# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000945908-25-000511
**Filing Date:** 2025-8
**Character Count:** 821967
**Document Hash:** 54cfe676fbe3159b08fbd69e4d675f40
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000945908-25-000511.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0000945908-25-000511

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 99

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**EFFECTIVENESS DATE**: 20250822

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 251244741

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

<u>Fidelity Covington Trust</u>

(Exact name of registrant as specified in charter)

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

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

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

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

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Metaverse ETF<br> **Fidelity® Metaverse ETF : FMET** <br> **Principal U.S. Listing Exchange :** **NASDAQ/NMS Global Market**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Metaverse ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Metaverse ETF  | $41  | 0.39% |

---

**What affected the Fund's performance this period?**

• Global equities achieved a strong gain for the 12 months ending June 30, 2025, rising amid resilient economic growth throughout the world, a slowing in the pace of inflation in certain markets, global monetary easing and the benefit of generally weaker U.S. dollar for stocks abroad, despite elevated volatility stemming from changes to U.S. tariff policy and reactive tariff countermeasures from other countries.

• Against this backdrop, equities in emerging markets, led by China (+98%), gained roughly 41% overall and contributed most to the fund's performance for the fiscal year, followed by the United States (+7%).

• By sector, communication services gained 29% and contributed most, driven by media & entertainment firms (+29%). Information technology stocks also helped, gaining 3% and benefiting from the software & services industry (+11%). Elsewhere, the real estate sector rose 10%, boosted by equity real estate investment trusts (+12%). Other noteworthy contributors included the industrials (+50%) and consumer discretionary (+4%) sectors.

• In contrast, the U.K. returned about -48% and was a meaningful detractor from a geographic standpoint.

• Turning to individual stocks, the top contributor was Roblox (+182%), within the media & entertainment industry. In the same category, stakes in Meta Platforms (+46%), Take-Two Interactive Software (+56%) and NetEase (+44%) also helped. Nvidia (+27%), a stock in the semiconductors & semiconductor equipment industry, was another plus.

• Conversely, the biggest detractor was Adobe (-31%), from the software & services segment. Among semiconductors & semiconductor equipment stocks, Intel (-37%) hurt the fund's performance as well. Media & entertainment stock Snap (-48%) further hindered the fund. Lastly, Samsung Electronics (-23%) and Super Micro Computer (-40%), within the technology hardware & equipment group, weighed on performance too.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

April 19, 2022 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fidelity® Metaverse ETF<br>| $10000 | $8433<br>| $10209<br>| $12175<br>|
| Fidelity Metaverse Index℠<br>| $10000 | $8444<br>| $10274<br>| $12307<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $8644<br>| $10111<br>| $12111<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img110574_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® Metaverse ETF - NAV  | 12.13% | 10.22% |
| Fidelity Metaverse Index℠ | 12.55%<br>| 10.72% |
| MSCI ACWI (All Country World Index) Index | 16.54%<br>| 11.37% |

---

**A** From April 19, 2022

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $40653972<br>|
| Number of Holdings | 53<br>|
| Total Advisory Fee | $125313<br>|
| Portfolio Turnover | 30%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 53.5 |
| Communication Services | 38.3 |
| Real Estate | 6.2 |
| Industrials | 0.9 |
| Consumer Discretionary | 0.8 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6566_20250630_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 74.8 |
| Korea (South) | 12.0 |
| China | 5.7 |
| France | 2.6 |
| Japan | 1.5 |
| Sweden | 1.4 |
| Taiwan | 0.7 |
| Germany | 0.5 |
| United Kingdom | 0.5 |
| United Arab Emirates | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6566_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 74.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 12.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 5.7&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;France - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Arab Emirates - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Advanced Micro Devices Inc | 5.0<br>|
| NVIDIA Corp | 4.7<br>|
| Microsoft Corp | 4.6<br>|
| Meta Platforms Inc Class A | 4.5<br>|
| QUALCOMM Inc | 4.5<br>|
| Samsung Electronics Co Ltd | 4.4<br>|
| Alphabet Inc Class A | 4.4<br>|
| Apple Inc | 4.2<br>|
| Adobe Inc | 3.9<br>|
| Autodesk Inc | 3.3<br>|
|  | 43.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund changed its classification from non-diversified to diversified and modified its principal investment strategies and risks to reflect the change during the reporting period.<br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund added a contractual proxy and shareholder meeting expense cap during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img6566_20250630_2.jpg)<br>| ![](img110574_3.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> 1.9913377.101 6566-TSRA-0825 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Electric Vehicles and Future Transportation ETF<br> **Fidelity® Electric Vehicles and Future Transportation ETF : FDRV** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Electric Vehicles and Future Transportation ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Electric Vehicles and Future Transportation ETF  | $41  | 0.39% |

---

**What affected the Fund's performance this period?**

• Global equities achieved a strong gain for the 12 months ending June 30, 2025, rising amid resilient economic growth throughout the world, a slowing in the pace of inflation in certain markets, global monetary easing and the benefit of generally weaker U.S. dollar for stocks abroad, despite elevated volatility stemming from changes to U.S. tariff policy and reactive tariff countermeasures from other countries.

• Against this backdrop, equities in emerging markets, led by China (+55%), gained 30% overall and contributed most to the fund's performance for the fiscal year, followed by the United States (+6%).

• By sector, consumer discretionary gained about 22% and contributed most, driven by the automobiles & components industry (+20%). Exposure to industrials stocks also helped, gaining 14%. The materials sector returned about -0.5%.

• Conversely, Europe ex U.K., primarily France (-13%), returned roughly -2% and was a notable detractor. From a sector standpoint, information technology returned -1% and hurt most.

• Turning to individual stocks, the biggest contributor was Tesla (+55%), from the automobiles & components industry. In the same group, XPeng (+135%), BYD (+58%) and Zhejiang Leapmotor Technology (+101%) boosted the fund as well. Among capital goods stocks, Bloom Energy (+96%) was another positive.

• In contrast, the biggest detractor was Luminar Technologies (-88%), from the automobiles & components category. In the same group, Gentex (-25%) and NIO (-16%) hurt the fund as well. Technology hardware & equipment firm Samsung SDI returned -50% and also pressured performance. Lastly, STMicroelectronics (-27%), within the semiconductors & semiconductor equipment industry, further detracted.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 5, 2021 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fidelity® Electric Vehicles and Future Transportation ETF<br>| $10000 | $7085<br>| $7607<br>| $5359<br>| $5976<br>|
| Fidelity Electric Vehicles and Future Transportation Index℠<br>| $10000 | $7184<br>| $7751<br>| $5483<br>| $6115<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $8524<br>| $9970<br>| $11943<br>| $13918<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110585_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® Electric Vehicles and Future Transportation ETF - NAV  | 11.51% | -12.87% |
| Fidelity Electric Vehicles and Future Transportation Index℠ | 11.52%<br>| -12.33% |
| MSCI ACWI (All Country World Index) Index | 16.54%<br>| 9.25% |

---

**A** From October 5, 2021

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $28180628<br>|
| Number of Holdings | 52<br>|
| Total Advisory Fee | $113905<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Consumer Discretionary | 46.2 |
| Information Technology | 29.9 |
| Industrials | 20.6 |
| Materials | 3.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6445_20250630_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 38.2 |
| China | 26.7 |
| Japan | 9.9 |
| Netherlands | 4.5 |
| Germany | 4.4 |
| Korea (South) | 4.0 |
| Sweden | 3.2 |
| France | 2.6 |
| Belgium | 1.7 |
| Others | 4.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6445_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 38.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 26.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 9.9&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;Netherlands - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 3.2&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 - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Uber Technologies Inc | 4.8<br>|
| NXP Semiconductors NV | 4.5<br>|
| Infineon Technologies AG | 4.4<br>|
| Contemporary Amperex Technology Co Ltd H Shares | 4.3<br>|
| Renesas Electronics Corp | 4.3<br>|
| Tesla Inc | 4.1<br>|
| Li Auto Inc A Shares | 4.0<br>|
| BYD Co Ltd H Shares | 3.9<br>|
| XPeng Inc A Shares | 3.5<br>|
| Rivian Automotive Inc Class A | 3.4<br>|
|  | 41.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund changed its classification from non-diversified to diversified and modified its principal investment strategies and risks to reflect the change during the reporting period.<br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund added a contractual proxy and shareholder meeting expense cap during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img6445_20250630_2.jpg)<br>| ![](img110585_3.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> 1.9913375.101 6445-TSRA-0825 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Digital Health ETF<br> **Fidelity® Digital Health ETF : FDHT** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Digital Health ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Digital Health ETF  | $42  | 0.39% |

---

**What affected the Fund's performance this period?**

• Global equities achieved a strong gain for the 12 months ending June 30, 2025, rising amid resilient economic growth throughout the world, a slowing in the pace of inflation in certain markets, global monetary easing and the benefit of generally weaker U.S. dollar for stocks abroad, despite elevated volatility stemming from changes to U.S. tariff policy and reactive tariff countermeasures from other countries.

• Against this backdrop, equity markets in the United States gained 18% and contributed most to the fund's performance for the fiscal year, followed by Asia Pacific ex Japan (+38%), especially Australia (+40%).

• By sector, health care gained about 17% and contributed most, driven by the health care equipment & services industry (+18%). Exposure to consumer staples stocks (+20%) also helped, benefiting from the consumer staples distribution & retail industry (+20%). Elsewhere, information technology companies rose approximately 30%, boosted by the software & services industry (+100%). Communication services (+9%) added value as well, lifted by the media & entertainment group (+9%).

• Conversely, Canada returned -40% and detracted most, followed by Europe ex U.K. (-5%), especially Switzerland (-24%). From a sector standpoint, industrials returned -17% and notably hurt. This group was hampered commercial & professional services firms (-17%).

• Turning to individual stocks, the top contributor was Hims & Hers Health (+170%), within the health care equipment & services category. In that same group, stakes in Doximity (+117%), Pro Medicus (+93%), Veeva Systems (+58%) and Insulet (+56%) also helped.

• In contrast, the biggest detractor was Tandem Diabetes Care (-54%), from the health care equipment & services group. Within the same industry, Astrana Health (-39%) and Well Health Technologies (-40%) hurt the fund's performance as well. Among consumer staples distribution & retail stocks, DocMorris returned approximately -70% and further weighed on performance. Lastly, IQVIA Holdings (-25%), from the pharmaceuticals, biotechnology & life sciences category, detracted too.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 5, 2021 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fidelity® Digital Health ETF<br>| $10000 | $7401<br>| $7843<br>| $7332<br>| $8537<br>|
| Fidelity Digital Health Index℠<br>| $10000 | $7441<br>| $7913<br>| $7427<br>| $8678<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $8524<br>| $9970<br>| $11943<br>| $13918<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110586_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® Digital Health ETF - NAV  | 16.43% | -4.15% |
| Fidelity Digital Health Index℠ | 16.84%<br>| -3.72% |
| MSCI ACWI (All Country World Index) Index | 16.54%<br>| 9.25% |

---

**A** From October 5, 2021

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $8415156<br>|
| Number of Holdings | 50<br>|
| Total Advisory Fee | $31817<br>|
| Portfolio Turnover | 47%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 86.9 |
| Consumer Staples | 8.1 |
| Information Technology | 3.0 |
| Industrials | 2.0 |

---

Common Stocks 100.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6444_20250630_AA.jpg) <br>|

---

Common Stocks - 100.0&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) - 0.0 <br>

---

| | |
|:---|:---|
| United States | 62.2 |
| Australia | 7.5 |
| China | 6.6 |
| Netherlands | 5.4 |
| Switzerland | 4.1 |
| Germany | 3.7 |
| Sweden | 3.5 |
| Japan | 2.6 |
| Denmark | 2.1 |
| Others | 2.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6444_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 62.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 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;Sweden - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| ResMed Inc | 4.5<br>|
| Dexcom Inc | 4.5<br>|
| Veeva Systems Inc Class A | 4.5<br>|
| Intuitive Surgical Inc | 4.3<br>|
| Insulet Corp | 4.0<br>|
| Koninklijke Philips NV | 3.9<br>|
| Siemens Healthineers AG | 3.7<br>|
| Cochlear Ltd | 3.5<br>|
| Sonova Holding AG | 3.3<br>|
| Pro Medicus Ltd | 2.9<br>|
|  | 39.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund changed its classification from non-diversified to diversified and modified its principal investment strategies and risks to reflect the change during the reporting period.<br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund added a contractual proxy and shareholder meeting expense cap during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img6444_20250630_2.jpg)<br>| ![](img110586_3.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> 1.9913374.101 6444-TSRA-0825 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Crypto Industry and Digital Payments ETF<br> **Fidelity® Crypto Industry and Digital Payments ETF : FDIG** <br> **Principal U.S. Listing Exchange :** **NASDAQ/NMS Global Market**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Crypto Industry and Digital Payments ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Crypto Industry and Digital Payments ETF  | $44  | 0.39% |

---

**What affected the Fund's performance this period?**

• Global equities achieved a strong gain for the 12 months ending June 30, 2025, rising amid resilient economic growth throughout the world, a slowing in the pace of inflation in certain markets, global monetary easing and the benefit of generally weaker U.S. dollar for stocks abroad, despite elevated volatility stemming from changes to U.S. tariff policy and reactive tariff countermeasures from other countries.

• Against this backdrop, equities in the United States gained roughly 24% and contributed most to the fund's performance for the fiscal year, followed by Asia Pacific ex Japan (+7%).

• By sector, financials gained approximately 34% and contributed most, driven by the financial services industry (+34%). Information technology stocks also helped, gaining 8% and particularly benefiting from software & services stocks (+8%). The industrials sector rose about 7%, boosted by commercial & professional services firms (+7%).

• In contrast, Canada returned -34% and detracted most, followed by Europe ex U.K. (+1%), especially France (-29%). From a sector standpoint, communication services returned -21% and notably hurt. This group was especially hampered by the media & entertainment industry (-21%). Energy companies (-36%) further pressured performance.

• Turning to individual stocks, the biggest contributor was Coinbase Global (+57%), within the financial services industry. In that same same group, Robinhood Markets gained 142% and boosted the fund as well. Exposure to software & services stocks Core Scientific (+81%), Bitdeer Technologies (+10%) and Hut 8 (+25%) also added value.

• Conversely, the biggest detractor was Bitfarms (-68%), in the software & services industry. From the same category, CleanSpark (-30%) and MARA Holdings (-21%) also hindered the fund. Lastly, stakes in Bakkt Holdings (-74%) and Block (-24%), from the financial services group, weighed on performance as well.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

April 19, 2022 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fidelity® Crypto Industry and Digital Payments ETF<br>| $10000 | $4808<br>| $7450<br>| $11374<br>|
| Fidelity Crypto Industry and Digital Payments Index℠<br>| $10000 | $4812<br>| $7479<br>| $11466<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $8644<br>| $10111<br>| $12111<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img110587_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® Crypto Industry and Digital Payments ETF - NAV  | 22.94% | 11.05% |
| Fidelity Crypto Industry and Digital Payments Index℠ | 23.13%<br>| 11.38% |
| MSCI ACWI (All Country World Index) Index | 16.54%<br>| 11.37% |

---

**A** From April 19, 2022

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $195567027<br>|
| Number of Holdings | 52<br>|
| Total Advisory Fee | $553772<br>|
| Portfolio Turnover | 79%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 52.0 |
| Information Technology | 44.7 |
| Communication Services | 2.1 |
| Industrials | 1.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6565_20250630_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 69.1 |
| Canada | 6.5 |
| Japan | 6.2 |
| Australia | 5.8 |
| Brazil | 3.0 |
| Israel | 2.7 |
| China | 1.8 |
| Netherlands | 1.3 |
| Italy | 1.2 |
| Others | 2.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6565_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 69.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 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;Australia - 5.8&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;Brazil - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Coinbase Global Inc Class A | 14.7<br>|
| MARA Holdings Inc | 5.4<br>|
| Riot Platforms Inc | 4.5<br>|
| IREN Ltd | 4.3<br>|
| Cleanspark Inc | 4.1<br>|
| Core Scientific Inc | 4.1<br>|
| Applied Digital Corp | 3.4<br>|
| Block Inc Class A | 3.3<br>|
| Terawulf Inc | 3.0<br>|
| Etoro Group Ltd Class A | 2.7<br>|
|  | 49.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund added a contractual proxy and shareholder meeting expense cap during the reporting period. The fund modified its principal investment strategies during the reporting period. <br> The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img6565_20250630_2.jpg)<br>| ![](img110587_3.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> 1.9913376.101 6565-TSRA-0825 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Cloud Computing ETF<br> **Fidelity® Cloud Computing ETF : FCLD** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Cloud Computing ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Cloud Computing ETF  | $43  | 0.39% |

---

**What affected the Fund's performance this period?**

• Global equities achieved a strong gain for the 12 months ending June 30, 2025, rising amid resilient economic growth throughout the world, a slowing in the pace of inflation in certain markets, global monetary easing and the benefit of generally weaker U.S. dollar for stocks abroad, despite elevated volatility stemming from changes to U.S. tariff policy and reactive tariff countermeasures from other countries.

• Against this backdrop, equity markets in the United States gained approximately 17% and contributed most to the fund's performance for the fiscal year, followed by emerging markets (+43%), especially China (+94%).

• By sector, information technology stocks gained 19% and contributed most, driven by the software & services industry (+23%). Real estate also helped, advancing approximately 12% and benefiting from strong results among equity real estate investment trusts (+12%). The industrials sector rose about 12%, boosted by commercial & professional services firms (+12%).

• In contrast, from a sector standpoint, consumer discretionary returned -3% and detracted most. This group was hampered by the consumer discretionary distribution & retail industry (-3%).

• Turning to individual stocks, the top contributor was MicroStrategy (+205%), from the software & services industry. Within the same category, exposure to Oracle (+47%), Snowflake (+66%), Twilio (+117%) and ServiceNow (+31%) lifted the fund.

• Conversely, the biggest detractor was technology hardware & equipment company Super Micro Computer (-62%). Lastly, stakes in DocuSign (-18%), Teradata (-36%), PagerDuty (-39%) and Five9 (-40%), in the software & services industry, hurt as well.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 5, 2021 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fidelity® Cloud Computing ETF<br>| $10000 | $6331<br>| $7755<br>| $9629<br>| $11358<br>|
| Fidelity Cloud Computing Index℠<br>| $10000 | $6385<br>| $7854<br>| $9710<br>| $11499<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $8524<br>| $9970<br>| $11943<br>| $13918<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110588_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® Cloud Computing ETF - NAV  | 17.96% | 3.47% |
| Fidelity Cloud Computing Index℠ | 18.43%<br>| 3.81% |
| MSCI ACWI (All Country World Index) Index | 16.54%<br>| 9.25% |

---

**A** From October 5, 2021

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $92340103<br>|
| Number of Holdings | 53<br>|
| Total Advisory Fee | $320134<br>|
| Portfolio Turnover | 32%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 88.9 |
| Real Estate | 7.1 |
| Consumer Discretionary | 2.1 |
| Industrials | 1.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6443_20250630_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 93.7 |
| China | 3.5 |
| Israel | 1.8 |
| Germany | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6443_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 4.8<br>|
| Salesforce Inc | 4.6<br>|
| Servicenow Inc | 4.5<br>|
| MicroStrategy Inc Class A | 4.5<br>|
| Snowflake Inc Class A | 4.0<br>|
| Equinix Inc | 3.7<br>|
| Digital Realty Trust Inc | 3.4<br>|
| Datadog Inc Class A | 3.3<br>|
| Workday Inc Class A | 3.3<br>|
| Seagate Technology Holdings PLC | 2.9<br>|
|  | 39.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund changed its classification from non-diversified to diversified and modified its principal investment strategies and risks to reflect the change during the reporting period.<br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund added a contractual proxy and shareholder meeting expense cap during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img6443_20250630_2.jpg)<br>| ![](img110588_3.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> 1.9913373.101 6443-TSRA-0825 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Clean Energy ETF<br> **Fidelity® Clean Energy ETF : FRNW** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Clean Energy ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Clean Energy ETF  | $41  | 0.39% |

---

**What affected the Fund's performance this period?**

• Global equities achieved a strong gain for the 12 months ending June 30, 2025, rising amid resilient economic growth throughout the world, a slowing in the pace of inflation in certain markets, global monetary easing and the benefit of generally weaker U.S. dollar for stocks abroad, despite elevated volatility stemming from changes to U.S. tariff policy and reactive tariff countermeasures from other countries.

• Against this backdrop, equity markets in the United States gained approximately 12% and contributed most to the fund's performance for the fiscal year, followed by Europe ex U.K. (+5%), especially Germany (+31%).

• By sector, industrials advanced about 32% and contributed most, driven by the capital goods industry (+32%). Exposure to utilities stocks also helped (+6%).

• Conversely, Japan returned approximately -27% and was a notable detractor. From a sector standpoint, information technology returned approximately -20% and hurt most. This group was hampered by semiconductors & semiconductor equipment stocks (-27%). Stakes in materials companies (-1%) also hurt.

• Turning to individual stocks, the top contributor was GE Vernova (+202%), from the capital goods group. Within the same category, positions in Bloom Energy (+94%) and Goldwind Science & Technology (+137%) helped as well. Utilities stocks Acciona (+57%) and E.ON (+63%) added value too.

• In contrast, the biggest detractor was Enphase Energy (-60%), from the semiconductors & semiconductor equipment industry. In that same group, stakes in First Solar (-27%) and Xinyi Solar Holdings (-35%) hurt too. Another notable detractor was utilities holding Sunnova Energy International (-96%). Lastly, Vestas Wind Systems, within the capital goods group, returned about -35% and further pressured performance.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 5, 2021 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fidelity® Clean Energy ETF<br>| $10000 | $8388<br>| $8397<br>| $5931<br>| $6455<br>|
| Fidelity Clean Energy Index℠<br>| $10000 | $8508<br>| $8539<br>| $6049<br>| $6606<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $8524<br>| $9970<br>| $11943<br>| $13918<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110589_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® Clean Energy ETF - NAV  | 8.84% | -11.05% |
| Fidelity Clean Energy Index℠ | 9.22%<br>| -10.50% |
| MSCI ACWI (All Country World Index) Index | 16.54%<br>| 9.25% |

---

**A** From October 5, 2021

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $25686079<br>|
| Number of Holdings | 53<br>|
| Total Advisory Fee | $98256<br>|
| Portfolio Turnover | 46%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Utilities | 46.6 |
| Industrials | 31.6 |
| Information Technology | 19.5 |
| Materials | 1.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6442_20250630_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 34.0 |
| China | 11.1 |
| Canada | 9.4 |
| Spain | 7.2 |
| Denmark | 6.7 |
| Germany | 5.0 |
| Korea (South) | 4.7 |
| New Zealand | 3.9 |
| Portugal | 3.7 |
| Others | 14.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6442_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 34.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 9.4&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;Spain - 7.2&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;Denmark - 6.7&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;Germany - 5.0&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;Korea (South) - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;New Zealand - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Portugal - 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;Others - 14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| GE Vernova Inc | 4.8<br>|
| First Solar Inc | 4.2<br>|
| EDP SA | 3.7<br>|
| Vestas Wind Systems A/S | 3.6<br>|
| Orsted AS | 3.1<br>|
| NEXTracker Inc Class A | 2.9<br>|
| Itron Inc | 2.8<br>|
| Bloom Energy Corp Class A | 2.7<br>|
| Verbund AG Class A | 2.7<br>|
| Ormat Technologies Inc | 2.7<br>|
|  | 33.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund changed its classification from non-diversified to diversified and modified its principal investment strategies and risks to reflect the change during the reporting period.<br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund added a contractual proxy and shareholder meeting expense cap during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img6442_20250630_2.jpg)<br>| ![](img110589_3.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> 1.9913372.101 6442-TSRA-0825 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Enhanced Large Cap Value ETF<br> **Fidelity® Enhanced Large Cap Value ETF : FELV** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Enhanced Large Cap Value ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Enhanced Large Cap Value ETF  | $19  | 0.18% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 1000 Value Index for the fiscal year, led by the health care sector, primarily within the pharmaceuticals, biotechnology & life sciences industry. Picks in consumer staples also helped. Investment choices and an underweight in energy helped as well.

• The top individual relative contributor was an overweight in Carvana (+161%). An underweight in Regeneron Pharmaceuticals (-50%), a stake established this period, also helped. Exposure to shares of Twilio (+101%) added value as well, though the stock was no longer held at period end.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in information technology. Investment choices in industrials, primarily within the capital goods industry, also hurt, along with utilities.

• The biggest individual relative detractor was an underweight in Micron Technology (-6%). The position was decreased this period. Non-benchmark exposure to Adobe returned approximately -29% and hurt as well. A position in GE Vernova (+115%) was another challenge. The stock was not held at period end.

• Notable changes in positioning include increased exposure to the communication services and consumer discretionary sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

June 30, 2015 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Enhanced Large Cap Value ETF<br>| $10000 | $10097<br>| $11741<br>| $12937<br>| $13754<br>| $12666<br>| $18718<br>| $17791<br>| $19612<br>| $22435<br>| $25463<br>|
| Russell 1000® Value Index<br>| $10000 | $10286<br>| $11884<br>| $12688<br>| $13762<br>| $12546<br>| $18026<br>| $16797<br>| $18735<br>| $21181<br>| $24083<br>|
| Russell 1000® Index<br>| $10000 | $10293<br>| $12149<br>| $13916<br>| $15310<br>| $16455<br>| $23543<br>| $20474<br>| $24438<br>| $30274<br>| $35016<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110590_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Enhanced Large Cap Value ETF - NAV A  | 13.49% | 14.99% | 9.80% |
| Russell 1000® Value Index | 13.70%<br>| 13.93%<br>| 9.19% |
| Russell 1000® Index | 15.66%<br>| 16.30%<br>| 13.35% |

---

**A** Returns prior to the conversion are those of the former corresponding fund

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2317829364<br>|
| Number of Holdings | 383<br>|
| Total Advisory Fee | $3713212<br>|
| Portfolio Turnover | 69%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 22.6 |
| Industrials | 13.9 |
| Health Care | 13.0 |
| Information Technology | 10.7 |
| Consumer Discretionary | 7.8 |
| Communication Services | 7.5 |
| Consumer Staples | 6.1 |
| Energy | 5.6 |
| Materials | 5.0 |
| Real Estate | 3.7 |
| Utilities | 3.7 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7542_20250630_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 99.5 |
| Ireland | 0.2 |
| United Kingdom | 0.2 |
| Brazil | 0.1 |
| Puerto Rico | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7542_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Berkshire Hathaway Inc Class B | 3.4<br>|
| JPMorgan Chase & Co | 2.8<br>|
| Exxon Mobil Corp | 1.7<br>|
| Bank of America Corp | 1.7<br>|
| Philip Morris International Inc | 1.6<br>|
| Amazon.com Inc | 1.5<br>|
| Walmart Inc | 1.5<br>|
| Walt Disney Co/The | 1.4<br>|
| Alphabet Inc Class A | 1.4<br>|
| Johnson & Johnson | 1.2<br>|
|  | 18.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expenses <br> The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.<br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img7542_20250630_2.jpg)<br>| ![](img110590_3.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> 1.9913704.101 7542-TSRA-0825 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Enhanced International ETF<br> **Fidelity® Enhanced International ETF : FENI** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Enhanced International ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Enhanced International ETF  | $31  | 0.28% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending June 30, 2025, rising amid resilient global economic growth, a slowing in the pace of inflation in certain markets, global monetary easing and a generally weaker U.S. dollar, despite elevated volatility stemming from changes to U.S. tariff policy and reactive tariff countermeasures from other countries.

• Against this backdrop, security selection and an underweight in Europe ex U.K. and picks in the U.K. contributed to the fund's performance versus the MSCI EAFE Index (Net MA) for the fiscal year.

• By sector, security selection was the primary contributor, especially within consumer staples, where picks among food, beverage & tobacco stocks helped most. Investment choices in materials and financials also boosted the fund's relative performance.

• The top individual relative contributor was an underweight in LVMH Moet Hennessy Louis Vuitton (-30%). Outsized exposure to shares of Rolls-Royce (+131%) helped as well. A stake in Softbank (+29%), a position established this period, was another plus.

• In contrast, from a regional standpoint, stock picking and an underweight in Japan detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection among industrials firms. An overweight in information technology, primarily within the semiconductors & semiconductor equipment industry, and materials also hurt.

• The biggest individual relative detractor was an underweight in Rheinmetall (+316%), a position established this period. Avoiding Mitsubishi Heavy Industries, a benchmark component that gained approximately 136%, also hurt. A smaller-than-index holding in Nintendo (+83%), which was not held at period end, further detracted.

• Notable changes in geographic positioning include decreased exposure to Denmark and a higher allocation to Germany. By sector, meaningful shifts include increased exposure to communication services and financials stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

June 30, 2015 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Enhanced International ETF<br>| $10000 | $9040<br>| $11038<br>| $11860<br>| $11706<br>| $10969<br>| $14678<br>| $12046<br>| $14302<br>| $16382<br>| $19795<br>|
| MSCI EAFE Index<br>| $10000 | $9001<br>| $10847<br>| $11614<br>| $11766<br>| $11183<br>| $14829<br>| $12221<br>| $14546<br>| $16261<br>| $19197<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110591_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Enhanced International ETF - NAV A  | 20.83% | 12.53% | 7.07% |
| MSCI EAFE Index | 18.06%<br>| 11.41%<br>| 6.74% |

---

**A** Returns prior to the conversion are those of the former corresponding fund

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3192488948<br>|
| Number of Holdings | 301<br>|
| Total Advisory Fee | $5558713<br>|
| Portfolio Turnover | 73%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.0 |
| Industrials | 20.1 |
| Health Care | 10.5 |
| Information Technology | 8.7 |
| Consumer Discretionary | 8.2 |
| Materials | 6.4 |
| Consumer Staples | 6.3 |
| Communication Services | 5.3 |
| Utilities | 4.1 |
| Energy | 3.4 |
| Real Estate | 0.2 |

---

Common Stocks 97.6 <br> Preferred Stocks 0.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7544_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| Japan | 21.8 |
| United States | 11.1 |
| United Kingdom | 10.7 |
| Germany | 10.5 |
| France | 8.5 |
| Australia | 6.6 |
| Switzerland | 4.6 |
| Netherlands | 4.2 |
| Spain | 3.6 |
| Others | 18.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7544_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 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;Others - 18.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| ASML Holding NV | 2.1<br>|
| Novartis AG | 1.8<br>|
| Siemens AG | 1.5<br>|
| Roche Holding AG | 1.4<br>|
| Allianz SE | 1.4<br>|
| SAP SE | 1.2<br>|
| TotalEnergies SE | 1.2<br>|
| Banco Santander SA | 1.2<br>|
| Rolls-Royce Holdings PLC | 1.2<br>|
| HSBC Holdings PLC | 1.1<br>|
|  | 14.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expenses <br> The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.<br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img7544_20250630_2.jpg)<br>| ![](img110591_3.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> 1.9913706.101 7544-TSRA-0825 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Enhanced Large Cap Core ETF<br> **Fidelity® Enhanced Large Cap Core ETF : FELC** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Enhanced Large Cap Core ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Enhanced Large Cap Core ETF  | $19  | 0.18% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P 500® index for the fiscal year, especially within the industrials sector. Stock picks in information technology also hurt. Further detracting from the portfolio's relative result were investment choices and an overweight in consumer discretionary, primarily within the automobiles & components industry.

• The largest individual relative detractor was an underweight in Palantir Technologies (+266%), a stake established this period. An underweight in Tesla (+61%) also hurt. The investment was increased prior to June 30. An overweight in Adobe (-30%) detracted as well.

• In contrast, the biggest contributor to performance versus the benchmark was security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Picks in consumer staples, primarily among food, beverage & tobacco firms, also boosted the fund's relative return. Investment choices and an outsized exposure to communication services, primarily within the media & entertainment industry, helped as well.

• The fund's non-benchmark stake in Carvana gained 154% and was the top individual relative contributor. This period the fund's investment in the stock was decreased. An overweight in Netflix (+97%) was another plus. The company was one of our biggest holdings at period end. A non-benchmark stake in Exelixis gained about 96% and notably bolstered performance, although the position was reduced this period.

• Notable changes in positioning include increased exposure to the financials sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

June 30, 2015 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Enhanced Large Cap Core ETF<br>| $10000 | $10093<br>| $11754<br>| $13714<br>| $14876<br>| $15979<br>| $22814<br>| $20828<br>| $24553<br>| $30921<br>| $35273<br>|
| S&P 500® Index<br>| $10000 | $10399<br>| $12260<br>| $14023<br>| $15483<br>| $16645<br>| $23436<br>| $20948<br>| $25053<br>| $31204<br>| $35936<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110592_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Enhanced Large Cap Core ETF - NAV A  | 14.07% | 17.16% | 13.43% |
| S&P 500® Index | 15.16%<br>| 16.64%<br>| 13.65% |

---

**A** Returns prior to the conversion are those of the former corresponding fund

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4685165300<br>|
| Number of Holdings | 199<br>|
| Total Advisory Fee | $7153740<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.8 |
| Financials | 14.7 |
| Communication Services | 11.7 |
| Consumer Discretionary | 10.7 |
| Health Care | 10.0 |
| Industrials | 9.7 |
| Consumer Staples | 3.5 |
| Energy | 2.6 |
| Materials | 2.3 |
| Real Estate | 1.2 |
| Utilities | 0.8 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7541_20250630_AA.jpg) <br>|

---

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

United States 100.0 <br> United Kingdom 0.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7541_20250630_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> United Kingdom - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.8<br>|
| Microsoft Corp | 6.7<br>|
| Apple Inc | 6.3<br>|
| Amazon.com Inc | 4.2<br>|
| Meta Platforms Inc Class A | 3.0<br>|
| Broadcom Inc | 3.0<br>|
| Berkshire Hathaway Inc Class B | 2.2<br>|
| Alphabet Inc Class C | 2.1<br>|
| Alphabet Inc Class A | 1.9<br>|
| JPMorgan Chase & Co | 1.9<br>|
|  | 39.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expenses <br> The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.<br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img7541_20250630_2.jpg)<br>| ![](img110592_3.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> 1.9913703.101 7541-TSRA-0825 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Enhanced Large Cap Growth ETF<br> **Fidelity® Enhanced Large Cap Growth ETF : FELG** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Enhanced Large Cap Growth ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Enhanced Large Cap Growth ETF  | $19  | 0.18% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by the information technology sector. Picks in financials, primarily within the financial services industry, also hurt. Investment choices and an underweight in utilities pressured the portfolio's relative return as well.

• The largest individual relative detractor was an underweight in Palantir Technologies (+438%), a position established this period. A non-benchmark stake in Abercrombie & Fitch returned about -53% and hurt too. Another notable relative detractor was an overweight stake in Merck (-34%).

• In contrast, the biggest contributor to performance versus the benchmark was security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Picks and an overweight in communication services, especially among media & entertainment firms, in addition to investment choices and an underweight in consumer staples, further boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Roblox (+90%), a position established this period. Outsized exposure to Exelixis (+92%) also helped. A larger-than-benchmark stake in Netflix (+98%) was another plus. The company was one of the fund's biggest holdings at period end.

• Notable changes in positioning include decreased exposure to the health care sector and a higher allocation to consumer discretionary stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

June 30, 2015 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Enhanced Large Cap Growth ETF<br>| $10000 | $10059<br>| $11918<br>| $14475<br>| $15717<br>| $19077<br>| $27473<br>| $22858<br>| $28403<br>| $38437<br>| $44337<br>|
| Russell 1000® Growth Index<br>| $10000 | $10302<br>| $12406<br>| $15199<br>| $16956<br>| $20904<br>| $29787<br>| $24195<br>| $30754<br>| $41051<br>| $48119<br>|
| Russell 1000® Index<br>| $10000 | $10293<br>| $12149<br>| $13916<br>| $15310<br>| $16455<br>| $23543<br>| $20474<br>| $24438<br>| $30274<br>| $35016<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110593_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Enhanced Large Cap Growth ETF - NAV A  | 15.35% | 18.37% | 16.06% |
| Russell 1000® Growth Index | 17.22%<br>| 18.15%<br>| 17.01% |
| Russell 1000® Index | 15.66%<br>| 16.30%<br>| 13.35% |

---

**A** Returns prior to the conversion are those of the former corresponding fund

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3687451470<br>|
| Number of Holdings | 109<br>|
| Total Advisory Fee | $5510653<br>|
| Portfolio Turnover | 60%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 48.8 |
| Consumer Discretionary | 15.6 |
| Communication Services | 12.7 |
| Health Care | 7.1 |
| Industrials | 5.7 |
| Financials | 5.3 |
| Consumer Staples | 1.3 |
| Materials | 0.8 |
| Energy | 0.7 |
| Real Estate | 0.1 |

---

Common Stocks 98.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7543_20250630_AA.jpg) <br>|

---

Common Stocks - 98.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.9 <br>

United States 99.8 <br> Finland 0.1 <br> United Kingdom 0.1

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7543_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Finland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 12.8<br>|
| Microsoft Corp | 12.0<br>|
| Apple Inc | 9.9<br>|
| Amazon.com Inc | 5.7<br>|
| Meta Platforms Inc Class A | 4.6<br>|
| Broadcom Inc | 4.6<br>|
| Tesla Inc | 3.2<br>|
| Netflix Inc | 2.5<br>|
| Alphabet Inc Class C | 2.4<br>|
| Alphabet Inc Class A | 2.2<br>|
|  | 59.9 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expenses <br> The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.<br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img7543_20250630_2.jpg)<br>| ![](img110593_3.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> 1.9913705.101 7543-TSRA-0825 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Enhanced Small Cap ETF<br> **Fidelity® Enhanced Small Cap ETF : FESM** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Enhanced Small Cap ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Enhanced Small Cap ETF  | $30  | 0.28% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 2000 Index for the fiscal year, led by the health care sector, where our stock picks among health care equipment & services stocks helped most. Investment choices in communication services and financials boosted the fund's relative result as well.

• The top individual relative contributor was an overweight in Lumen Technologies (+255%). Outsized exposure to Dave (+225%), a stake established this period, was another plus. The company was one of our biggest holdings at period end. A non-benchmark stake in Carvana (+168%) helped as well.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in consumer discretionary. Security selection in energy also hampered the fund's result. Investment choices and an underweight in utilities hurt too.

• The biggest individual relative detractor was an overweight in Abercrombie & Fitch (-53%). However, the position was increased this period, making it one of the fund's biggest holdings on June 30. An overweight in Helmerich & Payne (-55%) also helped. This was an investment established this period. Another performance challenge was a stake in Rocket Lab (+35%).

• Notable changes in positioning include increased exposure to the real estate and financials sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

June 30, 2015 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Enhanced Small Cap ETF<br>| $10000 | $9365<br>| $11424<br>| $12949<br>| $12328<br>| $11141<br>| $18746<br>| $14591<br>| $16858<br>| $19250<br>| $21404<br>|
| Russell 2000® Index<br>| $10000 | $9327<br>| $11621<br>| $13663<br>| $13211<br>| $12335<br>| $19987<br>| $14951<br>| $16790<br>| $18479<br>| $19898<br>|
| Russell 3000® Index<br>| $10000 | $10214<br>| $12104<br>| $13893<br>| $15141<br>| $16130<br>| $23253<br>| $20029<br>| $23825<br>| $29335<br>| $33822<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110594_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Enhanced Small Cap ETF - NAV A  | 11.19% | 13.95% | 7.91% |
| Russell 2000® Index | 7.68%<br>| 10.04%<br>| 7.12% |
| Russell 3000® Index | 15.30%<br>| 15.96%<br>| 12.96% |

---

**A** Returns prior to the conversion are those of the former corresponding fund

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1899023041<br>|
| Number of Holdings | 603<br>|
| Total Advisory Fee | $3895750<br>|
| Portfolio Turnover | 73%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 18.7 |
| Industrials | 16.6 |
| Information Technology | 15.1 |
| Health Care | 15.0 |
| Consumer Discretionary | 10.2 |
| Materials | 5.4 |
| Real Estate | 5.3 |
| Energy | 4.3 |
| Communication Services | 2.7 |
| Consumer Staples | 2.5 |
| Utilities | 2.5 |

---

Common Stocks 98.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7545_20250630_AA.jpg) <br>|

---

Common Stocks - 98.3&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) - 1.7 <br>

---

| | |
|:---|:---|
| United States | 98.6 |
| Thailand | 0.4 |
| Ireland | 0.2 |
| Canada | 0.2 |
| Puerto Rico | 0.1 |
| Switzerland | 0.1 |
| Monaco | 0.1 |
| Norway | 0.1 |
| Panama | 0.1 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7545_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Monaco - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Panama - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Guardant Health Inc | 0.9<br>|
| Q2 Holdings Inc | 0.8<br>|
| Coeur Mining Inc | 0.8<br>|
| Dave Inc Class A | 0.8<br>|
| Option Care Health Inc | 0.8<br>|
| Credo Technology Group Holding Ltd | 0.8<br>|
| CareTrust REIT Inc | 0.7<br>|
| SkyWest Inc | 0.7<br>|
| HealthEquity Inc | 0.7<br>|
| Southwest Gas Holdings Inc | 0.7<br>|
|  | 7.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund added a contractual proxy and shareholder meeting expense cap during the reporting period. The fund modified its principal investment strategies during the reporting period. <br> The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img7545_20250630_2.jpg)<br>| ![](img110594_3.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> 1.9912775.101 7545-TSRA-0825 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Enhanced Mid Cap ETF<br> **Fidelity® Enhanced Mid Cap ETF : FMDE** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Enhanced Mid Cap ETF for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Enhanced Mid Cap ETF  | $25  | 0.23% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell MidCap Index for the fiscal year, led by the consumer discretionary sector. Stock picks in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, as well as industrials, especially among capital goods firms, further boosted the fund's relative result.

• The top individual relative contributor was an overweight in Carvana (+156%), a position established this period. The stock was among our biggest holdings at period end. Outsized exposure to Roblox (+185%), a holding purchased prior to June 30, also helped. The company was among the fund's largest holdings at period end. A larger-than-benchmark stake in Howmet Aerospace (+140%) was another plus. The stock was the portfolio's biggest holding at period end.

• In contrast, the most sizable detractor from performance versus the benchmark was security selection in information technology. Underweight allocations to utilities and real estate hurt as well.

• The largest individual relative detractor was a stake in Palantir Technologies (+373%), an investment established this period. The stock also was among our largest holdings this period. Comparatively small exposure to Robinhood Markets (+312%) helped as well given that the fund's stake in the stock was decreased this period. A holding in MicroStrategy (+33%) also detracted, and this position was no longer in the fund at period end.

• Notable changes in positioning include increased exposure to the communication services and real estate sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

June 30, 2015 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Enhanced Mid Cap ETF<br>| $10000 | $9726<br>| $11464<br>| $12782<br>| $13362<br>| $12971<br>| $19441<br>| $16544<br>| $19010<br>| $22095<br>| $26116<br>|
| Russell Midcap® Index<br>| $10000 | $10056<br>| $11713<br>| $13157<br>| $14187<br>| $13869<br>| $20776<br>| $17182<br>| $19746<br>| $22289<br>| $25678<br>|
| Russell 3000® Index<br>| $10000 | $10214<br>| $12104<br>| $13893<br>| $15141<br>| $16130<br>| $23253<br>| $20029<br>| $23825<br>| $29335<br>| $33822<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110595_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Enhanced Mid Cap ETF - NAV A  | 18.20% | 15.02% | 10.08% |
| Russell Midcap® Index | 15.21%<br>| 13.11%<br>| 9.89% |
| Russell 3000® Index | 15.30%<br>| 15.96%<br>| 12.96% |

---

**A** Returns prior to the conversion are those of the former corresponding fund

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2837676062<br>|
| Number of Holdings | 366<br>|
| Total Advisory Fee | $5129920<br>|
| Portfolio Turnover | 70%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 17.8 |
| Financials | 16.8 |
| Information Technology | 13.4 |
| Consumer Discretionary | 13.4 |
| Health Care | 9.2 |
| Real Estate | 8.1 |
| Materials | 4.7 |
| Energy | 4.6 |
| Communication Services | 4.0 |
| Utilities | 4.0 |
| Consumer Staples | 3.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7546_20250630_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 98.8 |
| Korea (South) | 0.7 |
| United Kingdom | 0.3 |
| Brazil | 0.1 |
| Canada | 0.1 |
| Puerto Rico | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7546_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Howmet Aerospace Inc | 1.3<br>|
| Bank of New York Mellon Corp/The | 1.1<br>|
| ROBLOX Corp Class A | 1.1<br>|
| Axon Enterprise Inc | 1.0<br>|
| Cheniere Energy Inc | 1.0<br>|
| Digital Realty Trust Inc | 1.0<br>|
| Carvana Co Class A | 1.0<br>|
| MSCI Inc | 1.0<br>|
| Allstate Corp/The | 0.9<br>|
| Veeva Systems Inc Class A | 0.9<br>|
|  | 10.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expenses <br> The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.<br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment strategies during the reporting period. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;The fund modified its principal investment risks during the reporting period. <br>|  |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img7546_20250630_2.jpg)<br>| ![](img110595_3.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> 1.9913707.101 7546-TSRA-0825 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Enhanced U.S. All-Cap Equity ETF<br> **Fidelity® Enhanced U.S. All-Cap Equity ETF : FEAC** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This annual shareholder report contains information about Fidelity® Enhanced U.S. All-Cap Equity ETF for the period November 19, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Enhanced U.S. All-Cap Equity ETF A | $11  | 0.18% |

---

A Expenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. stocks gained ground between the fund's November 19, 2024, inception date and the fund's June 30, 2025, fiscal year end, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to performance versus the Russell 3000 Index for the reporting period, especially in the communication services, health care and consumer discretionary sectors. Picks in energy also helped.

• The largest individual relative contributor was an overweight in Netflix (+52%). Outsized exposure to Advanced Micro Devices (+23%) helped, as well. Adding further value in relative terms was an overweight in KLA (+46%).

• In contrast, the biggest detractor from performance versus the benchmark was security selection in information technology, primarily within the software & services industry. An overweight in health care also hurt.

• The largest individual relative detractor was a lack of exposure to benchmark component Palantir Technologies (+119%). An overweight in Adobe (-23%) also weighed on relative performance. An outsized stake in Fiserv (-25%) further hampered the fund's relative result.

• Notable changes in positioning include increased exposure to the information technology and consumer discretionary sectors.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

November 19, 2024 through June 30, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Fidelity® Enhanced U.S. All-Cap Equity ETF<br>| $10000 | $10534<br>|
| Russell 3000® Index<br>| $10000 | $10493<br>|
|  | 2024 | 2025 |

---

![](img110596_1.jpg)

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5249875<br>|
| Number of Holdings | 419<br>|
| Total Advisory Fee | $4835<br>|
| Portfolio Turnover | 101%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 30.7 |
| Financials | 14.1 |
| Consumer Discretionary | 11.7 |
| Health Care | 11.4 |
| Communication Services | 10.8 |
| Industrials | 10.4 |
| Consumer Staples | 3.0 |
| Energy | 2.9 |
| Materials | 2.9 |
| Real Estate | 1.7 |
| Utilities | 0.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7725_20250630_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 99.2 |
| Korea (South) | 0.3 |
| United Kingdom | 0.1 |
| Canada | 0.1 |
| Monaco | 0.1 |
| Brazil | 0.1 |
| Bailiwick Of Guernsey | 0.1 |
| Ireland | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7725_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Monaco - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Guernsey - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.9<br>|
| Microsoft Corp | 5.6<br>|
| Apple Inc | 4.4<br>|
| Broadcom Inc | 2.8<br>|
| Amazon.com Inc | 2.8<br>|
| Meta Platforms Inc Class A | 2.0<br>|
| Alphabet Inc Class A | 1.8<br>|
| Netflix Inc | 1.7<br>|
| Walmart Inc | 1.4<br>|
| Home Depot Inc/The | 1.3<br>|
|  | 30.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img7725_20250630_2.jpg)<br>| ![](img110596_3.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> 1.9918719.100 7725-TSRA-0825 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Enhanced Emerging Markets ETF<br> **Fidelity® Enhanced Emerging Markets ETF : FEMR** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>|

---

This annual shareholder report contains information about Fidelity® Enhanced Emerging Markets ETF for the period November 19, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Enhanced Emerging Markets ETF A | $25  | 0.38% |

---

A Expenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• International equities achieved a strong gain between the fund's November 19, 2024, inception date and the fund's June 30, 2025, fiscal year end, rising amid resilient global economic growth, a slowing in the pace of inflation in certain markets, global monetary easing and a generally weaker U.S. dollar, despite elevated volatility stemming from changes to U.S. tariff policy and reactive tariff countermeasures from other countries.

• Against this backdrop, security selection in Emerging Asia, especially South Korea, and an underweight in the Middle East contributed to the fund's performance versus the MSCI Emerging Markets Index for the reporting period.

• By sector, security selection was the primary contributor, especially in utilities, health care and consumer discretionary. Within the latter category, picks among consumer discretionary distribution & retail stocks notably helped.

• The top individual relative contributor was an overweight in Pop Mart International Group (+239%), a position added this period. Outsized exposure to Hanwha Aerospace (+136%) also helped. A larger-than-index stake in Korea Electric Power (+72%) was another plus. This position was increased during the reporting period.

• In contrast, from a geographic standpoint, positioning in Taiwan and security selection in China, South Africa and India detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in the information technology sector, primarily within the technology hardware & equipment industry. Stock picking and an underweight in financials also hurt.

• The biggest individual relative detractor was a stake in Xiaomi (+101%), a position that was increased during the period. An overweight in Infosys (-15%) hurt, as well. Exposure to shares of Alibaba Group Holding (+31%), whose portfolio stake grew during the period, further pressured performance.

• Notable changes in sector positioning include an increase to the utility and communication services sectors and a reduction to information technology and health care.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

November 19, 2024 through June 30, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Fidelity® Enhanced Emerging Markets ETF<br>| $10000 | $11400<br>|
| MSCI Emerging Markets Index<br>| $10000 | $11338<br>|
|  | 2024 | 2025 |

---

![](img110597_1.jpg)

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $11217856<br>|
| Number of Holdings | 140<br>|
| Total Advisory Fee | $24081<br>|
| Portfolio Turnover | 46%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 24.6 |
| Financials | 21.7 |
| Consumer Discretionary | 15.5 |
| Industrials | 8.7 |
| Communication Services | 8.5 |
| Consumer Staples | 5.3 |
| Health Care | 4.3 |
| Energy | 3.3 |
| Materials | 2.6 |
| Utilities | 2.4 |
| Real Estate | 1.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7726_20250630_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>

---

| | |
|:---|:---|
| China | 31.1 |
| Taiwan | 19.0 |
| India | 15.0 |
| Korea (South) | 12.1 |
| Brazil | 5.4 |
| South Africa | 2.1 |
| United States | 1.9 |
| Saudi Arabia | 1.7 |
| United Arab Emirates | 1.6 |
| Others | 10.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7726_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 31.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 19.0&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;India - 15.0&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;Korea (South) - 12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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;South Africa - 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 States - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Saudi Arabia - 1.7&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 - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 10.1<br>|
| Tencent Holdings Ltd | 4.9<br>|
| Alibaba Group Holding Ltd | 3.1<br>|
| HDFC Bank Ltd ADR | 3.1<br>|
| ICICI Bank Ltd ADR | 2.5<br>|
| SK Hynix Inc | 2.4<br>|
| Samsung Electronics Co Ltd | 2.1<br>|
| Xiaomi Corp B Shares | 2.0<br>|
| Infosys Ltd ADR | 1.9<br>|
| Mahindra & Mahindra Ltd GDR | 1.6<br>|
|  | 33.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img7726_20250630_2.jpg)<br>| ![](img110597_3.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> 1.9918717.100 7726-TSRA-0825 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, June 30, 2025, Fidelity Covington Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Clean Energy ETF, Fidelity Cloud Computing ETF, Fidelity Crypto Industry and Digital Payments ETF, Fidelity Digital Health ETF, Fidelity Electric Vehicles and Future Transportation ETF, and Fidelity Metaverse ETF (the "Funds"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>June 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Fidelity Clean Energy ETF | &nbsp;&nbsp; $14000  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4100  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Fidelity Cloud Computing ETF | &nbsp;&nbsp; $14000  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4400  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Fidelity Crypto Industry and Digital Payments ETF | &nbsp;&nbsp; $14200  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4400  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Fidelity Digital Health ETF | &nbsp;&nbsp; $14000  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4100  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Fidelity Electric Vehicles and Future Transportation ETF | &nbsp;&nbsp; $14000  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4100  | &nbsp;&nbsp; $300  |
| &nbsp;&nbsp; Fidelity Metaverse ETF | &nbsp;&nbsp; $14200  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4700  | &nbsp;&nbsp; $300  |

---

**<u>June 30, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Fidelity Clean Energy ETF | &nbsp;&nbsp; $15600  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4000  | &nbsp;&nbsp; $400  |
| &nbsp;&nbsp; Fidelity Cloud Computing ETF | &nbsp;&nbsp; $15600  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4000  | &nbsp;&nbsp; $400  |
| &nbsp;&nbsp; Fidelity Crypto Industry and Digital Payments ETF | &nbsp;&nbsp; $15700  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4300  | &nbsp;&nbsp; $400  |
| &nbsp;&nbsp; Fidelity Digital Health ETF | &nbsp;&nbsp; $15600  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4000  | &nbsp;&nbsp; $400  |
| &nbsp;&nbsp; Fidelity Electric Vehicles and Future Transportation ETF | &nbsp;&nbsp; $15600  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4000  | &nbsp;&nbsp; $400  |
| &nbsp;&nbsp; Fidelity Metaverse ETF | &nbsp;&nbsp; $15800  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4300  | &nbsp;&nbsp; $400  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Enhanced Emerging Markets ETF, Fidelity Enhanced International ETF, Fidelity Enhanced Large Cap Core ETF, Fidelity Enhanced Large Cap Growth ETF, Fidelity Enhanced Large Cap Value ETF, Fidelity Enhanced Mid Cap ETF, Fidelity Enhanced Small Cap ETF, and Fidelity Enhanced U.S. All-Cap Equity ETF (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>June 30, 2025 Fees</u><sup>A,C</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Fidelity Enhanced Emerging Markets ETF | &nbsp;&nbsp; $19200  | &nbsp;&nbsp; $800 | &nbsp;&nbsp; $4900  | &nbsp;&nbsp; $400  |
| &nbsp;&nbsp; Fidelity Enhanced International ETF | &nbsp;&nbsp; $43700  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $10100  | &nbsp;&nbsp; $1300  |
| &nbsp;&nbsp; Fidelity Enhanced Large Cap Core ETF | &nbsp;&nbsp; $43200  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $10100  | &nbsp;&nbsp; $1300  |
| &nbsp;&nbsp; Fidelity Enhanced Large Cap Growth ETF | &nbsp;&nbsp; $45800  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $10900  | &nbsp;&nbsp; $1300  |
| &nbsp;&nbsp; Fidelity Enhanced Large Cap Value ETF | &nbsp;&nbsp; $48300  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13300  | &nbsp;&nbsp; $1300  |
| &nbsp;&nbsp; Fidelity Enhanced Mid Cap ETF | &nbsp;&nbsp; $45700  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $10100  | &nbsp;&nbsp; $1300  |
| &nbsp;&nbsp; Fidelity Enhanced Small Cap ETF | &nbsp;&nbsp; $43100  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $10100  | &nbsp;&nbsp; $1800  |
| &nbsp;&nbsp; Fidelity Enhanced U.S. All-Cap Equity ETF | &nbsp;&nbsp; $19200  | &nbsp;&nbsp; $800 | &nbsp;&nbsp; $4900  | &nbsp;&nbsp; $400  |

---

**<u>June 30, 2024 Fees</u><sup>A,B,C</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Fidelity Enhanced Emerging Markets ETF | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $-  |
| &nbsp;&nbsp; Fidelity Enhanced International ETF | &nbsp;&nbsp; $39700  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9800  | &nbsp;&nbsp; $700  |
| &nbsp;&nbsp; Fidelity Enhanced Large Cap Core ETF | &nbsp;&nbsp; $39200  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9800  | &nbsp;&nbsp; $700  |
| &nbsp;&nbsp; Fidelity Enhanced Large Cap Growth ETF | &nbsp;&nbsp; $39200  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9800  | &nbsp;&nbsp; $700  |
| &nbsp;&nbsp; Fidelity Enhanced Large Cap Value ETF | &nbsp;&nbsp; $39200  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9800  | &nbsp;&nbsp; $700  |
| &nbsp;&nbsp; Fidelity Enhanced Mid Cap ETF | &nbsp;&nbsp; $39200  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9800  | &nbsp;&nbsp; $700  |
| &nbsp;&nbsp; Fidelity Enhanced Small Cap ETF | &nbsp;&nbsp; $66100  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13500  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Fidelity Enhanced U.S. All-Cap Equity ETF | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $-  |

---

<sup>A</sup> Amounts may reflect rounding.

<sup>B</sup> Fidelity Enhanced International ETF, Fidelity Enhanced Large Cap Core ETF, Fidelity Enhanced Large Cap Growth ETF, Fidelity Enhanced Large Cap Value ETF, Fidelity Enhanced Mid Cap ETF, and Fidelity Enhanced Small Cap ETF commenced operations on November 17, 2023.

<sup>C</sup> Fidelity Enhanced Emerging Markets ETF and Fidelity Enhanced U.S. All-Cap Equity ETF commenced operations on November 19, 2024.

The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **<u>June 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp; **<u>June 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp; Audit-Related Fees | &nbsp;&nbsp; $125000  | &nbsp;&nbsp; $200000 |
| &nbsp;&nbsp; Tax Fees | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $- |
| &nbsp;&nbsp; All Other Fees | &nbsp;&nbsp; $2970400  | &nbsp;&nbsp; $1929500 |

---

<sup>A</sup> Amounts may reflect rounding.

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **<u>June 30, 2025</u><sup>A,C</sup>** | &nbsp;&nbsp; **<u>June 30, 2024</u><sup>A,B,C</sup>** |
| &nbsp;&nbsp; Audit-Related Fees | &nbsp;&nbsp; $9680100  | &nbsp;&nbsp; $9437800  |
| &nbsp;&nbsp; Tax Fees | &nbsp;&nbsp; $1000  | &nbsp;&nbsp; $61000  |
| &nbsp;&nbsp; All Other Fees | &nbsp;&nbsp; $- | &nbsp;&nbsp; $35000 |

---

<sup>A</sup> Amounts may reflect rounding.

<sup>B</sup> May include amounts billed prior to the Fidelity Enhanced International ETF, Fidelity Enhanced Large Cap Core ETF, Fidelity Enhanced Large Cap Growth ETF, Fidelity Enhanced Large Cap Value ETF, Fidelity Enhanced Mid Cap ETF, and Fidelity Enhanced Small Cap ETF's commencement of operations.

<sup>C</sup> May include amounts billed prior to the Fidelity Enhanced Emerging Markets ETF and Fidelity Enhanced U.S. All-Cap Equity ETF's commencement of operations.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **<u>Billed By</u>** | &nbsp;&nbsp; **<u>June 30, 2025</u><sup>A,C</sup>** | &nbsp;&nbsp; **<u>June 30, 2024</u><sup>A,B,C</sup>** |
| &nbsp;&nbsp; Deloitte Entities | &nbsp;&nbsp; $3459800  | &nbsp;&nbsp; $6225500  |
| &nbsp;&nbsp; PwC | &nbsp;&nbsp; $14722700  | &nbsp;&nbsp; $15075400  |

---

<sup>A</sup> Amounts may reflect rounding.

<sup>B</sup> May include amounts billed prior to the Fidelity Enhanced International ETF, Fidelity Enhanced Large Cap Core ETF, Fidelity Enhanced Large Cap Growth ETF, Fidelity Enhanced Large Cap Value ETF, Fidelity Enhanced Mid Cap ETF, and Fidelity Enhanced Small Cap ETF's commencement of operations.

<sup>C</sup> May include amounts billed prior to the Fidelity Enhanced Emerging Markets ETF and Fidelity Enhanced U.S. All-Cap Equity ETF's commencement of operations.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

Item 5.

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

The Audit Committee is a separately-designated standing audit committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. As of June 30, 2025, the members of the Audit Committee were Donald F. Donahue, Vijay C. Advani, Thomas Kennedy, Karen B. Peetz and Susan Tomasky.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

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

**Fidelity® Clean Energy ETF**

**Fidelity® Cloud Computing ETF**

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

**Fidelity® Digital Health ETF**

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

**Fidelity® Metaverse ETF**

**Annual Report**

**June 30, 2025**

![](img110528_1.jpg)

![](img110528_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_CEE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Clean Energy ETF](#Sub_Sec_Fund_6442_CEE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Cloud Computing ETF](#Sub_Sec_Fund_6443_CEE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Crypto Industry and Digital Payments ETF](#Sub_Sec_Fund_6565_CEE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Digital Health ETF](#Sub_Sec_Fund_6444_CEE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Electric Vehicles and Future Transportation ETF](#Sub_Sec_Fund_6445_CEE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Metaverse ETF](#Sub_Sec_Fund_6566_CEE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6442_CEE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_CEE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_CEE-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CEE-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CEE-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CEE-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CEE-ANN)** |

---

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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 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 (Annual Report)**

**Fidelity® Clean Energy ETF**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| AUSTRIA - 2.7%  |  |  |
| Utilities - 2.7% |  |  |
| Electric Utilities - 2.7% |  |  |
| Verbund AG Class A  | 9144 | 699300 |
| CANADA - 9.4%  |  |  |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| Canadian Solar Inc (a)(b) | 25688 | 283595 |
| Utilities - 8.3% |  |  |
| Independent Power and Renewable Electricity Producers - 8.3% |  |  |
| Boralex Inc Class A  | 19697 | 456734 |
| Brookfield Renewable Corp Class A  | 20086 | 656972 |
| Innergex Renewable Energy Inc  | 41605 | 418337 |
| Northland Power Inc  | 38908 | 609354 |
|  |  | 2141397 |
| TOTAL CANADA |  | 2424992 |
| CHINA - 11.1%  |  |  |
| Industrials - 1.5% |  |  |
| Electrical Equipment - 1.5% |  |  |
| Goldwind Science & Technology Co Ltd H Shares  | 431200 | 410327 |
| Information Technology - 4.5% |  |  |
| Semiconductors & Semiconductor Equipment - 4.5% |  |  |
| Flat Glass Group Co Ltd H Shares (b) | 308000 | 345666 |
| JinkoSolar Holding Co Ltd ADR  | 17477 | 370862 |
| Xinyi Solar Holdings Ltd  | 1348000 | 427582 |
|  |  | 1144110 |
| Utilities - 5.1% |  |  |
| Independent Power and Renewable Electricity Producers - 5.1% |  |  |
| China Datang Corp Renewable Power Co Ltd H Shares (b) | 1060000 | 329478 |
| China Longyuan Power Group Corp Ltd H Shares  | 617000 | 555693 |
| China Power International Development Ltd  | 1088000 | 414410 |
|  |  | 1299581 |
| TOTAL CHINA |  | 2854018 |
| DENMARK - 6.7%  |  |  |
| Industrials - 3.6% |  |  |
| Electrical Equipment - 3.6% |  |  |
| Vestas Wind Systems A/S  | 62060 | 927805 |
| Utilities - 3.1% |  |  |
| Independent Power and Renewable Electricity Producers - 3.1% |  |  |
| Orsted AS (a)(c)(d) | 18521 | 792616 |
| TOTAL DENMARK |  | 1720421 |
| FRANCE - 1.9%  |  |  |
| Industrials - 1.9% |  |  |
| Construction & Engineering - 1.9% |  |  |
| Vinci SA  | 3377 | 495908 |
| GERMANY - 5.0%  |  |  |
| Industrials - 1.9% |  |  |
| Electrical Equipment - 1.9% |  |  |
| Nordex SE (a) | 24330 | 480375 |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| SMA Solar Technology AG (a)(b) | 12177 | 303604 |
| Utilities - 2.0% |  |  |
| Multi-Utilities - 2.0% |  |  |
| E.ON SE  | 27672 | 507544 |
| TOTAL GERMANY |  | 1291523 |
| HONG KONG - 1.4%  |  |  |
| Industrials - 1.4% |  |  |
| Construction & Engineering - 1.4% |  |  |
| Central New Energy Holding Group Ltd (a)(b) | 364000 | 370955 |
| INDIA - 1.1%  |  |  |
| Utilities - 1.1% |  |  |
| Independent Power and Renewable Electricity Producers - 1.1% |  |  |
| ReNew Energy Global PLC Class A (a)(b) | 40246 | 278099 |
| ISRAEL - 2.2%  |  |  |
| Utilities - 2.2% |  |  |
| Independent Power and Renewable Electricity Producers - 2.2% |  |  |
| Enlight Renewable Energy Ltd (a) | 24656 | 559382 |
| ITALY - 1.5%  |  |  |
| Utilities - 1.5% |  |  |
| Independent Power and Renewable Electricity Producers - 1.5% |  |  |
| ERG SpA  | 17414 | 379393 |
| JAPAN - 1.7%  |  |  |
| Industrials - 0.9% |  |  |
| Construction & Engineering - 0.9% |  |  |
| West Holdings Corp  | 20500 | 236159 |
| Utilities - 0.8% |  |  |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| RENOVA Inc (a) | 44300 | 199349 |
| TOTAL JAPAN |  | 435508 |
| KOREA (SOUTH) - 4.7%  |  |  |
| Industrials - 2.8% |  |  |
| Electrical Equipment - 2.8% |  |  |
| CS Wind Corp  | 9458 | 328675 |
| Doosan Fuel Cell Co Ltd (a) | 22134 | 368190 |
|  |  | 696865 |
| Materials - 1.9% |  |  |
| Chemicals - 1.9% |  |  |
| Hanwha Solutions Corp  | 21302 | 498772 |
| TOTAL KOREA (SOUTH) |  | 1195637 |
| NEW ZEALAND - 3.9%  |  |  |
| Utilities - 3.9% |  |  |
| Electric Utilities - 1.4% |  |  |
| Mercury NZ Ltd  | 98663 | 359959 |
| Independent Power and Renewable Electricity Producers - 2.5% |  |  |
| Meridian Energy Ltd  | 177253 | 634849 |
| TOTAL NEW ZEALAND |  | 994808 |
| PORTUGAL - 3.7%  |  |  |
| Utilities - 3.7% |  |  |
| Electric Utilities - 3.7% |  |  |
| EDP SA  | 220896 | 954738 |
| SPAIN - 7.2%  |  |  |
| Utilities - 7.2% |  |  |
| Electric Utilities - 2.4% |  |  |
| Acciona SA  | 3515 | 630465 |
| Independent Power and Renewable Electricity Producers - 4.8% |  |  |
| EDP Renovaveis SA  | 51483 | 572606 |
| Grenergy Renovables SA (a) | 3932 | 283858 |
| Solaria Energia y Medio Ambiente SA (a) | 31577 | 364588 |
|  |  | 1221052 |
| TOTAL SPAIN |  | 1851517 |
| SWITZERLAND - 1.8%  |  |  |
| Information Technology - 1.8% |  |  |
| Electronic Equipment, Instruments & Components - 1.8% |  |  |
| Landis+Gyr Group AG  | 6484 | 452903 |
| UNITED STATES - 33.6%  |  |  |
| Industrials - 17.6% |  |  |
| Construction & Engineering - 1.1% |  |  |
| Ameresco Inc Class A (a) | 18609 | 282671 |
| Electrical Equipment - 16.5% |  |  |
| Array Technologies Inc (a) | 51423 | 303395 |
| Bloom Energy Corp Class A (a)(b) | 29306 | 701000 |
| GE Vernova Inc  | 2265 | 1198525 |
| NEXTracker Inc Class A (a) | 13588 | 738780 |
| Plug Power Inc (a)(b) | 356929 | 531824 |
| Shoals Technologies Group Inc (a) | 67974 | 288889 |
| Sunrun Inc (a) | 54517 | 445949 |
|  |  | 4208362 |
| TOTAL INDUSTRIALS |  | 4491033 |
| Information Technology - 11.0% |  |  |
| Electronic Equipment, Instruments & Components - 2.8% |  |  |
| Itron Inc (a) | 5531 | 728046 |
| Semiconductors & Semiconductor Equipment - 8.2% |  |  |
| Enphase Energy Inc (a) | 15663 | 621038 |
| First Solar Inc (a) | 6420 | 1062767 |
| SolarEdge Technologies Inc (a)(b) | 20581 | 419852 |
|  |  | 2103657 |
| TOTAL INFORMATION TECHNOLOGY |  | 2831703 |
| Utilities - 5.0% |  |  |
| Independent Power and Renewable Electricity Producers - 5.0% |  |  |
| Clearway Energy Inc Class C  | 18744 | 599808 |
| Ormat Technologies Inc  | 8169 | 684235 |
|  |  | 1284043 |
| TOTAL UNITED STATES |  | 8606779 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $30,654,587) |  | <br> **25565881** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.0%** | &nbsp;&nbsp;**Money Market Funds - 8.0%** | &nbsp;&nbsp;**Money Market Funds - 8.0%** | &nbsp;&nbsp;**Money Market Funds - 8.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.32 | 26252 | 26258 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.32 | 2039356 | 2039559 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,065,817) |  |  | **2065817** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 107.6%**<br> (Cost $32,720,404)<br>| <br>**27631698** |
| **NET OTHER ASSETS (LIABILITIES) - (7.6)%**  | **(1945619)** |
| **NET ASSETS - 100.0%** | **25686079** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME S&P 500 Index Contracts (United States) | 3 | Sep 2025 | 93806 | 3223 | 3223 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% |

---

**Legend**

(a) Non-income producing

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $792,616 or 3.1% of net assets.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $792,616 or 3.1% of net assets.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 32219 | 3927877 | 3933838 | 925 | - | - | 26258 | 26252 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 15492033 | 13452474 | 34008 | - | - | 2039559 | 2039356 | 0.0% |
| Total | 32219 | 19419910 | 17386312 | 34933 | - | - | 2065817 |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Industrials | 8109427 | 8109427 | - | - |
| Information Technology | 5015915 | 5015915 | - | - |
| Materials | 498772 | 498772 | - | - |
| Utilities | 11941767 | 11941767 | - | - |
|  **Money Market Funds** | 2065817 | 2065817 | - | - |
| **Total Investments in Securities:** | 27631698 | 27631698 | - | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 3223 | 3223 | - | - |
| Total Assets | 3223 | 3223 | - | - |
| **Total Derivative Instruments:** | 3223 | 3223 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 3223 | 0 |
| **Total Equity Risk**  | 3223 | 0 |
| **Total Value of Derivatives** | 3223 | 0 |

---

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

**Fidelity® Clean Energy ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,047,455) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $30,654,587) | $25565881 |  |
| Fidelity Central Funds (cost $2,065,817) | 2065817 |  |
| Total Investment in Securities (cost $32,720,404) |  | $27631698 |
| Segregated cash with brokers for derivative instruments |  | 10783 |
| Foreign currency held at value (cost $14,183) |  | 14224 |
| Receivable for investments sold |  | 24 |
| Dividends receivable |  | 39337 |
| Reclaims receivable |  | 29193 |
| Distributions receivable from Fidelity Central Funds |  | 8102 |
| Receivable for daily variation margin on futures contracts |  | 450 |
| **Total assets** |  | 27733811 |
| **Liabilities** |  |  |
| Accrued management fee | $8173 |  |
| Collateral on securities loaned | 2039559 |  |
| **Total liabilities** |  | 2047732 |
| **Net Assets**  |  | $25686079 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $43561073 |
| Total accumulated earnings (loss) |  | (17874994) |
| **Net Assets** |  | $25686079 |
| **Net Asset Value**, offering price and redemption price per share ($25,686,079 ÷ 1,650,000 shares) |  | $15.57 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $423008 |
| Interest  |  | 155 |
| Income from Fidelity Central Funds (including $34,008 from security lending)  |  | 34933 |
| Income before foreign taxes withheld |  | $458096 |
| Less foreign taxes withheld |  | (52703) |
| **Total income** |  | 405393 |
| **Expenses** |  |  |
| Management fee | $98256 |  |
| Independent trustees' fees and expenses | 104 |  |
| Miscellaneous | 147 |  |
| Total expenses before reductions | 98507 |  |
| Expense reductions | (216) |  |
| Total expenses after reductions |  | 98291 |
| **Net Investment income (loss)** |  | 307102 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (3611891) |  |
| Redemptions in-kind | 143383 |  |
| Foreign currency transactions | (2274) |  |
| Futures contracts | 4889 |  |
| Total net realized gain (loss) |  | (3465893) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4986469 |  |
| Assets and liabilities in foreign currencies | 2373 |  |
| Futures contracts | 2955 |  |
| Total change in net unrealized appreciation (depreciation) |  | 4991797 |
| **Net gain (loss)** |  | 1525904 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1833006 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $307102 | $325489 |
| &nbsp;&nbsp;Net realized gain (loss) | (3465893)<br>| (5958967)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 4991797 | (5410016)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1833006<br>| (11043494)<br>|
| Distributions to shareholders | (363900)<br>| (378500)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 748678 | - |
| &nbsp;&nbsp;Cost of shares redeemed | (1918527) | (1695052) |
| **Net increase (decrease) in net assets resulting from share transactions** | (1169849)<br>| (1695052)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 299257<br>| (13117046)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 25386822 | 38503868<br>|
| &nbsp;&nbsp;End of period | $25686079 | $25386822 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 50000 | - |
| &nbsp;&nbsp;Redeemed | (150000) | (100000) |
| &nbsp;&nbsp;Net increase (decrease) | (100000) | (100000) |

---

**Financial Highlights** 

**Fidelity® Clean Energy ETF** <br>

---

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

---

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

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

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

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

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

F*Based on net asset value.*

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

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

I*Annualized.*

J*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.*

L*Amount not annualized.*

**Fidelity® Cloud Computing ETF**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| CHINA - 3.5%  |  |  |
| Information Technology - 3.5% |  |  |
| IT Services - 1.9% |  |  |
| Kingsoft Cloud Holdings Ltd (a) | 1102000 | 932138 |
| Vnet Group Inc Class A ADR (a) | 116503 | 803871 |
|  |  | 1736009 |
| Software - 1.6% |  |  |
| Kingdee International Software Group Co Ltd (a) | 778500 | 1531215 |
| TOTAL CHINA |  | 3267224 |
| GERMANY - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| IT Services - 1.0% |  |  |
| IONOS Group SE (a) | 20374 | 954249 |
| ISRAEL - 1.8%  |  |  |
| Information Technology - 1.8% |  |  |
| Software - 1.8% |  |  |
| Nice Ltd (a) | 9734 | 1651962 |
| UNITED STATES - 93.4%  |  |  |
| Consumer Discretionary - 2.1% |  |  |
| Broadline Retail - 2.1% |  |  |
| Amazon.com Inc (a) | 8806 | 1931948 |
| Industrials - 1.6% |  |  |
| Professional Services - 1.6% |  |  |
| Dayforce Inc (a) | 26800 | 1484452 |
| Information Technology - 82.6% |  |  |
| IT Services - 9.4% |  |  |
| DigitalOcean Holdings Inc (a) | 29680 | 847661 |
| MongoDB Inc Class A (a) | 9523 | 1999735 |
| Snowflake Inc Class A (a) | 16679 | 3732260 |
| Twilio Inc Class A (a) | 17218 | 2141230 |
|  |  | 8720886 |
| Software - 62.9% |  |  |
| Atlassian Corp Class A (a) | 12533 | 2545327 |
| Box Inc Class A (a) | 33998 | 1161712 |
| Braze Inc Class A (a) | 26707 | 750467 |
| C3.ai Inc Class A (a)(b) | 39834 | 978721 |
| Commvault Systems Inc (a) | 8259 | 1439791 |
| Confluent Inc Class A (a) | 57315 | 1428863 |
| Datadog Inc Class A (a) | 22804 | 3063261 |
| Docusign Inc (a) | 22257 | 1733598 |
| Dropbox Inc Class A (a) | 47138 | 1348147 |
| Dynatrace Inc (a) | 36329 | 2005724 |
| Elastic NV (a) | 17325 | 1461017 |
| Five9 Inc (a)(b) | 32059 | 848922 |
| Gitlab Inc Class A (a) | 28171 | 1270794 |
| HubSpot Inc (a) | 4237 | 2358441 |
| Informatica Inc Class A (a) | 37437 | 911591 |
| Intapp Inc (a) | 18515 | 955744 |
| JFrog Ltd (a) | 27164 | 1191956 |
| Klaviyo Inc Class A (a) | 30537 | 1025432 |
| Microsoft Corp  | 8851 | 4402577 |
| MicroStrategy Inc Class A (a) | 10310 | 4167612 |
| Nutanix Inc Class A (a) | 27221 | 2080773 |
| Onestream Inc Class A (b) | 27911 | 789881 |
| Pegasystems Inc  | 23976 | 1297821 |
| RingCentral Inc Class A (a) | 34449 | 976629 |
| Rubrik Inc Class A (a) | 15664 | 1403338 |
| Salesforce Inc  | 15602 | 4254510 |
| Servicenow Inc (a) | 4054 | 4167837 |
| Teradata Corp (a) | 41381 | 923210 |
| UiPath Inc Class A (a) | 100488 | 1286246 |
| Verint Systems Inc (a)(b) | 40241 | 791540 |
| Vertex Inc Class A (a)(b) | 22405 | 791681 |
| Workday Inc Class A (a) | 12609 | 3026160 |
| Zeta Global Holdings Corp Class A (a) | 77324 | 1197749 |
|  |  | 58037072 |
| Technology Hardware, Storage & Peripherals - 10.3% |  |  |
| NetApp Inc  | 20980 | 2235419 |
| Pure Storage Inc Class A (a) | 36559 | 2105067 |
| Seagate Technology Holdings PLC  | 18788 | 2711672 |
| Western Digital Corp  | 38350 | 2454017 |
|  |  | 9506175 |
| TOTAL INFORMATION TECHNOLOGY |  | 76264133 |
| Real Estate - 7.1% |  |  |
| Specialized REITs - 7.1% |  |  |
| Digital Realty Trust Inc  | 18183 | 3169842 |
| Equinix Inc  | 4247 | 3378361 |
|  |  | 6548203 |
| TOTAL UNITED STATES |  | 86228736 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $81,666,018) |  | <br> **92102171** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.32 | 185554 | 185591 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.32 | 2271230 | 2271457 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,457,048) |  |  | **2457048** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.4%**<br> (Cost $84,123,066)<br>| <br>**94559219** |
| **NET OTHER ASSETS (LIABILITIES) - (2.4)%**  | **(2219116)** |
| **NET ASSETS - 100.0%** | **92340103** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME Nasdaq 100 Index Contracts (United States) | 5 | Sep 2025 | 228933 | 8233 | 8233 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% |

---

**Legend**

(a) Non-income producing

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

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 14473843 | 14288252 | 5688 | - | - | 185591 | 185554 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 64723311 | 62451854 | 2108 | - | - | 2271457 | 2271230 | 0.0% |
| Total | - | 79197154 | 76740106 | 7796 | - | - | 2457048 |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 1931948 | 1931948 | - | - |
| Industrials | 1484452 | 1484452 | - | - |
| Information Technology | 82137568 | 82137568 | - | - |
| Real Estate | 6548203 | 6548203 | - | - |
|  **Money Market Funds** | 2457048 | 2457048 | - | - |
| **Total Investments in Securities:** | 94559219 | 94559219 | - | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 8233 | 8233 | - | - |
| Total Assets | 8233 | 8233 | - | - |
| **Total Derivative Instruments:** | 8233 | 8233 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 8233 | 0 |
| **Total Equity Risk**  | 8233 | 0 |
| **Total Value of Derivatives** | 8233 | 0 |

---

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

**Fidelity® Cloud Computing ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,240,133) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $81,666,018) | $92102171 |  |
| Fidelity Central Funds (cost $2,457,048) | 2457048 |  |
| Total Investment in Securities (cost $84,123,066) |  | $94559219 |
| Segregated cash with brokers for derivative instruments |  | 15848 |
| Cash |  | 25271 |
| Foreign currency held at value (cost $14,904) |  | 15046 |
| Dividends receivable |  | 24902 |
| Distributions receivable from Fidelity Central Funds |  | 821 |
| Receivable for daily variation margin on futures contracts |  | 1418 |
| **Total assets** |  | 94642525 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1573 |  |
| Accrued management fee | 29392 |  |
| Collateral on securities loaned | 2271457 |  |
| **Total liabilities** |  | 2302422 |
| **Net Assets**  |  | $92340103 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $90216536 |
| Total accumulated earnings (loss) |  | 2123567 |
| **Net Assets** |  | $92340103 |
| **Net Asset Value**, offering price and redemption price per share ($92,340,103 ÷ 3,250,000 shares) |  | $28.41 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $359526 |
| Interest  |  | 244 |
| Income from Fidelity Central Funds (including $2,108 from security lending)  |  | 7796 |
| **Total income** |  | 367566 |
| **Expenses** |  |  |
| Management fee | $320134 |  |
| Independent trustees' fees and expenses | 329 |  |
| Miscellaneous | 242 |  |
| Total expenses before reductions | 320705 |  |
| Expense reductions | (1173) |  |
| Total expenses after reductions |  | 319532 |
| **Net Investment income (loss)** |  | 48034 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1865181) |  |
| Redemptions in-kind | 8282438 |  |
| Foreign currency transactions | (6886) |  |
| Futures contracts | 3119 |  |
| Total net realized gain (loss) |  | 6413490 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 6083021 |  |
| Assets and liabilities in foreign currencies | 665 |  |
| Futures contracts | 8263 |  |
| Total change in net unrealized appreciation (depreciation) |  | 6091949 |
| **Net gain (loss)** |  | 12505439 |
| **Net increase (decrease) in net assets resulting from operations** |  | $12553473 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $48034 | $105956 |
| &nbsp;&nbsp;Net realized gain (loss) | 6413490<br>| 5343110<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 6091949 | 4565409<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 12553473<br>| 10014475<br>|
| Distributions to shareholders | (45600)<br>| (106250)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 26788469 | 44981125 |
| &nbsp;&nbsp;Cost of shares redeemed | (24077800) | (14705337) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2710669<br>| 30275788<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 15218542<br>| 40184013<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 77121561 | 36937548<br>|
| &nbsp;&nbsp;End of period | $92340103 | $77121561 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 950000 | 1950000 |
| &nbsp;&nbsp;Redeemed | (900000) | (650000) |
| &nbsp;&nbsp;Net increase (decrease) | 50000 | 1300000 |

---

**Financial Highlights** 

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

---

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

---

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

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

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

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

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

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

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

J*Annualized.*

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

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

M*Amount not annualized.*

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

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 5.8%  |  |  |
| Financials - 1.5% |  |  |
| Consumer Finance - 1.5% |  |  |
| Zip Co Ltd (a) | 1523865 | 3065901 |
| Information Technology - 4.3% |  |  |
| Software - 4.3% |  |  |
| IREN Ltd (a)(b) | 570760 | 8315974 |
| TOTAL AUSTRALIA |  | 11381875 |
| BRAZIL - 3.0%  |  |  |
| Financials - 3.0% |  |  |
| Financial Services - 3.0% |  |  |
| Pagseguro Digital Ltd Class A  | 289700 | 2792708 |
| StoneCo Ltd Class A (a) | 191548 | 3072430 |
| TOTAL BRAZIL |  | 5865138 |
| CANADA - 6.5%  |  |  |
| Information Technology - 6.5% |  |  |
| IT Services - 1.5% |  |  |
| Shopify Inc Class A (a) | 25548 | 2940688 |
| Software - 5.0% |  |  |
| Bitfarms Ltd/Canada (a)(b) | 2921042 | 2419038 |
| Hive Digital Technologies Ltd (United States) (a) | 1230110 | 2214198 |
| Hut 8 Corp (United States) (a)(b) | 270979 | 5040210 |
|  |  | 9673446 |
| TOTAL CANADA |  | 12614134 |
| CHINA - 1.8%  |  |  |
| Communication Services - 0.8% |  |  |
| Entertainment - 0.8% |  |  |
| Boyaa Interactive International Ltd (b) | 2147000 | 1517943 |
| Information Technology - 1.0% |  |  |
| Technology Hardware, Storage & Peripherals - 1.0% |  |  |
| Canaan Inc Class A ADR (a)(b) | 3240398 | 2003538 |
| TOTAL CHINA |  | 3521481 |
| GERMANY - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| Northern Data AG (a)(b) | 30072 | 847200 |
| ISRAEL - 2.7%  |  |  |
| Financials - 2.7% |  |  |
| Capital Markets - 2.7% |  |  |
| Etoro Group Ltd Class A  | 79977 | 5325668 |
| ITALY - 1.2%  |  |  |
| Financials - 1.2% |  |  |
| Financial Services - 1.2% |  |  |
| Nexi SpA (c)(d) | 409523 | 2439166 |
| JAPAN - 6.2%  |  |  |
| Communication Services - 1.3% |  |  |
| Media - 1.3% |  |  |
| Ceres Inc/Japan (b) | 142800 | 2472518 |
| Financials - 4.1% |  |  |
| Capital Markets - 3.2% |  |  |
| Monex Group Inc  | 473000 | 2321693 |
| SBI Holdings Inc  | 112600 | 3921064 |
|  |  | 6242757 |
| Financial Services - 0.9% |  |  |
| GMO Payment Gateway Inc  | 28900 | 1868911 |
| TOTAL FINANCIALS |  | 8111668 |
| Information Technology - 0.8% |  |  |
| IT Services - 0.8% |  |  |
| GMO internet group Inc  | 65100 | 1625641 |
| TOTAL JAPAN |  | 12209827 |
| MALAYSIA - 1.0%  |  |  |
| Industrials - 1.0% |  |  |
| Professional Services - 1.0% |  |  |
| My EG Services Bhd  | 8332000 | 1879919 |
| NETHERLANDS - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Financial Services - 1.3% |  |  |
| Adyen NV (a)(c)(d) | 1377 | 2518984 |
| UNITED ARAB EMIRATES - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| Software - 1.0% |  |  |
| Phoenix Group PLC (a) | 4618976 | 2012160 |
| UNITED STATES - 68.9%  |  |  |
| Financials - 38.2% |  |  |
| Capital Markets - 19.3% |  |  |
| Bakkt Holdings Inc Class A (a)(b) | 115692 | 1613903 |
| Coinbase Global Inc Class A (a) | 81356 | 28514465 |
| Galaxy Digital Inc Class A (Canada)  | 127885 | 2794819 |
| Robinhood Markets Inc Class A (a) | 48874 | 4576073 |
|  |  | 37499260 |
| Financial Services - 18.9% |  |  |
| Block Inc Class A (a) | 96360 | 6545735 |
| Corpay Inc (a) | 8104 | 2689069 |
| Fiserv Inc (a) | 16137 | 2782180 |
| Flywire Corp (a) | 209459 | 2450670 |
| Global Payments Inc  | 34543 | 2764822 |
| Marqeta Inc Class A (a) | 449346 | 2619687 |
| Mastercard Inc Class A  | 4535 | 2548398 |
| Paymentus Holdings Inc Class A (a) | 51042 | 1671625 |
| Payoneer Global Inc (a) | 308583 | 2113794 |
| PayPal Holdings Inc (a) | 36389 | 2704430 |
| Shift4 Payments Inc Class A (a)(b) | 28137 | 2788658 |
| Visa Inc Class A  | 7199 | 2556005 |
| WEX Inc (a) | 19158 | 2814119 |
|  |  | 37049192 |
| TOTAL FINANCIALS |  | 74548452 |
| Information Technology - 30.7% |  |  |
| IT Services - 3.4% |  |  |
| Applied Digital Corp (a)(b) | 661460 | 6660902 |
| Software - 27.3% |  |  |
| Bit Digital Inc (a)(b) | 1207510 | 2644447 |
| Bitdeer Technologies Group Class A (a)(b) | 328363 | 3769607 |
| Cipher Mining Inc (a)(b) | 949629 | 4539227 |
| Cleanspark Inc (a)(b) | 726241 | 8010438 |
| Core Scientific Inc (a) | 465674 | 7949055 |
| Exodus Movement Inc Class A (a)(b) | 38895 | 1121343 |
| MARA Holdings Inc (a)(b) | 678717 | 10642283 |
| Riot Platforms Inc (a) | 775737 | 8765828 |
| Terawulf Inc (a)(b) | 1337268 | 5857234 |
|  |  | 53299462 |
| TOTAL INFORMATION TECHNOLOGY |  | 59960364 |
| TOTAL UNITED STATES |  | 134508816 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $156,157,355) |  | <br> **195124368** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 28.8%** | &nbsp;&nbsp;**Money Market Funds - 28.8%** | &nbsp;&nbsp;**Money Market Funds - 28.8%** | &nbsp;&nbsp;**Money Market Funds - 28.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.32 | 425668 | 425752 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.32 | 55920499 | 55926092 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $56,351,845) |  |  | **56351844** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 128.6%**<br> (Cost $212,509,200)<br>| <br>**251476212** |
| **NET OTHER ASSETS (LIABILITIES) - (28.6)%**  | **(55909185)** |
| **NET ASSETS - 100.0%** | **195567027** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME Nasdaq 100 Index Contracts (United States) | 2 | Sep 2025 | 91573 | 4091 | 4091 |
| CME Russell 2000 Index Contracts (United States) | 3 | Sep 2025 | 328755 | 11200 | 11200 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **15291** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% |

---

**Legend**

(a) Non-income producing

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,958,150 or 2.5% of net assets.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $4,958,150 or 2.5% of net assets.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 40485 | 19542528 | 19157261 | 10727 | - | - | 425752 | 425668 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 242368975 | 186442882 | 481503 | - | (1) | 55926092 | 55920499 | 0.2% |
| Total | 40485 | 261911503 | 205600143 | 492230 | - | (1) | 56351844 |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 3990461 | 3990461 | - | - |
| Financials | 101874977 | 101874977 | - | - |
| Industrials | 1879919 | 1879919 | - | - |
| Information Technology | 87379011 | 87379011 | - | - |
|  **Money Market Funds** | 56351844 | 56351844 | - | - |
| **Total Investments in Securities:** | 251476212 | 251476212 | - | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 15291 | 15291 | - | - |
| Total Assets | 15291 | 15291 | - | - |
| **Total Derivative Instruments:** | 15291 | 15291 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 15291 | 0 |
| **Total Equity Risk**  | 15291 | 0 |
| **Total Value of Derivatives** | 15291 | 0 |

---

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

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $55,246,355) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $156,157,355) | $195124368 |  |
| Fidelity Central Funds (cost $56,351,845) | 56351844 |  |
| Total Investment in Securities (cost $212,509,200) |  | $251476212 |
| Segregated cash with brokers for derivative instruments |  | 80571 |
| Cash |  | 47559 |
| Dividends receivable |  | 17224 |
| Distributions receivable from Fidelity Central Funds |  | 54926 |
| Receivable for daily variation margin on futures contracts |  | 1002 |
| **Total assets** |  | 251677494 |
| **Liabilities** |  |  |
| Payable to custodian bank | $47679 |  |
| Payable for investments purchased  | 78864 |  |
| Accrued management fee | 57832 |  |
| Collateral on securities loaned | 55926092 |  |
| **Total liabilities** |  | 56110467 |
| **Net Assets**  |  | $195567027 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $171680829 |
| Total accumulated earnings (loss) |  | 23886198 |
| **Net Assets** |  | $195567027 |
| **Net Asset Value**, offering price and redemption price per share ($195,567,027 ÷ 5,500,000 shares) |  | $35.56 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $426467 |
| Special dividends |  | 83187 |
| Interest  |  | 1431 |
| Income from Fidelity Central Funds (including $481,503 from security lending)  |  | 492230 |
| **Total income** |  | 1003315 |
| **Expenses** |  |  |
| Management fee | $553772 |  |
| Independent trustees' fees and expenses | 540 |  |
| Miscellaneous | 293 |  |
| Total expenses before reductions | 554605 |  |
| Expense reductions | (1014) |  |
| Total expenses after reductions |  | 553591 |
| **Net Investment income (loss)** |  | 449724 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (10244987) |  |
| Redemptions in-kind | 16124101 |  |
| Foreign currency transactions | (13363) |  |
| Futures contracts | (22609) |  |
| Total net realized gain (loss) |  | 5843142 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 12596565 |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 11439 |  |
| Futures contracts | 15211 |  |
| Total change in net unrealized appreciation (depreciation) |  | 12623214 |
| **Net gain (loss)** |  | 18466356 |
| **Net increase (decrease) in net assets resulting from operations** |  | $18916080 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $449724 | $(127893) |
| &nbsp;&nbsp;Net realized gain (loss) | 5843142<br>| 8999521<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 12623214 | 17470116<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 18916080<br>| 26341744<br>|
| Distributions to shareholders | (1957600)<br>| (135150)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 104716736 | 51747447 |
| &nbsp;&nbsp;Cost of shares redeemed | (29900709) | (10623302) |
| **Net increase (decrease) in net assets resulting from share transactions** | 74816027<br>| 41124145<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 91774507<br>| 67330739<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 103792520 | 36461781<br>|
| &nbsp;&nbsp;End of period | $195567027 | $103792520 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2900000 | 2050000 |
| &nbsp;&nbsp;Redeemed | (950000) | (400000) |
| &nbsp;&nbsp;Net increase (decrease) | 1950000 | 1650000 |

---

**Financial Highlights** 

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

---

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

---

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

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

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

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

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

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

G*Based on net asset value.*

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

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

J*Annualized.*

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

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

M*Amount not annualized.*

**Fidelity® Digital Health ETF**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 100.0%** | &nbsp;&nbsp;**Common Stocks - 100.0%** | &nbsp;&nbsp;**Common Stocks - 100.0%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 7.5%  |  |  |
| Health Care - 6.4% |  |  |
| Health Care Equipment & Supplies - 3.5% |  |  |
| Cochlear Ltd  | 1483 | 291973 |
| Health Care Technology - 2.9% |  |  |
| Pro Medicus Ltd  | 1333 | 249041 |
| TOTAL HEALTH CARE |  | 541014 |
| Information Technology - 1.1% |  |  |
| Software - 1.1% |  |  |
| Catapult Group International Ltd (a) | 23877 | 91696 |
| TOTAL AUSTRALIA |  | 632710 |
| CANADA - 1.0%  |  |  |
| Health Care - 1.0% |  |  |
| Health Care Providers & Services - 1.0% |  |  |
| Well Health Technologies Corp (a) | 29237 | 86993 |
| CHINA - 6.6%  |  |  |
| Consumer Staples - 5.8% |  |  |
| Consumer Staples Distribution & Retail - 5.8% |  |  |
| Alibaba Health Information Technology Ltd (a) | 272000 | 164239 |
| JD Health International Inc (a)(b)(c) | 37400 | 204867 |
| Ping An Healthcare and Technology Co Ltd (b)(c) | 104700 | 116971 |
|  |  | 486077 |
| Health Care - 0.8% |  |  |
| Health Care Technology - 0.8% |  |  |
| Yidu Tech Inc (a)(b)(c) | 90200 | 66759 |
| TOTAL CHINA |  | 552836 |
| DENMARK - 2.1%  |  |  |
| Health Care - 2.1% |  |  |
| Health Care Equipment & Supplies - 2.1% |  |  |
| Demant A/S (a) | 4161 | 172966 |
| GERMANY - 3.7%  |  |  |
| Health Care - 3.7% |  |  |
| Health Care Equipment & Supplies - 3.7% |  |  |
| Siemens Healthineers AG (b)(c) | 5687 | 314158 |
| JAPAN - 2.6%  |  |  |
| Health Care - 2.6% |  |  |
| Health Care Equipment & Supplies - 1.6% |  |  |
| Nihon Kohden Corp  | 10800 | 128304 |
| Health Care Technology - 1.0% |  |  |
| JMDC Inc  | 3200 | 88260 |
| TOTAL JAPAN |  | 216564 |
| KOREA (SOUTH) - 1.3%  |  |  |
| Health Care - 1.3% |  |  |
| Health Care Technology - 1.3% |  |  |
| Lunit Inc (a) | 2518 | 107467 |
| NETHERLANDS - 5.4%  |  |  |
| Consumer Staples - 1.5% |  |  |
| Consumer Staples Distribution & Retail - 1.5% |  |  |
| Redcare Pharmacy NV (a)(b)(c) | 1124 | 123562 |
| Health Care - 3.9% |  |  |
| Health Care Equipment & Supplies - 3.9% |  |  |
| Koninklijke Philips NV  | 13788 | 330337 |
| TOTAL NETHERLANDS |  | 453899 |
| SWEDEN - 3.5%  |  |  |
| Health Care - 3.5% |  |  |
| Health Care Technology - 3.5% |  |  |
| RaySearch Laboratories AB B Shares  | 2820 | 99125 |
| Sectra AB B Shares  | 5229 | 192252 |
| TOTAL SWEDEN |  | 291377 |
| SWITZERLAND - 4.1%  |  |  |
| Consumer Staples - 0.8% |  |  |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| DocMorris AG (a) | 8149 | 65263 |
| Health Care - 3.3% |  |  |
| Health Care Equipment & Supplies - 3.3% |  |  |
| Sonova Holding AG  | 947 | 281245 |
| TOTAL SWITZERLAND |  | 346508 |
| UNITED STATES - 62.2%  |  |  |
| Health Care - 58.3% |  |  |
| Health Care Equipment & Supplies - 28.1% |  |  |
| Axogen Inc (a) | 6881 | 74659 |
| Dexcom Inc (a) | 4312 | 376394 |
| Inspire Medical Systems Inc (a) | 1237 | 160525 |
| Insulet Corp (a) | 1084 | 340571 |
| Intuitive Surgical Inc (a) | 661 | 359194 |
| iRhythm Technologies Inc (a) | 1232 | 189679 |
| Masimo Corp (a) | 1316 | 221378 |
| Omnicell Inc (a) | 3632 | 106781 |
| ResMed Inc  | 1475 | 380550 |
| Senseonics Holdings Inc (a) | 120616 | 57461 |
| Tandem Diabetes Care Inc (a) | 5443 | 101458 |
|  |  | 2368650 |
| Health Care Providers & Services - 9.9% |  |  |
| Astrana Health Inc (a) | 3999 | 99495 |
| Cigna Group/The  | 529 | 174877 |
| CorVel Corp (a) | 1359 | 139678 |
| Hims & Hers Health Inc Class A (a) | 4628 | 230706 |
| Premier Inc Class A  | 5675 | 124453 |
| Talkspace Inc Class A (a) | 22404 | 62283 |
|  |  | 831492 |
| Health Care Technology - 18.2% |  |  |
| Doximity Inc Class A (a) | 3947 | 242109 |
| Evolent Health Inc Class A (a) | 11523 | 129749 |
| GoodRx Holdings Inc Class A (a) | 16958 | 84451 |
| Health Catalyst Inc (a) | 14742 | 55577 |
| HealthStream Inc  | 3012 | 83342 |
| LifeMD Inc (a) | 6013 | 81897 |
| Phreesia Inc (a) | 4437 | 126277 |
| Teladoc Health Inc (a) | 14971 | 130397 |
| TruBridge Inc (a) | 2638 | 61782 |
| Veeva Systems Inc Class A (a) | 1301 | 374663 |
| Waystar Holding Corp (a) | 3867 | 158044 |
|  |  | 1528288 |
| Life Sciences Tools & Services - 2.1% |  |  |
| IQVIA Holdings Inc (a) | 1109 | 174767 |
| TOTAL HEALTH CARE |  | 4903197 |
| Industrials - 2.0% |  |  |
| Professional Services - 2.0% |  |  |
| Maximus Inc  | 2386 | 167497 |
| Information Technology - 1.9% |  |  |
| Technology Hardware, Storage & Peripherals - 1.9% |  |  |
| Apple Inc  | 809 | 165983 |
| TOTAL UNITED STATES |  | 5236677 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $7,644,046) |  | <br> **8412155** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $7,644,046)<br>| <br>**8412155** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **3001** |
| **NET ASSETS - 100.0%** | **8415156** |

---

**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 $826,317 or 9.8% 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 $826,317 or 9.8% of net assets.

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 690518 | 690518 | 131 | - | - | - | - | 0.0% |
| Total | - | 690518 | 690518 | 131 | - | - | - |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Staples | 674902 | 674902 | - | - |
| Health Care | 7312077 | 7312077 | - | - |
| Industrials | 167497 | 167497 | - | - |
| Information Technology | 257679 | 257679 | - | - |
| **Total Investments in Securities:** | 8412155 | 8412155 | - | - |

---

**Fidelity® Digital Health ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $7,644,046)<br>|  | $8412155 |
| Cash |  | 1771 |
| Foreign currency held at value (cost $265) |  | 267 |
| Dividends receivable |  | 3635 |
| **Total assets** |  | 8417828 |
| **Liabilities** |  |  |
| Accrued management fee | $2672 |  |
| **Total liabilities** |  | 2672 |
| **Net Assets**  |  | $8415156 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $11277702 |
| Total accumulated earnings (loss) |  | (2862546) |
| **Net Assets** |  | $8415156 |
| **Net Asset Value**, offering price and redemption price per share ($8,415,156 ÷ 400,000 shares) |  | $21.04 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $44827 |
| Special dividends |  | 113207 |
| Income from Fidelity Central Funds  |  | 131 |
| **Total income** |  | 158165 |
| **Expenses** |  |  |
| Management fee | $31817 |  |
| Independent trustees' fees and expenses | 34 |  |
| Miscellaneous | 22 |  |
| Total expenses before reductions | 31873 |  |
| Expense reductions | (51) |  |
| Total expenses after reductions |  | 31822 |
| **Net Investment income (loss)** |  | 126343 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Redemptions in-kind | 245641 |  |
| Unaffiliated issuers  | (982421) |  |
| Foreign currency transactions | 1587 |  |
| Total net realized gain (loss) |  | (735193) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1868576 |  |
| Assets and liabilities in foreign currencies | 55 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1868631 |
| **Net gain (loss)** |  | 1133438 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1259781 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $126343 | $2851 |
| &nbsp;&nbsp;Net realized gain (loss) | (735193)<br>| (938755)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1868631 | 339751<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1259781<br>| (596153)<br>|
| Distributions to shareholders | (130000)<br>| (4950)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Cost of shares redeemed | (978653) | (963021) |
| **Net increase (decrease) in net assets resulting from share transactions** | (978653)<br>| (963021)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 151128<br>| (1564124)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 8264028 | 9828152<br>|
| &nbsp;&nbsp;End of period | $8415156 | $8264028 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Redeemed | (50000) | (50000) |
| &nbsp;&nbsp;Net increase (decrease) | (50000) | (50000) |

---

**Financial Highlights** 

**Fidelity® Digital Health ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $18.36 | $19.66 | $18.58 | $25.10 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .31 D | .01  | .03 E | (.01)  |
| Net realized and unrealized gain (loss)  | 2.70  | (1.30)  | 1.08  | (6.51)  |
| Total from investment operations  | 3.01  | (1.29)  | 1.11  | (6.52)  |
| Distributions from net investment income  | (.33)  | (.01)  | (.03)  | -  |
| Total distributions  | (.33)  | (.01)  | (.03)  | -  |
| Net asset value, end of period  | $21.04 | $18.36 | $19.66 | $18.58 |
| **Total Return** F,G,H | 16.43% <br>| (6.52)%  | 5.98%  | (25.99)%  |
| **Ratios to Average Net Assets** C,I,J |  |  |  |  |
| Expenses before reductions  | .39%  | .42%  | .39%  | .39% K |
| Expenses net of fee waivers, if any  | .39% <br>| .40%  | .39%  | .39% K |
| Expenses net of all reductions, if any  | .39%  | .40%  | .39%  | .39% K |
| Net investment income (loss)  | 1.55% D | .03%  | .18% E | (.05)% K |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $8415 | $8264 | $9828 | $9289 |
| Portfolio turnover rate L | 47% M<br>| 42% M | 36%  | 48% M,N |

---

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

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

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

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.28 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .16%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.03)%.*

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

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

H*Based on net asset value.*

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

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

K*Annualized.*

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

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

N*Amount not annualized.*

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

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| AUSTRIA - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| ams-OSRAM AG (a) | 20389 | 272280 |
| BELGIUM - 1.7%  |  |  |
| Information Technology - 1.7% |  |  |
| Semiconductors & Semiconductor Equipment - 1.7% |  |  |
| Melexis NV  | 5699 | 482667 |
| CANADA - 1.5%  |  |  |
| Industrials - 1.5% |  |  |
| Machinery - 1.5% |  |  |
| NFI Group Inc (a) | 31527 | 416817 |
| CHINA - 26.7%  |  |  |
| Consumer Discretionary - 20.4% |  |  |
| Automobile Components - 2.6% |  |  |
| CALB Group Co Ltd H Shares (a)(b)(c)(d) | 151500 | 330019 |
| Hesai Group ADR (a) | 18412 | 404144 |
|  |  | 734163 |
| Automobiles - 17.8% |  |  |
| BYD Co Ltd H Shares  | 70000 | 1092357 |
| Li Auto Inc A Shares (a) | 81200 | 1106803 |
| NIO Inc A Shares (a) | 216730 | 756484 |
| XPeng Inc A Shares (a) | 108400 | 974910 |
| Yadea Group Holdings Ltd (b)(d) | 285073 | 456116 |
| Zhejiang Leapmotor Technology Co Ltd H Shares (a)(b)(d) | 86000 | 599261 |
|  |  | 4985931 |
| TOTAL CONSUMER DISCRETIONARY |  | 5720094 |
| Industrials - 4.3% |  |  |
| Electrical Equipment - 4.3% |  |  |
| Contemporary Amperex Technology Co Ltd H Shares (c) | 29100 | 1220347 |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| indie Semiconductor Inc Class A (a)(c) | 90376 | 321738 |
| Materials - 0.9% |  |  |
| Chemicals - 0.9% |  |  |
| Ganfeng Lithium Group Co Ltd H Shares (b)(c)(d) | 91880 | 266861 |
| TOTAL CHINA |  | 7529040 |
| FRANCE - 2.6%  |  |  |
| Consumer Discretionary - 2.6% |  |  |
| Automobile Components - 2.6% |  |  |
| Forvia SE (a) | 46037 | 465397 |
| Valeo SE  | 24500 | 267174 |
| TOTAL FRANCE |  | 732571 |
| GERMANY - 4.4%  |  |  |
| Information Technology - 4.4% |  |  |
| Semiconductors & Semiconductor Equipment - 4.4% |  |  |
| Infineon Technologies AG  | 29446 | 1248322 |
| HONG KONG - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Automobiles - 0.7% |  |  |
| Polestar Automotive Holding UK PLC Class A ADR (a)(c) | 198981 | 212909 |
| ISRAEL - 1.7%  |  |  |
| Consumer Discretionary - 1.7% |  |  |
| Automobile Components - 1.7% |  |  |
| Mobileye Global Inc Class A (a)(c) | 25914 | 465934 |
| JAPAN - 9.9%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Household Durables - 1.3% |  |  |
| JVCKenwood Corp  | 47400 | 379016 |
| Information Technology - 8.6% |  |  |
| Electronic Equipment, Instruments & Components - 1.7% |  |  |
| Alps Alpine Co Ltd  | 45300 | 486886 |
| Semiconductors & Semiconductor Equipment - 6.9% |  |  |
| Allegro MicroSystems Inc (a)(c) | 21707 | 742162 |
| Renesas Electronics Corp  | 94500 | 1170415 |
|  |  | 1912577 |
| TOTAL INFORMATION TECHNOLOGY |  | 2399463 |
| TOTAL JAPAN |  | 2778479 |
| KOREA (SOUTH) - 4.0%  |  |  |
| Industrials - 1.9% |  |  |
| Electrical Equipment - 1.9% |  |  |
| Doosan Fuel Cell Co Ltd (a) | 13774 | 229124 |
| LG Energy Solution Ltd (a) | 1375 | 302590 |
|  |  | 531714 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Samsung SDI Co Ltd  | 2288 | 292951 |
| Materials - 1.1% |  |  |
| Chemicals - 1.1% |  |  |
| LG Chem Ltd  | 1984 | 310919 |
| TOTAL KOREA (SOUTH) |  | 1135584 |
| NETHERLANDS - 4.5%  |  |  |
| Information Technology - 4.5% |  |  |
| Semiconductors & Semiconductor Equipment - 4.5% |  |  |
| NXP Semiconductors NV  | 5740 | 1254133 |
| SWEDEN - 3.2%  |  |  |
| Consumer Discretionary - 3.2% |  |  |
| Automobile Components - 3.2% |  |  |
| Autoliv Inc  | 8034 | 899005 |
| UNITED STATES - 38.0%  |  |  |
| Consumer Discretionary - 16.3% |  |  |
| Automobile Components - 6.2% |  |  |
| Adient PLC (a) | 25123 | 488894 |
| Gentex Corp  | 32259 | 709375 |
| Visteon Corp (a) | 5997 | 559520 |
|  |  | 1757789 |
| Automobiles - 9.3% |  |  |
| Lucid Group Inc Class A (a)(c) | 235881 | 497709 |
| Rivian Automotive Inc Class A (a)(c) | 68757 | 944721 |
| Tesla Inc (a) | 3630 | 1153106 |
|  |  | 2595536 |
| Specialty Retail - 0.8% |  |  |
| EVgo Inc Class A (a)(c) | 62322 | 227475 |
| TOTAL CONSUMER DISCRETIONARY |  | 4580800 |
| Industrials - 12.9% |  |  |
| Electrical Equipment - 5.4% |  |  |
| Bloom Energy Corp Class A (a)(c) | 13410 | 320767 |
| ChargePoint Holdings Inc Class A (a)(c) | 266681 | 187556 |
| Plug Power Inc (a)(c) | 213565 | 318212 |
| Sensata Technologies Holding PLC  | 23698 | 713547 |
|  |  | 1540082 |
| Ground Transportation - 7.5% |  |  |
| Lyft Inc Class A (a) | 48140 | 758686 |
| Uber Technologies Inc (a) | 14445 | 1347719 |
|  |  | 2106405 |
| TOTAL INDUSTRIALS |  | 3646487 |
| Information Technology - 7.7% |  |  |
| Electronic Equipment, Instruments & Components - 2.0% |  |  |
| Aeva Technologies Inc (a)(c) | 14616 | 552339 |
| Semiconductors & Semiconductor Equipment - 5.7% |  |  |
| Analog Devices Inc  | 793 | 188749 |
| Diodes Inc (a) | 5148 | 272278 |
| Lattice Semiconductor Corp (a) | 5997 | 293793 |
| ON Semiconductor Corp (a) | 5230 | 274104 |
| SiTime Corp (a)(c) | 1332 | 283823 |
| Skyworks Solutions Inc  | 4053 | 302030 |
|  |  | 1614777 |
| TOTAL INFORMATION TECHNOLOGY |  | 2167116 |
| Materials - 1.1% |  |  |
| Chemicals - 1.1% |  |  |
| Albemarle Corp  | 4806 | 301192 |
| TOTAL UNITED STATES |  | 10695595 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $27,479,034) |  | <br> **28123336** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 23.6%** | &nbsp;&nbsp;**Money Market Funds - 23.6%** | &nbsp;&nbsp;**Money Market Funds - 23.6%** | &nbsp;&nbsp;**Money Market Funds - 23.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Securities Lending Cash Central Fund (e)(f)<br>(Cost $6,656,900)<br>| 4.32 | 6656234 | **6656900** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 123.4%**<br> (Cost $34,135,934)<br>| <br>**34780236** |
| **NET OTHER ASSETS (LIABILITIES) - (23.4)%**  | **(6599608)** |
| **NET ASSETS - 100.0%** | **28180628** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME Nasdaq 100 Index Contracts (United States) | 1 | Sep 2025 | 45787 | 1451 | 1451 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% |

---

**Legend**

(a) Non-income producing

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,652,257 or 5.9% of net assets.

(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 $1,652,257 or 5.9% of net assets.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 8184 | 3677716 | 3685900 | 497 | - | - | - | - | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 34286832 | 27629932 | 120764 | - | - | 6656900 | 6656234 | 0.0% |
| Total | 8184 | 37964548 | 31315832 | 121261 | - | - | 6656900 |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 12990329 | 12990329 | - | - |
| Industrials | 5815365 | 5815365 | - | - |
| Information Technology | 8438670 | 8438670 | - | - |
| Materials | 878972 | 878972 | - | - |
|  **Money Market Funds** | 6656900 | 6656900 | - | - |
| **Total Investments in Securities:** | 34780236 | 34780236 | - | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 1451 | 1451 | - | - |
| Total Assets | 1451 | 1451 | - | - |
| **Total Derivative Instruments:** | 1451 | 1451 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 1451 | 0 |
| **Total Equity Risk**  | 1451 | 0 |
| **Total Value of Derivatives** | 1451 | 0 |

---

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

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $6,419,111) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $27,479,034) | $28123336 |  |
| Fidelity Central Funds (cost $6,656,900) | 6656900 |  |
| Total Investment in Securities (cost $34,135,934) |  | $34780236 |
| Segregated cash with brokers for derivative instruments |  | 6399 |
| Foreign currency held at value (cost $468) |  | 471 |
| Dividends receivable |  | 49825 |
| Distributions receivable from Fidelity Central Funds |  | 14841 |
| Receivable for daily variation margin on futures contracts |  | 284 |
| Other receivables |  | 8 |
| **Total assets** |  | 34852064 |
| **Liabilities** |  |  |
| Payable to custodian bank | $5638 |  |
| Accrued management fee | 8898 |  |
| Collateral on securities loaned | 6656900 |  |
| **Total liabilities** |  | 6671436 |
| **Net Assets**  |  | $28180628 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $59133059 |
| Total accumulated earnings (loss) |  | (30952431) |
| **Net Assets** |  | $28180628 |
| **Net Asset Value**, offering price and redemption price per share ($28,180,628 ÷ 1,900,000 shares) |  | $14.83 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $172163 |
| Special dividends |  | 19323 |
| Income from Fidelity Central Funds (including $120,764 from security lending)  |  | 121261 |
| **Total income** |  | 312747 |
| **Expenses** |  |  |
| Management fee | $113905 |  |
| Independent trustees' fees and expenses | 123 |  |
| Miscellaneous | 265 |  |
| Total expenses before reductions | 114293 |  |
| Expense reductions | (361) |  |
| Total expenses after reductions |  | 113932 |
| **Net Investment income (loss)** |  | 198815 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (10588304) |  |
| Redemptions in-kind | 457251 |  |
| Foreign currency transactions | (1262) |  |
| Futures contracts | 5767 |  |
| Total net realized gain (loss) |  | (10126548) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 12853794 |  |
| Assets and liabilities in foreign currencies | 992 |  |
| Futures contracts | 1451 |  |
| Total change in net unrealized appreciation (depreciation) |  | 12856237 |
| **Net gain (loss)** |  | 2729689 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2928504 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $198815 | $190710 |
| &nbsp;&nbsp;Net realized gain (loss) | (10126548)<br>| (7645453)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 12856237 | (8068367)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2928504<br>| (15523110)<br>|
| Distributions to shareholders | (169000)<br>| (178200)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2453 | 1007818 |
| &nbsp;&nbsp;Cost of shares redeemed | (7368497) | (6914724) |
| **Net increase (decrease) in net assets resulting from share transactions** | (7366044)<br>| (5906906)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (4606540)<br>| (21608216)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 32787168 | 54395384<br>|
| &nbsp;&nbsp;End of period | $28180628 | $32787168 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | - | 50000 |
| &nbsp;&nbsp;Redeemed | (550000) | (450000) |
| &nbsp;&nbsp;Net increase (decrease) | (550000) | (400000) |

---

**Financial Highlights** 

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

---

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

---

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

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

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

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

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

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

G*Based on net asset value.*

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

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

J*Annualized.*

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

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

M*Amount not annualized.*

**Fidelity® Metaverse ETF**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| CHINA - 5.7%  |  |  |
| Communication Services - 3.7% |  |  |
| Entertainment - 3.0% |  |  |
| Netease Inc  | 43600 | 1171924 |
| Interactive Media & Services - 0.7% |  |  |
| Hello Group Inc Class A ADR  | 35972 | 303604 |
| TOTAL COMMUNICATION SERVICES |  | 1475528 |
| Information Technology - 2.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.3% |  |  |
| Sunny Optical Technology Group Co Ltd  | 61200 | 540665 |
| IT Services - 0.7% |  |  |
| Vnet Group Inc Class A ADR (a) | 41135 | 283831 |
| TOTAL INFORMATION TECHNOLOGY |  | 824496 |
| TOTAL CHINA |  | 2300024 |
| FRANCE - 2.6%  |  |  |
| Communication Services - 0.6% |  |  |
| Entertainment - 0.6% |  |  |
| Ubisoft Entertainment SA (a) | 21731 | 239427 |
| Information Technology - 2.0% |  |  |
| Software - 2.0% |  |  |
| Dassault Systemes SE  | 23011 | 830062 |
| TOTAL FRANCE |  | 1069489 |
| GERMANY - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| IT Services - 0.5% |  |  |
| Nagarro SE (a) | 3004 | 213690 |
| JAPAN - 1.5%  |  |  |
| Communication Services - 1.5% |  |  |
| Entertainment - 1.5% |  |  |
| Nexon Co Ltd  | 29600 | 596324 |
| KOREA (SOUTH) - 12.0%  |  |  |
| Communication Services - 7.6% |  |  |
| Entertainment - 4.8% |  |  |
| Kakao Games Corp (a) | 16023 | 227000 |
| Krafton Inc (a) | 2055 | 552731 |
| NCSoft Corp  | 2610 | 399352 |
| Netmarble Corp (b)(c) | 5893 | 270722 |
| Pearl Abyss Corp (a) | 8594 | 269358 |
| Wemade Co Ltd (a) | 9011 | 228346 |
|  |  | 1947509 |
| Interactive Media & Services - 2.8% |  |  |
| NAVER Corp  | 5859 | 1139588 |
| TOTAL COMMUNICATION SERVICES |  | 3087097 |
| Information Technology - 4.4% |  |  |
| Technology Hardware, Storage & Peripherals - 4.4% |  |  |
| Samsung Electronics Co Ltd  | 40472 | 1793291 |
| TOTAL KOREA (SOUTH) |  | 4880388 |
| SWEDEN - 1.4%  |  |  |
| Communication Services - 1.4% |  |  |
| Entertainment - 1.4% |  |  |
| Embracer Group AB B Shares (a) | 25061 | 283890 |
| Modern Times Group MTG AB B Shares (a) | 21342 | 268723 |
| TOTAL SWEDEN |  | 552613 |
| TAIWAN - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Himax Technologies Inc ADR  | 29751 | 265676 |
| UNITED ARAB EMIRATES - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Interactive Media & Services - 0.3% |  |  |
| Yalla Group Ltd ADR (a) | 24617 | 165919 |
| UNITED KINGDOM - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| IT Services - 0.5% |  |  |
| Endava PLC Class A ADR (a) | 13356 | 204614 |
| UNITED STATES - 74.5%  |  |  |
| Communication Services - 23.2% |  |  |
| Entertainment - 8.7% |  |  |
| Electronic Arts Inc  | 6775 | 1081967 |
| ROBLOX Corp Class A (a) | 12781 | 1344561 |
| Take-Two Interactive Software Inc (a) | 4574 | 1110796 |
|  |  | 3537324 |
| Interactive Media & Services - 14.5% |  |  |
| Alphabet Inc Class A  | 10161 | 1790673 |
| Meta Platforms Inc Class A  | 2484 | 1833416 |
| Pinterest Inc Class A (a) | 23548 | 844431 |
| Reddit Inc Class A (a) | 5568 | 838374 |
| Snap Inc Class A (a) | 68464 | 594952 |
|  |  | 5901846 |
| TOTAL COMMUNICATION SERVICES |  | 9439170 |
| Consumer Discretionary - 0.8% |  |  |
| Leisure Products - 0.8% |  |  |
| Peloton Interactive Inc Class A (a) | 48890 | 339296 |
| Industrials - 0.9% |  |  |
| Professional Services - 0.9% |  |  |
| Planet Labs PBC Class A (a)(d) | 59149 | 360809 |
| Information Technology - 43.4% |  |  |
| IT Services - 0.6% |  |  |
| Fastly Inc Class A (a) | 32309 | 228102 |
| Semiconductors & Semiconductor Equipment - 18.9% |  |  |
| Advanced Micro Devices Inc (a) | 14399 | 2043218 |
| Ambarella Inc (a) | 6126 | 404714 |
| Cirrus Logic Inc (a) | 4647 | 484473 |
| Monolithic Power Systems Inc  | 1411 | 1031977 |
| NVIDIA Corp  | 12032 | 1900936 |
| QUALCOMM Inc  | 11457 | 1824642 |
|  |  | 7689960 |
| Software - 17.0% |  |  |
| Adobe Inc (a) | 4125 | 1595880 |
| Autodesk Inc (a) | 4363 | 1350654 |
| Bentley Systems Inc Class B  | 11009 | 594156 |
| Microsoft Corp  | 3682 | 1831464 |
| N-able Inc/US (a) | 25223 | 204305 |
| PTC Inc (a) | 4743 | 817409 |
| Unity Software Inc (a) | 20705 | 501061 |
|  |  | 6894929 |
| Technology Hardware, Storage & Peripherals - 6.9% |  |  |
| Apple Inc  | 8418 | 1727121 |
| Super Micro Computer Inc (a) | 18799 | 921339 |
| Turtle Beach Corp (a) | 11442 | 158243 |
|  |  | 2806703 |
| TOTAL INFORMATION TECHNOLOGY |  | 17619694 |
| Real Estate - 6.2% |  |  |
| Specialized REITs - 6.2% |  |  |
| Digital Realty Trust Inc  | 6956 | 1212639 |
| Equinix Inc  | 1649 | 1311731 |
|  |  | 2524370 |
| TOTAL UNITED STATES |  | 30283339 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $35,174,500) |  | <br> **40532076** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (e) | 4.32 | 44151 | 44160 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.32 | 231227 | 231250 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $275,410) |  |  | **275410** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.4%**<br> (Cost $35,449,910)<br>| <br>**40807486** |
| **NET OTHER ASSETS (LIABILITIES) - (0.4)%**  | **(153514)** |
| **NET ASSETS - 100.0%** | **40653972** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME Nasdaq 100 Index Contracts (United States) | 2 | Sep 2025 | 91573 | 3403 | 3403 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% |

---

**Legend**

(a) Non-income producing

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $270,722 or 0.7% 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 $270,722 or 0.7% of net assets.

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

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 1964953 | 1920793 | 1415 | - | - | 44160 | 44151 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 18300035 | 18068785 | 10379 | - | - | 231250 | 231227 | 0.0% |
| Total | - | 20264988 | 19989578 | 11794 | - | - | 275410 |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 15556078 | 15556078 | - | - |
| Consumer Discretionary | 339296 | 339296 | - | - |
| Industrials | 360809 | 360809 | - | - |
| Information Technology | 21751523 | 21751523 | - | - |
| Real Estate | 2524370 | 2524370 | - | - |
|  **Money Market Funds** | 275410 | 275410 | - | - |
| **Total Investments in Securities:** | 40807486 | 40807486 | - | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 3403 | 3403 | - | - |
| Total Assets | 3403 | 3403 | - | - |
| **Total Derivative Instruments:** | 3403 | 3403 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 3403 | 0 |
| **Total Equity Risk**  | 3403 | 0 |
| **Total Value of Derivatives** | 3403 | 0 |

---

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

**Fidelity® Metaverse ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $225,700) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $35,174,500) | $40532076 |  |
| Fidelity Central Funds (cost $275,410) | 275410 |  |
| Total Investment in Securities (cost $35,449,910) |  | $40807486 |
| Segregated cash with brokers for derivative instruments |  | 14554 |
| Foreign currency held at value (cost $46,182) |  | 46297 |
| Dividends receivable |  | 26663 |
| Distributions receivable from Fidelity Central Funds |  | 868 |
| Receivable for daily variation margin on futures contracts |  | 567 |
| **Total assets** |  | 40896435 |
| **Liabilities** |  |  |
| Accrued management fee | $11213 |  |
| Collateral on securities loaned | 231250 |  |
| **Total liabilities** |  | 242463 |
| **Net Assets**  |  | $40653972 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $38583210 |
| Total accumulated earnings (loss) |  | 2070762 |
| **Net Assets** |  | $40653972 |
| **Net Asset Value**, offering price and redemption price per share ($40,653,972 ÷ 1,200,000 shares) |  | $33.88 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $248049 |
| Non-Cash dividends |  | 167482 |
| Interest  |  | 396 |
| Income from Fidelity Central Funds (including $10,379 from security lending)  |  | 11794 |
| **Total income** |  | 427721 |
| **Expenses** |  |  |
| Management fee | $125313 |  |
| Independent trustees' fees and expenses | 131 |  |
| Miscellaneous | 82 |  |
| Total expenses before reductions | 125526 |  |
| Expense reductions | (1424) |  |
| Total expenses after reductions |  | 124102 |
| **Net Investment income (loss)** |  | 303619 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1453252) |  |
| Redemptions in-kind | 2431772 |  |
| Foreign currency transactions | (3586) |  |
| Futures contracts | 13281 |  |
| Total net realized gain (loss) |  | 988215 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2592939 |  |
| Assets and liabilities in foreign currencies | 74 |  |
| Futures contracts | 3065 |  |
| Total change in net unrealized appreciation (depreciation) |  | 2596078 |
| **Net gain (loss)** |  | 3584293 |
| **Net increase (decrease) in net assets resulting from operations** |  | $3887912 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $303619 | $83882 |
| &nbsp;&nbsp;Net realized gain (loss) | 988215<br>| 2308628<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2596078 | 2049101<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 3887912<br>| 4441611<br>|
| Distributions to shareholders | (321750)<br>| (100500)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 11031831 | 20617140 |
| &nbsp;&nbsp;Cost of shares redeemed | (7503621) | (8087398) |
| **Net increase (decrease) in net assets resulting from share transactions** | 3528210<br>| 12529742<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 7094372<br>| 16870853<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 33559600 | 16688747<br>|
| &nbsp;&nbsp;End of period | $40653972 | $33559600 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 350000 | 750000 |
| &nbsp;&nbsp;Redeemed | (250000) | (300000) |
| &nbsp;&nbsp;Net increase (decrease) | 100000 | 450000 |

---

**Financial Highlights** 

**Fidelity® Metaverse ETF** <br>

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

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

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

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

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

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

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

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

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

I*Based on net asset value.*

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

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

L*Annualized.*

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

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

O*Amount not annualized.*

**Notes to Financial Statements**

For the period ended June 30, 2025

**1. Organization.**

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

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

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

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

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

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

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

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

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

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

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

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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 are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of June 30, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Funds and is not distributed to shareholders of the Funds. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Clean Energy ETF** | 33378731 | 3473395 | (9220428) | (5747033) |
| **Fidelity Cloud Computing ETF** | 85007629 | 15938680 | (6387090) | 9551590 |
| **Fidelity Crypto Industry and Digital Payments ETF**  | 214652830 | 52152260 | (15328878) | 36823382 |
| **Fidelity Digital Health ETF** | 7836540 | 1580506 | (1004891) | 575615 |
| **Fidelity Electric Vehicles and Future Transportation ETF**  | 34370683 | 4139365 | (3729812) | 409553 |
| **Fidelity Metaverse ETF** | 35809165 | 7283423 | (2285102) | 4998321 |

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The tax-based components of distributable earnings as of period end were as follows for each Fund:

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| | | | |
|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Fidelity Clean Energy ETF** | - | (12134158) | (5740836) |
| **Fidelity Cloud Computing ETF** | - | (7424126) | 9554826 |
| **Fidelity Crypto Industry and Digital Payments ETF**  | 988904 | (13937531) | 36834826 |
| **Fidelity Digital Health ETF** | 90030 | (3528506) | 575930 |
| **Fidelity Electric Vehicles and Future Transportation ETF**  | 23133 | (31387809) | 412245 |
| **Fidelity Metaverse ETF** | 67439 | (2995208) | 4998532 |

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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 fiscal period end and is subject to adjustment.

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| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Clean Energy ETF** | (2280041) | (9854117) | (12134158) |
| **Fidelity Cloud Computing ETF** | (2943152) | (4480974) | (7424126) |
| **Fidelity Crypto Industry and Digital Payments ETF**  | (9801302) | (4136229) | (13937531) |
| **Fidelity Digital Health ETF** | (582011) | (2946495) | (3528506) |
| **Fidelity Electric Vehicles and Future Transportation ETF**  | (8959016) | (22428793) | (31387809) |
| **Fidelity Metaverse ETF** | (950308) | (2044900) | (2995208) |

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

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

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The tax character of distributions paid was as follows:

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| | |
|:---|:---|
| **June 30, 2025** |  |
|  | **Ordinary Income ($)** |
| **Fidelity Clean Energy ETF** | 363900 |
| **Fidelity Cloud Computing ETF** | 45600 |
| **Fidelity Crypto Industry and Digital Payments ETF**  | 1957600 |
| **Fidelity Digital Health ETF** | 130000 |
| **Fidelity Electric Vehicles and Future Transportation ETF**  | 169000 |
| **Fidelity Metaverse ETF** | 321750 |

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| | |
|:---|:---|
| **June 30, 2024** |  |
|  | **Ordinary Income ($)** |
| **Fidelity Clean Energy ETF** | 378500 |
| **Fidelity Cloud Computing ETF** | 106250 |
| **Fidelity Crypto Industry and Digital Payments ETF**  | 135150 |
| **Fidelity Digital Health ETF** | 4950 |
| **Fidelity Electric Vehicles and Future Transportation ETF**  | 178200 |
| **Fidelity Metaverse ETF** | 100500 |

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

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

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

**4. 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 and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

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

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

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

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

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Clean Energy ETF** | 12417846 | 11691362 |
| **Fidelity Cloud Computing ETF** | 43450861 | 25912490 |
| **Fidelity Crypto Industry and Digital Payments ETF** | 124191488 | 105964643 |
| **Fidelity Digital Health ETF** | 4267067 | 3809612 |
| **Fidelity Electric Vehicles and Future Transportation ETF** | 22487724 | 23794941 |
| **Fidelity Metaverse ETF** | 12588695 | 9686310 |

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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 Clean Energy ETF** | 664828 | 1848479 |
| **Fidelity Cloud Computing ETF** | 9670850 | 24041422 |
| **Fidelity Crypto Industry and Digital Payments ETF** | 84615246 | 29871420 |
| **Fidelity Digital Health ETF** | - | 972902 |
| **Fidelity Electric Vehicles and Future Transportation ETF** | - | 6000775 |
| **Fidelity Metaverse ETF** | 8245926 | 7363060 |

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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 miscellaneous expenses such as proxy and shareholder meeting expenses.

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

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

**7. Security Lending.** 

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

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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 Clean Energy ETF** | 3850 | - | - |
| **Fidelity Cloud Computing ETF** | 203 | 4 | - |
| **Fidelity Crypto Industry and Digital Payments ETF** | 52781 | 480 | - |
| **Fidelity Electric Vehicles and Future Transportation ETF** | 13172 | - | - |
| **Fidelity Metaverse ETF** | 1118 | - | - |

---

**8. Expense Reductions.** 

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

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Clean Energy ETF** | 216 |
| **Fidelity Cloud Computing ETF** | 1173 |
| **Fidelity Crypto Industry and Digital Payments ETF**  | 1014 |
| **Fidelity Digital Health ETF** | 51 |
| **Fidelity Electric Vehicles and Future Transportation ETF**  | 361 |
| **Fidelity Metaverse ETF** | 1424 |

---

**9. Share Transactions.**

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

To the extent the funds permit the contribution of securities in exchange for the purchase of shares (Contribution in-kind), shares may be issued in advance of receipt by the funds of all or a portion of the applicable deposit securities. In these case circumstances, the Authorized participant provides collateral to the custodian, on behalf of the Funds, in an at least equal to 105% and up to 115% of the daily marked to market value of the deposit securities not yet received.

**10. Other.**

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

**11. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Covington Trust and the Shareholders of Fidelity Clean Energy ETF, Fidelity Cloud Computing ETF, Fidelity Crypto Industry and Digital Payments ETF, Fidelity Digital Health ETF, Fidelity Electric Vehicles and Future Transportation ETF and Fidelity Metaverse ETF:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Fidelity Clean Energy ETF, Fidelity Cloud Computing ETF, Fidelity Crypto Industry and Digital Payments ETF, Fidelity Digital Health ETF, Fidelity Electric Vehicles and Future Transportation ETF and Fidelity Metaverse ETF (the "Funds"), each a fund of Fidelity Covington Trust, including the schedules of investments, as of June 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of three years in the period then ended and for the period from October 5, 2021 (commencement of operations) through June 30, 2022, except for the financial highlights for the Fidelity Crypto Industry and Digital Payments ETF and Fidelity Metaverse ETF, which are for the three years in the period then ended and for the period from April 19, 2022 (commencement of operations) to June 30, 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from October 5, 2021 (commencement of operations) through June 30, 2022 (or for the period mentioned above), in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

August 12, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| **Fidelity Clean Energy ETF** |  |
| September 2024 | 3% |
| December 2024 | 3% |
| March 2025 | 9% |
| June 2025<br>| 9% |
| **Fidelity Cloud Computing ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | - |
| June 2025<br>| 100% |
| **Fidelity Crypto Industry and Digital Payments ETF** |  |
| September 2024 | - |
| December 20, 2024 | 3% |
| December 30, 2024 | 4% |
| March 2025 | - |
| June 2025<br>| - |
| **Fidelity Digital Health ETF** |  |
| September 2024 | 8% |
| December 2024 | 8% |
| March 2025 | 57% |
| June 2025<br>| 57% |
| **Fidelity Electric Vehicles and Future Transportation ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | 25% |
| June 2025<br>| 25% |
| **Fidelity Metaverse ETF** |  |
| September 2024 | 57% |
| December 2024 | 57% |
| March 2025 | 16% |
| June 2025 | 16% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | |
|:---|:---|
| **Fidelity Clean Energy ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | 100% |
| June 2025<br>| 100% |
| **Fidelity Cloud Computing ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | - |
| June 2025<br>| 100% |
| **Fidelity Crypto Industry and Digital Payments ETF** |  |
| September 2024 | - |
| December 20, 2024 | 7.69% |
| December 30, 2024 | 15.19% |
| March 2025 | - |
| June 2025 | - |
| **Fidelity Digital Health ETF** |  |
| September 2024 | 12.24% |
| December 2024 | 12.19% |
| March 2025 | 100% |
| June 2025<br>| 100% |
| **Fidelity Electric Vehicles and Future Transportation ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | 100% |
| June 2025<br>| 100% |
| **Fidelity Metaverse ETF** |  |
| September 2024 | 90.05% |
| December 2024 | 90.05% |
| March 2025 | 100% |
| June 2025 | 100% |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:

---

| | |
|:---|:---|
| <br> **Fidelity Metaverse ETF** |  |
| September 2024 | 9.96% |
| December 2024 | 9.96%<br>|

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Fidelity Metaverse ETF** | $898 |

---

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income** | **Taxes** |
| **Fidelity Clean Energy ETF** | 03/20/24 | $0.0161 | $0.0022 |
|  | 06/25/24 | $0.1047 | $0.0142 |

---

The funds will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 38080283823.03 | 97.17 |
| Withheld  | 1109333237.47 | 2.83 |
| TOTAL  | 39189617060.50 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 37781807251.33 | 96.41 |
| Withheld  | 1407809809.17 | 3.59 |
| TOTAL  | 39189617060.50 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 37869526083.09 | 96.63 |
| Withheld  | 1320090977.41 | 3.37 |
| TOTAL  | 39189617060.50 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 38025875898.31 | 97.03 |
| Withheld  | 1163741162.19 | 2.97 |
| TOTAL  | 39189617060.50 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 37825198238.79 | 96.52 |
| Withheld  | 1364418821.71 | 3.48 |
| TOTAL  | 39189617060.50 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 38031768119.99 | 97.05 |
| Withheld  | 1157848940.51 | 2.95 |
| TOTAL  | 39189617060.50 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 38062391881.90 | 97.12 |
| Withheld  | 1127225178.60 | 2.88 |
| TOTAL  | 39189617060.50 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 37891434776.27 | 96.69 |
| Withheld  | 1298182284.23 | 3.31 |
| TOTAL  | 39189617060.50 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 37976932673.73 | 96.91 |
| Withheld  | 1212684386.77 | 3.09 |
| TOTAL  | 39189617060.50 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 38011822212.28 | 96.99 |
| Withheld  | 1177794848.22 | 3.01 |
| TOTAL  | 39189617060.50 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 37976058118.16 | 96.90 |
| Withheld  | 1213558942.34 | 3.10 |
| TOTAL  | 39189617060.50 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 37845471684.67 | 96.57 |
| Withheld  | 1344145375.83 | 3.43 |
| TOTAL  | 39189617060.50 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 37736569620.69 | 96.29 |
| Withheld  | 1453047439.81 | 3.71 |
| TOTAL  | 39189617060.50 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Clean Energy ETF**

**Fidelity Cloud Computing ETF**

**Fidelity Crypto Industry and Digital Payments ETF**

**Fidelity Digital Health ETF**

**Fidelity Electric Vehicles and Future Transportation ETF**

**Fidelity Metaverse ETF**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for each fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the funds' investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the funds and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement each fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under a separate agreement covering pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally State Street Bank and Trust Company, each fund's transfer agent and custodian; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending, under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers each fund's tracking error versus its benchmark index. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The Board also considered information on each fund's bid-ask spread and premium/discount.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on net performance (after fees and expenses) of the fund compared to a fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio, the Board considered each fund's all-inclusive fee rate and also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under each fund's all-inclusive arrangement. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to each fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of each fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of each fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of each fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of Geode's relationship with each fund.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion**. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through May 31, 2026.

![](img110528_4.jpg)<br>

1.9903828.103 CEE-ANN-0825

**Fidelity® Enhanced International ETF**

**Fidelity® Enhanced Large Cap Core ETF**

**Fidelity® Enhanced Large Cap Growth ETF**

**Fidelity® Enhanced Large Cap Value ETF**

**Fidelity® Enhanced Mid Cap ETF**

**Annual Report**

**June 30, 2025**

![](img110544_1.jpg)

![](img110544_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_EIE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Enhanced International ETF](#Sub_Sec_Fund_7544_EIE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Enhanced Large Cap Core ETF](#Sub_Sec_Fund_7541_EIE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Enhanced Large Cap Growth ETF](#Sub_Sec_Fund_7543_EIE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Enhanced Large Cap Value ETF](#Sub_Sec_Fund_7542_EIE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Enhanced Mid Cap ETF](#Sub_Sec_Fund_7546_EIE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements7544_EIE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_EIE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_EIE-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EIE-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EIE-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EIE-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EIE-ANN)** |

---

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.© 2025 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 (Annual Report)**

**Fidelity® Enhanced International ETF**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.6%** | &nbsp;&nbsp;**Common Stocks - 97.6%** | &nbsp;&nbsp;**Common Stocks - 97.6%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 6.6%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Telstra Group Ltd  | 5393340 | 17180193 |
| Interactive Media & Services - 0.0% |  |  |
| CAR Group Ltd  | 10 | 246 |
| REA Group Ltd  | 5187 | 820991 |
|  |  | 821237 |
| TOTAL COMMUNICATION SERVICES |  | 18001430 |
| Consumer Discretionary - 1.3% |  |  |
| Broadline Retail - 0.8% |  |  |
| Wesfarmers Ltd  | 450140 | 25108005 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Aristocrat Leisure Ltd  | 364917 | 15651886 |
| TOTAL CONSUMER DISCRETIONARY |  | 40759891 |
| Financials - 1.5% |  |  |
| Banks - 1.0% |  |  |
| ANZ Group Holdings Ltd  | 681889 | 13086578 |
| Commonwealth Bank of Australia  | 139594 | 16973683 |
| National Australia Bank Ltd  | 4 | 103 |
|  |  | 30060364 |
| Capital Markets - 0.1% |  |  |
| Macquarie Group Ltd  | 28959 | 4359449 |
| Insurance - 0.4% |  |  |
| Insurance Australia Group Ltd  | 318569 | 1893286 |
| Medibank Pvt Ltd  | 129 | 428 |
| QBE Insurance Group Ltd  | 751924 | 11575215 |
|  |  | 13468929 |
| TOTAL FINANCIALS |  | 47888742 |
| Health Care - 0.6% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Cochlear Ltd  | 30 | 5932 |
| Health Care Technology - 0.6% |  |  |
| Pro Medicus Ltd  | 96551 | 18115420 |
| TOTAL HEALTH CARE |  | 18121352 |
| Industrials - 0.3% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| Brambles Ltd  | 290585 | 4479040 |
| Professional Services - 0.0% |  |  |
| Computershare Ltd  | 27112 | 711788 |
| Trading Companies & Distributors - 0.1% |  |  |
| Reece Ltd  | 113 | 1067 |
| SGH Ltd  | 124476 | 4429624 |
|  |  | 4430691 |
| TOTAL INDUSTRIALS |  | 9621519 |
| Materials - 2.3% |  |  |
| Metals & Mining - 2.3% |  |  |
| BHP Group Ltd  | 523023 | 12650364 |
| Fortescue Ltd  | 1083780 | 10899068 |
| Northern Star Resources Ltd  | 1050673 | 12827333 |
| Rio Tinto Ltd  | 172841 | 12186606 |
| Rio Tinto PLC  | 159387 | 9287320 |
| Rio Tinto PLC ADR  | 293973 | 17147445 |
| South32 Ltd  | 52 | 100 |
|  |  | 74998236 |
| TOTAL AUSTRALIA |  | 209391170 |
| AUSTRIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Erste Group Bank AG  | 90 | 7665 |
| BELGIUM - 1.0%  |  |  |
| Consumer Staples - 0.9% |  |  |
| Beverages - 0.9% |  |  |
| Anheuser-Busch InBev SA/NV  | 372660 | 25565895 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Groupe Bruxelles Lambert NV  | 7821 | 666082 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| UCB SA  | 23004 | 4523938 |
| TOTAL BELGIUM |  | 30755915 |
| CHINA - 1.8%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| Prosus NV Class N  | 534911 | 29910772 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| BOC Hong Kong Holdings Ltd  | 2651500 | 11518054 |
| Industrials - 0.5% |  |  |
| Machinery - 0.2% |  |  |
| Yangzijiang Shipbuildling (Holdings) Ltd  | 4397600 | 7678075 |
| Marine Transportation - 0.3% |  |  |
| SITC International Holdings Co Ltd  | 2575000 | 8249893 |
| TOTAL INDUSTRIALS |  | 15927968 |
| TOTAL CHINA |  | 57356794 |
| DENMARK - 1.8%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Danske Bank A/S  | 313692 | 12792839 |
| Health Care - 1.2% |  |  |
| Biotechnology - 0.4% |  |  |
| Genmab A/S (b) | 40457 | 8399598 |
| Genmab A/S ADR (b) | 232753 | 4808677 |
|  |  | 13208275 |
| Pharmaceuticals - 0.8% |  |  |
| Novo Nordisk A/S Series B  | 339074 | 23533757 |
| TOTAL HEALTH CARE |  | 36742032 |
| Industrials - 0.0% |  |  |
| Building Products - 0.0% |  |  |
| ROCKWOOL A/S Series B  | 5741 | 268661 |
| Marine Transportation - 0.0% |  |  |
| AP Moller - Maersk A/S Series A  | 1136 | 2098472 |
| TOTAL INDUSTRIALS |  | 2367133 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Novonesis Novozymes B Series B  | 70455 | 5051291 |
| TOTAL DENMARK |  | 56953295 |
| FINLAND - 1.5%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| Nordea Bank Abp  | 418901 | 6222335 |
| Nordea Bank Abp (Sweden)  | 100 | 1488 |
|  |  | 6223823 |
| Insurance - 0.1% |  |  |
| Sampo Oyj A Shares  | 185987 | 2000231 |
| TOTAL FINANCIALS |  | 8224054 |
| Industrials - 1.2% |  |  |
| Machinery - 1.2% |  |  |
| Kone Oyj B Shares  | 304881 | 20068440 |
| Wartsila OYJ Abp  | 809345 | 19105493 |
|  |  | 39173933 |
| Information Technology - 0.0% |  |  |
| Communications Equipment - 0.0% |  |  |
| Nokia Oyj  | 130994 | 679865 |
| Nokia Oyj ADR  | 120 | 622 |
|  |  | 680487 |
| TOTAL FINLAND |  | 48078474 |
| FRANCE - 8.5%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Orange SA  | 350274 | 5328797 |
| Consumer Discretionary - 0.9% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| FDJ UNITED  | 109051 | 4277606 |
| Sodexo SA  | 17797 | 1094319 |
|  |  | 5371925 |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Hermes International SCA  | 4371 | 11837136 |
| LVMH Moet Hennessy Louis Vuitton SE  | 21299 | 11154639 |
|  |  | 22991775 |
| TOTAL CONSUMER DISCRETIONARY |  | 28363700 |
| Consumer Staples - 0.3% |  |  |
| Food Products - 0.3% |  |  |
| Danone SA  | 124962 | 10209722 |
| Personal Care Products - 0.0% |  |  |
| L'Oreal SA  | 2041 | 872963 |
| TOTAL CONSUMER STAPLES |  | 11082685 |
| Energy - 1.2% |  |  |
| Oil, Gas & Consumable Fuels - 1.2% |  |  |
| TotalEnergies SE  | 618730 | 37972199 |
| Financials - 1.6% |  |  |
| Banks - 1.6% |  |  |
| BNP Paribas SA  | 341169 | 30671484 |
| Credit Agricole SA  | 1076 | 20362 |
| Societe Generale SA Series A  | 367940 | 21042294 |
|  |  | 51734140 |
| Insurance - 0.0% |  |  |
| AXA SA  | 8828 | 433324 |
| TOTAL FINANCIALS |  | 52167464 |
| Industrials - 2.1% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Airbus SE  | 20222 | 4222422 |
| Safran SA  | 25404 | 8256209 |
|  |  | 12478631 |
| Building Products - 0.2% |  |  |
| Cie de Saint-Gobain SA  | 47328 | 5554932 |
| Construction & Engineering - 1.2% |  |  |
| Eiffage SA  | 87808 | 12334437 |
| Vinci SA  | 170528 | 25129270 |
|  |  | 37463707 |
| Electrical Equipment - 0.2% |  |  |
| Legrand SA  | 50732 | 6782733 |
| Transportation Infrastructure - 0.1% |  |  |
| Getlink SE Series A  | 119632 | 2309687 |
| TOTAL INDUSTRIALS |  | 64589690 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Capgemini SE  | 44699 | 7637345 |
| Materials - 1.1% |  |  |
| Chemicals - 1.1% |  |  |
| Air Liquide SA  | 167821 | 34622506 |
| Real Estate - 0.2% |  |  |
| Diversified REITs - 0.1% |  |  |
| Covivio SA/France  | 59047 | 3724639 |
| Office REITs - 0.1% |  |  |
| Gecina SA  | 14634 | 1608317 |
| Retail REITs - 0.0% |  |  |
| Klepierre SA  | 32309 | 1272672 |
| TOTAL REAL ESTATE |  | 6605628 |
| Utilities - 0.7% |  |  |
| Multi-Utilities - 0.7% |  |  |
| Engie SA  | 994269 | 23336143 |
| Veolia Environnement SA  | 64 | 2281 |
|  |  | 23338424 |
| TOTAL FRANCE |  | 271708438 |
| GERMANY - 9.9%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Deutsche Telekom AG  | 174388 | 6361868 |
| Interactive Media & Services - 0.1% |  |  |
| Scout24 SE (c)(d) | 34155 | 4711271 |
| TOTAL COMMUNICATION SERVICES |  | 11073139 |
| Consumer Discretionary - 0.9% |  |  |
| Automobile Components - 0.1% |  |  |
| Continental AG  | 49273 | 4300848 |
| Automobiles - 0.1% |  |  |
| Mercedes-Benz Group AG  | 45124 | 2641213 |
| Volkswagen AG  | 4200 | 453676 |
|  |  | 3094889 |
| Specialty Retail - 0.0% |  |  |
| Zalando SE (b)(c)(d) | 44947 | 1479821 |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| adidas AG  | 89485 | 20865683 |
| TOTAL CONSUMER DISCRETIONARY |  | 29741241 |
| Financials - 2.7% |  |  |
| Capital Markets - 0.1% |  |  |
| Deutsche Bank AG  | 122457 | 3630728 |
| Insurance - 2.6% |  |  |
| Allianz SE  | 104770 | 42466696 |
| Hannover Rueck SE  | 21085 | 6636467 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 31140 | 20196758 |
| Talanx AG  | 91828 | 11887750 |
|  |  | 81187671 |
| TOTAL FINANCIALS |  | 84818399 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Siemens Healthineers AG (c)(d) | 102288 | 5670266 |
| Health Care Providers & Services - 0.2% |  |  |
| Fresenius Medical Care AG  | 88039 | 5045275 |
| Pharmaceuticals - 0.0% |  |  |
| Merck KGaA  | 8336 | 1080133 |
| TOTAL HEALTH CARE |  | 11795674 |
| Industrials - 3.1% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Rheinmetall AG  | 306 | 647733 |
| Air Freight & Logistics - 0.4% |  |  |
| Deutsche Post AG  | 309971 | 14316761 |
| Electrical Equipment - 1.0% |  |  |
| Siemens Energy AG (b) | 278433 | 32161734 |
| Industrial Conglomerates - 1.5% |  |  |
| Siemens AG  | 182549 | 46802062 |
| Machinery - 0.2% |  |  |
| Gea Group Ag  | 15927 | 1114415 |
| Knorr-Bremse AG  | 22375 | 2162562 |
| Rational AG  | 2819 | 2364296 |
|  |  | 5641273 |
| TOTAL INDUSTRIALS |  | 99569563 |
| Information Technology - 1.2% |  |  |
| Software - 1.2% |  |  |
| SAP SE  | 125393 | 38130480 |
| Materials - 0.9% |  |  |
| Chemicals - 0.6% |  |  |
| Evonik Industries AG  | 478907 | 9872249 |
| Symrise AG  | 90493 | 9501988 |
|  |  | 19374237 |
| Construction Materials - 0.3% |  |  |
| Heidelberg Materials AG  | 34548 | 8116780 |
| TOTAL MATERIALS |  | 27491017 |
| Utilities - 0.4% |  |  |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |
| RWE AG  | 320465 | 13374533 |
| TOTAL GERMANY |  | 315994046 |
| HONG KONG - 2.8%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Food Products - 0.5% |  |  |
| WH Group Ltd (c)(d) | 15071455 | 14495568 |
| Financials - 1.6% |  |  |
| Capital Markets - 0.9% |  |  |
| Futu Holdings Ltd Class A ADR  | 36240 | 4478902 |
| Hong Kong Exchanges & Clearing Ltd  | 428900 | 22882097 |
|  |  | 27360999 |
| Insurance - 0.7% |  |  |
| AIA Group Ltd  | 2768232 | 24826086 |
| TOTAL FINANCIALS |  | 52187085 |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.1% |  |  |
| Jardine Matheson Holdings Ltd (Singapore)  | 57000 | 2739420 |
| Machinery - 0.1% |  |  |
| Techtronic Industries Co Ltd  | 229500 | 2523054 |
| TOTAL INDUSTRIALS |  | 5262474 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Sun Hung Kai Properties Ltd  | 137500 | 1577319 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| CLP Holdings Ltd  | 1954500 | 16457742 |
| TOTAL HONG KONG |  | 89980188 |
| IRELAND - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| AerCap Holdings NV  | 27144 | 3175848 |
| ISRAEL - 0.8%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Bank Leumi Le-Israel BM  | 208242 | 3871423 |
| Mizrahi Tefahot Bank Ltd  | 19261 | 1255170 |
|  |  | 5126593 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Elbit Systems Ltd  | 4110 | 1827860 |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| Wix.com Ltd (b) | 110942 | 17579869 |
| TOTAL ISRAEL |  | 24534322 |
| ITALY - 2.6%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Ferrari NV (Italy)  | 4067 | 1993420 |
| Consumer Staples - 0.5% |  |  |
| Beverages - 0.5% |  |  |
| Coca-Cola HBC AG  | 318116 | 16610620 |
| Financials - 1.9% |  |  |
| Banks - 1.8% |  |  |
| Intesa Sanpaolo SpA  | 4570914 | 26337343 |
| UniCredit SpA  | 431235 | 28908759 |
|  |  | 55246102 |
| Financial Services - 0.0% |  |  |
| Banca Mediolanum SpA  | 28559 | 491832 |
| Insurance - 0.1% |  |  |
| Generali  | 102128 | 3634314 |
| TOTAL FINANCIALS |  | 59372248 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Leonardo SpA  | 81019 | 4559948 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enel SpA  | 169702 | 1610397 |
| TOTAL ITALY |  | 84146633 |
| JAPAN - 21.8%  |  |  |
| Communication Services - 2.2% |  |  |
| Entertainment - 0.2% |  |  |
| Konami Group Corp  | 45600 | 7224499 |
| Interactive Media & Services - 0.3% |  |  |
| LY Corp  | 2637922 | 9716009 |
| Wireless Telecommunication Services - 1.7% |  |  |
| KDDI Corp  | 1276200 | 21978237 |
| SoftBank Group Corp  | 428200 | 31266435 |
|  |  | 53244672 |
| TOTAL COMMUNICATION SERVICES |  | 70185180 |
| Consumer Discretionary - 3.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Aisin Corp  | 184200 | 2362538 |
| Automobiles - 0.9% |  |  |
| Suzuki Motor Corp  | 1373300 | 16622075 |
| Toyota Motor Corp  | 706061 | 12223257 |
|  |  | 28845332 |
| Household Durables - 1.1% |  |  |
| Panasonic Holdings Corp  | 1136700 | 12278302 |
| Sekisui House Ltd  | 35300 | 780250 |
| Sony Group Corp  | 900980 | 23337074 |
|  |  | 36395626 |
| Leisure Products - 0.5% |  |  |
| Bandai Namco Holdings Inc  | 425800 | 15289829 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Asics Corp  | 646500 | 16521093 |
| TOTAL CONSUMER DISCRETIONARY |  | 99414418 |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Seven & i Holdings Co Ltd  | 132200 | 2132569 |
| Food Products - 0.3% |  |  |
| Ajinomoto Co Inc  | 329200 | 8936098 |
| TOTAL CONSUMER STAPLES |  | 11068667 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Inpex Corp (e) | 1116500 | 15700236 |
| Financials - 4.3% |  |  |
| Banks - 1.9% |  |  |
| Japan Post Bank Co Ltd  | 559600 | 6042693 |
| Mitsubishi UFJ Financial Group Inc  | 1956100 | 26936192 |
| Mizuho Financial Group Inc  | 422100 | 11704075 |
| Sumitomo Mitsui Financial Group Inc  | 447000 | 11280150 |
| Sumitomo Mitsui Trust Group Inc  | 209800 | 5593015 |
|  |  | 61556125 |
| Capital Markets - 0.9% |  |  |
| Daiwa Securities Group Inc  | 1600548 | 11386837 |
| Nomura Holdings Inc  | 2497700 | 16511999 |
| SBI Holdings Inc  | 36200 | 1264442 |
|  |  | 29163278 |
| Financial Services - 0.1% |  |  |
| Mitsubishi HC Capital Inc  | 263800 | 1942710 |
| Insurance - 1.4% |  |  |
| Dai-ichi Life Holdings Inc  | 2336900 | 17785788 |
| Japan Post Holdings Co Ltd  | 135800 | 1259407 |
| Sompo Holdings Inc  | 239100 | 7214260 |
| Tokio Marine Holdings Inc  | 401400 | 17033821 |
|  |  | 43293276 |
| TOTAL FINANCIALS |  | 135955389 |
| Health Care - 1.7% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Hoya Corp  | 19184 | 2285348 |
| Terumo Corp  | 283400 | 5215166 |
|  |  | 7500514 |
| Pharmaceuticals - 1.5% |  |  |
| Astellas Pharma Inc  | 280900 | 2763063 |
| Daiichi Sankyo Co Ltd  | 730300 | 17065098 |
| Shionogi & Co Ltd  | 129800 | 2338122 |
| Takeda Pharmaceutical Co Ltd  | 771500 | 23706729 |
|  |  | 45873012 |
| TOTAL HEALTH CARE |  | 53373526 |
| Industrials - 5.5% |  |  |
| Electrical Equipment - 0.2% |  |  |
| Mitsubishi Electric Corp  | 157800 | 3409019 |
| NIDEC CORP  | 112200 | 2185487 |
|  |  | 5594506 |
| Ground Transportation - 0.4% |  |  |
| Central Japan Railway Co  | 595500 | 13365203 |
| Industrial Conglomerates - 0.5% |  |  |
| Hitachi Ltd  | 523700 | 15292236 |
| Machinery - 1.4% |  |  |
| Daifuku Co Ltd  | 99500 | 2571709 |
| FANUC Corp  | 358900 | 9819562 |
| Komatsu Ltd  | 598400 | 19684184 |
| Makita Corp  | 427300 | 13213200 |
|  |  | 45288655 |
| Marine Transportation - 0.6% |  |  |
| Nippon Yusen KK  | 506900 | 18261846 |
| Professional Services - 0.9% |  |  |
| Recruit Holdings Co Ltd  | 461500 | 27352540 |
| Trading Companies & Distributors - 1.5% |  |  |
| Marubeni Corp  | 53400 | 1080200 |
| Mitsui & Co Ltd  | 919200 | 18811030 |
| Sumitomo Corp  | 528600 | 13688062 |
| Toyota Tsusho Corp  | 665200 | 15100440 |
|  |  | 48679732 |
| TOTAL INDUSTRIALS |  | 173834718 |
| Information Technology - 3.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Yokogawa Electric Corp  | 429800 | 11505705 |
| IT Services - 1.0% |  |  |
| Fujitsu Ltd  | 249800 | 6097337 |
| NEC Corp  | 708500 | 20757345 |
| Obic Co Ltd  | 159800 | 6226435 |
|  |  | 33081117 |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| Advantest Corp  | 286300 | 21183476 |
| Renesas Electronics Corp  | 627200 | 7791818 |
| SCREEN Holdings Co Ltd  | 158600 | 12951884 |
| Tokyo Electron Ltd  | 156200 | 30024069 |
|  |  | 71951247 |
| TOTAL INFORMATION TECHNOLOGY |  | 116538069 |
| Materials - 0.2% |  |  |
| Chemicals - 0.1% |  |  |
| Mitsubishi Chemical Group Corp  | 559000 | 2942412 |
| Nippon Paint Holdings Co Ltd  | 116900 | 941661 |
|  |  | 3884073 |
| Metals & Mining - 0.1% |  |  |
| Nippon Steel Corp  | 194400 | 3689422 |
| TOTAL MATERIALS |  | 7573495 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.0% |  |  |
| Chubu Electric Power Co Inc  | 96200 | 1189766 |
| Kansai Electric Power Co Inc/The  | 500 | 5933 |
|  |  | 1195699 |
| Gas Utilities - 0.3% |  |  |
| Osaka Gas Co Ltd  | 37300 | 956556 |
| Tokyo Gas Co Ltd  | 257300 | 8562076 |
|  |  | 9518632 |
| TOTAL UTILITIES |  | 10714331 |
| TOTAL JAPAN |  | 694358029 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Delivery Hero SE (b)(c)(d) | 34770 | 940790 |
| NETHERLANDS - 4.2%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Koninklijke KPN NV  | 3356406 | 16352414 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Heineken Holding NV Class A  | 17995 | 1340724 |
| Food Products - 0.0% |  |  |
| JDE Peet's NV  | 45004 | 1285022 |
| TOTAL CONSUMER STAPLES |  | 2625746 |
| Financials - 1.4% |  |  |
| Banks - 0.8% |  |  |
| ABN AMRO Bank NV depository receipt (c)(d) | 508028 | 13907550 |
| ING Groep NV  | 470906 | 10331911 |
|  |  | 24239461 |
| Capital Markets - 0.0% |  |  |
| Euronext NV (c)(d) | 5 | 855 |
| Insurance - 0.6% |  |  |
| Aegon Ltd  | 232984 | 1687279 |
| NN Group NV  | 305961 | 20334149 |
|  |  | 22021428 |
| TOTAL FINANCIALS |  | 46261744 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE ADR (b) | 2483 | 1368679 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Koninklijke Philips NV  | 28412 | 683080 |
| TOTAL HEALTH CARE |  | 2051759 |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| Wolters Kluwer NV  | 30 | 5016 |
| Information Technology - 2.1% |  |  |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| ASM International NV  | 25 | 16002 |
| ASML Holding NV  | 84280 | 67270520 |
|  |  | 67286522 |
| TOTAL NETHERLANDS |  | 134583201 |
| NEW ZEALAND - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Meridian Energy Ltd  | 980619 | 3526644 |
| NORWAY - 1.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telenor ASA  | 96 | 1492 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Equinor ASA  | 592983 | 15007834 |
| Financials - 0.4% |  |  |
| Banks - 0.2% |  |  |
| DNB Bank ASA  | 229430 | 6341568 |
| Insurance - 0.2% |  |  |
| Gjensidige Forsikring ASA  | 272734 | 6910755 |
| TOTAL FINANCIALS |  | 13252323 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Kongsberg Gruppen ASA  | 354257 | 13737063 |
| TOTAL NORWAY |  | 41998712 |
| PORTUGAL - 0.0%  |  |  |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| EDP SA  | 7 | 30 |
| SINGAPORE - 2.3%  |  |  |
| Communication Services - 0.8% |  |  |
| Entertainment - 0.8% |  |  |
| Sea Ltd Class A ADR (b) | 161946 | 25901643 |
| Financials - 1.0% |  |  |
| Banks - 0.8% |  |  |
| DBS Group Holdings Ltd  | 229400 | 8102520 |
| Oversea-Chinese Banking Corp Ltd  | 227200 | 2914378 |
| United Overseas Bank Ltd  | 505155 | 14302462 |
|  |  | 25319360 |
| Capital Markets - 0.2% |  |  |
| Singapore Exchange Ltd  | 532200 | 6228184 |
| TOTAL FINANCIALS |  | 31547544 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Singapore Technologies Engineering Ltd  | 2739700 | 16785107 |
| Real Estate - 0.0% |  |  |
| Industrial REITs - 0.0% |  |  |
| CapitaLand Ascendas REIT  | 228200 | 480987 |
| TOTAL SINGAPORE |  | 74715281 |
| SOUTH AFRICA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Anglo American PLC  | 29380 | 867062 |
| Valterra Platinum Ltd (United Kingdom)  | 15 | 659 |
| TOTAL SOUTH AFRICA |  | 867721 |
| SPAIN - 3.6%  |  |  |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| Banco Bilbao Vizcaya Argentaria SA  | 358333 | 5510494 |
| Banco Bilbao Vizcaya Argentaria SA ADR  | 8 | 123 |
| Banco Santander SA  | 4502320 | 37267750 |
|  |  | 42778367 |
| Industrials - 0.6% |  |  |
| Construction & Engineering - 0.0% |  |  |
| ACS Actividades de Construccion y Servicios SA  | 26410 | 1833914 |
| Transportation Infrastructure - 0.6% |  |  |
| Aena SME SA (c)(d)(e) | 698085 | 18633527 |
| TOTAL INDUSTRIALS |  | 20467441 |
| Utilities - 1.7% |  |  |
| Electric Utilities - 1.7% |  |  |
| Endesa SA (e) | 503294 | 15941875 |
| Iberdrola SA  | 1852038 | 35538397 |
|  |  | 51480272 |
| TOTAL SPAIN |  | 114726080 |
| SWEDEN - 2.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Telia Co AB  | 1204289 | 4324081 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Tele2 AB B Shares  | 90667 | 1324896 |
| TOTAL COMMUNICATION SERVICES |  | 5648977 |
| Consumer Discretionary - 0.3% |  |  |
| Automobiles - 0.3% |  |  |
| Volvo Car AB (b)(e) | 4349744 | 7986032 |
| Financials - 0.7% |  |  |
| Banks - 0.6% |  |  |
| Svenska Handelsbanken AB A Shares  | 1229209 | 16429038 |
| Swedbank AB A1 Shares  | 110020 | 2913043 |
|  |  | 19342081 |
| Financial Services - 0.1% |  |  |
| Industrivarden AB A Shares  | 113091 | 4102447 |
| Industrivarden AB C Shares  | 19 | 686 |
|  |  | 4103133 |
| TOTAL FINANCIALS |  | 23445214 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Swedish Orphan Biovitrum AB B Shares (b) | 40118 | 1222083 |
| Industrials - 0.5% |  |  |
| Construction & Engineering - 0.1% |  |  |
| Skanska AB B Shares  | 125404 | 2918745 |
| Machinery - 0.4% |  |  |
| Alfa Laval AB  | 61246 | 2575195 |
| Volvo AB B Shares  | 340390 | 9548722 |
|  |  | 12123917 |
| TOTAL INDUSTRIALS |  | 15042662 |
| Information Technology - 0.6% |  |  |
| Communications Equipment - 0.6% |  |  |
| Telefonaktiebolaget LM Ericsson B Shares  | 2009644 | 17192929 |
| Telefonaktiebolaget LM Ericsson Class B ADR  | 227620 | 1930218 |
|  |  | 19123147 |
| TOTAL SWEDEN |  | 72468115 |
| SWITZERLAND - 4.6%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Cie Financiere Richemont SA Series A  | 5717 | 1076824 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Chocoladefabriken Lindt & Spruengli AG  | 235 | 3953935 |
| Financials - 1.9% |  |  |
| Capital Markets - 0.9% |  |  |
| UBS Group AG  | 844788 | 28587255 |
| Insurance - 1.0% |  |  |
| Zurich Insurance Group AG  | 43517 | 30417202 |
| TOTAL FINANCIALS |  | 59004457 |
| Industrials - 1.8% |  |  |
| Electrical Equipment - 1.0% |  |  |
| ABB Ltd  | 541152 | 32266559 |
| Machinery - 0.2% |  |  |
| Schindler Holding AG  | 22085 | 8211071 |
| Professional Services - 0.6% |  |  |
| SGS SA  | 175190 | 17774019 |
| TOTAL INDUSTRIALS |  | 58251649 |
| Materials - 0.7% |  |  |
| Chemicals - 0.7% |  |  |
| Givaudan SA  | 4566 | 22103480 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| BKW AG  | 7662 | 1673482 |
| TOTAL SWITZERLAND |  | 146063827 |
| UNITED KINGDOM - 10.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Vodafone Group PLC  | 1695678 | 1810386 |
| Vodafone Group PLC ADR  | 12 | 127 |
|  |  | 1810513 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Compass Group PLC  | 225301 | 7629430 |
| Specialty Retail - 0.0% |  |  |
| Kingfisher PLC  | 4 | 16 |
| TOTAL CONSUMER DISCRETIONARY |  | 7629446 |
| Consumer Staples - 2.7% |  |  |
| Beverages - 0.1% |  |  |
| Coca-Cola Europacific Partners PLC  | 29372 | 2723372 |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Tesco PLC  | 4143469 | 22824069 |
| Food Products - 0.0% |  |  |
| Associated British Foods PLC  | 4847 | 136923 |
| Household Products - 0.0% |  |  |
| Reckitt Benckiser Group PLC  | 175 | 11902 |
| Personal Care Products - 0.4% |  |  |
| Unilever PLC  | 226755 | 13773045 |
| Tobacco - 1.5% |  |  |
| British American Tobacco PLC  | 153581 | 7300453 |
| British American Tobacco PLC ADR (e) | 516423 | 24442301 |
| Imperial Brands PLC  | 360948 | 14254248 |
|  |  | 45997002 |
| TOTAL CONSUMER STAPLES |  | 85466313 |
| Financials - 3.4% |  |  |
| Banks - 2.9% |  |  |
| Barclays PLC ADR  | 229601 | 4268282 |
| HSBC Holdings PLC  | 2964650 | 35884206 |
| HSBC Holdings PLC ADR (e) | 239570 | 14563460 |
| Lloyds Banking Group PLC  | 14152482 | 14900052 |
| NatWest Group PLC  | 1379469 | 9683503 |
| NatWest Group PLC ADR  | 277061 | 3920413 |
| Standard Chartered PLC  | 489737 | 8113907 |
|  |  | 91333823 |
| Capital Markets - 0.3% |  |  |
| 3i Group PLC  | 77359 | 4374897 |
| London Stock Exchange Group PLC  | 30781 | 4493452 |
|  |  | 8868349 |
| Financial Services - 0.0% |  |  |
| M&G PLC  | 827082 | 2917706 |
| Insurance - 0.2% |  |  |
| Admiral Group PLC  | 109581 | 4918615 |
| Aviva PLC  | 376 | 3196 |
|  |  | 4921811 |
| TOTAL FINANCIALS |  | 108041689 |
| Health Care - 1.6% |  |  |
| Pharmaceuticals - 1.6% |  |  |
| Astrazeneca PLC  | 222592 | 30920740 |
| Astrazeneca PLC ADR  | 277763 | 19410078 |
|  |  | 50330818 |
| Industrials - 2.3% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| BAE Systems PLC  | 920390 | 23833538 |
| Rolls-Royce Holdings PLC  | 2711286 | 36010654 |
|  |  | 59844192 |
| Industrial Conglomerates - 0.2% |  |  |
| DCC PLC  | 15555 | 1009502 |
| Smiths Group PLC  | 133273 | 4108769 |
|  |  | 5118271 |
| Professional Services - 0.0% |  |  |
| RELX PLC ADR  | 16590 | 901501 |
| Trading Companies & Distributors - 0.2% |  |  |
| Bunzl PLC  | 197089 | 6276394 |
| TOTAL INDUSTRIALS |  | 72140358 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Halma PLC  | 25980 | 1141166 |
| Software - 0.3% |  |  |
| Sage Group PLC/The  | 445106 | 7640240 |
| TOTAL INFORMATION TECHNOLOGY |  | 8781406 |
| Utilities - 0.3% |  |  |
| Multi-Utilities - 0.3% |  |  |
| National Grid PLC  | 554874 | 8084891 |
| TOTAL UNITED KINGDOM |  | 342285434 |
| UNITED STATES - 9.3%  |  |  |
| Communication Services - 0.5% |  |  |
| Entertainment - 0.5% |  |  |
| Spotify Technology SA (b) | 22644 | 17375646 |
| Consumer Staples - 0.9% |  |  |
| Food Products - 0.9% |  |  |
| Nestle SA  | 290622 | 28873568 |
| Energy - 1.2% |  |  |
| Oil, Gas & Consumable Fuels - 1.2% |  |  |
| BP PLC ADR  | 246822 | 7387382 |
| Shell PLC  | 900248 | 31554249 |
|  |  | 38941631 |
| Health Care - 4.8% |  |  |
| Life Sciences Tools & Services - 0.5% |  |  |
| QIAGEN NV  | 364566 | 17557676 |
| Pharmaceuticals - 4.3% |  |  |
| GSK PLC  | 577556 | 11019673 |
| GSK PLC ADR  | 370932 | 14243789 |
| Novartis AG  | 457100 | 55402744 |
| Novartis AG ADR  | 7277 | 880589 |
| Roche Holding AG  | 134927 | 43941190 |
| Roche Holding AG  | 9885 | 3426019 |
| Sanofi SA  | 53302 | 5161727 |
|  |  | 134075731 |
| TOTAL HEALTH CARE |  | 151633407 |
| Industrials - 0.9% |  |  |
| Electrical Equipment - 0.9% |  |  |
| Schneider Electric SE  | 110542 | 29402084 |
| Materials - 1.0% |  |  |
| Construction Materials - 1.0% |  |  |
| Amrize Ltd  | 137395 | 6853733 |
| CRH PLC (United Kingdom)  | 151897 | 13994615 |
| Holcim AG  | 137395 | 10199213 |
|  |  | 31047561 |
| TOTAL UNITED STATES |  | 297273897 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,618,948,191) |  | <br> **3115890549** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.6%** |
|  | Shares | Value ($)<br>|
| GERMANY - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Automobiles - 0.6% |  |  |
| Volkswagen AG  | 175722 | 18550599 |
| Consumer Staples - 0.0% |  |  |
| Household Products - 0.0% |  |  |
| Henkel AG & Co KGaA  | 6325 | 496652 |
| TOTAL GERMANY |  | 19047251 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $21,065,611) |  | <br> **19047251** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/28/2025 (g) | 4.27 | 3200000 | 3177702 |
| US Treasury Bills 0% 8/7/2025  | 4.25 | 3290000 | 3275627 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $6,453,976) |  |  | **6453329** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.32 | 38507624 | 38515325 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.32 | 40839501 | 40843586 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $79,358,911) |  |  | **79358911** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.9%**<br> (Cost $2,725,826,689)<br>| <br>**3220750040** |
| **NET OTHER ASSETS (LIABILITIES) - (0.9)%**  | **(28261092)** |
| **NET ASSETS - 100.0%** | **3192488948** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 300 | Sep 2025 | 40225500 | 867485 | 867485 |
| The notional amount of futures purchased as a percentage of Net Assets is 1.3% | The notional amount of futures purchased as a percentage of Net Assets is 1.3% | The notional amount of futures purchased as a percentage of Net Assets is 1.3% | The notional amount of futures purchased as a percentage of Net Assets is 1.3% | The notional amount of futures purchased as a percentage of Net Assets is 1.3% | The notional amount of futures purchased as a percentage of Net Assets is 1.3% |

---

**Legend**

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

(b) Non-income producing

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $59,839,648 or 1.9% of net assets.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $59,839,648 or 1.9% of net assets.

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

(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 $1,182,701.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 15818673 | 921536229 | 898839577 | 1507915 | - | - | 38515325 | 38507624 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 10015523 | 355680952 | 324852889 | 316123 | - | - | 40843586 | 40839501 | 0.1% |
| Total | 25834196 | 1277217181 | 1223692466 | 1824038 | - | - | 79358911 |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 171679231 | 171679231 | - | - |
| Consumer Discretionary | 247816534 | 247816534 | - | - |
| Consumer Staples | 199742997 | 199742997 | - | - |
| Energy | 107621900 | 107621900 | - | - |
| Financials | 795055952 | 795055952 | - | - |
| Health Care | 329794589 | 329794589 | - | - |
| Industrials | 645742034 | 645742034 | - | - |
| Information Technology | 275757325 | 275757325 | - | - |
| Materials | 203755307 | 203755307 | - | - |
| Real Estate | 8663934 | 8663934 | - | - |
| Utilities | 130260746 | 130260746 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 18550599 | 18550599 | - | - |
| Consumer Staples | 496652 | 496652 | - | - |
|  **U.S. Treasury Obligations** | 6453329 | - | 6453329 | - |
|  **Money Market Funds** | 79358911 | 79358911 | - | - |
| **Total Investments in Securities:** | 3220750040 | 3214296711 | 6453329 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 867485 | 867485 | - | - |
| Total Assets | 867485 | 867485 | - | - |
| **Total Derivative Instruments:** | 867485 | 867485 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 867485 | 0 |
| **Total Equity Risk**  | 867485 | 0 |
| **Total Value of Derivatives** | 867485 | 0 |

---

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

**Fidelity® Enhanced International ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $38,892,255) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,646,467,778) | $3141391129 |  |
| Fidelity Central Funds (cost $79,358,911) | 79358911 |  |
| Total Investment in Securities (cost $2,725,826,689) |  | $3220750040 |
| Cash |  | 1 |
| Foreign currency held at value (cost $1,689,794) |  | 1707965 |
| Dividends receivable |  | 3818581 |
| Reclaims receivable |  | 7506260 |
| Interest receivable |  | 1246 |
| Distributions receivable from Fidelity Central Funds |  | 234220 |
| Receivable for daily variation margin on futures contracts |  | 14665 |
| **Total assets** |  | 3234032978 |
| **Liabilities** |  |  |
| Accrued management fee | $692124 |  |
| Other payables and accrued expenses | 8234 |  |
| Collateral on securities loaned | 40843672 |  |
| **Total liabilities** |  | 41544030 |
| **Net Assets**  |  | $3192488948 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2798973305 |
| Total accumulated earnings (loss) |  | 393515643 |
| **Net Assets** |  | $3192488948 |
| **Net Asset Value**, offering price and redemption price per share ($3,192,488,948 ÷ 96,179,106 shares) |  | $33.19 |

---

---

| | |
|:---|:---|
| **Statement of Operations** | **Statement of Operations** |
|  | **Year ended** <br> **June 30, 2025** |
| **Investment Income** |  |
| Dividends  | $67581989 |
| Interest  | 107923 |
| Income from Fidelity Central Funds (including $316,123 from security lending)  | 1824038 |
| Income before foreign taxes withheld | $69513950 |
| Less foreign taxes withheld | (3222928) |
| **Total income** | 66291022 |
| **Expenses** |  |
| Management fee | $5558713 |
| Independent trustees' fees and expenses | 7384 |
| Interest | 1543 |
| Miscellaneous | - |
| Total expenses before reductions | 5567640 |
| Expense reductions | (429) |
| Total expenses after reductions | 5567211 |
| **Net Investment income (loss)** | 60723811 |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on: |  |
| Investment Securities: |  |
| Unaffiliated issuers  | 31643872 |
| Redemptions in-kind | 132522540 |
| Fidelity Central Funds | - |
| Foreign currency transactions | (333910) |
| Futures contracts | (1006363) |
| Total net realized gain (loss) | 162826139 |
| Change in net unrealized appreciation (depreciation) on: |  |
| Investment Securities: |  |
| Unaffiliated issuers  | 221623553 |
| Assets and liabilities in foreign currencies | 766954 |
| Futures contracts | 790066 |
| Total change in net unrealized appreciation (depreciation) | 223180573 |
| **Net gain (loss)** | 386006712 |
| **Net increase (decrease) in net assets resulting from operations** | $446730523 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Ten months ended**<br> **June 30, 2024** | **Year ended**<br> **August 31, 2023** |
| **Increase (Decrease) in Net Assets** |  |  |  |
| Operations |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $60723811 | $34933456 | $40722351<br>|
| &nbsp;&nbsp;Net realized gain (loss) | 162826139<br>| 99267722<br>| (32079780)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 223180573 | 58817853<br>| 261209693<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 446730523<br>| 193019031<br>| 269852264<br>|
| Distributions to shareholders | (66312030)<br>| (71077009)<br>| (33763256)<br>|
| Share transactions |  |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1753603267 | 229678767 | 600539896<br>|
| Reinvestment of distributions | -<br>| 30814353<br>| 24033209<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (499384133) | (389696365) | (600353896)<br>|
| **Net increase (decrease) in net assets resulting from share transactions** | 1254219134<br>| (129203245)<br>| 24219209<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1634637627<br>| (7261223)<br>| 260308217<br>|
| **Net Assets** |  |  |  |
| &nbsp;&nbsp;Beginning of period | 1557851321 | 1565112544<br>| 1304804327<br>|
| &nbsp;&nbsp;End of period | $3192488948 | $1557851321 | $1565112544<br>|
| **Other Information** |  |  |  |
| Shares |  |  |  |
| &nbsp;&nbsp;Sold | 57400000 | 8475592 | 26342964<br>|
| Issued in reinvestment of distributions | -<br>| 1276109<br>| 1026385<br>|
| &nbsp;&nbsp;Redeemed | (16300000) | (15496865) | (25639395)<br>|
| &nbsp;&nbsp;Net increase (decrease) | 41100000 | (5745164) | 1729954<br>|

---

See Organization and Prior Fiscal Year Reorganization information note regarding reorganization from mutual fund to exchange traded fund for the ten months ended June 30, 2024.

Share activity is further described in Organization and Prior Fiscal Year Reorganization information notes, amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.

**Financial Highlights** 

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

---

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

---

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

B*For the year ended August 31.*

C*As further described in Organization and Reorganization information notes, per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.*

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

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

F*Based on net asset value.*

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

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

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

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

K*Proxy expenses are not annualized.*

L*Annualized.*

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

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

**Fidelity® Enhanced Large Cap Core ETF**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** |
|  | Shares | Value ($)<br>|
| UNITED KINGDOM - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| TechnipFMC PLC  | 14387 | 495488 |
| UNITED STATES - 99.0%  |  |  |
| Communication Services - 11.7% |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |
| AT&T Inc  | 822878 | 23814089 |
| Verizon Communications Inc  | 406428 | 17586140 |
|  |  | 41400229 |
| Entertainment - 3.3% |  |  |
| Electronic Arts Inc  | 128918 | 20588205 |
| Netflix Inc (b) | 57465 | 76953105 |
| ROBLOX Corp Class A (b) | 116323 | 12237180 |
| Walt Disney Co/The  | 358190 | 44419142 |
|  |  | 154197632 |
| Interactive Media & Services - 7.0% |  |  |
| Alphabet Inc Class A  | 514029 | 90587331 |
| Alphabet Inc Class C  | 546576 | 96957117 |
| Meta Platforms Inc Class A  | 190125 | 140329361 |
|  |  | 327873809 |
| Media - 0.3% |  |  |
| Comcast Corp Class A  | 358321 | 12788476 |
| Wireless Telecommunication Services - 0.2% |  |  |
| T-Mobile US Inc  | 53024 | 12633498 |
| TOTAL COMMUNICATION SERVICES |  | 548893644 |
| Consumer Discretionary - 10.7% |  |  |
| Automobiles - 1.7% |  |  |
| Ford Motor Co  | 980401 | 10637351 |
| General Motors Co  | 49677 | 2444605 |
| Tesla Inc (b) | 210653 | 66916032 |
|  |  | 79997988 |
| Broadline Retail - 4.2% |  |  |
| Amazon.com Inc (b) | 897682 | 196942455 |
| Hotels, Restaurants & Leisure - 1.9% |  |  |
| Airbnb Inc Class A (b) | 43 | 5691 |
| Booking Holdings Inc  | 1052 | 6090280 |
| Carnival Corp (b) | 234355 | 6590063 |
| DoorDash Inc Class A (b) | 131330 | 32374158 |
| Expedia Group Inc Class A  | 144391 | 24355874 |
| Global Business Travel Group I Class A (b)(c) | 316520 | 1994076 |
| International Game Technology PLC  | 179156 | 2832456 |
| McDonald's Corp  | 44542 | 13013836 |
|  |  | 87256434 |
| Household Durables - 0.2% |  |  |
| Garmin Ltd  | 49487 | 10328927 |
| M/I Homes Inc (b) | 2 | 224 |
| Meritage Homes Corp  | 6929 | 464035 |
| Toll Brothers Inc  | 5048 | 576128 |
|  |  | 11369314 |
| Specialty Retail - 2.7% |  |  |
| Abercrombie & Fitch Co Class A (b) | 40035 | 3316899 |
| Bath & Body Works Inc  | 183000 | 5482680 |
| Best Buy Co Inc  | 117054 | 7857835 |
| Carvana Co Class A (b) | 31961 | 10769579 |
| Gap Inc/The  | 370858 | 8088413 |
| Home Depot Inc/The  | 150967 | 55350541 |
| Lowe's Cos Inc  | 43802 | 9718350 |
| TJX Cos Inc/The  | 170433 | 21046771 |
| Ulta Beauty Inc (b) | 8137 | 3806651 |
|  |  | 125437719 |
| TOTAL CONSUMER DISCRETIONARY |  | 501003910 |
| Consumer Staples - 3.5% |  |  |
| Beverages - 0.1% |  |  |
| Coca-Cola Co/The  | 32768 | 2318335 |
| PepsiCo Inc  | 20752 | 2740094 |
|  |  | 5058429 |
| Consumer Staples Distribution & Retail - 1.6% |  |  |
| Costco Wholesale Corp  | 34117 | 33773783 |
| Walmart Inc  | 395332 | 38655563 |
|  |  | 72429346 |
| Food Products - 0.2% |  |  |
| Tyson Foods Inc Class A  | 147704 | 8262562 |
| Household Products - 0.6% |  |  |
| Procter & Gamble Co/The  | 190383 | 30331820 |
| Tobacco - 1.0% |  |  |
| Philip Morris International Inc  | 268198 | 48846902 |
| TOTAL CONSUMER STAPLES |  | 164929059 |
| Energy - 2.6% |  |  |
| Oil, Gas & Consumable Fuels - 2.6% |  |  |
| Cheniere Energy Inc  | 96302 | 23451463 |
| Devon Energy Corp  | 56019 | 1781964 |
| EOG Resources Inc  | 243756 | 29155655 |
| Exxon Mobil Corp  | 182593 | 19683525 |
| Marathon Petroleum Corp  | 98926 | 16432598 |
| Occidental Petroleum Corp  | 4869 | 204547 |
| Williams Cos Inc/The  | 488283 | 30669056 |
|  |  | 121378808 |
| Financials - 14.7% |  |  |
| Banks - 3.3% |  |  |
| Bank of America Corp  | 900169 | 42595997 |
| JPMorgan Chase & Co  | 301606 | 87438596 |
| PNC Financial Services Group Inc/The  | 96039 | 17903590 |
| US Bancorp  | 70940 | 3210035 |
| Wells Fargo & Co  | 26485 | 2121978 |
|  |  | 153270196 |
| Capital Markets - 3.7% |  |  |
| Cboe Global Markets Inc  | 24307 | 5668635 |
| Charles Schwab Corp/The  | 378679 | 34550673 |
| CME Group Inc Class A  | 82419 | 22716325 |
| Goldman Sachs Group Inc/The  | 43589 | 30850115 |
| Intercontinental Exchange Inc  | 80036 | 14684205 |
| Morgan Stanley  | 194626 | 27415018 |
| Morningstar Inc  | 11611 | 3645041 |
| MSCI Inc  | 10 | 5767 |
| S&P Global Inc  | 40891 | 21561415 |
| State Street Corp  | 15264 | 1623174 |
| T Rowe Price Group Inc (c) | 86167 | 8315116 |
|  |  | 171035484 |
| Consumer Finance - 0.5% |  |  |
| Capital One Financial Corp  | 14611 | 3108636 |
| Synchrony Financial  | 283479 | 18919389 |
|  |  | 22028025 |
| Financial Services - 5.2% |  |  |
| Berkshire Hathaway Inc Class B (b) | 207805 | 100945435 |
| Fiserv Inc (b) | 53242 | 9179453 |
| Global Payments Inc  | 151774 | 12147991 |
| Mastercard Inc Class A  | 113399 | 63723434 |
| MGIC Investment Corp  | 34161 | 951042 |
| PayPal Holdings Inc (b) | 275746 | 20493443 |
| Visa Inc Class A  | 108217 | 38422446 |
|  |  | 245863244 |
| Insurance - 1.9% |  |  |
| Allstate Corp/The  | 109823 | 22108468 |
| Cincinnati Financial Corp  | 38642 | 5754567 |
| Markel Group Inc (b) | 3803 | 7595960 |
| Progressive Corp/The  | 135955 | 36280951 |
| Prudential Financial Inc  | 51907 | 5576888 |
| Travelers Companies Inc/The  | 45748 | 12239420 |
|  |  | 89556254 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.1% |  |  |
| Rithm Capital Corp  | 470323 | 5309946 |
| TOTAL FINANCIALS |  | 687063149 |
| Health Care - 10.0% |  |  |
| Biotechnology - 2.6% |  |  |
| AbbVie Inc  | 276160 | 51260819 |
| Biogen Inc (b) | 90381 | 11350950 |
| Exelixis Inc (b) | 198219 | 8736502 |
| Gilead Sciences Inc  | 315164 | 34942233 |
| Incyte Corp (b) | 155022 | 10556998 |
| PTC Therapeutics Inc (b) | 77128 | 3766932 |
|  |  | 120614434 |
| Health Care Equipment & Supplies - 1.4% |  |  |
| Abbott Laboratories  | 65174 | 8864316 |
| Becton Dickinson & Co  | 63144 | 10876554 |
| Boston Scientific Corp (b) | 350180 | 37612834 |
| Intuitive Surgical Inc (b) | 3268 | 1775864 |
| STERIS PLC  | 18611 | 4470734 |
|  |  | 63600302 |
| Health Care Providers & Services - 2.3% |  |  |
| Cardinal Health Inc  | 145382 | 24424176 |
| Centene Corp (b) | 242726 | 13175167 |
| Cigna Group/The  | 10355 | 3423156 |
| CVS Health Corp  | 181869 | 12545324 |
| Elevance Health Inc  | 33442 | 13007600 |
| Humana Inc  | 108036 | 26412641 |
| Tenet Healthcare Corp (b) | 24556 | 4321856 |
| UnitedHealth Group Inc  | 36271 | 11315464 |
|  |  | 108625384 |
| Health Care Technology - 0.4% |  |  |
| Veeva Systems Inc Class A (b) | 82589 | 23783980 |
| Pharmaceuticals - 3.3% |  |  |
| Bristol-Myers Squibb Co  | 638913 | 29575283 |
| Eli Lilly & Co  | 40212 | 31346460 |
| Johnson & Johnson  | 130481 | 19930973 |
| Merck & Co Inc  | 507816 | 40198715 |
| Pfizer Inc  | 1336960 | 32407910 |
|  |  | 153459341 |
| TOTAL HEALTH CARE |  | 470083441 |
| Industrials - 9.7% |  |  |
| Aerospace & Defense - 2.3% |  |  |
| Axon Enterprise Inc (b) | 14797 | 12251028 |
| Curtiss-Wright Corp  | 11014 | 5380890 |
| GE Aerospace  | 113332 | 29170523 |
| General Dynamics Corp  | 51432 | 15000657 |
| HEICO Corp  | 13029 | 4273512 |
| Howmet Aerospace Inc  | 69672 | 12968049 |
| Lockheed Martin Corp  | 64579 | 29909119 |
|  |  | 108953778 |
| Air Freight & Logistics - 0.6% |  |  |
| FedEx Corp  | 120458 | 27381308 |
| Building Products - 1.1% |  |  |
| Allegion plc  | 123203 | 17756016 |
| Trane Technologies PLC  | 75630 | 33081319 |
|  |  | 50837335 |
| Commercial Services & Supplies - 0.6% |  |  |
| Cintas Corp  | 135598 | 30220726 |
| Waste Management Inc  | 1 | 229 |
|  |  | 30220955 |
| Construction & Engineering - 0.3% |  |  |
| Valmont Industries Inc  | 37483 | 12240823 |
| Ground Transportation - 2.4% |  |  |
| CSX Corp  | 603563 | 19694261 |
| Lyft Inc Class A (b) | 1503168 | 23689928 |
| Uber Technologies Inc (b) | 450536 | 42035009 |
| Union Pacific Corp  | 104312 | 24000105 |
|  |  | 109419303 |
| Industrial Conglomerates - 0.7% |  |  |
| Honeywell International Inc  | 147106 | 34258045 |
| Machinery - 0.2% |  |  |
| Caterpillar Inc  | 18507 | 7184603 |
| SPX Technologies Inc (b) | 15808 | 2650685 |
|  |  | 9835288 |
| Passenger Airlines - 0.1% |  |  |
| SkyWest Inc (b) | 36169 | 3724322 |
| Professional Services - 1.0% |  |  |
| Automatic Data Processing Inc  | 48918 | 15086311 |
| Dun & Bradstreet Holdings Inc  | 399913 | 3635209 |
| Leidos Holdings Inc  | 156298 | 24657573 |
| Maximus Inc  | 45667 | 3205823 |
|  |  | 46584916 |
| Trading Companies & Distributors - 0.4% |  |  |
| Rush Enterprises Inc Class A  | 33913 | 1746859 |
| WW Grainger Inc  | 18577 | 19324538 |
|  |  | 21071397 |
| TOTAL INDUSTRIALS |  | 454527470 |
| Information Technology - 31.8% |  |  |
| Communications Equipment - 1.1% |  |  |
| Arista Networks Inc  | 3 | 307 |
| Cisco Systems Inc  | 463134 | 32132237 |
| Motorola Solutions Inc  | 42795 | 17993586 |
|  |  | 50126130 |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Itron Inc (b) | 107963 | 14211169 |
| IT Services - 0.3% |  |  |
| Gartner Inc (b) | 25478 | 10298717 |
| IBM Corporation  | 1437 | 423599 |
| Kyndryl Holdings Inc (b) | 123109 | 5165654 |
|  |  | 15887970 |
| Semiconductors & Semiconductor Equipment - 13.3% |  |  |
| Advanced Micro Devices Inc (b) | 71232 | 10107821 |
| Analog Devices Inc  | 59458 | 14152193 |
| Applied Materials Inc  | 211625 | 38742189 |
| Broadcom Inc  | 504725 | 139127446 |
| Cirrus Logic Inc (b) | 116949 | 12192518 |
| Credo Technology Group Holding Ltd (b) | 3010 | 278696 |
| KLA Corp  | 3423 | 3066118 |
| Lam Research Corp  | 2 | 194 |
| NVIDIA Corp  | 2323921 | 367156279 |
| QUALCOMM Inc  | 248464 | 39570377 |
|  |  | 624393831 |
| Software - 10.1% |  |  |
| Adobe Inc (b) | 96734 | 37424450 |
| Alarm.com Holdings Inc (b)(c) | 187836 | 10625883 |
| Autodesk Inc (b) | 49214 | 15235178 |
| Commvault Systems Inc (b) | 2 | 349 |
| Dropbox Inc Class A (b) | 115637 | 3307218 |
| Fortinet Inc (b) | 98184 | 10380012 |
| Microsoft Corp  | 623843 | 310305747 |
| Oracle Corp  | 25333 | 5538554 |
| Palantir Technologies Inc Class A (b) | 25455 | 3470026 |
| Salesforce Inc  | 169386 | 46189868 |
| Servicenow Inc (b) | 1805 | 1855684 |
| Teradata Corp (b) | 348775 | 7781170 |
| Zoom Communications Inc Class A (b) | 247141 | 19272055 |
|  |  | 471386194 |
| Technology Hardware, Storage & Peripherals - 6.7% |  |  |
| Apple Inc  | 1435633 | 294548823 |
| NetApp Inc  | 39083 | 4164293 |
| Western Digital Corp  | 228325 | 14610517 |
|  |  | 313323633 |
| TOTAL INFORMATION TECHNOLOGY |  | 1489328927 |
| Materials - 2.3% |  |  |
| Chemicals - 1.1% |  |  |
| Axalta Coating Systems Ltd (b) | 10 | 297 |
| Balchem Corp  | 44027 | 7009098 |
| DuPont de Nemours Inc  | 24653 | 1690949 |
| Ecolab Inc  | 110245 | 29704413 |
| Linde PLC  | 31938 | 14984671 |
|  |  | 53389428 |
| Construction Materials - 0.4% |  |  |
| CRH PLC  | 189459 | 17392336 |
| Containers & Packaging - 0.4% |  |  |
| Amcor PLC  | 1502296 | 13806100 |
| Crown Holdings Inc  | 37962 | 3909327 |
|  |  | 17715427 |
| Metals & Mining - 0.4% |  |  |
| Commercial Metals Co  | 15492 | 757714 |
| Newmont Corp  | 311635 | 18155855 |
|  |  | 18913569 |
| TOTAL MATERIALS |  | 107410760 |
| Real Estate - 1.2% |  |  |
| Health Care REITs - 0.2% |  |  |
| CareTrust REIT Inc  | 250542 | 7666585 |
| Real Estate Management & Development - 0.0% |  |  |
| Compass Inc Class A (b) | 104909 | 658828 |
| Specialized REITs - 1.0% |  |  |
| American Tower Corp  | 80154 | 17715637 |
| Digital Realty Trust Inc  | 64814 | 11299025 |
| Equinix Inc  | 17621 | 14016977 |
| Extra Space Storage Inc  | 40716 | 6003167 |
|  |  | 49034806 |
| TOTAL REAL ESTATE |  | 57360219 |
| Utilities - 0.8% |  |  |
| Electric Utilities - 0.7% |  |  |
| Exelon Corp  | 79231 | 3440210 |
| NextEra Energy Inc  | 378127 | 26249576 |
|  |  | 29689786 |
| Multi-Utilities - 0.1% |  |  |
| Avista Corp  | 13010 | 493730 |
| Black Hills Corp  | 3842 | 215536 |
| Sempra  | 82277 | 6234128 |
|  |  | 6943394 |
| TOTAL UTILITIES |  | 36633180 |
| TOTAL UNITED STATES |  | 4638612567 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,813,999,121) |  | <br> **4639108055** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 7/17/2025 (e) | 4.26 | 1880000 | 1876541 |
| US Treasury Bills 0% 7/24/2025 (e) | 4.23 to 4.25 | 760000 | 757978 |
| US Treasury Bills 0% 8/21/2025 (e) | 4.28 | 290000 | 288226 |
| US Treasury Bills 0% 8/7/2025 (e) | 4.26 to 4.32 | 200000 | 199126 |
| US Treasury Bills 0% 9/11/2025 (e) | 4.29 to 4.30 | 70000 | 69405 |
| US Treasury Bills 0% 9/18/2025 (e) | 4.24 to 4.26 | 160000 | 158519 |
| US Treasury Bills 0% 9/4/2025 (e) | 4.28 to 4.29 | 330000 | 327462 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $3,677,230) |  |  | **3677257** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.32 | 40230290 | 40238336 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.32 | 827292 | 827375 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $41,065,711) |  |  | **41065711** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $3,858,742,062)<br>| <br>**4683851023** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **1314277** |
| **NET ASSETS - 100.0%** | **4685165300** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME S&P 500 Index Contracts (United States) | 128 | Sep 2025 | 40024000 | 1079970 | 1079970 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% |

---

**Legend**

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

(b) Non-income producing

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

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,833,811.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 23491496 | 555204295 | 538457455 | 1548020 | - | - | 40238336 | 40230290 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 562500 | 157404345 | 157139470 | 2358 | - | - | 827375 | 827292 | 0.0% |
| Total | 24053996 | 712608640 | 695596925 | 1550378 | - | - | 41065711 |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 548893644 | 548893644 | - | - |
| Consumer Discretionary | 501003910 | 501003910 | - | - |
| Consumer Staples | 164929059 | 164929059 | - | - |
| Energy | 121874296 | 121874296 | - | - |
| Financials | 687063149 | 687063149 | - | - |
| Health Care | 470083441 | 470083441 | - | - |
| Industrials | 454527470 | 454527470 | - | - |
| Information Technology | 1489328927 | 1489328927 | - | - |
| Materials | 107410760 | 107410760 | - | - |
| Real Estate | 57360219 | 57360219 | - | - |
| Utilities | 36633180 | 36633180 | - | - |
|  **U.S. Treasury Obligations** | 3677257 | - | 3677257 | - |
|  **Money Market Funds** | 41065711 | 41065711 | - | - |
| **Total Investments in Securities:** | 4683851023 | 4680173766 | 3677257 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 1079970 | 1079970 | - | - |
| Total Assets | 1079970 | 1079970 | - | - |
| **Total Derivative Instruments:** | 1079970 | 1079970 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 1079970 | 0 |
| **Total Equity Risk**  | 1079970 | 0 |
| **Total Value of Derivatives** | 1079970 | 0 |

---

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

**Fidelity® Enhanced Large Cap Core ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,871,830) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,817,676,351) | $4642785312 |  |
| Fidelity Central Funds (cost $41,065,711) | 41065711 |  |
| Total Investment in Securities (cost $3,858,742,062) |  | $4683851023 |
| Cash |  | 69480 |
| Receivable for fund shares sold |  | 6898289 |
| Dividends receivable |  | 2259349 |
| Distributions receivable from Fidelity Central Funds |  | 156148 |
| Receivable for daily variation margin on futures contracts |  | 192000 |
| Other receivables |  | 4265 |
| **Total assets** |  | 4693430554 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $6768748 |  |
| Accrued management fee | 669131 |  |
| Collateral on securities loaned | 827375 |  |
| **Total liabilities** |  | 8265254 |
| **Net Assets**  |  | $4685165300 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4052874317 |
| Total accumulated earnings (loss) |  | 632290983 |
| **Net Assets** |  | $4685165300 |
| **Net Asset Value**, offering price and redemption price per share ($4,685,165,300 ÷ 135,835,453 shares) |  | $34.49 |

---

---

| | |
|:---|:---|
| **Statement of Operations** | **Statement of Operations** |
|  | **Year ended** <br> **June 30, 2025** |
| **Investment Income** |  |
| Dividends  | $51072028 |
| Interest  | 175028 |
| Income from Fidelity Central Funds (including $2,358 from security lending)  | 1550378 |
| **Total income** | 52797434 |
| **Expenses** |  |
| Management fee | $7153740 |
| Independent trustees' fees and expenses | 15253 |
| Interest | - |
| Miscellaneous | 19178 |
| Total expenses before reductions | 7188171 |
| Expense reductions | (1474) |
| Total expenses after reductions | 7186697 |
| **Net Investment income (loss)** | 45610737 |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on: |  |
| Investment Securities: |  |
| Unaffiliated issuers  | (128386977) |
| Redemptions in-kind | 507599694 |
| Fidelity Central Funds | - |
| Futures contracts | (1338433) |
| Total net realized gain (loss) | 377874284 |
| Change in net unrealized appreciation (depreciation) on: |  |
| Investment Securities: |  |
| Unaffiliated issuers  | 55736617 |
| Futures contracts | 1005131 |
| Total change in net unrealized appreciation (depreciation) | 56741748 |
| **Net gain (loss)** | 434616032 |
| **Net increase (decrease) in net assets resulting from operations** | $480226769 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Ten months ended**<br> **June 30, 2024** | **Year ended**<br> **August 31, 2023** |
| **Increase (Decrease) in Net Assets** |  |  |  |
| Operations |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $45610737 | $22083441 | $24807007<br>|
| &nbsp;&nbsp;Net realized gain (loss) | 377874284<br>| 209030464<br>| (3624422)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 56741748 | 246834439<br>| 223258386<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 480226769<br>| 477948344<br>| 244440971<br>|
| Distributions to shareholders | (45512986)<br>| (35565387)<br>| (22292999)<br>|
| Share transactions |  |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2992296321 | 1442966046 | 629039473<br>|
| Reinvestment of distributions | -<br>| 16466045<br>| 18530259<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1653079179) | (1038895541) | (1283514169)<br>|
| **Net increase (decrease) in net assets resulting from share transactions** | 1339217142<br>| 420536550<br>| (635944437)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1773930925<br>| 862919507<br>| (413796465)<br>|
| **Net Assets** |  |  |  |
| &nbsp;&nbsp;Beginning of period | 2911234375 | 2048314868<br>| 2462111333<br>|
| &nbsp;&nbsp;End of period | $4685165300 | $2911234375 | $2048314868<br>|
| **Other Information** |  |  |  |
| Shares |  |  |  |
| &nbsp;&nbsp;Sold | 92700000 | 50966892 | 27859340<br>|
| Issued in reinvestment of distributions | -<br>| 676837<br>| 875246<br>|
| &nbsp;&nbsp;Redeemed | (52100000) | (38273623) | (58631055)<br>|
| &nbsp;&nbsp;Net increase (decrease) | 40600000 | 13370106 | (29896469)<br>|

---

See Organization and Prior Fiscal Year Reorganization information note regarding reorganization from mutual fund to exchange traded fund for the ten months ended June 30, 2024.

Share activity is further described in Organization and Prior Fiscal Year Reorganization information notes, amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.

**Financial Highlights** 

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

---

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

---

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

B*As further described in Organization and Reorganization information notes, per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.*

C*For the year ended August 31.*

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

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

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

G*Based on net asset value.*

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

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

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

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

L*Annualized.*

M*Proxy expenses are not annualized.*

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

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

**Fidelity® Enhanced Large Cap Growth ETF**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.1%** | &nbsp;&nbsp;**Common Stocks - 98.1%** | &nbsp;&nbsp;**Common Stocks - 98.1%** |
|  | Shares | Value ($)<br>|
| FINLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Amer Sports Inc (b) | 125325 | 4857597 |
| UNITED KINGDOM - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| TechnipFMC PLC  | 114664 | 3949028 |
| UNITED STATES - 97.9%  |  |  |
| Communication Services - 12.7% |  |  |
| Entertainment - 3.5% |  |  |
| Electronic Arts Inc  | 48440 | 7735868 |
| Netflix Inc (b) | 66904 | 89593154 |
| ROBLOX Corp Class A (b) | 258315 | 27174738 |
| Spotify Technology SA (b) | 5534 | 4246459 |
|  |  | 128750219 |
| Interactive Media & Services - 9.2% |  |  |
| Alphabet Inc Class A  | 473018 | 83359962 |
| Alphabet Inc Class C  | 489435 | 86820875 |
| Meta Platforms Inc Class A  | 231041 | 170529052 |
|  |  | 340709889 |
| TOTAL COMMUNICATION SERVICES |  | 469460108 |
| Consumer Discretionary - 15.5% |  |  |
| Automobiles - 3.2% |  |  |
| Tesla Inc (b) | 374295 | 118898550 |
| Broadline Retail - 5.7% |  |  |
| Amazon.com Inc (b) | 951601 | 208771743 |
| Diversified Consumer Services - 0.5% |  |  |
| Duolingo Inc Class A (b) | 43425 | 17805119 |
| Hotels, Restaurants & Leisure - 2.5% |  |  |
| Booking Holdings Inc  | 7037 | 40738882 |
| DoorDash Inc Class A (b) | 116734 | 28776098 |
| Dutch Bros Inc Class A (b) | 13299 | 909253 |
| Expedia Group Inc Class A  | 120479 | 20322398 |
| Global Business Travel Group I Class A (b) | 33 | 208 |
| Life Time Group Holdings Inc (b) | 9937 | 301389 |
|  |  | 91048228 |
| Household Durables - 0.4% |  |  |
| Garmin Ltd  | 76097 | 15882965 |
| Specialty Retail - 3.2% |  |  |
| Abercrombie & Fitch Co Class A (b) | 137408 | 11384253 |
| Bath & Body Works Inc  | 135891 | 4071294 |
| Carvana Co Class A (b) | 52535 | 17702194 |
| Home Depot Inc/The  | 144458 | 52964081 |
| TJX Cos Inc/The  | 221280 | 27325867 |
| Ulta Beauty Inc (b) | 5868 | 2745168 |
|  |  | 116192857 |
| TOTAL CONSUMER DISCRETIONARY |  | 568599462 |
| Consumer Staples - 1.3% |  |  |
| Beverages - 0.2% |  |  |
| Coca-Cola Co/The  | 19463 | 1377007 |
| PepsiCo Inc  | 52750 | 6965110 |
|  |  | 8342117 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Costco Wholesale Corp  | 35784 | 35424013 |
| Tobacco - 0.1% |  |  |
| Philip Morris International Inc  | 31160 | 5675171 |
| TOTAL CONSUMER STAPLES |  | 49441301 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Cheniere Energy Inc  | 87410 | 21286084 |
| Texas Pacific Land Corp  | 590 | 623270 |
| Williams Cos Inc/The  | 888 | 55775 |
|  |  | 21965129 |
| Financials - 5.3% |  |  |
| Capital Markets - 1.2% |  |  |
| Charles Schwab Corp/The  | 134395 | 12262200 |
| Morningstar Inc  | 31609 | 9923013 |
| MSCI Inc  | 37404 | 21572383 |
|  |  | 43757596 |
| Financial Services - 3.5% |  |  |
| Fiserv Inc (b) | 1806 | 311372 |
| Mastercard Inc Class A  | 129207 | 72606582 |
| Visa Inc Class A  | 158652 | 56329393 |
|  |  | 129247347 |
| Insurance - 0.6% |  |  |
| Palomar Hldgs Inc (b) | 12457 | 1921492 |
| Progressive Corp/The  | 79337 | 21171872 |
|  |  | 23093364 |
| TOTAL FINANCIALS |  | 196098307 |
| Health Care - 7.1% |  |  |
| Biotechnology - 2.9% |  |  |
| AbbVie Inc  | 186129 | 34549265 |
| Exelixis Inc (b) | 451617 | 19905019 |
| Gilead Sciences Inc  | 162890 | 18059614 |
| Incyte Corp (b) | 265512 | 18081367 |
| Insmed Inc (b) | 3000 | 301920 |
| Natera Inc (b) | 26108 | 4410686 |
| PTC Therapeutics Inc (b) | 156612 | 7648930 |
| TG Therapeutics Inc (b) | 67820 | 2440842 |
|  |  | 105397643 |
| Health Care Equipment & Supplies - 0.9% |  |  |
| Boston Scientific Corp (b) | 174741 | 18768931 |
| Insulet Corp (b) | 33721 | 10594464 |
| Intuitive Surgical Inc (b) | 8511 | 4624962 |
|  |  | 33988357 |
| Health Care Providers & Services - 0.2% |  |  |
| Cardinal Health Inc  | 37882 | 6364176 |
| UnitedHealth Group Inc  | 6054 | 1888666 |
|  |  | 8252842 |
| Life Sciences Tools & Services - 0.4% |  |  |
| Illumina Inc (b)(c) | 161609 | 15419115 |
| Pharmaceuticals - 2.7% |  |  |
| Bristol-Myers Squibb Co  | 365469 | 16917560 |
| Eli Lilly & Co  | 78825 | 61446453 |
| Merck & Co Inc  | 251233 | 19887604 |
|  |  | 98251617 |
| TOTAL HEALTH CARE |  | 261309574 |
| Industrials - 5.7% |  |  |
| Aerospace & Defense - 1.3% |  |  |
| Axon Enterprise Inc (b) | 33428 | 27676378 |
| GE Aerospace  | 58349 | 15018449 |
| Loar Holdings Inc (b) | 21775 | 1876352 |
| Lockheed Martin Corp  | 3941 | 1825235 |
| StandardAero Inc  | 90972 | 2879264 |
|  |  | 49275678 |
| Building Products - 0.7% |  |  |
| Allegion plc  | 12786 | 1842718 |
| Johnson Controls International plc  | 18400 | 1943408 |
| Trane Technologies PLC  | 50651 | 22155254 |
|  |  | 25941380 |
| Commercial Services & Supplies - 0.7% |  |  |
| Cintas Corp  | 119756 | 26690020 |
| Construction & Engineering - 0.0% |  |  |
| Valmont Industries Inc  | 1281 | 418336 |
| Ground Transportation - 2.3% |  |  |
| Lyft Inc Class A (b) | 1210024 | 19069978 |
| Uber Technologies Inc (b) | 455050 | 42456165 |
| Union Pacific Corp  | 92176 | 21207854 |
|  |  | 82733997 |
| Industrial Conglomerates - 0.0% |  |  |
| Honeywell International Inc  | 3623 | 843724 |
| Professional Services - 0.1% |  |  |
| Leidos Holdings Inc  | 13172 | 2078015 |
| Trading Companies & Distributors - 0.6% |  |  |
| WW Grainger Inc  | 20816 | 21653636 |
| TOTAL INDUSTRIALS |  | 209634786 |
| Information Technology - 48.8% |  |  |
| Communications Equipment - 0.0% |  |  |
| Arista Networks Inc  | 456 | 46653 |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Zebra Technologies Corp Class A (b) | 37878 | 11680060 |
| Semiconductors & Semiconductor Equipment - 20.0% |  |  |
| Advanced Micro Devices Inc (b) | 119777 | 16996356 |
| Applied Materials Inc  | 136406 | 24971846 |
| Broadcom Inc  | 613084 | 168996605 |
| Cirrus Logic Inc (b) | 79168 | 8253660 |
| Credo Technology Group Holding Ltd (b) | 56826 | 5261519 |
| KLA Corp  | 16364 | 14657889 |
| NVIDIA Corp  | 2986796 | 471883901 |
| QUALCOMM Inc  | 156283 | 24889631 |
|  |  | 735911407 |
| Software - 18.6% |  |  |
| Adobe Inc (b) | 96910 | 37492541 |
| Atlassian Corp Class A (b) | 107989 | 21931486 |
| Autodesk Inc (b) | 85588 | 26495477 |
| Clearwater Analytics Holdings Inc Class A (b) | 124168 | 2723004 |
| Commvault Systems Inc (b) | 7006 | 1221356 |
| Dropbox Inc Class A (b) | 454474 | 12997956 |
| Fortinet Inc (b) | 234371 | 24777702 |
| HubSpot Inc (b) | 18306 | 10189669 |
| Intuit Inc  | 15710 | 12373667 |
| Microsoft Corp  | 887606 | 441504100 |
| Oracle Corp  | 111769 | 24436056 |
| Palantir Technologies Inc Class A (b) | 161908 | 22071299 |
| Salesforce Inc  | 86086 | 23474791 |
| Servicenow Inc (b) | 20271 | 20840210 |
| Tenable Holdings Inc (b) | 91384 | 3086952 |
| Teradata Corp (b) | 360 | 8032 |
|  |  | 685624298 |
| Technology Hardware, Storage & Peripherals - 9.9% |  |  |
| Apple Inc  | 1770695 | 363293493 |
| TOTAL INFORMATION TECHNOLOGY |  | 1796555911 |
| Materials - 0.8% |  |  |
| Chemicals - 0.6% |  |  |
| Ecolab Inc  | 82795 | 22308285 |
| Metals & Mining - 0.2% |  |  |
| Royal Gold Inc  | 49372 | 8780316 |
| TOTAL MATERIALS |  | 31088601 |
| Real Estate - 0.1% |  |  |
| Health Care REITs - 0.1% |  |  |
| CareTrust REIT Inc  | 94707 | 2898034 |
| TOTAL UNITED STATES |  | 3607051213 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,181,586,155) |  | <br> **3615857838** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (e) | 4.28 | 720000 | 715595 |
| US Treasury Bills 0% 8/7/2025 (e) | 4.27 | 1940000 | 1931525 |
| US Treasury Bills 0% 9/4/2025 (e) | 4.28 | 2480000 | 2460930 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $5,108,299) |  |  | **5108050** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.0%** | &nbsp;&nbsp;**Money Market Funds - 2.0%** | &nbsp;&nbsp;**Money Market Funds - 2.0%** | &nbsp;&nbsp;**Money Market Funds - 2.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.32 | 74083656 | 74098473 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.32 | 1044796 | 1044900 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $75,143,373) |  |  | **75143373** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $2,261,837,827)<br>| <br>**3696109261** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(8657791)** |
| **NET ASSETS - 100.0%** | **3687451470** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME S&P 500 Index Contracts (United States) | 209 | Sep 2025 | 65351688 | 1137099 | 1137099 |
| The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% |

---

**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) 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 $4,490,757.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 45135313 | 660269776 | 631306616 | 1315994 | - | - | 74098473 | 74083656 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 5211375 | 127920693 | 132087168 | 900 | - | - | 1044900 | 1044796 | 0.0% |
| Total | 50346688 | 788190469 | 763393784 | 1316894 | - | - | 75143373 |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 469460108 | 469460108 | - | - |
| Consumer Discretionary | 573457059 | 573457059 | - | - |
| Consumer Staples | 49441301 | 49441301 | - | - |
| Energy | 25914157 | 25914157 | - | - |
| Financials | 196098307 | 196098307 | - | - |
| Health Care | 261309574 | 261309574 | - | - |
| Industrials | 209634786 | 209634786 | - | - |
| Information Technology | 1796555911 | 1796555911 | - | - |
| Materials | 31088601 | 31088601 | - | - |
| Real Estate | 2898034 | 2898034 | - | - |
|  **U.S. Treasury Obligations** | 5108050 | - | 5108050 | - |
|  **Money Market Funds** | 75143373 | 75143373 | - | - |
| **Total Investments in Securities:** | 3696109261 | 3691001211 | 5108050 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 1137099 | 1137099 | - | - |
| Total Assets | 1137099 | 1137099 | - | - |
| **Total Derivative Instruments:** | 1137099 | 1137099 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 1137099 | 0 |
| **Total Equity Risk**  | 1137099 | 0 |
| **Total Value of Derivatives** | 1137099 | 0 |

---

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

**Fidelity® Enhanced Large Cap Growth ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,030,428) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,186,694,454) | $3620965888 |  |
| Fidelity Central Funds (cost $75,143,373) | 75143373 |  |
| Total Investment in Securities (cost $2,261,837,827) |  | $3696109261 |
| Cash |  | 545 |
| Receivable for investments sold |  | 791960 |
| Dividends receivable |  | 774464 |
| Distributions receivable from Fidelity Central Funds |  | 130779 |
| Receivable for daily variation margin on futures contracts |  | 308902 |
| **Total assets** |  | 3698115911 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $9089271 |  |
| Accrued management fee | 530270 |  |
| Collateral on securities loaned | 1044900 |  |
| **Total liabilities** |  | 10664441 |
| **Net Assets**  |  | $3687451470 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2350667292 |
| Total accumulated earnings (loss) |  | 1336784178 |
| **Net Assets** |  | $3687451470 |
| **Net Asset Value**, offering price and redemption price per share ($3,687,451,470 ÷ 99,618,998 shares) |  | $37.02 |

---

---

| | |
|:---|:---|
| **Statement of Operations** | **Statement of Operations** |
|  | **Year ended** <br> **June 30, 2025** |
| **Investment Income** |  |
| Dividends  | $19510462 |
| Interest  | 169320 |
| Income from Fidelity Central Funds (including $900 from security lending)  | 1316894 |
| **Total income** | 20996676 |
| **Expenses** |  |
| Management fee | $5510653 |
| Independent trustees' fees and expenses | 12050 |
| Interest | 2400 |
| Miscellaneous | - |
| Total expenses before reductions | 5525103 |
| Expense reductions | (778) |
| Total expenses after reductions | 5524325 |
| **Net Investment income (loss)** | 15472351 |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on: |  |
| Investment Securities: |  |
| Unaffiliated issuers  | (94704842) |
| Redemptions in-kind | 356934910 |
| Fidelity Central Funds | - |
| Foreign currency transactions | - |
| Futures contracts | (2198245) |
| Total net realized gain (loss) | 260031823 |
| Change in net unrealized appreciation (depreciation) on: |  |
| Investment Securities: |  |
| Unaffiliated issuers  | 167602688 |
| Futures contracts | 1101880 |
| Total change in net unrealized appreciation (depreciation) | 168704568 |
| **Net gain (loss)** | 428736391 |
| **Net increase (decrease) in net assets resulting from operations** | $444208742 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Ten months ended**<br> **June 30, 2024** | **Year ended**<br> **August 31, 2023** |
| **Increase (Decrease) in Net Assets** |  |  |  |
| Operations |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $15472351 | $11344510 | $14345783<br>|
| &nbsp;&nbsp;Net realized gain (loss) | 260031823<br>| 260568152<br>| 46418406<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 168704568 | 368592605<br>| 358739553<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 444208742<br>| 640505267<br>| 419503742<br>|
| Distributions to shareholders | (15582492)<br>| (21679293)<br>| (10050462)<br>|
| Share transactions |  |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1852251673 | 1183970024 | 1206466982<br>|
| Reinvestment of distributions | -<br>| 11773276<br>| 8894596<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1280331656) | (1496108622) | (882002420)<br>|
| **Net increase (decrease) in net assets resulting from share transactions** | 571920017<br>| (300365322)<br>| 333359158<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1000546267<br>| 318460652<br>| 742812438<br>|
| **Net Assets** |  |  |  |
| &nbsp;&nbsp;Beginning of period | 2686905203 | 2368444551<br>| 1625632113<br>|
| &nbsp;&nbsp;End of period | $3687451470 | $2686905203 | $2368444551<br>|
| **Other Information** |  |  |  |
| Shares |  |  |  |
| &nbsp;&nbsp;Sold | 54500000 | 41974709 | 56403387<br>|
| Issued in reinvestment of distributions | -<br>| 488957<br>| 467755<br>|
| &nbsp;&nbsp;Redeemed | (38200000) | (55500883) | (39305302)<br>|
| &nbsp;&nbsp;Net increase (decrease) | 16300000 | (13037217) | 17565840<br>|

---

See Organization and Prior Fiscal Year Reorganization information note regarding reorganization from mutual fund to exchange traded fund for the ten months ended June 30, 2024.

Share activity is further described in Organization and Prior Fiscal Year Reorganization information notes, amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.

**Financial Highlights** 

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

---

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

---

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

B*For the year ended August 31.*

C*As further described in Organization and Reorganization information notes, per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.*

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

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

F*Based on net asset value.*

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

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

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

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

K*Proxy expenses are not annualized.*

L*Annualized.*

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

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

**Fidelity® Enhanced Large Cap Value ETF**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| XP Inc Class A  | 117211 | 2367662 |
| IRELAND - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Accenture PLC Class A  | 16626 | 4969345 |
| PUERTO RICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 9854 | 1086009 |
| UNITED KINGDOM - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| TechnipFMC PLC  | 140877 | 4851804 |
| UNITED STATES - 99.1%  |  |  |
| Communication Services - 7.5% |  |  |
| Diversified Telecommunication Services - 1.6% |  |  |
| AT&T Inc  | 710853 | 20572086 |
| Verizon Communications Inc  | 372211 | 16105570 |
|  |  | 36677656 |
| Entertainment - 2.1% |  |  |
| Electronic Arts Inc  | 59558 | 9511413 |
| Netflix Inc (b) | 3909 | 5234659 |
| Playtika Holding Corp  | 80655 | 381498 |
| ROBLOX Corp Class A (b) | 30007 | 3156736 |
| Walt Disney Co/The  | 252547 | 31318354 |
|  |  | 49602660 |
| Interactive Media & Services - 2.5% |  |  |
| Alphabet Inc Class A  | 169650 | 29897420 |
| Alphabet Inc Class C  | 69000 | 12239910 |
| Angi Inc Class A (b)(c) | 60782 | 927533 |
| Meta Platforms Inc Class A  | 16469 | 12155604 |
|  |  | 55220467 |
| Media - 1.0% |  |  |
| Comcast Corp Class A  | 526197 | 18779971 |
| DoubleVerify Holdings Inc (b) | 27160 | 406585 |
| News Corp Class A  | 47351 | 1407272 |
| News Corp Class B (c) | 31386 | 1076853 |
| Sirius XM Holdings Inc (c) | 83369 | 1914986 |
|  |  | 23585667 |
| Wireless Telecommunication Services - 0.3% |  |  |
| T-Mobile US Inc  | 33940 | 8086544 |
| TOTAL COMMUNICATION SERVICES |  | 173172994 |
| Consumer Discretionary - 7.8% |  |  |
| Automobile Components - 0.1% |  |  |
| BorgWarner Inc  | 81781 | 2738028 |
| Lear Corp  | 5188 | 492756 |
|  |  | 3230784 |
| Automobiles - 0.3% |  |  |
| Ford Motor Co  | 597752 | 6485609 |
| Broadline Retail - 1.7% |  |  |
| Amazon.com Inc (b) | 160031 | 35109201 |
| eBay Inc  | 26072 | 1941321 |
| Macy's Inc (c) | 117001 | 1364232 |
|  |  | 38414754 |
| Diversified Consumer Services - 0.0% |  |  |
| ADT Inc  | 159388 | 1350016 |
| Hotels, Restaurants & Leisure - 2.1% |  |  |
| Airbnb Inc Class A (b) | 6172 | 816802 |
| Carnival Corp (b) | 151809 | 4268869 |
| Darden Restaurants Inc  | 8913 | 1942767 |
| DoorDash Inc Class A (b) | 35081 | 8647817 |
| Expedia Group Inc Class A  | 41359 | 6976436 |
| Global Business Travel Group I Class A (b)(c) | 320167 | 2017052 |
| International Game Technology PLC  | 306774 | 4850097 |
| Life Time Group Holdings Inc (b) | 115574 | 3505359 |
| Light & Wonder Inc Class A (b)(c) | 37893 | 3647580 |
| McDonald's Corp  | 35467 | 10362394 |
| MGM Resorts International (b) | 17571 | 604267 |
| Yum! Brands Inc  | 11388 | 1687474 |
|  |  | 49326914 |
| Household Durables - 0.8% |  |  |
| DR Horton Inc  | 7571 | 976053 |
| Garmin Ltd  | 24010 | 5011367 |
| Leggett & Platt Inc (c) | 15901 | 141837 |
| M/I Homes Inc (b) | 14283 | 1601410 |
| Meritage Homes Corp  | 61800 | 4138746 |
| PulteGroup Inc  | 19386 | 2044448 |
| Toll Brothers Inc  | 31331 | 3575807 |
|  |  | 17489668 |
| Specialty Retail - 2.5% |  |  |
| Abercrombie & Fitch Co Class A (b) | 41146 | 3408946 |
| AutoNation Inc (b) | 1872 | 371873 |
| Bath & Body Works Inc  | 192638 | 5771434 |
| Best Buy Co Inc  | 46046 | 3091068 |
| CarMax Inc (b) | 27933 | 1877377 |
| Carvana Co Class A (b) | 39216 | 13214224 |
| Chewy Inc Class A (b) | 17862 | 761278 |
| Dick's Sporting Goods Inc  | 965 | 190887 |
| Five Below Inc (b) | 3224 | 422924 |
| Gap Inc/The (c) | 70293 | 1533090 |
| Home Depot Inc/The  | 49534 | 18161147 |
| Lowe's Cos Inc  | 16442 | 3647987 |
| TJX Cos Inc/The  | 24245 | 2994015 |
| Ulta Beauty Inc (b) | 2273 | 1063355 |
| Urban Outfitters Inc (b) | 10036 | 728011 |
| Williams-Sonoma Inc  | 697 | 113869 |
|  |  | 57351485 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Carter's Inc  | 10854 | 327031 |
| Ralph Lauren Corp Class A  | 10186 | 2793816 |
| Tapestry Inc  | 32926 | 2891232 |
|  |  | 6012079 |
| TOTAL CONSUMER DISCRETIONARY |  | 179661309 |
| Consumer Staples - 6.1% |  |  |
| Beverages - 0.8% |  |  |
| Boston Beer Co Inc/The Class A (b) | 4788 | 913598 |
| Coca-Cola Co/The  | 40386 | 2857310 |
| Coca-Cola Consolidated Inc  | 3246 | 362416 |
| Keurig Dr Pepper Inc  | 335154 | 11080191 |
| Molson Coors Beverage Co Class B (c) | 22518 | 1082891 |
| Monster Beverage Corp (b) | 2337 | 146389 |
| PepsiCo Inc  | 8864 | 1170403 |
|  |  | 17613198 |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| BJ's Wholesale Club Holdings Inc (b) | 3009 | 324460 |
| Dollar General Corp  | 9952 | 1138310 |
| Dollar Tree Inc (b) | 13181 | 1305446 |
| Target Corp  | 7885 | 777855 |
| US Foods Holding Corp (b) | 61377 | 4726643 |
| Walgreens Boots Alliance Inc  | 89413 | 1026461 |
| Walmart Inc  | 340489 | 33293015 |
|  |  | 42592190 |
| Food Products - 0.5% |  |  |
| Conagra Brands Inc  | 28217 | 577602 |
| JM Smucker Co  | 28912 | 2839158 |
| Kraft Heinz Co/The  | 100 | 2582 |
| Mondelez International Inc  | 30810 | 2077826 |
| Post Holdings Inc (b) | 3509 | 382586 |
| Tyson Foods Inc Class A  | 108745 | 6083196 |
|  |  | 11962950 |
| Household Products - 1.1% |  |  |
| Church & Dwight Co Inc  | 1679 | 161368 |
| Kimberly-Clark Corp  | 7139 | 920360 |
| Procter & Gamble Co/The  | 158958 | 25325189 |
|  |  | 26406917 |
| Personal Care Products - 0.1% |  |  |
| Interparfums Inc  | 4945 | 649328 |
| Kenvue Inc  | 35930 | 752015 |
|  |  | 1401343 |
| Tobacco - 1.8% |  |  |
| Altria Group Inc  | 95440 | 5595647 |
| Philip Morris International Inc  | 197895 | 36042617 |
|  |  | 41638264 |
| TOTAL CONSUMER STAPLES |  | 141614862 |
| Energy - 5.4% |  |  |
| Oil, Gas & Consumable Fuels - 5.4% |  |  |
| Antero Midstream Corp (c) | 22065 | 418131 |
| Cheniere Energy Inc  | 57705 | 14052322 |
| Chevron Corp  | 55845 | 7996446 |
| ConocoPhillips  | 164523 | 14764294 |
| Coterra Energy Inc  | 38081 | 966496 |
| Devon Energy Corp  | 137604 | 4377183 |
| EOG Resources Inc (c) | 138050 | 16512161 |
| Exxon Mobil Corp  | 348853 | 37606353 |
| Hess Corp  | 7082 | 981140 |
| HF Sinclair Corp  | 20665 | 848918 |
| Marathon Petroleum Corp  | 19641 | 3262567 |
| Occidental Petroleum Corp  | 122419 | 5142822 |
| Williams Cos Inc/The  | 294313 | 18485800 |
|  |  | 125414633 |
| Financials - 22.5% |  |  |
| Banks - 7.0% |  |  |
| Ameris Bancorp  | 16845 | 1089872 |
| Associated Banc-Corp  | 6689 | 163145 |
| Bank of America Corp  | 764648 | 36183143 |
| Flagstar Financial Inc (c) | 22500 | 238500 |
| Huntington Bancshares Inc/OH  | 296123 | 4963021 |
| JPMorgan Chase & Co  | 219657 | 63680762 |
| PNC Financial Services Group Inc/The  | 89939 | 16766428 |
| United Bankshares Inc/WV (c) | 86086 | 3136113 |
| US Bancorp  | 218635 | 9893234 |
| Wells Fargo & Co  | 332083 | 26606490 |
|  |  | 162720708 |
| Capital Markets - 5.8% |  |  |
| Bank of New York Mellon Corp/The  | 129020 | 11755012 |
| Blackrock Inc  | 942 | 988394 |
| Cboe Global Markets Inc  | 19002 | 4431456 |
| Charles Schwab Corp/The  | 260555 | 23773038 |
| CME Group Inc Class A  | 63319 | 17451983 |
| Goldman Sachs Group Inc/The  | 21383 | 15133818 |
| Intercontinental Exchange Inc  | 107859 | 19788891 |
| Morgan Stanley  | 120530 | 16977856 |
| Morningstar Inc  | 3726 | 1169703 |
| Raymond James Financial Inc  | 31 | 4754 |
| S&P Global Inc  | 27378 | 14436146 |
| State Street Corp  | 31384 | 3337375 |
| T Rowe Price Group Inc  | 41569 | 4011409 |
| Tradeweb Markets Inc Class A  | 12 | 1756 |
| Virtu Financial Inc Class A  | 18980 | 850114 |
|  |  | 134111705 |
| Consumer Finance - 1.0% |  |  |
| Ally Financial Inc  | 53036 | 2065752 |
| Capital One Financial Corp  | 53701 | 11425425 |
| FirstCash Holdings Inc  | 1105 | 149330 |
| Synchrony Financial (c) | 156592 | 10450950 |
|  |  | 24091457 |
| Financial Services - 4.7% |  |  |
| Berkshire Hathaway Inc Class B (b) | 160325 | 77881076 |
| Euronet Worldwide Inc (b) | 488 | 49473 |
| Fidelity National Information Services Inc  | 6661 | 542272 |
| Fiserv Inc (b) | 49526 | 8538778 |
| Global Payments Inc  | 16502 | 1320820 |
| Mastercard Inc Class A  | 5617 | 3156417 |
| MGIC Investment Corp  | 127379 | 3546231 |
| PayPal Holdings Inc (b) | 186839 | 13885874 |
|  |  | 108920941 |
| Insurance - 3.6% |  |  |
| Allstate Corp/The  | 67976 | 13684249 |
| Cincinnati Financial Corp  | 36921 | 5498275 |
| Fidelity National Financial Inc/US  | 24 | 1345 |
| First American Financial Corp  | 15622 | 959035 |
| Globe Life Inc  | 60021 | 7460010 |
| Hartford Insurance Group Inc/The  | 18405 | 2335042 |
| Kemper Corp  | 46423 | 2996140 |
| Loews Corp  | 6569 | 602115 |
| Markel Group Inc (b)(c) | 6210 | 12403606 |
| Marsh & McLennan Cos Inc  | 13738 | 3003676 |
| Mercury General Corp  | 7174 | 483097 |
| MetLife Inc  | 23077 | 1855852 |
| Principal Financial Group Inc  | 48527 | 3854500 |
| Progressive Corp/The  | 30790 | 8216619 |
| Prudential Financial Inc  | 95713 | 10283405 |
| Travelers Companies Inc/The  | 37044 | 9910752 |
|  |  | 83547718 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.4% |  |  |
| Rithm Capital Corp  | 761008 | 8591780 |
| TOTAL FINANCIALS |  | 521984309 |
| Health Care - 13.0% |  |  |
| Biotechnology - 2.2% |  |  |
| AbbVie Inc  | 67019 | 12440067 |
| Biogen Inc (b) | 57284 | 7194298 |
| Exelixis Inc (b) | 40709 | 1794248 |
| Gilead Sciences Inc  | 182618 | 20246858 |
| Incyte Corp (b) | 104425 | 7111343 |
| PTC Therapeutics Inc (b) | 39420 | 1925273 |
| Regeneron Pharmaceuticals Inc  | 1206 | 633149 |
|  |  | 51345236 |
| Health Care Equipment & Supplies - 2.9% |  |  |
| Abbott Laboratories (c) | 93713 | 12745905 |
| Becton Dickinson & Co  | 89639 | 15440318 |
| Boston Scientific Corp (b) | 210574 | 22617753 |
| DENTSPLY SIRONA Inc (c) | 20745 | 329431 |
| Edwards Lifesciences Corp (b) | 23002 | 1798986 |
| Insulet Corp (b) | 444 | 139496 |
| Solventum Corp (b) | 19690 | 1493290 |
| STERIS PLC  | 25282 | 6073242 |
| Stryker Corp  | 18605 | 7360696 |
|  |  | 67999117 |
| Health Care Providers & Services - 3.6% |  |  |
| Cardinal Health Inc  | 71191 | 11960088 |
| Centene Corp (b) | 96426 | 5234003 |
| Cigna Group/The  | 9452 | 3124642 |
| CVS Health Corp  | 122931 | 8479780 |
| Elevance Health Inc  | 24741 | 9623259 |
| Humana Inc  | 55509 | 13570840 |
| Labcorp Holdings Inc  | 14992 | 3935550 |
| Option Care Health Inc (b) | 61964 | 2012591 |
| Tenet Healthcare Corp (b) | 21384 | 3763584 |
| UnitedHealth Group Inc  | 62266 | 19425125 |
|  |  | 81129462 |
| Health Care Technology - 0.3% |  |  |
| Veeva Systems Inc Class A (b) | 25970 | 7478841 |
| Life Sciences Tools & Services - 0.9% |  |  |
| 10X Genomics Inc Class A (b) | 145359 | 1683257 |
| Agilent Technologies Inc  | 22089 | 2606723 |
| Charles River Laboratories International Inc (b) | 4231 | 641970 |
| Danaher Corp  | 29774 | 5881556 |
| Illumina Inc (b)(c) | 30561 | 2915825 |
| QIAGEN NV (United States)  | 9909 | 476226 |
| Thermo Fisher Scientific Inc  | 16221 | 6576967 |
|  |  | 20782524 |
| Pharmaceuticals - 3.1% |  |  |
| Bristol-Myers Squibb Co  | 265473 | 12288745 |
| Johnson & Johnson  | 185868 | 28391337 |
| Merck & Co Inc  | 116372 | 9212008 |
| Pfizer Inc  | 910505 | 22070641 |
|  |  | 71962731 |
| TOTAL HEALTH CARE |  | 300697911 |
| Industrials - 13.9% |  |  |
| Aerospace & Defense - 2.7% |  |  |
| Curtiss-Wright Corp  | 11329 | 5534783 |
| GE Aerospace  | 49874 | 12837069 |
| General Dynamics Corp  | 31629 | 9224914 |
| HEICO Corp  | 10182 | 3339696 |
| Howmet Aerospace Inc  | 22162 | 4125013 |
| Huntington Ingalls Industries Inc  | 905 | 218521 |
| Lockheed Martin Corp  | 28323 | 13117514 |
| RTX Corp  | 35345 | 5161077 |
| Textron Inc  | 123288 | 9898794 |
|  |  | 63457381 |
| Air Freight & Logistics - 0.4% |  |  |
| CH Robinson Worldwide Inc  | 2 | 192 |
| FedEx Corp  | 45630 | 10372155 |
|  |  | 10372347 |
| Building Products - 1.6% |  |  |
| A O Smith Corp  | 13277 | 870573 |
| Allegion plc  | 70759 | 10197787 |
| Builders FirstSource Inc (b) | 5571 | 650080 |
| Johnson Controls International plc  | 123747 | 13070158 |
| Owens Corning  | 180 | 24754 |
| Trane Technologies PLC  | 29167 | 12757937 |
|  |  | 37571289 |
| Commercial Services & Supplies - 0.6% |  |  |
| Brink's Co/The  | 11409 | 1018710 |
| Cintas Corp  | 50941 | 11353221 |
| Republic Services Inc  | 3270 | 806415 |
| Veralto Corp  | 7578 | 764999 |
| Vestis Corp  | 97398 | 558090 |
|  |  | 14501435 |
| Construction & Engineering - 0.4% |  |  |
| Arcosa Inc  | 2136 | 185212 |
| EMCOR Group Inc  | 3954 | 2114955 |
| Valmont Industries Inc  | 24210 | 7906260 |
|  |  | 10206427 |
| Electrical Equipment - 1.2% |  |  |
| Acuity Inc  | 6324 | 1886702 |
| AMETEK Inc  | 37189 | 6729721 |
| Eaton Corp PLC  | 26367 | 9412756 |
| EnerSys  | 9074 | 778277 |
| nVent Electric PLC  | 84924 | 6220683 |
| Sensata Technologies Holding PLC  | 94008 | 2830581 |
|  |  | 27858720 |
| Ground Transportation - 1.8% |  |  |
| CSX Corp  | 286199 | 9338673 |
| Lyft Inc Class A (b) | 584151 | 9206220 |
| Uber Technologies Inc (b) | 118576 | 11063141 |
| Union Pacific Corp  | 50546 | 11629624 |
|  |  | 41237658 |
| Industrial Conglomerates - 0.7% |  |  |
| 3M Co  | 28958 | 4408566 |
| Honeywell International Inc  | 54005 | 12576684 |
|  |  | 16985250 |
| Machinery - 3.0% |  |  |
| Caterpillar Inc (c) | 32039 | 12437861 |
| Cummins Inc  | 19516 | 6391490 |
| ESCO Technologies Inc  | 16859 | 3234736 |
| Federal Signal Corp  | 3046 | 324155 |
| Flowserve Corp  | 160095 | 8380973 |
| Gates Industrial Corp PLC (b) | 30472 | 701770 |
| ITT Inc  | 30754 | 4823150 |
| Mueller Water Products Inc Class A1  | 97216 | 2337073 |
| Nordson Corp  | 12305 | 2637823 |
| Oshkosh Corp  | 55933 | 6350633 |
| PACCAR Inc  | 73444 | 6981587 |
| SPX Technologies Inc (b) | 7059 | 1183653 |
| Westinghouse Air Brake Technologies Corp  | 45781 | 9584252 |
| Xylem Inc/NY  | 12037 | 1557106 |
|  |  | 66926262 |
| Passenger Airlines - 0.3% |  |  |
| SkyWest Inc (b) | 62700 | 6456219 |
| Professional Services - 1.1% |  |  |
| Automatic Data Processing Inc  | 7401 | 2282468 |
| Concentrix Corp  | 8068 | 426434 |
| Dun & Bradstreet Holdings Inc  | 125003 | 1136277 |
| KBR Inc  | 15657 | 750597 |
| Leidos Holdings Inc  | 80263 | 12662291 |
| Maximus Inc  | 39628 | 2781886 |
| SS&C Technologies Holdings Inc  | 56750 | 4698900 |
|  |  | 24738853 |
| Trading Companies & Distributors - 0.1% |  |  |
| Air Lease Corp Class A  | 3687 | 215653 |
| Boise Cascade Co  | 7450 | 646809 |
| Fastenal Co  | 774 | 32507 |
| Rush Enterprises Inc Class A  | 19459 | 1002333 |
|  |  | 1897302 |
| TOTAL INDUSTRIALS |  | 322209143 |
| Information Technology - 10.5% |  |  |
| Communications Equipment - 1.5% |  |  |
| Cisco Systems Inc  | 407753 | 28289903 |
| Extreme Networks Inc (b) | 41018 | 736273 |
| Motorola Solutions Inc  | 14746 | 6200103 |
|  |  | 35226279 |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Amphenol Corp Class A  | 11749 | 1160214 |
| Itron Inc (b) | 34813 | 4582435 |
|  |  | 5742649 |
| IT Services - 1.3% |  |  |
| Cognizant Technology Solutions Corp Class A  | 28308 | 2208873 |
| EPAM Systems Inc (b) | 8098 | 1431888 |
| IBM Corporation  | 76336 | 22502326 |
| Kyndryl Holdings Inc (b) | 74761 | 3136972 |
| MongoDB Inc Class A (b) | 3306 | 694227 |
|  |  | 29974286 |
| Semiconductors & Semiconductor Equipment - 4.4% |  |  |
| Advanced Micro Devices Inc (b) | 58986 | 8370113 |
| Analog Devices Inc  | 65040 | 15480822 |
| Applied Materials Inc  | 46694 | 8548271 |
| Broadcom Inc  | 43758 | 12061893 |
| Cirrus Logic Inc (b)(c) | 61875 | 6450778 |
| Credo Technology Group Holding Ltd (b) | 17087 | 1582085 |
| Intel Corp  | 730891 | 16371959 |
| Marvell Technology Inc  | 39631 | 3067439 |
| Micron Technology Inc  | 20714 | 2553001 |
| Qorvo Inc (b)(c) | 66363 | 5634882 |
| QUALCOMM Inc  | 83090 | 13232913 |
| Skyworks Solutions Inc  | 32386 | 2413405 |
| Texas Instruments Inc  | 27586 | 5727405 |
|  |  | 101494966 |
| Software - 2.5% |  |  |
| Adobe Inc (b) | 29563 | 11437333 |
| Alarm.com Holdings Inc (b) | 75285 | 4258872 |
| ANSYS Inc (b) | 751 | 263766 |
| Autodesk Inc (b) | 7023 | 2174110 |
| Dropbox Inc Class A (b) | 139496 | 3989586 |
| Dynatrace Inc (b) | 462 | 25507 |
| RingCentral Inc Class A (b) | 49779 | 1411235 |
| Salesforce Inc  | 79197 | 21596231 |
| Tenable Holdings Inc (b) | 92636 | 3129244 |
| Teradata Corp (b) | 125715 | 2804702 |
| Unity Software Inc (b) | 4576 | 110739 |
| Zoom Communications Inc Class A (b) | 75276 | 5870022 |
|  |  | 57071347 |
| Technology Hardware, Storage & Peripherals - 0.6% |  |  |
| Apple Inc  | 1467 | 300984 |
| Hewlett Packard Enterprise Co  | 65 | 1329 |
| NetApp Inc (c) | 32107 | 3421001 |
| Western Digital Corp  | 159228 | 10189000 |
|  |  | 13912314 |
| TOTAL INFORMATION TECHNOLOGY |  | 243421841 |
| Materials - 5.0% |  |  |
| Chemicals - 2.5% |  |  |
| Ashland Inc  | 2878 | 144706 |
| Axalta Coating Systems Ltd (b) | 49638 | 1473752 |
| Balchem Corp  | 26308 | 4188234 |
| CF Industries Holdings Inc  | 13204 | 1214768 |
| Corteva Inc  | 59991 | 4471129 |
| DuPont de Nemours Inc  | 139244 | 9550746 |
| Ecolab Inc  | 46446 | 12514410 |
| FMC Corp (c) | 43827 | 1829777 |
| International Flavors & Fragrances Inc  | 104962 | 7719955 |
| Linde PLC  | 25532 | 11979104 |
| PPG Industries Inc  | 7401 | 841864 |
| Scotts Miracle-Gro Co/The  | 15832 | 1044279 |
|  |  | 56972724 |
| Construction Materials - 1.2% |  |  |
| CRH PLC  | 156169 | 14336314 |
| Vulcan Materials Co  | 48356 | 12612212 |
|  |  | 26948526 |
| Containers & Packaging - 0.3% |  |  |
| Amcor PLC  | 501595 | 4609658 |
| AptarGroup Inc  | 2481 | 388103 |
| Ball Corp  | 17411 | 976583 |
| Crown Holdings Inc  | 18614 | 1916870 |
| Sonoco Products Co  | 3 | 130 |
|  |  | 7891344 |
| Metals & Mining - 1.0% |  |  |
| Coeur Mining Inc (b) | 19601 | 173664 |
| Commercial Metals Co  | 23105 | 1130066 |
| Hecla Mining Co  | 128493 | 769673 |
| Newmont Corp  | 186145 | 10844808 |
| Nucor Corp  | 53020 | 6868211 |
| Steel Dynamics Inc  | 28312 | 3624219 |
|  |  | 23410641 |
| Paper & Forest Products - 0.0% |  |  |
| Magnera Corp (b) | 26470 | 319758 |
| TOTAL MATERIALS |  | 115542993 |
| Real Estate - 3.7% |  |  |
| Diversified REITs - 0.0% |  |  |
| WP Carey Inc  | 11334 | 707015 |
| Health Care REITs - 0.8% |  |  |
| CareTrust REIT Inc  | 187972 | 5751943 |
| Healthpeak Properties Inc  | 244280 | 4277343 |
| Ventas Inc  | 67325 | 4251574 |
| Welltower Inc  | 26318 | 4045866 |
|  |  | 18326726 |
| Industrial REITs - 0.3% |  |  |
| First Industrial Realty Trust Inc  | 54985 | 2646428 |
| STAG Industrial Inc Class A  | 100445 | 3644145 |
|  |  | 6290573 |
| Real Estate Management & Development - 0.0% |  |  |
| Compass Inc Class A (b) | 2424 | 15222 |
| Newmark Group Inc Class A  | 47312 | 574841 |
|  |  | 590063 |
| Residential REITs - 0.3% |  |  |
| American Homes 4 Rent Class A  | 63754 | 2299607 |
| Camden Property Trust  | 6984 | 787027 |
| Equity Residential  | 60727 | 4098465 |
| Invitation Homes Inc  | 20144 | 660723 |
|  |  | 7845822 |
| Retail REITs - 0.5% |  |  |
| Brixmor Property Group Inc  | 147562 | 3842514 |
| Phillips Edison & Co Inc  | 111655 | 3911276 |
| Realty Income Corp  | 31668 | 1824393 |
| Regency Centers Corp  | 39862 | 2839370 |
|  |  | 12417553 |
| Specialized REITs - 1.8% |  |  |
| American Tower Corp  | 20647 | 4563400 |
| Crown Castle Inc  | 7153 | 734828 |
| Digital Realty Trust Inc  | 57246 | 9979695 |
| Equinix Inc  | 17846 | 14195958 |
| Extra Space Storage Inc  | 28457 | 4195700 |
| Gaming and Leisure Properties Inc  | 89351 | 4170905 |
| Lamar Advertising Co Class A  | 2845 | 345268 |
| VICI Properties Inc  | 65345 | 2130247 |
|  |  | 40316001 |
| TOTAL REAL ESTATE |  | 86493753 |
| Utilities - 3.7% |  |  |
| Electric Utilities - 2.4% |  |  |
| ALLETE Inc  | 25425 | 1628980 |
| American Electric Power Co Inc  | 8579 | 890157 |
| Duke Energy Corp  | 20362 | 2402716 |
| Edison International  | 76960 | 3971136 |
| Evergy Inc  | 49670 | 3423753 |
| Exelon Corp  | 231876 | 10068056 |
| NextEra Energy Inc  | 215710 | 14974588 |
| OGE Energy Corp  | 54008 | 2396875 |
| PG&E Corp  | 393602 | 5486812 |
| Southern Co/The  | 104370 | 9584297 |
|  |  | 54827370 |
| Gas Utilities - 0.2% |  |  |
| MDU Resources Group Inc  | 212454 | 3541608 |
| Southwest Gas Holdings Inc  | 24830 | 1847104 |
|  |  | 5388712 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The  | 200576 | 2110060 |
| Multi-Utilities - 1.0% |  |  |
| Avista Corp  | 7588 | 287964 |
| Black Hills Corp  | 54298 | 3046118 |
| CenterPoint Energy Inc  | 13138 | 482690 |
| CMS Energy Corp  | 38834 | 2690420 |
| Consolidated Edison Inc  | 26411 | 2650344 |
| DTE Energy Co  | 33110 | 4385751 |
| NiSource Inc  | 74461 | 3003757 |
| Public Service Enterprise Group Inc  | 16 | 1346 |
| Sempra  | 86913 | 6585398 |
|  |  | 23133788 |
| TOTAL UTILITIES |  | 85459930 |
| TOTAL UNITED STATES |  | 2295673678 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,076,968,118) |  | <br> **2308948498** |

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 7/10/2025  | 4.25 | 170000 | 169822 |
| US Treasury Bills 0% 7/17/2025  | 4.26 | 1120000 | 1117939 |
| US Treasury Bills 0% 7/24/2025  | 4.24 to 4.25 | 160000 | 159574 |
| US Treasury Bills 0% 7/31/2025  | 4.24 | 220000 | 219236 |
| US Treasury Bills 0% 8/21/2025  | 4.28 | 250000 | 248471 |
| US Treasury Bills 0% 9/25/2025 (e) | 4.23 | 3810000 | 3771864 |
| US Treasury Bills 0% 9/4/2025  | 4.28 to 4.29 | 150000 | 148846 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $5,835,769) |  |  | **5835752** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.32 | 996390 | 996590 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.32 | 17624521 | 17626283 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $18,622,873) |  |  | **18622873** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $2,101,426,760)<br>| <br>**2333407123** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(15577759)** |
| **NET ASSETS - 100.0%** | **2317829364** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME S&P 500 Index Contracts (United States) | 2 | Sep 2025 | 625375 | 23421 | 23421 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% |

---

**Legend**

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

(b) Non-income producing

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

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $163,349.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 43118597 | 428728863 | 470850870 | 963423 | - | - | 996590 | 996390 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 9990301 | 367484221 | 359848239 | 6740 | - | - | 17626283 | 17624521 | 0.1% |
| Total | 53108898 | 796213084 | 830699109 | 970163 | - | - | 18622873 |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 173172994 | 173172994 | - | - |
| Consumer Discretionary | 179661309 | 179661309 | - | - |
| Consumer Staples | 141614862 | 141614862 | - | - |
| Energy | 130266437 | 130266437 | - | - |
| Financials | 525437980 | 525437980 | - | - |
| Health Care | 300697911 | 300697911 | - | - |
| Industrials | 322209143 | 322209143 | - | - |
| Information Technology | 248391186 | 248391186 | - | - |
| Materials | 115542993 | 115542993 | - | - |
| Real Estate | 86493753 | 86493753 | - | - |
| Utilities | 85459930 | 85459930 | - | - |
|  **U.S. Treasury Obligations** | 5835752 | - | 5835752 | - |
|  **Money Market Funds** | 18622873 | 18622873 | - | - |
| **Total Investments in Securities:** | 2333407123 | 2327571371 | 5835752 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 23421 | 23421 | - | - |
| Total Assets | 23421 | 23421 | - | - |
| **Total Derivative Instruments:** | 23421 | 23421 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 23421 | 0 |
| **Total Equity Risk**  | 23421 | 0 |
| **Total Value of Derivatives** | 23421 | 0 |

---

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

**Fidelity® Enhanced Large Cap Value ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $17,261,104) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,082,803,887) | $2314784250 |  |
| Fidelity Central Funds (cost $18,622,873) | 18622873 |  |
| Total Investment in Securities (cost $2,101,426,760) |  | $2333407123 |
| Cash |  | 1379854 |
| Dividends receivable |  | 2262838 |
| Distributions receivable from Fidelity Central Funds |  | 84424 |
| Receivable for daily variation margin on futures contracts |  | 10239 |
| Other receivables |  | 9835 |
| **Total assets** |  | 2337154313 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1359780 |  |
| Accrued management fee | 341887 |  |
| Collateral on securities loaned | 17623282 |  |
| **Total liabilities** |  | 19324949 |
| **Net Assets**  |  | $2317829364 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2179018421 |
| Total accumulated earnings (loss) |  | 138810943 |
| **Net Assets** |  | $2317829364 |
| **Net Asset Value**, offering price and redemption price per share ($2,317,829,364 ÷ 72,878,976 shares) |  | $31.80 |

---

---

| | |
|:---|:---|
| **Statement of Operations** | **Statement of Operations** |
|  | **Year ended** <br> **June 30, 2025** |
| **Investment Income** |  |
| Dividends  | $40471842 |
| Interest  | 107390 |
| Income from Fidelity Central Funds (including $6,740 from security lending)  | 970163 |
| **Total income** | 41549395 |
| **Expenses** |  |
| Management fee | $3713212 |
| Independent trustees' fees and expenses | 8174 |
| Interest | - |
| Miscellaneous | - |
| Total expenses before reductions | 3721386 |
| Expense reductions | (1478) |
| Total expenses after reductions | 3719908 |
| **Net Investment income (loss)** | 37829487 |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on: |  |
| Investment Securities: |  |
| Unaffiliated issuers  | (27510343) |
| Redemptions in-kind | 161857172 |
| Fidelity Central Funds | - |
| Foreign currency transactions | 869 |
| Futures contracts | 453828 |
| Total net realized gain (loss) | 134801526 |
| Change in net unrealized appreciation (depreciation) on: |  |
| Investment Securities: |  |
| Unaffiliated issuers  | 82779857 |
| Assets and liabilities in foreign currencies | (889) |
| Futures contracts | (2993) |
| Total change in net unrealized appreciation (depreciation) | 82775975 |
| **Net gain (loss)** | 217577501 |
| **Net increase (decrease) in net assets resulting from operations** | $255406988 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Ten months ended**<br> **June 30, 2024** | **Year ended**<br> **August 31, 2023** |
| **Increase (Decrease) in Net Assets** |  |  |  |
| Operations |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $37829487 | $38826940 | $104218377<br>|
| &nbsp;&nbsp;Net realized gain (loss) | 134801526<br>| 453402154<br>| 209018224<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 82775975 | (574650497)<br>| 130413938<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 255406988<br>| (82421403)<br>| 443650539<br>|
| Distributions to shareholders | (38336716)<br>| (175458721)<br>| (257200574)<br>|
| Share transactions |  |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1092508805 | 996838223 | 817757697<br>|
| Reinvestment of distributions | -<br>| 143727046<br>| 243302994<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (784266648) | (4621932538) | (1407138550)<br>|
| **Net increase (decrease) in net assets resulting from share transactions** | 308242157<br>| (3481367269)<br>| (346077859)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 525312429<br>| (3739247393)<br>| (159627894)<br>|
| **Net Assets** |  |  |  |
| &nbsp;&nbsp;Beginning of period | 1792516935 | 5531764328<br>| 5691392222<br>|
| &nbsp;&nbsp;End of period | $2317829364 | $1792516935 | $5531764328<br>|
| **Other Information** |  |  |  |
| Shares |  |  |  |
| &nbsp;&nbsp;Sold | 35500000 | 38559161 | 32117183<br>|
| Issued in reinvestment of distributions | -<br>| 5858095<br>| 9686875<br>|
| &nbsp;&nbsp;Redeemed | (25400000) | (192077486) | (55489324)<br>|
| &nbsp;&nbsp;Net increase (decrease) | 10100000 | (147660230) | (13685266)<br>|

---

See Organization and Prior Fiscal Year Reorganization information note regarding reorganization from mutual fund to exchange traded fund for the ten months ended June 30, 2024.

Share activity is further described in Organization and Prior Fiscal Year Reorganization information notes, amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.

**Financial Highlights** 

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

---

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

---

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

B*For the year ended August 31.*

C*As further described in Organization and Reorganization information notes, per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.*

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

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

F*Based on net asset value.*

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

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

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

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

K*Proxy expenses are not annualized.*

L*Annualized.*

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

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

**Fidelity® Enhanced Mid Cap ETF**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| XP Inc Class A  | 92502 | 1868540 |
| CANADA - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Brookfield Renewable Corp Class A (United States) (b) | 50487 | 1654964 |
| KOREA (SOUTH) - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Broadline Retail - 0.7% |  |  |
| Coupang Inc Class A (c) | 677144 | 20287234 |
| PUERTO RICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 4139 | 456159 |
| UNITED KINGDOM - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| TechnipFMC PLC  | 213547 | 7354559 |
| UNITED STATES - 97.9%  |  |  |
| Communication Services - 4.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| AST SpaceMobile Inc Class A (c) | 12577 | 587722 |
| Entertainment - 2.2% |  |  |
| Electronic Arts Inc  | 145320 | 23207604 |
| Live Nation Entertainment Inc (c) | 44659 | 6756014 |
| Playtika Holding Corp  | 493307 | 2333342 |
| ROBLOX Corp Class A (c) | 274077 | 28832900 |
| Warner Bros Discovery Inc (c) | 295 | 3381 |
|  |  | 61133241 |
| Interactive Media & Services - 0.4% |  |  |
| Angi Inc Class A (b)(c) | 98674 | 1505765 |
| IAC Inc Class A (c) | 93216 | 3480685 |
| Pinterest Inc Class A (c) | 212149 | 7607664 |
|  |  | 12594114 |
| Media - 1.4% |  |  |
| Fox Corp Class A  | 21878 | 1226043 |
| Fox Corp Class B  | 4728 | 244107 |
| New York Times Co/The Class A  | 304731 | 17058841 |
| News Corp Class A  | 255178 | 7583890 |
| News Corp Class B (b) | 207725 | 7127045 |
| Sirius XM Holdings Inc (b) | 304882 | 7003140 |
|  |  | 40243066 |
| TOTAL COMMUNICATION SERVICES |  | 114558143 |
| Consumer Discretionary - 12.7% |  |  |
| Automobile Components - 0.1% |  |  |
| BorgWarner Inc  | 46510 | 1557155 |
| Automobiles - 0.0% |  |  |
| Harley-Davidson Inc  | 12 | 282 |
| Broadline Retail - 0.4% |  |  |
| eBay Inc  | 130508 | 9717626 |
| Etsy Inc (c) | 4694 | 235451 |
| Macy's Inc  | 71394 | 832454 |
|  |  | 10785531 |
| Diversified Consumer Services - 0.8% |  |  |
| ADT Inc  | 498509 | 4222371 |
| Duolingo Inc Class A (c) | 43628 | 17888353 |
|  |  | 22110724 |
| Hotels, Restaurants & Leisure - 3.7% |  |  |
| Airbnb Inc Class A (c) | 44 | 5823 |
| Carnival Corp (c) | 835922 | 23506128 |
| Darden Restaurants Inc  | 41196 | 8979492 |
| DoorDash Inc Class A (c) | 44021 | 10851617 |
| DraftKings Inc Class A (c) | 194274 | 8332412 |
| Dutch Bros Inc Class A (c) | 17897 | 1223618 |
| Expedia Group Inc Class A  | 112569 | 18988139 |
| Hilton Worldwide Holdings Inc  | 4301 | 1145528 |
| International Game Technology PLC  | 425940 | 6734111 |
| Las Vegas Sands Corp  | 15875 | 690721 |
| Life Time Group Holdings Inc (c) | 77453 | 2349149 |
| Light & Wonder Inc Class A (c) | 33473 | 3222111 |
| MGM Resorts International (c) | 332323 | 11428588 |
| Planet Fitness Inc Class A (c) | 10547 | 1150150 |
| Royal Caribbean Cruises Ltd  | 12168 | 3810288 |
| Travel + Leisure Co  | 4466 | 230490 |
| Wendy's Co/The  | 7169 | 81870 |
| Yum! Brands Inc  | 17828 | 2641753 |
|  |  | 105371988 |
| Household Durables - 2.4% |  |  |
| DR Horton Inc  | 38242 | 4930158 |
| Garmin Ltd  | 99959 | 20863442 |
| Lennar Corp Class A  | 64552 | 7140097 |
| Lennar Corp Class B (b) | 1208 | 127142 |
| NVR Inc (c) | 698 | 5155191 |
| PulteGroup Inc  | 80376 | 8476453 |
| Toll Brothers Inc  | 90344 | 10310961 |
| TopBuild Corp (c) | 38505 | 12465609 |
|  |  | 69469053 |
| Specialty Retail - 4.1% |  |  |
| Abercrombie & Fitch Co Class A (c) | 48764 | 4040097 |
| Bath & Body Works Inc  | 155490 | 4658480 |
| Best Buy Co Inc (b) | 248209 | 16662270 |
| Carvana Co Class A (c) | 73827 | 24876746 |
| Chewy Inc Class A (c) | 352063 | 15004925 |
| Dick's Sporting Goods Inc  | 23338 | 4616490 |
| Five Below Inc (c) | 6848 | 898321 |
| GameStop Corp Class A (b)(c) | 41211 | 1005136 |
| Gap Inc/The  | 686361 | 14969533 |
| Lithia Motors Inc Class A  | 2997 | 1012447 |
| Ross Stores Inc  | 7105 | 906456 |
| Ulta Beauty Inc (c) | 40890 | 19129160 |
| Williams-Sonoma Inc  | 49353 | 8062800 |
|  |  | 115842861 |
| Textiles, Apparel & Luxury Goods - 1.2% |  |  |
| Ralph Lauren Corp Class A  | 55224 | 15146839 |
| Tapestry Inc  | 225541 | 19804755 |
|  |  | 34951594 |
| TOTAL CONSUMER DISCRETIONARY |  | 360089188 |
| Consumer Staples - 3.1% |  |  |
| Beverages - 0.4% |  |  |
| Boston Beer Co Inc/The Class A (c) | 23884 | 4557306 |
| Coca-Cola Consolidated Inc (b) | 36746 | 4102691 |
| Molson Coors Beverage Co Class B  | 28546 | 1372777 |
|  |  | 10032774 |
| Consumer Staples Distribution & Retail - 1.6% |  |  |
| BJ's Wholesale Club Holdings Inc (c) | 117047 | 12621178 |
| Casey's General Stores Inc  | 6400 | 3265728 |
| Dollar General Corp  | 14332 | 1639294 |
| Dollar Tree Inc (c) | 21772 | 2156299 |
| Maplebear Inc (c) | 349593 | 15815588 |
| US Foods Holding Corp (c) | 132176 | 10178874 |
| Walgreens Boots Alliance Inc  | 5255 | 60327 |
|  |  | 45737288 |
| Food Products - 0.9% |  |  |
| Cal-Maine Foods Inc  | 4316 | 430003 |
| Conagra Brands Inc  | 7064 | 144600 |
| General Mills Inc  | 38757 | 2008000 |
| Hershey Co/The  | 14083 | 2337074 |
| Ingredion Inc  | 30447 | 4129222 |
| JM Smucker Co  | 20444 | 2007601 |
| Kellanova  | 15100 | 1200903 |
| Pilgrim's Pride Corp  | 66694 | 2999896 |
| Post Holdings Inc (c) | 3941 | 429687 |
| Tyson Foods Inc Class A  | 178486 | 9984507 |
|  |  | 25671493 |
| Household Products - 0.0% |  |  |
| Clorox Co/The  | 2978 | 357568 |
| Personal Care Products - 0.2% |  |  |
| Kenvue Inc  | 335273 | 7017264 |
| TOTAL CONSUMER STAPLES |  | 88816387 |
| Energy - 4.3% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Halliburton Co  | 74329 | 1514825 |
| Oil, Gas & Consumable Fuels - 4.3% |  |  |
| Antero Midstream Corp  | 126488 | 2396948 |
| Cheniere Energy Inc  | 110317 | 26864396 |
| Civitas Resources Inc  | 79525 | 2188528 |
| ConocoPhillips  | 140696 | 12626059 |
| Coterra Energy Inc  | 36522 | 926928 |
| Devon Energy Corp  | 159384 | 5070005 |
| EOG Resources Inc  | 38514 | 4606660 |
| EQT Corp  | 53010 | 3091543 |
| Hess Corp  | 43378 | 6009588 |
| HF Sinclair Corp  | 163415 | 6713088 |
| Kinder Morgan Inc  | 804251 | 23644979 |
| Marathon Petroleum Corp  | 43786 | 7273292 |
| Matador Resources Co  | 15 | 716 |
| Targa Resources Corp  | 9763 | 1699543 |
| Texas Pacific Land Corp  | 2902 | 3065644 |
| Williams Cos Inc/The  | 243395 | 15287640 |
|  |  | 121465557 |
| TOTAL ENERGY |  | 122980382 |
| Financials - 16.7% |  |  |
| Banks - 1.5% |  |  |
| Citizens Financial Group Inc  | 39 | 1745 |
| Commerce Bancshares Inc/MO  | 93054 | 5785167 |
| Cullen/Frost Bankers Inc  | 2951 | 379322 |
| Fifth Third Bancorp  | 17440 | 717307 |
| Huntington Bancshares Inc/OH  | 656698 | 11006258 |
| KeyCorp  | 220801 | 3846353 |
| M&T Bank Corp  | 44 | 8536 |
| PNC Financial Services Group Inc/The  | 54942 | 10242288 |
| Prosperity Bancshares Inc  | 27182 | 1909264 |
| Zions Bancorp NA  | 153663 | 7981256 |
|  |  | 41877496 |
| Capital Markets - 6.4% |  |  |
| Ameriprise Financial Inc  | 19740 | 10535830 |
| Bank of New York Mellon Corp/The  | 320245 | 29177522 |
| Cboe Global Markets Inc  | 81806 | 19077977 |
| Coinbase Global Inc Class A (c) | 15616 | 5473252 |
| Janus Henderson Group PLC  | 5752 | 223408 |
| LPL Financial Holdings Inc  | 6577 | 2466178 |
| Morningstar Inc  | 33262 | 10441940 |
| MSCI Inc  | 42426 | 24468771 |
| Nasdaq Inc  | 116206 | 10391141 |
| Northern Trust Corp  | 22313 | 2829065 |
| Raymond James Financial Inc  | 120260 | 18444276 |
| Robinhood Markets Inc Class A (c) | 7413 | 694079 |
| State Street Corp  | 165686 | 17619049 |
| Stifel Financial Corp  | 67592 | 7014698 |
| Tradeweb Markets Inc Class A  | 125324 | 18347434 |
| Virtu Financial Inc Class A  | 30993 | 1388176 |
|  |  | 178592796 |
| Consumer Finance - 1.5% |  |  |
| Ally Financial Inc  | 443248 | 17264510 |
| Capital One Financial Corp  | 35424 | 7536810 |
| SoFi Technologies Inc Class A (c) | 247922 | 4514660 |
| Synchrony Financial  | 205492 | 13714536 |
|  |  | 43030516 |
| Financial Services - 2.7% |  |  |
| Affirm Holdings Inc Class A (c) | 22671 | 1567473 |
| Block Inc Class A (c) | 152435 | 10354910 |
| Equitable Holdings Inc  | 79934 | 4484297 |
| Euronet Worldwide Inc (c) | 115247 | 11683741 |
| Fidelity National Information Services Inc  | 180879 | 14725359 |
| Global Payments Inc  | 130006 | 10405680 |
| MGIC Investment Corp  | 111714 | 3110118 |
| PayPal Holdings Inc (c) | 82161 | 6106206 |
| Toast Inc Class A (c) | 334110 | 14797732 |
|  |  | 77235516 |
| Insurance - 4.1% |  |  |
| Allstate Corp/The  | 127416 | 25650115 |
| American Financial Group Inc/OH  | 4255 | 537024 |
| Assurant Inc  | 65767 | 12988325 |
| Cincinnati Financial Corp  | 125223 | 18648209 |
| First American Financial Corp  | 21725 | 1333698 |
| Globe Life Inc  | 120929 | 15030265 |
| Hanover Insurance Group Inc/The  | 795 | 135046 |
| Kemper Corp  | 5257 | 339286 |
| Markel Group Inc (c) | 10244 | 20460956 |
| Prudential Financial Inc  | 91268 | 9805834 |
| Reinsurance Group of America Inc  | 25774 | 5112531 |
| W R Berkley Corp  | 29089 | 2137169 |
| Willis Towers Watson PLC  | 17229 | 5280689 |
|  |  | 117459147 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.5% |  |  |
| Rithm Capital Corp  | 1275935 | 14405305 |
| TOTAL FINANCIALS |  | 472600776 |
| Health Care - 9.2% |  |  |
| Biotechnology - 2.8% |  |  |
| Biogen Inc (c) | 92470 | 11613307 |
| BioMarin Pharmaceutical Inc (c) | 3306 | 181731 |
| Exelixis Inc (c) | 398661 | 17570984 |
| Gilead Sciences Inc  | 114109 | 12651265 |
| Incyte Corp (c) | 246600 | 16793460 |
| Insmed Inc (c) | 27815 | 2799302 |
| Natera Inc (c) | 46702 | 7889836 |
| Revolution Medicines Inc (c) | 3162 | 116329 |
| United Therapeutics Corp (c) | 25901 | 7442652 |
|  |  | 77058866 |
| Health Care Equipment & Supplies - 0.5% |  |  |
| ABIOMED Inc (c)(d) | 3289 | 7302 |
| Becton Dickinson & Co  | 8245 | 1420201 |
| Hologic Inc (c) | 7615 | 496193 |
| Inspire Medical Systems Inc (c) | 2609 | 338570 |
| Insulet Corp (c) | 29427 | 9245375 |
| ResMed Inc  | 11420 | 2946360 |
|  |  | 14454001 |
| Health Care Providers & Services - 2.7% |  |  |
| Cardinal Health Inc  | 143046 | 24031729 |
| Cencora Inc  | 18997 | 5696250 |
| Centene Corp (c) | 284153 | 15423825 |
| Guardant Health Inc (c) | 4237 | 220493 |
| Humana Inc  | 86907 | 21247023 |
| Labcorp Holdings Inc  | 19462 | 5108970 |
| Option Care Health Inc (c) | 27448 | 891511 |
| Tenet Healthcare Corp (c) | 21108 | 3715008 |
|  |  | 76334809 |
| Health Care Technology - 1.3% |  |  |
| Doximity Inc Class A (c) | 215011 | 13188774 |
| Veeva Systems Inc Class A (c) | 86625 | 24946268 |
|  |  | 38135042 |
| Life Sciences Tools & Services - 1.3% |  |  |
| 10X Genomics Inc Class A (c) | 337984 | 3913855 |
| Agilent Technologies Inc  | 21488 | 2535799 |
| Charles River Laboratories International Inc (c) | 38918 | 5905028 |
| Illumina Inc (c) | 192386 | 18355549 |
| Medpace Holdings Inc (c) | 15497 | 4863888 |
| QIAGEN NV (United States) (b) | 52787 | 2536943 |
|  |  | 38111062 |
| Pharmaceuticals - 0.6% |  |  |
| Bristol-Myers Squibb Co  | 275092 | 12734009 |
| Organon & Co  | 175073 | 1694707 |
| Viatris Inc  | 170483 | 1522413 |
|  |  | 15951129 |
| TOTAL HEALTH CARE |  | 260044909 |
| Industrials - 17.8% |  |  |
| Aerospace & Defense - 4.0% |  |  |
| Axon Enterprise Inc (c) | 35763 | 29609619 |
| Curtiss-Wright Corp  | 40228 | 19653389 |
| HEICO Corp  | 29365 | 9631720 |
| HEICO Corp Class A  | 19221 | 4973434 |
| Howmet Aerospace Inc  | 179788 | 33463941 |
| Textron Inc  | 108309 | 8696130 |
| Woodward Inc  | 22972 | 5630207 |
|  |  | 111658440 |
| Building Products - 1.8% |  |  |
| A O Smith Corp  | 122473 | 8030555 |
| Allegion plc  | 121659 | 17533495 |
| Armstrong World Industries Inc  | 20676 | 3358609 |
| Builders FirstSource Inc (c) | 30326 | 3538741 |
| Johnson Controls International plc  | 17 | 1796 |
| Lennox International Inc  | 7546 | 4325669 |
| Masco Corp  | 5606 | 360802 |
| Owens Corning  | 57348 | 7886497 |
| Trane Technologies PLC  | 13661 | 5975458 |
|  |  | 51011622 |
| Commercial Services & Supplies - 0.8% |  |  |
| Cintas Corp  | 62218 | 13866526 |
| Veralto Corp  | 72777 | 7346838 |
| Vestis Corp  | 209368 | 1199678 |
|  |  | 22413042 |
| Construction & Engineering - 1.4% |  |  |
| AECOM  | 25751 | 2906258 |
| Comfort Systems USA Inc  | 22816 | 12234167 |
| EMCOR Group Inc  | 18504 | 9897605 |
| Valmont Industries Inc  | 47279 | 15439903 |
|  |  | 40477933 |
| Electrical Equipment - 1.6% |  |  |
| Acuity Inc  | 51890 | 15480863 |
| AMETEK Inc  | 116185 | 21024838 |
| Hubbell Inc  | 1 | 408 |
| Sensata Technologies Holding PLC  | 310182 | 9339580 |
|  |  | 45845689 |
| Ground Transportation - 0.7% |  |  |
| JB Hunt Transport Services Inc  | 30921 | 4440256 |
| Lyft Inc Class A (c) | 1001507 | 15783750 |
| Old Dominion Freight Line Inc  | 1625 | 263737 |
|  |  | 20487743 |
| Machinery - 2.9% |  |  |
| AGCO Corp  | 14 | 1444 |
| Allison Transmission Holdings Inc  | 14542 | 1381345 |
| Cummins Inc  | 66056 | 21633340 |
| Donaldson Co Inc  | 34933 | 2422604 |
| Flowserve Corp  | 152149 | 7965000 |
| Fortive Corp  | 63 | 3284 |
| Gates Industrial Corp PLC (c) | 465609 | 10722975 |
| ITT Inc  | 57456 | 9010824 |
| Middleby Corp/The (c) | 22054 | 3175776 |
| Oshkosh Corp  | 37424 | 4249121 |
| Westinghouse Air Brake Technologies Corp  | 109820 | 22990818 |
|  |  | 83556531 |
| Passenger Airlines - 0.3% |  |  |
| United Airlines Holdings Inc (c) | 98361 | 7832486 |
| Professional Services - 2.4% |  |  |
| Amentum Holdings Inc  | 35078 | 828192 |
| Booz Allen Hamilton Holding Corp Class A  | 95193 | 9912447 |
| Concentrix Corp  | 12622 | 667135 |
| Dun & Bradstreet Holdings Inc  | 374098 | 3400551 |
| Leidos Holdings Inc  | 125161 | 19745399 |
| Paylocity Holding Corp (c) | 46649 | 8452332 |
| SS&C Technologies Holdings Inc  | 220461 | 18254171 |
| Verisk Analytics Inc  | 18561 | 5781752 |
|  |  | 67041979 |
| Trading Companies & Distributors - 1.9% |  |  |
| Fastenal Co  | 284946 | 11967732 |
| FTAI Aviation Ltd  | 1551 | 178427 |
| MSC Industrial Direct Co Inc Class A (b) | 57771 | 4911690 |
| QXO Inc (c) | 74267 | 1599711 |
| Watsco Inc  | 7850 | 3466717 |
| Wesco International Inc  | 63385 | 11738902 |
| WW Grainger Inc  | 19677 | 20468803 |
|  |  | 54331982 |
| TOTAL INDUSTRIALS |  | 504657447 |
| Information Technology - 13.4% |  |  |
| Communications Equipment - 0.9% |  |  |
| F5 Inc (c) | 57548 | 16937527 |
| Motorola Solutions Inc  | 19968 | 8395745 |
|  |  | 25333272 |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Itron Inc (c) | 17925 | 2359468 |
| Keysight Technologies Inc (c) | 19896 | 3260159 |
| Littelfuse Inc (b) | 9482 | 2149854 |
| Ralliant Corp  | 21 | 1017 |
| Zebra Technologies Corp Class A (c) | 60636 | 18697717 |
|  |  | 26468215 |
| IT Services - 1.5% |  |  |
| EPAM Systems Inc (c) | 4129 | 730090 |
| GoDaddy Inc Class A (c) | 107368 | 19332682 |
| Kyndryl Holdings Inc (c) | 104276 | 4375421 |
| MongoDB Inc Class A (c) | 1726 | 362443 |
| Okta Inc Class A (c) | 7294 | 729181 |
| Twilio Inc Class A (c) | 133336 | 16581665 |
|  |  | 42111482 |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| Cirrus Logic Inc (c) | 151084 | 15751262 |
| Enphase Energy Inc (c) | 75246 | 2983504 |
| GlobalFoundries Inc (c) | 23648 | 903354 |
| KLA Corp  | 4797 | 4296865 |
| MACOM Technology Solutions Holdings Inc (c) | 26929 | 3858656 |
| MKS Inc  | 9304 | 924445 |
| Onto Innovation Inc (c) | 33939 | 3425463 |
| Qorvo Inc (c) | 206035 | 17494433 |
| Skyworks Solutions Inc  | 210054 | 15653224 |
|  |  | 65291206 |
| Software - 5.8% |  |  |
| ANSYS Inc (c) | 11646 | 4090308 |
| AppLovin Corp Class A (c) | 44041 | 15417873 |
| Atlassian Corp Class A (c) | 8172 | 1659651 |
| BILL Holdings Inc (c) | 55386 | 2562156 |
| Commvault Systems Inc (c) | 31742 | 5533583 |
| Docusign Inc (c) | 110329 | 8593526 |
| Dropbox Inc Class A (c) | 544039 | 15559515 |
| Dynatrace Inc (c) | 316250 | 17460163 |
| Fortinet Inc (c) | 129035 | 13641580 |
| HubSpot Inc (c) | 37214 | 20714430 |
| Manhattan Associates Inc (c) | 6854 | 1353459 |
| Nutanix Inc Class A (c) | 98405 | 7522078 |
| Palantir Technologies Inc Class A (c) | 5114 | 697140 |
| Pegasystems Inc  | 100672 | 5449375 |
| Q2 Holdings Inc (c) | 10471 | 979981 |
| RingCentral Inc Class A (c) | 269616 | 7643614 |
| Teradata Corp (c) | 404177 | 9017189 |
| UiPath Inc Class A (c) | 99565 | 1274432 |
| Unity Software Inc (c) | 167797 | 4060687 |
| Zoom Communications Inc Class A (c) | 236219 | 18420359 |
| Zscaler Inc (c) | 12502 | 3924878 |
|  |  | 165575977 |
| Technology Hardware, Storage & Peripherals - 2.0% |  |  |
| Hewlett Packard Enterprise Co  | 919732 | 18808519 |
| HP Inc  | 90499 | 2213606 |
| NetApp Inc  | 185058 | 19717930 |
| Western Digital Corp  | 249458 | 15962817 |
|  |  | 56702872 |
| TOTAL INFORMATION TECHNOLOGY |  | 381483024 |
| Materials - 4.7% |  |  |
| Chemicals - 2.3% |  |  |
| Axalta Coating Systems Ltd (c) | 389281 | 11557753 |
| CF Industries Holdings Inc  | 17151 | 1577891 |
| Corteva Inc  | 43815 | 3265532 |
| DuPont de Nemours Inc  | 182867 | 12542848 |
| Ecolab Inc  | 41272 | 11120328 |
| FMC Corp (b) | 214104 | 8938842 |
| International Flavors & Fragrances Inc  | 188804 | 13886534 |
|  |  | 62889728 |
| Construction Materials - 0.5% |  |  |
| CRH PLC  | 106190 | 9748242 |
| Vulcan Materials Co  | 20996 | 5476177 |
|  |  | 15224419 |
| Containers & Packaging - 1.2% |  |  |
| Amcor PLC  | 2026521 | 18623728 |
| Crown Holdings Inc  | 131241 | 13515198 |
| Sealed Air Corp  | 37588 | 1166356 |
|  |  | 33305282 |
| Metals & Mining - 0.7% |  |  |
| Newmont Corp  | 106011 | 6176201 |
| Nucor Corp  | 63018 | 8163352 |
| Royal Gold Inc  | 31213 | 5550920 |
| Steel Dynamics Inc  | 5560 | 711735 |
|  |  | 20602208 |
| TOTAL MATERIALS |  | 132021637 |
| Real Estate - 8.1% |  |  |
| Diversified REITs - 0.3% |  |  |
| WP Carey Inc  | 134923 | 8416497 |
| Health Care REITs - 1.3% |  |  |
| CareTrust REIT Inc  | 312038 | 9548363 |
| Healthpeak Properties Inc  | 613669 | 10745344 |
| Ventas Inc  | 269123 | 16995117 |
|  |  | 37288824 |
| Industrial REITs - 0.2% |  |  |
| First Industrial Realty Trust Inc  | 22782 | 1096498 |
| STAG Industrial Inc Class A  | 146886 | 5329024 |
|  |  | 6425522 |
| Real Estate Management & Development - 0.7% |  |  |
| CBRE Group Inc Class A (c) | 41273 | 5783173 |
| Compass Inc Class A (c) | 239185 | 1502081 |
| Zillow Group Inc Class A (b)(c) | 88539 | 6064036 |
| Zillow Group Inc Class C (c) | 108528 | 7602387 |
|  |  | 20951677 |
| Residential REITs - 0.9% |  |  |
| American Homes 4 Rent Class A  | 337512 | 12174058 |
| Equity Residential  | 208892 | 14098121 |
|  |  | 26272179 |
| Retail REITs - 1.5% |  |  |
| Brixmor Property Group Inc  | 584050 | 15208662 |
| Regency Centers Corp  | 136442 | 9718764 |
| Simon Property Group Inc  | 109519 | 17606274 |
|  |  | 42533700 |
| Specialized REITs - 3.2% |  |  |
| American Tower Corp  | 51020 | 11276440 |
| Crown Castle Inc  | 59516 | 6114079 |
| CubeSmart  | 49150 | 2088875 |
| Digital Realty Trust Inc  | 151910 | 26482471 |
| EPR Properties  | 33070 | 1926658 |
| Extra Space Storage Inc  | 26353 | 3885486 |
| Gaming and Leisure Properties Inc  | 288532 | 13468674 |
| Iron Mountain Inc  | 15566 | 1596605 |
| National Storage Affiliates Trust  | 13973 | 446996 |
| Rayonier Inc  | 8 | 177 |
| SBA Communications Corp Class A  | 1696 | 398289 |
| VICI Properties Inc  | 625715 | 20398309 |
|  |  | 88083059 |
| TOTAL REAL ESTATE |  | 229971458 |
| Utilities - 3.9% |  |  |
| Electric Utilities - 1.7% |  |  |
| Edison International  | 137671 | 7103824 |
| Evergy Inc  | 88994 | 6134356 |
| Exelon Corp  | 242639 | 10535385 |
| NRG Energy Inc  | 102117 | 16397949 |
| PG&E Corp  | 510431 | 7115408 |
| Xcel Energy Inc  | 52 | 3541 |
|  |  | 47290463 |
| Gas Utilities - 0.0% |  |  |
| MDU Resources Group Inc  | 93222 | 1554010 |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| AES Corp/The  | 243929 | 2566133 |
| Clearway Energy Inc Class A  | 52719 | 1595277 |
| Clearway Energy Inc Class C (b) | 94185 | 3013920 |
| Vistra Corp  | 41081 | 7961909 |
|  |  | 15137239 |
| Multi-Utilities - 1.7% |  |  |
| Ameren Corp  | 34861 | 3348050 |
| CenterPoint Energy Inc  | 233414 | 8575630 |
| CMS Energy Corp  | 182129 | 12617898 |
| Consolidated Edison Inc  | 69676 | 6991987 |
| DTE Energy Co  | 46516 | 6161509 |
| NiSource Inc  | 128585 | 5187119 |
| WEC Energy Group Inc  | 39064 | 4070469 |
|  |  | 46952662 |
| Water Utilities - 0.0% |  |  |
| American Water Works Co Inc  | 8169 | 1136389 |
| TOTAL UTILITIES |  | 112070763 |
| TOTAL UNITED STATES |  | 2779294114 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,557,098,455) |  | <br> **2810915570** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 7/31/2025  | 4.23 | 2390000 | 2381701 |
| US Treasury Bills 0% 9/25/2025 (f) | 4.23 | 4000000 | 3959962 |
| US Treasury Bills 0% 9/4/2025  | 4.28 | 2640000 | 2619700 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $8,961,475) |  |  | **8961363** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.32 | 15425863 | 15428947 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.32 | 27951909 | 27954705 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $43,383,652) |  |  | **43383652** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.9%**<br> (Cost $2,609,443,582)<br>| <br>**2863260585** |
| **NET OTHER ASSETS (LIABILITIES) - (0.9)%**  | **(25584523)** |
| **NET ASSETS - 100.0%** | **2837676062** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME S&P 400 Midcap Index Contracts (United States) | 48 | Sep 2025 | 15002400 | 452890 | 452890 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% |

---

**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) Level 3 security

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,410,737.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 79628655 | 374076942 | 438276649 | 1028632 | - | (1) | 15428947 | 15425863 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 10080342 | 267365108 | 249490745 | 133399 | - | - | 27954705 | 27951909 | 0.1% |
| Total | 89708997 | 641442050 | 687767394 | 1162031 | - | (1) | 43383652 |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 114558143 | 114558143 | - | - |
| Consumer Discretionary | 380376422 | 380376422 | - | - |
| Consumer Staples | 88816387 | 88816387 | - | - |
| Energy | 130334941 | 130334941 | - | - |
| Financials | 474925475 | 474925475 | - | - |
| Health Care | 260044909 | 260037607 | - | 7302 |
| Industrials | 504657447 | 504657447 | - | - |
| Information Technology | 381483024 | 381483024 | - | - |
| Materials | 132021637 | 132021637 | - | - |
| Real Estate | 229971458 | 229971458 | - | - |
| Utilities | 113725727 | 113725727 | - | - |
|  **U.S. Treasury Obligations** | 8961363 | - | 8961363 | - |
|  **Money Market Funds** | 43383652 | 43383652 | - | - |
| **Total Investments in Securities:** | 2863260585 | 2854291920 | 8961363 | 7302 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 452890 | 452890 | - | - |
| Total Assets | 452890 | 452890 | - | - |
| **Total Derivative Instruments:** | 452890 | 452890 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 452890 | 0 |
| **Total Equity Risk**  | 452890 | 0 |
| **Total Value of Derivatives** | 452890 | 0 |

---

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

**Fidelity® Enhanced Mid Cap ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $27,196,496) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,566,059,930) | $2819876933 |  |
| Fidelity Central Funds (cost $43,383,652) | 43383652 |  |
| Total Investment in Securities (cost $2,609,443,582) |  | $2863260585 |
| Cash |  | 403583 |
| Dividends receivable |  | 2767209 |
| Distributions receivable from Fidelity Central Funds |  | 104956 |
| Other receivables |  | 511 |
| **Total assets** |  | 2866536844 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $374719 |  |
| Accrued management fee | 524430 |  |
| Payable for daily variation margin on futures contracts | 5405 |  |
| Other payables and accrued expenses | 1523 |  |
| Collateral on securities loaned | 27954705 |  |
| **Total liabilities** |  | 28860782 |
| **Net Assets**  |  | $2837676062 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2687572895 |
| Total accumulated earnings (loss) |  | 150103167 |
| **Net Assets** |  | $2837676062 |
| **Net Asset Value**, offering price and redemption price per share ($2,837,676,062 ÷ 82,516,761 shares) |  | $34.39 |

---

---

| | |
|:---|:---|
| **Statement of Operations** | **Statement of Operations** |
|  | **Year ended** <br> **June 30, 2025** |
| **Investment Income** |  |
| Dividends  | $32007168 |
| Interest  | 145378 |
| Income from Fidelity Central Funds (including $133,399 from security lending)  | 1162031 |
| **Total income** | 33314577 |
| **Expenses** |  |
| Management fee | $5129920 |
| Independent trustees' fees and expenses | 8511 |
| Interest | 4284 |
| Miscellaneous | - |
| Total expenses before reductions | 5142715 |
| Expense reductions | (2815) |
| Total expenses after reductions | 5139900 |
| **Net Investment income (loss)** | 28174677 |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on: |  |
| Investment Securities: |  |
| Unaffiliated issuers  | (46234927) |
| Redemptions in-kind | 272013260 |
| Fidelity Central Funds | - |
| Foreign currency transactions | - |
| Futures contracts | 2679811 |
| Total net realized gain (loss) | 228458144 |
| Change in net unrealized appreciation (depreciation) on: |  |
| Investment Securities: |  |
| Unaffiliated issuers  | 64438986 |
| Fidelity Central Funds  | (1) |
| Futures contracts | 404791 |
| Total change in net unrealized appreciation (depreciation) | 64843776 |
| **Net gain (loss)** | 293301920 |
| **Net increase (decrease) in net assets resulting from operations** | $321476597 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Ten months ended**<br> **June 30, 2024** | **Year ended**<br> **August 31, 2023** |
| **Increase (Decrease) in Net Assets** |  |  |  |
| Operations |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $28174677 | $15169494 | $19450767<br>|
| &nbsp;&nbsp;Net realized gain (loss) | 228458144<br>| 178466399<br>| 8724420<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 64843776 | 13844200<br>| 111463962<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 321476597<br>| 207480093<br>| 139639149<br>|
| Distributions to shareholders | (29122156)<br>| (25950215)<br>| (57460804)<br>|
| Share transactions |  |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2000994293 | 655066382 | 531911323<br>|
| Reinvestment of distributions | -<br>| 14294274<br>| 54197269<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1109248748) | (833830134) | (686633472)<br>|
| **Net increase (decrease) in net assets resulting from share transactions** | 891745545<br>| (164469478)<br>| (100524880)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1184099986<br>| 17060400<br>| (18346535)<br>|
| **Net Assets** |  |  |  |
| &nbsp;&nbsp;Beginning of period | 1653576076 | 1636515676<br>| 1654862211<br>|
| &nbsp;&nbsp;End of period | $2837676062 | $1653576076 | $1636515676<br>|
| **Other Information** |  |  |  |
| Shares |  |  |  |
| &nbsp;&nbsp;Sold | 60700000 | 22793530 | 21113682<br>|
| Issued in reinvestment of distributions | -<br>| 584792<br>| 2258425<br>|
| &nbsp;&nbsp;Redeemed | (34300000) | (30719865) | (27059804)<br>|
| &nbsp;&nbsp;Net increase (decrease) | 26400000 | (7341543) | (3687697)<br>|

---

See Organization and Prior Fiscal Year Reorganization information note regarding reorganization from mutual fund to exchange traded fund for the ten months ended June 30, 2024.

Share activity is further described in Organization and Prior Fiscal Year Reorganization information notes, amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.

**Financial Highlights** 

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

---

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

---

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

B*As further described in Organization and Reorganization information notes, per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.*

C*For the year ended August 31.*

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

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

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

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

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

I*Based on net asset value.*

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

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

L*Annualized.*

M*Proxy expenses are not annualized.*

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

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

**Notes to Financial Statements**

For the period ended June 30, 2025

**1. Organization.**

Fidelity Enhanced International ETF, Fidelity Enhanced Large Cap Core ETF, Fidelity Enhanced Large Cap Growth ETF, Fidelity Enhanced Large Cap Value ETF and Fidelity Enhanced Mid Cap ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. Fidelity Enhanced Large Cap Growth ETF is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Effective November 17, 2023, each Fidelity Enhanced Index Fund (Predecessor Fund) reorganized into the newly created exchange traded fund (ETF) as noted in the table below. Each Predecessor Fund was the accounting survivor in the reorganization, and, as such, the financial statements and financial highlights of each Fund reflect the financial information of each Predecessor Fund through November 17, 2023 (see Prior Fiscal Year Reorganization Information note).

---

| | |
|:---|:---|
| **Current ETFs** | **Former Mutual Funds (Predecessor Funds)** |
| Fidelity Enhanced International ETF | Fidelity International Enhanced Index Fund |
| Fidelity Enhanced Large Cap Core ETF | Fidelity Large Cap Core Enhanced Index Fund |
| Fidelity Enhanced Large Cap Growth ETF | Fidelity Large Cap Growth Enhanced Index Fund |
| Fidelity Enhanced Large Cap Value ETF | Fidelity Large Cap Value Enhanced Index Fund |
| Fidelity Enhanced Mid Cap ETF | Fidelity Mid Cap Enhanced Index Fund |

---

Effective March 1, 2024 each Fund's fiscal year-end changed from August 31 to June 30. Accordingly, the Fund's financial statements and related notes include information as of the one year period ended June 30, 2025, the ten month period ended June 30, 2024, and the one year period ended August 31, 2023, as applicable.

**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 | .005% |

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close (normally 4:00 p.m. Eastern time) of the New York Stock Exchange, Archipelago Exchange (NYSE Arca), and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends or foreign taxes withheld, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable. Fidelity Enhanced International ETF Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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. As of June 30, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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 short-term capital gain dividends, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Enhanced International ETF** | 2741415536 | 513143540 | (33809036) | 479334504 |
| **Fidelity Enhanced Large Cap Core ETF** | 3869972414 | 905178195 | (91299586) | 813878609 |
| **Fidelity Enhanced Large Cap Growth ETF**  | 2271050028 | 1474943084 | (49883851) | 1425059233 |
| **Fidelity Enhanced Large Cap Value ETF** | 2107029535 | 322687893 | (96310305) | 226377588 |
| **Fidelity Enhanced Mid Cap ETF** | 2615338035 | 352016263 | (104093713) | 247922550 |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Fidelity Enhanced International ETF** | 11686990 | (98223155) | 480051807 |
| **Fidelity Enhanced Large Cap Core ETF** | 74418 | (181662043) | 813878609 |
| **Fidelity Enhanced Large Cap Growth ETF**  | 197914 | (88472969) | 1425059233 |
| **Fidelity Enhanced Large Cap Value ETF** | - | (87566663) | 226377607 |
| **Fidelity Enhanced Mid Cap ETF** | - | (97819384) | 247922550 |

---

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 fiscal period end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Enhanced International ETF** | (98223155) | - | (98223155) |
| **Fidelity Enhanced Large Cap Core ETF** | (171846589) | (9815454) | (181662043) |
| **Fidelity Enhanced Large Cap Growth ETF**  | (84774517) | (3698452) | (88472969) |
| **Fidelity Enhanced Large Cap Value ETF** | (74292481) | (13274182) | (87566663) |
| **Fidelity Enhanced Mid Cap ETF** | (97819384) | - | (97819384) |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **June 30, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Fidelity Enhanced International ETF** | 66312030 | - | 66312030 |
| **Fidelity Enhanced Large Cap Core ETF** | 45512986 | - | 45512986 |
| **Fidelity Enhanced Large Cap Growth ETF**  | 15582492 | - | 15582492 |
| **Fidelity Enhanced Large Cap Value ETF** | 38336716 | - | 38336716 |
| **Fidelity Enhanced Mid Cap ETF** | 29122156 | - | 29122156 |

---

---

| | | | |
|:---|:---|:---|:---|
| **June 30, 2024** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Fidelity Enhanced International ETF** | 71077009 | - | 71077009 |
| **Fidelity Enhanced Large Cap Core ETF** | 35565387 | - | 35565387 |
| **Fidelity Enhanced Large Cap Growth ETF**  | 21077755 | 601538 | 21679293 |
| **Fidelity Enhanced Large Cap Value ETF** | 102487259 | 72971462 | 175458721 |
| **Fidelity Enhanced Mid Cap ETF** | 25950215 | - | 25950215 |

---

---

| | | | |
|:---|:---|:---|:---|
| **August 31, 2023** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Fidelity International Enhanced Index Fund**  | 33763256 | - | 33763256 |
| **Fidelity Large Cap Core Enhanced Index Fund**  | 14695385 | 7597614 | 22292999 |
| **Fidelity Large Cap Growth Enhanced Index Fund**  | 10050462 | - | 10050462 |
| **Fidelity Large Cap Value Enhanced Index Fund**  | 84574965 | 172625609 | 257200574 |
| **Fidelity Mid Cap Enhanced Index Fund** | 16855170 | 40605634 | 57460804 |

---

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

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

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

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Enhanced International ETF** | 2098812532 | 1387347917 |
| **Fidelity Enhanced Large Cap Core ETF** | 3817088840 | 2923414777 |
| **Fidelity Enhanced Large Cap Growth ETF** | 2890328499 | 1787568966 |
| **Fidelity Enhanced Large Cap Value ETF** | 2291380009 | 1413837022 |
| **Fidelity Enhanced Mid Cap ETF** | 2435431745 | 1492886171 |

---

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

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions ($)** | **In-Kind Redemptions ($)** |
| **Fidelity Enhanced International ETF** | 993790377 | 489015262 |
| **Fidelity Enhanced Large Cap Core ETF** | 2049801551 | 1622386610 |
| **Fidelity Enhanced Large Cap Growth ETF** | 661609702 | 1249165411 |
| **Fidelity Enhanced Large Cap Value ETF** | 203418577 | 764995084 |
| **Fidelity Enhanced Mid Cap ETF** | 1008225916 | 1068746100 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Enhanced Large Cap Growth ETF** | 2376033 | 30168211 | 67930785 |
| **Fidelity Enhanced Large Cap Value ETF** | 269891296 | 408600213 | 3633326017 |
| **Fidelity Enhanced Mid Cap ETF** | 2515337 | 10553430 | 40748466 |

---

**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. The management fees are reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

---

| | |
|:---|:---|
|  | **Fee Rate** |
| **Fidelity Enhanced International ETF** | .28% |
| **Fidelity Enhanced Large Cap Core ETF** | .18% |
| **Fidelity Enhanced Large Cap Growth ETF** | .18% |
| **Fidelity Enhanced Large Cap Value ETF** | .18% |
| **Fidelity Enhanced Mid Cap ETF** | .23% |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Enhanced International ETF** | 3699 |
| **Fidelity Enhanced Large Cap Core ETF** | 66254 |
| **Fidelity Enhanced Large Cap Growth ETF** | 35412 |
| **Fidelity Enhanced Large Cap Value ETF** | 40913 |
| **Fidelity Enhanced Mid Cap ETF** | 63490 |

---

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Enhanced International ETF** | Borrower | 4978000 | 5.58% | 1543 |
| **Fidelity Enhanced Large Cap Growth ETF**  | Borrower | 17022000 | 5.08% | 2400 |
| **Fidelity Enhanced Mid Cap ETF** | Borrower | 7598000 | 5.08% | 4284 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Enhanced International ETF** | 63604660 | 33286239 | 2956986 |
| **Fidelity Enhanced Large Cap Core ETF** | 155343593 | 130595860 | 1708703 |
| **Fidelity Enhanced Large Cap Growth ETF** | 156945128 | 138063770 | (11056299) |
| **Fidelity Enhanced Large Cap Value ETF** | 145839766 | 53249989 | 239730 |
| **Fidelity Enhanced Mid Cap ETF** | 98057267 | 86835851 | (606173) |

---

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Enhanced International ETF** | 36650 | - | - |
| **Fidelity Enhanced Large Cap Core ETF** | 250 | 1 | - |
| **Fidelity Enhanced Large Cap Growth ETF** | 93 | - | - |
| **Fidelity Enhanced Large Cap Value ETF** | 674 | 1 | - |
| **Fidelity Enhanced Mid Cap ETF** | 14470 | 9 | - |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Enhanced Large Cap Core ETF** | 3143444 |

---

**8. Expense Reductions.** 

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

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Enhanced International ETF** | 429 |
| **Fidelity Enhanced Large Cap Core ETF**  | 1474 |
| **Fidelity Enhanced Large Cap Growth ETF**  | 778 |
| **Fidelity Enhanced Large Cap Value ETF**  | 1478 |
| **Fidelity Enhanced Mid Cap ETF** | 2815 |

---

**9. Share Transactions.**

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

To the extent the Funds permit the contribution of securities in exchange for the purchase of shares (contribution in-kind), shares may be issued in advance of receipt by the Funds of all or portion of the applicable deposit securities. In these circumstances, the Authorized Participant provides collateral to the custodian, on behalf of the Funds, in an amount up to 115% of the daily mark to market value of the deposit securities not yet received.

**10. Other.**

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

**11. Risk and Uncertainties.**

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

**12 . Prior Fiscal Year Reorganization Information.**

On November 17, 2023 each Fund (Predecessor Fund) reorganized into a newly created exchange traded fund (ETF) pursuant an Agreement and Plan of Reorganization (the Agreement) approved by its Board of Trustees. Per the Agreement, shareholders of each Predecessor Fund received ETF shares equal in value to the shares of the Predecessor Fund they owned on the day the reorganization was effective. Each Predecessor Fund was the accounting survivor after the reorganization. As such, performance and financial history prior to the reorganization is that of each Predecessor Fund. Historical share transactions and per share information for the Predecessor Fund was retroactively adjusted to reflect the change in capital structure due to the reorganization.

---

| | |
|:---|:---|
| **Predecessor Funds** | **New ETFs** |
| **Fidelity International Enhanced Index Fund** | **Fidelity Enhanced International ETF** |
| **Fidelity Large Cap Core Enhanced Index Fund** | **Fidelity Enhanced Large Cap Core ETF** |
| **Fidelity Large Cap Growth Enhanced Index Fund** | **Fidelity Enhanced Large Cap Growth ETF** |
| **Fidelity Large Cap Value Enhanced Index Fund** | **Fidelity Enhanced Large Cap Value ETF** |
| **Fidelity Mid Cap Enhanced Index Fund** | **Fidelity Enhanced Mid Cap ETF** |

---

For financial reporting purposes, the assets and liabilities of each Predecessor Fund and shares issued by each ETF were recorded at fair value; however, the cost basis of the investments received from each Predecessor Fund were carried forward and will be utilized for purposes of each ETF's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to each Predecessor Fund or their shareholders. Costs incurred in connection with the reorganization were paid by each Predecessor Fund.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Predecessor Fund/Accounting Survivor** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity International Enhanced Index Fund** | 1368602643 | 195092188 | 1368248892 | 54730068 | .4057160000 |
| **Fidelity Large Cap Core Enhanced Index Fund** | 1840988775 | 537069093 | 1948361461 | 77934309 | .8388640000 |
| **Fidelity Large Cap Growth Enhanced Index Fund** | 2012959825 | 875152421 | 2145716375 | 85828689 | 1.2032280000 |
| **Fidelity Large Cap Value Enhanced Index Fund** | 1827644613 | 392942 | 2004099301 | 80163716 | .5729240000 |
| **Fidelity Mid Cap Enhanced Index Fund** | 1369301709 | 129571229 | 1460889645 | 58435751 | .6458920000 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring ETF** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Fidelity Enhanced International ETF** | 25 | 1368248917 |
| **Fidelity Enhanced Large Cap Core ETF** | 25 | 1948361486 |
| **Fidelity Enhanced Large Cap Growth ETF** | 25 | 2145716400 |
| **Fidelity Enhanced Large Cap Value ETF** | 25 | 2004099326 |
| **Fidelity Enhanced Mid Cap ETF** | 25 | 1460889670 |

---

Pro forma results of operations of the combined entity for the entire period ended June 30, 2024, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ETF name** | **Net investment income (loss)** | **Total net realized gain (loss)** | **Total change in net unrealized appreciation (depreciation)** | **Net increase (decrease) in net assets resulting from operations** |
| **Fidelity Enhanced International ETF** | $35812169 | $99267722 | $58817853 | $193897744 |
| **Fidelity Enhanced Large Cap Core ETF** | 22993277 | 209030464 | 246834439 | 478858180 |
| **Fidelity Enhanced Large Cap Growth ETF** | 12362182 | 260568152 | 368592605 | 641522939 |
| **Fidelity Enhanced Large Cap Value ETF** | 40907004 | 453402154 | (574650497) | (80341339) |
| **Fidelity Enhanced Mid Cap ETF** | 15874097 | 178466399 | 13844200 | 208184696 |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of each Predecessor Fund that has been included in each ETF's Statement of Operations since November 17, 2023.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Covington Trust and Shareholders of Fidelity Enhanced International ETF, Fidelity Enhanced Large Cap Core ETF, Fidelity Enhanced Large Cap Growth ETF, Fidelity Enhanced Large Cap Value ETF, and Fidelity Enhanced Mid Cap ETF

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Enhanced International ETF, Fidelity Enhanced Large Cap Core ETF, Fidelity Enhanced Large Cap Growth ETF, Fidelity Enhanced Large Cap Value ETF, and Fidelity Enhanced Mid Cap ETF (five of the funds constituting Fidelity Covington Trust, referred to hereafter as the "Funds") as of June 30, 2025, the related statements of operations for the year ended June 30, 2025 and the statements of changes in net assets for the year ended June 30, 2025, the period September 1, 2023 through June 30, 2024 and the year ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of their operations for the year ended June 30, 2025, the changes in their net assets for the year ended June 30, 2025, the period September 1, 2023 through June 30, 2024 and for the year ended August 31, 2023, and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

August 12, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| **Fidelity Enhanced Large Cap Core ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | 100% |
| June 2025 | 100% |
| **Fidelity Enhanced Large Cap Growth ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | 100% |
| June 2025 | 100% |
| **Fidelity Enhanced Large Cap Value ETF** |  |
| September 2024 | 94% |
| December 2024 | 94% |
| March 2025 | 89% |
| June 2025 | 89% |
| **Fidelity Enhanced Mid Cap ETF** |  |
| September 2024 | 85% |
| December 2024 | 85% |
| March 2025 | 75% |
| June 2025 | 75% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | |
|:---|:---|
| **Fidelity Enhanced International ETF** |  |
| September 2024 | 40.64% |
| December 2024 | 77.43% |
| March 2025 | 83.35% |
| June 2025 | 83.35% |
| **Fidelity Enhanced Large Cap Core ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | 100% |
| June 2025 | 100% |
| **Fidelity Enhanced Large Cap Growth ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | 100% |
| June 2025 | 100% |
| **Fidelity Enhanced Large Cap Value ETF** |  |
| September 2024 | 98.45% |
| December 2024 | 98.45% |
| March 2025 | 91.21% |
| June 2025 | 91.21% |
| **Fidelity Enhanced Mid Cap ETF** |  |
| September 2024 | 92.03% |
| December 2024 | 92.03% |
| March 2025 | 76.42% |
| June 2025 | 76.42% |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:

---

| | |
|:---|:---|
| **Fidelity Enhanced Large Cap Value ETF** |  |
| September 2024 | 1.55% |
| December 2024 | 1.55% |
| March 2025 | 8.80% |
| June 2025 | 8.80% |
| **Fidelity Enhanced Mid Cap ETF** |  |
| September 2024 | 7.97% |
| December 2024 | 7.97% |
| March 2025 | 23.58% |
| June 2025 | 23.58% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Fidelity Enhanced International ETF** | $1498809 |
| **Fidelity Enhanced Large Cap Value ETF** | $1022129 |
| **Fidelity Enhanced Mid Cap ETF** | $997113 |

---

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income** | **Taxes** |
| **Fidelity Enhanced International ETF** | 03/20/2024 | $0.2468 | $0.0185 |
|  | 06/25/2024 | $0.2922 | $0.0219 |
|  | 09/24/2024 | $0.1601 | $0.0057 |
|  | 12/24/2024 | $0.1581 | $0.0057 |

---

The funds will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 38080283823.03 | 97.17 |
| Withheld  | 1109333237.47 | 2.83 |
| TOTAL  | 39189617060.50 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 37781807251.33 | 96.41 |
| Withheld  | 1407809809.17 | 3.59 |
| TOTAL  | 39189617060.50 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 37869526083.09 | 96.63 |
| Withheld  | 1320090977.41 | 3.37 |
| TOTAL  | 39189617060.50 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 38025875898.31 | 97.03 |
| Withheld  | 1163741162.19 | 2.97 |
| TOTAL  | 39189617060.50 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 37825198238.79 | 96.52 |
| Withheld  | 1364418821.71 | 3.48 |
| TOTAL  | 39189617060.50 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 38031768119.99 | 97.05 |
| Withheld  | 1157848940.51 | 2.95 |
| TOTAL  | 39189617060.50 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 38062391881.90 | 97.12 |
| Withheld  | 1127225178.60 | 2.88 |
| TOTAL  | 39189617060.50 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 37891434776.27 | 96.69 |
| Withheld  | 1298182284.23 | 3.31 |
| TOTAL  | 39189617060.50 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 37976932673.73 | 96.91 |
| Withheld  | 1212684386.77 | 3.09 |
| TOTAL  | 39189617060.50 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 38011822212.28 | 96.99 |
| Withheld  | 1177794848.22 | 3.01 |
| TOTAL  | 39189617060.50 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 37976058118.16 | 96.90 |
| Withheld  | 1213558942.34 | 3.10 |
| TOTAL  | 39189617060.50 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 37845471684.67 | 96.57 |
| Withheld  | 1344145375.83 | 3.43 |
| TOTAL  | 39189617060.50 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 37736569620.69 | 96.29 |
| Withheld  | 1453047439.81 | 3.71 |
| TOTAL  | 39189617060.50 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Enhanced International ETF**

**Fidelity Enhanced Large Cap Core ETF**

**Fidelity Enhanced Large Cap Growth ETF**

**Fidelity Enhanced Large Cap Value ETF**

**Fidelity Enhanced Mid Cap ETF**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the each fund's management contract with Fidelity Management & Research Company LLC (FMR) (the Advisory Contract). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of each fund's Advisory Contract throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contract, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contract. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contract. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

In considering whether to renew the Advisory Contract for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contract was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of FMR, and also considered FMR's implementation of the funds' investment programs. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's staff, such as size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates under the Advisory Contracts and under a separate agreement covering pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally State Street Bank and Trust Company, each fund's transfer agent and custodian; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against an index that has characteristics relevant to each fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio, the Board considered each fund's all-inclusive fee rate and also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under each fund's all-inclusive arrangement. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to each fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of each fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of each fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of each fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contract should be renewed through May 31, 2026.

![](img110544_4.jpg)<br>

1.9910053.101 EIE-ANN-0825

**Fidelity® Enhanced Small Cap ETF**

**Annual Report**

**June 30, 2025**

![](img110545_1.jpg)

![](img110545_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_CPE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Enhanced Small Cap ETF](#Sub_Sec_Fund_7545_CPE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements7545_CPE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_CPE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_CPE-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CPE-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CPE-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CPE-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CPE-ANN)** |

---

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.© 2025 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® Enhanced Small Cap ETF**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.3%** | &nbsp;&nbsp;**Common Stocks - 98.3%** | &nbsp;&nbsp;**Common Stocks - 98.3%** |
|  | Shares | Value ($)<br>|
| BERMUDA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Teekay Corp Ltd (b) | 141427 | 1166773 |
| BRAZIL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| StoneCo Ltd Class A (c) | 45204 | 725072 |
| CANADA - 0.2%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Aurinia Pharmaceuticals Inc (c) | 145064 | 1228693 |
| Xenon Pharmaceuticals Inc (c) | 16981 | 531505 |
|  |  | 1760198 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| D-Wave Quantum Inc (b)(c) | 79260 | 1160366 |
| TOTAL CANADA |  | 2920564 |
| IRELAND - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| Cimpress PLC (c) | 94038 | 4419786 |
| MONACO - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Scorpio Tankers Inc  | 46183 | 1807141 |
| NORWAY - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| SFL Corp Ltd (b) | 160680 | 1338464 |
| PANAMA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Banco Latinoamericano de Comercio Exterior SA Class E  | 31619 | 1274246 |
| PUERTO RICO - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| First BanCorp/Puerto Rico  | 133842 | 2787929 |
| SWITZERLAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| CRISPR Therapeutics AG (c) | 41021 | 1995261 |
| THAILAND - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Fabrinet (c) | 28721 | 8463504 |
| UNITED STATES - 96.9%  |  |  |
| Communication Services - 2.7% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| AST SpaceMobile Inc Class A (b)(c) | 48395 | 2261498 |
| Atn International Inc  | 58250 | 946563 |
| Bandwidth Inc Class A (c) | 201545 | 3204566 |
| IDT Corp Class B  | 6238 | 426180 |
| Lumen Technologies Inc (c) | 1859994 | 8146774 |
| Shenandoah Telecommunications Co  | 24276 | 331609 |
|  |  | 15317190 |
| Entertainment - 0.6% |  |  |
| AMC Entertainment Holdings Inc Class A (b)(c) | 116189 | 360186 |
| Cinemark Holdings Inc (b) | 176407 | 5323963 |
| Lionsgate Studios Corp  | 299994 | 1742965 |
| Madison Square Garden Entertainment Corp Class A (c) | 71773 | 2868767 |
| Marcus Corp/The  | 26209 | 441884 |
|  |  | 10737765 |
| Interactive Media & Services - 0.8% |  |  |
| EverQuote Inc Class A (c) | 16215 | 392079 |
| TrueCar Inc (c) | 241944 | 459694 |
| Vimeo Inc Class A (b)(c) | 1063964 | 4298415 |
| Yelp Inc Class A (c) | 300402 | 10294777 |
| ZipRecruiter Inc Class A (c) | 54129 | 271185 |
|  |  | 15716150 |
| Media - 0.5% |  |  |
| Cable One Inc  | 5627 | 764203 |
| Gannett Co Inc (c) | 412477 | 1476668 |
| John Wiley & Sons Inc Class A  | 176746 | 7888174 |
|  |  | 10129045 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Spok Holdings Inc  | 14332 | 253389 |
| TOTAL COMMUNICATION SERVICES |  | 52153539 |
| Consumer Discretionary - 10.2% |  |  |
| Automobile Components - 0.6% |  |  |
| American Axle & Manufacturing Holdings Inc (b)(c) | 500183 | 2040747 |
| Cooper-Standard Holdings Inc (c) | 110066 | 2366419 |
| Goodyear Tire & Rubber Co/The (c) | 155222 | 1609652 |
| Phinia Inc  | 125449 | 5581226 |
|  |  | 11598044 |
| Automobiles - 0.3% |  |  |
| Winnebago Industries Inc  | 195270 | 5662829 |
| Broadline Retail - 0.4% |  |  |
| Groupon Inc (b)(c) | 240957 | 8060012 |
| Diversified Consumer Services - 1.3% |  |  |
| Adtalem Global Education Inc (c) | 75752 | 9637928 |
| Chegg Inc (c) | 530667 | 642107 |
| Coursera Inc (c) | 68668 | 601532 |
| Graham Holdings Co Class B  | 4602 | 4354274 |
| KinderCare Learning Cos Inc (c) | 128650 | 1299365 |
| Strategic Education Inc  | 55557 | 4729567 |
| Universal Technical Institute Inc (c) | 100672 | 3411774 |
|  |  | 24676547 |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| BJ's Restaurants Inc (c) | 42198 | 1882031 |
| Life Time Group Holdings Inc (c) | 364982 | 11069904 |
| Light & Wonder Inc Class A (c) | 28889 | 2780855 |
| Monarch Casino & Resort Inc  | 27388 | 2367419 |
| PlayAGS Inc (c) | 119475 | 1492243 |
| Rush Street Interactive Inc Class A (c) | 39073 | 582187 |
| Shake Shack Inc Class A (c) | 37243 | 5236366 |
|  |  | 25411005 |
| Household Durables - 2.1% |  |  |
| Cavco Industries Inc (c) | 10415 | 4524588 |
| Ethan Allen Interiors Inc (b) | 128955 | 3591397 |
| Flexsteel Industries Inc  | 13592 | 489719 |
| Installed Building Products Inc  | 6997 | 1261699 |
| KB Home  | 48211 | 2553737 |
| M/I Homes Inc (c) | 75070 | 8416848 |
| Meritage Homes Corp  | 171048 | 11455085 |
| Sonos Inc (c) | 140532 | 1519151 |
| Taylor Morrison Home Corp (c) | 92306 | 5669435 |
|  |  | 39481659 |
| Leisure Products - 0.6% |  |  |
| Funko Inc Class A (b)(c) | 141450 | 673301 |
| Peloton Interactive Inc Class A (c) | 988356 | 6859191 |
| Sturm Ruger & Co Inc  | 73763 | 2648092 |
| Topgolf Callaway Brands Corp (c) | 87678 | 705808 |
|  |  | 10886392 |
| Specialty Retail - 3.3% |  |  |
| Abercrombie & Fitch Co Class A (c) | 119804 | 9925761 |
| Carparts Com Inc (c) | 327567 | 242431 |
| Carvana Co Class A (c) | 28922 | 9745557 |
| EVgo Inc Class A (b)(c) | 225983 | 824838 |
| ODP Corp/The (c) | 121066 | 2194927 |
| Petco Health & Wellness Co Inc Class A (c) | 2352049 | 6656299 |
| RealReal Inc/The (b)(c) | 237953 | 1139795 |
| Sally Beauty Holdings Inc (c) | 720677 | 6673469 |
| Sleep Number Corp (b)(c) | 85441 | 577154 |
| Sonic Automotive Inc Class A  | 25843 | 2065631 |
| Stitch Fix Inc Class A (b)(c) | 432145 | 1598937 |
| Upbound Group Inc  | 340423 | 8544617 |
| Urban Outfitters Inc (c) | 167455 | 12147186 |
|  |  | 62336602 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Hanesbrands Inc (b)(c) | 834110 | 3820224 |
| Oxford Industries Inc  | 27779 | 1118105 |
| Wolverine World Wide Inc  | 88350 | 1597368 |
|  |  | 6535697 |
| TOTAL CONSUMER DISCRETIONARY |  | 194648787 |
| Consumer Staples - 2.5% |  |  |
| Beverages - 0.7% |  |  |
| Coca-Cola Consolidated Inc  | 54528 | 6088051 |
| National Beverage Corp (c) | 41162 | 1779845 |
| Primo Brands Corp Class A  | 185588 | 5497117 |
|  |  | 13365013 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Natural Grocers by Vitamin Cottage Inc  | 41199 | 1617061 |
| Sprouts Farmers Market Inc (c) | 64421 | 10606273 |
| United Natural Foods Inc (c) | 187254 | 4364891 |
| Weis Markets Inc (b) | 3496 | 253425 |
|  |  | 16841650 |
| Food Products - 0.6% |  |  |
| Fresh Del Monte Produce Inc  | 99102 | 3212887 |
| Lancaster Colony Corp  | 3149 | 544052 |
| Utz Brands Inc Class A  | 372047 | 4669190 |
| WK Kellogg Co (b) | 227225 | 3621967 |
|  |  | 12048096 |
| Household Products - 0.1% |  |  |
| Central Garden & Pet Co Class A (c) | 15195 | 475451 |
| Energizer Holdings Inc  | 93338 | 1881694 |
|  |  | 2357145 |
| Personal Care Products - 0.1% |  |  |
| Honest Co Inc/The (c) | 446170 | 2271006 |
| Medifast Inc (b)(c) | 17248 | 242334 |
|  |  | 2513340 |
| TOTAL CONSUMER STAPLES |  | 47125244 |
| Energy - 4.0% |  |  |
| Energy Equipment & Services - 1.6% |  |  |
| Archrock Inc  | 59392 | 1474703 |
| Aris Water Solutions Inc Class A (b) | 91793 | 2170904 |
| Bristow Group Inc (b)(c) | 40316 | 1329219 |
| ChampionX Corp  | 49439 | 1228065 |
| Expro Group Holdings NV (c) | 625164 | 5370159 |
| Helix Energy Solutions Group Inc (c) | 311265 | 1942294 |
| Helmerich & Payne Inc (b) | 439033 | 6655740 |
| Nabors Industries Ltd (b)(c) | 52325 | 1466147 |
| Nabors Industries Ltd warrants 6/11/2026 (c) | 10764 | 7104 |
| Noble Corp PLC (b) | 117428 | 3117713 |
| Oceaneering International Inc (c) | 89708 | 1858750 |
| Oil States International Inc (c) | 108189 | 579893 |
| ProPetro Holding Corp (b)(c) | 257364 | 1536463 |
| Solaris Energy Infrastructure Inc Class A (b) | 22528 | 637317 |
| Tidewater Inc (b)(c) | 38994 | 1798793 |
|  |  | 31173264 |
| Oil, Gas & Consumable Fuels - 2.4% |  |  |
| Berry Corp  | 62777 | 173892 |
| California Resources Corp  | 52037 | 2376530 |
| Core Natural Resources Inc  | 31956 | 2228611 |
| Crescent Energy Co Class A  | 389381 | 3348677 |
| Delek US Holdings Inc  | 76758 | 1625734 |
| Dorian LPG Ltd  | 151672 | 3697763 |
| Excelerate Energy Inc Class A  | 150398 | 4409670 |
| Gulfport Energy Corp (c) | 9344 | 1879732 |
| Kinetik Holdings Inc Class A  | 10744 | 473273 |
| Murphy Oil Corp (b) | 520840 | 11718901 |
| Riley Exploration Permian Inc (b) | 51275 | 1344943 |
| Uranium Energy Corp (b)(c) | 142580 | 969544 |
| World Kinect Corp  | 381841 | 10825193 |
|  |  | 45072463 |
| TOTAL ENERGY |  | 76245727 |
| Financials - 18.5% |  |  |
| Banks - 8.6% |  |  |
| 1st Source Corp  | 28360 | 1760305 |
| Amalgamated Financial Corp (b) | 58857 | 1836338 |
| Ameris Bancorp  | 128798 | 8333231 |
| Associated Banc-Corp  | 74166 | 1808909 |
| Atlantic Union Bankshares Corp  | 28226 | 882909 |
| Axos Financial Inc (c) | 146290 | 11123892 |
| BancFirst Corp (b) | 58258 | 7201854 |
| Bank of Hawaii Corp (b) | 118678 | 8014325 |
| Banner Corp  | 20853 | 1337720 |
| Byline Bancorp Inc  | 18335 | 490095 |
| Cathay General Bancorp  | 23613 | 1075100 |
| Central Pacific Financial Corp  | 170691 | 4784469 |
| Community Financial System Inc  | 101668 | 5781859 |
| Community Trust Bancorp Inc  | 19292 | 1020933 |
| FB Financial Corp  | 157947 | 7154999 |
| Financial Institutions Inc  | 39759 | 1021011 |
| First Busey Corp  | 173063 | 3960547 |
| First Commonwealth Financial Corp  | 215736 | 3501395 |
| First Financial Bancorp  | 99395 | 2411323 |
| First Financial Bankshares Inc  | 216261 | 7781071 |
| First Merchants Corp  | 172570 | 6609431 |
| Flushing Financial Corp  | 36154 | 429510 |
| Fulton Financial Corp  | 189456 | 3417786 |
| Hancock Whitney Corp  | 16610 | 953414 |
| Lakeland Financial Corp  | 112672 | 6923694 |
| Mercantile Bank Corp  | 6353 | 294843 |
| Midland States Bancorp Inc  | 16703 | 289296 |
| NB Bancorp Inc (b)(c) | 188818 | 3372289 |
| Nbt Bancorp Inc (b) | 21657 | 899848 |
| Northfield Bancorp Inc  | 152051 | 1745545 |
| Northwest Bancshares Inc  | 794695 | 10156202 |
| OceanFirst Financial Corp  | 121354 | 2137044 |
| Old National Bancorp/IN  | 236766 | 5052586 |
| Park National Corp  | 25068 | 4192874 |
| Peapack-Gladstone Financial Corp  | 30949 | 874309 |
| Provident Financial Services Inc  | 225914 | 3960272 |
| Renasant Corp (b) | 63328 | 2275375 |
| S&T Bancorp Inc  | 13623 | 515222 |
| Seacoast Banking Corp of Florida (b) | 30190 | 833848 |
| Sierra Bancorp  | 37804 | 1122401 |
| Stellar Bancorp Inc  | 9019 | 252351 |
| Triumph Financial Inc (c) | 6970 | 384117 |
| TrustCo Bank Corp NY  | 8262 | 276116 |
| UMB Financial Corp  | 20989 | 2207203 |
| United Bankshares Inc/WV  | 80626 | 2937205 |
| United Community Banks Inc/GA  | 59861 | 1783259 |
| Univest Financial Corp  | 10072 | 302563 |
| Veritex Holdings Inc  | 98127 | 2561115 |
| Washington Trust Bancorp Inc  | 12935 | 365802 |
| WesBanco Inc  | 357612 | 11311268 |
| Westamerica BanCorp  | 18958 | 918326 |
|  |  | 160637399 |
| Capital Markets - 2.7% |  |  |
| Acadian Asset Management Inc  | 55958 | 1971960 |
| BGC Group Inc Class A  | 1004092 | 10271861 |
| Federated Hermes Inc Class B  | 235367 | 10431466 |
| Oppenheimer Holdings Inc Class A  | 9264 | 609293 |
| Piper Sandler Cos  | 21782 | 6054089 |
| Victory Capital Holdings Inc Class A  | 180957 | 11521533 |
| Virtus Invt Partners Inc  | 4256 | 772038 |
| WisdomTree Inc (b) | 843655 | 9710469 |
|  |  | 51342709 |
| Consumer Finance - 2.3% |  |  |
| Dave Inc Class A (c) | 49630 | 13321188 |
| Encore Capital Group Inc (c) | 94224 | 3647411 |
| EZCORP Inc Class A (b)(c) | 340281 | 4723100 |
| FirstCash Holdings Inc  | 50691 | 6850382 |
| Lendingtree Inc (c) | 141984 | 5263347 |
| NerdWallet Inc Class A (c) | 232485 | 2550360 |
| PROG Holdings Inc  | 194523 | 5709250 |
| Regional Management Corp  | 31794 | 928703 |
|  |  | 42993741 |
| Financial Services - 1.9% |  |  |
| Cannae Holdings Inc  | 37505 | 781979 |
| Compass Diversified Holdings  | 185033 | 1162007 |
| Federal Agricultural Mortgage Corp Class C  | 13297 | 2583341 |
| Flywire Corp (c) | 364708 | 4267084 |
| Merchants Bancorp/IN  | 32041 | 1059596 |
| Mr Cooper Group Inc (c) | 31069 | 4635806 |
| NCR Atleos Corp (c) | 31329 | 893816 |
| NMI Holdings Inc (c) | 236223 | 9966249 |
| Payoneer Global Inc (c) | 1470844 | 10075282 |
| Remitly Global Inc (c) | 31699 | 594990 |
| Repay Holdings Corp Class A (c) | 80449 | 387764 |
| Waterstone Financial Inc  | 43161 | 596053 |
|  |  | 37003967 |
| Insurance - 2.6% |  |  |
| Amerisafe Inc  | 43140 | 1886512 |
| CNO Financial Group Inc  | 101133 | 3901711 |
| Genworth Financial Inc Class A (c) | 440871 | 3429976 |
| HCI Group Inc  | 27655 | 4209091 |
| Heritage Insurance Holdings Inc (c) | 77764 | 1939434 |
| Horace Mann Educators Corp  | 64080 | 2753518 |
| Lemonade Inc (b)(c) | 107379 | 4704274 |
| Oscar Health Inc Class A (b)(c) | 329011 | 7053996 |
| Root Inc/OH Class A (c) | 20412 | 2612124 |
| Selective Insurance Group Inc  | 108732 | 9421628 |
| Selectquote Inc (c) | 367974 | 875778 |
| Trupanion Inc (c) | 120118 | 6648531 |
| Universal Insurance Holdings Inc  | 22585 | 626282 |
|  |  | 50062855 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.4% |  |  |
| ARMOUR Residential REIT Inc (b) | 48154 | 809469 |
| Brightspire Capital Inc Class A  | 73785 | 372613 |
| Kkr Real Estate Finance Trust Inc (b) | 148110 | 1298925 |
| Ladder Capital Corp Class A  | 124081 | 1333871 |
| Ready Capital Corp (b) | 239864 | 1048206 |
| TPG RE Finance Trust Inc  | 311887 | 2407768 |
|  |  | 7270852 |
| TOTAL FINANCIALS |  | 349311523 |
| Health Care - 14.8% |  |  |
| Biotechnology - 6.5% |  |  |
| 89bio Inc (c) | 207425 | 2036914 |
| ACADIA Pharmaceuticals Inc (c) | 124055 | 2675866 |
| Adaptimmune Therapeutics Plc ADR (c) | 123869 | 29691 |
| Adicet Bio Inc (c) | 244002 | 148841 |
| ADMA Biologics Inc (c) | 124588 | 2268747 |
| Agios Pharmaceuticals Inc (c) | 12929 | 430019 |
| Akebia Therapeutics Inc (c) | 643025 | 2340611 |
| Akero Therapeutics Inc (c) | 80363 | 4288170 |
| Alkermes PLC (c) | 142047 | 4063965 |
| Altimmune Inc (c) | 317319 | 1228025 |
| Amicus Therapeutics Inc (c) | 318930 | 1827469 |
| Anika Therapeutics Inc (b)(c) | 17784 | 188155 |
| Arbutus Biopharma Corp (b)(c) | 63303 | 195606 |
| Arcellx Inc (c) | 16818 | 1107465 |
| Arcus Biosciences Inc (c) | 161401 | 1313804 |
| Arcutis Biotherapeutics Inc (b)(c) | 106054 | 1486877 |
| ArriVent Biopharma Inc (c) | 9837 | 214151 |
| Arrowhead Pharmaceuticals Inc (c) | 26593 | 420169 |
| Atreca Inc Class A rights (c)(d) | 1051 | 0 |
| Avidity Biosciences Inc (c) | 54287 | 1541751 |
| Beam Therapeutics Inc (c) | 25519 | 434078 |
| Bicara Therapeutics Inc  | 72495 | 673479 |
| BioCryst Pharmaceuticals Inc (c) | 231020 | 2069939 |
| Biohaven Ltd (c) | 106754 | 1506299 |
| Black Diamond Therapeutics Inc (b)(c) | 259178 | 642761 |
| Blueprint Medicines Corp (c) | 32304 | 4140727 |
| Bridgebio Pharma Inc (c) | 94673 | 4087980 |
| C4 Therapeutics Inc (b)(c) | 122922 | 175778 |
| Carisma Therapeutics Inc rights (c)(d) | 304482 | 3 |
| Cartesian Therapeutics Inc rights (c)(d) | 85524 | 23947 |
| Catalyst Pharmaceuticals Inc (c) | 124792 | 2707986 |
| Celldex Therapeutics Inc (c) | 14302 | 291046 |
| Cogent Biosciences Inc (c) | 223970 | 1608105 |
| Crinetics Pharmaceuticals Inc (c) | 38194 | 1098459 |
| Cytokinetics Inc (c) | 57936 | 1914205 |
| Denali Therapeutics Inc (c) | 46815 | 654942 |
| Design Therapeutics Inc (c) | 78206 | 263554 |
| Dynavax Technologies Corp (b)(c) | 150805 | 1495986 |
| Emergent BioSolutions Inc (b)(c) | 122649 | 782501 |
| Erasca Inc (c) | 266209 | 338085 |
| Halozyme Therapeutics Inc (c) | 52958 | 2754875 |
| Ideaya Biosciences Inc (c) | 14131 | 297034 |
| Inhibrx Biosciences Inc (b)(c) | 26295 | 375230 |
| Insmed Inc (c) | 79743 | 8025336 |
| Intellia Therapeutics Inc (b)(c) | 167286 | 1569143 |
| Ironwood Pharmaceuticals Inc Class A (c) | 343807 | 246578 |
| iTeos Therapeutics Inc (c) | 45785 | 456476 |
| Jounce Therapeutics Inc rights (c)(d) | 118367 | 1 |
| KalVista Pharmaceuticals Inc (b)(c) | 92452 | 1045170 |
| Kiniksa Pharmaceuticals International Plc Class A (c) | 70602 | 1953557 |
| Kodiak Sciences Inc (b)(c) | 184231 | 687182 |
| Krystal Biotech Inc (c) | 5933 | 815550 |
| Kymera Therapeutics Inc (c) | 15029 | 655866 |
| Madrigal Pharmaceuticals Inc (c) | 10241 | 3099336 |
| Mirum Pharmaceuticals Inc (c) | 47026 | 2393153 |
| Myriad Genetics Inc (c) | 276467 | 1468040 |
| Neurogene Inc (b)(c) | 43176 | 645481 |
| Novavax Inc (b)(c) | 233806 | 1472978 |
| Nurix Therapeutics Inc (c) | 44483 | 506661 |
| Nuvalent Inc Class A (c) | 12003 | 915829 |
| Oncternal Therapeutics Inc rights (b)(c)(d) | 1148 | 0 |
| Organogenesis Holdings Inc Class A (b)(c) | 158666 | 580718 |
| ORIC Pharmaceuticals Inc (b)(c) | 91677 | 930522 |
| Praxis Precision Medicines Inc (c) | 33665 | 1415613 |
| Precigen Inc (b)(c) | 259824 | 368950 |
| Protagonist Therapeutics Inc (c) | 27498 | 1519814 |
| PTC Therapeutics Inc (c) | 77045 | 3762878 |
| Puma Biotechnology Inc (c) | 88454 | 303397 |
| Q32 Bio Inc rights (c)(d) | 40603 | 0 |
| Recursion Pharmaceuticals Inc Class A (c) | 76856 | 388891 |
| REGENXBIO Inc (b)(c) | 160541 | 1318042 |
| Replimune Group Inc (c) | 130528 | 1212605 |
| Revolution Medicines Inc (c) | 98707 | 3631431 |
| Rhythm Pharmaceuticals Inc (c) | 56761 | 3586728 |
| Rocket Pharmaceuticals Inc (c) | 226202 | 554195 |
| Sangamo Therapeutics Inc (b)(c) | 328034 | 177565 |
| Scholar Rock Holding Corp (c) | 29652 | 1050274 |
| Soleno Therapeutics Inc (c) | 30147 | 2525716 |
| SpringWorks Therapeutics Inc (c) | 13223 | 621349 |
| Summit Therapeutics Inc (b)(c) | 20775 | 442092 |
| Surface Oncology Inc rights (c)(d) | 60289 | 0 |
| Syndax Pharmaceuticals Inc (c) | 129381 | 1211653 |
| TG Therapeutics Inc (b)(c) | 77254 | 2780371 |
| Tonix Pharmaceuticals Holding Corp (c) | 12750 | 458745 |
| Tourmaline Bio Inc (b)(c) | 49078 | 784757 |
| Travere Therapeutics Inc (c) | 116856 | 1729469 |
| Twist Bioscience Corp (b)(c) | 64220 | 2362654 |
| Upstream Bio Inc  | 60647 | 665904 |
| Vanda Pharmaceuticals Inc (c) | 108926 | 514131 |
| Vaxcyte Inc (c) | 65810 | 2139483 |
| Veracyte Inc (c) | 89394 | 2416320 |
| Verastem Inc (c) | 133021 | 552037 |
| Vericel Corp (c) | 15994 | 680545 |
| Voyager Therapeutics Inc (c) | 68957 | 214456 |
| Xencor Inc (b)(c) | 52955 | 416226 |
| Zenas Biopharma Inc  | 36484 | 353530 |
| Zentalis Pharmaceuticals Inc (c) | 131461 | 152495 |
|  |  | 123923188 |
| Health Care Equipment & Supplies - 1.7% |  |  |
| Accuray Inc Del (c) | 591125 | 809841 |
| AngioDynamics Inc (c) | 80064 | 794235 |
| AtriCure Inc (c) | 78870 | 2584570 |
| Avanos Medical Inc (c) | 201386 | 2464965 |
| Axogen Inc (c) | 219017 | 2376334 |
| Bioventus Inc (c) | 215343 | 1425571 |
| Cerus Corp (c) | 556191 | 784229 |
| Glaukos Corp (c) | 34185 | 3530969 |
| Haemonetics Corp (c) | 18882 | 1408786 |
| iRhythm Technologies Inc (c) | 29233 | 4500713 |
| LivaNova PLC (c) | 25001 | 1125545 |
| Omnicell Inc (c) | 190084 | 5588470 |
| Tactile Systems Technology Inc (b)(c) | 60392 | 612375 |
| Tandem Diabetes Care Inc (c) | 100844 | 1879732 |
| Treace Medical Concepts Inc (c) | 67387 | 396235 |
| Varex Imaging Corp (c) | 215220 | 1865957 |
|  |  | 32148527 |
| Health Care Providers & Services - 4.5% |  |  |
| Alignment Healthcare Inc (c) | 380241 | 5323374 |
| BrightSpring Health Services Inc (c) | 228335 | 5386423 |
| Brookdale Senior Living Inc (c) | 396516 | 2759751 |
| Castle Biosciences Inc (c) | 23011 | 469884 |
| GeneDx Holdings Corp Class A (c) | 128072 | 11822326 |
| Guardant Health Inc (c) | 296824 | 15446721 |
| HealthEquity Inc (c) | 122915 | 12876575 |
| Hims & Hers Health Inc Class A (b)(c) | 117661 | 5865401 |
| NeoGenomics Inc (c) | 90193 | 659311 |
| Option Care Health Inc (c) | 407024 | 13220140 |
| PACS Group Inc (c) | 167262 | 2161025 |
| Pediatrix Medical Group Inc (c) | 197810 | 2838574 |
| Privia Health Group Inc (c) | 114373 | 2630579 |
| Progyny Inc (c) | 203491 | 4476802 |
|  |  | 85936886 |
| Health Care Technology - 0.6% |  |  |
| Health Catalyst Inc (b)(c) | 194464 | 733128 |
| HealthStream Inc  | 97068 | 2685872 |
| Phreesia Inc (c) | 191358 | 5446049 |
| Teladoc Health Inc (c) | 268304 | 2336928 |
|  |  | 11201977 |
| Life Sciences Tools & Services - 0.3% |  |  |
| Adaptive Biotechnologies Corp (c) | 213721 | 2489850 |
| Codexis Inc (b)(c) | 222524 | 542959 |
| Cytek Biosciences Inc (c) | 151338 | 514549 |
| Medpace Holdings Inc (c) | 3037 | 953193 |
| Mesa Laboratories Inc (b) | 2592 | 244218 |
| NanoString Technologies Inc (b)(c)(d) | 84939 | 1 |
| OmniAb Inc (c) | 119369 | 207701 |
| Quanterix Corp (c) | 99667 | 662786 |
|  |  | 5615257 |
| Pharmaceuticals - 1.2% |  |  |
| Amneal Intermediate Inc Class A (c) | 193007 | 1561427 |
| Atea Pharmaceuticals Inc (c) | 72531 | 261111 |
| Avadel Pharmaceuticals PLC Class A (c) | 135936 | 1203034 |
| Axsome Therapeutics Inc (c) | 17828 | 1861065 |
| BioAge Labs Inc (b) | 74784 | 308857 |
| Collegium Pharmaceutical Inc (c) | 37713 | 1115173 |
| Corcept Therapeutics Inc (b)(c) | 25862 | 1898271 |
| Ligand Pharmaceuticals Inc (c) | 18426 | 2094668 |
| MBX Biosciences Inc (b)(c) | 46112 | 526138 |
| Nuvation Bio Inc Class A (b)(c) | 378947 | 738947 |
| Pacira BioSciences Inc (c) | 69409 | 1658875 |
| Phibro Animal Health Corp Class A  | 49218 | 1257028 |
| Prestige Consumer Healthcare Inc (c) | 53197 | 4247780 |
| Supernus Pharmaceuticals Inc (c) | 57675 | 1817916 |
| Tarsus Pharmaceuticals Inc (c) | 13001 | 526671 |
| WaVe Life Sciences Ltd (c) | 82109 | 533709 |
| Xeris Biopharma Holdings Inc (c) | 230832 | 1077985 |
|  |  | 22688655 |
| TOTAL HEALTH CARE |  | 281514490 |
| Industrials - 16.4% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| AAR Corp (c) | 147475 | 10144805 |
| Archer Aviation Inc Class A (b)(c) | 428059 | 4644440 |
| Ducommun Inc (c) | 56559 | 4673470 |
| Intuitive Machines Inc Class A (b)(c) | 90869 | 987746 |
| Kratos Defense & Security Solutions Inc (c) | 107351 | 4986454 |
| National Presto Industries Inc (b) | 4013 | 393113 |
| Park Aerospace Corp  | 19428 | 286952 |
| Rocket Lab Corp (b) | 287389 | 10279905 |
| V2X Inc (c) | 10906 | 529486 |
|  |  | 36926371 |
| Air Freight & Logistics - 0.1% |  |  |
| Hub Group Inc Class A  | 37033 | 1238013 |
| Building Products - 1.1% |  |  |
| Apogee Enterprises Inc  | 103057 | 4184114 |
| Gibraltar Industries Inc (c) | 54803 | 3233377 |
| Griffon Corp  | 130640 | 9454417 |
| Resideo Technologies Inc (c) | 162103 | 3575992 |
| Zurn Elkay Water Solutions Corp  | 17723 | 648130 |
|  |  | 21096030 |
| Commercial Services & Supplies - 2.1% |  |  |
| ABM Industries Inc  | 216067 | 10200523 |
| BrightView Holdings Inc (c) | 257263 | 4283429 |
| Brink's Co/The  | 25051 | 2236804 |
| CECO Environmental Corp (c) | 149395 | 4229372 |
| Healthcare Services Group Inc (c) | 114718 | 1724212 |
| Interface Inc  | 122571 | 2565411 |
| OPENLANE Inc (c) | 265127 | 6482355 |
| Pitney Bowes Inc  | 389491 | 4249347 |
| Steelcase Inc Class A  | 43408 | 452745 |
| UniFirst Corp/MA  | 16403 | 3087373 |
|  |  | 39511571 |
| Construction & Engineering - 2.7% |  |  |
| Arcosa Inc  | 99062 | 8589666 |
| Comfort Systems USA Inc  | 20046 | 10748866 |
| Dycom Industries Inc (c) | 15031 | 3673426 |
| EMCOR Group Inc  | 20709 | 11077037 |
| Granite Construction Inc  | 22754 | 2127727 |
| Limbach Holdings Inc (b)(c) | 13676 | 1916008 |
| MYR Group Inc (c) | 13112 | 2379172 |
| Primoris Services Corp  | 25254 | 1968297 |
| Sterling Infrastructure Inc (c) | 28083 | 6479591 |
|  |  | 48959790 |
| Electrical Equipment - 1.7% |  |  |
| Bloom Energy Corp Class A (b)(c) | 200810 | 4803375 |
| EnerSys  | 138840 | 11908307 |
| LSI Industries Inc  | 77575 | 1319550 |
| NEXTracker Inc Class A (c) | 67541 | 3672204 |
| NuScale Power Corp Class A (b)(c) | 44528 | 1761528 |
| Preformed Line Products Co  | 12620 | 2016802 |
| Thermon Group Holdings Inc (c) | 51620 | 1449490 |
| Vicor Corp (c) | 122916 | 5575470 |
|  |  | 32506726 |
| Ground Transportation - 0.5% |  |  |
| ArcBest Corp  | 68098 | 5244227 |
| Marten Transport Ltd  | 354932 | 4610567 |
|  |  | 9854794 |
| Machinery - 2.1% |  |  |
| Atmus Filtration Technologies Inc  | 35704 | 1300340 |
| Chart Industries Inc (c) | 19001 | 3128515 |
| Enerpac Tool Group Corp Class A  | 21737 | 881653 |
| ESCO Technologies Inc  | 19862 | 3810922 |
| Federal Signal Corp  | 113461 | 12074520 |
| Franklin Electric Co Inc  | 7359 | 660397 |
| Gorman-Rupp Co/The  | 9317 | 342120 |
| Hillman Solutions Corp Class A (c) | 526569 | 3759703 |
| Hurco Cos Inc (c) | 12537 | 236948 |
| Hyster-Yale Inc Class A  | 48882 | 1944526 |
| Kennametal Inc  | 25933 | 595422 |
| L B Foster Co Class A (c) | 12275 | 268453 |
| Proto Labs Inc (c) | 60497 | 2422300 |
| SPX Technologies Inc (c) | 21044 | 3528658 |
| Tennant CO  | 6812 | 527794 |
| Trinity Industries Inc  | 157336 | 4249645 |
|  |  | 39731916 |
| Passenger Airlines - 0.8% |  |  |
| Allegiant Travel Co (b)(c) | 33156 | 1821922 |
| Joby Aviation Inc Class A (b)(c) | 104539 | 1102886 |
| SkyWest Inc (c) | 125674 | 12940652 |
|  |  | 15865460 |
| Professional Services - 1.2% |  |  |
| Barrett Business Services Inc  | 76941 | 3207670 |
| CRA International Inc  | 9405 | 1762215 |
| ExlService Holdings Inc (c) | 125750 | 5506593 |
| Kelly Services Inc Class A  | 78520 | 919469 |
| Maximus Inc  | 137706 | 9666961 |
| Planet Labs PBC Class A (c) | 261475 | 1594998 |
| Willdan Group Inc (c) | 8938 | 558714 |
|  |  | 23216620 |
| Trading Companies & Distributors - 2.2% |  |  |
| Applied Industrial Technologies Inc  | 14985 | 3483263 |
| Boise Cascade Co  | 28940 | 2512571 |
| DNOW Inc (c) | 214630 | 3182963 |
| DXP Enterprises Inc/TX (c) | 102390 | 8974484 |
| FTAI Aviation Ltd  | 84485 | 9719154 |
| GATX Corp  | 10885 | 1671501 |
| Global Industrial Co  | 24536 | 662717 |
| GMS Inc (c) | 9448 | 1027470 |
| McGrath RentCorp  | 5757 | 667582 |
| Mrc Global Inc (c) | 68978 | 945688 |
| Rush Enterprises Inc Class A  | 129230 | 6656637 |
| Xometry Inc Class A (c) | 83797 | 2831501 |
|  |  | 42335531 |
| TOTAL INDUSTRIALS |  | 311242822 |
| Information Technology - 14.6% |  |  |
| Communications Equipment - 1.1% |  |  |
| Applied Optoelectronics Inc (c) | 24199 | 621672 |
| Calix Inc (c) | 39926 | 2123664 |
| CommScope Holding Co Inc (c) | 781106 | 6467558 |
| Extreme Networks Inc (c) | 234459 | 4208539 |
| Harmonic Inc (c) | 25833 | 244638 |
| NetScout Systems Inc (c) | 196252 | 4869012 |
| Viavi Solutions Inc (c) | 326336 | 3286204 |
|  |  | 21821287 |
| Electronic Equipment, Instruments & Components - 2.8% |  |  |
| Arlo Technologies Inc (c) | 346163 | 5870924 |
| Benchmark Electronics Inc (b) | 182093 | 7070671 |
| Daktronics Inc (b)(c) | 89672 | 1355841 |
| Evolv Technologies Holdings Inc Class A (c) | 84978 | 530263 |
| Itron Inc (c) | 69302 | 9122222 |
| Kimball Electronics Inc (c) | 53958 | 1037612 |
| Mirion Technologies Inc Class A (c) | 141606 | 3048777 |
| PC Connection Inc  | 52841 | 3475881 |
| Plexus Corp (c) | 61748 | 8355122 |
| Sanmina Corp (c) | 126370 | 12362778 |
| Vishay Intertechnology Inc  | 40405 | 641631 |
|  |  | 52871722 |
| IT Services - 0.1% |  |  |
| Fastly Inc Class A (c) | 217870 | 1538162 |
| Semiconductors & Semiconductor Equipment - 2.5% |  |  |
| ACM Research Inc Class A (c) | 166841 | 4321182 |
| Ambarella Inc (c) | 179437 | 11854505 |
| Axcelis Technologies Inc (b)(c) | 28006 | 1951738 |
| CEVA Inc (c) | 18005 | 395750 |
| Credo Technology Group Holding Ltd (c) | 138214 | 12797234 |
| Diodes Inc (c) | 23282 | 1231385 |
| MaxLinear Inc Class A (c) | 556580 | 7909002 |
| PDF Solutions Inc (c) | 104455 | 2233248 |
| Power Integrations Inc  | 17788 | 994349 |
| Rigetti Computing Inc Class A (b)(c) | 27559 | 326850 |
| Semtech Corp (c) | 33504 | 1512371 |
| Silicon Laboratories Inc (c) | 5376 | 792207 |
| Veeco Instruments Inc (b)(c) | 43356 | 880994 |
|  |  | 47200815 |
| Software - 7.4% |  |  |
| 8x8 Inc (c) | 894894 | 1753992 |
| ACI Worldwide Inc (c) | 68425 | 3141392 |
| Airship AI Holdings Inc Class A (b)(c) | 129390 | 762107 |
| Alarm.com Holdings Inc (c) | 129082 | 7302169 |
| Appian Corp Class A (c) | 178543 | 5331294 |
| Asana Inc Class A (c) | 532963 | 7195001 |
| Aurora Innovation Inc Class A (b)(c) | 471828 | 2472379 |
| Blackbaud Inc (c) | 103819 | 6666218 |
| Braze Inc Class A (c) | 15842 | 445160 |
| Clear Secure Inc Class A (b) | 411818 | 11432068 |
| Clearwater Analytics Holdings Inc Class A (c) | 39524 | 866761 |
| Commvault Systems Inc (c) | 50908 | 8874792 |
| Core Scientific Inc (c) | 89158 | 1521927 |
| Domo Inc Class B (c) | 231002 | 3227098 |
| Intapp Inc (c) | 184376 | 9517489 |
| Jamf Holding Corp (c) | 70788 | 673194 |
| LivePerson Inc (b)(c) | 684717 | 691564 |
| LiveRamp Holdings Inc (c) | 329043 | 10871581 |
| Meridianlink Inc (b)(c) | 22484 | 364915 |
| PagerDuty Inc (c) | 445088 | 6800945 |
| Progress Software Corp  | 51566 | 3291973 |
| PROS Holdings Inc (c) | 214526 | 3359477 |
| Q2 Holdings Inc (c) | 152939 | 14313561 |
| Qualys Inc (c) | 24057 | 3437024 |
| Rapid7 Inc (c) | 76690 | 1773840 |
| SoundHound AI Inc Class A (b)(c) | 100438 | 1077700 |
| Sprinklr Inc Class A (c) | 238527 | 2017938 |
| Sprout Social Inc Class A (b)(c) | 196396 | 4106640 |
| Tenable Holdings Inc (c) | 370680 | 12521570 |
| Upland Software Inc (c) | 66708 | 130080 |
| Weave Communications Inc (c) | 68666 | 571301 |
| Xperi Inc (c) | 244745 | 1935933 |
| Yext Inc (c) | 283449 | 2409317 |
|  |  | 140858400 |
| Technology Hardware, Storage & Peripherals - 0.7% |  |  |
| CompoSecure Inc Class A (b)(c) | 46385 | 653565 |
| Diebold Nixdorf Inc (c) | 79707 | 4415768 |
| Immersion Corp (b) | 250850 | 1976698 |
| IonQ Inc (b)(c) | 129600 | 5568912 |
| Quantum Computing Inc (c) | 29219 | 560128 |
|  |  | 13175071 |
| TOTAL INFORMATION TECHNOLOGY |  | 277465457 |
| Materials - 5.4% |  |  |
| Chemicals - 2.1% |  |  |
| American Vanguard Corp (c) | 121706 | 477088 |
| Balchem Corp  | 37392 | 5952806 |
| Hawkins Inc  | 23995 | 3409690 |
| HB Fuller Co  | 181900 | 10941285 |
| Minerals Technologies Inc  | 102695 | 5655414 |
| PureCycle Technologies Inc (c) | 28855 | 395313 |
| Sensient Technologies Corp  | 127300 | 12541596 |
| Trinseo PLC (b) | 72513 | 226240 |
|  |  | 39599432 |
| Construction Materials - 0.2% |  |  |
| United States Lime & Minerals Inc  | 37473 | 3739805 |
| Containers & Packaging - 0.3% |  |  |
| Myers Industries Inc  | 92582 | 1341513 |
| O-I Glass Inc (c) | 313842 | 4626031 |
|  |  | 5967544 |
| Metals & Mining - 2.8% |  |  |
| Carpenter Technology Corp  | 37949 | 10488345 |
| Coeur Mining Inc (c) | 1572947 | 13936310 |
| Commercial Metals Co  | 230221 | 11260109 |
| Hecla Mining Co  | 1349942 | 8086153 |
| Olympic Steel Inc  | 42228 | 1376211 |
| SunCoke Energy Inc  | 758239 | 6513273 |
| Worthington Steel Inc  | 26471 | 789630 |
|  |  | 52450031 |
| TOTAL MATERIALS |  | 101756812 |
| Real Estate - 5.3% |  |  |
| Diversified REITs - 0.4% |  |  |
| American Assets Trust Inc  | 172848 | 3413748 |
| Broadstone Net Lease Inc Class A  | 210632 | 3380644 |
|  |  | 6794392 |
| Health Care REITs - 1.4% |  |  |
| American Healthcare REIT Inc  | 11399 | 418799 |
| CareTrust REIT Inc  | 457561 | 14001367 |
| Community Healthcare Trust Inc  | 70762 | 1176772 |
| Global Medical REIT Inc  | 172669 | 1196596 |
| Healthpeak Properties Inc  | 524420 | 9182594 |
| LTC Properties Inc  | 13457 | 465747 |
| Universal Health Realty Income Trust  | 13140 | 525206 |
|  |  | 26967081 |
| Hotel & Resort REITs - 0.1% |  |  |
| Sunstone Hotel Investors Inc  | 193594 | 1680395 |
| Industrial REITs - 0.0% |  |  |
| Terreno Realty Corp  | 14597 | 818453 |
| Office REITs - 0.5% |  |  |
| Brandywine Realty Trust  | 96461 | 413818 |
| COPT Defense Properties  | 145206 | 4004781 |
| Easterly Government Properties Inc  | 37488 | 832234 |
| Empire State Realty Trust Inc Class A  | 497400 | 4023966 |
| Hudson Pacific Properties Inc (c) | 251980 | 690425 |
|  |  | 9965224 |
| Real Estate Management & Development - 1.1% |  |  |
| Anywhere Real Estate Inc (c) | 618027 | 2237258 |
| Compass Inc Class A (c) | 1404229 | 8818558 |
| Cushman & Wakefield PLC (c) | 480402 | 5318050 |
| eXp World Holdings Inc (b) | 407161 | 3705165 |
| Opendoor Technologies Inc Class A (b)(c) | 625628 | 333460 |
| RE/MAX Holdings Inc Class A (c) | 26816 | 219355 |
|  |  | 20631846 |
| Residential REITs - 0.2% |  |  |
| Centerspace  | 15003 | 903031 |
| Elme Communities  | 57574 | 915427 |
| NexPoint Residential Trust Inc  | 9833 | 327635 |
| Veris Residential Inc  | 61956 | 922525 |
|  |  | 3068618 |
| Retail REITs - 1.1% |  |  |
| Alexander's Inc  | 2102 | 473623 |
| CBL & Associates Properties Inc  | 13986 | 355104 |
| Kite Realty Group Trust  | 141696 | 3209414 |
| Macerich Co/The  | 248907 | 4027315 |
| Phillips Edison & Co Inc  | 312084 | 10932303 |
| Urban Edge Properties  | 50107 | 934997 |
| Whitestone REIT  | 123298 | 1538759 |
|  |  | 21471515 |
| Specialized REITs - 0.5% |  |  |
| Outfront Media Inc  | 568603 | 9279601 |
| TOTAL REAL ESTATE |  | 100677125 |
| Utilities - 2.5% |  |  |
| Electric Utilities - 0.3% |  |  |
| ALLETE Inc  | 13749 | 880898 |
| Oklo Inc Class A (c) | 59046 | 3305986 |
| TXNM Energy Inc  | 31170 | 1755494 |
|  |  | 5942378 |
| Gas Utilities - 1.3% |  |  |
| New Jersey Resources Corp  | 156713 | 7023877 |
| Northwest Natural Holding Co (b) | 11322 | 449710 |
| Southwest Gas Holdings Inc  | 170836 | 12708490 |
| Spire Inc  | 57694 | 4211085 |
|  |  | 24393162 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Hallador Energy Co (c) | 206077 | 3262199 |
| Multi-Utilities - 0.6% |  |  |
| Avista Corp  | 209138 | 7936787 |
| Black Hills Corp  | 18210 | 1021581 |
| Northwestern Energy Group Inc  | 32551 | 1669866 |
|  |  | 10628234 |
| Water Utilities - 0.1% |  |  |
| American States Water Co  | 7894 | 605154 |
| Consolidated Water Co Ltd (b) | 12555 | 376901 |
| H2O America  | 35552 | 1847638 |
|  |  | 2829693 |
| TOTAL UTILITIES |  | 47055666 |
| TOTAL UNITED STATES |  | 1839197192 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,858,976,183) |  | <br> **1866095932** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 7/10/2025  | 4.25 | 80000 | 79916 |
| US Treasury Bills 0% 7/17/2025  | 4.26 | 1560000 | 1557130 |
| US Treasury Bills 0% 8/21/2025  | 4.28 to 4.29 | 450000 | 447247 |
| US Treasury Bills 0% 9/25/2025 (f) | 4.23 | 3100000 | 3068971 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $5,153,287) |  |  | **5153264** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.1%** | &nbsp;&nbsp;**Money Market Funds - 7.1%** | &nbsp;&nbsp;**Money Market Funds - 7.1%** | &nbsp;&nbsp;**Money Market Funds - 7.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.32 | 26706784 | 26712125 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.32 | 107224840 | 107235562 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $133,947,687) |  |  | **133947687** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 105.6%**<br> (Cost $1,998,077,157)<br>| <br>**2005196883** |
| **NET OTHER ASSETS (LIABILITIES) - (5.6)%**  | **(106173842)** |
| **NET ASSETS - 100.0%** | **1899023041** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME Russell 2000 Index Contracts (United States) | 246 | Sep 2025 | 26957910 | 849473 | 849473 |
| The notional amount of futures purchased as a percentage of Net Assets is 1.4% | The notional amount of futures purchased as a percentage of Net Assets is 1.4% | The notional amount of futures purchased as a percentage of Net Assets is 1.4% | The notional amount of futures purchased as a percentage of Net Assets is 1.4% | The notional amount of futures purchased as a percentage of Net Assets is 1.4% | The notional amount of futures purchased as a percentage of Net Assets is 1.4% |

---

**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) Level 3 security

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,311,629.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 31391601 | 245272559 | 249952035 | 877330 | - | - | 26712125 | 26706784 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 29678010 | 494383224 | 416825671 | 337018 | - | (1) | 107235562 | 107224840 | 0.4% |
| Total | 61069611 | 739655783 | 666777706 | 1214348 | - | (1) | 133947687 |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 52153539 | 52153539 | - | - |
| Consumer Discretionary | 194648787 | 194648787 | - | - |
| Consumer Staples | 47125244 | 47125244 | - | - |
| Energy | 80558105 | 80558105 | - | - |
| Financials | 354098770 | 354098770 | - | - |
| Health Care | 285269949 | 285245997 | - | 23952 |
| Industrials | 315662608 | 315662608 | - | - |
| Information Technology | 287089327 | 287089327 | - | - |
| Materials | 101756812 | 101756812 | - | - |
| Real Estate | 100677125 | 100677125 | - | - |
| Utilities | 47055666 | 47055666 | - | - |
|  **U.S. Treasury Obligations** | 5153264 | - | 5153264 | - |
|  **Money Market Funds** | 133947687 | 133947687 | - | - |
| **Total Investments in Securities:** | 2005196883 | 2000019667 | 5153264 | 23952 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 849473 | 849473 | - | - |
| Total Assets | 849473 | 849473 | - | - |
| **Total Derivative Instruments:** | 849473 | 849473 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 849473 | 0 |
| **Total Equity Risk**  | 849473 | 0 |
| **Total Value of Derivatives** | 849473 | 0 |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $110,742,759) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,864,129,470) | $1871249196 |  |
| Fidelity Central Funds (cost $133,947,687) | 133947687 |  |
| Total Investment in Securities (cost $1,998,077,157) |  | $2005196883 |
| Cash |  | 940618 |
| Dividends receivable |  | 1347218 |
| Distributions receivable from Fidelity Central Funds |  | 95815 |
| Receivable for daily variation margin on futures contracts |  | 35670 |
| **Total assets** |  | 2007616204 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $935660 |  |
| Accrued management fee | 428086 |  |
| Collateral on securities loaned | 107229417 |  |
| **Total liabilities** |  | 108593163 |
| **Net Assets**  |  | $1899023041 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1995592618 |
| Total accumulated earnings (loss) |  | (96569577) |
| **Net Assets** |  | $1899023041 |
| **Net Asset Value**, offering price and redemption price per share ($1,899,023,041 ÷ 59,421,356 shares) |  | $31.96 |

---

---

| | |
|:---|:---|
| **Statement of Operations** | **Statement of Operations** |
|  | **Year ended** <br> **June 30, 2025** |
| **Investment Income** |  |
| Dividends  | $15717412 |
| Interest  | 106344 |
| Income from Fidelity Central Funds (including $337,018 from security lending)  | 1214348 |
| **Total income** | 17038104 |
| **Expenses** |  |
| Management fee | $3895750 |
| Independent trustees' fees and expenses | 4919 |
| Total expenses before reductions | 3900669 |
| Expense reductions | (5614) |
| Total expenses after reductions | 3895055 |
| **Net Investment income (loss)** | 13143049 |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on: |  |
| Investment Securities: |  |
| Unaffiliated issuers  | (75551226) |
| Redemptions in-kind | 135859865 |
| Futures contracts | (1494935) |
| Total net realized gain (loss) | 58813704 |
| Change in net unrealized appreciation (depreciation) on: |  |
| Investment Securities: |  |
| Unaffiliated issuers  | (45591563) |
| Fidelity Central Funds  | (1) |
| Futures contracts | 688754 |
| Total change in net unrealized appreciation (depreciation) | (44902810) |
| **Net gain (loss)** | 13910894 |
| **Net increase (decrease) in net assets resulting from operations** | $27053943 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Four months ended**<br> **June 30, 2024** | **Year ended**<br> **February 29, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |  |
| Operations |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $13143049 | $2182494 | $4649534<br>|
| &nbsp;&nbsp;Net realized gain (loss) | 58813704<br>| 28074517<br>| 32794589<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (44902810) | (29968000)<br>| 27704246<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 27053943<br>| 289011<br>| 65148369<br>|
| Distributions to shareholders | (16951185)<br>| (2247305)<br>| (4715442)<br>|
| Share transactions |  |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1986137502 | 113489919 | 117577525<br>|
| Reinvestment of distributions | -<br>| -<br>| 4092903<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (671389675) | (43439075) | (261496096)<br>|
| **Net increase (decrease) in net assets resulting from share transactions** | 1314747827<br>| 70050844<br>| (139825668)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1324850585<br>| 68092550<br>| (79392741)<br>|
| **Net Assets** |  |  |  |
| &nbsp;&nbsp;Beginning of period | 574172456 | 506079906<br>| 585472647<br>|
| &nbsp;&nbsp;End of period | $1899023041 | $574172456 | $506079906<br>|
| **Other Information** |  |  |  |
| Shares |  |  |  |
| &nbsp;&nbsp;Sold | 61600000 | 3900000 | 4564341<br>|
| Issued in reinvestment of distributions | -<br>| -<br>| 163135<br>|
| &nbsp;&nbsp;Redeemed | (21900000) | (1500000) | (10287720)<br>|
| &nbsp;&nbsp;Net increase (decrease) | 39700000 | 2400000 | (5560244)<br>|

---

See Organization and Prior Fiscal Year Reorganization information note regarding reorganization from mutual fund to exchange traded fund for the fiscal year ended February 29, 2024.

Share activity is further described in Organization and Prior Fiscal Year Reorganization information notes, and amounts for the prior fiscal years have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.

**Financial Highlights** 

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

---

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

---

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

B*As further described in Organization and Reorganization information notes, per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.*

C*For the year ended February 29.*

D*For the year ended February 28.*

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

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

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

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

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

J*Based on net asset value.*

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

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

M*Proxy expenses are not annualized.*

N*Annualized.*

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

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

**Notes to Financial Statements**

For the period ended June 30, 2025

**1. Organization.**

Fidelity Enhanced Small Cap ETF (the Fund) is an exchange-traded fund of Fidelity Covington Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Effective March 1, 2024 the Fund's fiscal year-end changed from February 28 to June 30. Accordingly, the Fund's financial statements and related notes include information as of the one year period ended June 30, 2025, the four month period ended June 30, 2024, and the one year period ended February 29, 2024, as applicable.

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

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

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

---

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

---

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

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

**3 Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of June 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund.

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, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $188731380 |
| **Gross unrealized depreciation**  | <u>(185686008)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$3045372</u> |
| **Tax Cost**  | <u>$2002151511</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(97694871)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$3045372</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(83785703) |
| Long-term | <u>(13909168)</u> |
| **Total capital loss carryforward** | <u>$(97694871)</u> |

---

The Fund intends to elect to defer to its next fiscal year $1,920,079 of ordinary losses recognized during the period January 1, 2025 to June 30, 2025.

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** | **February 29, 2024** |
| **Ordinary Income**  | $16951185 | $2247305 | $4715442 |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

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

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

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

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

---

| | |
|:---|:---|
|  | **Average Notional Amount ($)** |
| **Fidelity Enhanced Small Cap ETF** | 18065320 |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Enhanced Small Cap ETF** | 2015148232 | 937396088 |

---

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

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions ($)** | **In-Kind Redemptions ($)** |
| **Fidelity Enhanced Small Cap ETF** | 886117923 | 645316021 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of .28% of average net assets. 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 shareholders meeting expenses.

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Enhanced Small Cap ETF** | 98354 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Enhanced Small Cap ETF** | 95744307 | 42033946 | (4193465) |

---

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Enhanced Small Cap ETF** | 36126 | 1268 | 27681 |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Enhanced Small Cap ETF** | 5993091 |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $5,614.

**9. Share Transactions.**

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

**10. Other.**

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

**11. Risk and Uncertainties.**

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

**12. Prior Fiscal Year Reorganization Information.**

On November 17, 2023, Fidelity Small Cap Enhanced Index Fund (Predecessor Fund) reorganized into a newly created Fidelity Enhanced Small Cap ETF (ETF) pursuant an Agreement and Plan of Reorganization (the Agreement) approved by its Board of Trustees. Per the Agreement, shareholders of the Predecessor Fund received ETF shares equal in value to the shares of the Predecessor Fund they owned on the day the reorganization was effective. The Predecessor Fund was the accounting survivor after the reorganization. As such, performance and financial history prior to the reorganization is that of the Predecessor Fund. Historical share transactions and per share information for the Predecessor Fund was retroactively adjusted to reflect the change in capital structure due to the reorganization.

For financial reporting purposes, the assets and liabilities of the Predecessor Fund and shares issued by the ETF were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund were carried forward and will be utilized for purposes of the ETF's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. Costs incurred in connection with the reorganization were paid by the Predecessor Fund.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Predecessor Fund/Accounting Survivor** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity Small Cap Enhanced Index Fund** | 510635061 | 30515551 | 511993789 | 20479785 | .5077880000 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring ETF** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Fidelity Enhanced Small Cap ETF** | 25 | 511993814 |

---

Pro forma results of operations of the combined entity for the entire period ended February 29, 2024, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $5714131 |
| **Total net realized gain (loss)** | 32794589 |
| **Total change in net unrealized appreciation (depreciation)** | <u>27704246</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$66212966</u> |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Predecessor Fund that has been included in the ETF's Statement of Operations since November 17, 2023.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Covington Trust and Shareholders of Fidelity Enhanced Small Cap ETF

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Enhanced Small Cap ETF (one of the funds constituting Fidelity Covington Trust, referred to hereafter as the "Fund") as of June 30, 2025, the related statement of operations for the year ended June 30, 2025 and the statement of changes in net assets for the year ended June 30, 2025, the period March 1, 2024 through June 30, 2024 and the year ended February 29, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year ended June 30, 2025, the changes in its net assets for the year ended June 30, 2025, the period March 1, 2024 through June 30, 2024 and for the year ended February 29, 2024, and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

August 12, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund designates $780,926 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 39%, 51%, 69%, and 69% of the dividends distributed in September, December, March, and June respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 49.89%, 64.77%, 64.89%, and 64.89% of the dividends distributed September, December, March, and June respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 32.71%, 12.64%, 27.09%, and 27.09% of the dividends distributed in September, December, March, and June, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 38080283823.03 | 97.17 |
| Withheld  | 1109333237.47 | 2.83 |
| TOTAL  | 39189617060.50 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 37781807251.33 | 96.41 |
| Withheld  | 1407809809.17 | 3.59 |
| TOTAL  | 39189617060.50 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 37869526083.09 | 96.63 |
| Withheld  | 1320090977.41 | 3.37 |
| TOTAL  | 39189617060.50 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 38025875898.31 | 97.03 |
| Withheld  | 1163741162.19 | 2.97 |
| TOTAL  | 39189617060.50 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 37825198238.79 | 96.52 |
| Withheld  | 1364418821.71 | 3.48 |
| TOTAL  | 39189617060.50 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 38031768119.99 | 97.05 |
| Withheld  | 1157848940.51 | 2.95 |
| TOTAL  | 39189617060.50 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 38062391881.90 | 97.12 |
| Withheld  | 1127225178.60 | 2.88 |
| TOTAL  | 39189617060.50 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 37891434776.27 | 96.69 |
| Withheld  | 1298182284.23 | 3.31 |
| TOTAL  | 39189617060.50 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 37976932673.73 | 96.91 |
| Withheld  | 1212684386.77 | 3.09 |
| TOTAL  | 39189617060.50 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 38011822212.28 | 96.99 |
| Withheld  | 1177794848.22 | 3.01 |
| TOTAL  | 39189617060.50 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 37976058118.16 | 96.90 |
| Withheld  | 1213558942.34 | 3.10 |
| TOTAL  | 39189617060.50 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 37845471684.67 | 96.57 |
| Withheld  | 1344145375.83 | 3.43 |
| TOTAL  | 39189617060.50 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 37736569620.69 | 96.29 |
| Withheld  | 1453047439.81 | 3.71 |
| TOTAL  | 39189617060.50 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Enhanced Small Cap ETF**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) (the Advisory Contract). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contract throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contract, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contract. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contract. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contract. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contract was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contract was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of FMR, and also considered the FMR's implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates under the Advisory Contract and under a separate agreement covering pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally State Street Bank and Trust Company, the fund's transfer agent and custodian; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the fund over different time periods and discussed with the Investment Adviser the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contract should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group). The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contract should be renewed through May 31, 2026.

![](img110545_4.jpg)<br>

1.9910154.102 CPE-ANN-0825

**Fidelity® Enhanced Emerging Markets ETF**

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

**Annual Report**

**June 30, 2025**

![](img110556_1.jpg)

![](img110556_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_EMU-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Enhanced Emerging Markets ETF](#Sub_Sec_Fund_7726_EMU-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Enhanced U.S. All-Cap Equity ETF](#Sub_Sec_Fund_7725_EMU-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements7726_EMU-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_EMU-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_EMU-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EMU-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EMU-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EMU-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EMU-ANN)** |

---

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.© 2025 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 (Annual Report)**

**Fidelity® Enhanced Emerging Markets ETF**

**Schedule of Investments June 30, 2025**

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>|
| BRAZIL - 5.4%  |  |  |
| Consumer Staples - 1.0% |  |  |
| Beverages - 0.7% |  |  |
| Ambev SA  | 32300 | 79188 |
| Food Products - 0.3% |  |  |
| BRF SA ADR  | 10089 | 36825 |
| TOTAL CONSUMER STAPLES |  | 116013 |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Petroleo Brasileiro SA - Petrobras  | 18500 | 106851 |
| Financials - 1.5% |  |  |
| Banks - 0.9% |  |  |
| Itau Unibanco Holding SA  | 8800 | 59848 |
| NU Holdings Ltd/Cayman Islands Class A (b) | 2698 | 37017 |
|  |  | 96865 |
| Insurance - 0.6% |  |  |
| BB Seguridade Participacoes SA  | 10200 | 67210 |
| TOTAL FINANCIALS |  | 164075 |
| Industrials - 1.2% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| Embraer SA ADR  | 1875 | 106706 |
| Electrical Equipment - 0.2% |  |  |
| WEG SA  | 3500 | 27559 |
| TOTAL INDUSTRIALS |  | 134265 |
| Utilities - 0.7% |  |  |
| Water Utilities - 0.7% |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 4000 | 87706 |
| TOTAL BRAZIL |  | 608910 |
| CHILE - 1.3%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Broadline Retail - 0.5% |  |  |
| Falabella SA  | 10148 | 53919 |
| Specialty Retail - 0.5% |  |  |
| Empresas Copec SA  | 8000 | 54477 |
| TOTAL CONSUMER DISCRETIONARY |  | 108396 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Cencosud SA  | 4605 | 15669 |
| Industrials - 0.2% |  |  |
| Passenger Airlines - 0.2% |  |  |
| Latam Airlines Group SA  | 926374 | 18754 |
| TOTAL CHILE |  | 142819 |
| CHINA - 31.1%  |  |  |
| Communication Services - 7.4% |  |  |
| Entertainment - 2.0% |  |  |
| Kingsoft Corp Ltd  | 13200 | 68775 |
| Netease Inc  | 5400 | 145147 |
| Tencent Music Entertainment Group Class A ADR  | 716 | 13955 |
|  |  | 227877 |
| Interactive Media & Services - 4.9% |  |  |
| Tencent Holdings Ltd  | 8600 | 551061 |
| Wireless Telecommunication Services - 0.5% |  |  |
| China United Network Communications Ltd A Shares (China)  | 75400 | 56204 |
| TOTAL COMMUNICATION SERVICES |  | 835142 |
| Consumer Discretionary - 10.5% |  |  |
| Automobile Components - 0.2% |  |  |
| Ningbo Tuopu Group Co Ltd A Shares (China)  | 3700 | 24404 |
| Automobiles - 2.6% |  |  |
| BYD Co Ltd H Shares  | 9000 | 140447 |
| Geely Automobile Holdings Ltd  | 37000 | 75226 |
| Seres Group Co Ltd A Shares (China)  | 3400 | 63749 |
|  |  | 279422 |
| Broadline Retail - 4.3% |  |  |
| Alibaba Group Holding Ltd  | 24600 | 344089 |
| JD.com Inc A Shares  | 6100 | 99388 |
| PDD Holdings Inc Class A ADR (b) | 289 | 30246 |
|  |  | 473723 |
| Hotels, Restaurants & Leisure - 2.1% |  |  |
| Meituan B Shares (b)(c)(d) | 9100 | 145253 |
| Trip.com Group Ltd  | 1550 | 90039 |
|  |  | 235292 |
| Specialty Retail - 1.3% |  |  |
| Pop Mart International Group Ltd (c)(d) | 4400 | 149433 |
| TOTAL CONSUMER DISCRETIONARY |  | 1162274 |
| Consumer Staples - 0.5% |  |  |
| Beverages - 0.5% |  |  |
| Beijing Yanjing Brewery Co Ltd A Shares (China)  | 33300 | 60103 |
| Energy - 0.9% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| CNOOC Energy Technology & Services Ltd A Shares (China)  | 44100 | 25116 |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| PetroChina Co Ltd H Shares  | 83600 | 71886 |
| TOTAL ENERGY |  | 97002 |
| Financials - 2.6% |  |  |
| Banks - 0.6% |  |  |
| China Construction Bank Corp H Shares  | 44700 | 45099 |
| Huaxia Bank Co Ltd A Shares (China)  | 17500 | 19323 |
|  |  | 64422 |
| Capital Markets - 0.2% |  |  |
| China Galaxy Securities Co Ltd H Shares  | 14000 | 15748 |
| Huatai Securities Co Ltd H Shares (c)(d) | 6600 | 13367 |
|  |  | 29115 |
| Consumer Finance - 0.7% |  |  |
| Qifu Technology Inc Class A ADR  | 1792 | 77701 |
| Insurance - 1.1% |  |  |
| China Life Insurance Co Ltd H Shares  | 7000 | 16800 |
| People's Insurance Co Group of China Ltd/The A Shares (China)  | 16900 | 20547 |
| People's Insurance Co Group of China Ltd/The H Shares  | 107000 | 81376 |
|  |  | 118723 |
| TOTAL FINANCIALS |  | 289961 |
| Health Care - 2.8% |  |  |
| Biotechnology - 1.9% |  |  |
| BeOne Medicines Ltd H Shares (b) | 4400 | 82843 |
| Innovent Biologics Inc (b)(c)(d) | 12500 | 124842 |
|  |  | 207685 |
| Life Sciences Tools & Services - 0.3% |  |  |
| Wuxi Apptec Co Ltd A Shares (China)  | 4700 | 45630 |
| Pharmaceuticals - 0.6% |  |  |
| Jiangsu Hengrui Pharmaceuticals Co Ltd A Shares (China)  | 8900 | 64478 |
| TOTAL HEALTH CARE |  | 317793 |
| Industrials - 2.9% |  |  |
| Air Freight & Logistics - 0.6% |  |  |
| JD Logistics Inc (b)(c)(d) | 42500 | 71141 |
| Electrical Equipment - 1.0% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 1500 | 52811 |
| Shanghai Electric Group Co Ltd A Shares (China) (b) | 57400 | 59212 |
|  |  | 112023 |
| Machinery - 0.8% |  |  |
| CRRC Corp Ltd A Shares (China)  | 65700 | 64564 |
| Yutong Bus Co Ltd A Shares (China)  | 6400 | 22209 |
|  |  | 86773 |
| Marine Transportation - 0.1% |  |  |
| COSCO SHIPPING Holdings Co Ltd H Shares  | 7000 | 12163 |
| Passenger Airlines - 0.4% |  |  |
| China Southern Airlines Co Ltd A Shares (China) (b) | 54000 | 44473 |
| TOTAL INDUSTRIALS |  | 326573 |
| Information Technology - 2.0% |  |  |
| Technology Hardware, Storage & Peripherals - 2.0% |  |  |
| Xiaomi Corp B Shares (b)(c)(d) | 29600 | 226055 |
| Materials - 0.6% |  |  |
| Construction Materials - 0.3% |  |  |
| China National Building Material Co Ltd H Shares  | 60000 | 28662 |
| Metals & Mining - 0.3% |  |  |
| China Hongqiao Group Ltd  | 16500 | 37793 |
| TOTAL MATERIALS |  | 66455 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| KE Holdings Inc ADR  | 2023 | 35888 |
| Utilities - 0.6% |  |  |
| Water Utilities - 0.6% |  |  |
| Guangdong Investment Ltd  | 84000 | 70197 |
| TOTAL CHINA |  | 3487443 |
| EGYPT - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Commercial International Bank - Egypt (CIB)  | 2174 | 3695 |
| GREECE - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Eurobank Ergasias Services and Holdings SA  | 15597 | 53574 |
| HUNGARY - 1.6%  |  |  |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| MOL Hungarian Oil & Gas PLC Class A  | 8923 | 77695 |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| OTP Bank Nyrt  | 1271 | 101529 |
| TOTAL HUNGARY |  | 179224 |
| INDIA - 15.0%  |  |  |
| Consumer Discretionary - 1.6% |  |  |
| Automobiles - 1.6% |  |  |
| Mahindra & Mahindra Ltd GDR (d) | 4910 | 179706 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Reliance Industries Ltd GDR (c) | 278 | 19404 |
| Financials - 8.1% |  |  |
| Banks - 8.1% |  |  |
| Axis Bank Ltd GDR (d) | 1963 | 136232 |
| HDFC Bank Ltd ADR  | 4401 | 337425 |
| ICICI Bank Ltd ADR  | 8458 | 284527 |
| State Bank of India GDR (d) | 1579 | 150479 |
|  |  | 908663 |
| Health Care - 1.5% |  |  |
| Pharmaceuticals - 1.5% |  |  |
| Dr Reddy's Laboratories Ltd ADR  | 11459 | 172229 |
| Industrials - 0.4% |  |  |
| Construction & Engineering - 0.4% |  |  |
| Larsen & Toubro Ltd GDR (d) | 1086 | 46481 |
| Information Technology - 3.2% |  |  |
| IT Services - 3.2% |  |  |
| Infosys Ltd ADR  | 11322 | 209797 |
| Wipro Ltd ADR  | 47684 | 144005 |
|  |  | 353802 |
| TOTAL INDIA |  | 1680285 |
| INDONESIA - 0.8%  |  |  |
| Consumer Staples - 0.6% |  |  |
| Food Products - 0.6% |  |  |
| Indofood Sukses Makmur Tbk PT  | 138100 | 69114 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| United Tractors Tbk PT  | 15100 | 19950 |
| TOTAL INDONESIA |  | 89064 |
| KOREA (SOUTH) - 12.1%  |  |  |
| Communication Services - 1.1% |  |  |
| Interactive Media & Services - 0.6% |  |  |
| NAVER Corp  | 330 | 64017 |
| Wireless Telecommunication Services - 0.5% |  |  |
| SK Telecom Co Ltd  | 1428 | 59836 |
| TOTAL COMMUNICATION SERVICES |  | 123853 |
| Consumer Discretionary - 1.6% |  |  |
| Automobile Components - 1.5% |  |  |
| Hankook Tire & Technology Co Ltd  | 2508 | 73674 |
| Hyundai Mobis Co Ltd  | 425 | 90142 |
|  |  | 163816 |
| Automobiles - 0.1% |  |  |
| Kia Corp  | 235 | 16828 |
| TOTAL CONSUMER DISCRETIONARY |  | 180644 |
| Financials - 1.4% |  |  |
| Capital Markets - 1.3% |  |  |
| Korea Investment Holdings Co Ltd  | 440 | 45393 |
| NH Investment & Securities Co Ltd  | 6455 | 95359 |
|  |  | 140752 |
| Insurance - 0.1% |  |  |
| DB Insurance Co Ltd  | 36 | 3280 |
| Samsung Life Insurance Co Ltd  | 105 | 9886 |
|  |  | 13166 |
| TOTAL FINANCIALS |  | 153918 |
| Industrials - 2.4% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Hanwha Aerospace Co Ltd  | 169 | 105910 |
| Machinery - 1.1% |  |  |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd  | 442 | 119552 |
| Passenger Airlines - 0.4% |  |  |
| Korean Air Lines Co Ltd  | 2740 | 46369 |
| TOTAL INDUSTRIALS |  | 271831 |
| Information Technology - 4.5% |  |  |
| Semiconductors & Semiconductor Equipment - 2.4% |  |  |
| SK Hynix Inc  | 1208 | 260678 |
| Technology Hardware, Storage & Peripherals - 2.1% |  |  |
| Samsung Electronics Co Ltd  | 5259 | 232411 |
| TOTAL INFORMATION TECHNOLOGY |  | 493089 |
| Utilities - 1.1% |  |  |
| Electric Utilities - 1.1% |  |  |
| Korea Electric Power Corp  | 4435 | 128807 |
| TOTAL KOREA (SOUTH) |  | 1352142 |
| MALAYSIA - 1.1%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| AMMB Holdings Bhd  | 20600 | 24943 |
| Malayan Banking Bhd  | 34700 | 79912 |
|  |  | 104855 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Petronas Chemicals Group Bhd  | 17500 | 14500 |
| TOTAL MALAYSIA |  | 119355 |
| MEXICO - 1.3%  |  |  |
| Consumer Staples - 1.3% |  |  |
| Beverages - 1.3% |  |  |
| Arca Continental SAB de CV  | 7500 | 79271 |
| Coca-Cola Femsa SAB de CV unit  | 6500 | 62982 |
| TOTAL MEXICO |  | 142253 |
| PHILIPPINES - 0.9%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Jollibee Foods Corp  | 4100 | 15730 |
| Industrials - 0.8% |  |  |
| Transportation Infrastructure - 0.8% |  |  |
| International Container Terminal Services Inc  | 11210 | 81834 |
| TOTAL PHILIPPINES |  | 97564 |
| POLAND - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Banks - 0.3% |  |  |
| Bank Polska Kasa Opieki SA  | 681 | 34954 |
| Insurance - 0.8% |  |  |
| Powszechny Zaklad Ubezpieczen SA  | 5269 | 92096 |
| TOTAL POLAND |  | 127050 |
| QATAR - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Qatar Islamic Bank QPSC  | 3823 | 23257 |
| SAUDI ARABIA - 1.7%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Jarir Marketing Co  | 1299 | 4343 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Ades Holding Co  | 3068 | 11207 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Saudi Arabian Oil Co (c)(d) | 829 | 5376 |
| TOTAL ENERGY |  | 16583 |
| Financials - 1.6% |  |  |
| Banks - 1.5% |  |  |
| Al Rajhi Bank  | 3966 | 100036 |
| Saudi Awwal Bank  | 683 | 6137 |
| Saudi National Bank/The  | 5090 | 49020 |
|  |  | 155193 |
| Capital Markets - 0.1% |  |  |
| Saudi Tadawul Group Holding Co  | 350 | 16462 |
| TOTAL FINANCIALS |  | 171655 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Saudi Arabian Mining Co (b) | 12 | 171 |
| TOTAL SAUDI ARABIA |  | 192752 |
| SOUTH AFRICA - 2.1%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Specialty Retail - 0.5% |  |  |
| Pepkor Holdings Ltd (c)(d) | 35169 | 54093 |
| Financials - 0.4% |  |  |
| Banks - 0.3% |  |  |
| Absa Group Ltd  | 3751 | 37290 |
| Insurance - 0.1% |  |  |
| Discovery Ltd  | 877 | 10641 |
| TOTAL FINANCIALS |  | 47931 |
| Materials - 1.2% |  |  |
| Chemicals - 0.3% |  |  |
| Sasol Ltd (b) | 7584 | 33740 |
| Metals & Mining - 0.9% |  |  |
| Gold Fields Ltd ADR  | 1054 | 24948 |
| Harmony Gold Mining Co Ltd  | 5346 | 73925 |
|  |  | 98873 |
| TOTAL MATERIALS |  | 132613 |
| TOTAL SOUTH AFRICA |  | 234637 |
| TAIWAN - 19.0%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Pou Chen Corp (b) | 28000 | 29659 |
| Consumer Staples - 0.5% |  |  |
| Food Products - 0.5% |  |  |
| Uni-President Enterprises Corp  | 20000 | 55443 |
| Financials - 2.1% |  |  |
| Banks - 1.0% |  |  |
| CTBC Financial Holding Co Ltd  | 75000 | 112170 |
| Financial Services - 0.2% |  |  |
| Yuanta Financial Holding Co Ltd  | 17000 | 19869 |
| Insurance - 0.9% |  |  |
| Cathay Financial Holding Co Ltd  | 10000 | 21493 |
| Fubon Financial Holding Co Ltd  | 26000 | 77682 |
|  |  | 99175 |
| TOTAL FINANCIALS |  | 231214 |
| Industrials - 0.6% |  |  |
| Marine Transportation - 0.6% |  |  |
| Evergreen Marine Corp Taiwan Ltd  | 9000 | 61296 |
| Passenger Airlines - 0.0% |  |  |
| China Airlines Ltd  | 4000 | 2957 |
| TOTAL INDUSTRIALS |  | 64253 |
| Information Technology - 14.9% |  |  |
| Electronic Equipment, Instruments & Components - 1.4% |  |  |
| Delta Electronics Inc  | 8000 | 113077 |
| Hon Hai Precision Industry Co Ltd  | 8000 | 44081 |
|  |  | 157158 |
| Semiconductors & Semiconductor Equipment - 12.8% |  |  |
| ASE Technology Holding Co Ltd  | 16000 | 80769 |
| MediaTek Inc  | 3000 | 128341 |
| Realtek Semiconductor Corp  | 5000 | 97026 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 31000 | 1124611 |
|  |  | 1430747 |
| Technology Hardware, Storage & Peripherals - 0.7% |  |  |
| Asustek Computer Inc  | 2000 | 44081 |
| Compal Electronics Inc  | 36000 | 35730 |
|  |  | 79811 |
| TOTAL INFORMATION TECHNOLOGY |  | 1667716 |
| Materials - 0.7% |  |  |
| Construction Materials - 0.7% |  |  |
| Asia Cement Corp  | 44000 | 64226 |
| TCC Group Holdings Co Ltd  | 17000 | 14836 |
|  |  | 79062 |
| TOTAL TAIWAN |  | 2127347 |
| THAILAND - 1.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Advanced Info Service PCL depository receipt  | 300 | 2570 |
| Consumer Staples - 0.6% |  |  |
| Food Products - 0.6% |  |  |
| Charoen Pokphand Foods PCL depository receipt  | 97800 | 69309 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| PTT PCL depository receipt  | 20300 | 18764 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Krung Thai Bank PCL depository receipt  | 33100 | 21723 |
| TOTAL THAILAND |  | 112366 |
| TURKEY - 0.5%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Turkiye Is Bankasi AS Class C  | 102815 | 34472 |
| Industrials - 0.2% |  |  |
| Passenger Airlines - 0.2% |  |  |
| Turk Hava Yollari AO  | 2774 | 19750 |
| TOTAL TURKEY |  | 54222 |
| UNITED ARAB EMIRATES - 1.6%  |  |  |
| Real Estate - 1.6% |  |  |
| Real Estate Management & Development - 1.6% |  |  |
| Aldar Properties PJSC  | 32000 | 77722 |
| Emaar Properties PJSC  | 27961 | 103542 |
| TOTAL UNITED ARAB EMIRATES |  | 181264 |
| UNITED STATES - 0.7%  |  |  |
| Consumer Staples - 0.7% |  |  |
| Food Products - 0.7% |  |  |
| JBS NV Class A  | 5050 | 73781 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $9,676,060) |  | <br> **11083004** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 7/10/2025 (f)<br>(Cost $19,978)<br>| 4.26 | 20000 | **19979** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 $70,825)<br>| 4.32 | 70811 | **70825** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.6%**<br> (Cost $9,766,863)<br>| <br>**11173808** |
| **NET OTHER ASSETS (LIABILITIES) - 0.4%**  | **44048** |
| **NET ASSETS - 100.0%** | **11217856** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI Emerging Markets Index Contracts (United States) | 1 | Sep 2025 | 61675 | 900 | 900 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% |

---

**Legend**

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

(b) Non-income producing

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $808,964 or 7.2% of net assets.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,302,458 or 11.6% of net assets.

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $19,979.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | - | 9116187 | 9045362 | 3805 | - | - | 70825 | 70811 | 0.0% |
| Total | - | 9116187 | 9045362 | 3805 | - | - | 70825 |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 961565 | 961565 | - | - |
| Consumer Discretionary | 1734845 | 1734845 | - | - |
| Consumer Staples | 601685 | 601685 | - | - |
| Energy | 356249 | 356249 | - | - |
| Financials | 2437572 | 2437572 | - | - |
| Health Care | 490022 | 490022 | - | - |
| Industrials | 963741 | 963741 | - | - |
| Information Technology | 2740662 | 2740662 | - | - |
| Materials | 292801 | 292801 | - | - |
| Real Estate | 217152 | 217152 | - | - |
| Utilities | 286710 | 286710 | - | - |
|  **U.S. Treasury Obligations** | 19979 | - | 19979 | - |
|  **Money Market Funds** | 70825 | 70825 | - | - |
| **Total Investments in Securities:** | 11173808 | 11153829 | 19979 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 900 | 900 | - | - |
| Total Assets | 900 | 900 | - | - |
| **Total Derivative Instruments:** | 900 | 900 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 900 | 0 |
| **Total Equity Risk**  | 900 | 0 |
| **Total Value of Derivatives** | 900 | 0 |

---

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

**Fidelity® Enhanced Emerging Markets ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $9,696,038) | $11102983 |  |
| Fidelity Central Funds (cost $70,825) | 70825 |  |
| Total Investment in Securities (cost $9,766,863) |  | $11173808 |
| Cash |  | 3288 |
| Foreign currency held at value (cost $2,940) |  | 2943 |
| Dividends receivable |  | 40784 |
| Distributions receivable from Fidelity Central Funds |  | 402 |
| Receivable for daily variation margin on futures contracts |  | 120 |
| **Total assets** |  | 11221345 |
| **Liabilities** |  |  |
| Accrued management fee | $3489 |  |
| **Total liabilities** |  | 3489 |
| **Net Assets**  |  | $11217856 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $10130986 |
| Total accumulated earnings (loss) |  | 1086870 |
| **Net Assets** |  | $11217856 |
| **Net Asset Value**, offering price and redemption price per share ($11,217,856 ÷ 400,000 shares) |  | $28.04 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **For the period November 19, 2024 (commencement of operations) through June 30, 2025**  | <br> **For the period November 19, 2024 (commencement of operations) through June 30, 2025**  | <br> **For the period November 19, 2024 (commencement of operations) through June 30, 2025**  |
| **Investment Income** |  |  |
| Dividends  |  | $186883 |
| Interest  |  | 812 |
| Income from Fidelity Central Funds  |  | 3805 |
| **Total income** |  | 191500 |
| **Expenses** |  |  |
| Management fee | $24081 |  |
| Independent trustees' fees and expenses | 20 |  |
| Total expenses before reductions | 24101 |  |
| Expense reductions | (211) |  |
| Total expenses after reductions |  | 23890 |
| **Net Investment income (loss)** |  | 167610 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (248365) |  |
| Redemptions in-kind | 21159 |  |
| Foreign currency transactions | 722 |  |
| Futures contracts | (70531) |  |
| Total net realized gain (loss) |  | (297015) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1406945 |  |
| Assets and liabilities in foreign currencies | 390 |  |
| Futures contracts | 900 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1408235 |
| **Net gain (loss)** |  | 1111220 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1278830 |

---

---

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

---

**Financial Highlights** 

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

---

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

---

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

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

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

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

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

F*Based on net asset value.*

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

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

I*Annualized.*

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

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

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

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF GUERNSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Super Group SGHC Ltd  | 256 | 2808 |
| BRAZIL - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| XP Inc Class A  | 154 | 3111 |
| CANADA - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Aurinia Pharmaceuticals Inc (a) | 313 | 2651 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Real Brokerage Inc/The (a) | 590 | 2661 |
| TOTAL CANADA |  | 5312 |
| IRELAND - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Cimpress PLC (a) | 57 | 2679 |
| KOREA (SOUTH) - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Coupang Inc Class A (a) | 504 | 15100 |
| MONACO - 0.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Scorpio Tankers Inc  | 42 | 1643 |
| Industrials - 0.1% |  |  |
| Marine Transportation - 0.1% |  |  |
| Costamare Inc  | 250 | 2278 |
| TOTAL MONACO |  | 3921 |
| UNITED KINGDOM - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| TechnipFMC PLC  | 184 | 6337 |
| UNITED STATES - 99.1%  |  |  |
| Communication Services - 10.8% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| AT&T Inc  | 1762 | 50993 |
| Bandwidth Inc Class A (a) | 181 | 2878 |
| IDT Corp Class B  | 39 | 2664 |
|  |  | 56535 |
| Entertainment - 4.3% |  |  |
| Electronic Arts Inc  | 114 | 18206 |
| Netflix Inc (a) | 65 | 87044 |
| Playtika Holding Corp  | 458 | 2166 |
| ROBLOX Corp Class A (a) | 247 | 25984 |
| Spotify Technology SA (a) | 47 | 36065 |
| Walt Disney Co/The  | 457 | 56673 |
|  |  | 226138 |
| Interactive Media & Services - 4.6% |  |  |
| Alphabet Inc Class A  | 511 | 90054 |
| Alphabet Inc Class C  | 235 | 41686 |
| Meta Platforms Inc Class A  | 141 | 104071 |
| Vimeo Inc Class A (a) | 527 | 2129 |
| Yelp Inc Class A (a) | 72 | 2467 |
|  |  | 240407 |
| Media - 0.7% |  |  |
| Comcast Corp Class A  | 944 | 33692 |
| New York Times Co/The Class A  | 40 | 2239 |
|  |  | 35931 |
| Wireless Telecommunication Services - 0.1% |  |  |
| T-Mobile US Inc  | 33 | 7862 |
| TOTAL COMMUNICATION SERVICES |  | 566873 |
| Consumer Discretionary - 11.3% |  |  |
| Automobile Components - 0.1% |  |  |
| American Axle & Manufacturing Holdings Inc (a) | 577 | 2354 |
| Phinia Inc  | 60 | 2669 |
|  |  | 5023 |
| Automobiles - 1.6% |  |  |
| Ford Motor Co  | 1712 | 18575 |
| General Motors Co  | 423 | 20816 |
| Tesla Inc (a) | 146 | 46378 |
|  |  | 85769 |
| Broadline Retail - 2.8% |  |  |
| Amazon.com Inc (a) | 673 | 147649 |
| Diversified Consumer Services - 0.4% |  |  |
| Adtalem Global Education Inc (a) | 22 | 2799 |
| Coursera Inc (a) | 276 | 2418 |
| Duolingo Inc Class A (a) | 16 | 6560 |
| Frontdoor Inc (a) | 51 | 3006 |
| Strategic Education Inc  | 31 | 2639 |
| Universal Technical Institute Inc (a) | 75 | 2542 |
|  |  | 19964 |
| Hotels, Restaurants & Leisure - 1.9% |  |  |
| Airbnb Inc Class A (a) | 36 | 4764 |
| BJ's Restaurants Inc (a) | 58 | 2587 |
| Booking Holdings Inc  | 2 | 11578 |
| Brinker International Inc (a) | 19 | 3426 |
| Carnival Corp (a) | 432 | 12148 |
| DoorDash Inc Class A (a) | 154 | 37963 |
| Expedia Group Inc Class A  | 54 | 9109 |
| Global Business Travel Group I Class A (a) | 420 | 2646 |
| International Game Technology PLC  | 135 | 2134 |
| Life Time Group Holdings Inc (a) | 93 | 2821 |
| Light & Wonder Inc Class A (a) | 17 | 1636 |
| Monarch Casino & Resort Inc  | 28 | 2420 |
| PlayAGS Inc (a) | 197 | 2461 |
| Rush Street Interactive Inc Class A (a) | 191 | 2846 |
| Wendy's Co/The  | 230 | 2627 |
|  |  | 101166 |
| Household Durables - 0.5% |  |  |
| Cavco Industries Inc (a) | 5 | 2171 |
| Cricut Inc Class A  | 402 | 2722 |
| Garmin Ltd  | 29 | 6053 |
| M/I Homes Inc (a) | 24 | 2691 |
| Meritage Homes Corp  | 42 | 2813 |
| Sonos Inc (a) | 237 | 2562 |
| Taylor Morrison Home Corp (a) | 40 | 2457 |
| Toll Brothers Inc  | 43 | 4908 |
|  |  | 26377 |
| Leisure Products - 0.1% |  |  |
| Hasbro Inc  | 45 | 3322 |
| Peloton Interactive Inc Class A (a) | 367 | 2547 |
|  |  | 5869 |
| Specialty Retail - 3.8% |  |  |
| Abercrombie & Fitch Co Class A (a) | 38 | 3148 |
| AutoNation Inc (a) | 16 | 3178 |
| Bath & Body Works Inc  | 97 | 2906 |
| Best Buy Co Inc  | 85 | 5706 |
| Buckle Inc/The  | 60 | 2721 |
| CarMax Inc (a) | 68 | 4570 |
| Carvana Co Class A (a) | 47 | 15837 |
| Chewy Inc Class A (a) | 92 | 3921 |
| Five Below Inc (a) | 25 | 3280 |
| Gap Inc/The  | 138 | 3010 |
| Home Depot Inc/The  | 180 | 65996 |
| Lithia Motors Inc Class A  | 11 | 3716 |
| ODP Corp/The (a) | 147 | 2665 |
| Petco Health & Wellness Co Inc Class A (a) | 920 | 2604 |
| Sally Beauty Holdings Inc (a) | 285 | 2639 |
| Signet Jewelers Ltd  | 34 | 2705 |
| Stitch Fix Inc Class A (a) | 567 | 2098 |
| ThredUp Inc Class A (a) | 366 | 2741 |
| TJX Cos Inc/The  | 340 | 41987 |
| Ulta Beauty Inc (a) | 20 | 9356 |
| Upbound Group Inc  | 112 | 2811 |
| Urban Outfitters Inc (a) | 39 | 2829 |
| Williams-Sonoma Inc  | 21 | 3431 |
|  |  | 193855 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Tapestry Inc  | 73 | 6410 |
| TOTAL CONSUMER DISCRETIONARY |  | 592082 |
| Consumer Staples - 3.0% |  |  |
| Beverages - 0.7% |  |  |
| Boston Beer Co Inc/The Class A (a) | 10 | 1908 |
| Coca-Cola Consolidated Inc  | 27 | 3015 |
| Keurig Dr Pepper Inc  | 70 | 2314 |
| MGP Ingredients Inc  | 19 | 569 |
| Molson Coors Beverage Co Class B  | 10 | 481 |
| PepsiCo Inc  | 220 | 29049 |
|  |  | 37336 |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| BJ's Wholesale Club Holdings Inc (a) | 53 | 5715 |
| Costco Wholesale Corp  | 4 | 3960 |
| Natural Grocers by Vitamin Cottage Inc  | 47 | 1844 |
| United Natural Foods Inc (a) | 90 | 2098 |
| US Foods Holding Corp (a) | 94 | 7239 |
| Village Super Market Inc Class A  | 66 | 2541 |
| Walmart Inc  | 719 | 70304 |
|  |  | 93701 |
| Food Products - 0.3% |  |  |
| Cal-Maine Foods Inc  | 30 | 2989 |
| Fresh Del Monte Produce Inc  | 71 | 2302 |
| Hain Celestial Group Inc (a) | 1492 | 2267 |
| Tyson Foods Inc Class A  | 122 | 6825 |
| Utz Brands Inc Class A  | 200 | 2510 |
|  |  | 16893 |
| Household Products - 0.1% |  |  |
| Kimberly-Clark Corp  | 6 | 774 |
| Procter & Gamble Co/The  | 23 | 3664 |
|  |  | 4438 |
| Personal Care Products - 0.1% |  |  |
| Honest Co Inc/The (a) | 476 | 2423 |
| Nature's Sunshine Products Inc (a) | 170 | 2514 |
|  |  | 4937 |
| TOTAL CONSUMER STAPLES |  | 157305 |
| Energy - 2.8% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Natural Gas Services Group Inc (a) | 99 | 2555 |
| Oil States International Inc (a) | 472 | 2530 |
| Ranger Energy Services Inc Class A  | 166 | 1982 |
|  |  | 7067 |
| Oil, Gas & Consumable Fuels - 2.7% |  |  |
| Antero Midstream Corp  | 169 | 3203 |
| Cheniere Energy Inc  | 97 | 23621 |
| Devon Energy Corp  | 270 | 8589 |
| EOG Resources Inc  | 88 | 10526 |
| Excelerate Energy Inc Class A  | 90 | 2639 |
| Exxon Mobil Corp  | 70 | 7546 |
| HF Sinclair Corp  | 76 | 3122 |
| Kinder Morgan Inc  | 645 | 18963 |
| Kinetik Holdings Inc Class A  | 57 | 2510 |
| Marathon Petroleum Corp  | 136 | 22591 |
| Targa Resources Corp  | 21 | 3656 |
| Williams Cos Inc/The  | 532 | 33415 |
|  |  | 140381 |
| TOTAL ENERGY |  | 147448 |
| Financials - 14.0% |  |  |
| Banks - 1.1% |  |  |
| Byline Bancorp Inc  | 100 | 2673 |
| Central Pacific Financial Corp  | 96 | 2691 |
| Community Trust Bancorp Inc  | 48 | 2540 |
| JPMorgan Chase & Co  | 117 | 33919 |
| Northwest Bancshares Inc  | 217 | 2773 |
| Old Second Bancorp Inc  | 147 | 2608 |
| SmartFinancial Inc  | 76 | 2567 |
| Third Coast Bancshares Inc (a) | 77 | 2516 |
| TrustCo Bank Corp NY  | 80 | 2674 |
| WesBanco Inc  | 82 | 2594 |
|  |  | 57555 |
| Capital Markets - 5.5% |  |  |
| Acadian Asset Management Inc  | 78 | 2749 |
| Bank of New York Mellon Corp/The  | 314 | 28609 |
| Cboe Global Markets Inc  | 45 | 10494 |
| Charles Schwab Corp/The  | 537 | 48996 |
| CME Group Inc Class A  | 148 | 40792 |
| Goldman Sachs Group Inc/The  | 79 | 55913 |
| Janus Henderson Group PLC  | 64 | 2486 |
| Morgan Stanley  | 330 | 46484 |
| Morningstar Inc  | 10 | 3139 |
| MSCI Inc  | 33 | 19032 |
| Piper Sandler Cos  | 11 | 3057 |
| SEI Investments Co  | 40 | 3594 |
| State Street Corp  | 128 | 13612 |
| Tradeweb Markets Inc Class A  | 50 | 7320 |
| WisdomTree Inc  | 244 | 2808 |
|  |  | 289085 |
| Consumer Finance - 1.0% |  |  |
| Capital One Financial Corp  | 172 | 36595 |
| Dave Inc Class A (a) | 12 | 3221 |
| Encore Capital Group Inc (a) | 62 | 2400 |
| Green Dot Corp Class A (a) | 249 | 2684 |
| Lendingtree Inc (a) | 65 | 2410 |
| NerdWallet Inc Class A (a) | 217 | 2380 |
| PROG Holdings Inc  | 89 | 2612 |
|  |  | 52302 |
| Financial Services - 4.1% |  |  |
| Alerus Financial Corp  | 123 | 2662 |
| Berkshire Hathaway Inc Class B (a) | 92 | 44691 |
| Compass Diversified Holdings  | 380 | 2386 |
| Euronet Worldwide Inc (a) | 26 | 2636 |
| Federal Agricultural Mortgage Corp Class C  | 13 | 2526 |
| Fiserv Inc (a) | 196 | 33792 |
| Flywire Corp (a) | 233 | 2726 |
| Global Payments Inc  | 110 | 8804 |
| Mastercard Inc Class A  | 106 | 59566 |
| NMI Holdings Inc (a) | 72 | 3038 |
| PayPal Holdings Inc (a) | 426 | 31660 |
| Velocity Financial Inc (a) | 134 | 2484 |
| Visa Inc Class A  | 57 | 20238 |
|  |  | 217209 |
| Insurance - 2.1% |  |  |
| Allstate Corp/The  | 114 | 22949 |
| Cincinnati Financial Corp  | 56 | 8340 |
| Donegal Group Inc Class A  | 124 | 2483 |
| Globe Life Inc  | 36 | 4474 |
| HCI Group Inc  | 17 | 2587 |
| Horace Mann Educators Corp  | 60 | 2578 |
| Kemper Corp  | 44 | 2840 |
| Markel Group Inc (a) | 5 | 9987 |
| Progressive Corp/The  | 175 | 46701 |
| Selective Insurance Group Inc  | 18 | 1560 |
| Selectquote Inc (a) | 961 | 2287 |
| United Fire Group Inc  | 90 | 2583 |
| Universal Insurance Holdings Inc  | 90 | 2496 |
|  |  | 111865 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.2% |  |  |
| Angel Oak Mortgage REIT Inc  | 76 | 715 |
| Kkr Real Estate Finance Trust Inc  | 266 | 2333 |
| New York Mortgage Trust Inc  | 382 | 2559 |
| Rithm Capital Corp  | 275 | 3105 |
|  |  | 8712 |
| TOTAL FINANCIALS |  | 736728 |
| Health Care - 11.4% |  |  |
| Biotechnology - 3.3% |  |  |
| AbbVie Inc  | 336 | 62368 |
| ACADIA Pharmaceuticals Inc (a) | 125 | 2696 |
| Akebia Therapeutics Inc (a) | 657 | 2391 |
| Alkermes PLC (a) | 100 | 2861 |
| BioCryst Pharmaceuticals Inc (a) | 247 | 2213 |
| Biogen Inc (a) | 64 | 8038 |
| BioMarin Pharmaceutical Inc (a) | 80 | 4398 |
| Black Diamond Therapeutics Inc (a) | 317 | 786 |
| Catalyst Pharmaceuticals Inc (a) | 117 | 2539 |
| Exact Sciences Corp (a) | 70 | 3720 |
| Exelixis Inc (a) | 120 | 5289 |
| Gilead Sciences Inc  | 425 | 47120 |
| Incyte Corp (a) | 68 | 4631 |
| Ironwood Pharmaceuticals Inc Class A (a) | 1405 | 1008 |
| MiMedx Group Inc (a) | 61 | 372 |
| Myriad Genetics Inc (a) | 180 | 956 |
| Natera Inc (a) | 50 | 8447 |
| PTC Therapeutics Inc (a) | 59 | 2882 |
| Puma Biotechnology Inc (a) | 717 | 2459 |
| United Therapeutics Corp (a) | 19 | 5460 |
|  |  | 170634 |
| Health Care Equipment & Supplies - 0.8% |  |  |
| Becton Dickinson & Co  | 125 | 21531 |
| Boston Scientific Corp (a) | 9 | 967 |
| Insulet Corp (a) | 31 | 9740 |
| LivaNova PLC (a) | 62 | 2791 |
| Omnicell Inc (a) | 70 | 2058 |
| Orthofix Medical Inc (a) | 145 | 1617 |
| Surmodics Inc (a) | 83 | 2466 |
| Tactile Systems Technology Inc (a) | 139 | 1409 |
|  |  | 42579 |
| Health Care Providers & Services - 3.1% |  |  |
| Alignment Healthcare Inc (a) | 130 | 1820 |
| Aveanna Healthcare Holdings Inc (a) | 520 | 2720 |
| Cardinal Health Inc  | 107 | 17976 |
| Centene Corp (a) | 219 | 11887 |
| CVS Health Corp  | 549 | 37870 |
| Elevance Health Inc  | 92 | 35784 |
| Enhabit Inc (a) | 35 | 337 |
| GeneDx Holdings Corp Class A (a) | 30 | 2769 |
| Humana Inc  | 53 | 12957 |
| Labcorp Holdings Inc  | 10 | 2625 |
| Option Care Health Inc (a) | 93 | 3021 |
| Pediatrix Medical Group Inc (a) | 176 | 2526 |
| Privia Health Group Inc (a) | 128 | 2944 |
| Talkspace Inc Class A (a) | 673 | 1871 |
| UnitedHealth Group Inc  | 75 | 23398 |
|  |  | 160505 |
| Health Care Technology - 0.5% |  |  |
| Doximity Inc Class A (a) | 58 | 3558 |
| HealthStream Inc  | 93 | 2572 |
| Phreesia Inc (a) | 99 | 2818 |
| Veeva Systems Inc Class A (a) | 65 | 18719 |
|  |  | 27667 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Niagen Bioscience Inc (a) | 184 | 2651 |
| Pharmaceuticals - 3.7% |  |  |
| Amneal Intermediate Inc Class A (a) | 304 | 2459 |
| Bristol-Myers Squibb Co  | 893 | 41337 |
| Eli Lilly & Co  | 26 | 20268 |
| Jazz Pharmaceuticals PLC (a) | 28 | 2971 |
| Johnson & Johnson  | 116 | 17719 |
| Merck & Co Inc  | 645 | 51059 |
| Pfizer Inc  | 1834 | 44457 |
| Phibro Animal Health Corp Class A  | 106 | 2707 |
| Supernus Pharmaceuticals Inc (a) | 83 | 2616 |
| Viatris Inc  | 520 | 4644 |
| Xeris Biopharma Holdings Inc (a) | 545 | 2545 |
|  |  | 192782 |
| TOTAL HEALTH CARE |  | 596818 |
| Industrials - 10.3% |  |  |
| Aerospace & Defense - 2.3% |  |  |
| Astronics Corp (a) | 81 | 2712 |
| Axon Enterprise Inc (a) | 32 | 26494 |
| Curtiss-Wright Corp  | 16 | 7817 |
| Ducommun Inc (a) | 32 | 2644 |
| HEICO Corp  | 8 | 2624 |
| Howmet Aerospace Inc  | 176 | 32759 |
| Lockheed Martin Corp  | 87 | 40293 |
| V2X Inc (a) | 58 | 2816 |
|  |  | 118159 |
| Air Freight & Logistics - 0.0% |  |  |
| Radiant Logistics Inc (a) | 425 | 2584 |
| Building Products - 1.8% |  |  |
| Allegion plc  | 38 | 5477 |
| Apogee Enterprises Inc  | 50 | 2029 |
| Armstrong World Industries Inc  | 19 | 3086 |
| Gibraltar Industries Inc (a) | 44 | 2596 |
| Griffon Corp  | 37 | 2678 |
| Johnson Controls International plc  | 288 | 30419 |
| Resideo Technologies Inc (a) | 132 | 2912 |
| Trane Technologies PLC  | 98 | 42866 |
|  |  | 92063 |
| Commercial Services & Supplies - 1.3% |  |  |
| ABM Industries Inc  | 49 | 2313 |
| BrightView Holdings Inc (a) | 169 | 2814 |
| Cintas Corp  | 152 | 33877 |
| CoreCivic Inc (a) | 112 | 2360 |
| Healthcare Services Group Inc (a) | 175 | 2630 |
| Interface Inc  | 125 | 2616 |
| Republic Services Inc  | 90 | 22195 |
|  |  | 68805 |
| Construction & Engineering - 0.7% |  |  |
| AECOM  | 56 | 6320 |
| Argan Inc  | 11 | 2425 |
| Comfort Systems USA Inc  | 15 | 8043 |
| EMCOR Group Inc  | 19 | 10163 |
| MYR Group Inc (a) | 17 | 3085 |
| Sterling Infrastructure Inc (a) | 9 | 2077 |
| Tutor Perini Corp (a) | 63 | 2947 |
| Valmont Industries Inc  | 9 | 2939 |
|  |  | 37999 |
| Electrical Equipment - 1.1% |  |  |
| Acuity Inc  | 13 | 3878 |
| Allient Inc  | 80 | 2905 |
| AMETEK Inc  | 101 | 18278 |
| Atkore Inc  | 41 | 2893 |
| EnerSys  | 33 | 2830 |
| LSI Industries Inc  | 139 | 2364 |
| nVent Electric PLC  | 72 | 5274 |
| Rockwell Automation Inc  | 49 | 16276 |
| Sensata Technologies Holding PLC  | 102 | 3071 |
|  |  | 57769 |
| Ground Transportation - 1.1% |  |  |
| Lyft Inc Class A (a) | 196 | 3088 |
| Uber Technologies Inc (a) | 565 | 52715 |
|  |  | 55803 |
| Machinery - 0.5% |  |  |
| Astec Industries Inc  | 60 | 2501 |
| ESCO Technologies Inc  | 17 | 3262 |
| Flowserve Corp  | 61 | 3193 |
| Gates Industrial Corp PLC (a) | 141 | 3247 |
| Hillman Solutions Corp Class A (a) | 248 | 1770 |
| Hyster-Yale Inc Class A  | 60 | 2387 |
| Proto Labs Inc (a) | 64 | 2563 |
| Shyft Group Inc/The  | 214 | 2684 |
| SPX Technologies Inc (a) | 20 | 3354 |
| Worthington Enterprises Inc  | 44 | 2800 |
|  |  | 27761 |
| Marine Transportation - 0.0% |  |  |
| Matson Inc  | 6 | 668 |
| Passenger Airlines - 0.0% |  |  |
| SkyWest Inc (a) | 29 | 2986 |
| Professional Services - 0.8% |  |  |
| Amentum Holdings Inc  | 60 | 1416 |
| Booz Allen Hamilton Holding Corp Class A  | 56 | 5831 |
| Heidrick & Struggles International Inc  | 60 | 2746 |
| IBEX Holdings Ltd (a) | 88 | 2561 |
| Legalzoom.com Inc (a) | 280 | 2495 |
| Leidos Holdings Inc  | 56 | 8835 |
| Maximus Inc  | 32 | 2246 |
| Paylocity Holding Corp (a) | 19 | 3443 |
| SS&C Technologies Holdings Inc  | 94 | 7783 |
| Willdan Group Inc (a) | 45 | 2813 |
|  |  | 40169 |
| Trading Companies & Distributors - 0.7% |  |  |
| DNOW Inc (a) | 146 | 2164 |
| DXP Enterprises Inc/TX (a) | 30 | 2630 |
| Global Industrial Co  | 95 | 2566 |
| Karat Packaging Inc  | 79 | 2225 |
| McGrath RentCorp  | 24 | 2783 |
| MSC Industrial Direct Co Inc Class A  | 35 | 2976 |
| Rush Enterprises Inc Class A  | 30 | 1545 |
| Rush Enterprises Inc Class B  | 25 | 1312 |
| WW Grainger Inc  | 19 | 19765 |
|  |  | 37966 |
| TOTAL INDUSTRIALS |  | 542732 |
| Information Technology - 30.7% |  |  |
| Communications Equipment - 0.7% |  |  |
| Extreme Networks Inc (a) | 166 | 2980 |
| Motorola Solutions Inc  | 72 | 30273 |
| NetScout Systems Inc (a) | 109 | 2704 |
| Ribbon Communications Inc (a) | 657 | 2635 |
|  |  | 38592 |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Arlo Technologies Inc (a) | 159 | 2697 |
| Itron Inc (a) | 23 | 3027 |
| Plexus Corp (a) | 16 | 2165 |
|  |  | 7889 |
| IT Services - 0.5% |  |  |
| Backblaze Inc Class A (a) | 44 | 241 |
| BigCommerce Holdings Inc (a) | 507 | 2535 |
| Gartner Inc (a) | 3 | 1213 |
| GoDaddy Inc Class A (a) | 61 | 10984 |
| Kyndryl Holdings Inc (a) | 104 | 4364 |
| Twilio Inc Class A (a) | 62 | 7710 |
|  |  | 27047 |
| Semiconductors & Semiconductor Equipment - 14.2% |  |  |
| ACM Research Inc Class A (a) | 103 | 2668 |
| Advanced Micro Devices Inc (a) | 394 | 55909 |
| Ambarella Inc (a) | 44 | 2907 |
| Analog Devices Inc  | 8 | 1904 |
| Applied Materials Inc  | 269 | 49246 |
| Axcelis Technologies Inc (a) | 28 | 1951 |
| Broadcom Inc  | 539 | 148575 |
| Cirrus Logic Inc (a) | 29 | 3023 |
| Credo Technology Group Holding Ltd (a) | 62 | 5741 |
| KLA Corp  | 51 | 45683 |
| MACOM Technology Solutions Holdings Inc (a) | 26 | 3726 |
| Marvell Technology Inc  | 37 | 2864 |
| NVIDIA Corp  | 2285 | 361007 |
| Onto Innovation Inc (a) | 16 | 1615 |
| PDF Solutions Inc (a) | 124 | 2651 |
| QUALCOMM Inc  | 316 | 50326 |
|  |  | 739796 |
| Software - 10.6% |  |  |
| 8x8 Inc (a) | 1243 | 2436 |
| ACI Worldwide Inc (a) | 59 | 2709 |
| Adobe Inc (a) | 125 | 48360 |
| Alarm.com Holdings Inc (a) | 44 | 2489 |
| Asana Inc Class A (a) | 151 | 2039 |
| Clear Secure Inc Class A  | 90 | 2498 |
| Commvault Systems Inc (a) | 19 | 3312 |
| Domo Inc Class B (a) | 176 | 2459 |
| Fortinet Inc (a) | 264 | 27910 |
| HubSpot Inc (a) | 1 | 557 |
| Intapp Inc (a) | 48 | 2478 |
| Kaltura Inc (a) | 1074 | 2159 |
| LiveRamp Holdings Inc (a) | 81 | 2676 |
| Microsoft Corp  | 578 | 287503 |
| OneSpan Inc  | 154 | 2570 |
| Ooma Inc (a) | 206 | 2657 |
| PagerDuty Inc (a) | 162 | 2475 |
| PROS Holdings Inc (a) | 141 | 2208 |
| Q2 Holdings Inc (a) | 32 | 2995 |
| Red Violet Inc  | 51 | 2509 |
| Salesforce Inc  | 206 | 56174 |
| Servicenow Inc (a) | 48 | 49348 |
| Sprout Social Inc Class A (a) | 120 | 2509 |
| Synchronoss Technologies Inc (a) | 412 | 2822 |
| Tenable Holdings Inc (a) | 87 | 2939 |
| Teradata Corp (a) | 116 | 2588 |
| Weave Communications Inc (a) | 261 | 2172 |
| Workday Inc Class A (a) | 88 | 21120 |
| Xperi Inc (a) | 302 | 2389 |
| Yext Inc (a) | 294 | 2499 |
| Zoom Communications Inc Class A (a) | 113 | 8812 |
|  |  | 558371 |
| Technology Hardware, Storage & Peripherals - 4.5% |  |  |
| Apple Inc  | 1124 | 230611 |
| Diebold Nixdorf Inc (a) | 52 | 2881 |
| Immersion Corp  | 300 | 2364 |
|  |  | 235856 |
| TOTAL INFORMATION TECHNOLOGY |  | 1607551 |
| Materials - 2.9% |  |  |
| Chemicals - 1.3% |  |  |
| Balchem Corp  | 17 | 2706 |
| Corteva Inc  | 300 | 22359 |
| DuPont de Nemours Inc  | 34 | 2332 |
| Ecolab Inc  | 109 | 29369 |
| International Flavors & Fragrances Inc  | 112 | 8238 |
| Koppers Holdings Inc  | 81 | 2604 |
|  |  | 67608 |
| Construction Materials - 0.6% |  |  |
| CRH PLC  | 297 | 27265 |
| United States Lime & Minerals Inc  | 25 | 2495 |
|  |  | 29760 |
| Containers & Packaging - 0.1% |  |  |
| Amcor PLC  | 990 | 9098 |
| Metals & Mining - 0.9% |  |  |
| Coeur Mining Inc (a) | 348 | 3083 |
| Commercial Metals Co  | 62 | 3032 |
| Hecla Mining Co  | 479 | 2869 |
| Newmont Corp  | 488 | 28432 |
| Olympic Steel Inc  | 82 | 2672 |
| Royal Gold Inc  | 29 | 5158 |
| SunCoke Energy Inc  | 294 | 2525 |
|  |  | 47771 |
| TOTAL MATERIALS |  | 154237 |
| Real Estate - 1.6% |  |  |
| Health Care REITs - 0.4% |  |  |
| CareTrust REIT Inc  | 99 | 3029 |
| Healthpeak Properties Inc  | 304 | 5323 |
| Ventas Inc  | 182 | 11494 |
|  |  | 19846 |
| Real Estate Management & Development - 0.2% |  |  |
| Anywhere Real Estate Inc (a) | 547 | 1980 |
| Compass Inc Class A (a) | 345 | 2167 |
| Cushman & Wakefield PLC (a) | 259 | 2867 |
| RE/MAX Holdings Inc Class A (a) | 315 | 2577 |
|  |  | 9591 |
| Retail REITs - 0.1% |  |  |
| Brixmor Property Group Inc  | 128 | 3333 |
| CBL & Associates Properties Inc  | 82 | 2082 |
| Phillips Edison & Co Inc  | 78 | 2732 |
|  |  | 8147 |
| Specialized REITs - 0.9% |  |  |
| American Tower Corp  | 182 | 40226 |
| Equinix Inc  | 8 | 6363 |
|  |  | 46589 |
| TOTAL REAL ESTATE |  | 84173 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.0% |  |  |
| PG&E Corp  | 19 | 264 |
| Gas Utilities - 0.1% |  |  |
| MDU Resources Group Inc  | 156 | 2600 |
| Southwest Gas Holdings Inc  | 40 | 2976 |
|  |  | 5576 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| AES Corp/The  | 304 | 3198 |
| Multi-Utilities - 0.1% |  |  |
| Avista Corp  | 34 | 1290 |
| Black Hills Corp  | 38 | 2132 |
| Unitil Corp  | 10 | 522 |
|  |  | 3944 |
| Water Utilities - 0.1% |  |  |
| Consolidated Water Co Ltd  | 59 | 1771 |
| H2O America  | 45 | 2339 |
|  |  | 4110 |
| TOTAL UTILITIES |  | 17092 |
| TOTAL UNITED STATES |  | 5203039 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,881,981) |  | <br> **5242307** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $4,881,981)<br>| <br>**5242307** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **7568** |
| **NET ASSETS - 100.0%** | **5249875** |

---

**Legend**

(a) Non-income producing

**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 | - | 142344 | 142344 | 520 | - | - | - | - | 0.0% |
| Total | - | 142344 | 142344 | 520 | - | - | - |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 566873 | 566873 | - | - |
| Consumer Discretionary | 609990 | 609990 | - | - |
| Consumer Staples | 157305 | 157305 | - | - |
| Energy | 155428 | 155428 | - | - |
| Financials | 739839 | 739839 | - | - |
| Health Care | 599469 | 599469 | - | - |
| Industrials | 547689 | 547689 | - | - |
| Information Technology | 1607551 | 1607551 | - | - |
| Materials | 154237 | 154237 | - | - |
| Real Estate | 86834 | 86834 | - | - |
| Utilities | 17092 | 17092 | - | - |
| **Total Investments in Securities:** | 5242307 | 5242307 | - | - |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $4,881,981)<br>|  | $5242307 |
| Cash |  | 13899 |
| Receivable for investments sold |  | 273 |
| Dividends receivable |  | 2391 |
| Distributions receivable from Fidelity Central Funds |  | 40 |
| **Total assets** |  | 5258910 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $8272 |  |
| Accrued management fee | 763 |  |
| **Total liabilities** |  | 9035 |
| **Net Assets**  |  | $5249875 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4992949 |
| Total accumulated earnings (loss) |  | 256926 |
| **Net Assets** |  | $5249875 |
| **Net Asset Value**, offering price and redemption price per share ($5,249,875 ÷ 200,000 shares) |  | $26.25 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **For the period November 19, 2024 (commencement of operations) through June 30, 2025**  | <br> **For the period November 19, 2024 (commencement of operations) through June 30, 2025**  | <br> **For the period November 19, 2024 (commencement of operations) through June 30, 2025**  |
| **Investment Income** |  |  |
| Dividends  |  | $36489 |
| Income from Fidelity Central Funds  |  | 520 |
| **Total income** |  | 37009 |
| **Expenses** |  |  |
| Management fee | $4835 |  |
| Independent trustees' fees and expenses | 8 |  |
| Total expenses before reductions | 4843 |  |
| Expense reductions | (214) |  |
| Total expenses after reductions |  | 4629 |
| **Net Investment income (loss)** |  | 32380 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (102730) |  |
| Total net realized gain (loss) |  | (102730) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 360326 |
| **Net gain (loss)** |  | 257596 |
| **Net increase (decrease) in net assets resulting from operations** |  | $289976 |

---

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **For the period November 19, 2024 (commencement of operations) through June 30, 2025**  |
| **Increase (Decrease) in Net Assets** |  |
| Operations |  |
| &nbsp;&nbsp;Net investment income (loss) | $32380 |
| &nbsp;&nbsp;Net realized gain (loss) | (102730)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 360326 |
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 289976<br>|
| Distributions to shareholders | (33050)<br>|
| Share transactions |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 4992949 |
| **Net increase (decrease) in net assets resulting from share transactions** | 4992949<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 5249875<br>|
| **Net Assets** |  |
| &nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;End of period | $5249875 |
| **Other Information** |  |
| Shares |  |
| &nbsp;&nbsp;Sold | 200000 |
| &nbsp;&nbsp;Net increase (decrease) | 200000 |

---

**Financial Highlights** 

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

---

| | |
|:---|:---|
| **Years ended June 30,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $25.10 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .18  |
| Net realized and unrealized gain (loss)  | 1.15  |
| Total from investment operations  | 1.33  |
| Distributions from net investment income  | (.18)  |
| Total distributions  | (.18)  |
| Net asset value, end of period  | $26.25 |
| **Total Return** D,E,F | 5.34% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .18% I |
| Expenses net of fee waivers, if any  | .18% I<br>|
| Expenses net of all reductions, if any  | .17% I |
| Net investment income (loss)  | 1.21% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $5250 |
| Portfolio turnover rate J | 101% I,K<br>|

---

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

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

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

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

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

F*Based on net asset value.*

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

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

I*Annualized.*

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

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

**Notes to Financial Statements**

For the period ended June 30, 2025

**1. Organization.**

Fidelity Enhanced Emerging Markets ETF and Fidelity Enhanced U.S. All-Cap Equity ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. 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.

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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 prepayment speed assumptions, attributes of the collateral, 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 June 30, 2025 is included at the end of each Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business (normally 4:00 p.m. Eastern time) of the New York Stock Exchange, Archipelago Exchange (NYSE Arca) 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 included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of June 30, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Funds and is not distributed to shareholders of the Funds. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Enhanced Emerging Markets ETF**  | 9813034 | 1635811 | (275037) | 1360774 |
| **Fidelity Enhanced U.S. All-Cap Equity ETF**  | 4889044 | 536454 | (183191) | 353263 |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Fidelity Enhanced Emerging Markets ETF**  | 43774 | (318067) | 1361164 |
| **Fidelity Enhanced U.S. All-Cap Equity ETF**  | 448 | (96785) | 353263 |

---

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 fiscal period end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Enhanced Emerging Markets ETF**  | (276289) | (41778) | (318067) |
| **Fidelity Enhanced U.S. All-Cap Equity ETF**  | (96785) | - | (96785) |

---

The tax character of distributions paid was as follows:

---

| | |
|:---|:---|
| **June 30, 2025** |  |
|  | **Ordinary Income ($)** |
| **Fidelity Enhanced Emerging Markets ETF**  | 170800 |
| **Fidelity Enhanced U.S. All-Cap Equity ETF**  | 33050 |

---

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

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

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

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

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

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

---

| | |
|:---|:---|
|  | **Average Notional Amount ($)** |
| **Fidelity Enhanced Emerging Markets ETF** | 70229 |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Enhanced Emerging Markets ETF** | 12995262 | 2868335 |
| **Fidelity Enhanced U.S. All-Cap Equity ETF** | 2467670 | 2315986 |

---

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

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions ($)** | **In-Kind Redemptions ($)** |
| **Fidelity Enhanced Emerging Markets ETF** | - | 219397 |
| **Fidelity Enhanced U.S. All-Cap Equity ETF** | 4840684 | - |

---

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

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

---

| | |
|:---|:---|
|  | **Fee Rate** |
| **Fidelity Enhanced Emerging Markets ETF** | .38% |
| **Fidelity Enhanced U.S. All-Cap Equity ETF** | .18% |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Enhanced U.S. All-Cap Equity ETF** | 66 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Enhanced Emerging Markets ETF** | 273101 | 78900 | (5154) |
| **Fidelity Enhanced U.S. All-Cap Equity ETF** | 166887 | 23429 | (1303) |

---

**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 Enhanced Emerging Markets ETF**  | 211 |
| **Fidelity Enhanced U.S. All-Cap Equity ETF**  | 214 |

---

**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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Covington Trust and Shareholders of Fidelity Enhanced Emerging Markets ETF and Fidelity Enhanced U.S. All-Cap Equity ETF

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Enhanced Emerging Markets ETF and Fidelity Enhanced U.S. All-Cap Equity ETF (two of the funds constituting Fidelity Covington Trust, hereafter collectively referred to as the "Funds") as of June 30, 2025, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period November 19, 2024 (commencement of operations) through June 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, and the results of each of their operations, changes in each of their net assets, and each of the financial highlights for the period November 19, 2024 (commencement of operations) through June 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

August 12, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| **Fidelity Enhanced U.S. All-Cap Equity ETF** |  |
| **December 2024** | **83%** |
| **March 2025** | **97%** |
| **June 2025** | **97%** |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | |
|:---|:---|
| **Fidelity Enhanced Emerging Markets ETF** |  |
| **December 2024** | **48.99%** |
| **March 2025** | **34.55%** |
| **June 2025** | **34.55%** |
| **Fidelity Enhanced U.S. All-Cap Equity ETF** |  |
| **December 2024** | **88.28%** |
| **March 2025** | **100.00%** |
| **June 2025** | **100.00%** |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:

---

| | |
|:---|:---|
| **Fidelity Enhanced U.S. All-Cap Equity ETF** |  |
| **December 2024** | **11.73%** |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Fidelity Enhanced Emerging Markets ETF** | **$4170** |
| **Fidelity Enhanced U.S. All-Cap Equity ETF** | **$474** |

---

The funds will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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.

![](img110556_4.jpg)<br>

1.9916456.100 EMU-ANN-0825

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>Purchase 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 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 trust's 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) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT](ex99cert.htm) .

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906cert.htm)

SIGNATURES

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

Fidelity Covington Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; August 22, 2025 |

---

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; August 22, 2025 |

---

---

| | |
|:---|:---|
| &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; August 22, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date:

August 22, 2025

---

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

---

I, Stephanie Caron, certify that:

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

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

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

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

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

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

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

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

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

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

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

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

Date:

August 22, 2025

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

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## 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: August 22, 2025

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

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Dated: August 22, 2025

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

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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.

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