributors - 0.1% |  |  |
| Bunzl PLC  | 313258 | 8766037 |
| TOTAL INDUSTRIALS |  | 128823522 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Halma PLC  | 165473 | 7891485 |
| Software - 0.1% |  |  |
| Sage Group PLC/The  | 354253 | 5171491 |
| TOTAL INFORMATION TECHNOLOGY |  | 13062976 |
| Utilities - 0.1% |  |  |
| Multi-Utilities - 0.1% |  |  |
| National Grid PLC  | 412711 | 6350322 |
| TOTAL UNITED KINGDOM |  | 647323332 |
| UNITED STATES - 10.2%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Spotify Technology SA (b) | 8949 | 5196774 |
| Consumer Staples - 1.7% |  |  |
| Food Products - 1.7% |  |  |
| Nestle SA  | 971863 | 96609636 |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| BP PLC  | 3021060 | 17624645 |
| Shell PLC  | 1776658 | 65618785 |
| Shell PLC ADR  | 108684 | 7986100 |
| TOTAL ENERGY |  | 91229530 |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| Aegon Ltd  | 1121213 | 8749193 |
| Health Care - 5.4% |  |  |
| Life Sciences Tools & Services - 0.4% |  |  |
| QIAGEN NV (Germany)  | 551695 | 25191716 |
| Pharmaceuticals - 5.0% |  |  |
| GSK PLC  | 1007026 | 24766141 |
| GSK PLC ADR  | 750853 | 36821831 |
| Novartis AG  | 733661 | 101514008 |
| Novartis AG ADR  | 42163 | 5813013 |
| Roche Holding AG  | 16197 | 6854228 |
| Roche Holding AG non-voting shares  | 128566 | 53270245 |
| Sanofi SA  | 451276 | 43869688 |
| Sanofi SA ADR  | 335852 | 16275388 |
|  |  | 289184542 |
| TOTAL HEALTH CARE |  | 314376258 |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.2% |  |  |
| Schneider Electric SE  | 51375 | 14182299 |
| Marine Transportation - 0.2% |  |  |
| AP Moller - Maersk A/S Series A  | 1770 | 4077128 |
| AP Moller - Maersk A/S Series B  | 3469 | 7990711 |
|  |  | 12067839 |
| TOTAL INDUSTRIALS |  | 26250138 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| CyberArk Software Ltd (b) | 2203 | 982670 |
| Monday.com Ltd (b) | 128438 | 18952311 |
| TOTAL INFORMATION TECHNOLOGY |  | 19934981 |
| Materials - 0.7% |  |  |
| Construction Materials - 0.7% |  |  |
| CRH PLC (United Kingdom)  | 228801 | 28694681 |
| Holcim AG  | 137395 | 13487988 |
| TOTAL MATERIALS |  | 42182669 |
| TOTAL UNITED STATES |  | 604529179 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,004,278,654) |  | <br> **5840879412** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.5%** |
|  | Shares | Value ($)<br>|
| GERMANY - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Automobiles - 0.5% |  |  |
| Volkswagen AG <br>(Cost $29,525,706)<br>| 262275 | **31916759** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (g) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/2/2026  | 3.89 | 20000 | 20000 |
| US Treasury Bills 0% 3/26/2026 (h) | 3.58 | 1680000 | 1666376 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $1,686,082) |  |  | **1686376** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 3.79 | 54303735 | 54314595 |
| Fidelity Securities Lending Cash Central Fund (c)(i) | 3.77 | 68540962 | 68547816 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $122,865,537) |  |  | **122862411** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.0%**<br> (Cost $5,158,355,979)<br>| <br>**5997344958** |
| **NET OTHER ASSETS (LIABILITIES) - (1.0)%**  | **(57976100)** |
| **NET ASSETS - 100.0%** | **5939368858** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 373 | 3/2026 | 54124165 | 134723 |
| The notional amount of long futures as a percentage of Net Assets is 0.9%. | The notional amount of long futures as a percentage of Net Assets is 0.9%. | The notional amount of long futures as a percentage of Net Assets is 0.9%. | The notional amount of long futures as a percentage of Net Assets is 0.9%. | The notional amount of long futures as a percentage of Net Assets is 0.9%. |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Investment made with cash collateral received from securities on loan.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $92,759,596 or 1.6% of net assets.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $97,276,726 or 1.6% of net assets.

(f) Security or a portion of the security is on loan at period end.

(g) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(h) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,661,417.

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 38515325 | 910778965 | 894982340 | 1712549 | 2645 | - | 54314595 | 54303735 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 40843586 | 284886806 | 257180249 | 182398 | 799 | (3126) | 68547816 | 68540962 | 0.2% |
| Total | 79358911 | 1195665771 | 1152162589 | 1894947 | 3444 | (3126) | 122862411 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 212227016 | 212227016 | - | - |
| Consumer Discretionary | 570793640 | 570793640 | - | - |
| Consumer Staples | 383940713 | 383940713 | - | - |
| Energy | 203340742 | 203340742 | - | - |
| Financials | 1547817750 | 1547817750 | - | - |
| Health Care | 551429432 | 551429432 | - | - |
| Industrials | 1228684996 | 1228684996 | - | - |
| Information Technology | 525226470 | 525226470 | - | - |
| Materials | 309316115 | 309316115 | - | - |
| Real Estate | 47261331 | 47261331 | - | - |
| Utilities | 260841207 | 260841207 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 31916759 | 31916759 | - | - |
|  **U.S. Treasury Obligations** | 1686376 | - | 1686376 | - |
|  **Money Market Funds** | 122862411 | 122862411 | - | - |
| **Total Investments in Securities:** | 5997344958 | 5995658582 | 1686376 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 134723 | 134723 | - | - |
| Total Assets | 134723 | 134723 | - | - |
| **Total Derivative Instruments:** | 134723 | 134723 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 134723 | - |
| **Total Equity Risk**  | 134723 | - |
| **Total Value of Derivatives** | 134723 | - |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Enhanced International ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $61,787,872) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,035,490,442) | $5874482547 |  |
| Fidelity Central Funds (cost $122,865,537) | 122862411 |  |
| Total Investment in Securities (cost $5,158,355,979) |  | $5997344958 |
| Cash |  | 4 |
| Foreign currency held at value (cost $1,847,151) |  | 1852874 |
| Dividends receivable |  | 3828184 |
| Reclaims receivable |  | 6270685 |
| Interest receivable |  | 698 |
| Distributions receivable from Fidelity Central Funds |  | 257570 |
| Other receivables |  | 22 |
| **Total assets** |  | 6009554995 |
| **Liabilities** |  |  |
| Accrued management fee | $1322679 |  |
| Payable for daily variation margin on futures contracts | 302130 |  |
| Other payables and accrued expenses | 11099 |  |
| Collateral on securities loaned | 68550229 |  |
| **Total liabilities** |  | 70186137 |
| **Net Assets**  |  | $5939368858 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5099134513 |
| Total accumulated earnings (loss) |  | 840234345 |
| **Net Assets** |  | $5939368858 |
| **Net Asset Value**, offering price and redemption price per share ($5,939,368,858 ÷ 162,179,106 shares) |  | $36.62 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $38165375 |
| Non-Cash dividends |  | 2987645 |
| Interest  |  | 116977 |
| Income from Fidelity Central Funds (including $182,398 from security lending)  |  | 1894947 |
| Income before foreign taxes withheld |  | $43164944 |
| Less foreign taxes withheld |  | (2609479) |
| **Total income** |  | 40555465 |
| **Expenses** |  |  |
| Management fee | $6215351 |  |
| Independent trustees' fees and expenses | 8218 |  |
| Total expenses before reductions | 6223569 |  |
| Expense reductions | (325) |  |
| Total expenses after reductions |  | 6223244 |
| **Net Investment income (loss)** |  | 34332221 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (26840863) |  |
| Redemptions in-kind | 159963057 |  |
| Fidelity Central Funds | 3444 |  |
| Foreign currency transactions | (283492) |  |
| Futures contracts | 14041914 |  |
| Total net realized gain (loss) |  | 146884060 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 344068754 |  |
| Fidelity Central Funds  | (3126) |  |
| Assets and liabilities in foreign currencies | (227940) |  |
| Futures contracts | (732762) |  |
| Total change in net unrealized appreciation (depreciation) |  | 343104926 |
| **Net gain (loss)** |  | 489988986 |
| **Net increase (decrease) in net assets resulting from operations** |  | $524321207 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **June 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $34332221 | $60723811 |
| &nbsp;&nbsp;Net realized gain (loss) | 146884060<br>| 162826139<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 343104926 | 223180573<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 524321207<br>| 446730523<br>|
| Distributions to shareholders | (77602505)<br>| (66312030)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2907446902 | 1753603267 |
| &nbsp;&nbsp;Cost of shares redeemed | (607285694) | (499384133) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2300161208<br>| 1254219134<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2746879910<br>| 1634637627<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3192488948 | 1557851321<br>|
| &nbsp;&nbsp;End of period | $5939368858 | $3192488948 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 83500000 | 57400000 |
| &nbsp;&nbsp;Redeemed | (17500000) | (16300000) |
| &nbsp;&nbsp;Net increase (decrease) | 66000000 | 41100000 |

---

**Financial Highlights** 

**Fidelity® Enhanced International ETF** <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)**  | **Years ended June 30, 2025**  | **2024** A  | **2023** B,C | **2022** B,C | **2021** B,C  | **2020** B,C |
| **Selected Per-Share Data**  |  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $33.19 | $28.28 | $25.73 | $22.08 | $28.49 | $22.68 | $22.13 |
| Income from Investment Operations  |  |  |  |  |  |  |  |
| Net investment income (loss) D,E | .27  | .91  | .65  | .64  | .76  | .62  | .47  |
| Net realized and unrealized gain (loss)  | 3.69  | 4.88  | 3.19  | 3.58  | (6.43)  | 5.61  | .79  |
| Total from investment operations  | 3.96  | 5.79  | 3.84  | 4.22  | (5.67)  | 6.23  | 1.26  |
| Distributions from net investment income  | (.53)  | (.88)  | (1.29)  | (.57)  | (.74)  | (.42)  | (.71)  |
| Total distributions  | (.53)  | (.88)  | (1.29)  | (.57)  | (.74)  | (.42)  | (.71)  |
| Net asset value, end of period  | $36.62 | $33.19 | $28.28 | $25.73 | $22.08 | $28.49 | $22.68 |
| **Total Return** F,G,H | 11.97% <br>| 20.83%  | 15.53%  | 19.29%  | (20.35)%  | 27.77%  | 5.55%  |
| **Ratios to Average Net Assets** E,I,J |  |  |  |  |  |  |  |
| Expenses before reductions  | .28% K | .28%  | .36% K,L | .55%  | .57%  | .59%  | .59%  |
| Expenses net of fee waivers, if any  | .28% K<br>| .28%  | .36% K,L | .55%  | .57%  | .59%  | .59%  |
| Expenses net of all reductions, if any  | .28% K | .28%  | .36% K,L | .55%  | .57%  | .59%  | .59%  |
| Net investment income (loss)  | 1.55% K | 3.06%  | 2.95% K,L | 2.69%  | 2.99%  | 2.32%  | 2.13%  |
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5939369 | $3192489 | $1557851 | $1565113 | $1304804 | $1679091 | $1182923 |
| Portfolio turnover rate M | 79% K,N<br>| 73% N | 109% K,N | 105%  | 114%  | 82%  | 75%  |

---

A*For the ten month period ended June 30. The Fund changed its fiscal year end from August 31 to June 30, effective March 1, 2024.*

B*Per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization that occurred on November 17, 2023. All financial information prior to the reorganization is that of Fidelity International Enhanced Index Fund.*

C*For the year ended August 31.*

D*Calculated based on average shares outstanding during the period.*

E*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Based on net asset value.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Proxy expenses are not annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

N*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Enhanced Large Cap Core ETF**

**Schedule of Investments December 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** |
|  | Shares | Value ($)<br>|
| MEXICO - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Southern Copper Corp  | 64397 | 9239038 |
| SWITZERLAND - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| TE Connectivity PLC  | 12605 | 2867763 |
| UNITED KINGDOM - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| TechnipFMC PLC  | 121085 | 5395548 |
| UNITED STATES - 99.2%  |  |  |
| Communication Services - 11.9% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| AT&T Inc  | 1987114 | 49359912 |
| Verizon Communications Inc  | 447700 | 18234821 |
|  |  | 67594733 |
| Entertainment - 2.0% |  |  |
| Electronic Arts Inc  | 116889 | 23883929 |
| Netflix Inc (b) | 768960 | 72097690 |
| Roku Inc Class A (b) | 18326 | 1988188 |
| Walt Disney Co/The  | 195757 | 22271274 |
| Warner Bros Discovery Inc (b) | 34269 | 987632 |
|  |  | 121228713 |
| Interactive Media & Services - 7.9% |  |  |
| Alphabet Inc Class A  | 464757 | 145468941 |
| Alphabet Inc Class C  | 511492 | 160506190 |
| Meta Platforms Inc Class A  | 273129 | 180289721 |
|  |  | 486264852 |
| Media - 0.6% |  |  |
| Comcast Corp Class A  | 1239047 | 37035115 |
| Wireless Telecommunication Services - 0.3% |  |  |
| T-Mobile US Inc  | 109345 | 22201409 |
| TOTAL COMMUNICATION SERVICES |  | 734324822 |
| Consumer Discretionary - 10.4% |  |  |
| Automobile Components - 0.0% |  |  |
| BorgWarner Inc  | 16 | 721 |
| Automobiles - 2.9% |  |  |
| Ford Motor Co  | 2487741 | 32639162 |
| General Motors Co  | 502311 | 40847931 |
| Tesla Inc (b) | 230945 | 103860585 |
|  |  | 177347678 |
| Broadline Retail - 4.3% |  |  |
| Amazon.com Inc (b) | 1149560 | 265341439 |
| Hotels, Restaurants & Leisure - 1.6% |  |  |
| Airbnb Inc Class A (b) | 289902 | 39345499 |
| Booking Holdings Inc  | 9581 | 51309417 |
| Expedia Group Inc Class A  | 18211 | 5159358 |
| Global Business Travel Group I Class A (b) | 35 | 268 |
| Wendy's Co/The  | 32 | 267 |
|  |  | 95814809 |
| Household Durables - 0.2% |  |  |
| Garmin Ltd  | 63543 | 12889698 |
| Specialty Retail - 1.4% |  |  |
| Abercrombie & Fitch Co Class A (b) | 153 | 19258 |
| Gap Inc/The  | 594303 | 15214157 |
| Home Depot Inc/The  | 28992 | 9976147 |
| Ross Stores Inc  | 64032 | 11534724 |
| TJX Cos Inc/The  | 326262 | 50117106 |
|  |  | 86861392 |
| TOTAL CONSUMER DISCRETIONARY |  | 638255737 |
| Consumer Staples - 2.7% |  |  |
| Beverages - 0.5% |  |  |
| Monster Beverage Corp (b) | 92896 | 7122336 |
| PepsiCo Inc  | 163944 | 23529243 |
|  |  | 30651579 |
| Consumer Staples Distribution & Retail - 1.1% |  |  |
| Costco Wholesale Corp  | 11860 | 10227352 |
| Walmart Inc  | 527361 | 58753290 |
|  |  | 68980642 |
| Food Products - 0.0% |  |  |
| Cal-Maine Foods Inc  | 21 | 1671 |
| Household Products - 0.7% |  |  |
| Procter & Gamble Co/The  | 300753 | 43100912 |
| Tobacco - 0.4% |  |  |
| Altria Group Inc  | 176714 | 10189329 |
| Philip Morris International Inc  | 72757 | 11670223 |
|  |  | 21859552 |
| TOTAL CONSUMER STAPLES |  | 164594356 |
| Energy - 2.5% |  |  |
| Oil, Gas & Consumable Fuels - 2.5% |  |  |
| Cheniere Energy Inc  | 91078 | 17704652 |
| Chevron Corp  | 1968 | 299943 |
| ConocoPhillips  | 293460 | 27470791 |
| Devon Energy Corp  | 226173 | 8284717 |
| EOG Resources Inc  | 353970 | 37170390 |
| Exxon Mobil Corp  | 443282 | 53344556 |
| Kinder Morgan Inc  | 350507 | 9635437 |
| Williams Cos Inc/The  | 10 | 601 |
| TOTAL ENERGY |  | 153911087 |
| Financials - 15.2% |  |  |
| Banks - 4.3% |  |  |
| Bank of America Corp  | 1281184 | 70465120 |
| JPMorgan Chase & Co  | 356959 | 115019329 |
| PNC Financial Services Group Inc/The  | 41629 | 8689221 |
| US Bancorp  | 774923 | 41349891 |
| Wells Fargo & Co  | 300389 | 27996255 |
|  |  | 263519816 |
| Capital Markets - 3.6% |  |  |
| Ameriprise Financial Inc  | 9882 | 4845540 |
| Bank of New York Mellon Corp/The  | 349572 | 40581813 |
| Charles Schwab Corp/The  | 505550 | 50509501 |
| CME Group Inc Class A  | 43458 | 11867511 |
| Goldman Sachs Group Inc/The  | 19545 | 17180055 |
| Morgan Stanley  | 304065 | 53980659 |
| S&P Global Inc  | 61949 | 32373928 |
| SEI Investments Co  | 107490 | 8816330 |
|  |  | 220155337 |
| Consumer Finance - 1.5% |  |  |
| American Express Co  | 123061 | 45526417 |
| Capital One Financial Corp  | 175325 | 42491767 |
| Synchrony Financial  | 88392 | 7374545 |
|  |  | 95392729 |
| Financial Services - 4.5% |  |  |
| Berkshire Hathaway Inc Class B (b) | 257188 | 129275548 |
| Fiserv Inc (b) | 288347 | 19368268 |
| Mastercard Inc Class A  | 140373 | 80136138 |
| PayPal Holdings Inc  | 264835 | 15461067 |
| Visa Inc Class A  | 88163 | 30919646 |
|  |  | 275160667 |
| Insurance - 1.3% |  |  |
| Allstate Corp/The  | 85142 | 17722307 |
| Globe Life Inc  | 6 | 839 |
| Loews Corp  | 10446 | 1100068 |
| Progressive Corp/The  | 195527 | 44525409 |
| Travelers Companies Inc/The  | 65807 | 19087978 |
|  |  | 82436601 |
| TOTAL FINANCIALS |  | 936665150 |
| Health Care - 8.8% |  |  |
| Biotechnology - 2.8% |  |  |
| AbbVie Inc  | 323936 | 74016137 |
| Exelixis Inc (b) | 432177 | 18942318 |
| Gilead Sciences Inc  | 383309 | 47047347 |
| Incyte Corp (b) | 321893 | 31793372 |
| PTC Therapeutics Inc (b) | 11 | 835 |
| Regeneron Pharmaceuticals Inc  | 3741 | 2887565 |
|  |  | 174687574 |
| Health Care Equipment & Supplies - 0.7% |  |  |
| Boston Scientific Corp (b) | 455612 | 43442604 |
| Medtronic PLC  | 97 | 9318 |
|  |  | 43451922 |
| Health Care Providers & Services - 0.7% |  |  |
| CVS Health Corp  | 59884 | 4752394 |
| Elevance Health Inc  | 1399 | 490419 |
| Option Care Health Inc (b) | 302694 | 9643831 |
| UnitedHealth Group Inc  | 86834 | 28664772 |
|  |  | 43551416 |
| Health Care Technology - 0.4% |  |  |
| Veeva Systems Inc Class A (b) | 105203 | 23484466 |
| Life Sciences Tools & Services - 0.6% |  |  |
| Illumina Inc (b) | 171145 | 22447378 |
| Medpace Holdings Inc (b) | 27672 | 15541979 |
|  |  | 37989357 |
| Pharmaceuticals - 3.6% |  |  |
| Bristol-Myers Squibb Co  | 827400 | 44629956 |
| Eli Lilly & Co  | 111213 | 119518387 |
| Johnson & Johnson  | 93109 | 19268908 |
| Merck & Co Inc  | 84166 | 8859313 |
| Pfizer Inc  | 5 | 124 |
| Viatris Inc  | 2002922 | 24936379 |
|  |  | 217213067 |
| TOTAL HEALTH CARE |  | 540377802 |
| Industrials - 9.8% |  |  |
| Aerospace & Defense - 2.8% |  |  |
| GE Aerospace  | 217521 | 67002995 |
| General Dynamics Corp  | 113243 | 38124388 |
| HEICO Corp  | 39091 | 12649457 |
| Lockheed Martin Corp  | 69789 | 33754846 |
| Northrop Grumman Corp  | 38007 | 21671971 |
| RTX Corp  | 8908 | 1633727 |
|  |  | 174837384 |
| Building Products - 1.6% |  |  |
| Allegion plc  | 80955 | 12889655 |
| Armstrong World Industries Inc  | 3 | 573 |
| Carrier Global Corp  | 181276 | 9578624 |
| Johnson Controls International plc  | 315819 | 37819325 |
| Trane Technologies PLC  | 101493 | 39501077 |
|  |  | 99789254 |
| Commercial Services & Supplies - 1.1% |  |  |
| Cintas Corp  | 196635 | 36981144 |
| Veralto Corp  | 6751 | 673615 |
| Waste Management Inc  | 124339 | 27318522 |
|  |  | 64973281 |
| Construction & Engineering - 0.6% |  |  |
| Comfort Systems USA Inc  | 23453 | 21888450 |
| Valmont Industries Inc  | 35619 | 14330236 |
|  |  | 36218686 |
| Electrical Equipment - 1.4% |  |  |
| Acuity Inc  | 18094 | 6514564 |
| AMETEK Inc  | 177212 | 36383396 |
| Eaton Corp PLC  | 99973 | 31842400 |
| Rockwell Automation Inc  | 32935 | 12814020 |
|  |  | 87554380 |
| Ground Transportation - 1.5% |  |  |
| CSX Corp  | 464075 | 16822719 |
| Lyft Inc Class A (b) | 1483130 | 28728228 |
| Norfolk Southern Corp  | 1412 | 407672 |
| Uber Technologies Inc (b) | 592591 | 48420611 |
|  |  | 94379230 |
| Industrial Conglomerates - 0.7% |  |  |
| Honeywell International Inc  | 222116 | 43332610 |
| Passenger Airlines - 0.0% |  |  |
| SkyWest Inc (b) | 1 | 100 |
| Trading Companies & Distributors - 0.1% |  |  |
| Applied Industrial Technologies Inc  | 10783 | 2768751 |
| Ferguson Enterprises Inc  | 26 | 5788 |
| Rush Enterprises Inc Class A  | 54567 | 2943344 |
| WW Grainger Inc  | 1 | 1009 |
|  |  | 5718892 |
| TOTAL INDUSTRIALS |  | 606803817 |
| Information Technology - 35.0% |  |  |
| Communications Equipment - 1.0% |  |  |
| Arista Networks Inc (b) | 42103 | 5516756 |
| Cisco Systems Inc  | 444083 | 34207714 |
| Motorola Solutions Inc  | 56126 | 21514218 |
|  |  | 61238688 |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Amphenol Corp Class A  | 192444 | 26006883 |
| Itron Inc (b) | 38214 | 3548552 |
| Keysight Technologies Inc (b) | 50676 | 10296856 |
| Zebra Technologies Corp Class A (b) | 98053 | 23809229 |
|  |  | 63661520 |
| Semiconductors & Semiconductor Equipment - 14.9% |  |  |
| Advanced Micro Devices Inc (b) | 89566 | 19181455 |
| Analog Devices Inc  | 171005 | 46376556 |
| Broadcom Inc  | 581345 | 201203505 |
| Cirrus Logic Inc (b) | 164269 | 19465877 |
| Intel Corp (b) | 306869 | 11323466 |
| Lam Research Corp  | 140376 | 24029564 |
| Micron Technology Inc  | 182247 | 52015116 |
| NVIDIA Corp  | 2597409 | 484416779 |
| Qorvo Inc (b) | 100 | 8450 |
| QUALCOMM Inc  | 303572 | 51925991 |
|  |  | 909946759 |
| Software - 10.4% |  |  |
| Adobe Inc (b) | 137791 | 48225472 |
| Alarm.com Holdings Inc (b) | 223107 | 11382919 |
| Atlassian Corp Class A (b) | 50492 | 8186773 |
| Autodesk Inc (b) | 23182 | 6862104 |
| Cadence Design Systems Inc (b) | 37046 | 11579839 |
| Docusign Inc (b) | 52458 | 3588126 |
| Fortinet Inc (b) | 443319 | 35203962 |
| Microsoft Corp  | 752798 | 364068169 |
| Oracle Corp  | 19583 | 3816922 |
| Palantir Technologies Inc Class A (b) | 249354 | 44322674 |
| Salesforce Inc  | 226244 | 59934298 |
| Servicenow Inc (b) | 5 | 765 |
| Tenable Holdings Inc (b) | 221484 | 5211519 |
| Teradata Corp (b) | 228774 | 6963881 |
| Zoom Communications Inc Class A (b) | 374433 | 32309824 |
|  |  | 641657247 |
| Technology Hardware, Storage & Peripherals - 7.7% |  |  |
| Apple Inc  | 1588816 | 431935518 |
| NetApp Inc  | 166487 | 17829092 |
| Western Digital Corp  | 146832 | 25294749 |
|  |  | 475059359 |
| TOTAL INFORMATION TECHNOLOGY |  | 2151563573 |
| Materials - 0.5% |  |  |
| Chemicals - 0.0% |  |  |
| Corteva Inc  | 22 | 1475 |
| Ecolab Inc  | 242 | 63530 |
|  |  | 65005 |
| Construction Materials - 0.0% |  |  |
| CRH PLC  | 153 | 19093 |
| Metals & Mining - 0.5% |  |  |
| Commercial Metals Co  | 263304 | 18225904 |
| Newmont Corp  | 135245 | 13504213 |
| Nucor Corp  | 11731 | 1913443 |
|  |  | 33643560 |
| TOTAL MATERIALS |  | 33727658 |
| Real Estate - 1.6% |  |  |
| Health Care REITs - 0.8% |  |  |
| Welltower Inc  | 230408 | 42766029 |
| Real Estate Management & Development - 0.0% |  |  |
| Compass Inc Class A (b) | 195970 | 2071403 |
| Retail REITs - 0.3% |  |  |
| Simon Property Group Inc  | 108277 | 20043155 |
| Specialized REITs - 0.5% |  |  |
| American Tower Corp  | 38 | 6671 |
| Public Storage  | 16373 | 4248794 |
| VICI Properties Inc  | 993000 | 27923160 |
|  |  | 32178625 |
| TOTAL REAL ESTATE |  | 97059212 |
| Utilities - 0.8% |  |  |
| Electric Utilities - 0.8% |  |  |
| NextEra Energy Inc  | 505135 | 40552238 |
| NRG Energy Inc  | 50076 | 7974102 |
| TOTAL UTILITIES |  | 48526340 |
| TOTAL UNITED STATES |  | 6105809554 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,931,078,632) |  | <br> **6123311903** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/29/2026  | 3.81 | 2040000 | 2034613 |
| US Treasury Bills 0% 2/26/2026 (d) | 3.72 to 3.78 | 9700000 | 9646817 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $11,677,982) |  |  | **11681430** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $4,769,677)<br>| 3.79 | 4768723 | **4769677** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.6%**<br> (Cost $4,947,526,291)<br>| <br>**6139763010** |
| **NET OTHER ASSETS (LIABILITIES) - 0.4%**  | **22661619** |
| **NET ASSETS - 100.0%** | **6162424629** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 71 | 3/2026 | 24468375 | (31551) |
| The notional amount of long futures as a percentage of Net Assets is 0.4%. | The notional amount of long futures as a percentage of Net Assets is 0.4%. | The notional amount of long futures as a percentage of Net Assets is 0.4%. | The notional amount of long futures as a percentage of Net Assets is 0.4%. | The notional amount of long futures as a percentage of Net Assets is 0.4%. |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $263,547.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 40238336 | 434575472 | 470051603 | 1336126 | 7472 | - | 4769677 | 4768723 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 827375 | 206514900 | 207341886 | 4001 | (389) | - | - | - | 0.0% |
| Total | 41065711 | 641090372 | 677393489 | 1340127 | 7083 | - | 4769677 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 734324822 | 734324822 | - | - |
| Consumer Discretionary | 638255737 | 638255737 | - | - |
| Consumer Staples | 164594356 | 164594356 | - | - |
| Energy | 159306635 | 159306635 | - | - |
| Financials | 936665150 | 936665150 | - | - |
| Health Care | 540377802 | 540377802 | - | - |
| Industrials | 606803817 | 606803817 | - | - |
| Information Technology | 2154431336 | 2154431336 | - | - |
| Materials | 42966696 | 42966696 | - | - |
| Real Estate | 97059212 | 97059212 | - | - |
| Utilities | 48526340 | 48526340 | - | - |
|  **U.S. Treasury Obligations** | 11681430 | - | 11681430 | - |
|  **Money Market Funds** | 4769677 | 4769677 | - | - |
| **Total Investments in Securities:** | 6139763010 | 6128081580 | 11681430 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (31551) | (31551) | - | - |
| Total Liabilities | (31551) | (31551) | - | - |
| **Total Derivative Instruments:** | (31551) | (31551) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | - | (31551) |
| **Total Equity Risk**  | - | (31551) |
| **Total Value of Derivatives** | - | (31551) |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Enhanced Large Cap Core ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,942,756,614) | $6134993333 |  |
| Fidelity Central Funds (cost $4,769,677) | 4769677 |  |
| Total Investment in Securities (cost $4,947,526,291) |  | $6139763010 |
| Receivable for fund shares sold |  | 76345464 |
| Dividends receivable |  | 2677373 |
| Distributions receivable from Fidelity Central Funds |  | 295661 |
| **Total assets** |  | 6219081508 |
| **Liabilities** |  |  |
| Payable to custodian bank | $522 |  |
| Payable for investments purchased  | 55727347 |  |
| Accrued management fee | 898446 |  |
| Payable for daily variation margin on futures contracts | 30564 |  |
| **Total liabilities** |  | 56656879 |
| **Net Assets**  |  | $6162424629 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5006421473 |
| Total accumulated earnings (loss) |  | 1156003156 |
| **Net Assets** |  | $6162424629 |
| **Net Asset Value**, offering price and redemption price per share ($6,162,424,629 ÷ 161,435,453 shares) |  | $38.17 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $27989944 |
| Interest  |  | 153116 |
| Income from Fidelity Central Funds (including $4,001 from security lending)  |  | 1340127 |
| **Total income** |  | 29483187 |
| **Expenses** |  |  |
| Management fee | $4792427 |  |
| Independent trustees' fees and expenses | 11165 |  |
| Total expenses before reductions | 4803592 |  |
| Expense reductions | (663) |  |
| Total expenses after reductions |  | 4802929 |
| **Net Investment income (loss)** |  | 24680258 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 67420675 |  |
| Redemptions in-kind | 84772202 |  |
| Fidelity Central Funds | 7083 |  |
| Futures contracts | 6032139 |  |
| Total net realized gain (loss) |  | 158232099 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 367127758 |  |
| Futures contracts | (1111521) |  |
| Total change in net unrealized appreciation (depreciation) |  | 366016237 |
| **Net gain (loss)** |  | 524248336 |
| **Net increase (decrease) in net assets resulting from operations** |  | $548928594 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **June 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $24680258 | $45610737 |
| &nbsp;&nbsp;Net realized gain (loss) | 158232099<br>| 377874284<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 366016237 | 56741748<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 548928594<br>| 480226769<br>|
| Distributions to shareholders | (25216421)<br>| (45512986)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1271696326 | 2992296321 |
| &nbsp;&nbsp;Cost of shares redeemed | (318149170) | (1653079179) |
| **Net increase (decrease) in net assets resulting from share transactions** | 953547156<br>| 1339217142<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1477259329<br>| 1773930925<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4685165300 | 2911234375<br>|
| &nbsp;&nbsp;End of period | $6162424629 | $4685165300 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 34300000 | 92700000 |
| &nbsp;&nbsp;Redeemed | (8700000) | (52100000) |
| &nbsp;&nbsp;Net increase (decrease) | 25600000 | 40600000 |

---

**Financial Highlights** 

**Fidelity® Enhanced Large Cap Core ETF** <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)**  | **Years ended June 30, 2025**  | **2024** A  | **2023** B,C | **2022** B,C | **2021** B,C  | **2020** B,C |
| **Selected Per-Share Data**  |  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $34.49 | $30.57 | $25.02 | $22.03 | $27.89 | $21.60 | $18.13 |
| Income from Investment Operations  |  |  |  |  |  |  |  |
| Net investment income (loss) D,E | .17  | .37  | .27  | .29  | .29  | .26  | .29  |
| Net realized and unrealized gain (loss)  | 3.68  | 3.91  | 5.71  | 2.96  | (2.48)  | 6.55  | 3.64  |
| Total from investment operations  | 3.85  | 4.28  | 5.98  | 3.25  | (2.19)  | 6.81  | 3.93  |
| Distributions from net investment income  | (.17)  | (.36)  | (.43)  | (.18)  | (.43)  | (.26)  | (.31)  |
| Distributions from net realized gain  | -  | -  | -  | (.10)  | (3.24)  | (.26)  | (.15)  |
| Total distributions  | (.17)  | (.36)  | (.43)  | (.26) F | (3.67)  | (.52)  | (.46)  |
| Net asset value, end of period  | $38.17 | $34.49 | $30.57 | $25.02 | $22.03 | $27.89 | $21.60 |
| **Total Return** G,H,I | 11.16% <br>| 14.07%  | 24.20%  | 15.01%  | (9.41)%  | 32.14%  | 21.97%  |
| **Ratios to Average Net Assets** E,J,K |  |  |  |  |  |  |  |
| Expenses before reductions  | .18% L | .18%  | .24% L,M | .39%  | .39%  | .39%  | .39%  |
| Expenses net of fee waivers, if any  | .18% L<br>| .18%  | .23% L,M | .39%  | .39%  | .39%  | .39%  |
| Expenses net of all reductions, if any  | .18% L | .18%  | .23% L,M | .39%  | .39%  | .39%  | .39%  |
| Net investment income (loss)  | .93% L | 1.15%  | 1.20% L,M | 1.26%  | 1.18%  | 1.09%  | 1.49%  |
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6162425 | $4685165 | $2911234 | $2048315 | $2462111 | $1508781 | $1087245 |
| Portfolio turnover rate N | 89% L,O<br>| 77% O | 58% L,O | 105%  | 104%  | 83%  | 63%  |

---

A*For the ten month period ended June 30. The Fund changed its fiscal year end from August 31 to June 30, effective March 1, 2024.*

B*For the year ended August 31.*

C*Per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization that occurred on November 17, 2023. All financial information prior to the reorganization is that of Fidelity Large Cap Core Enhanced Index Fund.*

D*Calculated based on average shares outstanding during the period.*

E*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

F*Total distributions per share do not sum due to rounding.*

G*Total returns for periods of less than one year are not annualized.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Based on net asset value.*

J*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

K*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

L*Annualized.*

M*Proxy expenses are not annualized.*

N*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

O*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Enhanced Large Cap Growth ETF**

**Schedule of Investments December 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** |
|  | Shares | Value ($)<br>|
| SWITZERLAND - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| TE Connectivity PLC  | 9709 | 2208894 |
| UNITED KINGDOM - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| TechnipFMC PLC  | 65926 | 2937663 |
| UNITED STATES - 98.7%  |  |  |
| Communication Services - 14.0% |  |  |
| Entertainment - 2.8% |  |  |
| Electronic Arts Inc  | 104312 | 21314071 |
| Netflix Inc (b) | 765307 | 71755184 |
| ROBLOX Corp Class A (b) | 186968 | 15150017 |
| Roku Inc Class A (b) | 112632 | 12219446 |
| Spotify Technology SA (b) | 19069 | 11073559 |
|  |  | 131512277 |
| Interactive Media & Services - 10.7% |  |  |
| Alphabet Inc Class A  | 513603 | 160757740 |
| Alphabet Inc Class C  | 500369 | 157015792 |
| Meta Platforms Inc Class A  | 281334 | 185705760 |
|  |  | 503479292 |
| Wireless Telecommunication Services - 0.5% |  |  |
| T-Mobile US Inc  | 118985 | 24158714 |
| TOTAL COMMUNICATION SERVICES |  | 659150283 |
| Consumer Discretionary - 11.2% |  |  |
| Automobiles - 3.3% |  |  |
| Tesla Inc (b) | 345823 | 155523520 |
| Broadline Retail - 3.9% |  |  |
| Amazon.com Inc (b) | 805892 | 186015991 |
| Hotels, Restaurants & Leisure - 2.4% |  |  |
| Airbnb Inc Class A (b) | 256503 | 34812587 |
| Booking Holdings Inc  | 9281 | 49702818 |
| Expedia Group Inc Class A  | 100625 | 28508069 |
|  |  | 113023474 |
| Specialty Retail - 1.6% |  |  |
| Abercrombie & Fitch Co Class A (b) | 61644 | 7759130 |
| Chewy Inc Class A (b) | 111653 | 3690132 |
| Five Below Inc (b) | 15587 | 2935967 |
| Home Depot Inc/The  | 44954 | 15468671 |
| Ross Stores Inc  | 55055 | 9917608 |
| TJX Cos Inc/The  | 246355 | 37842592 |
|  |  | 77614100 |
| TOTAL CONSUMER DISCRETIONARY |  | 532177085 |
| Consumer Staples - 0.7% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Costco Wholesale Corp  | 39211 | 33813214 |
| Financials - 5.2% |  |  |
| Banks - 0.6% |  |  |
| Bank of America Corp  | 516066 | 28383630 |
| Capital Markets - 1.2% |  |  |
| Bank of New York Mellon Corp/The  | 218930 | 25415584 |
| Charles Schwab Corp/The  | 268281 | 26803955 |
| SEI Investments Co  | 32395 | 2657037 |
|  |  | 54876576 |
| Consumer Finance - 0.0% |  |  |
| American Express Co  | 10823 | 4003969 |
| Financial Services - 3.4% |  |  |
| Mastercard Inc Class A  | 163139 | 93132792 |
| Visa Inc Class A  | 188074 | 65959433 |
|  |  | 159092225 |
| TOTAL FINANCIALS |  | 246356400 |
| Health Care - 9.2% |  |  |
| Biotechnology - 4.1% |  |  |
| AbbVie Inc  | 367077 | 83873424 |
| ACADIA Pharmaceuticals Inc (b) | 458183 | 12238068 |
| Alnylam Pharmaceuticals Inc (b) | 76881 | 30571730 |
| Exelixis Inc (b) | 599624 | 26281520 |
| Gilead Sciences Inc  | 44488 | 5460457 |
| Incyte Corp (b) | 249500 | 24643115 |
| Insmed Inc (b) | 3280 | 570851 |
| PTC Therapeutics Inc (b) | 123476 | 9379237 |
|  |  | 193018402 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Intuitive Surgical Inc (b) | 9916 | 5616025 |
| Health Care Providers & Services - 0.0% |  |  |
| Option Care Health Inc (b) | 31 | 987 |
| Life Sciences Tools & Services - 1.1% |  |  |
| Illumina Inc (b) | 189460 | 24849574 |
| Medpace Holdings Inc (b) | 46380 | 26049327 |
|  |  | 50898901 |
| Pharmaceuticals - 3.9% |  |  |
| Bristol-Myers Squibb Co  | 538080 | 29024035 |
| Eli Lilly & Co  | 146376 | 157307360 |
|  |  | 186331395 |
| TOTAL HEALTH CARE |  | 435865710 |
| Industrials - 7.8% |  |  |
| Aerospace & Defense - 2.2% |  |  |
| GE Aerospace  | 239139 | 73661986 |
| General Dynamics Corp  | 15886 | 5348181 |
| HEICO Corp  | 50182 | 16238394 |
| HEICO Corp Class A  | 26373 | 6657336 |
| Rocket Lab Corp  | 8220 | 573427 |
|  |  | 102479324 |
| Building Products - 1.4% |  |  |
| Allegion plc  | 142694 | 22719739 |
| Armstrong World Industries Inc  | 1178 | 225115 |
| Johnson Controls International plc  | 194201 | 23255570 |
| Trane Technologies PLC  | 50430 | 19627356 |
|  |  | 65827780 |
| Commercial Services & Supplies - 1.3% |  |  |
| Cintas Corp  | 177393 | 33362302 |
| Veralto Corp  | 70866 | 7071009 |
| Waste Management Inc  | 97928 | 21515761 |
|  |  | 61949072 |
| Construction & Engineering - 0.6% |  |  |
| Comfort Systems USA Inc  | 30312 | 28289886 |
| Electrical Equipment - 0.8% |  |  |
| Acuity Inc  | 1789 | 644111 |
| AMETEK Inc  | 113716 | 23347032 |
| GE Vernova Inc  | 3133 | 2047635 |
| Rockwell Automation Inc  | 31815 | 12378262 |
|  |  | 38417040 |
| Ground Transportation - 1.5% |  |  |
| Lyft Inc Class A (b) | 1214921 | 23533020 |
| Uber Technologies Inc (b) | 608249 | 49700026 |
|  |  | 73233046 |
| Industrial Conglomerates - 0.0% |  |  |
| Honeywell International Inc  | 3150 | 614534 |
| Trading Companies & Distributors - 0.0% |  |  |
| Applied Industrial Technologies Inc  | 16 | 4108 |
| Ferguson Enterprises Inc  | 48 | 10686 |
|  |  | 14794 |
| TOTAL INDUSTRIALS |  | 370825476 |
| Information Technology - 50.3% |  |  |
| Communications Equipment - 1.0% |  |  |
| Arista Networks Inc (b) | 344450 | 45133284 |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| Amphenol Corp Class A  | 361923 | 48910275 |
| Keysight Technologies Inc (b) | 44913 | 9125872 |
|  |  | 58036147 |
| Semiconductors & Semiconductor Equipment - 20.0% |  |  |
| Advanced Micro Devices Inc (b) | 35999 | 7709546 |
| Analog Devices Inc  | 1897 | 514466 |
| Astera Labs Inc (b) | 3044 | 506400 |
| Broadcom Inc  | 713772 | 247036489 |
| Cirrus Logic Inc (b) | 196667 | 23305040 |
| Credo Technology Group Holding Ltd (b) | 46843 | 6740239 |
| KLA Corp  | 212 | 257597 |
| Lam Research Corp  | 48508 | 8303599 |
| Marvell Technology Inc  | 127798 | 10860274 |
| Micron Technology Inc  | 31232 | 8913925 |
| NVIDIA Corp  | 3197555 | 596344008 |
| QUALCOMM Inc  | 175634 | 30042196 |
|  |  | 940533779 |
| Software - 16.4% |  |  |
| Adobe Inc (b) | 134555 | 47092904 |
| AppLovin Corp Class A (b) | 1383 | 931893 |
| Atlassian Corp Class A (b) | 177577 | 28792335 |
| Crowdstrike Holdings Inc Class A (b) | 4312 | 2021293 |
| Docusign Inc (b) | 373498 | 25547263 |
| Fortinet Inc (b) | 390699 | 31025408 |
| HubSpot Inc (b) | 4790 | 1922227 |
| Intuit Inc  | 4107 | 2720559 |
| Microsoft Corp  | 992198 | 479846797 |
| Oracle Corp  | 129654 | 25270861 |
| Palantir Technologies Inc Class A (b) | 347101 | 61697203 |
| RingCentral Inc Class A (b) | 3 | 86 |
| Salesforce Inc  | 112931 | 29916551 |
| Servicenow Inc (b) | 15889 | 2434036 |
| Tenable Holdings Inc (b) | 68300 | 1607099 |
| Zoom Communications Inc Class A (b) | 270886 | 23374753 |
| Zscaler Inc (b) | 62038 | 13953587 |
|  |  | 778154855 |
| Technology Hardware, Storage & Peripherals - 11.7% |  |  |
| Apple Inc  | 2007167 | 545668421 |
| NetApp Inc  | 60826 | 6513856 |
| Western Digital Corp  | 14386 | 2478276 |
|  |  | 554660553 |
| TOTAL INFORMATION TECHNOLOGY |  | 2376518618 |
| Materials - 0.1% |  |  |
| Containers & Packaging - 0.1% |  |  |
| Sealed Air Corp  | 95842 | 3970734 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Compass Inc Class A (b) | 288798 | 3052595 |
| Retail REITs - 0.1% |  |  |
| Simon Property Group Inc  | 37967 | 7028071 |
| TOTAL REAL ESTATE |  | 10080666 |
| TOTAL UNITED STATES |  | 4668758186 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,952,020,434) |  | <br> **4673904743** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/19/2026 (d) | 3.77 to 3.81 | 800000 | 796199 |
| US Treasury Bills 0% 2/26/2026 (d) | 3.62 to 3.75 | 2560000 | 2545964 |
| US Treasury Bills 0% 3/12/2026 (d) | 3.55 | 180000 | 178777 |
| US Treasury Bills 0% 3/19/2026 (d) | 3.57 | 300000 | 297766 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $3,818,062) |  |  | **3818706** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $53,953,030)<br>| 3.79 | 53941950 | **53952739** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $3,009,791,526)<br>| <br>**4731676188** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(535814)** |
| **NET ASSETS - 100.0%** | **4731140374** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 152 | 3/2026 | 52383000 | 42504 |
| The notional amount of long futures as a percentage of Net Assets is 1.1%. | The notional amount of long futures as a percentage of Net Assets is 1.1%. | The notional amount of long futures as a percentage of Net Assets is 1.1%. | The notional amount of long futures as a percentage of Net Assets is 1.1%. | The notional amount of long futures as a percentage of Net Assets is 1.1%. |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,520,131.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 74098473 | 227195083 | 247340455 | 1038014 | (71) | (291) | 53952739 | 53941950 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 1044900 | 121653547 | 122697075 | 1341 | (1372) | - | - | - | 0.0% |
| Total | 75143373 | 348848630 | 370037530 | 1039355 | (1443) | (291) | 53952739 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 659150283 | 659150283 | - | - |
| Consumer Discretionary | 532177085 | 532177085 | - | - |
| Consumer Staples | 33813214 | 33813214 | - | - |
| Energy | 2937663 | 2937663 | - | - |
| Financials | 246356400 | 246356400 | - | - |
| Health Care | 435865710 | 435865710 | - | - |
| Industrials | 370825476 | 370825476 | - | - |
| Information Technology | 2378727512 | 2378727512 | - | - |
| Materials | 3970734 | 3970734 | - | - |
| Real Estate | 10080666 | 10080666 | - | - |
|  **U.S. Treasury Obligations** | 3818706 | - | 3818706 | - |
|  **Money Market Funds** | 53952739 | 53952739 | - | - |
| **Total Investments in Securities:** | 4731676188 | 4727857482 | 3818706 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 42504 | 42504 | - | - |
| Total Assets | 42504 | 42504 | - | - |
| **Total Derivative Instruments:** | 42504 | 42504 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 42504 | - |
| **Total Equity Risk**  | 42504 | - |
| **Total Value of Derivatives** | 42504 | - |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Enhanced Large Cap Growth ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,955,838,496) | $4677723449 |  |
| Fidelity Central Funds (cost $53,953,030) | 53952739 |  |
| Total Investment in Securities (cost $3,009,791,526) |  | $4731676188 |
| Receivable for investments sold |  | 4096847 |
| Receivable for fund shares sold |  | 4171378 |
| Dividends receivable |  | 390428 |
| Distributions receivable from Fidelity Central Funds |  | 175708 |
| **Total assets** |  | 4740510549 |
| **Liabilities** |  |  |
| Payable to custodian bank | $1931 |  |
| Payable for investments purchased  | 4096847 |  |
| Payable for fund shares redeemed | 4171378 |  |
| Accrued management fee | 706719 |  |
| Payable for daily variation margin on futures contracts | 393300 |  |
| **Total liabilities** |  | 9370175 |
| **Net Assets**  |  | $4731140374 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2896844129 |
| Total accumulated earnings (loss) |  | 1834296245 |
| **Net Assets** |  | $4731140374 |
| **Net Asset Value**, offering price and redemption price per share ($4,731,140,374 ÷ 113,418,998 shares) |  | $41.71 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $10628535 |
| Interest  |  | 127110 |
| Income from Fidelity Central Funds (including $1,341 from security lending)  |  | 1039355 |
| **Total income** |  | 11795000 |
| **Expenses** |  |  |
| Management fee | $3881606 |  |
| Independent trustees' fees and expenses | 8933 |  |
| Total expenses before reductions | 3890539 |  |
| Expense reductions | (850) |  |
| Total expenses after reductions |  | 3889689 |
| **Net Investment income (loss)** |  | 7905311 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (5017130) |  |
| Redemptions in-kind | 210729082 |  |
| Fidelity Central Funds | (1443) |  |
| Futures contracts | 5588220 |  |
| Total net realized gain (loss) |  | 211298729 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 287613519 |  |
| Fidelity Central Funds  | (291) |  |
| Futures contracts | (1094595) |  |
| Total change in net unrealized appreciation (depreciation) |  | 286518633 |
| **Net gain (loss)** |  | 497817362 |
| **Net increase (decrease) in net assets resulting from operations** |  | $505722673 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **June 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $7905311 | $15472351 |
| &nbsp;&nbsp;Net realized gain (loss) | 211298729<br>| 260031823<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 286518633 | 168704568<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 505722673<br>| 444208742<br>|
| Distributions to shareholders | (8210606)<br>| (15582492)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1163164290 | 1852251673 |
| &nbsp;&nbsp;Cost of shares redeemed | (616987453) | (1280331656) |
| **Net increase (decrease) in net assets resulting from share transactions** | 546176837<br>| 571920017<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1043688904<br>| 1000546267<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3687451470 | 2686905203<br>|
| &nbsp;&nbsp;End of period | $4731140374 | $3687451470 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 29300000 | 54500000 |
| &nbsp;&nbsp;Redeemed | (15500000) | (38200000) |
| &nbsp;&nbsp;Net increase (decrease) | 13800000 | 16300000 |

---

**Financial Highlights** 

**Fidelity® Enhanced Large Cap Growth ETF** <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)**  | **Years ended June 30, 2025**  | **2024** A  | **2023** B,C | **2022** B,C | **2021** B,C  | **2020** B,C |
| **Selected Per-Share Data**  |  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.02 | $32.25 | $24.58 | $20.64 | $28.47 | $23.10 | $16.82 |
| Income from Investment Operations  |  |  |  |  |  |  |  |
| Net investment income (loss) D,E | .07  | .17  | .14  | .15  | .12  | .12  | .13  |
| Net realized and unrealized gain (loss)  | 4.69  | 4.77  | 7.78  | 3.91  | (4.19)  | 6.34  | 6.72  |
| Total from investment operations  | 4.76  | 4.94  | 7.92  | 4.06  | (4.07)  | 6.46  | 6.85  |
| Distributions from net investment income  | (.07)  | (.17)  | (.24)  | (.12)  | (.12)  | (.13)  | (.15)  |
| Distributions from net realized gain  | -  | -  | (.01)  | -  | (3.64)  | (.96)  | (.42)  |
| Total distributions  | (.07)  | (.17)  | (.25)  | (.12)  | (3.76)  | (1.09)  | (.57)  |
| Net asset value, end of period  | $41.71 | $37.02 | $32.25 | $24.58 | $20.64 | $28.47 | $23.10 |
| **Total Return** F,G,H | 12.89% <br>| 15.35%  | 32.45%  | 19.85%  | (16.70)%  | 29.08%  | 41.73%  |
| **Ratios to Average Net Assets** E,I,J |  |  |  |  |  |  |  |
| Expenses before reductions  | .18% K | .18%  | .24% K,L | .39%  | .39%  | .39%  | .39%  |
| Expenses net of fee waivers, if any  | .18% K<br>| .18%  | .24% K,L | .39%  | .39%  | .39%  | .39%  |
| Expenses net of all reductions, if any  | .18% K | .18%  | .24% K,L | .39%  | .39%  | .39%  | .39%  |
| Net investment income (loss)  | .37% K | .51%  | .60% K,L | .71%  | .52%  | .47%  | .74%  |
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4731140 | $3687451 | $2686905 | $2368445 | $1625632 | $1784746 | $1417537 |
| Portfolio turnover rate M | 69% K,N<br>| 60% N | 58% K,N | 108%  | 101%  | 84%  | 69%  |

---

A*For the ten month period ended June 30. The Fund changed its fiscal year end from August 31 to June 30, effective March 1, 2024.*

B*Per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization that occurred on November 17, 2023. All financial information prior to the reorganization is that of Fidelity Large Cap Growth Enhanced Index Fund.*

C*For the year ended August 31.*

D*Calculated based on average shares outstanding during the period.*

E*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Based on net asset value.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Proxy expenses are not annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

N*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Enhanced Large Cap Value ETF**

**Schedule of Investments December 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.4%** | &nbsp;&nbsp;**Common Stocks - 98.4%** | &nbsp;&nbsp;**Common Stocks - 98.4%** |
|  | Shares | Value ($)<br>|
| NETHERLANDS - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| NXP Semiconductors NV  | 14790 | 3210317 |
| PUERTO RICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 2996 | 373062 |
| UNITED KINGDOM - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| TechnipFMC PLC  | 92689 | 4130222 |
| UNITED STATES - 98.1%  |  |  |
| Communication Services - 9.2% |  |  |
| Diversified Telecommunication Services - 1.5% |  |  |
| AT&T Inc  | 973680 | 24186212 |
| Lumen Technologies Inc (b) | 47898 | 372167 |
| Verizon Communications Inc  | 316232 | 12880129 |
|  |  | 37438508 |
| Entertainment - 1.8% |  |  |
| Electronic Arts Inc  | 49493 | 10112905 |
| Playtika Holding Corp  | 81093 | 320317 |
| ROBLOX Corp Class A (b) | 12 | 972 |
| Roku Inc Class A (b) | 57292 | 6215609 |
| Walt Disney Co/The  | 235320 | 26772357 |
| Warner Bros Discovery Inc (b) | 54434 | 1568788 |
|  |  | 44990948 |
| Interactive Media & Services - 4.6% |  |  |
| Alphabet Inc Class A  | 172853 | 54102989 |
| Alphabet Inc Class C  | 146329 | 45918040 |
| Angi Inc Class A (b)(c) | 92299 | 1193426 |
| Meta Platforms Inc Class A  | 23378 | 15431584 |
|  |  | 116646039 |
| Media - 0.9% |  |  |
| Comcast Corp Class A  | 748603 | 22375744 |
| DoubleVerify Holdings Inc (b) | 27306 | 312380 |
|  |  | 22688124 |
| Wireless Telecommunication Services - 0.4% |  |  |
| T-Mobile US Inc  | 63327 | 12857914 |
| TOTAL COMMUNICATION SERVICES |  | 234621533 |
| Consumer Discretionary - 8.1% |  |  |
| Automobile Components - 0.3% |  |  |
| BorgWarner Inc  | 156603 | 7056531 |
| Automobiles - 1.1% |  |  |
| Ford Motor Co  | 826277 | 10840754 |
| General Motors Co  | 194951 | 15853416 |
|  |  | 26694170 |
| Broadline Retail - 2.6% |  |  |
| Amazon.com Inc (b) | 270695 | 62481820 |
| eBay Inc  | 26212 | 2283065 |
| Etsy Inc (b) | 4750 | 263340 |
|  |  | 65028225 |
| Diversified Consumer Services - 0.2% |  |  |
| ADT Inc  | 669834 | 5405560 |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| Airbnb Inc Class A (b) | 72618 | 9855715 |
| Aramark  | 64972 | 2394868 |
| Booking Holdings Inc  | 1858 | 9950203 |
| Brightstar Lottery PLC (c) | 205844 | 3186465 |
| Global Business Travel Group I Class A (b)(c) | 397667 | 3042153 |
| Life Time Group Holdings Inc (b) | 121242 | 3222612 |
| McDonald's Corp  | 16139 | 4932563 |
| Penn Entertainment Inc (b) | 87658 | 1292955 |
| Wendy's Co/The (c) | 172406 | 1436142 |
|  |  | 39313676 |
| Household Durables - 0.3% |  |  |
| Garmin Ltd  | 16185 | 3283127 |
| M/I Homes Inc (b) | 2370 | 303242 |
| NVR Inc (b) | 244 | 1779436 |
| Toll Brothers Inc  | 19488 | 2635167 |
|  |  | 8000972 |
| Leisure Products - 0.1% |  |  |
| Hasbro Inc  | 28992 | 2377344 |
| Specialty Retail - 1.8% |  |  |
| Abercrombie & Fitch Co Class A (b) | 25273 | 3181113 |
| Bath & Body Works Inc  | 161239 | 3237679 |
| CarMax Inc (b) | 14768 | 570636 |
| Chewy Inc Class A (b) | 23172 | 765835 |
| Five Below Inc (b) | 7623 | 1435868 |
| Gap Inc/The  | 401157 | 10269619 |
| Ross Stores Inc  | 55110 | 9927515 |
| TJX Cos Inc/The  | 105317 | 16177744 |
| Ulta Beauty Inc (b) | 2285 | 1382448 |
|  |  | 46948457 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Ralph Lauren Corp Class A  | 5471 | 1934600 |
| Tapestry Inc  | 16479 | 2105522 |
|  |  | 4040122 |
| TOTAL CONSUMER DISCRETIONARY |  | 204865057 |
| Consumer Staples - 5.2% |  |  |
| Beverages - 1.0% |  |  |
| Keurig Dr Pepper Inc  | 149142 | 4177467 |
| Molson Coors Beverage Co Class B  | 76495 | 3570787 |
| PepsiCo Inc  | 119938 | 17213502 |
| Primo Brands Corp Class A  | 13182 | 215525 |
|  |  | 25177281 |
| Consumer Staples Distribution & Retail - 1.7% |  |  |
| Dollar General Corp  | 10004 | 1328231 |
| Maplebear Inc (b) | 36541 | 1643614 |
| Target Corp  | 36289 | 3547250 |
| US Foods Holding Corp (b) | 8808 | 663418 |
| Walmart Inc  | 323982 | 36094835 |
|  |  | 43277348 |
| Food Products - 0.0% |  |  |
| Cal-Maine Foods Inc (c) | 8642 | 687644 |
| Kraft Heinz Co/The  | 100 | 2425 |
|  |  | 690069 |
| Household Products - 1.2% |  |  |
| Church & Dwight Co Inc  | 29275 | 2454709 |
| Procter & Gamble Co/The  | 188652 | 27035718 |
|  |  | 29490427 |
| Personal Care Products - 0.0% |  |  |
| Kenvue Inc  | 7465 | 128771 |
| Tobacco - 1.3% |  |  |
| Altria Group Inc  | 139286 | 8031231 |
| Philip Morris International Inc  | 156902 | 25167081 |
|  |  | 33198312 |
| TOTAL CONSUMER STAPLES |  | 131962208 |
| Energy - 4.8% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Archrock Inc  | 53659 | 1396207 |
| Oil, Gas & Consumable Fuels - 4.7% |  |  |
| Cheniere Energy Inc  | 59213 | 11510415 |
| Chevron Corp  | 81388 | 12404345 |
| ConocoPhillips  | 223469 | 20918933 |
| Devon Energy Corp  | 169711 | 6216514 |
| DT Midstream Inc  | 2296 | 274785 |
| EOG Resources Inc  | 133328 | 14000773 |
| Expand Energy Corp  | 41882 | 4622098 |
| Exxon Mobil Corp  | 335613 | 40387669 |
| Kinder Morgan Inc  | 131428 | 3612956 |
| Marathon Petroleum Corp  | 5814 | 945531 |
| Occidental Petroleum Corp  | 19742 | 811791 |
| Williams Cos Inc/The  | 76483 | 4597393 |
|  |  | 120303203 |
| TOTAL ENERGY |  | 121699410 |
| Financials - 23.0% |  |  |
| Banks - 7.3% |  |  |
| Associated Banc-Corp  | 13482 | 347296 |
| Bank of America Corp  | 647467 | 35610685 |
| Citigroup Inc  | 57824 | 6747483 |
| Huntington Bancshares Inc/OH  | 94998 | 1648215 |
| JPMorgan Chase & Co  | 222883 | 71817361 |
| Pinnacle Financial Partners Inc  | 38542 | 3677292 |
| PNC Financial Services Group Inc/The  | 83758 | 17482807 |
| US Bancorp  | 387827 | 20694449 |
| Wells Fargo & Co  | 274850 | 25616020 |
| Zions Bancorp NA  | 7992 | 467852 |
|  |  | 184109460 |
| Capital Markets - 6.0% |  |  |
| Ameriprise Financial Inc  | 7228 | 3544178 |
| Bank of New York Mellon Corp/The  | 172003 | 19967828 |
| Blackrock Inc  | 11016 | 11790865 |
| Cboe Global Markets Inc  | 8460 | 2123460 |
| Charles Schwab Corp/The  | 263753 | 26351563 |
| CME Group Inc Class A  | 32661 | 8919066 |
| Goldman Sachs Group Inc/The  | 23035 | 20247765 |
| Intercontinental Exchange Inc  | 26211 | 4245134 |
| Invesco Ltd  | 68318 | 1794714 |
| Jefferies Financial Group Inc  | 13054 | 808956 |
| Morgan Stanley  | 123709 | 21962059 |
| Morningstar Inc  | 3746 | 814043 |
| S&P Global Inc  | 33536 | 17525578 |
| SEI Investments Co  | 20151 | 1652785 |
| State Street Corp  | 48300 | 6231183 |
| StoneX Group Inc (b) | 6002 | 570970 |
| T Rowe Price Group Inc  | 38558 | 3947568 |
|  |  | 152497715 |
| Consumer Finance - 1.2% |  |  |
| Ally Financial Inc  | 42457 | 1922877 |
| American Express Co  | 8253 | 3053197 |
| Capital One Financial Corp  | 70057 | 16979015 |
| Synchrony Financial  | 117079 | 9767901 |
|  |  | 31722990 |
| Financial Services - 4.8% |  |  |
| Berkshire Hathaway Inc Class B (b) | 180234 | 90594620 |
| Fidelity National Information Services Inc  | 42580 | 2829867 |
| Fiserv Inc (b) | 217040 | 14578577 |
| Global Payments Inc  | 14746 | 1141340 |
| Mastercard Inc Class A  | 2209 | 1261074 |
| MGIC Investment Corp  | 35685 | 1042716 |
| PayPal Holdings Inc  | 166981 | 9748351 |
|  |  | 121196545 |
| Insurance - 3.5% |  |  |
| Allstate Corp/The  | 40953 | 8524367 |
| Arch Capital Group Ltd (b) | 37923 | 3637574 |
| Assurant Inc  | 16927 | 4076868 |
| Axis Capital Holdings Ltd  | 7984 | 855006 |
| Globe Life Inc  | 34714 | 4855100 |
| Hartford Insurance Group Inc/The  | 18503 | 2549713 |
| Kemper Corp  | 38794 | 1572709 |
| Loews Corp  | 77035 | 8112556 |
| Marsh & McLennan Cos Inc  | 12625 | 2342190 |
| Mercury General Corp  | 19261 | 1811690 |
| MetLife Inc  | 47505 | 3750045 |
| Principal Financial Group Inc  | 48789 | 4303678 |
| Progressive Corp/The  | 84596 | 19264201 |
| Prudential Financial Inc  | 114741 | 12951964 |
| Travelers Companies Inc/The  | 37418 | 10853465 |
|  |  | 89461126 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.2% |  |  |
| Rithm Capital Corp  | 562611 | 6132460 |
| TOTAL FINANCIALS |  | 585120296 |
| Health Care - 10.9% |  |  |
| Biotechnology - 1.6% |  |  |
| AbbVie Inc  | 14839 | 3390563 |
| Biogen Inc (b) | 20488 | 3605683 |
| BioMarin Pharmaceutical Inc (b) | 30452 | 1809762 |
| Exelixis Inc (b) | 79400 | 3480102 |
| Gilead Sciences Inc  | 147036 | 18047199 |
| Incyte Corp (b) | 76997 | 7604994 |
| PTC Therapeutics Inc (b) | 24272 | 1843701 |
| Regeneron Pharmaceuticals Inc  | 2332 | 1800001 |
|  |  | 41582005 |
| Health Care Equipment & Supplies - 2.0% |  |  |
| Abbott Laboratories  | 75711 | 9485831 |
| Becton Dickinson & Co  | 1 | 193 |
| Boston Scientific Corp (b) | 223396 | 21300809 |
| Cooper Cos Inc/The (b) | 10999 | 901478 |
| Edwards Lifesciences Corp (b) | 23126 | 1971492 |
| Medtronic PLC  | 155199 | 14908416 |
| Stryker Corp  | 5732 | 2014626 |
|  |  | 50582845 |
| Health Care Providers & Services - 2.4% |  |  |
| Centene Corp (b) | 24618 | 1013031 |
| Cigna Group/The  | 11278 | 3104044 |
| CVS Health Corp  | 129643 | 10288468 |
| Elevance Health Inc  | 30642 | 10741553 |
| Humana Inc  | 11507 | 2947288 |
| Option Care Health Inc (b) | 167716 | 5343432 |
| Tenet Healthcare Corp (b) | 21284 | 4229556 |
| UnitedHealth Group Inc  | 73017 | 24103642 |
|  |  | 61771014 |
| Health Care Technology - 0.2% |  |  |
| Veeva Systems Inc Class A (b) | 28498 | 6361609 |
| Life Sciences Tools & Services - 1.3% |  |  |
| 10X Genomics Inc Class A (b) | 223044 | 3637848 |
| Charles River Laboratories International Inc (b) | 5298 | 1056844 |
| Danaher Corp  | 23825 | 5454019 |
| Illumina Inc (b) | 101166 | 13268933 |
| IQVIA Holdings Inc (b) | 9032 | 2035903 |
| Medpace Holdings Inc (b) | 2601 | 1460852 |
| Thermo Fisher Scientific Inc  | 8903 | 5158843 |
|  |  | 32073242 |
| Pharmaceuticals - 3.4% |  |  |
| Bristol-Myers Squibb Co  | 373532 | 20148316 |
| Eli Lilly & Co  | 1451 | 1559361 |
| Johnson & Johnson  | 135467 | 28034896 |
| Merck & Co Inc  | 135077 | 14218205 |
| Pfizer Inc  | 360576 | 8978342 |
| Viatris Inc  | 1018862 | 12684832 |
|  |  | 85623952 |
| TOTAL HEALTH CARE |  | 277994667 |
| Industrials - 14.5% |  |  |
| Aerospace & Defense - 3.6% |  |  |
| Boeing Co (b) | 16990 | 3688869 |
| Curtiss-Wright Corp  | 6643 | 3662087 |
| GE Aerospace  | 43273 | 13329382 |
| General Dynamics Corp  | 25331 | 8527934 |
| HEICO Corp  | 26601 | 8607818 |
| Lockheed Martin Corp  | 32308 | 15626411 |
| Northrop Grumman Corp  | 15760 | 8986510 |
| RTX Corp  | 83081 | 15237055 |
| Textron Inc  | 126002 | 10983594 |
|  |  | 88649660 |
| Air Freight & Logistics - 0.3% |  |  |
| CH Robinson Worldwide Inc  | 2 | 322 |
| United Parcel Service Inc Class B  | 82896 | 8222454 |
|  |  | 8222776 |
| Building Products - 1.6% |  |  |
| A O Smith Corp  | 15101 | 1009955 |
| Allegion plc  | 46471 | 7399113 |
| Carrier Global Corp  | 200494 | 10594103 |
| Johnson Controls International plc  | 149731 | 17930287 |
| Trane Technologies PLC  | 11692 | 4550526 |
|  |  | 41483984 |
| Commercial Services & Supplies - 0.7% |  |  |
| Cintas Corp  | 900 | 169263 |
| Republic Services Inc  | 17409 | 3689489 |
| Veralto Corp  | 7618 | 760124 |
| Waste Management Inc  | 56690 | 12455360 |
|  |  | 17074236 |
| Construction & Engineering - 0.8% |  |  |
| Arcosa Inc  | 10153 | 1079467 |
| Comfort Systems USA Inc  | 7328 | 6839149 |
| EMCOR Group Inc  | 3113 | 1904502 |
| Valmont Industries Inc  | 28360 | 11409796 |
|  |  | 21232914 |
| Electrical Equipment - 2.3% |  |  |
| Acuity Inc  | 10563 | 3803103 |
| AMETEK Inc  | 51455 | 10564226 |
| Eaton Corp PLC  | 51033 | 16254521 |
| EnerSys (c) | 38372 | 5631091 |
| nVent Electric PLC  | 65021 | 6630191 |
| Rockwell Automation Inc  | 31213 | 12144042 |
| Sensata Technologies Holding PLC  | 64937 | 2161753 |
|  |  | 57188927 |
| Ground Transportation - 1.3% |  |  |
| CSX Corp  | 349220 | 12659225 |
| Lyft Inc Class A (b) | 581801 | 11269485 |
| Norfolk Southern Corp  | 10063 | 2905389 |
| Uber Technologies Inc (b) | 26273 | 2146767 |
| Union Pacific Corp  | 21161 | 4894963 |
|  |  | 33875829 |
| Industrial Conglomerates - 1.0% |  |  |
| 3M Co  | 23339 | 3736574 |
| Honeywell International Inc  | 115633 | 22558842 |
|  |  | 26295416 |
| Machinery - 1.8% |  |  |
| Allison Transmission Holdings Inc  | 22480 | 2200792 |
| Caterpillar Inc  | 22290 | 12769273 |
| Cummins Inc  | 4921 | 2511924 |
| Flowserve Corp  | 102378 | 7102986 |
| Franklin Electric Co Inc  | 33171 | 3168826 |
| Gates Industrial Corp PLC (b) | 29656 | 636714 |
| ITT Inc  | 48996 | 8501296 |
| Parker-Hannifin Corp  | 4713 | 4142538 |
| SPX Technologies Inc (b) | 5437 | 1087726 |
| Westinghouse Air Brake Technologies Corp  | 9345 | 1994690 |
| Xylem Inc/NY  | 11129 | 1515547 |
|  |  | 45632312 |
| Passenger Airlines - 0.2% |  |  |
| SkyWest Inc (b) | 61716 | 6196904 |
| Professional Services - 0.4% |  |  |
| Booz Allen Hamilton Holding Corp Class A  | 37525 | 3165609 |
| Leidos Holdings Inc  | 25874 | 4667670 |
| Verisk Analytics Inc  | 11007 | 2462155 |
|  |  | 10295434 |
| Trading Companies & Distributors - 0.5% |  |  |
| Applied Industrial Technologies Inc  | 4017 | 1031444 |
| Ferguson Enterprises Inc  | 15085 | 3358374 |
| MSC Industrial Direct Co Inc Class A (c) | 54096 | 4549474 |
| Rush Enterprises Inc Class A  | 47668 | 2571212 |
|  |  | 11510504 |
| TOTAL INDUSTRIALS |  | 367658896 |
| Information Technology - 12.2% |  |  |
| Communications Equipment - 1.9% |  |  |
| Cisco Systems Inc  | 328956 | 25339481 |
| Extreme Networks Inc (b) | 460576 | 7668590 |
| Motorola Solutions Inc  | 38818 | 14879716 |
|  |  | 47887787 |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Avnet Inc  | 11015 | 529601 |
| Corning Inc  | 20864 | 1826852 |
| Itron Inc (b) | 30413 | 2824151 |
| Keysight Technologies Inc (b) | 38947 | 7913641 |
| Zebra Technologies Corp Class A (b) | 40008 | 9714743 |
|  |  | 22808988 |
| IT Services - 0.8% |  |  |
| Accenture PLC Class A  | 8072 | 2165718 |
| Akamai Technologies Inc (b) | 45686 | 3986104 |
| DXC Technology Co (b) | 17220 | 252272 |
| GoDaddy Inc Class A (b) | 16417 | 2037021 |
| IBM Corporation  | 34142 | 10113202 |
| Okta Inc Class A (b) | 45438 | 3929024 |
|  |  | 22483341 |
| Semiconductors & Semiconductor Equipment - 4.4% |  |  |
| Advanced Micro Devices Inc (b) | 63075 | 13508142 |
| Analog Devices Inc  | 30369 | 8236073 |
| Applied Materials Inc  | 1658 | 426088 |
| Broadcom Inc  | 34141 | 11816200 |
| Cirrus Logic Inc (b) | 40870 | 4843095 |
| Intel Corp (b) | 528245 | 19492241 |
| Marvell Technology Inc  | 26503 | 2252225 |
| Micron Technology Inc  | 71255 | 20336890 |
| Qorvo Inc (b) | 73550 | 6215711 |
| QUALCOMM Inc  | 132747 | 22706374 |
| Skyworks Solutions Inc  | 32560 | 2064630 |
|  |  | 111897669 |
| Software - 2.9% |  |  |
| Adobe Inc (b) | 34591 | 12106504 |
| Alarm.com Holdings Inc (b) | 75693 | 3861857 |
| Docusign Inc (b) | 889 | 60808 |
| Fortinet Inc (b) | 87962 | 6985062 |
| RingCentral Inc Class A (b) | 17487 | 505025 |
| Salesforce Inc  | 116030 | 30737507 |
| Strategy Inc Class A (b)(c) | 13396 | 2035522 |
| Tenable Holdings Inc (b) | 116065 | 2731009 |
| Teradata Corp (b) | 126399 | 3847586 |
| Zoom Communications Inc Class A (b) | 112604 | 9716599 |
|  |  | 72587479 |
| Technology Hardware, Storage & Peripherals - 1.3% |  |  |
| Apple Inc  | 34673 | 9426202 |
| Hewlett Packard Enterprise Co  | 50885 | 1222258 |
| NetApp Inc  | 32281 | 3456972 |
| Western Digital Corp  | 104719 | 18039942 |
|  |  | 32145374 |
| TOTAL INFORMATION TECHNOLOGY |  | 309810638 |
| Materials - 3.4% |  |  |
| Chemicals - 0.5% |  |  |
| Balchem Corp  | 4804 | 736741 |
| Ecolab Inc  | 30863 | 8102155 |
| Linde PLC  | 10460 | 4460039 |
| Solstice Advanced Materials Inc  | 9779 | 475064 |
|  |  | 13773999 |
| Construction Materials - 1.2% |  |  |
| CRH PLC  | 133156 | 16617869 |
| Vulcan Materials Co  | 45888 | 13088175 |
|  |  | 29706044 |
| Containers & Packaging - 0.0% |  |  |
| Amcor PLC  | 137768 | 1148985 |
| Sonoco Products Co  | 3 | 131 |
|  |  | 1149116 |
| Metals & Mining - 1.7% |  |  |
| Coeur Mining Inc (b) | 68931 | 1229040 |
| Commercial Metals Co  | 194543 | 13466266 |
| Newmont Corp  | 115079 | 11490638 |
| Nucor Corp (c) | 95404 | 15561347 |
|  |  | 41747291 |
| TOTAL MATERIALS |  | 86376450 |
| Real Estate - 3.4% |  |  |
| Health Care REITs - 0.9% |  |  |
| Healthpeak Properties Inc  | 158958 | 2556044 |
| Ventas Inc  | 67691 | 5237930 |
| Welltower Inc  | 80729 | 14984110 |
|  |  | 22778084 |
| Industrial REITs - 0.2% |  |  |
| First Industrial Realty Trust Inc  | 44512 | 2549202 |
| STAG Industrial Inc Class A  | 77544 | 2850518 |
|  |  | 5399720 |
| Real Estate Management & Development - 0.1% |  |  |
| Compass Inc Class A (b) | 257105 | 2717600 |
| Newmark Group Inc Class A  | 35896 | 622436 |
|  |  | 3340036 |
| Residential REITs - 0.2% |  |  |
| American Homes 4 Rent Class A  | 14685 | 471389 |
| Equity Residential  | 53353 | 3363373 |
| Invitation Homes Inc  | 20252 | 562803 |
|  |  | 4397565 |
| Retail REITs - 0.5% |  |  |
| Brixmor Property Group Inc  | 49453 | 1296658 |
| Phillips Edison & Co Inc  | 117449 | 4177661 |
| Regency Centers Corp  | 44974 | 3104555 |
| Simon Property Group Inc  | 23040 | 4264934 |
|  |  | 12843808 |
| Specialized REITs - 1.5% |  |  |
| American Tower Corp  | 6955 | 1221089 |
| Digital Realty Trust Inc  | 47306 | 7318711 |
| Equinix Inc  | 3699 | 2834026 |
| Lamar Advertising Co Class A  | 4 | 506 |
| Public Storage  | 45349 | 11768066 |
| VICI Properties Inc  | 484998 | 13638144 |
|  |  | 36780542 |
| TOTAL REAL ESTATE |  | 85539755 |
| Utilities - 3.4% |  |  |
| Electric Utilities - 2.4% |  |  |
| Duke Energy Corp  | 11454 | 1342523 |
| Edison International  | 59303 | 3559366 |
| Evergy Inc  | 66908 | 4850161 |
| Exelon Corp  | 228840 | 9975136 |
| NextEra Energy Inc  | 253242 | 20330268 |
| NRG Energy Inc  | 16921 | 2694500 |
| PG&E Corp  | 1 | 16 |
| PPL Corp  | 267302 | 9360916 |
| Southern Co/The  | 90174 | 7863173 |
|  |  | 59976059 |
| Gas Utilities - 0.0% |  |  |
| MDU Resources Group Inc (c) | 44121 | 861242 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| AES Corp/The  | 32535 | 466551 |
| Multi-Utilities - 1.0% |  |  |
| Ameren Corp  | 39031 | 3897636 |
| CenterPoint Energy Inc  | 79150 | 3034611 |
| CMS Energy Corp  | 25809 | 1804823 |
| Consolidated Edison Inc  | 26553 | 2637244 |
| DTE Energy Co  | 29725 | 3833931 |
| Sempra  | 117929 | 10411951 |
|  |  | 25620196 |
| TOTAL UTILITIES |  | 86924048 |
| TOTAL UNITED STATES |  | 2492572958 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,137,240,669) |  | <br> **2500286559** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 3/12/2026 (e) | 3.58 | 760000 | 754834 |
| US Treasury Bills 0% 3/26/2026 (e) | 3.58 | 1780000 | 1765565 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $2,520,015) |  |  | **2520399** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.79 | 36234782 | 36242029 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.77 | 3873213 | 3873600 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $40,115,953) |  |  | **40115629** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $2,179,876,637)<br>| <br>**2542922587** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(1925005)** |
| **NET ASSETS - 100.0%** | **2540997582** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 104 | 3/2026 | 35841000 | 16544 |
| The notional amount of long futures as a percentage of Net Assets is 1.4%. | The notional amount of long futures as a percentage of Net Assets is 1.4%. | The notional amount of long futures as a percentage of Net Assets is 1.4%. | The notional amount of long futures as a percentage of Net Assets is 1.4%. | The notional amount of long futures as a percentage of Net Assets is 1.4%. |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Security or a portion of the security is on loan at period end.

(d) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,366,453.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(g) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 996590 | 145166473 | 109920564 | 492893 | (146) | (324) | 36242029 | 36234782 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 17626283 | 314775524 | 328526204 | 10219 | (2003) | - | 3873600 | 3873213 | 0.0% |
| Total | 18622873 | 459941997 | 438446768 | 503112 | (2149) | (324) | 40115629 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 234621533 | 234621533 | - | - |
| Consumer Discretionary | 204865057 | 204865057 | - | - |
| Consumer Staples | 131962208 | 131962208 | - | - |
| Energy | 125829632 | 125829632 | - | - |
| Financials | 585493358 | 585493358 | - | - |
| Health Care | 277994667 | 277994667 | - | - |
| Industrials | 367658896 | 367658896 | - | - |
| Information Technology | 313020955 | 313020955 | - | - |
| Materials | 86376450 | 86376450 | - | - |
| Real Estate | 85539755 | 85539755 | - | - |
| Utilities | 86924048 | 86924048 | - | - |
|  **U.S. Treasury Obligations** | 2520399 | - | 2520399 | - |
|  **Money Market Funds** | 40115629 | 40115629 | - | - |
| **Total Investments in Securities:** | 2542922587 | 2540402188 | 2520399 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 16544 | 16544 | - | - |
| Total Assets | 16544 | 16544 | - | - |
| **Total Derivative Instruments:** | 16544 | 16544 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 16544 | - |
| **Total Equity Risk**  | 16544 | - |
| **Total Value of Derivatives** | 16544 | - |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Enhanced Large Cap Value ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $6,593,686) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,139,760,684) | $2502806958 |  |
| Fidelity Central Funds (cost $40,115,953) | 40115629 |  |
| Total Investment in Securities (cost $2,179,876,637) |  | $2542922587 |
| Dividends receivable |  | 2497763 |
| Distributions receivable from Fidelity Central Funds |  | 103703 |
| **Total assets** |  | 2545524053 |
| **Liabilities** |  |  |
| Accrued management fee | $380345 |  |
| Payable for daily variation margin on futures contracts | 269100 |  |
| Other payables and accrued expenses | 4424 |  |
| Collateral on securities loaned | 3872602 |  |
| **Total liabilities** |  | 4526471 |
| **Net Assets**  |  | $2540997582 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2192039885 |
| Total accumulated earnings (loss) |  | 348957697 |
| **Net Assets** |  | $2540997582 |
| **Net Asset Value**, offering price and redemption price per share ($2,540,997,582 ÷ 73,278,976 shares) |  | $34.68 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $21481119 |
| Interest  |  | 87472 |
| Income from Fidelity Central Funds (including $10,219 from security lending)  |  | 503112 |
| **Total income** |  | 22071703 |
| **Expenses** |  |  |
| Management fee | $2179888 |  |
| Independent trustees' fees and expenses | 5379 |  |
| Total expenses before reductions | 2185267 |  |
| Expense reductions | (1376) |  |
| Total expenses after reductions |  | 2183891 |
| **Net Investment income (loss)** |  | 19887812 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 17681141 |  |
| Redemptions in-kind | 61704874 |  |
| Fidelity Central Funds | (2149) |  |
| Foreign currency transactions | 21 |  |
| Futures contracts | 1009267 |  |
| Total net realized gain (loss) |  | 80393154 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 131065911 |  |
| Fidelity Central Funds  | (324) |  |
| Assets and liabilities in foreign currencies | (19) |  |
| Futures contracts | (6877) |  |
| Total change in net unrealized appreciation (depreciation) |  | 131058691 |
| **Net gain (loss)** |  | 211451845 |
| **Net increase (decrease) in net assets resulting from operations** |  | $231339657 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **June 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $19887812 | $37829487 |
| &nbsp;&nbsp;Net realized gain (loss) | 80393154<br>| 134801526<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 131058691 | 82775975<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 231339657<br>| 255406988<br>|
| Distributions to shareholders | (21192903)<br>| (38336716)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 281878963 | 1092508805 |
| &nbsp;&nbsp;Cost of shares redeemed | (268857499) | (784266648) |
| **Net increase (decrease) in net assets resulting from share transactions** | 13021464<br>| 308242157<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 223168218<br>| 525312429<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2317829364 | 1792516935<br>|
| &nbsp;&nbsp;End of period | $2540997582 | $2317829364 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 8500000 | 35500000 |
| &nbsp;&nbsp;Redeemed | (8100000) | (25400000) |
| &nbsp;&nbsp;Net increase (decrease) | 400000 | 10100000 |

---

**Financial Highlights** 

**Fidelity® Enhanced Large Cap Value ETF** <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)**  | **Years ended June 30, 2025**  | **2024** A  | **2023** B,C | **2022** B,C | **2021** B,C  | **2020** B,C |
| **Selected Per-Share Data**  |  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.80 | $28.55 | $26.29 | $25.40 | $30.16 | $22.04 | $22.36 |
| Income from Investment Operations  |  |  |  |  |  |  |  |
| Net investment income (loss) D,E | .27  | .56  | .40  | .47  | .49  | .44  | .49  |
| Net realized and unrealized gain (loss)  | 2.90  | 3.26  | 2.99  | 1.59  | (1.81)  | 8.08  | -  |
| Total from investment operations  | 3.17  | 3.82  | 3.39  | 2.06  | (1.32)  | 8.52  | .49  |
| Distributions from net investment income  | (.29)  | (.57)  | (.80)  | (.38)  | (.58)  | (.40)  | (.51)  |
| Distributions from net realized gain  | -  | -  | (.33)  | (.79)  | (2.86)  | -  | (.30)  |
| Total distributions  | (.29)  | (.57)  | (1.13)  | (1.17)  | (3.44)  | (.40)  | (.81)  |
| Net asset value, end of period  | $34.68 | $31.80 | $28.55 | $26.29 | $25.40 | $30.16 | $22.04 |
| **Total Return** F,G,H | 9.96% <br>| 13.49%  | 13.49%  | 8.30%  | (5.18)%  | 39.12%  | 1.95%  |
| **Ratios to Average Net Assets** E,I,J |  |  |  |  |  |  |  |
| Expenses before reductions  | .18% K | .18%  | .28% K,L | .39%  | .39%  | .39%  | .39%  |
| Expenses net of fee waivers, if any  | .18% K<br>| .18%  | .28% K,L | .39%  | .39%  | .39%  | .39%  |
| Expenses net of all reductions, if any  | .18% K | .18%  | .28% K,L | .39%  | .39%  | .39%  | .39%  |
| Net investment income (loss)  | 1.64% K | 1.83%  | 1.82% K,L | 1.88%  | 1.76%  | 1.65%  | 2.21%  |
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2540998 | $2317829 | $1792517 | $5531764 | $5691392 | $6187508 | $3887139 |
| Portfolio turnover rate M | 79% K,N<br>| 69% N | 90% K,N | 88%  | 112%  | 75%  | 81%  |

---

A*For the ten month period ended June 30. The Fund changed its fiscal year end from August 31 to June 30, effective March 1, 2024.*

B*Per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization that occurred on November 17, 2023. All financial information prior to the reorganization is that of Fidelity Large Cap Value Enhanced Index Fund.*

C*For the year ended August 31.*

D*Calculated based on average shares outstanding during the period.*

E*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Based on net asset value.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Proxy expenses are not annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

N*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Enhanced Mid Cap ETF**

**Schedule of Investments December 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Anglogold Ashanti Plc  | 116991 | 9976992 |
| BRAZIL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| XP Inc Class A  | 107351 | 1757336 |
| KOREA (SOUTH) - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Coupang Inc Class A (b) | 1046742 | 24692644 |
| MEXICO - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Southern Copper Corp  | 126299 | 18120118 |
| PUERTO RICO - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Popular Inc  | 35862 | 4465536 |
| UNITED KINGDOM - 0.6%  |  |  |
| Energy - 0.6% |  |  |
| Energy Equipment & Services - 0.6% |  |  |
| TechnipFMC PLC  | 590745 | 26323597 |
| UNITED STATES - 97.1%  |  |  |
| Communication Services - 4.3% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| AST SpaceMobile Inc Class A (b) | 26841 | 1949462 |
| Entertainment - 3.2% |  |  |
| Electronic Arts Inc  | 209040 | 42713143 |
| Playtika Holding Corp  | 762395 | 3011460 |
| ROBLOX Corp Class A (b) | 394501 | 31966416 |
| Roku Inc Class A (b) | 272114 | 29521648 |
| Take-Two Interactive Software Inc (b) | 93678 | 23984378 |
| Warner Bros Discovery Inc (b) | 534475 | 15403570 |
|  |  | 146600615 |
| Interactive Media & Services - 0.2% |  |  |
| IAC Inc Class A (b) | 42 | 1642 |
| Pinterest Inc Class A (b) | 357657 | 9259740 |
|  |  | 9261382 |
| Media - 0.9% |  |  |
| DoubleVerify Holdings Inc (b) | 36175 | 413842 |
| New York Times Co/The Class A  | 369052 | 25619590 |
| News Corp Class A  | 111486 | 2912014 |
| News Corp Class B (c) | 233918 | 6930991 |
| Sirius XM Holdings Inc (c) | 229915 | 4597150 |
|  |  | 40473587 |
| TOTAL COMMUNICATION SERVICES |  | 198285046 |
| Consumer Discretionary - 12.3% |  |  |
| Automobile Components - 0.7% |  |  |
| BorgWarner Inc  | 593275 | 26732972 |
| Gentex Corp  | 84697 | 1970899 |
| Lear Corp  | 30058 | 3444647 |
| QuantumScape Corp Class A (b) | 761 | 7929 |
|  |  | 32156447 |
| Automobiles - 1.5% |  |  |
| Ford Motor Co  | 3271512 | 42922237 |
| General Motors Co  | 308299 | 25070875 |
|  |  | 67993112 |
| Broadline Retail - 0.5% |  |  |
| eBay Inc  | 206812 | 18013325 |
| Etsy Inc (b) | 81102 | 4496295 |
|  |  | 22509620 |
| Diversified Consumer Services - 0.7% |  |  |
| ADT Inc  | 2467799 | 19915138 |
| Duolingo Inc Class A (b) | 66579 | 11684614 |
|  |  | 31599752 |
| Hotels, Restaurants & Leisure - 3.2% |  |  |
| Airbnb Inc Class A (b) | 15363 | 2085066 |
| Aramark  | 19822 | 730639 |
| Brightstar Lottery PLC  | 210244 | 3254577 |
| Carnival Corp (b) | 831740 | 25401340 |
| Churchill Downs Inc  | 48658 | 5536307 |
| DraftKings Inc Class A (b) | 265838 | 9160777 |
| Expedia Group Inc Class A  | 131754 | 37327227 |
| Hilton Worldwide Holdings Inc  | 1418 | 407321 |
| Las Vegas Sands Corp  | 484783 | 31554525 |
| Life Time Group Holdings Inc (b) | 93182 | 2476778 |
| MGM Resorts International (b) | 513521 | 18738381 |
| Penn Entertainment Inc (b) | 49201 | 725715 |
| Royal Caribbean Cruises Ltd  | 9675 | 2698551 |
| Wendy's Co/The (c) | 1122608 | 9351325 |
|  |  | 149448529 |
| Household Durables - 1.3% |  |  |
| Garmin Ltd  | 172789 | 35050249 |
| NVR Inc (b) | 718 | 5236209 |
| Toll Brothers Inc  | 149005 | 20148456 |
| TopBuild Corp (b) | 40 | 16687 |
|  |  | 60451601 |
| Leisure Products - 0.0% |  |  |
| Hasbro Inc  | 56427 | 4627014 |
| Specialty Retail - 3.0% |  |  |
| Abercrombie & Fitch Co Class A (b) | 113047 | 14229226 |
| Bath & Body Works Inc  | 413448 | 8302036 |
| CarMax Inc (b) | 322980 | 12479947 |
| Carvana Co Class A (b) | 7097 | 2995076 |
| Chewy Inc Class A (b) | 535189 | 17687996 |
| Five Below Inc (b) | 10456 | 1969492 |
| Gap Inc/The  | 1008538 | 25818573 |
| Lithia Motors Inc Class A  | 4350 | 1445636 |
| Ross Stores Inc  | 106716 | 19223820 |
| Ulta Beauty Inc (b) | 58339 | 35295678 |
|  |  | 139447480 |
| Textiles, Apparel & Luxury Goods - 1.4% |  |  |
| Ralph Lauren Corp Class A  | 81543 | 28834420 |
| Tapestry Inc  | 274463 | 35068138 |
|  |  | 63902558 |
| TOTAL CONSUMER DISCRETIONARY |  | 572136113 |
| Consumer Staples - 2.6% |  |  |
| Beverages - 0.2% |  |  |
| Boston Beer Co Inc/The Class A (b) | 3372 | 657977 |
| Celsius Holdings Inc (b) | 91694 | 4194084 |
| Molson Coors Beverage Co Class B  | 23191 | 1082556 |
| Monster Beverage Corp (b) | 22003 | 1686970 |
| Primo Brands Corp Class A  | 129613 | 2119173 |
|  |  | 9740760 |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| Casey's General Stores Inc  | 25919 | 14325690 |
| Dollar General Corp  | 74274 | 9861359 |
| Dollar Tree Inc (b) | 33494 | 4120097 |
| Kroger Co/The  | 45615 | 2850025 |
| Maplebear Inc (b) | 611841 | 27520609 |
| Performance Food Group Co (b) | 8319 | 748044 |
| US Foods Holding Corp (b) | 333296 | 25103855 |
|  |  | 84529679 |
| Food Products - 0.2% |  |  |
| Conagra Brands Inc  | 8 | 137 |
| General Mills Inc  | 35231 | 1638242 |
| Ingredion Inc  | 14657 | 1616081 |
| Pilgrim's Pride Corp  | 102750 | 4006223 |
| Smithfield Foods Inc  | 9022 | 201461 |
| Tyson Foods Inc Class A  | 336 | 19696 |
|  |  | 7481840 |
| Personal Care Products - 0.2% |  |  |
| Coty Inc Class A (b) | 314754 | 969442 |
| Kenvue Inc  | 414901 | 7157043 |
|  |  | 8126485 |
| Tobacco - 0.2% |  |  |
| Altria Group Inc  | 150377 | 8670738 |
| TOTAL CONSUMER STAPLES |  | 118549502 |
| Energy - 4.3% |  |  |
| Oil, Gas & Consumable Fuels - 4.3% |  |  |
| Antero Midstream Corp  | 195439 | 3476860 |
| Cheniere Energy Inc  | 172608 | 33553269 |
| ConocoPhillips  | 70624 | 6611113 |
| Coterra Energy Inc  | 56342 | 1482921 |
| Devon Energy Corp  | 435052 | 15935955 |
| DT Midstream Inc  | 11679 | 1397743 |
| EOG Resources Inc  | 12978 | 1362819 |
| Expand Energy Corp  | 286811 | 31652462 |
| Kinder Morgan Inc  | 1528042 | 42005875 |
| Marathon Petroleum Corp  | 236473 | 38457604 |
| Williams Cos Inc/The  | 375917 | 22596371 |
| TOTAL ENERGY |  | 198532992 |
| Financials - 15.9% |  |  |
| Banks - 1.0% |  |  |
| Citizens Financial Group Inc  | 53161 | 3105134 |
| Commerce Bancshares Inc/MO  | 41160 | 2154314 |
| Pinnacle Financial Partners Inc  | 200617 | 19140868 |
| Zions Bancorp NA  | 344429 | 20162874 |
|  |  | 44563190 |
| Capital Markets - 5.7% |  |  |
| Ameriprise Financial Inc  | 36458 | 17876816 |
| Bank of New York Mellon Corp/The  | 475108 | 55155289 |
| Carlyle Group Inc/The  | 8613 | 509114 |
| Cboe Global Markets Inc  | 122650 | 30785150 |
| Coinbase Global Inc Class A (b) | 3395 | 767745 |
| Janus Henderson Group PLC  | 42 | 1998 |
| LPL Financial Holdings Inc  | 9003 | 3215602 |
| Morningstar Inc  | 55350 | 12028109 |
| MSCI Inc  | 20640 | 11841787 |
| Nasdaq Inc  | 179311 | 17416477 |
| Northern Trust Corp  | 25656 | 3504353 |
| Raymond James Financial Inc  | 172933 | 27771310 |
| Robinhood Markets Inc Class A (b) | 95246 | 10772323 |
| SEI Investments Co  | 91696 | 7520906 |
| State Street Corp  | 279641 | 36076485 |
| Tradeweb Markets Inc Class A  | 241540 | 25975212 |
| Virtu Financial Inc Class A  | 28794 | 959416 |
|  |  | 262178092 |
| Consumer Finance - 2.3% |  |  |
| Ally Financial Inc  | 653065 | 29577315 |
| Capital One Financial Corp  | 93926 | 22763905 |
| OneMain Holdings Inc  | 37137 | 2508604 |
| SoFi Technologies Inc Class A (b) | 970518 | 25408161 |
| Synchrony Financial  | 317466 | 26486188 |
|  |  | 106744173 |
| Financial Services - 2.7% |  |  |
| Corebridge Financial Inc  | 309906 | 9349864 |
| Euronet Worldwide Inc (b) | 103553 | 7881419 |
| Fidelity National Information Services Inc  | 237083 | 15756536 |
| Fiserv Inc (b) | 166716 | 11198314 |
| Global Payments Inc  | 200772 | 15539753 |
| MGIC Investment Corp  | 78267 | 2286962 |
| PayPal Holdings Inc  | 69675 | 4067627 |
| Rocket Cos Inc Class A  | 1400153 | 27106962 |
| Sycamore Partners LLC rights (b)(d) | 12 | 5 |
| Toast Inc Class A (b) | 776086 | 27558814 |
| WEX Inc (b) | 34800 | 5184504 |
|  |  | 125930760 |
| Insurance - 3.4% |  |  |
| Allstate Corp/The  | 203571 | 42373304 |
| American Financial Group Inc/OH  | 7583 | 1036444 |
| Arch Capital Group Ltd (b) | 9559 | 916899 |
| Assurant Inc  | 114222 | 27510369 |
| Brown & Brown Inc  | 128411 | 10234357 |
| Cincinnati Financial Corp  | 160210 | 26165497 |
| Everest Group Ltd  | 6513 | 2210187 |
| Globe Life Inc  | 134355 | 18790890 |
| Kemper Corp  | 75850 | 3074959 |
| Loews Corp  | 43696 | 4601626 |
| Markel Group Inc (b) | 1135 | 2439853 |
| Marsh & McLennan Cos Inc  | 175 | 32465 |
| Prudential Financial Inc  | 149420 | 16866530 |
| Reinsurance Group of America Inc  | 10748 | 2186788 |
|  |  | 158440168 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.8% |  |  |
| AGNC Investment Corp (c) | 1585349 | 16994941 |
| Rithm Capital Corp  | 1988149 | 21670824 |
|  |  | 38665765 |
| TOTAL FINANCIALS |  | 736522148 |
| Health Care - 8.4% |  |  |
| Biotechnology - 2.0% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 38138 | 15165576 |
| Biogen Inc (b) | 11825 | 2081082 |
| BioMarin Pharmaceutical Inc (b) | 48974 | 2910525 |
| Exact Sciences Corp (b) | 22893 | 2325013 |
| Exelixis Inc (b) | 557322 | 24427423 |
| Halozyme Therapeutics Inc (b) | 210 | 14132 |
| Incyte Corp (b) | 181143 | 17891494 |
| Insmed Inc (b) | 52106 | 9068528 |
| Natera Inc (b) | 71934 | 16479360 |
| Revolution Medicines Inc (b) | 5784 | 460696 |
| Roivant Sciences Ltd (b) | 25004 | 542587 |
|  |  | 91366416 |
| Health Care Equipment & Supplies - 0.6% |  |  |
| ABIOMED Inc (b)(d) | 3289 | 7598 |
| Cooper Cos Inc/The (b) | 144861 | 11872808 |
| Hologic Inc (b) | 11674 | 869596 |
| Insulet Corp (b) | 67131 | 19081315 |
| Teleflex Inc  | 77 | 9397 |
|  |  | 31840714 |
| Health Care Providers & Services - 2.2% |  |  |
| Cardinal Health Inc  | 200608 | 41224944 |
| Cencora Inc  | 2346 | 792362 |
| Centene Corp (b) | 72366 | 2977861 |
| Elevance Health Inc  | 33695 | 11811782 |
| Humana Inc  | 123049 | 31516540 |
| Option Care Health Inc (b) | 301962 | 9620509 |
| Tenet Healthcare Corp (b) | 21008 | 4174710 |
|  |  | 102118708 |
| Health Care Technology - 1.0% |  |  |
| Doximity Inc Class A (b) | 235424 | 10424575 |
| Veeva Systems Inc Class A (b) | 158469 | 35375035 |
|  |  | 45799610 |
| Life Sciences Tools & Services - 1.7% |  |  |
| 10X Genomics Inc Class A (b) | 329549 | 5374944 |
| Charles River Laboratories International Inc (b) | 60091 | 11986953 |
| Illumina Inc (b) | 242507 | 31807219 |
| Medpace Holdings Inc (b) | 45093 | 25326483 |
| West Pharmaceutical Services Inc  | 19267 | 5301122 |
|  |  | 79796721 |
| Pharmaceuticals - 0.9% |  |  |
| Bristol-Myers Squibb Co  | 2442 | 131721 |
| Jazz Pharmaceuticals PLC (b) | 49446 | 8405820 |
| Viatris Inc  | 2512165 | 31276455 |
|  |  | 39813996 |
| TOTAL HEALTH CARE |  | 390736165 |
| Industrials - 20.3% |  |  |
| Aerospace & Defense - 4.2% |  |  |
| Axon Enterprise Inc (b) | 59154 | 33595331 |
| Curtiss-Wright Corp  | 54580 | 30088317 |
| HEICO Corp  | 56328 | 18227178 |
| HEICO Corp Class A  | 44492 | 11231115 |
| Howmet Aerospace Inc  | 264203 | 54166900 |
| L3Harris Technologies Inc  | 44113 | 12950253 |
| Leonardo DRS Inc  | 38362 | 1307761 |
| Rocket Lab Corp  | 101156 | 7056643 |
| Textron Inc  | 167349 | 14587812 |
| Woodward Inc  | 35149 | 10626246 |
|  |  | 193837556 |
| Building Products - 2.0% |  |  |
| A O Smith Corp  | 223368 | 14938852 |
| Allegion plc  | 170542 | 27153697 |
| Armstrong World Industries Inc  | 60275 | 11518553 |
| Builders FirstSource Inc (b) | 56323 | 5795073 |
| Carrier Global Corp  | 352900 | 18647236 |
| Owens Corning  | 51582 | 5772542 |
| Resideo Technologies Inc (b) | 105 | 3688 |
| Trane Technologies PLC  | 20877 | 8125328 |
|  |  | 91954969 |
| Commercial Services & Supplies - 0.2% |  |  |
| Veralto Corp  | 112436 | 11218864 |
| Construction & Engineering - 2.4% |  |  |
| AECOM  | 155156 | 14791021 |
| Comfort Systems USA Inc  | 37550 | 35045040 |
| EMCOR Group Inc  | 50417 | 30844616 |
| Quanta Services Inc  | 3971 | 1676000 |
| Valmont Industries Inc  | 66602 | 26795317 |
|  |  | 109151994 |
| Electrical Equipment - 2.3% |  |  |
| Acuity Inc  | 69201 | 24915128 |
| AMETEK Inc  | 198143 | 40680739 |
| Rockwell Automation Inc  | 33750 | 13131113 |
| Sensata Technologies Holding PLC  | 731805 | 24361788 |
| Vertiv Holdings Co Class A  | 10613 | 1719412 |
|  |  | 104808180 |
| Ground Transportation - 0.7% |  |  |
| CSX Corp  | 266464 | 9659320 |
| JB Hunt Transport Services Inc  | 287 | 55775 |
| Lyft Inc Class A (b) | 1262221 | 24449221 |
|  |  | 34164316 |
| Machinery - 2.8% |  |  |
| Allison Transmission Holdings Inc  | 22197 | 2173086 |
| Cummins Inc  | 73546 | 37541556 |
| Donaldson Co Inc  | 17471 | 1548979 |
| Flowserve Corp  | 364349 | 25278534 |
| Fortive Corp  | 63 | 3478 |
| Gates Industrial Corp PLC (b) | 812066 | 17435057 |
| IDEX Corp  | 10802 | 1922108 |
| ITT Inc  | 104122 | 18066208 |
| Middleby Corp/The (b) | 9789 | 1455331 |
| Oshkosh Corp  | 14 | 1758 |
| Otis Worldwide Corp  | 20452 | 1786482 |
| Westinghouse Air Brake Technologies Corp  | 99122 | 21157591 |
|  |  | 128370168 |
| Passenger Airlines - 0.6% |  |  |
| United Airlines Holdings Inc (b) | 265457 | 29683402 |
| Professional Services - 2.6% |  |  |
| Booz Allen Hamilton Holding Corp Class A  | 277424 | 23403489 |
| Jacobs Solutions Inc  | 8992 | 1191080 |
| Leidos Holdings Inc  | 163907 | 29568823 |
| Paylocity Holding Corp (b) | 28530 | 4350825 |
| SS&C Technologies Holdings Inc  | 332411 | 29059370 |
| Verisk Analytics Inc  | 140805 | 31496670 |
|  |  | 119070257 |
| Trading Companies & Distributors - 2.5% |  |  |
| Applied Industrial Technologies Inc  | 2127 | 546149 |
| Fastenal Co  | 275744 | 11065607 |
| Ferguson Enterprises Inc  | 9466 | 2107415 |
| FTAI Aviation Ltd  | 171915 | 33841468 |
| MSC Industrial Direct Co Inc Class A (c) | 192813 | 16215573 |
| Wesco International Inc  | 97637 | 23885916 |
| WW Grainger Inc  | 30050 | 30321953 |
|  |  | 117984081 |
| TOTAL INDUSTRIALS |  | 940243787 |
| Information Technology - 14.1% |  |  |
| Communications Equipment - 1.6% |  |  |
| Ciena Corp (b) | 75253 | 17599419 |
| F5 Inc (b) | 115171 | 29398550 |
| Motorola Solutions Inc  | 62419 | 23926451 |
| Ubiquiti Inc  | 4147 | 2294742 |
|  |  | 73219162 |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Avnet Inc  | 118667 | 5705509 |
| Corning Inc  | 9856 | 862991 |
| Itron Inc (b) | 15363 | 1426608 |
| Keysight Technologies Inc (b) | 49789 | 10116627 |
| Littelfuse Inc  | 21049 | 5323713 |
| Zebra Technologies Corp Class A (b) | 102309 | 24842672 |
|  |  | 48278120 |
| IT Services - 2.0% |  |  |
| Akamai Technologies Inc (b) | 114075 | 9953044 |
| Cloudflare Inc Class A (b) | 5615 | 1106997 |
| Gartner Inc (b) | 45 | 11352 |
| GoDaddy Inc Class A (b) | 165957 | 20591945 |
| MongoDB Inc Class A (b) | 44681 | 18752169 |
| Okta Inc Class A (b) | 311753 | 26957282 |
| Twilio Inc Class A (b) | 98459 | 14004808 |
|  |  | 91377597 |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| Astera Labs Inc (b) | 26889 | 4473254 |
| Cirrus Logic Inc (b) | 208497 | 24706895 |
| Enphase Energy Inc (b) | 125534 | 4023364 |
| MACOM Technology Solutions Holdings Inc (b) | 41357 | 7083627 |
| Qorvo Inc (b) | 258472 | 21843469 |
| Skyworks Solutions Inc  | 324539 | 20579018 |
|  |  | 82709627 |
| Software - 5.4% |  |  |
| Atlassian Corp Class A (b) | 98 | 15889 |
| BILL Holdings Inc (b) | 76274 | 4159984 |
| Cadence Design Systems Inc (b) | 66089 | 20658100 |
| Docusign Inc (b) | 387177 | 26482907 |
| Dropbox Inc Class A (b) | 601018 | 16708300 |
| Dynatrace Inc (b) | 602199 | 26099305 |
| Elastic NV (b) | 96114 | 7250840 |
| Fortinet Inc (b) | 277977 | 22074154 |
| HubSpot Inc (b) | 80032 | 32116842 |
| Manhattan Associates Inc (b) | 3219 | 557884 |
| Nutanix Inc Class A (b) | 74151 | 3832865 |
| PTC Inc (b) | 17563 | 3059650 |
| RingCentral Inc Class A (b)(c) | 456176 | 13174363 |
| Teradata Corp (b) | 591490 | 18004956 |
| Unity Software Inc (b) | 420481 | 18572646 |
| Zoom Communications Inc Class A (b) | 380120 | 32800555 |
| Zscaler Inc (b) | 23194 | 5216794 |
|  |  | 250786034 |
| Technology Hardware, Storage & Peripherals - 2.3% |  |  |
| Hewlett Packard Enterprise Co  | 924829 | 22214393 |
| HP Inc  | 380552 | 8478699 |
| NetApp Inc  | 283180 | 30325746 |
| Western Digital Corp  | 269046 | 46348554 |
|  |  | 107367392 |
| TOTAL INFORMATION TECHNOLOGY |  | 653737932 |
| Materials - 3.6% |  |  |
| Chemicals - 1.5% |  |  |
| CF Industries Holdings Inc  | 29361 | 2270780 |
| Corteva Inc  | 583305 | 39098935 |
| Eastman Chemical Co  | 46327 | 2957052 |
| International Flavors & Fragrances Inc (c) | 343885 | 23174410 |
|  |  | 67501177 |
| Construction Materials - 0.6% |  |  |
| CRH PLC  | 120734 | 15067603 |
| James Hardie Industries PLC (b) | 189112 | 3924074 |
| Vulcan Materials Co  | 32267 | 9203194 |
|  |  | 28194871 |
| Containers & Packaging - 0.3% |  |  |
| Amcor PLC  | 2070693 | 17269580 |
| Crown Holdings Inc  | 49 | 5045 |
|  |  | 17274625 |
| Metals & Mining - 1.2% |  |  |
| Coeur Mining Inc (b) | 554716 | 9890586 |
| Commercial Metals Co  | 110508 | 7649364 |
| MP Materials Corp (b) | 7501 | 378950 |
| Newmont Corp  | 113961 | 11379006 |
| Nucor Corp  | 81116 | 13230831 |
| Reliance Inc  | 14231 | 4110909 |
| Royal Gold Inc  | 36577 | 8130701 |
|  |  | 54770347 |
| TOTAL MATERIALS |  | 167741020 |
| Real Estate - 7.3% |  |  |
| Health Care REITs - 1.5% |  |  |
| CareTrust REIT Inc  | 331035 | 11970226 |
| Healthpeak Properties Inc  | 1311195 | 21084016 |
| Ventas Inc  | 416049 | 32193872 |
| Welltower Inc  | 35187 | 6531058 |
|  |  | 71779172 |
| Industrial REITs - 0.2% |  |  |
| STAG Industrial Inc Class A  | 226743 | 8335073 |
| Real Estate Management & Development - 1.3% |  |  |
| CBRE Group Inc Class A (b) | 222171 | 35722875 |
| Compass Inc Class A (b) | 369452 | 3905108 |
| CoStar Group Inc (b) | 16 | 1075 |
| Zillow Group Inc Class A (b) | 139480 | 9516720 |
| Zillow Group Inc Class C (b) | 176706 | 12054884 |
|  |  | 61200662 |
| Residential REITs - 0.8% |  |  |
| American Homes 4 Rent Class A  | 459808 | 14759837 |
| Camden Property Trust  | 9041 | 995233 |
| Equity Residential  | 322923 | 20357066 |
|  |  | 36112136 |
| Retail REITs - 1.2% |  |  |
| Brixmor Property Group Inc  | 902716 | 23669214 |
| Regency Centers Corp  | 174600 | 12052637 |
| Simon Property Group Inc  | 107250 | 19853048 |
|  |  | 55574899 |
| Specialized REITs - 2.3% |  |  |
| CubeSmart  | 75735 | 2730246 |
| Digital Realty Trust Inc  | 244422 | 37814528 |
| EPR Properties  | 68955 | 3440855 |
| Extra Space Storage Inc  | 40334 | 5252293 |
| Gaming and Leisure Properties Inc  | 445837 | 19924456 |
| Millrose Properties Inc Class A  | 57488 | 1717166 |
| VICI Properties Inc  | 1187258 | 33385695 |
|  |  | 104265239 |
| TOTAL REAL ESTATE |  | 337267181 |
| Utilities - 4.0% |  |  |
| Electric Utilities - 1.8% |  |  |
| Edison International  | 241947 | 14521659 |
| Evergy Inc  | 68313 | 4952009 |
| Eversource Energy  | 64708 | 4356790 |
| Exelon Corp  | 375031 | 16347601 |
| NRG Energy Inc  | 169927 | 27059175 |
| PG&E Corp  | 59099 | 949721 |
| PPL Corp  | 270940 | 9488319 |
|  |  | 77675274 |
| Gas Utilities - 0.0% |  |  |
| MDU Resources Group Inc (c) | 118100 | 2305312 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| AES Corp/The  | 376898 | 5404717 |
| Clearway Energy Inc Class A  | 70033 | 2200437 |
| Clearway Energy Inc Class C (c) | 141401 | 4702997 |
| Vistra Corp  | 159902 | 25796990 |
|  |  | 38105141 |
| Multi-Utilities - 1.4% |  |  |
| Ameren Corp  | 53779 | 5370371 |
| CenterPoint Energy Inc  | 313973 | 12037725 |
| CMS Energy Corp  | 281290 | 19670610 |
| Consolidated Edison Inc  | 111149 | 11039319 |
| DTE Energy Co  | 71748 | 9254057 |
| NiSource Inc  | 198455 | 8287481 |
| WEC Energy Group Inc  | 13599 | 1434150 |
|  |  | 67093713 |
| Water Utilities - 0.0% |  |  |
| American Water Works Co Inc  | 12228 | 1595754 |
| TOTAL UTILITIES |  | 186775194 |
| TOTAL UNITED STATES |  | 4500527080 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,236,514,546) |  | <br> **4585863303** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/29/2026  | 3.83 | 1920000 | 1914930 |
| US Treasury Bills 0% 2/26/2026  | 3.62 | 1500000 | 1491776 |
| US Treasury Bills 0% 3/12/2026 (f) | 3.57 to 3.58 | 4720000 | 4687917 |
| US Treasury Bills 0% 3/5/2026  | 3.59 to 3.66 | 230000 | 228599 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $8,321,982) |  |  | **8323222** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 3.79 | 40796180 | 40804340 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 3.77 | 30369665 | 30372702 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $71,177,066) |  |  | **71177042** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $4,316,013,594)<br>| <br>**4665363567** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(26739359)** |
| **NET ASSETS - 100.0%** | **4638624208** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P MidCap 400 Index Contracts (United States) | 122 | 3/2026 | 40567440 | (576915) |
| The notional amount of long futures as a percentage of Net Assets is 0.9%. | The notional amount of long futures as a percentage of Net Assets is 0.9%. | The notional amount of long futures as a percentage of Net Assets is 0.9%. | The notional amount of long futures as a percentage of Net Assets is 0.9%. | The notional amount of long futures as a percentage of Net Assets is 0.9%. |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Security or a portion of the security is on loan at period end.

(d) Level 3 security.

(e) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,746,206.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 15428947 | 149452541 | 124077160 | 983144 | 36 | (24) | 40804340 | 40796180 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 27954705 | 283542945 | 281125450 | 19060 | 502 | - | 30372702 | 30369665 | 0.1% |
| Total | 43383652 | 432995486 | 405202610 | 1002204 | 538 | (24) | 71177042 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 198285046 | 198285046 | - | - |
| Consumer Discretionary | 596828757 | 596828757 | - | - |
| Consumer Staples | 118549502 | 118549502 | - | - |
| Energy | 224856589 | 224856589 | - | - |
| Financials | 742745020 | 742745015 | - | 5 |
| Health Care | 390736165 | 390728567 | - | 7598 |
| Industrials | 940243787 | 940243787 | - | - |
| Information Technology | 653737932 | 653737932 | - | - |
| Materials | 195838130 | 195838130 | - | - |
| Real Estate | 337267181 | 337267181 | - | - |
| Utilities | 186775194 | 186775194 | - | - |
|  **U.S. Treasury Obligations** | 8323222 | - | 8323222 | - |
|  **Money Market Funds** | 71177042 | 71177042 | - | - |
| **Total Investments in Securities:** | 4665363567 | 4657032742 | 8323222 | 7603 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (576915) | (576915) | - | - |
| Total Liabilities | (576915) | (576915) | - | - |
| **Total Derivative Instruments:** | (576915) | (576915) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | - | (576915) |
| **Total Equity Risk**  | - | (576915) |
| **Total Value of Derivatives** | - | (576915) |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Enhanced Mid Cap ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $35,558,576) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,244,836,528) | $4594186525 |  |
| Fidelity Central Funds (cost $71,177,066) | 71177042 |  |
| Total Investment in Securities (cost $4,316,013,594) |  | $4665363567 |
| Receivable for fund shares sold |  | 25443632 |
| Dividends receivable |  | 3900499 |
| Distributions receivable from Fidelity Central Funds |  | 219891 |
| **Total assets** |  | 4694927589 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $24615231 |  |
| Accrued management fee | 872330 |  |
| Payable for daily variation margin on futures contracts | 443569 |  |
| Other payables and accrued expenses | 51 |  |
| Collateral on securities loaned | 30372200 |  |
| **Total liabilities** |  | 56303381 |
| **Net Assets**  |  | $4638624208 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4301043402 |
| Total accumulated earnings (loss) |  | 337580806 |
| **Net Assets** |  | $4638624208 |
| **Net Asset Value**, offering price and redemption price per share ($4,638,624,208 ÷ 127,616,761 shares) |  | $36.35 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $26139821 |
| Interest  |  | 135766 |
| Income from Fidelity Central Funds (including $19,060 from security lending)  |  | 1002204 |
| **Total income** |  | 27277791 |
| **Expenses** |  |  |
| Management fee | $4288503 |  |
| Independent trustees' fees and expenses | 7308 |  |
| Total expenses before reductions | 4295811 |  |
| Expense reductions | (295) |  |
| Total expenses after reductions |  | 4295516 |
| **Net Investment income (loss)** |  | 22982275 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (2053143) |  |
| Redemptions in-kind | 94782681 |  |
| Fidelity Central Funds | 538 |  |
| Futures contracts | 2578228 |  |
| Total net realized gain (loss) |  | 95308304 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 95532994 |  |
| Fidelity Central Funds  | (24) |  |
| Futures contracts | (1029805) |  |
| Total change in net unrealized appreciation (depreciation) |  | 94503165 |
| **Net gain (loss)** |  | 189811469 |
| **Net increase (decrease) in net assets resulting from operations** |  | $212793744 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **June 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $22982275 | $28174677 |
| &nbsp;&nbsp;Net realized gain (loss) | 95308304<br>| 228458144<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 94503165 | 64843776<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 212793744<br>| 321476597<br>|
| Distributions to shareholders | (25316105)<br>| (29122156)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1946955206 | 2000994293 |
| &nbsp;&nbsp;Cost of shares redeemed | (333484699) | (1109248748) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1613470507<br>| 891745545<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1800948146<br>| 1184099986<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2837676062 | 1653576076<br>|
| &nbsp;&nbsp;End of period | $4638624208 | $2837676062 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 54400000 | 60700000 |
| &nbsp;&nbsp;Redeemed | (9300000) | (34300000) |
| &nbsp;&nbsp;Net increase (decrease) | 45100000 | 26400000 |

---

**Financial Highlights** 

**Fidelity® Enhanced Mid Cap ETF** <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)**  | **Years ended June 30, 2025**  | **2024** A  | **2023** B,C | **2022** B,C | **2021** B,C  | **2020** B,C |
| **Selected Per-Share Data**  |  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $34.39 | $29.47 | $25.79 | $24.65 | $32.17 | $23.47 | $22.59 |
| Income from Investment Operations  |  |  |  |  |  |  |  |
| Net investment income (loss) D,E | .22  | .41  | .27  | .28  | .28  | .22  | .29  |
| Net realized and unrealized gain (loss)  | 1.97  | 4.93  | 3.86  | 1.69  | (3.81)  | 9.40  | 1.50  |
| Total from investment operations  | 2.19  | 5.34  | 4.13  | 1.97  | (3.53)  | 9.62  | 1.79  |
| Distributions from net investment income  | (.23)  | (.42)  | (.45)  | (.23)  | (.23)  | (.25)  | (.34)  |
| Distributions from net realized gain  | -  | -  | -  | (.57)  | (3.76)  | (.67)  | (.59)  |
| Total distributions  | (.23)  | (.42)  | (.45)  | (.83) F | (3.99)  | (.92)  | (.91) F |
| Net asset value, end of period  | $36.35 | $34.39 | $29.47 | $25.79 | $24.65 | $32.17 | $23.47 |
| **Total Return** G,H,I | 6.36% <br>| 18.20%  | 16.23%  | 8.19%  | (12.36)%  | 41.82%  | 7.91%  |
| **Ratios to Average Net Assets** E,J,K |  |  |  |  |  |  |  |
| Expenses before reductions  | .23% L | .23%  | .29% L,M | .45%  | .51%  | .59%  | .59%  |
| Expenses net of fee waivers, if any  | .23% L<br>| .23%  | .29% L,M | .45%  | .51%  | .59%  | .59%  |
| Expenses net of all reductions, if any  | .23% L | .23%  | .29% L,M | .45%  | .51%  | .59%  | .59%  |
| Net investment income (loss)  | 1.23% L | 1.27%  | 1.19% L,M | 1.12%  | 1.00%  | .77%  | 1.33%  |
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4638624 | $2837676 | $1653576 | $1636516 | $1654862 | $2042347 | $1182253 |
| Portfolio turnover rate N | 60% L,O<br>| 70% O | 73% L,O | 104%  | 116%  | 70%  | 73%  |

---

A*For the ten month period ended June 30. The Fund changed its fiscal year end from August 31 to June 30, effective March 1, 2024.*

B*For the year ended August 31.*

C*Per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization that occurred on November 17, 2023. All financial information prior to the reorganization is that of Fidelity Mid Cap Enhanced Index Fund.*

D*Calculated based on average shares outstanding during the period.*

E*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

F*Total distributions per share do not sum due to rounding.*

G*Total returns for periods of less than one year are not annualized.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Based on net asset value.*

J*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

K*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

L*Annualized.*

M*Proxy expenses are not annualized.*

N*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

O*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Enhanced Small Cap ETF**

**Schedule of Investments December 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.6%** | &nbsp;&nbsp;**Common Stocks - 98.6%** | &nbsp;&nbsp;**Common Stocks - 98.6%** |
|  | Shares | Value ($)<br>|
| BERMUDA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Teekay Corp Ltd  | 211121 | 1906423 |
| BRAZIL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| StoneCo Ltd Class A (b) | 67470 | 997881 |
| CANADA - 0.5%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Teekay Tankers Ltd Class A  | 46183 | 2467096 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Aurinia Pharmaceuticals Inc (b) | 216684 | 3456110 |
| Xenon Pharmaceuticals Inc (b) | 16981 | 761088 |
| TOTAL HEALTH CARE |  | 4217198 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| D-Wave Quantum Inc (b)(c) | 268653 | 7025277 |
| Hut 8 Corp (United States) (b) | 55248 | 2538093 |
| TOTAL INFORMATION TECHNOLOGY |  | 9563370 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Novagold Resources Inc (United States) (b) | 133204 | 1241461 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Real Brokerage Inc/The (b) | 124133 | 453085 |
| TOTAL CANADA |  | 17942210 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Novo Nordisk A/S rights (b)(d) | 17009 | 11055 |
| IRELAND - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Commercial Services & Supplies - 0.3% |  |  |
| Cimpress PLC (b)(c) | 132493 | 8822709 |
| MONACO - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Scorpio Tankers Inc  | 68805 | 3497358 |
| NORWAY - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| SFL Corp Ltd (c) | 239944 | 1873963 |
| PANAMA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Banco Latinoamericano de Comercio Exterior SA Class E  | 47185 | 2104451 |
| SINGAPORE - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Grindr Inc Class A (b)(c) | 80503 | 1090011 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Kulicke & Soffa Industries Inc  | 98674 | 4495587 |
| TOTAL SINGAPORE |  | 5585598 |
| SWITZERLAND - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| CRISPR Therapeutics AG (b)(c) | 112482 | 5898556 |
| THAILAND - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Fabrinet (b) | 74106 | 33738980 |
| UNITED KINGDOM - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Indivior PLC (b) | 89978 | 3228411 |
| UNITED STATES - 96.1%  |  |  |
| Communication Services - 2.5% |  |  |
| Diversified Telecommunication Services - 1.0% |  |  |
| Atn International Inc  | 86915 | 1981662 |
| Bandwidth Inc Class A (b) | 301079 | 4651671 |
| Globalstar Inc (b) | 34491 | 2105331 |
| Lumen Technologies Inc (b) | 2720054 | 21134820 |
| Shenandoah Telecommunications Co (c) | 36036 | 416575 |
|  |  | 30290059 |
| Entertainment - 0.5% |  |  |
| Cinemark Holdings Inc  | 237845 | 5527518 |
| Lionsgate Studios Corp  | 448012 | 4090350 |
| Madison Square Garden Entertainment Corp Class A (b) | 70966 | 3824358 |
| Marcus Corp/The  | 39086 | 606223 |
| Sphere Entertainment Co Class A (b)(c) | 46239 | 4396404 |
|  |  | 18444853 |
| Interactive Media & Services - 0.5% |  |  |
| TrueCar Inc (b) | 361454 | 816886 |
| Yelp Inc Class A (b) | 531339 | 16147393 |
| ZipRecruiter Inc Class A (b) | 80797 | 315108 |
|  |  | 17279387 |
| Media - 0.5% |  |  |
| Cable One Inc (c) | 18155 | 2048792 |
| John Wiley & Sons Inc Class A  | 335717 | 10283012 |
| TEGNA Inc  | 35153 | 682319 |
| USA TODAY Co Inc (b)(c) | 616237 | 3173621 |
|  |  | 16187744 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Spok Holdings Inc  | 21372 | 281896 |
| TOTAL COMMUNICATION SERVICES |  | 82483939 |
| Consumer Discretionary - 9.3% |  |  |
| Automobile Components - 1.1% |  |  |
| Adient PLC (b) | 100887 | 1934004 |
| American Axle & Manufacturing Holdings Inc (b)(c) | 825669 | 5292538 |
| Cooper-Standard Holdings Inc (b) | 164354 | 5395742 |
| Goodyear Tire & Rubber Co/The (b) | 231840 | 2030918 |
| Phinia Inc  | 348459 | 21844895 |
|  |  | 36498097 |
| Automobiles - 0.3% |  |  |
| Winnebago Industries Inc  | 257977 | 10453228 |
| Broadline Retail - 0.2% |  |  |
| Groupon Inc (b)(c) | 359885 | 6337575 |
| Diversified Consumer Services - 0.7% |  |  |
| Chegg Inc (b) | 792698 | 737208 |
| Coursera Inc (b) | 642605 | 4729573 |
| Graham Holdings Co Class B  | 2816 | 3093658 |
| KinderCare Learning Cos Inc (b)(c) | 192063 | 829712 |
| Strategic Education Inc  | 64835 | 5199767 |
| Universal Technical Institute Inc (b) | 330950 | 8647724 |
|  |  | 23237642 |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Brightstar Lottery PLC  | 81545 | 1262317 |
| Denny's Corp (b) | 215556 | 1340758 |
| Life Time Group Holdings Inc (b) | 822708 | 21867579 |
| Monarch Casino & Resort Inc  | 49878 | 4773325 |
| Rush Street Interactive Inc Class A (b) | 58167 | 1130184 |
|  |  | 30374163 |
| Household Durables - 2.0% |  |  |
| Cavco Industries Inc (b) | 15413 | 9105076 |
| Ethan Allen Interiors Inc  | 192511 | 4396951 |
| Flexsteel Industries Inc  | 20060 | 792169 |
| Installed Building Products Inc  | 10273 | 2664713 |
| M/I Homes Inc (b) | 112039 | 14335390 |
| Meritage Homes Corp  | 162800 | 10712240 |
| Sonos Inc (b) | 1081621 | 18993265 |
| Taylor Morrison Home Corp (b) | 89839 | 5288822 |
|  |  | 66288626 |
| Leisure Products - 0.7% |  |  |
| Funko Inc Class A (b)(c) | 211252 | 718256 |
| Peloton Interactive Inc Class A (b) | 1476624 | 9096004 |
| Sturm Ruger & Co Inc (c) | 110126 | 3595614 |
| Topgolf Callaway Brands Corp (b) | 866380 | 10110655 |
|  |  | 23520529 |
| Specialty Retail - 3.1% |  |  |
| Abercrombie & Fitch Co Class A (b) | 200532 | 25240964 |
| American Eagle Outfitters Inc  | 188424 | 4968741 |
| Carparts Com Inc (b) | 489341 | 244671 |
| Petco Health & Wellness Co Inc Class A (b)(c) | 3786031 | 10638747 |
| RealReal Inc/The (b) | 619807 | 9780554 |
| Sally Beauty Holdings Inc (b) | 766826 | 10934939 |
| Sleep Number Corp (b)(c) | 127451 | 1078235 |
| Sonic Automotive Inc Class A  | 65636 | 4060243 |
| Stitch Fix Inc Class A (b)(c) | 645600 | 3389400 |
| ThredUp Inc Class A (b) | 946373 | 6047323 |
| Upbound Group Inc  | 412256 | 7239215 |
| Urban Outfitters Inc (b) | 281940 | 21218805 |
|  |  | 104841837 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Figs Inc Class A (b) | 86910 | 987297 |
| G-III Apparel Group Ltd  | 118700 | 3437552 |
| Wolverine World Wide Inc  | 337179 | 6119799 |
|  |  | 10544648 |
| TOTAL CONSUMER DISCRETIONARY |  | 312096345 |
| Consumer Staples - 1.1% |  |  |
| Beverages - 0.0% |  |  |
| National Beverage Corp (b) | 61432 | 1959065 |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Natural Grocers by Vitamin Cottage Inc  | 61469 | 1539798 |
| United Natural Foods Inc (b) | 348651 | 11739080 |
|  |  | 13278878 |
| Food Products - 0.6% |  |  |
| Cal-Maine Foods Inc (c) | 93166 | 7413219 |
| Fresh Del Monte Produce Inc (c) | 106905 | 3809025 |
| Utz Brands Inc Class A  | 904763 | 9391440 |
|  |  | 20613684 |
| Household Products - 0.1% |  |  |
| Central Garden & Pet Co Class A (b) | 43399 | 1266817 |
| Energizer Holdings Inc  | 360 | 7160 |
| WD-40 Co  | 5094 | 1003009 |
|  |  | 2276986 |
| Personal Care Products - 0.0% |  |  |
| Honest Co Inc/The (b)(c) | 666422 | 1719369 |
| Medifast Inc (b)(c) | 25670 | 274155 |
|  |  | 1993524 |
| TOTAL CONSUMER STAPLES |  | 40122137 |
| Energy - 4.6% |  |  |
| Energy Equipment & Services - 2.0% |  |  |
| Archrock Inc  | 675334 | 17572191 |
| Bristow Group Inc (b)(c) | 59998 | 2197127 |
| Expro Group Holdings NV (b) | 847738 | 11317302 |
| Helix Energy Solutions Group Inc (b) | 464863 | 2914691 |
| Helmerich & Payne Inc  | 252002 | 7227417 |
| Oceaneering International Inc (b) | 207171 | 4978319 |
| Oil States International Inc (b) | 161561 | 1093768 |
| ProPetro Holding Corp (b) | 248556 | 2363768 |
| Solaris Energy Infrastructure Inc Class A  | 342225 | 15732083 |
| Transocean Ltd (b) | 553894 | 2287582 |
|  |  | 67684248 |
| Oil, Gas & Consumable Fuels - 2.6% |  |  |
| California Resources Corp  | 171888 | 7685112 |
| Core Natural Resources Inc  | 41435 | 3667412 |
| Crescent Energy Co Class A (c) | 831549 | 6976696 |
| Delek US Holdings Inc  | 398907 | 11831582 |
| Dorian LPG Ltd  | 191711 | 4666246 |
| Energy Fuels Inc/Canada (United States) (b)(c) | 113866 | 1655612 |
| Excelerate Energy Inc Class A  | 406208 | 11394134 |
| Gulfport Energy Corp (b) | 27604 | 5741356 |
| Murphy Oil Corp (c) | 479511 | 14984719 |
| Riley Exploration Permian Inc (c) | 76500 | 2019600 |
| Sable Offshore Corp (b)(c) | 1309 | 11807 |
| Uranium Energy Corp (b) | 290282 | 3390494 |
| World Kinect Corp  | 601246 | 14087194 |
|  |  | 88111964 |
| TOTAL ENERGY |  | 155796212 |
| Financials - 16.6% |  |  |
| Banks - 7.9% |  |  |
| 1st Source Corp  | 42174 | 2635453 |
| Amalgamated Financial Corp  | 87843 | 2813611 |
| Ameris Bancorp  | 192220 | 14276179 |
| Associated Banc-Corp  | 373269 | 9615409 |
| Axos Financial Inc (b) | 166683 | 14361407 |
| BancFirst Corp  | 59083 | 6263980 |
| Bancorp Inc/The (b) | 13376 | 903148 |
| Bank of Hawaii Corp (c) | 167605 | 11459154 |
| Banner Corp  | 31084 | 1947723 |
| Byline Bancorp Inc  | 27155 | 791568 |
| Cadence Bank  | 124651 | 5340049 |
| Central Pacific Financial Corp  | 204787 | 6381163 |
| Community Financial System Inc  | 68404 | 3929126 |
| Community Trust Bancorp Inc  | 28686 | 1620759 |
| Eastern Bankshares Inc  | 830590 | 15307774 |
| FB Financial Corp  | 245767 | 13713799 |
| Financial Institutions Inc  | 59149 | 1843674 |
| First Busey Corp  | 258492 | 6149525 |
| First Commonwealth Financial Corp  | 401022 | 6761231 |
| First Financial Bancorp (c) | 148399 | 3712943 |
| First Financial Bankshares Inc  | 294248 | 8789188 |
| First Merchants Corp  | 257710 | 9658971 |
| Flushing Financial Corp  | 53780 | 815843 |
| Glacier Bancorp Inc  | 84432 | 3719230 |
| Hilltop Holdings Inc  | 72030 | 2444698 |
| Lakeland Financial Corp (c) | 168160 | 9595210 |
| Mercantile Bank Corp  | 9293 | 446992 |
| Midland States Bancorp Inc  | 24876 | 526625 |
| NB Bancorp Inc (c) | 281909 | 5587436 |
| Nbt Bancorp Inc  | 32225 | 1337982 |
| Nicolet Bankshares Inc  | 6238 | 756669 |
| Northfield Bancorp Inc  | 226930 | 2593810 |
| Northwest Bancshares Inc  | 1265300 | 15183600 |
| OceanFirst Financial Corp  | 181221 | 3252917 |
| Old National Bancorp/IN  | 177082 | 3950699 |
| Park National Corp  | 37400 | 5691532 |
| Peapack-Gladstone Financial Corp (c) | 46160 | 1285556 |
| Provident Financial Services Inc (c) | 302187 | 5968193 |
| Renasant Corp  | 26171 | 921743 |
| S&T Bancorp Inc  | 20091 | 790581 |
| Seacoast Banking Corp of Florida  | 44886 | 1410318 |
| Sierra Bancorp  | 56310 | 1840211 |
| Simmons First National Corp Class A  | 536730 | 10117361 |
| TrustCo Bank Corp NY (c) | 12084 | 499432 |
| UMB Financial Corp  | 8075 | 928948 |
| United Bankshares Inc/WV  | 120284 | 4618906 |
| United Community Bank/SC  | 320691 | 10011973 |
| Washington Trust Bancorp Inc  | 19109 | 564671 |
| WesBanco Inc  | 557702 | 18538014 |
| Westamerica BanCorp  | 28072 | 1342684 |
|  |  | 263017668 |
| Capital Markets - 2.3% |  |  |
| Acadian Asset Management Inc  | 136933 | 6435851 |
| BGC Group Inc Class A  | 1500121 | 13396081 |
| Cohen & Steers Inc  | 49567 | 3111816 |
| Federated Hermes Inc Class B  | 277866 | 14468483 |
| Oppenheimer Holdings Inc Class A  | 13674 | 988493 |
| Piper Sandler Cos  | 25090 | 8523324 |
| StoneX Group Inc (b)(c) | 150247 | 14292997 |
| Virtus Invt Partners Inc  | 6314 | 1030129 |
| WisdomTree Inc (c) | 1117849 | 13626579 |
|  |  | 75873753 |
| Consumer Finance - 2.4% |  |  |
| Bread Financial Holdings Inc  | 21902 | 1621405 |
| Dave Inc Class A (b) | 35697 | 7903673 |
| Encore Capital Group Inc (b)(c) | 256066 | 13917187 |
| Enova International Inc (b) | 65968 | 10370170 |
| EZCORP Inc Class A (b) | 508230 | 9869827 |
| FirstCash Holdings Inc  | 75622 | 12052634 |
| Lendingtree Inc (b) | 154778 | 8217164 |
| NerdWallet Inc Class A (b) | 347297 | 4705874 |
| PROG Holdings Inc  | 358167 | 10562345 |
| Regional Management Corp  | 47360 | 1835200 |
|  |  | 81055479 |
| Financial Services - 1.6% |  |  |
| Compass Diversified Holdings  | 276341 | 1326437 |
| Essent Group Ltd  | 96431 | 6268979 |
| Federal Agricultural Mortgage Corp Class C  | 15868 | 2785945 |
| Flywire Corp (b) | 544706 | 7713037 |
| Merchants Bancorp/IN  | 47623 | 1622039 |
| NCR Atleos Corp (b) | 115036 | 4384022 |
| NMI Holdings Inc (b) | 352799 | 14390671 |
| Payoneer Global Inc (b) | 2197573 | 12350360 |
| Remitly Global Inc (b) | 184750 | 2549550 |
| Repay Holdings Corp Class A (b) | 120064 | 438234 |
| Waterstone Financial Inc  | 64313 | 1064380 |
|  |  | 54893654 |
| Insurance - 2.1% |  |  |
| Amerisafe Inc  | 64292 | 2469456 |
| CNO Financial Group Inc  | 151013 | 6413522 |
| Genworth Financial Inc Class A (b) | 658481 | 5946083 |
| Goosehead Insurance Inc Class A  | 14937 | 1100110 |
| HCI Group Inc  | 78716 | 15089070 |
| Heritage Insurance Holdings Inc (b) | 86621 | 2534530 |
| Horace Mann Educators Corp  | 173475 | 8011076 |
| Oscar Health Inc Class A (b) | 148483 | 2133701 |
| Palomar Hldgs Inc (b) | 10297 | 1387624 |
| Selective Insurance Group Inc  | 142831 | 11950670 |
| Selectquote Inc (b) | 549734 | 775125 |
| Skyward Specialty Insurance Group Inc (b) | 59497 | 3040892 |
| Stewart Information Services Corp  | 16428 | 1154231 |
| Trupanion Inc (b) | 226535 | 8465613 |
| Universal Insurance Holdings Inc  | 33548 | 1133922 |
|  |  | 71605625 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.3% |  |  |
| Brightspire Capital Inc Class A  | 110148 | 616829 |
| Ellington Financial Inc (c) | 68102 | 924825 |
| Kkr Real Estate Finance Trust Inc (c) | 221200 | 1818264 |
| Ladder Capital Corp Class A  | 185194 | 2035282 |
| Ready Capital Corp (c) | 358204 | 780885 |
| TPG RE Finance Trust Inc  | 465779 | 4010357 |
|  |  | 10186442 |
| TOTAL FINANCIALS |  | 556632621 |
| Health Care - 16.2% |  |  |
| Biotechnology - 7.4% |  |  |
| Abeona Therapeutics Inc (b)(c) | 159023 | 838051 |
| ACADIA Pharmaceuticals Inc (b) | 216151 | 5773393 |
| ADMA Biologics Inc (b) | 242260 | 4418822 |
| Agios Pharmaceuticals Inc (b) | 19103 | 519984 |
| Akebia Therapeutics Inc (b) | 960691 | 1546713 |
| Alkermes PLC (b) | 235687 | 6594522 |
| Altimmune Inc (b)(c) | 473930 | 1710887 |
| Amicus Therapeutics Inc (b) | 102726 | 1462818 |
| Arbutus Biopharma Corp (b)(c) | 94450 | 454305 |
| Arcellx Inc (b) | 25034 | 1632217 |
| Arcus Biosciences Inc (b) | 240977 | 5742482 |
| Arcutis Biotherapeutics Inc (b) | 158310 | 4597322 |
| Ardelyx Inc (b) | 551351 | 3214376 |
| Arrowhead Pharmaceuticals Inc (b) | 126692 | 8411082 |
| Atreca Inc Class A rights (b)(d) | 1051 | 0 |
| Avidity Biosciences Inc (b) | 69154 | 4988078 |
| Beam Therapeutics Inc (b) | 36573 | 1013804 |
| Bicara Therapeutics Inc (b) | 108078 | 1818953 |
| BioCryst Pharmaceuticals Inc (b) | 416978 | 3252428 |
| Biohaven Ltd (b) | 206329 | 2329454 |
| Black Diamond Therapeutics Inc (b)(c) | 387168 | 940818 |
| Blueprint Medicines Corp rights (b)(d) | 33006 | 0 |
| Bridgebio Pharma Inc (b) | 155155 | 11867806 |
| C4 Therapeutics Inc (b) | 183449 | 350388 |
| CareDx Inc (b) | 161034 | 3033881 |
| Carisma Therapeutics Inc rights (b)(d) | 304482 | 3 |
| Cartesian Therapeutics Inc rights (b)(d) | 85524 | 24802 |
| Catalyst Pharmaceuticals Inc (b) | 186261 | 4347332 |
| Celcuity Inc (b) | 20011 | 1995897 |
| Celldex Therapeutics Inc (b) | 21299 | 578481 |
| CG oncology Inc (b) | 19217 | 797890 |
| Cidara Therapeutics Inc (b) | 2203 | 486621 |
| Cogent Biosciences Inc (b) | 171792 | 6102052 |
| Concentra Biosciences LLC rights (b)(d) | 109958 | 1 |
| Cytokinetics Inc (b) | 101501 | 6449374 |
| Denali Therapeutics Inc (b) | 69731 | 1151259 |
| Design Therapeutics Inc (b) | 116688 | 1094533 |
| Dynavax Technologies Corp (b)(c) | 92345 | 1420266 |
| Dyne Therapeutics Inc (b) | 54756 | 1071027 |
| Emergent BioSolutions Inc (b)(c) | 99298 | 1227323 |
| Erasca Inc (b) | 397524 | 1478789 |
| GRAIL Inc (b) | 21085 | 1804665 |
| Ideaya Biosciences Inc (b) | 14131 | 488509 |
| Inhibrx Biosciences Inc (b) | 39215 | 3097985 |
| Insmed Inc (b) | 12698 | 2209960 |
| Ironwood Pharmaceuticals Inc Class A (b) | 513516 | 1730549 |
| Jounce Therapeutics Inc rights (b)(d) | 118367 | 1 |
| KalVista Pharmaceuticals Inc (b)(c) | 66265 | 1070180 |
| Kiniksa Pharmaceuticals International Plc Class A (b) | 87433 | 3606611 |
| Kodiak Sciences Inc (b)(c) | 166654 | 4659646 |
| Krystal Biotech Inc (b) | 5933 | 1462722 |
| Kura Oncology Inc (b) | 195031 | 2026372 |
| Kymera Therapeutics Inc (b) | 43697 | 3400064 |
| Madrigal Pharmaceuticals Inc (b) | 24507 | 14271406 |
| MannKind Corp (b) | 237407 | 1346098 |
| Mirum Pharmaceuticals Inc (b) | 70175 | 5543123 |
| Myriad Genetics Inc (b) | 412976 | 2539802 |
| Neurogene Inc (b) | 64328 | 1325157 |
| Novavax Inc (b)(c) | 351966 | 2365212 |
| Nurix Therapeutics Inc (b) | 66223 | 1256250 |
| Nuvalent Inc Class A (b) | 12003 | 1207382 |
| Oncternal Therapeutics Inc rights (b)(d) | 1148 | 0 |
| Organogenesis Holdings Inc Class A (b) | 236877 | 1227023 |
| ORIC Pharmaceuticals Inc (b) | 137401 | 1123940 |
| Praxis Precision Medicines Inc (b) | 31720 | 9349153 |
| Protagonist Therapeutics Inc (b) | 22758 | 1987684 |
| PTC Therapeutics Inc (b) | 114948 | 8731450 |
| Puma Biotechnology Inc (b) | 131934 | 785007 |
| Q32 Bio Inc rights (b)(d) | 40603 | 0 |
| Recursion Pharmaceuticals Inc Class A (b)(c) | 114707 | 469152 |
| REGENXBIO Inc (b)(c) | 239803 | 3453163 |
| Replimune Group Inc (b)(c) | 408375 | 3969405 |
| Rhythm Pharmaceuticals Inc (b) | 74951 | 8022755 |
| Rigel Pharmaceuticals Inc (b) | 56143 | 2404605 |
| Rocket Pharmaceuticals Inc (b) | 337788 | 1185636 |
| Scholar Rock Holding Corp (b) | 29652 | 1306171 |
| Soleno Therapeutics Inc (b) | 30939 | 1432476 |
| Surface Oncology Inc rights (b)(d) | 60289 | 0 |
| Syndax Pharmaceuticals Inc (b) | 135352 | 2843746 |
| Taysha Gene Therapies Inc (b) | 602292 | 3312606 |
| TG Therapeutics Inc (b)(c) | 156878 | 4676533 |
| Travere Therapeutics Inc (b) | 66852 | 2554415 |
| Twist Bioscience Corp (b)(c) | 13060 | 414263 |
| Upstream Bio Inc (b) | 61544 | 1670920 |
| UroGen Pharma Ltd (b) | 101887 | 2386194 |
| Vanda Pharmaceuticals Inc (b) | 162628 | 1434379 |
| Vaxcyte Inc (b) | 98134 | 4527903 |
| Vera Therapeutics Inc Class A (b) | 116502 | 5899661 |
| Veracyte Inc (b) | 133419 | 5616940 |
| Verastem Inc (b)(c) | 346626 | 2675953 |
| Vericel Corp (b) | 23638 | 851204 |
| Voyager Therapeutics Inc (b) | 102941 | 404558 |
| Xencor Inc (b) | 79037 | 1210056 |
| Zenas Biopharma Inc (b) | 45975 | 1669352 |
| Zentalis Pharmaceuticals Inc (b) | 196326 | 265040 |
|  |  | 248011271 |
| Health Care Equipment & Supplies - 2.1% |  |  |
| Accuray Inc Del (b) | 883021 | 728139 |
| Alphatec Holdings Inc (b) | 213409 | 4490125 |
| AngioDynamics Inc (b) | 119437 | 1533571 |
| AtriCure Inc (b) | 242151 | 9579494 |
| Avanos Medical Inc (b) | 300651 | 3376311 |
| Axogen Inc (b) | 165112 | 5404116 |
| Bioventus Inc (b) | 321637 | 2392979 |
| Cerus Corp (b) | 830825 | 1711500 |
| Enovis Corp (b) | 74587 | 1986998 |
| Haemonetics Corp (b) | 27996 | 2243879 |
| ICU Medical Inc (b) | 5645 | 805372 |
| iRhythm Technologies Inc (b) | 43623 | 7740465 |
| LivaNova PLC (b) | 37272 | 2293346 |
| Neogen Corp (b) | 190703 | 1333014 |
| Omnicell Inc (b) | 283770 | 12854781 |
| Tactile Systems Technology Inc (b) | 90070 | 2612030 |
| Tandem Diabetes Care Inc (b)(c) | 175912 | 3866546 |
| Treace Medical Concepts Inc (b)(c) | 100541 | 246325 |
| Varex Imaging Corp (b) | 321511 | 3745603 |
|  |  | 68944594 |
| Health Care Providers & Services - 4.4% |  |  |
| Alignment Healthcare Inc (b) | 818873 | 16172742 |
| Aveanna Healthcare Holdings Inc (b) | 73716 | 602259 |
| BrightSpring Health Services Inc (b) | 292975 | 10971914 |
| Brookdale Senior Living Inc (b) | 311980 | 3366264 |
| Castle Biosciences Inc (b) | 34183 | 1329719 |
| GeneDx Holdings Corp Class A (b) | 70381 | 9153753 |
| Guardant Health Inc (b) | 304057 | 31056382 |
| HealthEquity Inc (b) | 225804 | 20685904 |
| Hims & Hers Health Inc Class A (b)(c) | 175602 | 5701797 |
| Nutex Health Inc (b) | 6419 | 1056696 |
| Option Care Health Inc (b) | 773202 | 24634216 |
| PACS Group Inc (b) | 249760 | 9588286 |
| Pediatrix Medical Group Inc (b) | 195987 | 4192162 |
| Privia Health Group Inc (b) | 302145 | 7163858 |
| Progyny Inc (b) | 117047 | 3005767 |
|  |  | 148681719 |
| Health Care Technology - 0.4% |  |  |
| Health Catalyst Inc (b)(c) | 290470 | 694223 |
| HealthStream Inc (c) | 144915 | 3343189 |
| Phreesia Inc (b) | 319308 | 5402692 |
| Teladoc Health Inc (b)(c) | 689396 | 4825772 |
|  |  | 14265876 |
| Life Sciences Tools & Services - 0.3% |  |  |
| 10X Genomics Inc Class A (b) | 118626 | 1934790 |
| Adaptive Biotechnologies Corp (b) | 319135 | 5182752 |
| Codexis Inc (b) | 332346 | 541724 |
| Cytek Biosciences Inc (b)(c) | 225923 | 1140911 |
| OmniAb Inc (b)(c) | 178136 | 329552 |
| Quanterix Corp (b) | 148733 | 945942 |
|  |  | 10075671 |
| Pharmaceuticals - 1.6% |  |  |
| Amneal Intermediate Inc Class A (b) | 288156 | 3630766 |
| ANI Pharmaceuticals Inc (b) | 1826 | 144143 |
| Atea Pharmaceuticals Inc (b) | 94351 | 336833 |
| Axsome Therapeutics Inc (b) | 58325 | 10652478 |
| BioAge Labs Inc (b) | 111518 | 1475383 |
| Collegium Pharmaceutical Inc (b) | 42064 | 1947563 |
| CorMedix Inc (b)(c) | 97811 | 1137542 |
| Crinetics Pharmaceuticals Inc (b) | 38194 | 1777931 |
| Harmony Biosciences Holdings Inc (b) | 91874 | 3437925 |
| Ligand Pharmaceuticals Inc (b) | 33301 | 6296220 |
| Liquidia Corp (b) | 21228 | 732154 |
| Pacira BioSciences Inc (b) | 62819 | 1625756 |
| Pfizer Inc rights (b)(d) | 34468 | 168893 |
| Phibro Animal Health Corp Class A  | 73310 | 2738862 |
| Prestige Consumer Healthcare Inc (b) | 56529 | 3487274 |
| Supernus Pharmaceuticals Inc (b) | 103920 | 5164824 |
| Tarsus Pharmaceuticals Inc (b) | 19175 | 1570049 |
| Terns Pharmaceuticals Inc (b) | 46869 | 1893508 |
| Trevi Therapeutics Inc (b) | 83868 | 1050027 |
| WaVe Life Sciences Ltd (b) | 122588 | 2083996 |
| Xeris Biopharma Holdings Inc (b) | 344762 | 2706382 |
|  |  | 54058509 |
| TOTAL HEALTH CARE |  | 544037640 |
| Industrials - 17.9% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| AAR Corp (b) | 166675 | 13799023 |
| Archer Aviation Inc Class A (b)(c) | 639491 | 4808972 |
| Carpenter Technology Corp  | 38169 | 12017128 |
| Ducommun Inc (b) | 108422 | 10314185 |
| Kratos Defense & Security Solutions Inc (b) | 192006 | 14575176 |
| Park Aerospace Corp  | 28836 | 615360 |
| Rocket Lab Corp  | 79268 | 5529736 |
| V2X Inc (b) | 28433 | 1551020 |
|  |  | 63210600 |
| Air Freight & Logistics - 0.0% |  |  |
| Hub Group Inc Class A  | 30680 | 1307274 |
| Building Products - 1.4% |  |  |
| Apogee Enterprises Inc  | 174354 | 6348229 |
| AZZ Inc  | 17886 | 1917021 |
| Gibraltar Industries Inc (b) | 65622 | 3244352 |
| Griffon Corp  | 194987 | 14360793 |
| Resideo Technologies Inc (b) | 547315 | 19221703 |
| UFP Industries Inc  | 25113 | 2286539 |
| Zurn Elkay Water Solutions Corp  | 26249 | 1220315 |
|  |  | 48598952 |
| Commercial Services & Supplies - 1.4% |  |  |
| ABM Industries Inc (c) | 260786 | 11031248 |
| ACV Auctions Inc Class A (b) | 289674 | 2323185 |
| BrightView Holdings Inc (b) | 228380 | 2893575 |
| Brink's Co/The  | 37340 | 4358698 |
| Healthcare Services Group Inc (b) | 226761 | 4335670 |
| Interface Inc  | 183026 | 5110086 |
| OPENLANE Inc (b) | 429832 | 12800398 |
| Vestis Corp  | 448526 | 2991668 |
|  |  | 45844528 |
| Construction & Engineering - 2.9% |  |  |
| Arcosa Inc  | 190130 | 20214622 |
| Comfort Systems USA Inc  | 18405 | 17177202 |
| Dycom Industries Inc (b) | 17817 | 6020364 |
| EMCOR Group Inc  | 24998 | 15293526 |
| Fluor Corp (b) | 161503 | 6400364 |
| Granite Construction Inc  | 33910 | 3911519 |
| Limbach Holdings Inc (b) | 41150 | 3203527 |
| MYR Group Inc (b) | 35533 | 7763961 |
| Sterling Infrastructure Inc (b) | 31646 | 9690955 |
| Tutor Perini Corp  | 140658 | 9426899 |
|  |  | 99102939 |
| Electrical Equipment - 3.4% |  |  |
| American Superconductor Corp (b) | 102289 | 2943877 |
| Bloom Energy Corp Class A (b) | 328801 | 28569520 |
| EnerSys  | 168443 | 24719010 |
| Eos Energy Enterprises Inc (b)(c) | 136513 | 1564439 |
| LSI Industries Inc  | 115763 | 2120778 |
| Nextpower Inc Class A (b) | 100747 | 8776071 |
| NuScale Power Corp Class A (b)(c) | 76846 | 1088908 |
| Plug Power Inc (b)(c) | 7419052 | 14615532 |
| Preformed Line Products Co (c) | 18778 | 3881600 |
| Shoals Technologies Group Inc (b) | 161839 | 1375632 |
| Sunrun Inc (b) | 128115 | 2357316 |
| Thermon Group Holdings Inc (b) | 76888 | 2857158 |
| Vicor Corp (b) | 185271 | 20305702 |
|  |  | 115175543 |
| Ground Transportation - 0.4% |  |  |
| ArcBest Corp  | 80031 | 5937499 |
| Marten Transport Ltd  | 530224 | 6033949 |
|  |  | 11971448 |
| Machinery - 2.7% |  |  |
| CECO Environmental Corp (b) | 263142 | 15749049 |
| Chart Industries Inc (b) | 28115 | 5798156 |
| Enerpac Tool Group Corp Class A  | 36978 | 1414039 |
| ESCO Technologies Inc  | 25400 | 4962906 |
| Federal Signal Corp  | 169289 | 18383093 |
| Franklin Electric Co Inc  | 79025 | 7549258 |
| Gorman-Rupp Co/The  | 13727 | 655464 |
| Hillman Solutions Corp (b) | 976807 | 8459149 |
| Hurco Cos Inc (b) | 18695 | 288838 |
| Hyster-Yale Inc Class A  | 72931 | 2166780 |
| Kennametal Inc  | 73894 | 2099329 |
| L B Foster Co Class A (b) | 18155 | 489277 |
| Proto Labs Inc (b) | 90175 | 4561953 |
| Richtech Robotics Inc Class B (b)(c) | 678099 | 2190260 |
| SPX Technologies Inc (b) | 31318 | 6265479 |
| Tennant CO  | 10046 | 740390 |
| Trinity Industries Inc  | 213139 | 5635395 |
| Worthington Enterprises Inc  | 93530 | 4823342 |
|  |  | 92232157 |
| Passenger Airlines - 0.8% |  |  |
| Allegiant Travel Co (b)(c) | 15361 | 1309832 |
| Joby Aviation Inc Class A (b)(c) | 480260 | 6339432 |
| SkyWest Inc (b) | 183659 | 18441201 |
|  |  | 26090465 |
| Professional Services - 0.9% |  |  |
| Barrett Business Services Inc  | 114792 | 4156618 |
| CRA International Inc  | 10139 | 2034847 |
| ExlService Holdings Inc (b) | 187700 | 7965988 |
| Insperity Inc  | 46635 | 1805707 |
| Kelly Services Inc Class A  | 117235 | 1031668 |
| Planet Labs PBC Class A (b) | 544676 | 10741011 |
| Willdan Group Inc (b) | 23524 | 2438498 |
|  |  | 30174337 |
| Trading Companies & Distributors - 2.1% |  |  |
| Applied Industrial Technologies Inc  | 22319 | 5730850 |
| DNOW Inc (b) | 510279 | 6761197 |
| DXP Enterprises Inc/TX (b) | 152860 | 16782499 |
| FTAI Aviation Ltd  | 98270 | 19344450 |
| GATX Corp  | 45 | 7631 |
| Global Industrial Co  | 36574 | 1068692 |
| McGrath RentCorp  | 22434 | 2354000 |
| Rush Enterprises Inc Class A  | 192937 | 10407022 |
| Xometry Inc Class A (b) | 109943 | 6538310 |
|  |  | 68994651 |
| TOTAL INDUSTRIALS |  | 602702894 |
| Information Technology - 15.0% |  |  |
| Communications Equipment - 1.6% |  |  |
| ADTRAN Holdings Inc (b) | 104004 | 903795 |
| Applied Optoelectronics Inc (b) | 117064 | 4080851 |
| Calix Inc (b) | 85975 | 4550657 |
| CommScope Holding Co Inc (b) | 656251 | 11897831 |
| Extreme Networks Inc (b) | 875552 | 14577941 |
| NetScout Systems Inc (b) | 293140 | 7932368 |
| Viavi Solutions Inc (b) | 487492 | 8687107 |
|  |  | 52630550 |
| Electronic Equipment, Instruments & Components - 2.7% |  |  |
| Arlo Technologies Inc (b) | 517048 | 7233502 |
| Bel Fuse Inc Class B  | 25573 | 4337948 |
| Benchmark Electronics Inc (c) | 271932 | 11627812 |
| Daktronics Inc (b) | 170059 | 3362066 |
| Evolv Technologies Holdings Inc Class A (b) | 420163 | 3008367 |
| Insight Enterprises Inc (b) | 18561 | 1512165 |
| Itron Inc (b) | 94969 | 8818821 |
| Kimball Electronics Inc (b) | 80402 | 2236784 |
| nLight Inc (b) | 48423 | 1816347 |
| Ouster Inc Class A (b) | 171710 | 3715804 |
| PC Connection Inc  | 78697 | 4545539 |
| Plexus Corp (b) | 92014 | 13526058 |
| Sanmina Corp (b) | 161011 | 24162921 |
| ScanSource Inc (b) | 31301 | 1222617 |
|  |  | 91126751 |
| IT Services - 0.4% |  |  |
| Applied Digital Corp (b)(c) | 172790 | 4236810 |
| Fastly Inc Class A (b) | 923639 | 9402645 |
|  |  | 13639455 |
| Semiconductors & Semiconductor Equipment - 3.1% |  |  |
| ACM Research Inc Class A (b) | 315378 | 12441662 |
| Ambarella Inc (b) | 239381 | 16957750 |
| Axcelis Technologies Inc (b) | 41765 | 3355400 |
| Credo Technology Group Holding Ltd (b) | 198617 | 28579000 |
| Diodes Inc (b) | 83443 | 4117078 |
| MaxLinear Inc Class A (b) | 772806 | 13470009 |
| Navitas Semiconductor Corp Class A (b)(c) | 324577 | 2317480 |
| PDF Solutions Inc (b) | 155873 | 4447057 |
| Rigetti Computing Inc Class A (b)(c) | 497566 | 11021087 |
| Silicon Laboratories Inc (b) | 9059 | 1184011 |
| SiTime Corp (b) | 16403 | 5793376 |
| SkyWater Technology Inc (b)(c) | 50762 | 921837 |
|  |  | 104605747 |
| Software - 6.2% |  |  |
| 8x8 Inc (b) | 921997 | 1816334 |
| ACI Worldwide Inc (b) | 415045 | 19843302 |
| Airship AI Holdings Inc Class A (b)(c) | 193106 | 558076 |
| Alarm.com Holdings Inc (b) | 214049 | 10920780 |
| Appian Corp Class A (b) | 266618 | 9443610 |
| Asana Inc Class A (b)(c) | 500668 | 6864158 |
| Aurora Innovation Inc Class A (b)(c) | 624496 | 2398065 |
| Bit Digital Inc (b) | 5 | 9 |
| Blackbaud Inc (b) | 154943 | 9810991 |
| Cipher Mining Inc (b) | 951 | 14037 |
| Clear Secure Inc Class A (c) | 549317 | 19270041 |
| Commvault Systems Inc (b) | 105345 | 13206049 |
| Core Scientific Inc (b)(c) | 519155 | 7558897 |
| Domo Inc Class B (b)(c) | 344940 | 2907844 |
| Five9 Inc (b) | 83244 | 1669042 |
| Freshworks Inc Class A (b) | 482185 | 5906766 |
| Intapp Inc (b) | 297015 | 13609227 |
| LivePerson Inc (b)(c) | 68099 | 263543 |
| LiveRamp Holdings Inc (b) | 614476 | 18047160 |
| NextNav Inc Class A (b) | 70752 | 1177313 |
| PagerDuty Inc (b) | 664813 | 8715698 |
| Progress Software Corp (b) | 414747 | 17817531 |
| Q2 Holdings Inc (b) | 116975 | 8440916 |
| Rapid7 Inc (b) | 89574 | 1361525 |
| SoundHound AI Inc Class A (b)(c) | 102572 | 1022643 |
| Sprout Social Inc Class A (b) | 363284 | 4094211 |
| Tenable Holdings Inc (b) | 553618 | 13026632 |
| Terawulf Inc (b) | 1226 | 14087 |
| Weave Communications Inc (b) | 94405 | 716534 |
| Xperi Inc (b) | 365455 | 2141566 |
| Yext Inc (b) | 423318 | 3411943 |
|  |  | 206048530 |
| Technology Hardware, Storage & Peripherals - 1.0% |  |  |
| CompoSecure Inc Class A (b)(c) | 101029 | 1947839 |
| Diebold Nixdorf Inc (b) | 228840 | 15535948 |
| Immersion Corp (c) | 374725 | 2548130 |
| IonQ Inc (b)(c) | 316750 | 14212573 |
| Quantum Computing Inc (b)(c) | 43566 | 446986 |
|  |  | 34691476 |
| TOTAL INFORMATION TECHNOLOGY |  | 502742509 |
| Materials - 5.2% |  |  |
| Chemicals - 1.5% |  |  |
| American Vanguard Corp (b) | 181645 | 693884 |
| Balchem Corp  | 55606 | 8527736 |
| Hawkins Inc  | 20 | 2841 |
| HB Fuller Co  | 271738 | 16157541 |
| Minerals Technologies Inc  | 153231 | 9339429 |
| Sensient Technologies Corp  | 183202 | 17211829 |
|  |  | 51933260 |
| Construction Materials - 0.2% |  |  |
| United States Lime & Minerals Inc (c) | 55918 | 6695621 |
| Containers & Packaging - 0.3% |  |  |
| Myers Industries Inc  | 138120 | 2585606 |
| O-I Glass Inc (b) | 468837 | 6920035 |
|  |  | 9505641 |
| Metals & Mining - 3.1% |  |  |
| Coeur Mining Inc (b) | 1727492 | 30801182 |
| Commercial Metals Co  | 396905 | 27473764 |
| Constellium SE (b) | 60389 | 1138333 |
| Hecla Mining Co  | 1674210 | 32128090 |
| Kaiser Aluminum Corp  | 9303 | 1068543 |
| Olympic Steel Inc  | 63025 | 2696525 |
| SunCoke Energy Inc  | 1132737 | 8155706 |
| Worthington Steel Inc  | 39391 | 1363716 |
|  |  | 104825859 |
| Paper & Forest Products - 0.1% |  |  |
| Magnera Corp (b)(c) | 111811 | 1692819 |
| TOTAL MATERIALS |  | 174653200 |
| Real Estate - 5.4% |  |  |
| Diversified REITs - 0.3% |  |  |
| American Assets Trust Inc  | 258010 | 4884129 |
| Broadstone Net Lease Inc Class A  | 314576 | 5464185 |
|  |  | 10348314 |
| Health Care REITs - 1.3% |  |  |
| CareTrust REIT Inc  | 683453 | 24713661 |
| Community Healthcare Trust Inc  | 105655 | 1734855 |
| Global Medical REIT Inc  | 51509 | 1737914 |
| Healthpeak Properties Inc  | 920428 | 14800482 |
| LTC Properties Inc  | 41497 | 1426667 |
| Universal Health Realty Income Trust  | 19592 | 768202 |
|  |  | 45181781 |
| Hotel & Resort REITs - 0.0% |  |  |
| Sunstone Hotel Investors Inc  | 289037 | 2583991 |
| Office REITs - 0.4% |  |  |
| Brandywine Realty Trust  | 297713 | 869322 |
| COPT Defense Properties  | 193338 | 5374796 |
| Easterly Government Properties Inc  | 55933 | 1185220 |
| Empire State Realty Trust Inc Class A  | 743009 | 4844419 |
| Hudson Pacific Properties Inc (b) | 54112 | 586033 |
|  |  | 12859790 |
| Real Estate Management & Development - 1.8% |  |  |
| Compass Inc Class A (b) | 2142517 | 22646405 |
| Cushman & Wakefield Ltd  | 1343664 | 21753920 |
| eXp World Holdings Inc (c) | 500338 | 4528059 |
| Newmark Group Inc Class A  | 594311 | 10305353 |
| RE/MAX Holdings Inc Class A (b) | 39987 | 303501 |
|  |  | 59537238 |
| Residential REITs - 0.2% |  |  |
| Centerspace  | 22337 | 1490325 |
| Elme Communities  | 137617 | 2394536 |
| NexPoint Residential Trust Inc  | 14537 | 437563 |
| Veris Residential Inc  | 92464 | 1375864 |
|  |  | 5698288 |
| Retail REITs - 0.8% |  |  |
| CBL & Associates Properties Inc  | 20748 | 767676 |
| Kite Realty Group Trust  | 115736 | 2774192 |
| Phillips Edison & Co Inc  | 547572 | 19477136 |
| Tanger Inc  | 22800 | 760836 |
| Whitestone REIT  | 184070 | 2556732 |
|  |  | 26336572 |
| Specialized REITs - 0.6% |  |  |
| Outfront Media Inc  | 772815 | 18624842 |
| TOTAL REAL ESTATE |  | 181170816 |
| Utilities - 2.3% |  |  |
| Electric Utilities - 0.3% |  |  |
| Oklo Inc Class A (b)(c) | 102385 | 7347148 |
| TXNM Energy Inc  | 46442 | 2734505 |
|  |  | 10081653 |
| Gas Utilities - 1.1% |  |  |
| New Jersey Resources Corp  | 149499 | 6894894 |
| Northwest Natural Holding Co (c) | 31584 | 1476236 |
| Southwest Gas Holdings Inc  | 243278 | 19467106 |
| Spire Inc (c) | 57949 | 4792382 |
|  |  | 32630618 |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| Hallador Energy Co (b) | 451354 | 8593780 |
| Ormat Technologies Inc  | 87923 | 9712854 |
|  |  | 18306634 |
| Multi-Utilities - 0.4% |  |  |
| Avista Corp  | 313580 | 12085373 |
| Northwestern Energy Group Inc  | 18107 | 1168626 |
|  |  | 13253999 |
| Water Utilities - 0.0% |  |  |
| Consolidated Water Co Ltd  | 18713 | 660381 |
| H2O America  | 14650 | 717704 |
|  |  | 1378085 |
| TOTAL UTILITIES |  | 75650989 |
| TOTAL UNITED STATES |  | 3228089302 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,013,224,139) |  | <br> **3313696897** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/29/2026 (f) | 3.83 | 500000 | 498680 |
| US Treasury Bills 0% 1/8/2026 (f) | 3.89 | 510000 | 509705 |
| US Treasury Bills 0% 2/19/2026 (f) | 3.78 | 50000 | 49761 |
| US Treasury Bills 0% 2/26/2026 (f) | 3.72 to 3.78 | 720000 | 716052 |
| US Treasury Bills 0% 3/12/2026 (f) | 3.57 | 930000 | 923679 |
| US Treasury Bills 0% 3/5/2026 (f) | 3.66 to 3.67 | 640000 | 636104 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $3,333,234) |  |  | **3333981** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.8%** | &nbsp;&nbsp;**Money Market Funds - 5.8%** | &nbsp;&nbsp;**Money Market Funds - 5.8%** | &nbsp;&nbsp;**Money Market Funds - 5.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 3.79 | 41779599 | 41787955 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 3.77 | 152417002 | 152432243 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $194,220,276) |  |  | **194220198** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.5%**<br> (Cost $3,210,777,649)<br>| <br>**3511251076** |
| **NET OTHER ASSETS (LIABILITIES) - (4.5)%**  | **(151007324)** |
| **NET ASSETS - 100.0%** | **3360243752** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini Russell 2000 Index Contracts (United States) | 330 | 3/2026 | 41217000 | (1688096) |
| The notional amount of long futures as a percentage of Net Assets is 1.2%. | The notional amount of long futures as a percentage of Net Assets is 1.2%. | The notional amount of long futures as a percentage of Net Assets is 1.2%. | The notional amount of long futures as a percentage of Net Assets is 1.2%. | The notional amount of long futures as a percentage of Net Assets is 1.2%. |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Security or a portion of the security is on loan at period end.

(d) Level 3 security.

(e) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,270,018.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 26712125 | 240064472 | 224991878 | 801715 | 3236 | - | 41787955 | 41779599 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 107235562 | 435735074 | 390532654 | 323464 | (5661) | (78) | 152432243 | 152417002 | 0.5% |
| Total | 133947687 | 675799546 | 615524532 | 1125179 | (2425) | (78) | 194220198 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 83573950 | 83573950 | - | - |
| Consumer Discretionary | 312096345 | 312096345 | - | - |
| Consumer Staples | 40122137 | 40122137 | - | - |
| Energy | 165541052 | 165541052 | - | - |
| Financials | 559734953 | 559734953 | - | - |
| Health Care | 557392860 | 557188105 | - | 204755 |
| Industrials | 611525603 | 611525603 | - | - |
| Information Technology | 550540446 | 550540446 | - | - |
| Materials | 175894661 | 175894661 | - | - |
| Real Estate | 181623901 | 181623901 | - | - |
| Utilities | 75650989 | 75650989 | - | - |
|  **U.S. Treasury Obligations** | 3333981 | - | 3333981 | - |
|  **Money Market Funds** | 194220198 | 194220198 | - | - |
| **Total Investments in Securities:** | 3511251076 | 3507712340 | 3333981 | 204755 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (1688096) | (1688096) | - | - |
| Total Liabilities | (1688096) | (1688096) | - | - |
| **Total Derivative Instruments:** | (1688096) | (1688096) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | - | (1688096) |
| **Total Equity Risk**  | - | (1688096) |
| **Total Value of Derivatives** | - | (1688096) |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Enhanced Small Cap ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $173,363,160) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,016,557,373) | $3317030878 |  |
| Fidelity Central Funds (cost $194,220,276) | 194220198 |  |
| Total Investment in Securities (cost $3,210,777,649) |  | $3511251076 |
| Cash |  | 7340 |
| Receivable for fund shares sold |  | 3774705 |
| Dividends receivable |  | 2155181 |
| Distributions receivable from Fidelity Central Funds |  | 223518 |
| Other receivables |  | 2385 |
| **Total assets** |  | 3517414205 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3651883 |  |
| Accrued management fee | 761682 |  |
| Payable for daily variation margin on futures contracts | 325050 |  |
| Collateral on securities loaned | 152431838 |  |
| **Total liabilities** |  | 157170453 |
| **Net Assets**  |  | $3360243752 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3078746967 |
| Total accumulated earnings (loss) |  | 281496785 |
| **Net Assets** |  | $3360243752 |
| **Net Asset Value**, offering price and redemption price per share ($3,360,243,752 ÷ 89,021,356 shares) |  | $37.75 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $13405939 |
| Interest  |  | 101626 |
| Income from Fidelity Central Funds (including $323,464 from security lending)  |  | 1125179 |
| **Total income** |  | 14632744 |
| **Expenses** |  |  |
| Management fee | $3611480 |  |
| Independent trustees' fees and expenses | 4996 |  |
| Total expenses before reductions | 3616476 |  |
| Expense reductions | (5306) |  |
| Total expenses after reductions |  | 3611170 |
| **Net Investment income (loss)** |  | 11021574 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (3085697) |  |
| Redemptions in-kind | 83279860 |  |
| Fidelity Central Funds | (2425) |  |
| Futures contracts | 6764622 |  |
| Total net realized gain (loss) |  | 86956360 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 293353779 |  |
| Fidelity Central Funds  | (78) |  |
| Futures contracts | (2537569) |  |
| Total change in net unrealized appreciation (depreciation) |  | 290816132 |
| **Net gain (loss)** |  | 377772492 |
| **Net increase (decrease) in net assets resulting from operations** |  | $388794066 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **June 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $11021574 | $13143049 |
| &nbsp;&nbsp;Net realized gain (loss) | 86956360<br>| 58813704<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 290816132 | (44902810)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 388794066<br>| 27053943<br>|
| Distributions to shareholders | (10727704)<br>| (16951185)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1292001008 | 1986137502 |
| &nbsp;&nbsp;Cost of shares redeemed | (208846659) | (671389675) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1083154349<br>| 1314747827<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1461220711<br>| 1324850585<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1899023041 | 574172456<br>|
| &nbsp;&nbsp;End of period | $3360243752 | $1899023041 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 35400000 | 61600000 |
| &nbsp;&nbsp;Redeemed | (5800000) | (21900000) |
| &nbsp;&nbsp;Net increase (decrease) | 29600000 | 39700000 |

---

**Financial Highlights** 

**Fidelity® Enhanced Small Cap ETF** <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)**  | **Years ended June 30, 2025**  | **2024** A  | **2024** B | **2023** C,D | **2022** C,D  | **2021** C,D |
| **Selected Per-Share Data**  |  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.96 | $29.11 | $29.22 | $25.58 | $27.53 | $34.05 | $22.27 |
| Income from Investment Operations  |  |  |  |  |  |  |  |
| Net investment income (loss) E,F | .15  | .30  | .11  | .22  | .24  | .14  | .16  |
| Net realized and unrealized gain (loss)  | 5.78  | 2.95  | (.10)  | 3.65  | (.99)  | (.40)  | 11.80  |
| Total from investment operations  | 5.93  | 3.25  | .01  | 3.87  | (.75)  | (.26)  | 11.96  |
| Distributions from net investment income  | (.14)  | (.40)  | (.12)  | (.23)  | (.22)  | (.14)  | (.18)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (1.00)  | (6.12)  | -  |
| Total distributions  | (.14)  | (.40)  | (.12)  | (.23)  | (1.20) G | (6.26)  | (.18)  |
| Net asset value, end of period  | $37.75 | $31.96 | $29.11 | $29.22 | $25.58 | $27.53 | $34.05 |
| **Total Return** H,I,J | 18.54% <br>| 11.19%  | .06%  | 15.26%  | (2.62)%  | (1.64)%  | 53.78%  |
| **Ratios to Average Net Assets** F,K,L |  |  |  |  |  |  |  |
| Expenses before reductions  | .28% M | .28%  | .28% M,N | .48%  | .55%  | .63%  | .64%  |
| Expenses net of fee waivers, if any  | .28% M<br>| .28%  | .28% M,N | .48%  | .55%  | .63%  | .64%  |
| Expenses net of all reductions, if any  | .28% M | .28%  | .28% M,N | .48%  | .55%  | .63%  | .64%  |
| Net investment income (loss)  | .85% M | .95%  | 1.20% M,N | .87%  | .94%  | .41%  | .62%  |
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3360244 | $1899023 | $574172 | $506080 | $585473 | $655168 | $689131 |
| Portfolio turnover rate O | 41% M,P<br>| 73% P | 71% M,P | 97% P | 98%  | 96%  | 44%  |

---

A*For the four month period ended June 30. The Fund changed its fiscal year end from February 29 to June 30, effective March 1, 2024.*

B*For the year ended February 29.*

C*Per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization that occurred on November 17, 2023. All financial information prior to the reorganization is that of Fidelity Small Cap Enhanced Index Fund.*

D*For the year ended February 28.*

E*Calculated based on average shares outstanding during the period.*

F*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

G*Total distributions per share do not sum due to rounding.*

H*Based on net asset value.*

I*Total returns for periods of less than one year are not annualized.*

J*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

K*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

L*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

M*Annualized.*

N*Proxy expenses are not annualized.*

O*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

P*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Enhanced U.S. All-Cap Equity ETF**

**Schedule of Investments December 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Aurinia Pharmaceuticals Inc (b) | 252 | 4019 |
| IRELAND - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Cimpress PLC (b) | 59 | 3928 |
| MEXICO - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Southern Copper Corp  | 48 | 6887 |
| MONACO - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Marine Transportation - 0.1% |  |  |
| Costamare Inc  | 269 | 4248 |
| PUERTO RICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| EVERTEC Inc  | 140 | 4073 |
| SINGAPORE - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Kulicke & Soffa Industries Inc  | 92 | 4192 |
| UNITED KINGDOM - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| TechnipFMC PLC  | 242 | 10784 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Luxfer Holdings PLC  | 96 | 1298 |
| TOTAL UNITED KINGDOM |  | 12082 |
| UNITED STATES - 98.6%  |  |  |
| Communication Services - 9.0% |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |
| AT&T Inc  | 1145 | 28442 |
| Atn International Inc  | 181 | 4127 |
| Bandwidth Inc Class A (b) | 260 | 4017 |
| Verizon Communications Inc  | 781 | 31810 |
|  |  | 68396 |
| Entertainment - 2.2% |  |  |
| Eventbrite Inc Class A (b) | 852 | 3791 |
| Netflix Inc (b) | 920 | 86260 |
| Playtika Holding Corp  | 629 | 2485 |
| Roku Inc Class A (b) | 70 | 7594 |
| Walt Disney Co/The  | 669 | 76112 |
| Warner Bros Discovery Inc (b) | 17 | 490 |
|  |  | 176732 |
| Interactive Media & Services - 5.9% |  |  |
| Alphabet Inc Class A  | 701 | 219413 |
| Alphabet Inc Class C  | 392 | 123010 |
| Meta Platforms Inc Class A  | 183 | 120796 |
| Yelp Inc Class A (b) | 136 | 4133 |
|  |  | 467352 |
| Media - 0.0% |  |  |
| DoubleVerify Holdings Inc (b) | 312 | 3569 |
| TOTAL COMMUNICATION SERVICES |  | 716049 |
| Consumer Discretionary - 10.4% |  |  |
| Automobile Components - 0.3% |  |  |
| Adient PLC (b) | 222 | 4256 |
| BorgWarner Inc  | 130 | 5858 |
| Cooper-Standard Holdings Inc (b) | 122 | 4005 |
| Phinia Inc  | 72 | 4514 |
| Strattec Security Corp (b) | 51 | 3883 |
|  |  | 22516 |
| Automobiles - 3.5% |  |  |
| Ford Motor Co  | 2313 | 30347 |
| General Motors Co  | 564 | 45864 |
| Tesla Inc (b) | 455 | 204624 |
|  |  | 280835 |
| Broadline Retail - 2.7% |  |  |
| Amazon.com Inc (b) | 921 | 212585 |
| Groupon Inc (b) | 174 | 3064 |
|  |  | 215649 |
| Diversified Consumer Services - 0.1% |  |  |
| ADT Inc  | 479 | 3866 |
| Coursera Inc (b) | 404 | 2973 |
| Universal Technical Institute Inc (b) | 123 | 3214 |
|  |  | 10053 |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| Accel Entertainment Inc Class A (b) | 341 | 3891 |
| Airbnb Inc Class A (b) | 254 | 34473 |
| Booking Holdings Inc  | 2 | 10711 |
| Brightstar Lottery PLC  | 263 | 4071 |
| Expedia Group Inc Class A  | 72 | 20398 |
| Global Business Travel Group I Class A (b) | 492 | 3764 |
| Las Vegas Sands Corp  | 185 | 12042 |
| Life Time Group Holdings Inc (b) | 159 | 4226 |
| Monarch Casino & Resort Inc  | 37 | 3541 |
| Norwegian Cruise Line Holdings Ltd (b) | 28 | 624 |
| Wendy's Co/The  | 432 | 3599 |
|  |  | 101340 |
| Household Durables - 0.3% |  |  |
| Cavco Industries Inc (b) | 5 | 2954 |
| Cricut Inc Class A  | 576 | 2851 |
| Flexsteel Industries Inc  | 11 | 433 |
| Garmin Ltd  | 49 | 9940 |
| M/I Homes Inc (b) | 29 | 3711 |
| Sonos Inc (b) | 232 | 4074 |
|  |  | 23963 |
| Leisure Products - 0.1% |  |  |
| Hasbro Inc  | 79 | 6478 |
| Peloton Interactive Inc Class A (b) | 502 | 3092 |
|  |  | 9570 |
| Specialty Retail - 1.7% |  |  |
| Abercrombie & Fitch Co Class A (b) | 38 | 4783 |
| Chewy Inc Class A (b) | 145 | 4792 |
| Citi Trends Inc (b) | 89 | 3699 |
| Five Below Inc (b) | 34 | 6404 |
| Gap Inc/The  | 169 | 4326 |
| Petco Health & Wellness Co Inc Class A (b) | 1083 | 3043 |
| Sally Beauty Holdings Inc (b) | 252 | 3594 |
| Stitch Fix Inc Class A (b) | 707 | 3712 |
| ThredUp Inc Class A (b) | 559 | 3572 |
| TJX Cos Inc/The  | 487 | 74808 |
| Ulta Beauty Inc (b) | 23 | 13915 |
| Urban Outfitters Inc (b) | 57 | 4290 |
| Zumiez Inc (b) | 136 | 3543 |
|  |  | 134481 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| G-III Apparel Group Ltd  | 141 | 4083 |
| Ralph Lauren Corp Class A  | 23 | 8133 |
| Tapestry Inc  | 123 | 15716 |
|  |  | 27932 |
| TOTAL CONSUMER DISCRETIONARY |  | 826339 |
| Consumer Staples - 2.5% |  |  |
| Beverages - 0.2% |  |  |
| Molson Coors Beverage Co Class B  | 103 | 4808 |
| PepsiCo Inc  | 55 | 7894 |
| Primo Brands Corp Class A  | 269 | 4398 |
|  |  | 17100 |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| Andersons Inc/The  | 82 | 4360 |
| Maplebear Inc (b) | 112 | 5038 |
| United Natural Foods Inc (b) | 122 | 4107 |
| US Foods Holding Corp (b) | 136 | 10244 |
| Village Super Market Inc Class A  | 90 | 3185 |
| Walmart Inc  | 982 | 109405 |
|  |  | 136339 |
| Food Products - 0.2% |  |  |
| Alico Inc  | 112 | 4075 |
| Cal-Maine Foods Inc  | 39 | 3103 |
| Calavo Growers Inc  | 153 | 3328 |
| Fresh Del Monte Produce Inc  | 83 | 2957 |
| Hain Celestial Group Inc (b) | 2050 | 2193 |
| Utz Brands Inc Class A  | 275 | 2855 |
|  |  | 18511 |
| Household Products - 0.2% |  |  |
| Church & Dwight Co Inc  | 148 | 12410 |
| Colgate-Palmolive Co  | 2 | 158 |
|  |  | 12568 |
| Personal Care Products - 0.1% |  |  |
| Lifevantage Corp  | 584 | 3597 |
| Nature's Sunshine Products Inc (b) | 184 | 3971 |
| Nu Skin Enterprises Inc Class A  | 407 | 3915 |
|  |  | 11483 |
| TOTAL CONSUMER STAPLES |  | 196001 |
| Energy - 3.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Archrock Inc  | 168 | 4372 |
| Forum Energy Technologies Inc (b) | 111 | 4101 |
| Innovex International Inc (b) | 177 | 3871 |
| National Energy Services Reunited Corp (b) | 272 | 4260 |
| Natural Gas Services Group Inc  | 125 | 4206 |
| Oil States International Inc (b) | 586 | 3967 |
| Ranger Energy Services Inc Class A  | 284 | 3970 |
|  |  | 28747 |
| Oil, Gas & Consumable Fuels - 3.0% |  |  |
| Antero Midstream Corp  | 258 | 4590 |
| California Resources Corp  | 91 | 4069 |
| Cheniere Energy Inc  | 95 | 18467 |
| ConocoPhillips  | 724 | 67774 |
| Devon Energy Corp  | 369 | 13516 |
| DT Midstream Inc  | 61 | 7300 |
| Excelerate Energy Inc Class A  | 145 | 4067 |
| Expand Energy Corp  | 132 | 14568 |
| Exxon Mobil Corp  | 81 | 9748 |
| Kinder Morgan Inc  | 1163 | 31971 |
| Marathon Petroleum Corp  | 135 | 21955 |
| Williams Cos Inc/The  | 722 | 43399 |
|  |  | 241424 |
| TOTAL ENERGY |  | 270171 |
| Financials - 11.6% |  |  |
| Banks - 1.4% |  |  |
| Arrow Financial Corp  | 127 | 3988 |
| Bankwell Financial Group Inc  | 83 | 3803 |
| Bridgewater Bancshares Inc (b) | 172 | 3015 |
| Byline Bancorp Inc  | 136 | 3964 |
| Community Trust Bancorp Inc  | 67 | 3786 |
| First Business Financial Services Inc  | 72 | 3910 |
| First Commonwealth Financial Corp  | 233 | 3928 |
| First Financial Corp  | 62 | 3746 |
| Hilltop Holdings Inc  | 112 | 3801 |
| JPMorgan Chase & Co  | 159 | 51234 |
| Northeast Community Bancorp Inc  | 186 | 4205 |
| Origin Bancorp Inc  | 106 | 3987 |
| PCB Bancorp  | 22 | 476 |
| Pinnacle Financial Partners Inc  | 49 | 4675 |
| Simmons First National Corp Class A  | 204 | 3845 |
| SmartFinancial Inc  | 103 | 3810 |
| Third Coast Bancshares Inc (b) | 94 | 3573 |
| TrustCo Bank Corp NY  | 97 | 4009 |
| Unity Bancorp Inc  | 17 | 879 |
|  |  | 114634 |
| Capital Markets - 4.2% |  |  |
| Acadian Asset Management Inc  | 81 | 3807 |
| Ameriprise Financial Inc  | 56 | 27459 |
| Bank of New York Mellon Corp/The  | 419 | 48642 |
| Charles Schwab Corp/The  | 751 | 75033 |
| CME Group Inc Class A  | 155 | 42327 |
| Goldman Sachs Group Inc/The  | 54 | 47466 |
| Morgan Stanley  | 270 | 47933 |
| Morningstar Inc  | 13 | 2825 |
| SEI Investments Co  | 61 | 5003 |
| State Street Corp  | 171 | 22061 |
| StoneX Group Inc (b) | 47 | 4471 |
|  |  | 327027 |
| Consumer Finance - 1.3% |  |  |
| Bread Financial Holdings Inc  | 61 | 4516 |
| Capital One Financial Corp  | 279 | 67619 |
| Dave Inc Class A (b) | 15 | 3321 |
| Encore Capital Group Inc (b) | 76 | 4131 |
| Enova International Inc (b) | 27 | 4244 |
| NerdWallet Inc Class A (b) | 258 | 3496 |
| Synchrony Financial  | 217 | 18104 |
|  |  | 105431 |
| Financial Services - 2.8% |  |  |
| Berkshire Hathaway Inc Class B (b) | 117 | 58810 |
| Compass Diversified Holdings  | 521 | 2501 |
| Fiserv Inc (b) | 324 | 21763 |
| Global Payments Inc  | 145 | 11223 |
| Mastercard Inc Class A  | 96 | 54804 |
| NMI Holdings Inc (b) | 99 | 4038 |
| PayPal Holdings Inc  | 567 | 33101 |
| Remitly Global Inc (b) | 240 | 3312 |
| Repay Holdings Corp Class A (b) | 1147 | 4187 |
| Toast Inc Class A (b) | 270 | 9588 |
| Velocity Financial Inc (b) | 199 | 4131 |
| Visa Inc Class A  | 52 | 18237 |
|  |  | 225695 |
| Insurance - 1.7% |  |  |
| Allstate Corp/The  | 156 | 32471 |
| Assurant Inc  | 30 | 7226 |
| Globe Life Inc  | 28 | 3916 |
| Greenlight Capital Re Ltd Class A (b) | 279 | 4068 |
| HCI Group Inc  | 21 | 4025 |
| Horace Mann Educators Corp  | 91 | 4202 |
| Kingstone Cos Inc  | 233 | 3921 |
| Marsh & McLennan Cos Inc  | 155 | 28756 |
| Progressive Corp/The  | 169 | 38486 |
| Selective Insurance Group Inc  | 18 | 1506 |
| Tiptree Inc Class A  | 203 | 3709 |
| Universal Insurance Holdings Inc  | 118 | 3988 |
|  |  | 136274 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.2% |  |  |
| Adamas Trust Inc  | 524 | 3825 |
| Angel Oak Mortgage REIT Inc  | 51 | 439 |
| Ellington Financial Inc  | 301 | 4088 |
| Rithm Capital Corp  | 377 | 4109 |
| TPG Mortgage Investment Trust Inc  | 471 | 4013 |
|  |  | 16474 |
| TOTAL FINANCIALS |  | 925535 |
| Health Care - 11.6% |  |  |
| Biotechnology - 4.9% |  |  |
| AbbVie Inc  | 443 | 101222 |
| ACADIA Pharmaceuticals Inc (b) | 158 | 4220 |
| Akebia Therapeutics Inc (b) | 903 | 1454 |
| Alkermes PLC (b) | 136 | 3805 |
| Alnylam Pharmaceuticals Inc (b) | 74 | 29426 |
| Anika Therapeutics Inc (b) | 412 | 3959 |
| Biogen Inc (b) | 88 | 15487 |
| BioMarin Pharmaceutical Inc (b) | 110 | 6537 |
| Black Diamond Therapeutics Inc (b) | 434 | 1055 |
| CareDx Inc (b) | 166 | 3127 |
| Catalyst Pharmaceuticals Inc (b) | 187 | 4365 |
| Exelixis Inc (b) | 165 | 7232 |
| Gilead Sciences Inc  | 581 | 71312 |
| Incyte Corp (b) | 92 | 9087 |
| Insmed Inc (b) | 2 | 348 |
| Madrigal Pharmaceuticals Inc (b) | 11 | 6406 |
| Myriad Genetics Inc (b) | 555 | 3413 |
| Natera Inc (b) | 78 | 17869 |
| Neurocrine Biosciences Inc (b) | 58 | 8226 |
| PTC Therapeutics Inc (b) | 58 | 4406 |
| Puma Biotechnology Inc (b) | 637 | 3790 |
| United Therapeutics Corp (b) | 9 | 4385 |
| Vertex Pharmaceuticals Inc (b) | 152 | 68911 |
|  |  | 380042 |
| Health Care Equipment & Supplies - 1.1% |  |  |
| Avanos Medical Inc (b) | 344 | 3863 |
| Boston Scientific Corp (b) | 676 | 64457 |
| Inogen Inc (b) | 457 | 3071 |
| Insulet Corp (b) | 41 | 11654 |
| LivaNova PLC (b) | 68 | 4184 |
|  |  | 87229 |
| Health Care Providers & Services - 1.2% |  |  |
| Alignment Healthcare Inc (b) | 222 | 4385 |
| Aveanna Healthcare Holdings Inc (b) | 437 | 3570 |
| Castle Biosciences Inc (b) | 103 | 4007 |
| Elevance Health Inc  | 135 | 47324 |
| Enhabit Inc (b) | 47 | 433 |
| Guardant Health Inc (b) | 71 | 7252 |
| Humana Inc  | 71 | 18185 |
| Option Care Health Inc (b) | 149 | 4747 |
| Privia Health Group Inc (b) | 176 | 4173 |
| Viemed Healthcare Inc (b) | 548 | 4072 |
|  |  | 98148 |
| Health Care Technology - 0.4% |  |  |
| HealthStream Inc  | 170 | 3922 |
| Phreesia Inc (b) | 169 | 2859 |
| Teladoc Health Inc (b) | 432 | 3024 |
| TruBridge Inc (b) | 172 | 3796 |
| Veeva Systems Inc Class A (b) | 88 | 19644 |
|  |  | 33245 |
| Life Sciences Tools & Services - 0.4% |  |  |
| 10X Genomics Inc Class A (b) | 267 | 4355 |
| Adaptive Biotechnologies Corp (b) | 244 | 3963 |
| Charles River Laboratories International Inc (b) | 8 | 1595 |
| Illumina Inc (b) | 94 | 12329 |
| IQVIA Holdings Inc (b) | 11 | 2480 |
| Medpace Holdings Inc (b) | 13 | 7301 |
| Niagen Bioscience Inc (b) | 253 | 1609 |
|  |  | 33632 |
| Pharmaceuticals - 3.6% |  |  |
| Bristol-Myers Squibb Co  | 1218 | 65699 |
| Eli Lilly & Co  | 133 | 142932 |
| Jazz Pharmaceuticals PLC (b) | 27 | 4590 |
| Johnson & Johnson  | 28 | 5795 |
| Merck & Co Inc  | 453 | 47683 |
| Pacira BioSciences Inc (b) | 155 | 4011 |
| Phibro Animal Health Corp Class A  | 90 | 3362 |
| Supernus Pharmaceuticals Inc (b) | 80 | 3976 |
| Theravance Biopharma Inc (b) | 204 | 3817 |
| Viatris Inc  | 715 | 8902 |
|  |  | 290767 |
| TOTAL HEALTH CARE |  | 923063 |
| Industrials - 11.2% |  |  |
| Aerospace & Defense - 2.4% |  |  |
| Carpenter Technology Corp  | 28 | 8816 |
| Curtiss-Wright Corp  | 22 | 12128 |
| Ducommun Inc (b) | 40 | 3805 |
| GE Aerospace  | 296 | 91177 |
| HEICO Corp  | 21 | 6795 |
| HEICO Corp Class A  | 18 | 4544 |
| Howmet Aerospace Inc  | 236 | 48385 |
| Textron Inc  | 106 | 9240 |
| V2X Inc (b) | 58 | 3163 |
|  |  | 188053 |
| Air Freight & Logistics - 0.5% |  |  |
| United Parcel Service Inc Class B  | 439 | 43544 |
| Building Products - 1.3% |  |  |
| A O Smith Corp  | 68 | 4548 |
| Allegion plc  | 51 | 8120 |
| Apogee Enterprises Inc  | 85 | 3094 |
| Armstrong World Industries Inc  | 25 | 4778 |
| Griffon Corp  | 49 | 3609 |
| Johnson Controls International plc  | 394 | 47182 |
| Trane Technologies PLC  | 86 | 33471 |
|  |  | 104802 |
| Commercial Services & Supplies - 1.1% |  |  |
| Cintas Corp  | 208 | 39119 |
| OPENLANE Inc (b) | 150 | 4467 |
| Republic Services Inc  | 13 | 2755 |
| Rollins Inc  | 25 | 1500 |
| Waste Management Inc  | 180 | 39548 |
|  |  | 87389 |
| Construction & Engineering - 0.9% |  |  |
| API Group Corp (b) | 220 | 8417 |
| Arcosa Inc  | 42 | 4465 |
| Comfort Systems USA Inc  | 21 | 19599 |
| EMCOR Group Inc  | 26 | 15907 |
| Granite Construction Inc  | 42 | 4845 |
| Matrix Service Co (b) | 341 | 3990 |
| NWPX Infrastructure Inc (b) | 69 | 4312 |
| Tutor Perini Corp  | 64 | 4289 |
| Valmont Industries Inc  | 12 | 4828 |
|  |  | 70652 |
| Electrical Equipment - 2.6% |  |  |
| Acuity Inc  | 18 | 6481 |
| Allient Inc  | 80 | 4300 |
| AMETEK Inc  | 139 | 28538 |
| Eaton Corp PLC  | 209 | 66569 |
| Emerson Electric Co  | 41 | 5442 |
| EnerSys  | 33 | 4843 |
| LSI Industries Inc  | 213 | 3902 |
| nVent Electric PLC  | 99 | 10095 |
| Rockwell Automation Inc  | 67 | 26068 |
| Sensata Technologies Holding PLC  | 138 | 4594 |
| Thermon Group Holdings Inc (b) | 101 | 3752 |
| Vertiv Holdings Co Class A  | 226 | 36614 |
| Vicor Corp (b) | 39 | 4274 |
|  |  | 205472 |
| Ground Transportation - 0.9% |  |  |
| CSX Corp  | 342 | 12398 |
| Lyft Inc Class A (b) | 238 | 4610 |
| Uber Technologies Inc (b) | 713 | 58259 |
|  |  | 75267 |
| Industrial Conglomerates - 0.0% |  |  |
| Honeywell International Inc  | 11 | 2145 |
| Machinery - 0.6% |  |  |
| Astec Industries Inc  | 81 | 3509 |
| Flowserve Corp  | 82 | 5689 |
| Franklin Electric Co Inc  | 42 | 4012 |
| Gates Industrial Corp PLC (b) | 176 | 3779 |
| Hillman Solutions Corp (b) | 341 | 2953 |
| Hyster-Yale Inc Class A  | 104 | 3090 |
| ITT Inc  | 46 | 7981 |
| Kennametal Inc  | 146 | 4148 |
| Manitowoc Co Inc/The (b) | 308 | 3693 |
| Proto Labs Inc (b) | 79 | 3997 |
| Worthington Enterprises Inc  | 75 | 3868 |
|  |  | 46719 |
| Marine Transportation - 0.1% |  |  |
| Kirby Corp (b) | 42 | 4627 |
| Passenger Airlines - 0.1% |  |  |
| SkyWest Inc (b) | 43 | 4318 |
| United Airlines Holdings Inc (b) | 38 | 4249 |
|  |  | 8567 |
| Professional Services - 0.3% |  |  |
| Legalzoom.com Inc (b) | 350 | 3476 |
| Leidos Holdings Inc  | 77 | 13891 |
| Paylocity Holding Corp (b) | 27 | 4118 |
| Planet Labs PBC Class A (b) | 86 | 1695 |
| Willdan Group Inc (b) | 33 | 3421 |
|  |  | 26601 |
| Trading Companies & Distributors - 0.4% |  |  |
| DNOW Inc (b) | 303 | 4015 |
| DXP Enterprises Inc/TX (b) | 34 | 3733 |
| Global Industrial Co  | 106 | 3097 |
| Karat Packaging Inc  | 180 | 4063 |
| McGrath RentCorp  | 33 | 3463 |
| MSC Industrial Direct Co Inc Class A  | 47 | 3953 |
| NPK International Inc (b) | 321 | 3826 |
| Rush Enterprises Inc Class A  | 41 | 2212 |
| Rush Enterprises Inc Class B  | 34 | 1912 |
|  |  | 30274 |
| TOTAL INDUSTRIALS |  | 894112 |
| Information Technology - 33.6% |  |  |
| Communications Equipment - 1.4% |  |  |
| ADTRAN Holdings Inc (b) | 451 | 3919 |
| Calix Inc (b) | 65 | 3440 |
| Cisco Systems Inc  | 1182 | 91050 |
| Extreme Networks Inc (b) | 236 | 3929 |
| Harmonic Inc (b) | 411 | 4065 |
| NetScout Systems Inc (b) | 154 | 4167 |
| Ribbon Communications Inc (b) | 1176 | 3387 |
|  |  | 113957 |
| Electronic Equipment, Instruments & Components - 1.1% |  |  |
| Amphenol Corp Class A  | 511 | 69057 |
| Arlo Technologies Inc (b) | 216 | 3022 |
| Avnet Inc  | 93 | 4471 |
| Daktronics Inc (b) | 185 | 3657 |
| Itron Inc (b) | 29 | 2693 |
| Littelfuse Inc  | 17 | 4300 |
| ScanSource Inc (b) | 88 | 3437 |
|  |  | 90637 |
| IT Services - 0.3% |  |  |
| Akamai Technologies Inc (b) | 85 | 7416 |
| Backblaze Inc Class A (b) | 415 | 1934 |
| Commerce.com Inc (b) | 916 | 3774 |
| Okta Inc Class A (b) | 99 | 8561 |
|  |  | 21685 |
| Semiconductors & Semiconductor Equipment - 15.6% |  |  |
| Advanced Micro Devices Inc (b) | 392 | 83951 |
| Ambarella Inc (b) | 51 | 3613 |
| Analog Devices Inc  | 62 | 16814 |
| Broadcom Inc  | 691 | 239155 |
| Cirrus Logic Inc (b) | 38 | 4503 |
| Credo Technology Group Holding Ltd (b) | 80 | 11511 |
| KLA Corp  | 31 | 37667 |
| Lam Research Corp  | 372 | 63679 |
| MACOM Technology Solutions Holdings Inc (b) | 15 | 2569 |
| Marvell Technology Inc  | 316 | 26854 |
| Micron Technology Inc  | 337 | 96183 |
| NVIDIA Corp  | 3110 | 580016 |
| Qorvo Inc (b) | 52 | 4395 |
| QUALCOMM Inc  | 408 | 69788 |
|  |  | 1240698 |
| Software - 9.8% |  |  |
| 8x8 Inc (b) | 1808 | 3562 |
| ACI Worldwide Inc (b) | 90 | 4303 |
| Adobe Inc (b) | 196 | 68598 |
| Alarm.com Holdings Inc (b) | 81 | 4133 |
| Asana Inc Class A (b) | 293 | 4017 |
| Atlassian Corp Class A (b) | 97 | 15728 |
| Cadence Design Systems Inc (b) | 13 | 4064 |
| Crowdstrike Holdings Inc Class A (b) | 51 | 23907 |
| CS Disco Inc (b) | 455 | 3531 |
| Docusign Inc (b) | 121 | 8276 |
| Domo Inc Class B (b) | 242 | 2039 |
| Five9 Inc (b) | 174 | 3489 |
| Fortinet Inc (b) | 384 | 30493 |
| Freshworks Inc Class A (b) | 336 | 4116 |
| HubSpot Inc (b) | 29 | 11638 |
| Intapp Inc (b) | 93 | 4261 |
| Jamf Holding Corp (b) | 245 | 3187 |
| LiveRamp Holdings Inc (b) | 145 | 4259 |
| Microsoft Corp  | 782 | 378191 |
| OneSpan Inc  | 326 | 4186 |
| Ooma Inc (b) | 343 | 4023 |
| PagerDuty Inc (b) | 246 | 3225 |
| Progress Software Corp (b) | 95 | 4081 |
| Q2 Holdings Inc (b) | 44 | 3175 |
| Rapid7 Inc (b) | 248 | 3770 |
| Red Violet Inc  | 67 | 3816 |
| RingCentral Inc Class A (b) | 134 | 3870 |
| Salesforce Inc  | 318 | 84241 |
| Servicenow Inc (b) | 140 | 21447 |
| Sprinklr Inc Class A (b) | 502 | 3906 |
| Sprout Social Inc Class A (b) | 352 | 3967 |
| Strategy Inc Class A (b) | 8 | 1215 |
| Tenable Holdings Inc (b) | 164 | 3859 |
| Teradata Corp (b) | 137 | 4170 |
| Workday Inc Class A (b) | 127 | 27277 |
| Xperi Inc (b) | 690 | 4043 |
| Yext Inc (b) | 447 | 3603 |
| Zoom Communications Inc Class A (b) | 155 | 13375 |
|  |  | 783041 |
| Technology Hardware, Storage & Peripherals - 5.4% |  |  |
| Apple Inc  | 1561 | 424373 |
| Corsair Gaming Inc (b) | 652 | 3873 |
| Diebold Nixdorf Inc (b) | 63 | 4277 |
|  |  | 432523 |
| TOTAL INFORMATION TECHNOLOGY |  | 2682541 |
| Materials - 2.8% |  |  |
| Chemicals - 0.7% |  |  |
| Balchem Corp  | 23 | 3527 |
| Ecolab Inc  | 148 | 38853 |
| Innospec Inc  | 15 | 1148 |
| International Flavors & Fragrances Inc  | 33 | 2224 |
| Koppers Holdings Inc  | 111 | 3006 |
| Mativ Holdings Inc  | 325 | 3949 |
| Solstice Advanced Materials Inc  | 84 | 4081 |
|  |  | 56788 |
| Construction Materials - 0.7% |  |  |
| CRH PLC  | 402 | 50170 |
| United States Lime & Minerals Inc  | 30 | 3592 |
|  |  | 53762 |
| Containers & Packaging - 0.0% |  |  |
| Ardagh Metal Packaging SA  | 971 | 3980 |
| Metals & Mining - 1.4% |  |  |
| Ascent Industries Co (b) | 266 | 4307 |
| Coeur Mining Inc (b) | 388 | 6918 |
| Commercial Metals Co  | 69 | 4776 |
| Constellium SE (b) | 226 | 4260 |
| Hecla Mining Co  | 371 | 7119 |
| Materion Corp  | 31 | 3854 |
| Newmont Corp  | 652 | 65102 |
| SunCoke Energy Inc  | 499 | 3593 |
| Tredegar Corp (b) | 532 | 3820 |
| Worthington Steel Inc  | 114 | 3947 |
|  |  | 107696 |
| TOTAL MATERIALS |  | 222226 |
| Real Estate - 2.0% |  |  |
| Health Care REITs - 0.9% |  |  |
| LTC Properties Inc  | 105 | 3610 |
| Welltower Inc  | 348 | 64592 |
|  |  | 68202 |
| Office REITs - 0.0% |  |  |
| Postal Realty Trust Inc Class A  | 248 | 4003 |
| Real Estate Management & Development - 0.5% |  |  |
| CBRE Group Inc Class A (b) | 178 | 28621 |
| Compass Inc Class A (b) | 422 | 4461 |
| Cushman & Wakefield Ltd  | 262 | 4242 |
| Newmark Group Inc Class A  | 237 | 4110 |
| RE/MAX Holdings Inc Class A (b) | 392 | 2974 |
|  |  | 44408 |
| Retail REITs - 0.6% |  |  |
| Brixmor Property Group Inc  | 176 | 4615 |
| Phillips Edison & Co Inc  | 105 | 3734 |
| Simon Property Group Inc  | 196 | 36282 |
|  |  | 44631 |
| TOTAL REAL ESTATE |  | 161244 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.0% |  |  |
| Edison International  | 12 | 720 |
| NRG Energy Inc  | 16 | 2548 |
|  |  | 3268 |
| Gas Utilities - 0.3% |  |  |
| Atmos Energy Corp  | 94 | 15757 |
| Southwest Gas Holdings Inc  | 55 | 4401 |
|  |  | 20158 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The  | 385 | 5521 |
| Hallador Energy Co (b) | 184 | 3503 |
|  |  | 9024 |
| Multi-Utilities - 0.1% |  |  |
| Avista Corp  | 111 | 4278 |
| Unitil Corp  | 74 | 3585 |
|  |  | 7863 |
| Water Utilities - 0.0% |  |  |
| Consolidated Water Co Ltd  | 80 | 2823 |
| TOTAL UTILITIES |  | 43136 |
| TOTAL UNITED STATES |  | 7860417 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $6,917,547) |  | <br> **7899846** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.7%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/2/2026 <br>(Cost $59,993)<br>| 3.89 | 60000 | **60000** |

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| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $6,977,540)<br>| <br>**7959846** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **13146** |
| **NET ASSETS - 100.0%** | **7972992** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 827076 | 827077 | 529 | 1 | - | - | - | 0.0% |
| Total | - | 827076 | 827077 | 529 | 1 | - | - |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 716049 | 716049 | - | - |
| Consumer Discretionary | 826339 | 826339 | - | - |
| Consumer Staples | 196001 | 196001 | - | - |
| Energy | 280955 | 280955 | - | - |
| Financials | 929608 | 929608 | - | - |
| Health Care | 927082 | 927082 | - | - |
| Industrials | 903586 | 903586 | - | - |
| Information Technology | 2686733 | 2686733 | - | - |
| Materials | 229113 | 229113 | - | - |
| Real Estate | 161244 | 161244 | - | - |
| Utilities | 43136 | 43136 | - | - |
|  **U.S. Treasury Obligations** | 60000 | - | 60000 | - |
| **Total Investments in Securities:** | 7959846 | 7899846 | 60000 | - |

---

**Fidelity® Enhanced U.S. All-Cap Equity ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** | <br> **As of December 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $6,977,540)<br>|  | $7959846 |
| Cash |  | 10838 |
| Dividends receivable |  | 3422 |
| Distributions receivable from Fidelity Central Funds |  | 82 |
| **Total assets** |  | 7974188 |
| **Liabilities** |  |  |
| Accrued management fee | $1196 |  |
| **Total liabilities** |  | 1196 |
| **Net Assets**  |  | $7972992 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $7045507 |
| Total accumulated earnings (loss) |  | 927485 |
| **Net Assets** |  | $7972992 |
| **Net Asset Value**, offering price and redemption price per share ($7,972,992 ÷ 275,000 shares) |  | $28.99 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** | **Six months ended December 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $36978 |
| Interest  |  | 578 |
| Income from Fidelity Central Funds  |  | 529 |
| **Total income** |  | 38085 |
| **Expenses** |  |  |
| Management fee | $6525 |  |
| Independent trustees' fees and expenses | 13 |  |
| Total expenses before reductions | 6538 |  |
| Expense reductions | (484) |  |
| Total expenses after reductions |  | 6054 |
| **Net Investment income (loss)** |  | 32031 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 63824 |  |
| Redemptions in-kind | (9927) |  |
| Fidelity Central Funds | 1 |  |
| Futures contracts | (4250) |  |
| Total net realized gain (loss) |  | 49648 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 621980 |
| **Net gain (loss)** |  | 671628 |
| **Net increase (decrease) in net assets resulting from operations** |  | $703659 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)** | **For the period November 19, 2024 (commencement of operations) through June 30, 2025**  |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $32031 | $32380 |
| &nbsp;&nbsp;Net realized gain (loss) | 49648<br>| (102730)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 621980 | 360326<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 703659<br>| 289976<br>|
| Distributions to shareholders | (33100)<br>| (33050)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 4174119 | 4992949 |
| &nbsp;&nbsp;Cost of shares redeemed | (2121561) | - |
| **Net increase (decrease) in net assets resulting from share transactions** | 2052558<br>| 4992949<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2723117<br>| 5249875<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5249875 | -<br>|
| &nbsp;&nbsp;End of period | $7972992 | $5249875 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 150000 | 200000 |
| &nbsp;&nbsp;Redeemed | (75000) | - |
| &nbsp;&nbsp;Net increase (decrease) | 75000 | 200000 |

---

**Financial Highlights** 

**Fidelity® Enhanced U.S. All-Cap Equity ETF** <br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **December 31, 2025**<br> **(Unaudited)**  | **Years ended June 30, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $26.25 | $25.10 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .12  | .18  |
| Net realized and unrealized gain (loss)  | 2.75  | 1.15  |
| Total from investment operations  | 2.87  | 1.33  |
| Distributions from net investment income  | (.13)  | (.18)  |
| Total distributions  | (.13)  | (.18)  |
| Net asset value, end of period  | $28.99 | $26.25 |
| **Total Return** D,E,F | 10.94% <br>| 5.34%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | .18% I | .18% I |
| Expenses net of fee waivers, if any  | .18% I<br>| .18% I |
| Expenses net of all reductions, if any  | .17% I | .17% I |
| Net investment income (loss)  | .89% I | 1.21% I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $7973 | $5250 |
| Portfolio turnover rate J | 86% I,K<br>| 101% I,K |

---

A*For the period November 19, 2024 (commencement of operations) through June 30, 2025.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Based on net asset value.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended December 31, 2025

**1. Organization.**

Fidelity Enhanced Emerging Markets ETF, Fidelity Enhanced International ETF, Fidelity Enhanced Large Cap Core ETF, Fidelity Enhanced Large Cap Growth ETF, Fidelity Enhanced Large Cap Value ETF, Fidelity Enhanced Mid Cap ETF, Fidelity Enhanced Small Cap ETF and Fidelity Enhanced U.S. All-Cap Equity ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. Fidelity Enhanced Large Cap Growth ETF is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

During January 2026 the Board approved to change the name of Fidelity Enhanced Mid Cap ETF and Fidelity Enhanced Small Cap ETF to Fidelity Enhanced Mid Cap Core ETF and Fidelity Enhanced Small Cap Core ETF, respectively, effective April 30, 2026.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025 is included at the end of each Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of the New York Stock Exchange, Archipelago Exchange (NYSE Arca), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends and foreign tax withheld, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Funds and is not distributed to shareholders of the Funds. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on each applicable Fund's Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to short-term capital gain dividends, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Enhanced Emerging Markets ETF**  | 42734258 | 6840604 | (969491) | 5871113 |
| **Fidelity Enhanced International ETF**  | 5167139730 | 913755640 | (83415689) | 830339951 |
| **Fidelity Enhanced Large Cap Core ETF**  | 4953329626 | 1297804304 | (111402471) | 1186401833 |
| **Fidelity Enhanced Large Cap Growth ETF**  | 3016201723 | 1770819670 | (55302701) | 1715516969 |
| **Fidelity Enhanced Large Cap Value ETF**  | 2182162054 | 440200034 | (79422957) | 360777077 |
| **Fidelity Enhanced Mid Cap ETF**  | 4320533329 | 562244896 | (217991573) | 344253323 |
| **Fidelity Enhanced Small Cap ETF**  | 3215638123 | 521583307 | (227658450) | 293924857 |
| **Fidelity Enhanced U.S. All-Cap Equity ETF**  | 6979939 | 1189685 | (209778) | 979907 |

---

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Enhanced Emerging Markets ETF**  | (276289) | (41778) | (318067) |
| **Fidelity Enhanced International ETF**  | (98223155) | - | (98223155) |
| **Fidelity Enhanced Large Cap Core ETF**  | (171846589) | (9815454) | (181662043) |
| **Fidelity Enhanced Large Cap Growth ETF**  | (84774517) | (3698452) | (88472969) |
| **Fidelity Enhanced Large Cap Value ETF**  | (74292481) | (13274182) | (87566663) |
| **Fidelity Enhanced Mid Cap ETF**  | (97819384) | - | (97819384) |
| **Fidelity Enhanced Small Cap ETF**  | (83785703) | (13909168) | (97694871) |
| **Fidelity Enhanced U.S. All-Cap Equity ETF**  | (96785) | - | (96785) |

---

Fidelity Enhanced Small Cap ETF elected to defer to its next fiscal year $1,920,079 of ordinary losses recognized during the period January 1, 2025 to June 30, 2025.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Enhanced Emerging Markets ETF** | 49764747 | 21016665 |
| **Fidelity Enhanced International ETF** | 2474549017 | 1609541401 |
| **Fidelity Enhanced Large Cap Core ETF** | 2714228729 | 2296092239 |
| **Fidelity Enhanced Large Cap Growth ETF** | 1963907535 | 1440058428 |
| **Fidelity Enhanced Large Cap Value ETF** | 1129863246 | 938017947 |
| **Fidelity Enhanced Mid Cap ETF** | 1347693430 | 1026745148 |
| **Fidelity Enhanced Small Cap ETF** | 762204559 | 487602618 |
| **Fidelity Enhanced U.S. All-Cap Equity ETF** | 3088563 | 2855091 |

---

Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions ($)** | **In-Kind Redemptions ($)** |
| **Fidelity Enhanced Emerging Markets ETF** | 4377241 | 459811 |
| **Fidelity Enhanced International ETF** | 1984441002 | 588601180 |
| **Fidelity Enhanced Large Cap Core ETF** | 863629161 | 312816058 |
| **Fidelity Enhanced Large Cap Growth ETF** | 646799634 | 605856745 |
| **Fidelity Enhanced Large Cap Value ETF** | 58263643 | 262576660 |
| **Fidelity Enhanced Mid Cap ETF** | 1596226387 | 320956701 |
| **Fidelity Enhanced Small Cap ETF** | 1039229611 | 200699165 |
| **Fidelity Enhanced U.S. All-Cap Equity ETF** | 2649867 | 878576 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of each Fund's average net assets as noted in the table below. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

---

| | |
|:---|:---|
|  | **Fee Rate** |
| **Fidelity Enhanced Emerging Markets ETF** | .38% |
| **Fidelity Enhanced International ETF** | .28% |
| **Fidelity Enhanced Large Cap Core ETF** | .18% |
| **Fidelity Enhanced Large Cap Growth ETF** | .18% |
| **Fidelity Enhanced Large Cap Value ETF** | .18% |
| **Fidelity Enhanced Mid Cap ETF** | .23% |
| **Fidelity Enhanced Small Cap ETF** | .28% |
| **Fidelity Enhanced U.S. All-Cap Equity ETF** | .18% |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Enhanced Emerging Markets ETF** | 90 |
| **Fidelity Enhanced International ETF** | 3396 |
| **Fidelity Enhanced Large Cap Core ETF** | 34951 |
| **Fidelity Enhanced Large Cap Growth ETF** | 17950 |
| **Fidelity Enhanced Large Cap Value ETF** | 17909 |
| **Fidelity Enhanced Mid Cap ETF** | 32604 |
| **Fidelity Enhanced Small Cap ETF** | 44437 |
| **Fidelity Enhanced U.S. All-Cap Equity ETF** | 51 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Enhanced Emerging Markets ETF** | 143877 | 701752 | 51036 |
| **Fidelity Enhanced International ETF** | 98353010 | 85074050 | 2941903 |
| **Fidelity Enhanced Large Cap Core ETF** | 94053732 | 117082332 | 4624055 |
| **Fidelity Enhanced Large Cap Growth ETF** | 142671234 | 61868081 | (4008421) |
| **Fidelity Enhanced Large Cap Value ETF** | 68244958 | 79820911 | 2884454 |
| **Fidelity Enhanced Mid Cap ETF** | 58389401 | 63799063 | 1545604 |
| **Fidelity Enhanced Small Cap ETF** | 21675330 | 29184068 | (985787) |
| **Fidelity Enhanced U.S. All-Cap Equity ETF** | 27537 | 21353 | 771 |

---

**Other.** During the period, the investment adviser reimbursed the Funds for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Enhanced International ETF** | 16339 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Enhanced Emerging Markets ETF** | 73 | - | - |
| **Fidelity Enhanced International ETF** | 16305 | - | - |
| **Fidelity Enhanced Large Cap Core ETF** | 407 | 1 | - |
| **Fidelity Enhanced Large Cap Growth ETF** | 143 | - | - |
| **Fidelity Enhanced Large Cap Value ETF** | 1044 | 2 | - |
| **Fidelity Enhanced Mid Cap ETF** | 2027 | 23 | - |
| **Fidelity Enhanced Small Cap ETF** | 33159 | 4697 | 191801 |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Enhanced Large Cap Value ETF** | 2953334 |
| **Fidelity Enhanced Mid Cap ETF** | 6321233 |
| **Fidelity Enhanced Small Cap ETF** | 26766762 |

---

**8. Expense Reductions.** 

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Enhanced Emerging Markets ETF**  | 209 |
| **Fidelity Enhanced International ETF**  | 325 |
| **Fidelity Enhanced Large Cap Core ETF**  | 663 |
| **Fidelity Enhanced Large Cap Growth ETF**  | 850 |
| **Fidelity Enhanced Large Cap Value ETF**  | 1376 |
| **Fidelity Enhanced Mid Cap ETF**  | 295 |
| **Fidelity Enhanced Small Cap ETF**  | 5306 |
| **Fidelity Enhanced U.S. All-Cap Equity ETF**  | 484 |

---

**9. Share Transactions.**

Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities and/or cash to a fund and redemption proceeds are paid with a basket of securities from a fund's portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund's shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units.

To the extent the Funds permit the contribution of securities in exchange for the purchase of shares (contribution in-kind), shares may be issued in advance of receipt by the Funds of all or portion of the applicable deposit securities. In these circumstances, the Authorized Participant provides collateral to the custodian, on behalf of the Funds, in an amount up to 115% of the daily mark to market value of the deposit securities not yet received.

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img123929_4.jpg)<br>

1.9910054.102 EIE-SANN-0226

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Covington Trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Covington Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99_906.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Covington Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Covington Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Covington Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Covington Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>