# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000945908-26-000020
**Filing Date:** 2026-1
**Character Count:** 202680
**Document Hash:** fa86d47c9a4064a880bca3dffb8bb7ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000945908-26-000020.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0000945908-26-000020

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 26550177

**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 Disruptive Automation ETF (Series ID: S000079685)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000240925 | Fidelity Disruptive Automation ETF | FBOT            |

### Fidelity Disruptive Communications ETF (Series ID: S000079686)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000240926 | Fidelity Disruptive Communications ETF | FDCF            |

### Fidelity Disruptive Finance ETF (Series ID: S000079687)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000240927 | Fidelity Disruptive Finance ETF | FDFF            |

### Fidelity Disruptive Medicine ETF (Series ID: S000079688)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000240928 | Fidelity Disruptive Medicine ETF | FMED            |

### Fidelity Disruptive Technology ETF (Series ID: S000079689)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000240929 | Fidelity Disruptive Technology ETF | FDTX            |

### Fidelity Disruptors ETF (Series ID: S000079690)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000240930 | Fidelity Disruptors ETF | FDIF            |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

<u>Fidelity Covington Trust</u>

(Exact name of registrant as specified in charter)

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

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

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

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

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Disruptors ETF<br> **Fidelity® Disruptors ETF : FDIF** <br> **Principal U.S. Listing Exchange :** **NASDAQ/NMS Global Market**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Disruptors ETF for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Disruptors ETF  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $100689153<br>|
| Number of Holdings | 7<br>|
| Portfolio Turnover | 0%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

Domestic Equity Funds 80.8 <br> International Equity Funds 19.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7027_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 80.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 19.1&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity Disruptive Communications ETF | 21.9<br>|
| Fidelity Disruptive Medicine ETF | 21.0<br>|
| Fidelity Disruptive Technology ETF | 20.3<br>|
| Fidelity Disruptive Automation ETF | 19.1<br>|
| Fidelity Disruptive Finance ETF | 17.6<br>|
|  | 99.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img7027_20251130_1.jpg)<br>| ![](img121001_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915149.101 7027-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Disruptive Technology ETF<br> **Fidelity® Disruptive Technology ETF : FDTX** <br> **Principal U.S. Listing Exchange :** **NASDAQ/NMS Global Market**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Disruptive Technology ETF for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Disruptive Technology ETF  | $27  | 0.50% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $192018739<br>|
| Number of Holdings | 44<br>|
| Portfolio Turnover | 42%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 77.2 |
| Consumer Discretionary | 10.6 |
| Communication Services | 9.0 |
| Financials | 2.0 |
| Industrials | 1.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6999_20251130_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 73.5 |
| Taiwan | 6.6 |
| Canada | 4.8 |
| Netherlands | 4.4 |
| Japan | 2.6 |
| Germany | 2.3 |
| Singapore | 1.9 |
| Israel | 1.7 |
| China | 1.4 |
| Australia | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6999_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 73.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 6.6<br>|
| Microsoft Corp | 5.9<br>|
| Amazon.com Inc | 4.8<br>|
| Marvell Technology Inc | 4.8<br>|
| Shopify Inc Class A (United States) | 4.8<br>|
| Palantir Technologies Inc Class A | 4.3<br>|
| Meta Platforms Inc Class A | 4.2<br>|
| Micron Technology Inc | 4.0<br>|
| Datadog Inc Class A | 2.9<br>|
|  | 49.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6999_20251130_1.jpg)<br>| ![](img121002_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915148.101 6999-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Disruptive Medicine ETF<br> **Fidelity® Disruptive Medicine ETF : FMED** <br> **Principal U.S. Listing Exchange :** **NASDAQ/NMS Global Market**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Disruptive Medicine ETF for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Disruptive Medicine ETF  | $28  | 0.50% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $63742621<br>|
| Number of Holdings | 68<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 99.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6998_20251130_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 83.5 |
| Netherlands | 6.2 |
| Belgium | 3.5 |
| France | 2.0 |
| Denmark | 1.3 |
| Switzerland | 1.3 |
| Canada | 1.1 |
| China | 0.7 |
| Germany | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6998_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 83.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Denmark - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exact Sciences Corp | 5.0<br>|
| Boston Scientific Corp | 4.6<br>|
| Argenx SE ADR | 4.4<br>|
| Alnylam Pharmaceuticals Inc | 4.2<br>|
| Cogent Biosciences Inc | 3.8<br>|
| UCB SA | 3.5<br>|
| Danaher Corp | 3.4<br>|
| Insulet Corp | 3.1<br>|
| Intuitive Surgical Inc | 2.9<br>|
| Penumbra Inc | 2.7<br>|
|  | 37.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6998_20251130_1.jpg)<br>| ![](img121003_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915147.101 6998-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Disruptive Finance ETF<br> **Fidelity® Disruptive Finance ETF : FDFF** <br> **Principal U.S. Listing Exchange :** **NASDAQ/NMS Global Market**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Disruptive Finance ETF for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Disruptive Finance ETF  | $24  | 0.50% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $46884383<br>|
| Number of Holdings | 47<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 89.8 |
| Industrials | 5.2 |
| Information Technology | 2.8 |
| Consumer Discretionary | 0.9 |
| Real Estate | 0.8 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6997_20251130_AA.jpg) <br>|

---

Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

---

| | |
|:---|:---|
| United States | 67.2 |
| United Kingdom | 8.6 |
| Netherlands | 4.5 |
| Singapore | 4.4 |
| Spain | 4.1 |
| Italy | 4.1 |
| Brazil | 2.9 |
| Norway | 1.8 |
| Canada | 1.2 |
| Others | 1.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6997_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 67.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Capital One Financial Corp | 6.2<br>|
| Blackrock Inc | 5.4<br>|
| Block Inc Class A | 4.8<br>|
| Adyen NV | 4.5<br>|
| Mastercard Inc Class A | 4.5<br>|
| Apollo Global Management Inc | 4.5<br>|
| DBS Group Holdings Ltd | 4.4<br>|
| Visa Inc Class A | 4.3<br>|
| Equifax Inc | 4.3<br>|
| Bankinter SA | 4.1<br>|
|  | 47.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6997_20251130_1.jpg)<br>| ![](img121004_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915146.101 6997-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Disruptive Communications ETF<br> **Fidelity® Disruptive Communications ETF : FDCF** <br> **Principal U.S. Listing Exchange :** **NASDAQ/NMS Global Market**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Disruptive Communications ETF for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Disruptive Communications ETF  | $27  | 0.50% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $104010317<br>|
| Number of Holdings | 41<br>|
| Portfolio Turnover | 36%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Communication Services | 51.8 |
| Information Technology | 32.6 |
| Consumer Discretionary | 13.9 |
| Industrials | 1.3 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6996_20251130_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 75.1 |
| Taiwan | 7.8 |
| China | 6.4 |
| Singapore | 4.5 |
| Canada | 2.6 |
| Spain | 1.7 |
| Korea (South) | 1.4 |
| Netherlands | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6996_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 75.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Spain - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 8.2<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 7.8<br>|
| Meta Platforms Inc Class A | 6.4<br>|
| NVIDIA Corp | 5.7<br>|
| Arista Networks Inc | 5.3<br>|
| Amazon.com Inc | 5.0<br>|
| Sea Ltd Class A ADR | 4.5<br>|
| Warner Bros Discovery Inc | 3.9<br>|
| Reddit Inc Class A | 3.2<br>|
| T-Mobile US Inc | 3.2<br>|
|  | 53.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6996_20251130_1.jpg)<br>| ![](img121005_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915145.101 6996-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Disruptive Automation ETF<br> **Fidelity® Disruptive Automation ETF : FBOT** <br> **Principal U.S. Listing Exchange :** **NASDAQ/NMS Global Market**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Disruptive Automation ETF for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Disruptive Automation ETF  | $27  | 0.50% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $155670488<br>|
| Number of Holdings | 50<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 52.2 |
| Information Technology | 35.4 |
| Consumer Discretionary | 6.6 |
| Communication Services | 3.6 |
| Health Care | 1.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6995_20251130_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 54.2 |
| Japan | 15.8 |
| Taiwan | 7.7 |
| China | 7.4 |
| Germany | 4.1 |
| Sweden | 3.5 |
| United Kingdom | 2.4 |
| Canada | 1.8 |
| Switzerland | 1.7 |
| France | 1.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6995_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 54.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 15.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 6.5<br>|
| Teradyne Inc | 5.5<br>|
| NVIDIA Corp | 4.7<br>|
| Deere & Co | 4.6<br>|
| Palantir Technologies Inc Class A | 3.7<br>|
| Alphabet Inc Class C | 3.6<br>|
| Siemens AG | 3.3<br>|
| Axon Enterprise Inc | 3.2<br>|
| Daifuku Co Ltd | 2.9<br>|
| Shenzhen Inovance Technology Co Ltd A Shares (China) | 2.6<br>|
|  | 40.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6995_20251130_1.jpg)<br>| ![](img121006_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915144.101 6995-TSRS-0126 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

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

**Fidelity® Disruptive Automation ETF**

**Fidelity® Disruptive Communications ETF**

**Fidelity® Disruptive Finance ETF**

**Fidelity® Disruptive Medicine ETF**

**Fidelity® Disruptive Technology ETF**

**Semi-Annual Report**

**November 30, 2025**

![](img121134_1.jpg)

![](img121134_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_DRA-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Disruptive Automation ETF](#Sub_Sec_Fund_6995_DRA-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Disruptive Communications ETF](#Sub_Sec_Fund_6996_DRA-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Disruptive Finance ETF](#Sub_Sec_Fund_6997_DRA-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Disruptive Medicine ETF](#Sub_Sec_Fund_6998_DRA-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Disruptive Technology ETF](#Sub_Sec_Fund_6999_DRA-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6995_DRA-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_DRA-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_DRA-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_DRA-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_DRA-SANN)** |

---

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

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

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI 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 limited relationship MSCI has with Fidelity and any related funds.

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

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

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

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

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

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

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

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

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

**Fidelity® Disruptive Automation ETF**

**Schedule of Investments November 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** |
|  | Shares | Value ($)<br>|
| CANADA - 1.8%  |  |  |
| Industrials - 1.8% |  |  |
| Machinery - 1.8% |  |  |
| ATS Corp (a) | 109868 | 2802029 |
| CHINA - 7.4%  |  |  |
| Consumer Discretionary - 2.0% |  |  |
| Automobile Components - 0.6% |  |  |
| Hesai Group ADR (a) | 52642 | 1012305 |
| Automobiles - 1.4% |  |  |
| BYD Co Ltd H Shares  | 170214 | 2131597 |
| TOTAL CONSUMER DISCRETIONARY |  | 3143902 |
| Industrials - 4.7% |  |  |
| Machinery - 4.7% |  |  |
| Airtac International Group  | 78941 | 2271846 |
| Estun Automation Co Ltd A Shares (China) (a) | 335872 | 1041004 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 404644 | 4040979 |
|  |  | 7353829 |
| Information Technology - 0.7% |  |  |
| Software - 0.7% |  |  |
| Pony AI Inc ADR (a) | 75457 | 1031497 |
| TOTAL CHINA |  | 11529228 |
| FRANCE - 1.4%  |  |  |
| Information Technology - 1.4% |  |  |
| Software - 1.4% |  |  |
| Dassault Systemes SE  | 79500 | 2224094 |
| GERMANY - 4.1%  |  |  |
| Industrials - 3.3% |  |  |
| Industrial Conglomerates - 3.3% |  |  |
| Siemens AG  | 19133 | 5068483 |
| Information Technology - 0.8% |  |  |
| Software - 0.8% |  |  |
| Nemetschek SE  | 11913 | 1330488 |
| TOTAL GERMANY |  | 6398971 |
| JAPAN - 15.8%  |  |  |
| Industrials - 14.4% |  |  |
| Machinery - 13.3% |  |  |
| Daifuku Co Ltd  | 139564 | 4414621 |
| FANUC Corp  | 121019 | 3893867 |
| Komatsu Ltd  | 75801 | 2485533 |
| MISUMI Group Inc  | 180477 | 2608861 |
| SMC Corp  | 10360 | 3639812 |
| THK Co Ltd  | 142100 | 3637898 |
|  |  | 20680592 |
| Professional Services - 1.1% |  |  |
| Recruit Holdings Co Ltd  | 34181 | 1751884 |
| TOTAL INDUSTRIALS |  | 22432476 |
| Information Technology - 1.4% |  |  |
| Electronic Equipment, Instruments & Components - 1.4% |  |  |
| Keyence Corp  | 6395 | 2175540 |
| TOTAL JAPAN |  | 24608016 |
| SWEDEN - 3.5%  |  |  |
| Industrials - 3.5% |  |  |
| Machinery - 3.5% |  |  |
| Epiroc AB A Shares  | 104405 | 2240453 |
| Sandvik AB  | 106458 | 3214775 |
| TOTAL SWEDEN |  | 5455228 |
| SWITZERLAND - 1.7%  |  |  |
| Industrials - 1.7% |  |  |
| Machinery - 1.7% |  |  |
| Kardex Holding AG  | 7556 | 2620279 |
| TAIWAN - 7.7%  |  |  |
| Industrials - 1.2% |  |  |
| Machinery - 1.2% |  |  |
| Hiwin Technologies Corp  | 309693 | 1904922 |
| Information Technology - 6.5% |  |  |
| Semiconductors & Semiconductor Equipment - 6.5% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 221162 | 10149896 |
| TOTAL TAIWAN |  | 12054818 |
| UNITED KINGDOM - 2.4%  |  |  |
| Information Technology - 2.4% |  |  |
| Electronic Equipment, Instruments & Components - 1.7% |  |  |
| Renishaw PLC  | 57299 | 2631880 |
| Technology Hardware, Storage & Peripherals - 0.7% |  |  |
| Raspberry PI Ltd (a)(b) | 266862 | 1150166 |
| TOTAL UNITED KINGDOM |  | 3782046 |
| UNITED STATES - 53.3%  |  |  |
| Communication Services - 3.6% |  |  |
| Interactive Media & Services - 3.6% |  |  |
| Alphabet Inc Class C  | 17681 | 5660042 |
| Consumer Discretionary - 4.6% |  |  |
| Automobiles - 2.2% |  |  |
| Tesla Inc (a) | 8037 | 3457276 |
| Broadline Retail - 2.4% |  |  |
| Amazon.com Inc (a) | 15561 | 3629137 |
| TOTAL CONSUMER DISCRETIONARY |  | 7086413 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Intuitive Surgical Inc (a) | 3635 | 2084600 |
| Industrials - 21.6% |  |  |
| Aerospace & Defense - 3.9% |  |  |
| Axon Enterprise Inc (a) | 9135 | 4934179 |
| Beta Technologies Inc Class A (a) | 800 | 21816 |
| Rocket Lab Corp  | 28082 | 1183375 |
|  |  | 6139370 |
| Electrical Equipment - 6.0% |  |  |
| AMETEK Inc  | 12615 | 2496382 |
| Emerson Electric Co  | 28932 | 3858951 |
| Rockwell Automation Inc  | 7619 | 3016057 |
|  |  | 9371390 |
| Ground Transportation - 2.6% |  |  |
| Uber Technologies Inc (a) | 45847 | 4013446 |
| Machinery - 9.1% |  |  |
| Caterpillar Inc  | 5454 | 3140195 |
| Deere & Co  | 15069 | 6999400 |
| Symbotic Inc Class A (a)(b) | 46758 | 3916918 |
|  |  | 14056513 |
| TOTAL INDUSTRIALS |  | 33580719 |
| Information Technology - 22.2% |  |  |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Teledyne Technologies Inc (a) | 3083 | 1540020 |
| Semiconductors & Semiconductor Equipment - 10.2% |  |  |
| NVIDIA Corp  | 41677 | 7376829 |
| Teradyne Inc  | 46235 | 8409684 |
|  |  | 15786513 |
| Software - 11.0% |  |  |
| Autodesk Inc (a) | 7000 | 2123380 |
| Manhattan Associates Inc (a) | 7204 | 1271145 |
| Microsoft Corp  | 4259 | 2095471 |
| Palantir Technologies Inc Class A (a) | 33339 | 5615955 |
| PTC Inc (a) | 19633 | 3444217 |
| Synopsys Inc (a) | 5876 | 2456227 |
|  |  | 17006395 |
| TOTAL INFORMATION TECHNOLOGY |  | 34332928 |
| TOTAL UNITED STATES |  | 82744702 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $123,594,665) |  | <br> **154219411** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.02 | 1108323 | 1108545 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.02 | 2454848 | 2455093 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $3,563,638) |  |  | **3563638** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.4%**<br> (Cost $127,158,303)<br>| <br>**157783049** |
| **NET OTHER ASSETS (LIABILITIES) - (1.4)%**  | **(2112561)** |
| **NET ASSETS - 100.0%** | **155670488** |

---

**Legend**

(a) Non-income producing.

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

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 1711389 | 3496653 | 4099497 | 20595 | - | - | 1108545 | 1108323 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 4036521 | 26301925 | 27883452 | 41488 | 99 | - | 2455093 | 2454848 | 0.0% |
| Total | 5747910 | 29798578 | 31982949 | 62083 | 99 | - | 3563638 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 5660042 | 5660042 | - | - |
| Consumer Discretionary | 10230315 | 10230315 | - | - |
| Health Care | 2084600 | 2084600 | - | - |
| Industrials | 81217965 | 81217965 | - | - |
| Information Technology | 55026489 | 55026489 | - | - |
|  **Money Market Funds** | 3563638 | 3563638 | - | - |
| **Total Investments in Securities:** | 157783049 | 157783049 | - | - |

---

**Fidelity® Disruptive Automation ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,291,509) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $123,594,665) | $154219411 |  |
| Fidelity Central Funds (cost $3,563,638) | 3563638 |  |
| Total Investment in Securities (cost $127,158,303) |  | $157783049 |
| Cash |  | 41926 |
| Foreign currency held at value (cost $70) |  | 70 |
| Dividends receivable |  | 208244 |
| Reclaims receivable |  | 148240 |
| Distributions receivable from Fidelity Central Funds |  | 8229 |
| Other receivables |  | 508 |
| **Total assets** |  | 158190266 |
| **Liabilities** |  |  |
| Accrued management fee | $64772 |  |
| Other payables and accrued expenses | 12 |  |
| Collateral on securities loaned | 2454994 |  |
| **Total liabilities** |  | 2519778 |
| **Net Assets**  |  | $155670488 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $130949141 |
| Total accumulated earnings (loss) |  | 24721347 |
| **Net Assets** |  | $155670488 |
| **Net Asset Value**, offering price and redemption price per share ($155,670,488 ÷ 4,805,492 shares) |  | $32.39 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $654807 |
| Interest  |  | 73 |
| Income from Fidelity Central Funds (including $41,488 from security lending)  |  | 62083 |
| **Total income** |  | 716963 |
| **Expenses** |  |  |
| Management fee | $358277 |  |
| Independent trustees' fees and expenses | 242 |  |
| Total expenses before reductions | 358519 |  |
| Expense reductions | (229) |  |
| Total expenses after reductions |  | 358290 |
| **Net Investment income (loss)** |  | 358673 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 3645876 |  |
| Fidelity Central Funds | 99 |  |
| Foreign currency transactions | (3639) |  |
| Total net realized gain (loss) |  | 3642336 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 12728965 |  |
| Assets and liabilities in foreign currencies | (11986) |  |
| Total change in net unrealized appreciation (depreciation) |  | 12716979 |
| **Net gain (loss)** |  | 16359315 |
| **Net increase (decrease) in net assets resulting from operations** |  | $16717988 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **May 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $358673 | $531612 |
| &nbsp;&nbsp;Net realized gain (loss) | 3642336<br>| 3768676<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 12716979 | 6661970<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 16717988<br>| 10962258<br>|
| Distributions to shareholders | (472688)<br>| (494208)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 18927648 | 19814724 |
| &nbsp;&nbsp;Cost of shares redeemed | - | (13260059) |
| **Net increase (decrease) in net assets resulting from share transactions** | 18927648<br>| 6554665<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 35172948<br>| 17022715<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 120497540 | 103474825<br>|
| &nbsp;&nbsp;End of period | $155670488 | $120497540 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 600000 | 700000 |
| &nbsp;&nbsp;Redeemed | - | (500000) |
| &nbsp;&nbsp;Net increase (decrease) | 600000 | 200000 |

---

**Financial Highlights** 

**Fidelity® Disruptive Automation ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024** A  | **2023** A | **2022** A | **2021** A  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.65 | $25.83 | $24.80 | $22.33 | $27.34 | $17.80 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .08  | .14  | .10  | .05  | (.09)  | .02  |
| Net realized and unrealized gain (loss)  | 3.77  | 2.81  | 1.07  | 2.42  | (4.37)  | 9.60  |
| Total from investment operations  | 3.85  | 2.95  | 1.17  | 2.47  | (4.46)  | 9.62  |
| Distributions from net investment income  | (.11)  | (.13)  | (.14)  | -  | -  | (.06)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.55)  | (.03)  |
| Total distributions  | (.11)  | (.13)  | (.14)  | -  | (.55)  | (.08) D |
| Net asset value, end of period  | $32.39 | $28.65 | $25.83 | $24.80 | $22.33 | $27.34 |
| **Total Return** E,F,G | 13.46% <br>| 11.45%  | 4.76%  | 11.05%  | (16.75)%  | 54.13%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .50% J | .50%  | .51%  | .85%  | 1.00%  | 1.01% K |
| Expenses net of fee waivers, if any  | .50% J<br>| .50%  | .51%  | .85%  | 1.00%  | 1.01% K |
| Expenses net of all reductions, if any  | .50% J | .50%  | .50%  | .85%  | 1.00%  | 1.01% K |
| Net investment income (loss)  | .50% J | .52%  | .40%  | .23%  | (.33)%  | .06%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $155670 | $120498 | $103475 | $111726 | $36333 | $111910 |
| Portfolio turnover rate L | 18% J,M<br>| 33% M | 52% M | 26% M | 22%  | 14%  |

---

A*Per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization that occurred on June 9, 2023. All financial information prior to the reorganization is that of the predecessor fund, Fidelity Disruptive Automation Fund.*

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

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

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

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

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

G*Based on net asset value.*

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

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

J*Annualized.*

K*The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.*

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

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

**Fidelity® Disruptive Communications ETF**

**Schedule of Investments November 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| CANADA - 2.6%  |  |  |
| Communication Services - 2.6% |  |  |
| Diversified Telecommunication Services - 2.6% |  |  |
| Quebecor Inc Class B  | 71910 | 2706691 |
| CHINA - 6.4%  |  |  |
| Communication Services - 2.0% |  |  |
| Interactive Media & Services - 2.0% |  |  |
| Tencent Holdings Ltd  | 25915 | 2035414 |
| Consumer Discretionary - 4.4% |  |  |
| Broadline Retail - 4.4% |  |  |
| Alibaba Group Holding Ltd ADR  | 13201 | 2076517 |
| PDD Holdings Inc Class A ADR (a) | 21954 | 2548421 |
|  |  | 4624938 |
| TOTAL CHINA |  | 6660352 |
| KOREA (SOUTH) - 1.4%  |  |  |
| Communication Services - 1.4% |  |  |
| Interactive Media & Services - 1.4% |  |  |
| NAVER Corp  | 8697 | 1445984 |
| NETHERLANDS - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| NXP Semiconductors NV  | 2859 | 557333 |
| SINGAPORE - 4.5%  |  |  |
| Consumer Discretionary - 4.5% |  |  |
| Broadline Retail - 4.5% |  |  |
| Sea Ltd Class A ADR (a) | 34042 | 4732178 |
| SPAIN - 1.7%  |  |  |
| Communication Services - 1.7% |  |  |
| Diversified Telecommunication Services - 1.7% |  |  |
| Cellnex Telecom SA (b)(c) | 59690 | 1791097 |
| TAIWAN - 7.8%  |  |  |
| Information Technology - 7.8% |  |  |
| Semiconductors & Semiconductor Equipment - 7.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 27809 | 8106602 |
| UNITED STATES - 74.7%  |  |  |
| Communication Services - 44.1% |  |  |
| Entertainment - 17.5% |  |  |
| Liberty Media Corp-Liberty Formula One Class C (a) | 19650 | 1886007 |
| Live Nation Entertainment Inc (a) | 12795 | 1681903 |
| Netflix Inc (a) | 18140 | 1951501 |
| ROBLOX Corp Class A (a) | 15816 | 1502994 |
| Roku Inc Class A (a) | 18749 | 1814716 |
| Spotify Technology SA (a) | 2759 | 1652282 |
| Take-Two Interactive Software Inc (a) | 8530 | 2098977 |
| Walt Disney Co/The  | 16030 | 1674654 |
| Warner Bros Discovery Inc (a) | 165004 | 3960097 |
|  |  | 18223131 |
| Interactive Media & Services - 17.8% |  |  |
| Alphabet Inc Class A  | 26182 | 8382953 |
| Meta Platforms Inc Class A  | 10299 | 6673237 |
| Reddit Inc Class A (a) | 15481 | 3351172 |
|  |  | 18407362 |
| Media - 4.8% |  |  |
| EchoStar Corp Class A (a)(d) | 21725 | 1592225 |
| Liberty Broadband Corp Class A (a) | 38147 | 1766588 |
| Magnite Inc (a) | 113125 | 1661806 |
|  |  | 5020619 |
| Wireless Telecommunication Services - 4.0% |  |  |
| Gogo Inc (a)(d) | 110229 | 788137 |
| T-Mobile US Inc  | 15972 | 3338308 |
|  |  | 4126445 |
| TOTAL COMMUNICATION SERVICES |  | 45777557 |
| Consumer Discretionary - 5.0% |  |  |
| Broadline Retail - 5.0% |  |  |
| Amazon.com Inc (a) | 22515 | 5250948 |
| Industrials - 1.3% |  |  |
| Construction & Engineering - 1.3% |  |  |
| Dycom Industries Inc (a) | 3697 | 1336576 |
| Information Technology - 24.3% |  |  |
| Communications Equipment - 5.3% |  |  |
| Arista Networks Inc (a) | 42325 | 5531031 |
| IT Services - 3.7% |  |  |
| Cloudflare Inc Class A (a) | 9256 | 1853144 |
| Twilio Inc Class A (a) | 15451 | 2003840 |
|  |  | 3856984 |
| Semiconductors & Semiconductor Equipment - 5.7% |  |  |
| NVIDIA Corp  | 33244 | 5884188 |
| Software - 7.1% |  |  |
| AppLovin Corp Class A (a) | 2065 | 1237926 |
| Cadence Design Systems Inc (a) | 6348 | 1979560 |
| Microsoft Corp  | 2739 | 1347615 |
| Servicenow Inc (a) | 1092 | 887152 |
| Synopsys Inc (a) | 1591 | 665054 |
| Zoom Communications Inc Class A (a) | 14087 | 1196832 |
|  |  | 7314139 |
| Technology Hardware, Storage & Peripherals - 2.5% |  |  |
| Apple Inc  | 9330 | 2601671 |
| TOTAL INFORMATION TECHNOLOGY |  | 25188013 |
| TOTAL UNITED STATES |  | 77553094 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $74,852,769) |  | <br> **103553331** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.02 | 460379 | 460471 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.02 | 1471090 | 1471237 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,931,708) |  |  | **1931708** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.4%**<br> (Cost $76,784,477)<br>| <br>**105485039** |
| **NET OTHER ASSETS (LIABILITIES) - (1.4)%**  | **(1474722)** |
| **NET ASSETS - 100.0%** | **104010317** |

---

**Legend**

(a) Non-income producing.

(b) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,791,097 or 1.7% of net assets.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,791,097 or 1.7% of net assets.

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

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 662012 | 2535750 | 2737265 | 7516 | (26) | - | 460471 | 460379 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 599005 | 4210175 | 3337938 | 685 | (5) | - | 1471237 | 1471090 | 0.0% |
| Total | 1261017 | 6745925 | 6075203 | 8201 | (31) | - | 1931708 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 53756743 | 53756743 | - | - |
| Consumer Discretionary | 14608064 | 14608064 | - | - |
| Industrials | 1336576 | 1336576 | - | - |
| Information Technology | 33851948 | 33851948 | - | - |
|  **Money Market Funds** | 1931708 | 1931708 | - | - |
| **Total Investments in Securities:** | 105485039 | 105485039 | - | - |

---

**Fidelity® Disruptive Communications ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,154,976) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $74,852,769) | $103553331 |  |
| Fidelity Central Funds (cost $1,931,708) | 1931708 |  |
| Total Investment in Securities (cost $76,784,477) |  | $105485039 |
| Cash |  | 2388 |
| Foreign currency held at value (cost $222) |  | 225 |
| Dividends receivable |  | 34732 |
| Distributions receivable from Fidelity Central Funds |  | 1602 |
| Other receivables |  | 245 |
| **Total assets** |  | 105524231 |
| **Liabilities** |  |  |
| Accrued management fee | $42671 |  |
| Collateral on securities loaned | 1471243 |  |
| **Total liabilities** |  | 1513914 |
| **Net Assets**  |  | $104010317 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $80857115 |
| Total accumulated earnings (loss) |  | 23153202 |
| **Net Assets** |  | $104010317 |
| **Net Asset Value**, offering price and redemption price per share ($104,010,317 ÷ 2,207,063 shares) |  | $47.13 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $154743 |
| Income from Fidelity Central Funds (including $685 from security lending)  |  | 8201 |
| **Total income** |  | 162944 |
| **Expenses** |  |  |
| Management fee | $224264 |  |
| Independent trustees' fees and expenses | 148 |  |
| Total expenses before reductions | 224412 |  |
| Expense reductions | (173) |  |
| Total expenses after reductions |  | 224239 |
| **Net Investment income (loss)** |  | (61295) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2088207 |  |
| Fidelity Central Funds | (31) |  |
| Foreign currency transactions | (323) |  |
| Total net realized gain (loss) |  | 2087853 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 9319252 |  |
| Assets and liabilities in foreign currencies | 121 |  |
| Total change in net unrealized appreciation (depreciation) |  | 9319373 |
| **Net gain (loss)** |  | 11407226 |
| **Net increase (decrease) in net assets resulting from operations** |  | $11345931 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **May 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(61295) | $41178 |
| &nbsp;&nbsp;Net realized gain (loss) | 2087853<br>| 1172932<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 9319373 | 8398571<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 11345931<br>| 9612681<br>|
| Distributions to shareholders | (27313)<br>| (39184)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 23632806 | 12035863 |
| &nbsp;&nbsp;Cost of shares redeemed | - | (3545746) |
| **Net increase (decrease) in net assets resulting from share transactions** | 23632806<br>| 8490117<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 34951424<br>| 18063614<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 69058893 | 50995279<br>|
| &nbsp;&nbsp;End of period | $104010317 | $69058893 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 500000 | 300000 |
| &nbsp;&nbsp;Redeemed | - | (100000) |
| &nbsp;&nbsp;Net increase (decrease) | 500000 | 200000 |

---

**Financial Highlights** 

**Fidelity® Disruptive Communications ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024** A  | **2023** A | **2022** A | **2021** A  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $40.45 | $33.84 | $24.44 | $23.29 | $34.12 | $23.21 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | (.03)  | .03  | (.04)  | (.10) D | (.26)  | (.26)  |
| Net realized and unrealized gain (loss)  | 6.73  | 6.61  | 9.44  | 1.25  | (8.93)  | 11.59  |
| Total from investment operations  | 6.70  | 6.64  | 9.40  | 1.15  | (9.19)  | 11.33  |
| Distributions from net investment income  | (.02)  | (.03)  | -  | -  | -  | - E |
| Distributions from net realized gain  | -  | -  | -  | -  | (1.64)  | (.41)  |
| Total distributions  | (.02)  | (.03)  | -  | -  | (1.64)  | (.42) F |
| Net asset value, end of period  | $47.13 | $40.45 | $33.84 | $24.44 | $23.29 | $34.12 |
| **Total Return** G,H,I | 16.54% <br>| 19.63%  | 38.49%  | 4.91%  | (28.39)%  | 48.96%  |
| **Ratios to Average Net Assets** C,J,K |  |  |  |  |  |  |
| Expenses before reductions  | .50% L | .50%  | .51%  | .79%  | .99% M | 1.01% M |
| Expenses net of fee waivers, if any  | .50% L<br>| .50%  | .50%  | .79%  | .99% M | 1.01% M |
| Expenses net of all reductions, if any  | .50% L | .50%  | .50%  | .79%  | .99% M | 1.01% M |
| Net investment income (loss)  | (.14)% L | .07%  | (.14)%  | (.44)% D | (.81)%  | (.83)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $104010 | $69059 | $50995 | $37981 | $7746 | $36731 |
| Portfolio turnover rate N | 36% L,O<br>| 23% O | 35% O | 31%  | 32%  | 39%  |

---

A*Per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization that occurred on June 9, 2023. All financial information prior to the reorganization is that of the predecessor fund, Fidelity Disruptive Communications Fund.*

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

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

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.53)%.*

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

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

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

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

I*Based on net asset value.*

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

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

L*Annualized.*

M*The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.*

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

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

**Fidelity® Disruptive Finance ETF**

**Schedule of Investments November 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 2.9%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| MercadoLibre Inc (a) | 211 | 437146 |
| Financials - 2.0% |  |  |
| Banks - 2.0% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (a) | 53742 | 934573 |
| TOTAL BRAZIL |  | 1371719 |
| CANADA - 1.2%  |  |  |
| Financials - 1.2% |  |  |
| Insurance - 1.2% |  |  |
| Definity Financial Corp  | 10700 | 552438 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Bullish (b) | 3787 | 165189 |
| ISRAEL - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Capital Markets - 0.9% |  |  |
| Etoro Group Ltd Class A  | 9853 | 413530 |
| ITALY - 4.1%  |  |  |
| Financials - 4.1% |  |  |
| Banks - 4.1% |  |  |
| FinecoBank Banca Fineco SpA  | 77932 | 1912561 |
| NETHERLANDS - 4.5%  |  |  |
| Financials - 4.5% |  |  |
| Financial Services - 4.5% |  |  |
| Adyen NV (a)(c)(d) | 1367 | 2126458 |
| NORWAY - 1.8%  |  |  |
| Financials - 1.8% |  |  |
| Banks - 1.8% |  |  |
| DNB Bank ASA  | 31435 | 840392 |
| SINGAPORE - 4.4%  |  |  |
| Financials - 4.4% |  |  |
| Banks - 4.4% |  |  |
| DBS Group Holdings Ltd  | 49776 | 2081922 |
| SPAIN - 4.1%  |  |  |
| Financials - 4.1% |  |  |
| Banks - 4.1% |  |  |
| Bankinter SA  | 122462 | 1926859 |
| UNITED KINGDOM - 8.6%  |  |  |
| Financials - 8.6% |  |  |
| Capital Markets - 2.5% |  |  |
| London Stock Exchange Group PLC  | 9931 | 1171016 |
| Financial Services - 2.1% |  |  |
| Wise PLC Class A (a) | 85132 | 995046 |
| Insurance - 4.0% |  |  |
| Beazley PLC  | 54299 | 573208 |
| Hiscox Ltd  | 71998 | 1277070 |
|  |  | 1850278 |
| TOTAL UNITED KINGDOM |  | 4016340 |
| UNITED STATES - 66.7%  |  |  |
| Financials - 57.9% |  |  |
| Banks - 1.0% |  |  |
| Pathward Financial Inc  | 6232 | 448081 |
| Capital Markets - 19.4% |  |  |
| Ares Management Corp Class A  | 3927 | 615950 |
| Blackrock Inc  | 2416 | 2530277 |
| Blue Owl Capital Inc Class A (b) | 53393 | 800895 |
| Cboe Global Markets Inc  | 3640 | 939739 |
| Coinbase Global Inc Class A (a) | 3030 | 826645 |
| Intercontinental Exchange Inc  | 9116 | 1433947 |
| MarketAxess Holdings Inc  | 2151 | 352526 |
| MSCI Inc  | 861 | 485363 |
| Tradeweb Markets Inc Class A  | 5630 | 612882 |
| Virtu Financial Inc Class A  | 13918 | 497708 |
|  |  | 9095932 |
| Consumer Finance - 8.1% |  |  |
| Ally Financial Inc  | 16775 | 692808 |
| Capital One Financial Corp  | 13160 | 2882961 |
| Figure Technology Solutions Inc Class A  | 5487 | 198849 |
|  |  | 3774618 |
| Financial Services - 28.1% |  |  |
| Affirm Holdings Inc Class A (a) | 11081 | 786197 |
| Apollo Global Management Inc  | 15824 | 2086394 |
| Block Inc Class A (a) | 33047 | 2207540 |
| Chime Financial Inc Class A (a)(b) | 68776 | 1453237 |
| Corpay Inc (a) | 2293 | 678269 |
| Mastercard Inc Class A  | 3845 | 2116788 |
| PennyMac Financial Services Inc  | 4689 | 630999 |
| Toast Inc Class A (a) | 15594 | 533158 |
| UWM Holdings Corp Class A  | 112122 | 655914 |
| Visa Inc Class A  | 6048 | 2022693 |
|  |  | 13171189 |
| Insurance - 1.3% |  |  |
| Baldwin Insurance Group Inc/The Class A (a)(b) | 22152 | 631554 |
| TOTAL FINANCIALS |  | 27121374 |
| Industrials - 5.2% |  |  |
| Professional Services - 5.2% |  |  |
| Equifax Inc  | 9419 | 2000313 |
| Verisk Analytics Inc  | 1902 | 428083 |
|  |  | 2428396 |
| Information Technology - 2.8% |  |  |
| Software - 2.8% |  |  |
| BILL Holdings Inc (a) | 5934 | 297589 |
| BitMine Immersion Technologies Inc (a) | 18230 | 603778 |
| Strategy Inc Class A (a) | 2393 | 423992 |
|  |  | 1325359 |
| Real Estate - 0.8% |  |  |
| Residential REITs - 0.8% |  |  |
| American Homes 4 Rent Class A  | 11868 | 381200 |
| TOTAL UNITED STATES |  | 31256329 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $37,025,665) |  | <br> **46663737** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.02 | 167021 | 167054 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.02 | 1737191 | 1737365 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,904,419) |  |  | **1904419** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.6%**<br> (Cost $38,930,084)<br>| <br>**48568156** |
| **NET OTHER ASSETS (LIABILITIES) - (3.6)%**  | **(1683773)** |
| **NET ASSETS - 100.0%** | **46884383** |

---

**Legend**

(a) Non-income producing.

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,126,458 or 4.5% of net assets.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $2,126,458 or 4.5% of net assets.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 1254030 | 901721 | 1988697 | 3470 | - | - | 167054 | 167021 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1075500 | 20160931 | 19499166 | 4884 | 100 | - | 1737365 | 1737191 | 0.0% |
| Total | 2329530 | 21062652 | 21487863 | 8354 | 100 | - | 1904419 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 437146 | 437146 | - | - |
| Financials | 42091636 | 42091636 | - | - |
| Industrials | 2428396 | 2428396 | - | - |
| Information Technology | 1325359 | 1325359 | - | - |
| Real Estate | 381200 | 381200 | - | - |
|  **Money Market Funds** | 1904419 | 1904419 | - | - |
| **Total Investments in Securities:** | 48568156 | 48568156 | - | - |

---

**Fidelity® Disruptive Finance ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,731,930) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $37,025,665) | $46663737 |  |
| Fidelity Central Funds (cost $1,904,419) | 1904419 |  |
| Total Investment in Securities (cost $38,930,084) |  | $48568156 |
| Cash |  | 9619 |
| Dividends receivable |  | 59926 |
| Interest receivable |  | 17 |
| Distributions receivable from Fidelity Central Funds |  | 1546 |
| Other receivables |  | 1613 |
| **Total assets** |  | 48640877 |
| **Liabilities** |  |  |
| Accrued management fee | $19229 |  |
| Collateral on securities loaned | 1737265 |  |
| **Total liabilities** |  | 1756494 |
| **Net Assets**  |  | $46884383 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $42851280 |
| Total accumulated earnings (loss) |  | 4033103 |
| **Net Assets** |  | $46884383 |
| **Net Asset Value**, offering price and redemption price per share ($46,884,383 ÷ 1,344,580 shares) |  | $34.87 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $325529 |
| Interest  |  | 17 |
| Income from Fidelity Central Funds (including $4,884 from security lending)  |  | 8354 |
| **Total income** |  | 333900 |
| **Expenses** |  |  |
| Management fee | $128001 |  |
| Independent trustees' fees and expenses | 96 |  |
| Total expenses before reductions | 128097 |  |
| Expense reductions | (513) |  |
| Total expenses after reductions |  | 127584 |
| **Net Investment income (loss)** |  | 206316 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 335533 |  |
| Redemptions in-kind | 2538736 |  |
| Fidelity Central Funds | 100 |  |
| Foreign currency transactions | 310 |  |
| Total net realized gain (loss) |  | 2874679 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (6044975) |  |
| Assets and liabilities in foreign currencies | (217) |  |
| Total change in net unrealized appreciation (depreciation) |  | (6045192) |
| **Net gain (loss)** |  | (3170513) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(2964197) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **May 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $206316 | $321784 |
| &nbsp;&nbsp;Net realized gain (loss) | 2874679<br>| (292608)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (6045192) | 9608485<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (2964197)<br>| 9637661<br>|
| Distributions to shareholders | (325031)<br>| (352658)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3758197 | 7537055 |
| &nbsp;&nbsp;Cost of shares redeemed | (7388707) | (6231005) |
| **Net increase (decrease) in net assets resulting from share transactions** | (3630510)<br>| 1306050<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (6919738)<br>| 10591053<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 53804121 | 43213068<br>|
| &nbsp;&nbsp;End of period | $46884383 | $53804121 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 100000 | 200000 |
| &nbsp;&nbsp;Redeemed | (200000) | (200000) |
| &nbsp;&nbsp;Net increase (decrease) | (100000) | - |

---

**Financial Highlights** 

**Fidelity® Disruptive Finance ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024** A  | **2023** A | **2022** A | **2021** A  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.25 | $29.91 | $24.23 | $29.04 | $34.73 | $22.63 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .15  | .24  | .23  | .12  | .04  | .21 D |
| Net realized and unrealized gain (loss)  | (2.30)  | 7.37  | 5.70  | (3.38)  | (5.10)  | 12.24  |
| Total from investment operations  | (2.15)  | 7.61  | 5.93  | (3.26)  | (5.06)  | 12.45  |
| Distributions from net investment income  | (.23)  | (.27)  | (.25)  | -  | (.08)  | (.10)  |
| Distributions from net realized gain  | -  | -  | -  | (1.55)  | (.55)  | (.25)  |
| Total distributions  | (.23)  | (.27)  | (.25)  | (1.55)  | (.63)  | (.35)  |
| Net asset value, end of period  | $34.87 | $37.25 | $29.91 | $24.23 | $29.04 | $34.73 |
| **Total Return** E,F,G | (5.81)% <br>| 25.56%  | 24.62%  | (11.46)%  | (14.88)%  | 55.31%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .50% J | .50%  | .51%  | .86%  | 1.00%  | 1.01% K |
| Expenses net of fee waivers, if any  | .50% J<br>| .50%  | .50%  | .86%  | 1.00%  | 1.01% K |
| Expenses net of all reductions, if any  | .50% J | .50%  | .50%  | .86%  | 1.00%  | 1.01% K |
| Net investment income (loss)  | .81% J | .71%  | .84%  | .48%  | .12%  | .72% D |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $46884 | $53804 | $43213 | $40820 | $18486 | $48219 |
| Portfolio turnover rate L | 29% J,M<br>| 22% M | 34% M | 22%  | 43%  | 18%  |

---

A*Per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization that occurred on June 9, 2023. All financial information prior to the reorganization is that of the predecessor fund, Fidelity Disruptive Finance Fund.*

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

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

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .49%.*

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

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

G*Based on net asset value.*

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

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

J*Annualized.*

K*The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.*

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

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

**Fidelity® Disruptive Medicine ETF**

**Schedule of Investments November 30, 2025 (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>|
| BELGIUM - 3.5%  |  |  |
| Health Care - 3.5% |  |  |
| Pharmaceuticals - 3.5% |  |  |
| UCB SA  | 7942 | 2216328 |
| CANADA - 1.1%  |  |  |
| Health Care - 1.1% |  |  |
| Biotechnology - 1.1% |  |  |
| Xenon Pharmaceuticals Inc (a) | 15658 | 700226 |
| CHINA - 0.7%  |  |  |
| Health Care - 0.7% |  |  |
| Biotechnology - 0.7% |  |  |
| Zai Lab Ltd ADR (a) | 23388 | 477349 |
| DENMARK - 1.3%  |  |  |
| Health Care - 1.3% |  |  |
| Biotechnology - 1.3% |  |  |
| Ascendis Pharma A/S ADR (a) | 3865 | 820655 |
| FRANCE - 2.0%  |  |  |
| Health Care - 2.0% |  |  |
| Life Sciences Tools & Services - 2.0% |  |  |
| Sartorius Stedim Biotech  | 5276 | 1269092 |
| GERMANY - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| BioNTech SE ADR (a) | 2198 | 226724 |
| NETHERLANDS - 6.2%  |  |  |
| Health Care - 6.2% |  |  |
| Biotechnology - 6.2% |  |  |
| Argenx SE ADR (a) | 3053 | 2784275 |
| Merus NV (a) | 8000 | 769120 |
| Newamsterdam Pharma Co NV (a) | 10330 | 426629 |
| TOTAL NETHERLANDS |  | 3980024 |
| SWITZERLAND - 1.3%  |  |  |
| Health Care - 1.3% |  |  |
| Life Sciences Tools & Services - 1.3% |  |  |
| Lonza Group AG  | 1189 | 814282 |
| UNITED STATES - 83.4%  |  |  |
| Health Care - 83.4% |  |  |
| Biotechnology - 32.0% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 6000 | 2707380 |
| Arcellx Inc (a) | 2731 | 198571 |
| Caris Life Sciences Inc (a) | 10000 | 255300 |
| Centessa Pharmaceuticals PLC ADR (a) | 14000 | 406420 |
| Cidara Therapeutics Inc (a) | 3284 | 722086 |
| Cogent Biosciences Inc (a) | 60000 | 2413200 |
| Cytokinetics Inc (a)(b) | 12654 | 862117 |
| CytomX Therapeutics Inc (a) | 112069 | 479655 |
| Disc Medicine Inc (a) | 11078 | 1034242 |
| Exact Sciences Corp (a) | 31440 | 3184558 |
| Insmed Inc (a) | 5082 | 1055887 |
| Janux Therapeutics Inc (a)(b) | 18000 | 613620 |
| Kymera Therapeutics Inc (a) | 7462 | 506521 |
| Legend Biotech Corp ADR (a) | 43144 | 1195520 |
| MoonLake Immunotherapeutics Class A (a) | 11741 | 161204 |
| Natera Inc (a) | 4000 | 955240 |
| Soleno Therapeutics Inc (a) | 6105 | 307997 |
| Stoke Therapeutics Inc (a) | 24000 | 741840 |
| Upstream Bio Inc (a) | 15000 | 429000 |
| Vaxcyte Inc (a) | 21545 | 1068847 |
| Veracyte Inc (a) | 15840 | 749866 |
| Viking Therapeutics Inc (a) | 9234 | 339904 |
|  |  | 20388975 |
| Health Care Equipment & Supplies - 26.2% |  |  |
| Align Technology Inc (a) | 2851 | 419639 |
| Boston Scientific Corp (a) | 28456 | 2890560 |
| Dexcom Inc (a) | 12196 | 774080 |
| Edwards Lifesciences Corp (a) | 16672 | 1444962 |
| Inspire Medical Systems Inc (a)(b) | 7134 | 887541 |
| Insulet Corp (a) | 6098 | 1995205 |
| Intuitive Surgical Inc (a) | 3253 | 1865530 |
| iRhythm Technologies Inc (a) | 3020 | 567790 |
| Kestra Medical Technologies Ltd (b) | 18400 | 496432 |
| Masimo Corp (a) | 8500 | 1210655 |
| Outset Medical Inc (a) | 34000 | 155040 |
| Penumbra Inc (a) | 5964 | 1748466 |
| PROCEPT BioRobotics Corp (a)(b) | 10193 | 322914 |
| ResMed Inc  | 3279 | 838867 |
| Stryker Corp  | 3000 | 1113540 |
|  |  | 16731221 |
| Health Care Providers & Services - 5.4% |  |  |
| Astrana Health Inc (a) | 13517 | 311432 |
| LifeStance Health Group Inc (a) | 197894 | 1286311 |
| Privia Health Group Inc (a)(b) | 36560 | 890967 |
| UnitedHealth Group Inc  | 2846 | 938525 |
|  |  | 3427235 |
| Health Care Technology - 7.1% |  |  |
| Doximity Inc Class A (a) | 12895 | 663319 |
| Phreesia Inc (a) | 26424 | 541428 |
| Veeva Systems Inc Class A (a) | 6875 | 1651994 |
| Waystar Holding Corp (a) | 45286 | 1671506 |
|  |  | 4528247 |
| Life Sciences Tools & Services - 7.9% |  |  |
| 10X Genomics Inc Class A (a) | 28456 | 535257 |
| Bruker Corp  | 11276 | 550382 |
| Danaher Corp  | 9358 | 2122207 |
| Repligen Corp (a) | 3800 | 649876 |
| Thermo Fisher Scientific Inc  | 1949 | 1151528 |
|  |  | 5009250 |
| Pharmaceuticals - 4.8% |  |  |
| Amylyx Pharmaceuticals Inc (a) | 23554 | 352839 |
| Crinetics Pharmaceuticals Inc (a)(b) | 19000 | 865640 |
| Eli Lilly & Co  | 986 | 1060413 |
| Enliven Therapeutics Inc (a)(b) | 16387 | 353959 |
| Structure Therapeutics Inc ADR (a) | 7084 | 253678 |
| WaVe Life Sciences Ltd (a) | 28000 | 217280 |
|  |  | 3103809 |
| TOTAL UNITED STATES |  | 53188737 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $44,961,241) |  | <br> **63693417** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.4%** | &nbsp;&nbsp;**Money Market Funds - 5.4%** | &nbsp;&nbsp;**Money Market Funds - 5.4%** | &nbsp;&nbsp;**Money Market Funds - 5.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.02 | 63420 | 63433 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.02 | 3347997 | 3348332 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $3,411,765) |  |  | **3411765** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 105.3%**<br> (Cost $48,373,006)<br>| <br>**67105182** |
| **NET OTHER ASSETS (LIABILITIES) - (5.3)%**  | **(3362561)** |
| **NET ASSETS - 100.0%** | **63742621** |

---

**Legend**

(a) Non-income producing.

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

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 316059 | 2133924 | 2386523 | 3721 | (27) | - | 63433 | 63420 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 2691268 | 14543742 | 13886642 | 3020 | (36) | - | 3348332 | 3347997 | 0.0% |
| Total | 3007327 | 16677666 | 16273165 | 6741 | (63) | - | 3411765 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Health Care | 63693417 | 63693417 | - | - |
|  **Money Market Funds** | 3411765 | 3411765 | - | - |
| **Total Investments in Securities:** | 67105182 | 67105182 | - | - |

---

**Fidelity® Disruptive Medicine ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,248,085) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $44,961,241) | $63693417 |  |
| Fidelity Central Funds (cost $3,411,765) | 3411765 |  |
| Total Investment in Securities (cost $48,373,006) |  | $67105182 |
| Dividends receivable |  | 9776 |
| Distributions receivable from Fidelity Central Funds |  | 661 |
| Other receivables |  | 471 |
| **Total assets** |  | 67116090 |
| **Liabilities** |  |  |
| Accrued management fee | $25096 |  |
| Other payables and accrued expenses | 5 |  |
| Collateral on securities loaned | 3348368 |  |
| **Total liabilities** |  | 3373469 |
| **Net Assets**  |  | $63742621 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $61039159 |
| Total accumulated earnings (loss) |  | 2703462 |
| **Net Assets** |  | $63742621 |
| **Net Asset Value**, offering price and redemption price per share ($63,742,621 ÷ 2,223,806 shares) |  | $28.66 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $33101 |
| Income from Fidelity Central Funds (including $3,020 from security lending)  |  | 6741 |
| **Total income** |  | 39842 |
| **Expenses** |  |  |
| Management fee | $138501 |  |
| Independent trustees' fees and expenses | 99 |  |
| Total expenses before reductions | 138600 |  |
| Expense reductions | (73) |  |
| Total expenses after reductions |  | 138527 |
| **Net Investment income (loss)** |  | (98685) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1590095) |  |
| Fidelity Central Funds | (63) |  |
| Foreign currency transactions | (1127) |  |
| Total net realized gain (loss) |  | (1591285) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 13477825 |  |
| Assets and liabilities in foreign currencies | (7369) |  |
| Total change in net unrealized appreciation (depreciation) |  | 13470456 |
| **Net gain (loss)** |  | 11879171 |
| **Net increase (decrease) in net assets resulting from operations** |  | $11780486 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **May 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(98685) | $(123385) |
| &nbsp;&nbsp;Net realized gain (loss) | (1591285)<br>| (2831066)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 13470456 | 2878344<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 11780486<br>| (76107)<br>|
| Distributions to shareholders | -<br>| (239990)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2353109 | - |
| **Net increase (decrease) in net assets resulting from share transactions** | 2353109<br>| -<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 14133595<br>| (316097)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 49609026 | 49925123<br>|
| &nbsp;&nbsp;End of period | $63742621 | $49609026 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 100000 | -<br>|
| &nbsp;&nbsp;Net increase (decrease) | 100000 | -<br>|

---

**Financial Highlights** 

**Fidelity® Disruptive Medicine ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024** A  | **2023** A | **2022** A | **2021** A  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.36 | $23.51 | $24.36 | $22.08 | $28.82 | $24.52 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | (.04)  | (.06)  | (.03)  | (.11)  | (.20)  | (.16)  |
| Net realized and unrealized gain (loss)  | 5.34  | .02  | (.82)  | 2.39  | (6.25)  | 4.66  |
| Total from investment operations  | 5.30  | (.04)  | (.85)  | 2.28  | (6.45)  | 4.50  |
| Distributions from net investment income  | -  | (.11)  | -  | -  | -  | -  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.29)  | (.20)  |
| Total distributions  | -  | (.11)  | -  | -  | (.29)  | (.20)  |
| Net asset value, end of period  | $28.66 | $23.36 | $23.51 | $24.36 | $22.08 | $28.82 |
| **Total Return** D,E,F | 22.72% <br>| (.19)%  | (3.50)%  | 10.34%  | (22.68)%  | 18.44%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .50% I | .50%  | .51%  | .84%  | 1.00%  | 1.01% J |
| Expenses net of fee waivers, if any  | .50% I<br>| .50%  | .50%  | .84%  | 1.00%  | 1.01% J |
| Expenses net of all reductions, if any  | .50% I | .50%  | .50%  | .84%  | 1.00%  | 1.01% J |
| Net investment income (loss)  | (.36)% I | (.23)%  | (.14)%  | (.51)%  | (.70)%  | (.58)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $63743 | $49609 | $49925 | $43197 | $11027 | $32331 |
| Portfolio turnover rate K | 26% I,L<br>| 30%  | 33% L | 39%  | 47%  | 44%  |

---

A*Per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization that occurred on June 9, 2023. All financial information prior to the reorganization is that of the predecessor fund, Fidelity Disruptive Medicine Fund.*

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

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

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

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

F*Based on net asset value.*

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

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

I*Annualized.*

J*The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.*

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

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

**Fidelity® Disruptive Technology ETF**

**Schedule of Investments November 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Software - 0.8% |  |  |
| WiseTech Global Ltd  | 35216 | 1684700 |
| CANADA - 4.8%  |  |  |
| Information Technology - 4.8% |  |  |
| IT Services - 4.8% |  |  |
| Shopify Inc Class A (United States) (a) | 57775 | 9165426 |
| CHINA - 1.4%  |  |  |
| Consumer Discretionary - 1.4% |  |  |
| Broadline Retail - 1.4% |  |  |
| PDD Holdings Inc Class A ADR (a) | 23674 | 2748078 |
| GERMANY - 2.3%  |  |  |
| Information Technology - 2.3% |  |  |
| Software - 2.3% |  |  |
| SAP SE  | 18134 | 4388265 |
| ISRAEL - 1.7%  |  |  |
| Consumer Discretionary - 1.7% |  |  |
| Broadline Retail - 1.7% |  |  |
| Global-e Online Ltd (a) | 79208 | 3201587 |
| JAPAN - 2.6%  |  |  |
| Information Technology - 2.6% |  |  |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| Advantest Corp  | 25400 | 3345636 |
| Disco Corp  | 5651 | 1582012 |
| TOTAL JAPAN |  | 4927648 |
| NETHERLANDS - 4.4%  |  |  |
| Financials - 0.7% |  |  |
| Financial Services - 0.7% |  |  |
| Adyen NV (a)(b)(c) | 888 | 1381342 |
| Information Technology - 3.7% |  |  |
| Semiconductors & Semiconductor Equipment - 3.7% |  |  |
| BE Semiconductor Industries NV  | 33188 | 5002410 |
| NXP Semiconductors NV  | 10842 | 2113539 |
|  |  | 7115949 |
| TOTAL NETHERLANDS |  | 8497291 |
| SINGAPORE - 1.9%  |  |  |
| Consumer Discretionary - 1.9% |  |  |
| Broadline Retail - 1.9% |  |  |
| Sea Ltd Class A ADR (a) | 26432 | 3674312 |
| TAIWAN - 6.6%  |  |  |
| Information Technology - 6.6% |  |  |
| Semiconductors & Semiconductor Equipment - 6.6% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 43188 | 12589734 |
| UNITED STATES - 73.3%  |  |  |
| Communication Services - 9.0% |  |  |
| Entertainment - 1.7% |  |  |
| Spotify Technology SA (a) | 5559 | 3329118 |
| Interactive Media & Services - 6.0% |  |  |
| Alphabet Inc Class C  | 10744 | 3439369 |
| Meta Platforms Inc Class A  | 12234 | 7927021 |
|  |  | 11366390 |
| Media - 1.3% |  |  |
| Magnite Inc (a) | 173732 | 2552123 |
| TOTAL COMMUNICATION SERVICES |  | 17247631 |
| Consumer Discretionary - 5.6% |  |  |
| Broadline Retail - 4.8% |  |  |
| Amazon.com Inc (a) | 39631 | 9242742 |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Airbnb Inc Class A (a) | 13343 | 1560997 |
| TOTAL CONSUMER DISCRETIONARY |  | 10803739 |
| Financials - 1.3% |  |  |
| Financial Services - 1.3% |  |  |
| Toast Inc Class A (a) | 74590 | 2550232 |
| Industrials - 1.0% |  |  |
| Ground Transportation - 1.0% |  |  |
| Uber Technologies Inc (a) | 21317 | 1866090 |
| Information Technology - 56.4% |  |  |
| Electronic Equipment, Instruments & Components - 2.7% |  |  |
| Coherent Corp (a) | 31100 | 5108486 |
| IT Services - 5.8% |  |  |
| Cloudflare Inc Class A (a) | 19935 | 3991186 |
| IBM Corporation  | 11075 | 3417524 |
| Twilio Inc Class A (a) | 29409 | 3814053 |
|  |  | 11222763 |
| Semiconductors & Semiconductor Equipment - 16.5% |  |  |
| Broadcom Inc  | 4707 | 1896732 |
| Marvell Technology Inc  | 103082 | 9215531 |
| Micron Technology Inc  | 32429 | 7668810 |
| NVIDIA Corp  | 72434 | 12820818 |
|  |  | 31601891 |
| Software - 29.7% |  |  |
| Atlassian Corp Class A (a) | 10413 | 1556952 |
| Crowdstrike Holdings Inc Class A (a) | 5221 | 2658324 |
| CyberArk Software Ltd (a) | 6938 | 3181697 |
| Datadog Inc Class A (a) | 35064 | 5610591 |
| Intuit Inc  | 4044 | 2564220 |
| Microsoft Corp  | 22539 | 11089414 |
| Monday.com Ltd (a) | 23325 | 3355535 |
| Oracle Corp  | 9738 | 1966589 |
| Palantir Technologies Inc Class A (a) | 49112 | 8272917 |
| Palo Alto Networks Inc (a) | 19522 | 3711718 |
| Salesforce Inc  | 8191 | 1888353 |
| Synopsys Inc (a) | 12120 | 5066281 |
| Workday Inc Class A (a) | 15944 | 3437845 |
| Zscaler Inc (a) | 10948 | 2753422 |
|  |  | 57113858 |
| Technology Hardware, Storage & Peripherals - 1.7% |  |  |
| Apple Inc  | 11940 | 3329469 |
| TOTAL INFORMATION TECHNOLOGY |  | 108376467 |
| TOTAL UNITED STATES |  | 140844159 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $130,789,363) |  | <br> **191721200** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d)<br>(Cost $311,863)<br>| 4.02 | 311801 | **311863** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $131,101,226)<br>| <br>**192033063** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(14324)** |
| **NET ASSETS - 100.0%** | **192018739** |

---

**Legend**

(a) Non-income producing.

(b) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,381,342 or 0.7% of net assets.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,381,342 or 0.7% of net assets.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 3252612 | 2937368 | 5878125 | 8713 | 8 | - | 311863 | 311801 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 527042 | 527042 | 49 | - | - | - | - | 0.0% |
| Total | 3252612 | 3464410 | 6405167 | 8762 | 8 | - | 311863 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 17247631 | 17247631 | - | - |
| Consumer Discretionary | 20427716 | 20427716 | - | - |
| Financials | 3931574 | 3931574 | - | - |
| Industrials | 1866090 | 1866090 | - | - |
| Information Technology | 148248189 | 148248189 | - | - |
|  **Money Market Funds** | 311863 | 311863 | - | - |
| **Total Investments in Securities:** | 192033063 | 192033063 | - | - |

---

**Fidelity® Disruptive Technology ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $130,789,363) | $191721200 |  |
| Fidelity Central Funds (cost $311,863) | 311863 |  |
| Total Investment in Securities (cost $131,101,226) |  | $192033063 |
| Cash |  | 3028 |
| Foreign currency held at value (cost $248) |  | 243 |
| Dividends receivable |  | 59898 |
| Distributions receivable from Fidelity Central Funds |  | 1051 |
| Other receivables |  | 2333 |
| **Total assets** |  | 192099616 |
| **Liabilities** |  |  |
| Accrued management fee | $80877 |  |
| **Total liabilities** |  | 80877 |
| **Net Assets**  |  | $192018739 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $155660141 |
| Total accumulated earnings (loss) |  | 36358598 |
| **Net Assets** |  | $192018739 |
| **Net Asset Value**, offering price and redemption price per share ($192,018,739 ÷ 4,788,469 shares) |  | $40.10 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $266233 |
| Income from Fidelity Central Funds (including $49 from security lending)  |  | 8762 |
| **Total income** |  | 274995 |
| **Expenses** |  |  |
| Management fee | $470533 |  |
| Independent trustees' fees and expenses | 334 |  |
| Total expenses before reductions | 470867 |  |
| Expense reductions | (321) |  |
| Total expenses after reductions |  | 470546 |
| **Net Investment income (loss)** |  | (195551) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 6792587 |  |
| Redemptions in-kind | 1457525 |  |
| Fidelity Central Funds | 8 |  |
| Foreign currency transactions | (6207) |  |
| Total net realized gain (loss) |  | 8243913 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 13751232 |  |
| Assets and liabilities in foreign currencies | (1780) |  |
| Total change in net unrealized appreciation (depreciation) |  | 13749452 |
| **Net gain (loss)** |  | 21993365 |
| **Net increase (decrease) in net assets resulting from operations** |  | $21797814 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **May 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(195551) | $(103402) |
| &nbsp;&nbsp;Net realized gain (loss) | 8243913<br>| 750408<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 13749452 | 20563028<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 21797814<br>| 21210034<br>|
| Distributions to shareholders | (9377)<br>| -<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3924579 | 7407195 |
| &nbsp;&nbsp;Cost of shares redeemed | (3576426) | (6812611) |
| **Net increase (decrease) in net assets resulting from share transactions** | 348153<br>| 594584<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 22136590<br>| 21804618<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 169882149 | 148077531<br>|
| &nbsp;&nbsp;End of period | $192018739 | $169882149 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 100000 | 200000 |
| &nbsp;&nbsp;Redeemed | (100000) | (200000) |

---

**Financial Highlights** 

**Fidelity® Disruptive Technology ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024** A  | **2023** A | **2022** A | **2021** A  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $35.48 | $30.92 | $24.32 | $21.70 | $33.25 | $21.11 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | (.04)  | (.02)  | (.04)  | (.09) D | (.26)  | (.24)  |
| Net realized and unrealized gain (loss)  | 4.66  | 4.58  | 6.64  | 2.97  | (10.79)  | 12.51  |
| Total from investment operations  | 4.62  | 4.56  | 6.60  | 2.88  | (11.05)  | 12.27  |
| Distributions from net investment income  | - E | -  | -  | -  | -  | -  |
| Distributions from net realized gain  | -  | -  | -  | (.26)  | (.50)  | (.13)  |
| Total distributions  | - E | -  | -  | (.26)  | (.50)  | (.13)  |
| Net asset value, end of period  | $40.10 | $35.48 | $30.92 | $24.32 | $21.70 | $33.25 |
| **Total Return** F,G,H | 13.04% <br>| 14.72%  | 27.13%  | 13.45%  | (33.85)%  | 58.13%  |
| **Ratios to Average Net Assets** C,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .50% K | .50%  | .51%  | .87%  | .99% L | 1.01% L |
| Expenses net of fee waivers, if any  | .50% K<br>| .50%  | .50%  | .87%  | .99% L | 1.01% L |
| Expenses net of all reductions, if any  | .50% K | .50%  | .50%  | .87%  | .99% L | 1.01% L |
| Net investment income (loss)  | (.21)% K | (.06)%  | (.14)%  | (.42)% D | (.78)%  | (.77)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $192019 | $169882 | $148078 | $101545 | $34802 | $130244 |
| Portfolio turnover rate M | 42% K,N<br>| 37% N | 25% N | 28%  | 33%  | 29%  |

---

A*Per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization that occurred on June 9, 2023. All financial information prior to the reorganization is that of the predecessor fund, Fidelity Disruptive Technology Fund.*

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

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

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.47)%.*

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

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

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

H*Based on net asset value.*

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

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

K*Annualized.*

L*The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.*

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

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

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

For the period ended November 30, 2025

**1. Organization.**

Fidelity Disruptive Automation ETF, Fidelity Disruptive Communications ETF, Fidelity Disruptive Finance ETF, Fidelity Disruptive Medicine ETF and Fidelity Disruptive Technology ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. Each Fund, with the exception of Fidelity Disruptive Medicine ETF, is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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 November 30, 2025 is included at the end of each Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business (normally 4:00 p.m. Eastern time) of the Nasdaq Stock Market 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 Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. 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. 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable.

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

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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 foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Disruptive Automation ETF** | 128787380 | 41099941 | (12104272) | 28995669 |
| **Fidelity Disruptive Communications ETF**  | 77025773 | 34109922 | (5650656) | 28459266 |
| **Fidelity Disruptive Finance ETF** | 38931597 | 12967905 | (3331346) | 9636559 |
| **Fidelity Disruptive Medicine ETF** | 48412847 | 22993311 | (4300976) | 18692335 |
| **Fidelity Disruptive Technology ETF** | 131215944 | 69486172 | (8669053) | 60817119 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Disruptive Automation ETF** | (2643814) | (6717213) | (9361027) |
| **Fidelity Disruptive Communications ETF**  | (5038746) | (2232251) | (7270997) |
| **Fidelity Disruptive Finance ETF** | (4394274) | (4095729) | (8490003) |
| **Fidelity Disruptive Medicine ETF** | (7303431) | (6792648) | (14096079) |
| **Fidelity Disruptive Technology ETF** | (4151842) | (28342319) | (32494161) |

---

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

---

| | |
|:---|:---|
|  | <br> **Ordinary losses ($)** |
| **Fidelity Disruptive Communications ETF**  | (1466) |
| **Fidelity Disruptive Medicine ETF** | (143223) |

---

**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.

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. 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 Disruptive Automation ETF** | 15835993 | 12288606 |
| **Fidelity Disruptive Communications ETF** | 16922462 | 15650029 |
| **Fidelity Disruptive Finance ETF** | 7428581 | 7182916 |
| **Fidelity Disruptive Medicine ETF** | 7829966 | 7172658 |
| **Fidelity Disruptive Technology ETF** | 41627474 | 38973506 |

---

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

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions ($)** | **In-Kind Redemptions ($)** |
| **Fidelity Disruptive Automation ETF** | 15801163 | - |
| **Fidelity Disruptive Communications ETF** | 22488315 | - |
| **Fidelity Disruptive Finance ETF** | 3340426 | 6268593 |
| **Fidelity Disruptive Medicine ETF** | 1823332 | - |
| **Fidelity Disruptive Technology ETF** | 3686912 | 3187293 |

---

**5. 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 Disruptive Automation ETF** | .50% |
| **Fidelity Disruptive Communications ETF** | .50% |
| **Fidelity Disruptive Finance ETF** | .50% |
| **Fidelity Disruptive Medicine ETF** | .50% |
| **Fidelity Disruptive Technology ETF** | .50% |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Disruptive Automation ETF** | 441 |
| **Fidelity Disruptive Communications ETF** | 241 |
| **Fidelity Disruptive Finance ETF** | 275 |
| **Fidelity Disruptive Medicine ETF** | 278 |
| **Fidelity Disruptive Technology ETF** | 130 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Disruptive Automation ETF** | 23232 | - | - |
| **Fidelity Disruptive Communications ETF** | 1650686 | - | - |
| **Fidelity Disruptive Medicine ETF** | 523384 | 78842 | (50) |
| **Fidelity Disruptive Technology ETF** | 5718387 | 2160867 | 168254 |

---

**6. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Disruptive Automation ETF** | 4291 | 63 | 33508 |
| **Fidelity Disruptive Communications ETF** | 72 | - | - |
| **Fidelity Disruptive Finance ETF** | 516 | - | - |
| **Fidelity Disruptive Medicine ETF** | 292 | 22 | 199652 |
| **Fidelity Disruptive Technology ETF** | 5 | - | - |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Disruptive Communications ETF** | 675220 |

---

**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 Disruptive Automation ETF** | 229 |
| **Fidelity Disruptive Communications ETF**  | 173 |
| **Fidelity Disruptive Finance ETF** | 513 |
| **Fidelity Disruptive Medicine ETF** | 73 |
| **Fidelity Disruptive Technology ETF** | 321 |

---

**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.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img121134_4.jpg)<br>

1.9907222.102 DRA-SANN-0126

**Fidelity® Disruptors ETF**

**Semi-Annual Report**

**November 30, 2025**

![](img121135_1.jpg)

![](img121135_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_DRE-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Disruptors ETF](#Sub_Sec_Fund_7027_DRE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements7027_DRE-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_DRE-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_DRE-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_DRE-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_DRE-SANN)** |

---

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

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

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI 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 limited relationship MSCI has with Fidelity and any related funds.

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

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

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

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund 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 Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Disruptors ETF**

**Schedule of Investments November 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 80.8%** | &nbsp;&nbsp;**Domestic Equity Funds - 80.8%** | &nbsp;&nbsp;**Domestic Equity Funds - 80.8%** |
|  | Shares | Value ($)<br>|
| Fidelity Disruptive Communications ETF (a) | 466845 | 21984937 |
| Fidelity Disruptive Finance ETF (a) | 508453 | 17716135 |
| Fidelity Disruptive Medicine ETF (a) | 732888 | 21132905 |
| Fidelity Disruptive Technology ETF (a) | 510611 | 20458748 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $56,612,387) |  | **81292725** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 19.1%** | &nbsp;&nbsp;**International Equity Funds - 19.1%** | &nbsp;&nbsp;**International Equity Funds - 19.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Disruptive Automation ETF (a)(b)<br>(Cost $12,368,279)<br>| 594019 | **19272401** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.02 | 119861 | 119885 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.02 | 735831 | 735904 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $855,789) |  |  | **855789** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $69,836,455)<br>| <br>**101420915** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(731762)** |
| **NET ASSETS - 100.0%** | **100689153** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Affiliated fund.

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

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 299602 | 2307729 | 2487446 | 1489 | - | - | 119885 | 119861 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 9451731 | 8715831 | 7485 | 4 | - | 735904 | 735831 | 0.0% |
| Total | 299602 | 11759460 | 11203277 | 8974 | 4 | - | 855789 |  |  |

---

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

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

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

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Disruptive Automation ETF | 16977054 | - | - | 63560 | - | 2295347 | 19272401 | 594019 |
| Fidelity Disruptive Communications ETF | 19002280 | - | 100025 | 7674 | 39097 | 3043585 | 21984937 | 466845 |
| Fidelity Disruptive Finance ETF | 18992302 | - | - | 114402 | - | (1276167) | 17716135 | 508453 |
| Fidelity Disruptive Medicine ETF | 17143868 | - | - | - | - | 3989037 | 21132905 | 732888 |
| Fidelity Disruptive Technology ETF | 18111980 | - | - | 1021 | - | 2346768 | 20458748 | 510611 |
|  | 90227484 | - | 100025 | 186657 | 39097 | 10398570 | 100565126 |  |

---

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 November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Domestic Equity Funds** | 81292725 | 81292725 | - | - |
|  **International Equity Funds** | 19272401 | 19272401 | - | - |
|  **Money Market Funds** | 855789 | 855789 | - | - |
| **Total Investments in Securities:** | 101420915 | 101420915 | - | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $723,503) - See accompanying schedule: |  |  |
| Fidelity Central Funds (cost $855,789) | $855789 |  |
| Other affiliated issuers (cost $68,980,666) | 100565126 |  |
| Total Investment in Securities (cost $69,836,455) |  | $101420915 |
| Cash |  | 1636 |
| Distributions receivable from Fidelity Central Funds |  | 2496 |
| Other receivables |  | 6 |
| **Total assets** |  | 101425053 |
| **Liabilities** |  |  |
| Collateral on securities loaned | $735900 |  |
| **Total liabilities** |  | 735900 |
| **Net Assets**  |  | $100689153 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $83675300 |
| Total accumulated earnings (loss) |  | 17013853 |
| **Net Assets** |  | $100689153 |
| **Net Asset Value**, offering price and redemption price per share ($100,689,153 ÷ 2,825,062 shares) |  | $35.64 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $186657 |
| Income from Fidelity Central Funds (including $7,485 from security lending)  |  | 8974 |
| **Total income** |  | 195631 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $176 |  |
| **Total expenses** |  | 176 |
| **Net Investment income (loss)** |  | 195455 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Fidelity Central Funds | 4 |  |
| Other affiliated issuers | 39097 |  |
| Total net realized gain (loss) |  | 39101 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 10398570 |  |
| Total change in net unrealized appreciation (depreciation) |  | 10398570 |
| **Net gain (loss)** |  | 10437671 |
| **Net increase (decrease) in net assets resulting from operations** |  | $10633126 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **May 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $195455 | $422380 |
| &nbsp;&nbsp;Net realized gain (loss) | 39101<br>| 6300043<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 10398570 | 5994285<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 10633126<br>| 12716708<br>|
| Distributions to shareholders | (192104)<br>| (419859)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Cost of shares redeemed | - | (17916326) |
| **Net increase (decrease) in net assets resulting from share transactions** | -<br>| (17916326)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 10441022<br>| (5619477)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 90248131 | 95867608<br>|
| &nbsp;&nbsp;End of period | $100689153 | $90248131 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Redeemed | -<br>| (600000) |
| &nbsp;&nbsp;Net increase (decrease) | -<br>| (600000) |

---

**Financial Highlights** 

**Fidelity® Disruptors ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024** A  | **2023** A | **2022** A | **2021** A  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.95 | $27.99 | $23.69 | $22.31 | $29.44 | $20.17 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .07  | .14  | .09  | (.10)  | (.21)  | (.21)  |
| Net realized and unrealized gain (loss)  | 3.69  | 3.96  | 4.27  | 1.48  | (6.54)  | 9.67  |
| Total from investment operations  | 3.76  | 4.10  | 4.36  | 1.38  | (6.75)  | 9.46  |
| Distributions from net investment income  | (.07)  | (.14)  | (.06)  | -  | -  | -  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.38)  | (.19)  |
| Total distributions  | (.07)  | (.14)  | (.06)  | -  | (.38)  | (.19)  |
| Net asset value, end of period  | $35.64 | $31.95 | $27.99 | $23.69 | $22.31 | $29.44 |
| **Total Return** D,E,F | 11.78% <br>| 14.68%  | 18.43%  | 6.17%  | (23.29)%  | 46.99%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | -% I,J | -% J | .03% I | .90%  | 1.00%  | 1.01% K |
| Expenses net of fee waivers, if any  | -% I,J<br>| -% J | -% I,J | .82%  | 1.00%  | 1.01% K |
| Expenses net of all reductions, if any  | -% I,J | -% J | -% I,J | .82%  | 1.00%  | 1.01% K |
| Net investment income (loss)  | .40% I | .46%  | .35% I | (.50)%  | (.69)%  | (.77)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $100689 | $90248 | $95868 | $95409 | $48579 | $141385 |
| Portfolio turnover rate L | 0% I<br>| 5% M | 4% I,M | 12%  | 22%  | 3%  |

---

A*Per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization that occurred on June 16, 2023. All financial information prior to the reorganization is that of the predecessor fund, Fidelity Disruptors Fund.*

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

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

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

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

F*Based on net asset value.*

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

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

I*Annualized.*

J*Amount represents less than .005%.*

K*The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.*

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

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

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

For the period ended November 30, 2025

**1. Organization.**

Fidelity Disruptors ETF (the Fund) is an exchange-traded fund of Fidelity Covington Trust (the Trust) and is 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.

The Fund is a fund of funds, and therefore invests in other funds instead of individual securities. The Fund invests primarily in a combination of five Fidelity funds.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The 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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses a third party pricing service approved by the Board of Trustees (the Board) to value its investments. The Board of Trustees (the Board) has designated the 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, the 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 the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. The 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 the Fund's investments by major category are as follows:

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.

Exchange-Traded Funds (ETFs) are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business (normally 4:00 p.m. Eastern time) of the Nasdaq Stock Market 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 Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is 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. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds are recorded on the ex-dividend date.

**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, the 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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The 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.

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 redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $31280734 |
| **Gross unrealized depreciation** | <u>-</u> |
| **Net unrealized appreciation (depreciation)** | <u>$31280734</u> |
| **Tax cost** | <u>$70140181</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(5098756) |
| Long-term | <u>(9213101)</u> |
| **Total capital loss carryforward** | <u>$(14311857)</u> |

---

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. 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 Disruptors ETF** | - | 100025 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management related services. The Fund does not pay any fees for these services. Under the management contract, the investment adviser pays all expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholders meeting expenses.

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

**6. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Disruptors ETF** | 799 | - | - |

---

**7. 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.

**8. 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.

**9. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img121135_4.jpg)<br>

1.9910204.102 DRE-SANN-0126

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

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

Not applicable.

Item 13.

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

Not applicable.

Item 14.

<u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

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

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

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Covington Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99_906.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Covington Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

## Ex-99.Cert

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

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Covington Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

January 22, 2026

---

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

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Covington Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

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

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Covington Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: January 22, 2026

---

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

---

Dated: January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>