# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000945908-23-000033
**Filing Date:** 2023-2
**Character Count:** 170256
**Document Hash:** fac6e061bae71e8321b2f86166ed8b82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000945908-23-000033.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0000945908-23-000033

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**EFFECTIVENESS DATE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY COVINGTON TRUST
- **CENTRAL INDEX KEY:** 0000945908
- **IRS NUMBER:** 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:** 23646528

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

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

## Series and Classes Contracts Data

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

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

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

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

### Fidelity Digital Health ETF (Series ID: S000073599)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000230604 | Fidelity Digital Health ETF | FDHT            |

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNITED STATES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECURITIES AND EXCHANGE COMMISSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington, D.C. 20549

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FORM N-CSR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MANAGEMENT INVESTMENT COMPANIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fidelity Covington Trust</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Exact name of registrant as specified in charter)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cynthia Lo Bessette, Secretary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 Summer St.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Boston, Massachusetts 02210</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Name and address of agent for service)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>617-563-7000</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of fiscal year end:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of reporting period:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Reports to Stockholders</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

**Fidelity® Clean Energy ETF**

**Fidelity® Cloud Computing ETF**

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

**Fidelity® Digital Health ETF**

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

**Fidelity® Metaverse ETF**

**Semi-Annual Report**

**December 31, 2022**

![](img88559_1.jpg)

![](img88559_2.jpg)

**Contents**

---

| |
|:---|
| **[Fidelity® Clean Energy ETF](#Sec_FundName6442)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary6442)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments6442)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements6442)** |
| **[Fidelity® Cloud Computing ETF](#Sec_FundName6443)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary6443)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments6443)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements6443)** |
| **[Fidelity® Crypto Industry and Digital Payments ETF](#Sec_FundName6565)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary6565)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments6565)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements6565)** |
| **[Fidelity® Digital Health ETF](#Sec_FundName6444)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary6444)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments6444)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements6444)** |
| **[Fidelity® Electric Vehicles and Future Transportation ETF](#Sec_FundName6445)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary6445)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments6445)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements6445)** |
| **[Fidelity® Metaverse ETF](#Sec_FundName6566)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary6566)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments6566)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements6566)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |

---

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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 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.*

**Fidelity® Clean Energy ETF** 

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Vestas Wind Systems A/S  | 5.2  |
| Enphase Energy, Inc.  | 4.1  |
| ORSTED A/S  | 3.9  |
| First Solar, Inc.  | 3.6  |
| Northland Power, Inc.  | 2.9  |
| Xinyi Solar Holdings Ltd.  | 2.6  |
| Drax Group PLC  | 2.6  |
| China Longyuan Power Grid Corp. Ltd. (H Shares)  | 2.5  |
| EDP Renovaveis SA  | 2.5  |
| Plug Power, Inc.  | 2.5  |
|  | 32.4  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Utilities  | 52.5  |
| Industrials  | 27.9  |
| Information Technology  | 19.5  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88559_5.jpg)  |
| *Foreign investments - 73.7%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88559_6.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.*  |

---

**Fidelity® Clean Energy ETF**

**Schedule of Investments December 31, 2022 (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>|
| INDUSTRIALS - 27.9%  |  |  |
| Construction & Engineering - 2.8%  |  |  |
|  OX2 AB (a)  | 70635  | 596223  |
|  Xinte Energy Co. Ltd. (H Shares)  | 248400  | 459567  |
|  |  | 1055790  |
| Electrical Equipment - 25.1%  |  |  |
|  Array Technologies, Inc. (a)  | 41307  | 798464  |
|  Bloom Energy Corp. Class A (a)  | 43149  | 825009  |
|  CS Wind Corp.  | 12316  | 670099  |
|  Doosan Fuel Cell Co. Ltd. (a)  | 23156  | 537468  |
|  Nordex SE (a)  | 54221  | 763849  |
|  Plug Power, Inc. (a)  | 76237  | 943052  |
|  PowerCell Sweden AB (a)  | 39755  | 454228  |
|  Shoals Technologies Group, Inc. (a)  | 34503  | 851189  |
|  Sunrun, Inc. (a)  | 35857  | 861285  |
|  TPI Composites, Inc. (a)  | 38950  | 394953  |
|  Vestas Wind Systems A/S  | 68852  | 1997030  |
|  Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares)  | 519600  | 462683  |
|  |  | 9559309  |
|  TOTAL INDUSTRIALS  |  | 10615099  |
| INFORMATION TECHNOLOGY - 19.5%  |  |  |
| Electronic Equipment & Components - 1.8%  |  |  |
|  Landis+Gyr Group AG  | 9637  | 679652  |
| Semiconductors & Semiconductor Equipment - 17.7%  |  |  |
|  Canadian Solar, Inc. (a)  | 20743  | 640959  |
|  Enphase Energy, Inc. (a)  | 5952  | 1577042  |
|  First Solar, Inc. (a)  | 9031  | 1352753  |
|  Flat Glass Group Co. Ltd.  | 233000  | 563622  |
|  JinkoSolar Holdings Co. Ltd. ADR (a)  | 14975  | 612178  |
|  Maxeon Solar Technologies Ltd. (a)  | 21663  | 347908  |
|  SMA Solar Technology AG (a)  | 9156  | 653241  |
|  Xinyi Solar Holdings Ltd.  | 888000  | 983007  |
|  |  | 6730710  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 7410362  |
| UTILITIES - 52.5%  |  |  |
| Electric Utilities - 8.5%  |  |  |
|  Acciona SA  | 5089  | 933629  |
|  ORSTED A/S (b)  | 16584  | 1502541  |
|  Verbund AG  | 9382  | 787518  |
|  |  | 3223688  |
| Independent Power and Renewable Electricity Producers - 44.0%  |  |  |
|  Atlantica Sustainable Infrastructure PLC  | 26081  | 675498  |
|  Boralex, Inc. Class A  | 28416  | 839299  |
|  Brookfield Renewable Corp.  | 29468  | 810563  |
|  China Datang Corp. Renewable Power Co. Ltd.  | 1825000  | 540138  |
|  China Longyuan Power Grid Corp. Ltd. (H Shares)  | 786000  | 960729  |
|  Clearway Energy, Inc. Class C  | 24193  | 771031  |
|  Corp. ACCIONA Energias Renovables SA  | 19542  | 753743  |
|  Drax Group PLC  | 114875  | 971427  |
|  EDP Renovaveis SA  | 42969  | 943771  |
|  Encavis AG  | 38403  | 757619  |
|  Enlight Renewable Energy Ltd. (a)  | 337008  | 687674  |
|  ERG SpA  | 22545  | 696811  |
|  Innergex Renewable Energy, Inc.  | 59670  | 713424  |
|  Neoen SA (b)  | 18411  | 739004  |
|  Northland Power, Inc.  | 39974  | 1095417  |
|  Ormat Technologies, Inc.  | 10850  | 938308  |
|  ReNew Energy Global PLC (a)  | 81432  | 447876  |
|  RENOVA, Inc. (a)  | 28700  | 513118  |
|  Scatec Solar AS (b)  | 66907  | 533843  |
|  Solaria Energia y Medio Ambiente SA (a)  | 37287  | 681283  |
|  Sunnova Energy International, Inc. (a)  | 35065  | 631521  |
|  TransAlta Renewables, Inc.  | 58270  | 483809  |
|  West Holdings Corp.  | 16300  | 542324  |
|  |  | 16728230  |
|  TOTAL UTILITIES  |  | 19951918  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $41,513,387)  |  | <br> **37977379**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 0.0%**  | &nbsp;&nbsp; **Money Market Funds - 0.0%**  | &nbsp;&nbsp; **Money Market Funds - 0.0%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (c) <br>(Cost $2,753) <br>| 2753  | **2753**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%** <br> (Cost $41,516,140) <br>| <br>**37980132**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **25276**  |
| **NET ASSETS - 100.0%**  | **38005408**  |

---

**Legend**

(a) Non-income producing

(b) 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 $2,775,388 or 7.3% of net assets.

(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.

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | -  | 1860061  | 1857308  | 498  | -  | -  | 2753  | 0.0%  |
| Total  | -  | 1860061  | 1857308  | 498  | -  | -  | 2753  |  |

---

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Industrials  | 10615099  | 8155386  | 2459713  | -  |
| Information Technology  | 7410362  | 5863733  | 1546629  | -  |
| Utilities  | 19951918  | 15893068  | 4058850  | -  |
|  Money Market Funds  | 2753  | 2753  | -  | -  |
| **Total Investments in Securities:**  | 37980132  | 29914940  | 8065192  | -  |

---

**Fidelity® Clean Energy ETF**

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Unaffiliated issuers (cost $41,513,387)  | 37977379  |  |
|  Fidelity Central Funds (cost $2,753)  | 2753  |  |
|  Total Investment in Securities (cost $41,516,140)  |  | $37980132  |
|  Foreign currency held at value (cost $22,970)  |  | 23027  |
|  Dividends receivable  |  | 19394  |
|  Distributions receivable from Fidelity Central Funds  |  | 74  |
| **Total assets**  |  | 38022627  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $4451  |  |
|  Accrued management fee  | 12768  |  |
| **Total Liabilities**  |  | 17219  |
| **Net Assets**  |  | $38005408  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $43454982  |
|  Total accumulated earnings (loss)  |  | (5449574)  |
|  **Net Assets**  |  | $38005408  |
|  **Net Asset Value** , offering price and redemption price per share ($38,005,408 ÷ 1,750,000 shares)  |  | $21.72  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **December 31, 2022** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $109570  |
| Income from Fidelity Central Funds  |  | 498  |
| **Total Income**  |  | 110068  |
|  **Expenses**  |  |  |
| Management fee  | $71657  |  |
| Independent trustees' fees and expenses  | 61  |  |
| Total expenses before reductions  | 71718  |  |
| Expense reductions  | (29)  |  |
| Total expenses after reductions  |  | 71689  |
| **Net Investment income (loss)**  |  | 38379  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (869071)  |  |
| Foreign currency transactions  | (594)  |  |
| Total net realized gain (loss)  |  | (869665)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 934682  |  |
| Assets and liabilities in foreign currencies  | 6285  |  |
| Total change in net unrealized appreciation (depreciation)  |  | 940967  |
| **Net gain (loss)**  |  | 71302  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $109681  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **December 31, 2022** <br> **(Unaudited)**  | **For the period October 5, 2021 (commencement of operations) through June 30, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $38379  | $144270  |
| &nbsp;&nbsp; Net realized gain (loss)  | (869665) <br>| (1012499) <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 940967  | (4471106) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 109681 <br>| (5339335) <br>|
| Distributions to shareholders  | (75550) <br>| (145750) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 9683566  | 33772796  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 9683566 <br>| 33772796 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 9717697 <br>| 28287711 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 28287711  | - <br>|
| &nbsp;&nbsp; End of period  | $38005408  | $28287711  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 400000  | 1350000  |
| &nbsp;&nbsp; Redeemed  | -  | -  |
| &nbsp;&nbsp; Net increase (decrease)  | 400000  | 1350000  |

---

**Financial Highlights** 

 **Fidelity® Clean Energy ETF** <br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) December 31, 2022**  | **Years ended June 30, 2022** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $20.95  | $25.12  |
| Income from Investment Operations  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .02  | .15  |
| Net realized and unrealized gain (loss)  | .80  | (4.20)  |
| Total from investment operations  | .82  | (4.05)  |
| Distributions from net investment income  | (.05)  | (.12)  |
| Total distributions  | (.05)  | (.12)  |
| Net asset value, end of period  | $21.72  | $20.95  |
| **Total Return** <sup>D,E,F</sup>  | 3.84%  | (16.12)%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |
| Expenses before reductions  | .39% <sup>I</sup>  | .39%  |
| Expenses net of fee waivers, if any  | .39% <sup>I</sup>  | .39%  |
| Expenses net of all reductions  | .39% <sup>I</sup>  | .39%  |
| Net investment income (loss)  | .21% <sup>I</sup>  | .90%  |
| **Supplemental Data**  |  |  |
| Net assets, end of period (000 omitted)  | $38005  | $28288  |
| Portfolio turnover rate <sup>J,K</sup>  | 50% <sup>I</sup>  | 30% <sup>L</sup>  |

---

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

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

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

<sup>F</sup> *Based on net asset value.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Annualized.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>K</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

<sup>L</sup> *Amount not annualized.*

**Fidelity® Cloud Computing ETF** 

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| SAP SE  | 4.3  |
| Salesforce.com, Inc.  | 4.2  |
| ServiceNow, Inc.  | 4.1  |
| Equinix, Inc.  | 3.9  |
| Snowflake, Inc.  | 3.3  |
| Workday, Inc. Class A  | 3.3  |
| VMware, Inc. Class A  | 3.0  |
| Digital Realty Trust, Inc.  | 2.9  |
| MongoDB, Inc. Class A  | 2.8  |
| Hewlett Packard Enterprise Co.  | 2.7  |
|  | 34.5  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 93.0  |
| Real Estate  | 6.8  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88559_7.jpg)  |
| *Foreign investments - 18.4%*  |
| *Futures - 0.1%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88559_8.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.*  |

---

**Fidelity® Cloud Computing ETF**

**Schedule of Investments December 31, 2022 (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>|
| INFORMATION TECHNOLOGY - 93.0%  |  |  |
| Communications Equipment - 1.2%  |  |  |
|  NetScout Systems, Inc. (a)  | 7704  | 250457  |
| IT Services - 11.0%  |  |  |
|  Atos SE (a)  | 20870  | 200729  |
|  Kingsoft Cloud Holdings Ltd. ADR (a)  | 50752  | 194380  |
|  MongoDB, Inc. Class A (a)  | 2928  | 576348  |
|  Snowflake, Inc. (a)  | 4868  | 698753  |
|  Twilio, Inc. Class A (a)  | 8818  | 431729  |
|  Vnet Group, Inc. ADR (a)  | 33814  | 191725  |
|  |  | 2293664  |
| Software - 69.8%  |  |  |
|  Alteryx, Inc. Class A (a)  | 6496  | 329152  |
|  Atlassian Corp. PLC (a)  | 4149  | 533893  |
|  Box, Inc. Class A (a)  | 11773  | 366493  |
|  C3.ai, Inc. (a)  | 16534  | 185015  |
|  CommVault Systems, Inc. (a)  | 4571  | 287242  |
|  Confluent, Inc. (a)  | 13833  | 307646  |
|  Coupa Software, Inc. (a)  | 5604  | 443669  |
|  Datadog, Inc. Class A (a)  | 7326  | 538461  |
|  Dropbox, Inc. Class A (a)  | 16774  | 375402  |
|  Dynatrace, Inc. (a)  | 10779  | 412836  |
|  Elastic NV (a)  | 6103  | 314305  |
|  Five9, Inc. (a)  | 5302  | 359794  |
|  GitLab, Inc. (a)  | 6551  | 297677  |
|  HubSpot, Inc. (a)  | 1706  | 493256  |
|  Informatica, Inc. (a)  | 10726  | 174727  |
|  Kingdee International Software Group Co. Ltd. (a)  | 208500  | 447189  |
|  LivePerson, Inc. (a)  | 15855  | 160770  |
|  Micro Focus International PLC  | 44127  | 281007  |
|  MicroStrategy, Inc. Class A (a)  | 1316  | 186306  |
|  New Relic, Inc. (a)  | 5468  | 308669  |
|  Nutanix, Inc. Class A (a)  | 13249  | 345136  |
|  Open Text Corp.  | 14458  | 428101  |
|  Pegasystems, Inc.  | 6568  | 224888  |
|  Qualtrics International, Inc. (a)  | 21119  | 219215  |
|  Sage Group PLC  | 47534  | 426324  |
|  Salesforce.com, Inc. (a)  | 6629  | 878939  |
|  SAP SE  | 8741  | 899204  |
|  ServiceNow, Inc. (a)  | 2209  | 857688  |
|  Splunk, Inc. (a)  | 5551  | 477886  |
|  Sumo Logic, Inc. (a)  | 25280  | 204768  |
|  Teradata Corp. (a)  | 9372  | 315462  |
|  UiPath, Inc. Class A (a)  | 27183  | 345496  |
|  Verint Systems, Inc. (a)  | 7328  | 265860  |
|  VMware, Inc. Class A (a)  | 5128  | 629513  |
|  Workday, Inc. Class A (a)  | 4061  | 679527  |
|  Zoom Video Communications, Inc. Class A (a)  | 7096  | 480683  |
|  |  | 14482199  |
| Technology Hardware, Storage & Peripherals - 11.0%  |  |  |
|  Hewlett Packard Enterprise Co.  | 35414  | 565207  |
|  NetApp, Inc.  | 7712  | 463183  |
|  Pure Storage, Inc. Class A (a)  | 14327  | 383391  |
|  Seagate Technology Holdings PLC  | 8728  | 459180  |
|  Western Digital Corp. (a)  | 13310  | 419931  |
|  |  | 2290892  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 19317212  |
| REAL ESTATE - 6.8%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 6.8%  |  |  |
|  Digital Realty Trust, Inc.  | 6062  | 607837  |
|  Equinix, Inc.  | 1218  | 797827  |
|  |  | 1405664  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $29,792,508)  |  | <br> **20722876**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 0.0%**  | &nbsp;&nbsp; **Money Market Funds - 0.0%**  | &nbsp;&nbsp; **Money Market Funds - 0.0%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (b) <br>(Cost $3,483) <br>| 3482  | **3483**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%** <br> (Cost $29,795,991) <br>| <br>**20726359**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **32084**  |
| **NET ASSETS - 100.0%**  | **20758443**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &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 ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME E-mini NASDAQ 100 Index Contracts (United States)  | 1  | Mar 2023  | 22045  | (1331)  | (1331)  |
| The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  |

---

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | -  | 677455  | 673972  | 229  | -  | -  | 3483  | 0.0%  |
| Total  | -  | 677455  | 673972  | 229  | -  | -  | 3483  |  |

---

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Information Technology  | 19317212  | 17689812  | 1627400  | -  |
| Real Estate  | 1405664  | 1405664  | -  | -  |
|  Money Market Funds  | 3483  | 3483  | -  | -  |
| **Total Investments in Securities:**  | 20726359  | 19098959  | 1627400  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Liabilities**  |  |  |  |  |
| Futures Contracts  | (1331)  | (1331)  | -  | -  |
| Total Liabilities  | (1331)  | (1331)  | -  | -  |
| **Total Derivative Instruments:**  | (1331)  | (1331)  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. 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)  | 0  | (1331)  |
| **Total Equity Risk**  | 0  | (1331)  |
| **Total Value of Derivatives**  | 0  | (1331)  |

---

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

**Fidelity® Cloud Computing ETF**

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Unaffiliated issuers (cost $29,792,508)  | 20722876  |  |
|  Fidelity Central Funds (cost $3,483)  | 3483  |  |
|  Total Investment in Securities (cost $29,795,991)  |  | $20726359  |
|  Segregated cash with brokers for derivative instruments  |  | 1580  |
|  Cash  |  | 520  |
|  Foreign currency held at value (cost $15,378)  |  | 15391  |
|  Dividends receivable  |  | 21408  |
|  Distributions receivable from Fidelity Central Funds  |  | 53  |
| **Total assets**  |  | 20765311  |
| **Liabilities**  |  |  |
|  Accrued management fee  | 6841  |  |
|  Payable for daily variation margin on futures contracts  | 21  |  |
|  Other payables and accrued expenses  | 6  |  |
| **Total Liabilities**  |  | 6868  |
| **Net Assets**  |  | $20758443  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $32550158  |
|  Total accumulated earnings (loss)  |  | (11791715)  |
|  **Net Assets**  |  | $20758443  |
|  **Net Asset Value** , offering price and redemption price per share ($20,758,443 ÷ 1,400,000 shares)  |  | $14.83  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **December 31, 2022** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $50210  |
| Income from Fidelity Central Funds  |  | 229  |
| **Total Income**  |  | 50439  |
|  **Expenses**  |  |  |
| Management fee  | $39242  |  |
| Independent trustees' fees and expenses  | 34  |  |
| Total expenses before reductions  | 39276  |  |
| Expense reductions  | (75)  |  |
| Total expenses after reductions  |  | 39201  |
| **Net Investment income (loss)**  |  | 11238  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (1328881)  |  |
| Foreign currency transactions  | (1937)  |  |
| Futures contracts  | 763  |  |
| Total net realized gain (loss)  |  | (1330055)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (255782)  |  |
| Assets and liabilities in foreign currencies  | 117  |  |
| Futures contracts  | (1331)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (256996)  |
| **Net gain (loss)**  |  | (1587051)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(1575813)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **December 31, 2022** <br> **(Unaudited)**  | **For the period October 5, 2021 (commencement of operations) through June 30, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $11238  | $55996  |
| &nbsp;&nbsp; Net realized gain (loss)  | (1330055) <br>| (1531664) <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (256996)  | (8813883) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (1575813) <br>| (10289551) <br>|
| Distributions to shareholders  | (16400) <br>| (57350) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 4057727  | 29456208  |
| &nbsp;&nbsp; Cost of shares redeemed  | -  | (816378)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 4057727 <br>| 28639830 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 2465514 <br>| 18292929 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 18292929  | - <br>|
| &nbsp;&nbsp; End of period  | $20758443  | $18292929  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 250000  | 1200000  |
| &nbsp;&nbsp; Redeemed  | -  | (50000)  |
| &nbsp;&nbsp; Net increase (decrease)  | 250000  | 1150000  |

---

**Financial Highlights** 

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) December 31, 2022**  | **Years ended June 30, 2022** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $15.91  | $25.20  |
| Income from Investment Operations  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .01  | .06  |
| Net realized and unrealized gain (loss)  | (1.08)  | (9.29)  |
| Total from investment operations  | (1.07)  | (9.23)  |
| Distributions from net investment income  | (.01)  | (.06)  |
| Total distributions  | (.01)  | (.06)  |
| Net asset value, end of period  | $14.83  | $15.91  |
| **Total Return** <sup>D,E,F</sup>  | (6.71)%  | (36.69)%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |
| Expenses before reductions  | .39% <sup>I</sup>  | .39%  |
| Expenses net of fee waivers, if any  | .39% <sup>I</sup>  | .39%  |
| Expenses net of all reductions  | .39% <sup>I</sup>  | .39%  |
| Net investment income (loss)  | .11% <sup>I</sup>  | .41%  |
| **Supplemental Data**  |  |  |
| Net assets, end of period (000 omitted)  | $20758  | $18293  |
| Portfolio turnover rate <sup>J,K</sup>  | 27% <sup>I</sup>  | 31% <sup>L</sup>  |

---

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

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

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

<sup>F</sup> *Based on net asset value.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Annualized.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>K</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

<sup>L</sup> *Amount not annualized.*

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

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Block, Inc. Class A  | 16.6  |
| Coinbase Global, Inc.  | 12.4  |
| Riot Blockchain, Inc.  | 5.9  |
| Marathon Digital Holdings, Inc.  | 5.2  |
| Applied Digital Corp.  | 3.8  |
| Hut 8 Mining Corp.  | 3.5  |
| Cleanspark, Inc.  | 3.5  |
| Dlocal Ltd.  | 2.7  |
| Galaxy Digital Holdings Ltd.  | 2.7  |
| Shift4 Payments, Inc.  | 2.6  |
|  | 58.9  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 79.1  |
| Financials  | 20.8  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88559_9.jpg)  |
| *Foreign investments - 15.7%*  |
| *Futures - 0.1%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88559_10.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.*  |

---

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

**Schedule of Investments December 31, 2022 (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>|
| FINANCIALS - 20.8%  |  |  |
| Capital Markets - 17.4%  |  |  |
|  Bakkt Holdings, Inc. Class A (a)  | 328508  | 390925  |
|  Coinbase Global, Inc. (a)  | 59138  | 2092894  |
|  Galaxy Digital Holdings Ltd. (a)  | 156156  | 446012  |
|  |  | 2929831  |
| Consumer Finance - 3.4%  |  |  |
|  Bread Financial Holdings, Inc.  | 9488  | 357318  |
|  Green Dot Corp. Class A (a)  | 12957  | 204980  |
|  |  | 562298  |
|  TOTAL FINANCIALS  |  | 3492129  |
| INFORMATION TECHNOLOGY - 79.1%  |  |  |
| IT Services - 53.4%  |  |  |
|  Block, Inc. Class A (a)  | 44415  | 2791037  |
|  Cielo SA  | 373200  | 370390  |
|  Dlocal Ltd. (a)  | 29011  | 451701  |
|  Edenred SA  | 6033  | 327602  |
|  FleetCor Technologies, Inc. (a)  | 1956  | 359278  |
|  Flywire Corp. (a)  | 14778  | 361618  |
|  Global Payments, Inc.  | 3708  | 368279  |
|  GMO Payment Gateway, Inc.  | 3600  | 297942  |
|  Marqeta, Inc. Class A (a)  | 57550  | 351631  |
|  MasterCard, Inc. Class A  | 1064  | 369985  |
|  Nexi SpA (a)(b)  | 37726  | 296578  |
|  Nuvei Corp. (a)(b)  | 8696  | 220965  |
|  Payoneer Global, Inc. (a)  | 61219  | 334868  |
|  Shift4 Payments, Inc. (a)  | 7696  | 430437  |
|  Shopify, Inc. Class A (a)  | 8845  | 307010  |
|  StoneCo Ltd. Class A (a)  | 32669  | 308395  |
|  Visa, Inc. Class A  | 1769  | 367527  |
|  WEX, Inc. (a)  | 2241  | 366740  |
|  Worldline SA (a)(b)  | 7548  | 294271  |
|  |  | 8976254  |
| Software - 25.7%  |  |  |
|  Applied Digital Corp.  | 342767  | 630691  |
|  Bitfarms Ltd. (a)  | 640779  | 281943  |
|  Cleanspark, Inc. (a)  | 285089  | 581582  |
|  HIVE Blockchain Technologies Ltd. (a)  | 250663  | 360955  |
|  Hut 8 Mining Corp. (a)  | 701422  | 596209  |
|  Marathon Digital Holdings, Inc. (a)  | 257040  | 879077  |
|  Riot Blockchain, Inc. (a)  | 293623  | 995382  |
|  |  | 4325839  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 13302093  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $23,946,702)  |  | <br> **16794222**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%** <br> (Cost $23,946,702) <br>| <br>**16794222**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **24545**  |
| **NET ASSETS - 100.0%**  | **16818767**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &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 ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME E-mini NASDAQ 100 Index Contracts (United States)  | 1  | Mar 2023  | 22045  | 209  | 209  |
| The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  |

---

**Legend**

(a) Non-income producing

(b) 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 $811,814 or 4.8% of net assets.

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | -  | 85310  | 85310  | 5  | -  | -  | -  | 0.0%  |
| Total  | -  | 85310  | 85310  | 5  | -  | -  | -  |  |

---

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Financials  | 3492129  | 3492129  | -  | -  |
| Information Technology  | 13302093  | 12709880  | 592213  | -  |
| **Total Investments in Securities:**  | 16794222  | 16202009  | 592213  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 209  | 209  | -  | -  |
| Total Assets  | 209  | 209  | -  | -  |
| **Total Derivative Instruments:**  | 209  | 209  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. 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)  | 209  | 0  |
| **Total Equity Risk**  | 209  | 0  |
| **Total Value of Derivatives**  | 209  | 0  |

---

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

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

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022** <br> **(Unaudited)**  |
| **Assets**  |  |  |
|  Investment in securities, at value - See accompanying schedule <br>Unaffiliated issuers (cost $23,946,702): <br>|  | $16794222  |
|  Segregated cash with brokers for derivative instruments  |  | 1580  |
|  Cash  |  | 19967  |
|  Foreign currency held at value (cost $2,219)  |  | 2223  |
|  Dividends receivable  |  | 6270  |
| Other receivables  |  | 11  |
| **Total assets**  |  | 16824273  |
| **Liabilities**  |  |  |
|  Accrued management fee  | 5485  |  |
|  Payable for daily variation margin on futures contracts  | 21  |  |
| **Total Liabilities**  |  | 5506  |
| **Net Assets**  |  | $16818767  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $27237158  |
|  Total accumulated earnings (loss)  |  | (10418391)  |
|  **Net Assets**  |  | $16818767  |
|  **Net Asset Value** , offering price and redemption price per share ($16,818,767 ÷ 1,600,000 shares)  |  | $10.51  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **December 31, 2022** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $19857  |
| Income from Fidelity Central Funds  |  | 5  |
| **Total Income**  |  | 19862  |
|  **Expenses**  |  |  |
| Management fee  | $34680  |  |
| Independent trustees' fees and expenses  | 30  |  |
| Total expenses before reductions  | 34710  |  |
| Expense reductions  | (98)  |  |
| Total expenses after reductions  |  | 34612  |
| **Net Investment income (loss)**  |  | (14750)  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Redemptions in-kind  | (19406)  |  |
| Unaffiliated issuers  | (2344590)  |  |
| Foreign currency transactions  | (365)  |  |
| Futures contracts  | (2987)  |  |
| Total net realized gain (loss)  |  | (2367348)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (2242562)  |  |
| Assets and liabilities in foreign currencies  | 25  |  |
| Futures contracts  | 209  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (2242328)  |
| **Net gain (loss)**  |  | (4609676)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(4624426)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **December 31, 2022** <br> **(Unaudited)**  | **For the period April 19, 2022 (commencement of operations) through June 30, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $(14750)  | $(5137)  |
| &nbsp;&nbsp; Net realized gain (loss)  | (2367348) <br>| (884217) <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (2242328)  | (4910077) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (4624426) <br>| (5799431) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 9706463  | 18803995  |
| &nbsp;&nbsp; Cost of shares redeemed  | (1267834)  | -  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 8438629 <br>| 18803995 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 3814203 <br>| 13004564 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 13004564  | - <br>|
| &nbsp;&nbsp; End of period  | $16818767  | $13004564  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 650000  | 1050000  |
| &nbsp;&nbsp; Redeemed  | (100000)  | -  |
| &nbsp;&nbsp; Net increase (decrease)  | 550000  | 1050000  |

---

**Financial Highlights** 

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) December 31, 2022**  | **Years ended June 30, 2022** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $12.39  | $25.76  |
| Income from Investment Operations  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | (.01)  | (.01)  |
| Net realized and unrealized gain (loss)  | (1.87)  | (13.36)  |
| Total from investment operations  | (1.88)  | (13.37)  |
| Net asset value, end of period  | $10.51  | $12.39  |
| **Total Return** <sup>D,E,F</sup>  | (15.13)%  | (51.92)%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |
| Expenses before reductions  | .39% <sup>I</sup>  | .39%  |
| Expenses net of fee waivers, if any  | .39% <sup>I</sup>  | .39%  |
| Expenses net of all reductions  | .38% <sup>I</sup>  | .39%  |
| Net investment income (loss)  | (.16)% <sup>I</sup>  | (.29)%  |
| **Supplemental Data**  |  |  |
| Net assets, end of period (000 omitted)  | $16819  | $13005  |
| Portfolio turnover rate <sup>J,K</sup>  | 47% <sup>I</sup>  | 28% <sup>L</sup>  |

---

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

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

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

<sup>F</sup> *Based on net asset value.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Annualized.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>K</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

<sup>L</sup> *Amount not annualized.*

**Fidelity® Digital Health ETF** 

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Intuitive Surgical, Inc.  | 4.6  |
| DexCom, Inc.  | 4.5  |
| ResMed, Inc.  | 4.3  |
| Insulet Corp.  | 3.9  |
| Veeva Systems, Inc. Class A  | 3.7  |
| JD Health International, Inc.  | 3.3  |
| Sonova Holding AG  | 3.2  |
| Cochlear Ltd.  | 3.0  |
| Inspire Medical Systems, Inc.  | 2.9  |
| Fisher & Paykel Healthcare Corp.  | 2.8  |
|  | 36.2  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Health Care  | 83.6  |
| Consumer Discretionary  | 7.2  |
| Information Technology  | 7.0  |
| Consumer Staples  | 2.2  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88559_11.jpg)  |
| *Foreign investments - 26.2%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88559_12.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.*  |

---

**Fidelity® Digital Health ETF**

**Schedule of Investments December 31, 2022 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 100.0%**  | &nbsp;&nbsp; **Common Stocks - 100.0%**  | &nbsp;&nbsp; **Common Stocks - 100.0%**  |
|  | Shares  | Value ($) <br>|
| CONSUMER DISCRETIONARY - 7.2%  |  |  |
| Internet & Direct Marketing Retail - 7.2%  |  |  |
|  Alibaba Health Information Technology Ltd. (a)  | 244000  | 207894  |
|  JD Health International, Inc. (a)(b)  | 33450  | 305788  |
|  Ping An Healthcare and Technology Co. Ltd. (a)(b)  | 57500  | 156920  |
|  |  | 670602  |
| CONSUMER STAPLES - 2.2%  |  |  |
| Food & Staples Retailing - 2.2%  |  |  |
|  Shop Apotheke Europe NV (a)(b)  | 2380  | 112042  |
|  Zur Rose Group AG (a)  | 3243  | 89593  |
|  |  | 201635  |
| HEALTH CARE - 83.6%  |  |  |
| Biotechnology - 1.5%  |  |  |
|  Zealand Pharma A/S (a)  | 4817  | 139231  |
| Health Care Equipment & Supplies - 41.9%  |  |  |
|  Axonics Modulation Technologies, Inc. (a)  | 2913  | 182150  |
|  Cochlear Ltd.  | 1991  | 275602  |
|  Demant A/S (a)  | 6615  | 182799  |
|  DexCom, Inc. (a)  | 3722  | 421479  |
|  Fisher & Paykel Healthcare Corp.  | 18190  | 259996  |
|  Inspire Medical Systems, Inc. (a)  | 1067  | 268756  |
|  Insulet Corp. (a)  | 1227  | 361217  |
|  Integra LifeSciences Holdings Corp. (a)  | 3867  | 216823  |
|  Intuitive Surgical, Inc. (a)  | 1599  | 424294  |
|  iRhythm Technologies, Inc. (a)  | 1863  | 174507  |
|  Nevro Corp. (a)  | 3391  | 134284  |
|  ResMed, Inc.  | 1916  | 398777  |
|  Senseonics Holdings, Inc. (a)  | 95633  | 98502  |
|  Sonova Holding AG  | 1243  | 294628  |
|  Tandem Diabetes Care, Inc. (a)  | 4471  | 200971  |
|  |  | 3894785  |
| Health Care Providers & Services - 12.9%  |  |  |
|  Apollo Medical Holdings, Inc. (a)  | 4981  | 147388  |
|  Cigna Corp.  | 618  | 204768  |
|  Corvel Corp. (a)  | 995  | 144603  |
|  Hims & Hers Health, Inc. (a)  | 19602  | 125649  |
|  Premier, Inc.  | 6434  | 225061  |
|  R1 Rcm, Inc. (a)  | 16220  | 177609  |
|  Signify Health, Inc. (a)  | 5968  | 171043  |
|  |  | 1196121  |
| Health Care Technology - 27.3%  |  |  |
|  American Well Corp. (a)  | 34982  | 98999  |
|  CompuGroup Medical AG  | 3544  | 136088  |
|  Computer Programs & Systems, Inc. (a)  | 3518  | 95760  |
|  Definitive Healthcare Corp. (a)  | 8586  | 94360  |
|  Doximity, Inc. (a)  | 6130  | 205723  |
|  Evolent Health, Inc. (a)  | 6409  | 179965  |
|  Health Catalyst, Inc. (a)  | 10692  | 113656  |
|  HealthStream, Inc. (a)  | 4525  | 112401  |
|  JMDC, Inc.  | 3500  | 100269  |
|  MultiPlan Corp. Class A (a)  | 62562  | 71946  |
|  Nextgen Healthcare, Inc. (a)  | 6900  | 129582  |
|  OptimizeRx Corp. (a)  | 4790  | 80472  |
|  Phreesia, Inc. (a)  | 5496  | 177851  |
|  Pro Medicus Ltd.  | 4244  | 159042  |
|  Sharecare, Inc. Class A (a)  | 57164  | 91462  |
|  Teladoc Health, Inc. (a)  | 7853  | 185723  |
|  Allscripts Healthcare Solutions, Inc. (a)  | 9217  | 162588  |
|  Veeva Systems, Inc. Class A (a)  | 2128  | 343417  |
|  |  | 2539304  |
|  TOTAL HEALTH CARE  |  | 7769441  |
| INFORMATION TECHNOLOGY - 7.0%  |  |  |
| IT Services - 4.1%  |  |  |
|  Cognizant Technology Solutions Corp. Class A  | 3195  | 182722  |
|  Maximus, Inc.  | 2751  | 201731  |
|  |  | 384453  |
| Software - 2.9%  |  |  |
|  EngageSmart, Inc. (a)  | 6331  | 111426  |
|  Model N, Inc. (a)  | 3762  | 152587  |
|  |  | 264013  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 648466  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $11,985,302)  |  | <br> **9290144**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $11,985,302) <br>| <br>**9290144**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **3045**  |
| **NET ASSETS - 100.0%**  | **9293189**  |

---

**Legend**

(a) Non-income producing

(b) 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 $574,750 or 6.2% of net assets.

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | -  | 416614  | 416614  | 152  | -  | -  | -  | 0.0%  |
| Total  | -  | 416614  | 416614  | 152  | -  | -  | -  |  |

---

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Consumer Discretionary  | 670602  | -  | 670602  | -  |
| Consumer Staples  | 201635  | 201635  | -  | -  |
| Health Care  | 7769441  | 6974532  | 794909  | -  |
| Information Technology  | 648466  | 648466  | -  | -  |
| **Total Investments in Securities:**  | 9290144  | 7824633  | 1465511  | -  |

---

**Fidelity® Digital Health ETF**

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022** <br> **(Unaudited)**  |
| **Assets**  |  |  |
|  Investment in securities, at value - See accompanying schedule <br>Unaffiliated issuers (cost $11,985,302): <br>|  | $9290144  |
|  Foreign currency held at value (cost $7,630)  |  | 7686  |
| Receivable for investments sold  |  | 28  |
|  Dividends receivable  |  | 1231  |
|  Distributions receivable from Fidelity Central Funds  |  | 10  |
| **Total assets**  |  | 9299099  |
| **Liabilities**  |  |  |
|  Payable to custodian bank  | 2763  |  |
|  Accrued management fee  | 3116  |  |
|  Other payables and accrued expenses  | 31  |  |
| **Total Liabilities**  |  | 5910  |
| **Net Assets**  |  | $9293189  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $12749375  |
|  Total accumulated earnings (loss)  |  | (3456186)  |
|  **Net Assets**  |  | $9293189  |
|  **Net Asset Value** , offering price and redemption price per share ($9,293,189 ÷ 500,000 shares)  |  | $18.59  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **December 31, 2022** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $12198  |
| Special dividends  |  | 19416  |
| Income from Fidelity Central Funds  |  | 152  |
| **Total Income**  |  | 31766  |
|  **Expenses**  |  |  |
| Management fee  | $18313  |  |
| Independent trustees' fees and expenses  | 16  |  |
| Total expenses before reductions  | 18329  |  |
| Expense reductions  | (8)  |  |
| Total expenses after reductions  |  | 18321  |
| **Net Investment income (loss)**  |  | 13445  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (426216)  |  |
| Foreign currency transactions  | (61)  |  |
| Total net realized gain (loss)  |  | (426277)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 428745  |  |
| Assets and liabilities in foreign currencies  | 88  |  |
| Total change in net unrealized appreciation (depreciation)  |  | 428833  |
| **Net gain (loss)**  |  | 2556  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $16001  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **December 31, 2022** <br> **(Unaudited)**  | **For the period October 5, 2021 (commencement of operations) through June 30, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $13445  | $(3322)  |
| &nbsp;&nbsp; Net realized gain (loss)  | (426277) <br>| (485420) <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 428833  | (3123941) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 16001 <br>| (3612683) <br>|
| Distributions to shareholders  | (11500) <br>| - <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | -  | 13779066  |
| &nbsp;&nbsp; Cost of shares redeemed  | -  | (877695)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | - <br>| 12901371 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 4501 <br>| 9288688 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 9288688  | - <br>|
| &nbsp;&nbsp; End of period  | $9293189  | $9288688  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | -  | 550000  |
| &nbsp;&nbsp; Redeemed  | -  | (50000)  |
| &nbsp;&nbsp; Net increase (decrease)  | -  | 500000  |

---

**Financial Highlights** 

 **Fidelity® Digital Health ETF** <br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) December 31, 2022**  | **Years ended June 30, 2022** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $18.58  | $25.10  |
| Income from Investment Operations  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .03 <sup>D</sup>  | (.01)  |
| Net realized and unrealized gain (loss)  | - <sup>E</sup>  | (6.51)  |
| Total from investment operations  | .03  | (6.52)  |
| Distributions from net investment income  | (.02)  | -  |
| Total distributions  | (.02)  | -  |
| Net asset value, end of period  | $18.59  | $18.58  |
| **Total Return** <sup>F,G,H</sup>  | .17%  | (25.99)%  |
| **Ratios to Average Net Assets** <sup>C,I,J</sup>  |  |  |
| Expenses before reductions  | .39% <sup>K</sup>  | .39%  |
| Expenses net of fee waivers, if any  | .39% <sup>K</sup>  | .39%  |
| Expenses net of all reductions  | .39% <sup>K</sup>  | .39%  |
| Net investment income (loss)  | .08% <sup>D,K</sup>  | (.05)%  |
| **Supplemental Data**  |  |  |
| Net assets, end of period (000 omitted)  | $9293  | $9289  |
| Portfolio turnover rate <sup>L</sup>  | 39% <sup>K</sup>  | 48% <sup>M,N</sup>  |

---

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

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been (.13)%.*

<sup>E</sup> *Amount represents less than $.005 per share.*

<sup>F</sup> *Total returns for periods of less than one year are not annualized.*

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

<sup>H</sup> *Based on net asset value.*

<sup>I</sup> *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.*

<sup>J</sup> *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.*

<sup>K</sup> *Annualized.*

<sup>L</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>M</sup> *Amount not annualized.*

<sup>N</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

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

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| NXP Semiconductors NV  | 4.2  |
| Aptiv PLC  | 3.6  |
| Samsung SDI Co. Ltd.  | 3.5  |
| onsemi  | 3.5  |
| STMicroelectronics NV (Italy)  | 3.4  |
| Tesla, Inc.  | 3.3  |
| Garmin Ltd.  | 3.2  |
| Skyworks Solutions, Inc.  | 3.1  |
| Li Auto, Inc. ADR  | 3.0  |
| NIO, Inc. sponsored ADR  | 2.8  |
|  | 33.6  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Consumer Discretionary  | 37.8  |
| Information Technology  | 36.7  |
| Industrials  | 17.7  |
| Materials  | 7.7  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88559_9.jpg)  |
| *Foreign investments - 48%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88559_13.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.*  |

---

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

**Schedule of Investments December 31, 2022 (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>|
| CONSUMER DISCRETIONARY - 37.8%  |  |  |
| Auto Components - 15.2%  |  |  |
|  Aptiv PLC (a)  | 15441  | 1438020  |
|  Faurecia SA (a)  | 45617  | 687915  |
|  Gentex Corp.  | 34695  | 946133  |
|  Lear Corp.  | 7665  | 950613  |
|  Luminar Technologies, Inc. (a)  | 82061  | 406202  |
|  Valeo SA  | 46554  | 829735  |
|  Visteon Corp. (a)  | 5775  | 755543  |
|  |  | 6014161  |
| Automobiles - 16.7%  |  |  |
|  Li Auto, Inc. ADR (a)  | 57383  | 1170613  |
|  Lucid Group, Inc. Class A (a)  | 96938  | 662087  |
|  NIO, Inc. sponsored ADR (a)  | 113446  | 1106099  |
|  Rivian Automotive, Inc. (a)  | 43565  | 802903  |
|  Tesla, Inc. (a)  | 10752  | 1324431  |
|  XPeng, Inc. ADR (a)  | 92566  | 920106  |
|  Yadea Group Holdings Ltd. (b)  | 372000  | 622467  |
|  |  | 6608706  |
| Household Durables - 3.2%  |  |  |
|  Garmin Ltd.  | 13759  | 1269818  |
| Internet & Direct Marketing Retail - 2.0%  |  |  |
|  Lyft, Inc. (a)  | 71604  | 789076  |
| Specialty Retail - 0.7%  |  |  |
|  EVgo, Inc. Class A (a)  | 65439  | 292512  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 14974273  |
| INDUSTRIALS - 17.7%  |  |  |
| Commercial Services & Supplies - 1.0%  |  |  |
|  Aurora Innovation, Inc. (a)  | 310085  | 375203  |
| Electrical Equipment - 16.0%  |  |  |
|  Ballard Power Systems, Inc. (a)  | 99431  | 475525  |
|  Blink Charging Co. (a)  | 31828  | 349153  |
|  Bloom Energy Corp. Class A (a)  | 38538  | 736847  |
|  ChargePoint Holdings, Inc. Class A (a)  | 64033  | 610234  |
|  Doosan Fuel Cell Co. Ltd. (a)  | 20678  | 479952  |
|  FuelCell Energy, Inc. (a)  | 167071  | 464457  |
|  LG Energy Solution (a)  | 3150  | 1084875  |
|  Plug Power, Inc. (a)  | 68092  | 842298  |
|  PowerCell Sweden AB (a)  | 35490  | 405498  |
|  Sensata Technologies, Inc. PLC  | 22403  | 904633  |
|  |  | 6353472  |
| Road & Rail - 0.7%  |  |  |
|  TuSimple Holdings, Inc. (a)  | 160018  | 262430  |
|  TOTAL INDUSTRIALS  |  | 6991105  |
| INFORMATION TECHNOLOGY - 36.7%  |  |  |
| Electronic Equipment & Components - 3.5%  |  |  |
|  Samsung SDI Co. Ltd.  | 2982  | 1393722  |
| Semiconductors & Semiconductor Equipment - 33.2%  |  |  |
|  Allegro MicroSystems LLC (a)  | 20768  | 623455  |
|  Ambarella, Inc. (a)  | 9603  | 789655  |
|  Himax Technologies, Inc. sponsored ADR  | 68190  | 423460  |
|  indie Semiconductor, Inc. (a)  | 51652  | 301131  |
|  Infineon Technologies AG  | 27961  | 848390  |
|  Lattice Semiconductor Corp. (a)  | 15374  | 997465  |
|  Lx Semicon Co. Ltd.  | 6800  | 385575  |
|  NVIDIA Corp.  | 5532  | 808446  |
|  NXP Semiconductors NV  | 10527  | 1663584  |
|  onsemi (a)  | 21951  | 1369084  |
|  Renesas Electronics Corp. (a)  | 94500  | 847632  |
|  SiTime Corp. (a)  | 5814  | 590819  |
|  Skyworks Solutions, Inc.  | 13348  | 1216403  |
|  STMicroelectronics NV (Italy)  | 38848  | 1368405  |
|  Wolfspeed, Inc. (a)  | 13057  | 901455  |
|  |  | 13134959  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 14528681  |
| MATERIALS - 7.7%  |  |  |
| Chemicals - 4.1%  |  |  |
|  Chunbo Co. Ltd.  | 2674  | 461632  |
|  Livent Corp. (a)  | 33371  | 663082  |
|  SK IE Technology Co. Ltd. (a)(b)  | 11653  | 488422  |
|  |  | 1613136  |
| Metals & Mining - 3.6%  |  |  |
|  Allkem Ltd. (a)  | 99474  | 758231  |
|  Ganfeng Lithium Group Co. Ltd. (H Shares) (b)  | 91880  | 686309  |
|  |  | 1444540  |
|  TOTAL MATERIALS  |  | 3057676  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $56,766,774)  |  | <br> **39551735**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%** <br> (Cost $56,766,774) <br>| <br>**39551735**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **41142**  |
| **NET ASSETS - 100.0%**  | **39592877**  |

---

**Legend**

(a) Non-income producing

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,797,198 or 4.5% of net assets.

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | -  | 2243076  | 2243076  | 202  | -  | -  | -  | 0.0%  |
| Total  | -  | 2243076  | 2243076  | 202  | -  | -  | -  |  |

---

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Consumer Discretionary  | 14974273  | 14351806  | 622467  | -  |
| Industrials  | 6991105  | 6991105  | -  | -  |
| Information Technology  | 14528681  | 11464254  | 3064427  | -  |
| Materials  | 3057676  | 1613136  | 1444540  | -  |
| **Total Investments in Securities:**  | 39551735  | 34420301  | 5131434  | -  |

---

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

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022** <br> **(Unaudited)**  |
| **Assets**  |  |  |
|  Investment in securities, at value - See accompanying schedule <br>Unaffiliated issuers (cost $56,766,774): <br>|  | $39551735  |
|  Cash  |  | 17217  |
|  Foreign currency held at value (cost $298)  |  | 299  |
|  Dividends receivable  |  | 37470  |
|  Distributions receivable from Fidelity Central Funds  |  | 20  |
| **Total assets**  |  | 39606741  |
| **Liabilities**  |  |  |
|  Accrued management fee  | 13864  |  |
| **Total Liabilities**  |  | 13864  |
| **Net Assets**  |  | $39592877  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $66823551  |
|  Total accumulated earnings (loss)  |  | (27230674)  |
|  **Net Assets**  |  | $39592877  |
|  **Net Asset Value** , offering price and redemption price per share ($39,592,877 ÷ 2,600,000 shares)  |  | $15.23  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **December 31, 2022** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $124559  |
| Income from Fidelity Central Funds  |  | 202  |
| **Total Income**  |  | 124761  |
|  **Expenses**  |  |  |
| Management fee  | $82683  |  |
| Independent trustees' fees and expenses  | 73  |  |
| Total expenses before reductions  | 82756  |  |
| Expense reductions  | (24)  |  |
| Total expenses after reductions  |  | 82732  |
| **Net Investment income (loss)**  |  | 42029  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (5705943)  |  |
| Foreign currency transactions  | (5701)  |  |
| Total net realized gain (loss)  |  | (5711644)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (1058200)  |  |
| Assets and liabilities in foreign currencies  | 211  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (1057989)  |
| **Net gain (loss)**  |  | (6769633)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(6727604)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **December 31, 2022** <br> **(Unaudited)**  | **For the period October 5, 2021 (commencement of operations) through June 30, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $42029  | $67784  |
| &nbsp;&nbsp; Net realized gain (loss)  | (5711644) <br>| (3782899) <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (1057989)  | (16156923) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (6727604) <br>| (19872038) <br>|
| Distributions to shareholders  | (71400) <br>| (64350) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 8074078  | 62232758  |
| &nbsp;&nbsp; Cost of shares redeemed  | -  | (3978567)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 8074078 <br>| 58254191 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 1275074 <br>| 38317803 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 38317803  | - <br>|
| &nbsp;&nbsp; End of period  | $39592877  | $38317803  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 450000  | 2300000  |
| &nbsp;&nbsp; Redeemed  | -  | (150000)  |
| &nbsp;&nbsp; Net increase (decrease)  | 450000  | 2150000  |

---

**Financial Highlights** 

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) December 31, 2022**  | **Years ended June 30, 2022** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $17.82  | $25.20  |
| Income from Investment Operations  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .02  | .04  |
| Net realized and unrealized gain (loss)  | (2.58)  | (7.39)  |
| Total from investment operations  | (2.56)  | (7.35)  |
| Distributions from net investment income  | (.03)  | (.03)  |
| Total distributions  | (.03)  | (.03)  |
| Net asset value, end of period  | $15.23  | $17.82  |
| **Total Return** <sup>D,E,F</sup>  | (14.41)%  | (29.15)%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |
| Expenses before reductions  | .39% <sup>I</sup>  | .39%  |
| Expenses net of fee waivers, if any  | .39% <sup>I</sup>  | .39%  |
| Expenses net of all reductions  | .39% <sup>I</sup>  | .39%  |
| Net investment income (loss)  | .20% <sup>I</sup>  | .25%  |
| **Supplemental Data**  |  |  |
| Net assets, end of period (000 omitted)  | $39593  | $38318  |
| Portfolio turnover rate <sup>J,K</sup>  | 77% <sup>I</sup>  | 31% <sup>L</sup>  |

---

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

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

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

<sup>F</sup> *Based on net asset value.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Annualized.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>K</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

<sup>L</sup> *Amount not annualized.*

**Fidelity® Metaverse ETF** 

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Tencent Holdings Ltd.  | 5.2  |
| Meta Platforms, Inc. Class A  | 4.6  |
| Adobe, Inc.  | 4.5  |
| Apple, Inc.  | 4.0  |
| Alphabet, Inc. Class A  | 4.0  |
| NVIDIA Corp.  | 3.9  |
| Nintendo Co. Ltd.  | 3.9  |
| NetEase, Inc. ADR  | 3.3  |
| Electronic Arts, Inc.  | 3.3  |
| Dassault Systemes SA  | 3.0  |
|  | 39.7  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Communication Services  | 61.4  |
| Information Technology  | 34.9  |
| Industrials  | 2.7  |
| Consumer Discretionary  | 0.8  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88559_7.jpg)  |
| *Foreign investments - 53%*  |
| *Futures - 0.2%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88559_14.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.*  |

---

**Fidelity® Metaverse ETF**

**Schedule of Investments December 31, 2022 (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>|
| COMMUNICATION SERVICES - 61.4%  |  |  |
| Entertainment - 39.8%  |  |  |
|  Capcom Co. Ltd.  | 7100  | 226541  |
|  Com2uS Corp.  | 1953  | 92051  |
|  Electronic Arts, Inc.  | 3204  | 391465  |
|  Embracer Group AB (a)  | 43633  | 198033  |
|  GungHo Online Entertainment, Inc.  | 7800  | 126034  |
|  iDreamSky Technology Holdings Ltd. (a)(b)  | 179600  | 89053  |
|  Kakao Games Corp. (a)  | 4437  | 156672  |
|  Koei Tecmo Holdings Co. Ltd.  | 9400  | 170410  |
|  Konami Group Corp.  | 4600  | 208132  |
|  KRAFTON, Inc. (a)  | 1386  | 184142  |
|  NCSOFT Corp.  | 644  | 228163  |
|  Neowiz (a)  | 3093  | 90381  |
|  NetEase, Inc. ADR  | 5534  | 401934  |
|  Netmarble Corp. (b)  | 3310  | 158105  |
|  Nexon Co. Ltd.  | 12900  | 289589  |
|  Nintendo Co. Ltd.  | 11200  | 469577  |
|  Pearl Abyss Corp. (a)  | 4047  | 134260  |
|  Roblox Corp. (a)  | 8863  | 252241  |
|  Square Enix Holdings Co. Ltd.  | 4500  | 209064  |
|  Take-Two Interactive Software, Inc. (a)  | 3102  | 323011  |
|  Ubisoft Entertainment SA (a)  | 6242  | 175937  |
|  WeMade Entertainment Co. Ltd.  | 3620  | 90321  |
|  XD, Inc. (a)  | 42200  | 116787  |
|  |  | 4781903  |
| Interactive Media & Services - 21.6%  |  |  |
|  Alphabet, Inc. Class A (a)  | 5488  | 484206  |
|  Bumble, Inc. (a)  | 6569  | 138277  |
|  GREE, Inc.  | 16300  | 85981  |
|  Meitu, Inc. (a)(b)  | 628500  | 110320  |
|  Meta Platforms, Inc. Class A (a)  | 4601  | 553684  |
|  NAVER Corp.  | 2492  | 349806  |
|  Snap, Inc. Class A (a)  | 26604  | 238106  |
|  Tencent Holdings Ltd.  | 14600  | 624791  |
|  |  | 2585171  |
|  TOTAL COMMUNICATION SERVICES  |  | 7367074  |
| CONSUMER DISCRETIONARY - 0.8%  |  |  |
| Leisure Products - 0.8%  |  |  |
|  Golfzon Co. Ltd.  | 1046  | 93309  |
| INDUSTRIALS - 2.7%  |  |  |
| Aerospace & Defense - 2.7%  |  |  |
|  Maxar Technologies, Inc.  | 6384  | 330308  |
| INFORMATION TECHNOLOGY - 34.9%  |  |  |
| IT Services - 3.3%  |  |  |
|  GDS Holdings Ltd. ADR (a)  | 10365  | 213726  |
|  NEXTDC Ltd. (a)  | 28689  | 177045  |
|  |  | 390771  |
| Semiconductors & Semiconductor Equipment - 8.4%  |  |  |
|  ams-OSRAM AG (a)  | 19946  | 145520  |
|  Cirrus Logic, Inc. (a)  | 2775  | 206682  |
|  NVIDIA Corp.  | 3235  | 472763  |
|  Synaptics, Inc. (a)  | 1976  | 188036  |
|  |  | 1013001  |
| Software - 17.6%  |  |  |
|  Adobe, Inc. (a)  | 1610  | 541813  |
|  Aveva Group PLC  | 5590  | 216049  |
|  Bentley Systems, Inc. Class B  | 6414  | 237061  |
|  Dassault Systemes SA  | 10048  | 359191  |
|  Matterport, Inc. (a)  | 35245  | 98686  |
|  Nemetschek SE  | 3507  | 178496  |
|  PTC, Inc. (a)  | 2412  | 289536  |
|  Unity Software, Inc. (a)  | 6593  | 188494  |
|  |  | 2109326  |
| Technology Hardware, Storage & Peripherals - 5.6%  |  |  |
|  Apple, Inc.  | 3737  | 485548  |
|  Super Micro Computer, Inc. (a)  | 2282  | 187352  |
|  |  | 672900  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 4185998  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $13,792,220)  |  | <br> **11976689**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 0.1%**  | &nbsp;&nbsp; **Money Market Funds - 0.1%**  | &nbsp;&nbsp; **Money Market Funds - 0.1%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (c) <br>(Cost $18,299) <br>| 18296  | **18299**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%** <br> (Cost $13,810,519) <br>| <br>**11994988**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **11207**  |
| **NET ASSETS - 100.0%**  | **12006195**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &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 ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME E-mini NASDAQ 100 Index Contracts (United States)  | 1  | Mar 2023  | 22045  | (672)  | (672)  |
| The notional amount of futures purchased as a percentage of Net Assets is 0.2%  | The notional amount of futures purchased as a percentage of Net Assets is 0.2%  | The notional amount of futures purchased as a percentage of Net Assets is 0.2%  | The notional amount of futures purchased as a percentage of Net Assets is 0.2%  | The notional amount of futures purchased as a percentage of Net Assets is 0.2%  | The notional amount of futures purchased as a percentage of Net Assets is 0.2%  |

---

**Legend**

(a) Non-income producing

(b) 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 $357,478 or 3.0% of net assets.

(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.

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | -  | 123587  | 105288  | 147  | -  | -  | 18299  | 0.0%  |
| Total  | -  | 123587  | 105288  | 147  | -  | -  | 18299  |  |

---

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 7367074  | 4575178  | 2791896  | -  |
| Consumer Discretionary  | 93309  | 93309  | -  | -  |
| Industrials  | 330308  | 330308  | -  | -  |
| Information Technology  | 4185998  | 3649762  | 536236  | -  |
|  Money Market Funds  | 18299  | 18299  | -  | -  |
| **Total Investments in Securities:**  | 11994988  | 8666856  | 3328132  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Liabilities**  |  |  |  |  |
| Futures Contracts  | (672)  | (672)  | -  | -  |
| Total Liabilities  | (672)  | (672)  | -  | -  |
| **Total Derivative Instruments:**  | (672)  | (672)  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. 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)  | 0  | (672)  |
| **Total Equity Risk**  | 0  | (672)  |
| **Total Value of Derivatives**  | 0  | (672)  |

---

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

**Fidelity® Metaverse ETF**

**Financial Statements** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Unaffiliated issuers (cost $13,792,220)  | 11976689  |  |
|  Fidelity Central Funds (cost $18,299)  | 18299  |  |
|  Total Investment in Securities (cost $13,810,519)  |  | $11994988  |
|  Segregated cash with brokers for derivative instruments  |  | 1580  |
|  Foreign currency held at value (cost $12,189)  |  | 12172  |
| Receivable for investments sold  |  | 7  |
|  Dividends receivable  |  | 12589  |
|  Distributions receivable from Fidelity Central Funds  |  | 53  |
| **Total assets**  |  | 12021389  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 11279  |  |
|  Accrued management fee  | 3894  |  |
|  Payable for daily variation margin on futures contracts  | 21  |  |
| **Total Liabilities**  |  | 15194  |
| **Net Assets**  |  | $12006195  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $14348282  |
|  Total accumulated earnings (loss)  |  | (2342087)  |
|  **Net Assets**  |  | $12006195  |
|  **Net Asset Value** , offering price and redemption price per share ($12,006,195 ÷ 600,000 shares)  |  | $20.01  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **December 31, 2022** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $33191  |
| Income from Fidelity Central Funds  |  | 147  |
| **Total Income**  |  | 33338  |
|  **Expenses**  |  |  |
| Management fee  | $23305  |  |
| Independent trustees' fees and expenses  | 20  |  |
| Total expenses before reductions  | 23325  |  |
| Expense reductions  | (86)  |  |
| Total expenses after reductions  |  | 23239  |
| **Net Investment income (loss)**  |  | 10099  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (327046)  |  |
| Foreign currency transactions  | (3570)  |  |
| Futures contracts  | (2296)  |  |
| Total net realized gain (loss)  |  | (332912)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (528163)  |  |
| Assets and liabilities in foreign currencies  | 168  |  |
| Futures contracts  | (349)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (528344)  |
| **Net gain (loss)**  |  | (861256)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(851157)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **December 31, 2022** <br> **(Unaudited)**  | **For the period April 19, 2022 (commencement of operations) through June 30, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $10099  | $214  |
| &nbsp;&nbsp; Net realized gain (loss)  | (332912) <br>| (123480) <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (528344)  | (1287738) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (851157) <br>| (1411004) <br>|
| Distributions to shareholders  | (22200) <br>| - <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 2221577  | 13140454  |
| &nbsp;&nbsp; Cost of shares redeemed  | -  | (1071475)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 2221577 <br>| 12068979 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 1348220 <br>| 10657975 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 10657975  | - <br>|
| &nbsp;&nbsp; End of period  | $12006195  | $10657975  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 100000  | 550000  |
| &nbsp;&nbsp; Redeemed  | -  | (50000)  |
| &nbsp;&nbsp; Net increase (decrease)  | 100000  | 500000  |

---

**Financial Highlights** 

 **Fidelity® Metaverse ETF** <br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) December 31, 2022**  | **Years ended June 30, 2022** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $21.32  | $25.28  |
| Income from Investment Operations  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .02  | - <sup>D</sup>  |
| Net realized and unrealized gain (loss)  | (1.29)  | (3.96)  |
| Total from investment operations  | (1.27)  | (3.96)  |
| Distributions from net investment income  | (.04)  | -  |
| Total distributions  | (.04)  | -  |
| Net asset value, end of period  | $20.01  | $21.32  |
| **Total Return** <sup>E,F,G</sup>  | (5.95)%  | (15.67)%  |
| **Ratios to Average Net Assets** <sup>C,H,I</sup>  |  |  |
| Expenses before reductions  | .39% <sup>J</sup>  | .39%  |
| Expenses net of fee waivers, if any  | .39% <sup>J</sup>  | .39%  |
| Expenses net of all reductions  | .38% <sup>J</sup>  | .39%  |
| Net investment income (loss)  | .17% <sup>J</sup>  | .01%  |
| **Supplemental Data**  |  |  |
| Net assets, end of period (000 omitted)  | $12006  | $10658  |
| Portfolio turnover rate <sup>K,L</sup>  | 37% <sup>J</sup>  | 8% <sup>M</sup>  |

---

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

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *Amount represents less than $.005 per share.*

<sup>E</sup> *Based on net asset value.*

<sup>F</sup> *Total returns for periods of less than one year are not annualized.*

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

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Annualized.*

<sup>K</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>L</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

<sup>M</sup> *Amount not annualized.*

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

For the period ended December 31, 2022

**1** . **Organization.**

Fidelity Clean Energy ETF, Fidelity Cloud Computing ETF, Fidelity Crypto Industry and Digital Payments ETF, Fidelity Digital Health ETF, Fidelity Electric Vehicles and Future Transportation ETF and Fidelity Metaverse ETF (the Funds) are non-diversified 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. Certain Funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

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

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

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

For Fidelity Digital Health ETF, digital health companies are subject to various risks, including competition, potentially rapid product obsolescence, increasing regulatory scrutiny, changes in government regulatory requirements, regulatory approval for new drugs and medical products, changes in business cycles, vulnerability to cybersecurity breaches, and unexpected events such as pandemics.

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund**  | **Investment Manager**  | **Investment Objective**  | **Investment Practices**  | **Expense Ratio** <sup>A</sup>  |
| 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%  |

---

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

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

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies* . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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 (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2022 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 Nasdaq Stock Market for Fidelity Crypto Industry and Digital Payments ETF and Fidelity Metaverse ETF, and of the Cboe BZX Exchange, Inc. (CboeBZX) for all other funds; and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. 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 Operation. 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. Large, non-recurring dividends recognized by the Funds are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. 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. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**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. 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), capital loss carryforwards, net operating losses, redemptions in kind and losses deferred due to wash sales and excise tax regulations.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost**  | **Gross unrealized appreciation**  | **Gross unrealized depreciation**  | **Net unrealized appreciation (depreciation)**  |
| **Fidelity Clean Energy ETF**  | $41841184  | $3109258  | $(6970310)  | $(3861052)  |
| **Fidelity Cloud Computing ETF**  | 30013296  | 554577  | (9842845)  | (9288268)  |
| **Fidelity Crypto Industry and Digital Payments ETF**  | 24117884  | 419819  | (7743272)  | (7323453)  |
| **Fidelity Digital Health ETF**  | 12087387  | 569530  | (3366773)  | (2797243)  |
| **Fidelity Electric Vehicles and Future Transportation ETF**  | 56982937  | 1097598  | (18528800)  | (17431202)  |
| **Fidelity Metaverse ETF**  | 13824370  | 578494  | (2408548)  | (1830054)  |

---

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.

---

| | | | |
|:---|:---|:---|:---|
|  | <br> **Short-term**  | <br> **Long-term**  | <br> **Total capital loss carryforward**  |
| **Fidelity Clean Energy ETF**  | $(963004)  | $-  | $(963004)  |
| **Fidelity Cloud Computing ETF**  | (1007817)  | -  | (1007817)  |
| **Fidelity Crypto Industry and Digital Payments ETF**  | (857128)  | -  | (857128)  |
| **Fidelity Digital Health ETF**  | (118201)  | -  | (118201)  |
| **Fidelity Electric Vehicles and Future Transportation ETF**  | (3904483)  | -  | (3904483)  |
| **Fidelity Metaverse ETF**  | (175908)  | (193)  | (176101)  |

---

Certain of the Funds elected to defer to the next fiscal year ordinary losses recognized during the period January 1, 2022 to June 30, 2022. Loss deferrals were as follows:

---

| | |
|:---|:---|
|  | <br> **Ordinary losses**  |
| **Fidelity Clean Energy ETF**  | $(8013)  |
| **Fidelity Digital Health ETF**  | (2724)  |

---

**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:

---

| | |
|:---|:---|
| 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.  |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **Fidelity Clean Energy ETF**  | 11300111  | 8827006  |
| **Fidelity Cloud Computing ETF**  | 3074487  | 2661708  |
| **Fidelity Crypto Industry and Digital Payments ETF**  | 3938964  | 3823182  |
| **Fidelity Digital Health ETF**  | 2185105  | 1844901  |
| **Fidelity Electric Vehicles and Future Transportation ETF**  | 17527196  | 15862748  |
| **Fidelity Metaverse ETF**  | 2446840  | 2151230  |

---

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

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions($)**  | **In-Kind Redemptions ($)**  |
| **Fidelity Clean Energy ETF**  | 7797700  | -  |
| **Fidelity Cloud Computing ETF**  | 4017473  | -  |
| **Fidelity Crypto Industry and Digital Payments ETF**  | 9556112  | 1258592  |
| **Fidelity Electric Vehicles and Future Transportation ETF**  | 6337894  | -  |
| **Fidelity Metaverse ETF**  | 1907247  | -  |

---

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

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

---

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

---

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

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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. Expense Reductions.** 

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

---

| | |
|:---|:---|
|  | **Custodian credits**  |
| **Fidelity Clean Energy ETF**  | $29  |
| **Fidelity Cloud Computing ETF**  | 75  |
| **Fidelity Crypto Industry and Digital Payments ETF**  | 98  |
| **Fidelity Digital Health ETF**  | 8  |
| **Fidelity Electric Vehicles and Future Transportation ETF**  | 24  |
| **Fidelity Metaverse ETF**  | 86  |

---

**8. 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 of 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 115% of the daily mark-to-market value of the deposit securities not yet received.

**9. 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.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **Fidelity® Clean Energy ETF**  | .39%  |  |  |  |
| **Actual**  |  | $1000  | $1038.40  | $2.00  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.24  | $1.99  |
| **Fidelity® Cloud Computing ETF**  | .39%  |  |  |  |
| **Actual**  |  | $1000  | $932.90  | $1.90  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.24  | $1.99  |
| **Fidelity® Crypto Industry and Digital Payments ETF**  | .39%  |  |  |  |
| **Actual**  |  | $1000  | $848.70  | $1.82  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.24  | $1.99  |
| **Fidelity® Digital Health ETF**  | .39%  |  |  |  |
| **Actual**  |  | $1000  | $1001.70  | $1.97  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.24  | $1.99  |
| **Fidelity® Electric Vehicles and Future Transportation ETF**  | .39%  |  |  |  |
| **Actual**  |  | $1000  | $855.90  | $1.82  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.24  | $1.99  |
| **Fidelity® Metaverse ETF**  | .39%  |  |  |  |
| **Actual**  |  | $1000  | $940.50  | $1.91  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.24  | $1.99  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

![](img88559_2.jpg) <br>

1.9903829.101 CEE-SANN-0323

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Code of Ethics</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Audit Committee Financial Expert</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Principal Accountant Fees and Services</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Audit Committee of Listed Registrants</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investments</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Portfolio Managers of Closed-End Management Investment Companies</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Submission of Matters to a Vote of Security Holders</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Covington Trust 's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Controls and Procedures</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Disclosure of Securities Lending Activities for Closed-End Management</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investment Companies</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exhibits</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)  | [<u>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.</u>](ex99cert.htm)<u> </u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)  |  | [<u>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.</u>](ex99_906cert.htm)<u> </u>  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIGNATURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Covington Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>/s/Stacie M. Smith</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stacie M. Smith  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 21, 2023  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>/s/Stacie M. Smith</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stacie M. Smith  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 21, 2023  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>/s/John J. Burke III</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 21, 2023  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

## 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;&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> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, Stacie M. Smith, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fidelity Covington Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 21, 2023

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&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>/s/Stacie M. Smith</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stacie M. Smith  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, John J. Burke III, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fidelity Covington Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 21, 2023

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&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>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

## Exhibit 99.906

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit EX-99.906CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: February 21, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&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>/s/Stacie M. Smith</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stacie M. Smith  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: February 21, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&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>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>