# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000945908-26-000098
**Filing Date:** 2026-3
**Character Count:** 578734
**Document Hash:** 56b24c10a9d1f255d8c38e0cf0c949f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000945908-26-000098.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0000945908-26-000098

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 87

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**EFFECTIVENESS DATE**: 20260325

**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:** 26789026

**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 High Dividend ETF (Series ID: S000054749)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000171930 | Fidelity High Dividend ETF | FDVV            |

### Fidelity Dividend ETF for Rising Rates (Series ID: S000054750)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000171931 | Fidelity Dividend ETF for Rising Rates | FDRR            |

### Fidelity Low Volatility Factor ETF (Series ID: S000054751)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000171932 | Fidelity Low Volatility Factor ETF | FDLO            |

### Fidelity Momentum Factor ETF (Series ID: S000054752)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000171933 | Fidelity Momentum Factor ETF | FDMO            |

### Fidelity Quality Factor ETF (Series ID: S000054753)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000171934 | Fidelity Quality Factor ETF | FQAL            |

### Fidelity Value Factor ETF (Series ID: S000054754)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000171935 | Fidelity Value Factor ETF | FVAL            |

### Fidelity Small-Mid Multifactor ETF (Series ID: S000064786)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000209803 | Fidelity Small-Mid Multifactor ETF | FSMD            |

### Fidelity Stocks for Inflation ETF (Series ID: S000066804)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000215140 | Fidelity Stocks for Inflation ETF | FCPI            |

### Fidelity Blue Chip Growth ETF (Series ID: S000068173)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000218329 | Fidelity Blue Chip Growth ETF | FBCG            |

### Fidelity Fundamental Large Cap Core ETF (Series ID: S000068174)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000218330 | Fidelity Fundamental Large Cap Core ETF | FFLC            |

### Fidelity Blue Chip Value ETF (Series ID: S000068175)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000218331 | Fidelity Blue Chip Value ETF | FBCV            |

### Fidelity U.S. Multifactor ETF (Series ID: S000068350)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000218700 | Fidelity U.S. Multifactor ETF | FLRG            |

### Fidelity Fundamental Large Cap Growth ETF (Series ID: S000070233)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000223344 | Fidelity Fundamental Large Cap Growth ETF | FFLG            |

### Fidelity Magellan ETF (Series ID: S000070234)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000223345 | Fidelity Magellan ETF | FMAG            |

### Fidelity Real Estate Investment ETF (Series ID: S000070235)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000223346 | Fidelity Real Estate Investment ETF | FPRO            |

### Fidelity Fundamental Small-Mid Cap ETF (Series ID: S000070236)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000223347 | Fidelity Fundamental Small-Mid Cap ETF | FFSM            |

### Fidelity Fundamental Large Cap Value ETF (Series ID: S000084016)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000248142 | Fidelity Fundamental Large Cap Value ETF | FFLV            |

?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;July 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;January 31, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Value Factor ETF<br> **Fidelity® Value Factor ETF : FVAL** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Value Factor ETF for the period August 1, 2025 to January 31, 2026. 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® Value Factor ETF  | $8  | 0.15% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1141339050<br>|
| Number of Holdings | 129<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 30.1 |
| Financials | 12.8 |
| Consumer Discretionary | 9.9 |
| Health Care | 9.8 |
| Communication Services | 9.7 |
| Industrials | 9.7 |
| Consumer Staples | 4.1 |
| Energy | 3.0 |
| Materials | 2.3 |
| Utilities | 2.1 |
| Real Estate | 1.9 |

---

Common Stocks 95.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2858_20260131_AA.jpg) <br>|

---

Common Stocks - 95.4&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) - 4.6 <br>

United States 99.7 <br> Australia 0.3

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2858_20260131_GD.jpg) <br>|

---

United States - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Australia - 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; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.1<br>|
| Apple Inc | 6.2<br>|
| Alphabet Inc Class A | 5.1<br>|
| Microsoft Corp | 4.8<br>|
| Micron Technology Inc | 3.5<br>|
| Amazon.com Inc | 3.5<br>|
| Meta Platforms Inc Class A | 2.5<br>|
| Tesla Inc | 2.1<br>|
| Eli Lilly & Co | 1.9<br>|
| Berkshire Hathaway Inc Class B | 1.8<br>|
|  | 38.5 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2858_20260131_1.jpg)<br>| ![](img125484_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> 1.9915345.101 2858-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® U.S. Multifactor ETF<br> **Fidelity® U.S. Multifactor ETF : FLRG** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® U.S. Multifactor ETF for the period August 1, 2025 to January 31, 2026. 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® U.S. Multifactor ETF  | $8  | 0.15% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $276240633<br>|
| Number of Holdings | 105<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.2 |
| Financials | 13.1 |
| Communication Services | 10.6 |
| Industrials | 9.9 |
| Health Care | 9.9 |
| Consumer Discretionary | 9.2 |
| Consumer Staples | 4.7 |
| Energy | 3.2 |
| Materials | 2.8 |
| Real Estate | 2.0 |
| Utilities | 1.9 |

---

Common Stocks 98.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6044_20260131_AA.jpg) <br>|

---

Common Stocks - 98.5&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) - 1.5 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6044_20260131_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.5<br>|
| Apple Inc | 6.3<br>|
| Alphabet Inc Class A | 5.8<br>|
| Microsoft Corp | 5.1<br>|
| Broadcom Inc | 2.6<br>|
| Meta Platforms Inc Class A | 2.5<br>|
| Newmont Corp | 1.9<br>|
| Johnson & Johnson | 1.9<br>|
| Visa Inc Class A | 1.6<br>|
| AbbVie Inc | 1.5<br>|
|  | 36.7 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6044_20260131_1.jpg)<br>| ![](img125488_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> 1.9915364.101 6044-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Stocks for Inflation ETF<br> **Fidelity® Stocks for Inflation ETF : FCPI** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Stocks for Inflation ETF for the period August 1, 2025 to January 31, 2026. 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® Stocks for Inflation ETF  | $8  | 0.15% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $243366617<br>|
| Number of Holdings | 103<br>|
| Portfolio Turnover | 66%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 27.8 |
| Health Care | 14.6 |
| Materials | 9.2 |
| Consumer Staples | 8.7 |
| Financials | 8.6 |
| Energy | 7.9 |
| Consumer Discretionary | 5.0 |
| Communication Services | 5.0 |
| Industrials | 4.9 |
| Real Estate | 4.4 |
| Utilities | 3.7 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5027_20260131_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 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5027_20260131_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.4<br>|
| Newmont Corp | 6.0<br>|
| Apple Inc | 5.3<br>|
| Microsoft Corp | 4.4<br>|
| CF Industries Holdings Inc | 3.2<br>|
| CNX Resources Corp | 3.2<br>|
| Alphabet Inc Class A | 2.7<br>|
| Simon Property Group Inc | 2.6<br>|
| Antero Midstream Corp | 2.5<br>|
| United Therapeutics Corp | 2.3<br>|
|  | 38.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img5027_20260131_1.jpg)<br>| ![](img125489_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> 1.9915363.101 5027-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Small-Mid Multifactor ETF<br> **Fidelity® Small-Mid Multifactor ETF : FSMD** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Small-Mid Multifactor ETF for the period August 1, 2025 to January 31, 2026. 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® Small-Mid Multifactor ETF  | $8  | 0.15% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2035382635<br>|
| Number of Holdings | 589<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 22.9 |
| Financials | 17.6 |
| Information Technology | 12.5 |
| Consumer Discretionary | 11.6 |
| Health Care | 11.3 |
| Real Estate | 6.1 |
| Materials | 4.6 |
| Consumer Staples | 3.8 |
| Energy | 3.7 |
| Communication Services | 3.3 |
| Utilities | 2.5 |

---

Common Stocks 99.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3356_20260131_AA.jpg) <br>|

---

Common Stocks - 99.9&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) - 0.1 <br>

---

| | |
|:---|:---|
| United States | 96.8 |
| Australia | 0.8 |
| Puerto Rico | 0.6 |
| United Kingdom | 0.5 |
| Thailand | 0.4 |
| Bermuda | 0.3 |
| Sweden | 0.2 |
| Monaco | 0.1 |
| Canada | 0.1 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3356_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 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;Puerto Rico - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 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;Bermuda - 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;Sweden - 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;&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;Canada - 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;Others - 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;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Anglogold Ashanti Plc | 0.8<br>|
| Ciena Corp | 0.8<br>|
| Comfort Systems USA Inc | 0.8<br>|
| EMCOR Group Inc | 0.7<br>|
| Tapestry Inc | 0.6<br>|
| Flex Ltd | 0.6<br>|
| TechnipFMC PLC | 0.5<br>|
| United Therapeutics Corp | 0.5<br>|
| Curtiss-Wright Corp | 0.5<br>|
| CH Robinson Worldwide Inc | 0.4<br>|
|  | 6.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img3356_20260131_1.jpg)<br>| ![](img125490_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> 1.9915354.101 3356-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Fundamental Small-Mid Cap ETF<br> **Fidelity® Fundamental Small-Mid Cap ETF : FFSM** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Fundamental Small-Mid Cap ETF for the period August 1, 2025 to January 31, 2026. 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® Fundamental Small-Mid Cap ETF  | $24  | 0.43% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1043266630<br>|
| Number of Holdings | 202<br>|
| Portfolio Turnover | 43%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 25.7 |
| Financials | 15.1 |
| Information Technology | 14.2 |
| Consumer Discretionary | 11.8 |
| Health Care | 10.6 |
| Real Estate | 5.5 |
| Energy | 5.1 |
| Materials | 4.1 |
| Consumer Staples | 3.6 |
| Utilities | 2.6 |
| Communication Services | 0.7 |

---

Common Stocks 99.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6342_20260131_AA.jpg) <br>|

---

Common Stocks - 99.0&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) - 1.0 <br>

---

| | |
|:---|:---|
| United States | 93.0 |
| Canada | 2.4 |
| United Kingdom | 2.0 |
| Thailand | 1.7 |
| Israel | 0.5 |
| Puerto Rico | 0.3 |
| Netherlands | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6342_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.4&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;United Kingdom - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 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;Israel - 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;Puerto Rico - 0.3&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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| TechnipFMC PLC | 2.0<br>|
| Somnigroup International Inc | 1.8<br>|
| Fabrinet | 1.7<br>|
| US Foods Holding Corp | 1.4<br>|
| Jones Lang LaSalle Inc | 1.4<br>|
| Lumentum Holdings Inc | 1.3<br>|
| ITT Inc | 1.3<br>|
| Advanced Energy Industries Inc | 1.3<br>|
| FirstCash Holdings Inc | 1.3<br>|
| Comfort Systems USA Inc | 1.3<br>|
|  | 14.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6342_20260131_1.jpg)<br>| ![](img125491_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> 1.9915371.101 6342-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Real Estate Investment ETF<br> **Fidelity® Real Estate Investment ETF : FPRO** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Real Estate Investment ETF for the period August 1, 2025 to January 31, 2026. 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® Real Estate Investment ETF  | $29  | 0.57% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $13808593<br>|
| Number of Holdings | 42<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 33.6 |
| Retail REITs | 17.4 |
| Industrial REITs | 15.3 |
| Health Care REITs | 12.9 |
| Residential REITs | 11.6 |
| Real Estate Management & Development | 8.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6341_20260131_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 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6341_20260131_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Prologis Inc | 10.0<br>|
| Equinix Inc | 8.9<br>|
| Welltower Inc | 8.6<br>|
| American Tower Corp | 8.2<br>|
| NNN REIT Inc | 4.5<br>|
| Kimco Realty Corp | 4.2<br>|
| Public Storage | 4.1<br>|
| CBRE Group Inc Class A | 3.9<br>|
| Digital Realty Trust Inc | 3.8<br>|
| UDR Inc | 3.5<br>|
|  | 59.7 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6341_20260131_1.jpg)<br>| ![](img125520_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> 1.9915370.101 6341-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Quality Factor ETF<br> **Fidelity® Quality Factor ETF : FQAL** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Quality Factor ETF for the period August 1, 2025 to January 31, 2026. 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® Quality Factor ETF  | $8  | 0.15% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1174345168<br>|
| Number of Holdings | 128<br>|
| Portfolio Turnover | 36%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.3 |
| Financials | 12.1 |
| Consumer Discretionary | 9.6 |
| Health Care | 9.6 |
| Communication Services | 9.5 |
| Industrials | 8.8 |
| Consumer Staples | 4.6 |
| Energy | 3.0 |
| Materials | 2.4 |
| Utilities | 2.0 |
| Real Estate | 1.9 |

---

Common Stocks 94.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 5.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2857_20260131_AA.jpg) <br>|

---

Common Stocks - 94.8&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) - 5.2 <br>

United States 99.7 <br> Australia 0.3

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2857_20260131_GD.jpg) <br>|

---

United States - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Australia - 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; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.5<br>|
| Apple Inc | 6.5<br>|
| Microsoft Corp | 5.3<br>|
| Alphabet Inc Class A | 5.0<br>|
| Broadcom Inc | 3.0<br>|
| Meta Platforms Inc Class A | 2.6<br>|
| Eli Lilly & Co | 1.9<br>|
| JPMorgan Chase & Co | 1.9<br>|
| Lam Research Corp | 1.8<br>|
| Johnson & Johnson | 1.5<br>|
|  | 37.0 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2857_20260131_1.jpg)<br>| ![](img125528_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> 1.9915344.101 2857-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Fundamental Large Cap Core ETF<br> **Fidelity® Fundamental Large Cap Core ETF : FFLC** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Fundamental Large Cap Core ETF for the period August 1, 2025 to January 31, 2026. 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® Fundamental Large Cap Core ETF  | $20  | 0.38% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $987956010<br>|
| Number of Holdings | 103<br>|
| Portfolio Turnover | 35%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 27.1 |
| Financials | 14.2 |
| Industrials | 12.7 |
| Communication Services | 12.4 |
| Consumer Discretionary | 9.0 |
| Health Care | 8.6 |
| Energy | 5.0 |
| Consumer Staples | 4.3 |
| Materials | 2.6 |
| Utilities | 1.8 |
| Real Estate | 1.3 |

---

Common Stocks 99.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6079_20260131_AA.jpg) <br>|

---

Common Stocks - 99.0&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) - 1.0 <br>

---

| | |
|:---|:---|
| United States | 92.5 |
| Canada | 2.7 |
| Taiwan | 1.6 |
| United Kingdom | 1.3 |
| Germany | 0.7 |
| Netherlands | 0.5 |
| Zambia | 0.4 |
| Brazil | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6079_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;Taiwan - 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;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 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;Brazil - 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;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.1<br>|
| Alphabet Inc Class A | 6.8<br>|
| Amazon.com Inc | 4.8<br>|
| Microsoft Corp | 4.3<br>|
| Meta Platforms Inc Class A | 4.2<br>|
| Apple Inc | 3.7<br>|
| Exxon Mobil Corp | 2.5<br>|
| Broadcom Inc | 2.1<br>|
| Wells Fargo & Co | 2.1<br>|
| Boeing Co | 2.0<br>|
|  | 40.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6079_20260131_1.jpg)<br>| ![](img125532_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> 1.9915365.101 6079-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Momentum Factor ETF<br> **Fidelity® Momentum Factor ETF : FDMO** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Momentum Factor ETF for the period August 1, 2025 to January 31, 2026. 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® Momentum Factor ETF  | $8  | 0.15% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $640226627<br>|
| Number of Holdings | 127<br>|
| Portfolio Turnover | 102%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.5 |
| Financials | 12.9 |
| Communication Services | 10.6 |
| Consumer Discretionary | 10.3 |
| Industrials | 9.9 |
| Health Care | 9.2 |
| Consumer Staples | 5.0 |
| Energy | 3.1 |
| Materials | 2.2 |
| Utilities | 2.1 |
| Real Estate | 2.1 |

---

Common Stocks 99.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2856_20260131_AA.jpg) <br>|

---

Common Stocks - 99.9&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) - 0.1 <br>

United States 99.1 <br> Canada 0.7 <br> Australia 0.2

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2856_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.2<br>|
| Alphabet Inc Class A | 5.9<br>|
| Microsoft Corp | 5.9<br>|
| Amazon.com Inc | 4.1<br>|
| Broadcom Inc | 3.3<br>|
| Meta Platforms Inc Class A | 2.7<br>|
| Micron Technology Inc | 2.4<br>|
| Tesla Inc | 2.3<br>|
| Lam Research Corp | 1.9<br>|
| Berkshire Hathaway Inc Class B | 1.7<br>|
|  | 38.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2856_20260131_1.jpg)<br>| ![](img125533_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> 1.9915343.101 2856-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Magellan℠ ETF<br> **Fidelity® Magellan℠ ETF : FMAG** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Magellan℠ ETF for the period August 1, 2025 to January 31, 2026. 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® Magellan℠ ETF  | $28  | 0.57% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $257683851<br>|
| Number of Holdings | 59<br>|
| Portfolio Turnover | 45%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 35.3 |
| Industrials | 15.9 |
| Financials | 15.8 |
| Consumer Discretionary | 11.9 |
| Communication Services | 6.2 |
| Health Care | 5.1 |
| Materials | 4.4 |
| Utilities | 2.3 |
| Consumer Staples | 1.8 |
| Real Estate | 1.2 |

---

Common Stocks 99.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6340_20260131_AA.jpg) <br>|

---

Common Stocks - 99.9&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) - 0.1 <br>

---

| | |
|:---|:---|
| United States | 97.9 |
| Taiwan | 2.1 |
| Brazil | 0.0 |
| Canada | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6340_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;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; |
| &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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 10.7<br>|
| Microsoft Corp | 7.7<br>|
| Amazon.com Inc | 6.2<br>|
| Broadcom Inc | 4.8<br>|
| Meta Platforms Inc Class A | 4.7<br>|
| Visa Inc Class A | 2.2<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.1<br>|
| GE Aerospace | 2.1<br>|
| Mastercard Inc Class A | 1.9<br>|
| Synopsys Inc | 1.9<br>|
|  | 44.3 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6340_20260131_1.jpg)<br>| ![](img125569_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> 1.9915369.101 6340-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Low Volatility Factor ETF<br> **Fidelity® Low Volatility Factor ETF : FDLO** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Low Volatility Factor ETF for the period August 1, 2025 to January 31, 2026. 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® Low Volatility Factor ETF  | $8  | 0.15% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1473815257<br>|
| Number of Holdings | 128<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.9 |
| Financials | 13.0 |
| Communication Services | 11.0 |
| Health Care | 10.1 |
| Consumer Discretionary | 10.0 |
| Industrials | 9.2 |
| Consumer Staples | 5.0 |
| Energy | 3.2 |
| Utilities | 2.2 |
| Materials | 2.2 |
| Real Estate | 2.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2855_20260131_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 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2855_20260131_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Apple Inc | 7.5<br>|
| Alphabet Inc Class A | 6.0<br>|
| Microsoft Corp | 6.0<br>|
| Amazon.com Inc | 4.0<br>|
| Broadcom Inc | 3.7<br>|
| Meta Platforms Inc Class A | 2.7<br>|
| Eli Lilly & Co | 1.9<br>|
| Berkshire Hathaway Inc Class B | 1.8<br>|
| JPMorgan Chase & Co | 1.8<br>|
| IBM Corporation | 1.8<br>|
|  | 37.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2855_20260131_1.jpg)<br>| ![](img125584_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> 1.9915342.101 2855-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® High Dividend ETF<br> **Fidelity® High Dividend ETF : FDVV** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® High Dividend ETF for the period August 1, 2025 to January 31, 2026. 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® High Dividend ETF  | $8  | 0.15% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $8474119904<br>|
| Number of Holdings | 108<br>|
| Portfolio Turnover | 0%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 24.7 |
| Financials | 22.2 |
| Consumer Staples | 12.0 |
| Utilities | 9.6 |
| Energy | 9.5 |
| Real Estate | 8.4 |
| Consumer Discretionary | 4.2 |
| Health Care | 3.7 |
| Communication Services | 2.9 |
| Industrials | 2.6 |
| Materials | 0.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2853_20260131_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 | 94.9 |
| Netherlands | 2.7 |
| Sweden | 1.6 |
| Japan | 0.3 |
| Indonesia | 0.2 |
| United Kingdom | 0.2 |
| Singapore | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2853_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 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;Japan - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 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;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;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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.6<br>|
| Apple Inc | 5.4<br>|
| Microsoft Corp | 4.5<br>|
| Broadcom Inc | 2.8<br>|
| JPMorgan Chase & Co | 2.7<br>|
| ABN AMRO Bank NV depository receipt | 2.6<br>|
| Exxon Mobil Corp | 2.4<br>|
| Philip Morris International Inc | 2.2<br>|
| Citigroup Inc | 2.0<br>|
| Coca-Cola Co/The | 1.9<br>|
|  | 33.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2853_20260131_1.jpg)<br>| ![](img125593_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> 1.9915340.101 2853-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Fundamental Large Cap Growth ETF<br> **Fidelity® Fundamental Large Cap Growth ETF : FFLG** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Fundamental Large Cap Growth ETF for the period August 1, 2025 to January 31, 2026. 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® Fundamental Large Cap Growth ETF  | $20  | 0.38% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $525388866<br>|
| Number of Holdings | 99<br>|
| Portfolio Turnover | 41%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 47.1 |
| Communication Services | 17.0 |
| Consumer Discretionary | 12.3 |
| Health Care | 7.9 |
| Industrials | 6.2 |
| Financials | 4.8 |
| Materials | 1.5 |
| Real Estate | 0.9 |
| Consumer Staples | 0.8 |
| Utilities | 0.5 |
| Energy | 0.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6339_20260131_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 | 93.8 |
| Taiwan | 2.7 |
| Canada | 1.7 |
| Belgium | 0.8 |
| Netherlands | 0.7 |
| Singapore | 0.3 |
| China | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6339_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;Canada - 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;Belgium - 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;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 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;China - 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)**  |  |
| NVIDIA Corp | 15.6<br>|
| Apple Inc | 8.1<br>|
| Microsoft Corp | 6.7<br>|
| Amazon.com Inc | 6.3<br>|
| Alphabet Inc Class A | 6.0<br>|
| Meta Platforms Inc Class A | 5.0<br>|
| Broadcom Inc | 3.4<br>|
| Alphabet Inc Class C | 2.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.7<br>|
| Mastercard Inc Class A | 1.9<br>|
|  | 58.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6339_20260131_1.jpg)<br>| ![](img125594_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> 1.9915368.101 6339-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Dividend ETF for Rising Rates<br> **Fidelity® Dividend ETF for Rising Rates : FDRR** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Dividend ETF for Rising Rates for the period August 1, 2025 to January 31, 2026. 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® Dividend ETF for Rising Rates  | $8  | 0.15% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $673462045<br>|
| Number of Holdings | 117<br>|
| Portfolio Turnover | 2%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.0 |
| Financials | 14.8 |
| Communication Services | 10.1 |
| Consumer Discretionary | 9.9 |
| Industrials | 9.8 |
| Health Care | 9.8 |
| Consumer Staples | 4.8 |
| Energy | 3.1 |
| Utilities | 2.2 |
| Real Estate | 2.0 |
| Materials | 1.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2854_20260131_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 | 93.9 |
| Netherlands | 2.0 |
| Indonesia | 0.8 |
| Germany | 0.8 |
| United Kingdom | 0.7 |
| Japan | 0.7 |
| Singapore | 0.5 |
| France | 0.4 |
| Australia | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2854_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.9&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;Indonesia - 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;Germany - 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;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 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;Singapore - 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;France - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.3<br>|
| Apple Inc | 6.7<br>|
| Microsoft Corp | 5.6<br>|
| Alphabet Inc Class A | 5.2<br>|
| Broadcom Inc | 3.5<br>|
| Meta Platforms Inc Class A | 2.5<br>|
| JPMorgan Chase & Co | 2.1<br>|
| Eli Lilly & Co | 2.0<br>|
| Johnson & Johnson | 1.7<br>|
| ABN AMRO Bank NV depository receipt | 1.6<br>|
|  | 39.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2854_20260131_1.jpg)<br>| ![](img125600_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> 1.9915341.101 2854-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Blue Chip Value ETF<br> **Fidelity® Blue Chip Value ETF : FBCV** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Blue Chip Value ETF for the period August 1, 2025 to January 31, 2026. 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® Blue Chip Value ETF  | $31  | 0.57% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $156465398<br>|
| Number of Holdings | 117<br>|
| Portfolio Turnover | 58%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.0 |
| Industrials | 13.8 |
| Health Care | 11.1 |
| Consumer Staples | 10.1 |
| Energy | 9.0 |
| Information Technology | 8.0 |
| Communication Services | 8.0 |
| Consumer Discretionary | 7.6 |
| Materials | 4.9 |
| Utilities | 3.2 |
| Real Estate | 0.2 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6190_20260131_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 | 93.9 |
| United Kingdom | 3.9 |
| Canada | 1.9 |
| Taiwan | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6190_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;Taiwan - 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;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 4.4<br>|
| Alphabet Inc Class A | 4.4<br>|
| Amazon.com Inc | 2.8<br>|
| Bank of America Corp | 2.7<br>|
| Merck & Co Inc | 2.3<br>|
| Cisco Systems Inc | 2.1<br>|
| Travelers Companies Inc/The | 2.0<br>|
| Shell PLC ADR | 2.0<br>|
| Wells Fargo & Co | 1.9<br>|
| Cigna Group/The | 1.8<br>|
|  | 26.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6190_20260131_1.jpg)<br>| ![](img125604_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> 1.9915367.101 6190-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Blue Chip Growth ETF<br> **Fidelity® Blue Chip Growth ETF : FBCG** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth ETF for the period August 1, 2025 to January 31, 2026. 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® Blue Chip Growth ETF  | $30  | 0.57% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5499322432<br>|
| Number of Holdings | 203<br>|
| Portfolio Turnover | 44%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 48.1 |
| Consumer Discretionary | 17.4 |
| Communication Services | 16.5 |
| Health Care | 6.6 |
| Industrials | 5.4 |
| Financials | 3.4 |
| Consumer Staples | 0.7 |
| Real Estate | 0.6 |
| Materials | 0.5 |
| Utilities | 0.4 |
| Energy | 0.3 |

---

Common Stocks 99.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6157_20260131_AA.jpg) <br>|

---

Common Stocks - 99.9&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) - 0.1 <br>

---

| | |
|:---|:---|
| United States | 96.2 |
| Canada | 1.5 |
| Taiwan | 1.1 |
| Netherlands | 0.3 |
| Finland | 0.2 |
| Switzerland | 0.2 |
| Brazil | 0.1 |
| China | 0.1 |
| United Kingdom | 0.1 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6157_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.5&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;Taiwan - 1.1&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 - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;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;Brazil - 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;China - 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;Others - 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;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.7<br>|
| Apple Inc | 9.5<br>|
| Alphabet Inc Class A | 8.4<br>|
| Amazon.com Inc | 7.9<br>|
| Microsoft Corp | 6.1<br>|
| Meta Platforms Inc Class A | 4.8<br>|
| Broadcom Inc | 3.3<br>|
| Eli Lilly & Co | 2.6<br>|
| Netflix Inc | 2.0<br>|
| Tesla Inc | 1.6<br>|
|  | 61.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6157_20260131_1.jpg)<br>| ![](img125608_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> 1.9915366.101 6157-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Fundamental Large Cap Value ETF<br> **Fidelity® Fundamental Large Cap Value ETF : FFLV** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Fundamental Large Cap Value ETF for the period August 1, 2025 to January 31, 2026. 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® Fundamental Large Cap Value ETF  | $21  | 0.38% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $15857333<br>|
| Number of Holdings | 129<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 20.9 |
| Industrials | 12.0 |
| Health Care | 11.7 |
| Information Technology | 10.7 |
| Energy | 8.0 |
| Consumer Discretionary | 8.0 |
| Communication Services | 7.8 |
| Consumer Staples | 7.6 |
| Materials | 4.7 |
| Real Estate | 4.2 |
| Utilities | 3.7 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7573_20260131_AA.jpg) <br>|

---

Common Stocks - 99.3&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) - 0.7 <br>

---

| | |
|:---|:---|
| United States | 96.6 |
| Taiwan | 1.3 |
| United Kingdom | 1.1 |
| Canada | 0.9 |
| France | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7573_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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)**  |  |
| Alphabet Inc Class A | 5.2<br>|
| Exxon Mobil Corp | 4.2<br>|
| Wells Fargo & Co | 3.1<br>|
| Bank of America Corp | 2.7<br>|
| Travelers Companies Inc/The | 2.4<br>|
| Cisco Systems Inc | 2.4<br>|
| Hartford Insurance Group Inc/The | 2.3<br>|
| Johnson & Johnson | 2.2<br>|
| Merck & Co Inc | 2.0<br>|
| Gilead Sciences Inc | 2.0<br>|
|  | 28.5 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img7573_20260131_1.jpg)<br>| ![](img125634_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> 1.9916937.101 7573-TSRS-0426 <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® Dividend ETF for Rising Rates**

**Fidelity® High Dividend ETF**

**Fidelity® Low Volatility Factor ETF**

**Fidelity® Momentum Factor ETF**

**Fidelity® Quality Factor ETF**

**Fidelity® Small-Mid Multifactor ETF**

**Fidelity® Stocks for Inflation ETF**

**Fidelity® U.S. Multifactor ETF**

**Fidelity® Value Factor ETF**

**Semi-Annual Report**

**January 31, 2026**

![](img125823_1.jpg)

![](img125823_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_CPF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Dividend ETF for Rising Rates](#Sub_Sec_Fund_2854_CPF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® High Dividend ETF](#Sub_Sec_Fund_2853_CPF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Low Volatility Factor ETF](#Sub_Sec_Fund_2855_CPF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Momentum Factor ETF](#Sub_Sec_Fund_2856_CPF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Quality Factor ETF](#Sub_Sec_Fund_2857_CPF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Small-Mid Multifactor ETF](#Sub_Sec_Fund_3356_CPF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Stocks for Inflation ETF](#Sub_Sec_Fund_5027_CPF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® U.S. Multifactor ETF](#Sub_Sec_Fund_6044_CPF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Value Factor ETF](#Sub_Sec_Fund_2858_CPF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2854_CPF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CPF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CPF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CPF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CPF-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.

A fund is not in any way connected to or sponsored, endorsed, sold or promoted by Frank Russell Company ("Russell") or by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of a fund or the underlying data.

The index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for us by Fidelity. S&P®;, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P") and Dow Jones®; is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). A fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index or indices.

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® Dividend ETF for Rising Rates**

**Schedule of Investments January 31, 2026 (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>|
| AUSTRALIA - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Fortescue Ltd  | 93809 | 1380076 |
| FRANCE - 0.4%  |  |  |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Carrefour SA  | 181467 | 2987810 |
| GERMANY - 0.8%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Automobiles - 0.8% |  |  |
| Mercedes-Benz Group AG  | 81674 | 5615077 |
| INDONESIA - 0.8%  |  |  |
| Industrials - 0.8% |  |  |
| Industrial Conglomerates - 0.8% |  |  |
| Jardine Matheson Holdings Ltd (Singapore)  | 77900 | 5668783 |
| JAPAN - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Automobiles - 0.7% |  |  |
| Yamaha Motor Co Ltd (b) | 610500 | 4604672 |
| NETHERLANDS - 2.0%  |  |  |
| Financials - 1.6% |  |  |
| Banks - 1.6% |  |  |
| ABN AMRO Bank NV depository receipt (c)(d) | 293382 | 10840620 |
| Industrials - 0.4% |  |  |
| Professional Services - 0.4% |  |  |
| Randstad NV  | 70269 | 2517061 |
| TOTAL NETHERLANDS |  | 13357681 |
| SINGAPORE - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Passenger Airlines - 0.5% |  |  |
| Singapore Airlines Ltd  | 649400 | 3249559 |
| UNITED KINGDOM - 0.7%  |  |  |
| Industrials - 0.7% |  |  |
| Industrial Conglomerates - 0.7% |  |  |
| CK Hutchison Holdings Ltd  | 618200 | 5006742 |
| UNITED STATES - 93.0%  |  |  |
| Communication Services - 10.1% |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |
| AT&T Inc  | 90192 | 2363932 |
| Comcast Corp Class A  | 51490 | 1531827 |
| Verizon Communications Inc  | 53326 | 2374074 |
|  |  | 6269833 |
| Entertainment - 0.6% |  |  |
| Electronic Arts Inc  | 5871 | 1197214 |
| Walt Disney Co/The  | 22158 | 2499423 |
| Warner Music Group Corp Class A  | 15606 | 467868 |
|  |  | 4164505 |
| Interactive Media & Services - 7.7% |  |  |
| Alphabet Inc Class A  | 104424 | 35295313 |
| Meta Platforms Inc Class A  | 23176 | 16605604 |
|  |  | 51900917 |
| Media - 0.7% |  |  |
| Fox Corp Class A  | 11793 | 858295 |
| New York Times Co/The Class A  | 10869 | 796806 |
| News Corp Class A  | 20972 | 566873 |
| Nexstar Media Group Inc  | 3247 | 689598 |
| Omnicom Group Inc  | 7312 | 563316 |
| Paramount Skydance Corp Class B  | 48036 | 538484 |
| Sirius XM Holdings Inc  | 19840 | 403744 |
| Versant Media Group Inc Class A  | 2059 | 67082 |
|  |  | 4484198 |
| Wireless Telecommunication Services - 0.2% |  |  |
| T-Mobile US Inc  | 6740 | 1329195 |
| TOTAL COMMUNICATION SERVICES |  | 68148648 |
| Consumer Discretionary - 8.4% |  |  |
| Automobiles - 3.0% |  |  |
| Ford Motor Co  | 520630 | 7226344 |
| General Motors Co  | 111815 | 9392460 |
| Stellantis NV (Italy)  | 368683 | 3634271 |
|  |  | 20253075 |
| Hotels, Restaurants & Leisure - 1.9% |  |  |
| McDonald's Corp  | 23847 | 7511805 |
| Starbucks Corp  | 54280 | 4991046 |
|  |  | 12502851 |
| Household Durables - 0.5% |  |  |
| Whirlpool Corp (b) | 47446 | 3795206 |
| Specialty Retail - 2.3% |  |  |
| Home Depot Inc/The  | 21562 | 8076910 |
| TJX Cos Inc/The  | 49682 | 7442860 |
|  |  | 15519770 |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| NIKE Inc Class B  | 76530 | 4730319 |
| TOTAL CONSUMER DISCRETIONARY |  | 56801221 |
| Consumer Staples - 4.4% |  |  |
| Beverages - 1.6% |  |  |
| Coca-Cola Co/The  | 79884 | 5976122 |
| PepsiCo Inc  | 31545 | 4846258 |
|  |  | 10822380 |
| Food Products - 0.3% |  |  |
| Kraft Heinz Co/The  | 99732 | 2367638 |
| Household Products - 0.9% |  |  |
| Procter & Gamble Co/The  | 38895 | 5903094 |
| Tobacco - 1.6% |  |  |
| Altria Group Inc  | 66391 | 4115578 |
| Philip Morris International Inc  | 35384 | 6349305 |
|  |  | 10464883 |
| TOTAL CONSUMER STAPLES |  | 29557995 |
| Energy - 3.1% |  |  |
| Oil, Gas & Consumable Fuels - 3.1% |  |  |
| Chevron Corp  | 25783 | 4561013 |
| Chord Energy Corp  | 13194 | 1322567 |
| Devon Energy Corp  | 47397 | 1905833 |
| Diamondback Energy Inc  | 10326 | 1692948 |
| EOG Resources Inc  | 16522 | 1852612 |
| Exxon Mobil Corp  | 56533 | 7993766 |
| Viper Energy Inc Class A  | 29143 | 1233914 |
| TOTAL ENERGY |  | 20562653 |
| Financials - 13.2% |  |  |
| Banks - 7.1% |  |  |
| Bank of America Corp  | 169257 | 9004472 |
| Citigroup Inc  | 79737 | 9226368 |
| JPMorgan Chase & Co  | 45970 | 14061764 |
| US Bancorp  | 117620 | 6599658 |
| Wells Fargo & Co  | 93634 | 8472941 |
|  |  | 47365203 |
| Capital Markets - 3.0% |  |  |
| CME Group Inc Class A  | 23618 | 6827019 |
| Morgan Stanley  | 47206 | 8629257 |
| TPG Inc Class A (b) | 76674 | 4516865 |
|  |  | 19973141 |
| Consumer Finance - 0.8% |  |  |
| OneMain Holdings Inc  | 86393 | 5662197 |
| Insurance - 1.5% |  |  |
| American Financial Group Inc/OH  | 38635 | 5032981 |
| Prudential Financial Inc  | 45934 | 5103727 |
|  |  | 10136708 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.8% |  |  |
| Annaly Capital Management Inc  | 240994 | 5545272 |
| TOTAL FINANCIALS |  | 88682521 |
| Health Care - 9.8% |  |  |
| Biotechnology - 2.3% |  |  |
| AbbVie Inc  | 39967 | 8913041 |
| Amgen Inc  | 19278 | 6590762 |
|  |  | 15503803 |
| Health Care Providers & Services - 1.7% |  |  |
| CVS Health Corp  | 89473 | 6667528 |
| UnitedHealth Group Inc  | 17115 | 4910807 |
|  |  | 11578335 |
| Pharmaceuticals - 5.8% |  |  |
| Eli Lilly & Co  | 12945 | 13425907 |
| Johnson & Johnson  | 51699 | 11748598 |
| Merck & Co Inc  | 72991 | 8048718 |
| Pfizer Inc  | 218496 | 5777034 |
|  |  | 39000257 |
| TOTAL HEALTH CARE |  | 66082395 |
| Industrials - 7.4% |  |  |
| Aerospace & Defense - 3.2% |  |  |
| GE Aerospace  | 25732 | 7894320 |
| Lockheed Martin Corp  | 8894 | 5640753 |
| RTX Corp  | 36932 | 7420747 |
|  |  | 20955820 |
| Air Freight & Logistics - 0.5% |  |  |
| United Parcel Service Inc Class B  | 34591 | 3674256 |
| Ground Transportation - 0.6% |  |  |
| Union Pacific Corp  | 18546 | 4360165 |
| Industrial Conglomerates - 0.7% |  |  |
| Honeywell International Inc  | 20227 | 4602047 |
| Machinery - 1.9% |  |  |
| Caterpillar Inc  | 13330 | 8762609 |
| PACCAR Inc  | 33778 | 4151654 |
|  |  | 12914263 |
| Professional Services - 0.5% |  |  |
| Automatic Data Processing Inc  | 13982 | 3451036 |
| TOTAL INDUSTRIALS |  | 49957587 |
| Information Technology - 31.0% |  |  |
| Communications Equipment - 1.5% |  |  |
| Cisco Systems Inc  | 128678 | 10078061 |
| IT Services - 1.4% |  |  |
| IBM Corporation  | 30353 | 9309265 |
| Semiconductors & Semiconductor Equipment - 14.3% |  |  |
| Broadcom Inc  | 70561 | 23376859 |
| Microchip Technology Inc  | 109310 | 8298815 |
| NVIDIA Corp  | 289237 | 55281868 |
| Texas Instruments Inc  | 39727 | 8563155 |
|  |  | 95520697 |
| Software - 5.6% |  |  |
| Microsoft Corp  | 87631 | 37706743 |
| Technology Hardware, Storage & Peripherals - 8.2% |  |  |
| Apple Inc  | 174700 | 45331156 |
| Dell Technologies Inc Class C  | 56315 | 6444689 |
| HP Inc  | 180387 | 3506723 |
|  |  | 55282568 |
| TOTAL INFORMATION TECHNOLOGY |  | 207897334 |
| Materials - 1.4% |  |  |
| Chemicals - 1.1% |  |  |
| Air Products and Chemicals Inc  | 5579 | 1520278 |
| Dow Inc  | 36508 | 1005795 |
| FMC Corp (b) | 32413 | 512125 |
| Linde PLC  | 7217 | 3297953 |
| LyondellBasell Industries NV Class A1  | 17146 | 840154 |
| Solstice Advanced Materials Inc  | 5065 | 312865 |
|  |  | 7489170 |
| Containers & Packaging - 0.3% |  |  |
| Amcor PLC  | 24805 | 1097622 |
| International Paper Co  | 26014 | 1048884 |
|  |  | 2146506 |
| TOTAL MATERIALS |  | 9635676 |
| Real Estate - 2.0% |  |  |
| Health Care REITs - 0.2% |  |  |
| Omega Healthcare Investors Inc  | 25476 | 1117887 |
| Hotel & Resort REITs - 0.1% |  |  |
| Host Hotels & Resorts Inc  | 60300 | 1117359 |
| Industrial REITs - 0.3% |  |  |
| Prologis Inc  | 16592 | 2166252 |
| Retail REITs - 0.5% |  |  |
| Realty Income Corp  | 24764 | 1514566 |
| Simon Property Group Inc  | 7926 | 1516323 |
|  |  | 3030889 |
| Specialized REITs - 0.9% |  |  |
| American Tower Corp  | 9316 | 1670172 |
| Crown Castle Inc  | 14045 | 1219246 |
| Gaming and Leisure Properties Inc  | 20506 | 917644 |
| Public Storage  | 4461 | 1232084 |
| VICI Properties Inc  | 39691 | 1114523 |
|  |  | 6153669 |
| TOTAL REAL ESTATE |  | 13586056 |
| Utilities - 2.2% |  |  |
| Electric Utilities - 1.6% |  |  |
| Duke Energy Corp  | 17970 | 2180660 |
| Edison International  | 26150 | 1628622 |
| Exelon Corp  | 38520 | 1724926 |
| NextEra Energy Inc  | 37418 | 3289042 |
| Southern Co/The  | 24872 | 2221318 |
|  |  | 11044568 |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| AES Corp/The  | 118654 | 1738281 |
| Multi-Utilities - 0.3% |  |  |
| Dominion Energy Inc  | 29978 | 1803776 |
| TOTAL UTILITIES |  | 14586625 |
| TOTAL UNITED STATES |  | 625498711 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $463,538,539) |  | <br> **667369111** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/12/2026 (f)<br>(Cost $109,873)<br>| 3.82 | 110000 | **109890** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 3.70 | 4166029 | 4166862 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 3.70 | 7310549 | 7311280 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $11,478,209) |  |  | **11478142** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.8%**<br> (Cost $475,126,621)<br>| <br>**678957143** |
| **NET OTHER ASSETS (LIABILITIES) - (0.8)%**  | **(5495098)** |
| **NET ASSETS - 100.0%** | **673462045** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 | 1044863 | 12559 |
| CME E-Mini S&P 500 Index Contracts (United States) | 143 | 3/2026 | 4980511 | 26466 |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **39025** |
| The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. |

---

**Legend**

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

(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 $10,840,620 or 1.6% 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 $10,840,620 or 1.6% 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 $109,890.

(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 | 739880 | 14351629 | 10924526 | 30309 | (54) | (67) | 4166862 | 4166029 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 8773550 | 65964064 | 67426414 | 109515 | 80 | - | 7311280 | 7310549 | 0.0% |
| Total | 9513430 | 80315693 | 78350940 | 139824 | 26 | (67) | 11478142 |  |  |

---

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 January 31, 2026, 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 | 68148648 | 68148648 | - | - |
| Consumer Discretionary | 67020970 | 67020970 | - | - |
| Consumer Staples | 32545805 | 32545805 | - | - |
| Energy | 20562653 | 20562653 | - | - |
| Financials | 99523141 | 99523141 | - | - |
| Health Care | 66082395 | 66082395 | - | - |
| Industrials | 66399732 | 66399732 | - | - |
| Information Technology | 207897334 | 207897334 | - | - |
| Materials | 11015752 | 11015752 | - | - |
| Real Estate | 13586056 | 13586056 | - | - |
| Utilities | 14586625 | 14586625 | - | - |
|  **U.S. Treasury Obligations** | 109890 | - | 109890 | - |
|  **Money Market Funds** | 11478142 | 11478142 | - | - |
| **Total Investments in Securities:** | 678957143 | 678847253 | 109890 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 39025 | 39025 | - | - |
| Total Assets | 39025 | 39025 | - | - |
| **Total Derivative Instruments:** | 39025 | 39025 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 39025 | - |
| **Total Equity Risk**  | 39025 | - |
| **Total Value of Derivatives** | 39025 | - |

---

(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® Dividend ETF for Rising Rates**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $10,840,654) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $463,648,412) | $667479001 |  |
| Fidelity Central Funds (cost $11,478,209) | 11478142 |  |
| Total Investment in Securities (cost $475,126,621) |  | $678957143 |
| Segregated cash with brokers for derivative instruments |  | 285204 |
| Foreign currency held at value (cost $752,521) |  | 778080 |
| Dividends receivable |  | 843531 |
| Interest receivable |  | 45 |
| Distributions receivable from Fidelity Central Funds |  | 16008 |
| **Total assets** |  | 680880011 |
| **Liabilities** |  |  |
| Payable to custodian bank | $29 |  |
| Accrued management fee | 83382 |  |
| Payable for daily variation margin on futures contracts | 23355 |  |
| Collateral on securities loaned | 7311200 |  |
| **Total liabilities** |  | 7417966 |
| **Net Assets**  |  | $673462045 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $543920667 |
| Total accumulated earnings (loss) |  | 129541378 |
| **Net Assets** |  | $673462045 |
| **Net Asset Value**, offering price and redemption price per share ($673,462,045 ÷ 10,850,000 shares) |  | $62.07 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $6930598 |
| Interest  |  | 3864 |
| Income from Fidelity Central Funds (including $109,515 from security lending)  |  | 139824 |
| **Total income** |  | 7074286 |
| **Expenses** |  |  |
| Management fee | $472270 |  |
| Independent trustees' fees and expenses | 1236 |  |
| Total expenses before reductions | 473506 |  |
| Expense reductions | (213) |  |
| Total expenses after reductions |  | 473293 |
| **Net Investment income (loss)** |  | 6600993 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 24036 |  |
| Fidelity Central Funds | 26 |  |
| Foreign currency transactions | (2861) |  |
| Futures contracts | 183535 |  |
| Total net realized gain (loss) |  | 204736 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 71372670 |  |
| Fidelity Central Funds  | (67) |  |
| Assets and liabilities in foreign currencies | 31201 |  |
| Futures contracts | (9684) |  |
| Total change in net unrealized appreciation (depreciation) |  | 71394120 |
| **Net gain (loss)** |  | 71598856 |
| **Net increase (decrease) in net assets resulting from operations** |  | $78199849 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6600993 | $13340339 |
| &nbsp;&nbsp;Net realized gain (loss) | 204736<br>| 33430986<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 71394120 | 29640069<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 78199849<br>| 76411394<br>|
| Distributions to shareholders | (6908100)<br>| (15464750)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 18141903 | 97139902 |
| &nbsp;&nbsp;Cost of shares redeemed | - | (118681756) |
| **Net increase (decrease) in net assets resulting from share transactions** | 18141903<br>| (21541854)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 89433652<br>| 39404790<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 584028393 | 544623603<br>|
| &nbsp;&nbsp;End of period | $673462045 | $584028393 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 300000 | 1800000 |
| &nbsp;&nbsp;Redeemed | - | (2250000) |
| &nbsp;&nbsp;Net increase (decrease) | 300000 | (450000) |

---

**Financial Highlights** 

**Fidelity® Dividend ETF for Rising Rates** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $55.36 | $49.51 | $43.10 | $41.08 | $42.62 | $31.72 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .62  | 1.24  | 1.16  | 1.22  | 1.08  | .93  |
| Net realized and unrealized gain (loss)  | 6.74  | 6.06  | 6.40  | 2.02  | (1.54)  | 10.85  |
| Total from investment operations  | 7.36  | 7.30  | 7.56  | 3.24  | (.46)  | 11.78  |
| Distributions from net investment income  | (.65)  | (1.45)  | (1.15)  | (1.22)  | (1.08)  | (.88)  |
| Total distributions  | (.65)  | (1.45)  | (1.15)  | (1.22)  | (1.08)  | (.88)  |
| Net asset value, end of period  | $62.07 | $55.36 | $49.51 | $43.10 | $41.08 | $42.62 |
| **Total Return** C,D,E | 13.36% <br>| 14.99%  | 17.85%  | 8.17%  | (1.06)%  | 37.57%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .15% H | .15%  | .19%  | .29%  | .29%  | .29%  |
| Expenses net of fee waivers, if any  | .15% H<br>| .15%  | .19%  | .29%  | .29%  | .29%  |
| Expenses net of all reductions, if any  | .15% H | .15%  | .19%  | .29%  | .29%  | .29%  |
| Net investment income (loss)  | 2.09% H | 2.41%  | 2.63%  | 3.04%  | 2.54%  | 2.44%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $673462 | $584028 | $544624 | $549536 | $612143 | $490089 |
| Portfolio turnover rate I,J | 2% H<br>| 27%  | 32%  | 29%  | 28%  | 32%  |

---

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

B*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.*

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

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

E*Based on net asset value.*

F*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.*

G*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.*

H*Annualized.*

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

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.* 

**Fidelity® High Dividend ETF**

**Schedule of Investments January 31, 2026 (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>|
| INDONESIA - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.2% |  |  |
| Jardine Matheson Holdings Ltd (Singapore)  | 274700 | 19989919 |
| JAPAN - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobiles - 0.3% |  |  |
| Yamaha Motor Co Ltd  | 3132300 | 23625250 |
| NETHERLANDS - 2.7%  |  |  |
| Financials - 2.6% |  |  |
| Banks - 2.6% |  |  |
| ABN AMRO Bank NV depository receipt (c)(d) | 5917292 | 218647071 |
| Industrials - 0.1% |  |  |
| Professional Services - 0.1% |  |  |
| Randstad NV  | 246542 | 8831224 |
| TOTAL NETHERLANDS |  | 227478295 |
| SINGAPORE - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Passenger Airlines - 0.1% |  |  |
| Singapore Airlines Ltd  | 2285400 | 11436004 |
| SWEDEN - 1.6%  |  |  |
| Financials - 1.6% |  |  |
| Banks - 1.6% |  |  |
| Svenska Handelsbanken AB A Shares  | 8566417 | 136060124 |
| UNITED KINGDOM - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.2% |  |  |
| CK Hutchison Holdings Ltd  | 2171000 | 17582718 |
| UNITED STATES - 94.7%  |  |  |
| Communication Services - 2.9% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| AT&T Inc  | 329295 | 8630822 |
| Comcast Corp Class A  | 188368 | 5603948 |
| Verizon Communications Inc  | 192805 | 8583679 |
|  |  | 22818449 |
| Entertainment - 0.1% |  |  |
| Electronic Arts Inc  | 21153 | 4313520 |
| Walt Disney Co/The  | 80502 | 9080626 |
| Warner Music Group Corp Class A  | 55989 | 1678550 |
|  |  | 15072696 |
| Interactive Media & Services - 2.3% |  |  |
| Alphabet Inc Class A  | 395054 | 133528252 |
| Meta Platforms Inc Class A  | 81421 | 58338147 |
|  |  | 191866399 |
| Media - 0.2% |  |  |
| Fox Corp Class A  | 42491 | 3092495 |
| New York Times Co/The Class A  | 39199 | 2873679 |
| News Corp Class A  | 76717 | 2073661 |
| Nexstar Media Group Inc  | 11673 | 2479112 |
| Omnicom Group Inc  | 26207 | 2018987 |
| Paramount Skydance Corp Class B  | 174969 | 1961402 |
| Sirius XM Holdings Inc  | 71174 | 1448391 |
| Versant Media Group Inc Class A  | 7556 | 246174 |
|  |  | 16193901 |
| Wireless Telecommunication Services - 0.0% |  |  |
| T-Mobile US Inc  | 24335 | 4799104 |
| TOTAL COMMUNICATION SERVICES |  | 250750549 |
| Consumer Discretionary - 3.9% |  |  |
| Automobiles - 1.2% |  |  |
| Ford Motor Co  | 2678045 | 37171265 |
| General Motors Co  | 575817 | 48368628 |
| Stellantis NV (Italy)  | 1890775 | 18638201 |
|  |  | 104178094 |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| McDonald's Corp  | 123413 | 38875095 |
| Starbucks Corp  | 280562 | 25797676 |
|  |  | 64672771 |
| Household Durables - 0.2% |  |  |
| Whirlpool Corp (b) | 243738 | 19496602 |
| Specialty Retail - 1.4% |  |  |
| Home Depot Inc/The  | 112012 | 41958576 |
| Lowe's Cos Inc  | 125486 | 33512291 |
| TJX Cos Inc/The  | 256335 | 38401546 |
|  |  | 113872413 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| NIKE Inc Class B  | 395197 | 24427126 |
| TOTAL CONSUMER DISCRETIONARY |  | 326647006 |
| Consumer Staples - 12.0% |  |  |
| Beverages - 3.6% |  |  |
| Coca-Cola Co/The  | 2207562 | 165147713 |
| PepsiCo Inc  | 916844 | 140854744 |
|  |  | 306002457 |
| Food Products - 2.8% |  |  |
| Hershey Co/The  | 757549 | 147532668 |
| Kraft Heinz Co/The  | 3881332 | 92142821 |
|  |  | 239675489 |
| Household Products - 1.7% |  |  |
| Procter & Gamble Co/The  | 941574 | 142902686 |
| Tobacco - 3.9% |  |  |
| Altria Group Inc  | 2268204 | 140605966 |
| Philip Morris International Inc  | 1023390 | 183637102 |
|  |  | 324243068 |
| TOTAL CONSUMER STAPLES |  | 1012823700 |
| Energy - 9.5% |  |  |
| Oil, Gas & Consumable Fuels - 9.5% |  |  |
| Chevron Corp  | 820376 | 145124514 |
| Chord Energy Corp  | 843624 | 84564870 |
| Devon Energy Corp  | 2794962 | 112385422 |
| Diamondback Energy Inc  | 585776 | 96037975 |
| EOG Resources Inc  | 797296 | 89400800 |
| Exxon Mobil Corp  | 1409116 | 199249003 |
| Viper Energy Inc Class A  | 1865930 | 79003476 |
| TOTAL ENERGY |  | 805766060 |
| Financials - 18.0% |  |  |
| Banks - 9.8% |  |  |
| Bank of America Corp  | 2933778 | 156076990 |
| Citigroup Inc  | 1472660 | 170401489 |
| JPMorgan Chase & Co  | 724340 | 221568363 |
| US Bancorp  | 2261883 | 126914254 |
| Wells Fargo & Co  | 1649232 | 149239004 |
|  |  | 824200100 |
| Capital Markets - 3.7% |  |  |
| Blackstone Inc  | 651623 | 92804148 |
| CME Group Inc Class A  | 450516 | 130226155 |
| TPG Inc Class A  | 1541166 | 90790089 |
|  |  | 313820392 |
| Financial Services - 1.9% |  |  |
| Visa Inc Class A  | 502441 | 161700586 |
| Mortgage Real Estate Investment Trusts (REITs) - 2.6% |  |  |
| AGNC Investment Corp  | 9771759 | 111398053 |
| Annaly Capital Management Inc  | 4825909 | 111044166 |
|  |  | 222442219 |
| TOTAL FINANCIALS |  | 1522163297 |
| Health Care - 3.7% |  |  |
| Biotechnology - 1.4% |  |  |
| AbbVie Inc  | 203051 | 45282404 |
| Amgen Inc  | 100176 | 34248170 |
| Gilead Sciences Inc  | 290118 | 41182250 |
|  |  | 120712824 |
| Health Care Providers & Services - 0.7% |  |  |
| CVS Health Corp  | 474086 | 35328889 |
| UnitedHealth Group Inc  | 85772 | 24610560 |
|  |  | 59939449 |
| Pharmaceuticals - 1.6% |  |  |
| Johnson & Johnson  | 261687 | 59468371 |
| Merck & Co Inc  | 376007 | 41462292 |
| Pfizer Inc  | 1139426 | 30126423 |
|  |  | 131057086 |
| TOTAL HEALTH CARE |  | 311709359 |
| Industrials - 2.0% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| GE Aerospace  | 90540 | 27776767 |
| Lockheed Martin Corp  | 31393 | 19910068 |
| RTX Corp  | 129920 | 26104826 |
|  |  | 73791661 |
| Air Freight & Logistics - 0.2% |  |  |
| United Parcel Service Inc Class B  | 122024 | 12961389 |
| Ground Transportation - 0.2% |  |  |
| Union Pacific Corp  | 65370 | 15368487 |
| Industrial Conglomerates - 0.2% |  |  |
| Honeywell International Inc  | 71358 | 16235372 |
| Machinery - 0.5% |  |  |
| Caterpillar Inc  | 47006 | 30899864 |
| PACCAR Inc  | 119082 | 14636369 |
|  |  | 45536233 |
| Professional Services - 0.0% |  |  |
| Automatic Data Processing Inc  | 49314 | 12171681 |
| TOTAL INDUSTRIALS |  | 176064823 |
| Information Technology - 24.7% |  |  |
| Communications Equipment - 1.2% |  |  |
| Cisco Systems Inc  | 1295541 | 101466771 |
| IT Services - 1.1% |  |  |
| IBM Corporation  | 305623 | 93734574 |
| Semiconductors & Semiconductor Equipment - 11.3% |  |  |
| Broadcom Inc  | 710503 | 235389644 |
| Microchip Technology Inc  | 1100230 | 83529462 |
| NVIDIA Corp  | 2912466 | 556659627 |
| Texas Instruments Inc  | 399915 | 86201678 |
|  |  | 961780411 |
| Software - 4.5% |  |  |
| Microsoft Corp  | 882316 | 379651752 |
| Technology Hardware, Storage & Peripherals - 6.6% |  |  |
| Apple Inc  | 1759182 | 456472546 |
| Dell Technologies Inc Class C  | 566717 | 64855093 |
| HP Inc  | 1815507 | 35293456 |
|  |  | 556621095 |
| TOTAL INFORMATION TECHNOLOGY |  | 2093254603 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Solstice Advanced Materials Inc  | 17630 | 1089005 |
| Real Estate - 8.4% |  |  |
| Health Care REITs - 0.9% |  |  |
| Omega Healthcare Investors Inc  | 1689228 | 74123325 |
| Hotel & Resort REITs - 0.9% |  |  |
| Host Hotels & Resorts Inc  | 3963418 | 73442135 |
| Industrial REITs - 1.0% |  |  |
| Prologis Inc  | 653689 | 85345636 |
| Retail REITs - 1.8% |  |  |
| Realty Income Corp  | 1277685 | 78143215 |
| Simon Property Group Inc  | 393540 | 75288137 |
|  |  | 153431352 |
| Specialized REITs - 3.8% |  |  |
| American Tower Corp  | 398573 | 71456168 |
| Crown Castle Inc  | 762121 | 66159724 |
| Gaming and Leisure Properties Inc  | 1327007 | 59383563 |
| Public Storage  | 230361 | 63623405 |
| VICI Properties Inc  | 2254578 | 63308550 |
|  |  | 323931410 |
| TOTAL REAL ESTATE |  | 710273858 |
| Utilities - 9.6% |  |  |
| Electric Utilities - 6.8% |  |  |
| American Electric Power Co Inc  | 968210 | 115967353 |
| Duke Energy Corp  | 884926 | 107385770 |
| Edison International  | 1754717 | 109283775 |
| NextEra Energy Inc  | 1557228 | 136880341 |
| Southern Co/The  | 1207400 | 107832894 |
|  |  | 577350133 |
| Independent Power and Renewable Electricity Producers - 1.5% |  |  |
| AES Corp/The  | 8621380 | 126303217 |
| Multi-Utilities - 1.3% |  |  |
| Dominion Energy Inc  | 1760926 | 105954917 |
| TOTAL UTILITIES |  | 809608267 |
| TOTAL UNITED STATES |  | 8020150527 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $7,200,760,325) |  | <br> **8456322837** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/12/2026 (f)<br>(Cost $918,937)<br>| 3.82 | 920000 | **919082** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 3.70 | 11014806 | 11017009 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 3.70 | 18925862 | 18927754 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $29,944,763) |  |  | **29944763** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $7,231,624,025)<br>| <br>**8487186682** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(13066778)** |
| **NET ASSETS - 100.0%** | **8474119904** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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) | 51 | 3/2026 | 17762663 | 212354 |
| 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) Amount is stated in United States dollars unless otherwise noted.

(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 $218,647,071 or 2.6% 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 $218,647,071 or 2.6% 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 $919,082.

(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 | 9901260 | 183086590 | 181970277 | 144934 | (564) | - | 11017009 | 11014806 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 33967044 | 449318252 | 464349997 | 349372 | (7545) | - | 18927754 | 18925862 | 0.1% |
| Total | 43868304 | 632404842 | 646320274 | 494306 | (8109) | - | 29944763 |  |  |

---

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 January 31, 2026, 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 | 250750549 | 250750549 | - | - |
| Consumer Discretionary | 350272256 | 350272256 | - | - |
| Consumer Staples | 1012823700 | 1012823700 | - | - |
| Energy | 805766060 | 805766060 | - | - |
| Financials | 1876870492 | 1876870492 | - | - |
| Health Care | 311709359 | 311709359 | - | - |
| Industrials | 233904688 | 233904688 | - | - |
| Information Technology | 2093254603 | 2093254603 | - | - |
| Materials | 1089005 | 1089005 | - | - |
| Real Estate | 710273858 | 710273858 | - | - |
| Utilities | 809608267 | 809608267 | - | - |
|  **U.S. Treasury Obligations** | 919082 | - | 919082 | - |
|  **Money Market Funds** | 29944763 | 29944763 | - | - |
| **Total Investments in Securities:** | 8487186682 | 8486267600 | 919082 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 212354 | 212354 | - | - |
| Total Assets | 212354 | 212354 | - | - |
| **Total Derivative Instruments:** | 212354 | 212354 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 212354 | - |
| **Total Equity Risk**  | 212354 | - |
| **Total Value of Derivatives** | 212354 | - |

---

(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® High Dividend ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $19,294,708) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $7,201,679,262) | $8457241919 |  |
| Fidelity Central Funds (cost $29,944,763) | 29944763 |  |
| Total Investment in Securities (cost $7,231,624,025) |  | $8487186682 |
| Segregated cash with brokers for derivative instruments |  | 250038 |
| Foreign currency held at value (cost $18,171) |  | 21058 |
| Dividends receivable |  | 11915458 |
| Interest receivable |  | 244 |
| Distributions receivable from Fidelity Central Funds |  | 50230 |
| **Total assets** |  | 8499423710 |
| **Liabilities** |  |  |
| Payable to custodian bank | $208 |  |
| Payable for investments purchased  | 5270500 |  |
| Accrued management fee | 1028949 |  |
| Payable for daily variation margin on futures contracts | 68850 |  |
| Collateral on securities loaned | 18935299 |  |
| **Total liabilities** |  | 25303806 |
| **Net Assets**  |  | $8474119904 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $7406361208 |
| Total accumulated earnings (loss) |  | 1067758696 |
| **Net Assets** |  | $8474119904 |
| **Net Asset Value**, offering price and redemption price per share ($8,474,119,904 ÷ 145,750,000 shares) |  | $58.14 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $107486618 |
| Interest  |  | 26470 |
| Income from Fidelity Central Funds (including $349,372 from security lending)  |  | 494306 |
| **Total income** |  | 108007394 |
| **Expenses** |  |  |
| Management fee | $5512708 |  |
| Independent trustees' fees and expenses | 13447 |  |
| Total expenses before reductions | 5526155 |  |
| Expense reductions | (103) |  |
| Total expenses after reductions |  | 5526052 |
| **Net Investment income (loss)** |  | 102481342 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 603294 |  |
| Fidelity Central Funds | (8109) |  |
| Foreign currency transactions | (21973) |  |
| Futures contracts | 1962981 |  |
| Total net realized gain (loss) |  | 2536193 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 604919906 |  |
| Assets and liabilities in foreign currencies | 184107 |  |
| Futures contracts | (344334) |  |
| Total change in net unrealized appreciation (depreciation) |  | 604759679 |
| **Net gain (loss)** |  | 607295872 |
| **Net increase (decrease) in net assets resulting from operations** |  | $709777214 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $102481342 | $140117732 |
| &nbsp;&nbsp;Net realized gain (loss) | 2536193<br>| 265640106<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 604759679 | 188588755<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 709777214<br>| 594346593<br>|
| Distributions to shareholders | (101553900)<br>| (149474650)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1652210755 | 3733600337 |
| &nbsp;&nbsp;Cost of shares redeemed | - | (1131634312) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1652210755<br>| 2601966025<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2260434069<br>| 3046837968<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 6213685835 | 3166847867<br>|
| &nbsp;&nbsp;End of period | $8474119904 | $6213685835 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 29600000 | 72950000 |
| &nbsp;&nbsp;Redeemed | - | (21950000) |
| &nbsp;&nbsp;Net increase (decrease) | 29600000 | 51000000 |

---

**Financial Highlights** 

**Fidelity® High Dividend ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $53.50 | $48.61 | $41.51 | $38.44 | $38.05 | $27.56 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .78  | 1.57  | 1.35  | 1.39  | 1.21  | 1.02  |
| Net realized and unrealized gain (loss)  | 4.63  | 4.97  | 7.17  | 3.11  | .44 C | 10.48  |
| Total from investment operations  | 5.41  | 6.54  | 8.52  | 4.50  | 1.65  | 11.50  |
| Distributions from net investment income  | (.77)  | (1.65)  | (1.42)  | (1.43)  | (1.26)  | (1.01)  |
| Total distributions  | (.77)  | (1.65)  | (1.42)  | (1.43)  | (1.26)  | (1.01)  |
| Net asset value, end of period  | $58.14 | $53.50 | $48.61 | $41.51 | $38.44 | $38.05 |
| **Total Return** D,E,F | 10.19% <br>| 13.72%  | 21.01%  | 12.22%  | 4.43%  | 42.42%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .15% I | .15%  | .19%  | .29%  | .29%  | .29%  |
| Expenses net of fee waivers, if any  | .15% I<br>| .15%  | .19%  | .29%  | .29%  | .29%  |
| Expenses net of all reductions, if any  | .15% I | .15%  | .19%  | .29%  | .29%  | .29%  |
| Net investment income (loss)  | 2.78% I | 3.11%  | 3.11%  | 3.66%  | 3.11%  | 3.04%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $8474120 | $6213686 | $3166848 | $1695767 | $1278054 | $1052122 |
| Portfolio turnover rate J,K | 0% I<br>| 39%  | 14%  | 52%  | 38%  | 32%  |

---

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

B*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.*

C*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

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® Low Volatility Factor ETF**

**Schedule of Investments January 31, 2026 (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>|
| UNITED STATES - 99.8%  |  |  |
| Communication Services - 11.0% |  |  |
| Diversified Telecommunication Services - 1.5% |  |  |
| AT&T Inc  | 307137 | 8050061 |
| Comcast Corp Class A  | 202342 | 6019675 |
| Verizon Communications Inc  | 187741 | 8358229 |
|  |  | 22427965 |
| Entertainment - 0.4% |  |  |
| Electronic Arts Inc  | 30636 | 6247293 |
| Interactive Media & Services - 8.7% |  |  |
| Alphabet Inc Class A  | 263264 | 88983232 |
| Meta Platforms Inc Class A  | 55082 | 39466253 |
|  |  | 128449485 |
| Media - 0.0% |  |  |
| Versant Media Group Inc Class A  | 8095 | 263735 |
| Wireless Telecommunication Services - 0.4% |  |  |
| T-Mobile US Inc  | 27228 | 5369634 |
| TOTAL COMMUNICATION SERVICES |  | 162758112 |
| Consumer Discretionary - 10.0% |  |  |
| Broadline Retail - 4.0% |  |  |
| Amazon.com Inc (c) | 242422 | 58011585 |
| Hotels, Restaurants & Leisure - 2.2% |  |  |
| Darden Restaurants Inc  | 31090 | 6197791 |
| McDonald's Corp  | 35570 | 11204550 |
| Starbucks Corp  | 90427 | 8314763 |
| Yum! Brands Inc  | 46127 | 7172749 |
|  |  | 32889853 |
| Specialty Retail - 3.8% |  |  |
| AutoZone Inc (c) | 1907 | 7064081 |
| Home Depot Inc/The  | 38509 | 14425086 |
| Lowe's Cos Inc  | 38522 | 10287685 |
| O'Reilly Automotive Inc (c) | 77941 | 7670174 |
| TJX Cos Inc/The  | 71726 | 10745272 |
| Tractor Supply Co  | 112751 | 5736771 |
|  |  | 55929069 |
| TOTAL CONSUMER DISCRETIONARY |  | 146830507 |
| Consumer Staples - 5.0% |  |  |
| Beverages - 1.2% |  |  |
| Coca-Cola Co/The  | 131632 | 9847390 |
| PepsiCo Inc  | 52432 | 8055128 |
|  |  | 17902518 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Walmart Inc  | 128959 | 15364175 |
| Food Products - 0.8% |  |  |
| General Mills Inc  | 71220 | 3294637 |
| Hershey Co/The  | 18832 | 3667532 |
| Mondelez International Inc  | 74230 | 4340228 |
|  |  | 11302397 |
| Household Products - 1.3% |  |  |
| Colgate-Palmolive Co  | 52913 | 4777515 |
| Kimberly-Clark Corp  | 30683 | 3067993 |
| Procter & Gamble Co/The  | 73166 | 11104404 |
|  |  | 18949912 |
| Tobacco - 0.7% |  |  |
| Philip Morris International Inc  | 53395 | 9581199 |
| TOTAL CONSUMER STAPLES |  | 73100201 |
| Energy - 3.2% |  |  |
| Oil, Gas & Consumable Fuels - 3.2% |  |  |
| Cheniere Energy Inc  | 14646 | 3097921 |
| Chevron Corp (b) | 59053 | 10446476 |
| ConocoPhillips  | 52687 | 5491566 |
| Coterra Energy Inc  | 109722 | 3165480 |
| Exxon Mobil Corp  | 119543 | 16903380 |
| Kinder Morgan Inc  | 124665 | 3801036 |
| Williams Cos Inc/The  | 65641 | 4415014 |
| TOTAL ENERGY |  | 47320873 |
| Financials - 13.0% |  |  |
| Banks - 1.8% |  |  |
| JPMorgan Chase & Co  | 86677 | 26513628 |
| Capital Markets - 1.9% |  |  |
| Cboe Global Markets Inc  | 30164 | 7995269 |
| CME Group Inc Class A  | 32345 | 9349646 |
| S&P Global Inc  | 19377 | 10226987 |
|  |  | 27571902 |
| Financial Services - 4.2% |  |  |
| Berkshire Hathaway Inc Class B (c) | 56470 | 27135530 |
| Mastercard Inc Class A  | 30517 | 16442254 |
| Visa Inc Class A  | 58833 | 18934224 |
|  |  | 62512008 |
| Insurance - 5.1% |  |  |
| Aon PLC  | 23785 | 8316187 |
| Arch Capital Group Ltd (c) | 86315 | 8289693 |
| Arthur J Gallagher & Co  | 29187 | 7278362 |
| Chubb Ltd  | 33736 | 10443316 |
| Hartford Insurance Group Inc/The  | 60314 | 8146009 |
| Marsh & McLennan Cos Inc  | 44938 | 8456882 |
| Progressive Corp/The  | 41149 | 8558992 |
| Travelers Companies Inc/The  | 30922 | 8797618 |
| W R Berkley Corp  | 104103 | 7139384 |
|  |  | 75426443 |
| TOTAL FINANCIALS |  | 192023981 |
| Health Care - 10.1% |  |  |
| Biotechnology - 2.6% |  |  |
| AbbVie Inc  | 74836 | 16689176 |
| Amgen Inc  | 34234 | 11703920 |
| Regeneron Pharmaceuticals Inc  | 14208 | 10534522 |
|  |  | 38927618 |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Abbott Laboratories  | 91192 | 9967286 |
| Becton Dickinson & Co  | 42758 | 8700397 |
|  |  | 18667683 |
| Health Care Providers & Services - 0.9% |  |  |
| UnitedHealth Group Inc  | 46745 | 13412543 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Thermo Fisher Scientific Inc  | 22489 | 13012360 |
| Pharmaceuticals - 4.4% |  |  |
| Eli Lilly & Co  | 26848 | 27845404 |
| Johnson & Johnson  | 94608 | 21499668 |
| Merck & Co Inc  | 140386 | 15480364 |
|  |  | 64825436 |
| TOTAL HEALTH CARE |  | 148845640 |
| Industrials - 9.2% |  |  |
| Aerospace & Defense - 3.2% |  |  |
| General Dynamics Corp  | 22315 | 7834572 |
| L3Harris Technologies Inc  | 23023 | 7893436 |
| Lockheed Martin Corp  | 17027 | 10798864 |
| Northrop Grumman Corp  | 12042 | 8336195 |
| RTX Corp  | 63447 | 12748406 |
|  |  | 47611473 |
| Building Products - 0.5% |  |  |
| Trane Technologies PLC  | 16884 | 7101073 |
| Commercial Services & Supplies - 1.3% |  |  |
| Cintas Corp  | 31022 | 5937301 |
| Republic Services Inc  | 26975 | 5802052 |
| Waste Management Inc  | 30884 | 6863660 |
|  |  | 18603013 |
| Electrical Equipment - 0.5% |  |  |
| Eaton Corp PLC  | 22393 | 7869348 |
| Ground Transportation - 0.6% |  |  |
| Union Pacific Corp  | 36946 | 8686005 |
| Industrial Conglomerates - 0.6% |  |  |
| Honeywell International Inc  | 37953 | 8635067 |
| Machinery - 1.0% |  |  |
| Deere & Co  | 15629 | 8252112 |
| Illinois Tool Works Inc  | 26238 | 6854940 |
|  |  | 15107052 |
| Professional Services - 1.1% |  |  |
| Automatic Data Processing Inc  | 25979 | 6412137 |
| Paychex Inc  | 43021 | 4436756 |
| Verisk Analytics Inc  | 21674 | 4713228 |
|  |  | 15562121 |
| Trading Companies & Distributors - 0.4% |  |  |
| Fastenal Co  | 137929 | 5980601 |
| TOTAL INDUSTRIALS |  | 135155753 |
| Information Technology - 31.9% |  |  |
| Communications Equipment - 2.8% |  |  |
| Cisco Systems Inc  | 327150 | 25622388 |
| Motorola Solutions Inc  | 40353 | 16243697 |
|  |  | 41866085 |
| Electronic Equipment, Instruments & Components - 1.7% |  |  |
| Amphenol Corp Class A  | 178358 | 25697820 |
| IT Services - 5.1% |  |  |
| Amdocs Ltd  | 190314 | 15594329 |
| Cognizant Technology Solutions Corp Class A  | 234685 | 19258251 |
| IBM Corporation  | 84743 | 25990678 |
| VeriSign Inc  | 61535 | 15028693 |
|  |  | 75871951 |
| Semiconductors & Semiconductor Equipment - 7.0% |  |  |
| Analog Devices Inc  | 82771 | 25731848 |
| Broadcom Inc  | 163028 | 54011177 |
| Texas Instruments Inc  | 109465 | 23595181 |
|  |  | 103338206 |
| Software - 7.8% |  |  |
| Cadence Design Systems Inc (c) | 50246 | 14890905 |
| Microsoft Corp  | 201497 | 86702144 |
| Roper Technologies Inc  | 31594 | 11728640 |
|  |  | 113321689 |
| Technology Hardware, Storage & Peripherals - 7.5% |  |  |
| Apple Inc  | 421745 | 109434393 |
| TOTAL INFORMATION TECHNOLOGY |  | 469530144 |
| Materials - 2.2% |  |  |
| Chemicals - 1.3% |  |  |
| Air Products and Chemicals Inc  | 9932 | 2706470 |
| Corteva Inc  | 34893 | 2540210 |
| Ecolab Inc  | 11098 | 3129525 |
| Linde PLC  | 13861 | 6334062 |
| Sherwin-Williams Co/The  | 9493 | 3366598 |
| Solstice Advanced Materials Inc  | 9490 | 586197 |
|  |  | 18663062 |
| Construction Materials - 0.3% |  |  |
| Martin Marietta Materials Inc  | 3791 | 2471542 |
| Vulcan Materials Co  | 8079 | 2428063 |
|  |  | 4899605 |
| Containers & Packaging - 0.2% |  |  |
| Amcor PLC  | 40123 | 1775443 |
| AptarGroup Inc  | 10313 | 1288609 |
|  |  | 3064052 |
| Metals & Mining - 0.4% |  |  |
| Newmont Corp  | 47923 | 5384149 |
| TOTAL MATERIALS |  | 32010868 |
| Real Estate - 2.0% |  |  |
| Health Care REITs - 0.2% |  |  |
| Welltower Inc  | 25186 | 4744034 |
| Residential REITs - 0.6% |  |  |
| AvalonBay Communities Inc  | 12899 | 2291766 |
| Equity LifeStyle Properties Inc  | 34311 | 2167426 |
| Invitation Homes Inc  | 71607 | 1914055 |
| Mid-America Apartment Communities Inc  | 15281 | 2052238 |
|  |  | 8425485 |
| Retail REITs - 0.4% |  |  |
| Agree Realty Corp  | 27522 | 1987914 |
| Realty Income Corp  | 52759 | 3226740 |
|  |  | 5214654 |
| Specialized REITs - 0.8% |  |  |
| American Tower Corp  | 19397 | 3477494 |
| Equinix Inc  | 4541 | 3727843 |
| Gaming and Leisure Properties Inc  | 45650 | 2042838 |
| VICI Properties Inc  | 79335 | 2227727 |
|  |  | 11475902 |
| TOTAL REAL ESTATE |  | 29860075 |
| Utilities - 2.2% |  |  |
| Electric Utilities - 1.4% |  |  |
| American Electric Power Co Inc  | 33794 | 4047676 |
| Duke Energy Corp  | 37906 | 4599893 |
| Exelon Corp  | 77353 | 3463867 |
| Southern Co/The  | 51076 | 4561598 |
| Xcel Energy Inc  | 46385 | 3528043 |
|  |  | 20201077 |
| Multi-Utilities - 0.8% |  |  |
| Ameren Corp  | 30263 | 3125563 |
| CMS Energy Corp  | 39824 | 2847018 |
| Consolidated Edison Inc  | 31788 | 3389554 |
| WEC Energy Group Inc  | 29637 | 3279927 |
|  |  | 12642062 |
| TOTAL UTILITIES |  | 32843139 |
| TOTAL UNITED STATES |  | 1470279293 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,265,867,052) |  | <br> **1470279293** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/12/2026 (e)<br>(Cost $134,844)<br>| 3.82 | 135000 | **134865** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (f)<br>(Cost $2,236,754)<br>| 3.70 | 2236303 | **2236751** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $1,268,238,650)<br>| <br>**1472650909** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **1164348** |
| **NET ASSETS - 100.0%** | **1473815257** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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) | 92 | 3/2026 | 3204245 | 18915 |
| 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) Amount is stated in United States dollars unless otherwise noted.

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

(c) Non-income producing.

(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 $134,865.

(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 | 2187594 | 14183156 | 14134271 | 41668 | 275 | (3) | 2236751 | 2236303 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 3475949 | 104245585 | 107720711 | 3559 | (823) | - | - | - | 0.0% |
| Total | 5663543 | 118428741 | 121854982 | 45227 | (548) | (3) | 2236751 |  |  |

---

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 January 31, 2026, 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 | 162758112 | 162758112 | - | - |
| Consumer Discretionary | 146830507 | 146830507 | - | - |
| Consumer Staples | 73100201 | 73100201 | - | - |
| Energy | 47320873 | 47320873 | - | - |
| Financials | 192023981 | 192023981 | - | - |
| Health Care | 148845640 | 148845640 | - | - |
| Industrials | 135155753 | 135155753 | - | - |
| Information Technology | 469530144 | 469530144 | - | - |
| Materials | 32010868 | 32010868 | - | - |
| Real Estate | 29860075 | 29860075 | - | - |
| Utilities | 32843139 | 32843139 | - | - |
|  **U.S. Treasury Obligations** | 134865 | - | 134865 | - |
|  **Money Market Funds** | 2236751 | 2236751 | - | - |
| **Total Investments in Securities:** | 1472650909 | 1472516044 | 134865 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 18915 | 18915 | - | - |
| Total Assets | 18915 | 18915 | - | - |
| **Total Derivative Instruments:** | 18915 | 18915 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 18915 | - |
| **Total Equity Risk**  | 18915 | - |
| **Total Value of Derivatives** | 18915 | - |

---

(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® Low Volatility Factor ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $6,810,650) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,266,001,896) | $1470414158 |  |
| Fidelity Central Funds (cost $2,236,754) | 2236751 |  |
| Total Investment in Securities (cost $1,268,238,650) |  | $1472650909 |
| Segregated cash with brokers for derivative instruments |  | 76098 |
| Dividends receivable |  | 1278558 |
| Distributions receivable from Fidelity Central Funds |  | 5849 |
| **Total assets** |  | 1474011414 |
| **Liabilities** |  |  |
| Accrued management fee | $183737 |  |
| Payable for daily variation margin on futures contracts | 12420 |  |
| **Total liabilities** |  | 196157 |
| **Net Assets**  |  | $1473815257 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1317828556 |
| Total accumulated earnings (loss) |  | 155986701 |
| **Net Assets** |  | $1473815257 |
| **Net Asset Value**, offering price and redemption price per share ($1,473,815,257 ÷ 21,650,000 shares) |  | $68.07 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $10954342 |
| Interest  |  | 3978 |
| Income from Fidelity Central Funds (including $3,559 from security lending)  |  | 45227 |
| **Total income** |  | 11003547 |
| **Expenses** |  |  |
| Management fee | $1051145 |  |
| Independent trustees' fees and expenses | 2747 |  |
| Total expenses before reductions | 1053892 |  |
| Expense reductions | (267) |  |
| Total expenses after reductions |  | 1053625 |
| **Net Investment income (loss)** |  | 9949922 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (25233739) |  |
| Redemptions in-kind | 54867730 |  |
| Fidelity Central Funds | (548) |  |
| Futures contracts | 322920 |  |
| Total net realized gain (loss) |  | 29956363 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 74701270 |  |
| Fidelity Central Funds  | (3) |  |
| Futures contracts | (75080) |  |
| Total change in net unrealized appreciation (depreciation) |  | 74626187 |
| **Net gain (loss)** |  | 104582550 |
| **Net increase (decrease) in net assets resulting from operations** |  | $114532472 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $9949922 | $18997510 |
| &nbsp;&nbsp;Net realized gain (loss) | 29956363<br>| 57307084<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 74626187 | 23866419<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 114532472<br>| 100171013<br>|
| Distributions to shareholders | (9417300)<br>| (18770250)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 328481262 | 421858783 |
| &nbsp;&nbsp;Cost of shares redeemed | (195662299) | (410955033) |
| **Net increase (decrease) in net assets resulting from share transactions** | 132818963<br>| 10903750<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 237934135<br>| 92304513<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1235881122 | 1143576609<br>|
| &nbsp;&nbsp;End of period | $1473815257 | $1235881122 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 5050000 | 6950000 |
| &nbsp;&nbsp;Redeemed | (3000000) | (6900000) |
| &nbsp;&nbsp;Net increase (decrease) | 2050000 | 50000 |

---

**Financial Highlights** 

**Fidelity® Low Volatility Factor ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $63.06 | $58.49 | $51.02 | $47.58 | $48.75 | $38.33 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .47  | .91  | .84  | .74  | .62  | .56  |
| Net realized and unrealized gain (loss)  | 4.98  | 4.56  | 7.40  | 3.44  | (1.17)  | 10.43  |
| Total from investment operations  | 5.45  | 5.47  | 8.24  | 4.18  | (.55)  | 10.99  |
| Distributions from net investment income  | (.44)  | (.90)  | (.77)  | (.74)  | (.62)  | (.57)  |
| Total distributions  | (.44)  | (.90)  | (.77)  | (.74)  | (.62)  | (.57)  |
| Net asset value, end of period  | $68.07 | $63.06 | $58.49 | $51.02 | $47.58 | $48.75 |
| **Total Return** C,D,E | 8.68% <br>| 9.39%  | 16.29%  | 8.96%  | (1.12)%  | 28.90%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .15% H | .15%  | .18%  | .29%  | .29%  | .29%  |
| Expenses net of fee waivers, if any  | .15% H<br>| .15%  | .18%  | .29%  | .29%  | .29%  |
| Expenses net of all reductions, if any  | .15% H | .15%  | .18%  | .29%  | .29%  | .29%  |
| Net investment income (loss)  | 1.42% H | 1.50%  | 1.56%  | 1.57%  | 1.27%  | 1.31%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1473815 | $1235881 | $1143577 | $553605 | $444863 | $511897 |
| Portfolio turnover rate I,J | 31% H<br>| 19%  | 32%  | 46%  | 28%  | 46%  |

---

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

B*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.*

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

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

E*Based on net asset value.*

F*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.*

G*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.*

H*Annualized.*

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

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.* 

**Fidelity® Momentum Factor ETF**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Anglogold Ashanti Plc  | 13945 | 1295072 |
| CANADA - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Software - 0.7% |  |  |
| D-Wave Quantum Inc (b)(c) | 224198 | 4757482 |
| UNITED STATES - 99.0%  |  |  |
| Communication Services - 10.6% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| AST SpaceMobile Inc Class A (b)(c) | 30679 | 3411811 |
| Entertainment - 1.5% |  |  |
| Netflix Inc (b) | 59065 | 4931337 |
| ROBLOX Corp Class A (b) | 24703 | 1624469 |
| Warner Bros Discovery Inc (b) | 107165 | 2951324 |
|  |  | 9507130 |
| Interactive Media & Services - 8.6% |  |  |
| Alphabet Inc Class A  | 110684 | 37411192 |
| Meta Platforms Inc Class A  | 24519 | 17567864 |
|  |  | 54979056 |
| TOTAL COMMUNICATION SERVICES |  | 67897997 |
| Consumer Discretionary - 10.3% |  |  |
| Automobile Components - 0.2% |  |  |
| QuantumScape Corp Class A (b)(c) | 168142 | 1488056 |
| Automobiles - 2.3% |  |  |
| Tesla Inc (b) | 33692 | 14501374 |
| Broadline Retail - 4.6% |  |  |
| Amazon.com Inc (b) | 107042 | 25615151 |
| eBay Inc  | 36725 | 3350054 |
|  |  | 28965205 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| DoorDash Inc Class A (b) | 16925 | 3463194 |
| Household Durables - 0.4% |  |  |
| Somnigroup International Inc  | 31333 | 2752604 |
| Specialty Retail - 1.7% |  |  |
| AutoZone Inc (b) | 875 | 3241253 |
| Carvana Co Class A (b) | 10341 | 4147879 |
| O'Reilly Automotive Inc (b) | 35821 | 3525145 |
|  |  | 10914277 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Tapestry Inc  | 28409 | 3605386 |
| TOTAL CONSUMER DISCRETIONARY |  | 65690096 |
| Consumer Staples - 5.0% |  |  |
| Beverages - 1.2% |  |  |
| Celsius Holdings Inc (b) | 29255 | 1535302 |
| Coca-Cola Co/The  | 56479 | 4225194 |
| Monster Beverage Corp (b) | 25876 | 2089746 |
|  |  | 7850242 |
| Consumer Staples Distribution & Retail - 2.8% |  |  |
| Casey's General Stores Inc  | 2749 | 1667269 |
| Costco Wholesale Corp  | 5751 | 5407378 |
| Dollar General Corp  | 15172 | 2176120 |
| Kroger Co/The  | 25693 | 1614804 |
| Walmart Inc  | 55813 | 6649561 |
|  |  | 17515132 |
| Tobacco - 1.0% |  |  |
| Altria Group Inc  | 38407 | 2380850 |
| Philip Morris International Inc  | 23757 | 4262956 |
|  |  | 6643806 |
| TOTAL CONSUMER STAPLES |  | 32009180 |
| Energy - 3.1% |  |  |
| Oil, Gas & Consumable Fuels - 3.1% |  |  |
| Antero Midstream Corp  | 60583 | 1140172 |
| Centrus Energy Corp Class A (b)(c) | 3731 | 1038263 |
| Cheniere Energy Inc  | 6929 | 1465622 |
| Chevron Corp  | 25539 | 4517849 |
| EQT Corp  | 23737 | 1370337 |
| Exxon Mobil Corp  | 50910 | 7198674 |
| Marathon Petroleum Corp  | 8141 | 1434363 |
| Williams Cos Inc/The  | 29163 | 1961503 |
| TOTAL ENERGY |  | 20126783 |
| Financials - 12.9% |  |  |
| Banks - 3.3% |  |  |
| Citigroup Inc  | 42330 | 4898004 |
| JPMorgan Chase & Co  | 35035 | 10716857 |
| Wells Fargo & Co  | 59994 | 5428857 |
|  |  | 21043718 |
| Capital Markets - 4.7% |  |  |
| Bank of New York Mellon Corp/The  | 29376 | 3522770 |
| Charles Schwab Corp/The  | 42686 | 4435929 |
| CME Group Inc Class A  | 12510 | 3616141 |
| Coinbase Global Inc Class A (b) | 10464 | 2037759 |
| Goldman Sachs Group Inc/The  | 6086 | 5692906 |
| Interactive Brokers Group Inc Class A  | 39124 | 2929605 |
| Morgan Stanley  | 26888 | 4915126 |
| Robinhood Markets Inc Class A (b) | 26760 | 2662085 |
|  |  | 29812321 |
| Consumer Finance - 0.9% |  |  |
| Capital One Financial Corp  | 17531 | 3838061 |
| SoFi Technologies Inc Class A (b) | 101160 | 2307459 |
|  |  | 6145520 |
| Financial Services - 4.0% |  |  |
| Berkshire Hathaway Inc Class B (b) | 23122 | 11110815 |
| Mastercard Inc Class A  | 12580 | 6777978 |
| Visa Inc Class A  | 24060 | 7743230 |
|  |  | 25632023 |
| TOTAL FINANCIALS |  | 82633582 |
| Health Care - 9.2% |  |  |
| Biotechnology - 3.2% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 11447 | 3869773 |
| Bridgebio Pharma Inc (b) | 72930 | 5635301 |
| Gilead Sciences Inc  | 48541 | 6890395 |
| Insmed Inc (b) | 26172 | 4105602 |
|  |  | 20501071 |
| Health Care Equipment & Supplies - 1.3% |  |  |
| IDEXX Laboratories Inc (b) | 7059 | 4732777 |
| iRhythm Technologies Inc (b) | 25517 | 3942631 |
|  |  | 8675408 |
| Health Care Providers & Services - 3.0% |  |  |
| Cencora Inc  | 14335 | 5149419 |
| Guardant Health Inc (b) | 47680 | 5437428 |
| HCA Healthcare Inc  | 11109 | 5424191 |
| Hims & Hers Health Inc Class A (b)(c) | 109702 | 2971827 |
|  |  | 18982865 |
| Pharmaceuticals - 1.7% |  |  |
| Johnson & Johnson  | 47811 | 10865050 |
| TOTAL HEALTH CARE |  | 59024394 |
| Industrials - 9.9% |  |  |
| Aerospace & Defense - 5.3% |  |  |
| Axon Enterprise Inc (b) | 4442 | 2148062 |
| Boeing Co (b) | 18445 | 4310965 |
| GE Aerospace  | 17571 | 5390608 |
| General Dynamics Corp  | 8823 | 3097667 |
| Howmet Aerospace Inc  | 14449 | 3006548 |
| Kratos Defense & Security Solutions Inc (b) | 31400 | 3234514 |
| Northrop Grumman Corp  | 5097 | 3528449 |
| Rocket Lab Corp  | 47560 | 3808129 |
| RTX Corp  | 25572 | 5138182 |
|  |  | 33663124 |
| Construction & Engineering - 0.8% |  |  |
| Comfort Systems USA Inc  | 2595 | 2963750 |
| Sterling Infrastructure Inc (b) | 5833 | 2087689 |
|  |  | 5051439 |
| Electrical Equipment - 2.0% |  |  |
| Bloom Energy Corp Class A (b)(c) | 17859 | 2703317 |
| GE Vernova Inc  | 6611 | 4802032 |
| Nextpower Inc Class A (b) | 21675 | 2537926 |
| Vertiv Holdings Co Class A  | 15536 | 2892492 |
|  |  | 12935767 |
| Ground Transportation - 0.6% |  |  |
| Uber Technologies Inc (b) | 44041 | 3525482 |
| Industrial Conglomerates - 0.3% |  |  |
| 3M Co  | 18410 | 2819676 |
| Machinery - 0.9% |  |  |
| Caterpillar Inc  | 8425 | 5538258 |
| TOTAL INDUSTRIALS |  | 63533746 |
| Information Technology - 31.8% |  |  |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| Amphenol Corp Class A  | 57511 | 8286185 |
| IT Services - 1.7% |  |  |
| Cloudflare Inc Class A (b) | 30864 | 5473730 |
| Snowflake Inc (b) | 26997 | 5202322 |
|  |  | 10676052 |
| Semiconductors & Semiconductor Equipment - 18.1% |  |  |
| Broadcom Inc  | 64316 | 21307891 |
| Credo Technology Group Holding Ltd (b) | 40025 | 5014332 |
| KLA Corp  | 6504 | 9287322 |
| Lam Research Corp  | 51217 | 11957121 |
| Micron Technology Inc  | 37418 | 15523980 |
| NVIDIA Corp  | 275521 | 52660329 |
|  |  | 115750975 |
| Software - 9.2% |  |  |
| AppLovin Corp Class A (b) | 12775 | 6043980 |
| Microsoft Corp  | 86390 | 37172753 |
| Oracle Corp  | 42162 | 6939022 |
| Palantir Technologies Inc Class A (b) | 58385 | 8558657 |
|  |  | 58714412 |
| Technology Hardware, Storage & Peripherals - 1.6% |  |  |
| Seagate Technology Holdings PLC  | 24627 | 10040182 |
| TOTAL INFORMATION TECHNOLOGY |  | 203467806 |
| Materials - 2.0% |  |  |
| Chemicals - 1.2% |  |  |
| Corteva Inc  | 17202 | 1252305 |
| Ecolab Inc  | 5142 | 1449993 |
| Linde PLC  | 6246 | 2854235 |
| Sherwin-Williams Co/The  | 4281 | 1518214 |
|  |  | 7074747 |
| Construction Materials - 0.2% |  |  |
| CRH PLC  | 12428 | 1521311 |
| Metals & Mining - 0.6% |  |  |
| Coeur Mining Inc (b) | 52118 | 1065292 |
| MP Materials Corp (b)(c) | 14053 | 825895 |
| Newmont Corp  | 18906 | 2124089 |
|  |  | 4015276 |
| TOTAL MATERIALS |  | 12611334 |
| Real Estate - 2.1% |  |  |
| Diversified REITs - 0.1% |  |  |
| WP Carey Inc  | 12521 | 873340 |
| Health Care REITs - 0.7% |  |  |
| American Healthcare REIT Inc  | 15981 | 749669 |
| Ventas Inc  | 13657 | 1060739 |
| Welltower Inc  | 10278 | 1935964 |
|  |  | 3746372 |
| Industrial REITs - 0.3% |  |  |
| Prologis Inc  | 14739 | 1924324 |
| Real Estate Management & Development - 0.3% |  |  |
| CBRE Group Inc Class A (b) | 7483 | 1274579 |
| CoStar Group Inc (b) | 14382 | 884493 |
|  |  | 2159072 |
| Residential REITs - 0.1% |  |  |
| Sun Communities Inc  | 6686 | 851997 |
| Specialized REITs - 0.6% |  |  |
| American Tower Corp  | 8483 | 1520833 |
| Digital Realty Trust Inc  | 7253 | 1203635 |
| VICI Properties Inc  | 33604 | 943600 |
|  |  | 3668068 |
| TOTAL REAL ESTATE |  | 13223173 |
| Utilities - 2.1% |  |  |
| Electric Utilities - 1.3% |  |  |
| American Electric Power Co Inc  | 15235 | 1824772 |
| Constellation Energy Corp  | 6486 | 1820490 |
| Entergy Corp  | 16876 | 1618240 |
| NRG Energy Inc  | 8917 | 1361002 |
| Oklo Inc Class A (b)(c) | 12314 | 980441 |
|  |  | 7604945 |
| Gas Utilities - 0.2% |  |  |
| Atmos Energy Corp  | 8382 | 1394261 |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |
| Talen Energy Corp (b) | 3538 | 1232497 |
| Vistra Corp  | 9613 | 1522219 |
|  |  | 2754716 |
| Multi-Utilities - 0.2% |  |  |
| CenterPoint Energy Inc  | 37024 | 1469483 |
| TOTAL UTILITIES |  | 13223405 |
| TOTAL UNITED STATES |  | 633441496 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $535,056,568) |  | <br> **639494050** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/12/2026 (e)<br>(Cost $36,956)<br>| 3.82 | 37000 | **36963** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.70 | 553240 | 553350 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.70 | 16488875 | 16490524 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $17,043,879) |  |  | **17043874** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.6%**<br> (Cost $552,137,403)<br>| <br>**656574887** |
| **NET OTHER ASSETS (LIABILITIES) - (2.6)%**  | **(16348260)** |
| **NET ASSETS - 100.0%** | **640226627** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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) | 18 | 3/2026 | 626918 | 4864 |
| 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) 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 $36,963.

(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 | 435697 | 4742603 | 4624959 | 10881 | 14 | (5) | 553350 | 553240 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 7911625 | 74641525 | 66062300 | 8092 | (326) | - | 16490524 | 16488875 | 0.1% |
| Total | 8347322 | 79384128 | 70687259 | 18973 | (312) | (5) | 17043874 |  |  |

---

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 January 31, 2026, 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 | 67897997 | 67897997 | - | - |
| Consumer Discretionary | 65690096 | 65690096 | - | - |
| Consumer Staples | 32009180 | 32009180 | - | - |
| Energy | 20126783 | 20126783 | - | - |
| Financials | 82633582 | 82633582 | - | - |
| Health Care | 59024394 | 59024394 | - | - |
| Industrials | 63533746 | 63533746 | - | - |
| Information Technology | 208225288 | 208225288 | - | - |
| Materials | 13906406 | 13906406 | - | - |
| Real Estate | 13223173 | 13223173 | - | - |
| Utilities | 13223405 | 13223405 | - | - |
|  **U.S. Treasury Obligations** | 36963 | - | 36963 | - |
|  **Money Market Funds** | 17043874 | 17043874 | - | - |
| **Total Investments in Securities:** | 656574887 | 656537924 | 36963 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 4864 | 4864 | - | - |
| Total Assets | 4864 | 4864 | - | - |
| **Total Derivative Instruments:** | 4864 | 4864 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 4864 | - |
| **Total Equity Risk**  | 4864 | - |
| **Total Value of Derivatives** | 4864 | - |

---

(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® Momentum Factor ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $14,741,342) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $535,093,524) | $639531013 |  |
| Fidelity Central Funds (cost $17,043,879) | 17043874 |  |
| Total Investment in Securities (cost $552,137,403) |  | $656574887 |
| Segregated cash with brokers for derivative instruments |  | 36055 |
| Cash |  | 8272 |
| Dividends receivable |  | 176353 |
| Distributions receivable from Fidelity Central Funds |  | 3608 |
| **Total assets** |  | 656799175 |
| **Liabilities** |  |  |
| Accrued management fee | $79269 |  |
| Payable for daily variation margin on futures contracts | 2430 |  |
| Collateral on securities loaned | 16490849 |  |
| **Total liabilities** |  | 16572548 |
| **Net Assets**  |  | $640226627 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $577623873 |
| Total accumulated earnings (loss) |  | 62602754 |
| **Net Assets** |  | $640226627 |
| **Net Asset Value**, offering price and redemption price per share ($640,226,627 ÷ 7,450,000 shares) |  | $85.94 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $2253739 |
| Interest  |  | 1331 |
| Income from Fidelity Central Funds (including $8,092 from security lending)  |  | 18973 |
| **Total income** |  | 2274043 |
| **Expenses** |  |  |
| Management fee | $424820 |  |
| Independent trustees' fees and expenses | 1083 |  |
| Total expenses before reductions | 425903 |  |
| Expense reductions | (399) |  |
| Total expenses after reductions |  | 425504 |
| **Net Investment income (loss)** |  | 1848539 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (16763794) |  |
| Redemptions in-kind | 29807870 |  |
| Fidelity Central Funds | (312) |  |
| Futures contracts | 102248 |  |
| Total net realized gain (loss) |  | 13146012 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 39617086 |  |
| Fidelity Central Funds  | (5) |  |
| Futures contracts | (17980) |  |
| Total change in net unrealized appreciation (depreciation) |  | 39599101 |
| **Net gain (loss)** |  | 52745113 |
| **Net increase (decrease) in net assets resulting from operations** |  | $54593652 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1848539 | $3370580 |
| &nbsp;&nbsp;Net realized gain (loss) | 13146012<br>| 43626136<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 39599101 | 24376907<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 54593652<br>| 71373623<br>|
| Distributions to shareholders | (2041300)<br>| (3728100)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 200839068 | 491430304 |
| &nbsp;&nbsp;Cost of shares redeemed | (119315028) | (273846824) |
| **Net increase (decrease) in net assets resulting from share transactions** | 81524040<br>| 217583480<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 134076392<br>| 285229003<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 506150235 | 220921232<br>|
| &nbsp;&nbsp;End of period | $640226627 | $506150235 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2450000 | 7050000 |
| &nbsp;&nbsp;Redeemed | (1500000) | (4050000) |
| &nbsp;&nbsp;Net increase (decrease) | 950000 | 3000000 |

---

**Financial Highlights** 

**Fidelity® Momentum Factor ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $77.87 | $63.12 | $49.30 | $45.78 | $49.77 | $39.26 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .27  | .58  | .41  | .53  | .43  | .25  |
| Net realized and unrealized gain (loss)  | 8.10  | 14.82  | 13.80  | 3.53  | (4.01)  | 10.54  |
| Total from investment operations  | 8.37  | 15.40  | 14.21  | 4.06  | (3.58)  | 10.79  |
| Distributions from net investment income  | (.30)  | (.65)  | (.39)  | (.54)  | (.41)  | (.28)  |
| Total distributions  | (.30)  | (.65)  | (.39)  | (.54)  | (.41)  | (.28)  |
| Net asset value, end of period  | $85.94 | $77.87 | $63.12 | $49.30 | $45.78 | $49.77 |
| **Total Return** C,D,E | 10.75% <br>| 24.53%  | 28.94%  | 9.02%  | (7.20)%  | 27.58%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .15% H | .15%  | .18%  | .29%  | .29%  | .29%  |
| Expenses net of fee waivers, if any  | .15% H<br>| .15%  | .18%  | .29%  | .29%  | .29%  |
| Expenses net of all reductions, if any  | .15% H | .15%  | .18%  | .29%  | .29%  | .29%  |
| Net investment income (loss)  | .65% H | .83%  | .75%  | 1.19%  | .88%  | .55%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $640227 | $506150 | $220921 | $152831 | $116748 | $156764 |
| Portfolio turnover rate I,J | 102% H<br>| 121%  | 119%  | 137%  | 123%  | 128%  |

---

A*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.*

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

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

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

E*Based on net asset value.*

F*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.*

G*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.*

H*Annualized.*

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

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.* 

**Fidelity® Quality Factor ETF**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 94.8%** | &nbsp;&nbsp;**Common Stocks - 94.8%** | &nbsp;&nbsp;**Common Stocks - 94.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Anglogold Ashanti Plc  | 35111 | 3260759 |
| UNITED STATES - 94.5%  |  |  |
| Communication Services - 9.5% |  |  |
| Diversified Telecommunication Services - 1.2% |  |  |
| AT&T Inc  | 199399 | 5226248 |
| Comcast Corp Class A  | 119881 | 3566460 |
| Verizon Communications Inc  | 118808 | 5289332 |
|  |  | 14082040 |
| Entertainment - 0.7% |  |  |
| Netflix Inc (b) | 91970 | 7678575 |
| Interactive Media & Services - 7.6% |  |  |
| Alphabet Inc Class A  | 173825 | 58752850 |
| Meta Platforms Inc Class A  | 41801 | 29950417 |
|  |  | 88703267 |
| Media - 0.0% |  |  |
| Trade Desk Inc (The) Class A (b) | 28183 | 854790 |
| Versant Media Group Inc Class A  | 4795 | 156221 |
|  |  | 1011011 |
| TOTAL COMMUNICATION SERVICES |  | 111474893 |
| Consumer Discretionary - 9.6% |  |  |
| Hotels, Restaurants & Leisure - 5.0% |  |  |
| Airbnb Inc Class A (b) | 67141 | 8686031 |
| Booking Holdings Inc  | 2031 | 10158737 |
| Domino's Pizza Inc  | 18318 | 7516425 |
| Hilton Worldwide Holdings Inc  | 33996 | 10148146 |
| McDonald's Corp  | 40218 | 12668670 |
| Yum! Brands Inc  | 61936 | 9631048 |
|  |  | 58809057 |
| Specialty Retail - 4.6% |  |  |
| AutoZone Inc (b) | 2413 | 8938452 |
| Home Depot Inc/The  | 39070 | 14635231 |
| Lowe's Cos Inc  | 44627 | 11918087 |
| O'Reilly Automotive Inc (b) | 96774 | 9523529 |
| Williams-Sonoma Inc  | 44426 | 9091781 |
|  |  | 54107080 |
| TOTAL CONSUMER DISCRETIONARY |  | 112916137 |
| Consumer Staples - 4.6% |  |  |
| Beverages - 0.8% |  |  |
| Constellation Brands Inc Class A  | 20722 | 3247137 |
| Monster Beverage Corp (b) | 73841 | 5963400 |
|  |  | 9210537 |
| Food Products - 0.4% |  |  |
| Hershey Co/The  | 21725 | 4230943 |
| Household Products - 2.2% |  |  |
| Church & Dwight Co Inc  | 41556 | 3999765 |
| Clorox Co/The  | 30520 | 3442351 |
| Colgate-Palmolive Co  | 61506 | 5553377 |
| Kimberly-Clark Corp  | 33426 | 3342265 |
| Procter & Gamble Co/The  | 66201 | 10047326 |
|  |  | 26385084 |
| Tobacco - 1.2% |  |  |
| Altria Group Inc  | 87042 | 5395734 |
| Philip Morris International Inc  | 49073 | 8805659 |
|  |  | 14201393 |
| TOTAL CONSUMER STAPLES |  | 54027957 |
| Energy - 3.0% |  |  |
| Oil, Gas & Consumable Fuels - 3.0% |  |  |
| Antero Midstream Corp  | 116618 | 2194751 |
| Cheniere Energy Inc  | 12085 | 2556219 |
| Chevron Corp  | 45630 | 8071947 |
| ConocoPhillips  | 37923 | 3952714 |
| EOG Resources Inc  | 23542 | 2639764 |
| Exxon Mobil Corp  | 92531 | 13083884 |
| Texas Pacific Land Corp  | 6788 | 2364668 |
| TOTAL ENERGY |  | 34863947 |
| Financials - 12.1% |  |  |
| Banks - 3.6% |  |  |
| Axos Financial Inc (b) | 73416 | 7267450 |
| Commerce Bancshares Inc/MO  | 108181 | 5694648 |
| East West Bancorp Inc  | 64319 | 7360666 |
| JPMorgan Chase & Co  | 70410 | 21537715 |
|  |  | 41860479 |
| Capital Markets - 5.1% |  |  |
| Ameriprise Financial Inc  | 13397 | 7062764 |
| Blackstone Inc  | 48532 | 6911927 |
| CME Group Inc Class A  | 30061 | 8689433 |
| Hamilton Lane Inc Class A  | 43076 | 6084054 |
| Moody's Corp  | 15099 | 7784440 |
| MSCI Inc  | 12906 | 7862593 |
| S&P Global Inc  | 16935 | 8938125 |
| SEI Investments Co  | 76912 | 6756719 |
|  |  | 60090055 |
| Financial Services - 2.5% |  |  |
| Mastercard Inc Class A  | 25689 | 13840976 |
| Visa Inc Class A  | 47833 | 15394095 |
|  |  | 29235071 |
| Insurance - 0.9% |  |  |
| Erie Indemnity Co Class A (c) | 18618 | 5269080 |
| Kinsale Capital Group Inc  | 14929 | 5910093 |
|  |  | 11179173 |
| TOTAL FINANCIALS |  | 142364778 |
| Health Care - 9.6% |  |  |
| Biotechnology - 2.8% |  |  |
| AbbVie Inc  | 60508 | 13493889 |
| Amgen Inc  | 27997 | 9571614 |
| Gilead Sciences Inc  | 70719 | 10038562 |
|  |  | 33104065 |
| Health Care Equipment & Supplies - 1.4% |  |  |
| Abbott Laboratories  | 73757 | 8061640 |
| IDEXX Laboratories Inc (b) | 11831 | 7932212 |
|  |  | 15993852 |
| Life Sciences Tools & Services - 0.5% |  |  |
| Mettler-Toledo International Inc (b) | 4570 | 6275707 |
| Pharmaceuticals - 4.9% |  |  |
| Eli Lilly & Co  | 21196 | 21983432 |
| Johnson & Johnson  | 76641 | 17416667 |
| Merck & Co Inc  | 113754 | 12543654 |
| Zoetis Inc Class A  | 44624 | 5569968 |
|  |  | 57513721 |
| TOTAL HEALTH CARE |  | 112887345 |
| Industrials - 8.8% |  |  |
| Aerospace & Defense - 1.3% |  |  |
| GE Aerospace  | 32921 | 10099834 |
| TransDigm Group Inc  | 3303 | 4715164 |
|  |  | 14814998 |
| Building Products - 0.5% |  |  |
| Trane Technologies PLC  | 12871 | 5413285 |
| Commercial Services & Supplies - 0.7% |  |  |
| Cintas Corp  | 24202 | 4632021 |
| Copart Inc (b) | 101049 | 4100568 |
|  |  | 8732589 |
| Construction & Engineering - 0.6% |  |  |
| Comfort Systems USA Inc  | 6364 | 7268324 |
| Electrical Equipment - 0.5% |  |  |
| Eaton Corp PLC  | 15844 | 5567898 |
| Ground Transportation - 1.0% |  |  |
| Old Dominion Freight Line Inc  | 28224 | 4888397 |
| Union Pacific Corp  | 28283 | 6649333 |
|  |  | 11537730 |
| Machinery - 2.4% |  |  |
| Caterpillar Inc  | 17417 | 11449240 |
| Illinois Tool Works Inc  | 20527 | 5362884 |
| Otis Worldwide Corp  | 53983 | 4611228 |
| Parker-Hannifin Corp  | 7588 | 7101154 |
|  |  | 28524506 |
| Professional Services - 1.0% |  |  |
| Automatic Data Processing Inc  | 19639 | 4847298 |
| Paychex Inc  | 30845 | 3181045 |
| Verisk Analytics Inc  | 17292 | 3760318 |
|  |  | 11788661 |
| Trading Companies & Distributors - 0.8% |  |  |
| Fastenal Co  | 104656 | 4537884 |
| WW Grainger Inc  | 4440 | 4794934 |
|  |  | 9332818 |
| TOTAL INDUSTRIALS |  | 102980809 |
| Information Technology - 31.3% |  |  |
| Communications Equipment - 0.9% |  |  |
| Arista Networks Inc (b) | 71241 | 10097699 |
| Semiconductors & Semiconductor Equipment - 14.5% |  |  |
| Applied Materials Inc  | 50446 | 16259755 |
| Broadcom Inc  | 104693 | 34684791 |
| Lam Research Corp  | 92275 | 21542522 |
| NVIDIA Corp  | 462417 | 88381761 |
| QUALCOMM Inc  | 62974 | 9546228 |
|  |  | 170415057 |
| Software - 9.4% |  |  |
| Adobe Inc (b) | 25698 | 7535939 |
| AppLovin Corp Class A (b) | 21068 | 9967481 |
| Fair Isaac Corp (b) | 5105 | 7469483 |
| Fortinet Inc (b) | 77189 | 6272377 |
| Intuit Inc  | 13400 | 6685528 |
| Microsoft Corp  | 142482 | 61308580 |
| Palantir Technologies Inc Class A (b) | 79369 | 11634702 |
|  |  | 110874090 |
| Technology Hardware, Storage & Peripherals - 6.5% |  |  |
| Apple Inc  | 292470 | 75890116 |
| TOTAL INFORMATION TECHNOLOGY |  | 367276962 |
| Materials - 2.1% |  |  |
| Chemicals - 1.0% |  |  |
| CF Industries Holdings Inc  | 14817 | 1381389 |
| Ecolab Inc  | 9056 | 2553701 |
| Linde PLC  | 10897 | 4979603 |
| Sherwin-Williams Co/The  | 7382 | 2617952 |
|  |  | 11532645 |
| Construction Materials - 0.2% |  |  |
| Eagle Materials Inc (c) | 5012 | 1021495 |
| Vulcan Materials Co  | 6588 | 1979958 |
|  |  | 3001453 |
| Metals & Mining - 0.9% |  |  |
| Freeport-McMoRan Inc  | 51541 | 3104314 |
| Newmont Corp  | 40391 | 4537929 |
| Royal Gold Inc  | 9287 | 2445360 |
|  |  | 10087603 |
| TOTAL MATERIALS |  | 24621701 |
| Real Estate - 1.9% |  |  |
| Health Care REITs - 0.3% |  |  |
| Welltower Inc  | 18576 | 3498975 |
| Industrial REITs - 0.2% |  |  |
| Prologis Inc  | 25675 | 3352128 |
| Retail REITs - 0.4% |  |  |
| Realty Income Corp  | 33784 | 2066229 |
| Simon Property Group Inc  | 12554 | 2401706 |
|  |  | 4467935 |
| Specialized REITs - 1.0% |  |  |
| American Tower Corp  | 13751 | 2465279 |
| Crown Castle Inc  | 15963 | 1385748 |
| Digital Realty Trust Inc  | 10876 | 1804872 |
| Extra Space Storage Inc  | 10003 | 1380114 |
| Public Storage  | 6378 | 1761540 |
| SBA Communications Corp Class A  | 7114 | 1309759 |
| VICI Properties Inc  | 44283 | 1243467 |
|  |  | 11350779 |
| TOTAL REAL ESTATE |  | 22669817 |
| Utilities - 2.0% |  |  |
| Electric Utilities - 1.2% |  |  |
| Constellation Energy Corp  | 10140 | 2846095 |
| NextEra Energy Inc  | 60096 | 5282439 |
| NRG Energy Inc  | 13743 | 2097594 |
| Southern Co/The  | 40256 | 3595263 |
|  |  | 13821391 |
| Gas Utilities - 0.3% |  |  |
| National Fuel Gas Co  | 21988 | 1841495 |
| UGI Corp  | 49414 | 1981996 |
|  |  | 3823491 |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| Talen Energy Corp (b) | 5505 | 1917722 |
| Vistra Corp  | 13168 | 2085153 |
|  |  | 4002875 |
| Multi-Utilities - 0.2% |  |  |
| WEC Energy Group Inc  | 20417 | 2259549 |
| TOTAL UTILITIES |  | 23907306 |
| TOTAL UNITED STATES |  | 1109991652 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $867,431,630) |  | <br> **1113252411** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/12/2026 (e)<br>(Cost $135,843)<br>| 3.82 | 136000 | **135864** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.2%** | &nbsp;&nbsp;**Money Market Funds - 5.2%** | &nbsp;&nbsp;**Money Market Funds - 5.2%** | &nbsp;&nbsp;**Money Market Funds - 5.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.70 | 56465611 | 56476904 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.70 | 4632521 | 4632984 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $61,114,066) |  |  | **61109888** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $928,681,539)<br>| <br>**1174498163** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(152995)** |
| **NET ASSETS - 100.0%** | **1174345168** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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) | 1737 | 3/2026 | 60497539 | 464841 |
| The notional amount of long futures as a percentage of Net Assets is 5.2%. | The notional amount of long futures as a percentage of Net Assets is 5.2%. | The notional amount of long futures as a percentage of Net Assets is 5.2%. | The notional amount of long futures as a percentage of Net Assets is 5.2%. | The notional amount of long futures as a percentage of Net Assets is 5.2%. |

---

**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) 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 $135,864.

(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 | 1522286 | 82894592 | 27935575 | 380193 | (221) | (4178) | 56476904 | 56465611 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 1311050 | 60527112 | 57205212 | 2016 | 34 | - | 4632984 | 4632521 | 0.0% |
| Total | 2833336 | 143421704 | 85140787 | 382209 | (187) | (4178) | 61109888 |  |  |

---

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 January 31, 2026, 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 | 111474893 | 111474893 | - | - |
| Consumer Discretionary | 112916137 | 112916137 | - | - |
| Consumer Staples | 54027957 | 54027957 | - | - |
| Energy | 34863947 | 34863947 | - | - |
| Financials | 142364778 | 142364778 | - | - |
| Health Care | 112887345 | 112887345 | - | - |
| Industrials | 102980809 | 102980809 | - | - |
| Information Technology | 367276962 | 367276962 | - | - |
| Materials | 27882460 | 27882460 | - | - |
| Real Estate | 22669817 | 22669817 | - | - |
| Utilities | 23907306 | 23907306 | - | - |
|  **U.S. Treasury Obligations** | 135864 | - | 135864 | - |
|  **Money Market Funds** | 61109888 | 61109888 | - | - |
| **Total Investments in Securities:** | 1174498163 | 1174362299 | 135864 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 464841 | 464841 | - | - |
| Total Assets | 464841 | 464841 | - | - |
| **Total Derivative Instruments:** | 464841 | 464841 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 464841 | - |
| **Total Equity Risk**  | 464841 | - |
| **Total Value of Derivatives** | 464841 | - |

---

(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® Quality Factor ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $4,553,082) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $867,567,473) | $1113388275 |  |
| Fidelity Central Funds (cost $61,114,066) | 61109888 |  |
| Total Investment in Securities (cost $928,681,539) |  | $1174498163 |
| Segregated cash with brokers for derivative instruments |  | 3813991 |
| Dividends receivable |  | 869915 |
| Distributions receivable from Fidelity Central Funds |  | 176001 |
| **Total assets** |  | 1179358070 |
| **Liabilities** |  |  |
| Accrued management fee | $145457 |  |
| Payable for daily variation margin on futures contracts | 234495 |  |
| Collateral on securities loaned | 4632950 |  |
| **Total liabilities** |  | 5012902 |
| **Net Assets**  |  | $1174345168 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $950199384 |
| Total accumulated earnings (loss) |  | 224145784 |
| **Net Assets** |  | $1174345168 |
| **Net Asset Value**, offering price and redemption price per share ($1,174,345,168 ÷ 15,300,000 shares) |  | $76.75 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $6698597 |
| Interest  |  | 14052 |
| Income from Fidelity Central Funds (including $2,016 from security lending)  |  | 382209 |
| **Total income** |  | 7094858 |
| **Expenses** |  |  |
| Management fee | $842699 |  |
| Independent trustees' fees and expenses | 2246 |  |
| Total expenses before reductions | 844945 |  |
| Expense reductions | (233) |  |
| Total expenses after reductions |  | 844712 |
| **Net Investment income (loss)** |  | 6250146 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (10285539) |  |
| Redemptions in-kind | 32218361 |  |
| Fidelity Central Funds | (187) |  |
| Futures contracts | 560427 |  |
| Total net realized gain (loss) |  | 22493062 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 64917715 |  |
| Fidelity Central Funds  | (4178) |  |
| Futures contracts | 387587 |  |
| Total change in net unrealized appreciation (depreciation) |  | 65301124 |
| **Net gain (loss)** |  | 87794186 |
| **Net increase (decrease) in net assets resulting from operations** |  | $94044332 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6250146 | $13566963 |
| &nbsp;&nbsp;Net realized gain (loss) | 22493062<br>| 91184569<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 65301124 | 42302777<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 94044332<br>| 147054309<br>|
| Distributions to shareholders | (6542850)<br>| (13620100)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 165225357 | 337528749 |
| &nbsp;&nbsp;Cost of shares redeemed | (131100630) | (446794950) |
| **Net increase (decrease) in net assets resulting from share transactions** | 34124727<br>| (109266201)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 121626209<br>| 24168008<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1052718959 | 1028550951<br>|
| &nbsp;&nbsp;End of period | $1174345168 | $1052718959 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2250000 | 5150000 |
| &nbsp;&nbsp;Redeemed | (1800000) | (6850000) |
| &nbsp;&nbsp;Net increase (decrease) | 450000 | (1700000) |

---

**Financial Highlights** 

**Fidelity® Quality Factor ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $70.89 | $62.15 | $52.29 | $48.06 | $51.19 | $38.19 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .41  | .85  | .73  | .72  | .67  | .62  |
| Net realized and unrealized gain (loss)  | 5.88  | 8.75  | 9.83  | 4.20  | (3.10)  | 13.00  |
| Total from investment operations  | 6.29  | 9.60  | 10.56  | 4.92  | (2.43)  | 13.62  |
| Distributions from net investment income  | (.43)  | (.86)  | (.70)  | (.69)  | (.70)  | (.62)  |
| Total distributions  | (.43)  | (.86)  | (.70)  | (.69)  | (.70)  | (.62)  |
| Net asset value, end of period  | $76.75 | $70.89 | $62.15 | $52.29 | $48.06 | $51.19 |
| **Total Return** C,D,E | 8.90% <br>| 15.56%  | 20.34%  | 10.46%  | (4.79)%  | 36.00%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .15% H | .15%  | .18%  | .29%  | .29%  | .29%  |
| Expenses net of fee waivers, if any  | .15% H<br>| .15%  | .18%  | .29%  | .29%  | .29%  |
| Expenses net of all reductions, if any  | .15% H | .15%  | .18%  | .29%  | .29%  | .29%  |
| Net investment income (loss)  | 1.11% H | 1.28%  | 1.30%  | 1.54%  | 1.33%  | 1.39%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1174345 | $1052719 | $1028551 | $326843 | $266714 | $245721 |
| Portfolio turnover rate I,J | 36% H<br>| 33%  | 34%  | 43%  | 38%  | 35%  |

---

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

B*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.*

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

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

E*Based on net asset value.*

F*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.*

G*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.*

H*Annualized.*

I*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.* 

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

**Fidelity® Small-Mid Multifactor ETF**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.8%  |  |  |
| Materials - 0.8% |  |  |
| Metals & Mining - 0.8% |  |  |
| Anglogold Ashanti Plc  | 162497 | 15091096 |
| BELGIUM - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Liberty Global Ltd Class A (b) | 244241 | 2708633 |
| BERMUDA - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Insurance - 0.3% |  |  |
| RenaissanceRe Holdings Ltd  | 22298 | 6281347 |
| CANADA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Teekay Tankers Ltd Class A  | 44419 | 2865914 |
| MONACO - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Scorpio Tankers Inc  | 46913 | 2984605 |
| PUERTO RICO - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.5% |  |  |
| First BanCorp/Puerto Rico  | 135074 | 2987837 |
| Ofg Bancorp  | 55173 | 2223472 |
| Popular Inc  | 36371 | 4856620 |
|  |  | 10067929 |
| Financial Services - 0.1% |  |  |
| EVERTEC Inc  | 68123 | 2044371 |
| TOTAL PUERTO RICO |  | 12112300 |
| SWEDEN - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| Autoliv Inc  | 36089 | 4375430 |
| SWITZERLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Garrett Motion Inc  | 153485 | 2768869 |
| THAILAND - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Fabrinet (b) | 15604 | 7637222 |
| UNITED KINGDOM - 0.5%  |  |  |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| TechnipFMC PLC  | 173718 | 9679567 |
| UNITED STATES - 96.7%  |  |  |
| Communication Services - 3.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| GCI Liberty Inc/DEL Class A (b)(c) | 869 | 0 |
| IDT Corp Class B  | 31880 | 1550324 |
| Iridium Communications Inc  | 95016 | 1892719 |
|  |  | 3443043 |
| Entertainment - 0.6% |  |  |
| Madison Square Garden Entertainment Corp Class A (b) | 51606 | 3192863 |
| TKO Group Holdings Inc Class A  | 29578 | 5991912 |
| Warner Music Group Corp Class A  | 95940 | 2876281 |
|  |  | 12061056 |
| Interactive Media & Services - 1.0% |  |  |
| Cargurus Inc Class A (b) | 71888 | 2329171 |
| EverQuote Inc Class A (b) | 69346 | 1574154 |
| Match Group Inc  | 120685 | 3759338 |
| Reddit Inc Class A (b) | 43381 | 7820293 |
| Yelp Inc Class A (b)(d) | 62651 | 1715384 |
| Ziff Davis Inc (b)(d) | 61430 | 2347855 |
| ZoomInfo Technologies Inc (b) | 219137 | 1764053 |
|  |  | 21310248 |
| Media - 1.3% |  |  |
| AMC Networks Inc Class A (b)(d) | 259952 | 2004229 |
| Liberty Broadband Corp Class C (b) | 64014 | 3079714 |
| New York Times Co/The Class A  | 78728 | 5771550 |
| News Corp Class A  | 206117 | 5571343 |
| Nexstar Media Group Inc  | 16798 | 3567559 |
| Paramount Skydance Corp Class B  | 305370 | 3423198 |
| TEGNA Inc  | 137740 | 2639098 |
|  |  | 26056691 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Spok Holdings Inc  | 92797 | 1277814 |
| TOTAL COMMUNICATION SERVICES |  | 64148852 |
| Consumer Discretionary - 11.3% |  |  |
| Automobile Components - 1.0% |  |  |
| BorgWarner Inc  | 110588 | 5242977 |
| Dorman Products Inc (b) | 21310 | 2646702 |
| Gentex Corp  | 131120 | 3017071 |
| Lear Corp  | 33232 | 3891135 |
| Patrick Industries Inc  | 26348 | 3324327 |
| Phinia Inc  | 42871 | 3051129 |
|  |  | 21173341 |
| Automobiles - 0.2% |  |  |
| Thor Industries Inc  | 33521 | 3749994 |
| Broadline Retail - 0.3% |  |  |
| Dillard's Inc Class A (d) | 4238 | 2574839 |
| Ollie's Bargain Outlet Holdings Inc (b) | 30667 | 3382877 |
|  |  | 5957716 |
| Diversified Consumer Services - 2.0% |  |  |
| ADT Inc  | 303835 | 2430680 |
| Adtalem Global Education Inc (b) | 24454 | 2532212 |
| Bright Horizons Family Solutions Inc (b) | 31428 | 2911176 |
| Carriage Services Inc  | 38168 | 1637788 |
| Duolingo Inc Class A (b) | 16677 | 2235719 |
| Frontdoor Inc (b) | 48964 | 2894262 |
| Graham Holdings Co Class B  | 2655 | 3097403 |
| Grand Canyon Education Inc (b) | 17906 | 3112779 |
| H&R Block Inc  | 70515 | 2781817 |
| Laureate Education Inc (b) | 110482 | 3789533 |
| Perdoceo Education Corp  | 73261 | 2346550 |
| Service Corp International/US  | 64515 | 5188941 |
| Strategic Education Inc  | 28566 | 2428681 |
| Stride Inc (b) | 25239 | 2135219 |
| Universal Technical Institute Inc (b) | 61225 | 1703892 |
|  |  | 41226652 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Boyd Gaming Corp  | 36864 | 3116483 |
| Brinker International Inc (b) | 23525 | 3710363 |
| Cheesecake Factory Inc/The (d) | 37807 | 2191294 |
| Choice Hotels International Inc (d) | 18749 | 1927397 |
| Monarch Casino & Resort Inc  | 18971 | 1736416 |
| Papa John's International Inc  | 47213 | 1660481 |
| Planet Fitness Inc Class A (b) | 39518 | 3597719 |
| Texas Roadhouse Inc  | 28814 | 5182486 |
| Travel + Leisure Co  | 47114 | 3276308 |
| United Parks & Resorts Inc (b)(d) | 41829 | 1574861 |
| Vail Resorts Inc (d) | 21987 | 2925810 |
| Viking Holdings Ltd (b) | 79616 | 5744294 |
| Wendy's Co/The (d) | 210291 | 1638167 |
| Wyndham Hotels & Resorts Inc  | 41390 | 3012778 |
|  |  | 41294857 |
| Household Durables - 1.4% |  |  |
| Cavco Industries Inc (b) | 6302 | 3100710 |
| Ethan Allen Interiors Inc  | 62484 | 1432757 |
| La-Z-Boy Inc  | 56182 | 2045587 |
| M/I Homes Inc (b) | 21490 | 2873213 |
| Somnigroup International Inc  | 84969 | 7464527 |
| Taylor Morrison Home Corp (b) | 58224 | 3548753 |
| Toll Brothers Inc  | 43849 | 6335742 |
| Tri Pointe Homes Inc (b) | 80671 | 2690378 |
|  |  | 29491667 |
| Leisure Products - 0.5% |  |  |
| Hasbro Inc  | 60899 | 5438890 |
| Mattel Inc (b) | 190759 | 3984955 |
|  |  | 9423845 |
| Specialty Retail - 2.6% |  |  |
| Academy Sports & Outdoors Inc  | 51564 | 2836536 |
| Asbury Automotive Group Inc (b) | 12974 | 3042533 |
| AutoNation Inc (b) | 15710 | 3220236 |
| Bath & Body Works Inc  | 120335 | 2623303 |
| Buckle Inc/The  | 40768 | 1928326 |
| Build-A-Bear Workshop Inc (d) | 34063 | 2032880 |
| Chewy Inc Class A (b) | 110231 | 3208824 |
| Dick's Sporting Goods Inc  | 24768 | 5003136 |
| Five Below Inc (b) | 28254 | 5414597 |
| Group 1 Automotive Inc  | 7610 | 2695919 |
| Lithia Motors Inc Class A  | 13327 | 4310485 |
| Murphy USA Inc  | 9853 | 4162991 |
| Penske Automotive Group Inc  | 15130 | 2372233 |
| Sally Beauty Holdings Inc (b)(d) | 190331 | 2896838 |
| Sonic Automotive Inc Class A  | 25974 | 1557400 |
| Urban Outfitters Inc (b) | 37892 | 2684648 |
| Winmark Corp  | 5035 | 2269224 |
|  |  | 52260109 |
| Textiles, Apparel & Luxury Goods - 1.3% |  |  |
| Crocs Inc (b) | 32866 | 2758115 |
| G-III Apparel Group Ltd  | 77627 | 2278352 |
| Kontoor Brands Inc  | 43897 | 2621968 |
| Levi Strauss & Co Class A  | 109417 | 2175210 |
| Ralph Lauren Corp Class A  | 17423 | 6157462 |
| Tapestry Inc  | 78753 | 9994544 |
|  |  | 25985651 |
| TOTAL CONSUMER DISCRETIONARY |  | 230563832 |
| Consumer Staples - 3.8% |  |  |
| Beverages - 0.4% |  |  |
| Coca-Cola Consolidated Inc  | 30897 | 4698198 |
| Molson Coors Beverage Co Class B  | 82126 | 3945333 |
|  |  | 8643531 |
| Consumer Staples Distribution & Retail - 1.6% |  |  |
| Albertsons Cos Inc Class A  | 202747 | 3375738 |
| BJ's Wholesale Club Holdings Inc (b) | 54761 | 5062107 |
| Casey's General Stores Inc  | 14214 | 8620791 |
| Maplebear Inc (b) | 80591 | 2994762 |
| PriceSmart Inc  | 20948 | 2979015 |
| US Foods Holding Corp (b) | 88384 | 7390670 |
|  |  | 30423083 |
| Food Products - 1.1% |  |  |
| Cal-Maine Foods Inc  | 26540 | 2216886 |
| Fresh Del Monte Produce Inc  | 49106 | 1947544 |
| Hormel Foods Corp  | 142978 | 3518689 |
| Ingredion Inc  | 30545 | 3607365 |
| Marzetti Company/The  | 14388 | 2468549 |
| Pilgrim's Pride Corp  | 42564 | 1846001 |
| Post Holdings Inc (b) | 27203 | 2783139 |
| Seneca Foods Corp Class A (b) | 14977 | 1787205 |
| Simply Good Foods Co/The (b) | 75032 | 1408350 |
| Tootsie Roll Industries Inc Class A  | 43580 | 1650810 |
|  |  | 23234538 |
| Household Products - 0.3% |  |  |
| Central Garden & Pet Co Class A (b) | 58524 | 1794931 |
| Oil-Dri Corp of America  | 28801 | 1743900 |
| WD-40 Co  | 11082 | 2562491 |
|  |  | 6101322 |
| Personal Care Products - 0.2% |  |  |
| BellRing Brands Inc (b) | 64561 | 1605632 |
| Herbalife Ltd (b) | 184546 | 3181573 |
|  |  | 4787205 |
| Tobacco - 0.2% |  |  |
| Turning Point Brands Inc  | 22343 | 2706855 |
| Universal Corp/VA (d) | 34119 | 1930794 |
|  |  | 4637649 |
| TOTAL CONSUMER STAPLES |  | 77827328 |
| Energy - 3.0% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Archrock Inc  | 122342 | 3620100 |
| Cactus Inc Class A  | 59739 | 3359124 |
|  |  | 6979224 |
| Oil, Gas & Consumable Fuels - 2.7% |  |  |
| Antero Midstream Corp  | 193252 | 3637003 |
| Antero Resources Corp (b) | 135542 | 4929663 |
| APA Corp  | 194312 | 5131780 |
| California Resources Corp  | 55172 | 2951702 |
| Chord Energy Corp  | 33626 | 3370670 |
| CNX Resources Corp (b) | 96649 | 3749981 |
| Dorian LPG Ltd  | 65463 | 1933122 |
| DT Midstream Inc  | 47359 | 5968182 |
| Excelerate Energy Inc Class A  | 68721 | 2566729 |
| International Seaways Inc  | 52160 | 3111344 |
| Magnolia Oil & Gas Corp Class A  | 130488 | 3328749 |
| Matador Resources Co  | 69017 | 3122329 |
| Permian Resources Holdings Inc/DE Class A  | 314395 | 5071191 |
| Range Resources Corp  | 119037 | 4505550 |
|  |  | 53377995 |
| TOTAL ENERGY |  | 60357219 |
| Financials - 16.7% |  |  |
| Banks - 6.1% |  |  |
| 1st Source Corp  | 34957 | 2353655 |
| Amalgamated Financial Corp  | 67285 | 2613349 |
| Axos Financial Inc (b) | 35991 | 3562749 |
| Bancorp Inc/The (b) | 42148 | 2505277 |
| Bank First Corp  | 17697 | 2469439 |
| Bank OZK  | 68398 | 3253009 |
| Burke & Herbert Financial Services Corp  | 34957 | 2288984 |
| Capital Bancorp Inc  | 59798 | 1836995 |
| Cathay General Bancorp  | 61324 | 3138562 |
| CNB Financial Corp/PA  | 83639 | 2316800 |
| Columbia Banking System Inc  | 138751 | 4084829 |
| Community Trust Bancorp Inc  | 38035 | 2346760 |
| East West Bancorp Inc  | 59621 | 6823028 |
| Enterprise Financial Services Corp  | 43328 | 2484861 |
| Esquire Financial Holdings Inc  | 20124 | 2145822 |
| First Business Financial Services Inc  | 39376 | 2257032 |
| First Financial Corp  | 36712 | 2392154 |
| First Horizon Corp  | 232921 | 5704235 |
| Fulton Financial Corp  | 156619 | 3234182 |
| Hancock Whitney Corp  | 54942 | 3780010 |
| Hanmi Financial Corp  | 86766 | 2305373 |
| International Bancshares Corp  | 42501 | 2959770 |
| Metropolitan Bank Holding Corp  | 27267 | 2524924 |
| Northeast Bank  | 19689 | 2268763 |
| Northeast Community Bancorp Inc  | 92703 | 2187791 |
| Northrim BanCorp Inc  | 90389 | 2129565 |
| Old Second Bancorp Inc  | 115859 | 2298643 |
| Pathward Financial Inc  | 30086 | 2716465 |
| Peapack-Gladstone Financial Corp  | 74762 | 2371451 |
| Pinnacle Financial Partners Inc  | 43046 | 4093244 |
| Preferred Bank/Los Angeles CA  | 22922 | 1966020 |
| Trustmark Corp  | 65297 | 2776428 |
| UMB Financial Corp  | 37289 | 4740923 |
| Univest Financial Corp  | 70535 | 2337530 |
| Valley National Bancorp  | 336426 | 4191868 |
| Webster Financial Corp  | 81495 | 5359926 |
| Western Alliance Bancorp  | 55917 | 4985001 |
| Wintrust Financial Corp  | 33595 | 4954927 |
| Zions Bancorp NA  | 78454 | 4700179 |
|  |  | 123460523 |
| Capital Markets - 2.2% |  |  |
| Acadian Asset Management Inc  | 49597 | 2748665 |
| Affiliated Managers Group Inc  | 16688 | 5224846 |
| Artisan Partners Asset Management Inc Class A  | 63151 | 2811483 |
| Federated Hermes Inc Class B  | 58209 | 3101376 |
| Hamilton Lane Inc Class A  | 24727 | 3492441 |
| Houlihan Lokey Inc Class A  | 25383 | 4272467 |
| Janus Henderson Group PLC  | 78306 | 3768868 |
| SEI Investments Co  | 48830 | 4289716 |
| Stifel Financial Corp  | 45866 | 5655278 |
| StoneX Group Inc (b)(d) | 31353 | 3519688 |
| Victory Capital Holdings Inc Class A  | 39712 | 2800887 |
| Virtu Financial Inc Class A  | 63265 | 2626129 |
|  |  | 44311844 |
| Consumer Finance - 1.5% |  |  |
| Bread Financial Holdings Inc  | 42945 | 3115230 |
| Credit Acceptance Corp (b)(d) | 5445 | 2712917 |
| Enova International Inc (b) | 24417 | 4032956 |
| EZCORP Inc Class A (b) | 135927 | 2915634 |
| FirstCash Holdings Inc  | 25109 | 4281085 |
| Nelnet Inc Class A  | 19046 | 2512167 |
| OneMain Holdings Inc  | 66958 | 4388428 |
| Oportun Financial Corp (b) | 297227 | 1610970 |
| SLM Corp  | 119326 | 3239701 |
| World Acceptance Corp (b)(d) | 12189 | 1477916 |
|  |  | 30287004 |
| Financial Services - 1.8% |  |  |
| Cass Information Systems Inc  | 48198 | 2166982 |
| Corebridge Financial Inc  | 127524 | 3931565 |
| Enact Holdings Inc  | 61079 | 2429112 |
| Equitable Holdings Inc  | 127696 | 5925095 |
| Essent Group Ltd  | 62561 | 3936338 |
| Jackson Financial Inc  | 42336 | 5034597 |
| MGIC Investment Corp  | 142307 | 3830904 |
| NMI Holdings Inc (b) | 70593 | 2733361 |
| Voya Financial Inc  | 54751 | 4197212 |
| Western Union Co/The (d) | 327460 | 3068300 |
|  |  | 37253466 |
| Insurance - 4.5% |  |  |
| American Financial Group Inc/OH  | 36106 | 4703529 |
| Assurant Inc  | 24684 | 5878001 |
| Axis Capital Holdings Ltd  | 40308 | 4158979 |
| Bowhead Specialty Holdings Inc (b) | 56437 | 1386092 |
| CNO Financial Group Inc  | 77169 | 3244956 |
| Donegal Group Inc Class A  | 109447 | 2043375 |
| Erie Indemnity Co Class A  | 12751 | 3608661 |
| Genworth Financial Inc Class A (b) | 342986 | 2860503 |
| Globe Life Inc  | 37438 | 5249556 |
| Hanover Insurance Group Inc/The  | 21040 | 3663906 |
| HCI Group Inc  | 15328 | 2432094 |
| Horace Mann Educators Corp  | 53758 | 2408896 |
| Kinsale Capital Group Inc  | 10798 | 4274712 |
| Loews Corp  | 71339 | 7531258 |
| Old Republic International Corp  | 118247 | 4631735 |
| Palomar Hldgs Inc (b) | 21228 | 2623569 |
| Primerica Inc  | 16551 | 4353575 |
| Reinsurance Group of America Inc  | 29404 | 5961661 |
| RLI Corp  | 51493 | 3008736 |
| Selective Insurance Group Inc  | 41221 | 3465862 |
| Skyward Specialty Insurance Group Inc (b) | 44259 | 1974837 |
| TWFG Inc Class A (b) | 62229 | 1555103 |
| United Fire Group Inc  | 73863 | 2654636 |
| Universal Insurance Holdings Inc  | 82026 | 2497692 |
| Unum Group  | 73263 | 5565790 |
|  |  | 91737714 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.6% |  |  |
| Annaly Capital Management Inc  | 288270 | 6633093 |
| Blackstone Mortgage Trust Inc Class A  | 163959 | 3156210 |
| Starwood Property Trust Inc  | 208676 | 3741561 |
|  |  | 13530864 |
| TOTAL FINANCIALS |  | 340581415 |
| Health Care - 11.3% |  |  |
| Biotechnology - 2.7% |  |  |
| ACADIA Pharmaceuticals Inc (b) | 106172 | 2668102 |
| ADMA Biologics Inc (b) | 160808 | 2781978 |
| Alkermes PLC (b) | 113417 | 3843702 |
| Catalyst Pharmaceuticals Inc (b)(d) | 111347 | 2705732 |
| Exelixis Inc (b) | 130138 | 5382508 |
| Halozyme Therapeutics Inc (b) | 65692 | 4710773 |
| Incyte Corp (b) | 71688 | 7173818 |
| Ionis Pharmaceuticals Inc (b) | 86303 | 7134669 |
| Neurocrine Biosciences Inc (b) | 43412 | 5906637 |
| PTC Therapeutics Inc (b) | 55377 | 4182625 |
| United Therapeutics Corp (b) | 19922 | 9353180 |
|  |  | 55843724 |
| Health Care Equipment & Supplies - 2.3% |  |  |
| Envista Holdings Corp (b) | 138020 | 3239329 |
| Globus Medical Inc Class A (b) | 65756 | 5962754 |
| Haemonetics Corp (b) | 37275 | 2484752 |
| Integer Holdings Corp (b) | 25673 | 2229956 |
| iRadimed Corp  | 30342 | 2969875 |
| iRhythm Technologies Inc (b) | 21270 | 3286428 |
| Lantheus Holdings Inc (b) | 44634 | 2986907 |
| LeMaitre Vascular Inc  | 26808 | 2277876 |
| LivaNova PLC (b) | 55839 | 3669181 |
| Masimo Corp (b) | 24351 | 3344123 |
| Merit Medical Systems Inc (b) | 37076 | 3006493 |
| Penumbra Inc (b) | 18546 | 6642621 |
| Solventum Corp (b) | 65956 | 5076633 |
|  |  | 47176928 |
| Health Care Providers & Services - 2.9% |  |  |
| Addus HomeCare Corp (b) | 20854 | 2157972 |
| Chemed Corp  | 8554 | 3653756 |
| Concentra Group Holdings Parent Inc  | 114085 | 2530405 |
| CorVel Corp (b) | 27089 | 1886207 |
| Cross Country Healthcare Inc (b) | 130877 | 1219774 |
| DaVita Inc (b) | 24095 | 2634547 |
| Encompass Health Corp  | 46248 | 4371823 |
| Ensign Group Inc/The  | 28286 | 4855575 |
| HealthEquity Inc (b) | 43881 | 3759285 |
| Henry Schein Inc (b) | 61419 | 4635906 |
| National HealthCare Corp  | 20845 | 2983128 |
| Option Care Health Inc (b) | 107113 | 3641842 |
| Pediatrix Medical Group Inc (b) | 158682 | 3392621 |
| Progyny Inc (b) | 93019 | 2220364 |
| Tenet Healthcare Corp (b) | 38741 | 7332897 |
| Universal Health Services Inc Class B  | 27554 | 5545518 |
|  |  | 56821620 |
| Health Care Technology - 0.3% |  |  |
| Doximity Inc Class A (b) | 68710 | 2574564 |
| HealthStream Inc  | 69551 | 1550291 |
| Waystar Holding Corp (b) | 67514 | 1793172 |
|  |  | 5918027 |
| Life Sciences Tools & Services - 1.4% |  |  |
| Adaptive Biotechnologies Corp (b) | 194636 | 3600766 |
| Bio-Rad Laboratories Inc Class A (b) | 12401 | 3642174 |
| Bio-Techne Corp  | 79078 | 5068109 |
| Charles River Laboratories International Inc (b) | 24878 | 5236321 |
| Medpace Holdings Inc (b) | 11129 | 6482420 |
| Repligen Corp (b) | 30248 | 4518144 |
|  |  | 28547934 |
| Pharmaceuticals - 1.7% |  |  |
| ANI Pharmaceuticals Inc (b) | 31526 | 2580403 |
| Collegium Pharmaceutical Inc (b) | 64108 | 2943839 |
| Corcept Therapeutics Inc (b) | 53636 | 2138467 |
| CorMedix Inc (b)(d) | 160625 | 1246449 |
| Harmony Biosciences Holdings Inc (b) | 58110 | 2122177 |
| Innoviva Inc (b) | 106673 | 2133460 |
| Jazz Pharmaceuticals PLC (b) | 33059 | 5437875 |
| Organon & Co  | 248929 | 2125854 |
| Pacira BioSciences Inc (b) | 91183 | 1872899 |
| Perrigo Co PLC  | 104932 | 1491084 |
| Phibro Animal Health Corp Class A  | 67441 | 2707756 |
| Prestige Consumer Healthcare Inc (b) | 37716 | 2431551 |
| Supernus Pharmaceuticals Inc (b) | 63435 | 3055030 |
| Xeris Biopharma Holdings Inc (b) | 368505 | 2712197 |
|  |  | 34999041 |
| TOTAL HEALTH CARE |  | 229307274 |
| Industrials - 22.9% |  |  |
| Aerospace & Defense - 2.6% |  |  |
| BWX Technologies Inc  | 35964 | 7388085 |
| Carpenter Technology Corp  | 20828 | 6619763 |
| Curtiss-Wright Corp  | 14023 | 9208764 |
| Huntington Ingalls Industries Inc  | 16260 | 6837493 |
| Kratos Defense & Security Solutions Inc (b) | 71273 | 7341832 |
| Leonardo DRS Inc  | 50678 | 2080838 |
| Mercury Systems Inc (b) | 37478 | 3518435 |
| National Presto Industries Inc  | 13526 | 1723211 |
| Woodward Inc  | 22915 | 7283304 |
|  |  | 52001725 |
| Air Freight & Logistics - 0.4% |  |  |
| CH Robinson Worldwide Inc  | 46932 | 9149393 |
| Building Products - 1.8% |  |  |
| A O Smith Corp  | 52726 | 3874834 |
| Allegion plc  | 33283 | 5504676 |
| Armstrong World Industries Inc  | 19210 | 3529645 |
| AZZ Inc  | 19533 | 2427757 |
| CSW Industrials Inc  | 9658 | 2607467 |
| Griffon Corp  | 25589 | 2084224 |
| Insteel Industries Inc  | 38338 | 1270521 |
| Owens Corning  | 34840 | 4175226 |
| Simpson Manufacturing Co Inc  | 19340 | 3418925 |
| Tecnoglass Inc  | 22096 | 1080715 |
| UFP Industries Inc  | 30908 | 3192178 |
| Zurn Elkay Water Solutions Corp  | 68263 | 3147607 |
|  |  | 36313775 |
| Commercial Services & Supplies - 1.9% |  |  |
| Brady Corp Class A  | 29518 | 2552421 |
| Casella Waste Systems Inc Class A (b) | 29932 | 3019540 |
| Clean Harbors Inc (b) | 20313 | 5279552 |
| CoreCivic Inc (b) | 89823 | 1664420 |
| Ennis Inc  | 77073 | 1502152 |
| GEO Group Inc/The (b) | 86121 | 1376213 |
| Healthcare Services Group Inc (b) | 110108 | 2072233 |
| HNI Corp  | 36859 | 1761492 |
| Interface Inc  | 73208 | 2303856 |
| OPENLANE Inc (b) | 77944 | 2341438 |
| Pitney Bowes Inc (d) | 148897 | 1552996 |
| Rollins Inc  | 107236 | 6792328 |
| Tetra Tech Inc  | 112801 | 4248086 |
| UniFirst Corp/MA  | 11252 | 2419180 |
|  |  | 38885907 |
| Construction & Engineering - 4.1% |  |  |
| AECOM  | 50878 | 4906166 |
| API Group Corp (b) | 144219 | 5995184 |
| Argan Inc  | 8676 | 3011526 |
| Comfort Systems USA Inc  | 12548 | 14331071 |
| Construction Partners Inc Class A (b) | 25800 | 2834904 |
| Dycom Industries Inc (b) | 13219 | 4816871 |
| EMCOR Group Inc  | 15698 | 11314020 |
| Everus Construction Group Inc (b) | 31227 | 2763277 |
| Fluor Corp (b) | 71329 | 3294687 |
| Granite Construction Inc  | 25540 | 3083700 |
| IES Holdings Inc (b) | 5929 | 2254739 |
| Limbach Holdings Inc (b) | 11737 | 1009146 |
| MasTec Inc (b) | 25237 | 6068994 |
| MYR Group Inc (b) | 10632 | 2658425 |
| NWPX Infrastructure Inc (b) | 30376 | 2048861 |
| Primoris Services Corp  | 28880 | 4281460 |
| Sterling Infrastructure Inc (b) | 13649 | 4885114 |
| Valmont Industries Inc  | 9382 | 4180244 |
|  |  | 83738389 |
| Electrical Equipment - 1.6% |  |  |
| Acuity Inc  | 13228 | 4090627 |
| EnerSys  | 24538 | 4421502 |
| LSI Industries Inc  | 71879 | 1589245 |
| Nextpower Inc Class A (b) | 64361 | 7536029 |
| nVent Electric PLC  | 65273 | 7327547 |
| Powell Industries Inc  | 7763 | 3443589 |
| Preformed Line Products Co  | 8433 | 2116177 |
| Sensata Technologies Holding PLC  | 83535 | 2889476 |
|  |  | 33414192 |
| Ground Transportation - 0.2% |  |  |
| Ryder System Inc  | 19124 | 3658039 |
| Machinery - 6.5% |  |  |
| AGCO Corp  | 28956 | 3283900 |
| Alamo Group Inc  | 8536 | 1667166 |
| Allison Transmission Holdings Inc  | 38691 | 4205712 |
| Atmus Filtration Technologies Inc  | 54882 | 3181510 |
| CNH Industrial NV Class A  | 359483 | 3868037 |
| Crane Co  | 20949 | 3826125 |
| Donaldson Co Inc  | 53439 | 5447572 |
| Enerpac Tool Group Corp Class A  | 46442 | 1874399 |
| Enpro Inc  | 11991 | 2863211 |
| Esab Corp  | 26285 | 3183114 |
| ESCO Technologies Inc  | 13792 | 3146921 |
| Federal Signal Corp  | 27836 | 3008793 |
| Flowserve Corp  | 60760 | 4748394 |
| Franklin Electric Co Inc  | 24817 | 2472270 |
| Gates Industrial Corp PLC (b) | 118522 | 2728376 |
| Graco Inc  | 66313 | 5791114 |
| ITT Inc  | 30917 | 5636169 |
| JBT Marel Corp  | 22490 | 3537902 |
| Kadant Inc  | 7222 | 2318551 |
| Kennametal Inc  | 70697 | 2431270 |
| Lincoln Electric Holdings Inc  | 22176 | 5884402 |
| Lindsay Corp  | 12049 | 1509378 |
| Middleby Corp/The (b) | 24449 | 3598159 |
| Mueller Industries Inc  | 47654 | 6487616 |
| Mueller Water Products Inc Class A1  | 94790 | 2565965 |
| Nordson Corp  | 22189 | 6091546 |
| Oshkosh Corp  | 28933 | 4161144 |
| Pentair PLC  | 61789 | 6510707 |
| RBC Bearings Inc (b) | 12577 | 6284350 |
| REV Group Inc  | 38930 | 2487627 |
| SPX Technologies Inc (b) | 20612 | 4295747 |
| Timken Co/The  | 35181 | 3278517 |
| Toro Co/The  | 46452 | 4250358 |
| Watts Water Technologies Inc Class A  | 12868 | 3851521 |
| Worthington Enterprises Inc  | 28961 | 1609363 |
|  |  | 132086906 |
| Marine Transportation - 0.2% |  |  |
| Matson Inc  | 20816 | 3336805 |
| Passenger Airlines - 0.3% |  |  |
| Alaska Air Group Inc (b) | 59494 | 3024080 |
| SkyWest Inc (b) | 22542 | 2175754 |
|  |  | 5199834 |
| Professional Services - 2.3% |  |  |
| Barrett Business Services Inc  | 33060 | 1256280 |
| CACI International Inc (b) | 9330 | 5790012 |
| Concentrix Corp  | 36540 | 1364769 |
| CSG Systems International Inc  | 26631 | 2123822 |
| ExlService Holdings Inc (b) | 76026 | 2976418 |
| Genpact Ltd  | 76971 | 3394421 |
| Huron Consulting Group Inc (b) | 13495 | 2280655 |
| Korn Ferry  | 32411 | 2251592 |
| Maximus Inc  | 32864 | 3103676 |
| Paycom Software Inc  | 19991 | 2693787 |
| Paylocity Holding Corp (b) | 19277 | 2602009 |
| Resolute Holdings Management Inc (d) | 29152 | 5945843 |
| Robert Half Inc  | 65338 | 2261348 |
| Science Applications International Corp  | 24915 | 2535350 |
| TriNet Group Inc  | 26112 | 1599099 |
| UL Solutions Inc Class A  | 34740 | 2439790 |
| Verra Mobility Corp Class A (b) | 93554 | 1805592 |
|  |  | 46424463 |
| Trading Companies & Distributors - 1.0% |  |  |
| Applied Industrial Technologies Inc  | 15969 | 4158488 |
| Boise Cascade Co  | 26011 | 2101949 |
| Core & Main Inc Class A (b) | 76093 | 4060323 |
| DNOW Inc (b) | 106592 | 1619132 |
| DXP Enterprises Inc/TX (b) | 14093 | 1832795 |
| McGrath RentCorp  | 16839 | 1880748 |
| MSC Industrial Direct Co Inc Class A  | 27460 | 2315976 |
| Rush Enterprises Inc Class A  | 39902 | 2561309 |
|  |  | 20530720 |
| TOTAL INDUSTRIALS |  | 464740148 |
| Information Technology - 12.1% |  |  |
| Communications Equipment - 1.0% |  |  |
| Ciena Corp (b) | 59683 | 15028776 |
| Digi International Inc (b) | 55926 | 2408733 |
| NetScout Systems Inc (b) | 89633 | 2492694 |
|  |  | 19930203 |
| Electronic Equipment, Instruments & Components - 3.9% |  |  |
| Advanced Energy Industries Inc  | 22078 | 5637838 |
| Arrow Electronics Inc (b) | 28589 | 3787757 |
| Avnet Inc  | 54161 | 3379105 |
| Badger Meter Inc  | 16866 | 2472218 |
| Belden Inc  | 23972 | 2816950 |
| Benchmark Electronics Inc (d) | 49534 | 2582703 |
| Climb Global Solutions Inc (d) | 13675 | 1621717 |
| Crane NXT Co  | 40157 | 2028732 |
| CTS Corp  | 46549 | 2393084 |
| ePlus Inc  | 30912 | 2652559 |
| Flex Ltd (b) | 148258 | 9346184 |
| Itron Inc (b) | 25553 | 2531791 |
| Kimball Electronics Inc (b) | 85986 | 2597637 |
| Littelfuse Inc  | 13286 | 4301475 |
| Mirion Technologies Inc Class A (b) | 122375 | 3039795 |
| OSI Systems Inc (b)(d) | 11400 | 2851596 |
| PC Connection Inc  | 28028 | 1648327 |
| Plexus Corp (b) | 19897 | 3966069 |
| Sanmina Corp (b) | 29151 | 4130114 |
| ScanSource Inc (b) | 44497 | 1912926 |
| TD SYNNEX Corp  | 33442 | 5306242 |
| TTM Technologies Inc (b) | 62244 | 6112361 |
| Vontier Corp  | 79872 | 2995200 |
|  |  | 80112380 |
| IT Services - 0.8% |  |  |
| Amdocs Ltd  | 51846 | 4248261 |
| DXC Technology Co (b) | 165960 | 2394803 |
| EPAM Systems Inc (b) | 26819 | 5594443 |
| Hackett Group Inc/The  | 71675 | 1308069 |
| Kyndryl Holdings Inc (b) | 109856 | 2526688 |
|  |  | 16072264 |
| Semiconductors & Semiconductor Equipment - 1.9% |  |  |
| ACM Research Inc Class A (b) | 63300 | 3678996 |
| Cirrus Logic Inc (b) | 30899 | 4027376 |
| Lattice Semiconductor Corp (b) | 71820 | 5782946 |
| MACOM Technology Solutions Holdings Inc (b) | 29156 | 6386914 |
| Photronics Inc (b) | 91374 | 3158799 |
| Qorvo Inc (b) | 46015 | 3594232 |
| Rambus Inc (b) | 53047 | 6038340 |
| Skyworks Solutions Inc  | 68299 | 3808352 |
| Universal Display Corp  | 23811 | 2733979 |
|  |  | 39209934 |
| Software - 4.1% |  |  |
| A10 Networks Inc  | 101798 | 1775357 |
| ACI Worldwide Inc (b) | 66084 | 2865402 |
| Adeia Inc  | 146391 | 2648213 |
| Alarm.com Holdings Inc (b) | 41954 | 2046516 |
| Appfolio Inc Class A (b) | 12663 | 2404450 |
| AvePoint Inc Class A (b) | 110850 | 1289186 |
| Bentley Systems Inc Class B (d) | 72410 | 2543039 |
| Box Inc Class A (b) | 89779 | 2275898 |
| Circle Internet Group Inc Class A  | 18506 | 1183088 |
| Commvault Systems Inc (b) | 21322 | 1827295 |
| Daily Journal Corp (b)(d) | 3923 | 2300330 |
| Dolby Laboratories Inc Class A  | 38620 | 2479018 |
| Dropbox Inc Class A (b) | 112294 | 2861251 |
| Dynatrace Inc (b) | 119511 | 4552174 |
| Five9 Inc (b) | 81331 | 1436305 |
| Freshworks Inc Class A (b) | 172178 | 1856079 |
| Guidewire Software Inc (b) | 32390 | 4559216 |
| Intapp Inc (b) | 53226 | 1807023 |
| InterDigital Inc  | 13686 | 4467658 |
| Klaviyo Inc Class A (b) | 79858 | 1773646 |
| LiveRamp Holdings Inc (b) | 65840 | 1603204 |
| Manhattan Associates Inc (b) | 25509 | 3852114 |
| Mitek Systems Inc (b) | 175926 | 1762779 |
| Nutanix Inc Class A (b) | 96146 | 3781422 |
| Pegasystems Inc  | 52513 | 2294293 |
| Procore Technologies Inc (b) | 53344 | 3013403 |
| Progress Software Corp (b) | 43241 | 1769422 |
| Q2 Holdings Inc (b) | 37081 | 2271211 |
| Qualys Inc (b) | 22187 | 2926465 |
| Red Violet Inc (d) | 36493 | 1659702 |
| RingCentral Inc Class A (b) | 82357 | 2131399 |
| Rubrik Inc Class A (b) | 53449 | 2990472 |
| Teradata Corp (b) | 99607 | 2840792 |
| Yext Inc (b) | 209443 | 1499612 |
|  |  | 83347434 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Pure Storage Inc Class A (b) | 121070 | 8419207 |
| TOTAL INFORMATION TECHNOLOGY |  | 247091422 |
| Materials - 3.8% |  |  |
| Chemicals - 1.3% |  |  |
| Axalta Coating Systems Ltd (b) | 114903 | 3858443 |
| Balchem Corp  | 18979 | 3229656 |
| Cabot Corp  | 35968 | 2596530 |
| Hawkins Inc  | 14258 | 1857105 |
| Mosaic Co/The  | 136312 | 3748580 |
| NewMarket Corp  | 4333 | 2906533 |
| RPM International Inc  | 51206 | 5476994 |
| Sensient Technologies Corp  | 25483 | 2408653 |
|  |  | 26082494 |
| Construction Materials - 0.4% |  |  |
| Eagle Materials Inc  | 16187 | 3299072 |
| Knife River Corp (b)(d) | 33941 | 2279817 |
| United States Lime & Minerals Inc  | 16920 | 2039368 |
|  |  | 7618257 |
| Containers & Packaging - 1.1% |  |  |
| AptarGroup Inc  | 29062 | 3631297 |
| Crown Holdings Inc  | 49693 | 5201864 |
| Greif Inc Class A  | 29665 | 2094942 |
| Myers Industries Inc  | 105696 | 2184736 |
| O-I Glass Inc (b) | 152057 | 2323431 |
| Sealed Air Corp  | 91208 | 3819791 |
| Silgan Holdings Inc  | 54255 | 2341103 |
| TriMas Corp  | 49887 | 1734571 |
|  |  | 23331735 |
| Metals & Mining - 0.8% |  |  |
| Commercial Metals Co  | 60476 | 4648790 |
| Mesabi Trust  | 52011 | 1711162 |
| Royal Gold Inc  | 29332 | 7723409 |
| SunCoke Energy Inc  | 213704 | 1679713 |
|  |  | 15763074 |
| Paper & Forest Products - 0.2% |  |  |
| Louisiana-Pacific Corp  | 34091 | 2854780 |
| Sylvamo Corp  | 40485 | 1981336 |
|  |  | 4836116 |
| TOTAL MATERIALS |  | 77631676 |
| Real Estate - 6.1% |  |  |
| Diversified REITs - 0.3% |  |  |
| Broadstone Net Lease Inc Class A  | 151923 | 2812095 |
| Essential Properties Realty Trust Inc  | 108862 | 3305050 |
|  |  | 6117145 |
| Health Care REITs - 1.2% |  |  |
| American Healthcare REIT Inc  | 85512 | 4011368 |
| CareTrust REIT Inc  | 105222 | 3928989 |
| LTC Properties Inc  | 59278 | 2161869 |
| National Health Investors Inc  | 35961 | 2953117 |
| Omega Healthcare Investors Inc  | 128681 | 5646522 |
| Sabra Health Care REIT Inc  | 156768 | 2936265 |
| Sila Realty Trust Inc  | 80139 | 1951385 |
|  |  | 23589515 |
| Hotel & Resort REITs - 0.1% |  |  |
| Apple Hospitality REIT Inc  | 200758 | 2336822 |
| Industrial REITs - 0.6% |  |  |
| EastGroup Properties Inc  | 25434 | 4619832 |
| STAG Industrial Inc Class A  | 101635 | 3812329 |
| Terreno Realty Corp  | 59314 | 3650183 |
|  |  | 12082344 |
| Office REITs - 0.8% |  |  |
| BXP Inc  | 68115 | 4404998 |
| COPT Defense Properties  | 90068 | 2774996 |
| Cousins Properties Inc  | 108127 | 2729125 |
| Equity Commonwealth (c) | 2103 | 0 |
| Highwoods Properties Inc  | 87411 | 2259574 |
| Kilroy Realty Corp  | 72953 | 2515419 |
| NET Lease Office Properties  | 45777 | 893109 |
|  |  | 15577221 |
| Real Estate Management & Development - 0.4% |  |  |
| Jones Lang LaSalle Inc (b) | 20178 | 7221908 |
| Residential REITs - 0.7% |  |  |
| American Homes 4 Rent Class A  | 139455 | 4367730 |
| Camden Property Trust  | 46699 | 5092526 |
| Equity LifeStyle Properties Inc  | 83839 | 5296110 |
|  |  | 14756366 |
| Retail REITs - 1.5% |  |  |
| Agree Realty Corp  | 54477 | 3934874 |
| Brixmor Property Group Inc  | 149398 | 4002372 |
| CBL & Associates Properties Inc  | 58413 | 2091185 |
| Getty Realty Corp  | 71644 | 2139290 |
| Kimco Realty Corp  | 280319 | 5909125 |
| NNN REIT Inc  | 95612 | 3984152 |
| Phillips Edison & Co Inc  | 82543 | 2990533 |
| Regency Centers Corp  | 71034 | 5176248 |
| SITE Centers Corp  | 150451 | 920760 |
|  |  | 31148539 |
| Specialized REITs - 0.5% |  |  |
| CubeSmart  | 111567 | 4187110 |
| EPR Properties  | 50948 | 2763420 |
| Farmland Partners Inc  | 149750 | 1738597 |
| Four Corners Property Trust Inc  | 93720 | 2310198 |
|  |  | 10999325 |
| TOTAL REAL ESTATE |  | 123829185 |
| Utilities - 2.5% |  |  |
| Electric Utilities - 1.0% |  |  |
| IDACORP Inc  | 26316 | 3494502 |
| MGE Energy Inc  | 26647 | 2128562 |
| OGE Energy Corp  | 91234 | 3985101 |
| Otter Tail Corp  | 29994 | 2674265 |
| Pinnacle West Capital Corp  | 50916 | 4763701 |
| TXNM Energy Inc  | 48351 | 2848841 |
|  |  | 19894972 |
| Gas Utilities - 0.7% |  |  |
| National Fuel Gas Co  | 42313 | 3543714 |
| New Jersey Resources Corp  | 59005 | 2919567 |
| Spire Inc  | 35784 | 3023390 |
| UGI Corp  | 100828 | 4044211 |
|  |  | 13530882 |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |
| Clearway Energy Inc Class C  | 75860 | 2742339 |
| Talen Energy Corp (b) | 17369 | 6050665 |
|  |  | 8793004 |
| Multi-Utilities - 0.4% |  |  |
| Avista Corp  | 59272 | 2447341 |
| Black Hills Corp  | 44635 | 3257462 |
| Northwestern Energy Group Inc  | 43251 | 2935013 |
|  |  | 8639816 |
| TOTAL UTILITIES |  | 50858674 |
| TOTAL UNITED STATES |  | 1966937025 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,810,590,877) |  | <br> **2033442008** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/12/2026 (f)<br>(Cost $175,797)<br>| 3.82 | 176000 | **175824** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Securities Lending Cash Central Fund (g)(h)<br>(Cost $18,316,589)<br>| 3.70 | 18314758 | **18316589** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.8%**<br> (Cost $1,829,083,263)<br>| <br>**2051934421** |
| **NET OTHER ASSETS (LIABILITIES) - (0.8)%**  | **(16551786)** |
| **NET ASSETS - 100.0%** | **2035382635** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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) | 11 | 3/2026 | 1443530 | 62360 |
| 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) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Level 3 security.

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

(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 $175,824.

(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 | 2119896 | 49861895 | 51982064 | 37745 | 273 | - | - | - | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 37837570 | 97350737 | 116871170 | 59411 | (548) | - | 18316589 | 18314758 | 0.1% |
| Total | 39957466 | 147212632 | 168853234 | 97156 | (275) | - | 18316589 |  |  |

---

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 January 31, 2026, 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 | 66857485 | 66857485 | - | - |
| Consumer Discretionary | 237708131 | 237708131 | - | - |
| Consumer Staples | 77827328 | 77827328 | - | - |
| Energy | 75887305 | 75887305 | - | - |
| Financials | 358975062 | 358975062 | - | - |
| Health Care | 229307274 | 229307274 | - | - |
| Industrials | 464740148 | 464740148 | - | - |
| Information Technology | 254728644 | 254728644 | - | - |
| Materials | 92722772 | 92722772 | - | - |
| Real Estate | 123829185 | 123829185 | - | - |
| Utilities | 50858674 | 50858674 | - | - |
|  **U.S. Treasury Obligations** | 175824 | - | 175824 | - |
|  **Money Market Funds** | 18316589 | 18316589 | - | - |
| **Total Investments in Securities:** | 2051934421 | 2051758597 | 175824 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 62360 | 62360 | - | - |
| Total Assets | 62360 | 62360 | - | - |
| **Total Derivative Instruments:** | 62360 | 62360 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 62360 | - |
| **Total Equity Risk**  | 62360 | - |
| **Total Value of Derivatives** | 62360 | - |

---

(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® Small-Mid Multifactor ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $25,776,534) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,810,766,674) | $2033617832 |  |
| Fidelity Central Funds (cost $18,316,589) | 18316589 |  |
| Total Investment in Securities (cost $1,829,083,263) |  | $2051934421 |
| Foreign currency held at value (cost $705) |  | 726 |
| Receivable for investments sold |  | 2217315 |
| Dividends receivable |  | 557533 |
| Distributions receivable from Fidelity Central Funds |  | 8283 |
| Other receivables |  | 2810 |
| **Total assets** |  | 2054721088 |
| **Liabilities** |  |  |
| Payable to custodian bank | $688961 |  |
| Payable for investments purchased  | 59249 |  |
| Accrued management fee | 251128 |  |
| Payable for daily variation margin on futures contracts | 21725 |  |
| Other payables and accrued expenses | 253 |  |
| Collateral on securities loaned | 18317137 |  |
| **Total liabilities** |  | 19338453 |
| **Net Assets**  |  | $2035382635 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1835580240 |
| Total accumulated earnings (loss) |  | 199802395 |
| **Net Assets** |  | $2035382635 |
| **Net Asset Value**, offering price and redemption price per share ($2,035,382,635 ÷ 44,600,000 shares) |  | $45.64 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $13883254 |
| Interest  |  | 4520 |
| Income from Fidelity Central Funds (including $59,411 from security lending)  |  | 97156 |
| **Total income** |  | 13984930 |
| **Expenses** |  |  |
| Management fee | $1366146 |  |
| Independent trustees' fees and expenses | 3407 |  |
| Total expenses before reductions | 1369553 |  |
| Expense reductions | (7947) |  |
| Total expenses after reductions |  | 1361606 |
| **Net Investment income (loss)** |  | 12623324 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (39989324) |  |
| Redemptions in-kind | 65482860 |  |
| Fidelity Central Funds | (275) |  |
| Futures contracts | 671694 |  |
| Total net realized gain (loss) |  | 26164955 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 123116488 |  |
| Assets and liabilities in foreign currencies | 53 |  |
| Futures contracts | (27645) |  |
| Total change in net unrealized appreciation (depreciation) |  | 123088896 |
| **Net gain (loss)** |  | 149253851 |
| **Net increase (decrease) in net assets resulting from operations** |  | $161877175 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $12623324 | $12916204 |
| &nbsp;&nbsp;Net realized gain (loss) | 26164955<br>| 14907518<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 123088896 | 61852881<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 161877175<br>| 89676603<br>|
| Distributions to shareholders | (12228200)<br>| (12818500)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 544085646 | 1323807236 |
| &nbsp;&nbsp;Cost of shares redeemed | (269650148) | (217502666) |
| **Net increase (decrease) in net assets resulting from share transactions** | 274435498<br>| 1106304570<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 424084473<br>| 1183162673<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1611298162 | 428135489<br>|
| &nbsp;&nbsp;End of period | $2035382635 | $1611298162 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 12400000 | 33400000 |
| &nbsp;&nbsp;Redeemed | (6300000) | (5400000) |
| &nbsp;&nbsp;Net increase (decrease) | 6100000 | 28000000 |

---

**Financial Highlights** 

**Fidelity® Small-Mid Multifactor ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $41.85 | $40.77 | $34.72 | $32.70 | $33.97 | $23.90 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .30  | .57  | .51  | .53  | .45  | .38  |
| Net realized and unrealized gain (loss)  | 3.79  | 1.07  | 6.04  | 2.01  | (1.26)  | 10.11  |
| Total from investment operations  | 4.09  | 1.64  | 6.55  | 2.54  | (.81)  | 10.49  |
| Distributions from net investment income  | (.30)  | (.56)  | (.50)  | (.52)  | (.46)  | (.42)  |
| Total distributions  | (.30)  | (.56)  | (.50)  | (.52)  | (.46)  | (.42)  |
| Net asset value, end of period  | $45.64 | $41.85 | $40.77 | $34.72 | $32.70 | $33.97 |
| **Total Return** C,D,E | 9.78% <br>| 4.08%  | 19.10%  | 7.92%  | (2.35)%  | 44.21%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .15% H | .15%  | .18%  | .29%  | .29%  | .29%  |
| Expenses net of fee waivers, if any  | .15% H<br>| .15%  | .18%  | .29%  | .29%  | .29%  |
| Expenses net of all reductions, if any  | .15% H | .15%  | .18%  | .29%  | .29%  | .29%  |
| Net investment income (loss)  | 1.39% H | 1.41%  | 1.41%  | 1.65%  | 1.35%  | 1.23%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2035383 | $1611298 | $428135 | $124976 | $71949 | $67939 |
| Portfolio turnover rate I,J | 52% H<br>| 38%  | 50%  | 65%  | 60%  | 61%  |

---

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

B*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.*

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

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

E*Based on net asset value.*

F*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.*

G*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.*

H*Annualized.*

I*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.* 

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

**Fidelity® Stocks for Inflation ETF**

**Schedule of Investments January 31, 2026 (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>|
| UNITED STATES - 99.8%  |  |  |
| Communication Services - 5.0% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| AT&T Inc  | 17711 | 464205 |
| Comcast Corp Class A  | 10692 | 318087 |
| Verizon Communications Inc  | 10652 | 474227 |
|  |  | 1256519 |
| Entertainment - 0.3% |  |  |
| Netflix Inc (b) | 8713 | 727448 |
| Interactive Media & Services - 3.9% |  |  |
| Alphabet Inc Class A  | 19376 | 6549089 |
| Meta Platforms Inc Class A  | 4022 | 2881763 |
|  |  | 9430852 |
| Media - 0.2% |  |  |
| Fox Corp Class A  | 3034 | 220815 |
| Nexstar Media Group Inc  | 778 | 165232 |
| Versant Media Group Inc Class A  | 427 | 13911 |
|  |  | 399958 |
| Wireless Telecommunication Services - 0.1% |  |  |
| T-Mobile US Inc  | 1415 | 279052 |
| TOTAL COMMUNICATION SERVICES |  | 12093829 |
| Consumer Discretionary - 5.0% |  |  |
| Diversified Consumer Services - 0.3% |  |  |
| Stride Inc (b) | 8493 | 718507 |
| Hotels, Restaurants & Leisure - 4.2% |  |  |
| Airbnb Inc Class A (b) | 8994 | 1163554 |
| Booking Holdings Inc  | 260 | 1300478 |
| Boyd Gaming Corp  | 12822 | 1083972 |
| Brinker International Inc (b) | 6930 | 1093000 |
| Darden Restaurants Inc  | 5577 | 1111775 |
| Expedia Group Inc Class A  | 6223 | 1648099 |
| McDonald's Corp  | 5003 | 1575945 |
| Royal Caribbean Cruises Ltd  | 3885 | 1261265 |
|  |  | 10238088 |
| Specialty Retail - 0.5% |  |  |
| AutoZone Inc (b) | 319 | 1181669 |
| TOTAL CONSUMER DISCRETIONARY |  | 12138264 |
| Consumer Staples - 8.7% |  |  |
| Food Products - 1.2% |  |  |
| Cal-Maine Foods Inc  | 35462 | 2962141 |
| Household Products - 3.5% |  |  |
| Kimberly-Clark Corp  | 32741 | 3273773 |
| Procter & Gamble Co/The  | 34977 | 5308459 |
|  |  | 8582232 |
| Tobacco - 4.0% |  |  |
| Altria Group Inc  | 69735 | 4322873 |
| Philip Morris International Inc  | 29826 | 5351977 |
|  |  | 9674850 |
| TOTAL CONSUMER STAPLES |  | 21219223 |
| Energy - 7.9% |  |  |
| Oil, Gas & Consumable Fuels - 7.9% |  |  |
| Antero Midstream Corp  | 322641 | 6072104 |
| Cheniere Energy Inc  | 25842 | 5466100 |
| CNX Resources Corp (b) | 195108 | 7570190 |
| TOTAL ENERGY |  | 19108394 |
| Financials - 8.6% |  |  |
| Banks - 0.4% |  |  |
| Bank OZK  | 24237 | 1152712 |
| Capital Markets - 2.3% |  |  |
| Ameriprise Financial Inc  | 2515 | 1325883 |
| CME Group Inc Class A  | 5130 | 1482878 |
| Interactive Brokers Group Inc Class A  | 19099 | 1430133 |
| Robinhood Markets Inc Class A (b) | 13220 | 1315125 |
|  |  | 5554019 |
| Consumer Finance - 1.2% |  |  |
| Capital One Financial Corp  | 7065 | 1546741 |
| Synchrony Financial  | 17899 | 1300004 |
|  |  | 2846745 |
| Financial Services - 3.0% |  |  |
| Essent Group Ltd  | 21361 | 1344034 |
| Mastercard Inc Class A  | 4074 | 2195030 |
| MGIC Investment Corp  | 46222 | 1244296 |
| Visa Inc Class A  | 7615 | 2450736 |
|  |  | 7234096 |
| Insurance - 1.7% |  |  |
| Axis Capital Holdings Ltd  | 12771 | 1317712 |
| Travelers Companies Inc/The  | 5098 | 1450432 |
| Unum Group  | 16854 | 1280398 |
|  |  | 4048542 |
| TOTAL FINANCIALS |  | 20836114 |
| Health Care - 14.6% |  |  |
| Biotechnology - 5.8% |  |  |
| Exelixis Inc (b) | 91183 | 3771329 |
| Gilead Sciences Inc  | 33801 | 4798052 |
| United Therapeutics Corp (b) | 12058 | 5661111 |
|  |  | 14230492 |
| Health Care Providers & Services - 3.7% |  |  |
| Cardinal Health Inc  | 21943 | 4715112 |
| McKesson Corp  | 5183 | 4308161 |
|  |  | 9023273 |
| Health Care Technology - 0.9% |  |  |
| Doximity Inc Class A (b) | 56084 | 2101467 |
| Pharmaceuticals - 4.2% |  |  |
| Bristol-Myers Squibb Co  | 83120 | 4575757 |
| Corcept Therapeutics Inc (b) | 48967 | 1952314 |
| Royalty Pharma PLC Class A  | 90102 | 3755451 |
|  |  | 10283522 |
| TOTAL HEALTH CARE |  | 35638754 |
| Industrials - 4.9% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| GE Aerospace  | 5462 | 1675687 |
| Construction & Engineering - 0.5% |  |  |
| Sterling Infrastructure Inc (b) | 3603 | 1289550 |
| Electrical Equipment - 0.8% |  |  |
| Nextpower Inc Class A (b) | 16553 | 1938191 |
| Machinery - 1.1% |  |  |
| Mueller Industries Inc  | 11320 | 1541105 |
| Snap-on Inc  | 3051 | 1117001 |
|  |  | 2658106 |
| Passenger Airlines - 0.5% |  |  |
| United Airlines Holdings Inc (b) | 11346 | 1160923 |
| Professional Services - 1.3% |  |  |
| Automatic Data Processing Inc  | 3812 | 940878 |
| Genpact Ltd  | 21839 | 963100 |
| Paychex Inc  | 7164 | 738823 |
| Paycom Software Inc  | 4188 | 564333 |
|  |  | 3207134 |
| TOTAL INDUSTRIALS |  | 11929591 |
| Information Technology - 27.8% |  |  |
| Communications Equipment - 0.7% |  |  |
| Cisco Systems Inc  | 18304 | 1433569 |
| F5 Inc (b) | 1378 | 379791 |
|  |  | 1813360 |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Amphenol Corp Class A  | 7406 | 1067056 |
| Arrow Electronics Inc (b) | 3391 | 449274 |
| Flex Ltd (b) | 8731 | 550402 |
| Jabil Inc  | 2021 | 479361 |
|  |  | 2546093 |
| IT Services - 1.1% |  |  |
| Amdocs Ltd  | 4742 | 388559 |
| Cognizant Technology Solutions Corp Class A  | 6799 | 557926 |
| IBM Corporation  | 4470 | 1370950 |
| VeriSign Inc  | 1662 | 405910 |
|  |  | 2723345 |
| Semiconductors & Semiconductor Equipment - 11.5% |  |  |
| Broadcom Inc  | 16416 | 5438621 |
| KLA Corp  | 851 | 1215177 |
| Lam Research Corp  | 8063 | 1882388 |
| Micron Technology Inc  | 7025 | 2914532 |
| NVIDIA Corp  | 80638 | 15412341 |
| QUALCOMM Inc  | 6081 | 921818 |
|  |  | 27784877 |
| Software - 8.2% |  |  |
| ACI Worldwide Inc (b) | 9122 | 395530 |
| Adobe Inc (b) | 2418 | 709079 |
| AppLovin Corp Class A (b) | 1670 | 790094 |
| Crowdstrike Holdings Inc Class A (b) | 1624 | 716842 |
| Docusign Inc (b) | 5595 | 293961 |
| Dolby Laboratories Inc Class A  | 5160 | 331220 |
| Dropbox Inc Class A (b) | 14393 | 366734 |
| Fortinet Inc (b) | 5788 | 470333 |
| InterDigital Inc  | 1532 | 500106 |
| Intuit Inc  | 1376 | 686514 |
| Microsoft Corp  | 24637 | 10601055 |
| Palantir Technologies Inc Class A (b) | 9212 | 1350387 |
| Qualys Inc (b) | 2926 | 385939 |
| Salesforce Inc  | 4537 | 963160 |
| Servicenow Inc (b) | 5315 | 621908 |
| Zoom Communications Inc Class A (b) | 5894 | 542837 |
|  |  | 19725699 |
| Technology Hardware, Storage & Peripherals - 5.3% |  |  |
| Apple Inc  | 49900 | 12948052 |
| TOTAL INFORMATION TECHNOLOGY |  | 67541426 |
| Materials - 9.2% |  |  |
| Chemicals - 3.2% |  |  |
| CF Industries Holdings Inc  | 84636 | 7890614 |
| Metals & Mining - 6.0% |  |  |
| Newmont Corp  | 129826 | 14585951 |
| TOTAL MATERIALS |  | 22476565 |
| Real Estate - 4.4% |  |  |
| Retail REITs - 2.6% |  |  |
| Simon Property Group Inc  | 32452 | 6208392 |
| Specialized REITs - 1.8% |  |  |
| VICI Properties Inc  | 161203 | 4526580 |
| TOTAL REAL ESTATE |  | 10734972 |
| Utilities - 3.7% |  |  |
| Electric Utilities - 2.0% |  |  |
| NRG Energy Inc  | 32392 | 4943991 |
| Independent Power and Renewable Electricity Producers - 1.7% |  |  |
| Vistra Corp  | 26664 | 4222244 |
| TOTAL UTILITIES |  | 9166235 |
| TOTAL UNITED STATES |  | 242883367 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $195,415,847) |  | <br> **242883367** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/12/2026 (d)<br>(Cost $17,979)<br>| 3.82 | 18000 | **17982** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (e)<br>(Cost $190,897)<br>| 3.70 | 190859 | **190897** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $195,624,723)<br>| <br>**243092246** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **274371** |
| **NET ASSETS - 100.0%** | **243366617** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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) | 13 | 3/2026 | 452774 | 2546 |
| 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) 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 $17,982.

(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 | 64375 | 3842714 | 3716225 | 4582 | 33 | - | 190897 | 190859 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 3731825 | 26893370 | 30625696 | 2648 | 501 | - | - | - | 0.0% |
| Total | 3796200 | 30736084 | 34341921 | 7230 | 534 | - | 190897 |  |  |

---

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 January 31, 2026, 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 | 12093829 | 12093829 | - | - |
| Consumer Discretionary | 12138264 | 12138264 | - | - |
| Consumer Staples | 21219223 | 21219223 | - | - |
| Energy | 19108394 | 19108394 | - | - |
| Financials | 20836114 | 20836114 | - | - |
| Health Care | 35638754 | 35638754 | - | - |
| Industrials | 11929591 | 11929591 | - | - |
| Information Technology | 67541426 | 67541426 | - | - |
| Materials | 22476565 | 22476565 | - | - |
| Real Estate | 10734972 | 10734972 | - | - |
| Utilities | 9166235 | 9166235 | - | - |
|  **U.S. Treasury Obligations** | 17982 | - | 17982 | - |
|  **Money Market Funds** | 190897 | 190897 | - | - |
| **Total Investments in Securities:** | 243092246 | 243074264 | 17982 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 2546 | 2546 | - | - |
| Total Assets | 2546 | 2546 | - | - |
| **Total Derivative Instruments:** | 2546 | 2546 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 2546 | - |
| **Total Equity Risk**  | 2546 | - |
| **Total Value of Derivatives** | 2546 | - |

---

(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® Stocks for Inflation ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $195,433,826) | $242901349 |  |
| Fidelity Central Funds (cost $190,897) | 190897 |  |
| Total Investment in Securities (cost $195,624,723) |  | $243092246 |
| Segregated cash with brokers for derivative instruments |  | 31910 |
| Cash |  | 42435 |
| Dividends receivable |  | 231526 |
| Distributions receivable from Fidelity Central Funds |  | 688 |
| **Total assets** |  | 243398805 |
| **Liabilities** |  |  |
| Accrued management fee | $30433 |  |
| Payable for daily variation margin on futures contracts | 1755 |  |
| **Total liabilities** |  | 32188 |
| **Net Assets**  |  | $243366617 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $220037017 |
| Total accumulated earnings (loss) |  | 23329600 |
| **Net Assets** |  | $243366617 |
| **Net Asset Value**, offering price and redemption price per share ($243,366,617 ÷ 4,800,000 shares) |  | $50.70 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $1923311 |
| Interest  |  | 596 |
| Income from Fidelity Central Funds (including $2,648 from security lending)  |  | 7230 |
| **Total income** |  | 1931137 |
| **Expenses** |  |  |
| Management fee | $181252 |  |
| Independent trustees' fees and expenses | 479 |  |
| Total expenses before reductions | 181731 |  |
| Expense reductions | (116) |  |
| Total expenses after reductions |  | 181615 |
| **Net Investment income (loss)** |  | 1749522 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (5148820) |  |
| Redemptions in-kind | 9027797 |  |
| Fidelity Central Funds | 534 |  |
| Futures contracts | 19801 |  |
| Total net realized gain (loss) |  | 3899312 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 13783603 |  |
| Futures contracts | 1655 |  |
| Total change in net unrealized appreciation (depreciation) |  | 13785258 |
| **Net gain (loss)** |  | 17684570 |
| **Net increase (decrease) in net assets resulting from operations** |  | $19434092 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1749522 | $3045424 |
| &nbsp;&nbsp;Net realized gain (loss) | 3899312<br>| 24387828<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 13785258 | (235979)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 19434092<br>| 27197273<br>|
| Distributions to shareholders | (2441750)<br>| (3048450)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 38574128 | 139590678 |
| &nbsp;&nbsp;Cost of shares redeemed | (38491177) | (117695332) |
| **Net increase (decrease) in net assets resulting from share transactions** | 82951<br>| 21895346<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 17075293<br>| 46044169<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 226291324 | 180247155<br>|
| &nbsp;&nbsp;End of period | $243366617 | $226291324 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 800000 | 3150000 |
| &nbsp;&nbsp;Redeemed | (800000) | (2700000) |
| &nbsp;&nbsp;Net increase (decrease) | - | 450000 |

---

**Financial Highlights** 

**Fidelity® Stocks for Inflation ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $47.14 | $41.44 | $33.52 | $31.75 | $30.72 | $24.07 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .66  | .58  | .61  | .54  | .39  |
| Net realized and unrealized gain (loss)  | 3.70  | 5.69  | 7.92  | 1.80  | 1.00  | 7.08  |
| Total from investment operations  | 4.06  | 6.35  | 8.50  | 2.41  | 1.54  | 7.47  |
| Distributions from net investment income  | (.50)  | (.65)  | (.58)  | (.64)  | (.51)  | (.82)  |
| Total distributions  | (.50)  | (.65)  | (.58)  | (.64)  | (.51)  | (.82)  |
| Net asset value, end of period  | $50.70 | $47.14 | $41.44 | $33.52 | $31.75 | $30.72 |
| **Total Return** C,D,E | 8.62% <br>| 15.48%  | 25.59%  | 7.77%  | 5.03%  | 31.78%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .15% H | .15%  | .19%  | .29%  | .29%  | .29%  |
| Expenses net of fee waivers, if any  | .15% H<br>| .15%  | .19%  | .29%  | .29%  | .29%  |
| Expenses net of all reductions, if any  | .15% H | .15%  | .19%  | .29%  | .29%  | .29%  |
| Net investment income (loss)  | 1.45% H | 1.49%  | 1.60%  | 1.95%  | 1.68%  | 1.34%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $243367 | $226291 | $180247 | $147499 | $260379 | $46083 |
| Portfolio turnover rate I,J | 66% H<br>| 77%  | 76%  | 105%  | 76%  | 52%  |

---

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

B*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.*

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

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

E*Based on net asset value.*

F*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.*

G*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.*

H*Annualized.*

I*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.* 

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

**Fidelity® U.S. Multifactor ETF**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.5%** | &nbsp;&nbsp;**Common Stocks - 98.5%** | &nbsp;&nbsp;**Common Stocks - 98.5%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 98.5%  |  |  |
| Communication Services - 10.6% |  |  |
| Diversified Telecommunication Services - 1.2% |  |  |
| AT&T Inc  | 43090 | 1129389 |
| Comcast Corp Class A  | 25140 | 747915 |
| Verizon Communications Inc  | 25861 | 1151332 |
|  |  | 3028636 |
| Entertainment - 0.6% |  |  |
| Netflix Inc (b) | 21088 | 1760637 |
| Interactive Media & Services - 8.3% |  |  |
| Alphabet Inc Class A  | 46601 | 15751138 |
| Meta Platforms Inc Class A  | 9760 | 6993040 |
|  |  | 22744178 |
| Media - 0.3% |  |  |
| Fox Corp Class A  | 7326 | 533186 |
| Nexstar Media Group Inc  | 1858 | 394602 |
| Versant Media Group Inc Class A  | 902 | 29387 |
|  |  | 957175 |
| Wireless Telecommunication Services - 0.2% |  |  |
| T-Mobile US Inc  | 3361 | 662823 |
| TOTAL COMMUNICATION SERVICES |  | 29153449 |
| Consumer Discretionary - 9.2% |  |  |
| Diversified Consumer Services - 2.8% |  |  |
| Frontdoor Inc (b) | 39092 | 2310728 |
| Grand Canyon Education Inc (b) | 13589 | 2362312 |
| H&R Block Inc  | 42469 | 1675402 |
| Stride Inc (b)(c) | 17750 | 1501650 |
|  |  | 7850092 |
| Hotels, Restaurants & Leisure - 2.2% |  |  |
| Booking Holdings Inc  | 547 | 2736006 |
| McDonald's Corp  | 10602 | 3339630 |
|  |  | 6075636 |
| Specialty Retail - 4.2% |  |  |
| AutoZone Inc (b) | 667 | 2470761 |
| Home Depot Inc/The  | 10365 | 3882626 |
| O'Reilly Automotive Inc (b) | 26642 | 2621840 |
| Williams-Sonoma Inc  | 12491 | 2556283 |
|  |  | 11531510 |
| TOTAL CONSUMER DISCRETIONARY |  | 25457238 |
| Consumer Staples - 4.7% |  |  |
| Household Products - 2.7% |  |  |
| Colgate-Palmolive Co  | 25985 | 2346186 |
| Kimberly-Clark Corp  | 16244 | 1624237 |
| Procter & Gamble Co/The  | 22374 | 3395702 |
|  |  | 7366125 |
| Tobacco - 2.0% |  |  |
| Altria Group Inc  | 37464 | 2322393 |
| Philip Morris International Inc  | 18008 | 3231356 |
|  |  | 5553749 |
| TOTAL CONSUMER STAPLES |  | 12919874 |
| Energy - 3.2% |  |  |
| Oil, Gas & Consumable Fuels - 3.2% |  |  |
| Antero Midstream Corp  | 138878 | 2613684 |
| Coterra Energy Inc  | 105568 | 3045637 |
| DT Midstream Inc  | 24949 | 3144073 |
| TOTAL ENERGY |  | 8803394 |
| Financials - 13.1% |  |  |
| Capital Markets - 2.6% |  |  |
| Ameriprise Financial Inc  | 4239 | 2234758 |
| CME Group Inc Class A  | 8885 | 2568299 |
| Interactive Brokers Group Inc Class A  | 32921 | 2465124 |
|  |  | 7268181 |
| Consumer Finance - 1.7% |  |  |
| Capital One Financial Corp  | 12014 | 2630225 |
| Synchrony Financial  | 30491 | 2214561 |
|  |  | 4844786 |
| Financial Services - 4.6% |  |  |
| Essent Group Ltd  | 37203 | 2340813 |
| Mastercard Inc Class A  | 7157 | 3856120 |
| MGIC Investment Corp  | 80489 | 2166764 |
| Visa Inc Class A  | 13260 | 4267466 |
|  |  | 12631163 |
| Insurance - 4.2% |  |  |
| Hartford Insurance Group Inc/The  | 17876 | 2414333 |
| Progressive Corp/The  | 10941 | 2275728 |
| Travelers Companies Inc/The  | 8892 | 2529863 |
| Unum Group  | 29181 | 2216881 |
| W R Berkley Corp  | 31221 | 2141135 |
|  |  | 11577940 |
| TOTAL FINANCIALS |  | 36322070 |
| Health Care - 9.9% |  |  |
| Biotechnology - 4.9% |  |  |
| AbbVie Inc  | 18307 | 4082644 |
| Exelixis Inc (b) | 56911 | 2353839 |
| Gilead Sciences Inc  | 23281 | 3304738 |
| United Therapeutics Corp (b) | 7544 | 3541833 |
|  |  | 13283054 |
| Health Care Providers & Services - 0.8% |  |  |
| Molina Healthcare Inc (b) | 12982 | 2331437 |
| Pharmaceuticals - 4.2% |  |  |
| Bristol-Myers Squibb Co  | 54928 | 3023786 |
| Corcept Therapeutics Inc (b) | 30299 | 1208021 |
| Johnson & Johnson  | 22609 | 5137896 |
| Royalty Pharma PLC Class A  | 56136 | 2339748 |
|  |  | 11709451 |
| TOTAL HEALTH CARE |  | 27323942 |
| Industrials - 9.9% |  |  |
| Aerospace & Defense - 1.4% |  |  |
| Lockheed Martin Corp  | 6307 | 4000026 |
| Construction & Engineering - 1.0% |  |  |
| EMCOR Group Inc  | 3803 | 2740936 |
| Machinery - 4.5% |  |  |
| Allison Transmission Holdings Inc  | 25688 | 2792286 |
| Mueller Industries Inc  | 27402 | 3730508 |
| PACCAR Inc  | 25276 | 3106673 |
| Snap-on Inc  | 7330 | 2683586 |
|  |  | 12313053 |
| Professional Services - 3.0% |  |  |
| Automatic Data Processing Inc  | 9132 | 2253960 |
| Genpact Ltd  | 52858 | 2331038 |
| Paychex Inc  | 17114 | 1764967 |
| Verisk Analytics Inc  | 8909 | 1937351 |
|  |  | 8287316 |
| TOTAL INDUSTRIALS |  | 27341331 |
| Information Technology - 31.2% |  |  |
| Communications Equipment - 0.8% |  |  |
| Cisco Systems Inc  | 25434 | 1991991 |
| F5 Inc (b) | 2009 | 553700 |
|  |  | 2545691 |
| Electronic Equipment, Instruments & Components - 1.6% |  |  |
| Amphenol Corp Class A  | 10389 | 1496847 |
| Arrow Electronics Inc (b) | 4882 | 646815 |
| Avnet Inc  | 10786 | 672939 |
| Flex Ltd (b) | 12491 | 787433 |
| Jabil Inc  | 2889 | 685242 |
|  |  | 4289276 |
| IT Services - 2.2% |  |  |
| Accenture PLC Class A  | 4771 | 1257826 |
| Akamai Technologies Inc (b) | 7801 | 757867 |
| Amdocs Ltd  | 7182 | 588493 |
| Cognizant Technology Solutions Corp Class A  | 9891 | 811655 |
| IBM Corporation  | 6206 | 1903381 |
| VeriSign Inc  | 2555 | 624008 |
|  |  | 5943230 |
| Semiconductors & Semiconductor Equipment - 11.2% |  |  |
| Broadcom Inc  | 22080 | 7315104 |
| KLA Corp  | 1193 | 1703532 |
| NVIDIA Corp  | 107412 | 20529657 |
| QUALCOMM Inc  | 8433 | 1278358 |
|  |  | 30826651 |
| Software - 9.1% |  |  |
| ACI Worldwide Inc (b) | 13882 | 601924 |
| Adobe Inc (b) | 3429 | 1005554 |
| AppLovin Corp Class A (b) | 2380 | 1126002 |
| Cadence Design Systems Inc (b) | 2708 | 802543 |
| Dolby Laboratories Inc Class A  | 8190 | 525716 |
| Dropbox Inc Class A (b) | 21814 | 555821 |
| Fortinet Inc (b) | 8390 | 681771 |
| Gen Digital Inc  | 22086 | 529843 |
| InterDigital Inc  | 2288 | 746895 |
| Intuit Inc  | 1936 | 965909 |
| Microsoft Corp  | 32603 | 14028745 |
| Qualys Inc (b) | 4441 | 585768 |
| Salesforce Inc  | 6269 | 1330846 |
| Servicenow Inc (b) | 7342 | 859087 |
| Zoom Communications Inc Class A (b) | 8722 | 803296 |
|  |  | 25149720 |
| Technology Hardware, Storage & Peripherals - 6.3% |  |  |
| Apple Inc  | 66550 | 17268394 |
| TOTAL INFORMATION TECHNOLOGY |  | 86022962 |
| Materials - 2.8% |  |  |
| Chemicals - 0.9% |  |  |
| CF Industries Holdings Inc  | 28419 | 2649503 |
| Metals & Mining - 1.9% |  |  |
| Newmont Corp  | 46284 | 5200008 |
| TOTAL MATERIALS |  | 7849511 |
| Real Estate - 2.0% |  |  |
| Health Care REITs - 0.7% |  |  |
| Omega Healthcare Investors Inc  | 46555 | 2042833 |
| Specialized REITs - 1.3% |  |  |
| Public Storage  | 6950 | 1919521 |
| VICI Properties Inc  | 57094 | 1603199 |
|  |  | 3522720 |
| TOTAL REAL ESTATE |  | 5565553 |
| Utilities - 1.9% |  |  |
| Gas Utilities - 1.0% |  |  |
| National Fuel Gas Co  | 33766 | 2827903 |
| Independent Power and Renewable Electricity Producers - 0.9% |  |  |
| Vistra Corp  | 15153 | 2399477 |
| TOTAL UTILITIES |  | 5227380 |
| TOTAL UNITED STATES |  | 271986704 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $229,882,744) |  | <br> **271986704** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/12/2026 (e)<br>(Cost $27,968)<br>| 3.82 | 28000 | **27972** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (f) | 3.70 | 3748915 | 3749665 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.70 | 394411 | 394450 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $4,144,115) |  |  | **4144115** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $234,054,827)<br>| <br>**276158791** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **81842** |
| **NET ASSETS - 100.0%** | **276240633** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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) | 120 | 3/2026 | 4179450 | 50965 |
| The notional amount of long futures as a percentage of Net Assets is 1.5%. | The notional amount of long futures as a percentage of Net Assets is 1.5%. | The notional amount of long futures as a percentage of Net Assets is 1.5%. | The notional amount of long futures as a percentage of Net Assets is 1.5%. | The notional amount of long futures as a percentage of Net Assets is 1.5%. |

---

**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 $27,972.

(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 | 187012 | 13442541 | 9879994 | 59006 | 106 | - | 3749665 | 3748915 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 700700 | 20745886 | 21052303 | 1393 | 167 | - | 394450 | 394411 | 0.0% |
| Total | 887712 | 34188427 | 30932297 | 60399 | 273 | - | 4144115 |  |  |

---

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 January 31, 2026, 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 | 29153449 | 29153449 | - | - |
| Consumer Discretionary | 25457238 | 25457238 | - | - |
| Consumer Staples | 12919874 | 12919874 | - | - |
| Energy | 8803394 | 8803394 | - | - |
| Financials | 36322070 | 36322070 | - | - |
| Health Care | 27323942 | 27323942 | - | - |
| Industrials | 27341331 | 27341331 | - | - |
| Information Technology | 86022962 | 86022962 | - | - |
| Materials | 7849511 | 7849511 | - | - |
| Real Estate | 5565553 | 5565553 | - | - |
| Utilities | 5227380 | 5227380 | - | - |
|  **U.S. Treasury Obligations** | 27972 | - | 27972 | - |
|  **Money Market Funds** | 4144115 | 4144115 | - | - |
| **Total Investments in Securities:** | 276158791 | 276130819 | 27972 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 50965 | 50965 | - | - |
| Total Assets | 50965 | 50965 | - | - |
| **Total Derivative Instruments:** | 50965 | 50965 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 50965 | - |
| **Total Equity Risk**  | 50965 | - |
| **Total Value of Derivatives** | 50965 | - |

---

(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® U.S. Multifactor ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $389,160) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $229,910,712) | $272014676 |  |
| Fidelity Central Funds (cost $4,144,115) | 4144115 |  |
| Total Investment in Securities (cost $234,054,827) |  | $276158791 |
| Segregated cash with brokers for derivative instruments |  | 245101 |
| Cash |  | 35163 |
| Dividends receivable |  | 223907 |
| Distributions receivable from Fidelity Central Funds |  | 22596 |
| **Total assets** |  | 276685558 |
| **Liabilities** |  |  |
| Accrued management fee | $34275 |  |
| Payable for daily variation margin on futures contracts | 16200 |  |
| Collateral on securities loaned | 394450 |  |
| **Total liabilities** |  | 444925 |
| **Net Assets**  |  | $276240633 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $238052337 |
| Total accumulated earnings (loss) |  | 38188296 |
| **Net Assets** |  | $276240633 |
| **Net Asset Value**, offering price and redemption price per share ($276,240,633 ÷ 7,150,000 shares) |  | $38.64 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $2081549 |
| Interest  |  | 3054 |
| Income from Fidelity Central Funds (including $1,393 from security lending)  |  | 60399 |
| **Total income** |  | 2145002 |
| **Expenses** |  |  |
| Management fee | $202265 |  |
| Independent trustees' fees and expenses | 520 |  |
| Total expenses before reductions | 202785 |  |
| Expense reductions | (339) |  |
| Total expenses after reductions |  | 202446 |
| **Net Investment income (loss)** |  | 1942556 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (3414363) |  |
| Redemptions in-kind | 6021204 |  |
| Fidelity Central Funds | 273 |  |
| Futures contracts | 94503 |  |
| Total net realized gain (loss) |  | 2701617 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 14608638 |  |
| Futures contracts | 33291 |  |
| Total change in net unrealized appreciation (depreciation) |  | 14641929 |
| **Net gain (loss)** |  | 17343546 |
| **Net increase (decrease) in net assets resulting from operations** |  | $19286102 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1942556 | $2818569 |
| &nbsp;&nbsp;Net realized gain (loss) | 2701617<br>| 10559881<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 14641929 | 9060183<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 19286102<br>| 22438633<br>|
| Distributions to shareholders | (2092750)<br>| (2793900)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 31587156 | 166065180 |
| &nbsp;&nbsp;Cost of shares redeemed | (20390807) | (59597749) |
| **Net increase (decrease) in net assets resulting from share transactions** | 11196349<br>| 106467431<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 28389701<br>| 126112164<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 247850932 | 121738768<br>|
| &nbsp;&nbsp;End of period | $276240633 | $247850932 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 850000 | 4850000 |
| &nbsp;&nbsp;Redeemed | (550000) | (1750000) |
| &nbsp;&nbsp;Net increase (decrease) | 300000 | 3100000 |

---

**Financial Highlights** 

**Fidelity® U.S. Multifactor ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021** A  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $36.18 | $32.46 | $26.66 | $24.46 | $25.54 | $20.09 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .27  | .50  | .41  | .41  | .41  | .31 D |
| Net realized and unrealized gain (loss)  | 2.48  | 3.73  | 5.78  | 2.19  | (1.09)  | 5.62  |
| Total from investment operations  | 2.75  | 4.23  | 6.19  | 2.60  | (.68)  | 5.93  |
| Distributions from net investment income  | (.29)  | (.51)  | (.39)  | (.40)  | (.40)  | (.48)  |
| Total distributions  | (.29)  | (.51)  | (.39)  | (.40)  | (.40)  | (.48)  |
| Net asset value, end of period  | $38.64 | $36.18 | $32.46 | $26.66 | $24.46 | $25.54 |
| **Total Return** E,F,G | 7.60% <br>| 13.15%  | 23.46%  | 10.78%  | (2.64)%  | 29.94%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .15% J | .15%  | .18%  | .29%  | .29%  | .29% J |
| Expenses net of fee waivers, if any  | .15% J<br>| .15%  | .18%  | .29%  | .29%  | .29% J |
| Expenses net of all reductions, if any  | .15% J | .15%  | .18%  | .29%  | .29%  | .29% J |
| Net investment income (loss)  | 1.44% J | 1.47%  | 1.42%  | 1.66%  | 1.63%  | 1.56% D,J |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $276241 | $247851 | $121739 | $34653 | $14676 | $11491 |
| Portfolio turnover rate K,L | 32% J<br>| 43%  | 42%  | 45%  | 46%  | 30% M |

---

A*For the period September 15, 2020 (commencement of operations) through July 31, 2021.*

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 $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.33%.*

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

L*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.* 

M*Amount not annualized.*

**Fidelity® Value Factor ETF**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.4%** | &nbsp;&nbsp;**Common Stocks - 95.4%** | &nbsp;&nbsp;**Common Stocks - 95.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Anglogold Ashanti Plc  | 33469 | 3108266 |
| UNITED STATES - 95.1%  |  |  |
| Communication Services - 9.7% |  |  |
| Diversified Telecommunication Services - 1.4% |  |  |
| AT&T Inc  | 215668 | 5652658 |
| Comcast Corp Class A  | 146662 | 4363195 |
| Verizon Communications Inc  | 133633 | 5949341 |
|  |  | 15965194 |
| Entertainment - 0.5% |  |  |
| Walt Disney Co/The  | 52857 | 5962270 |
| Interactive Media & Services - 7.6% |  |  |
| Alphabet Inc Class A  | 172912 | 58444256 |
| Meta Platforms Inc Class A  | 39243 | 28117610 |
|  |  | 86561866 |
| Media - 0.2% |  |  |
| Charter Communications Inc Class A (b)(c) | 10750 | 2215790 |
| Versant Media Group Inc Class A  | 5864 | 191048 |
|  |  | 2406838 |
| TOTAL COMMUNICATION SERVICES |  | 110896168 |
| Consumer Discretionary - 9.9% |  |  |
| Automobiles - 3.1% |  |  |
| Ford Motor Co  | 347172 | 4818747 |
| General Motors Co  | 75202 | 6316968 |
| Tesla Inc (b) | 55299 | 23801243 |
|  |  | 34936958 |
| Broadline Retail - 3.5% |  |  |
| Amazon.com Inc (b) | 165899 | 39699631 |
| Diversified Consumer Services - 0.1% |  |  |
| H&R Block Inc  | 59244 | 2337175 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Booking Holdings Inc  | 1118 | 5592057 |
| Expedia Group Inc Class A  | 19467 | 5155640 |
| McDonald's Corp  | 22430 | 7065451 |
| Royal Caribbean Cruises Ltd  | 13794 | 4478222 |
|  |  | 22291370 |
| Specialty Retail - 1.2% |  |  |
| Gap Inc/The  | 162693 | 4552150 |
| Home Depot Inc/The  | 25053 | 9384603 |
|  |  | 13936753 |
| TOTAL CONSUMER DISCRETIONARY |  | 113201887 |
| Consumer Staples - 4.1% |  |  |
| Beverages - 0.5% |  |  |
| PepsiCo Inc  | 40759 | 6261805 |
| Consumer Staples Distribution & Retail - 1.6% |  |  |
| Albertsons Cos Inc Class A  | 143220 | 2384613 |
| Costco Wholesale Corp  | 10470 | 9844418 |
| Kroger Co/The  | 45481 | 2858481 |
| Target Corp  | 32675 | 3446232 |
|  |  | 18533744 |
| Food Products - 0.2% |  |  |
| Cal-Maine Foods Inc (c) | 25830 | 2157580 |
| Household Products - 1.4% |  |  |
| Colgate-Palmolive Co  | 48921 | 4417077 |
| Kimberly-Clark Corp  | 26916 | 2691331 |
| Procter & Gamble Co/The  | 59237 | 8990399 |
|  |  | 16098807 |
| Tobacco - 0.4% |  |  |
| Altria Group Inc  | 68920 | 4272351 |
| TOTAL CONSUMER STAPLES |  | 47324287 |
| Energy - 3.0% |  |  |
| Oil, Gas & Consumable Fuels - 3.0% |  |  |
| APA Corp  | 97574 | 2576929 |
| Chevron Corp  | 45110 | 7979959 |
| ConocoPhillips  | 38969 | 4061739 |
| Coterra Energy Inc  | 84993 | 2452048 |
| EOG Resources Inc  | 24111 | 2703566 |
| Exxon Mobil Corp  | 88753 | 12549675 |
| Ovintiv Inc  | 43629 | 1896553 |
| TOTAL ENERGY |  | 34220469 |
| Financials - 12.8% |  |  |
| Banks - 1.9% |  |  |
| Bank of America Corp  | 225559 | 11999739 |
| Citigroup Inc  | 88228 | 10208862 |
|  |  | 22208601 |
| Capital Markets - 1.0% |  |  |
| Goldman Sachs Group Inc/The  | 12637 | 11820776 |
| Consumer Finance - 2.8% |  |  |
| Ally Financial Inc  | 156723 | 6626248 |
| American Express Co  | 28724 | 10115732 |
| Capital One Financial Corp  | 37820 | 8279933 |
| Synchrony Financial  | 86715 | 6298110 |
|  |  | 31320023 |
| Financial Services - 4.7% |  |  |
| Berkshire Hathaway Inc Class B (b) | 42696 | 20516709 |
| Equitable Holdings Inc  | 110862 | 5143997 |
| Essent Group Ltd  | 101744 | 6401732 |
| MGIC Investment Corp  | 220065 | 5924150 |
| Visa Inc Class A  | 45343 | 14592738 |
|  |  | 52579326 |
| Insurance - 1.8% |  |  |
| MetLife Inc  | 85685 | 6758833 |
| Prudential Financial Inc  | 61349 | 6816487 |
| Travelers Companies Inc/The  | 25308 | 7200379 |
|  |  | 20775699 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.6% |  |  |
| Annaly Capital Management Inc  | 304938 | 7016623 |
| TOTAL FINANCIALS |  | 145721048 |
| Health Care - 9.8% |  |  |
| Biotechnology - 1.8% |  |  |
| AbbVie Inc  | 56201 | 12533385 |
| Regeneron Pharmaceuticals Inc  | 11005 | 8159657 |
|  |  | 20693042 |
| Health Care Providers & Services - 2.3% |  |  |
| Centene Corp (b) | 204634 | 8864745 |
| Elevance Health Inc  | 21476 | 7425112 |
| UnitedHealth Group Inc  | 35270 | 10120021 |
|  |  | 26409878 |
| Pharmaceuticals - 5.7% |  |  |
| Bristol-Myers Squibb Co  | 149140 | 8210157 |
| Eli Lilly & Co  | 19655 | 20385184 |
| Johnson & Johnson  | 70465 | 16013172 |
| Merck & Co Inc  | 106783 | 11774961 |
| Pfizer Inc  | 308021 | 8144075 |
|  |  | 64527549 |
| TOTAL HEALTH CARE |  | 111630469 |
| Industrials - 9.7% |  |  |
| Aerospace & Defense - 3.3% |  |  |
| GE Aerospace  | 31210 | 9574916 |
| General Dynamics Corp  | 16269 | 5711883 |
| Lockheed Martin Corp  | 12403 | 7866231 |
| RTX Corp  | 46003 | 9243383 |
| Textron Inc  | 49756 | 4381513 |
|  |  | 36777926 |
| Air Freight & Logistics - 1.1% |  |  |
| FedEx Corp  | 20342 | 6555210 |
| United Parcel Service Inc Class B  | 56978 | 6052203 |
|  |  | 12607413 |
| Building Products - 0.3% |  |  |
| Owens Corning  | 25622 | 3070540 |
| Industrial Conglomerates - 0.5% |  |  |
| Honeywell International Inc  | 25799 | 5869788 |
| Machinery - 2.5% |  |  |
| Caterpillar Inc  | 16123 | 10598615 |
| Cummins Inc  | 12232 | 7080126 |
| Deere & Co  | 10954 | 5783712 |
| PACCAR Inc  | 44671 | 5490513 |
|  |  | 28952966 |
| Passenger Airlines - 0.9% |  |  |
| Delta Air Lines Inc  | 80115 | 5278778 |
| United Airlines Holdings Inc (b) | 47235 | 4833085 |
|  |  | 10111863 |
| Professional Services - 1.1% |  |  |
| Automatic Data Processing Inc  | 18198 | 4491630 |
| Genpact Ltd  | 83493 | 3682041 |
| Leidos Holdings Inc  | 25145 | 4734301 |
|  |  | 12907972 |
| TOTAL INDUSTRIALS |  | 110298468 |
| Information Technology - 30.1% |  |  |
| Electronic Equipment, Instruments & Components - 1.7% |  |  |
| Arrow Electronics Inc (b) | 72220 | 9568428 |
| Avnet Inc  | 157896 | 9851131 |
|  |  | 19419559 |
| IT Services - 1.9% |  |  |
| Accenture PLC Class A  | 42584 | 11226846 |
| Cognizant Technology Solutions Corp Class A  | 127188 | 10437047 |
|  |  | 21663893 |
| Semiconductors & Semiconductor Equipment - 12.2% |  |  |
| Micron Technology Inc  | 95939 | 39803172 |
| NVIDIA Corp  | 424817 | 81195274 |
| QUALCOMM Inc  | 76555 | 11604972 |
| Skyworks Solutions Inc  | 126199 | 7036856 |
|  |  | 139640274 |
| Software - 7.5% |  |  |
| Adobe Inc (b) | 31858 | 9342359 |
| Microsoft Corp  | 125553 | 54024200 |
| Salesforce Inc  | 49757 | 10562914 |
| Zoom Communications Inc Class A (b) | 120741 | 11120246 |
|  |  | 85049719 |
| Technology Hardware, Storage & Peripherals - 6.8% |  |  |
| Apple Inc  | 271914 | 70556245 |
| HP Inc  | 370837 | 7209071 |
|  |  | 77765316 |
| TOTAL INFORMATION TECHNOLOGY |  | 343538761 |
| Materials - 2.0% |  |  |
| Chemicals - 0.7% |  |  |
| CF Industries Holdings Inc  | 14473 | 1349318 |
| Linde PLC  | 10603 | 4845253 |
| LyondellBasell Industries NV Class A1  | 21204 | 1038996 |
| Mosaic Co/The  | 35951 | 988653 |
| Solstice Advanced Materials Inc  | 4910 | 303290 |
|  |  | 8525510 |
| Construction Materials - 0.2% |  |  |
| CRH PLC  | 22122 | 2707954 |
| Metals & Mining - 1.1% |  |  |
| Alcoa Corp  | 42777 | 2430161 |
| Freeport-McMoRan Inc  | 52334 | 3152077 |
| Newmont Corp  | 38079 | 4278176 |
| Nucor Corp  | 12125 | 2154855 |
|  |  | 12015269 |
| TOTAL MATERIALS |  | 23248733 |
| Real Estate - 1.9% |  |  |
| Health Care REITs - 0.0% |  |  |
| Alexandria Real Estate Equities Inc  | 19329 | 1056136 |
| Hotel & Resort REITs - 0.2% |  |  |
| Host Hotels & Resorts Inc  | 93103 | 1725199 |
| Industrial REITs - 0.3% |  |  |
| Prologis Inc  | 27291 | 3563113 |
| Real Estate Management & Development - 0.4% |  |  |
| CBRE Group Inc Class A (b) | 13919 | 2370823 |
| Jones Lang LaSalle Inc (b) | 5814 | 2080889 |
|  |  | 4451712 |
| Residential REITs - 0.1% |  |  |
| AvalonBay Communities Inc  | 7957 | 1413720 |
| Retail REITs - 0.5% |  |  |
| Realty Income Corp  | 40336 | 2466950 |
| Simon Property Group Inc  | 14082 | 2694027 |
|  |  | 5160977 |
| Specialized REITs - 0.4% |  |  |
| Extra Space Storage Inc  | 11545 | 1592864 |
| Gaming and Leisure Properties Inc  | 31171 | 1394902 |
| VICI Properties Inc  | 59261 | 1664049 |
|  |  | 4651815 |
| TOTAL REAL ESTATE |  | 22022672 |
| Utilities - 2.1% |  |  |
| Electric Utilities - 1.8% |  |  |
| American Electric Power Co Inc  | 21345 | 2556597 |
| Duke Energy Corp  | 26704 | 3240531 |
| Edison International  | 35465 | 2208760 |
| Exelon Corp  | 44313 | 1984336 |
| NextEra Energy Inc  | 55138 | 4846631 |
| PG&E Corp  | 139647 | 2153357 |
| Southern Co/The  | 34940 | 3120491 |
|  |  | 20110703 |
| Gas Utilities - 0.1% |  |  |
| UGI Corp  | 42474 | 1703632 |
| Multi-Utilities - 0.2% |  |  |
| Consolidated Edison Inc  | 16769 | 1788078 |
| TOTAL UTILITIES |  | 23602413 |
| TOTAL UNITED STATES |  | 1085705375 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $873,272,091) |  | <br> **1088813641** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/12/2026 (e)<br>(Cost $112,869)<br>| 3.82 | 113000 | **112887** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.3%** | &nbsp;&nbsp;**Money Market Funds - 4.3%** | &nbsp;&nbsp;**Money Market Funds - 4.3%** | &nbsp;&nbsp;**Money Market Funds - 4.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.70 | 48384570 | 48394247 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.70 | 687268 | 687336 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $49,084,752) |  |  | **49081583** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%**<br> (Cost $922,469,712)<br>| <br>**1138008111** |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **3330939** |
| **NET ASSETS - 100.0%** | **1141339050** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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) | 1501 | 3/2026 | 52277954 | 443205 |
| The notional amount of long futures as a percentage of Net Assets is 4.6%. | The notional amount of long futures as a percentage of Net Assets is 4.6%. | The notional amount of long futures as a percentage of Net Assets is 4.6%. | The notional amount of long futures as a percentage of Net Assets is 4.6%. | The notional amount of long futures as a percentage of Net Assets is 4.6%. |

---

**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 $112,887.

(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 | 1532545 | 70094266 | 23229244 | 337983 | (151) | (3169) | 48394247 | 48384570 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 10201750 | 95053178 | 104567754 | 419609 | 162 | - | 687336 | 687268 | 0.0% |
| Total | 11734295 | 165147444 | 127796998 | 757592 | 11 | (3169) | 49081583 |  |  |

---

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 January 31, 2026, 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 | 110896168 | 110896168 | - | - |
| Consumer Discretionary | 113201887 | 113201887 | - | - |
| Consumer Staples | 47324287 | 47324287 | - | - |
| Energy | 34220469 | 34220469 | - | - |
| Financials | 145721048 | 145721048 | - | - |
| Health Care | 111630469 | 111630469 | - | - |
| Industrials | 110298468 | 110298468 | - | - |
| Information Technology | 343538761 | 343538761 | - | - |
| Materials | 26356999 | 26356999 | - | - |
| Real Estate | 22022672 | 22022672 | - | - |
| Utilities | 23602413 | 23602413 | - | - |
|  **U.S. Treasury Obligations** | 112887 | - | 112887 | - |
|  **Money Market Funds** | 49081583 | 49081583 | - | - |
| **Total Investments in Securities:** | 1138008111 | 1137895224 | 112887 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 443205 | 443205 | - | - |
| Total Assets | 443205 | 443205 | - | - |
| **Total Derivative Instruments:** | 443205 | 443205 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 443205 | - |
| **Total Equity Risk**  | 443205 | - |
| **Total Value of Derivatives** | 443205 | - |

---

(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® Value Factor ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,401,140) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $873,384,960) | $1088926528 |  |
| Fidelity Central Funds (cost $49,084,752) | 49081583 |  |
| Total Investment in Securities (cost $922,469,712) |  | $1138008111 |
| Segregated cash with brokers for derivative instruments |  | 3300267 |
| Dividends receivable |  | 902329 |
| Distributions receivable from Fidelity Central Funds |  | 150201 |
| Other receivables |  | 9025 |
| **Total assets** |  | 1142369933 |
| **Liabilities** |  |  |
| Accrued management fee | $141073 |  |
| Payable for daily variation margin on futures contracts | 202635 |  |
| Collateral on securities loaned | 687175 |  |
| **Total liabilities** |  | 1030883 |
| **Net Assets**  |  | $1141339050 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $970825011 |
| Total accumulated earnings (loss) |  | 170514039 |
| **Net Assets** |  | $1141339050 |
| **Net Asset Value**, offering price and redemption price per share ($1,141,339,050 ÷ 15,450,000 shares) |  | $73.87 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $8603547 |
| Interest  |  | 13513 |
| Income from Fidelity Central Funds (including $419,609 from security lending)  |  | 757592 |
| **Total income** |  | 9374652 |
| **Expenses** |  |  |
| Management fee | $805001 |  |
| Independent trustees' fees and expenses | 2101 |  |
| Total expenses before reductions | 807102 |  |
| Expense reductions | (150) |  |
| Total expenses after reductions |  | 806952 |
| **Net Investment income (loss)** |  | 8567700 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1345940) |  |
| Redemptions in-kind | 36732054 |  |
| Fidelity Central Funds | 11 |  |
| Futures contracts | 492320 |  |
| Total net realized gain (loss) |  | 35878445 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 106489586 |  |
| Fidelity Central Funds  | (3169) |  |
| Futures contracts | 362684 |  |
| Total change in net unrealized appreciation (depreciation) |  | 106849101 |
| **Net gain (loss)** |  | 142727546 |
| **Net increase (decrease) in net assets resulting from operations** |  | $151295246 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $8567700 | $14614457 |
| &nbsp;&nbsp;Net realized gain (loss) | 35878445<br>| 94817408<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 106849101 | (9559357)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 151295246<br>| 99872508<br>|
| Distributions to shareholders | (10040350)<br>| (14585100)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 161696370 | 578014471 |
| &nbsp;&nbsp;Cost of shares redeemed | (141454158) | (492613058) |
| **Net increase (decrease) in net assets resulting from share transactions** | 20242212<br>| 85401413<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 161497108<br>| 170688821<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 979841942 | 809153121<br>|
| &nbsp;&nbsp;End of period | $1141339050 | $979841942 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2400000 | 9500000 |
| &nbsp;&nbsp;Redeemed | (2100000) | (8100000) |
| &nbsp;&nbsp;Net increase (decrease) | 300000 | 1400000 |

---

**Financial Highlights** 

**Fidelity® Value Factor ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $64.68 | $58.85 | $51.00 | $46.27 | $48.94 | $34.85 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .56  | .97  | .97  | .87  | .79  | .64  |
| Net realized and unrealized gain (loss)  | 9.29  | 5.86  | 7.82  | 4.70  | (2.65)  | 14.07  |
| Total from investment operations  | 9.85  | 6.83  | 8.79  | 5.57  | (1.86)  | 14.71  |
| Distributions from net investment income  | (.66)  | (1.00)  | (.94)  | (.84)  | (.81)  | (.62)  |
| Total distributions  | (.66)  | (1.00)  | (.94)  | (.84)  | (.81)  | (.62)  |
| Net asset value, end of period  | $73.87 | $64.68 | $58.85 | $51.00 | $46.27 | $48.94 |
| **Total Return** C,D,E | 15.28% <br>| 11.72%  | 17.43%  | 12.33%  | (3.86)%  | 42.56%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .15% H | .15%  | .18%  | .29%  | .29%  | .29%  |
| Expenses net of fee waivers, if any  | .15% H<br>| .15%  | .18%  | .29%  | .29%  | .29%  |
| Expenses net of all reductions, if any  | .15% H | .15%  | .18%  | .29%  | .29%  | .29%  |
| Net investment income (loss)  | 1.59% H | 1.58%  | 1.81%  | 1.91%  | 1.61%  | 1.50%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1141339 | $979842 | $809153 | $527860 | $499673 | $450269 |
| Portfolio turnover rate I,J | 34% H<br>| 42%  | 31%  | 43%  | 46%  | 42%  |

---

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

B*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.*

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

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

E*Based on net asset value.*

F*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.*

G*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.*

H*Annualized.*

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

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.* 

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Dividend ETF for Rising Rates, Fidelity High Dividend ETF, Fidelity Low Volatility Factor ETF, Fidelity Momentum Factor ETF, Fidelity Quality Factor ETF, Fidelity Small-Mid Multifactor ETF, Fidelity Stocks for Inflation ETF, Fidelity U.S. Multifactor ETF and Fidelity Value Factor ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. 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.

**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 January 31, 2026 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 of the New York Stock Exchange (NYSE) business (normally 4:00 p.m. Eastern time) of the Cboe BZX Exchange, Inc. (CboeBZX) for Fidelity Stocks for Inflation ETF, and of the New York Stock Exchange, Archipelago Exchange (NYSE Arca) 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 may 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 as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends 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 the 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 Dividend ETF for Rising Rates**  | 475651354 | 229208219 | (25863405) | 203344814 |
| **Fidelity High Dividend ETF**  | 7239071384 | 1468456620 | (220128968) | 1248327652 |
| **Fidelity Low Volatility Factor ETF**  | 1268517480 | 250177112 | (46024768) | 204152344 |
| **Fidelity Momentum Factor ETF**  | 552210540 | 121688704 | (17319493) | 104369211 |
| **Fidelity Quality Factor ETF**  | 928873173 | 275126987 | (29037156) | 246089831 |
| **Fidelity Small-Mid Multifactor ETF**  | 1830105875 | 327347166 | (105456260) | 221890906 |
| **Fidelity Stocks for Inflation ETF**  | 194302202 | 59203611 | (10411021) | 48792590 |
| **Fidelity U.S. Multifactor ETF.** | 234107994 | 52097320 | (9995558) | 42101762 |
| **Fidelity Value Factor ETF** | 922612658 | 253754618 | (37915960) | 215838658 |

---

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 Dividend ETF for Rising Rates**  | (30213408) | (44242106) | (74455514) |
| **Fidelity High Dividend ETF**  | (85604566) | (105518422) | (191122988) |
| **Fidelity Low Volatility Factor ETF**  | (50242438) | (29433850) | (79676288) |
| **Fidelity Momentum Factor ETF**  | (54995424) | - | (54995424) |
| **Fidelity Quality Factor ETF**  | (29978575) | (14567870) | (44546445) |
| **Fidelity Small-Mid Multifactor ETF**  | (40842479) | (7450815) | (48293294) |
| **Fidelity Stocks for Inflation ETF**  | (22634939) | (4633597) | (27268536) |
| **Fidelity U.S. Multifactor ETF.** | (5037746) | (1403376) | (6441122) |
| **Fidelity Value Factor ETF** | (39027891) | (41274135) | (80302026) |

---

**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 Dividend ETF for Rising Rates** | 5995726 | 9873657 |
| **Fidelity High Dividend ETF** | 148260199 | 1623109 |
| **Fidelity Low Volatility Factor ETF** | 212204405 | 210948954 |
| **Fidelity Momentum Factor ETF** | 275816448 | 275705791 |
| **Fidelity Quality Factor ETF** | 192694943 | 246369209 |
| **Fidelity Small-Mid Multifactor ETF** | 475483245 | 447513435 |
| **Fidelity Stocks for Inflation ETF** | 77346274 | 78404094 |
| **Fidelity U.S. Multifactor ETF** | 40722401 | 44446589 |
| **Fidelity Value Factor ETF** | 175571704 | 223880182 |

---

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

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions ($)** | **In-Kind Redemptions ($)** |
| **Fidelity Dividend ETF for Rising Rates** | 17678647 | - |
| **Fidelity High Dividend ETF** | 1508908876 | - |
| **Fidelity Low Volatility Factor ETF** | 327632318 | 195441825 |
| **Fidelity Momentum Factor ETF** | 200531574 | 119195622 |
| **Fidelity Quality Factor ETF** | 160324304 | 130177841 |
| **Fidelity Small-Mid Multifactor ETF** | 533966254 | 268981511 |
| **Fidelity Stocks for Inflation ETF** | 38493865 | 38278166 |
| **Fidelity U.S. Multifactor ETF** | 31479623 | 20441006 |
| **Fidelity Value Factor ETF** | 157377217 | 139542628 |

---

**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. For each Fund, with the exception of Fidelity Small-Mid Multifactor ETF, Fidelity Stocks for Inflation ETF and Fidelity U.S. Multifactor ETF, the management fee paid to the investment adviser is reduced by an amount equal to the fees and expenses paid by each fund to the independent Trustees.

---

| | |
|:---|:---|
|  | **Fee Rate** |
| **Fidelity Dividend ETF for Rising Rates** | .15% |
| **Fidelity High Dividend ETF** | .15% |
| **Fidelity Low Volatility Factor ETF** | .15% |
| **Fidelity Momentum Factor ETF** | .15% |
| **Fidelity Quality Factor ETF** | .15% |
| **Fidelity Small-Mid Multifactor ETF** | .15% |
| **Fidelity Stocks for Inflation ETF** | .15% |
| **Fidelity U.S. Multifactor ETF** | .15% |
| **Fidelity Value Factor ETF** | .15% |

---

**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 funds affiliated with each sub-adviser 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 Dividend ETF for Rising Rates** | 3886 | 159 | - |
| **Fidelity High Dividend ETF** | 16786 | 203 | - |
| **Fidelity Low Volatility Factor ETF** | 388 | - | - |
| **Fidelity Momentum Factor ETF** | 862 | - | - |
| **Fidelity Quality Factor ETF** | 213 | - | - |
| **Fidelity Small-Mid Multifactor ETF** | 6343 | 22091 | - |
| **Fidelity Stocks for Inflation ETF** | 282 | - | - |
| **Fidelity U.S. Multifactor ETF** | 146 | - | - |
| **Fidelity Value Factor ETF** | 7804 | - | - |

---

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 Dividend ETF for Rising Rates** | 3698297 |
| **Fidelity High Dividend ETF** | - |
| **Fidelity Low Volatility Factor ETF** | 6722642 |
| **Fidelity Momentum Factor ETF** | - |
| **Fidelity Quality Factor ETF** | - |
| **Fidelity Small-Mid Multifactor ETF** | 7997964 |
| **Fidelity Stocks for Inflation ETF** | - |
| **Fidelity U.S. Multifactor ETF** | - |
| **Fidelity Value Factor ETF** | 715276 |

---

**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 Dividend ETF for Rising Rates**  | 213 |
| **Fidelity High Dividend ETF**  | 103 |
| **Fidelity Low Volatility Factor ETF**  | 267 |
| **Fidelity Momentum Factor ETF**  | 399 |
| **Fidelity Quality Factor ETF**  | 233 |
| **Fidelity Small-Mid Multifactor ETF**  | 7947 |
| **Fidelity Stocks for Inflation ETF**  | 116 |
| **Fidelity U.S. Multifactor ETF**  | 339 |
| **Fidelity Value Factor ETF** | 150 |

---

**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.

**12. Proposed Reorganization.**

The Board of Trustees of Fidelity U.S. Low Volatility Equity Fund and Fidelity Low Volatility Factor ETF approved an Agreement and Plan of Reorganization (the Agreement) between Fidelity Low Volatility Factor ETF and Fidelity U.S. Low Volatility Equity Fund. Pursuant to the Agreement the Fidelity Low Volatility Factor ETF will acquire all the assets and assume all the liabilities of the Fidelity U.S. Low Volatility Equity Fund. The reorganization will be accomplished by an exchange of shares of Fidelity Low Volatility Factor ETF for shares of Fidelity U.S. Low Volatility Equity Fund at their net asset value on the date the reorganization is effective. The reorganization provides shareholders of Fidelity U.S. Low Volatility Equity Fund access to a larger portfolio with a similar investment objective.

The Fidelity U.S. Low Volatility Equity Fund shareholders approved the reorganization which is expected to become effective during May 2026. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

**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.

![](img125823_4.jpg)<br>

1.9881295.109 CPF-SANN-0426

**Fidelity® Blue Chip Growth ETF**

**Fidelity® Blue Chip Value ETF**

**Fidelity® Fundamental Large Cap Core ETF**

**Fidelity® Fundamental Large Cap Growth ETF**

**Fidelity® Fundamental Large Cap Value ETF**

**Fidelity® Fundamental Small-Mid Cap ETF**

**Fidelity® Magellan℠ ETF**

**Fidelity® Real Estate Investment ETF**

**Semi-Annual Report**

**January 31, 2026**

![](img125831_1.jpg)

![](img125831_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_GTF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Blue Chip Growth ETF](#Sub_Sec_Fund_6157_GTF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Blue Chip Value ETF](#Sub_Sec_Fund_6190_GTF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Fundamental Large Cap Core ETF](#Sub_Sec_Fund_6079_GTF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Fundamental Large Cap Growth ETF](#Sub_Sec_Fund_6339_GTF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Fundamental Large Cap Value ETF](#Sub_Sec_Fund_7573_GTF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Fundamental Small-Mid Cap ETF](#Sub_Sec_Fund_6342_GTF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Magellan℠ ETF](#Sub_Sec_Fund_6340_GTF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Real Estate Investment ETF](#Sub_Sec_Fund_6341_GTF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6157_GTF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GTF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GTF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GTF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GTF-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® Blue Chip Growth ETF**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (a) | 250445 | 4445399 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Vale SA ADR  | 188065 | 3022204 |
| TOTAL BRAZIL |  | 7467603 |
| BURKINA FASO - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| IAMGOLD Corp (United States) (a) | 231079 | 4201016 |
| CANADA - 1.5%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Specialty Retail - 0.3% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 220864 | 17409270 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Cameco Corp  | 21573 | 2668167 |
| Suncor Energy Inc  | 69403 | 3668295 |
| TOTAL ENERGY |  | 6336462 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Celestica Inc (United States) (a) | 128606 | 36137000 |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (a) | 144438 | 18952548 |
| TOTAL INFORMATION TECHNOLOGY |  | 55089548 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 17393 | 3313367 |
| TOTAL CANADA |  | 82148647 |
| CHINA - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| WeRide Inc ADR (a) | 335035 | 2683630 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Pony AI Inc ADR (a) | 222145 | 3083373 |
| TOTAL CHINA |  | 5767003 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Ascendis Pharma A/S ADR (a) | 1770 | 400197 |
| FINLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Amer Sports Inc (a) | 333634 | 12221013 |
| INDIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| MakeMyTrip Ltd (a) | 15 | 936 |
| NETHERLANDS - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| ASML Holding NV depository receipt  | 4854 | 6907242 |
| NXP Semiconductors NV  | 49403 | 11171994 |
| TOTAL NETHERLANDS |  | 18079236 |
| SINGAPORE - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Sea Ltd Class A ADR (a) | 31009 | 3612238 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| On Holding AG Class A (a) | 194565 | 8804066 |
| TAIWAN - 1.1%  |  |  |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 176979 | 58502178 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 93648 | 5682561 |
| UNITED STATES - 96.1%  |  |  |
| Communication Services - 16.5% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| AST SpaceMobile Inc Class A (a) | 31507 | 3503893 |
| Entertainment - 2.5% |  |  |
| Netflix Inc (a) | 1293191 | 107968518 |
| ROBLOX Corp Class A (a) | 231044 | 15193453 |
| Roku Inc Class A (a) | 33995 | 3236324 |
| Spotify Technology SA (a) | 35 | 17512 |
| Take-Two Interactive Software Inc (a) | 37897 | 8348709 |
| Warner Bros Discovery Inc (a) | 430 | 11842 |
|  |  | 134776358 |
| Interactive Media & Services - 13.9% |  |  |
| Alphabet Inc Class A  | 1368920 | 462694960 |
| Meta Platforms Inc Class A  | 368033 | 263695645 |
| Reddit Inc Class A (a) | 67263 | 12125500 |
| Snap Inc Class A (a) | 3864692 | 26782316 |
|  |  | 765298421 |
| Media - 0.1% |  |  |
| EchoStar Corp Class A (a) | 40912 | 4632057 |
| TOTAL COMMUNICATION SERVICES |  | 908210729 |
| Consumer Discretionary - 16.6% |  |  |
| Automobiles - 1.6% |  |  |
| Tesla Inc (a) | 210505 | 90603457 |
| Broadline Retail - 7.9% |  |  |
| Amazon.com Inc (a) | 1783055 | 426685062 |
| Hotels, Restaurants & Leisure - 2.5% |  |  |
| Brinker International Inc (a) | 115301 | 18185274 |
| Cava Group Inc (a) | 64065 | 3883620 |
| Cheesecake Factory Inc/The  | 73034 | 4233051 |
| Chipotle Mexican Grill Inc (a) | 328781 | 12779717 |
| DoorDash Inc Class A (a) | 76644 | 15682895 |
| DraftKings Inc Class A (a) | 470704 | 12949067 |
| Dutch Bros Inc Class A (a) | 52249 | 2841823 |
| Expedia Group Inc Class A  | 11566 | 3063139 |
| Flutter Entertainment PLC (a) | 3054 | 504368 |
| Hilton Worldwide Holdings Inc  | 29044 | 8669924 |
| Marriott International Inc/MD Class A1  | 26899 | 8481255 |
| Starbucks Corp  | 341047 | 31359273 |
| Texas Roadhouse Inc  | 28927 | 5202810 |
| Wingstop Inc  | 32071 | 8512606 |
|  |  | 136348822 |
| Household Durables - 0.8% |  |  |
| SharkNinja Inc (a) | 346010 | 40898382 |
| Somnigroup International Inc  | 56873 | 4996293 |
|  |  | 45894675 |
| Leisure Products - 0.1% |  |  |
| Peloton Interactive Inc Class A (a) | 1001818 | 5600162 |
| Specialty Retail - 2.9% |  |  |
| Abercrombie & Fitch Co Class A (a) | 30033 | 2932122 |
| American Eagle Outfitters Inc  | 108222 | 2522655 |
| AutoZone Inc (a) | 960 | 3556118 |
| Bath & Body Works Inc  | 192825 | 4203585 |
| Carvana Co Class A (a) | 72701 | 29161098 |
| Five Below Inc (a) | 30276 | 5802093 |
| Floor & Decor Holdings Inc Class A (a) | 49454 | 3261986 |
| Gap Inc/The  | 211707 | 5923562 |
| Home Depot Inc/The  | 24633 | 9227275 |
| Lowe's Cos Inc  | 107335 | 28664885 |
| RealReal Inc/The (a) | 287960 | 4224373 |
| RH (a) | 80573 | 16020330 |
| Ross Stores Inc  | 17583 | 3317033 |
| TJX Cos Inc/The  | 153245 | 22957633 |
| Urban Outfitters Inc (a) | 60695 | 4300241 |
| Victoria's Secret & Co (a) | 150514 | 8204518 |
| Warby Parker Inc Class A (a) | 219476 | 5598833 |
| Wayfair Inc Class A (a) | 9000 | 931410 |
|  |  | 160809750 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| Capri Holdings Ltd (a) | 429665 | 9697539 |
| Deckers Outdoor Corp (a) | 42184 | 5034239 |
| Lululemon Athletica Inc (a) | 71631 | 12499610 |
| NIKE Inc Class B  | 162468 | 10042147 |
| Tapestry Inc  | 48460 | 6150059 |
| VF Corp  | 143836 | 2817746 |
|  |  | 46241340 |
| TOTAL CONSUMER DISCRETIONARY |  | 912183268 |
| Consumer Staples - 0.6% |  |  |
| Beverages - 0.1% |  |  |
| Celsius Holdings Inc (a) | 141884 | 7446072 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Costco Wholesale Corp  | 6115 | 5749629 |
| Sprouts Farmers Market Inc (a) | 62922 | 4461799 |
| Target Corp  | 65342 | 6891621 |
| Walmart Inc  | 7372 | 878300 |
|  |  | 17981349 |
| Personal Care Products - 0.2% |  |  |
| Estee Lauder Cos Inc/The Class A  | 39993 | 4610393 |
| Herbalife Ltd (a) | 314468 | 5421428 |
|  |  | 10031821 |
| TOTAL CONSUMER STAPLES |  | 35459242 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Chevron Corp  | 20723 | 3665898 |
| Exxon Mobil Corp  | 41934 | 5929468 |
| TOTAL ENERGY |  | 9595366 |
| Financials - 3.3% |  |  |
| Capital Markets - 1.4% |  |  |
| Ares Management Corp Class A  | 45666 | 6834830 |
| Blue Owl Capital Inc Class A  | 432110 | 5893980 |
| Goldman Sachs Group Inc/The  | 24485 | 22903514 |
| KKR & Co Inc Class A  | 63334 | 7236543 |
| Morgan Stanley  | 72046 | 13170009 |
| Robinhood Markets Inc Class A (a) | 191056 | 19006251 |
|  |  | 75045127 |
| Consumer Finance - 0.0% |  |  |
| Figure Technology Solutions Inc Class A  | 90665 | 5157025 |
| Financial Services - 1.9% |  |  |
| Affirm Holdings Inc Class A (a) | 210891 | 12716727 |
| Apollo Global Management Inc  | 82259 | 11067126 |
| Block Inc Class A (a) | 135 | 8158 |
| Mastercard Inc Class A  | 98419 | 53027173 |
| Rocket Cos Inc Class A  | 204392 | 3664749 |
| Toast Inc Class A (a) | 154494 | 4806308 |
| Visa Inc Class A  | 51777 | 16663392 |
|  |  | 101953633 |
| Insurance - 0.0% |  |  |
| Slide Insurance Holdings Inc (a) | 360 | 6203 |
| TOTAL FINANCIALS |  | 182161988 |
| Health Care - 6.6% |  |  |
| Biotechnology - 1.9% |  |  |
| AbbVie Inc  | 117112 | 26117147 |
| Alnylam Pharmaceuticals Inc (a) | 42594 | 14399328 |
| Apogee Therapeutics Inc (a) | 8893 | 582580 |
| Arcellx Inc (a) | 19567 | 1336622 |
| Gilead Sciences Inc  | 315036 | 44719360 |
| Legend Biotech Corp ADR (a) | 58143 | 1017503 |
| Moderna Inc (a) | 55209 | 2433061 |
| Praxis Precision Medicines Inc (a) | 12638 | 3968332 |
| Regeneron Pharmaceuticals Inc  | 7965 | 5905649 |
| Scholar Rock Holding Corp (a) | 18727 | 830355 |
| Travere Therapeutics Inc (a) | 125957 | 3916003 |
|  |  | 105225940 |
| Health Care Equipment & Supplies - 1.1% |  |  |
| Boston Scientific Corp (a) | 404693 | 37850937 |
| Insulet Corp (a) | 31383 | 8028085 |
| Intuitive Surgical Inc (a) | 5801 | 2924980 |
| Kestra Medical Technologies Ltd  | 112944 | 2786328 |
| Medline Inc Class A  | 151590 | 6700278 |
|  |  | 58290608 |
| Health Care Providers & Services - 0.7% |  |  |
| Cardinal Health Inc  | 58344 | 12536959 |
| Cencora Inc  | 22214 | 7979713 |
| CVS Health Corp  | 13071 | 974051 |
| Guardant Health Inc (a) | 41992 | 4788768 |
| McKesson Corp  | 13497 | 11218841 |
|  |  | 37498332 |
| Health Care Technology - 0.0% |  |  |
| HeartFlow Inc  | 92146 | 2752401 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Danaher Corp  | 19903 | 4356568 |
| Pharmaceuticals - 2.8% |  |  |
| Eli Lilly & Co  | 139916 | 145113879 |
| Johnson & Johnson  | 40635 | 9234304 |
|  |  | 154348183 |
| TOTAL HEALTH CARE |  | 362472032 |
| Industrials - 5.4% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| Axon Enterprise Inc (a) | 20833 | 10074422 |
| Boeing Co (a) | 161192 | 37673795 |
| Carpenter Technology Corp  | 27215 | 8649743 |
| GE Aerospace  | 72067 | 22109435 |
| Howmet Aerospace Inc  | 86082 | 17911943 |
| Rocket Lab Corp  | 55445 | 4439481 |
|  |  | 100858819 |
| Construction & Engineering - 0.3% |  |  |
| Comfort Systems USA Inc  | 8270 | 9445167 |
| Construction Partners Inc Class A (a) | 28152 | 3093342 |
| IES Holdings Inc (a) | 9977 | 3794153 |
| Legence Corp Class A  | 50914 | 2388376 |
|  |  | 18721038 |
| Electrical Equipment - 0.7% |  |  |
| Bloom Energy Corp Class A (a) | 19175 | 2902520 |
| GE Vernova Inc  | 38666 | 28085822 |
| Nextpower Inc Class A (a) | 53774 | 6296398 |
| Vertiv Holdings Co Class A  | 1835 | 341640 |
|  |  | 37626380 |
| Ground Transportation - 0.6% |  |  |
| Lyft Inc Class A (a) | 428892 | 7235408 |
| Old Dominion Freight Line Inc  | 31833 | 5513476 |
| Uber Technologies Inc (a) | 208524 | 16692346 |
| XPO Inc (a) | 25933 | 3840936 |
|  |  | 33282166 |
| Machinery - 0.4% |  |  |
| Caterpillar Inc  | 6229 | 4094695 |
| Cummins Inc  | 14445 | 8361056 |
| PACCAR Inc  | 51198 | 6292746 |
| RBC Bearings Inc (a) | 7069 | 3532167 |
|  |  | 22280664 |
| Passenger Airlines - 0.7% |  |  |
| Alaska Air Group Inc (a) | 102942 | 5232541 |
| Delta Air Lines Inc  | 250303 | 16492465 |
| United Airlines Holdings Inc (a) | 158665 | 16234603 |
|  |  | 37959609 |
| Trading Companies & Distributors - 0.8% |  |  |
| Ferguson Enterprises Inc  | 17503 | 4418807 |
| FTAI Aviation Ltd  | 151139 | 41158173 |
|  |  | 45576980 |
| TOTAL INDUSTRIALS |  | 296305656 |
| Information Technology - 45.6% |  |  |
| Communications Equipment - 0.6% |  |  |
| Arista Networks Inc (a) | 25365 | 3595235 |
| Lumentum Holdings Inc (a) | 76010 | 29783759 |
|  |  | 33378994 |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Amphenol Corp Class A  | 139260 | 20064581 |
| Coherent Corp (a) | 86857 | 18429318 |
| Corning Inc  | 78090 | 8062793 |
| Jabil Inc  | 27052 | 6416463 |
|  |  | 52973155 |
| IT Services - 1.0% |  |  |
| Akamai Technologies Inc (a) | 30624 | 2975122 |
| Cloudflare Inc Class A (a) | 72468 | 12852200 |
| CoreWeave Inc Class A (a) | 245 | 22831 |
| MongoDB Inc Class A (a) | 11121 | 4129561 |
| Snowflake Inc (a) | 102733 | 19796649 |
| Twilio Inc Class A (a) | 128281 | 15452729 |
|  |  | 55229092 |
| Semiconductors & Semiconductor Equipment - 23.6% |  |  |
| Advanced Micro Devices Inc (a) | 102328 | 24224107 |
| Astera Labs Inc (a) | 171905 | 25892331 |
| Broadcom Inc  | 549359 | 182002637 |
| First Solar Inc (a) | 25375 | 5722570 |
| GlobalFoundries Inc (a) | 131637 | 5555081 |
| Impinj Inc (a) | 24128 | 3332077 |
| KLA Corp  | 2641 | 3771190 |
| Lam Research Corp  | 41679 | 9730379 |
| Marvell Technology Inc  | 1131892 | 89328917 |
| Micron Technology Inc  | 99233 | 41169787 |
| Monolithic Power Systems Inc  | 40207 | 45198699 |
| NVIDIA Corp  | 4506495 | 861326390 |
|  |  | 1297254165 |
| Software - 9.0% |  |  |
| AppLovin Corp Class A (a) | 146269 | 69201327 |
| Crowdstrike Holdings Inc Class A (a) | 17529 | 7737388 |
| Figma Inc Class A  | 79564 | 2062299 |
| Microsoft Corp  | 777750 | 334658048 |
| Oracle Corp  | 173672 | 28582938 |
| Palantir Technologies Inc Class A (a) | 154816 | 22694477 |
| Rubrik Inc Class A (a) | 56602 | 3166882 |
| Salesforce Inc  | 33348 | 7079447 |
| Samsara Inc Class A (a) | 128679 | 3609446 |
| Servicenow Inc (a) | 75342 | 8815767 |
| Unity Software Inc (a) | 79166 | 2303731 |
| Zoom Communications Inc Class A (a) | 58713 | 5407467 |
|  |  | 495319217 |
| Technology Hardware, Storage & Peripherals - 10.4% |  |  |
| Apple Inc  | 2010622 | 521716197 |
| Sandisk Corp/DE  | 34394 | 19819543 |
| Seagate Technology Holdings PLC  | 4578 | 1866404 |
| Western Digital Corp  | 124183 | 31074312 |
|  |  | 574476456 |
| TOTAL INFORMATION TECHNOLOGY |  | 2508631079 |
| Materials - 0.3% |  |  |
| Construction Materials - 0.2% |  |  |
| Martin Marietta Materials Inc  | 10317 | 6726168 |
| Vulcan Materials Co  | 22677 | 6815346 |
|  |  | 13541514 |
| Metals & Mining - 0.1% |  |  |
| Century Aluminum Co (a) | 70317 | 3187469 |
| TOTAL MATERIALS |  | 16728983 |
| Real Estate - 0.6% |  |  |
| Health Care REITs - 0.5% |  |  |
| Welltower Inc  | 146273 | 27551983 |
| Real Estate Management & Development - 0.1% |  |  |
| Compass Inc Class A (a) | 469722 | 5880919 |
| Zillow Group Inc Class C (a) | 2434 | 153415 |
|  |  | 6034334 |
| TOTAL REAL ESTATE |  | 33586317 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.3% |  |  |
| Constellation Energy Corp  | 13934 | 3910995 |
| Entergy Corp  | 59201 | 5676784 |
| NRG Energy Inc  | 35810 | 5465680 |
|  |  | 15053459 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Vistra Corp  | 29842 | 4725481 |
| TOTAL UTILITIES |  | 19778940 |
| TOTAL UNITED STATES |  | 5285113600 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (a) | 114779 | 3244478 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,026,089,877) |  | <br> **5495244772** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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>|
| State Street Institutional Treasury Plus Money Market Fund Trust Class (b)<br>(Cost $4,894,671)<br>| 3.59 | 4894671 | **4894671** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $4,030,984,548)<br>| <br>**5500139443** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(817011)** |
| **NET ASSETS - 100.0%** | **5499322432** |

---

**Legend**

(a) Non-income producing.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2026, 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 | 908210729 | 908210729 | - | - |
| Consumer Discretionary | 956914421 | 956914421 | - | - |
| Consumer Staples | 41141803 | 41141803 | - | - |
| Energy | 15931828 | 15931828 | - | - |
| Financials | 186607387 | 186607387 | - | - |
| Health Care | 362872229 | 362872229 | - | - |
| Industrials | 296305656 | 296305656 | - | - |
| Information Technology | 2643385414 | 2643385414 | - | - |
| Materials | 30510048 | 30510048 | - | - |
| Real Estate | 33586317 | 33586317 | - | - |
| Utilities | 19778940 | 19778940 | - | - |
|  **Money Market Funds** | 4894671 | 4894671 | - | - |
| **Total Investments in Securities:** | 5500139443 | 5500139443 | - | - |

---

**Fidelity® Blue Chip Growth ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $4,030,984,548)<br>|  | $5500139443 |
| Foreign currency held at value (cost $155) |  | 155 |
| Receivable for fund shares sold |  | 6816445 |
| Dividends receivable |  | 659813 |
| **Total assets** |  | 5507615856 |
| **Liabilities** |  |  |
| Payable to custodian bank | $1064350 |  |
| Payable for investments purchased  | 4635716 |  |
| Accrued management fee | 2593358 |  |
| **Total liabilities** |  | 8293424 |
| **Net Assets**  |  | $5499322432 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4204154541 |
| Total accumulated earnings (loss) |  | 1295167891 |
| **Net Assets** |  | $5499322432 |
| **Net Asset Value**, offering price and redemption price per share ($5,499,322,432 ÷ 100,850,000 shares) |  | $54.53 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $9225806 |
| Security lending |  | 1156627 |
| **Total income** |  | 10382433 |
| **Expenses** |  |  |
| Management fee | $14441856 |  |
| Independent trustees' fees and expenses | 9608 |  |
| Total expenses before reductions | 14451464 |  |
| Expense reductions | (957) |  |
| Total expenses after reductions |  | 14450507 |
| **Net Investment income (loss)** |  | (4068074) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Redemptions in-kind | 85196529 |  |
| Unaffiliated issuers  | (35554770) |  |
| Foreign currency transactions | 1778 |  |
| Futures contracts | 88323 |  |
| Total net realized gain (loss) |  | 49731860 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 333405074 |  |
| Assets and liabilities in foreign currencies | 2 |  |
| Total change in net unrealized appreciation (depreciation) |  | 333405076 |
| **Net gain (loss)** |  | 383136936 |
| **Net increase (decrease) in net assets resulting from operations** |  | $379068862 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(4068074) | $508905 |
| &nbsp;&nbsp;Net realized gain (loss) | 49731860<br>| (5300217)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 333405076 | 666570027<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 379068862<br>| 661778715<br>|
| Distributions to shareholders | (2399375)<br>| (3424200)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 695883677 | 2310709626 |
| &nbsp;&nbsp;Cost of shares redeemed | (223124923) | (294190111) |
| **Net increase (decrease) in net assets resulting from share transactions** | 472758754<br>| 2016519515<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 849428241<br>| 2674874030<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4649894191 | 1975020161<br>|
| &nbsp;&nbsp;End of period | $5499322432 | $4649894191 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 12875000 | 51275000 |
| &nbsp;&nbsp;Redeemed | (4275000) | (7175000) |
| &nbsp;&nbsp;Net increase (decrease) | 8600000 | 44100000 |

---

**Financial Highlights** 

**Fidelity® Blue Chip Growth ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $50.41 | $41.02 | $31.28 | $24.93 | $32.77 | $22.74 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.04)  | .01  | (.03)  | - C | (.05)  | (.08)  |
| Net realized and unrealized gain (loss)  | 4.19  | 9.44  | 9.78  | 6.35  | (7.79)  | 10.11  |
| Total from investment operations  | 4.15  | 9.45  | 9.75  | 6.35  | (7.84)  | 10.03  |
| Distributions from net investment income  | (.03)  | (.06)  | (.01)  | -  | -  | - C |
| Total distributions  | (.03)  | (.06)  | (.01)  | -  | -  | - C |
| Net asset value, end of period  | $54.53 | $50.41 | $41.02 | $31.28 | $24.93 | $32.77 |
| **Total Return** D,E,F | 8.22% <br>| 23.05%  | 31.18%  | 25.44%  | (23.92)%  | 44.14%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .57% I | .59%  | .60%  | .59%  | .59%  | .59%  |
| Expenses net of fee waivers, if any  | .57% I<br>| .59%  | .59%  | .59%  | .59%  | .59%  |
| Expenses net of all reductions, if any  | .57% I | .59%  | .59%  | .59%  | .59%  | .59%  |
| Net investment income (loss)  | (.16)% I | .02%  | (.10)%  | -% C | (.17)%  | (.27)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5499322 | $4649894 | $1975020 | $780383 | $363397 | $407189 |
| Portfolio turnover rate J,K | 44% I<br>| 53%  | 42%  | 30%  | 57%  | 63%  |

---

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

B*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.*

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

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.*

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® Blue Chip Value ETF**

**Schedule of Investments January 31, 2026 (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>|
| CANADA - 1.9%  |  |  |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Canadian Natural Resources Ltd (United States)  | 24652 | 917300 |
| Imperial Oil Ltd (United States)  | 10826 | 1096133 |
| TOTAL ENERGY |  | 2013433 |
| Materials - 0.6% |  |  |
| Chemicals - 0.6% |  |  |
| Nutrien Ltd (United States)  | 13613 | 937800 |
| TOTAL CANADA |  | 2951233 |
| TAIWAN - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 1468 | 485262 |
| UNITED KINGDOM - 3.9%  |  |  |
| Consumer Staples - 1.0% |  |  |
| Beverages - 0.5% |  |  |
| Diageo PLC ADR  | 8979 | 833251 |
| Tobacco - 0.5% |  |  |
| British American Tobacco PLC ADR  | 13362 | 810806 |
| TOTAL CONSUMER STAPLES |  | 1644057 |
| Health Care - 1.6% |  |  |
| Pharmaceuticals - 1.6% |  |  |
| Astrazeneca PLC ADR  | 26897 | 2495235 |
| Utilities - 1.3% |  |  |
| Multi-Utilities - 1.3% |  |  |
| National Grid PLC ADR  | 23314 | 1987985 |
| TOTAL UNITED KINGDOM |  | 6127277 |
| UNITED STATES - 92.8%  |  |  |
| Communication Services - 8.0% |  |  |
| Entertainment - 1.4% |  |  |
| Walt Disney Co/The  | 20021 | 2258369 |
| Interactive Media & Services - 6.6% |  |  |
| Alphabet Inc Class A  | 20097 | 6792786 |
| Alphabet Inc Class C  | 7856 | 2659492 |
| Meta Platforms Inc Class A  | 1145 | 820392 |
|  |  | 10272670 |
| TOTAL COMMUNICATION SERVICES |  | 12531039 |
| Consumer Discretionary - 7.6% |  |  |
| Broadline Retail - 2.8% |  |  |
| Amazon.com Inc (a) | 18630 | 4458159 |
| Diversified Consumer Services - 0.8% |  |  |
| H&R Block Inc  | 30424 | 1200227 |
| Household Durables - 1.0% |  |  |
| Lennar Corp Class A  | 2894 | 316459 |
| Mohawk Industries Inc (a) | 4430 | 524424 |
| Taylor Morrison Home Corp (a) | 2571 | 156702 |
| Toll Brothers Inc  | 1887 | 272653 |
| TopBuild Corp (a) | 583 | 272873 |
|  |  | 1543111 |
| Specialty Retail - 2.6% |  |  |
| Lowe's Cos Inc  | 4852 | 1295775 |
| Murphy USA Inc  | 863 | 364625 |
| Ross Stores Inc  | 9327 | 1759539 |
| Ulta Beauty Inc (a) | 882 | 570972 |
|  |  | 3990911 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Lululemon Athletica Inc (a) | 3742 | 652979 |
| TOTAL CONSUMER DISCRETIONARY |  | 11845387 |
| Consumer Staples - 9.1% |  |  |
| Beverages - 2.1% |  |  |
| Constellation Brands Inc Class A  | 5561 | 871408 |
| Keurig Dr Pepper Inc  | 86722 | 2379652 |
|  |  | 3251060 |
| Consumer Staples Distribution & Retail - 2.5% |  |  |
| BJ's Wholesale Club Holdings Inc (a) | 3570 | 330011 |
| Kroger Co/The  | 20096 | 1263034 |
| Sprouts Farmers Market Inc (a) | 5774 | 409434 |
| Target Corp  | 7823 | 825092 |
| US Foods Holding Corp (a) | 13142 | 1098934 |
|  |  | 3926505 |
| Food Products - 1.4% |  |  |
| McCormick & Co Inc/MD  | 7930 | 490312 |
| Mondelez International Inc  | 28449 | 1663413 |
|  |  | 2153725 |
| Household Products - 2.3% |  |  |
| Colgate-Palmolive Co  | 12953 | 1169526 |
| Procter & Gamble Co/The  | 16412 | 2490850 |
|  |  | 3660376 |
| Tobacco - 0.8% |  |  |
| Philip Morris International Inc  | 6553 | 1175870 |
| TOTAL CONSUMER STAPLES |  | 14167536 |
| Energy - 7.7% |  |  |
| Oil, Gas & Consumable Fuels - 7.7% |  |  |
| ConocoPhillips  | 21492 | 2240111 |
| Exxon Mobil Corp  | 48208 | 6816611 |
| Shell PLC ADR  | 39817 | 3067104 |
| TOTAL ENERGY |  | 12123826 |
| Financials - 23.0% |  |  |
| Banks - 9.7% |  |  |
| Bank of America Corp  | 77828 | 4140450 |
| JPMorgan Chase & Co  | 2870 | 877904 |
| M&T Bank Corp  | 9180 | 2034013 |
| PNC Financial Services Group Inc/The  | 11914 | 2660396 |
| US Bancorp  | 42868 | 2405323 |
| Wells Fargo & Co  | 32190 | 2912873 |
|  |  | 15030959 |
| Capital Markets - 2.7% |  |  |
| Bank of New York Mellon Corp/The  | 6921 | 829966 |
| Blackrock Inc  | 880 | 984667 |
| Northern Trust Corp  | 14825 | 2215301 |
| State Street Corp  | 2033 | 266038 |
|  |  | 4295972 |
| Consumer Finance - 1.1% |  |  |
| Capital One Financial Corp  | 8151 | 1784498 |
| Financial Services - 3.1% |  |  |
| Berkshire Hathaway Inc Class B (a) | 4506 | 2165268 |
| Global Payments Inc  | 6469 | 464086 |
| PayPal Holdings Inc  | 12898 | 679596 |
| Sycamore Partners LLC rights (a)(b) | 37295 | 20139 |
| Visa Inc Class A  | 4752 | 1529336 |
|  |  | 4858425 |
| Insurance - 5.8% |  |  |
| Chubb Ltd  | 7127 | 2206234 |
| Fidelity National Financial Inc  | 5965 | 324436 |
| Hartford Insurance Group Inc/The  | 8826 | 1192040 |
| Marsh & McLennan Cos Inc  | 8488 | 1597357 |
| Travelers Companies Inc/The  | 10832 | 3081812 |
| Willis Towers Watson PLC  | 2361 | 749547 |
|  |  | 9151426 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.6% |  |  |
| Annaly Capital Management Inc  | 38071 | 876014 |
| TOTAL FINANCIALS |  | 35997294 |
| Health Care - 9.5% |  |  |
| Biotechnology - 1.8% |  |  |
| Biogen Inc (a) | 4899 | 881281 |
| Gilead Sciences Inc  | 13931 | 1977506 |
|  |  | 2858787 |
| Health Care Providers & Services - 2.5% |  |  |
| Cigna Group/The  | 10154 | 2783313 |
| CVS Health Corp  | 14126 | 1052669 |
|  |  | 3835982 |
| Life Sciences Tools & Services - 1.3% |  |  |
| Thermo Fisher Scientific Inc  | 3634 | 2102669 |
| Pharmaceuticals - 3.9% |  |  |
| GSK PLC ADR  | 47820 | 2467512 |
| Merck & Co Inc  | 31982 | 3526655 |
|  |  | 5994167 |
| TOTAL HEALTH CARE |  | 14791605 |
| Industrials - 13.8% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| Lockheed Martin Corp  | 1955 | 1239900 |
| Northrop Grumman Corp  | 1019 | 705413 |
| Textron Inc  | 11894 | 1047386 |
|  |  | 2992699 |
| Air Freight & Logistics - 3.6% |  |  |
| CH Robinson Worldwide Inc  | 7084 | 1381026 |
| Expeditors International of Washington Inc  | 3288 | 527855 |
| FedEx Corp  | 6346 | 2044999 |
| United Parcel Service Inc Class B  | 15964 | 1695696 |
|  |  | 5649576 |
| Electrical Equipment - 0.9% |  |  |
| Emerson Electric Co  | 3751 | 551246 |
| Regal Rexnord Corp  | 4941 | 797972 |
|  |  | 1349218 |
| Ground Transportation - 0.5% |  |  |
| Knight-Swift Transportation Holdings Inc  | 13449 | 741039 |
| Machinery - 4.7% |  |  |
| Allison Transmission Holdings Inc  | 7875 | 856013 |
| Cummins Inc  | 1709 | 989203 |
| Deere & Co  | 2899 | 1530672 |
| Dover Corp  | 4806 | 968361 |
| PACCAR Inc  | 4211 | 517574 |
| Pentair PLC  | 13206 | 1391516 |
| Westinghouse Air Brake Technologies Corp  | 4857 | 1117790 |
|  |  | 7371129 |
| Professional Services - 1.6% |  |  |
| ExlService Holdings Inc (a) | 15126 | 592183 |
| Leidos Holdings Inc  | 3741 | 704356 |
| Maximus Inc  | 7246 | 684312 |
| SS&C Technologies Holdings Inc  | 5999 | 491258 |
|  |  | 2472109 |
| Trading Companies & Distributors - 0.6% |  |  |
| Ferguson Enterprises Inc  | 2758 | 696285 |
| Rush Enterprises Inc Class A  | 4563 | 292899 |
|  |  | 989184 |
| TOTAL INDUSTRIALS |  | 21564954 |
| Information Technology - 7.7% |  |  |
| Communications Equipment - 2.1% |  |  |
| Cisco Systems Inc  | 42016 | 3290693 |
| IT Services - 1.3% |  |  |
| Accenture PLC Class A  | 5749 | 1515666 |
| GoDaddy Inc Class A (a) | 5923 | 595380 |
|  |  | 2111046 |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| Advanced Micro Devices Inc (a) | 1369 | 324083 |
| Analog Devices Inc  | 432 | 134300 |
| Intel Corp (a) | 17228 | 800585 |
| Micron Technology Inc  | 3584 | 1486930 |
| QUALCOMM Inc  | 3618 | 548453 |
|  |  | 3294351 |
| Software - 2.0% |  |  |
| Gen Digital Inc  | 66194 | 1587994 |
| Salesforce Inc  | 7562 | 1605337 |
|  |  | 3193331 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Western Digital Corp  | 881 | 220453 |
| TOTAL INFORMATION TECHNOLOGY |  | 12109874 |
| Materials - 4.3% |  |  |
| Chemicals - 2.0% |  |  |
| Cabot Corp  | 3480 | 251221 |
| CF Industries Holdings Inc  | 8141 | 758985 |
| Corteva Inc  | 14595 | 1062516 |
| Mosaic Co/The  | 32895 | 904613 |
| Scotts Miracle-Gro Co/The  | 1383 | 88816 |
|  |  | 3066151 |
| Construction Materials - 0.6% |  |  |
| CRH PLC  | 8894 | 1088715 |
| Containers & Packaging - 0.7% |  |  |
| Crown Holdings Inc  | 10419 | 1090661 |
| Metals & Mining - 1.0% |  |  |
| Newmont Corp  | 13475 | 1513916 |
| TOTAL MATERIALS |  | 6759443 |
| Real Estate - 0.2% |  |  |
| Specialized REITs - 0.2% |  |  |
| Lamar Advertising Co Class A  | 2835 | 363759 |
| Utilities - 1.9% |  |  |
| Electric Utilities - 1.5% |  |  |
| Eversource Energy  | 14826 | 1024921 |
| PG&E Corp  | 83995 | 1295203 |
|  |  | 2320124 |
| Gas Utilities - 0.4% |  |  |
| National Fuel Gas Co  | 1903 | 159376 |
| UGI Corp  | 10408 | 417465 |
|  |  | 576841 |
| TOTAL UTILITIES |  | 2896965 |
| TOTAL UNITED STATES |  | 145151682 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $124,178,107) |  | <br> **154715454** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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>|
| State Street Institutional Treasury Plus Money Market Fund Trust Class (c)<br>(Cost $1,753,029)<br>| 3.59 | 1753029 | **1753029** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $125,931,136)<br>| <br>**156468483** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(3085)** |
| **NET ASSETS - 100.0%** | **156465398** |

---

**Legend**

(a) Non-income producing.

(b) Level 3 security.

(c) The rate quoted is the annualized seven-day yield of the fund at period end.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2026, 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 | 12531039 | 12531039 | - | - |
| Consumer Discretionary | 11845387 | 11845387 | - | - |
| Consumer Staples | 15811593 | 15811593 | - | - |
| Energy | 14137259 | 14137259 | - | - |
| Financials | 35997294 | 35977155 | - | 20139 |
| Health Care | 17286840 | 17286840 | - | - |
| Industrials | 21564954 | 21564954 | - | - |
| Information Technology | 12595136 | 12595136 | - | - |
| Materials | 7697243 | 7697243 | - | - |
| Real Estate | 363759 | 363759 | - | - |
| Utilities | 4884950 | 4884950 | - | - |
|  **Money Market Funds** | 1753029 | 1753029 | - | - |
| **Total Investments in Securities:** | 156468483 | 156448344 | - | 20139 |

---

**Fidelity® Blue Chip Value ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $125,931,136)<br>|  | $156468483 |
| Receivable for investments sold |  | 868583 |
| Dividends receivable |  | 122164 |
| **Total assets** |  | 157459230 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $921649 |  |
| Accrued management fee | 72183 |  |
| **Total liabilities** |  | 993832 |
| **Net Assets**  |  | $156465398 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $121360398 |
| Total accumulated earnings (loss) |  | 35105000 |
| **Net Assets** |  | $156465398 |
| **Net Asset Value**, offering price and redemption price per share ($156,465,398 ÷ 4,225,000 shares) |  | $37.03 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $1486870 |
| **Expenses** |  |  |
| Management fee | $394010 |  |
| Independent trustees' fees and expenses | 273 |  |
| Total expenses before reductions | 394283 |  |
| Expense reductions | (5) |  |
| Total expenses after reductions |  | 394278 |
| **Net Investment income (loss)** |  | 1092592 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Redemptions in-kind | 759291 |  |
| Unaffiliated issuers  | 5216464 |  |
| Foreign currency transactions | (99) |  |
| Total net realized gain (loss) |  | 5975656 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 13124184 |
| **Net gain (loss)** |  | 19099840 |
| **Net increase (decrease) in net assets resulting from operations** |  | $20192432 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1092592 | $2115815 |
| &nbsp;&nbsp;Net realized gain (loss) | 5975656<br>| 4466441<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 13124184 | 157297<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 20192432<br>| 6739553<br>|
| Distributions to shareholders | (2989375)<br>| (2230975)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 15272587 | 7171519 |
| &nbsp;&nbsp;Cost of shares redeemed | (3509214) | (9538413) |
| **Net increase (decrease) in net assets resulting from share transactions** | 11763373<br>| (2366894)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 28966430<br>| 2141684<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 127498968 | 125357284<br>|
| &nbsp;&nbsp;End of period | $156465398 | $127498968 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 425000 | 225000 |
| &nbsp;&nbsp;Redeemed | (100000) | (300000) |
| &nbsp;&nbsp;Net increase (decrease) | 325000 | (75000) |

---

**Financial Highlights** 

**Fidelity® Blue Chip Value ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.69 | $31.54 | $28.88 | $28.02 | $28.63 | $20.23 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .27  | .54  | .54  | .43  | .39  | .32  |
| Net realized and unrealized gain (loss)  | 4.83  | 1.18 C | 2.65  | 1.04  | (.03)  | 8.32  |
| Total from investment operations  | 5.10  | 1.72  | 3.19  | 1.47  | .36  | 8.64  |
| Distributions from net investment income  | (.27)  | (.57)  | (.53)  | (.42)  | (.39)  | (.24)  |
| Distributions from net realized gain  | (.49)  | -  | -  | (.19)  | (.58)  | -  |
| Total distributions  | (.76)  | (.57)  | (.53)  | (.61)  | (.97)  | (.24)  |
| Net asset value, end of period  | $37.03 | $32.69 | $31.54 | $28.88 | $28.02 | $28.63 |
| **Total Return** D,E,F | 15.72% <br>| 5.53% C | 11.22%  | 5.35%  | 1.27%  | 42.83%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .57% I | .59%  | .60%  | .59%  | .59%  | .59%  |
| Expenses net of fee waivers, if any  | .57% I<br>| .59%  | .59%  | .59%  | .59%  | .59%  |
| Expenses net of all reductions, if any  | .57% I | .59%  | .59%  | .59%  | .59%  | .58%  |
| Net investment income (loss)  | 1.58% I | 1.68%  | 1.84%  | 1.53%  | 1.36%  | 1.22%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $156465 | $127499 | $125357 | $128498 | $114175 | $94465 |
| Portfolio turnover rate J,K | 58% I<br>| 69%  | 33%  | 35%  | 54%  | 97%  |

---

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

B*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.*

C*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.02 per share. Excluding this reimbursement, the total return would have been 5.48%.*

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.*

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.* 

**Fidelity® Fundamental Large Cap Core ETF**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| MercadoLibre Inc (b) | 1737 | 3730711 |
| CANADA - 2.7%  |  |  |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Imperial Oil Ltd  | 81396 | 8223587 |
| Financials - 0.8% |  |  |
| Capital Markets - 0.8% |  |  |
| Brookfield Corp Class A (United States)  | 179333 | 8168618 |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (United States) (b) | 24673 | 3237838 |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 14962 | 2850261 |
| Franco-Nevada Corp (United States) (a) | 17463 | 4092629 |
| TOTAL MATERIALS |  | 6942890 |
| TOTAL CANADA |  | 26572933 |
| GERMANY - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Software - 0.7% |  |  |
| SAP SE ADR  | 33138 | 6662064 |
| NETHERLANDS - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| BE Semiconductor Industries NV  | 23326 | 4548339 |
| TAIWAN - 1.6%  |  |  |
| Information Technology - 1.6% |  |  |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 47150 | 15585904 |
| UNITED KINGDOM - 1.3%  |  |  |
| Consumer Staples - 1.3% |  |  |
| Beverages - 0.4% |  |  |
| Diageo PLC ADR  | 49656 | 4608077 |
| Tobacco - 0.9% |  |  |
| British American Tobacco PLC  | 144360 | 8644132 |
| TOTAL UNITED KINGDOM |  | 13252209 |
| UNITED STATES - 91.5%  |  |  |
| Communication Services - 12.4% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Comcast Corp Class A  | 115362 | 3432020 |
| Entertainment - 0.6% |  |  |
| Netflix Inc (b) | 74655 | 6232946 |
| Interactive Media & Services - 11.0% |  |  |
| Alphabet Inc Class A  | 196350 | 66366300 |
| Meta Platforms Inc Class A  | 58222 | 41716063 |
|  |  | 108082363 |
| Wireless Telecommunication Services - 0.5% |  |  |
| T-Mobile US Inc  | 22782 | 4492838 |
| TOTAL COMMUNICATION SERVICES |  | 122240167 |
| Consumer Discretionary - 8.7% |  |  |
| Broadline Retail - 4.8% |  |  |
| Amazon.com Inc (b) | 192763 | 46128186 |
| Diversified Consumer Services - 0.3% |  |  |
| Service Corp International/US  | 35907 | 2888000 |
| Hotels, Restaurants & Leisure - 1.2% |  |  |
| Hilton Worldwide Holdings Inc  | 22294 | 6654982 |
| Marriott International Inc/MD Class A1  | 11612 | 3661264 |
| Viking Holdings Ltd (b) | 27248 | 1965943 |
|  |  | 12282189 |
| Household Durables - 1.0% |  |  |
| Somnigroup International Inc  | 95037 | 8349001 |
| Whirlpool Corp  | 20880 | 1670191 |
|  |  | 10019192 |
| Specialty Retail - 1.2% |  |  |
| Lowe's Cos Inc  | 32647 | 8718708 |
| Ross Stores Inc  | 18531 | 3495873 |
|  |  | 12214581 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Ralph Lauren Corp Class A  | 6232 | 2202450 |
| TOTAL CONSUMER DISCRETIONARY |  | 85734598 |
| Consumer Staples - 3.0% |  |  |
| Beverages - 1.8% |  |  |
| Coca-Cola Co/The  | 126595 | 9470572 |
| Keurig Dr Pepper Inc  | 274498 | 7532225 |
|  |  | 17002797 |
| Personal Care Products - 0.4% |  |  |
| Kenvue Inc  | 244526 | 4254752 |
| Tobacco - 0.8% |  |  |
| Philip Morris International Inc  | 45806 | 8219429 |
| TOTAL CONSUMER STAPLES |  | 29476978 |
| Energy - 4.1% |  |  |
| Oil, Gas & Consumable Fuels - 4.1% |  |  |
| Enterprise Products Partners LP  | 116641 | 3871314 |
| Exxon Mobil Corp  | 172154 | 24342576 |
| Shell PLC ADR  | 161335 | 12427635 |
| TOTAL ENERGY |  | 40641525 |
| Financials - 13.4% |  |  |
| Banks - 5.3% |  |  |
| Bank of America Corp  | 325524 | 17317877 |
| M&T Bank Corp  | 28558 | 6327596 |
| PNC Financial Services Group Inc/The  | 39638 | 8851165 |
| Wells Fargo & Co  | 223881 | 20258993 |
|  |  | 52755631 |
| Capital Markets - 2.8% |  |  |
| Bank of New York Mellon Corp/The  | 94917 | 11382447 |
| Blue Owl Capital Inc Class A  | 405775 | 5534771 |
| KKR & Co Inc Class A  | 36071 | 4121472 |
| Northern Trust Corp  | 44977 | 6720913 |
|  |  | 27759603 |
| Financial Services - 2.5% |  |  |
| Apollo Global Management Inc  | 56864 | 7650482 |
| Visa Inc Class A  | 51654 | 16623807 |
|  |  | 24274289 |
| Insurance - 2.8% |  |  |
| Arthur J Gallagher & Co  | 25030 | 6241731 |
| Chubb Ltd  | 22813 | 7061992 |
| Marsh & McLennan Cos Inc  | 34263 | 6447954 |
| Travelers Companies Inc/The  | 27449 | 7809515 |
|  |  | 27561192 |
| TOTAL FINANCIALS |  | 132350715 |
| Health Care - 8.6% |  |  |
| Biotechnology - 0.9% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 8221 | 2779191 |
| Gilead Sciences Inc  | 43890 | 6230186 |
|  |  | 9009377 |
| Health Care Equipment & Supplies - 1.0% |  |  |
| Boston Scientific Corp (b) | 107669 | 10070282 |
| Health Care Providers & Services - 1.9% |  |  |
| Cencora Inc  | 9443 | 3392114 |
| Cigna Group/The  | 24925 | 6832192 |
| Humana Inc  | 11745 | 2292624 |
| UnitedHealth Group Inc  | 22530 | 6464533 |
|  |  | 18981463 |
| Life Sciences Tools & Services - 1.1% |  |  |
| Bruker Corp  | 54532 | 2415222 |
| Thermo Fisher Scientific Inc  | 15183 | 8785036 |
|  |  | 11200258 |
| Pharmaceuticals - 3.7% |  |  |
| Eli Lilly & Co  | 12231 | 12685382 |
| GSK PLC ADR  | 176996 | 9132994 |
| Merck & Co Inc  | 66515 | 7334609 |
| Royalty Pharma PLC Class A  | 149619 | 6236119 |
|  |  | 35389104 |
| TOTAL HEALTH CARE |  | 84650484 |
| Industrials - 12.7% |  |  |
| Aerospace & Defense - 4.0% |  |  |
| Boeing Co (b) | 86563 | 20231505 |
| GE Aerospace  | 49926 | 15316798 |
| Huntington Ingalls Industries Inc  | 10114 | 4253038 |
|  |  | 39801341 |
| Air Freight & Logistics - 1.3% |  |  |
| FedEx Corp  | 15859 | 5110562 |
| United Parcel Service Inc Class B  | 75517 | 8021416 |
|  |  | 13131978 |
| Building Products - 0.4% |  |  |
| A O Smith Corp  | 64411 | 4733564 |
| Construction & Engineering - 0.6% |  |  |
| EMCOR Group Inc  | 7833 | 5645478 |
| Electrical Equipment - 1.9% |  |  |
| GE Vernova Inc  | 20870 | 15159342 |
| Vertiv Holdings Co Class A  | 19649 | 3658251 |
|  |  | 18817593 |
| Machinery - 3.6% |  |  |
| Allison Transmission Holdings Inc  | 58663 | 6376668 |
| Cummins Inc  | 17313 | 10021111 |
| PACCAR Inc  | 58750 | 7220963 |
| Westinghouse Air Brake Technologies Corp  | 50002 | 11507460 |
|  |  | 35126202 |
| Professional Services - 0.9% |  |  |
| Paycom Software Inc  | 25722 | 3466039 |
| SS&C Technologies Holdings Inc  | 62455 | 5114440 |
|  |  | 8580479 |
| TOTAL INDUSTRIALS |  | 125836635 |
| Information Technology - 24.0% |  |  |
| Communications Equipment - 0.6% |  |  |
| Arista Networks Inc (b) | 41882 | 5936355 |
| Electronic Equipment, Instruments & Components - 1.4% |  |  |
| Amphenol Corp Class A  | 94906 | 13674056 |
| IT Services - 0.5% |  |  |
| Amdocs Ltd  | 61461 | 5036114 |
| Semiconductors & Semiconductor Equipment - 10.6% |  |  |
| Broadcom Inc  | 63663 | 21091552 |
| Marvell Technology Inc  | 46888 | 3700401 |
| NVIDIA Corp  | 414954 | 79310158 |
|  |  | 104102111 |
| Software - 5.3% |  |  |
| Gen Digital Inc  | 176751 | 4240256 |
| Microsoft Corp  | 97376 | 41899920 |
| Salesforce Inc  | 30170 | 6404789 |
|  |  | 52544965 |
| Technology Hardware, Storage & Peripherals - 5.6% |  |  |
| Apple Inc  | 138982 | 36063050 |
| GPGI Inc Class A (a)(b) | 53734 | 1266510 |
| Seagate Technology Holdings PLC  | 15120 | 6164273 |
| Western Digital Corp  | 48766 | 12202716 |
|  |  | 55696549 |
| TOTAL INFORMATION TECHNOLOGY |  | 236990150 |
| Materials - 1.5% |  |  |
| Chemicals - 0.8% |  |  |
| Corteva Inc  | 64058 | 4663422 |
| Mosaic Co/The  | 104199 | 2865473 |
|  |  | 7528895 |
| Construction Materials - 0.3% |  |  |
| CRH PLC  | 27533 | 3370315 |
| Containers & Packaging - 0.3% |  |  |
| Smurfit WestRock PLC  | 71024 | 2956729 |
| Metals & Mining - 0.1% |  |  |
| Royal Gold Inc  | 2308 | 607719 |
| TOTAL MATERIALS |  | 14463658 |
| Real Estate - 1.3% |  |  |
| Health Care REITs - 0.5% |  |  |
| Ventas Inc  | 67448 | 5238686 |
| Real Estate Management & Development - 0.3% |  |  |
| CBRE Group Inc Class A (b) | 21010 | 3578633 |
| Specialized REITs - 0.5% |  |  |
| American Tower Corp  | 29854 | 5352225 |
| TOTAL REAL ESTATE |  | 14169544 |
| Utilities - 1.8% |  |  |
| Electric Utilities - 1.2% |  |  |
| Constellation Energy Corp  | 9085 | 2549978 |
| Southern Co/The  | 95540 | 8532677 |
|  |  | 11082655 |
| Multi-Utilities - 0.6% |  |  |
| Sempra  | 71372 | 6210078 |
| TOTAL UTILITIES |  | 17292733 |
| TOTAL UNITED STATES |  | 903847187 |
| ZAMBIA - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| First Quantum Minerals Ltd (b) | 139580 | 3945532 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $798,406,010) |  | <br> **978144879** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.70 | 6417429 | 6418712 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.70 | 2180971 | 2181189 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $8,599,901) |  |  | **8599901** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $807,005,911)<br>| <br>**986744780** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **1211230** |
| **NET ASSETS - 100.0%** | **987956010** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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) | 26 | 3/2026 | 9055475 | 483 |
| 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) Security or a portion of the security is on loan at period end.

(b) Non-income producing.

(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 | 1389961 | 122850341 | 117820733 | 225631 | (857) | - | 6418712 | 6417429 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 41061767 | 38880942 | 5057 | 364 | - | 2181189 | 2180971 | 0.0% |
| Total | 1389961 | 163912108 | 156701675 | 230688 | (493) | - | 8599901 |  |  |

---

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 January 31, 2026, 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 | 122240167 | 122240167 | - | - |
| Consumer Discretionary | 89465309 | 89465309 | - | - |
| Consumer Staples | 42729187 | 42729187 | - | - |
| Energy | 48865112 | 48865112 | - | - |
| Financials | 140519333 | 140519333 | - | - |
| Health Care | 84650484 | 84650484 | - | - |
| Industrials | 125836635 | 125836635 | - | - |
| Information Technology | 267024295 | 267024295 | - | - |
| Materials | 25352080 | 25352080 | - | - |
| Real Estate | 14169544 | 14169544 | - | - |
| Utilities | 17292733 | 17292733 | - | - |
|  **Money Market Funds** | 8599901 | 8599901 | - | - |
| **Total Investments in Securities:** | 986744780 | 986744780 | - | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 483 | 483 | - | - |
| Total Assets | 483 | 483 | - | - |
| **Total Derivative Instruments:** | 483 | 483 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 483 | - |
| **Total Equity Risk**  | 483 | - |
| **Total Value of Derivatives** | 483 | - |

---

(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® Fundamental 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 January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,955,743) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $798,406,010) | $978144879 |  |
| Fidelity Central Funds (cost $8,599,901) | 8599901 |  |
| Total Investment in Securities (cost $807,005,911) |  | $986744780 |
| Segregated cash with brokers for derivative instruments |  | 408978 |
| Cash |  | 32627 |
| Foreign currency held at value (cost $80) |  | 79 |
| Receivable for fund shares sold |  | 2729157 |
| Dividends receivable |  | 514599 |
| Distributions receivable from Fidelity Central Funds |  | 35271 |
| **Total assets** |  | 990465491 |
| **Liabilities** |  |  |
| Accrued management fee | $303889 |  |
| Payable for daily variation margin on futures contracts | 24767 |  |
| Collateral on securities loaned | 2180825 |  |
| **Total liabilities** |  | 2509481 |
| **Net Assets**  |  | $987956010 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $813871085 |
| Total accumulated earnings (loss) |  | 174084925 |
| **Net Assets** |  | $987956010 |
| **Net Asset Value**, offering price and redemption price per share ($987,956,010 ÷ 18,100,000 shares) |  | $54.58 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $5525513 |
| Income from Fidelity Central Funds (including $5,057 from security lending)  |  | 230688 |
| **Total income** |  | 5756201 |
| **Expenses** |  |  |
| Management fee | $1706254 |  |
| Independent trustees' fees and expenses | 1715 |  |
| Total expenses before reductions | 1707969 |  |
| Expense reductions | (88) |  |
| Total expenses after reductions |  | 1707881 |
| **Net Investment income (loss)** |  | 4048320 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 626645 |  |
| Redemptions in-kind | 23332723 |  |
| Fidelity Central Funds | (493) |  |
| Foreign currency transactions | 5961 |  |
| Futures contracts | 418938 |  |
| Total net realized gain (loss) |  | 24383774 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 50977566 |  |
| Assets and liabilities in foreign currencies | 2698 |  |
| Futures contracts | (44161) |  |
| Total change in net unrealized appreciation (depreciation) |  | 50936103 |
| **Net gain (loss)** |  | 75319877 |
| **Net increase (decrease) in net assets resulting from operations** |  | $79368197 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4048320 | $6300677 |
| &nbsp;&nbsp;Net realized gain (loss) | 24383774<br>| 3586257<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 50936103 | 75581467<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 79368197<br>| 85468401<br>|
| Distributions to shareholders | (5832100)<br>| (6599725)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 199505946 | 445997368 |
| &nbsp;&nbsp;Cost of shares redeemed | (81757303) | (114539404) |
| **Net increase (decrease) in net assets resulting from share transactions** | 117748643<br>| 331457964<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 191284740<br>| 410326640<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 796671270 | 386344630<br>|
| &nbsp;&nbsp;End of period | $987956010 | $796671270 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3800000 | 9675000 |
| &nbsp;&nbsp;Redeemed | (1550000) | (2675000) |
| &nbsp;&nbsp;Net increase (decrease) | 2250000 | 7000000 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $50.26 | $43.65 | $34.54 | $28.86 | $29.11 | $20.37 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .24  | .45  | .33  | .30  | .40  | .36  |
| Net realized and unrealized gain (loss)  | 4.42  | 6.62  | 9.03  | 5.78  | (.12)  | 8.75  |
| Total from investment operations  | 4.66  | 7.07  | 9.36  | 6.08  | .28  | 9.11  |
| Distributions from net investment income  | (.34)  | (.46)  | (.25)  | (.33)  | (.53)  | (.37)  |
| Distributions from net realized gain  | -  | -  | -  | (.07)  | -  | -  |
| Total distributions  | (.34)  | (.46)  | (.25)  | (.40)  | (.53)  | (.37)  |
| Net asset value, end of period  | $54.58 | $50.26 | $43.65 | $34.54 | $28.86 | $29.11 |
| **Total Return** C,D,E | 9.29% <br>| 16.30%  | 27.19%  | 21.36%  | 1.00%  | 45.03%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .38% H | .38%  | .47%  | .59%  | .59%  | .59%  |
| Expenses net of fee waivers, if any  | .38% H<br>| .38%  | .47%  | .59%  | .59%  | .59%  |
| Expenses net of all reductions, if any  | .38% H | .38%  | .47%  | .59%  | .59%  | .58%  |
| Net investment income (loss)  | .90% H | .98%  | .85%  | .99%  | 1.36%  | 1.33%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $987956 | $796671 | $386345 | $107923 | $56276 | $60407 |
| Portfolio turnover rate I,J | 35% H<br>| 46%  | 63%  | 76%  | 36%  | 68%  |

---

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

B*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.*

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

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

E*Based on net asset value.*

F*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.*

G*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.*

H*Annualized.*

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

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.* 

**Fidelity® Fundamental Large Cap Growth ETF**

**Schedule of Investments January 31, 2026 (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>|
| BELGIUM - 0.8%  |  |  |
| Health Care - 0.8% |  |  |
| Pharmaceuticals - 0.8% |  |  |
| UCB SA  | 13177 | 3989184 |
| CANADA - 1.7%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Aritzia Inc Subordinate Voting Shares (b) | 11681 | 920737 |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Celestica Inc (United States) (b) | 6107 | 1716006 |
| IT Services - 0.6% |  |  |
| Shopify Inc Class A (b) | 21749 | 2853813 |
| TOTAL INFORMATION TECHNOLOGY |  | 4569819 |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 7327 | 1395793 |
| Franco-Nevada Corp (United States) (a) | 7794 | 1826602 |
| TOTAL MATERIALS |  | 3222395 |
| TOTAL CANADA |  | 8712951 |
| CHINA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Tencent Holdings Ltd ADR  | 9067 | 692628 |
| NETHERLANDS - 0.7%  |  |  |
| Health Care - 0.7% |  |  |
| Biotechnology - 0.7% |  |  |
| Argenx SE ADR (b) | 4132 | 3472946 |
| SINGAPORE - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Sea Ltd Class A ADR (b) | 11922 | 1388794 |
| TAIWAN - 2.7%  |  |  |
| Information Technology - 2.7% |  |  |
| Semiconductors & Semiconductor Equipment - 2.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 43472 | 14370104 |
| UNITED STATES - 92.9%  |  |  |
| Communication Services - 17.0% |  |  |
| Entertainment - 2.6% |  |  |
| Netflix Inc (b) | 109505 | 9142572 |
| ROBLOX Corp Class A (b) | 42381 | 2786975 |
| Roku Inc Class A (b) | 16948 | 1613449 |
|  |  | 13542996 |
| Interactive Media & Services - 14.4% |  |  |
| Alphabet Inc Class A  | 93208 | 31504304 |
| Alphabet Inc Class C  | 45362 | 15356398 |
| Meta Platforms Inc Class A  | 36398 | 26079167 |
| Reddit Inc Class A (b) | 15840 | 2855477 |
|  |  | 75795346 |
| TOTAL COMMUNICATION SERVICES |  | 89338342 |
| Consumer Discretionary - 11.8% |  |  |
| Automobiles - 1.5% |  |  |
| Tesla Inc (b) | 18893 | 8131736 |
| Broadline Retail - 6.3% |  |  |
| Amazon.com Inc (b) | 136997 | 32783382 |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Brinker International Inc (b) | 7117 | 1122493 |
| Starbucks Corp  | 35079 | 3225514 |
|  |  | 4348007 |
| Household Durables - 0.6% |  |  |
| DR Horton Inc  | 6158 | 916557 |
| SharkNinja Inc (b) | 20875 | 2467425 |
|  |  | 3383982 |
| Specialty Retail - 2.3% |  |  |
| Carvana Co Class A (b) | 7716 | 3094965 |
| Lowe's Cos Inc  | 19254 | 5141974 |
| TJX Cos Inc/The  | 20614 | 3088183 |
| Wayfair Inc Class A (b) | 1821 | 188455 |
|  |  | 11513577 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| NIKE Inc Class B  | 27947 | 1727404 |
| TOTAL CONSUMER DISCRETIONARY |  | 61888088 |
| Consumer Staples - 0.8% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Target Corp  | 7589 | 800412 |
| Personal Care Products - 0.2% |  |  |
| Estee Lauder Cos Inc/The Class A  | 8819 | 1016654 |
| Tobacco - 0.5% |  |  |
| Philip Morris International Inc  | 13444 | 2412392 |
| TOTAL CONSUMER STAPLES |  | 4229458 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| EQT Corp  | 13392 | 773120 |
| Financials - 4.8% |  |  |
| Banks - 0.4% |  |  |
| Bank of America Corp  | 39527 | 2102836 |
| Capital Markets - 1.5% |  |  |
| Goldman Sachs Group Inc/The  | 2526 | 2362846 |
| Morgan Stanley  | 16754 | 3062631 |
| Robinhood Markets Inc Class A (b) | 22658 | 2254018 |
|  |  | 7679495 |
| Financial Services - 2.9% |  |  |
| Affirm Holdings Inc Class A (b) | 26563 | 1601749 |
| Apollo Global Management Inc  | 30073 | 4046021 |
| Mastercard Inc Class A  | 18246 | 9830763 |
|  |  | 15478533 |
| TOTAL FINANCIALS |  | 25260864 |
| Health Care - 6.4% |  |  |
| Biotechnology - 2.4% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 10702 | 3617919 |
| Gilead Sciences Inc  | 16919 | 2401652 |
| Insmed Inc (b) | 7529 | 1181074 |
| Ionis Pharmaceuticals Inc (b) | 19906 | 1645629 |
| Nuvalent Inc Class A (b) | 5230 | 538115 |
| Regeneron Pharmaceuticals Inc  | 796 | 590194 |
| Roivant Sciences Ltd (b) | 86570 | 1871643 |
|  |  | 11846226 |
| Health Care Equipment & Supplies - 1.9% |  |  |
| Boston Scientific Corp (b) | 74503 | 6968266 |
| Edwards Lifesciences Corp (b) | 8129 | 661375 |
| Insulet Corp (b) | 6563 | 1678881 |
| Medline Inc Class A  | 20252 | 895138 |
|  |  | 10203660 |
| Health Care Technology - 0.3% |  |  |
| Veeva Systems Inc Class A (b) | 8838 | 1802245 |
| Life Sciences Tools & Services - 0.4% |  |  |
| Danaher Corp  | 9672 | 2117104 |
| Pharmaceuticals - 1.4% |  |  |
| Eli Lilly & Co  | 7314 | 7585715 |
| TOTAL HEALTH CARE |  | 33554950 |
| Industrials - 6.2% |  |  |
| Aerospace & Defense - 1.4% |  |  |
| Axon Enterprise Inc (b) | 7565 | 3658283 |
| Boeing Co (b) | 13735 | 3210144 |
| Howmet Aerospace Inc  | 3371 | 701438 |
|  |  | 7569865 |
| Construction & Engineering - 1.1% |  |  |
| Comfort Systems USA Inc  | 538 | 614449 |
| EMCOR Group Inc  | 5116 | 3687255 |
| Sterling Infrastructure Inc (b) | 3568 | 1277023 |
|  |  | 5578727 |
| Electrical Equipment - 1.6% |  |  |
| GE Vernova Inc  | 8223 | 5972941 |
| Nextpower Inc Class A (b) | 22578 | 2643658 |
|  |  | 8616599 |
| Machinery - 0.4% |  |  |
| Cummins Inc  | 3843 | 2224405 |
| Passenger Airlines - 0.8% |  |  |
| Delta Air Lines Inc  | 33903 | 2233869 |
| United Airlines Holdings Inc (b) | 17223 | 1762257 |
|  |  | 3996126 |
| Trading Companies & Distributors - 0.9% |  |  |
| Ferguson Enterprises Inc  | 7045 | 1778581 |
| FTAI Aviation Ltd  | 3270 | 890486 |
| United Rentals Inc  | 2405 | 1880854 |
|  |  | 4549921 |
| TOTAL INDUSTRIALS |  | 32535643 |
| Information Technology - 43.5% |  |  |
| Communications Equipment - 1.1% |  |  |
| Ciena Corp (b) | 10684 | 2690338 |
| Lumentum Holdings Inc (b) | 7484 | 2932531 |
|  |  | 5622869 |
| Electronic Equipment, Instruments & Components - 2.6% |  |  |
| Amphenol Corp Class A  | 44618 | 6428561 |
| Coherent Corp (b) | 23261 | 4935519 |
| Corning Inc  | 21399 | 2209447 |
|  |  | 13573527 |
| IT Services - 0.1% |  |  |
| CoreWeave Inc Class A (a)(b) | 7385 | 688208 |
| Semiconductors & Semiconductor Equipment - 21.3% |  |  |
| Astera Labs Inc (b) | 12939 | 1948872 |
| Broadcom Inc  | 54226 | 17965074 |
| First Solar Inc (b) | 6608 | 1490236 |
| Marvell Technology Inc  | 62000 | 4893040 |
| Micron Technology Inc  | 9078 | 3766281 |
| NVIDIA Corp  | 426372 | 81492480 |
|  |  | 111555983 |
| Software - 9.1% |  |  |
| AppLovin Corp Class A (b) | 10086 | 4771787 |
| Cadence Design Systems Inc (b) | 3256 | 964948 |
| Datadog Inc Class A (b) | 7461 | 964857 |
| Fair Isaac Corp (b) | 203 | 297023 |
| Microsoft Corp  | 82330 | 35425776 |
| Nutanix Inc Class A (b) | 12308 | 484073 |
| Oracle Corp  | 14272 | 2348886 |
| Palantir Technologies Inc Class A (b) | 10530 | 1543593 |
| Synopsys Inc (b) | 1780 | 827905 |
|  |  | 47628848 |
| Technology Hardware, Storage & Peripherals - 9.3% |  |  |
| Apple Inc  | 163395 | 42397735 |
| Sandisk Corp/DE  | 8755 | 5045069 |
| Western Digital Corp  | 6202 | 1551926 |
|  |  | 48994730 |
| TOTAL INFORMATION TECHNOLOGY |  | 228064165 |
| Materials - 0.9% |  |  |
| Chemicals - 0.3% |  |  |
| Corteva Inc  | 23648 | 1721574 |
| Construction Materials - 0.6% |  |  |
| Vulcan Materials Co  | 9933 | 2985264 |
| TOTAL MATERIALS |  | 4706838 |
| Real Estate - 0.9% |  |  |
| Health Care REITs - 0.7% |  |  |
| Welltower Inc  | 20377 | 3838212 |
| Real Estate Management & Development - 0.2% |  |  |
| Zillow Group Inc Class C (b) | 16065 | 1012577 |
| TOTAL REAL ESTATE |  | 4850789 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| NRG Energy Inc  | 17250 | 2632868 |
| TOTAL UNITED STATES |  | 487835125 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $336,633,335) |  | <br> **520461732** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.70 | 3996852 | 3997651 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.70 | 2533104 | 2533357 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $6,531,166) |  |  | **6531008** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.3%**<br> (Cost $343,164,501)<br>| <br>**526992740** |
| **NET OTHER ASSETS (LIABILITIES) - (0.3)%**  | **(1603874)** |
| **NET ASSETS - 100.0%** | **525388866** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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) | 11 | 3/2026 | 3831163 | 34616 |
| The notional amount of long futures as a percentage of Net Assets is 0.7%. | The notional amount of long futures as a percentage of Net Assets is 0.7%. | The notional amount of long futures as a percentage of Net Assets is 0.7%. | The notional amount of long futures as a percentage of Net Assets is 0.7%. | The notional amount of long futures as a percentage of Net Assets is 0.7%. |

---

**Legend**

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

(b) Non-income producing.

(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 | 2683257 | 13486391 | 12171728 | 59665 | (111) | (158) | 3997651 | 3996852 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 3255600 | 15134193 | 15856443 | 86368 | 7 | - | 2533357 | 2533104 | 0.0% |
| Total | 5938857 | 28620584 | 28028171 | 146033 | (104) | (158) | 6531008 |  |  |

---

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 January 31, 2026, 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 | 90030970 | 90030970 | - | - |
| Consumer Discretionary | 64197619 | 64197619 | - | - |
| Consumer Staples | 4229458 | 4229458 | - | - |
| Energy | 773120 | 773120 | - | - |
| Financials | 25260864 | 25260864 | - | - |
| Health Care | 41017080 | 41017080 | - | - |
| Industrials | 32535643 | 32535643 | - | - |
| Information Technology | 247004088 | 247004088 | - | - |
| Materials | 7929233 | 7929233 | - | - |
| Real Estate | 4850789 | 4850789 | - | - |
| Utilities | 2632868 | 2632868 | - | - |
|  **Money Market Funds** | 6531008 | 6531008 | - | - |
| **Total Investments in Securities:** | 526992740 | 526992740 | - | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 34616 | 34616 | - | - |
| Total Assets | 34616 | 34616 | - | - |
| **Total Derivative Instruments:** | 34616 | 34616 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 34616 | - |
| **Total Equity Risk**  | 34616 | - |
| **Total Value of Derivatives** | 34616 | - |

---

(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® Fundamental 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 January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,250,499) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $336,633,335) | $520461732 |  |
| Fidelity Central Funds (cost $6,531,166) | 6531008 |  |
| Total Investment in Securities (cost $343,164,501) |  | $526992740 |
| Segregated cash with brokers for derivative instruments |  | 250434 |
| Cash |  | 31938 |
| Foreign currency held at value (cost $46) |  | 47 |
| Receivable for investments sold |  | 745242 |
| Dividends receivable |  | 71617 |
| Distributions receivable from Fidelity Central Funds |  | 11964 |
| **Total assets** |  | 528103982 |
| **Liabilities** |  |  |
| Accrued management fee | $166916 |  |
| Payable for daily variation margin on futures contracts | 14850 |  |
| Collateral on securities loaned | 2533350 |  |
| **Total liabilities** |  | 2715116 |
| **Net Assets**  |  | $525388866 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $356715900 |
| Total accumulated earnings (loss) |  | 168672966 |
| **Net Assets** |  | $525388866 |
| **Net Asset Value**, offering price and redemption price per share ($525,388,866 ÷ 17,500,000 shares) |  | $30.02 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $953216 |
| Interest  |  | 4084 |
| Income from Fidelity Central Funds (including $86,368 from security lending)  |  | 146033 |
| **Total income** |  | 1103333 |
| **Expenses** |  |  |
| Management fee | $965197 |  |
| Independent trustees' fees and expenses | 965 |  |
| Total expenses before reductions | 966162 |  |
| Expense reductions | (189) |  |
| Total expenses after reductions |  | 965973 |
| **Net Investment income (loss)** |  | 137360 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (2651521) |  |
| Redemptions in-kind | 15609280 |  |
| Fidelity Central Funds | (104) |  |
| Foreign currency transactions | (411) |  |
| Futures contracts | (161746) |  |
| Total net realized gain (loss) |  | 12795498 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 25772368 |  |
| Fidelity Central Funds  | (158) |  |
| Assets and liabilities in foreign currencies | 169 |  |
| Futures contracts | (33285) |  |
| Total change in net unrealized appreciation (depreciation) |  | 25739094 |
| **Net gain (loss)** |  | 38534592 |
| **Net increase (decrease) in net assets resulting from operations** |  | $38671952 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $137360 | $560400 |
| &nbsp;&nbsp;Net realized gain (loss) | 12795498<br>| (635885)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 25739094 | 78899431<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 38671952<br>| 78823946<br>|
| Distributions to shareholders | (600275)<br>| (459350)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 56134505 | 81208780 |
| &nbsp;&nbsp;Cost of shares redeemed | (34058920) | (11462274) |
| **Net increase (decrease) in net assets resulting from share transactions** | 22075585<br>| 69746506<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 60147262<br>| 148111102<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 465241604 | 317130502<br>|
| &nbsp;&nbsp;End of period | $525388866 | $465241604 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1900000 | 3400000 |
| &nbsp;&nbsp;Redeemed | (1150000) | (450000) |
| &nbsp;&nbsp;Net increase (decrease) | 750000 | 2950000 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021** A  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.78 | $22.98 | $17.94 | $14.49 | $21.16 | $20.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .01  | .04  | (.01)  | (.01)  | (.03)  | (.03)  |
| Net realized and unrealized gain (loss)  | 2.27  | 4.79  | 5.05  | 3.46  | (6.64)  | 1.19  |
| Total from investment operations  | 2.28  | 4.83  | 5.04  | 3.45  | (6.67)  | 1.16  |
| Distributions from net investment income  | (.04)  | (.03)  | -  | -  | -  | -  |
| Total distributions  | (.04)  | (.03)  | -  | -  | -  | -  |
| Net asset value, end of period  | $30.02 | $27.78 | $22.98 | $17.94 | $14.49 | $21.16 |
| **Total Return** D,E,F | 8.22% <br>| 21.02%  | 28.10%  | 23.80%  | (31.53)%  | 5.82%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .38% I | .38%  | .49%  | .59%  | .59%  | .59% I |
| Expenses net of fee waivers, if any  | .38% I<br>| .38%  | .48%  | .59%  | .59%  | .59% I |
| Expenses net of all reductions, if any  | .38% I | .38%  | .48%  | .59%  | .59%  | .59% I |
| Net investment income (loss)  | .05% I | .15%  | (.05)%  | (.07)%  | (.19)%  | (.33)% I |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $525389 | $465242 | $317131 | $195099 | $62310 | $39679 |
| Portfolio turnover rate J,K | 41% I<br>| 52%  | 52%  | 78%  | 99%  | 49% L |

---

A*For the period February 2, 2021 (commencement of operations) through July 31, 2021.*

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® Fundamental Large Cap Value ETF**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.9%  |  |  |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Canadian Natural Resources Ltd  | 3966 | 147467 |
| FRANCE - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Capgemini SE  | 143 | 22238 |
| TAIWAN - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 600 | 198336 |
| UNITED KINGDOM - 1.1%  |  |  |
| Health Care - 1.1% |  |  |
| Pharmaceuticals - 1.1% |  |  |
| Astrazeneca PLC ADR  | 1880 | 174408 |
| UNITED STATES - 95.9%  |  |  |
| Communication Services - 7.8% |  |  |
| Diversified Telecommunication Services - 1.2% |  |  |
| Comcast Corp Class A  | 1617 | 48105 |
| Verizon Communications Inc  | 3284 | 146204 |
|  |  | 194309 |
| Entertainment - 0.3% |  |  |
| Walt Disney Co/The  | 457 | 51550 |
| Interactive Media & Services - 5.2% |  |  |
| Alphabet Inc Class A  | 2444 | 826073 |
| Media - 0.3% |  |  |
| Nexstar Media Group Inc  | 196 | 41626 |
| Wireless Telecommunication Services - 0.8% |  |  |
| T-Mobile US Inc  | 626 | 123453 |
| TOTAL COMMUNICATION SERVICES |  | 1237011 |
| Consumer Discretionary - 8.0% |  |  |
| Broadline Retail - 1.5% |  |  |
| Amazon.com Inc (a) | 975 | 233318 |
| Diversified Consumer Services - 0.4% |  |  |
| H&R Block Inc  | 1581 | 62370 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Hilton Grand Vacations Inc (a) | 1202 | 54222 |
| Household Durables - 2.0% |  |  |
| PulteGroup Inc  | 583 | 72927 |
| Somnigroup International Inc  | 1648 | 144778 |
| TopBuild Corp (a) | 225 | 105311 |
|  |  | 323016 |
| Leisure Products - 0.3% |  |  |
| Hasbro Inc  | 569 | 50817 |
| Specialty Retail - 3.0% |  |  |
| Dick's Sporting Goods Inc  | 308 | 62216 |
| Lithia Motors Inc Class A  | 200 | 64688 |
| Lowe's Cos Inc  | 751 | 200562 |
| Murphy USA Inc  | 161 | 68024 |
| Signet Jewelers Ltd  | 276 | 25467 |
| Upbound Group Inc  | 1857 | 35097 |
|  |  | 456054 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Tapestry Inc  | 661 | 83888 |
| TOTAL CONSUMER DISCRETIONARY |  | 1263685 |
| Consumer Staples - 7.6% |  |  |
| Beverages - 2.4% |  |  |
| Coca-Cola Co/The  | 2191 | 163909 |
| Keurig Dr Pepper Inc  | 5353 | 146886 |
| Primo Brands Corp Class A  | 3005 | 56915 |
|  |  | 367710 |
| Consumer Staples Distribution & Retail - 2.0% |  |  |
| BJ's Wholesale Club Holdings Inc (a) | 129 | 11924 |
| Dollar Tree Inc (a) | 500 | 58795 |
| US Foods Holding Corp (a) | 2959 | 247432 |
|  |  | 318151 |
| Food Products - 1.2% |  |  |
| Bunge Global SA  | 433 | 49310 |
| Darling Ingredients Inc (a) | 1466 | 66938 |
| Ingredion Inc  | 664 | 78418 |
|  |  | 194666 |
| Household Products - 2.0% |  |  |
| Colgate-Palmolive Co  | 330 | 29796 |
| Procter & Gamble Co/The  | 1905 | 289122 |
|  |  | 318918 |
| TOTAL CONSUMER STAPLES |  | 1199445 |
| Energy - 7.1% |  |  |
| Oil, Gas & Consumable Fuels - 7.1% |  |  |
| Core Natural Resources Inc  | 582 | 55511 |
| Exxon Mobil Corp  | 4708 | 665711 |
| Shell PLC ADR  | 3734 | 287630 |
| Targa Resources Corp  | 610 | 122598 |
| TOTAL ENERGY |  | 1131450 |
| Financials - 20.9% |  |  |
| Banks - 9.1% |  |  |
| Bank of America Corp  | 8126 | 432303 |
| First Citizens BancShares Inc/NC Class A  | 31 | 64157 |
| JPMorgan Chase & Co  | 315 | 96355 |
| M&T Bank Corp  | 370 | 81981 |
| PNC Financial Services Group Inc/The  | 460 | 102718 |
| US Bancorp  | 3285 | 184321 |
| Wells Fargo & Co  | 5263 | 476249 |
|  |  | 1438084 |
| Capital Markets - 2.3% |  |  |
| Ameriprise Financial Inc  | 258 | 136015 |
| Blackrock Inc  | 20 | 22378 |
| Charles Schwab Corp/The  | 1130 | 117430 |
| State Street Corp  | 731 | 95659 |
|  |  | 371482 |
| Consumer Finance - 1.4% |  |  |
| Capital One Financial Corp  | 460 | 100708 |
| OneMain Holdings Inc  | 1527 | 100080 |
| SLM Corp  | 775 | 21041 |
|  |  | 221829 |
| Financial Services - 2.3% |  |  |
| Apollo Global Management Inc  | 1369 | 184185 |
| Berkshire Hathaway Inc Class B (a) | 140 | 67274 |
| Visa Inc Class A  | 354 | 113928 |
|  |  | 365387 |
| Insurance - 5.8% |  |  |
| American Financial Group Inc/OH  | 716 | 93273 |
| Chubb Ltd  | 259 | 80176 |
| Hartford Insurance Group Inc/The  | 2671 | 360745 |
| Travelers Companies Inc/The  | 1352 | 384658 |
|  |  | 918852 |
| TOTAL FINANCIALS |  | 3315634 |
| Health Care - 10.6% |  |  |
| Biotechnology - 2.2% |  |  |
| AbbVie Inc  | 111 | 24754 |
| Gilead Sciences Inc  | 2255 | 320097 |
|  |  | 344851 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| QuidelOrtho Corp (a) | 1037 | 28175 |
| Health Care Providers & Services - 2.9% |  |  |
| Cigna Group/The  | 644 | 176527 |
| CVS Health Corp  | 2479 | 184735 |
| Humana Inc  | 29 | 5661 |
| Molina Healthcare Inc (a) | 505 | 90693 |
|  |  | 457616 |
| Life Sciences Tools & Services - 0.4% |  |  |
| ICON PLC (a) | 330 | 59483 |
| Pharmaceuticals - 5.0% |  |  |
| GSK PLC ADR  | 2534 | 130754 |
| Johnson & Johnson  | 1488 | 338148 |
| Merck & Co Inc  | 2911 | 320996 |
|  |  | 789898 |
| TOTAL HEALTH CARE |  | 1680023 |
| Industrials - 12.0% |  |  |
| Aerospace & Defense - 1.7% |  |  |
| Boeing Co (a) | 110 | 25709 |
| GE Aerospace  | 53 | 16260 |
| General Dynamics Corp  | 456 | 160097 |
| Lockheed Martin Corp  | 109 | 69130 |
|  |  | 271196 |
| Air Freight & Logistics - 1.4% |  |  |
| FedEx Corp  | 461 | 148558 |
| GXO Logistics Inc (a) | 1331 | 75321 |
|  |  | 223879 |
| Building Products - 0.1% |  |  |
| UFP Industries Inc  | 209 | 21586 |
| Commercial Services & Supplies - 0.1% |  |  |
| Brink's Co/The  | 76 | 9654 |
| Construction & Engineering - 0.6% |  |  |
| EMCOR Group Inc  | 131 | 94416 |
| Electrical Equipment - 0.7% |  |  |
| Regal Rexnord Corp  | 651 | 105137 |
| Ground Transportation - 1.5% |  |  |
| CSX Corp  | 327 | 12347 |
| Ryder System Inc  | 180 | 34430 |
| Saia Inc (a) | 175 | 58602 |
| U-Haul Holding Co (a) | 1814 | 102582 |
| XPO Inc (a) | 196 | 29030 |
|  |  | 236991 |
| Machinery - 4.5% |  |  |
| Allison Transmission Holdings Inc  | 863 | 93808 |
| CNH Industrial NV Class A  | 2701 | 29063 |
| Cummins Inc  | 310 | 179434 |
| Dover Corp  | 659 | 132782 |
| Gates Industrial Corp PLC (a) | 613 | 14111 |
| Oshkosh Corp  | 643 | 92476 |
| Terex Corp  | 1161 | 66177 |
| Westinghouse Air Brake Technologies Corp  | 441 | 101492 |
|  |  | 709343 |
| Professional Services - 1.1% |  |  |
| Amentum Holdings Inc (a) | 1409 | 50414 |
| SS&C Technologies Holdings Inc  | 1489 | 121934 |
|  |  | 172348 |
| Trading Companies & Distributors - 0.3% |  |  |
| Herc Holdings Inc  | 356 | 51029 |
| TOTAL INDUSTRIALS |  | 1895579 |
| Information Technology - 9.3% |  |  |
| Communications Equipment - 2.4% |  |  |
| Cisco Systems Inc  | 4668 | 365599 |
| Electronic Equipment, Instruments & Components - 1.1% |  |  |
| Arrow Electronics Inc (a) | 644 | 85323 |
| Avnet Inc  | 1451 | 90528 |
|  |  | 175851 |
| IT Services - 1.2% |  |  |
| Accenture PLC Class A  | 377 | 99392 |
| Amdocs Ltd  | 1202 | 98492 |
|  |  | 197884 |
| Semiconductors & Semiconductor Equipment - 1.5% |  |  |
| First Solar Inc (a) | 282 | 63596 |
| ON Semiconductor Corp (a) | 1522 | 91153 |
| QUALCOMM Inc  | 558 | 84587 |
|  |  | 239336 |
| Software - 2.0% |  |  |
| Gen Digital Inc  | 4527 | 108603 |
| Salesforce Inc  | 956 | 202949 |
|  |  | 311552 |
| Technology Hardware, Storage & Peripherals - 1.1% |  |  |
| Western Digital Corp  | 721 | 180416 |
| TOTAL INFORMATION TECHNOLOGY |  | 1470638 |
| Materials - 4.7% |  |  |
| Chemicals - 1.3% |  |  |
| Corteva Inc  | 1711 | 124561 |
| Mosaic Co/The  | 2684 | 73810 |
|  |  | 198371 |
| Construction Materials - 1.4% |  |  |
| CRH PLC  | 1765 | 216054 |
| Containers & Packaging - 0.5% |  |  |
| Smurfit WestRock PLC  | 2253 | 93792 |
| Metals & Mining - 1.5% |  |  |
| Newmont Corp  | 1000 | 112350 |
| Reliance Inc  | 402 | 132459 |
|  |  | 244809 |
| TOTAL MATERIALS |  | 753026 |
| Real Estate - 4.2% |  |  |
| Health Care REITs - 1.2% |  |  |
| Ventas Inc  | 104 | 8078 |
| Welltower Inc  | 995 | 187418 |
|  |  | 195496 |
| Industrial REITs - 1.5% |  |  |
| Prologis Inc  | 1788 | 233441 |
| Residential REITs - 0.2% |  |  |
| Sun Communities Inc  | 338 | 43071 |
| Specialized REITs - 1.3% |  |  |
| Equinix Inc  | 108 | 88661 |
| Lamar Advertising Co Class A  | 256 | 32847 |
| Public Storage  | 283 | 78162 |
|  |  | 199670 |
| TOTAL REAL ESTATE |  | 671678 |
| Utilities - 3.7% |  |  |
| Electric Utilities - 2.0% |  |  |
| Constellation Energy Corp  | 333 | 93466 |
| Evergy Inc  | 108 | 8287 |
| Eversource Energy  | 1141 | 78877 |
| PG&E Corp  | 8617 | 132875 |
|  |  | 313505 |
| Gas Utilities - 0.3% |  |  |
| UGI Corp  | 1430 | 57357 |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |
| AES Corp/The  | 4194 | 61442 |
| Multi-Utilities - 1.0% |  |  |
| Sempra  | 1792 | 155922 |
| TOTAL UTILITIES |  | 588226 |
| TOTAL UNITED STATES |  | 15206395 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $13,594,386) |  | <br> **15748844** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (b)<br>(Cost $68,485)<br>| 3.70 | 68471 | **68485** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%**<br> (Cost $13,662,871)<br>| <br>**15817329** |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **40004** |
| **NET ASSETS - 100.0%** | **15857333** |

---

**Legend**

(a) Non-income producing.

(b) 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 | - | 820236 | 751753 | 613 | 2 | - | 68485 | 68471 | 0.0% |
| Total | - | 820236 | 751753 | 613 | 2 | - | 68485 |  |  |

---

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 January 31, 2026, 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 | 1237011 | 1237011 | - | - |
| Consumer Discretionary | 1263685 | 1263685 | - | - |
| Consumer Staples | 1199445 | 1199445 | - | - |
| Energy | 1278917 | 1278917 | - | - |
| Financials | 3315634 | 3315634 | - | - |
| Health Care | 1854431 | 1854431 | - | - |
| Industrials | 1895579 | 1895579 | - | - |
| Information Technology | 1691212 | 1691212 | - | - |
| Materials | 753026 | 753026 | - | - |
| Real Estate | 671678 | 671678 | - | - |
| Utilities | 588226 | 588226 | - | - |
|  **Money Market Funds** | 68485 | 68485 | - | - |
| **Total Investments in Securities:** | 15817329 | 15817329 | - | - |

---

**Fidelity® Fundamental 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 January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $13,594,386) | $15748844 |  |
| Fidelity Central Funds (cost $68,485) | 68485 |  |
| Total Investment in Securities (cost $13,662,871) |  | $15817329 |
| Cash |  | 32984 |
| Dividends receivable |  | 11429 |
| Distributions receivable from Fidelity Central Funds |  | 273 |
| **Total assets** |  | 15862015 |
| **Liabilities** |  |  |
| Accrued management fee | $4682 |  |
| **Total liabilities** |  | 4682 |
| **Net Assets**  |  | $15857333 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $13770123 |
| Total accumulated earnings (loss) |  | 2087210 |
| **Net Assets** |  | $15857333 |
| **Net Asset Value**, offering price and redemption price per share ($15,857,333 ÷ 625,000 shares) |  | $25.37 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $116988 |
| Interest  |  | 24 |
| Income from Fidelity Central Funds  |  | 613 |
| **Total income** |  | 117625 |
| **Expenses** |  |  |
| Management fee | $22642 |  |
| Independent trustees' fees and expenses | 22 |  |
| Total expenses before reductions | 22664 |  |
| Expense reductions | (480) |  |
| Total expenses after reductions |  | 22184 |
| **Net Investment income (loss)** |  | 95441 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (63241) |  |
| Redemptions in-kind | 262409 |  |
| Fidelity Central Funds | 2 |  |
| Foreign currency transactions | 69 |  |
| Futures contracts | 6398 |  |
| Total net realized gain (loss) |  | 205637 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 1476413 |
| **Net gain (loss)** |  | 1682050 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1777491 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $95441 | $134995 |
| &nbsp;&nbsp;Net realized gain (loss) | 205637<br>| (45431)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1476413 | 585299<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1777491<br>| 674863<br>|
| Distributions to shareholders | (93575)<br>| (129425)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 4920595 | 11085197 |
| &nbsp;&nbsp;Cost of shares redeemed | (1240374) | (2738950) |
| **Net increase (decrease) in net assets resulting from share transactions** | 3680221<br>| 8346247<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 5364137<br>| 8891685<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 10493196 | 1601511<br>|
| &nbsp;&nbsp;End of period | $15857333 | $10493196 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 200000 | 525000 |
| &nbsp;&nbsp;Redeemed | (50000) | (125000) |
| &nbsp;&nbsp;Net increase (decrease) | 150000 | 400000 |

---

**Financial Highlights** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $22.09 | $21.35 | $20.13 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .19  | .40  | .16  |
| Net realized and unrealized gain (loss)  | 3.28  | .72  | 1.19  |
| Total from investment operations  | 3.47  | 1.12  | 1.35  |
| Distributions from net investment income  | (.19)  | (.38)  | (.13)  |
| Total distributions  | (.19)  | (.38)  | (.13)  |
| Net asset value, end of period  | $25.37 | $22.09 | $21.35 |
| **Total Return** D,E,F | 15.79% <br>| 5.30%  | 6.78%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |
| Expenses before reductions  | .38% I | .38%  | .40% I,J |
| Expenses net of fee waivers, if any  | .38% I<br>| .38%  | .38% I,J |
| Expenses net of all reductions, if any  | .37% I | .38%  | .38% I,J |
| Net investment income (loss)  | 1.60% I | 1.83%  | 1.72% I,J |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $15857 | $10493 | $1602 |
| Portfolio turnover rate K,L | 31% I<br>| 44%  | 29% M |

---

A*For the period February 22, 2024 (commencement of operations) through July 31, 2024.*

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*Proxy expenses are not annualized.*

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

L*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.* 

M*Amount not annualized.*

**Fidelity® Fundamental Small-Mid Cap ETF**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** |
|  | Shares | Value ($)<br>|
| CANADA - 2.4%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Gildan Activewear Inc (United States)  | 72614 | 4718458 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Xenon Pharmaceuticals Inc (a) | 23350 | 957583 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Triple Flag Precious Metals Corp (United States)  | 92833 | 3130329 |
| Real Estate - 0.8% |  |  |
| Real Estate Management & Development - 0.8% |  |  |
| Colliers International Group Inc Subordinate Voting Shares (United States)  | 59712 | 8162630 |
| Utilities - 0.8% |  |  |
| Gas Utilities - 0.8% |  |  |
| Brookfield Infrastructure Corp (United States)  | 164523 | 7872426 |
| TOTAL CANADA |  | 24841426 |
| ISRAEL - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Nova Ltd (a) | 4608 | 2109726 |
| Software - 0.3% |  |  |
| Cellebrite DI Ltd (a) | 194660 | 2863449 |
| TOTAL ISRAEL |  | 4973175 |
| NETHERLANDS - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE ADR (a) | 1165 | 979183 |
| Newamsterdam Pharma Co NV (a) | 39104 | 1216916 |
| uniQure NV (a) | 1400 | 31808 |
| TOTAL NETHERLANDS |  | 2227907 |
| PUERTO RICO - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| First BanCorp/Puerto Rico  | 127221 | 2814129 |
| THAILAND - 1.7%  |  |  |
| Information Technology - 1.7% |  |  |
| Electronic Equipment, Instruments & Components - 1.7% |  |  |
| Fabrinet (a) | 35204 | 17230246 |
| UNITED KINGDOM - 2.0%  |  |  |
| Energy - 2.0% |  |  |
| Energy Equipment & Services - 2.0% |  |  |
| TechnipFMC PLC  | 371639 | 20707725 |
| UNITED STATES - 92.0%  |  |  |
| Communication Services - 0.7% |  |  |
| Media - 0.7% |  |  |
| Nexstar Media Group Inc  | 40596 | 8621777 |
| Consumer Discretionary - 11.3% |  |  |
| Automobile Components - 0.4% |  |  |
| Patrick Industries Inc  | 34203 | 4315392 |
| Diversified Consumer Services - 0.9% |  |  |
| Grand Canyon Education Inc (a) | 26507 | 4607977 |
| Laureate Education Inc (a) | 128467 | 4406418 |
|  |  | 9014395 |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| Brinker International Inc (a) | 22921 | 3615100 |
| Cheesecake Factory Inc/The  | 92073 | 5336552 |
| Dutch Bros Inc Class A (a) | 59756 | 3250129 |
| Sportradar Holding AG Class A (a) | 98577 | 1785229 |
|  |  | 13987010 |
| Household Durables - 4.0% |  |  |
| Green Brick Partners Inc (a) | 34211 | 2373901 |
| Installed Building Products Inc  | 9907 | 2854603 |
| KB Home  | 99519 | 5726323 |
| SharkNinja Inc (a) | 72846 | 8610397 |
| Somnigroup International Inc  | 199099 | 17490848 |
| TopBuild Corp (a) | 8589 | 4020081 |
|  |  | 41076153 |
| Specialty Retail - 3.3% |  |  |
| Academy Sports & Outdoors Inc  | 8526 | 469015 |
| American Eagle Outfitters Inc  | 94 | 2191 |
| Chewy Inc Class A (a) | 66916 | 1947925 |
| Dick's Sporting Goods Inc  | 38470 | 7770940 |
| Lithia Motors Inc Class A  | 10526 | 3404529 |
| Murphy USA Inc  | 25225 | 10657816 |
| Signet Jewelers Ltd  | 59223 | 5464506 |
| Upbound Group Inc  | 86991 | 1644130 |
| Urban Outfitters Inc (a) | 49386 | 3498998 |
|  |  | 34860050 |
| Textiles, Apparel & Luxury Goods - 1.4% |  |  |
| Capri Holdings Ltd (a) | 262 | 5913 |
| Crocs Inc (a) | 91891 | 7711494 |
| PVH Corp  | 62 | 3866 |
| Tapestry Inc  | 53441 | 6782197 |
|  |  | 14503470 |
| TOTAL CONSUMER DISCRETIONARY |  | 117756470 |
| Consumer Staples - 3.6% |  |  |
| Beverages - 0.5% |  |  |
| Primo Brands Corp Class A  | 276108 | 5229486 |
| Consumer Staples Distribution & Retail - 3.1% |  |  |
| BJ's Wholesale Club Holdings Inc (a) | 67990 | 6284996 |
| Performance Food Group Co (a) | 118821 | 11341464 |
| US Foods Holding Corp (a) | 174947 | 14629068 |
|  |  | 32255528 |
| TOTAL CONSUMER STAPLES |  | 37485014 |
| Energy - 3.1% |  |  |
| Energy Equipment & Services - 0.6% |  |  |
| Cactus Inc Class A  | 107970 | 6071153 |
| Oil, Gas & Consumable Fuels - 2.5% |  |  |
| Antero Resources Corp (a) | 328064 | 11931688 |
| Cheniere Energy Inc  | 17897 | 3785573 |
| Chord Energy Corp  | 74479 | 7465775 |
| Core Natural Resources Inc  | 33870 | 3230521 |
|  |  | 26413557 |
| TOTAL ENERGY |  | 32484710 |
| Financials - 14.8% |  |  |
| Banks - 6.5% |  |  |
| BOK Financial Corp  | 40913 | 5316235 |
| East West Bancorp Inc  | 93721 | 10725431 |
| Eastern Bankshares Inc  | 265640 | 5441635 |
| First Citizens BancShares Inc/NC Class A  | 2073 | 4290219 |
| FNB Corp/PA  | 181698 | 3188800 |
| KeyCorp  | 158350 | 3407692 |
| M&T Bank Corp  | 15545 | 3444306 |
| Old National Bancorp/IN  | 133246 | 3255200 |
| Pinnacle Financial Partners Inc  | 93264 | 8868474 |
| SOUTHSTATE BANK CORP  | 43184 | 4419019 |
| TriCo Bancshares  | 26433 | 1316892 |
| Webster Financial Corp  | 110294 | 7254036 |
| Wintrust Financial Corp  | 43270 | 6381892 |
|  |  | 67309831 |
| Capital Markets - 2.7% |  |  |
| Houlihan Lokey Inc Class A  | 41642 | 7009181 |
| Lazard Inc  | 110049 | 5911832 |
| Raymond James Financial Inc  | 37855 | 6278630 |
| Stifel Financial Corp  | 72559 | 8946526 |
|  |  | 28146169 |
| Consumer Finance - 2.1% |  |  |
| FirstCash Holdings Inc  | 76953 | 13120487 |
| SLM Corp  | 177975 | 4832021 |
| SoFi Technologies Inc Class A (a) | 173727 | 3962713 |
|  |  | 21915221 |
| Financial Services - 0.3% |  |  |
| PennyMac Financial Services Inc  | 30816 | 3079134 |
| Insurance - 3.2% |  |  |
| American Financial Group Inc/OH  | 26661 | 3473128 |
| Assurant Inc  | 48 | 11430 |
| Axis Capital Holdings Ltd  | 62736 | 6473100 |
| Baldwin Insurance Group Inc/The Class A (a) | 45561 | 998697 |
| First American Financial Corp  | 86264 | 5450160 |
| Primerica Inc  | 32304 | 8497244 |
| Reinsurance Group of America Inc  | 42981 | 8714399 |
|  |  | 33618158 |
| TOTAL FINANCIALS |  | 154068513 |
| Health Care - 10.5% |  |  |
| Biotechnology - 3.8% |  |  |
| Arcellx Inc (a) | 22507 | 1537453 |
| Celldex Therapeutics Inc (a) | 46933 | 1154552 |
| Centessa Pharmaceuticals PLC ADR (a) | 41438 | 1018132 |
| CG oncology Inc (a) | 40355 | 2100478 |
| Cogent Biosciences Inc (a) | 81687 | 2933380 |
| Cytokinetics Inc (a) | 34349 | 2170513 |
| CytomX Therapeutics Inc (a) | 269365 | 1532687 |
| Dianthus Therapeutics Inc (a) | 4200 | 224238 |
| Disc Medicine Inc (a) | 18369 | 1420291 |
| Exact Sciences Corp (a) | 52 | 5322 |
| Insmed Inc (a) | 34132 | 5354287 |
| Madrigal Pharmaceuticals Inc (a) | 8 | 3914 |
| Mineralys Therapeutics Inc (a) | 29886 | 923179 |
| Nurix Therapeutics Inc (a) | 54750 | 904470 |
| Nuvalent Inc Class A (a) | 14612 | 1503429 |
| Olema Pharmaceuticals Inc (a) | 36994 | 951486 |
| Praxis Precision Medicines Inc (a) | 8070 | 2533980 |
| Rezolute Inc (a) | 406 | 1355 |
| Rhythm Pharmaceuticals Inc (a) | 23236 | 2382155 |
| Soleno Therapeutics Inc (a) | 22448 | 865595 |
| Stoke Therapeutics Inc (a) | 92063 | 2793191 |
| Upstream Bio Inc (a) | 85031 | 2642763 |
| Vaxcyte Inc (a) | 47531 | 2546236 |
| Vericel Corp (a) | 23772 | 855317 |
| Viridian Therapeutics Inc (a) | 16649 | 549417 |
| Zenas Biopharma Inc (a) | 53576 | 984191 |
|  |  | 39892011 |
| Health Care Equipment & Supplies - 2.3% |  |  |
| Ceribell Inc (a) | 78748 | 1622996 |
| Insulet Corp (a) | 21094 | 5396056 |
| Lantheus Holdings Inc (a) | 48155 | 3222533 |
| Masimo Corp (a) | 42030 | 5771980 |
| Penumbra Inc (a) | 2680 | 959895 |
| QuidelOrtho Corp (a) | 136699 | 3714112 |
| TransMedics Group Inc (a) | 23731 | 3179361 |
|  |  | 23866933 |
| Health Care Providers & Services - 2.7% |  |  |
| BrightSpring Health Services Inc (a) | 214632 | 8428599 |
| LifeStance Health Group Inc (a) | 127857 | 903948 |
| Molina Healthcare Inc (a) | 15116 | 2714682 |
| Tenet Healthcare Corp (a) | 21184 | 4009708 |
| Universal Health Services Inc Class B  | 57622 | 11597004 |
|  |  | 27653941 |
| Life Sciences Tools & Services - 0.7% |  |  |
| Charles River Laboratories International Inc (a) | 20445 | 4303264 |
| ICON PLC (a) | 4299 | 774894 |
| Repligen Corp (a) | 13824 | 2064891 |
|  |  | 7143049 |
| Pharmaceuticals - 1.0% |  |  |
| Amylyx Pharmaceuticals Inc (a) | 79806 | 1140428 |
| Crinetics Pharmaceuticals Inc (a) | 30498 | 1523070 |
| Elanco Animal Health Inc (a) | 153325 | 3692066 |
| Enliven Therapeutics Inc (a) | 46671 | 1234448 |
| Structure Therapeutics Inc ADR (a) | 36780 | 3253191 |
|  |  | 10843203 |
| TOTAL HEALTH CARE |  | 109399137 |
| Industrials - 25.7% |  |  |
| Aerospace & Defense - 3.6% |  |  |
| ATI Inc (a) | 98349 | 11831385 |
| Axon Enterprise Inc (a) | 3553 | 1718159 |
| Carpenter Technology Corp  | 29530 | 9385520 |
| Karman Holdings Inc (a) | 82987 | 8614051 |
| Woodward Inc  | 17314 | 5503082 |
|  |  | 37052197 |
| Building Products - 0.8% |  |  |
| Simpson Manufacturing Co Inc  | 20247 | 3579265 |
| Tecnoglass Inc  | 95476 | 4669731 |
|  |  | 8248996 |
| Commercial Services & Supplies - 1.3% |  |  |
| Brady Corp Class A  | 61891 | 5351715 |
| Brink's Co/The  | 43943 | 5582519 |
| GFL Environmental Inc Subordinate Voting Shares (United States)  | 61580 | 2644861 |
| HNI Corp  | 2800 | 133811 |
|  |  | 13712906 |
| Construction & Engineering - 6.3% |  |  |
| AECOM  | 118 | 11379 |
| Comfort Systems USA Inc  | 11488 | 13120445 |
| Construction Partners Inc Class A (a) | 82876 | 9106415 |
| EMCOR Group Inc  | 16227 | 11695286 |
| Granite Construction Inc  | 40652 | 4908322 |
| IES Holdings Inc (a) | 33353 | 12683812 |
| Sterling Infrastructure Inc (a) | 27331 | 9782038 |
| WillScot Holdings Corp  | 210567 | 4217657 |
|  |  | 65525354 |
| Electrical Equipment - 1.2% |  |  |
| Acuity Inc  | 26280 | 8126827 |
| Nextpower Inc Class A (a) | 41222 | 4826684 |
|  |  | 12953511 |
| Ground Transportation - 0.6% |  |  |
| XPO Inc (a) | 45535 | 6744189 |
| Machinery - 6.5% |  |  |
| Allison Transmission Holdings Inc  | 10897 | 1184504 |
| Atmus Filtration Technologies Inc  | 75350 | 4368040 |
| Blue Bird Corp (a) | 9163 | 460991 |
| Crane Co  | 43917 | 8021001 |
| Gates Industrial Corp PLC (a) | 258208 | 5943948 |
| ITT Inc  | 73079 | 13322302 |
| JBT Marel Corp  | 39491 | 6212329 |
| RBC Bearings Inc (a) | 16096 | 8042688 |
| REV Group Inc  | 40621 | 2595682 |
| SPX Technologies Inc (a) | 55945 | 11659497 |
| Terex Corp  | 109000 | 6213000 |
|  |  | 68023982 |
| Professional Services - 3.2% |  |  |
| Cbiz Inc (a) | 75008 | 2951565 |
| ExlService Holdings Inc (a) | 175580 | 6873957 |
| FTI Consulting Inc (a) | 23602 | 4122561 |
| Genpact Ltd  | 228039 | 10056520 |
| KBR Inc  | 150582 | 6446415 |
| Maximus Inc  | 31015 | 2929057 |
|  |  | 33380075 |
| Trading Companies & Distributors - 2.2% |  |  |
| Core & Main Inc Class A (a) | 99815 | 5326128 |
| DXP Enterprises Inc/TX (a) | 46668 | 6069173 |
| Herc Holdings Inc  | 52403 | 7511447 |
| Rush Enterprises Inc Class A  | 62123 | 3987675 |
|  |  | 22894423 |
| TOTAL INDUSTRIALS |  | 268535633 |
| Information Technology - 12.0% |  |  |
| Communications Equipment - 1.6% |  |  |
| Ciena Corp (a) | 11687 | 2942903 |
| Lumentum Holdings Inc (a) | 35939 | 14082338 |
|  |  | 17025241 |
| Electronic Equipment, Instruments & Components - 6.3% |  |  |
| Advanced Energy Industries Inc  | 51829 | 13235053 |
| Belden Inc  | 33341 | 3917901 |
| Coherent Corp (a) | 45340 | 9620241 |
| Crane NXT Co  | 9017 | 455539 |
| Insight Enterprises Inc (a) | 56142 | 4717051 |
| OSI Systems Inc (a) | 19875 | 4971533 |
| Sanmina Corp (a) | 78982 | 11190170 |
| TD SYNNEX Corp  | 70532 | 11191312 |
| Vontier Corp  | 162176 | 6081600 |
|  |  | 65380400 |
| IT Services - 1.1% |  |  |
| Amdocs Ltd  | 98220 | 8048147 |
| Kyndryl Holdings Inc (a) | 153840 | 3538320 |
|  |  | 11586467 |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| MACOM Technology Solutions Holdings Inc (a) | 45063 | 9871501 |
| Veeco Instruments Inc (a) | 105583 | 3297357 |
|  |  | 13168858 |
| Technology Hardware, Storage & Peripherals - 1.7% |  |  |
| Seagate Technology Holdings PLC  | 23674 | 9651653 |
| Western Digital Corp  | 32260 | 8072420 |
|  |  | 17724073 |
| TOTAL INFORMATION TECHNOLOGY |  | 124885039 |
| Materials - 3.8% |  |  |
| Chemicals - 1.0% |  |  |
| Element Solutions Inc  | 260799 | 7589251 |
| Minerals Technologies Inc  | 48121 | 3164437 |
|  |  | 10753688 |
| Construction Materials - 1.1% |  |  |
| Eagle Materials Inc  | 52871 | 10775639 |
| Containers & Packaging - 0.6% |  |  |
| Silgan Holdings Inc  | 148831 | 6422058 |
| Metals & Mining - 0.7% |  |  |
| Coeur Mining Inc (a) | 91694 | 1874225 |
| Commercial Metals Co  | 64300 | 4942741 |
| Constellium SE (a) | 5764 | 129517 |
|  |  | 6946483 |
| Paper & Forest Products - 0.4% |  |  |
| Louisiana-Pacific Corp  | 53343 | 4466942 |
| TOTAL MATERIALS |  | 39364810 |
| Real Estate - 4.7% |  |  |
| Diversified REITs - 0.4% |  |  |
| Essential Properties Realty Trust Inc  | 149595 | 4541704 |
| Health Care REITs - 1.5% |  |  |
| CareTrust REIT Inc  | 196384 | 7332978 |
| Ventas Inc  | 112459 | 8734691 |
|  |  | 16067669 |
| Real Estate Management & Development - 2.2% |  |  |
| Compass Inc Class A (a) | 701415 | 8781716 |
| Jones Lang LaSalle Inc (a) | 36598 | 13098790 |
|  |  | 21880506 |
| Specialized REITs - 0.6% |  |  |
| Outfront Media Inc  | 265406 | 6454674 |
| TOTAL REAL ESTATE |  | 48944553 |
| Utilities - 1.8% |  |  |
| Electric Utilities - 0.5% |  |  |
| PG&E Corp  | 337252 | 5200426 |
| Gas Utilities - 0.9% |  |  |
| Southwest Gas Holdings Inc  | 47244 | 3912748 |
| UGI Corp  | 135260 | 5425279 |
|  |  | 9338027 |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |
| AES Corp/The  | 283785 | 4157450 |
| TOTAL UTILITIES |  | 18695903 |
| TOTAL UNITED STATES |  | 960241559 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $881,570,252) |  | <br> **1033036167** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| State Street Institutional Treasury Plus Money Market Fund Trust Class (b)<br>(Cost $9,583,522)<br>| 3.59 | 9583522 | **9583522** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $891,153,774)<br>| <br>**1042619689** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **646941** |
| **NET ASSETS - 100.0%** | **1043266630** |

---

**Legend**

(a) Non-income producing.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2026, 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 | 8621777 | 8621777 | - | - |
| Consumer Discretionary | 122474928 | 122474928 | - | - |
| Consumer Staples | 37485014 | 37485014 | - | - |
| Energy | 53192435 | 53192435 | - | - |
| Financials | 156882642 | 156882642 | - | - |
| Health Care | 112584627 | 112584627 | - | - |
| Industrials | 268535633 | 268535633 | - | - |
| Information Technology | 147088460 | 147088460 | - | - |
| Materials | 42495139 | 42495139 | - | - |
| Real Estate | 57107183 | 57107183 | - | - |
| Utilities | 26568329 | 26568329 | - | - |
|  **Money Market Funds** | 9583522 | 9583522 | - | - |
| **Total Investments in Securities:** | 1042619689 | 1042619689 | - | - |

---

**Fidelity® Fundamental Small-Mid Cap ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $891,153,774)<br>|  | $1042619689 |
| Cash |  | 87831 |
| Receivable for investments sold |  | 1407549 |
| Receivable for fund shares sold |  | 1605089 |
| Dividends receivable |  | 86276 |
| Other receivables |  | 33 |
| **Total assets** |  | 1045806467 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $2174923 |  |
| Accrued management fee | 364914 |  |
| **Total liabilities** |  | 2539837 |
| **Net Assets**  |  | $1043266630 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $924143525 |
| Total accumulated earnings (loss) |  | 119123105 |
| **Net Assets** |  | $1043266630 |
| **Net Asset Value**, offering price and redemption price per share ($1,043,266,630 ÷ 32,500,000 shares) |  | $32.10 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $3988290 |
| Interest  |  | 38 |
| Security lending |  | 300 |
| **Total income** |  | 3988628 |
| **Expenses** |  |  |
| Management fee | $1793253 |  |
| Independent trustees' fees and expenses | 1567 |  |
| Total expenses before reductions | 1794820 |  |
| Expense reductions | (1021) |  |
| Total expenses after reductions |  | 1793799 |
| **Net Investment income (loss)** |  | 2194829 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Redemptions in-kind | 920702 |  |
| Unaffiliated issuers  | 5764414 |  |
| Futures contracts | 18581 |  |
| Total net realized gain (loss) |  | 6703697 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 119165658 |
| **Net gain (loss)** |  | 125869355 |
| **Net increase (decrease) in net assets resulting from operations** |  | $128064184 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2194829 | $2814639 |
| &nbsp;&nbsp;Net realized gain (loss) | 6703697<br>| (24585680)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 119165658 | 18031139<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 128064184<br>| (3739902)<br>|
| Distributions to shareholders | (2334700)<br>| (2973325)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 214333621 | 848553898 |
| &nbsp;&nbsp;Cost of shares redeemed | (7122612) | (207076628) |
| **Net increase (decrease) in net assets resulting from share transactions** | 207211009<br>| 641477270<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 332940493<br>| 634764043<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 710326137 | 75562094<br>|
| &nbsp;&nbsp;End of period | $1043266630 | $710326137 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 7025000 | 31425000 |
| &nbsp;&nbsp;Redeemed | (250000) | (8500000) |
| &nbsp;&nbsp;Net increase (decrease) | 6775000 | 22925000 |

---

**Financial Highlights** 

**Fidelity® Fundamental Small-Mid Cap ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021** A  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.61 | $26.99 | $22.68 | $20.94 | $22.84 | $20.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .08  | .17  | .13  | .12  | .10  | .03  |
| Net realized and unrealized gain (loss)  | 4.49  | .64 D | 4.32  | 1.76  | (1.89)  | 2.84  |
| Total from investment operations  | 4.57  | .81  | 4.45  | 1.88  | (1.79)  | 2.87  |
| Distributions from net investment income  | (.08)  | (.19)  | (.14)  | (.14)  | (.11)  | (.03)  |
| Total distributions  | (.08)  | (.19)  | (.14)  | (.14)  | (.11)  | (.03)  |
| Net asset value, end of period  | $32.10 | $27.61 | $26.99 | $22.68 | $20.94 | $22.84 |
| **Total Return** E,F,G | 16.58% <br>| 3.05%  | 19.70%  | 9.02%  | (7.88)%  | 14.36%  |
| **Ratios to Average Net Assets** C,H,I,I |  |  |  |  |  |  |
| Expenses before reductions  | .43% J | .43%  | .52%  | .60%  | .62%  | .64% J |
| Expenses net of fee waivers, if any  | .43% J<br>| .43%  | .51%  | .60%  | .62%  | .64% J |
| Expenses net of all reductions, if any  | .43% J | .43%  | .51%  | .60%  | .62%  | .63% J |
| Net investment income (loss)  | .53% J | .63%  | .55%  | .59%  | .45%  | .22% J |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1043267 | $710326 | $75562 | $35149 | $27747 | $24558 |
| Portfolio turnover rate K,L | 43% J<br>| 66%  | 38%  | 38%  | 42%  | 37% M |

---

A*For the period February 2, 2021 (commencement of operations) through July 31, 2021.*

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*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

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*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*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.*

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® Magellan℠ ETF**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| MercadoLibre Inc (a) | 3 | 6443 |
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Constellation Software Inc/Canada  | 2 | 3691 |
| TAIWAN - 2.1%  |  |  |
| Information Technology - 2.1% |  |  |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 16341 | 5401681 |
| UNITED STATES - 97.8%  |  |  |
| Communication Services - 6.2% |  |  |
| Entertainment - 1.5% |  |  |
| Netflix Inc (a) | 47956 | 4003846 |
| Interactive Media & Services - 4.7% |  |  |
| Meta Platforms Inc Class A  | 16798 | 12035767 |
| TOTAL COMMUNICATION SERVICES |  | 16039613 |
| Consumer Discretionary - 11.9% |  |  |
| Broadline Retail - 6.2% |  |  |
| Amazon.com Inc (a) | 66407 | 15891195 |
| Hotels, Restaurants & Leisure - 3.2% |  |  |
| Booking Holdings Inc  | 2 | 10004 |
| Hilton Worldwide Holdings Inc  | 14653 | 4374067 |
| Marriott International Inc/MD Class A1  | 11846 | 3735044 |
|  |  | 8119115 |
| Specialty Retail - 2.5% |  |  |
| AutoZone Inc (a) | 828 | 3067152 |
| O'Reilly Automotive Inc (a) | 36327 | 3574940 |
|  |  | 6642092 |
| TOTAL CONSUMER DISCRETIONARY |  | 30652402 |
| Consumer Staples - 1.8% |  |  |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| Costco Wholesale Corp  | 5006 | 4706892 |
| Financials - 15.8% |  |  |
| Capital Markets - 6.7% |  |  |
| Ares Management Corp Class A  | 20488 | 3066439 |
| CME Group Inc Class A  | 12861 | 3717601 |
| KKR & Co Inc Class A  | 27669 | 3161460 |
| Moody's Corp  | 6937 | 3576440 |
| S&P Global Inc  | 7084 | 3738864 |
|  |  | 17260804 |
| Consumer Finance - 1.3% |  |  |
| American Express Co  | 9562 | 3367449 |
| Financial Services - 5.4% |  |  |
| Apollo Global Management Inc  | 25367 | 3412876 |
| Mastercard Inc Class A  | 9237 | 4976803 |
| Visa Inc Class A  | 16854 | 5424123 |
|  |  | 13813802 |
| Insurance - 2.4% |  |  |
| Arthur J Gallagher & Co  | 11726 | 2924113 |
| Brown & Brown Inc  | 64 | 4614 |
| Marsh & McLennan Cos Inc  | 17352 | 3265473 |
| Progressive Corp/The  | 32 | 6656 |
|  |  | 6200856 |
| TOTAL FINANCIALS |  | 40642911 |
| Health Care - 5.1% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Boston Scientific Corp (a) | 37156 | 3475201 |
| Health Care Providers & Services - 3.8% |  |  |
| Cencora Inc  | 8200 | 2945604 |
| HCA Healthcare Inc  | 6417 | 3133229 |
| McKesson Corp  | 4335 | 3603295 |
|  |  | 9682128 |
| TOTAL HEALTH CARE |  | 13157329 |
| Industrials - 15.9% |  |  |
| Aerospace & Defense - 5.1% |  |  |
| GE Aerospace  | 17366 | 5327716 |
| HEICO Corp Class A  | 14897 | 3792627 |
| TransDigm Group Inc  | 2772 | 3957141 |
|  |  | 13077484 |
| Building Products - 1.6% |  |  |
| Trane Technologies PLC  | 9846 | 4141031 |
| Commercial Services & Supplies - 4.5% |  |  |
| Cintas Corp  | 15773 | 3018794 |
| Republic Services Inc  | 13632 | 2932107 |
| Rollins Inc  | 46099 | 2919911 |
| Waste Connections Inc (United States)  | 15902 | 2665175 |
|  |  | 11535987 |
| Construction & Engineering - 1.6% |  |  |
| Quanta Services Inc  | 8848 | 4199526 |
| Electrical Equipment - 1.7% |  |  |
| Eaton Corp PLC  | 12291 | 4319303 |
| Ground Transportation - 0.0% |  |  |
| Uber Technologies Inc (a) | 76 | 6084 |
| Machinery - 1.4% |  |  |
| Westinghouse Air Brake Technologies Corp  | 15898 | 3658766 |
| Professional Services - 0.0% |  |  |
| Verisk Analytics Inc  | 26 | 5654 |
| Trading Companies & Distributors - 0.0% |  |  |
| United Rentals Inc  | 7 | 5474 |
| TOTAL INDUSTRIALS |  | 40949309 |
| Information Technology - 33.2% |  |  |
| Communications Equipment - 2.9% |  |  |
| Arista Networks Inc (a) | 25891 | 3669790 |
| Motorola Solutions Inc  | 9448 | 3803198 |
|  |  | 7472988 |
| Electronic Equipment, Instruments & Components - 1.7% |  |  |
| Amphenol Corp Class A  | 30835 | 4442706 |
| Semiconductors & Semiconductor Equipment - 17.4% |  |  |
| Broadcom Inc  | 37066 | 12279966 |
| KLA Corp  | 3370 | 4812158 |
| NVIDIA Corp  | 144508 | 27619814 |
|  |  | 44711938 |
| Software - 11.2% |  |  |
| Cadence Design Systems Inc (a) | 14170 | 4199421 |
| Microsoft Corp  | 45728 | 19676302 |
| Synopsys Inc (a) | 10672 | 4963707 |
|  |  | 28839430 |
| TOTAL INFORMATION TECHNOLOGY |  | 85467062 |
| Materials - 4.4% |  |  |
| Chemicals - 1.5% |  |  |
| Linde PLC  | 8359 | 3819812 |
| Construction Materials - 2.9% |  |  |
| Martin Marietta Materials Inc  | 6146 | 4006885 |
| Vulcan Materials Co  | 11395 | 3424653 |
|  |  | 7431538 |
| TOTAL MATERIALS |  | 11251350 |
| Real Estate - 1.2% |  |  |
| Health Care REITs - 1.2% |  |  |
| Welltower Inc  | 17434 | 3283868 |
| Utilities - 2.3% |  |  |
| Electric Utilities - 1.1% |  |  |
| Constellation Energy Corp  | 10301 | 2891285 |
| Independent Power and Renewable Electricity Producers - 1.2% |  |  |
| Vistra Corp  | 18520 | 2932642 |
| TOTAL UTILITIES |  | 5823927 |
| TOTAL UNITED STATES |  | 251974663 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $208,399,847) |  | <br> **257386478** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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>|
| State Street Institutional Treasury Plus Money Market Fund Trust Class (b)<br>(Cost $390,217)<br>| 3.59 | 390217 | **390217** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $208,790,064)<br>| <br>**257776695** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(92844)** |
| **NET ASSETS - 100.0%** | **257683851** |

---

**Legend**

(a) Non-income producing.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2026, 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 | 16039613 | 16039613 | - | - |
| Consumer Discretionary | 30658845 | 30658845 | - | - |
| Consumer Staples | 4706892 | 4706892 | - | - |
| Financials | 40642911 | 40642911 | - | - |
| Health Care | 13157329 | 13157329 | - | - |
| Industrials | 40949309 | 40949309 | - | - |
| Information Technology | 90872434 | 90872434 | - | - |
| Materials | 11251350 | 11251350 | - | - |
| Real Estate | 3283868 | 3283868 | - | - |
| Utilities | 5823927 | 5823927 | - | - |
|  **Money Market Funds** | 390217 | 390217 | - | - |
| **Total Investments in Securities:** | 257776695 | 257776695 | - | - |

---

**Fidelity® Magellan℠ ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $208,790,064)<br>|  | $257776695 |
| Dividends receivable |  | 31754 |
| **Total assets** |  | 257808449 |
| **Liabilities** |  |  |
| Accrued management fee | $124598 |  |
| **Total liabilities** |  | 124598 |
| **Net Assets**  |  | $257683851 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $217778893 |
| Total accumulated earnings (loss) |  | 39904958 |
| **Net Assets** |  | $257683851 |
| **Net Asset Value**, offering price and redemption price per share ($257,683,851 ÷ 7,500,000 shares) |  | $34.36 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $681878 |
| Security lending |  | 68 |
| **Total income** |  | 681946 |
| **Expenses** |  |  |
| Management fee | $772066 |  |
| Independent trustees' fees and expenses | 536 |  |
| Total expenses before reductions | 772602 |  |
| Expense reductions | (49) |  |
| Total expenses after reductions |  | 772553 |
| **Net Investment income (loss)** |  | (90607) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Redemptions in-kind | 5444479 |  |
| Unaffiliated issuers  | (890730) |  |
| Foreign currency transactions | (10) |  |
| Total net realized gain (loss) |  | 4553739 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (9947490) |
| **Net gain (loss)** |  | (5393751) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(5484358) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(90607) | $72501 |
| &nbsp;&nbsp;Net realized gain (loss) | 4553739<br>| 1152163<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (9947490) | 33078168<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (5484358)<br>| 34302832<br>|
| Distributions to shareholders | (236250)<br>| (163125)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 6978775 | 142802299 |
| &nbsp;&nbsp;Cost of shares redeemed | (17230040) | (19109072) |
| **Net increase (decrease) in net assets resulting from share transactions** | (10251265)<br>| 123693227<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (15971873)<br>| 157832934<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 273655724 | 115822790<br>|
| &nbsp;&nbsp;End of period | $257683851 | $273655724 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 200000 | 4525000 |
| &nbsp;&nbsp;Redeemed | (500000) | (650000) |
| &nbsp;&nbsp;Net increase (decrease) | (300000) | 3875000 |

---

**Financial Highlights** 

**Fidelity® Magellan℠ ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021** A  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $35.08 | $29.51 | $22.34 | $20.91 | $23.12 | $20.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | (.01)  | .01  | .04  | .06  | .01  | - D |
| Net realized and unrealized gain (loss)  | (.68)  | 5.59  | 7.19  | 1.44  | (2.20)  | 3.13  |
| Total from investment operations  | (.69)  | 5.60  | 7.23  | 1.50  | (2.19)  | 3.13  |
| Distributions from net investment income  | (.03)  | (.03)  | (.06)  | (.07)  | (.02)  | (.01)  |
| Total distributions  | (.03)  | (.03)  | (.06)  | (.07)  | (.02)  | (.01)  |
| Net asset value, end of period  | $34.36 | $35.08 | $29.51 | $22.34 | $20.91 | $23.12 |
| **Total Return** E,F,G | (1.99)% <br>| 19.02%  | 32.40%  | 7.21%  | (9.50)%  | 15.65%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .57% J | .59%  | .60%  | .59%  | .59%  | .59% J |
| Expenses net of fee waivers, if any  | .57% J<br>| .59%  | .59%  | .59%  | .59%  | .59% J |
| Expenses net of all reductions, if any  | .57% J | .59%  | .59%  | .59%  | .59%  | .59% J |
| Net investment income (loss)  | (.07)% J | .04%  | .17%  | .30%  | .05%  | .01% J |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $257684 | $273656 | $115823 | $50275 | $46527 | $35842 |
| Portfolio turnover rate K,L | 45% J<br>| 70%  | 62%  | 89%  | 68%  | 41% M |

---

A*For the period February 2, 2021 (commencement of operations) through July 31, 2021.*

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*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*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*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.*

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® Real Estate Investment ETF**

**Schedule of Investments January 31, 2026 (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>|
| UNITED STATES - 99.1%  |  |  |
| Real Estate - 99.1% |  |  |
| Health Care REITs - 12.9% |  |  |
| Healthpeak Properties Inc  | 8114 | 139885 |
| Ventas Inc  | 5940 | 461360 |
| Welltower Inc  | 6287 | 1184219 |
|  |  | 1785464 |
| Industrial REITs - 15.3% |  |  |
| Americold Realty Trust Inc  | 6101 | 75713 |
| Prologis Inc  | 10597 | 1383545 |
| STAG Industrial Inc Class A  | 12357 | 463511 |
| Terreno Realty Corp  | 3045 | 187389 |
|  |  | 2110158 |
| Real Estate Management & Development - 8.3% |  |  |
| CBRE Group Inc Class A (a) | 3127 | 532622 |
| Compass Inc Class A (a) | 10904 | 136518 |
| CoStar Group Inc (a) | 3506 | 215619 |
| Jones Lang LaSalle Inc (a) | 516 | 184682 |
| Zillow Group Inc Class C (a) | 1169 | 73682 |
|  |  | 1143123 |
| Residential REITs - 11.6% |  |  |
| American Homes 4 Rent Class A  | 8064 | 252564 |
| Camden Property Trust  | 1665 | 181568 |
| Equity Residential  | 6968 | 434246 |
| Invitation Homes Inc  | 6874 | 183742 |
| Sun Communities Inc  | 617 | 78624 |
| UDR Inc  | 12816 | 476115 |
|  |  | 1606859 |
| Retail REITs - 17.4% |  |  |
| Acadia Realty Trust  | 2732 | 54667 |
| Curbline Properties Corp  | 1575 | 38194 |
| FrontView REIT Inc  | 2666 | 43749 |
| InvenTrust Properties Corp  | 1615 | 47465 |
| Kimco Realty Corp  | 27803 | 586087 |
| Macerich Co/The  | 6017 | 113902 |
| NNN REIT Inc  | 14441 | 601756 |
| Phillips Edison & Co Inc  | 3468 | 125646 |
| Realty Income Corp  | 5168 | 316075 |
| Regency Centers Corp  | 2138 | 155796 |
| Tanger Inc  | 3011 | 98520 |
| Urban Edge Properties  | 11598 | 225349 |
|  |  | 2407206 |
| Specialized REITs - 33.6% |  |  |
| American Tower Corp  | 6289 | 1127492 |
| CubeSmart  | 3274 | 122873 |
| Digital Realty Trust Inc  | 3169 | 525896 |
| Equinix Inc  | 1503 | 1233858 |
| Extra Space Storage Inc  | 594 | 81954 |
| Four Corners Property Trust Inc  | 5349 | 131853 |
| Iron Mountain Inc  | 3995 | 368059 |
| Lamar Advertising Co Class A  | 545 | 69929 |
| Public Storage  | 2047 | 565361 |
| SBA Communications Corp Class A  | 1309 | 241000 |
| Weyerhaeuser Co  | 6178 | 159269 |
|  |  | 4627544 |
| TOTAL UNITED STATES |  | 13680354 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $13,103,455) |  | <br> **13680354** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| State Street Institutional Treasury Plus Money Market Fund Trust Class (b)<br>(Cost $104,257)<br>| 3.59 | 104257 | **104257** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $13,207,712)<br>| <br>**13784611** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **23982** |
| **NET ASSETS - 100.0%** | **13808593** |

---

**Legend**

(a) Non-income producing.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2026, 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** |  |  |  |  |
| Real Estate | 13680354 | 13680354 | - | - |
|  **Money Market Funds** | 104257 | 104257 | - | - |
| **Total Investments in Securities:** | 13784611 | 13784611 | - | - |

---

**Fidelity® Real Estate Investment ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $13,207,712)<br>|  | $13784611 |
| Dividends receivable |  | 27952 |
| Other receivables |  | 2366 |
| **Total assets** |  | 13814929 |
| **Liabilities** |  |  |
| Accrued management fee | $6336 |  |
| **Total liabilities** |  | 6336 |
| **Net Assets**  |  | $13808593 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $15390580 |
| Total accumulated earnings (loss) |  | (1581987) |
| **Net Assets** |  | $13808593 |
| **Net Asset Value**, offering price and redemption price per share ($13,808,593 ÷ 600,000 shares) |  | $23.01 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $208252 |
| **Expenses** |  |  |
| Management fee | $40246 |  |
| Independent trustees' fees and expenses | 30 |  |
| Total expenses before reductions | 40276 |  |
| Expense reductions | (1) |  |
| Total expenses after reductions |  | 40275 |
| **Net Investment income (loss)** |  | 167977 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Redemptions in-kind | 346511 |  |
| Unaffiliated issuers  | (254592) |  |
| Total net realized gain (loss) |  | 91919 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 249441 |
| **Net gain (loss)** |  | 341360 |
| **Net increase (decrease) in net assets resulting from operations** |  | $509337 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $167977 | $343287 |
| &nbsp;&nbsp;Net realized gain (loss) | 91919<br>| 49705<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 249441 | (131475)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 509337<br>| 261517<br>|
| Distributions to shareholders | (168050)<br>| (378850)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1132868 | 4611356 |
| &nbsp;&nbsp;Cost of shares redeemed | (2819184) | (2192351) |
| **Net increase (decrease) in net assets resulting from share transactions** | (1686316)<br>| 2419005<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (1345029)<br>| 2301672<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 15153622 | 12851950<br>|
| &nbsp;&nbsp;End of period | $13808593 | $15153622 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 50000 | 200000 |
| &nbsp;&nbsp;Redeemed | (125000) | (100000) |
| &nbsp;&nbsp;Net increase (decrease) | (75000) | 100000 |

---

**Financial Highlights** 

**Fidelity® Real Estate Investment ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021** A  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.45 | $22.35 | $20.87 | $23.83 | $24.79 | $20.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .27  | .53  | .52  | .52  | .39  | .21  |
| Net realized and unrealized gain (loss)  | .56  | .15 D | 1.56  | (2.91)  | (.80)  | 4.79  |
| Total from investment operations  | .83  | .68  | 2.08  | (2.39)  | (.41)  | 5.00  |
| Distributions from net investment income  | (.27)  | (.58)  | (.60)  | (.57)  | (.55)  | (.21)  |
| Total distributions  | (.27)  | (.58)  | (.60)  | (.57)  | (.55)  | (.21)  |
| Net asset value, end of period  | $23.01 | $22.45 | $22.35 | $20.87 | $23.83 | $24.79 |
| **Total Return** E,F,G | 3.75% <br>| 3.02%  | 10.20%  | (9.93)%  | (1.68)%  | 25.17%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .57% J | .59%  | .61%  | .59%  | .59%  | .59% J |
| Expenses net of fee waivers, if any  | .57% J<br>| .59%  | .59%  | .59%  | .59%  | .59% J |
| Expenses net of all reductions, if any  | .57% J | .59%  | .59%  | .59%  | .59%  | .58% J |
| Net investment income (loss)  | 2.38% J | 2.32%  | 2.54%  | 2.49%  | 1.58%  | 1.80% J |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $13809 | $15154 | $12852 | $15134 | $20257 | $16735 |
| Portfolio turnover rate K,L | 34% J<br>| 38%  | 45%  | 33%  | 24%  | 23% M |

---

A*For the period February 2, 2021 (commencement of operations) through July 31, 2021.*

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*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

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.*

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

L*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.* 

M*Amount not annualized.*

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, Fidelity Fundamental Large Cap Core ETF, Fidelity Fundamental Large Cap Growth ETF, Fidelity Fundamental Large Cap Value ETF, Fidelity Fundamental Small-Mid Cap ETF, Fidelity Magellan ETF, and Fidelity Real Estate Investment ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. Each Fund, with the exception of Fidelity Blue Chip Value ETF, Fidelity Fundamental Large Cap Core ETF, and Fidelity Fundamental Small-Mid Cap ETF are non-diversified funds. 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.

**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.

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. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 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 January 31, 2026 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 New York Stock Exchange and of the Cboe BZX Exchange, Inc. (CboeBZX); 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 may 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 as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends 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), certain corporate actions, redemptions in-kind, partnerships, net operating losses, 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 Blue Chip Growth ETF**  | 4055562219 | 1557995938 | (113418714) | 1444577224 |
| **Fidelity Blue Chip Value ETF.** | 126137442 | 33205857 | (2874816) | 30331041 |
| **Fidelity Fundamental Large Cap Core ETF**  | 807226651 | 206811012 | (27292400) | 179518612 |
| **Fidelity Fundamental Large Cap Growth ETF**  | 343908620<br>| 192375745 | (9257009) | 183118736 |
| **Fidelity Fundamental Large Cap Value ETF**  | 13664131 | 2492959 | (339761) | 2153198 |
| **Fidelity Fundamental Small-Mid Cap ETF**  | 892718627 | 191173045 | (41271983) | 149901062 |
| **Fidelity Magellan ETF** | 209112471 | 53501100 | (4836876) | 48664224 |
| **Fidelity Real Estate Investment ETF**  | 13262090 | 1269342 | (746821) | 522521 |

---

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 Blue Chip Growth ETF**  | (145284055) | (39821203) | (185105258) |
| **Fidelity Fundamental Large Cap Core ETF**  | (27303629) | (798937) | (28102566) |
| **Fidelity Fundamental Large Cap Growth ETF**  | (21703998) | (4791223) | (26495221) |
| **Fidelity Fundamental Large Cap Value ETF**  | (264641) | (17108) | (281749) |
| **Fidelity Fundamental Small-Mid Cap ETF**  | (34302659) | (2765838) | (37068497) |
| **Fidelity Magellan ETF** | (12913067) | (-) | (12913067) |
| **Fidelity Real Estate Investment ETF**  | (478310) | (1763497) | (2241807) |

---

Certain of the Funds intend to elect to defer to the next fiscal year ordinary losses recognized during the period January 1, 2025 to July 31, 2025. Loss deferrals were as follows:

---

| | |
|:---|:---|
|  | **Ordinary Losses ($)** |
| **Fidelity Magellan ETF** | 12316 |

---

**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 Blue Chip Growth ETF** | 1248283469 | 1101602507 |
| **Fidelity Blue Chip Value ETF** | 39850052 | 39445105 |
| **Fidelity Fundamental Large Cap Core ETF** | 286175074 | 155077752 |
| **Fidelity Fundamental Large Cap Growth ETF** | 138050205 | 103769322 |
| **Fidelity Fundamental Large Cap Value ETF** | 3375896 | 1775175 |
| **Fidelity Fundamental Small-Mid Cap ETF** | 231743952 | 174367756 |
| **Fidelity Magellan ETF** | 61334991 | 60589744 |
| **Fidelity Real Estate Investment ETF** | 2344780 | 2500989 |

---

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

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions ($)** | **In-Kind Redemptions ($)** |
| **Fidelity Blue Chip Growth ETF** | 496613132 | 167655867 |
| **Fidelity Blue Chip Value ETF** | 13042662 | 2871519 |
| **Fidelity Fundamental Large Cap Core ETF** | 55224640 | 78226673 |
| **Fidelity Fundamental Large Cap Growth ETF** | 18191853 | 32799587 |
| **Fidelity Fundamental Large Cap Value ETF** | 2922480 | 913432 |
| **Fidelity Fundamental Small-Mid Cap ETF** | 151737317 | 4760025 |
| **Fidelity Magellan ETF** | 5971513 | 15210624 |
| **Fidelity Real Estate Investment ETF** | 1075526 | 2644420 |

---

**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 Blue Chip Growth ETF** | .57% |
| **Fidelity Blue Chip Value ETF** | .57% |
| **Fidelity Fundamental Large Cap Core ETF** | .38% |
| **Fidelity Fundamental Large Cap Growth ETF** | .38% |
| **Fidelity Fundamental Large Cap Value ETF** | .38% |
| **Fidelity Fundamental Small-Mid Cap ETF** | .43% |
| **Fidelity Magellan ETF** | .57% |
| **Fidelity Real Estate Investment ETF** | .57% |

---

**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 Blue Chip Growth ETF** | 27521 |
| **Fidelity Blue Chip Value ETF** | 269 |
| **Fidelity Fundamental Large Cap Core ETF** | 4879 |
| **Fidelity Fundamental Large Cap Growth ETF** | 1392 |
| **Fidelity Fundamental Large Cap Value ETF** | 10 |
| **Fidelity Fundamental Small-Mid Cap ETF** | 6214 |
| **Fidelity Magellan ETF** | 268 |
| **Fidelity Real Estate Investment ETF** | 32 |

---

**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 Blue Chip Growth ETF** | 38408012 | 33815336 | (1250039) |
| **Fidelity Blue Chip Value ETF** | 1122314 | 110968 | 24283 |
| **Fidelity Fundamental Large Cap Core ETF** | 9219379 | 12679968 | 645708 |
| **Fidelity Fundamental Large Cap Growth ETF** | 2456286 | 4082083 | 4990 |
| **Fidelity Fundamental Large Cap Value ETF** | 6541 | - | - |
| **Fidelity Fundamental Small-Mid Cap ETF** | 16712694 | 10170803 | 42269 |
| **Fidelity Magellan ETF** | 1375636 | 2543733 | (117630) |
| **Fidelity Real Estate Investment ETF** | 76204 | 49676 | (10521) |

---

**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 or in security lending, as applicable. 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 Blue Chip Growth ETF** | 113774 | - | - |
| **Fidelity Fundamental Large Cap Core ETF** | 550 | - | - |
| **Fidelity Fundamental Large Cap Growth ETF** | 8505 | 262 | - |
| **Fidelity Fundamental Small-Mid Cap ETF** | 280 | - | - |
| **Fidelity Magellan ETF** | 7 | - | - |

---

**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 Blue Chip Growth ETF**  | 957 |
| **Fidelity Blue Chip Value ETF**  | 5 |
| **Fidelity Fundamental Large Cap Core ETF**  | 88 |
| **Fidelity Fundamental Large Cap Growth ETF**  | 189 |
| **Fidelity Fundamental Large Cap Value ETF**  | 480 |
| **Fidelity Fundamental Small-Mid Cap ETF**  | 1021 |
| **Fidelity Magellan ETF** | 49 |
| **Fidelity Real Estate Investment ETF**  | 1 |

---

**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.

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 off receipt by the Funds of all or a 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 105% 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.

![](img125831_4.jpg)<br>

1.9897895.105 GTF-SANN-0426

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.](ex99906cert.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; March 25, 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; March 25, 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; March 25, 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:

March 25, 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:

March 25, 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: March 25, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: March 25, 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>