# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000945908-26-000203
**Filing Date:** 2026-6
**Character Count:** 342149
**Document Hash:** 7e9dcbb92db36fed781e6db83fba3e27
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000945908-26-000203.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0000945908-26-000203

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260622

**EFFECTIVENESS DATE**: 20260622

**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:** 261105415

**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 International High Dividend ETF (Series ID: S000059462)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000194895 | Fidelity International High Dividend ETF | FIDI            |

### Fidelity International Value Factor ETF (Series ID: S000059463)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000194896 | Fidelity International Value Factor ETF | FIVA            |

### Fidelity Emerging Markets Multifactor ETF (Series ID: S000064787)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000209804 | Fidelity Emerging Markets Multifactor ETF | FDEM            |

### Fidelity International Multifactor ETF (Series ID: S000064788)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000209805 | Fidelity International Multifactor ETF | FDEV            |

### Fidelity Fundamental Developed International ETF (Series ID: S000087781)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000253743 | Fidelity Fundamental Developed International ETF | FFDI            |

### Fidelity Fundamental Global ex-U.S. ETF (Series ID: S000087782)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000253744 | Fidelity Fundamental Global ex-U.S. ETF | FFGX            |

### Fidelity Fundamental Emerging Markets ETF (Series ID: S000087783)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000253745 | Fidelity Fundamental Emerging Markets ETF | FFEM            |

?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;October 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;April 30, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® International Value Factor ETF<br> **Fidelity® International Value Factor ETF : FIVA** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® International Value Factor ETF for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $532897553<br>|
| Number of Holdings | 109<br>|
| Portfolio Turnover | 69%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 26.0 |
| Industrials | 19.1 |
| Information Technology | 9.6 |
| Health Care | 8.4 |
| Consumer Discretionary | 7.7 |
| Materials | 7.7 |
| Consumer Staples | 6.2 |
| Energy | 6.0 |
| Utilities | 3.8 |
| Communication Services | 3.2 |
| Real Estate | 1.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3064_20260430_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| Japan | 22.9 |
| Canada | 13.8 |
| United States | 9.6 |
| Germany | 9.3 |
| France | 9.2 |
| United Kingdom | 9.1 |
| Australia | 5.9 |
| Netherlands | 4.2 |
| Italy | 2.5 |
| Others | 13.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3064_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 22.9&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;Canada - 13.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.3&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;France - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 5.9&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;Netherlands - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 2.5&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;Others - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| ASML Holding NV | 2.7<br>|
| Kioxia Holdings Corp | 1.8<br>|
| Nestle SA | 1.6<br>|
| Shell PLC | 1.6<br>|
| Siemens AG | 1.6<br>|
| Toronto Dominion Bank | 1.5<br>|
| TotalEnergies SE | 1.4<br>|
| Canadian National Railway Co | 1.4<br>|
| Macquarie Group Ltd | 1.4<br>|
| Mitsubishi UFJ Financial Group Inc | 1.4<br>|
|  | 16.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3064_20260430_1.jpg)<br>| ![](img130982_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> 1.9915799.101 3064-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® International Multifactor ETF<br> **Fidelity® International Multifactor ETF : FDEV** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® International Multifactor ETF for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® International Multifactor ETF  | $10  | 0.18% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $271401641<br>|
| Number of Holdings | 205<br>|
| Portfolio Turnover | 103%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 22.5 |
| Industrials | 14.8 |
| Health Care | 12.9 |
| Energy | 11.6 |
| Consumer Staples | 9.4 |
| Utilities | 8.5 |
| Communication Services | 7.6 |
| Information Technology | 4.1 |
| Consumer Discretionary | 3.9 |
| Materials | 3.9 |

---

Common Stocks 99.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3355_20260430_AA.jpg) <br>|

---

Common Stocks - 99.2&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) - 0.8 <br>

---

| | |
|:---|:---|
| Japan | 19.8 |
| United Kingdom | 14.9 |
| Canada | 13.9 |
| France | 8.0 |
| United States | 7.2 |
| Spain | 4.2 |
| Australia | 3.8 |
| Netherlands | 3.6 |
| Germany | 3.6 |
| Others | 21.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3355_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 19.8&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;United Kingdom - 14.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 13.9&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;France - 8.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 4.2&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;Australia - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 21.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Shell PLC | 1.8<br>|
| Astrazeneca PLC | 1.6<br>|
| Roche Holding AG | 1.5<br>|
| Engie SA | 1.4<br>|
| Endesa SA | 1.4<br>|
| Novartis AG | 1.4<br>|
| Canadian Natural Resources Ltd | 1.4<br>|
| Suncor Energy Inc | 1.3<br>|
| Centrica PLC | 1.3<br>|
| Equinor ASA | 1.3<br>|
|  | 14.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3355_20260430_1.jpg)<br>| ![](img130996_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> 1.9915808.101 3355-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® International High Dividend ETF<br> **Fidelity® International High Dividend ETF : FIDI** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® International High Dividend ETF for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® International High Dividend ETF  | $10  | 0.18% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $318117306<br>|
| Number of Holdings | 106<br>|
| Portfolio Turnover | 145%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 19.3 |
| Energy | 16.1 |
| Consumer Staples | 13.2 |
| Consumer Discretionary | 12.9 |
| Industrials | 11.7 |
| Utilities | 11.5 |
| Real Estate | 9.2 |
| Health Care | 2.4 |
| Information Technology | 1.5 |
| Materials | 1.4 |

---

Common Stocks 99.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3063_20260430_AA.jpg) <br>|

---

Common Stocks - 99.2&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) - 0.8 <br>

---

| | |
|:---|:---|
| Japan | 18.2 |
| France | 17.6 |
| Canada | 13.9 |
| Australia | 10.3 |
| United Kingdom | 9.2 |
| United States | 6.4 |
| Germany | 4.9 |
| Norway | 4.2 |
| Italy | 3.7 |
| Others | 11.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3063_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 18.2&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;France - 17.6&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;Canada - 13.9&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;Australia - 10.3&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;United Kingdom - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Norway - 4.2&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;Italy - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Equinor ASA | 3.7<br>|
| TotalEnergies SE | 3.7<br>|
| Canadian Natural Resources Ltd | 2.9<br>|
| Enbridge Inc | 2.7<br>|
| Daito Trust Construction Co Ltd | 2.7<br>|
| Nestle SA | 2.6<br>|
| Klepierre SA | 2.6<br>|
| Enel SpA | 2.6<br>|
| Woodside Energy Group Ltd | 2.6<br>|
| Engie SA | 2.5<br>|
|  | 28.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img3063_20260430_1.jpg)<br>| ![](img130997_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> 1.9915798.101 3063-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Emerging Markets Multifactor ETF<br> **Fidelity® Emerging Markets Multifactor ETF : FDEM** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Emerging Markets Multifactor ETF for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Emerging Markets Multifactor ETF  | $13  | 0.25% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $508076185<br>|
| Number of Holdings | 210<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.9 |
| Financials | 16.8 |
| Consumer Discretionary | 12.3 |
| Communication Services | 10.4 |
| Energy | 9.2 |
| Consumer Staples | 7.1 |
| Real Estate | 5.2 |
| Industrials | 3.8 |
| Materials | 2.2 |
| Utilities | 0.1 |

---

Common Stocks 98.6 <br> Preferred Stocks 0.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3354_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.0 |

---

---

| | |
|:---|:---|
| China | 25.6 |
| Taiwan | 21.8 |
| Korea (South) | 16.9 |
| India | 9.0 |
| Brazil | 4.0 |
| Mexico | 3.6 |
| South Africa | 3.4 |
| Thailand | 2.5 |
| United Arab Emirates | 2.3 |
| Others | 10.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3354_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 25.6&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;Taiwan - 21.8&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;Korea (South) - 16.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 9.0&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;Brazil - 4.0&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;Mexico - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;South Africa - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 2.5&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;United Arab Emirates - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 11.7<br>|
| Samsung Electronics Co Ltd | 6.0<br>|
| SK Hynix Inc | 3.4<br>|
| Tencent Holdings Ltd | 3.2<br>|
| China Resources Mixc Lifestyle Services Ltd | 1.9<br>|
| Orion Corp/Republic of Korea | 1.7<br>|
| Fibra Uno Administracion SA de CV | 1.7<br>|
| Emaar Development PJSC | 1.6<br>|
| Petroleo Brasileiro SA - Petrobras (PN) | 1.5<br>|
| Kimberly-Clark de Mexico SAB de CV Series A | 1.5<br>|
|  | 34.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img3354_20260430_1.jpg)<br>| ![](img131030_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> 1.9915807.101 3354-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Fundamental Developed International ETF<br> **Fidelity® Fundamental Developed International ETF : FFDI** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Fundamental Developed International ETF for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Fundamental Developed International ETF  | $28  | 0.55% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $22131788<br>|
| Number of Holdings | 101<br>|
| Portfolio Turnover | 66%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 26.7 |
| Industrials | 25.4 |
| Information Technology | 12.8 |
| Health Care | 8.4 |
| Materials | 7.9 |
| Consumer Discretionary | 6.1 |
| Consumer Staples | 4.4 |
| Energy | 4.2 |
| Utilities | 1.6 |
| Communication Services | 0.9 |
| Real Estate | 0.4 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7727_20260430_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| Japan | 21.7 |
| United Kingdom | 16.1 |
| United States | 10.1 |
| Germany | 8.3 |
| France | 8.0 |
| Netherlands | 6.0 |
| Spain | 5.4 |
| Sweden | 4.1 |
| Italy | 4.0 |
| Others | 16.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7727_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 21.7&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;United Kingdom - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 8.3&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;France - 8.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 5.4&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;Sweden - 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 - 4.0&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;Others - 16.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| ASML Holding NV | 4.0<br>|
| Schneider Electric SE | 2.8<br>|
| Banco Santander SA | 2.4<br>|
| Air Liquide SA | 2.3<br>|
| Hitachi Ltd | 2.3<br>|
| Safran SA | 2.2<br>|
| Rolls-Royce Holdings PLC | 2.2<br>|
| CaixaBank SA | 2.1<br>|
| Shell PLC | 2.0<br>|
| Mitsubishi Heavy Industries Ltd | 2.0<br>|
|  | 24.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img7727_20260430_1.jpg)<br>| ![](img131117_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> 1.9918724.101 7727-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Fundamental Global ex-U.S. ETF<br> **Fidelity® Fundamental Global ex-U.S. ETF : FFGX** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Fundamental Global ex-U.S. ETF for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Fundamental Global ex-U.S. ETF  | $28  | 0.55% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $39539848<br>|
| Number of Holdings | 167<br>|
| Portfolio Turnover | 45%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 24.4 |
| Information Technology | 21.9 |
| Industrials | 20.1 |
| Materials | 8.1 |
| Consumer Discretionary | 6.1 |
| Energy | 5.4 |
| Health Care | 5.4 |
| Communication Services | 3.6 |
| Consumer Staples | 3.0 |
| Utilities | 1.4 |
| Real Estate | 0.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7728_20260430_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>

---

| | |
|:---|:---|
| Japan | 12.5 |
| United Kingdom | 10.0 |
| Taiwan | 9.7 |
| China | 7.7 |
| Canada | 6.2 |
| Korea (South) | 6.0 |
| United States | 5.4 |
| Germany | 5.4 |
| France | 5.1 |
| Others | 32.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7728_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 12.5&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 - 10.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 9.7&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 - 7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 6.2&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;Korea (South) - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 5.4&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;France - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 32.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 7.7<br>|
| Samsung Electronics Co Ltd | 3.4<br>|
| ASML Holding NV depository receipt | 2.6<br>|
| Tencent Holdings Ltd | 2.0<br>|
| SK Hynix Inc | 1.9<br>|
| Schneider Electric SE | 1.6<br>|
| Hitachi Ltd | 1.6<br>|
| Safran SA | 1.6<br>|
| CaixaBank SA | 1.5<br>|
| Banco Santander SA | 1.5<br>|
|  | 25.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img7728_20260430_1.jpg)<br>| ![](img131118_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> 1.9918726.101 7728-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Fundamental Emerging Markets ETF<br> **Fidelity® Fundamental Emerging Markets ETF : FFEM** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Fundamental Emerging Markets ETF for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Fundamental Emerging Markets ETF  | $32  | 0.60% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $39360918<br>|
| Number of Holdings | 113<br>|
| Portfolio Turnover | 71%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 37.4 |
| Financials | 19.8 |
| Industrials | 10.3 |
| Consumer Discretionary | 7.8 |
| Communication Services | 7.6 |
| Materials | 4.9 |
| Health Care | 3.7 |
| Energy | 3.4 |
| Consumer Staples | 2.4 |
| Utilities | 1.4 |
| Real Estate | 0.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7729_20260430_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| Taiwan | 24.5 |
| China | 23.4 |
| Korea (South) | 17.0 |
| India | 8.8 |
| Brazil | 4.6 |
| South Africa | 3.8 |
| Mexico | 3.6 |
| Saudi Arabia | 2.1 |
| United Arab Emirates | 2.0 |
| Others | 10.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7729_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Taiwan - 24.5&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;China - 23.4&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;Korea (South) - 17.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;South Africa - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Saudi Arabia - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 16.4<br>|
| Samsung Electronics Co Ltd | 8.7<br>|
| SK Hynix Inc | 5.2<br>|
| Tencent Holdings Ltd | 5.1<br>|
| Alibaba Group Holding Ltd | 2.8<br>|
| MediaTek Inc | 2.3<br>|
| Contemporary Amperex Technology Co Ltd A Shares (China) | 2.1<br>|
| China Construction Bank Corp H Shares | 1.9<br>|
| Delta Electronics Inc | 1.6<br>|
| BYD Co Ltd H Shares | 1.5<br>|
|  | 47.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img7729_20260430_1.jpg)<br>| ![](img131119_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> 1.9918728.101 7729-TSRS-0626 <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® Fundamental Developed International ETF**

**Fidelity® Fundamental Emerging Markets ETF**

**Fidelity® Fundamental Global ex-U.S. ETF**

**Semi-Annual Report**

**April 30, 2026**

![](img131314_1.jpg)

![](img131314_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_FDG-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Fundamental Developed International ETF](#Sub_Sec_Fund_7727_FDG-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Fundamental Emerging Markets ETF](#Sub_Sec_Fund_7729_FDG-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Fundamental Global ex-U.S. ETF](#Sub_Sec_Fund_7728_FDG-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements7727_FDG-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FDG-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FDG-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FDG-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FDG-SANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Fundamental Developed International ETF**

**Schedule of Investments April 30, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 1.5%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Aristocrat Leisure Ltd  | 4111 | 139935 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| IperionX Ltd (b) | 6408 | 18915 |
| Rio Tinto PLC  | 1712 | 171180 |
| TOTAL MATERIALS |  | 190095 |
| TOTAL AUSTRALIA |  | 330030 |
| BELGIUM - 2.3%  |  |  |
| Financials - 1.6% |  |  |
| Banks - 1.6% |  |  |
| KBC Group NV  | 2570 | 341594 |
| Health Care - 0.7% |  |  |
| Pharmaceuticals - 0.7% |  |  |
| UCB SA (b) | 592 | 160638 |
| TOTAL BELGIUM |  | 502232 |
| CANADA - 3.5%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Dollarama Inc  | 441 | 56361 |
| Energy - 2.2% |  |  |
| Oil, Gas & Consumable Fuels - 2.2% |  |  |
| Cameco Corp  | 1054 | 129567 |
| Canadian Natural Resources Ltd  | 3048 | 145494 |
| Imperial Oil Ltd  | 1587 | 212589 |
| TOTAL ENERGY |  | 487650 |
| Information Technology - 0.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Celestica Inc (United States) (b) | 276 | 113047 |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Franco-Nevada Corp  | 548 | 126427 |
| TOTAL CANADA |  | 783485 |
| CHILE - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Antofagasta PLC  | 2545 | 122923 |
| DENMARK - 1.5%  |  |  |
| Industrials - 1.5% |  |  |
| Air Freight & Logistics - 1.5% |  |  |
| DSV A/S  | 1400 | 342681 |
| FRANCE - 8.0%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Orange SA  | 2750 | 57353 |
| Consumer Staples - 0.9% |  |  |
| Food Products - 0.9% |  |  |
| Danone SA  | 2663 | 208591 |
| Financials - 1.1% |  |  |
| Insurance - 1.1% |  |  |
| AXA SA  | 4844 | 232750 |
| Industrials - 3.4% |  |  |
| Aerospace & Defense - 2.2% |  |  |
| Safran SA  | 1492 | 478047 |
| Electrical Equipment - 1.2% |  |  |
| Legrand SA  | 1571 | 279890 |
| TOTAL INDUSTRIALS |  | 757937 |
| Materials - 2.3% |  |  |
| Chemicals - 2.3% |  |  |
| Air Liquide SA  | 2403 | 516337 |
| TOTAL FRANCE |  | 1772968 |
| GERMANY - 8.3%  |  |  |
| Financials - 3.6% |  |  |
| Capital Markets - 1.5% |  |  |
| Deutsche Boerse AG  | 1064 | 326677 |
| Insurance - 2.1% |  |  |
| Allianz SE  | 382 | 174402 |
| Hannover Rueck SE  | 904 | 273308 |
|  |  | 447710 |
| TOTAL FINANCIALS |  | 774387 |
| Health Care - 0.8% |  |  |
| Health Care Providers & Services - 0.8% |  |  |
| Fresenius SE & Co KGaA  | 3678 | 178063 |
| Industrials - 2.6% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| Rheinmetall AG  | 142 | 225955 |
| Electrical Equipment - 1.6% |  |  |
| Siemens Energy AG  | 1664 | 352665 |
| TOTAL INDUSTRIALS |  | 578620 |
| Materials - 1.0% |  |  |
| Construction Materials - 1.0% |  |  |
| Heidelberg Materials AG  | 1024 | 226362 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Vonovia SE  | 1549 | 41650 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| RWE AG  | 397 | 28879 |
| TOTAL GERMANY |  | 1827961 |
| HONG KONG - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Insurance - 0.7% |  |  |
| AIA Group Ltd  | 11131 | 120868 |
| Prudential PLC  | 1801 | 26909 |
| Prudential PLC rights (b)(c) | 1801 | 341 |
| TOTAL HONG KONG |  | 148118 |
| IRELAND - 1.0%  |  |  |
| Industrials - 1.0% |  |  |
| Building Products - 1.0% |  |  |
| Kingspan Group PLC  | 2395 | 221077 |
| ISRAEL - 1.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Bank Hapoalim BM  | 2958 | 79284 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 3657 | 128251 |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Next Vision Stabilized Systems Ltd  | 717 | 82190 |
| TOTAL ISRAEL |  | 289725 |
| ITALY - 4.0%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Lottomatica Group Spa  | 2283 | 67200 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Coca-Cola HBC AG  | 840 | 48922 |
| Financials - 2.8% |  |  |
| Banks - 2.8% |  |  |
| FinecoBank Banca Fineco SpA  | 4502 | 111382 |
| Intesa Sanpaolo SpA  | 22575 | 153009 |
| UniCredit SpA  | 4693 | 361431 |
| TOTAL FINANCIALS |  | 625822 |
| Health Care - 0.7% |  |  |
| Pharmaceuticals - 0.7% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 2553 | 148738 |
| TOTAL ITALY |  | 890682 |
| JAPAN - 21.7%  |  |  |
| Consumer Discretionary - 1.9% |  |  |
| Broadline Retail - 0.2% |  |  |
| Pan Pacific International Holdings Corp  | 11007 | 62531 |
| Household Durables - 1.0% |  |  |
| Panasonic Holdings Corp  | 10862 | 222229 |
| Specialty Retail - 0.7% |  |  |
| Fast Retailing Co Ltd  | 310 | 145718 |
| TOTAL CONSUMER DISCRETIONARY |  | 430478 |
| Consumer Staples - 1.2% |  |  |
| Food Products - 1.0% |  |  |
| Ajinomoto Co Inc  | 6759 | 219752 |
| Tobacco - 0.2% |  |  |
| Japan Tobacco Inc  | 1208 | 45255 |
| TOTAL CONSUMER STAPLES |  | 265007 |
| Financials - 4.4% |  |  |
| Banks - 3.1% |  |  |
| Mitsubishi UFJ Financial Group Inc  | 17737 | 319154 |
| Sumitomo Mitsui Financial Group Inc  | 10128 | 356588 |
|  |  | 675742 |
| Insurance - 1.3% |  |  |
| Tokio Marine Holdings Inc  | 6636 | 305276 |
| TOTAL FINANCIALS |  | 981018 |
| Health Care - 1.4% |  |  |
| Health Care Equipment & Supplies - 1.4% |  |  |
| Hoya Corp  | 1665 | 309485 |
| Industrials - 7.2% |  |  |
| Industrial Conglomerates - 2.3% |  |  |
| Hitachi Ltd  | 16277 | 507581 |
| Machinery - 3.5% |  |  |
| Ebara Corp  | 4233 | 144034 |
| Kawasaki Heavy Industries Ltd  | 8293 | 170410 |
| Mitsubishi Heavy Industries Ltd  | 14743 | 434602 |
|  |  | 749046 |
| Trading Companies & Distributors - 1.4% |  |  |
| ITOCHU Corp  | 25325 | 313499 |
| TOTAL INDUSTRIALS |  | 1570126 |
| Information Technology - 4.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Ibiden Co Ltd  | 858 | 73877 |
| Semiconductors & Semiconductor Equipment - 4.0% |  |  |
| Advantest Corp  | 1831 | 330517 |
| Disco Corp  | 488 | 230698 |
| Renesas Electronics Corp  | 13893 | 285039 |
| Rohm Co Ltd  | 1043 | 22638 |
|  |  | 868892 |
| TOTAL INFORMATION TECHNOLOGY |  | 942769 |
| Materials - 1.3% |  |  |
| Chemicals - 1.3% |  |  |
| Shin-Etsu Chemical Co Ltd  | 6070 | 280944 |
| TOTAL JAPAN |  | 4779827 |
| NETHERLANDS - 6.0%  |  |  |
| Information Technology - 6.0% |  |  |
| Semiconductors & Semiconductor Equipment - 6.0% |  |  |
| ASM International NV  | 346 | 337292 |
| ASML Holding NV  | 620 | 889496 |
| BE Semiconductor Industries NV  | 376 | 109087 |
| TOTAL NETHERLANDS |  | 1335875 |
| PORTUGAL - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco Comercial Portugues SA  | 21455 | 22889 |
| SINGAPORE - 0.6%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| United Overseas Bank Ltd  | 3144 | 89296 |
| Real Estate - 0.2% |  |  |
| Health Care REITs - 0.2% |  |  |
| Parkway Life Real Estate Investment Trust  | 16546 | 52258 |
| TOTAL SINGAPORE |  | 141554 |
| SPAIN - 5.4%  |  |  |
| Financials - 4.5% |  |  |
| Banks - 4.5% |  |  |
| Banco Santander SA  | 43877 | 534531 |
| CaixaBank SA  | 35742 | 454723 |
| TOTAL FINANCIALS |  | 989254 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.9% |  |  |
| Iberdrola SA  | 9103 | 213140 |
| TOTAL SPAIN |  | 1202394 |
| SWEDEN - 4.1%  |  |  |
| Financials - 1.9% |  |  |
| Financial Services - 1.9% |  |  |
| Investor AB B Shares  | 10227 | 412060 |
| Industrials - 1.8% |  |  |
| Building Products - 1.2% |  |  |
| Assa Abloy AB B Shares  | 7068 | 269009 |
| Machinery - 0.6% |  |  |
| Indutrade AB  | 5973 | 127576 |
| TOTAL INDUSTRIALS |  | 396585 |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Hexagon AB B Shares  | 9289 | 99844 |
| TOTAL SWEDEN |  | 908489 |
| SWITZERLAND - 3.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Cie Financiere Richemont SA Series A  | 213 | 40482 |
| Financials - 3.0% |  |  |
| Capital Markets - 1.3% |  |  |
| UBS Group AG  | 6512 | 287533 |
| Insurance - 1.7% |  |  |
| Zurich Insurance Group AG  | 546 | 380002 |
| TOTAL FINANCIALS |  | 667535 |
| TOTAL SWITZERLAND |  | 708017 |
| UNITED KINGDOM - 16.1%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Zegona Communications plc  | 5620 | 134747 |
| Consumer Discretionary - 1.9% |  |  |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| Compass Group PLC  | 11258 | 318039 |
| Leisure Products - 0.4% |  |  |
| Games Workshop Group PLC  | 365 | 96801 |
| TOTAL CONSUMER DISCRETIONARY |  | 414840 |
| Consumer Staples - 2.1% |  |  |
| Tobacco - 2.1% |  |  |
| British American Tobacco PLC ADR  | 5496 | 323165 |
| Imperial Brands PLC  | 3811 | 145255 |
| TOTAL CONSUMER STAPLES |  | 468420 |
| Financials - 2.3% |  |  |
| Banks - 2.3% |  |  |
| Lloyds Banking Group PLC  | 180295 | 244576 |
| NatWest Group PLC  | 33873 | 269734 |
| TOTAL FINANCIALS |  | 514310 |
| Health Care - 2.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Convatec Group PLC (d)(e) | 25623 | 73498 |
| Pharmaceuticals - 2.0% |  |  |
| Astrazeneca PLC  | 1642 | 311648 |
| GSK PLC  | 4702 | 123390 |
|  |  | 435038 |
| TOTAL HEALTH CARE |  | 508536 |
| Industrials - 5.1% |  |  |
| Aerospace & Defense - 3.9% |  |  |
| BAE Systems PLC  | 13748 | 382103 |
| Rolls-Royce Holdings PLC  | 28758 | 462546 |
|  |  | 844649 |
| Trading Companies & Distributors - 1.2% |  |  |
| Diploma PLC  | 2696 | 254600 |
| TOTAL INDUSTRIALS |  | 1099249 |
| Information Technology - 1.2% |  |  |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| Halma PLC  | 4526 | 271416 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.6% |  |  |
| SSE PLC  | 3456 | 124200 |
| TOTAL UNITED KINGDOM |  | 3535718 |
| UNITED STATES - 8.9%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| InterContinental Hotels Group PLC  | 1627 | 232824 |
| Energy - 2.0% |  |  |
| Oil, Gas & Consumable Fuels - 2.0% |  |  |
| Shell PLC  | 9702 | 439098 |
| Health Care - 1.9% |  |  |
| Health Care Equipment & Supplies - 0.6% |  |  |
| Alcon AG  | 1899 | 141498 |
| Pharmaceuticals - 1.3% |  |  |
| Roche Holding AG  | 680 | 277100 |
| TOTAL HEALTH CARE |  | 418598 |
| Industrials - 2.8% |  |  |
| Electrical Equipment - 2.8% |  |  |
| Schneider Electric SE  | 1976 | 622919 |
| Materials - 1.2% |  |  |
| Construction Materials - 1.2% |  |  |
| Holcim AG  | 2880 | 267156 |
| TOTAL UNITED STATES |  | 1980595 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $18,173,450) |  | <br> **21847240** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 7/2/2026 (g)<br>(Cost $29,814)<br>| 3.62 | 30000 | **29813** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h)<br>(Cost $156,974)<br>| 3.69 | 156942 | **156974** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.6%**<br> (Cost $18,360,238)<br>| <br>**22034027** |
| **NET OTHER ASSETS (LIABILITIES) - 0.4%**  | **97761** |
| **NET ASSETS - 100.0%** | **22131788** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 1 | 6/2026 | 152305 | 7903 |
| The notional amount of long futures as a percentage of Net Assets is 0.7%. | The notional amount of long futures as a percentage of Net Assets is 0.7%. | The notional amount of long futures as a percentage of Net Assets is 0.7%. | The notional amount of long futures as a percentage of Net Assets is 0.7%. | The notional amount of long futures as a percentage of Net Assets is 0.7%. |

---

**Legend**

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

(b) Non-income producing.

(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(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 $73,498 or 0.3% of net assets.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $73,498 or 0.3% of net assets.

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

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $29,813.

(h) 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 | 80895 | 4738507 | 4662437 | 3922 | 9 | - | 156974 | 156942 | 0.0% |
| Total | 80895 | 4738507 | 4662437 | 3922 | 9 | - | 156974 |  |  |

---

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 April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 192100 | 192100 | - | - |
| Consumer Discretionary | 1382120 | 1382120 | - | - |
| Consumer Staples | 990940 | 990940 | - | - |
| Energy | 926748 | 926748 | - | - |
| Financials | 5878317 | 5878317 | - | - |
| Health Care | 1852309 | 1852309 | - | - |
| Industrials | 5589194 | 5589194 | - | - |
| Information Technology | 2845141 | 2845141 | - | - |
| Materials | 1730244 | 1730244 | - | - |
| Real Estate | 93908 | 93908 | - | - |
| Utilities | 366219 | 366219 | - | - |
|  **U.S. Treasury Obligations** | 29813 | - | 29813 | - |
|  **Money Market Funds** | 156974 | 156974 | - | - |
| **Total Investments in Securities:** | 22034027 | 22004214 | 29813 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 7903 | 7903 | - | - |
| Total Assets | 7903 | 7903 | - | - |
| **Total Derivative Instruments:** | 7903 | 7903 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 7903 | - |
| **Total Equity Risk**  | 7903 | - |
| **Total Value of Derivatives** | 7903 | - |

---

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

**Fidelity® Fundamental Developed International ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $18,203,264) | $21877053 |  |
| Fidelity Central Funds (cost $156,974) | 156974 |  |
| Total Investment in Securities (cost $18,360,238) |  | $22034027 |
| Cash |  | 10181 |
| Foreign currency held at value (cost $5) |  | 5 |
| Dividends receivable |  | 74035 |
| Reclaims receivable |  | 19755 |
| Distributions receivable from Fidelity Central Funds |  | 628 |
| Receivable for variation margin on futures contracts |  | 3530 |
| **Total assets** |  | 22142161 |
| **Liabilities** |  |  |
| Payable for investments purchased on a delayed delivery basis | $347 |  |
| Accrued management fee | 10026 |  |
| **Total liabilities** |  | 10373 |
| **Net Assets**  |  | $22131788 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $18979811 |
| Total accumulated earnings (loss) |  | 3151977 |
| **Net Assets** |  | $22131788 |
| **Net Asset Value**, offering price and redemption price per share ($22,131,788 ÷ 700,000 shares) |  | $31.62 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $209452 |
| Interest  |  | 1005 |
| Income from Fidelity Central Funds  |  | 3922 |
| Income before foreign taxes withheld |  | $214379 |
| Less foreign taxes withheld |  | (23220) |
| **Total income** |  | 191159 |
| **Expenses** |  |  |
| Management fee | $48244 |  |
| Independent trustees' fees and expenses | 25 |  |
| Total expenses before reductions | 48269 |  |
| Expense reductions | (403) |  |
| Total expenses after reductions |  | 47866 |
| **Net Investment income (loss)** |  | 143293 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (484941) |  |
| Redemptions in-kind | 226924 |  |
| Fidelity Central Funds | 9 |  |
| Foreign currency transactions | 951 |  |
| Futures contracts | (16377) |  |
| Total net realized gain (loss) |  | (273434) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1108489 |  |
| Assets and liabilities in foreign currencies | 1710 |  |
| Futures contracts | 7903 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1118102 |
| **Net gain (loss)** |  | 844668 |
| **Net increase (decrease) in net assets resulting from operations** |  | $987961 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)** | **For the period November 19, 2024 (commencement of operations) through October 31, 2025**  |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $143293 | $221895 |
| &nbsp;&nbsp;Net realized gain (loss) | (273434)<br>| (72711)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1118102 | 2565167<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 987961<br>| 2714351<br>|
| Distributions to shareholders | (185400)<br>| (217700)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 15320589 | 18554125 |
| &nbsp;&nbsp;Cost of shares redeemed | (9125576) | (5916562) |
| **Net increase (decrease) in net assets resulting from share transactions** | 6195013<br>| 12637563<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 6997574<br>| 15134214<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 15134214 | -<br>|
| &nbsp;&nbsp;End of period | $22131788 | $15134214 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 500000 | 700000 |
| &nbsp;&nbsp;Redeemed | (300000) | (200000) |
| &nbsp;&nbsp;Net increase (decrease) | 200000 | 500000 |

---

**Financial Highlights** 

**Fidelity® Fundamental Developed International ETF** <br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $30.27 | $25.00 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .25  | .48  |
| Net realized and unrealized gain (loss)  | 1.45  | 5.25  |
| Total from investment operations  | 1.70  | 5.73  |
| Distributions from net investment income  | (.35)  | (.46)  |
| Total distributions  | (.35)  | (.46)  |
| Net asset value, end of period  | $31.62 | $30.27 |
| **Total Return** D,E,F | 5.67% <br>| 23.13%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | .55% I | .55% I |
| Expenses net of fee waivers, if any  | .55% I<br>| .55% I |
| Expenses net of all reductions, if any  | .54% I | .55% I |
| Net investment income (loss)  | 1.63% I | 1.81% I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $22132 | $15134 |
| Portfolio turnover rate J | 66% I,K<br>| 41% I,K |

---

A*For the period November 19, 2024 (commencement of operations) through October 31, 2025.*

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

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

D*Based on net asset value.*

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

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

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

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

I*Annualized.*

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

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

**Fidelity® Fundamental Emerging Markets ETF**

**Schedule of Investments April 30, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 1.0%  |  |  |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| Anglogold Ashanti Plc (South Africa)  | 4284 | 398999 |
| BRAZIL - 4.6%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Specialty Retail - 0.4% |  |  |
| Vibra Energia SA  | 22469 | 151100 |
| Energy - 1.2% |  |  |
| Oil, Gas & Consumable Fuels - 1.2% |  |  |
| PRIO SA/Brazil (b) | 35035 | 469864 |
| Financials - 1.7% |  |  |
| Banks - 1.2% |  |  |
| Itau Unibanco Holding SA  | 45330 | 395372 |
| NU Holdings Ltd/Cayman Islands Class A (b) | 6093 | 88227 |
|  |  | 483599 |
| Capital Markets - 0.5% |  |  |
| Banco BTG Pactual SA unit  | 15361 | 184079 |
| TOTAL FINANCIALS |  | 667678 |
| Industrials - 0.4% |  |  |
| Ground Transportation - 0.4% |  |  |
| Localiza Rent a Car SA  | 14473 | 134185 |
| Localiza Rent a Car SA (PN)  | 553 | 4929 |
| TOTAL INDUSTRIALS |  | 139114 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Vale SA ADR  | 1386 | 22675 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.9% |  |  |
| Axia Energia SA ADR  | 11423 | 143359 |
| Axia Energia SA ADR  | 1052 | 12676 |
| Equatorial SA  | 22912 | 195815 |
| TOTAL UTILITIES |  | 351850 |
| TOTAL BRAZIL |  | 1802281 |
| CHINA - 23.4%  |  |  |
| Communication Services - 5.4% |  |  |
| Entertainment - 0.2% |  |  |
| Netease Inc  | 934 | 21345 |
| Tencent Music Entertainment Group Class A ADR  | 7555 | 69279 |
|  |  | 90624 |
| Interactive Media & Services - 5.2% |  |  |
| Baidu Inc A Shares (b) | 2313 | 35053 |
| Tencent Holdings Ltd  | 32857 | 1962401 |
|  |  | 1997454 |
| TOTAL COMMUNICATION SERVICES |  | 2088078 |
| Consumer Discretionary - 5.7% |  |  |
| Automobile Components - 0.1% |  |  |
| Hesai Group ADR (b) | 2360 | 53525 |
| Automobiles - 1.5% |  |  |
| BYD Co Ltd H Shares  | 44451 | 581708 |
| Broadline Retail - 2.8% |  |  |
| Alibaba Group Holding Ltd  | 66766 | 1074053 |
| Diversified Consumer Services - 0.4% |  |  |
| New Oriental Education & Technology Group Inc ADR  | 2646 | 144710 |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| H World Group Ltd ADR  | 4382 | 226286 |
| Household Durables - 0.1% |  |  |
| Haier Smart Home Co Ltd H Shares  | 16877 | 47232 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Laopu Gold Co Ltd H Shares  | 1144 | 80624 |
| TOTAL CONSUMER DISCRETIONARY |  | 2208138 |
| Consumer Staples - 0.5% |  |  |
| Beverages - 0.5% |  |  |
| Kweichow Moutai Co Ltd A Shares (China)  | 1062 | 215380 |
| Financials - 3.6% |  |  |
| Banks - 1.9% |  |  |
| China Construction Bank Corp H Shares  | 644825 | 722830 |
| Insurance - 1.7% |  |  |
| China Life Insurance Co Ltd H Shares  | 105872 | 386857 |
| Ping An Insurance Group Co of China Ltd H Shares  | 37404 | 300855 |
|  |  | 687712 |
| TOTAL FINANCIALS |  | 1410542 |
| Health Care - 1.9% |  |  |
| Biotechnology - 0.2% |  |  |
| Innovent Biologics Inc (b)(c)(d) | 7890 | 90661 |
| Life Sciences Tools & Services - 0.8% |  |  |
| Wuxi Apptec Co Ltd H Shares (c)(d) | 17819 | 309401 |
| Pharmaceuticals - 0.9% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (c)(d) | 75845 | 359253 |
| TOTAL HEALTH CARE |  | 759315 |
| Industrials - 4.3% |  |  |
| Electrical Equipment - 2.9% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 13065 | 834244 |
| Sieyuan Electric Co Ltd A Shares (China)  | 11128 | 317796 |
|  |  | 1152040 |
| Machinery - 1.4% |  |  |
| Airtac International Group  | 6141 | 282901 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 27065 | 271912 |
|  |  | 554813 |
| TOTAL INDUSTRIALS |  | 1706853 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 679 | 37420 |
| Software - 0.1% |  |  |
| Pony AI Inc ADR (b) | 5629 | 55558 |
| TOTAL INFORMATION TECHNOLOGY |  | 92978 |
| Materials - 1.8% |  |  |
| Metals & Mining - 1.8% |  |  |
| Chuangxin Industries Holdings Ltd H Shares  | 13959 | 40099 |
| MMG Ltd (b) | 212078 | 225007 |
| Zijin Mining Group Co Ltd H Shares  | 101189 | 460955 |
| TOTAL MATERIALS |  | 726061 |
| TOTAL CHINA |  | 9207345 |
| GREECE - 1.7%  |  |  |
| Financials - 1.7% |  |  |
| Banks - 1.7% |  |  |
| Eurobank SA  | 66543 | 287401 |
| National Bank of Greece SA  | 24214 | 381522 |
| TOTAL GREECE |  | 668923 |
| HUNGARY - 1.9%  |  |  |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| OTP Bank Nyrt  | 3364 | 451001 |
| Health Care - 0.7% |  |  |
| Pharmaceuticals - 0.7% |  |  |
| Richter Gedeon Nyrt  | 6902 | 290723 |
| TOTAL HUNGARY |  | 741724 |
| INDIA - 8.8%  |  |  |
| Communication Services - 0.9% |  |  |
| Wireless Telecommunication Services - 0.9% |  |  |
| Bharti Airtel Ltd  | 17655 | 350979 |
| Consumer Discretionary - 0.6% |  |  |
| Automobiles - 0.0% |  |  |
| Mahindra & Mahindra Ltd  | 510 | 16644 |
| Broadline Retail - 0.4% |  |  |
| Meesho  | 60702 | 123521 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Eternal Ltd (b) | 31036 | 80780 |
| TOTAL CONSUMER DISCRETIONARY |  | 220945 |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Reliance Industries Ltd  | 20833 | 314064 |
| Financials - 3.4% |  |  |
| Banks - 2.6% |  |  |
| HDFC Bank Ltd ADR  | 19682 | 500120 |
| ICICI Bank Ltd ADR  | 15572 | 414059 |
| State Bank of India  | 9090 | 102331 |
|  |  | 1016510 |
| Consumer Finance - 0.6% |  |  |
| Bajaj Finance Ltd  | 22381 | 220957 |
| Insurance - 0.2% |  |  |
| HDFC Life Insurance Co Ltd (c)(d) | 16202 | 100189 |
| TOTAL FINANCIALS |  | 1337656 |
| Health Care - 0.4% |  |  |
| Health Care Providers & Services - 0.4% |  |  |
| Max Healthcare Institute Ltd  | 15757 | 164867 |
| Industrials - 1.7% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Bharat Electronics Ltd  | 27872 | 126659 |
| Construction & Engineering - 1.4% |  |  |
| Larsen & Toubro Ltd  | 12693 | 536821 |
| TOTAL INDUSTRIALS |  | 663480 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Tata Consultancy Services Ltd  | 1288 | 33573 |
| Materials - 0.5% |  |  |
| Construction Materials - 0.5% |  |  |
| JK Cement Ltd  | 3531 | 196696 |
| Utilities - 0.5% |  |  |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| NTPC Ltd  | 45395 | 190912 |
| TOTAL INDIA |  | 3473172 |
| INDONESIA - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Bank Central Asia Tbk PT  | 1123832 | 379805 |
| KAZAKHSTAN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Consumer Finance - 0.1% |  |  |
| Kaspi.KZ JSC ADR  | 502 | 43091 |
| KOREA (SOUTH) - 17.0%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Webtoon Entertainment Inc (b) | 7560 | 92534 |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Kia Corp  | 606 | 62420 |
| Consumer Staples - 0.4% |  |  |
| Personal Care Products - 0.4% |  |  |
| APR Corp/Korea  | 513 | 147766 |
| Tobacco - 0.0% |  |  |
| KT&G Corp  | 1 | 121 |
| TOTAL CONSUMER STAPLES |  | 147887 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| KB Financial Group Inc  | 2044 | 222605 |
| Woori Financial Group Inc  | 1312 | 29690 |
| TOTAL FINANCIALS |  | 252295 |
| Health Care - 0.4% |  |  |
| Life Sciences Tools & Services - 0.4% |  |  |
| Samsung Biologics Co Ltd (b)(c)(d) | 142 | 141640 |
| Industrials - 1.4% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Korea Aerospace Industries Ltd  | 2449 | 280837 |
| Electrical Equipment - 0.7% |  |  |
| LS Electric Co Ltd  | 1384 | 261072 |
| TOTAL INDUSTRIALS |  | 541909 |
| Information Technology - 13.9% |  |  |
| Semiconductors & Semiconductor Equipment - 5.2% |  |  |
| SK Hynix Inc  | 2325 | 2028818 |
| Technology Hardware, Storage & Peripherals - 8.7% |  |  |
| Samsung Electronics Co Ltd  | 22921 | 3429425 |
| TOTAL INFORMATION TECHNOLOGY |  | 5458243 |
| TOTAL KOREA (SOUTH) |  | 6696928 |
| MALAYSIA - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| CIMB Group Holdings Bhd  | 102796 | 198342 |
| MEXICO - 3.6%  |  |  |
| Communication Services - 1.0% |  |  |
| Wireless Telecommunication Services - 1.0% |  |  |
| America Movil SAB de CV Series B  | 295475 | 392591 |
| Consumer Staples - 1.1% |  |  |
| Beverages - 0.5% |  |  |
| Fomento Economico Mexicano SAB de CV ADR  | 1646 | 194623 |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| BBB Foods Inc Class A (b) | 3491 | 127423 |
| Wal-Mart de Mexico SAB de CV Series V  | 36347 | 114585 |
|  |  | 242008 |
| TOTAL CONSUMER STAPLES |  | 436631 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Grupo Financiero Banorte SAB de CV  | 10090 | 109561 |
| Materials - 0.6% |  |  |
| Construction Materials - 0.6% |  |  |
| Cemex SAB de CV unit  | 206294 | 253313 |
| Real Estate - 0.6% |  |  |
| Industrial REITs - 0.3% |  |  |
| Prologis Property Mexico SA de CV  | 25964 | 118803 |
| Real Estate Management & Development - 0.3% |  |  |
| Corp Inmobiliaria Vesta SAB de CV  | 32383 | 115268 |
| TOTAL REAL ESTATE |  | 234071 |
| TOTAL MEXICO |  | 1426167 |
| PERU - 1.2%  |  |  |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| Credicorp Ltd  | 1402 | 454486 |
| POLAND - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 6007 | 156837 |
| SAUDI ARABIA - 2.1%  |  |  |
| Financials - 2.1% |  |  |
| Banks - 2.1% |  |  |
| Al Rajhi Bank  | 31759 | 580477 |
| Saudi National Bank/The  | 23724 | 248468 |
| TOTAL SAUDI ARABIA |  | 828945 |
| SOUTH AFRICA - 3.8%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| MTN Group Ltd  | 1720 | 21581 |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| Naspers Ltd Class N  | 6760 | 364332 |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Shoprite Holdings Ltd  | 10403 | 175341 |
| Financials - 1.4% |  |  |
| Banks - 0.6% |  |  |
| Capitec Bank Holdings Ltd  | 1012 | 262769 |
| Financial Services - 0.8% |  |  |
| FirstRand Ltd  | 56582 | 299699 |
| TOTAL FINANCIALS |  | 562468 |
| Materials - 1.0% |  |  |
| Chemicals - 0.6% |  |  |
| Sasol Ltd (b) | 15779 | 217870 |
| Metals & Mining - 0.4% |  |  |
| Impala Platinum Holdings Ltd  | 12332 | 171948 |
| TOTAL MATERIALS |  | 389818 |
| TOTAL SOUTH AFRICA |  | 1513540 |
| TAIWAN - 24.5%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Eclat Textile Co Ltd  | 4754 | 50348 |
| Industrials - 1.1% |  |  |
| Electrical Equipment - 0.9% |  |  |
| Bizlink Holding Inc  | 3857 | 338269 |
| Machinery - 0.2% |  |  |
| Hiwin Technologies Corp  | 8921 | 88267 |
| TOTAL INDUSTRIALS |  | 426536 |
| Information Technology - 23.3% |  |  |
| Electronic Equipment, Instruments & Components - 3.4% |  |  |
| Chroma ATE Inc  | 4042 | 271310 |
| Delta Electronics Inc  | 8959 | 614116 |
| Elite Material Co Ltd  | 1114 | 160306 |
| Yageo Corp  | 29841 | 299506 |
|  |  | 1345238 |
| Semiconductors & Semiconductor Equipment - 19.9% |  |  |
| ASE Technology Holding Co Ltd ADR  | 6973 | 219022 |
| eMemory Technology Inc  | 2074 | 255770 |
| MediaTek Inc  | 11065 | 914376 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 94961 | 6419128 |
|  |  | 7808296 |
| TOTAL INFORMATION TECHNOLOGY |  | 9153534 |
| TOTAL TAIWAN |  | 9630418 |
| THAILAND - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Transportation Infrastructure - 0.2% |  |  |
| Airports of Thailand PCL  | 54401 | 85660 |
| TURKEY - 1.2%  |  |  |
| Industrials - 1.2% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Aselsan Elektronik Sanayi Ve Ticaret AS  | 31150 | 289717 |
| Electrical Equipment - 0.5% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 29873 | 187761 |
| TOTAL TURKEY |  | 477478 |
| UNITED ARAB EMIRATES - 2.0%  |  |  |
| Energy - 1.4% |  |  |
| Energy Equipment & Services - 0.9% |  |  |
| ADNOC Drilling Co PJSC  | 216559 | 333703 |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Adnoc Gas PLC  | 223638 | 205184 |
| TOTAL ENERGY |  | 538887 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 63031 | 236810 |
| TOTAL UNITED ARAB EMIRATES |  | 775697 |
| UNITED STATES - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| BeOne Medicines Ltd ADR (b) | 406 | 119879 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $31,680,015) |  | <br> **39079717** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 7/2/2026 (f)<br>(Cost $19,876)<br>| 3.62 | 20000 | **19876** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g)<br>(Cost $241,970)<br>| 3.69 | 241922 | **241970** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $31,941,861)<br>| <br>**39341563** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **19355** |
| **NET ASSETS - 100.0%** | **39360918** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| ICE MSCI Emerging Markets Index Contracts (United States) | 3 | 6/2026 | 245130 | 19274 |
| The notional amount of long futures as a percentage of Net Assets is 0.6%. | The notional amount of long futures as a percentage of Net Assets is 0.6%. | The notional amount of long futures as a percentage of Net Assets is 0.6%. | The notional amount of long futures as a percentage of Net Assets is 0.6%. | The notional amount of long futures as a percentage of Net Assets is 0.6%. |

---

**Legend**

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

(b) Non-income producing.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,001,144 or 2.5% of net assets.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,001,144 or 2.5% of net assets.

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $19,876.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 15158777 | 14916813 | 6623 | 6 | - | 241970 | 241922 | 0.0% |
| Total | - | 15158777 | 14916813 | 6623 | 6 | - | 241970 |  |  |

---

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 April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 2945763 | 2945763 | - | - |
| Consumer Discretionary | 3057283 | 3057283 | - | - |
| Consumer Staples | 975239 | 975239 | - | - |
| Energy | 1322815 | 1322815 | - | - |
| Financials | 7758440 | 7758440 | - | - |
| Health Care | 1476424 | 1476424 | - | - |
| Industrials | 4041030 | 4041030 | - | - |
| Information Technology | 14738328 | 14738328 | - | - |
| Materials | 1987562 | 1987562 | - | - |
| Real Estate | 234071 | 234071 | - | - |
| Utilities | 542762 | 542762 | - | - |
|  **U.S. Treasury Obligations** | 19876 | - | 19876 | - |
|  **Money Market Funds** | 241970 | 241970 | - | - |
| **Total Investments in Securities:** | 39341563 | 39321687 | 19876 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 19274 | 19274 | - | - |
| Total Assets | 19274 | 19274 | - | - |
| **Total Derivative Instruments:** | 19274 | 19274 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 19274 | - |
| **Total Equity Risk**  | 19274 | - |
| **Total Value of Derivatives** | 19274 | - |

---

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

**Fidelity® Fundamental Emerging Markets ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $31,699,891) | $39099593 |  |
| Fidelity Central Funds (cost $241,970) | 241970 |  |
| Total Investment in Securities (cost $31,941,861) |  | $39341563 |
| Cash |  | 6234 |
| Foreign currency held at value (cost $9,756) |  | 9756 |
| Dividends receivable |  | 17259 |
| Distributions receivable from Fidelity Central Funds |  | 471 |
| Receivable for variation margin on futures contracts |  | 4650 |
| Other receivables |  | 35 |
| **Total assets** |  | 39379968 |
| **Liabilities** |  |  |
| Accrued management fee | $19050 |  |
| **Total liabilities** |  | 19050 |
| **Net Assets**  |  | $39360918 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $32055530 |
| Total accumulated earnings (loss) |  | 7305388 |
| **Net Assets** |  | $39360918 |
| **Net Asset Value**, offering price and redemption price per share ($39,360,918 ÷ 1,000,000 shares) |  | $39.36 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $215386 |
| Interest  |  | 799 |
| Income from Fidelity Central Funds  |  | 6623 |
| Income before foreign taxes withheld |  | $222808 |
| Less foreign taxes withheld |  | (25596) |
| **Total income** |  | 197212 |
| **Expenses** |  |  |
| Management fee | $77442 |  |
| Independent trustees' fees and expenses | 29 |  |
| Total expenses before reductions | 77471 |  |
| Expense reductions | (63) |  |
| Total expenses after reductions |  | 77408 |
| **Net Investment income (loss)** |  | 119804 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 12134 |  |
| Fidelity Central Funds | 6 |  |
| Foreign currency transactions | 1814 |  |
| Futures contracts | (56440) |  |
| Total net realized gain (loss) |  | (42486) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $4,490)  | 4153454 |  |
| Assets and liabilities in foreign currencies | 396 |  |
| Futures contracts | 19274 |  |
| Total change in net unrealized appreciation (depreciation) |  | 4173124 |
| **Net gain (loss)** |  | 4130638 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4250442 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)** | **For the period November 19, 2024 (commencement of operations) through October 31, 2025**  |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $119804 | $150432 |
| &nbsp;&nbsp;Net realized gain (loss) | (42486)<br>| (9428)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 4173124 | 3246199<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4250442<br>| 3387203<br>|
| Distributions to shareholders | (183500)<br>| (148800)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 22040612 | 10014961 |
| **Net increase (decrease) in net assets resulting from share transactions** | 22040612<br>| 10014961<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 26107554<br>| 13253364<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 13253364 | -<br>|
| &nbsp;&nbsp;End of period | $39360918 | $13253364 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 600000 | 400000 |
| &nbsp;&nbsp;Net increase (decrease) | 600000 | 400000 |

---

**Financial Highlights** 

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $33.13 | $25.00 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .16  | .38  |
| Net realized and unrealized gain (loss)  | 6.35 D | 8.12  |
| Total from investment operations  | 6.51  | 8.50  |
| Distributions from net investment income  | (.26)  | (.37)  |
| Distributions from net realized gain  | (.02)  | -  |
| Total distributions  | (.28)  | (.37)  |
| Net asset value, end of period  | $39.36 | $33.13 |
| **Total Return** E,F,G | 19.81% D<br>| 34.33%  |
| **Ratios to Average Net Assets** C,H,I |  |  |
| Expenses before reductions  | .60% J | .60% J |
| Expenses net of fee waivers, if any  | .60% J<br>| .60% J |
| Expenses net of all reductions, if any  | .60% J | .60% J |
| Net investment income (loss)  | .92% J | 1.45% J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $39361 | $13253 |
| Portfolio turnover rate K | 71% J,L<br>| 52% J |

---

A*For the period November 19, 2024 (commencement of operations) through October 31, 2025.*

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

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

D*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.05 per share. Excluding this reimbursement, the total return would have been 19.67%.*

E*Based on net asset value.*

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

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

J*Annualized.*

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

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

**Fidelity® Fundamental Global ex-U.S. ETF**

**Schedule of Investments April 30, 2026 (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>|
| AUSTRALIA - 1.1%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Aristocrat Leisure Ltd  | 4304 | 146505 |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Anglogold Ashanti Plc (South Africa)  | 1493 | 139054 |
| IperionX Ltd (a) | 7934 | 23419 |
| Rio Tinto PLC  | 1111 | 111087 |
| TOTAL MATERIALS |  | 273560 |
| TOTAL AUSTRALIA |  | 420065 |
| BELGIUM - 1.4%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| KBC Group NV  | 2689 | 357411 |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| UCB SA (a) | 692 | 187772 |
| TOTAL BELGIUM |  | 545183 |
| BRAZIL - 1.6%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Vibra Energia SA  | 7383 | 49649 |
| Financials - 0.6% |  |  |
| Banks - 0.2% |  |  |
| Itau Unibanco Holding SA  | 9566 | 83435 |
| Capital Markets - 0.4% |  |  |
| Banco BTG Pactual SA unit  | 10815 | 129603 |
| TOTAL FINANCIALS |  | 213038 |
| Industrials - 0.2% |  |  |
| Ground Transportation - 0.2% |  |  |
| Localiza Rent a Car SA  | 8079 | 74904 |
| Localiza Rent a Car SA (PN)  | 308 | 2745 |
| TOTAL INDUSTRIALS |  | 77649 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Wheaton Precious Metals Corp (United States)  | 1084 | 137083 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.4% |  |  |
| Axia Energia SA  | 4288 | 53732 |
| Equatorial SA  | 10755 | 91916 |
| TOTAL UTILITIES |  | 145648 |
| TOTAL BRAZIL |  | 623067 |
| CANADA - 6.2%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Broadline Retail - 0.7% |  |  |
| Dollarama Inc  | 2165 | 276692 |
| Energy - 3.3% |  |  |
| Oil, Gas & Consumable Fuels - 3.3% |  |  |
| Cameco Corp  | 2787 | 342602 |
| Canadian Natural Resources Ltd  | 10172 | 485554 |
| Imperial Oil Ltd  | 3475 | 465499 |
| TOTAL ENERGY |  | 1293655 |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Celestica Inc (a) | 599 | 245924 |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (a) | 999 | 121261 |
| TOTAL INFORMATION TECHNOLOGY |  | 367185 |
| Materials - 1.3% |  |  |
| Metals & Mining - 1.3% |  |  |
| Franco-Nevada Corp  | 2187 | 504555 |
| TOTAL CANADA |  | 2442087 |
| CHILE - 0.7%  |  |  |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Antofagasta PLC  | 6115 | 295353 |
| CHINA - 7.7%  |  |  |
| Communication Services - 2.0% |  |  |
| Interactive Media & Services - 2.0% |  |  |
| Tencent Holdings Ltd  | 13214 | 789213 |
| Consumer Discretionary - 1.4% |  |  |
| Automobiles - 0.3% |  |  |
| BYD Co Ltd H Shares  | 9281 | 121456 |
| Broadline Retail - 0.9% |  |  |
| Alibaba Group Holding Ltd  | 22471 | 361487 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| H World Group Ltd ADR  | 1221 | 63052 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Laopu Gold Co Ltd H Shares  | 356 | 25089 |
| TOTAL CONSUMER DISCRETIONARY |  | 571084 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.3% |  |  |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 1854 | 55347 |
| Kweichow Moutai Co Ltd A Shares (China)  | 244 | 49485 |
| TOTAL CONSUMER STAPLES |  | 104832 |
| Financials - 1.4% |  |  |
| Banks - 0.7% |  |  |
| China Construction Bank Corp H Shares  | 253729 | 284423 |
| Insurance - 0.7% |  |  |
| China Life Insurance Co Ltd H Shares  | 44480 | 162530 |
| Ping An Insurance Group Co of China Ltd H Shares  | 13269 | 106728 |
|  |  | 269258 |
| TOTAL FINANCIALS |  | 553681 |
| Health Care - 0.6% |  |  |
| Life Sciences Tools & Services - 0.3% |  |  |
| Wuxi Apptec Co Ltd H Shares (b)(c) | 6121 | 106282 |
| Pharmaceuticals - 0.3% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (b)(c) | 28433 | 134678 |
| TOTAL HEALTH CARE |  | 240960 |
| Industrials - 1.6% |  |  |
| Electrical Equipment - 1.0% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 4023 | 256882 |
| Sieyuan Electric Co Ltd A Shares (China)  | 4800 | 137080 |
|  |  | 393962 |
| Machinery - 0.6% |  |  |
| Airtac International Group  | 2932 | 135070 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 10522 | 105711 |
|  |  | 240781 |
| TOTAL INDUSTRIALS |  | 634743 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| MMG Ltd (a) | 34602 | 36711 |
| Zijin Mining Group Co Ltd H Shares  | 24811 | 113024 |
| TOTAL MATERIALS |  | 149735 |
| TOTAL CHINA |  | 3044248 |
| DENMARK - 1.0%  |  |  |
| Industrials - 1.0% |  |  |
| Air Freight & Logistics - 1.0% |  |  |
| DSV A/S  | 1538 | 376459 |
| FRANCE - 5.1%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Orange SA  | 3977 | 82943 |
| Consumer Staples - 0.3% |  |  |
| Food Products - 0.3% |  |  |
| Danone SA  | 1707 | 133708 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gaztransport Et Technigaz SA  | 78 | 18950 |
| Financials - 0.9% |  |  |
| Insurance - 0.9% |  |  |
| AXA SA  | 7620 | 366135 |
| Industrials - 2.4% |  |  |
| Aerospace & Defense - 1.6% |  |  |
| Safran SA  | 1873 | 600122 |
| Electrical Equipment - 0.8% |  |  |
| Legrand SA  | 1771 | 315521 |
| TOTAL INDUSTRIALS |  | 915643 |
| Materials - 1.3% |  |  |
| Chemicals - 1.3% |  |  |
| Air Liquide SA  | 2415 | 518916 |
| TOTAL FRANCE |  | 2036295 |
| GERMANY - 5.4%  |  |  |
| Financials - 2.3% |  |  |
| Capital Markets - 1.3% |  |  |
| Deutsche Boerse AG  | 1516 | 465453 |
| Insurance - 1.0% |  |  |
| Allianz SE  | 145 | 66200 |
| Hannover Rueck SE  | 1118 | 338007 |
|  |  | 404207 |
| TOTAL FINANCIALS |  | 869660 |
| Health Care - 0.5% |  |  |
| Health Care Providers & Services - 0.5% |  |  |
| Fresenius SE & Co KGaA  | 4003 | 193797 |
| Industrials - 1.6% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| Rheinmetall AG  | 149 | 237094 |
| Electrical Equipment - 1.0% |  |  |
| Siemens Energy AG  | 1945 | 412219 |
| TOTAL INDUSTRIALS |  | 649313 |
| Materials - 0.8% |  |  |
| Construction Materials - 0.8% |  |  |
| Heidelberg Materials AG  | 1482 | 327606 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Vonovia SE  | 1981 | 53266 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| RWE AG  | 587 | 42700 |
| TOTAL GERMANY |  | 2136342 |
| GREECE - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Eurobank SA  | 21816 | 94224 |
| HONG KONG - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Prudential PLC  | 3926 | 58658 |
| Prudential PLC rights (a)(d) | 3926 | 744 |
| TOTAL HONG KONG |  | 59402 |
| HUNGARY - 0.7%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| OTP Bank Nyrt  | 1324 | 177505 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Richter Gedeon Nyrt  | 2180 | 91825 |
| TOTAL HUNGARY |  | 269330 |
| INDIA - 4.1%  |  |  |
| Communication Services - 0.3% |  |  |
| Wireless Telecommunication Services - 0.3% |  |  |
| Bharti Airtel Ltd  | 6565 | 130511 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Eternal Ltd (a) | 11284 | 29370 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Reliance Industries Ltd  | 16782 | 252994 |
| Financials - 1.9% |  |  |
| Banks - 1.7% |  |  |
| HDFC Bank Ltd ADR  | 14595 | 370860 |
| ICICI Bank Ltd ADR  | 11665 | 310172 |
|  |  | 681032 |
| Consumer Finance - 0.2% |  |  |
| Bajaj Finance Ltd  | 8383 | 82762 |
| TOTAL FINANCIALS |  | 763794 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Max Healthcare Institute Ltd  | 2534 | 26513 |
| Industrials - 0.9% |  |  |
| Construction & Engineering - 0.9% |  |  |
| Larsen & Toubro Ltd  | 8184 | 346123 |
| Materials - 0.2% |  |  |
| Construction Materials - 0.2% |  |  |
| JK Cement Ltd  | 1173 | 65342 |
| TOTAL INDIA |  | 1614647 |
| INDONESIA - 0.7%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| First Resources Ltd  | 19547 | 53597 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Bank Central Asia Tbk PT  | 715609 | 241844 |
| TOTAL INDONESIA |  | 295441 |
| IRELAND - 0.8%  |  |  |
| Industrials - 0.8% |  |  |
| Building Products - 0.8% |  |  |
| Kingspan Group PLC  | 3590 | 331384 |
| ISRAEL - 0.5%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (a) | 4408 | 154589 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Next Vision Stabilized Systems Ltd  | 393 | 45049 |
| TOTAL ISRAEL |  | 199638 |
| ITALY - 1.9%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Coca-Cola HBC AG  | 403 | 23470 |
| Financials - 1.7% |  |  |
| Banks - 1.7% |  |  |
| FinecoBank Banca Fineco SpA  | 4693 | 116107 |
| Intesa Sanpaolo SpA  | 15044 | 101966 |
| UniCredit SpA  | 5799 | 446610 |
| TOTAL FINANCIALS |  | 664683 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 979 | 57037 |
| TOTAL ITALY |  | 745190 |
| JAPAN - 12.5%  |  |  |
| Communication Services - 0.4% |  |  |
| Entertainment - 0.4% |  |  |
| Nintendo Co Ltd  | 3071 | 150788 |
| Consumer Discretionary - 0.8% |  |  |
| Broadline Retail - 0.1% |  |  |
| Pan Pacific International Holdings Corp  | 4922 | 27962 |
| Household Durables - 0.5% |  |  |
| Panasonic Holdings Corp  | 10330 | 211344 |
| Specialty Retail - 0.2% |  |  |
| Fast Retailing Co Ltd  | 198 | 93072 |
| TOTAL CONSUMER DISCRETIONARY |  | 332378 |
| Consumer Staples - 0.6% |  |  |
| Food Products - 0.5% |  |  |
| Ajinomoto Co Inc  | 5776 | 187793 |
| Tobacco - 0.1% |  |  |
| Japan Tobacco Inc  | 1716 | 64286 |
| TOTAL CONSUMER STAPLES |  | 252079 |
| Financials - 3.0% |  |  |
| Banks - 1.9% |  |  |
| Mitsubishi UFJ Financial Group Inc  | 16992 | 305748 |
| Sumitomo Mitsui Financial Group Inc  | 12085 | 425490 |
|  |  | 731238 |
| Insurance - 1.1% |  |  |
| Tokio Marine Holdings Inc  | 9321 | 428794 |
| TOTAL FINANCIALS |  | 1160032 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.8% |  |  |
| Hoya Corp  | 1671 | 310601 |
| Industrials - 4.4% |  |  |
| Industrial Conglomerates - 1.6% |  |  |
| Hitachi Ltd  | 19429 | 605873 |
| Machinery - 2.1% |  |  |
| Ebara Corp  | 5387 | 183300 |
| Kawasaki Heavy Industries Ltd  | 6419 | 131902 |
| Mitsubishi Heavy Industries Ltd  | 16617 | 489844 |
|  |  | 805046 |
| Trading Companies & Distributors - 0.7% |  |  |
| ITOCHU Corp  | 22925 | 283789 |
| TOTAL INDUSTRIALS |  | 1694708 |
| Information Technology - 1.8% |  |  |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| Advantest Corp  | 2174 | 392432 |
| Disco Corp  | 309 | 146077 |
| Renesas Electronics Corp  | 7686 | 157692 |
| TOTAL INFORMATION TECHNOLOGY |  | 696201 |
| Materials - 0.7% |  |  |
| Chemicals - 0.7% |  |  |
| Shin-Etsu Chemical Co Ltd  | 6399 | 296172 |
| TOTAL JAPAN |  | 4892959 |
| KOREA (SOUTH) - 6.0%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Personal Care Products - 0.1% |  |  |
| APR Corp/Korea  | 164 | 47239 |
| Health Care - 0.1% |  |  |
| Life Sciences Tools & Services - 0.1% |  |  |
| Samsung Biologics Co Ltd (a)(b)(c) | 55 | 54860 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Korea Aerospace Industries Ltd  | 1041 | 119376 |
| Electrical Equipment - 0.2% |  |  |
| LS Electric Co Ltd  | 480 | 90545 |
| TOTAL INDUSTRIALS |  | 209921 |
| Information Technology - 5.3% |  |  |
| Semiconductors & Semiconductor Equipment - 1.9% |  |  |
| SK Hynix Inc  | 870 | 759171 |
| Technology Hardware, Storage & Peripherals - 3.4% |  |  |
| Samsung Electronics Co Ltd  | 8777 | 1313209 |
| TOTAL INFORMATION TECHNOLOGY |  | 2072380 |
| TOTAL KOREA (SOUTH) |  | 2384400 |
| MEXICO - 0.9%  |  |  |
| Communication Services - 0.2% |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |
| America Movil SAB de CV Series B  | 55694 | 73999 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Fomento Economico Mexicano SAB de CV unit  | 4390 | 51883 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Grupo Financiero Banorte SAB de CV  | 5304 | 57593 |
| Materials - 0.5% |  |  |
| Construction Materials - 0.5% |  |  |
| Cemex SAB de CV unit  | 150192 | 184425 |
| TOTAL MEXICO |  | 367900 |
| NETHERLANDS - 3.8%  |  |  |
| Information Technology - 3.8% |  |  |
| Semiconductors & Semiconductor Equipment - 3.8% |  |  |
| ASM International NV  | 344 | 335343 |
| ASML Holding NV depository receipt  | 690 | 992903 |
| BE Semiconductor Industries NV  | 563 | 163341 |
| TOTAL NETHERLANDS |  | 1491587 |
| PERU - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Credicorp Ltd  | 612 | 198392 |
| PORTUGAL - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco Comercial Portugues SA  | 47759 | 50951 |
| SAUDI ARABIA - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Al Rajhi Bank  | 13680 | 250037 |
| Saudi National Bank/The  | 5514 | 57750 |
| TOTAL SAUDI ARABIA |  | 307787 |
| SINGAPORE - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Sea Ltd Class A ADR (a) | 929 | 78854 |
| SOUTH AFRICA - 1.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Naspers Ltd Class N  | 2477 | 133499 |
| Financials - 0.7% |  |  |
| Banks - 0.5% |  |  |
| Capitec Bank Holdings Ltd  | 713 | 185133 |
| Financial Services - 0.2% |  |  |
| FirstRand Ltd  | 15092 | 79938 |
| TOTAL FINANCIALS |  | 265071 |
| Materials - 0.3% |  |  |
| Chemicals - 0.2% |  |  |
| Sasol Ltd (a) | 4272 | 58986 |
| Metals & Mining - 0.1% |  |  |
| Impala Platinum Holdings Ltd  | 3968 | 55326 |
| TOTAL MATERIALS |  | 114312 |
| TOTAL SOUTH AFRICA |  | 512882 |
| SPAIN - 3.5%  |  |  |
| Financials - 3.0% |  |  |
| Banks - 3.0% |  |  |
| Banco Santander SA  | 48081 | 585746 |
| CaixaBank SA  | 48041 | 611195 |
| TOTAL FINANCIALS |  | 1196941 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Iberdrola SA  | 8589 | 201106 |
| TOTAL SPAIN |  | 1398047 |
| SWEDEN - 2.5%  |  |  |
| Financials - 1.3% |  |  |
| Financial Services - 1.3% |  |  |
| Investor AB B Shares  | 12945 | 521572 |
| Industrials - 1.0% |  |  |
| Building Products - 0.5% |  |  |
| Assa Abloy AB B Shares  | 5454 | 207581 |
| Machinery - 0.5% |  |  |
| Indutrade AB  | 9038 | 193040 |
| TOTAL INDUSTRIALS |  | 400621 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Hexagon AB B Shares  | 7827 | 84129 |
| TOTAL SWEDEN |  | 1006322 |
| SWITZERLAND - 2.0%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Cie Financiere Richemont SA Series A  | 194 | 36871 |
| Financials - 1.9% |  |  |
| Capital Markets - 0.9% |  |  |
| UBS Group AG  | 8223 | 363081 |
| Insurance - 1.0% |  |  |
| Zurich Insurance Group AG  | 558 | 388354 |
| TOTAL FINANCIALS |  | 751435 |
| TOTAL SWITZERLAND |  | 788306 |
| TAIWAN - 9.7%  |  |  |
| Industrials - 0.3% |  |  |
| Electrical Equipment - 0.3% |  |  |
| Bizlink Holding Inc  | 1470 | 128923 |
| Information Technology - 9.4% |  |  |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Chroma ATE Inc  | 2069 | 138877 |
| Delta Electronics Inc  | 2832 | 194126 |
| Yageo Corp  | 5799 | 58202 |
|  |  | 391205 |
| Semiconductors & Semiconductor Equipment - 8.4% |  |  |
| MediaTek Inc  | 3208 | 265099 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 45056 | 3045674 |
|  |  | 3310773 |
| TOTAL INFORMATION TECHNOLOGY |  | 3701978 |
| TOTAL TAIWAN |  | 3830901 |
| TURKEY - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Aselsan Elektronik Sanayi Ve Ticaret AS  | 7215 | 67104 |
| Electrical Equipment - 0.3% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 18705 | 117567 |
| TOTAL TURKEY |  | 184671 |
| UNITED ARAB EMIRATES - 1.0%  |  |  |
| Energy - 0.7% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| ADNOC Drilling Co PJSC  | 76078 | 117231 |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Adnoc Gas PLC  | 159524 | 146361 |
| TOTAL ENERGY |  | 263592 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 35803 | 134513 |
| TOTAL UNITED ARAB EMIRATES |  | 398105 |
| UNITED KINGDOM - 10.0%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Zegona Communications plc  | 8656 | 207540 |
| Consumer Discretionary - 1.3% |  |  |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Compass Group PLC  | 12450 | 351713 |
| Household Durables - 0.1% |  |  |
| Barratt Redrow PLC  | 6925 | 23623 |
| Leisure Products - 0.3% |  |  |
| Games Workshop Group PLC  | 471 | 124914 |
| TOTAL CONSUMER DISCRETIONARY |  | 500250 |
| Consumer Staples - 1.4% |  |  |
| Tobacco - 1.4% |  |  |
| British American Tobacco PLC ADR  | 6368 | 374438 |
| Imperial Brands PLC  | 4843 | 184589 |
| TOTAL CONSUMER STAPLES |  | 559027 |
| Financials - 1.5% |  |  |
| Banks - 1.5% |  |  |
| Lloyds Banking Group PLC  | 206864 | 280617 |
| NatWest Group PLC  | 40940 | 326010 |
| TOTAL FINANCIALS |  | 606627 |
| Health Care - 1.2% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Convatec Group PLC (b)(c) | 21621 | 62019 |
| Pharmaceuticals - 1.0% |  |  |
| Astrazeneca PLC  | 1543 | 292858 |
| GSK PLC  | 4476 | 117459 |
|  |  | 410317 |
| TOTAL HEALTH CARE |  | 472336 |
| Industrials - 3.3% |  |  |
| Aerospace & Defense - 2.7% |  |  |
| BAE Systems PLC  | 17874 | 496778 |
| Rolls-Royce Holdings PLC  | 34267 | 551153 |
|  |  | 1047931 |
| Trading Companies & Distributors - 0.6% |  |  |
| Diploma PLC  | 2721 | 256961 |
| TOTAL INDUSTRIALS |  | 1304892 |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Halma PLC  | 2460 | 147522 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.4% |  |  |
| SSE PLC  | 4794 | 172284 |
| TOTAL UNITED KINGDOM |  | 3970478 |
| UNITED STATES - 4.9%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| InterContinental Hotels Group PLC  | 2028 | 290207 |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Shell PLC  | 7060 | 319525 |
| Health Care - 0.9% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Alcon AG  | 1648 | 122796 |
| Pharmaceuticals - 0.6% |  |  |
| Roche Holding AG  | 578 | 235535 |
| TOTAL HEALTH CARE |  | 358331 |
| Industrials - 1.6% |  |  |
| Electrical Equipment - 1.6% |  |  |
| Schneider Electric SE  | 2037 | 642149 |
| Materials - 0.9% |  |  |
| Construction Materials - 0.9% |  |  |
| Holcim AG  | 3708 | 343963 |
| TOTAL UNITED STATES |  | 1954175 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $31,420,864) |  | <br> **39345072** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (e)<br>(Cost $60,168)<br>| 3.69 | 60156 | **60168** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%**<br> (Cost $31,481,032)<br>| <br>**39405240** |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **134608** |
| **NET ASSETS - 100.0%** | **39539848** |

---

**Legend**

(a) Non-income producing.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $357,839 or 0.9% of net assets.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $357,839 or 0.9% of net assets.

(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 194156 | 6396899 | 6530899 | 3992 | 12 | - | 60168 | 60156 | 0.0% |
| Total | 194156 | 6396899 | 6530899 | 3992 | 12 | - | 60168 |  |  |

---

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 April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 1434994 | 1434994 | - | - |
| Consumer Discretionary | 2445359 | 2445359 | - | - |
| Consumer Staples | 1225835 | 1225835 | - | - |
| Energy | 2148716 | 2148716 | - | - |
| Financials | 9612291 | 9612291 | - | - |
| Health Care | 2148621 | 2148621 | - | - |
| Industrials | 7897199 | 7897199 | - | - |
| Information Technology | 8606031 | 8606031 | - | - |
| Materials | 3211022 | 3211022 | - | - |
| Real Estate | 53266 | 53266 | - | - |
| Utilities | 561738 | 561738 | - | - |
|  **Money Market Funds** | 60168 | 60168 | - | - |
| **Total Investments in Securities:** | 39405240 | 39405240 | - | - |

---

**Fidelity® Fundamental Global ex-U.S. ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $31,420,864) | $39345072 |  |
| Fidelity Central Funds (cost $60,168) | 60168 |  |
| Total Investment in Securities (cost $31,481,032) |  | $39405240 |
| Cash |  | 42214 |
| Foreign currency held at value (cost $4,190) |  | 4190 |
| Dividends receivable |  | 106724 |
| Distributions receivable from Fidelity Central Funds |  | 51 |
| **Total assets** |  | 39558419 |
| **Liabilities** |  |  |
| Payable for investments purchased on a delayed delivery basis | $756 |  |
| Accrued management fee | 17812 |  |
| Other payables and accrued expenses | 3 |  |
| **Total liabilities** |  | 18571 |
| **Net Assets**  |  | $39539848 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $32555320 |
| Total accumulated earnings (loss) |  | 6984528 |
| **Net Assets** |  | $39539848 |
| **Net Asset Value**, offering price and redemption price per share ($39,539,848 ÷ 1,200,000 shares) |  | $32.95 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $341684 |
| Interest  |  | 1304 |
| Income from Fidelity Central Funds  |  | 3992 |
| Income before foreign taxes withheld |  | $346980 |
| Less foreign taxes withheld |  | (41257) |
| **Total income** |  | 305723 |
| **Expenses** |  |  |
| Management fee | $95256 |  |
| Independent trustees' fees and expenses | 50 |  |
| Total expenses before reductions | 95306 |  |
| Expense reductions | (1461) |  |
| Total expenses after reductions |  | 93845 |
| **Net Investment income (loss)** |  | 211878 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1098818) |  |
| Redemptions in-kind | 314335 |  |
| Fidelity Central Funds | 12 |  |
| Foreign currency transactions | (4571) |  |
| Futures contracts | (67805) |  |
| Total net realized gain (loss) |  | (856847) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 3332088 |  |
| Assets and liabilities in foreign currencies | 2021 |  |
| Futures contracts | (643) |  |
| Total change in net unrealized appreciation (depreciation) |  | 3333466 |
| **Net gain (loss)** |  | 2476619 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2688497 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)** | **For the period November 19, 2024 (commencement of operations) through October 31, 2025**  |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $211878 | $279151 |
| &nbsp;&nbsp;Net realized gain (loss) | (856847)<br>| (31934)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 3333466 | 4592214<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2688497<br>| 4839431<br>|
| Distributions to shareholders | (260400)<br>| (283000)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 15781976 | 25970172 |
| &nbsp;&nbsp;Cost of shares redeemed | (9196828) | - |
| **Net increase (decrease) in net assets resulting from share transactions** | 6585148<br>| 25970172<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 9013245<br>| 30526603<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 30526603 | -<br>|
| &nbsp;&nbsp;End of period | $39539848 | $30526603 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 500000 | 1000000 |
| &nbsp;&nbsp;Redeemed | (300000) | - |
| &nbsp;&nbsp;Net increase (decrease) | 200000 | 1000000 |

---

**Financial Highlights** 

**Fidelity® Fundamental Global ex-U.S. ETF** <br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $30.53 | $25.00 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .19  | .39  |
| Net realized and unrealized gain (loss)  | 2.48  | 5.54  |
| Total from investment operations  | 2.67  | 5.93  |
| Distributions from net investment income  | (.25)  | (.40)  |
| Total distributions  | (.25)  | (.40)  |
| Net asset value, end of period  | $32.95 | $30.53 |
| **Total Return** D,E,F | 8.84% <br>| 23.92%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | .55% I | .54% I,J |
| Expenses net of fee waivers, if any  | .55% I<br>| .54% I,J |
| Expenses net of all reductions, if any  | .54% I | .54% I,J |
| Net investment income (loss)  | 1.22% I | 1.47% I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $39540 | $30527 |
| Portfolio turnover rate K | 45% I,L<br>| 49% I,L |

---

A*For the period November 19, 2024 (commencement of operations) through October 31, 2025.*

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

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

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

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

F*Based on net asset value.*

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

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

I*Annualized.*

J*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.*

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

For the period ended April 30, 2026

**1. Organization.**

Fidelity Fundamental Developed International ETF, Fidelity Fundamental Emerging Markets ETF and Fidelity Fundamental Global ex-U.S. ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. Fidelity Fundamental Emerging Markets ETF is a non-diversified exchange-traded 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.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2026 is included at the end of each Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business (normally 4:00 p.m. Eastern time) of the Cboe BZX Exchange, Inc. (CboeBZX). 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. Non-cash dividends, 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 foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable or dividends receivable, as applicable.

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Fundamental Developed International ETF**  | 18409147 | 4058366 | (425583) | 3632783 |
| **Fidelity Fundamental Emerging Markets ETF**  | 31970720 | 8994490 | (1604373) | 7390117 |
| **Fidelity Fundamental Global ex-U.S. ETF**  | 31492771 | 9208061 | (1295592) | 7912469 |

---

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 Fundamental Developed International ETF**  | (169747) | (40411) | (210158) |
| **Fidelity Fundamental Global ex-U.S. ETF**  | (43501) | - | (43501) |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Fundamental Developed International ETF** | 8175500 | 5462635 |
| **Fidelity Fundamental Emerging Markets ETF** | 25675829 | 8770837 |
| **Fidelity Fundamental Global ex-U.S. ETF** | 12459962 | 7611072 |

---

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

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions ($)** | **In-Kind Redemptions ($)** |
| **Fidelity Fundamental Developed International ETF** | 4788073 | 1452493 |
| **Fidelity Fundamental Emerging Markets ETF** | 4832439 | - |
| **Fidelity Fundamental Global ex-U.S. ETF** | 3766542 | 2084290 |

---

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

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

---

| | |
|:---|:---|
|  | **Fee Rate** |
| **Fidelity Fundamental Developed International ETF** | .55% |
| **Fidelity Fundamental Emerging Markets ETF** | .60% |
| **Fidelity Fundamental Global ex-U.S. ETF** | .55% |

---

**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 Fundamental Developed International ETF** | 7 |
| **Fidelity Fundamental Emerging Markets ETF** | 140 |
| **Fidelity Fundamental Global ex-U.S. ETF** | 36 |

---

**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 Fundamental Developed International ETF** | 952209 | 37275 | (1200) |
| **Fidelity Fundamental Emerging Markets ETF** | 2329806 | 88947 | 17294 |
| **Fidelity Fundamental Global ex-U.S. ETF** | 1276243 | 230115 | (14955) |

---

**Other.** During the period, FMR reimbursed Fidelity Fundamental Emerging Markets ETF $37,206 for an operational error which is included in Net Realized Gain (Loss) in the accompanying Statement of Operations.

**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 Fundamental Developed International ETF**  | 403 |
| **Fidelity Fundamental Emerging Markets ETF**  | 63 |
| **Fidelity Fundamental Global ex-U.S. ETF**  | 1461 |

---

**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.

![](img131314_4.jpg)<br>

1.9918722.101 FDG-SANN-0626

**Fidelity® Emerging Markets Multifactor ETF**

**Fidelity® International High Dividend ETF**

**Fidelity® International Multifactor ETF**

**Fidelity® International Value Factor ETF**

**Semi-Annual Report**

**April 30, 2026**

![](img131279_1.jpg)

![](img131279_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_IHD-IVE-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Emerging Markets Multifactor ETF](#Sub_Sec_Fund_3354_IHD-IVE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International High Dividend ETF](#Sub_Sec_Fund_3063_IHD-IVE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Multifactor ETF](#Sub_Sec_Fund_3355_IHD-IVE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Value Factor ETF](#Sub_Sec_Fund_3064_IHD-IVE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3354_IHD-IVE-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IHD-IVE-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IHD-IVE-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IHD-IVE-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IHD-IVE-SANN)** |

---

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

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

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

The MSCI indexes are the exclusive property of MSCI Inc. ("MSCI"). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Fidelity. The financial products referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial products or any index on which such financial products are based. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

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® Emerging Markets Multifactor ETF**

**Schedule of Investments April 30, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.6%** | &nbsp;&nbsp;**Common Stocks - 98.6%** | &nbsp;&nbsp;**Common Stocks - 98.6%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 4.0%  |  |  |
| Communication Services - 0.7% |  |  |
| Wireless Telecommunication Services - 0.7% |  |  |
| TIM SA/Brazil  | 675900 | 3493181 |
| Consumer Discretionary - 0.6% |  |  |
| Specialty Retail - 0.6% |  |  |
| Vibra Energia SA  | 455768 | 3046137 |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Petroleo Brasileiro SA - Petrobras (PN)  | 795300 | 7834242 |
| Financials - 1.0% |  |  |
| Banks - 0.6% |  |  |
| Itausa SA  | 988651 | 2762127 |
| Insurance - 0.4% |  |  |
| BB Seguridade Participacoes SA  | 310100 | 2108660 |
| TOTAL FINANCIALS |  | 4870787 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Vale SA  | 76300 | 1243183 |
| TOTAL BRAZIL |  | 20487530 |
| CHILE - 1.1%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Broadline Retail - 0.4% |  |  |
| Falabella SA  | 333872 | 2015008 |
| Specialty Retail - 0.4% |  |  |
| Empresas Copec SA  | 296813 | 2071717 |
| TOTAL CONSUMER DISCRETIONARY |  | 4086725 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Banco de Credito e Inversiones SA  | 25687 | 1729486 |
| TOTAL CHILE |  | 5816211 |
| CHINA - 25.6%  |  |  |
| Communication Services - 5.9% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| China Tower Corp Ltd H Shares (b)(c) | 1119800 | 1583837 |
| Entertainment - 1.2% |  |  |
| Kingsoft Corp Ltd  | 407400 | 1185731 |
| NetEase Cloud Music Inc (b)(c)(d) | 62100 | 911632 |
| Netease Inc  | 124600 | 2847092 |
| XD Inc (c) | 141000 | 1123140 |
|  |  | 6067595 |
| Interactive Media & Services - 4.2% |  |  |
| Baidu Inc A Shares (d) | 167400 | 2536509 |
| Kuaishou Technology B Shares (b)(c) | 256800 | 1406315 |
| Meitu Inc (b)(c) | 1712500 | 909398 |
| Tencent Holdings Ltd  | 275900 | 16475638 |
|  |  | 21327860 |
| Media - 0.2% |  |  |
| China Literature Ltd (b)(c)(d) | 316800 | 993216 |
| TOTAL COMMUNICATION SERVICES |  | 29972508 |
| Consumer Discretionary - 6.7% |  |  |
| Automobile Components - 1.2% |  |  |
| Fuyao Glass Industry Group Co Ltd H Shares (b)(c) | 384400 | 2919649 |
| Minth Group Ltd  | 684900 | 2979594 |
|  |  | 5899243 |
| Automobiles - 0.5% |  |  |
| Guangzhou Automobile Group Co Ltd H Shares (e) | 6624000 | 2384513 |
| VOYAH Automobile Technology Co Ltd H Shares  | 977677 | 748819 |
|  |  | 3133332 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Mixue Group H Shares (d)(e) | 63700 | 2340241 |
| Tongcheng Travel Holdings Ltd (c) | 1125600 | 2550426 |
|  |  | 4890667 |
| Household Durables - 1.3% |  |  |
| Haier Smart Home Co Ltd H Shares  | 1015000 | 2840121 |
| Midea Group Co Ltd H Shares  | 313900 | 3594298 |
|  |  | 6434419 |
| Specialty Retail - 0.9% |  |  |
| China Tourism Group Duty Free Corp Ltd H Shares (b)(c)(e) | 273000 | 2211182 |
| Pop Mart International Group Ltd (b)(c)(e) | 129200 | 2592659 |
|  |  | 4803841 |
| Textiles, Apparel & Luxury Goods - 1.8% |  |  |
| ANTA Sports Products Ltd  | 351800 | 3644305 |
| Bosideng International Holdings Ltd  | 5166000 | 2809275 |
| Shenzhou International Group Holdings Ltd  | 415600 | 2482857 |
|  |  | 8936437 |
| TOTAL CONSUMER DISCRETIONARY |  | 34097939 |
| Consumer Staples - 1.4% |  |  |
| Personal Care Products - 1.4% |  |  |
| Hengan International Group Co Ltd  | 2023500 | 6891588 |
| Energy - 3.7% |  |  |
| Oil, Gas & Consumable Fuels - 3.7% |  |  |
| China Shenhua Energy Co Ltd H Shares  | 943500 | 5819680 |
| Inner Mongolia Yitai Coal Co Ltd B Shares  | 2154637 | 5731334 |
| PetroChina Co Ltd H Shares  | 4674000 | 7177690 |
| TOTAL ENERGY |  | 18728704 |
| Financials - 3.8% |  |  |
| Banks - 2.9% |  |  |
| Agricultural Bank of China Ltd H Shares  | 2604000 | 2021040 |
| Bank of China Ltd H Shares  | 4348000 | 2808474 |
| Bank of Communications Co Ltd H Shares  | 1771000 | 1616422 |
| China Construction Bank Corp H Shares  | 4195000 | 4701720 |
| Industrial & Commercial Bank of China Ltd H Shares  | 4004000 | 3593186 |
|  |  | 14740842 |
| Insurance - 0.9% |  |  |
| China Life Insurance Co Ltd H Shares  | 446000 | 1629427 |
| New China Life Insurance Co Ltd H Shares  | 136300 | 890833 |
| People's Insurance Co Group of China Ltd/The H Shares  | 1232000 | 836666 |
| PICC Property & Casualty Co Ltd H Shares  | 610000 | 1090933 |
|  |  | 4447859 |
| TOTAL FINANCIALS |  | 19188701 |
| Industrials - 0.7% |  |  |
| Industrial Conglomerates - 0.3% |  |  |
| CITIC Ltd  | 977000 | 1608846 |
| Machinery - 0.1% |  |  |
| Yangzijiang Shipbuildling (Holdings) Ltd  | 185600 | 628115 |
| Transportation Infrastructure - 0.3% |  |  |
| China Merchants Port Holdings Co Ltd  | 648000 | 1282145 |
| TOTAL INDUSTRIALS |  | 3519106 |
| Information Technology - 1.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| ZTE Corp H Shares (d)(e) | 203800 | 648830 |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Kingboard Holdings Ltd  | 156500 | 881414 |
| Technology Hardware, Storage & Peripherals - 0.8% |  |  |
| Lenovo Group Ltd  | 758000 | 1130166 |
| Xiaomi Corp B Shares (b)(c)(d) | 751800 | 2785032 |
|  |  | 3915198 |
| TOTAL INFORMATION TECHNOLOGY |  | 5445442 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| China Hongqiao Group Ltd  | 238500 | 994949 |
| CMOC Group Ltd H Shares  | 372000 | 835768 |
| TOTAL MATERIALS |  | 1830717 |
| Real Estate - 1.9% |  |  |
| Real Estate Management & Development - 1.9% |  |  |
| China Resources Mixc Lifestyle Services Ltd (b)(c) | 1621000 | 9692375 |
| TOTAL CHINA |  | 129367080 |
| COLOMBIA - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Grupo de Inversiones Suramericana SA  | 114689 | 1619543 |
| CZECH REPUBLIC - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Moneta Money Bank AS (b)(c) | 155643 | 1370320 |
| EGYPT - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Commercial International Bank - Egypt (CIB)  | 608232 | 1531356 |
| GREECE - 1.1%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Allwyn AG  | 129574 | 1839161 |
| Specialty Retail - 0.5% |  |  |
| JUMBO SA  | 88735 | 2419066 |
| TOTAL CONSUMER DISCRETIONARY |  | 4258227 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Optima bank SA  | 138546 | 1439939 |
| TOTAL GREECE |  | 5698166 |
| HUNGARY - 1.3%  |  |  |
| Communication Services - 0.8% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| Magyar Telekom Telecommunications PLC  | 525497 | 4152963 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| OTP Bank Nyrt  | 19956 | 2671322 |
| TOTAL HUNGARY |  | 6824285 |
| INDIA - 9.0%  |  |  |
| Consumer Discretionary - 1.7% |  |  |
| Automobiles - 1.7% |  |  |
| Eicher Motors Ltd  | 40610 | 3041672 |
| Hero MotoCorp Ltd  | 48696 | 2616069 |
| Maruti Suzuki India Ltd  | 22316 | 3130371 |
| TOTAL CONSUMER DISCRETIONARY |  | 8788112 |
| Consumer Staples - 1.4% |  |  |
| Food Products - 1.4% |  |  |
| Britannia Industries Ltd  | 117700 | 7100659 |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Coal India Ltd  | 976332 | 4952444 |
| Financials - 2.8% |  |  |
| Banks - 2.0% |  |  |
| Bank of Baroda  | 443412 | 1230816 |
| Canara Bank  | 864936 | 1227047 |
| Federal Bank Ltd  | 474115 | 1433378 |
| HDFC Bank Ltd  | 512433 | 4166357 |
| State Bank of India  | 173718 | 1955554 |
|  |  | 10013152 |
| Capital Markets - 0.8% |  |  |
| HDFC Asset Management Co Ltd (b)(c) | 50121 | 1432440 |
| Multi Commodity Exchange of India Ltd  | 50596 | 1583921 |
| Nippon Life India Asset Management Ltd (b)(c) | 133268 | 1418066 |
|  |  | 4434427 |
| TOTAL FINANCIALS |  | 14447579 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Bharat Electronics Ltd  | 203477 | 924625 |
| Hindustan Aeronautics Ltd (c) | 17565 | 802950 |
|  |  | 1727575 |
| Electrical Equipment - 0.2% |  |  |
| Hitachi Energy India Ltd  | 3283 | 1160471 |
| Professional Services - 0.1% |  |  |
| Computer Age Management Services Ltd  | 83234 | 647711 |
| TOTAL INDUSTRIALS |  | 3535757 |
| Information Technology - 1.0% |  |  |
| IT Services - 1.0% |  |  |
| HCL Technologies Ltd  | 69624 | 879600 |
| Infosys Ltd  | 161023 | 2004946 |
| Tata Consultancy Services Ltd  | 53550 | 1395766 |
| Wipro Ltd  | 324920 | 686889 |
| TOTAL INFORMATION TECHNOLOGY |  | 4967201 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| NMDC Ltd  | 984572 | 937438 |
| Vedanta Aluminium Metal Ltd (f) | 144311 | 184012 |
| Vedanta Iron and Steel Ltd (f) | 144311 | 184012 |
| Vedanta Ltd  | 144311 | 412876 |
| TOTAL MATERIALS |  | 1718338 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Malco Energy Ltd (f) | 144311 | 184012 |
| Talwandi Sabo Power Ltd (f) | 144311 | 184011 |
| TOTAL UTILITIES |  | 368023 |
| TOTAL INDIA |  | 45878113 |
| INDONESIA - 1.5%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Telkom Indonesia Persero Tbk PT  | 17828000 | 2894089 |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| United Tractors Tbk PT  | 2607600 | 4376129 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Astra International Tbk PT  | 1270100 | 438408 |
| TOTAL INDONESIA |  | 7708626 |
| KOREA (SOUTH) - 16.9%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| LG Uplus Corp  | 291356 | 3111569 |
| Consumer Discretionary - 1.4% |  |  |
| Automobile Components - 0.9% |  |  |
| Hankook Tire & Technology Co Ltd  | 46574 | 1858941 |
| Hyundai Mobis Co Ltd  | 8823 | 2528165 |
|  |  | 4387106 |
| Automobiles - 0.5% |  |  |
| Kia Corp  | 28330 | 2899470 |
| TOTAL CONSUMER DISCRETIONARY |  | 7286576 |
| Consumer Staples - 1.7% |  |  |
| Food Products - 1.7% |  |  |
| Orion Corp/Republic of Korea  | 90447 | 8756870 |
| Financials - 1.3% |  |  |
| Banks - 0.9% |  |  |
| BNK Financial Group Inc  | 157220 | 1985390 |
| Woori Financial Group Inc  | 104935 | 2359481 |
|  |  | 4344871 |
| Insurance - 0.4% |  |  |
| DB Insurance Co Ltd  | 18669 | 2109577 |
| TOTAL FINANCIALS |  | 6454448 |
| Industrials - 1.6% |  |  |
| Air Freight & Logistics - 0.2% |  |  |
| Hyundai Glovis Co Ltd  | 7132 | 1091535 |
| Construction & Engineering - 0.4% |  |  |
| Samsung E&A Co Ltd  | 51961 | 1860254 |
| Industrial Conglomerates - 0.8% |  |  |
| CJ Corp  | 7826 | 1184558 |
| GS Holdings Corp  | 23217 | 1282007 |
| LG Corp  | 18602 | 1242893 |
|  |  | 3709458 |
| Machinery - 0.2% |  |  |
| Doosan Bobcat Inc  | 25153 | 1221019 |
| TOTAL INDUSTRIALS |  | 7882266 |
| Information Technology - 10.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| IsuPetasys Co Ltd  | 1943 | 196894 |
| LG Display Co Ltd (d) | 11425 | 94438 |
| LG Innotek Co Ltd  | 503 | 194322 |
| Robotis Co Ltd (d) | 350 | 74686 |
| Samsung Electro-Mechanics Co Ltd  | 2046 | 1147703 |
| Samsung SDI Co Ltd (d) | 2252 | 1055245 |
|  |  | 2763288 |
| IT Services - 0.1% |  |  |
| Hyundai Autoever Corp  | 251 | 76237 |
| LG CNS Co Ltd  | 1754 | 76868 |
| Samsung SDS Co Ltd  | 1430 | 160239 |
|  |  | 313344 |
| Semiconductors & Semiconductor Equipment - 3.5% |  |  |
| DB HiTek Co Ltd  | 1086 | 116054 |
| Eo Technics Co Ltd  | 303 | 95607 |
| Hanmi Semiconductor Co Ltd  | 1556 | 386063 |
| LEENO Industrial Inc  | 1544 | 124190 |
| SK Hynix Inc  | 19850 | 17210828 |
| WONIK IPS Co Ltd  | 1172 | 92530 |
|  |  | 18025272 |
| Technology Hardware, Storage & Peripherals - 6.0% |  |  |
| Samsung Electronics Co Ltd  | 201889 | 30013838 |
| TOTAL INFORMATION TECHNOLOGY |  | 51115742 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Hyundai Steel Co  | 46609 | 1337117 |
| TOTAL KOREA (SOUTH) |  | 85944588 |
| MALAYSIA - 1.4%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Telekom Malaysia Bhd  | 1668000 | 3141544 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| RHB Bank Bhd  | 903500 | 1851816 |
| Materials - 0.4% |  |  |
| Chemicals - 0.4% |  |  |
| Petronas Chemicals Group Bhd  | 1252800 | 1867450 |
| TOTAL MALAYSIA |  | 6860810 |
| MEXICO - 3.6%  |  |  |
| Consumer Staples - 1.5% |  |  |
| Household Products - 1.5% |  |  |
| Kimberly-Clark de Mexico SAB de CV Series A  | 3292600 | 7426776 |
| Industrials - 0.3% |  |  |
| Transportation Infrastructure - 0.3% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Series B  | 43000 | 569249 |
| Grupo Aeroportuario del Sureste SAB de CV Series B  | 18815 | 571949 |
| Promotora y Operadora de Infraestructura SAB de CV  | 36215 | 572012 |
| TOTAL INDUSTRIALS |  | 1713210 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Grupo Mexico SAB de CV Series B  | 77900 | 850530 |
| Real Estate - 1.7% |  |  |
| Diversified REITs - 1.7% |  |  |
| Fibra Uno Administracion SA de CV  | 4921900 | 8428950 |
| TOTAL MEXICO |  | 18419466 |
| POLAND - 0.4%  |  |  |
| Financials - 0.3% |  |  |
| Insurance - 0.3% |  |  |
| Powszechny Zaklad Ubezpieczen SA  | 93766 | 1643114 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Asseco Poland SA  | 12469 | 625443 |
| TOTAL POLAND |  | 2268557 |
| QATAR - 0.6%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Ooredoo QPSC  | 870133 | 3274052 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gazprom PJSC (d)(f) | 14450 | 0 |
| Surgutneftegas PAO (d)(f) | 56600 | 0 |
| TOTAL ENERGY |  | 0 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC (d)(f) | 38410 | 0 |
| VTB Bank PJSC (d)(f) | 18380 | 0 |
| TOTAL FINANCIALS |  | 0 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| GMK Norilskiy Nickel PAO (d)(f) | 18800 | 0 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Inter RAO UES PJSC (d)(f) | 7348600 | 1 |
| TOTAL RUSSIA |  | 1 |
| SAUDI ARABIA - 1.0%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Riyad Bank  | 422826 | 2339325 |
| Saudi Investment Bank/The  | 565226 | 1996866 |
| TOTAL FINANCIALS |  | 4336191 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| SABIC Agri-Nutrients Co  | 25490 | 990239 |
| TOTAL SAUDI ARABIA |  | 5326430 |
| SOUTH AFRICA - 3.4%  |  |  |
| Consumer Staples - 1.1% |  |  |
| Food Products - 1.1% |  |  |
| AVI Ltd  | 917238 | 5475966 |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Exxaro Resources Ltd  | 379362 | 4995539 |
| Financials - 0.9% |  |  |
| Banks - 0.5% |  |  |
| Standard Bank Group Ltd  | 145221 | 2786939 |
| Insurance - 0.4% |  |  |
| Momentum Group Ltd  | 847059 | 1919831 |
| TOTAL FINANCIALS |  | 4706770 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Gold Fields Ltd  | 27827 | 1186397 |
| Pan African Resources PLC (South Africa)  | 421377 | 801625 |
| TOTAL MATERIALS |  | 1988022 |
| TOTAL SOUTH AFRICA |  | 17166297 |
| TAIWAN - 21.8%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Pou Chen Corp  | 2100000 | 1706670 |
| Financials - 1.6% |  |  |
| Banks - 1.6% |  |  |
| Chang Hwa Commercial Bank Ltd  | 2801000 | 1869720 |
| CTBC Financial Holding Co Ltd  | 1677000 | 2768140 |
| Taichung Commercial Bank Co Ltd  | 2677618 | 1677499 |
| Union Bank Of Taiwan  | 2855000 | 1802143 |
| TOTAL FINANCIALS |  | 8117502 |
| Industrials - 0.3% |  |  |
| Industrial Conglomerates - 0.3% |  |  |
| Far Eastern New Century Corp  | 1763000 | 1432790 |
| Information Technology - 19.6% |  |  |
| Communications Equipment - 0.4% |  |  |
| Accton Technology Corp  | 26000 | 1870946 |
| Electronic Equipment, Instruments & Components - 3.6% |  |  |
| Chroma ATE Inc  | 23000 | 1538923 |
| Delta Electronics Inc  | 77000 | 5261406 |
| Elite Material Co Ltd  | 16000 | 2295129 |
| Foxconn Technology Co Ltd  | 195000 | 318799 |
| Gold Circuit Electronics Ltd  | 24000 | 1052881 |
| Hon Hai Precision Industry Co Ltd  | 482000 | 3339141 |
| Largan Precision Co Ltd  | 8000 | 635011 |
| Lotes Co Ltd  | 9000 | 742792 |
| Simplo Technology Co Ltd  | 33000 | 372343 |
| Synnex Technology International Corp  | 187000 | 486910 |
| Tripod Technology Corp  | 38000 | 537897 |
| WT Microelectronics Co Ltd  | 80000 | 515078 |
| Yageo Corp  | 103000 | 1030504 |
|  |  | 18126814 |
| Semiconductors & Semiconductor Equipment - 14.3% |  |  |
| Ardentec Corp  | 74000 | 455428 |
| ASPEED Technology Inc  | 2000 | 1039941 |
| Hon Precision Inc  | 5000 | 780350 |
| Jentech Precision Industrial Co Ltd  | 6000 | 1018795 |
| MediaTek Inc  | 63000 | 5189604 |
| Novatek Microelectronics Corp  | 46000 | 593792 |
| Powertech Technology Inc  | 62000 | 397229 |
| Radiant Opto-Electronics Corp  | 91000 | 286345 |
| Realtek Semiconductor Corp  | 37000 | 627089 |
| Sigurd Microelectronics Corp  | 86000 | 488567 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 882000 | 59431899 |
| Topco Scientific Co Ltd  | 34000 | 435670 |
| United Microelectronics Corp  | 575000 | 1402815 |
|  |  | 72147524 |
| Technology Hardware, Storage & Peripherals - 1.3% |  |  |
| Asia Vital Components Co Ltd  | 18000 | 1610568 |
| Catcher Technology Co Ltd  | 67000 | 441951 |
| Chenbro Micom Co Ltd  | 11000 | 392305 |
| Chicony Electronics Co Ltd  | 101000 | 393678 |
| Compal Electronics Inc  | 425000 | 388991 |
| Innodisk Corp  | 14000 | 550111 |
| King Slide Works Co Ltd  | 6000 | 740425 |
| Lite-On Technology Corp  | 132000 | 691568 |
| Pegatron Corp  | 205000 | 532484 |
| Wiwynn Corp  | 7000 | 1032840 |
|  |  | 6774921 |
| TOTAL INFORMATION TECHNOLOGY |  | 98920205 |
| TOTAL TAIWAN |  | 110177167 |
| THAILAND - 2.5%  |  |  |
| Communication Services - 0.6% |  |  |
| Wireless Telecommunication Services - 0.6% |  |  |
| Advanced Info Service PCL depository receipt  | 312300 | 3257366 |
| Energy - 1.1% |  |  |
| Oil, Gas & Consumable Fuels - 1.1% |  |  |
| PTT Exploration & Production PCL depository receipt  | 1129300 | 5335139 |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Bangkok Bank PCL depository receipt  | 370600 | 1847458 |
| Krung Thai Bank PCL depository receipt  | 2030700 | 2055774 |
| TOTAL FINANCIALS |  | 3903232 |
| TOTAL THAILAND |  | 12495737 |
| TURKEY - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Construction & Engineering - 0.1% |  |  |
| Enka Insaat ve Sanayi AS  | 324231 | 750575 |
| UNITED ARAB EMIRATES - 2.3%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Abu Dhabi Islamic Bank PJSC  | 259306 | 1547548 |
| Dubai Islamic Bank PJSC  | 648080 | 1259846 |
| TOTAL FINANCIALS |  | 2807394 |
| Industrials - 0.1% |  |  |
| Transportation Infrastructure - 0.1% |  |  |
| Salik Co PJSC  | 398383 | 607407 |
| Real Estate - 1.6% |  |  |
| Real Estate Management & Development - 1.6% |  |  |
| Emaar Development PJSC  | 2045515 | 8119908 |
| TOTAL UNITED ARAB EMIRATES |  | 11534709 |
| UNITED STATES - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Construction Materials - 0.1% |  |  |
| GCC SAB de CV  | 33600 | 396016 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $424,187,441) |  | <br> **500915635** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| COLOMBIA - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Grupo Cibest SA non-voting shares  | 115648 | 1989905 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Transneft PJSC (d)(f) | 1200 | 0 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $1,572,720) |  | <br> **1989905** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (g) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/14/2026 (h)<br>(Cost $18,975)<br>| 3.64 | 19000 | **18975** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 3.69 | 3464445 | 3465138 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 3.69 | 4673154 | 4673621 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $8,138,759) |  |  | **8138759** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $433,917,895)<br>| <br>**511063274** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(2987089)** |
| **NET ASSETS - 100.0%** | **508076185** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| ICE MSCI Emerging Markets Index Contracts (United States) | 64 | 6/2026 | 5229440 | 417463 |
| The notional amount of long futures as a percentage of Net Assets is 1.0%. | The notional amount of long futures as a percentage of Net Assets is 1.0%. | The notional amount of long futures as a percentage of Net Assets is 1.0%. | The notional amount of long futures as a percentage of Net Assets is 1.0%. | The notional amount of long futures as a percentage of Net Assets is 1.0%. |

---

**Legend**

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $30,226,121 or 5.9% of net assets.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $34,702,637 or 6.8% of net assets.

(d) Non-income producing.

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

(f) Level 3 security.

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

(h) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $18,975.

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

(j) 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 | 498031 | 100200823 | 97234461 | 48321 | 745 | - | 3465138 | 3464445 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 3262519 | 23408447 | 21997293 | 103734 | (52) | - | 4673621 | 4673154 | 0.0% |
| Total | 3760550 | 123609270 | 119231754 | 152055 | 693 | - | 8138759 |  |  |

---

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 April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 53297272 | 53297272 | - | - |
| Consumer Discretionary | 63270386 | 63270386 | - | - |
| Consumer Staples | 35651859 | 35651859 | - | - |
| Energy | 46222197 | 46222197 | - | - |
| Financials | 82689500 | 82689500 | - | - |
| Industrials | 19879519 | 19879519 | - | - |
| Information Technology | 161074033 | 161074033 | - | - |
| Materials | 12221612 | 11853588 | - | 368024 |
| Real Estate | 26241233 | 26241233 | - | - |
| Utilities | 368024 | - | - | 368024 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Energy | - | - | - | - |
| Financials | 1989905 | 1989905 | - | - |
|  **U.S. Treasury Obligations** | 18975 | - | 18975 | - |
|  **Money Market Funds** | 8138759 | 8138759 | - | - |
| **Total Investments in Securities:** | 511063274 | 510308251 | 18975 | 736048 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 417463 | 417463 | - | - |
| Total Assets | 417463 | 417463 | - | - |
| **Total Derivative Instruments:** | 417463 | 417463 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 417463 | - |
| **Total Equity Risk**  | 417463 | - |
| **Total Value of Derivatives** | 417463 | - |

---

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

**Fidelity® Emerging Markets Multifactor ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $4,379,548) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $425,779,136) | $502924515 |  |
| Fidelity Central Funds (cost $8,138,759) | 8138759 |  |
| Total Investment in Securities (cost $433,917,895) |  | $511063274 |
| Segregated cash with brokers for derivative instruments |  | 226166 |
| Cash |  | 8240 |
| Foreign currency held at value (cost $187,303) |  | 180811 |
| Dividends receivable |  | 1029745 |
| Distributions receivable from Fidelity Central Funds |  | 52875 |
| Receivable for variation margin on futures contracts |  | 99200 |
| Other receivables |  | 221845 |
| **Total assets** |  | 512882156 |
| **Liabilities** |  |  |
| Accrued management fee | $103667 |  |
| Other payables and accrued expenses | 28631 |  |
| Collateral on securities loaned | 4673673 |  |
| **Total liabilities** |  | 4805971 |
| **Net Assets**  |  | $508076185 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $430853895 |
| Total accumulated earnings (loss) |  | 77222290 |
| **Net Assets** |  | $508076185 |
| **Net Asset Value**, offering price and redemption price per share ($508,076,185 ÷ 14,800,000 shares) |  | $34.33 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $5939338 |
| Non-Cash dividends |  | 1600625 |
| Income from Fidelity Central Funds (including $103,734 from security lending)  |  | 152055 |
| Security lending |  | 9489 |
| Income before foreign taxes withheld |  | $7701507 |
| Less foreign taxes withheld |  | (710172) |
| **Total income** |  | 6991335 |
| **Expenses** |  |  |
| Management fee | $510018 |  |
| Independent trustees' fees and expenses | 503 |  |
| Interest | 548 |  |
| Total expenses before reductions | 511069 |  |
| Expense reductions | (58) |  |
| Total expenses after reductions |  | 511011 |
| **Net Investment income (loss)** |  | 6480324 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (4058853) |  |
| Redemptions in-kind | 5335824 |  |
| Fidelity Central Funds | 693 |  |
| Foreign currency transactions | (204654) |  |
| Futures contracts | 289529 |  |
| Total net realized gain (loss) |  | 1362539 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $480,928)  | 43052888 |  |
| Assets and liabilities in foreign currencies | (10595) |  |
| Futures contracts | 395782 |  |
| Total change in net unrealized appreciation (depreciation) |  | 43438075 |
| **Net gain (loss)** |  | 44800614 |
| **Net increase (decrease) in net assets resulting from operations** |  | $51280938 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6480324 | $6353586 |
| &nbsp;&nbsp;Net realized gain (loss) | 1362539<br>| 6364781<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 43438075 | 29405138<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 51280938<br>| 42123505<br>|
| Distributions to shareholders | (4573600)<br>| (6716600)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 237751329 | 141570287 |
| &nbsp;&nbsp;Cost of shares redeemed | (34206016) | (22623061) |
| **Net increase (decrease) in net assets resulting from share transactions** | 203545313<br>| 118947226<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 250252651<br>| 154354131<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 257823534 | 103469403<br>|
| &nbsp;&nbsp;End of period | $508076185 | $257823534 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 7400000 | 5200000 |
| &nbsp;&nbsp;Redeemed | (1000000) | (800000) |
| &nbsp;&nbsp;Net increase (decrease) | 6400000 | 4400000 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.69 | $25.87 | $21.37 | $19.51 | $25.88 | $23.12 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .51  | 1.03  | .95  | .95  | .89  | .72  |
| Net realized and unrealized gain (loss)  | 3.51  | 4.87  | 4.40  | 1.96  | (6.37)  | 2.67  |
| Total from investment operations  | 4.02  | 5.90  | 5.35  | 2.91  | (5.48)  | 3.39  |
| Distributions from net investment income  | (.38)  | (1.08)  | (.85)  | (1.04)  | (.86)  | (.63)  |
| Distributions from tax return of capital  | - | - | - | (.01) | (.03) | - |
| Total distributions  | (.38)  | (1.08)  | (.85)  | (1.05)  | (.89)  | (.63)  |
| Net asset value, end of period  | $34.33 | $30.69 | $25.87 | $21.37 | $19.51 | $25.88 |
| **Total Return** C,D,E | 13.24% <br>| 23.47%  | 25.20%  | 14.76%  | (21.56)%  | 14.55%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .25% H | .25%  | .28%  | .45%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .25% H<br>| .25%  | .27%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .25% H | .25%  | .26%  | .45%  | .45%  | .45%  |
| Net investment income (loss)  | 3.17% H | 3.78%  | 3.79%  | 4.29%  | 3.84%  | 2.64%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $508076 | $257824 | $103469 | $25643 | $19507 | $20703 |
| Portfolio turnover rate I,J | 49% H<br>| 76%  | 65%  | 82%  | 91%  | 65%  |

---

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

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

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

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

E*Based on net asset value.*

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

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

H*Annualized.*

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

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

**Fidelity® International High Dividend ETF**

**Schedule of Investments April 30, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 10.3%  |  |  |
| Consumer Discretionary - 1.5% |  |  |
| Broadline Retail - 1.5% |  |  |
| Wesfarmers Ltd  | 89165 | 4674549 |
| Consumer Staples - 1.8% |  |  |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| Coles Group Ltd  | 350879 | 5577567 |
| Energy - 2.6% |  |  |
| Oil, Gas & Consumable Fuels - 2.6% |  |  |
| Woodside Energy Group Ltd  | 336365 | 8113384 |
| Financials - 1.7% |  |  |
| Banks - 0.9% |  |  |
| ANZ Group Holdings Ltd  | 113366 | 2987140 |
| Insurance - 0.8% |  |  |
| Suncorp Group Ltd  | 201863 | 2483164 |
| TOTAL FINANCIALS |  | 5470304 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| CSL Ltd  | 3264 | 291853 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| BHP Group Ltd  | 17933 | 692608 |
| Fortescue Ltd  | 19373 | 273689 |
| Rio Tinto PLC  | 7552 | 754055 |
| TOTAL MATERIALS |  | 1720352 |
| Utilities - 2.2% |  |  |
| Electric Utilities - 2.2% |  |  |
| Origin Energy Ltd  | 800570 | 6964395 |
| TOTAL AUSTRALIA |  | 32812404 |
| CANADA - 13.9%  |  |  |
| Energy - 5.6% |  |  |
| Oil, Gas & Consumable Fuels - 5.6% |  |  |
| Canadian Natural Resources Ltd  | 192809 | 9185025 |
| Enbridge Inc  | 155090 | 8584586 |
| TOTAL ENERGY |  | 17769611 |
| Financials - 3.3% |  |  |
| Banks - 3.3% |  |  |
| Bank of Montreal  | 14277 | 2169609 |
| Bank of Nova Scotia/The  | 25972 | 2016546 |
| Royal Bank of Canada  | 19148 | 3436961 |
| Toronto Dominion Bank  | 26884 | 2890262 |
| TOTAL FINANCIALS |  | 10513378 |
| Industrials - 0.9% |  |  |
| Ground Transportation - 0.9% |  |  |
| Canadian National Railway Co  | 24894 | 2790447 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Open Text Corp  | 25920 | 586347 |
| Materials - 0.4% |  |  |
| Chemicals - 0.2% |  |  |
| Nutrien Ltd  | 10448 | 792562 |
| Metals & Mining - 0.2% |  |  |
| Lundin Gold Inc  | 8859 | 594180 |
| TOTAL MATERIALS |  | 1386742 |
| Real Estate - 1.5% |  |  |
| Real Estate Management & Development - 1.5% |  |  |
| FirstService Corp Subordinate Voting Shares  | 35555 | 4754511 |
| Utilities - 2.0% |  |  |
| Independent Power and Renewable Electricity Producers - 2.0% |  |  |
| Capital Power Corp  | 134228 | 6409138 |
| TOTAL CANADA |  | 44210174 |
| DENMARK - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Novo Nordisk A/S Series B  | 18182 | 777076 |
| FRANCE - 17.6%  |  |  |
| Consumer Discretionary - 1.7% |  |  |
| Automobiles - 1.7% |  |  |
| Renault SA  | 153191 | 5349690 |
| Consumer Staples - 3.2% |  |  |
| Beverages - 1.3% |  |  |
| Pernod Ricard SA  | 56957 | 4198555 |
| Consumer Staples Distribution & Retail - 1.9% |  |  |
| Carrefour SA  | 300866 | 5982178 |
| TOTAL CONSUMER STAPLES |  | 10180733 |
| Energy - 3.7% |  |  |
| Oil, Gas & Consumable Fuels - 3.7% |  |  |
| TotalEnergies SE  | 124895 | 11616626 |
| Financials - 2.0% |  |  |
| Banks - 1.3% |  |  |
| BNP Paribas SA  | 23062 | 2413929 |
| Credit Agricole SA  | 80247 | 1562149 |
|  |  | 3976078 |
| Insurance - 0.7% |  |  |
| AXA SA  | 46881 | 2251444 |
| TOTAL FINANCIALS |  | 6227522 |
| Industrials - 1.8% |  |  |
| Construction & Engineering - 1.8% |  |  |
| Bouygues SA  | 29999 | 1769370 |
| Eiffage SA  | 10939 | 1757983 |
| Vinci SA  | 14675 | 2212064 |
| TOTAL INDUSTRIALS |  | 5739417 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Capgemini SE  | 1634 | 197426 |
| Real Estate - 2.6% |  |  |
| Retail REITs - 2.6% |  |  |
| Klepierre SA  | 203124 | 8210943 |
| Utilities - 2.5% |  |  |
| Multi-Utilities - 2.5% |  |  |
| Engie SA  | 243342 | 8012647 |
| TOTAL FRANCE |  | 55535004 |
| GERMANY - 4.9%  |  |  |
| Consumer Discretionary - 1.6% |  |  |
| Automobiles - 1.6% |  |  |
| Mercedes-Benz Group AG  | 88242 | 5132656 |
| Financials - 1.6% |  |  |
| Insurance - 1.6% |  |  |
| Allianz SE  | 6766 | 3087437 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 3598 | 2155900 |
| TOTAL FINANCIALS |  | 5243337 |
| Industrials - 1.5% |  |  |
| Air Freight & Logistics - 0.8% |  |  |
| Deutsche Post AG  | 42013 | 2482895 |
| Machinery - 0.7% |  |  |
| Daimler Truck Holding AG  | 42318 | 2131590 |
| TOTAL INDUSTRIALS |  | 4614485 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| SAP SE  | 3238 | 552658 |
| TOTAL GERMANY |  | 15543136 |
| HONG KONG - 2.4%  |  |  |
| Real Estate - 2.4% |  |  |
| Retail REITs - 2.4% |  |  |
| Link REIT  | 1554100 | 7776700 |
| INDONESIA - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Industrial Conglomerates - 0.4% |  |  |
| Jardine Matheson Holdings Ltd (Singapore)  | 18500 | 1255965 |
| ITALY - 3.7%  |  |  |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| Banca Monte dei Paschi di Siena SpA (c) | 174418 | 1852049 |
| Banco BPM SpA  | 120020 | 1743677 |
| TOTAL FINANCIALS |  | 3595726 |
| Utilities - 2.6% |  |  |
| Electric Utilities - 2.6% |  |  |
| Enel SpA  | 699254 | 8140259 |
| TOTAL ITALY |  | 11735985 |
| JAPAN - 18.2%  |  |  |
| Consumer Discretionary - 5.8% |  |  |
| Automobile Components - 1.3% |  |  |
| Denso Corp  | 347000 | 4168517 |
| Automobiles - 3.1% |  |  |
| Honda Motor Co Ltd  | 461500 | 3729873 |
| Toyota Motor Corp  | 320835 | 6189237 |
|  |  | 9919110 |
| Household Durables - 1.4% |  |  |
| Sekisui House Ltd  | 197800 | 4304253 |
| TOTAL CONSUMER DISCRETIONARY |  | 18391880 |
| Consumer Staples - 2.0% |  |  |
| Tobacco - 2.0% |  |  |
| Japan Tobacco Inc  | 168000 | 6287738 |
| Financials - 2.8% |  |  |
| Banks - 1.1% |  |  |
| Mitsubishi UFJ Financial Group Inc  | 184600 | 3318453 |
| Capital Markets - 0.9% |  |  |
| Daiwa Securities Group Inc  | 157500 | 1474945 |
| Nomura Holdings Inc  | 190200 | 1525071 |
|  |  | 3000016 |
| Insurance - 0.8% |  |  |
| Tokio Marine Holdings Inc  | 55600 | 2555319 |
| TOTAL FINANCIALS |  | 8873788 |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Takeda Pharmaceutical Co Ltd  | 32000 | 1076162 |
| Industrials - 3.9% |  |  |
| Machinery - 0.5% |  |  |
| Komatsu Ltd  | 41300 | 1728114 |
| Marine Transportation - 1.8% |  |  |
| Kawasaki Kisen Kaisha Ltd  | 112200 | 1834737 |
| Mitsui OSK Lines Ltd  | 51800 | 1961858 |
| Nippon Yusen KK  | 51300 | 1855842 |
|  |  | 5652437 |
| Trading Companies & Distributors - 1.6% |  |  |
| ITOCHU Corp  | 176700 | 2185282 |
| Mitsubishi Corp  | 88900 | 2830867 |
|  |  | 5016149 |
| TOTAL INDUSTRIALS |  | 12396700 |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Tokyo Electron Ltd  | 2900 | 821486 |
| Software - 0.1% |  |  |
| Trend Micro Inc/Japan  | 13300 | 464764 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Canon Inc  | 17300 | 442367 |
| TOTAL INFORMATION TECHNOLOGY |  | 1728617 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Nippon Steel Corp  | 135900 | 496318 |
| Real Estate - 2.7% |  |  |
| Real Estate Management & Development - 2.7% |  |  |
| Daito Trust Construction Co Ltd  | 377200 | 8468074 |
| TOTAL JAPAN |  | 57719277 |
| MEXICO - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Fresnillo PLC  | 9954 | 437565 |
| NETHERLANDS - 1.1%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| ING Groep NV  | 74501 | 2163424 |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| ASML Holding NV  | 1017 | 1458313 |
| TOTAL NETHERLANDS |  | 3621737 |
| NORWAY - 4.2%  |  |  |
| Energy - 3.7% |  |  |
| Oil, Gas & Consumable Fuels - 3.7% |  |  |
| Equinor ASA  | 294369 | 11765141 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| DNB Bank ASA  | 57438 | 1732537 |
| TOTAL NORWAY |  | 13497678 |
| SINGAPORE - 1.2%  |  |  |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| DBS Group Holdings Ltd  | 45800 | 2103804 |
| United Overseas Bank Ltd  | 55500 | 1575380 |
| TOTAL SINGAPORE |  | 3679184 |
| SPAIN - 3.2%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Banco de Sabadell SA  | 421215 | 1629562 |
| Industrials - 0.5% |  |  |
| Transportation Infrastructure - 0.5% |  |  |
| Aena SME SA (d)(e) | 56093 | 1529190 |
| Utilities - 2.2% |  |  |
| Gas Utilities - 2.2% |  |  |
| Naturgy Energy Group SA  | 220223 | 6918147 |
| TOTAL SPAIN |  | 10076899 |
| SWEDEN - 1.6%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Swedbank AB A1 Shares  | 62482 | 2186083 |
| Industrials - 0.8% |  |  |
| Machinery - 0.8% |  |  |
| Volvo AB B Shares  | 75211 | 2594044 |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| Telefonaktiebolaget LM Ericsson B Shares  | 22852 | 267622 |
| TOTAL SWEDEN |  | 5047749 |
| SWITZERLAND - 1.4%  |  |  |
| Financials - 0.7% |  |  |
| Insurance - 0.7% |  |  |
| Zurich Insurance Group AG  | 3348 | 2328038 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Sonova Holding AG  | 935 | 204683 |
| Industrials - 0.6% |  |  |
| Marine Transportation - 0.6% |  |  |
| Kuehne + Nagel International AG  | 8640 | 2018449 |
| TOTAL SWITZERLAND |  | 4551170 |
| UNITED KINGDOM - 9.2%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Household Durables - 1.0% |  |  |
| Taylor Wimpey PLC  | 3076087 | 3252830 |
| Consumer Staples - 3.6% |  |  |
| Tobacco - 3.6% |  |  |
| British American Tobacco PLC  | 110741 | 6505269 |
| Imperial Brands PLC  | 128847 | 4904096 |
| TOTAL CONSUMER STAPLES |  | 11409365 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| DCC PLC  | 24665 | 1856788 |
| Financials - 2.5% |  |  |
| Banks - 1.4% |  |  |
| HSBC Holdings PLC  | 245233 | 4495338 |
| Insurance - 1.1% |  |  |
| Aviva PLC  | 208988 | 1770920 |
| Legal & General Group PLC  | 488064 | 1669289 |
|  |  | 3440209 |
| TOTAL FINANCIALS |  | 7935547 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Smith & Nephew PLC  | 22538 | 348215 |
| Pharmaceuticals - 0.7% |  |  |
| Astrazeneca PLC  | 7202 | 1365012 |
| GSK PLC  | 26130 | 684748 |
|  |  | 2049760 |
| TOTAL HEALTH CARE |  | 2397975 |
| Industrials - 0.8% |  |  |
| Professional Services - 0.8% |  |  |
| RELX PLC  | 69211 | 2522350 |
| TOTAL UNITED KINGDOM |  | 29374855 |
| UNITED STATES - 5.6%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Automobiles - 1.3% |  |  |
| Stellantis NV (Italy) (b) | 584187 | 4254907 |
| Consumer Staples - 2.6% |  |  |
| Food Products - 2.6% |  |  |
| Nestle SA  | 82185 | 8307300 |
| Health Care - 1.0% |  |  |
| Pharmaceuticals - 1.0% |  |  |
| Novartis AG  | 7936 | 1176117 |
| Roche Holding AG  | 2981 | 1213670 |
| Sanofi SA  | 7302 | 683707 |
| TOTAL HEALTH CARE |  | 3073494 |
| Industrials - 0.5% |  |  |
| Marine Transportation - 0.5% |  |  |
| AP Moller - Maersk A/S Series B  | 689 | 1631617 |
| Materials - 0.2% |  |  |
| Construction Materials - 0.2% |  |  |
| Holcim AG  | 6200 | 574613 |
| TOTAL UNITED STATES |  | 17841931 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $300,807,636) |  | <br> **315494489** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/14/2026 (g)<br>(Cost $32,957)<br>| 3.64 | 33000 | **32957** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 3.69 | 49871 | 49881 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 3.69 | 17013 | 17015 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $66,896) |  |  | **66896** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.2%**<br> (Cost $300,907,489)<br>| <br>**315594342** |
| **NET OTHER ASSETS (LIABILITIES) - 0.8%**  | **2522964** |
| **NET ASSETS - 100.0%** | **318117306** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 17 | 6/2026 | 2589185 | 131111 |
| The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. |

---

**Legend**

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

(b) Non-income producing.

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

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,529,190 or 0.5% of net assets.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,529,190 or 0.5% of net assets.

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

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $32,957.

(h) 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.

(i) 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 | 43284 | 19115759 | 19109193 | 6899 | 31 | - | 49881 | 49871 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 4020295 | 4003680 | 120 | 400 | - | 17015 | 17013 | 0.0% |
| Total | 43284 | 23136054 | 23112873 | 7019 | 431 | - | 66896 |  |  |

---

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 April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 41056512 | 41056512 | - | - |
| Consumer Staples | 41762703 | 41762703 | - | - |
| Energy | 51121550 | 51121550 | - | - |
| Financials | 61578430 | 61578430 | - | - |
| Health Care | 7821243 | 7821243 | - | - |
| Industrials | 37092664 | 37092664 | - | - |
| Information Technology | 4790983 | 4790983 | - | - |
| Materials | 4615590 | 4615590 | - | - |
| Real Estate | 29210228 | 29210228 | - | - |
| Utilities | 36444586 | 36444586 | - | - |
|  **U.S. Treasury Obligations** | 32957 | - | 32957 | - |
|  **Money Market Funds** | 66896 | 66896 | - | - |
| **Total Investments in Securities:** | 315594342 | 315561385 | 32957 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 131111 | 131111 | - | - |
| Total Assets | 131111 | 131111 | - | - |
| **Total Derivative Instruments:** | 131111 | 131111 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 131111 | - |
| **Total Equity Risk**  | 131111 | - |
| **Total Value of Derivatives** | 131111 | - |

---

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

**Fidelity® International High Dividend ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,734,841) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $300,840,593) | $315527446 |  |
| Fidelity Central Funds (cost $66,896) | 66896 |  |
| Total Investment in Securities (cost $300,907,489) |  | $315594342 |
| Segregated cash with brokers for derivative instruments |  | 84598 |
| Foreign currency held at value (cost $355,835) |  | 356255 |
| Dividends receivable |  | 1735022 |
| Reclaims receivable |  | 727140 |
| Interest receivable |  | 54 |
| Distributions receivable from Fidelity Central Funds |  | 2083 |
| Receivable for variation margin on futures contracts |  | 55732 |
| **Total assets** |  | 318555226 |
| **Liabilities** |  |  |
| Payable to custodian bank  | $5114 |  |
| Payable for investments purchased  | 367404 |  |
| Accrued management fee | 46479 |  |
| Other payables and accrued expenses | 1908 |  |
| Collateral on securities loaned | 17015 |  |
| **Total liabilities** |  | 437920 |
| **Net Assets**  |  | $318117306 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $277099403 |
| Total accumulated earnings (loss) |  | 41017903 |
| **Net Assets** |  | $318117306 |
| **Net Asset Value**, offering price and redemption price per share ($318,117,306 ÷ 11,300,000 shares) |  | $28.15 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $6469619 |
| Interest  |  | 2007 |
| Income from Fidelity Central Funds (including $120 from security lending)  |  | 7019 |
| Security lending |  | 385 |
| Income before foreign taxes withheld |  | $6479030 |
| Less foreign taxes withheld |  | (541637) |
| **Total income** |  | 5937393 |
| **Expenses** |  |  |
| Management fee | $227258 |  |
| Independent trustees' fees and expenses | 327 |  |
| Interest | 752 |  |
| Total expenses before reductions | 228337 |  |
| Expense reductions | (170) |  |
| Total expenses after reductions |  | 228167 |
| **Net Investment income (loss)** |  | 5709226 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 11733053 |  |
| Redemptions in-kind | 25479786 |  |
| Fidelity Central Funds | 431 |  |
| Foreign currency transactions | (42607) |  |
| Futures contracts | 30960 |  |
| Total net realized gain (loss) |  | 37201623 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (6665548) |  |
| Assets and liabilities in foreign currencies | 43741 |  |
| Futures contracts | 123506 |  |
| Total change in net unrealized appreciation (depreciation) |  | (6498301) |
| **Net gain (loss)** |  | 30703322 |
| **Net increase (decrease) in net assets resulting from operations** |  | $36412548 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5709226 | $5807051 |
| &nbsp;&nbsp;Net realized gain (loss) | 37201623<br>| 697952<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (6498301) | 21343700<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 36412548<br>| 27848703<br>|
| Distributions to shareholders | (4842100)<br>| (6151200)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 190078317 | 63006447 |
| &nbsp;&nbsp;Cost of shares redeemed | (84986973) | (1963391) |
| **Net increase (decrease) in net assets resulting from share transactions** | 105091344<br>| 61043056<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 136661792<br>| 82740559<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 181455514 | 98714955<br>|
| &nbsp;&nbsp;End of period | $318117306 | $181455514 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 6900000 | 2700000 |
| &nbsp;&nbsp;Redeemed | (3000000) | (100000) |
| &nbsp;&nbsp;Net increase (decrease) | 3900000 | 2600000 |

---

**Financial Highlights** 

**Fidelity® International High Dividend ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.52 | $20.57 | $17.89 | $16.82 | $21.08 | $15.10 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .61  | 1.03  | 1.06  | .89  | .97  | .77  |
| Net realized and unrealized gain (loss)  | 3.54  | 4.01  | 2.71  | 1.08  | (4.22)  | 5.95  |
| Total from investment operations  | 4.15  | 5.04  | 3.77  | 1.97  | (3.25)  | 6.72  |
| Distributions from net investment income  | (.52)  | (1.09)  | (1.09)  | (.90)  | (1.01)  | (.74)  |
| Total distributions  | (.52)  | (1.09)  | (1.09)  | (.90)  | (1.01)  | (.74)  |
| Net asset value, end of period  | $28.15 | $24.52 | $20.57 | $17.89 | $16.82 | $21.08 |
| **Total Return** C,D,E | 17.10% <br>| 25.25%  | 21.22%  | 11.57%  | (15.83)%  | 44.78%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .18% H | .18%  | .19%  | .39%  | .39%  | .39%  |
| Expenses net of fee waivers, if any  | .18% H<br>| .18%  | .19%  | .39%  | .39%  | .39%  |
| Expenses net of all reductions, if any  | .18% H | .18%  | .19%  | .39%  | .39%  | .39%  |
| Net investment income (loss)  | 4.51% H | 4.58%  | 5.16%  | 4.68%  | 4.96%  | 3.82%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $318117 | $181456 | $98715 | $80513 | $80730 | $82197 |
| Portfolio turnover rate I,J | 145% H<br>| 58%  | 63%  | 67%  | 71%  | 67%  |

---

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

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

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

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

E*Based on net asset value.*

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

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

H*Annualized.*

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

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

**Fidelity® International Multifactor ETF**

**Schedule of Investments April 30, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 3.8%  |  |  |
| Financials - 1.9% |  |  |
| Banks - 1.1% |  |  |
| ANZ Group Holdings Ltd  | 52668 | 1387776 |
| Westpac Banking Corp  | 54606 | 1511472 |
|  |  | 2899248 |
| Financial Services - 0.3% |  |  |
| Washington H Soul Pattinson & Co Ltd  | 29251 | 886835 |
| Insurance - 0.5% |  |  |
| Medibank Pvt Ltd  | 237410 | 800517 |
| Steadfast Group Ltd  | 206843 | 630529 |
|  |  | 1431046 |
| TOTAL FINANCIALS |  | 5217129 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| Brambles Ltd  | 31764 | 516795 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Technology One Ltd  | 41363 | 832365 |
| Materials - 1.4% |  |  |
| Metals & Mining - 1.4% |  |  |
| BHP Group Ltd  | 33751 | 1303531 |
| Fortescue Ltd  | 27401 | 387104 |
| OceanaGold Corp  | 14591 | 450883 |
| Rio Tinto Ltd  | 4463 | 537132 |
| Rio Tinto PLC  | 11076 | 1105920 |
| TOTAL MATERIALS |  | 3784570 |
| TOTAL AUSTRALIA |  | 10350859 |
| AUSTRIA - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Raiffeisen Bank International AG  | 17723 | 964654 |
| BELGIUM - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Construction & Engineering - 0.3% |  |  |
| Ackermans & van Haaren NV  | 2814 | 924930 |
| CANADA - 13.9%  |  |  |
| Communication Services - 1.0% |  |  |
| Diversified Telecommunication Services - 1.0% |  |  |
| Quebecor Inc Class B  | 66760 | 2804597 |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Dollarama Inc  | 4866 | 620629 |
| Consumer Staples - 0.9% |  |  |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Loblaw Cos Ltd  | 54031 | 2485799 |
| Energy - 4.7% |  |  |
| Oil, Gas & Consumable Fuels - 4.7% |  |  |
| ARC Resources Ltd  | 113528 | 2687438 |
| Canadian Natural Resources Ltd  | 75553 | 3599190 |
| Imperial Oil Ltd  | 20419 | 2729734 |
| Suncor Energy Inc  | 51909 | 3549842 |
| TOTAL ENERGY |  | 12566204 |
| Financials - 3.9% |  |  |
| Banks - 2.7% |  |  |
| Canadian Imperial Bank of Commerce  | 12897 | 1436190 |
| National Bank of Canada  | 7134 | 1074686 |
| Royal Bank of Canada  | 14939 | 2681469 |
| Toronto Dominion Bank  | 19587 | 2105772 |
|  |  | 7298117 |
| Insurance - 1.2% |  |  |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 450 | 777167 |
| Great-West Lifeco Inc  | 12169 | 648905 |
| Manulife Financial Corp  | 26918 | 1056271 |
| Power Corp of Canada Subordinate Voting Shares  | 14228 | 792152 |
|  |  | 3274495 |
| TOTAL FINANCIALS |  | 10572612 |
| Industrials - 1.0% |  |  |
| Professional Services - 0.5% |  |  |
| Thomson Reuters Corp  | 13868 | 1323935 |
| Trading Companies & Distributors - 0.5% |  |  |
| Finning International Inc  | 19538 | 1427992 |
| TOTAL INDUSTRIALS |  | 2751927 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| CGI Inc Class A  | 8629 | 563665 |
| Software - 0.0% |  |  |
| Constellation Software Inc/Canada warrants 3/31/2040 (b)(c) | 40 | 0 |
| TOTAL INFORMATION TECHNOLOGY |  | 563665 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Agnico Eagle Mines Ltd/CA  | 4923 | 923872 |
| DPM Metals Inc  | 14457 | 484449 |
| Kinross Gold Corp  | 20654 | 624430 |
| Lundin Gold Inc  | 6682 | 448167 |
| TOTAL MATERIALS |  | 2480918 |
| Utilities - 1.1% |  |  |
| Multi-Utilities - 1.1% |  |  |
| Canadian Utilities Ltd Class A  | 81849 | 2915919 |
| TOTAL CANADA |  | 37762270 |
| CHINA - 0.9%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.3% |  |  |
| Prosus NV Class N  | 16633 | 801331 |
| Specialty Retail - 0.1% |  |  |
| Chow Tai Fook Jewellery Group Ltd  | 279200 | 378860 |
| TOTAL CONSUMER DISCRETIONARY |  | 1180191 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| BOC Hong Kong Holdings Ltd  | 213000 | 1215939 |
| TOTAL CHINA |  | 2396130 |
| COTE D'IVOIRE - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Endeavour Mining PLC (United Kingdom)  | 10415 | 624688 |
| DENMARK - 2.9%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Pandora A/S  | 6709 | 509539 |
| Consumer Staples - 0.7% |  |  |
| Beverages - 0.7% |  |  |
| Carlsberg AS Series B  | 14251 | 1928888 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| AL Sydbank  | 10014 | 852827 |
| Health Care - 1.3% |  |  |
| Biotechnology - 0.4% |  |  |
| Genmab A/S (b) | 4383 | 1162818 |
| Pharmaceuticals - 0.9% |  |  |
| Novo Nordisk A/S Series B  | 57525 | 2458547 |
| TOTAL HEALTH CARE |  | 3621365 |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.4% |  |  |
| NKT A/S (b) | 6612 | 974139 |
| TOTAL DENMARK |  | 7886758 |
| FINLAND - 1.2%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Nordea Bank Abp (Sweden)  | 68896 | 1281575 |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Orion Oyj B Shares  | 14942 | 1204154 |
| Industrials - 0.3% |  |  |
| Machinery - 0.3% |  |  |
| Kone Oyj B Shares  | 13821 | 878729 |
| TOTAL FINLAND |  | 3364458 |
| FRANCE - 8.0%  |  |  |
| Consumer Staples - 0.9% |  |  |
| Food Products - 0.9% |  |  |
| Danone SA  | 29596 | 2317052 |
| Energy - 1.8% |  |  |
| Energy Equipment & Services - 0.9% |  |  |
| Technip Energies NV  | 53499 | 2529107 |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Gaztransport Et Technigaz SA  | 9828 | 2386448 |
| TOTAL ENERGY |  | 4915555 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| BNP Paribas SA  | 16779 | 1756279 |
| Credit Agricole SA  | 49778 | 969017 |
| TOTAL FINANCIALS |  | 2725296 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Ipsen SA  | 7703 | 1509013 |
| Industrials - 2.2% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Dassault Aviation SA  | 2753 | 958488 |
| Commercial Services & Supplies - 0.4% |  |  |
| SPIE SA  | 18910 | 1093591 |
| Construction & Engineering - 1.4% |  |  |
| Bouygues SA  | 18905 | 1115035 |
| Eiffage SA  | 6903 | 1109366 |
| Vinci SA  | 10630 | 1602334 |
|  |  | 3826735 |
| TOTAL INDUSTRIALS |  | 5878814 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Capgemini SE  | 5368 | 648583 |
| Utilities - 1.4% |  |  |
| Multi-Utilities - 1.4% |  |  |
| Engie SA  | 116741 | 3843991 |
| TOTAL FRANCE |  | 21838304 |
| GERMANY - 3.6%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| TUI AG  | 49154 | 366257 |
| Financials - 0.7% |  |  |
| Insurance - 0.7% |  |  |
| Hannover Rueck SE  | 3460 | 1045535 |
| Talanx AG  | 7097 | 923257 |
| TOTAL FINANCIALS |  | 1968792 |
| Health Care - 0.9% |  |  |
| Health Care Providers & Services - 0.9% |  |  |
| Fresenius Medical Care AG  | 26969 | 1221465 |
| Fresenius SE & Co KGaA  | 24557 | 1188272 |
| TOTAL HEALTH CARE |  | 2409737 |
| Industrials - 1.7% |  |  |
| Commercial Services & Supplies - 0.3% |  |  |
| Bilfinger SE  | 6632 | 763185 |
| Construction & Engineering - 0.5% |  |  |
| HOCHTIEF AG  | 2362 | 1266784 |
| Machinery - 0.9% |  |  |
| Gea Group Ag  | 13725 | 939442 |
| KION Group AG  | 13589 | 706168 |
| Knorr-Bremse AG  | 7915 | 919649 |
|  |  | 2565259 |
| TOTAL INDUSTRIALS |  | 4595228 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Bechtle AG  | 13159 | 448266 |
| TOTAL GERMANY |  | 9788280 |
| HONG KONG - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| Prudential PLC  | 67580 | 1008305 |
| Prudential PLC rights (b)(d) | 66827 | 12659 |
| TOTAL HONG KONG |  | 1020964 |
| INDONESIA - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.1% |  |  |
| Jardine Matheson Holdings Ltd (Singapore)  | 5877 | 398989 |
| ISRAEL - 3.1%  |  |  |
| Financials - 2.1% |  |  |
| Banks - 1.8% |  |  |
| Bank Hapoalim BM  | 44464 | 1190014 |
| Bank Leumi Le-Israel BM  | 47239 | 1193397 |
| First International Bank of Israel Ltd  | 9799 | 818201 |
| Israel Discount Bank Ltd Class A  | 79557 | 884461 |
| Mizrahi Tefahot Bank Ltd  | 11849 | 931175 |
|  |  | 5017248 |
| Capital Markets - 0.3% |  |  |
| Plus500 Ltd  | 12655 | 773487 |
| TOTAL FINANCIALS |  | 5790735 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Next Vision Stabilized Systems Ltd  | 7120 | 814948 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Tower Semiconductor Ltd (b) | 5599 | 1149709 |
| Software - 0.2% |  |  |
| Nice Ltd (b) | 6249 | 629948 |
| TOTAL INFORMATION TECHNOLOGY |  | 2594605 |
| TOTAL ISRAEL |  | 8385340 |
| ITALY - 2.7%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Lottomatica Group Spa  | 21686 | 638004 |
| Financials - 1.4% |  |  |
| Banks - 1.0% |  |  |
| Banco BPM SpA  | 80430 | 1168505 |
| BPER Banca SPA  | 84068 | 1236053 |
|  |  | 2404558 |
| Financial Services - 0.4% |  |  |
| Poste Italiane SpA (e)(f) | 42515 | 1126613 |
| TOTAL FINANCIALS |  | 3531171 |
| Utilities - 1.1% |  |  |
| Gas Utilities - 1.1% |  |  |
| Italgas SpA  | 257406 | 3107067 |
| TOTAL ITALY |  | 7276242 |
| JAPAN - 19.8%  |  |  |
| Communication Services - 2.7% |  |  |
| Diversified Telecommunication Services - 1.0% |  |  |
| NTT Inc  | 2744600 | 2670952 |
| Entertainment - 0.7% |  |  |
| Nexon Co Ltd  | 108800 | 1834682 |
| Wireless Telecommunication Services - 1.0% |  |  |
| KDDI Corp  | 164900 | 2717554 |
| TOTAL COMMUNICATION SERVICES |  | 7223188 |
| Consumer Discretionary - 1.7% |  |  |
| Automobile Components - 0.3% |  |  |
| Niterra Co Ltd  | 16700 | 896357 |
| Automobiles - 0.1% |  |  |
| Subaru Corp  | 32500 | 487277 |
| Broadline Retail - 0.2% |  |  |
| J Front Retailing Co Ltd  | 44600 | 650479 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Food & Life Cos Ltd  | 13200 | 764346 |
| Household Durables - 0.2% |  |  |
| Haseko Corp  | 33000 | 570480 |
| Leisure Products - 0.3% |  |  |
| Bandai Namco Holdings Inc  | 30000 | 693596 |
| Specialty Retail - 0.3% |  |  |
| USS Co Ltd  | 63200 | 683603 |
| TOTAL CONSUMER DISCRETIONARY |  | 4746138 |
| Consumer Staples - 1.8% |  |  |
| Beverages - 0.5% |  |  |
| Suntory Beverage & Food Ltd  | 49000 | 1406790 |
| Food Products - 0.6% |  |  |
| Toyo Suisan Kaisha Ltd  | 22600 | 1556134 |
| Tobacco - 0.7% |  |  |
| Japan Tobacco Inc  | 53000 | 1983632 |
| TOTAL CONSUMER STAPLES |  | 4946556 |
| Energy - 1.1% |  |  |
| Oil, Gas & Consumable Fuels - 1.1% |  |  |
| Inpex Corp  | 110900 | 2936952 |
| Financials - 3.3% |  |  |
| Banks - 1.8% |  |  |
| 77 Bank Ltd/The  | 49300 | 951362 |
| Hachijuni Nagano Bank Ltd  | 72100 | 976103 |
| Hokuhoku Financial Group Inc  | 25700 | 975978 |
| Mebuki Financial Group Inc  | 122900 | 1018383 |
| Shizuoka Financial Group Inc  | 56600 | 993629 |
|  |  | 4915455 |
| Insurance - 1.5% |  |  |
| Japan Post Holdings Co Ltd  | 87400 | 1016752 |
| MS&AD Insurance Group Holdings Inc  | 45700 | 1176438 |
| Tokio Marine Holdings Inc  | 40800 | 1875126 |
|  |  | 4068316 |
| TOTAL FINANCIALS |  | 8983771 |
| Health Care - 1.6% |  |  |
| Pharmaceuticals - 1.6% |  |  |
| Ono Pharmaceutical Co Ltd  | 147700 | 2173486 |
| Shionogi & Co Ltd  | 111300 | 2251499 |
| TOTAL HEALTH CARE |  | 4424985 |
| Industrials - 4.6% |  |  |
| Building Products - 0.3% |  |  |
| Sanwa Holdings Corp  | 36200 | 824465 |
| Commercial Services & Supplies - 0.7% |  |  |
| Dai Nippon Printing Co Ltd  | 46200 | 875030 |
| Secom Co Ltd  | 24900 | 912071 |
|  |  | 1787101 |
| Construction & Engineering - 0.7% |  |  |
| Kajima Corp  | 22400 | 874387 |
| Kinden Corp  | 18800 | 1005594 |
|  |  | 1879981 |
| Ground Transportation - 0.3% |  |  |
| Seibu Holdings Inc  | 31100 | 730737 |
| Industrial Conglomerates - 0.3% |  |  |
| Sekisui Chemical Co Ltd  | 47400 | 716422 |
| Trading Companies & Distributors - 2.3% |  |  |
| ITOCHU Corp  | 117700 | 1455618 |
| Mitsui & Co Ltd  | 47200 | 1775893 |
| Sojitz Corp  | 23200 | 867566 |
| Sumitomo Corp  | 30000 | 1118024 |
| Toyota Tsusho Corp  | 26200 | 1020045 |
|  |  | 6237146 |
| TOTAL INDUSTRIALS |  | 12175852 |
| Information Technology - 1.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Azbil Corp  | 70500 | 627147 |
| Yokogawa Electric Corp  | 19800 | 690261 |
|  |  | 1317408 |
| IT Services - 0.7% |  |  |
| NEC Corp  | 26800 | 701361 |
| Obic Co Ltd  | 26500 | 703657 |
| TIS Inc  | 26200 | 571299 |
|  |  | 1976317 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Brother Industries Ltd  | 29900 | 569360 |
| TOTAL INFORMATION TECHNOLOGY |  | 3863085 |
| Materials - 0.5% |  |  |
| Chemicals - 0.3% |  |  |
| Nissan Chemical Corp  | 18400 | 795507 |
| Paper & Forest Products - 0.2% |  |  |
| Oji Holdings Corp  | 110000 | 577358 |
| TOTAL MATERIALS |  | 1372865 |
| Utilities - 1.1% |  |  |
| Gas Utilities - 1.1% |  |  |
| Tokyo Gas Co Ltd  | 68000 | 2894356 |
| TOTAL JAPAN |  | 53567748 |
| MEXICO - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Fresnillo PLC  | 11386 | 500515 |
| NETHERLANDS - 3.6%  |  |  |
| Communication Services - 1.0% |  |  |
| Diversified Telecommunication Services - 1.0% |  |  |
| Koninklijke KPN NV  | 519997 | 2783961 |
| Consumer Staples - 1.0% |  |  |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Koninklijke Ahold Delhaize NV  | 56635 | 2658756 |
| Energy - 0.9% |  |  |
| Energy Equipment & Services - 0.9% |  |  |
| SBM Offshore NV  | 59105 | 2526499 |
| SBM Offshore NV rights 5/4/2026 (b)(d) | 58885 | 34600 |
| TOTAL ENERGY |  | 2561099 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| ABN AMRO Bank NV depository receipt (f) | 27583 | 957421 |
| ABN AMRO Bank NV rights (b)(d) | 27583 | 22649 |
| TOTAL FINANCIALS |  | 980070 |
| Industrials - 0.3% |  |  |
| Professional Services - 0.3% |  |  |
| Wolters Kluwer NV  | 11691 | 910892 |
| TOTAL NETHERLANDS |  | 9894778 |
| NEW ZEALAND - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Health Care Equipment & Supplies - 0.6% |  |  |
| Fisher & Paykel Healthcare Corp Ltd  | 79616 | 1713242 |
| NORWAY - 2.0%  |  |  |
| Consumer Staples - 0.7% |  |  |
| Food Products - 0.7% |  |  |
| Orkla ASA  | 167866 | 2060746 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Equinor ASA  | 85442 | 3414888 |
| TOTAL NORWAY |  | 5475634 |
| SINGAPORE - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Banks - 0.6% |  |  |
| Oversea-Chinese Banking Corp Ltd  | 90581 | 1557633 |
| Capital Markets - 0.5% |  |  |
| Singapore Exchange Ltd  | 76100 | 1296667 |
| TOTAL SINGAPORE |  | 2854300 |
| SPAIN - 4.2%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Amadeus IT Group SA Class A  | 10459 | 601178 |
| Specialty Retail - 0.3% |  |  |
| Industria de Diseno Textil SA  | 13573 | 805325 |
| TOTAL CONSUMER DISCRETIONARY |  | 1406503 |
| Financials - 2.0% |  |  |
| Banks - 1.7% |  |  |
| Banco Santander SA  | 198045 | 2411447 |
| CaixaBank SA  | 97148 | 1235321 |
| Unicaja Banco SA (e)(f) | 270023 | 874865 |
|  |  | 4521633 |
| Insurance - 0.3% |  |  |
| Mapfre SA  | 193022 | 943284 |
| TOTAL FINANCIALS |  | 5464917 |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Indra Sistemas SA  | 12031 | 688854 |
| Utilities - 1.4% |  |  |
| Electric Utilities - 1.4% |  |  |
| Endesa SA  | 85035 | 3809464 |
| TOTAL SPAIN |  | 11369738 |
| SWEDEN - 2.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Evolution AB (e) | 8601 | 597205 |
| Consumer Staples - 0.7% |  |  |
| Household Products - 0.7% |  |  |
| Essity AB B Shares  | 69945 | 1848437 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Skandinaviska Enskilda Banken AB A Shares  | 48008 | 939985 |
| Industrials - 1.1% |  |  |
| Building Products - 0.3% |  |  |
| Assa Abloy AB B Shares  | 23526 | 893550 |
| Machinery - 0.8% |  |  |
| Atlas Copco AB A Shares  | 62553 | 1177784 |
| SKF AB B Shares  | 27017 | 670468 |
|  |  | 1848252 |
| TOTAL INDUSTRIALS |  | 2741802 |
| TOTAL SWEDEN |  | 6127429 |
| SWITZERLAND - 2.6%  |  |  |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Swissquote Group Holding SA  | 1616 | 815801 |
| Health Care - 1.0% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Sonova Holding AG  | 3667 | 802750 |
| Health Care Providers & Services - 0.3% |  |  |
| Galenica AG (e)(f) | 7060 | 751544 |
| Pharmaceuticals - 0.4% |  |  |
| Sandoz Group AG  | 15208 | 1216173 |
| TOTAL HEALTH CARE |  | 2770467 |
| Industrials - 0.8% |  |  |
| Building Products - 0.4% |  |  |
| Geberit AG  | 1445 | 974111 |
| Electrical Equipment - 0.4% |  |  |
| Accelleron Industries AG  | 11090 | 1185505 |
| TOTAL INDUSTRIALS |  | 2159616 |
| Information Technology - 0.3% |  |  |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Logitech International SA  | 7867 | 771963 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| EMS-Chemie Holding AG  | 707 | 601183 |
| TOTAL SWITZERLAND |  | 7119030 |
| UNITED KINGDOM - 14.9%  |  |  |
| Communication Services - 2.9% |  |  |
| Interactive Media & Services - 1.8% |  |  |
| Autotrader Group PLC (e)(f) | 378517 | 2551166 |
| Rightmove PLC  | 416445 | 2452551 |
|  |  | 5003717 |
| Wireless Telecommunication Services - 1.1% |  |  |
| Vodafone Group PLC  | 1816889 | 2894761 |
| TOTAL COMMUNICATION SERVICES |  | 7898478 |
| Consumer Discretionary - 0.4% |  |  |
| Leisure Products - 0.4% |  |  |
| Games Workshop Group PLC  | 3940 | 1043469 |
| Consumer Staples - 2.7% |  |  |
| Food Products - 0.6% |  |  |
| Associated British Foods PLC  | 60381 | 1499030 |
| Household Products - 0.6% |  |  |
| Reckitt Benckiser Group PLC  | 24378 | 1549636 |
| Personal Care Products - 0.9% |  |  |
| Unilever PLC  | 44008 | 2569618 |
| Tobacco - 0.6% |  |  |
| Imperial Brands PLC  | 41826 | 1591956 |
| TOTAL CONSUMER STAPLES |  | 7210240 |
| Financials - 2.0% |  |  |
| Banks - 1.4% |  |  |
| Barclays PLC  | 235529 | 1380850 |
| NatWest Group PLC  | 149589 | 1189530 |
| Standard Chartered PLC  | 45934 | 1162711 |
|  |  | 3733091 |
| Capital Markets - 0.3% |  |  |
| IG Group Holdings PLC  | 43649 | 891466 |
| Insurance - 0.3% |  |  |
| Aviva PLC  | 110684 | 937913 |
| TOTAL FINANCIALS |  | 5562470 |
| Health Care - 2.4% |  |  |
| Pharmaceuticals - 2.4% |  |  |
| Astrazeneca PLC  | 22329 | 4232069 |
| GSK PLC  | 83549 | 2189437 |
| TOTAL HEALTH CARE |  | 6421506 |
| Industrials - 1.8% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| BAE Systems PLC  | 50759 | 1408792 |
| Construction & Engineering - 0.3% |  |  |
| Balfour Beatty PLC  | 72518 | 804095 |
| Industrial Conglomerates - 0.5% |  |  |
| CK Hutchison Holdings Ltd  | 60500 | 502380 |
| Smiths Group PLC  | 22159 | 766018 |
|  |  | 1268398 |
| Professional Services - 0.5% |  |  |
| RELX PLC  | 37468 | 1365497 |
| TOTAL INDUSTRIALS |  | 4846782 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Halma PLC  | 15384 | 921263 |
| Utilities - 2.4% |  |  |
| Independent Power and Renewable Electricity Producers - 1.1% |  |  |
| Drax Group PLC  | 250307 | 3005386 |
| Multi-Utilities - 1.3% |  |  |
| Centrica PLC  | 1192914 | 3481889 |
| TOTAL UTILITIES |  | 6487275 |
| TOTAL UNITED KINGDOM |  | 40391483 |
| UNITED STATES - 6.4%  |  |  |
| Energy - 1.8% |  |  |
| Oil, Gas & Consumable Fuels - 1.8% |  |  |
| Shell PLC  | 110852 | 5009995 |
| Health Care - 4.1% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Alcon AG  | 15789 | 1175418 |
| Pharmaceuticals - 3.7% |  |  |
| Novartis AG  | 25200 | 3734646 |
| Roche Holding AG  | 9395 | 3825034 |
| Sanofi SA  | 23407 | 2191664 |
|  |  | 9751344 |
| TOTAL HEALTH CARE |  | 10926762 |
| Materials - 0.5% |  |  |
| Construction Materials - 0.5% |  |  |
| Buzzi SpA  | 9989 | 545103 |
| Holcim AG  | 8117 | 752279 |
| TOTAL MATERIALS |  | 1297382 |
| TOTAL UNITED STATES |  | 17234139 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $247,523,034) |  | <br> **269230902** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (g) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/14/2026 (h)<br>(Cost $25,966)<br>| 3.64 | 26000 | **25966** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i)<br>(Cost $187,054)<br>| 3.69 | 187017 | **187054** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.3%**<br> (Cost $247,736,054)<br>| <br>**269443922** |
| **NET OTHER ASSETS (LIABILITIES) - 0.7%**  | **1957719** |
| **NET ASSETS - 100.0%** | **271401641** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 14 | 6/2026 | 2132270 | 93230 |
| The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. |

---

**Legend**

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

(b) Non-income producing.

(c) Level 3 security.

(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,901,393 or 2.2% of net assets.

(f) 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 $6,261,609 or 2.3% of net assets.

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

(h) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $25,966.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 228981 | 2226560 | 2268554 | 4276 | 67 | - | 187054 | 187017 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 2746661 | 2746596 | 575 | (65) | - | - | - | 0.0% |
| Total | 228981 | 4973221 | 5015150 | 4851 | 2 | - | 187054 |  |  |

---

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 April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 20710224 | 20710224 | - | - |
| Consumer Discretionary | 11107935 | 11107935 | - | - |
| Consumer Staples | 25456474 | 25456474 | - | - |
| Energy | 31404693 | 31404693 | - | - |
| Financials | 60743008 | 60743008 | - | - |
| Health Care | 35001231 | 35001231 | - | - |
| Industrials | 39754495 | 39754495 | - | - |
| Information Technology | 11332649 | 11332649 | - | - |
| Materials | 10662121 | 10662121 | - | - |
| Utilities | 23058072 | 23058072 | - | - |
|  **U.S. Treasury Obligations** | 25966 | - | 25966 | - |
|  **Money Market Funds** | 187054 | 187054 | - | - |
| **Total Investments in Securities:** | 269443922 | 269417956 | 25966 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 93230 | 93230 | - | - |
| Total Assets | 93230 | 93230 | - | - |
| **Total Derivative Instruments:** | 93230 | 93230 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 93230 | - |
| **Total Equity Risk**  | 93230 | - |
| **Total Value of Derivatives** | 93230 | - |

---

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

**Fidelity® International Multifactor ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $247,549,000) | $269256868 |  |
| Fidelity Central Funds (cost $187,054) | 187054 |  |
| Total Investment in Securities (cost $247,736,054) |  | $269443922 |
| Segregated cash with brokers for derivative instruments |  | 66789 |
| Foreign currency held at value (cost $160,102) |  | 161459 |
| Dividends receivable |  | 1406061 |
| Reclaims receivable |  | 399925 |
| Interest receivable |  | 193 |
| Distributions receivable from Fidelity Central Funds |  | 1291 |
| Receivable for variation margin on futures contracts |  | 42444 |
| **Total assets** |  | 271522084 |
| **Liabilities** |  |  |
| Payable for investments purchased on a delayed delivery basis | $79962 |  |
| Accrued management fee | 40481 |  |
| **Total liabilities** |  | 120443 |
| **Net Assets**  |  | $271401641 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $233712942 |
| Total accumulated earnings (loss) |  | 37688699 |
| **Net Assets** |  | $271401641 |
| **Net Asset Value**, offering price and redemption price per share ($271,401,641 ÷ 7,400,000 shares) |  | $36.68 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $3912523 |
| Interest  |  | 141 |
| Income from Fidelity Central Funds (including $575 from security lending)  |  | 4851 |
| Income before foreign taxes withheld |  | $3917515 |
| Less foreign taxes withheld |  | (351183) |
| **Total income** |  | 3566332 |
| **Expenses** |  |  |
| Management fee | $221538 |  |
| Independent trustees' fees and expenses | 345 |  |
| Interest | 1484 |  |
| Total expenses before reductions | 223367 |  |
| Expense reductions | (202) |  |
| Total expenses after reductions |  | 223165 |
| **Net Investment income (loss)** |  | 3343167 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1088257 |  |
| Redemptions in-kind | 18707588 |  |
| Fidelity Central Funds | 2 |  |
| Foreign currency transactions | (14291) |  |
| Futures contracts | 74079 |  |
| Total net realized gain (loss) |  | 19855635 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4914870 |  |
| Assets and liabilities in foreign currencies | 38253 |  |
| Futures contracts | 83195 |  |
| Total change in net unrealized appreciation (depreciation) |  | 5036318 |
| **Net gain (loss)** |  | 24891953 |
| **Net increase (decrease) in net assets resulting from operations** |  | $28235120 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3343167 | $3993678 |
| &nbsp;&nbsp;Net realized gain (loss) | 19855635<br>| 10184684<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 5036318 | 11871698<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 28235120<br>| 26050060<br>|
| Distributions to shareholders | (3523100)<br>| (4072600)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 109584086 | 143189121 |
| &nbsp;&nbsp;Cost of shares redeemed | (67094462) | (48134144) |
| **Net increase (decrease) in net assets resulting from share transactions** | 42489624<br>| 95054977<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 67201644<br>| 117032437<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 204199997 | 87167560<br>|
| &nbsp;&nbsp;End of period | $271401641 | $204199997 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3000000 | 4600000 |
| &nbsp;&nbsp;Redeemed | (1800000) | (1500000) |
| &nbsp;&nbsp;Net increase (decrease) | 1200000 | 3100000 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.94 | $28.12 | $23.76 | $22.07 | $29.41 | $24.01 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .48  | .87  | .80  | .70  | .65  | .65  |
| Net realized and unrealized gain (loss)  | 3.77  | 4.82  | 4.37 C | 1.67  | (7.12)  | 5.34  |
| Total from investment operations  | 4.25  | 5.69  | 5.17  | 2.37  | (6.47)  | 5.99  |
| Distributions from net investment income  | (.51)  | (.87)  | (.81)  | (.68)  | (.87)  | (.59)  |
| Total distributions  | (.51)  | (.87)  | (.81)  | (.68)  | (.87)  | (.59)  |
| Net asset value, end of period  | $36.68 | $32.94 | $28.12 | $23.76 | $22.07 | $29.41 |
| **Total Return** D,E,F | 13.01% <br>| 20.49%  | 21.88% C | 10.58%  | (22.36)%  | 25.08%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .18% I | .18%  | .20%  | .39%  | .39%  | .39%  |
| Expenses net of fee waivers, if any  | .18% I<br>| .18%  | .19%  | .39%  | .39%  | .39%  |
| Expenses net of all reductions, if any  | .18% I | .18%  | .19%  | .39%  | .39%  | .39%  |
| Net investment income (loss)  | 2.71% I | 2.82%  | 2.92%  | 2.78%  | 2.51%  | 2.28%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $271402 | $204200 | $87168 | $30886 | $13243 | $17648 |
| Portfolio turnover rate J,K | 103% I<br>| 66%  | 55%  | 60%  | 61%  | 74%  |

---

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

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

C*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.03 per share. Excluding this reimbursement, the total return would have been 21.76%.*

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

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

F*Based on net asset value.*

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

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

I*Annualized.*

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

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

**Fidelity® International Value Factor ETF**

**Schedule of Investments April 30, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 5.9%  |  |  |
| Financials - 2.6% |  |  |
| Capital Markets - 1.4% |  |  |
| Macquarie Group Ltd  | 42299 | 7148986 |
| Insurance - 1.2% |  |  |
| QBE Insurance Group Ltd  | 410619 | 6595093 |
| TOTAL FINANCIALS |  | 13744079 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| CSL Ltd  | 19126 | 1710166 |
| Materials - 3.0% |  |  |
| Metals & Mining - 3.0% |  |  |
| BHP Group Ltd  | 157098 | 6067438 |
| Rio Tinto Ltd  | 25183 | 3030830 |
| Rio Tinto PLC  | 69872 | 6976601 |
| TOTAL MATERIALS |  | 16074869 |
| TOTAL AUSTRALIA |  | 31529114 |
| AUSTRIA - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Raiffeisen Bank International AG  | 64526 | 3512119 |
| CANADA - 13.8%  |  |  |
| Communication Services - 0.4% |  |  |
| Wireless Telecommunication Services - 0.4% |  |  |
| Rogers Communications Inc Class B  | 51683 | 1877690 |
| Consumer Discretionary - 1.0% |  |  |
| Automobile Components - 1.0% |  |  |
| Magna International Inc  | 87540 | 5560086 |
| Consumer Staples - 0.7% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Alimentation Couche-Tard Inc  | 60201 | 3554296 |
| Energy - 2.4% |  |  |
| Oil, Gas & Consumable Fuels - 2.4% |  |  |
| Canadian Natural Resources Ltd  | 137902 | 6569368 |
| Suncor Energy Inc  | 94285 | 6447761 |
| TOTAL ENERGY |  | 13017129 |
| Financials - 4.4% |  |  |
| Banks - 2.6% |  |  |
| Bank of Nova Scotia/The  | 75288 | 5845592 |
| Toronto Dominion Bank  | 73776 | 7931558 |
|  |  | 13777150 |
| Insurance - 1.8% |  |  |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 2642 | 4562832 |
| Manulife Financial Corp  | 134859 | 5291910 |
|  |  | 9854742 |
| TOTAL FINANCIALS |  | 23631892 |
| Industrials - 1.4% |  |  |
| Ground Transportation - 1.4% |  |  |
| Canadian National Railway Co  | 65237 | 7312621 |
| Information Technology - 1.0% |  |  |
| Software - 1.0% |  |  |
| Open Text Corp  | 231942 | 5246855 |
| Materials - 2.1% |  |  |
| Metals & Mining - 2.1% |  |  |
| Agnico Eagle Mines Ltd/CA  | 32830 | 6161022 |
| Barrick Mining Corp  | 129716 | 5086285 |
| TOTAL MATERIALS |  | 11247307 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| FirstService Corp Subordinate Voting Shares  | 1573 | 210346 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.4% |  |  |
| Fortis Inc/Canada  | 34444 | 1965770 |
| TOTAL CANADA |  | 73623992 |
| CHINA - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| BOC Hong Kong Holdings Ltd  | 770500 | 4398501 |
| DENMARK - 2.0%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Textiles, Apparel & Luxury Goods - 1.0% |  |  |
| Pandora A/S  | 69620 | 5287539 |
| Health Care - 1.0% |  |  |
| Pharmaceuticals - 1.0% |  |  |
| Novo Nordisk A/S Series B  | 130102 | 5560395 |
| TOTAL DENMARK |  | 10847934 |
| FINLAND - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Nordea Bank Abp (Sweden)  | 285504 | 5310827 |
| FRANCE - 9.2%  |  |  |
| Consumer Staples - 0.7% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Carrefour SA  | 194450 | 3866288 |
| Energy - 1.4% |  |  |
| Oil, Gas & Consumable Fuels - 1.4% |  |  |
| TotalEnergies SE  | 78674 | 7317558 |
| Financials - 2.4% |  |  |
| Banks - 2.4% |  |  |
| BNP Paribas SA  | 50261 | 5260882 |
| Credit Agricole SA  | 171695 | 3342346 |
| Societe Generale SA Series A  | 49973 | 4012009 |
| TOTAL FINANCIALS |  | 12615237 |
| Industrials - 2.7% |  |  |
| Building Products - 0.8% |  |  |
| Cie de Saint-Gobain SA  | 47024 | 4282739 |
| Construction & Engineering - 1.9% |  |  |
| Eiffage SA  | 27034 | 4344576 |
| Vinci SA  | 36764 | 5541692 |
|  |  | 9886268 |
| TOTAL INDUSTRIALS |  | 14169007 |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| Capgemini SE  | 20559 | 2484024 |
| Real Estate - 0.6% |  |  |
| Retail REITs - 0.6% |  |  |
| Klepierre SA  | 85417 | 3452837 |
| Utilities - 1.0% |  |  |
| Multi-Utilities - 1.0% |  |  |
| Engie SA  | 159126 | 5239624 |
| TOTAL FRANCE |  | 49144575 |
| GERMANY - 9.3%  |  |  |
| Communication Services - 0.9% |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |
| Deutsche Telekom AG  | 152991 | 4947879 |
| Consumer Discretionary - 1.7% |  |  |
| Automobiles - 1.0% |  |  |
| Mercedes-Benz Group AG  | 91313 | 5311283 |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| TUI AG (b) | 514846 | 3836228 |
| TOTAL CONSUMER DISCRETIONARY |  | 9147511 |
| Financials - 2.1% |  |  |
| Insurance - 2.1% |  |  |
| Allianz SE  | 14856 | 6779037 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 7805 | 4676709 |
| TOTAL FINANCIALS |  | 11455746 |
| Health Care - 1.2% |  |  |
| Health Care Providers & Services - 0.6% |  |  |
| Fresenius Medical Care AG  | 70244 | 3181454 |
| Pharmaceuticals - 0.6% |  |  |
| Merck KGaA  | 24091 | 3110007 |
| TOTAL HEALTH CARE |  | 6291461 |
| Industrials - 2.4% |  |  |
| Industrial Conglomerates - 1.6% |  |  |
| Siemens AG  | 28040 | 8306956 |
| Machinery - 0.8% |  |  |
| Daimler Truck Holding AG  | 80942 | 4077111 |
| TOTAL INDUSTRIALS |  | 12384067 |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| Infineon Technologies AG  | 78135 | 5236322 |
| TOTAL GERMANY |  | 49462986 |
| HONG KONG - 0.4%  |  |  |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Sun Hung Kai Properties Ltd  | 136500 | 2366261 |
| ISRAEL - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Software - 0.5% |  |  |
| Nice Ltd (c) | 23837 | 2402958 |
| ITALY - 2.5%  |  |  |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| Banca Monte dei Paschi di Siena SpA (b) | 283718 | 3012645 |
| UniCredit SpA  | 60213 | 4634929 |
| TOTAL FINANCIALS |  | 7647574 |
| Utilities - 1.1% |  |  |
| Electric Utilities - 1.1% |  |  |
| Enel SpA  | 494063 | 5751559 |
| TOTAL ITALY |  | 13399133 |
| JAPAN - 22.9%  |  |  |
| Communication Services - 1.2% |  |  |
| Wireless Telecommunication Services - 1.2% |  |  |
| KDDI Corp  | 392400 | 6466756 |
| Consumer Discretionary - 3.4% |  |  |
| Automobiles - 1.6% |  |  |
| Mazda Motor Corp  | 324000 | 2091356 |
| Toyota Motor Corp  | 344200 | 6639971 |
|  |  | 8731327 |
| Household Durables - 1.8% |  |  |
| Panasonic Holdings Corp  | 225000 | 4598927 |
| Sony Group Corp  | 240000 | 4767685 |
|  |  | 9366612 |
| TOTAL CONSUMER DISCRETIONARY |  | 18097939 |
| Consumer Staples - 0.9% |  |  |
| Beverages - 0.9% |  |  |
| Asahi Group Holdings Ltd  | 489900 | 4839445 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Inpex Corp  | 112800 | 2987269 |
| Financials - 3.6% |  |  |
| Banks - 2.4% |  |  |
| Mitsubishi UFJ Financial Group Inc  | 396000 | 7118676 |
| Sumitomo Mitsui Financial Group Inc  | 157200 | 5529411 |
|  |  | 12648087 |
| Insurance - 1.2% |  |  |
| Japan Post Holdings Co Ltd  | 263800 | 3068870 |
| MS&AD Insurance Group Holdings Inc  | 135000 | 3475256 |
|  |  | 6544126 |
| TOTAL FINANCIALS |  | 19192213 |
| Health Care - 1.2% |  |  |
| Pharmaceuticals - 1.2% |  |  |
| Shionogi & Co Ltd  | 304800 | 6165828 |
| Industrials - 6.1% |  |  |
| Commercial Services & Supplies - 0.7% |  |  |
| Dai Nippon Printing Co Ltd  | 210400 | 3984986 |
| Trading Companies & Distributors - 5.4% |  |  |
| ITOCHU Corp  | 429900 | 5316654 |
| Marubeni Corp  | 142200 | 5509961 |
| Mitsubishi Corp  | 217200 | 6916359 |
| Mitsui & Co Ltd  | 171200 | 6441372 |
| Sumitomo Corp  | 119900 | 4468370 |
|  |  | 28652716 |
| TOTAL INDUSTRIALS |  | 32637702 |
| Information Technology - 4.0% |  |  |
| Semiconductors & Semiconductor Equipment - 4.0% |  |  |
| Kioxia Holdings Corp (c) | 39600 | 9491567 |
| Renesas Electronics Corp  | 329000 | 6743550 |
| SCREEN Holdings Co Ltd  | 75300 | 4915727 |
| TOTAL INFORMATION TECHNOLOGY |  | 21150844 |
| Materials - 0.8% |  |  |
| Metals & Mining - 0.8% |  |  |
| Nippon Steel Corp  | 1225600 | 4475996 |
| Real Estate - 0.6% |  |  |
| Real Estate Management & Development - 0.6% |  |  |
| Daiwa House Industry Co Ltd  | 106100 | 3241803 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Kansai Electric Power Co Inc/The  | 179400 | 2868362 |
| TOTAL JAPAN |  | 122124157 |
| LUXEMBOURG - 1.0%  |  |  |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| ArcelorMittal SA  | 90909 | 5250993 |
| MEXICO - 0.8%  |  |  |
| Materials - 0.8% |  |  |
| Metals & Mining - 0.8% |  |  |
| Fresnillo PLC  | 93136 | 4094147 |
| NETHERLANDS - 4.2%  |  |  |
| Financials - 0.7% |  |  |
| Insurance - 0.7% |  |  |
| NN Group NV  | 45174 | 3937258 |
| Industrials - 0.8% |  |  |
| Professional Services - 0.8% |  |  |
| Wolters Kluwer NV  | 57304 | 4464783 |
| Information Technology - 2.7% |  |  |
| Semiconductors & Semiconductor Equipment - 2.7% |  |  |
| ASML Holding NV  | 9722 | 13940729 |
| TOTAL NETHERLANDS |  | 22342770 |
| SINGAPORE - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| United Overseas Bank Ltd  | 151000 | 4286169 |
| SPAIN - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| Banco Santander SA  | 556206 | 6772508 |
| SWEDEN - 1.9%  |  |  |
| Consumer Staples - 0.6% |  |  |
| Household Products - 0.6% |  |  |
| Essity AB B Shares  | 117301 | 3099914 |
| Industrials - 1.3% |  |  |
| Machinery - 1.3% |  |  |
| Volvo AB B Shares  | 197216 | 6802022 |
| TOTAL SWEDEN |  | 9901936 |
| SWITZERLAND - 2.3%  |  |  |
| Financials - 1.1% |  |  |
| Capital Markets - 1.1% |  |  |
| UBS Group AG  | 133319 | 5881344 |
| Industrials - 1.2% |  |  |
| Electrical Equipment - 1.2% |  |  |
| ABB Ltd  | 63155 | 6334478 |
| TOTAL SWITZERLAND |  | 12215822 |
| UNITED KINGDOM - 9.1%  |  |  |
| Communication Services - 0.7% |  |  |
| Wireless Telecommunication Services - 0.7% |  |  |
| Vodafone Group PLC  | 2310968 | 3681954 |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Compass Group PLC  | 115859 | 3273016 |
| Consumer Staples - 1.7% |  |  |
| Food Products - 0.8% |  |  |
| Associated British Foods PLC  | 183151 | 4546941 |
| Tobacco - 0.9% |  |  |
| Imperial Brands PLC  | 120396 | 4582439 |
| TOTAL CONSUMER STAPLES |  | 9129380 |
| Financials - 3.1% |  |  |
| Banks - 1.2% |  |  |
| Barclays PLC  | 1036354 | 6075894 |
| Capital Markets - 0.8% |  |  |
| 3i Group PLC  | 128596 | 4476907 |
| Insurance - 1.1% |  |  |
| Aviva PLC  | 617943 | 5236318 |
| TOTAL FINANCIALS |  | 15789119 |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| GSK PLC  | 193074 | 5059586 |
| Industrials - 1.3% |  |  |
| Industrial Conglomerates - 0.7% |  |  |
| CK Hutchison Holdings Ltd  | 439000 | 3645374 |
| Passenger Airlines - 0.6% |  |  |
| easyJet PLC  | 689175 | 3292683 |
| TOTAL INDUSTRIALS |  | 6938057 |
| Utilities - 0.8% |  |  |
| Multi-Utilities - 0.8% |  |  |
| Centrica PLC  | 1528640 | 4461809 |
| TOTAL UNITED KINGDOM |  | 48332921 |
| UNITED STATES - 8.9%  |  |  |
| Consumer Staples - 1.6% |  |  |
| Food Products - 1.6% |  |  |
| Nestle SA  | 84329 | 8524017 |
| Energy - 1.6% |  |  |
| Oil, Gas & Consumable Fuels - 1.6% |  |  |
| Shell PLC  | 187666 | 8481631 |
| Health Care - 3.8% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Alcon AG  | 22973 | 1710233 |
| Pharmaceuticals - 3.5% |  |  |
| Novartis AG  | 45322 | 6716731 |
| Roche Holding AG  | 17080 | 6953868 |
| Sanofi SA  | 54506 | 5103552 |
|  |  | 18774151 |
| TOTAL HEALTH CARE |  | 20484384 |
| Industrials - 1.9% |  |  |
| Marine Transportation - 0.8% |  |  |
| AP Moller - Maersk A/S Series B  | 1826 | 4324141 |
| Trading Companies & Distributors - 1.1% |  |  |
| Sunbelt Rentals Holdings Inc  | 75458 | 5774801 |
| TOTAL INDUSTRIALS |  | 10098942 |
| TOTAL UNITED STATES |  | 47588974 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $478,655,241) |  | <br> **528908797** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/14/2026 (e)<br>(Cost $35,953)<br>| 3.64 | 36000 | **35953** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f)<br>(Cost $555,291)<br>| 3.69 | 555180 | **555291** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.4%**<br> (Cost $479,246,485)<br>| <br>**529500041** |
| **NET OTHER ASSETS (LIABILITIES) - 0.6%**  | **3397512** |
| **NET ASSETS - 100.0%** | **532897553** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 24 | 6/2026 | 3655320 | 175661 |
| The notional amount of long futures as a percentage of Net Assets is 0.7%. | The notional amount of long futures as a percentage of Net Assets is 0.7%. | The notional amount of long futures as a percentage of Net Assets is 0.7%. | The notional amount of long futures as a percentage of Net Assets is 0.7%. | The notional amount of long futures as a percentage of Net Assets is 0.7%. |

---

**Legend**

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

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

(c) Non-income producing.

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $35,953.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 144969 | 15537182 | 15126905 | 10500 | 45 | - | 555291 | 555180 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 39268590 | 39268590 | 4367 | - | - | - | - | 0.0% |
| Total | 144969 | 54805772 | 54395495 | 14867 | 45 | - | 555291 |  |  |

---

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 April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 16974279 | 16974279 | - | - |
| Consumer Discretionary | 41366091 | 41366091 | - | - |
| Consumer Staples | 33013340 | 33013340 | - | - |
| Energy | 31803587 | 31803587 | - | - |
| Financials | 138174586 | 138174586 | - | - |
| Health Care | 45271820 | 45271820 | - | - |
| Industrials | 101141679 | 101141679 | - | - |
| Information Technology | 50461732 | 50461732 | - | - |
| Materials | 41143312 | 41143312 | - | - |
| Real Estate | 9271247 | 9271247 | - | - |
| Utilities | 20287124 | 20287124 | - | - |
|  **U.S. Treasury Obligations** | 35953 | - | 35953 | - |
|  **Money Market Funds** | 555291 | 555291 | - | - |
| **Total Investments in Securities:** | 529500041 | 529464088 | 35953 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 175661 | 175661 | - | - |
| Total Assets | 175661 | 175661 | - | - |
| **Total Derivative Instruments:** | 175661 | 175661 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 175661 | - |
| **Total Equity Risk**  | 175661 | - |
| **Total Value of Derivatives** | 175661 | - |

---

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

**Fidelity® International Value Factor ETF**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $6,743,138) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $478,691,194) | $528944750 |  |
| Fidelity Central Funds (cost $555,291) | 555291 |  |
| Total Investment in Securities (cost $479,246,485) |  | $529500041 |
| Segregated cash with brokers for derivative instruments |  | 118294 |
| Foreign currency held at value (cost $78,603) |  | 78933 |
| Dividends receivable |  | 2153249 |
| Reclaims receivable |  | 1045372 |
| Interest receivable |  | 1252 |
| Distributions receivable from Fidelity Central Funds |  | 2778 |
| Receivable for variation margin on futures contracts |  | 74256 |
| Other receivables |  | 2249 |
| **Total assets** |  | 532976424 |
| **Liabilities** |  |  |
| Accrued management fee | $78871 |  |
| **Total liabilities** |  | 78871 |
| **Net Assets**  |  | $532897553 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $454372907 |
| Total accumulated earnings (loss) |  | 78524646 |
| **Net Assets** |  | $532897553 |
| **Net Asset Value**, offering price and redemption price per share ($532,897,553 ÷ 14,500,000 shares) |  | $36.75 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $8710536 |
| Foreign Tax Reclaims |  | 466926 |
| Interest  |  | 1291 |
| Income from Fidelity Central Funds (including $4,367 from security lending)  |  | 14867 |
| Security lending |  | 865 |
| Income before foreign taxes withheld |  | $9194485 |
| Less foreign taxes withheld |  | (1209634) |
| **Total income** |  | 7984851 |
| **Expenses** |  |  |
| Management fee | $389051 |  |
| Independent trustees' fees and expenses | 545 |  |
| Interest | 1063 |  |
| Total expenses before reductions | 390659 |  |
| Expense reductions | (222) |  |
| Total expenses after reductions |  | 390437 |
| **Net Investment income (loss)** |  | 7594414 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1063231 |  |
| Redemptions in-kind | 27505043 |  |
| Fidelity Central Funds | 45 |  |
| Foreign currency transactions | (26989) |  |
| Futures contracts | 4858 |  |
| Total net realized gain (loss) |  | 28546188 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 22892948 |  |
| Assets and liabilities in foreign currencies | 61897 |  |
| Futures contracts | 162197 |  |
| Total change in net unrealized appreciation (depreciation) |  | 23117042 |
| **Net gain (loss)** |  | 51663230 |
| **Net increase (decrease) in net assets resulting from operations** |  | $59257644 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $7594414 | $7004139 |
| &nbsp;&nbsp;Net realized gain (loss) | 28546188<br>| 26838490<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 23117042 | 22365956<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 59257644<br>| 56208585<br>|
| Distributions to shareholders | (5857300)<br>| (7058000)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 275253244 | 201246283 |
| &nbsp;&nbsp;Cost of shares redeemed | (86724778) | (125911101) |
| **Net increase (decrease) in net assets resulting from share transactions** | 188528466<br>| 75335182<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 241928810<br>| 124485767<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 290968743 | 166482976<br>|
| &nbsp;&nbsp;End of period | $532897553 | $290968743 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 7600000 | 7200000 |
| &nbsp;&nbsp;Redeemed | (2300000) | (4600000) |
| &nbsp;&nbsp;Net increase (decrease) | 5300000 | 2600000 |

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**Financial Highlights** 

**Fidelity® International Value Factor ETF** <br>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.63 | $25.22 | $21.70 | $18.94 | $24.38 | $17.82 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .62  | .90  | .88  | .79  | .83  | .79  |
| Net realized and unrealized gain (loss)  | 4.95  | 6.40  | 3.54  | 2.78  | (5.32)  | 6.54  |
| Total from investment operations  | 5.57  | 7.30  | 4.42  | 3.57  | (4.49)  | 7.33  |
| Distributions from net investment income  | (.45)  | (.89)  | (.90)  | (.81)  | (.95)  | (.77)  |
| Total distributions  | (.45)  | (.89)  | (.90)  | (.81)  | (.95)  | (.77)  |
| Net asset value, end of period  | $36.75 | $31.63 | $25.22 | $21.70 | $18.94 | $24.38 |
| **Total Return** C,D,E | 17.75% <br>| 29.41%  | 20.51%  | 18.72%  | (18.82)%  | 41.36%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .18% H | .18%  | .19%  | .39%  | .39%  | .39%  |
| Expenses net of fee waivers, if any  | .18% H<br>| .18%  | .19%  | .39%  | .39%  | .39%  |
| Expenses net of all reductions, if any  | .18% H | .18%  | .19%  | .39%  | .39%  | .39%  |
| Net investment income (loss)  | 3.51% H | 3.20%  | 3.52%  | 3.52%  | 3.79%  | 3.32%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $532898 | $290969 | $166483 | $73768 | $37883 | $41449 |
| Portfolio turnover rate I,J | 69% H<br>| 61%  | 71%  | 81%  | 69%  | 101%  |

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

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

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

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

E*Based on net asset value.*

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

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

H*Annualized.*

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

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

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

For the period ended April 30, 2026

**1. Organization.**

Fidelity Emerging Markets Multifactor ETF, Fidelity International High Dividend ETF, Fidelity International Multifactor ETF and Fidelity International Value Factor ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Certain Funds' investments in emerging markets 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| **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% |

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2026 is included at the end of each Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes and for processing shareholder transactions, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period and prior business day, respectively. 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 Cboe BZX Exchange, Inc. (CboeBZX) for Fidelity Emerging Markets Multifactor ETF and Fidelity International Multifactor ETF, and of the New York Stock Exchange, Archipelago Exchange (NYSE Arca) for all other funds; and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends, 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 foreign taxes withheld or foreign tax reclaims, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable. Fidelity Emerging Markets Multifactor ETF Fund did not recognize dividend income during the period on certain Russian securities due to restrictions imposed by the Russian government on these dividend payments. There is uncertainty regarding the timeline for these restrictions to be lifted and the collectability of these and future dividend payments on Russian securities.

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

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

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

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Emerging Markets Multifactor ETF**  | 436049324 | 109040171 | (33608758) | 75431413 |
| **Fidelity International High Dividend ETF**  | 300957872 | 29075465 | (14307884) | 14767581 |
| **Fidelity International Multifactor ETF**  | 247937437 | 34486389 | (12886674) | 21599715 |
| **Fidelity International Value Factor ETF**  | 479539482 | 76657621 | (26521401) | 50136220 |

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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.

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| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Emerging Markets Multifactor ETF**  | (893236) | (535563) | (1428799) |
| **Fidelity International High Dividend ETF**  | (6307920) | (5753409) | (12061329) |
| **Fidelity International Multifactor ETF**  | (2793001) | (772261) | (3565262) |
| **Fidelity International Value Factor ETF**  | - | (2400166) | (2400166) |

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**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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

**4. Derivative Instruments.**

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

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

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

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

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

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Emerging Markets Multifactor ETF** | 330595926 | 98626895 |
| **Fidelity International High Dividend ETF** | 166166916 | 161448917 |
| **Fidelity International Multifactor ETF** | 107488317 | 107493125 |
| **Fidelity International Value Factor ETF** | 136884242 | 133171548 |

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

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| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions ($)** | **In-Kind Redemptions ($)** |
| **Fidelity Emerging Markets Multifactor ETF** | 5268891 | 32961391 |
| **Fidelity International High Dividend ETF** | 185239855 | 85134329 |
| **Fidelity International Multifactor ETF** | 107157978 | 65632557 |
| **Fidelity International Value Factor ETF** | 270827323 | 86359036 |

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

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

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| | |
|:---|:---|
|  | **Fee Rate** |
| **Fidelity Emerging Markets Multifactor ETF** | .25% |
| **Fidelity International High Dividend ETF** | .18% |
| **Fidelity International Multifactor ETF** | .18% |
| **Fidelity International Value Factor ETF** | .18% |

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

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Emerging Markets Multifactor ETF**  | Borrower | 5068000 | 3.90% | 548 |
| **Fidelity International High Dividend ETF**  | Borrower | 6962000 | 3.89% | 752 |
| **Fidelity International Multifactor ETF**  | Borrower | 1833714 | 3.89% | 1388 |
| **Fidelity International Value Factor ETF**  | Borrower | 9835000 | 3.89% | 1063 |

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

**7. Security Lending.** 

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

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| | | | |
|:---|:---|:---|:---|
|  | **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 Emerging Markets Multifactor ETF** | 12331 | - | - |
| **Fidelity International High Dividend ETF** | 55 | - | - |
| **Fidelity International Multifactor ETF** | 62 | - | - |
| **Fidelity International Value Factor ETF** | 571 | - | - |

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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.

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity International High Dividend ETF** | 1803870 |
| **Fidelity International Value Factor ETF** | 6951080 |

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**8. Bank Borrowings.**

Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **Fidelity International Multifactor ETF** | 104500 | 4.14% | 96 |

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**9. 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.

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| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Emerging Markets Multifactor ETF**  | 58 |
| **Fidelity International High Dividend ETF**  | 170 |
| **Fidelity International Multifactor ETF**  | 202 |
| **Fidelity International Value Factor ETF**  | 222 |

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**10. 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.

**11. 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.

**12. 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.

![](img131279_4.jpg)<br>

1.9885305.108 IHD-IVE-SANN-0626

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; June 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; June 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; June 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;

<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:

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;

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;

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

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):

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

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:

June 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:

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;

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;

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

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):

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

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:

June 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: June 22, 2026

---

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

---

Dated: June 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>