# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000945908-25-000560
**Filing Date:** 2025-9
**Character Count:** 795205
**Document Hash:** ece2d5fdc8f999933e19665d5af7c89e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000945908-25-000560.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0000945908-25-000560

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 118

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**EFFECTIVENESS DATE**: 20250922

**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:** 251329182

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

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

## Series and Classes Contracts Data

### Fidelity High Dividend ETF (Series ID: S000054749)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Fidelity Sustainable U.S. Equity ETF (Series ID: S000072126)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000227887 | Fidelity Sustainable U.S. Equity ETF | FSST            |

### Fidelity Women's Leadership ETF (Series ID: S000072127)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000227888 | Fidelity Women's Leadership ETF | FDWM            |

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

<u>Fidelity Covington Trust</u>

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (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>

---

| | |
|:---|:---|
| Date of fiscal year end: | July 31 |
| Date of reporting period: | July 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

This report on Form N-CSR relates solely to the Registrant's Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, Fidelity Dividend ETF for Rising Rates, Fidelity Fundamental Large Cap Core ETF, Fidelity Fundamental Large Cap Growth ETF, Fidelity Fundamental Large Cap Value ETF, Fidelity Fundamental Small-Mid Cap ETF, Fidelity High Dividend ETF, Fidelity Low Volatility Factor ETF, Fidelity Magellan ETF, Fidelity Momentum Factor ETF, Fidelity Quality Factor ETF, Fidelity Real Estate Investment ETF, Fidelity Small-Mid Multifactor ETF, Fidelity Stocks for Inflation ETF, Fidelity Sustainable U.S. Equity ETF, Fidelity U.S. Multifactor ETF, Fidelity Value Factor ETF, and Fidelity Women's Leadership ETF (the "Funds")

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Women's Leadership ETF<br> **Fidelity® Women's Leadership ETF : FDWM** <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® Women's Leadership ETF for the period August 1, 2024 to July 31, 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® Women's Leadership ETF  | $62  | 0.59% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, 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 MSCI USA Women's Leadership Index for the fiscal year, led by communication services, where our stock picks in media & entertainment helped most. Stock selection in industrials, primarily within the capital goods industry, and information technology, primarily within the semiconductors & semiconductor equipment industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Nvidia (+51%). The company was among our biggest holdings. A non-benchmark stake in GE Vernova gained about 270% and was the second-largest relative contributor. The stock was one of the fund's largest holdings at period end. An overweight in Microsoft (+29%) also helped. The stock was the fund's biggest holding at period end.

• In contrast, the biggest detractors from performance versus the benchmark were stock picking and an overweight in health care, primarily within the health care equipment & services industry. Also hurting our result were security selection and an underweight in utilities and stock picks and an overweight in materials.

• Not owning Cloudflare, a benchmark component that gained 168%, was the largest individual relative detractor. A second notable relative detractor was an overweight in Apple (-5%). The stock was the fund's biggest holding this period. Another notable relative detractor this period was avoiding Robinhood Markets, a benchmark component that gained roughly 144%.

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

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

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

**CUMULATIVE PERFORMANCE**

June 15, 2021 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fidelity® Women's Leadership ETF<br>| $10000 | $10253<br>| $8803<br>| $9945<br>| $11519<br>|
| MSCI USA Women's Leadership Index<br>| $10000 | $10293<br>| $8844<br>| $9658<br>| $10748<br>|
| Russell 3000® Index<br>| $10000 | $10297<br>| $9540<br>| $10746<br>| $13011<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111456_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** |
| Fidelity® Women's Leadership ETF - NAV A  | 10.47% | 6.01% |
| MSCI USA Women's Leadership IndexA | 6.62%<br>| 3.36% |
| Russell 3000® IndexA | 15.68%<br>| 10.41% |

---

**A** From June 15, 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4328646<br>|
| Number of Holdings | 87<br>|
| Total Advisory Fee | $25059<br>|
| Portfolio Turnover | 58%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 28.0 |
| Industrials | 13.8 |
| Consumer Discretionary | 13.6 |
| Financials | 13.1 |
| Health Care | 11.2 |
| Communication Services | 6.9 |
| Consumer Staples | 5.9 |
| Real Estate | 2.4 |
| Materials | 1.7 |
| Energy | 1.6 |
| 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)** |
| ![](img6416_20250731_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 | 97.9 |
| Canada | 1.0 |
| Ireland | 0.7 |
| Netherlands | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6416_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&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 | 7.2<br>|
| NVIDIA Corp | 7.0<br>|
| Apple Inc | 5.9<br>|
| Amazon.com Inc | 4.7<br>|
| Alphabet Inc Class C | 3.7<br>|
| JPMorgan Chase & Co | 2.2<br>|
| Eli Lilly & Co | 1.7<br>|
| GE Vernova Inc | 1.6<br>|
| Walt Disney Co/The | 1.5<br>|
| Alnylam Pharmaceuticals Inc | 1.5<br>|
|  | 37.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6416_20250731_2.jpg)<br>| ![](img111456_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> 1.9913572.101 6416-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Value Factor ETF<br> **Fidelity® Value Factor ETF : FVAL** <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® Value Factor ETF for the period August 1, 2024 to July 31, 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® Value Factor ETF  | $16  | 0.15% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, information technology gained 14% and contributed most to the fund's performance for the fiscal year. Financials stocks also helped (+22%). Communication services rose 27%, boosted by the media & entertainment industry (+26%), consumer discretionary gained roughly 19%, and industrials advanced roughly 14%. Other contributors included the consumer staples (+12%), utilities (+16%), materials (+3%) and real estate (+3%) sectors.

• In contrast, health care returned about -16% and detracted most. This group was hampered by the health care equipment & services industry (-46%). Energy (-9%) also hurt.

• Turning to individual stocks, the top contributor was Nvidia (+44%), from the semiconductors & semiconductor equipment industry. Microsoft (+29%), a stock in the software & services industry, contributed. Meta Platforms (+65%) and Alphabet (+12%), within the media & entertainment category, lifted the fund. Lastly, in consumer discretionary distribution & retail, Amazon.com gained roughly 26% and also lifted the fund.

• Conversely, the biggest detractor was UnitedHealth Group (-56%), from the health care equipment & services category. Within the same category, Centene (-66%) and Elevance Health (-46%) hurt. Apple, within the technology hardware & equipment category, returned -6% and detracted. Lastly, Merck (-29%), a stock in the pharmaceuticals, biotechnology & life sciences group, also hurt the fund.

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

**CUMULATIVE PERFORMANCE**

September 12, 2016 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Value Factor ETF<br>| $10000 | $11866<br>| $13777<br>| $14322<br>| $14769<br>| $21055<br>| $20241<br>| $22736<br>| $26698<br>| $29826<br>|
| Fidelity U.S. Value Factor Index℠<br>| $10000 | $11901<br>| $13865<br>| $14454<br>| $14942<br>| $21371<br>| $20600<br>| $23204<br>| $27287<br>| $30531<br>|
| Russell 1000® Index<br>| $10000 | $11635<br>| $13519<br>| $14600<br>| $16357<br>| $22568<br>| $21017<br>| $23739<br>| $28843<br>| $33613<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111457_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity® Value Factor ETF - NAV A  | 11.72% | 15.09% | 13.08% |
| Fidelity U.S. Value Factor Index℠A | 11.89%<br>| 15.36%<br>| 13.38% |
| Russell 1000® IndexA | 16.54%<br>| 15.49%<br>| 14.61% |

---

**A** From September 12, 2016

---

| |
|:---|
| 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $979841942<br>|
| Number of Holdings | 128<br>|
| Total Advisory Fee | $1384888<br>|
| Portfolio Turnover | 42%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.3 |
| Financials | 14.0 |
| Consumer Discretionary | 10.8 |
| Communication Services | 9.7 |
| Industrials | 8.8 |
| Health Care | 8.7 |
| Consumer Staples | 5.3 |
| Energy | 3.2 |
| Materials | 2.4 |
| Utilities | 2.3 |
| Real Estate | 2.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2858_20250731_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 99.0 <br> Ireland 0.8 <br> United Kingdom 0.2

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2858_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.7<br>|
| Microsoft Corp | 7.9<br>|
| Apple Inc | 6.2<br>|
| Amazon.com Inc | 4.2<br>|
| Alphabet Inc Class A | 3.9<br>|
| Meta Platforms Inc Class A | 3.2<br>|
| Berkshire Hathaway Inc Class B | 2.2<br>|
| Tesla Inc | 1.8<br>|
| Visa Inc Class A | 1.6<br>|
| Johnson & Johnson | 1.4<br>|
|  | 41.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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 fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expenses

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2858_20250731_2.jpg)<br>| ![](img111457_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> 1.9913544.101 2858-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® U.S. Multifactor ETF<br> **Fidelity® U.S. Multifactor ETF : FLRG** <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® U.S. Multifactor ETF for the period August 1, 2024 to July 31, 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® U.S. Multifactor ETF  | $16  | 0.15% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, information technology gained about 20% and contributed most to the fund's performance for the fiscal year. Communication services stocks also helped (+31%), benefiting from the media & entertainment industry (+32%). Utilities rose 109%, financials gained 11%, lifted by the financial services industry (+18%), and industrials advanced approximately 11%. Other contributors included the consumer staples (+15%), consumer discretionary (+6%), real estate (+6%) and materials (+2%) sectors.

• Conversely, health care returned -14% and detracted most. This group was hampered by the health care equipment & services industry (-57%). Energy (-3%) also hurt.

• Turning to individual stocks, the top contributor was Nvidia (+52%), from the semiconductors & semiconductor equipment category. Within the same category, Broadcom gained 87% and boosted the fund. In software & services, Microsoft (+29%) helped. In utilities, Vistra (+171%) helped. Lastly, Meta Platforms (+64%), from the media & entertainment industry, also boosted the fund.

• In contrast, the biggest detractor was Apple (-14%), from the technology hardware & equipment group. In health care equipment & services, Centene (-66%) and Molina Healthcare (-54%) detracted. In pharmaceuticals, biotechnology & life sciences, Regeneron Pharmaceuticals returned approximately -49% and hurt the fund. Lastly, in energy, Chord Energy returned -32% and also hurt the fund.

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

**CUMULATIVE PERFORMANCE**

September 15, 2020 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® U.S. Multifactor ETF<br>| $10000 | $12994<br>| $12651<br>| $14015<br>| $17303<br>| $19579<br>|
| Fidelity U.S. Multifactor Index℠<br>| $10000 | $13032<br>| $12726<br>| $14143<br>| $17465<br>| $19793<br>|
| Russell 1000® Index<br>| $10000 | $13219<br>| $12310<br>| $13904<br>| $16894<br>| $19688<br>|
|  | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111461_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** |
| Fidelity® U.S. Multifactor ETF - NAV A  | 13.15% | 14.77% |
| Fidelity U.S. Multifactor Index℠A | 13.33%<br>| 15.03% |
| Russell 1000® IndexA | 16.54%<br>| 14.90% |

---

**A** From September 15, 2020

---

| |
|:---|
| 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $247850932<br>|
| Number of Holdings | 102<br>|
| Total Advisory Fee | $288148<br>|
| Portfolio Turnover | 43%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.7 |
| Financials | 13.3 |
| Consumer Discretionary | 10.9 |
| Communication Services | 9.6 |
| Health Care | 9.0 |
| Industrials | 8.9 |
| Consumer Staples | 5.3 |
| Energy | 3.0 |
| Utilities | 2.7 |
| Real Estate | 2.3 |
| Materials | 2.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6044_20250731_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 99.6 <br> Ireland 0.4

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6044_20250731_GD.jpg) <br>|

---

United States - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Ireland - 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; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.8<br>|
| Microsoft Corp | 7.2<br>|
| Apple Inc | 5.6<br>|
| Alphabet Inc Class A | 3.7<br>|
| Meta Platforms Inc Class A | 3.0<br>|
| Broadcom Inc | 2.7<br>|
| Visa Inc Class A | 1.9<br>|
| Eli Lilly & Co | 1.6<br>|
| Mastercard Inc Class A | 1.6<br>|
| Johnson & Johnson | 1.5<br>|
|  | 36.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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 fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expenses The fund added a contractual proxy and shareholder meeting expense cap 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. |
| ![](img6044_20250731_2.jpg)<br>| ![](img111461_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> 1.9913563.101 6044-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Sustainable U.S. Equity ETF<br> **Fidelity® Sustainable U.S. Equity ETF : FSST** <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® Sustainable U.S. Equity ETF for the period August 1, 2024 to July 31, 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® Sustainable U.S. Equity ETF  | $62  | 0.59% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection and market selection were the primary detractors from the fund's performance versus the Russell 3000 Index for the fiscal year, led by information technology. Also hurting our result was stock selection in utilities and communication services, primarily within the media & entertainment industry.

• The biggest individual relative detractor was an underweight in Broadcom (+85%). This was a stake we established this period. A second notable relative detractor was our stake in ON Semiconductor (-30%). The stock was not held at period end. A non-benchmark stake in Icon returned -41% and notably hurt. The stock was not held at period end.

• In contrast, the biggest contributor to performance versus the benchmark was security selection in energy. Picks and an overweight in industrials, primarily within the capital goods industry, also boosted the fund's relative performance. Also helping our relative result was security selection in materials. Lastly, the fund's position in cash contributed.

• The top individual relative contributor was our stake in BrightSpring Health Services (+80%). The stock was not held at period end. The second-largest relative contributor was an overweight in Nvidia (+52%). The stock was the fund's largest holding. An overweight in Netflix (+86%) also contributed. The company was one of the fund's largest holdings.

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

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

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

**CUMULATIVE PERFORMANCE**

June 15, 2021 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fidelity® Sustainable U.S. Equity ETF<br>| $10000 | $10399<br>| $9670<br>| $11048<br>| $13384<br>|
| MSCI USA IMI ESG Leaders Index<br>| $10000 | $10375<br>| $9716<br>| $10983<br>| $13460<br>|
| Russell 3000® Index<br>| $10000 | $10297<br>| $9540<br>| $10746<br>| $13011<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111462_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** |
| Fidelity® Sustainable U.S. Equity ETF - NAV A  | 12.59% | 10.44% |
| MSCI USA IMI ESG Leaders IndexA | 13.90%<br>| 10.90% |
| Russell 3000® IndexA | 15.68%<br>| 10.41% |

---

**A** From June 15, 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $16616918<br>|
| Number of Holdings | 95<br>|
| Total Advisory Fee | $88728<br>|
| Portfolio Turnover | 72%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 28.4 |
| Industrials | 13.8 |
| Communication Services | 12.7 |
| Financials | 11.2 |
| Health Care | 11.1 |
| Consumer Discretionary | 10.6 |
| Consumer Staples | 4.7 |
| Materials | 2.9 |
| Energy | 1.9 |
| Real Estate | 1.3 |
| Utilities | 0.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6415_20250731_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 93.7 |
| Canada | 1.7 |
| Taiwan | 1.6 |
| Netherlands | 0.9 |
| United Kingdom | 0.8 |
| India | 0.7 |
| Brazil | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6415_20250731_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;Canada - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 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;Brazil - 0.6&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 9.0<br>|
| Microsoft Corp | 7.0<br>|
| Apple Inc | 5.6<br>|
| Amazon.com Inc | 5.2<br>|
| Meta Platforms Inc Class A | 4.4<br>|
| Alphabet Inc Class A | 3.9<br>|
| Eli Lilly & Co | 2.6<br>|
| JPMorgan Chase & Co | 2.4<br>|
| Netflix Inc | 2.0<br>|
| Boston Scientific Corp | 1.8<br>|
|  | 43.9 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6415_20250731_2.jpg)<br>| ![](img111462_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> 1.9913571.101 6415-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Stocks for Inflation ETF<br> **Fidelity® Stocks for Inflation ETF : FCPI** <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® Stocks for Inflation ETF for the period August 1, 2024 to July 31, 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® Stocks for Inflation ETF  | $16  | 0.15% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, information technology gained approximately 26% and contributed most to the fund's performance for the fiscal year. Utilities stocks also helped (+142%). Financials rose roughly 18%, boosted by the financial services industry (+27%), consumer staples gained 13%, lifted by the food, beverage & tobacco industry (+33%), and communication services advanced 33%. Other contributors included the real estate (+12%), consumer discretionary (+9%), industrials (+4%) and energy (+0%) sectors.

• In contrast, health care returned approximately -9% and detracted most. This group was hampered by the health care equipment & services industry (-19%). Materials (-3%) also hurt.

• Turning to individual stocks, the biggest contributor was Vistra (+172%), from the utilities sector. Within the same sector, NRG Energy (+106%) boosted the fund. In semiconductors & semiconductor equipment, Nvidia (+52%) and Broadcom (+87%) lifted the fund. Lastly, in software & services, Microsoft gained 29% and also helped.

• Conversely, the biggest detractor was Cabot (-14%), from the materials sector. Another notable detractor was Regeneron Pharmaceuticals (-35%), a stock in the pharmaceuticals, biotechnology & life sciences industry. Elevance Health (-29%) and Doximity (-19%), within the health care equipment & services group, hindered the fund. Lastly, Apple, within the technology hardware & equipment category, returned -6% and also hurt.

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

**CUMULATIVE PERFORMANCE**

November 5, 2019 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Stocks for Inflation ETF<br>| $10000 | $9812<br>| $12930<br>| $13580<br>| $14635<br>| $18380<br>| $21224<br>|
| Fidelity Stocks for Inflation Factor Index℠<br>| $10000 | $9844<br>| $13016<br>| $13712<br>| $14821<br>| $18629<br>| $21551<br>|
| Russell 1000® Index<br>| $10000 | $10850<br>| $14969<br>| $13941<br>| $15746<br>| $19132<br>| $22296<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111463_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity® Stocks for Inflation ETF - NAV A  | 15.48% | 16.69% | 14.01% |
| Fidelity Stocks for Inflation Factor Index℠A | 15.68%<br>| 16.96%<br>| 14.31% |
| Russell 1000® IndexA | 16.54%<br>| 15.49%<br>| 14.99% |

---

**A** From November 5, 2019

---

| |
|:---|
| 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $226291324<br>|
| Number of Holdings | 100<br>|
| Total Advisory Fee | $308027<br>|
| Portfolio Turnover | 77%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 27.0 |
| Health Care | 14.4 |
| Consumer Staples | 10.4 |
| Financials | 8.5 |
| Energy | 7.2 |
| Materials | 6.5 |
| Utilities | 6.5 |
| Consumer Discretionary | 6.1 |
| Real Estate | 4.7 |
| Industrials | 4.4 |
| Communication Services | 4.2 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5027_20250731_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 99.7 <br> Ireland 0.3

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5027_20250731_GD.jpg) <br>|

---

United States - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Ireland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.4<br>|
| Microsoft Corp | 5.9<br>|
| Apple Inc | 4.6<br>|
| NRG Energy Inc | 3.7<br>|
| CF Industries Holdings Inc | 3.6<br>|
| Exxon Mobil Corp | 3.2<br>|
| Cabot Corp | 2.9<br>|
| Vistra Corp | 2.8<br>|
| Philip Morris International Inc | 2.6<br>|
| VICI Properties Inc | 2.5<br>|
|  | 38.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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 fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expenses

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img5027_20250731_2.jpg)<br>| ![](img111463_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> 1.9913562.101 5027-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Small-Mid Multifactor ETF<br> **Fidelity® Small-Mid Multifactor ETF : FSMD** <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® Small-Mid Multifactor ETF for the period August 1, 2024 to July 31, 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® Small-Mid Multifactor ETF  | $15  | 0.15% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, industrials gained roughly 11% and contributed most to the fund's performance for the fiscal year, driven by the capital goods industry (+16%). Financials stocks also helped, gaining roughly 11%. The utilities sector rose 27%. Consumer discretionary (+4%) also contributed, lifted by the consumer services industry (+18%). Other contributors included the consumer staples (+7%), information technology (+2%) and communication services (+5%) sectors.

• Conversely, health care returned roughly -8% and detracted most. Energy (-10%) also hurt. Other detractors were the materials (-5%) sector and the real estate (-3%) sector, especially the equity real estate investment trusts industry (-3%).

• Turning to individual stocks, the biggest contributor was Tapestry (+174%), from the consumer durables & apparel group. In utilities, NRG Energy gained 106% and contributed. Interactive Brokers, within the financial services industry, gained 122% and helped. Hims & Hers Health (+319%), a stock in the health care equipment & services group, contributed. Lastly, Comfort Systems USA, within the capital goods group, gained roughly 113% and also contributed.

• In contrast, the biggest detractor was Sarepta Therapeutics (-88%), from the pharmaceuticals, biotechnology & life sciences industry. In consumer durables & apparel, TopBuild returned -37% and hurt. Another notable detractor was Onto Innovation (-50%), a stock in the semiconductors & semiconductor equipment industry. Another notable detractor was Teleflex (-45%), a stock in the health care equipment & services category. Lastly, SPS Commerce, within the software & services category, returned approximately -49% and also detracted.

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

**CUMULATIVE PERFORMANCE**

February 26, 2019 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Small-Mid Multifactor ETF<br>| $10000 | $10335<br>| $9829<br>| $14174<br>| $13841<br>| $14937<br>| $17791<br>|
| Fidelity Small-Mid Multifactor Index℠<br>| $10000 | $10350<br>| $9866<br>| $14281<br>| $13993<br>| $15144<br>| $18079<br>|
| Dow Jones U.S. Completion Total Stock Market Index℠<br>| $10000 | $10374<br>| $10905<br>| $16466<br>| $12868<br>| $14212<br>| $16338<br>|
| Dow Jones U.S. Total Stock Market Index℠<br>| $10000 | $10689<br>| $11843<br>| $16453<br>| $15173<br>| $17088<br>| $20694<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111464_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity® Small-Mid Multifactor ETF - NAV A  | 4.08% | 13.50% | 10.05% |
| Fidelity Small-Mid Multifactor Index℠A | 4.18%<br>| 13.80%<br>| 10.35% |
| Dow Jones U.S. Completion Total Stock Market Index℠A | 11.61%<br>| 10.83%<br>| 9.79% |
| Dow Jones U.S. Total Stock Market Index℠A | 15.73%<br>| 15.12%<br>| 14.55% |

---

**A** From February 26, 2019

---

| |
|:---|
| 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1611298162<br>|
| Number of Holdings | 595<br>|
| Total Advisory Fee | $1377422<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.6 |
| Financials | 18.3 |
| Consumer Discretionary | 12.6 |
| Information Technology | 11.1 |
| Health Care | 10.7 |
| Real Estate | 6.2 |
| Materials | 4.7 |
| Energy | 4.6 |
| Consumer Staples | 3.8 |
| Communication Services | 3.2 |
| Utilities | 3.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3356_20250731_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 | 97.9 |
| United Kingdom | 0.8 |
| Bermuda | 0.4 |
| Puerto Rico | 0.3 |
| Thailand | 0.3 |
| Monaco | 0.1 |
| Canada | 0.1 |
| Ireland | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3356_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bermuda - 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;Puerto Rico - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Monaco - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NRG Energy Inc | 0.8<br>|
| EMCOR Group Inc | 0.6<br>|
| Interactive Brokers Group Inc Class A | 0.6<br>|
| Tapestry Inc | 0.5<br>|
| Comfort Systems USA Inc | 0.5<br>|
| Expand Energy Corp | 0.5<br>|
| Live Nation Entertainment Inc | 0.5<br>|
| Insmed Inc | 0.4<br>|
| Anglogold Ashanti Plc | 0.4<br>|
| Smurfit WestRock PLC | 0.4<br>|
|  | 5.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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 fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expenses The fund added a contractual proxy and shareholder meeting expense cap 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. |
| ![](img3356_20250731_2.jpg)<br>| ![](img111464_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> 1.9913553.101 3356-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Fundamental Small-Mid Cap ETF<br> **Fidelity® Fundamental Small-Mid Cap ETF : FFSM** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>| &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® Fundamental Small-Mid Cap ETF for the period August 1, 2024 to July 31, 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® Fundamental Small-Mid Cap ETF  | $44  | 0.43% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, 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 2500 Index for the fiscal year, especially within financials. Also hurting our result were picks in health care and materials.

• Not owning Robinhood Markets, a benchmark component that gained roughly 304%, was the largest individual relative detractor. The second-largest relative detractor was an overweight in Insight Enterprises (-47%). This period we increased our stake in Insight Enterprises. A non-benchmark stake in Molina Healthcare returned -51% and notably hurt. This period we increased our stake in Molina Healthcare.

• In contrast, the biggest contributor to performance versus the benchmark was security selection in industrials, primarily within the capital goods industry. Stock picking in real estate and consumer staples also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in IES Holdings (+108%). This was a position we established this period. The company was one of the fund's largest holdings at period end. A second notable relative contributor was an overweight in Brinker International (+135%). This period we increased our position in Brinker International. Another notable relative contributor was an overweight in Somnigroup International (+39%). This period we increased our position in Somnigroup International. The stock was the fund's biggest holding at period end.

• Notable changes in positioning include decreased exposure to the energy sector and a higher allocation to real estate.

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

**CUMULATIVE PERFORMANCE**

February 2, 2021 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fidelity® Fundamental Small-Mid Cap ETF<br>| $10000 | $11436<br>| $10534<br>| $11484<br>| $13747<br>|
| Russell 2500™ Index<br>| $10000 | $10827<br>| $9607<br>| $10380<br>| $11736<br>|
| Russell 3000® Index<br>| $10000 | $11395<br>| $10557<br>| $11893<br>| $14399<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111465_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** |
| Fidelity® Fundamental Small-Mid Cap ETF - NAV A  | 3.05% | 8.06% |
| Russell 2500™ IndexA | 4.28%<br>| 4.60% |
| Russell 3000® IndexA | 15.68%<br>| 12.03% |

---

**A** From February 2, 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $710326137<br>|
| Number of Holdings | 189<br>|
| Total Advisory Fee | $1927243<br>|
| Portfolio Turnover | 66%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.7 |
| Financials | 17.7 |
| Information Technology | 12.9 |
| Consumer Discretionary | 12.2 |
| Health Care | 9.4 |
| Consumer Staples | 5.3 |
| Real Estate | 5.3 |
| Materials | 5.3 |
| Energy | 4.2 |
| Utilities | 2.2 |
| Communication Services | 0.8 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6342_20250731_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 93.0 |
| Canada | 2.3 |
| United Kingdom | 2.0 |
| Thailand | 1.3 |
| Israel | 0.5 |
| Puerto Rico | 0.3 |
| Japan | 0.3 |
| Netherlands | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6342_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.3&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;Israel - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.3&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)**  |  |
| Somnigroup International Inc | 1.9<br>|
| TechnipFMC PLC | 1.7<br>|
| IES Holdings Inc | 1.7<br>|
| US Foods Holding Corp | 1.6<br>|
| Performance Food Group Co | 1.5<br>|
| ITT Inc | 1.5<br>|
| BJ's Wholesale Club Holdings Inc | 1.4<br>|
| SPX Technologies Inc | 1.4<br>|
| Fabrinet | 1.3<br>|
| Eagle Materials Inc | 1.3<br>|
|  | 15.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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 fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesExpense reductions The fund added a contractual proxy and shareholder meeting expense cap 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. |
| ![](img6342_20250731_2.jpg)<br>| ![](img111465_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> 1.9913570.101 6342-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Real Estate Investment ETF<br> **Fidelity® Real Estate Investment ETF : FPRO** <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® Real Estate Investment ETF for the period August 1, 2024 to July 31, 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® Real Estate Investment ETF  | $60  | 0.59% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, 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 MSCI US IMI Real Estate 25/50 Index for the fiscal year, led by health care. Stock selection in the diversified REITs category also boosted the fund's relative performance. Also bolstering our relative result was an underweight in timber.

• The top individual relative contributor was an overweight in Ventas (+27%). The stock was one of our largest holdings this period. The second-largest relative contributor this period was avoiding Alexandria Real Estate Equities, an index component that returned -31%. An overweight in CBRE (+39%) also helped. The stock was among the fund's biggest holdings.

• In contrast, the biggest detractors from performance versus the real estate index were picks and an overweight in industrials. An underweight among diversified REITs also hampered the fund's result. Also detracting from our result were picks in free standing stocks.

• The largest individual relative detractor was an overweight in Americold Realty Trust (-44%). This period we increased our investment in Americold Realty Trust. The second-largest relative detractor was an underweight in Zillow (+63%). Not owning Simon Property Group, an index component that gained 12%, was another notable relative detractor.

• Notable changes in positioning include decreased exposure to the self-storage industry and a higher allocation to health care.

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

**CUMULATIVE PERFORMANCE**

February 2, 2021 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fidelity® Real Estate Investment ETF<br>| $10000 | $12517<br>| $12307<br>| $11086<br>| $12216<br>|
| MSCI US IMI Real Estate 25/50 Index<br>| $10000 | $12325<br>| $11803<br>| $10663<br>| $11807<br>|
| S&P 500® Index<br>| $10000 | $11570<br>| $11033<br>| $12469<br>| $15231<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111494_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** |
| Fidelity® Real Estate Investment ETF - NAV A  | 3.02% | 5.25% |
| MSCI US IMI Real Estate 25/50 IndexA | 2.63%<br>| 4.37% |
| S&P 500® IndexA | 16.33%<br>| 13.58% |

---

**A** From February 2, 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15153622<br>|
| Number of Holdings | 44<br>|
| Total Advisory Fee | $86955<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialized REITs | 35.0 |
| Retail REITs | 15.5 |
| Industrial REITs | 15.4 |
| Residential REITs | 14.0 |
| Health Care REITs | 11.3 |
| Real Estate Management & Development | 8.5 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6341_20250731_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 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6341_20250731_GD.jpg) <br>|

---

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

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| American Tower Corp | 9.8<br>|
| Prologis Inc | 9.1<br>|
| Welltower Inc | 7.6<br>|
| Equinix Inc | 7.5<br>|
| Kimco Realty Corp | 4.6<br>|
| NNN REIT Inc | 4.2<br>|
| Digital Realty Trust Inc | 4.2<br>|
| UDR Inc | 4.0<br>|
| CBRE Group Inc Class A | 4.0<br>|
| Public Storage Operating Co | 3.9<br>|
|  | 58.9 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6341_20250731_2.jpg)<br>| ![](img111494_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> 1.9913569.101 6341-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Quality Factor ETF<br> **Fidelity® Quality Factor ETF : FQAL** <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® Quality Factor ETF for the period August 1, 2024 to July 31, 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® Quality Factor ETF  | $16  | 0.15% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, information technology gained 18% and contributed most to the fund's performance for the fiscal year, driven by the semiconductors & semiconductor equipment industry (+39%). Communication services stocks also helped (+33%), benefiting from the media & entertainment industry (+34%). Financials rose 17%, consumer discretionary gained approximately 21%, and utilities advanced 59%. Other contributors included the industrials (+9%), consumer staples (+9%), energy (+6%) and health care (-1%) sectors.

• Conversely, materials returned roughly -3% and detracted most. Real estate (-1%) also hurt, hampered by the equity real estate investment trusts industry (-1%).

• Turning to individual stocks, the top contributor was Nvidia (+52%), from the semiconductors & semiconductor equipment category. From the same group, Broadcom gained approximately 87% and lifted the fund. Another notable contributor was Microsoft (+29%), a stock in the software & services group. Lastly, in media & entertainment, Meta Platforms (+64%) and Netflix (+73%) also contributed.

• In contrast, the biggest detractor was UnitedHealth Group (-46%), from the health care equipment & services industry. Within the same group, Intuitive Surgical returned approximately -19% and detracted. Another notable detractor was Apple (-6%), a stock in the technology hardware & equipment industry. Lastly, in software & services, Adobe (-35%) and Salesforce (-16%) also hurt the fund's performance.

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

**CUMULATIVE PERFORMANCE**

September 12, 2016 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Quality Factor ETF<br>| $10000 | $11613<br>| $13581<br>| $14551<br>| $16044<br>| $21820<br>| $20776<br>| $22948<br>| $27615<br>| $31914<br>|
| Fidelity U.S. Quality Factor Index℠<br>| $10000 | $11648<br>| $13664<br>| $14681<br>| $16233<br>| $22144<br>| $21143<br>| $23416<br>| $28228<br>| $32673<br>|
| Russell 1000® Index<br>| $10000 | $11635<br>| $13519<br>| $14600<br>| $16357<br>| $22568<br>| $21017<br>| $23739<br>| $28843<br>| $33613<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111502_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity® Quality Factor ETF - NAV A  | 15.56% | 14.74% | 13.95% |
| Fidelity U.S. Quality Factor Index℠A | 15.75%<br>| 15.02%<br>| 14.25% |
| Russell 1000® IndexA | 16.54%<br>| 15.49%<br>| 14.61% |

---

**A** From September 12, 2016

---

| |
|:---|
| 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1052718959<br>|
| Number of Holdings | 129<br>|
| Total Advisory Fee | $1580687<br>|
| Portfolio Turnover | 33%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.2 |
| Financials | 13.9 |
| Consumer Discretionary | 11.1 |
| Communication Services | 9.3 |
| Health Care | 9.0 |
| Industrials | 9.0 |
| Consumer Staples | 5.3 |
| Energy | 3.1 |
| Utilities | 2.6 |
| Materials | 2.2 |
| Real Estate | 2.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2857_20250731_AA.jpg) <br>|

---

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

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2857_20250731_GD.jpg) <br>|

---

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

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.2<br>|
| Microsoft Corp | 7.4<br>|
| Apple Inc | 5.8<br>|
| Alphabet Inc Class A | 3.6<br>|
| Meta Platforms Inc Class A | 3.1<br>|
| Broadcom Inc | 3.0<br>|
| Berkshire Hathaway Inc Class B | 2.0<br>|
| JPMorgan Chase & Co | 2.0<br>|
| Visa Inc Class A | 1.5<br>|
| Home Depot Inc/The | 1.4<br>|
|  | 38.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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 fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expenses The fund added a contractual proxy and shareholder meeting expense cap 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. |
| ![](img2857_20250731_2.jpg)<br>| ![](img111502_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> 1.9913543.101 2857-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Fundamental Large Cap Core ETF<br> **Fidelity® Fundamental Large Cap Core ETF : FFLC** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>| &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® Fundamental Large Cap Core ETF for the period August 1, 2024 to July 31, 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® Fundamental Large Cap Core ETF  | $41  | 0.38% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, 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 S&P 500® index for the fiscal year, led by information technology. Security selection in industrials, primarily within the capital goods industry, also boosted the fund's relative performance. Also lifting the fund's relative result were picks and an underweight in consumer staples, primarily within the household & personal products industry.

• The top individual relative contributor was an overweight in GE Vernova (+270%). A second notable relative contributor was an overweight in Meta Platforms (+63%). The company was among the fund's biggest holdings. An underweight in Apple (-6%) also helped. The company was one of the fund's biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was stock selection in consumer discretionary, primarily within the automobiles & components industry. An underweight in information technology also hampered the fund's result. Also detracting from our result was stock selection in utilities.

• The biggest individual relative detractor was an overweight in UnitedHealth Group (-56%). This period we increased our position in UnitedHealth Group. The second-largest relative detractor was our stake in Edison International (-27%). The stock was not held at period end. Another notable relative detractor this period was avoiding Palantir Technologies, a benchmark component that gained roughly 326%.

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

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

**CUMULATIVE PERFORMANCE**

June 2, 2020 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Fundamental Large Cap Core ETF<br>| $10000 | $10195<br>| $14786<br>| $14933<br>| $18122<br>| $23049<br>|
| S&P 500® Index<br>| $10000 | $10645<br>| $14525<br>| $13851<br>| $15654<br>| $19121<br>|
|  | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111506_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity® Fundamental Large Cap Core ETF - NAV A  | 16.30% | 21.33% | 21.04% |
| S&P 500® IndexA | 16.33%<br>| 15.88%<br>| 16.74% |

---

**A** From June 2, 2020

---

| |
|:---|
| 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $796671270<br>|
| Number of Holdings | 100<br>|
| Total Advisory Fee | $2458714<br>|
| Portfolio Turnover | 46%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 30.2 |
| Financials | 15.5 |
| Industrials | 13.0 |
| Communication Services | 11.4 |
| Consumer Discretionary | 8.8 |
| Health Care | 7.5 |
| Energy | 4.6 |
| Consumer Staples | 3.7 |
| Materials | 2.0 |
| Utilities | 1.9 |
| Real Estate | 1.2 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6079_20250731_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 | 93.1 |
| Canada | 1.6 |
| Taiwan | 1.4 |
| Germany | 1.1 |
| Brazil | 0.8 |
| Belgium | 0.5 |
| Zambia | 0.4 |
| United Kingdom | 0.3 |
| China | 0.3 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6079_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;Germany - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 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;Zambia - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;China - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.4<br>|
| Microsoft Corp | 7.3<br>|
| Meta Platforms Inc Class A | 5.8<br>|
| Amazon.com Inc | 4.5<br>|
| Alphabet Inc Class A | 3.6<br>|
| Apple Inc | 3.2<br>|
| Broadcom Inc | 2.7<br>|
| Wells Fargo & Co | 2.4<br>|
| Bank of America Corp | 2.3<br>|
| Exxon Mobil Corp | 2.3<br>|
|  | 42.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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 fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expenses The fund added a contractual proxy and shareholder meeting expense cap 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. |
| ![](img6079_20250731_2.jpg)<br>| ![](img111506_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> 1.9913564.101 6079-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Momentum Factor ETF<br> **Fidelity® Momentum Factor ETF : FDMO** <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® Momentum Factor ETF for the period August 1, 2024 to July 31, 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® Momentum Factor ETF  | $17  | 0.15% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, information technology gained roughly 44% and contributed most to the fund's performance for the fiscal year. Financials stocks also helped (+27%). Industrials rose 33%, boosted by the capital goods industry (+50%), communication services gained approximately 34%, lifted by the media & entertainment industry (+39%), and consumer discretionary advanced about 23%. Other contributors included the utilities (+48%), consumer staples (+14%), real estate (+7%) and materials (+3%) sectors.

• Conversely, health care returned -16% and detracted most. Energy (-1%) also hurt.

• Turning to individual stocks, the top contributor was AppLovin (+348%), from the software & services industry. Within the same group, Microsoft (+29%) and Palantir Technologies (+207%) lifted the fund. Lastly, Nvidia (+53%) and Broadcom (+87%), from the semiconductors & semiconductor equipment industry, also lifted the fund.

• In contrast, the biggest detractor was Super Micro Computer (-74%), from the technology hardware & equipment category. From the same category, Apple (-7%) hindered the fund. In health care equipment & services, UnitedHealth Group (-37%) hindered the fund. Lastly, in semiconductors & semiconductor equipment, KLA (-25%) and Applied Materials (-20%) also hurt.

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

**CUMULATIVE PERFORMANCE**

September 12, 2016 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Momentum Factor ETF<br>| $10000 | $11408<br>| $13543<br>| $14614<br>| $16231<br>| $20708<br>| $19217<br>| $20950<br>| $27012<br>| $33637<br>|
| Fidelity U.S. Momentum Factor Index℠<br>| $10000 | $11443<br>| $13633<br>| $14749<br>| $16427<br>| $21025<br>| $19571<br>| $21399<br>| $27651<br>| $34492<br>|
| Russell 1000® Index<br>| $10000 | $11635<br>| $13519<br>| $14600<br>| $16357<br>| $22568<br>| $21017<br>| $23739<br>| $28843<br>| $33613<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111507_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity® Momentum Factor ETF - NAV A  | 24.53% | 15.69% | 14.62% |
| Fidelity U.S. Momentum Factor Index℠A | 24.74%<br>| 15.99%<br>| 14.95% |
| Russell 1000® IndexA | 16.54%<br>| 15.49%<br>| 14.61% |

---

**A** From September 12, 2016

---

| |
|:---|
| 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $506150235<br>|
| Number of Holdings | 128<br>|
| Total Advisory Fee | $607674<br>|
| Portfolio Turnover | 121%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 33.2 |
| Financials | 13.5 |
| Consumer Discretionary | 10.5 |
| Industrials | 9.7 |
| Communication Services | 9.6 |
| Health Care | 8.7 |
| Consumer Staples | 4.9 |
| Energy | 2.9 |
| Utilities | 2.6 |
| Real Estate | 2.2 |
| Materials | 2.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2856_20250731_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 99.4 <br> Canada 0.4 <br> United Kingdom 0.2

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2856_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.1<br>|
| Microsoft Corp | 7.4<br>|
| Apple Inc | 5.7<br>|
| Amazon.com Inc | 4.2<br>|
| Meta Platforms Inc Class A | 3.8<br>|
| Broadcom Inc | 3.1<br>|
| JPMorgan Chase & Co | 1.9<br>|
| Tesla Inc | 1.8<br>|
| Berkshire Hathaway Inc Class B | 1.8<br>|
| Netflix Inc | 1.6<br>|
|  | 39.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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 fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expenses

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2856_20250731_2.jpg)<br>| ![](img111507_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> 1.9913542.101 2856-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Magellan℠ ETF<br> **Fidelity® Magellan℠ ETF : FMAG** <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® Magellan℠ ETF for the period August 1, 2024 to July 31, 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® Magellan℠ ETF  | $64  | 0.59% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection and security selection both contributed to the fund's performance versus the S&P 500® index for the fiscal year, led by stock picking in the information technology sector. Underweights in health care and energy also boosted the fund's relative performance.

• Not owning Apple, a benchmark component that returned -6%, was the top individual relative contributor, followed by an overweight in Broadcom (+85%), where we increased our position this period, making it one of our larger holdings. Outsized exposure to Amphenol (+67%) helped. We increased our position in the stock, making it one of the fund's more sizable holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in health care. Investment choices and an underweight in financials also hurt, along with an overweight in materials.

• The largest individual relative detractor was a non-benchmark stake in Novo Nordisk (-37%), a stock that was no longer held at period end. Our position in UnitedHealth Group (-45%) hurt as well. However, the stock was sold prior to July 31. Untimely ownership of Alphabet (+12%), which we sold during the period, further pressured performance.

• Notable changes in positioning include lower allocations to the health care and materials sectors, as well as greater exposure to financials.

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

**CUMULATIVE PERFORMANCE**

February 2, 2021 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fidelity® Magellan℠ ETF<br>| $10000 | $11565<br>| $10466<br>| $11221<br>| $14857<br>|
| S&P 500® Index<br>| $10000 | $11570<br>| $11033<br>| $12469<br>| $15231<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111543_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** |
| Fidelity® Magellan℠ ETF - NAV A  | 19.02% | 13.53% |
| S&P 500® IndexA | 16.33%<br>| 13.58% |

---

**A** From February 2, 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $273655724<br>|
| Number of Holdings | 51<br>|
| Total Advisory Fee | $1091085<br>|
| Portfolio Turnover | 70%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 38.9 |
| Industrials | 18.2 |
| Financials | 16.0 |
| Consumer Discretionary | 12.2 |
| Communication Services | 8.2 |
| Materials | 2.8 |
| Consumer Staples | 1.7 |
| Health Care | 1.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6340_20250731_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 96.1 |
| Taiwan | 1.5 |
| Brazil | 1.2 |
| Canada | 1.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6340_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;Brazil - 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;Canada - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 9.5<br>|
| Microsoft Corp | 9.0<br>|
| Amazon.com Inc | 5.8<br>|
| Meta Platforms Inc Class A | 4.8<br>|
| Broadcom Inc | 4.6<br>|
| Netflix Inc | 2.3<br>|
| Visa Inc Class A | 2.2<br>|
| Amphenol Corp Class A | 2.2<br>|
| Mastercard Inc Class A | 2.0<br>|
| Cadence Design Systems Inc | 2.0<br>|
|  | 44.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6340_20250731_2.jpg)<br>| ![](img111543_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> 1.9913568.101 6340-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Low Volatility Factor ETF<br> **Fidelity® Low Volatility Factor ETF : FDLO** <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® Low Volatility Factor ETF for the period August 1, 2024 to July 31, 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® Low Volatility Factor ETF  | $16  | 0.15% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, information technology gained 16% and contributed most to the fund's performance for the fiscal year, driven by the software & services industry (+22%). Financials, which gained 15%, also helped, as did consumer discretionary, which advanced approximately 16%, lifted by the consumer discretionary distribution & retail industry (+17%). The communication services sector rose 14%, while industrials gained about 6% and utilities advanced about 20%. Other contributors included the consumer staples (+7%), energy (+6%), materials (+2%) and real estate (+2%) sectors.

• In contrast, health care returned -16% and detracted most.

• Turning to individual stocks, the biggest contributor was Microsoft (+28%), from the software & services group. Within the same group, Oracle gained roughly 83% and contributed. Broadcom, within the semiconductors & semiconductor equipment category, gained 35% and lifted the fund. Amazon.com (+25%), a stock in the consumer discretionary distribution & retail category, lifted the fund. Lastly, in banks, JPMorgan Chase gained 42% and also helped.

• Conversely, the biggest detractor was UnitedHealth Group (-56%), from the health care equipment & services industry. Apple (-6%), from the technology hardware & equipment category, hurt the fund's performance. In pharmaceuticals, biotechnology & life sciences, Regeneron Pharmaceuticals (-49%) and Merck (-28%) hurt the fund's performance. Lastly, in financial services, Fiserv (-40%) also hurt.

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

**CUMULATIVE PERFORMANCE**

September 12, 2016 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Low Volatility Factor ETF<br>| $10000 | $11295<br>| $13203<br>| $15077<br>| $16176<br>| $20851<br>| $20618<br>| $22465<br>| $26124<br>| $28578<br>|
| Fidelity U.S. Low Volatility Factor Index℠<br>| $10000 | $11330<br>| $13289<br>| $15181<br>| $16329<br>| $21107<br>| $20933<br>| $22873<br>| $26642<br>| $29187<br>|
| Russell 1000® Index<br>| $10000 | $11635<br>| $13519<br>| $14600<br>| $16357<br>| $22568<br>| $21017<br>| $23739<br>| $28843<br>| $33613<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111558_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity® Low Volatility Factor ETF - NAV A  | 9.39% | 12.05% | 12.54% |
| Fidelity U.S. Low Volatility Factor Index℠A | 9.55%<br>| 12.32%<br>| 12.81% |
| Russell 1000® IndexA | 16.54%<br>| 15.49%<br>| 14.61% |

---

**A** From September 12, 2016

---

| |
|:---|
| 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1235881122<br>|
| Number of Holdings | 128<br>|
| Total Advisory Fee | $1899551<br>|
| Portfolio Turnover | 19%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.7 |
| Financials | 14.1 |
| Consumer Discretionary | 10.9 |
| Communication Services | 9.5 |
| Industrials | 9.4 |
| Health Care | 8.8 |
| Consumer Staples | 5.3 |
| Energy | 3.2 |
| Utilities | 2.4 |
| Real Estate | 2.3 |
| Materials | 2.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2855_20250731_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 99.1 <br> Ireland 0.9

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2855_20250731_GD.jpg) <br>|

---

United States - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Ireland - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 8.1<br>|
| Apple Inc | 6.3<br>|
| Amazon.com Inc | 4.3<br>|
| Alphabet Inc Class A | 4.3<br>|
| Broadcom Inc | 3.6<br>|
| Oracle Corp | 2.1<br>|
| Berkshire Hathaway Inc Class B | 2.1<br>|
| JPMorgan Chase & Co | 2.0<br>|
| Visa Inc Class A | 1.6<br>|
| Cisco Systems Inc | 1.5<br>|
|  | 35.9 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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 fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expenses

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2855_20250731_2.jpg)<br>| ![](img111558_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> 1.9913541.101 2855-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® High Dividend ETF<br> **Fidelity® High Dividend ETF : FDVV** <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® High Dividend ETF for the period August 1, 2024 to July 31, 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® High Dividend ETF  | $16  | 0.15% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, information technology gained roughly 25% and contributed most to the fund's performance for the fiscal year. Financials stocks also helped (+33%). Consumer staples rose about 13%, boosted by the food, beverage & tobacco industry (+19%), industrials gained 17%, lifted by the capital goods industry (+28%), and utilities advanced approximately 8%. Other contributors included the real estate (+4%), communication services (+16%), energy (+3%) and consumer discretionary (+3%) sectors.

• In contrast, health care returned approximately -7% and detracted most. This group was hampered by the health care equipment & services industry (-34%).

• Turning to individual stocks, the top contributor was Nvidia (+54%), from the semiconductors & semiconductor equipment category. Within the same industry, Broadcom (+88%) helped. Another notable contributor was Microsoft (+29%), a stock in the software & services group. ABN AMRO Bank, within the banks category, gained about 60% and helped. Lastly, in food, beverage & tobacco, Philip Morris International (+48%) also boosted the fund.

• Conversely, the biggest detractor was UnitedHealth Group (-56%), from the health care equipment & services group. Edison International (-31%), a stock in the utilities sector, hindered the fund. Another notable detractor was Devon Energy (-27%), a stock in the energy sector. In food, beverage & tobacco, PepsiCo (-17%) hurt the fund. Lastly, in technology hardware & equipment, Apple (-6%) also detracted.

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

**CUMULATIVE PERFORMANCE**

September 12, 2016 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® High Dividend ETF<br>| $10000 | $10961<br>| $12739<br>| $13269<br>| $12667<br>| $18040<br>| $18839<br>| $21140<br>| $25581<br>| $29090<br>|
| Fidelity High Dividend Index℠<br>| $10000 | $10996<br>| $12826<br>| $13410<br>| $12818<br>| $18315<br>| $19188<br>| $21596<br>| $26186<br>| $29834<br>|
| Russell 1000® Index<br>| $10000 | $11635<br>| $13519<br>| $14600<br>| $16357<br>| $22568<br>| $21017<br>| $23739<br>| $28843<br>| $33613<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111567_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity® High Dividend ETF - NAV A  | 13.72% | 18.09% | 12.77% |
| Fidelity High Dividend Index℠A | 13.93%<br>| 18.41%<br>| 13.09% |
| Russell 1000® IndexA | 16.54%<br>| 15.49%<br>| 14.61% |

---

**A** From September 12, 2016

---

| |
|:---|
| 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6213685835<br>|
| Number of Holdings | 107<br>|
| Total Advisory Fee | $6745533<br>|
| Portfolio Turnover | 39%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.6 |
| Financials | 21.6 |
| Consumer Staples | 12.5 |
| Utilities | 9.6 |
| Energy | 9.2 |
| Real Estate | 8.9 |
| Consumer Discretionary | 4.0 |
| Health Care | 3.2 |
| Industrials | 2.7 |
| Communication Services | 2.5 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2853_20250731_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 | 95.4 |
| Netherlands | 2.4 |
| Sweden | 1.3 |
| Japan | 0.3 |
| Hong Kong | 0.2 |
| United Kingdom | 0.2 |
| Singapore | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2853_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Singapore - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.7<br>|
| Microsoft Corp | 6.0<br>|
| Apple Inc | 4.7<br>|
| JPMorgan Chase & Co | 2.7<br>|
| Broadcom Inc | 2.7<br>|
| Visa Inc Class A | 2.2<br>|
| ABN AMRO Bank NV depository receipt | 2.2<br>|
| Philip Morris International Inc | 2.2<br>|
| Exxon Mobil Corp | 2.0<br>|
| Coca-Cola Co/The | 1.9<br>|
|  | 33.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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 fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expenses

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2853_20250731_2.jpg)<br>| ![](img111567_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> 1.9913539.101 2853-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Fundamental Large Cap Growth ETF<br> **Fidelity® Fundamental Large Cap Growth ETF : FFLG** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>| &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® Fundamental Large Cap Growth ETF for the period August 1, 2024 to July 31, 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® Fundamental Large Cap Growth ETF  | $42  | 0.38% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, 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, especially in consumer discretionary. Picks and an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also hampered the fund's result. Also detracting from our result was an overweight in health care.

• The largest individual relative detractor was an underweight in Broadcom (+85%). This period we increased our stake in Broadcom. The company was among our largest holdings at period end. A second notable relative detractor this period was avoiding Palantir Technologies, a benchmark component that gained 489%. Another notable relative detractor was our non-benchmark stake in NXP Semiconductors (-18%).

• In contrast, the biggest contributor to performance versus the benchmark was security selection in industrials. Security selection and an overweight in communication services, primarily within the media & entertainment industry, also boosted relative performance. Also contributing to our result were stock picks in health care, primarily within the health care equipment & services industry.

• The top individual relative contributor was an overweight in Robinhood Markets (+388%). A second notable relative contributor was an overweight in Nvidia (+52%). The stock was the fund's biggest holding. Another relative contributor was an overweight in GE Vernova (+271%).

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

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

**CUMULATIVE PERFORMANCE**

February 2, 2021 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fidelity® Fundamental Large Cap Growth ETF<br>| $10000 | $10582<br>| $7245<br>| $8970<br>| $11490<br>|
| Russell 1000® Growth Index<br>| $10000 | $11336<br>| $9984<br>| $11712<br>| $14866<br>|
| Russell 1000® Index<br>| $10000 | $11471<br>| $10683<br>| $12066<br>| $14661<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111568_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** |
| Fidelity® Fundamental Large Cap Growth ETF - NAV A  | 21.02% | 7.61% |
| Russell 1000® Growth IndexA | 23.75%<br>| 14.53% |
| Russell 1000® IndexA | 16.54%<br>| 12.66% |

---

**A** From February 2, 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $465241604<br>|
| Number of Holdings | 91<br>|
| Total Advisory Fee | $1392306<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 45.1 |
| Communication Services | 15.2 |
| Consumer Discretionary | 14.2 |
| Health Care | 8.7 |
| Financials | 6.6 |
| Industrials | 5.6 |
| Consumer Staples | 2.1 |
| Materials | 0.9 |
| Energy | 0.5 |
| Real Estate | 0.4 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6339_20250731_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| United States | 94.7 |
| Taiwan | 1.9 |
| Netherlands | 1.3 |
| Canada | 1.1 |
| Belgium | 0.4 |
| China | 0.3 |
| Germany | 0.2 |
| Brazil | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6339_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;Canada - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 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;China - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 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;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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 16.2<br>|
| Microsoft Corp | 10.2<br>|
| Amazon.com Inc | 8.2<br>|
| Apple Inc | 7.5<br>|
| Meta Platforms Inc Class A | 4.9<br>|
| Alphabet Inc Class A | 3.5<br>|
| Netflix Inc | 2.5<br>|
| Mastercard Inc Class A | 2.2<br>|
| Alphabet Inc Class C | 2.2<br>|
| Broadcom Inc | 2.1<br>|
|  | 59.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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 fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management fee The fund added a contractual proxy and shareholder meeting expense cap 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. |
| ![](img6339_20250731_2.jpg)<br>| ![](img111568_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> 1.9913567.101 6339-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Dividend ETF for Rising Rates<br> **Fidelity® Dividend ETF for Rising Rates : FDRR** <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® Dividend ETF for Rising Rates for the period August 1, 2024 to July 31, 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® Dividend ETF for Rising Rates  | $16  | 0.15% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, information technology gained roughly 27% and contributed most to the fund's performance for the fiscal year. Financials stocks also helped (+34%). Industrials rose about 20%, boosted by the capital goods industry (+32%), communication services gained 16%, and consumer staples advanced approximately 11%. Other contributors included the utilities (+9%), consumer discretionary (+3%) and real estate (+3%) sectors.

• In contrast, health care returned -13% and detracted most. Materials (-13%) and energy (-3%) also hurt.

• Turning to individual stocks, the biggest contributor was Nvidia (+53%), from the semiconductors & semiconductor equipment group. Within the same industry, Broadcom (+87%) helped. Microsoft (+29%), from the software & services group, lifted the fund. Lastly, JPMorgan Chase (+43%) and ABN AMRO Bank (+60%), from the banks group, also contributed.

• Conversely, the biggest detractor was UnitedHealth Group (-56%), from the health care equipment & services category. Apple (-6%) and HP (-29%), within the technology hardware & equipment category, detracted. In pharmaceuticals, biotechnology & life sciences, Merck returned roughly -29% and hurt the fund. Lastly, in automobiles & components, Stellantis (-32%) also hurt.

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

**CUMULATIVE PERFORMANCE**

September 12, 2016 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Dividend ETF for Rising Rates<br>| $10000 | $11485<br>| $13098<br>| $13896<br>| $14154<br>| $19471<br>| $19264<br>| $20838<br>| $24558<br>| $28239<br>|
| Fidelity Dividend Index for Rising Rates℠<br>| $10000 | $11526<br>| $13195<br>| $14045<br>| $14341<br>| $19793<br>| $19650<br>| $21314<br>| $25156<br>| $28972<br>|
| Russell 1000® Index<br>| $10000 | $11635<br>| $13519<br>| $14600<br>| $16357<br>| $22568<br>| $21017<br>| $23739<br>| $28843<br>| $33613<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111574_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity® Dividend ETF for Rising Rates - NAV A  | 14.99% | 14.81% | 12.39% |
| Fidelity Dividend Index for Rising Rates℠A | 15.17%<br>| 15.10%<br>| 12.71% |
| Russell 1000® IndexA | 16.54%<br>| 15.49%<br>| 14.61% |

---

**A** From September 12, 2016

---

| |
|:---|
| 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $584028393<br>|
| Number of Holdings | 116<br>|
| Total Advisory Fee | $829180<br>|
| Portfolio Turnover | 27%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 33.2 |
| Financials | 14.6 |
| Consumer Discretionary | 10.0 |
| Industrials | 9.6 |
| Communication Services | 9.1 |
| Health Care | 8.7 |
| Consumer Staples | 5.1 |
| Energy | 3.0 |
| Utilities | 2.3 |
| Real Estate | 2.2 |
| Materials | 1.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2854_20250731_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 | 93.9 |
| Netherlands | 2.0 |
| Germany | 0.8 |
| Japan | 0.7 |
| Hong Kong | 0.7 |
| United Kingdom | 0.7 |
| Singapore | 0.6 |
| France | 0.4 |
| Australia | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2854_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 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;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Singapore - 0.6&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;France - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.6<br>|
| Microsoft Corp | 7.8<br>|
| Apple Inc | 6.2<br>|
| Alphabet Inc Class A | 3.5<br>|
| Broadcom Inc | 3.5<br>|
| Meta Platforms Inc Class A | 2.9<br>|
| JPMorgan Chase & Co | 2.3<br>|
| Eli Lilly & Co | 1.6<br>|
| Cisco Systems Inc | 1.5<br>|
| Johnson & Johnson | 1.4<br>|
|  | 39.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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 fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management fee

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2854_20250731_2.jpg)<br>| ![](img111574_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> 1.9913540.101 2854-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Blue Chip Value ETF<br> **Fidelity® Blue Chip Value ETF : FBCV** <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® Blue Chip Value ETF for the period August 1, 2024 to July 31, 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® Blue Chip Value ETF  | $60  | 0.59% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, 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 Value Index for the fiscal year, especially within the utilities sector. Picks in communication services also hampered the fund's result. Investment choices and an overweight in health care, especially in the health care equipment & services industry, hurt as well.

• The biggest individual relative detractor was our stake in Centene (-57%), a stock that was no longer held at period end. An overweight in Cigna (-22%), one of our largest holdings, also hurt. Outsized exposure to PG&E (-23%) further pressured performance. This period we decreased our position in the stock.

• In contrast, the biggest contributors to performance versus the benchmark were stock selection and an underweight in materials. Picks in information technology also boosted relative performance, as did investment choices and an overweight in financials, primarily within the insurance industry.

• The top individual relative contributor was our stake in Thermo Fisher Scientific (+15%), an investment we established this period. An overweight in Deere (+42%) helped too. Outsized exposure to Cisco Systems (+44%), one of the fund's biggest holdings, was another plus.

• Notable changes in positioning include increased exposure to the consumer discretionary sector and a lower allocation to utilities stocks.

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

**CUMULATIVE PERFORMANCE**

June 2, 2020 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Blue Chip Value ETF<br>| $10000 | $10123<br>| $14459<br>| $14642<br>| $15426<br>| $17157<br>|
| Russell 1000® Value Index<br>| $10000 | $10170<br>| $14169<br>| $13967<br>| $15124<br>| $17362<br>|
| Russell 1000® Index<br>| $10000 | $10678<br>| $14731<br>| $13719<br>| $15496<br>| $18828<br>|
|  | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111578_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity® Blue Chip Value ETF - NAV A  | 5.53% | 12.33% | 12.18% |
| Russell 1000® Value IndexA | 8.79%<br>| 13.18%<br>| 13.10% |
| Russell 1000® IndexA | 16.54%<br>| 15.49%<br>| 16.43% |

---

**A** From June 2, 2020

---

| |
|:---|
| 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $127498968<br>|
| Number of Holdings | 118<br>|
| Total Advisory Fee | $737387<br>|
| Portfolio Turnover | 69%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.5 |
| Industrials | 14.8 |
| Health Care | 10.2 |
| Energy | 9.0 |
| Consumer Staples | 8.7 |
| Information Technology | 8.3 |
| Communication Services | 7.9 |
| Consumer Discretionary | 7.8 |
| Materials | 3.8 |
| Utilities | 2.8 |
| Real Estate | 1.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6190_20250731_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 | 94.7 |
| United Kingdom | 3.1 |
| Canada | 1.9 |
| Germany | 0.1 |
| Netherlands | 0.1 |
| Switzerland | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6190_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;Netherlands - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 4.1<br>|
| Alphabet Inc Class A | 3.6<br>|
| Bank of America Corp | 3.0<br>|
| Cisco Systems Inc | 2.5<br>|
| Shell PLC ADR | 2.2<br>|
| Wells Fargo & Co | 2.1<br>|
| The Travelers Companies, Inc. | 2.1<br>|
| Amazon.com Inc | 2.0<br>|
| Cigna Group/The | 1.9<br>|
| JPMorgan Chase & Co | 1.8<br>|
|  | 25.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6190_20250731_2.jpg)<br>| ![](img111578_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> 1.9913566.101 6190-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Blue Chip Growth ETF<br> **Fidelity® Blue Chip Growth ETF : FBCG** <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® Blue Chip Growth ETF for the period August 1, 2024 to July 31, 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® Blue Chip Growth ETF  | $66  | 0.59% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, 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, especially within consumer discretionary. Stock selection and an underweight in health care also hampered the fund's result. Also detracting from our result was an underweight in information technology, primarily within the software & services industry.

• The largest individual relative detractor was an underweight in Palantir Technologies (+489%). This period we increased our stake in Palantir Technologies. A second notable relative detractor was an underweight in Broadcom (+85%). This period we increased our stake in Broadcom. The company was among the fund's biggest holdings. Another notable relative detractor was our non-benchmark stake in Snap (-29%). This period we increased our stake in Snap.

• In contrast, the biggest contributor to performance versus the benchmark was stock selection in information technology, primarily within the software & services industry. Stock picking and an overweight in communication services, primarily within the media & entertainment industry, and picks and an underweight in consumer staples also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Nvidia (+52%). The company was the fund's largest holding. A second notable relative contributor was an overweight in AppLovin (+407%). This period we increased our position in AppLovin. Another notable relative contributor was an overweight in Netflix (+84%). The company was among the fund's biggest holdings.

• Notable changes in positioning include decreased exposure to the health care sector.

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

**CUMULATIVE PERFORMANCE**

June 2, 2020 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Blue Chip Growth ETF<br>| $10000 | $11368<br>| $16387<br>| $12467<br>| $15639<br>| $20515<br>|
| Russell 1000® Growth Index<br>| $10000 | $11108<br>| $15182<br>| $13371<br>| $15685<br>| $19910<br>|
| Russell 1000® Index<br>| $10000 | $10678<br>| $14731<br>| $13719<br>| $15496<br>| $18828<br>|
|  | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111582_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity® Blue Chip Growth ETF - NAV A  | 23.05% | 17.30% | 19.64% |
| Russell 1000® Growth IndexA | 23.75%<br>| 17.27%<br>| 19.08% |
| Russell 1000® IndexA | 16.54%<br>| 15.49%<br>| 16.43% |

---

**A** From June 2, 2020

---

| |
|:---|
| 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4649894191<br>|
| Number of Holdings | 197<br>|
| Total Advisory Fee | $19339502<br>|
| Portfolio Turnover | 53%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 47.0 |
| Consumer Discretionary | 18.2 |
| Communication Services | 16.1 |
| Health Care | 5.5 |
| Industrials | 4.6 |
| Financials | 4.5 |
| Consumer Staples | 1.8 |
| Materials | 1.0 |
| Real Estate | 0.6 |
| Utilities | 0.3 |
| Energy | 0.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6157_20250731_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 | 95.6 |
| Canada | 1.3 |
| Taiwan | 0.9 |
| Netherlands | 0.8 |
| United Kingdom | 0.3 |
| India | 0.3 |
| Finland | 0.2 |
| Germany | 0.2 |
| China | 0.2 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6157_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.8&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;India - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 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;China - 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;Others - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 16.4<br>|
| Amazon.com Inc | 8.6<br>|
| Microsoft Corp | 8.4<br>|
| Apple Inc | 7.7<br>|
| Meta Platforms Inc Class A | 5.5<br>|
| Alphabet Inc Class A | 4.9<br>|
| Netflix Inc | 3.0<br>|
| Broadcom Inc | 2.7<br>|
| Eli Lilly & Co | 2.2<br>|
| Marvell Technology Inc | 1.9<br>|
|  | 61.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6157_20250731_2.jpg)<br>| ![](img111582_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> 1.9913565.101 6157-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Fundamental Large Cap Value ETF<br> **Fidelity® Fundamental Large Cap Value ETF : FFLV** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>| &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® Fundamental Large Cap Value ETF for the period August 1, 2024 to July 31, 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® Fundamental Large Cap Value ETF  | $39  | 0.38% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 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 period end, 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 Index for the fiscal year, especially in industrials. Also hurting our result were stock picks in communication services and utilities.

• The biggest individual relative detractor was our stake in Centene (-61%). The stock was not held at period end. The second-largest relative detractor was our stake in Edison International (-35%). The stock was not held at period end. Another notable relative detractor was an underweight in JPMorgan Chase (+42%).

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in information technology. Stock selection in consumer staples and real estate, primarily within the equity real estate investment trusts industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Cisco Systems (+44%). This period we increased our position in Cisco Systems. The company was one of the fund's biggest holdings. The second-largest relative contributor was an overweight in US Foods (+53%). This period we increased our position in US Foods. The company was one of the fund's largest holdings. Another notable relative contributor was our stake in Philip Morris International (+50%). This period we increased our position in Philip Morris International.

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

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

**CUMULATIVE PERFORMANCE**

February 22, 2024 through July 31, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Fidelity® Fundamental Large Cap Value ETF<br>| $10023 | $10678<br>|
| Russell 1000® Value Index<br>| $10056 | $10858<br>|
| Russell 1000® Index<br>| $10032 | $10879<br>|
|  | 2024 | 2025 |

---

![](img111633_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** |
| Fidelity® Fundamental Large Cap Value ETF - NAV A  | 5.30% | 8.49% |
| Russell 1000® Value IndexA | 8.79%<br>| 12.28% |
| Russell 1000® IndexA | 16.54%<br>| 17.94% |

---

**A** From February 22, 2024

---

| |
|:---|
| 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 July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $10493196<br>|
| Number of Holdings | 125<br>|
| Total Advisory Fee | $28056<br>|
| Portfolio Turnover | 44%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.9 |
| Industrials | 12.8 |
| Information Technology | 10.9 |
| Health Care | 10.8 |
| Energy | 8.9 |
| Consumer Staples | 7.6 |
| Communication Services | 7.1 |
| Consumer Discretionary | 6.4 |
| Real Estate | 4.9 |
| Materials | 4.3 |
| Utilities | 4.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7573_20250731_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 | 96.1 |
| Canada | 1.3 |
| United Kingdom | 1.0 |
| Taiwan | 0.9 |
| Spain | 0.6 |
| France | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7573_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Spain - 0.6&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;France - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 4.0<br>|
| Cisco Systems Inc | 3.9<br>|
| Alphabet Inc Class A | 3.6<br>|
| Wells Fargo & Co | 3.5<br>|
| Bank of America Corp | 3.2<br>|
| Hartford Insurance Group Inc/The | 3.0<br>|
| The Travelers Companies, Inc. | 2.7<br>|
| US Foods Holding Corp | 2.4<br>|
| Shell PLC ADR | 2.1<br>|
| Welltower Inc | 2.0<br>|
|  | 30.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 29, 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.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img7573_20250731_2.jpg)<br>| ![](img111633_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> 1.9916936.101 7573-TSRA-0925 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, July 31, 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 Fundamental Large Cap Growth ETF, Fidelity Fundamental Small-Mid Cap ETF, Fidelity Magellan ETF, Fidelity Real Estate Investment ETF, Fidelity Stocks for Inflation ETF, Fidelity Sustainable U.S. Equity ETF, and Fidelity Women's Leadership ETF (the "Funds"):

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

**<u>July 31, 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 Fundamental Large Cap Growth ETF | &nbsp;&nbsp;$13300  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$3300  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;Fidelity Fundamental Small-Mid Cap ETF | &nbsp;&nbsp;$13300  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$3300  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;Fidelity Magellan ETF | &nbsp;&nbsp;$13300  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$3300  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;Fidelity Real Estate Investment ETF | &nbsp;&nbsp;$13300  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$3300  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;Fidelity Stocks for Inflation ETF | &nbsp;&nbsp;$13900  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$3900  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;Fidelity Sustainable U.S. Equity ETF | &nbsp;&nbsp;$13600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$3800  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;Fidelity Women's Leadership ETF | &nbsp;&nbsp;$13600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$3800  | &nbsp;&nbsp;$300  |

---

**<u>July 31, 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 Fundamental Large Cap Growth ETF | &nbsp;&nbsp;$16700  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$3200  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;Fidelity Fundamental Small-Mid Cap ETF | &nbsp;&nbsp;$14800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$3200  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;Fidelity Magellan ETF | &nbsp;&nbsp;$14800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$3200  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;Fidelity Real Estate Investment ETF | &nbsp;&nbsp;$14800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$3200  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;Fidelity Stocks for Inflation ETF | &nbsp;&nbsp;$15400  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4100  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Sustainable U.S. Equity ETF | &nbsp;&nbsp;$15100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$3700  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Women's Leadership ETF | &nbsp;&nbsp;$15100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$3700  | &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 Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, Fidelity Dividend ETF for Rising Rates, Fidelity Fundamental Large Cap Core ETF, Fidelity Fundamental Large Cap Value ETF, Fidelity High Dividend ETF, Fidelity Low Volatility Factor ETF, Fidelity Momentum Factor ETF, Fidelity Quality Factor ETF, Fidelity Small-Mid Multifactor ETF, Fidelity U.S. Multifactor ETF, and Fidelity Value Factor ETF (the "Funds"):

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

**<u>July 31, 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 Blue Chip Growth ETF  | &nbsp;&nbsp;$16000  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4800  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity Blue Chip Value ETF | &nbsp;&nbsp;$15900  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4800  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity Dividend ETF for Rising Rates | &nbsp;&nbsp;$12800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4800  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Fundamental Large Cap Core ETF | &nbsp;&nbsp;$15900  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4800  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity Fundamental Large Cap Value ETF | &nbsp;&nbsp;$22500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4900  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity High Dividend ETF | &nbsp;&nbsp;$13000  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4800  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Low Volatility Factor ETF | &nbsp;&nbsp;$12700  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4600  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Momentum Factor ETF | &nbsp;&nbsp;$12600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4600  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Quality Factor ETF | &nbsp;&nbsp;$12700  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4600  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Small-Mid Multifactor ETF | &nbsp;&nbsp;$15500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5100  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity U.S. Multifactor ETF | &nbsp;&nbsp;$15900  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4800  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity Value Factor ETF | &nbsp;&nbsp;$12600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4600  | &nbsp;&nbsp;$400  |

---

**<u>July 31, 2024 Fees</u><sup>A,B</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Blue Chip Growth ETF  | &nbsp;&nbsp;$15000  | &nbsp;&nbsp;<br>$- | &nbsp;&nbsp;$4600  | &nbsp;&nbsp;$500  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity Blue Chip Value ETF | &nbsp;&nbsp;$14900  | &nbsp;&nbsp;<br>$- | &nbsp;&nbsp;$4600  | &nbsp;&nbsp;$4600  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity Dividend ETF for Rising Rates | &nbsp;&nbsp;$11900  | &nbsp;&nbsp;<br>$- | &nbsp;&nbsp;$4600  | &nbsp;&nbsp;$4600  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Fundamental Large Cap Core ETF | &nbsp;&nbsp;$14900  | &nbsp;&nbsp;<br>$- | &nbsp;&nbsp;$4600  | &nbsp;&nbsp;$4600  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity Fundamental Large Cap Value ETF | &nbsp;&nbsp;$15300  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4700  | &nbsp;&nbsp;$4700  | &nbsp;&nbsp;$100  |
| &nbsp;&nbsp;Fidelity High Dividend ETF | &nbsp;&nbsp;$12000  | &nbsp;&nbsp;<br>$- | &nbsp;&nbsp;$4600  | &nbsp;&nbsp;$4600  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Low Volatility Factor ETF | &nbsp;&nbsp;$11600  | &nbsp;&nbsp;<br>$- | &nbsp;&nbsp;$4400  | &nbsp;&nbsp;$4400  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Momentum Factor ETF | &nbsp;&nbsp;$11600  | &nbsp;&nbsp;<br>$- | &nbsp;&nbsp;$4400  | &nbsp;&nbsp;$4400  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Quality Factor ETF | &nbsp;&nbsp;$11600  | &nbsp;&nbsp;<br>$- | &nbsp;&nbsp;$4400  | &nbsp;&nbsp;$4400  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Small-Mid Multifactor ETF | &nbsp;&nbsp;$14500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4900  | &nbsp;&nbsp;$4900  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity U.S. Multifactor ETF | &nbsp;&nbsp;$14900  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4600  | &nbsp;&nbsp;$500  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity Value Factor ETF | &nbsp;&nbsp;$11600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4400  | &nbsp;&nbsp;$400  | &nbsp;&nbsp;$400  |

---

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

<sup>B</sup> Fidelity Fundamental Large Cap Value ETF commenced operations on February 22, 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>July 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>July 31, 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>July 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>July 31, 2024</u><sup>A,B</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 Fundamental Large Cap Value 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>July 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>July 31, 2024</u><sup>A,B</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp;$3458600  | &nbsp;&nbsp;$4975200  |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$14700300  | &nbsp;&nbsp;$15068200  |

---

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

<sup>B</sup> May include amounts billed prior to the Fidelity Fundamental Large Cap Value 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 July 31, 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® Dividend ETF for Rising Rates**

**Fidelity® High Dividend ETF**

**Fidelity® Low Volatility Factor ETF**

**Fidelity® Momentum Factor ETF**

**Fidelity® Quality Factor ETF**

**Fidelity® Small-Mid Multifactor ETF**

**Fidelity® Stocks for Inflation ETF**

**Fidelity® U.S. Multifactor ETF**

**Fidelity® Value Factor ETF**

**Annual Report**

**July 31, 2025**

![](img111443_1.jpg)

![](img111443_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_CPF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Dividend ETF for Rising Rates](#Sub_Sec_Fund_2854_CPF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® High Dividend ETF](#Sub_Sec_Fund_2853_CPF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Low Volatility Factor ETF](#Sub_Sec_Fund_2855_CPF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Momentum Factor ETF](#Sub_Sec_Fund_2856_CPF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Quality Factor ETF](#Sub_Sec_Fund_2857_CPF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Small-Mid Multifactor ETF](#Sub_Sec_Fund_3356_CPF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Stocks for Inflation ETF](#Sub_Sec_Fund_5027_CPF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® U.S. Multifactor ETF](#Sub_Sec_Fund_6044_CPF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Value Factor ETF](#Sub_Sec_Fund_2858_CPF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2854_CPF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_CPF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_CPF-ANN_1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_CPF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CPF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CPF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CPF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CPF-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.

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 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® Dividend ETF for Rising Rates**

**Schedule of Investments July 31, 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>|
| AUSTRALIA - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Fortescue Ltd  | 91588 | 1047878 |
| FRANCE - 0.4%  |  |  |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Carrefour SA  | 177279 | 2550512 |
| GERMANY - 0.8%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Automobiles - 0.8% |  |  |
| Mercedes-Benz Group AG  | 79769 | 4574110 |
| HONG KONG - 0.7%  |  |  |
| Industrials - 0.7% |  |  |
| Industrial Conglomerates - 0.7% |  |  |
| Jardine Matheson Holdings Ltd (Singapore)  | 76000 | 4144280 |
| JAPAN - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Automobiles - 0.7% |  |  |
| Yamaha Motor Co Ltd (b) | 596100 | 4331276 |
| NETHERLANDS - 2.0%  |  |  |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| ABN AMRO Bank NV depository receipt (c)(d) | 286549 | 8317311 |
| Industrials - 0.6% |  |  |
| Professional Services - 0.6% |  |  |
| Randstad NV  | 68608 | 3285498 |
| TOTAL NETHERLANDS |  | 11602809 |
| SINGAPORE - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Passenger Airlines - 0.6% |  |  |
| Singapore Airlines Ltd (b) | 634100 | 3323606 |
| UNITED KINGDOM - 0.7%  |  |  |
| Industrials - 0.7% |  |  |
| Industrial Conglomerates - 0.7% |  |  |
| CK Hutchison Holdings Ltd  | 603200 | 3949615 |
| UNITED STATES - 93.6%  |  |  |
| Communication Services - 9.1% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| AT&T Inc  | 88033 | 2412985 |
| Verizon Communications Inc  | 52066 | 2226342 |
|  |  | 4639327 |
| Entertainment - 0.7% |  |  |
| Electronic Arts Inc  | 5725 | 873005 |
| Walt Disney Co/The  | 21656 | 2579447 |
| Warner Music Group Corp Class A (b) | 15197 | 444664 |
|  |  | 3897116 |
| Interactive Media & Services - 6.4% |  |  |
| Alphabet Inc Class A  | 106092 | 20359055 |
| Meta Platforms Inc Class A  | 21869 | 16914359 |
|  |  | 37273414 |
| Media - 1.0% |  |  |
| Comcast Corp Class A  | 50257 | 1670040 |
| Fox Corp Class A  | 11497 | 641073 |
| Interpublic Group of Cos Inc/The  | 19481 | 479233 |
| New York Times Co/The Class A  | 10599 | 549982 |
| News Corp Class A  | 20363 | 597043 |
| Nexstar Media Group Inc  | 3167 | 592577 |
| Omnicom Group Inc  | 7123 | 513212 |
| Paramount Global Class B (b) | 46894 | 589458 |
| Sirius XM Holdings Inc  | 19346 | 408587 |
|  |  | 6041205 |
| Wireless Telecommunication Services - 0.2% |  |  |
| T-Mobile US Inc  | 6578 | 1568261 |
| TOTAL COMMUNICATION SERVICES |  | 53419323 |
| Consumer Discretionary - 8.5% |  |  |
| Automobiles - 2.5% |  |  |
| Ford Motor Co  | 508500 | 5629095 |
| General Motors Co  | 109216 | 5825581 |
| Stellantis NV (Italy)  | 360074 | 3199309 |
|  |  | 14653985 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| McDonald's Corp  | 23287 | 6987730 |
| Starbucks Corp  | 52998 | 4725302 |
|  |  | 11713032 |
| Household Durables - 0.6% |  |  |
| Whirlpool Corp (b) | 46344 | 3848406 |
| Specialty Retail - 2.4% |  |  |
| Home Depot Inc/The  | 21058 | 7739026 |
| TJX Cos Inc/The  | 48511 | 6041074 |
|  |  | 13780100 |
| Textiles, Apparel & Luxury Goods - 1.0% |  |  |
| NIKE Inc Class B  | 74754 | 5583376 |
| TOTAL CONSUMER DISCRETIONARY |  | 49578899 |
| Consumer Staples - 4.7% |  |  |
| Beverages - 1.6% |  |  |
| Coca-Cola Co/The  | 78048 | 5298679 |
| PepsiCo Inc  | 30820 | 4250694 |
|  |  | 9549373 |
| Food Products - 0.4% |  |  |
| Kraft Heinz Co/The  | 97456 | 2676142 |
| Household Products - 1.0% |  |  |
| Procter & Gamble Co/The  | 37986 | 5715753 |
| Tobacco - 1.7% |  |  |
| Altria Group Inc  | 64861 | 4017490 |
| Philip Morris International Inc  | 34557 | 5669076 |
|  |  | 9686566 |
| TOTAL CONSUMER STAPLES |  | 27627834 |
| Energy - 3.0% |  |  |
| Oil, Gas & Consumable Fuels - 3.0% |  |  |
| Chevron Corp  | 25187 | 3819357 |
| Chord Energy Corp  | 12896 | 1422816 |
| Devon Energy Corp  | 46302 | 1538152 |
| Diamondback Energy Inc  | 10089 | 1499831 |
| EOG Resources Inc  | 16148 | 1938083 |
| Exxon Mobil Corp  | 55219 | 6164649 |
| Viper Energy Inc Class A (b) | 28483 | 1072669 |
|  |  | 17455557 |
| Financials - 13.2% |  |  |
| Banks - 7.0% |  |  |
| Bank of America Corp  | 165319 | 7814629 |
| Citigroup Inc  | 77881 | 7297450 |
| JPMorgan Chase & Co  | 44899 | 13300880 |
| US Bancorp  | 114910 | 5166353 |
| Wells Fargo & Co  | 91456 | 7374097 |
|  |  | 40953409 |
| Capital Markets - 3.0% |  |  |
| CME Group Inc Class A  | 23062 | 6417693 |
| Morgan Stanley  | 46091 | 6566125 |
| TPG Inc Class A  | 74878 | 4273287 |
|  |  | 17257105 |
| Consumer Finance - 0.8% |  |  |
| OneMain Holdings Inc  | 84366 | 4875511 |
| Insurance - 1.6% |  |  |
| American Financial Group Inc/OH  | 37745 | 4714351 |
| Prudential Financial Inc  | 44888 | 4649499 |
|  |  | 9363850 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.8% |  |  |
| Annaly Capital Management Inc  | 235466 | 4787024 |
| TOTAL FINANCIALS |  | 77236899 |
| Health Care - 8.7% |  |  |
| Biotechnology - 2.2% |  |  |
| AbbVie Inc  | 39033 | 7378018 |
| Amgen Inc  | 18827 | 5555847 |
|  |  | 12933865 |
| Health Care Providers & Services - 1.6% |  |  |
| CVS Health Corp  | 87377 | 5426112 |
| UnitedHealth Group Inc  | 16716 | 4171645 |
|  |  | 9597757 |
| Pharmaceuticals - 4.9% |  |  |
| Eli Lilly & Co  | 12644 | 9357445 |
| Johnson & Johnson  | 50500 | 8319370 |
| Merck & Co Inc  | 71297 | 5569722 |
| Pfizer Inc  | 213429 | 4970761 |
|  |  | 28217298 |
| TOTAL HEALTH CARE |  | 50748920 |
| Industrials - 7.0% |  |  |
| Aerospace & Defense - 2.8% |  |  |
| GE Aerospace  | 25129 | 6811969 |
| Lockheed Martin Corp  | 8688 | 3657474 |
| RTX Corp  | 36068 | 5683235 |
|  |  | 16152678 |
| Air Freight & Logistics - 0.5% |  |  |
| United Parcel Service Inc Class B  | 33789 | 2911260 |
| Ground Transportation - 0.7% |  |  |
| Union Pacific Corp  | 18111 | 4020099 |
| Industrial Conglomerates - 0.8% |  |  |
| Honeywell International Inc  | 19754 | 4392302 |
| Machinery - 1.5% |  |  |
| Caterpillar Inc  | 13018 | 5702144 |
| PACCAR Inc  | 32996 | 3258685 |
|  |  | 8960829 |
| Professional Services - 0.7% |  |  |
| Automatic Data Processing Inc  | 13652 | 4225294 |
| TOTAL INDUSTRIALS |  | 40662462 |
| Information Technology - 33.2% |  |  |
| Communications Equipment - 1.5% |  |  |
| Cisco Systems Inc  | 125649 | 8554184 |
| IT Services - 1.3% |  |  |
| IBM Corporation  | 29639 | 7503113 |
| Semiconductors & Semiconductor Equipment - 14.5% |  |  |
| Broadcom Inc  | 68918 | 20241217 |
| Microchip Technology Inc  | 106763 | 7216111 |
| NVIDIA Corp  | 282507 | 50249521 |
| Texas Instruments Inc  | 38801 | 7025309 |
|  |  | 84732158 |
| Software - 7.8% |  |  |
| Microsoft Corp  | 85580 | 45656930 |
| Technology Hardware, Storage & Peripherals - 8.1% |  |  |
| Apple Inc  | 170637 | 35419122 |
| Dell Technologies Inc Class C  | 54998 | 7297685 |
| HP Inc  | 176167 | 4368941 |
|  |  | 47085748 |
| TOTAL INFORMATION TECHNOLOGY |  | 193532133 |
| Materials - 1.7% |  |  |
| Chemicals - 1.3% |  |  |
| Air Products and Chemicals Inc  | 5452 | 1569522 |
| Dow Inc  | 35664 | 830614 |
| FMC Corp (b) | 31689 | 1237139 |
| Linde PLC  | 7052 | 3245754 |
| LyondellBasell Industries NV Class A1  | 16749 | 970269 |
|  |  | 7853298 |
| Containers & Packaging - 0.4% |  |  |
| Amcor PLC  | 121185 | 1133079 |
| International Paper Co  | 25428 | 1188505 |
|  |  | 2321584 |
| TOTAL MATERIALS |  | 10174882 |
| Real Estate - 2.2% |  |  |
| Health Care REITs - 0.2% |  |  |
| Omega Healthcare Investors Inc  | 24875 | 967638 |
| Hotel & Resort REITs - 0.2% |  |  |
| Host Hotels & Resorts Inc  | 58883 | 925640 |
| Industrial REITs - 0.3% |  |  |
| Prologis Inc  | 16200 | 1729836 |
| Retail REITs - 0.4% |  |  |
| Realty Income Corp  | 24188 | 1357673 |
| Simon Property Group Inc  | 7747 | 1268881 |
|  |  | 2626554 |
| Specialized REITs - 1.1% |  |  |
| American Tower Corp  | 9100 | 1896349 |
| Crown Castle Inc  | 13721 | 1441940 |
| Gaming and Leisure Properties Inc  | 20041 | 913468 |
| Public Storage Operating Co  | 4357 | 1184843 |
| VICI Properties Inc  | 38761 | 1263609 |
|  |  | 6700209 |
| TOTAL REAL ESTATE |  | 12949877 |
| Utilities - 2.3% |  |  |
| Electric Utilities - 1.7% |  |  |
| Duke Energy Corp  | 17556 | 2135512 |
| Edison International  | 25550 | 1331666 |
| Exelon Corp  | 37617 | 1690508 |
| NextEra Energy Inc  | 36539 | 2596462 |
| Southern Co/The  | 24292 | 2295108 |
|  |  | 10049256 |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| AES Corp/The  | 115900 | 1524085 |
| Multi-Utilities - 0.3% |  |  |
| Dominion Energy Inc  | 29294 | 1712234 |
| TOTAL UTILITIES |  | 13285575 |
| TOTAL UNITED STATES |  | 546672361 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $449,738,521) |  | <br> **582196447** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (f)<br>(Cost $146,656)<br>| 4.25 | 147000 | **146649** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 739732 | 739880 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 8772673 | 8773550 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $9,513,430) |  |  | **9513430** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.3%**<br> (Cost $459,398,607)<br>| <br>**591856526** |
| **NET OTHER ASSETS (LIABILITIES) - (1.3)%**  | **(7828133)** |
| **NET ASSETS - 100.0%** | **584028393** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 E-Mini S&P 500 Index Contracts (United States) | 3 | Sep 2025 | 956138 | 30898 | 30898 |
| CME E-Mini S&P 500 Index Contracts (United States) | 23 | Sep 2025 | 733039 | 17811 | 17811 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **48709** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% |

---

**Legend**

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

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

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $8,317,311 or 1.4% of net assets.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $8,317,311 or 1.4% 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 $146,649.

(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 | 520294 | 33795103 | 33575517 | 47028 | - | - | 739880 | 739732 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 5046580 | 76203150 | 72476180 | 21237 | - | - | 8773550 | 8772673 | 0.0% |
| Total | 5566874 | 109998253 | 106051697 | 68265 | - | - | 9513430 |  |  |

---

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 July 31, 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 | 53419323 | 53419323 | - | - |
| Consumer Discretionary | 58484285 | 58484285 | - | - |
| Consumer Staples | 30178346 | 30178346 | - | - |
| Energy | 17455557 | 17455557 | - | - |
| Financials | 85554210 | 85554210 | - | - |
| Health Care | 50748920 | 50748920 | - | - |
| Industrials | 55365461 | 55365461 | - | - |
| Information Technology | 193532133 | 193532133 | - | - |
| Materials | 11222760 | 11222760 | - | - |
| Real Estate | 12949877 | 12949877 | - | - |
| Utilities | 13285575 | 13285575 | - | - |
|  **U.S. Treasury Obligations** | 146649 | - | 146649 | - |
|  **Money Market Funds** | 9513430 | 9513430 | - | - |
| **Total Investments in Securities:** | 591856526 | 591709877 | 146649 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 48709 | 48709 | - | - |
| Total Assets | 48709 | 48709 | - | - |
| **Total Derivative Instruments:** | 48709 | 48709 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 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)  | 48709 | 0 |
| **Total Equity Risk**  | 48709 | 0 |
| **Total Value of Derivatives** | 48709 | 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® Dividend ETF for Rising Rates**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $8,388,482) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $449,885,177) | $582343096 |  |
| Fidelity Central Funds (cost $9,513,430) | 9513430 |  |
| Total Investment in Securities (cost $459,398,607) |  | $591856526 |
| Cash |  | 1 |
| Foreign currency held at value (cost $232,266) |  | 238677 |
| Dividends receivable |  | 783562 |
| Distributions receivable from Fidelity Central Funds |  | 1977 |
| **Total assets** |  | 592880743 |
| **Liabilities** |  |  |
| Accrued management fee | $72970 |  |
| Payable for daily variation margin on futures contracts | 5830 |  |
| Collateral on securities loaned | 8773550 |  |
| **Total liabilities** |  | 8852350 |
| **Net Assets**  |  | $584028393 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $525778764 |
| Total accumulated earnings (loss) |  | 58249629 |
| **Net Assets** |  | $584028393 |
| **Net Asset Value**, offering price and redemption price per share ($584,028,393 ÷ 10,550,000 shares) |  | $55.36 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $14104765 |
| Interest  |  | 4794 |
| Income from Fidelity Central Funds (including $21,237 from security lending)  |  | 68265 |
| **Total income** |  | 14177824 |
| **Expenses** |  |  |
| Management fee | $829180 |  |
| Independent trustees' fees and expenses | 2224 |  |
| Interest | 5148 |  |
| Miscellaneous | 1222 |  |
| Total expenses before reductions | 837774 |  |
| Expense reductions | (289) |  |
| Total expenses after reductions |  | 837485 |
| **Net Investment income (loss)** |  | 13340339 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (7316059) |  |
| Redemptions in-kind | 40518315 |  |
| Foreign currency transactions | 12787 |  |
| Futures contracts | 215943 |  |
| Total net realized gain (loss) |  | 33430986 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 29596861 |  |
| Assets and liabilities in foreign currencies | 9821 |  |
| Futures contracts | 33387 |  |
| Total change in net unrealized appreciation (depreciation) |  | 29640069 |
| **Net gain (loss)** |  | 63071055 |
| **Net increase (decrease) in net assets resulting from operations** |  | $76411394 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $13340339 | $13776270 |
| &nbsp;&nbsp;Net realized gain (loss) | 33430986<br>| 13154493<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 29640069 | 58749043<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 76411394<br>| 85679806<br>|
| Distributions to shareholders | (15464750)<br>| (13531400)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 97139902 | - |
| &nbsp;&nbsp;Cost of shares redeemed | (118681756) | (77060504) |
| **Net increase (decrease) in net assets resulting from share transactions** | (21541854)<br>| (77060504)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 39404790<br>| (4912098)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 544623603 | 549535701<br>|
| &nbsp;&nbsp;End of period | $584028393 | $544623603 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1800000 | - |
| &nbsp;&nbsp;Redeemed | (2250000) | (1750000) |
| &nbsp;&nbsp;Net increase (decrease) | (450000) | (1750000) |

---

**Financial Highlights** 

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

---

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

---

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

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

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

D*Based on net asset value.*

E*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.*

F*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.*

G*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.* 

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

**Fidelity® High Dividend ETF**

**Schedule of Investments July 31, 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>|
| HONG KONG - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.2% |  |  |
| Jardine Matheson Holdings Ltd (Singapore)  | 219100 | 11947523 |
| JAPAN - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobiles - 0.3% |  |  |
| Yamaha Motor Co Ltd (b) | 2495400 | 18131632 |
| NETHERLANDS - 2.4%  |  |  |
| Financials - 2.2% |  |  |
| Banks - 2.2% |  |  |
| ABN AMRO Bank NV depository receipt (c)(d) | 4711704 | 136760922 |
| Industrials - 0.2% |  |  |
| Professional Services - 0.2% |  |  |
| Randstad NV  | 197550 | 9460269 |
| TOTAL NETHERLANDS |  | 146221191 |
| SINGAPORE - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Passenger Airlines - 0.2% |  |  |
| Singapore Airlines Ltd (b) | 1826000 | 9570894 |
| SWEDEN - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| Svenska Handelsbanken AB A Shares  | 6820437 | 83649902 |
| UNITED KINGDOM - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.2% |  |  |
| CK Hutchison Holdings Ltd  | 1710000 | 11196687 |
| UNITED STATES - 95.2%  |  |  |
| Communication Services - 2.5% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| AT&T Inc  | 260441 | 7138688 |
| Verizon Communications Inc  | 153616 | 6568620 |
|  |  | 13707308 |
| Entertainment - 0.2% |  |  |
| Electronic Arts Inc  | 16829 | 2566254 |
| Walt Disney Co/The  | 64446 | 7676163 |
| Warner Music Group Corp Class A  | 44704 | 1308039 |
|  |  | 11550456 |
| Interactive Media & Services - 1.8% |  |  |
| Alphabet Inc Class A  | 314562 | 60364448 |
| Meta Platforms Inc Class A  | 64779 | 50102670 |
|  |  | 110467118 |
| Media - 0.3% |  |  |
| Comcast Corp Class A  | 148211 | 4925052 |
| Fox Corp Class A  | 33972 | 1894279 |
| Interpublic Group of Cos Inc/The  | 57278 | 1409039 |
| New York Times Co/The Class A  | 31334 | 1625921 |
| News Corp Class A  | 60029 | 1760050 |
| Nexstar Media Group Inc  | 9337 | 1747046 |
| Omnicom Group Inc  | 20947 | 1509231 |
| Paramount Global Class B (b) | 138245 | 1737740 |
| Sirius XM Holdings Inc  | 57010 | 1204051 |
|  |  | 17812409 |
| Wireless Telecommunication Services - 0.0% |  |  |
| T-Mobile US Inc  | 19453 | 4637789 |
| TOTAL COMMUNICATION SERVICES |  | 158175080 |
| Consumer Discretionary - 3.7% |  |  |
| Automobiles - 1.0% |  |  |
| Ford Motor Co  | 2132627 | 23608181 |
| General Motors Co  | 458433 | 24452817 |
| Stellantis NV (Italy)  | 1508167 | 13400277 |
|  |  | 61461275 |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| McDonald's Corp  | 98203 | 29467774 |
| Starbucks Corp  | 222912 | 19874834 |
|  |  | 49342608 |
| Household Durables - 0.2% |  |  |
| Whirlpool Corp (b) | 193776 | 16091158 |
| Specialty Retail - 1.3% |  |  |
| Home Depot Inc/The  | 89188 | 32777482 |
| Lowe's Cos Inc  | 100074 | 22373544 |
| TJX Cos Inc/The  | 204369 | 25450072 |
|  |  | 80601098 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| NIKE Inc Class B  | 314004 | 23452959 |
| TOTAL CONSUMER DISCRETIONARY |  | 230949098 |
| Consumer Staples - 12.5% |  |  |
| Beverages - 3.5% |  |  |
| Coca-Cola Co/The  | 1756926 | 119277706 |
| PepsiCo Inc  | 729691 | 100638983 |
|  |  | 219916689 |
| Food Products - 3.2% |  |  |
| Hershey Co/The  | 602883 | 112214613 |
| Kraft Heinz Co/The  | 3088178 | 84801368 |
|  |  | 197015981 |
| Household Products - 1.8% |  |  |
| Procter & Gamble Co/The  | 749325 | 112750932 |
| Tobacco - 4.0% |  |  |
| Altria Group Inc  | 1805197 | 111813902 |
| Philip Morris International Inc  | 814451 | 133610687 |
|  |  | 245424589 |
| TOTAL CONSUMER STAPLES |  | 775108191 |
| Energy - 9.2% |  |  |
| Oil, Gas & Consumable Fuels - 9.2% |  |  |
| Chevron Corp  | 652951 | 99013490 |
| Chord Energy Corp  | 671034 | 74035181 |
| Devon Energy Corp  | 2224744 | 73905996 |
| Diamondback Energy Inc  | 466076 | 69286858 |
| EOG Resources Inc  | 634474 | 76149569 |
| Exxon Mobil Corp  | 1121399 | 125192985 |
| Viper Energy Inc Class A (b) | 1485567 | 55946453 |
|  |  | 573530532 |
| Financials - 18.1% |  |  |
| Banks - 9.3% |  |  |
| Bank of America Corp  | 2334443 | 110349121 |
| Citigroup Inc  | 1171900 | 109807030 |
| JPMorgan Chase & Co  | 575444 | 170469531 |
| US Bancorp  | 1799536 | 80907138 |
| Wells Fargo & Co  | 1312304 | 105811072 |
|  |  | 577343892 |
| Capital Markets - 4.2% |  |  |
| Blackstone Inc  | 518580 | 89693597 |
| CME Group Inc Class A  | 358536 | 99773398 |
| TPG Inc Class A  | 1226101 | 69973584 |
|  |  | 259440579 |
| Financial Services - 2.2% |  |  |
| Visa Inc Class A  | 399835 | 138130997 |
| Mortgage Real Estate Investment Trusts (REITs) - 2.4% |  |  |
| AGNC Investment Corp  | 7777801 | 73344663 |
| Annaly Capital Management Inc  | 3840720 | 78081838 |
|  |  | 151426501 |
| TOTAL FINANCIALS |  | 1126341969 |
| Health Care - 3.2% |  |  |
| Biotechnology - 1.3% |  |  |
| AbbVie Inc  | 161468 | 30520682 |
| Amgen Inc  | 79677 | 23512683 |
| Gilead Sciences Inc  | 231114 | 25951791 |
|  |  | 79985156 |
| Health Care Providers & Services - 0.6% |  |  |
| CVS Health Corp  | 376905 | 23405801 |
| UnitedHealth Group Inc  | 68223 | 17025731 |
|  |  | 40431532 |
| Pharmaceuticals - 1.3% |  |  |
| Johnson & Johnson  | 208156 | 34291619 |
| Merck & Co Inc  | 298749 | 23338272 |
| Pfizer Inc  | 906062 | 21102184 |
|  |  | 78732075 |
| TOTAL HEALTH CARE |  | 199148763 |
| Industrials - 1.9% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| GE Aerospace  | 72133 | 19553814 |
| Lockheed Martin Corp  | 25002 | 10525342 |
| RTX Corp  | 103456 | 16301562 |
|  |  | 46380718 |
| Air Freight & Logistics - 0.1% |  |  |
| United Parcel Service Inc Class B  | 97169 | 8372080 |
| Ground Transportation - 0.2% |  |  |
| Union Pacific Corp  | 52013 | 11545325 |
| Industrial Conglomerates - 0.2% |  |  |
| Honeywell International Inc  | 56763 | 12621253 |
| Machinery - 0.4% |  |  |
| Caterpillar Inc  | 37358 | 16363552 |
| PACCAR Inc  | 94911 | 9373410 |
|  |  | 25736962 |
| Professional Services - 0.2% |  |  |
| Automatic Data Processing Inc  | 39273 | 12154994 |
| TOTAL INDUSTRIALS |  | 116811332 |
| Information Technology - 25.6% |  |  |
| Communications Equipment - 1.1% |  |  |
| Cisco Systems Inc  | 1030819 | 70178158 |
| IT Services - 1.0% |  |  |
| IBM Corporation  | 243174 | 61559497 |
| Semiconductors & Semiconductor Equipment - 11.3% |  |  |
| Broadcom Inc  | 565457 | 166074721 |
| Microchip Technology Inc  | 876023 | 59210395 |
| NVIDIA Corp  | 2317711 | 412251256 |
| Texas Instruments Inc  | 318386 | 57646968 |
|  |  | 695183340 |
| Software - 6.0% |  |  |
| Microsoft Corp  | 702193 | 374619966 |
| Technology Hardware, Storage & Peripherals - 6.2% |  |  |
| Apple Inc  | 1399887 | 290574545 |
| Dell Technologies Inc Class C  | 451405 | 59896929 |
| HP Inc  | 1446252 | 35867050 |
|  |  | 386338524 |
| TOTAL INFORMATION TECHNOLOGY |  | 1587879485 |
| Real Estate - 8.9% |  |  |
| Health Care REITs - 0.8% |  |  |
| Omega Healthcare Investors Inc  | 1344086 | 52284945 |
| Hotel & Resort REITs - 0.8% |  |  |
| Host Hotels & Resorts Inc  | 3153521 | 49573350 |
| Industrial REITs - 0.9% |  |  |
| Prologis Inc  | 520151 | 55541724 |
| Retail REITs - 1.7% |  |  |
| Realty Income Corp  | 1017342 | 57103407 |
| Simon Property Group Inc  | 313374 | 51327527 |
|  |  | 108430934 |
| Specialized REITs - 4.7% |  |  |
| American Tower Corp  | 317239 | 66109436 |
| Crown Castle Inc  | 606481 | 63735088 |
| Gaming and Leisure Properties Inc  | 1056042 | 48134394 |
| Public Storage Operating Co  | 183285 | 49842523 |
| VICI Properties Inc  | 1795475 | 58532485 |
|  |  | 286353926 |
| TOTAL REAL ESTATE |  | 552184879 |
| Utilities - 9.6% |  |  |
| Electric Utilities - 6.8% |  |  |
| American Electric Power Co Inc  | 770490 | 87173239 |
| Duke Energy Corp  | 704239 | 85663632 |
| Edison International  | 1396878 | 72805281 |
| NextEra Energy Inc  | 1239220 | 88058973 |
| Southern Co/The  | 960807 | 90777046 |
|  |  | 424478171 |
| Independent Power and Renewable Electricity Producers - 1.5% |  |  |
| AES Corp/The  | 6861576 | 90229724 |
| Multi-Utilities - 1.3% |  |  |
| Dominion Energy Inc  | 1401329 | 81907680 |
| TOTAL UTILITIES |  | 596615575 |
| TOTAL UNITED STATES |  | 5916744904 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,546,819,946) |  | <br> **6197462733** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (f)<br>(Cost $767,201)<br>| 4.25 | 769000 | **767165** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (g) | 4.33 | 9899281 | 9901260 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 33963648 | 33967044 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $43,868,304) |  |  | **43868304** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%**<br> (Cost $5,591,455,451)<br>| <br>**6242098202** |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(28412367)** |
| **NET ASSETS - 100.0%** | **6213685835** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 E-Mini S&P 500 Index Contracts (United States) | 46 | Sep 2025 | 14660775 | 556688 | 556688 |
| 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) Amount is stated in United States dollars unless otherwise noted.

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

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $136,760,922 or 2.2% of net assets.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $136,760,922 or 2.2% 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 $767,165.

(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 | 1678331 | 287715720 | 279492791 | 145470 | - | - | 9901260 | 9899281 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 4974275 | 319265900 | 290273131 | 160718 | - | - | 33967044 | 33963648 | 0.1% |
| Total | 6652606 | 606981620 | 569765922 | 306188 | - | - | 43868304 |  |  |

---

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 July 31, 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 | 158175080 | 158175080 | - | - |
| Consumer Discretionary | 249080730 | 249080730 | - | - |
| Consumer Staples | 775108191 | 775108191 | - | - |
| Energy | 573530532 | 573530532 | - | - |
| Financials | 1346752793 | 1346752793 | - | - |
| Health Care | 199148763 | 199148763 | - | - |
| Industrials | 158986705 | 158986705 | - | - |
| Information Technology | 1587879485 | 1587879485 | - | - |
| Real Estate | 552184879 | 552184879 | - | - |
| Utilities | 596615575 | 596615575 | - | - |
|  **U.S. Treasury Obligations** | 767165 | - | 767165 | - |
|  **Money Market Funds** | 43868304 | 43868304 | - | - |
| **Total Investments in Securities:** | 6242098202 | 6241331037 | 767165 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 556688 | 556688 | - | - |
| Total Assets | 556688 | 556688 | - | - |
| **Total Derivative Instruments:** | 556688 | 556688 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 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)  | 556688 | 0 |
| **Total Equity Risk**  | 556688 | 0 |
| **Total Value of Derivatives** | 556688 | 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® High Dividend ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $32,808,800) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,547,587,147) | $6198229898 |  |
| Fidelity Central Funds (cost $43,868,304) | 43868304 |  |
| Total Investment in Securities (cost $5,591,455,451) |  | $6242098202 |
| Segregated cash with brokers for derivative instruments |  | 221283 |
| Foreign currency held at value (cost $8,400) |  | 8947 |
| Receivable for fund shares sold |  | 21398911 |
| Dividends receivable |  | 6095684 |
| Distributions receivable from Fidelity Central Funds |  | 22576 |
| **Total assets** |  | 6269845603 |
| **Liabilities** |  |  |
| Payable to custodian bank | $4236 |  |
| Payable for investments purchased  | 21391632 |  |
| Accrued management fee | 746256 |  |
| Payable for daily variation margin on futures contracts | 50600 |  |
| Collateral on securities loaned | 33967044 |  |
| **Total liabilities** |  | 56159768 |
| **Net Assets**  |  | $6213685835 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5754150453 |
| Total accumulated earnings (loss) |  | 459535382 |
| **Net Assets** |  | $6213685835 |
| **Net Asset Value**, offering price and redemption price per share ($6,213,685,835 ÷ 116,150,000 shares) |  | $53.50 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $146630338 |
| Interest  |  | 12288 |
| Income from Fidelity Central Funds (including $160,718 from security lending)  |  | 306188 |
| **Total income** |  | 146948814 |
| **Expenses** |  |  |
| Management fee | $6745533 |  |
| Independent trustees' fees and expenses | 16389 |  |
| Interest | 66445 |  |
| Miscellaneous | 4192 |  |
| Total expenses before reductions | 6832559 |  |
| Expense reductions | (1477) |  |
| Total expenses after reductions |  | 6831082 |
| **Net Investment income (loss)** |  | 140117732 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (43883549) |  |
| Redemptions in-kind | 309280706 |  |
| Foreign currency transactions | (119166) |  |
| Futures contracts | 362115 |  |
| Total net realized gain (loss) |  | 265640106 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 188088276 |  |
| Assets and liabilities in foreign currencies | 4061 |  |
| Futures contracts | 496418 |  |
| Total change in net unrealized appreciation (depreciation) |  | 188588755 |
| **Net gain (loss)** |  | 454228861 |
| **Net increase (decrease) in net assets resulting from operations** |  | $594346593 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $140117732 | $69456212 |
| &nbsp;&nbsp;Net realized gain (loss) | 265640106<br>| 84190847<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 188588755 | 333169682<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 594346593<br>| 486816741<br>|
| Distributions to shareholders | (149474650)<br>| (72844900)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3733600337 | 1551037321 |
| &nbsp;&nbsp;Cost of shares redeemed | (1131634312) | (493928543) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2601966025<br>| 1057108778<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 3046837968<br>| 1471080619<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3166847867 | 1695767248<br>|
| &nbsp;&nbsp;End of period | $6213685835 | $3166847867 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 72950000 | 35700000 |
| &nbsp;&nbsp;Redeemed | (21950000) | (11400000) |
| &nbsp;&nbsp;Net increase (decrease) | 51000000 | 24300000 |

---

**Financial Highlights** 

**Fidelity® High Dividend ETF** <br>

---

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

---

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

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

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

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

E*Based on net asset value.*

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

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

H*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.* 

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

**Fidelity® Low Volatility Factor ETF**

**Schedule of Investments July 31, 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>|
| IRELAND - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| IT Services - 0.9% |  |  |
| Accenture PLC Class A  | 41948 | 11204311 |
| UNITED STATES - 98.8%  |  |  |
| Communication Services - 9.5% |  |  |
| Diversified Telecommunication Services - 2.1% |  |  |
| AT&T Inc  | 479703 | 13148659 |
| Verizon Communications Inc  | 288937 | 12354946 |
|  |  | 25503605 |
| Entertainment - 0.8% |  |  |
| Electronic Arts Inc  | 66098 | 10079284 |
| Interactive Media & Services - 4.3% |  |  |
| Alphabet Inc Class A  | 271226 | 52048270 |
| Media - 1.5% |  |  |
| Comcast Corp Class A  | 316615 | 10521116 |
| Fox Corp Class A  | 153281 | 8546949 |
|  |  | 19068065 |
| Wireless Telecommunication Services - 0.8% |  |  |
| T-Mobile US Inc  | 43314 | 10326491 |
| TOTAL COMMUNICATION SERVICES |  | 117025715 |
| Consumer Discretionary - 10.9% |  |  |
| Broadline Retail - 4.3% |  |  |
| Amazon.com Inc (b) | 225515 | 52795317 |
| Hotels, Restaurants & Leisure - 1.4% |  |  |
| McDonald's Corp  | 34854 | 10458640 |
| Starbucks Corp  | 74360 | 6629937 |
|  |  | 17088577 |
| Household Durables - 0.5% |  |  |
| Garmin Ltd  | 28915 | 6325445 |
| Specialty Retail - 4.1% |  |  |
| AutoZone Inc (b) | 1977 | 7450087 |
| Home Depot Inc/The  | 34960 | 12848150 |
| Lowe's Cos Inc  | 33913 | 7581929 |
| O'Reilly Automotive Inc (b) | 81016 | 7965493 |
| TJX Cos Inc/The  | 68964 | 8588087 |
| Tractor Supply Co  | 116048 | 6608934 |
|  |  | 51042680 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| NIKE Inc Class B  | 100820 | 7530246 |
| TOTAL CONSUMER DISCRETIONARY |  | 134782265 |
| Consumer Staples - 5.3% |  |  |
| Beverages - 1.2% |  |  |
| Coca-Cola Co/The  | 126325 | 8576204 |
| PepsiCo Inc  | 48099 | 6633814 |
|  |  | 15210018 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Walmart Inc  | 119914 | 11749174 |
| Food Products - 1.0% |  |  |
| General Mills Inc (c) | 57261 | 2804644 |
| Hershey Co/The  | 21669 | 4033251 |
| Mondelez International Inc  | 75797 | 4903308 |
|  |  | 11741203 |
| Household Products - 1.4% |  |  |
| Colgate-Palmolive Co  | 48752 | 4087855 |
| Kimberly-Clark Corp  | 28057 | 3496463 |
| Procter & Gamble Co/The  | 66739 | 10042218 |
|  |  | 17626536 |
| Tobacco - 0.7% |  |  |
| Philip Morris International Inc  | 54120 | 8878386 |
| TOTAL CONSUMER STAPLES |  | 65205317 |
| Energy - 3.2% |  |  |
| Oil, Gas & Consumable Fuels - 3.2% |  |  |
| Chevron Corp  | 49461 | 7500266 |
| ConocoPhillips  | 48386 | 4613121 |
| Coterra Energy Inc  | 88920 | 2168759 |
| DT Midstream Inc  | 21991 | 2259135 |
| EOG Resources Inc  | 28211 | 3385884 |
| Exxon Mobil Corp  | 113458 | 12666452 |
| Kinder Morgan Inc  | 115983 | 3254483 |
| Williams Cos Inc/The  | 62414 | 3741719 |
|  |  | 39589819 |
| Financials - 14.1% |  |  |
| Banks - 2.0% |  |  |
| JPMorgan Chase & Co  | 84188 | 24939853 |
| Capital Markets - 1.8% |  |  |
| Cboe Global Markets Inc  | 32748 | 7893578 |
| CME Group Inc Class A  | 34052 | 9475991 |
| FactSet Research Systems Inc  | 14367 | 5788464 |
|  |  | 23158033 |
| Financial Services - 5.9% |  |  |
| Berkshire Hathaway Inc Class B (b) | 52932 | 24977552 |
| Fiserv Inc (b) | 39935 | 5548569 |
| Jack Henry & Associates Inc (c) | 38328 | 6508669 |
| Mastercard Inc Class A  | 28887 | 16363619 |
| Visa Inc Class A  | 55438 | 19152166 |
|  |  | 72550575 |
| Insurance - 4.4% |  |  |
| Arthur J Gallagher & Co  | 25464 | 7314534 |
| Assurant Inc  | 30670 | 5744491 |
| Chubb Ltd  | 31365 | 8344345 |
| Marsh & McLennan Cos Inc  | 38752 | 7719398 |
| Progressive Corp/The  | 38137 | 9230680 |
| The Travelers Companies, Inc.  | 30676 | 7983122 |
| W R Berkley Corp  | 110859 | 7628208 |
|  |  | 53964778 |
| TOTAL FINANCIALS |  | 174613239 |
| Health Care - 8.8% |  |  |
| Biotechnology - 2.9% |  |  |
| AbbVie Inc  | 68066 | 12865835 |
| Amgen Inc  | 30255 | 8928251 |
| Regeneron Pharmaceuticals Inc  | 10285 | 5610056 |
| Vertex Pharmaceuticals Inc (b) | 17315 | 7910704 |
|  |  | 35314846 |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Abbott Laboratories  | 80903 | 10209150 |
| Becton Dickinson & Co  | 29677 | 5289925 |
|  |  | 15499075 |
| Health Care Providers & Services - 0.5% |  |  |
| UnitedHealth Group Inc  | 30486 | 7608086 |
| Life Sciences Tools & Services - 0.7% |  |  |
| Thermo Fisher Scientific Inc  | 18115 | 8472023 |
| Pharmaceuticals - 3.4% |  |  |
| Eli Lilly & Co  | 23809 | 17620327 |
| Johnson & Johnson  | 89055 | 14670921 |
| Merck & Co Inc  | 118616 | 9266281 |
|  |  | 41557529 |
| TOTAL HEALTH CARE |  | 108451559 |
| Industrials - 9.4% |  |  |
| Aerospace & Defense - 2.4% |  |  |
| General Dynamics Corp  | 25196 | 7851326 |
| L3Harris Technologies Inc  | 28379 | 7799117 |
| Lockheed Martin Corp  | 15831 | 6664534 |
| Northrop Grumman Corp  | 13699 | 7898980 |
|  |  | 30213957 |
| Commercial Services & Supplies - 1.1% |  |  |
| Republic Services Inc  | 27356 | 6309661 |
| Waste Management Inc  | 30458 | 6979756 |
|  |  | 13289417 |
| Electrical Equipment - 0.8% |  |  |
| Eaton Corp PLC  | 24622 | 9472576 |
| Ground Transportation - 0.6% |  |  |
| Union Pacific Corp  | 33835 | 7510355 |
| Industrial Conglomerates - 0.7% |  |  |
| Honeywell International Inc  | 36850 | 8193598 |
| Machinery - 1.0% |  |  |
| Illinois Tool Works Inc  | 25760 | 6593787 |
| Otis Worldwide Corp  | 62297 | 5338230 |
|  |  | 11932017 |
| Professional Services - 2.3% |  |  |
| Automatic Data Processing Inc  | 25257 | 7817042 |
| Booz Allen Hamilton Holding Corp Class A  | 41998 | 4507645 |
| FTI Consulting Inc (b) | 26822 | 4461840 |
| Paychex Inc  | 40549 | 5852437 |
| Verisk Analytics Inc  | 20448 | 5699062 |
|  |  | 28338026 |
| Trading Companies & Distributors - 0.5% |  |  |
| Fastenal Co  | 162749 | 7507610 |
| TOTAL INDUSTRIALS |  | 116457556 |
| Information Technology - 30.8% |  |  |
| Communications Equipment - 2.4% |  |  |
| Cisco Systems Inc  | 267166 | 18188662 |
| Motorola Solutions Inc  | 27176 | 11929720 |
|  |  | 30118382 |
| IT Services - 4.1% |  |  |
| Akamai Technologies Inc (b) | 115626 | 8823420 |
| Amdocs Ltd  | 131111 | 11191635 |
| IBM Corporation  | 63000 | 15948450 |
| VeriSign Inc  | 53112 | 14280223 |
|  |  | 50243728 |
| Semiconductors & Semiconductor Equipment - 5.9% |  |  |
| Analog Devices Inc  | 64752 | 14545242 |
| Broadcom Inc  | 149582 | 43932233 |
| Texas Instruments Inc  | 82111 | 14867018 |
|  |  | 73344493 |
| Software - 12.1% |  |  |
| Microsoft Corp  | 187744 | 100161425 |
| Oracle Corp  | 100709 | 25556923 |
| Roper Technologies Inc  | 21816 | 12007526 |
| Tyler Technologies Inc (b) | 19329 | 11298960 |
|  |  | 149024834 |
| Technology Hardware, Storage & Peripherals - 6.3% |  |  |
| Apple Inc  | 374702 | 77776894 |
| TOTAL INFORMATION TECHNOLOGY |  | 380508331 |
| Materials - 2.1% |  |  |
| Chemicals - 1.4% |  |  |
| Air Products and Chemicals Inc  | 9366 | 2696283 |
| Corteva Inc  | 38689 | 2790638 |
| Ecolab Inc  | 11534 | 3019140 |
| Linde PLC  | 13626 | 6271503 |
| Sherwin-Williams Co/The  | 9175 | 3035824 |
|  |  | 17813388 |
| Construction Materials - 0.1% |  |  |
| Vulcan Materials Co  | 8401 | 2307503 |
| Containers & Packaging - 0.6% |  |  |
| Amcor PLC  | 180224 | 1685094 |
| AptarGroup Inc  | 11056 | 1737340 |
| Avery Dennison Corp  | 9984 | 1675016 |
| Packaging Corp of America  | 9164 | 1775525 |
|  |  | 6872975 |
| TOTAL MATERIALS |  | 26993866 |
| Real Estate - 2.3% |  |  |
| Industrial REITs - 0.3% |  |  |
| Prologis Inc  | 31454 | 3358658 |
| Real Estate Management & Development - 0.2% |  |  |
| CoStar Group Inc (b) | 26390 | 2512064 |
| Residential REITs - 0.4% |  |  |
| American Homes 4 Rent Class A  | 45661 | 1583980 |
| AvalonBay Communities Inc  | 9145 | 1703531 |
| Equity LifeStyle Properties Inc  | 24800 | 1486016 |
|  |  | 4773527 |
| Retail REITs - 0.3% |  |  |
| Agree Realty Corp (c) | 20946 | 1501828 |
| Realty Income Corp  | 43936 | 2466128 |
|  |  | 3967956 |
| Specialized REITs - 1.1% |  |  |
| American Tower Corp  | 17351 | 3615775 |
| Crown Castle Inc  | 24552 | 2580170 |
| Digital Realty Trust Inc  | 14882 | 2625780 |
| Equinix Inc  | 3537 | 2777146 |
| Public Storage Operating Co  | 7912 | 2151589 |
|  |  | 13750460 |
| TOTAL REAL ESTATE |  | 28362665 |
| Utilities - 2.4% |  |  |
| Electric Utilities - 1.2% |  |  |
| Duke Energy Corp  | 41740 | 5077254 |
| Southern Co/The  | 57680 | 5449606 |
| Xcel Energy Inc  | 54412 | 3996017 |
|  |  | 14522877 |
| Multi-Utilities - 1.2% |  |  |
| Ameren Corp  | 35314 | 3571305 |
| CMS Energy Corp  | 48988 | 3615314 |
| Consolidated Edison Inc  | 37161 | 3846164 |
| WEC Energy Group Inc (c) | 35128 | 3831762 |
|  |  | 14864545 |
| TOTAL UTILITIES |  | 29387422 |
| TOTAL UNITED STATES |  | 1221377754 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,102,871,064) |  | <br> **1232582065** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (e)<br>(Cost $193,546)<br>| 4.25 | 194000 | **193537** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 2187157 | 2187594 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 3475601 | 3475949 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $5,663,543) |  |  | **5663543** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $1,108,728,153)<br>| <br>**1238439145** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(2558023)** |
| **NET ASSETS - 100.0%** | **1235881122** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 E-Mini S&P 500 Index Contracts (United States) | 96 | Sep 2025 | 3059640 | 93995 | 93995 |
| 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) 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 $193,537.

(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 | 1477441 | 80771614 | 80061461 | 97577 | - | - | 2187594 | 2187157 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 241824 | 62158269 | 58924144 | 1171 | - | - | 3475949 | 3475601 | 0.0% |
| Total | 1719265 | 142929883 | 138985605 | 98748 | - | - | 5663543 |  |  |

---

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 July 31, 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 | 117025715 | 117025715 | - | - |
| Consumer Discretionary | 134782265 | 134782265 | - | - |
| Consumer Staples | 65205317 | 65205317 | - | - |
| Energy | 39589819 | 39589819 | - | - |
| Financials | 174613239 | 174613239 | - | - |
| Health Care | 108451559 | 108451559 | - | - |
| Industrials | 116457556 | 116457556 | - | - |
| Information Technology | 391712642 | 391712642 | - | - |
| Materials | 26993866 | 26993866 | - | - |
| Real Estate | 28362665 | 28362665 | - | - |
| Utilities | 29387422 | 29387422 | - | - |
|  **U.S. Treasury Obligations** | 193537 | - | 193537 | - |
|  **Money Market Funds** | 5663543 | 5663543 | - | - |
| **Total Investments in Securities:** | 1238439145 | 1238245608 | 193537 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 93995 | 93995 | - | - |
| Total Assets | 93995 | 93995 | - | - |
| **Total Derivative Instruments:** | 93995 | 93995 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 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)  | 93995 | 0 |
| **Total Equity Risk**  | 93995 | 0 |
| **Total Value of Derivatives** | 93995 | 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® Low Volatility Factor ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,378,665) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,103,064,610) | $1232775602 |  |
| Fidelity Central Funds (cost $5,663,543) | 5663543 |  |
| Total Investment in Securities (cost $1,108,728,153) |  | $1238439145 |
| Segregated cash with brokers for derivative instruments |  | 13340 |
| Dividends receivable |  | 1063675 |
| Distributions receivable from Fidelity Central Funds |  | 5886 |
| **Total assets** |  | 1239522046 |
| **Liabilities** |  |  |
| Accrued management fee | $154439 |  |
| Payable for daily variation margin on futures contracts | 10560 |  |
| Collateral on securities loaned | 3475925 |  |
| **Total liabilities** |  | 3640924 |
| **Net Assets**  |  | $1235881122 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1185009593 |
| Total accumulated earnings (loss) |  | 50871529 |
| **Net Assets** |  | $1235881122 |
| **Net Asset Value**, offering price and redemption price per share ($1,235,881,122 ÷ 19,600,000 shares) |  | $63.06 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $20799720 |
| Interest  |  | 8524 |
| Income from Fidelity Central Funds (including $1,171 from security lending)  |  | 98748 |
| **Total income** |  | 20906992 |
| **Expenses** |  |  |
| Management fee | $1899551 |  |
| Independent trustees' fees and expenses | 5026 |  |
| Miscellaneous | 5475 |  |
| Total expenses before reductions | 1910052 |  |
| Expense reductions | (570) |  |
| Total expenses after reductions |  | 1909482 |
| **Net Investment income (loss)** |  | 18997510 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (18332818) |  |
| Redemptions in-kind | 75494574 |  |
| Futures contracts | 145328 |  |
| Total net realized gain (loss) |  | 57307084 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 23755396 |  |
| Futures contracts | 111023 |  |
| Total change in net unrealized appreciation (depreciation) |  | 23866419 |
| **Net gain (loss)** |  | 81173503 |
| **Net increase (decrease) in net assets resulting from operations** |  | $100171013 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $18997510 | $14028223 |
| &nbsp;&nbsp;Net realized gain (loss) | 57307084<br>| 84427314<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 23866419 | 57485323<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 100171013<br>| 155940860<br>|
| Distributions to shareholders | (18770250)<br>| (13235700)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 421858783 | 1031797552 |
| &nbsp;&nbsp;Cost of shares redeemed | (410955033) | (584530836) |
| **Net increase (decrease) in net assets resulting from share transactions** | 10903750<br>| 447266716<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 92304513<br>| 589971876<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1143576609 | 553604733<br>|
| &nbsp;&nbsp;End of period | $1235881122 | $1143576609 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 6950000 | 19600000 |
| &nbsp;&nbsp;Redeemed | (6900000) | (10900000) |
| &nbsp;&nbsp;Net increase (decrease) | 50000 | 8700000 |

---

**Financial Highlights** 

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

---

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

---

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

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

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

D*Based on net asset value.*

E*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.*

F*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.*

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

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

**Fidelity® Momentum Factor ETF**

**Schedule of Investments July 31, 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>|
| CANADA - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Commercial Services & Supplies - 0.4% |  |  |
| RB Global Inc (United States) (b) | 18356 | 1987221 |
| UNITED KINGDOM - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Anglogold Ashanti Plc  | 16697 | 772236 |
| UNITED STATES - 99.3%  |  |  |
| Communication Services - 9.6% |  |  |
| Diversified Telecommunication Services - 1.0% |  |  |
| AT&T Inc  | 189772 | 5201651 |
| Entertainment - 3.1% |  |  |
| Netflix Inc (c) | 6762 | 7839863 |
| ROBLOX Corp Class A (c) | 56316 | 7759781 |
|  |  | 15599644 |
| Interactive Media & Services - 3.8% |  |  |
| Meta Platforms Inc Class A  | 24744 | 19137999 |
| Media - 0.8% |  |  |
| Fox Corp Class A  | 75382 | 4203300 |
| Wireless Telecommunication Services - 0.9% |  |  |
| T-Mobile US Inc  | 18499 | 4410347 |
| TOTAL COMMUNICATION SERVICES |  | 48552941 |
| Consumer Discretionary - 10.5% |  |  |
| Automobiles - 1.8% |  |  |
| Tesla Inc (c) | 30190 | 9306671 |
| Broadline Retail - 4.2% |  |  |
| Amazon.com Inc (c) | 89360 | 20920070 |
| Diversified Consumer Services - 0.3% |  |  |
| Stride Inc (b)(c) | 12539 | 1607876 |
| Hotels, Restaurants & Leisure - 2.2% |  |  |
| Booking Holdings Inc  | 639 | 3517095 |
| Brinker International Inc (c) | 14488 | 2283309 |
| Dutch Bros Inc Class A (c) | 31594 | 1872576 |
| Royal Caribbean Cruises Ltd  | 10407 | 3308073 |
|  |  | 10981053 |
| Specialty Retail - 2.0% |  |  |
| AutoZone Inc (c) | 634 | 2389153 |
| Carvana Co Class A (c) | 8286 | 3232949 |
| Chewy Inc Class A (c) | 51863 | 1903372 |
| O'Reilly Automotive Inc (c) | 26845 | 2639400 |
|  |  | 10164874 |
| TOTAL CONSUMER DISCRETIONARY |  | 52980544 |
| Consumer Staples - 4.9% |  |  |
| Beverages - 0.6% |  |  |
| Coca-Cola Co/The  | 45132 | 3064011 |
| Consumer Staples Distribution & Retail - 2.4% |  |  |
| BJ's Wholesale Club Holdings Inc (b)(c) | 8665 | 917624 |
| Costco Wholesale Corp  | 4636 | 4356171 |
| Kroger Co/The  | 17888 | 1253949 |
| Sprouts Farmers Market Inc (c) | 6002 | 909543 |
| Walmart Inc  | 45743 | 4481899 |
|  |  | 11919186 |
| Food Products - 0.1% |  |  |
| Kellanova  | 12963 | 1034836 |
| Household Products - 0.8% |  |  |
| Procter & Gamble Co/The  | 25346 | 3813813 |
| Tobacco - 1.0% |  |  |
| Altria Group Inc  | 29240 | 1811126 |
| Philip Morris International Inc  | 18343 | 3009169 |
|  |  | 4820295 |
| TOTAL CONSUMER STAPLES |  | 24652141 |
| Energy - 2.9% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Baker Hughes Co Class A  | 34171 | 1539404 |
| Oil, Gas & Consumable Fuels - 2.6% |  |  |
| Cheniere Energy Inc  | 5948 | 1403014 |
| Exxon Mobil Corp  | 45614 | 5092347 |
| Kinder Morgan Inc  | 51841 | 1454658 |
| ONEOK Inc  | 16782 | 1377970 |
| Targa Resources Corp  | 7595 | 1263884 |
| Texas Pacific Land Corp  | 874 | 846146 |
| Williams Cos Inc/The  | 26183 | 1569671 |
|  |  | 13007690 |
| TOTAL ENERGY |  | 14547094 |
| Financials - 13.5% |  |  |
| Banks - 1.9% |  |  |
| JPMorgan Chase & Co  | 32370 | 9589289 |
| Capital Markets - 3.3% |  |  |
| Bank of New York Mellon Corp/The  | 32735 | 3320966 |
| CME Group Inc Class A  | 10832 | 3014329 |
| Goldman Sachs Group Inc/The  | 6534 | 4727937 |
| Robinhood Markets Inc Class A (c) | 52297 | 5389206 |
|  |  | 16452438 |
| Consumer Finance - 0.8% |  |  |
| SoFi Technologies Inc Class A (c) | 181745 | 4103801 |
| Financial Services - 4.9% |  |  |
| Berkshire Hathaway Inc Class B (c) | 19559 | 9229501 |
| Fiserv Inc (c) | 16596 | 2305848 |
| Mastercard Inc Class A  | 10831 | 6135437 |
| Visa Inc Class A  | 20864 | 7207886 |
|  |  | 24878672 |
| Insurance - 2.6% |  |  |
| Aon PLC  | 7965 | 2833230 |
| Arthur J Gallagher & Co  | 8943 | 2568877 |
| Globe Life Inc  | 19039 | 2674408 |
| Progressive Corp/The  | 12723 | 3079476 |
| Unum Group  | 29256 | 2100873 |
|  |  | 13256864 |
| TOTAL FINANCIALS |  | 68281064 |
| Health Care - 8.7% |  |  |
| Biotechnology - 3.2% |  |  |
| AbbVie Inc  | 31721 | 5995903 |
| ADMA Biologics Inc (c) | 141605 | 2648014 |
| Gilead Sciences Inc  | 41997 | 4715843 |
| TG Therapeutics Inc (b)(c) | 72731 | 2581951 |
|  |  | 15941711 |
| Health Care Equipment & Supplies - 2.8% |  |  |
| Abbott Laboratories  | 39479 | 4981855 |
| Boston Scientific Corp (c) | 43936 | 4609765 |
| Intuitive Surgical Inc (c) | 9295 | 4471732 |
|  |  | 14063352 |
| Health Care Providers & Services - 0.7% |  |  |
| Cardinal Health Inc  | 24366 | 3782091 |
| Health Care Technology - 0.7% |  |  |
| Doximity Inc Class A (c) | 57071 | 3352920 |
| Pharmaceuticals - 1.3% |  |  |
| Bristol-Myers Squibb Co  | 82631 | 3578749 |
| Corcept Therapeutics Inc (b)(c) | 46236 | 3105672 |
|  |  | 6684421 |
| TOTAL HEALTH CARE |  | 43824495 |
| Industrials - 9.3% |  |  |
| Aerospace & Defense - 3.4% |  |  |
| Axon Enterprise Inc (c) | 3314 | 2503694 |
| GE Aerospace  | 17317 | 4694293 |
| Howmet Aerospace Inc  | 14766 | 2654484 |
| Rocket Lab Corp (b) | 78857 | 3621113 |
| RTX Corp  | 24435 | 3850223 |
|  |  | 17323807 |
| Building Products - 0.5% |  |  |
| Johnson Controls International plc  | 24820 | 2606100 |
| Commercial Services & Supplies - 0.3% |  |  |
| Republic Services Inc  | 8445 | 1947839 |
| Electrical Equipment - 0.9% |  |  |
| GE Vernova Inc  | 6722 | 4438469 |
| Ground Transportation - 0.7% |  |  |
| Uber Technologies Inc (c) | 38411 | 3370565 |
| Industrial Conglomerates - 0.5% |  |  |
| 3M Co  | 16761 | 2501076 |
| Machinery - 0.6% |  |  |
| Deere & Co  | 5640 | 2957447 |
| Professional Services - 2.4% |  |  |
| Automatic Data Processing Inc  | 9059 | 2803761 |
| Broadridge Financial Solutions Inc  | 8353 | 2067451 |
| ExlService Holdings Inc (c) | 37613 | 1633533 |
| Genpact Ltd  | 35453 | 1561705 |
| Paychex Inc  | 14160 | 2043713 |
| Verisk Analytics Inc  | 6895 | 1921705 |
|  |  | 12031868 |
| TOTAL INDUSTRIALS |  | 47177171 |
| Information Technology - 33.2% |  |  |
| Communications Equipment - 1.8% |  |  |
| Cisco Systems Inc  | 81337 | 5537423 |
| F5 Inc (c) | 10914 | 3420666 |
|  |  | 8958089 |
| IT Services - 1.0% |  |  |
| IBM Corporation  | 19378 | 4905540 |
| Semiconductors & Semiconductor Equipment - 12.6% |  |  |
| Broadcom Inc  | 53657 | 15759061 |
| Credo Technology Group Holding Ltd (c) | 62065 | 6923351 |
| NVIDIA Corp  | 231793 | 41229021 |
|  |  | 63911433 |
| Software - 12.1% |  |  |
| AppLovin Corp Class A (c) | 11797 | 4609088 |
| Aurora Innovation Inc Class A (b)(c) | 411584 | 2391303 |
| Fortinet Inc (c) | 31968 | 3193603 |
| InterDigital Inc (b) | 13926 | 3595693 |
| Microsoft Corp  | 69339 | 36992357 |
| MicroStrategy Inc Class A (c) | 9276 | 3727653 |
| Palantir Technologies Inc Class A (c) | 41171 | 6519428 |
|  |  | 61029125 |
| Technology Hardware, Storage & Peripherals - 5.7% |  |  |
| Apple Inc  | 139940 | 29047346 |
| TOTAL INFORMATION TECHNOLOGY |  | 167851533 |
| Materials - 1.9% |  |  |
| Chemicals - 1.1% |  |  |
| Air Products and Chemicals Inc  | 3796 | 1092792 |
| Corteva Inc  | 14193 | 1023741 |
| Linde PLC  | 5186 | 2386909 |
| Sherwin-Williams Co/The  | 3434 | 1136242 |
|  |  | 5639684 |
| Construction Materials - 0.2% |  |  |
| CRH PLC  | 11156 | 1064840 |
| Containers & Packaging - 0.1% |  |  |
| International Paper Co  | 16330 | 763264 |
| Metals & Mining - 0.5% |  |  |
| Carpenter Technology Corp  | 2999 | 747921 |
| Newmont Corp  | 19744 | 1226102 |
| Royal Gold Inc  | 3482 | 527244 |
|  |  | 2501267 |
| TOTAL MATERIALS |  | 9969055 |
| Real Estate - 2.2% |  |  |
| Health Care REITs - 0.6% |  |  |
| American Healthcare REIT Inc  | 17919 | 692390 |
| Ventas Inc  | 11766 | 790440 |
| Welltower Inc  | 8664 | 1430167 |
|  |  | 2912997 |
| Industrial REITs - 0.3% |  |  |
| Prologis Inc  | 12962 | 1384082 |
| Office REITs - 0.0% |  |  |
| Vornado Realty Trust  | 16094 | 618331 |
| Real Estate Management & Development - 0.5% |  |  |
| CBRE Group Inc Class A (c) | 6780 | 1055917 |
| Jones Lang LaSalle Inc (c) | 2703 | 730783 |
| Zillow Group Inc Class C (c) | 9661 | 768533 |
|  |  | 2555233 |
| Residential REITs - 0.1% |  |  |
| AvalonBay Communities Inc  | 3733 | 695383 |
| Retail REITs - 0.2% |  |  |
| Simon Property Group Inc  | 5922 | 969964 |
| Specialized REITs - 0.5% |  |  |
| American Tower Corp  | 6310 | 1314941 |
| Equinix Inc  | 1436 | 1127504 |
|  |  | 2442445 |
| TOTAL REAL ESTATE |  | 11578435 |
| Utilities - 2.6% |  |  |
| Electric Utilities - 0.9% |  |  |
| Entergy Corp  | 15311 | 1384574 |
| NRG Energy Inc  | 10245 | 1712964 |
| Xcel Energy Inc  | 18691 | 1372667 |
|  |  | 4470205 |
| Gas Utilities - 0.2% |  |  |
| Atmos Energy Corp  | 7424 | 1157550 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| Talen Energy Corp (c) | 4749 | 1793080 |
| Vistra Corp  | 9969 | 2078935 |
|  |  | 3872015 |
| Multi-Utilities - 0.7% |  |  |
| Ameren Corp  | 12216 | 1235404 |
| NiSource Inc  | 28971 | 1229819 |
| WEC Energy Group Inc  | 11643 | 1270018 |
|  |  | 3735241 |
| TOTAL UTILITIES |  | 13235011 |
| TOTAL UNITED STATES |  | 502649484 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $440,588,536) |  | <br> **505408941** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (e)<br>(Cost $32,923)<br>| 4.25 | 33000 | **32921** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 435610 | 435697 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 7910834 | 7911625 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $8,347,322) |  |  | **8347322** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.5%**<br> (Cost $448,968,781)<br>| <br>**513789184** |
| **NET OTHER ASSETS (LIABILITIES) - (1.5)%**  | **(7638949)** |
| **NET ASSETS - 100.0%** | **506150235** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 E-Mini S&P 500 Index Contracts (United States) | 20 | Sep 2025 | 637425 | 22844 | 22844 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% |

---

**Legend**

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

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

(c) Non-income producing.

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $32,921.

(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 | 244389 | 42460625 | 42269317 | 19237 | - | - | 435697 | 435610 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 87563485 | 79651860 | 3322 | - | - | 7911625 | 7910834 | 0.0% |
| Total | 244389 | 130024110 | 121921177 | 22559 | - | - | 8347322 |  |  |

---

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 July 31, 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 | 48552941 | 48552941 | - | - |
| Consumer Discretionary | 52980544 | 52980544 | - | - |
| Consumer Staples | 24652141 | 24652141 | - | - |
| Energy | 14547094 | 14547094 | - | - |
| Financials | 68281064 | 68281064 | - | - |
| Health Care | 43824495 | 43824495 | - | - |
| Industrials | 49164392 | 49164392 | - | - |
| Information Technology | 167851533 | 167851533 | - | - |
| Materials | 10741291 | 10741291 | - | - |
| Real Estate | 11578435 | 11578435 | - | - |
| Utilities | 13235011 | 13235011 | - | - |
|  **U.S. Treasury Obligations** | 32921 | - | 32921 | - |
|  **Money Market Funds** | 8347322 | 8347322 | - | - |
| **Total Investments in Securities:** | 513789184 | 513756263 | 32921 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 22844 | 22844 | - | - |
| Total Assets | 22844 | 22844 | - | - |
| **Total Derivative Instruments:** | 22844 | 22844 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 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)  | 22844 | 0 |
| **Total Equity Risk**  | 22844 | 0 |
| **Total Value of Derivatives** | 22844 | 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® Momentum Factor ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $13,198,098) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $440,621,459) | $505441862 |  |
| Fidelity Central Funds (cost $8,347,322) | 8347322 |  |
| Total Investment in Securities (cost $448,968,781) |  | $513789184 |
| Segregated cash with brokers for derivative instruments |  | 17940 |
| Receivable for fund shares sold |  | 3893463 |
| Dividends receivable |  | 312567 |
| Distributions receivable from Fidelity Central Funds |  | 2096 |
| **Total assets** |  | 518015250 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3889317 |  |
| Accrued management fee | 61873 |  |
| Payable for daily variation margin on futures contracts | 2200 |  |
| Collateral on securities loaned | 7911625 |  |
| **Total liabilities** |  | 11865015 |
| **Net Assets**  |  | $506150235 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $496099833 |
| Total accumulated earnings (loss) |  | 10050402 |
| **Net Assets** |  | $506150235 |
| **Net Asset Value**, offering price and redemption price per share ($506,150,235 ÷ 6,500,000 shares) |  | $77.87 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $3954594 |
| Interest  |  | 2357 |
| Income from Fidelity Central Funds (including $3,322 from security lending)  |  | 22559 |
| **Total income** |  | 3979510 |
| **Expenses** |  |  |
| Management fee | $607674 |  |
| Independent trustees' fees and expenses | 1453 |  |
| Miscellaneous | 443 |  |
| Total expenses before reductions | 609570 |  |
| Expense reductions | (640) |  |
| Total expenses after reductions |  | 608930 |
| **Net Investment income (loss)** |  | 3370580 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (19732308) |  |
| Redemptions in-kind | 63365336 |  |
| Futures contracts | (6892) |  |
| Total net realized gain (loss) |  | 43626136 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 24358729 |  |
| Futures contracts | 18178 |  |
| Total change in net unrealized appreciation (depreciation) |  | 24376907 |
| **Net gain (loss)** |  | 68003043 |
| **Net increase (decrease) in net assets resulting from operations** |  | $71373623 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3370580 | $1329474 |
| &nbsp;&nbsp;Net realized gain (loss) | 43626136<br>| 23834255<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 24376907 | 20361755<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 71373623<br>| 45525484<br>|
| Distributions to shareholders | (3728100)<br>| (1236100)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 491430304 | 146020437 |
| &nbsp;&nbsp;Cost of shares redeemed | (273846824) | (122219404) |
| **Net increase (decrease) in net assets resulting from share transactions** | 217583480<br>| 23801033<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 285229003<br>| 68090417<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 220921232 | 152830815<br>|
| &nbsp;&nbsp;End of period | $506150235 | $220921232 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 7050000 | 2550000 |
| &nbsp;&nbsp;Redeemed | (4050000) | (2150000) |
| &nbsp;&nbsp;Net increase (decrease) | 3000000 | 400000 |

---

**Financial Highlights** 

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

---

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

---

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

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

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

D*Based on net asset value.*

E*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.*

F*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.*

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

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

**Fidelity® Quality Factor ETF**

**Schedule of Investments July 31, 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>|
| UNITED STATES - 99.8%  |  |  |
| Communication Services - 9.3% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| AT&T Inc  | 212949 | 5836932 |
| Verizon Communications Inc  | 126960 | 5428810 |
|  |  | 11265742 |
| Entertainment - 1.4% |  |  |
| Electronic Arts Inc  | 20315 | 3097834 |
| Netflix Inc (b) | 9658 | 11197486 |
|  |  | 14295320 |
| Interactive Media & Services - 6.7% |  |  |
| Alphabet Inc Class A  | 199881 | 38357164 |
| Meta Platforms Inc Class A  | 41642 | 32207588 |
|  |  | 70564752 |
| Media - 0.1% |  |  |
| Trade Desk Inc (The) Class A (b) | 26330 | 2289656 |
| TOTAL COMMUNICATION SERVICES |  | 98415470 |
| Consumer Discretionary - 11.1% |  |  |
| Hotels, Restaurants & Leisure - 6.1% |  |  |
| Airbnb Inc Class A (b) | 72221 | 9562783 |
| Booking Holdings Inc  | 2368 | 13033614 |
| Domino's Pizza Inc  | 19012 | 8806549 |
| McDonald's Corp  | 41681 | 12507218 |
| Wingstop Inc (c) | 27918 | 10534578 |
| Yum! Brands Inc  | 68689 | 9901519 |
|  |  | 64346261 |
| Specialty Retail - 5.0% |  |  |
| AutoZone Inc (b) | 2709 | 10208541 |
| Home Depot Inc/The  | 37839 | 13906211 |
| Lowe's Cos Inc  | 42439 | 9488087 |
| O'Reilly Automotive Inc (b) | 108456 | 10663394 |
| Williams-Sonoma Inc  | 42178 | 7889395 |
|  |  | 52155628 |
| TOTAL CONSUMER DISCRETIONARY |  | 116501889 |
| Consumer Staples - 5.3% |  |  |
| Beverages - 1.2% |  |  |
| Coca-Cola Co/The  | 120268 | 8164995 |
| Monster Beverage Corp (b) | 82836 | 4866615 |
|  |  | 13031610 |
| Food Products - 0.7% |  |  |
| General Mills Inc  | 64438 | 3156172 |
| Hershey Co/The  | 24897 | 4634079 |
|  |  | 7790251 |
| Household Products - 2.0% |  |  |
| Clorox Co/The  | 24467 | 3072077 |
| Colgate-Palmolive Co  | 52002 | 4360368 |
| Kimberly-Clark Corp  | 31068 | 3871694 |
| Procter & Gamble Co/The  | 61009 | 9180024 |
|  |  | 20484163 |
| Tobacco - 1.4% |  |  |
| Altria Group Inc  | 91865 | 5690118 |
| Philip Morris International Inc  | 52397 | 8595728 |
|  |  | 14285846 |
| TOTAL CONSUMER STAPLES |  | 55591870 |
| Energy - 3.1% |  |  |
| Oil, Gas & Consumable Fuels - 3.1% |  |  |
| Antero Midstream Corp  | 120113 | 2204074 |
| Cheniere Energy Inc  | 12047 | 2841646 |
| Chevron Corp  | 41804 | 6339159 |
| EOG Resources Inc  | 24542 | 2945531 |
| Exxon Mobil Corp  | 94882 | 10592626 |
| Kinder Morgan Inc  | 101557 | 2849689 |
| Texas Pacific Land Corp  | 1667 | 1613873 |
| Williams Cos Inc/The  | 54333 | 3257263 |
|  |  | 32643861 |
| Financials - 13.9% |  |  |
| Banks - 2.9% |  |  |
| Commerce Bancshares Inc/MO  | 78932 | 4830638 |
| East West Bancorp Inc  | 54214 | 5434954 |
| JPMorgan Chase & Co  | 69334 | 20539504 |
|  |  | 30805096 |
| Capital Markets - 4.0% |  |  |
| Ameriprise Financial Inc  | 11468 | 5942603 |
| Blackstone Inc  | 42814 | 7405109 |
| CME Group Inc Class A  | 28101 | 7819946 |
| Moody's Corp  | 13345 | 6882417 |
| MSCI Inc  | 10402 | 5839267 |
| S&P Global Inc  | 15833 | 8725567 |
|  |  | 42614909 |
| Financial Services - 5.3% |  |  |
| Berkshire Hathaway Inc Class B (b) | 43585 | 20566890 |
| Corpay Inc (b) | 14736 | 4760465 |
| Mastercard Inc Class A  | 23802 | 13483119 |
| Visa Inc Class A  | 45666 | 15776233 |
|  |  | 54586707 |
| Insurance - 1.7% |  |  |
| Fidelity National Financial Inc/US  | 94459 | 5330321 |
| Kinsale Capital Group Inc  | 11209 | 4939694 |
| Progressive Corp/The  | 31462 | 7615062 |
|  |  | 17885077 |
| TOTAL FINANCIALS |  | 145891789 |
| Health Care - 9.0% |  |  |
| Biotechnology - 2.1% |  |  |
| AbbVie Inc  | 64284 | 12150962 |
| Gilead Sciences Inc  | 85492 | 9599896 |
|  |  | 21750858 |
| Health Care Equipment & Supplies - 1.5% |  |  |
| IDEXX Laboratories Inc (b) | 14932 | 7978317 |
| Intuitive Surgical Inc (b) | 17007 | 8181898 |
|  |  | 16160215 |
| Health Care Providers & Services - 0.6% |  |  |
| UnitedHealth Group Inc  | 28022 | 6993170 |
| Health Care Technology - 0.8% |  |  |
| Veeva Systems Inc Class A (b) | 29043 | 8254021 |
| Life Sciences Tools & Services - 1.4% |  |  |
| Mettler-Toledo International Inc (b) | 5006 | 6175802 |
| Thermo Fisher Scientific Inc  | 17630 | 8245198 |
|  |  | 14421000 |
| Pharmaceuticals - 2.6% |  |  |
| Bristol-Myers Squibb Co  | 141764 | 6139799 |
| Johnson & Johnson  | 83535 | 13761556 |
| Royalty Pharma PLC Class A  | 207583 | 7639054 |
|  |  | 27540409 |
| TOTAL HEALTH CARE |  | 95119673 |
| Industrials - 9.0% |  |  |
| Aerospace & Defense - 1.1% |  |  |
| Lockheed Martin Corp  | 12288 | 5173002 |
| TransDigm Group Inc  | 3976 | 6395237 |
|  |  | 11568239 |
| Commercial Services & Supplies - 0.9% |  |  |
| Cintas Corp  | 25156 | 5598468 |
| Copart Inc (b) | 81017 | 3672500 |
|  |  | 9270968 |
| Electrical Equipment - 0.5% |  |  |
| NEXTracker Inc Class A (b) | 84530 | 4924718 |
| Ground Transportation - 1.4% |  |  |
| CSX Corp  | 151109 | 5370414 |
| Old Dominion Freight Line Inc  | 23175 | 3458869 |
| Union Pacific Corp  | 26465 | 5874436 |
|  |  | 14703719 |
| Industrial Conglomerates - 0.5% |  |  |
| 3M Co  | 34876 | 5204197 |
| Machinery - 2.2% |  |  |
| Caterpillar Inc  | 19280 | 8445026 |
| Illinois Tool Works Inc  | 19889 | 5090987 |
| Otis Worldwide Corp  | 47746 | 4091355 |
| Parker-Hannifin Corp  | 7867 | 5757857 |
|  |  | 23385225 |
| Professional Services - 1.4% |  |  |
| Automatic Data Processing Inc  | 19702 | 6097769 |
| Paychex Inc  | 31170 | 4498766 |
| Verisk Analytics Inc  | 15686 | 4371845 |
|  |  | 14968380 |
| Trading Companies & Distributors - 1.0% |  |  |
| Fastenal Co  | 124896 | 5761452 |
| WW Grainger Inc  | 4472 | 4648823 |
|  |  | 10410275 |
| TOTAL INDUSTRIALS |  | 94435721 |
| Information Technology - 32.2% |  |  |
| Communications Equipment - 0.8% |  |  |
| Arista Networks Inc  | 68039 | 8383765 |
| Semiconductors & Semiconductor Equipment - 14.3% |  |  |
| Applied Materials Inc  | 46420 | 8358385 |
| Broadcom Inc  | 107600 | 31602120 |
| KLA Corp  | 9940 | 8737558 |
| Lam Research Corp  | 92934 | 8813861 |
| NVIDIA Corp  | 481097 | 85572724 |
| QUALCOMM Inc  | 52373 | 7686261 |
|  |  | 150770909 |
| Software - 10.8% |  |  |
| Adobe Inc (b) | 20933 | 7487525 |
| AppLovin Corp Class A (b) | 19408 | 7582706 |
| Fair Isaac Corp (b) | 3540 | 5085989 |
| Microsoft Corp  | 145768 | 77767228 |
| Palo Alto Networks Inc (b) | 42349 | 7351786 |
| Salesforce Inc  | 33470 | 8646305 |
|  |  | 113921539 |
| Technology Hardware, Storage & Peripherals - 6.3% |  |  |
| Apple Inc  | 292815 | 60779610 |
| NetApp Inc  | 50064 | 5213164 |
|  |  | 65992774 |
| TOTAL INFORMATION TECHNOLOGY |  | 339068987 |
| Materials - 2.2% |  |  |
| Chemicals - 1.3% |  |  |
| CF Industries Holdings Inc  | 18248 | 1693962 |
| Ecolab Inc  | 9915 | 2595350 |
| Linde PLC  | 11440 | 5265375 |
| Sherwin-Williams Co/The  | 7840 | 2594099 |
|  |  | 12148786 |
| Construction Materials - 0.3% |  |  |
| Eagle Materials Inc  | 5922 | 1328245 |
| Vulcan Materials Co  | 7300 | 2005091 |
|  |  | 3333336 |
| Containers & Packaging - 0.1% |  |  |
| Avery Dennison Corp  | 8789 | 1474531 |
| Metals & Mining - 0.5% |  |  |
| Freeport-McMoRan Inc  | 62542 | 2516690 |
| Reliance Inc  | 5706 | 1655482 |
| Royal Gold Inc  | 10555 | 1598238 |
|  |  | 5770410 |
| TOTAL MATERIALS |  | 22727063 |
| Real Estate - 2.1% |  |  |
| Industrial REITs - 0.2% |  |  |
| Prologis Inc  | 26469 | 2826360 |
| Residential REITs - 0.4% |  |  |
| AvalonBay Communities Inc  | 7848 | 1461926 |
| Equity Residential  | 22651 | 1431543 |
| Essex Property Trust Inc  | 5180 | 1347732 |
|  |  | 4241201 |
| Retail REITs - 0.4% |  |  |
| Realty Income Corp  | 37449 | 2102012 |
| Simon Property Group Inc  | 12111 | 1983661 |
|  |  | 4085673 |
| Specialized REITs - 1.1% |  |  |
| American Tower Corp  | 14658 | 3054581 |
| Extra Space Storage Inc  | 11467 | 1540706 |
| Lamar Advertising Co Class A  | 11015 | 1346584 |
| Public Storage Operating Co  | 6748 | 1835051 |
| SBA Communications Corp Class A  | 7777 | 1747647 |
| VICI Properties Inc  | 58591 | 1910067 |
|  |  | 11434636 |
| TOTAL REAL ESTATE |  | 22587870 |
| Utilities - 2.6% |  |  |
| Electric Utilities - 1.3% |  |  |
| NextEra Energy Inc  | 69182 | 4916074 |
| NRG Energy Inc  | 25581 | 4277143 |
| Southern Co/The  | 46416 | 4385384 |
|  |  | 13578601 |
| Gas Utilities - 0.2% |  |  |
| National Fuel Gas Co (c) | 32794 | 2846191 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| Talen Energy Corp (b) | 10497 | 3963352 |
| Vistra Corp  | 19228 | 4009807 |
|  |  | 7973159 |
| Multi-Utilities - 0.3% |  |  |
| WEC Energy Group Inc  | 28039 | 3058494 |
| TOTAL UTILITIES |  | 27456445 |
| TOTAL UNITED STATES |  | 1050440638 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $869,537,543) |  | <br> **1050440638** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (e)<br>(Cost $164,614)<br>| 4.25 | 165000 | **164606** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 1521982 | 1522286 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 1310919 | 1311050 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,833,336) |  |  | **2833336** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $872,535,493)<br>| <br>**1053438580** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(719621)** |
| **NET ASSETS - 100.0%** | **1052718959** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 E-Mini S&P 500 Index Contracts (United States) | 68 | Sep 2025 | 2167245 | 77254 | 77254 |
| 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) 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 $164,606.

(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 | 778106 | 42550085 | 41805905 | 91392 | - | - | 1522286 | 1521982 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 3951125 | 100581335 | 103221410 | 2727 | - | - | 1311050 | 1310919 | 0.0% |
| Total | 4729231 | 143131420 | 145027315 | 94119 | - | - | 2833336 |  |  |

---

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 July 31, 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 | 98415470 | 98415470 | - | - |
| Consumer Discretionary | 116501889 | 116501889 | - | - |
| Consumer Staples | 55591870 | 55591870 | - | - |
| Energy | 32643861 | 32643861 | - | - |
| Financials | 145891789 | 145891789 | - | - |
| Health Care | 95119673 | 95119673 | - | - |
| Industrials | 94435721 | 94435721 | - | - |
| Information Technology | 339068987 | 339068987 | - | - |
| Materials | 22727063 | 22727063 | - | - |
| Real Estate | 22587870 | 22587870 | - | - |
| Utilities | 27456445 | 27456445 | - | - |
|  **U.S. Treasury Obligations** | 164606 | - | 164606 | - |
|  **Money Market Funds** | 2833336 | 2833336 | - | - |
| **Total Investments in Securities:** | 1053438580 | 1053273974 | 164606 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 77254 | 77254 | - | - |
| Total Assets | 77254 | 77254 | - | - |
| **Total Derivative Instruments:** | 77254 | 77254 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 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)  | 77254 | 0 |
| **Total Equity Risk**  | 77254 | 0 |
| **Total Value of Derivatives** | 77254 | 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® Quality Factor ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,292,778) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $869,702,157) | $1050605244 |  |
| Fidelity Central Funds (cost $2,833,336) | 2833336 |  |
| Total Investment in Securities (cost $872,535,493) |  | $1053438580 |
| Dividends receivable |  | 725685 |
| Distributions receivable from Fidelity Central Funds |  | 4579 |
| **Total assets** |  | 1054168844 |
| **Liabilities** |  |  |
| Accrued management fee | $131355 |  |
| Payable for daily variation margin on futures contracts | 7480 |  |
| Collateral on securities loaned | 1311050 |  |
| **Total liabilities** |  | 1449885 |
| **Net Assets**  |  | $1052718959 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $916074657 |
| Total accumulated earnings (loss) |  | 136644302 |
| **Net Assets** |  | $1052718959 |
| **Net Asset Value**, offering price and redemption price per share ($1,052,718,959 ÷ 14,850,000 shares) |  | $70.89 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $15054366 |
| Interest  |  | 7275 |
| Income from Fidelity Central Funds (including $2,727 from security lending)  |  | 94119 |
| **Total income** |  | 15155760 |
| **Expenses** |  |  |
| Management fee | $1580687 |  |
| Independent trustees' fees and expenses | 4257 |  |
| Miscellaneous | 4543 |  |
| Total expenses before reductions | 1589487 |  |
| Expense reductions | (690) |  |
| Total expenses after reductions |  | 1588797 |
| **Net Investment income (loss)** |  | 13566963 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (13705790) |  |
| Redemptions in-kind | 104928150 |  |
| Futures contracts | (37791) |  |
| Total net realized gain (loss) |  | 91184569 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 42232266 |  |
| Futures contracts | 70511 |  |
| Total change in net unrealized appreciation (depreciation) |  | 42302777 |
| **Net gain (loss)** |  | 133487346 |
| **Net increase (decrease) in net assets resulting from operations** |  | $147054309 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $13566963 | $8105374 |
| &nbsp;&nbsp;Net realized gain (loss) | 91184569<br>| 16518412<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 42302777 | 110505684<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 147054309<br>| 135129470<br>|
| Distributions to shareholders | (13620100)<br>| (7699650)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 337528749 | 650190885 |
| &nbsp;&nbsp;Cost of shares redeemed | (446794950) | (75912293) |
| **Net increase (decrease) in net assets resulting from share transactions** | (109266201)<br>| 574278592<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 24168008<br>| 701708412<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1028550951 | 326842539<br>|
| &nbsp;&nbsp;End of period | $1052718959 | $1028550951 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 5150000 | 11550000 |
| &nbsp;&nbsp;Redeemed | (6850000) | (1250000) |
| &nbsp;&nbsp;Net increase (decrease) | (1700000) | 10300000 |

---

**Financial Highlights** 

**Fidelity® Quality Factor ETF** <br>

---

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

---

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

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

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

D*Based on net asset value.*

E*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.*

F*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.*

G*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.* 

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

**Fidelity® Small-Mid Multifactor ETF**

**Schedule of Investments July 31, 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>|
| BERMUDA - 0.4%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Teekay Corp Ltd  | 237769 | 1711937 |
| Financials - 0.3% |  |  |
| Insurance - 0.3% |  |  |
| RenaissanceRe Holdings Ltd  | 19464 | 4744155 |
| TOTAL BERMUDA |  | 6456092 |
| CANADA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Teekay Tankers Ltd Class A  | 43981 | 1862595 |
| IRELAND - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Ardmore Shipping Corp  | 150041 | 1632446 |
| MONACO - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Scorpio Tankers Inc  | 44042 | 1991139 |
| PUERTO RICO - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Ofg Bancorp  | 44701 | 1905156 |
| Popular Inc  | 32101 | 3678133 |
| TOTAL PUERTO RICO |  | 5583289 |
| THAILAND - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Fabrinet (b) | 15851 | 5131444 |
| UNITED KINGDOM - 0.8%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| TechnipFMC PLC  | 163589 | 5949732 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Luxfer Holdings PLC  | 90160 | 1083723 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Anglogold Ashanti Plc  | 140886 | 6515978 |
| TOTAL UNITED KINGDOM |  | 13549433 |
| UNITED STATES - 97.7%  |  |  |
| Communication Services - 3.2% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Frontier Communications Parent Inc (b) | 94545 | 3473583 |
| GCI Liberty Inc/DEL Class A (b)(c) | 869 | 0 |
| GCI LLC Class C  | 10078 | 335094 |
| IDT Corp Class B  | 33302 | 1961821 |
|  |  | 5770498 |
| Entertainment - 1.0% |  |  |
| Live Nation Entertainment Inc (b) | 49862 | 7364617 |
| Madison Square Garden Entertainment Corp Class A (b) | 47995 | 1813731 |
| Madison Square Garden Sports Corp Class A (b) | 10685 | 2159439 |
| Playtika Holding Corp  | 202385 | 901625 |
| TKO Group Holdings Inc Class A  | 25660 | 4311137 |
|  |  | 16550549 |
| Interactive Media & Services - 0.5% |  |  |
| Cargurus Inc Class A (b) | 57019 | 1871364 |
| Match Group Inc  | 105060 | 3600406 |
| Yelp Inc Class A (b) | 51355 | 1768153 |
| Ziff Davis Inc (b) | 35992 | 1120070 |
|  |  | 8359993 |
| Media - 1.2% |  |  |
| AMC Networks Inc Class A (b) | 146244 | 876002 |
| Cable One Inc (d) | 5896 | 754569 |
| Liberty Broadband Corp Class C (b) | 50385 | 3089608 |
| New York Times Co/The Class A  | 69880 | 3626073 |
| News Corp Class A  | 178805 | 5242563 |
| Nexstar Media Group Inc  | 16369 | 3062804 |
| TEGNA Inc  | 114633 | 1914371 |
|  |  | 18565990 |
| Wireless Telecommunication Services - 0.1% |  |  |
| United States Cellular Corp (b) | 24540 | 1789702 |
| TOTAL COMMUNICATION SERVICES |  | 51036732 |
| Consumer Discretionary - 12.6% |  |  |
| Automobile Components - 0.8% |  |  |
| BorgWarner Inc  | 101017 | 3717427 |
| Dorman Products Inc (b) | 17668 | 2131114 |
| Gentex Corp  | 115389 | 3048577 |
| Patrick Industries Inc  | 22947 | 2231366 |
| Phinia Inc  | 37663 | 1909514 |
|  |  | 13037998 |
| Automobiles - 0.1% |  |  |
| Harley-Davidson Inc  | 82365 | 2003940 |
| Broadline Retail - 0.4% |  |  |
| Dillard's Inc Class A (d) | 3693 | 1724372 |
| Ollie's Bargain Outlet Holdings Inc (b) | 28774 | 3931392 |
|  |  | 5655764 |
| Diversified Consumer Services - 2.2% |  |  |
| Adtalem Global Education Inc (b) | 22248 | 2542279 |
| Bright Horizons Family Solutions Inc (b) | 26500 | 2997150 |
| Carriage Services Inc  | 37180 | 1670126 |
| Duolingo Inc Class A (b) | 13370 | 4633374 |
| Frontdoor Inc (b) | 42442 | 2482857 |
| Graham Holdings Co Class B  | 2326 | 2219423 |
| Grand Canyon Education Inc (b) | 15110 | 2547999 |
| H&R Block Inc  | 61403 | 3336639 |
| Laureate Education Inc (b) | 106013 | 2395894 |
| Perdoceo Education Corp  | 63853 | 1837689 |
| Service Corp International/US  | 55477 | 4233450 |
| Strategic Education Inc  | 20241 | 1500768 |
| Stride Inc (b) | 21108 | 2706679 |
|  |  | 35104327 |
| Hotels, Restaurants & Leisure - 2.5% |  |  |
| Boyd Gaming Corp  | 35125 | 2982113 |
| Brinker International Inc (b) | 18927 | 2982895 |
| Choice Hotels International Inc (d) | 14820 | 1892662 |
| Churchill Downs Inc  | 30233 | 3236140 |
| Hyatt Hotels Corp Class A (d) | 19484 | 2746659 |
| Monarch Casino & Resort Inc  | 19629 | 2021002 |
| Planet Fitness Inc Class A (b) | 34672 | 3785836 |
| Rush Street Interactive Inc Class A (b) | 116111 | 2340798 |
| Texas Roadhouse Inc  | 25022 | 4632323 |
| Travel + Leisure Co  | 42907 | 2542240 |
| Vail Resorts Inc (d) | 18153 | 2727670 |
| Wendy's Co/The  | 138689 | 1366086 |
| Wingstop Inc  | 12096 | 4564305 |
| Wyndham Hotels & Resorts Inc  | 32976 | 2835936 |
|  |  | 40656665 |
| Household Durables - 1.9% |  |  |
| Cavco Industries Inc (b) | 4711 | 1901689 |
| Cricut Inc Class A (d) | 255295 | 1250946 |
| Green Brick Partners Inc (b) | 31477 | 1949685 |
| KB Home  | 39343 | 2174094 |
| La-Z-Boy Inc  | 40460 | 1455346 |
| M/I Homes Inc (b) | 18579 | 2233010 |
| Mohawk Industries Inc (b) | 25250 | 2891378 |
| SharkNinja Inc (b) | 29440 | 3417984 |
| Somnigroup International Inc  | 65720 | 4756814 |
| Taylor Morrison Home Corp (b) | 48008 | 2845914 |
| Toll Brothers Inc  | 36427 | 4311500 |
| Tri Pointe Homes Inc (b) | 61748 | 1901838 |
|  |  | 31090198 |
| Leisure Products - 0.6% |  |  |
| Acushnet Holdings Corp (d) | 28436 | 2264074 |
| Hasbro Inc  | 57721 | 4338310 |
| Mattel Inc (b) | 152675 | 2597002 |
|  |  | 9199386 |
| Specialty Retail - 2.6% |  |  |
| Abercrombie & Fitch Co Class A (b) | 25362 | 2435259 |
| Academy Sports & Outdoors Inc  | 44643 | 2267418 |
| Asbury Automotive Group Inc (b) | 9500 | 2110140 |
| AutoNation Inc (b) | 13682 | 2635700 |
| Boot Barn Holdings Inc (b) | 17432 | 2996562 |
| Buckle Inc/The  | 38320 | 1891858 |
| Build-A-Bear Workshop Inc (d) | 38395 | 1947010 |
| Chewy Inc Class A (b) | 78952 | 2897538 |
| Dick's Sporting Goods Inc  | 20736 | 4385872 |
| Group 1 Automotive Inc  | 6289 | 2592011 |
| Lithia Motors Inc Class A  | 10453 | 3010465 |
| Murphy USA Inc  | 7476 | 2709900 |
| Penske Automotive Group Inc  | 13091 | 2191564 |
| Sally Beauty Holdings Inc (b) | 156041 | 1519839 |
| Upbound Group Inc  | 60632 | 1251141 |
| Urban Outfitters Inc (b) | 38717 | 2914617 |
| Winmark Corp  | 4385 | 1654987 |
|  |  | 41411881 |
| Textiles, Apparel & Luxury Goods - 1.5% |  |  |
| Crocs Inc (b) | 29265 | 2918598 |
| Kontoor Brands Inc  | 28775 | 1601617 |
| Levi Strauss & Co Class A  | 98087 | 1931333 |
| Ralph Lauren Corp Class A  | 15990 | 4777013 |
| Skechers USA Inc Class A (b) | 52388 | 3313541 |
| Steven Madden Ltd  | 55281 | 1327020 |
| Tapestry Inc  | 79377 | 8575097 |
|  |  | 24444219 |
| TOTAL CONSUMER DISCRETIONARY |  | 202604378 |
| Consumer Staples - 3.8% |  |  |
| Beverages - 0.6% |  |  |
| Coca-Cola Consolidated Inc  | 24053 | 2687923 |
| Molson Coors Beverage Co Class B  | 68286 | 3326894 |
| National Beverage Corp (b) | 36989 | 1694836 |
| Vita Coco Co Inc/The (b) | 42955 | 1514593 |
|  |  | 9224246 |
| Consumer Staples Distribution & Retail - 1.4% |  |  |
| Albertsons Cos Inc Class A  | 164051 | 3153060 |
| BJ's Wholesale Club Holdings Inc (b) | 45860 | 4856574 |
| Casey's General Stores Inc  | 12420 | 6460015 |
| PriceSmart Inc  | 19419 | 2087543 |
| Sprouts Farmers Market Inc (b) | 32980 | 4997789 |
| Weis Markets Inc  | 21581 | 1562680 |
|  |  | 23117661 |
| Food Products - 1.4% |  |  |
| Cal-Maine Foods Inc  | 22224 | 2469975 |
| Hormel Foods Corp  | 118900 | 3339901 |
| Ingredion Inc  | 26729 | 3515933 |
| Marzetti Company/The  | 11651 | 2071082 |
| Pilgrim's Pride Corp  | 35816 | 1697320 |
| Post Holdings Inc (b) | 23370 | 2472780 |
| Seneca Foods Corp Class A (b) | 17241 | 1805650 |
| Simply Good Foods Co/The (b) | 56029 | 1706643 |
| The Campbell's Company  | 84336 | 2692005 |
|  |  | 21771289 |
| Household Products - 0.1% |  |  |
| WD-40 Co  | 8739 | 1873642 |
| Personal Care Products - 0.2% |  |  |
| BellRing Brands Inc (b) | 49078 | 2678677 |
| Tobacco - 0.1% |  |  |
| Turning Point Brands Inc  | 23902 | 1982432 |
| TOTAL CONSUMER STAPLES |  | 60647947 |
| Energy - 3.8% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Archrock Inc  | 103466 | 2416966 |
| Cactus Inc Class A  | 44817 | 1896207 |
|  |  | 4313173 |
| Oil, Gas & Consumable Fuels - 3.5% |  |  |
| Antero Midstream Corp  | 192978 | 3541146 |
| Berry Corp  | 407798 | 1231550 |
| California Resources Corp  | 53240 | 2565103 |
| Chord Energy Corp  | 32241 | 3557150 |
| Civitas Resources Inc  | 58395 | 1772872 |
| CNX Resources Corp (b) | 95156 | 2884178 |
| Core Natural Resources Inc  | 25310 | 1868131 |
| Dorian LPG Ltd  | 75060 | 2160977 |
| DT Midstream Inc  | 41642 | 4277883 |
| Excelerate Energy Inc Class A  | 57443 | 1473987 |
| Expand Energy Corp  | 70602 | 7397678 |
| FutureFuel Corp  | 336998 | 1364842 |
| Gulfport Energy Corp (b) | 12151 | 2115854 |
| International Seaways Inc  | 51278 | 2045992 |
| Magnolia Oil & Gas Corp Class A  | 124141 | 2957039 |
| Peabody Energy Corp  | 122740 | 1982251 |
| REX American Resources Corp (b) | 42998 | 2247935 |
| Riley Exploration Permian Inc  | 54312 | 1425147 |
| Texas Pacific Land Corp  | 6089 | 5894944 |
| VAALCO Energy Inc (d) | 439263 | 1634058 |
| World Kinect Corp  | 75740 | 2065430 |
|  |  | 56464147 |
| TOTAL ENERGY |  | 60777320 |
| Financials - 17.7% |  |  |
| Banks - 7.5% |  |  |
| 1st Source Corp  | 26405 | 1579547 |
| Amalgamated Financial Corp  | 45580 | 1321363 |
| Ameris Bancorp  | 36793 | 2514802 |
| Associated Banc-Corp  | 97897 | 2421972 |
| Axos Financial Inc (b) | 33084 | 2856803 |
| Bancorp Inc/The (b) | 34597 | 2185147 |
| Bank OZK  | 54490 | 2686357 |
| Banner Corp  | 28857 | 1791298 |
| BOK Financial Corp  | 18405 | 1868660 |
| Cadence Bank  | 87755 | 3058262 |
| Cathay General Bancorp  | 48649 | 2199908 |
| Central Pacific Financial Corp  | 53920 | 1437507 |
| City Holding Co  | 15801 | 1929302 |
| Columbia Banking System Inc  | 106203 | 2527631 |
| Comerica Inc  | 54757 | 3699930 |
| Community Trust Bancorp Inc  | 30254 | 1633111 |
| Cullen/Frost Bankers Inc  | 26648 | 3395222 |
| East West Bancorp Inc  | 49649 | 4977312 |
| Enterprise Financial Services Corp  | 32588 | 1798532 |
| First Commonwealth Financial Corp  | 110623 | 1826386 |
| First Financial Corp  | 30462 | 1631240 |
| First Horizon Corp  | 200139 | 4365032 |
| First Mid Bancshares Inc  | 42655 | 1619610 |
| FNB Corp/PA  | 180763 | 2769289 |
| Fulton Financial Corp  | 116962 | 2099468 |
| German American Bancorp Inc  | 42496 | 1632696 |
| Hancock Whitney Corp  | 45464 | 2715110 |
| Hanmi Financial Corp  | 65613 | 1496633 |
| Independent Bank Corp/MI  | 44977 | 1374047 |
| International Bancshares Corp  | 35084 | 2392027 |
| Metropolitan Bank Holding Corp  | 23849 | 1682308 |
| Midland States Bancorp Inc  | 80642 | 1367687 |
| Nbt Bancorp Inc  | 41870 | 1732581 |
| Nicolet Bankshares Inc  | 15463 | 1994727 |
| Old Second Bancorp Inc  | 85197 | 1445793 |
| Pathward Financial Inc  | 23512 | 1778095 |
| Peoples Bancorp Inc/OH  | 54332 | 1556068 |
| Preferred Bank/Los Angeles CA  | 18801 | 1707507 |
| Prosperity Bancshares Inc  | 42569 | 2835947 |
| QCR Holdings Inc  | 21964 | 1559444 |
| SouthState Corp  | 32528 | 3063162 |
| Synovus Financial Corp  | 60975 | 2880459 |
| TriCo Bancshares  | 41334 | 1699654 |
| TrustCo Bank Corp NY  | 49603 | 1664677 |
| UMB Financial Corp  | 22901 | 2518881 |
| Univest Financial Corp  | 53570 | 1544959 |
| Valley National Bancorp  | 258302 | 2394460 |
| Webster Financial Corp  | 67481 | 3890280 |
| WesBanco Inc  | 57882 | 1743985 |
| Westamerica BanCorp  | 35179 | 1685074 |
| Western Alliance Bancorp  | 43660 | 3386270 |
| Wintrust Financial Corp  | 27605 | 3532888 |
| Zions Bancorp NA  | 62439 | 3347979 |
|  |  | 120817089 |
| Capital Markets - 3.8% |  |  |
| Affiliated Managers Group Inc  | 15198 | 3189604 |
| Evercore Inc Class A  | 13997 | 4215057 |
| Federated Hermes Inc Class B  | 56616 | 2806455 |
| Hamilton Lane Inc Class A  | 19035 | 2899031 |
| Houlihan Lokey Inc Class A  | 21528 | 4104528 |
| Interactive Brokers Group Inc Class A  | 137474 | 9012795 |
| Janus Henderson Group PLC  | 63700 | 2758210 |
| Jefferies Financial Group Inc  | 59630 | 3438266 |
| Piper Sandler Cos  | 8388 | 2644904 |
| PJT Partners Inc Class A  | 14138 | 2525330 |
| SEI Investments Co  | 41743 | 3678393 |
| StepStone Group Inc Class A  | 37252 | 2211279 |
| Stifel Financial Corp  | 38432 | 4385860 |
| StoneX Group Inc (b) | 29917 | 2909129 |
| Tradeweb Markets Inc Class A  | 41444 | 5742066 |
| Victory Capital Holdings Inc Class A (d) | 33314 | 2295668 |
| Virtu Financial Inc Class A  | 54844 | 2420814 |
|  |  | 61237389 |
| Consumer Finance - 0.5% |  |  |
| Bread Financial Holdings Inc  | 35167 | 2155737 |
| Enova International Inc (b) | 18862 | 1972211 |
| Nelnet Inc Class A  | 16938 | 2113354 |
| OneMain Holdings Inc  | 56717 | 3277676 |
|  |  | 9518978 |
| Financial Services - 1.5% |  |  |
| Corebridge Financial Inc  | 110423 | 3926642 |
| Enact Holdings Inc  | 50729 | 1763340 |
| Essent Group Ltd  | 52338 | 2930405 |
| Jackson Financial Inc  | 34603 | 3029839 |
| MGIC Investment Corp  | 122509 | 3172983 |
| NMI Holdings Inc (b) | 56875 | 2122575 |
| Payoneer Global Inc (b) | 192369 | 1263863 |
| Radian Group Inc  | 80173 | 2614442 |
| Voya Financial Inc  | 44643 | 3125010 |
|  |  | 23949099 |
| Insurance - 4.4% |  |  |
| American Financial Group Inc/OH  | 29911 | 3735884 |
| Assurant Inc  | 19710 | 3691683 |
| Axis Capital Holdings Ltd  | 34919 | 3276799 |
| CNO Financial Group Inc  | 61378 | 2261166 |
| Employers Holdings Inc  | 34977 | 1443850 |
| Erie Indemnity Co Class A  | 10002 | 3563112 |
| Genworth Financial Inc Class A (b) | 293019 | 2303129 |
| Globe Life Inc  | 33010 | 4636915 |
| Hanover Insurance Group Inc/The  | 18199 | 3123494 |
| Kinsale Capital Group Inc  | 8643 | 3808884 |
| Loews Corp  | 62642 | 5671607 |
| Mercury General Corp  | 34852 | 2413501 |
| Old Republic International Corp  | 100387 | 3630998 |
| Palomar Hldgs Inc (b) | 19691 | 2608861 |
| Primerica Inc  | 13377 | 3553333 |
| Reinsurance Group of America Inc  | 23370 | 4497557 |
| RLI Corp  | 39724 | 2621387 |
| Ryan Specialty Holdings Inc Class A  | 47993 | 2936692 |
| Skyward Specialty Insurance Group Inc (b) | 37674 | 1905550 |
| Universal Insurance Holdings Inc  | 77410 | 1829971 |
| Unum Group  | 61658 | 4427661 |
| White Mountains Insurance Group Ltd  | 1371 | 2451074 |
|  |  | 70393108 |
| TOTAL FINANCIALS |  | 285915663 |
| Health Care - 10.7% |  |  |
| Biotechnology - 3.2% |  |  |
| ADMA Biologics Inc (b) | 141521 | 2646443 |
| Alkermes PLC (b) | 85082 | 2253822 |
| Arcellx Inc (b)(d) | 29338 | 2094440 |
| Catalyst Pharmaceuticals Inc (b) | 87211 | 1860211 |
| Exelixis Inc (b) | 114428 | 4144582 |
| Halozyme Therapeutics Inc (b) | 56449 | 3385247 |
| Incyte Corp (b) | 59492 | 4455356 |
| Insmed Inc (b) | 62647 | 6720770 |
| Krystal Biotech Inc (b)(d) | 14854 | 2285585 |
| MannKind Corp (b) | 312602 | 1181636 |
| Natera Inc (b) | 41925 | 5603696 |
| Neurocrine Biosciences Inc (b) | 35282 | 4524211 |
| PTC Therapeutics Inc (b) | 46887 | 2443282 |
| Sarepta Therapeutics Inc (b)(d) | 35896 | 589411 |
| United Therapeutics Corp (b) | 15450 | 4244115 |
| Vanda Pharmaceuticals Inc (b) | 308993 | 1316310 |
| Veracyte Inc (b) | 49577 | 1165555 |
| Vericel Corp (b) | 34695 | 1212243 |
|  |  | 52126915 |
| Health Care Equipment & Supplies - 2.1% |  |  |
| Embecta Corp  | 89741 | 911768 |
| Glaukos Corp (b) | 22725 | 1956395 |
| Globus Medical Inc Class A (b) | 44099 | 2320930 |
| Haemonetics Corp (b) | 31844 | 2357730 |
| ICU Medical Inc (b) | 14615 | 1876712 |
| Integer Holdings Corp (b) | 18113 | 1965442 |
| iRadimed Corp  | 24085 | 1405119 |
| Lantheus Holdings Inc (b) | 33027 | 2351192 |
| LeMaitre Vascular Inc  | 19052 | 1547784 |
| LivaNova PLC (b) | 41661 | 1757678 |
| Masimo Corp (b) | 18978 | 2918627 |
| Merit Medical Systems Inc (b) | 27448 | 2329237 |
| Omnicell Inc (b) | 41951 | 1300901 |
| Solventum Corp (b) | 53749 | 3835529 |
| Teleflex Inc  | 19743 | 2359289 |
| UFP Technologies Inc (b)(d) | 6624 | 1499607 |
| Utah Medical Products Inc  | 23930 | 1330508 |
|  |  | 34024448 |
| Health Care Providers & Services - 2.8% |  |  |
| Addus HomeCare Corp (b) | 15418 | 1646334 |
| Amedisys Inc (b) | 23260 | 2293436 |
| Astrana Health Inc (b) | 47337 | 1129461 |
| Chemed Corp  | 6298 | 2596665 |
| CorVel Corp (b) | 17589 | 1558385 |
| Cross Country Healthcare Inc (b) | 82587 | 1110795 |
| DaVita Inc (b) | 19193 | 2694121 |
| Encompass Health Corp  | 39233 | 4319946 |
| Ensign Group Inc/The  | 23743 | 3561450 |
| Henry Schein Inc (b) | 48743 | 3297464 |
| Hims & Hers Health Inc Class A (b)(d) | 81510 | 5394332 |
| National HealthCare Corp  | 16514 | 1585839 |
| Premier Inc Class A (d) | 95314 | 2047345 |
| RadNet Inc (b)(d) | 36755 | 2011601 |
| Tenet Healthcare Corp (b) | 33896 | 5466748 |
| Universal Health Services Inc Class B  | 22135 | 3684371 |
|  |  | 44398293 |
| Health Care Technology - 0.4% |  |  |
| Doximity Inc Class A (b) | 56469 | 3317554 |
| HealthStream Inc  | 47224 | 1235379 |
| Waystar Holding Corp (b) | 44055 | 1629153 |
|  |  | 6182086 |
| Life Sciences Tools & Services - 0.7% |  |  |
| Bio-Rad Laboratories Inc Class A (b) | 8638 | 2089964 |
| Bruker Corp  | 52064 | 2000820 |
| Medpace Holdings Inc (b) | 10431 | 4456123 |
| Mesa Laboratories Inc (d) | 11042 | 844492 |
| Repligen Corp (b) | 21899 | 2563716 |
|  |  | 11955115 |
| Pharmaceuticals - 1.5% |  |  |
| Amphastar Pharmaceuticals Inc (b) | 50872 | 1065768 |
| Corcept Therapeutics Inc (b)(d) | 43869 | 2946681 |
| Edgewise Therapeutics Inc (b) | 58980 | 841055 |
| Harmony Biosciences Holdings Inc (b)(d) | 44241 | 1556398 |
| Harrow Inc (b)(d) | 51250 | 1627700 |
| Innoviva Inc (b)(d) | 87856 | 1596344 |
| Jazz Pharmaceuticals PLC (b) | 26719 | 3062799 |
| Ligand Pharmaceuticals Inc (b)(d) | 16339 | 2149886 |
| Organon & Co  | 157210 | 1524937 |
| Perrigo Co PLC  | 89917 | 2398086 |
| Phibro Animal Health Corp Class A  | 65502 | 1735803 |
| Prestige Consumer Healthcare Inc (b) | 30465 | 2252887 |
| Supernus Pharmaceuticals Inc (b) | 48390 | 1698489 |
|  |  | 24456833 |
| TOTAL HEALTH CARE |  | 173143690 |
| Industrials - 21.6% |  |  |
| Aerospace & Defense - 1.6% |  |  |
| BWX Technologies Inc  | 33486 | 5087528 |
| Curtiss-Wright Corp  | 12984 | 6365016 |
| Huntington Ingalls Industries Inc  | 15817 | 4410729 |
| Leonardo DRS Inc  | 50054 | 2082246 |
| Moog Inc Class A  | 13186 | 2552546 |
| Woodward Inc  | 21300 | 5475804 |
|  |  | 25973869 |
| Air Freight & Logistics - 0.4% |  |  |
| CH Robinson Worldwide Inc  | 42258 | 4873193 |
| Hub Group Inc Class A  | 40225 | 1408679 |
|  |  | 6281872 |
| Building Products - 2.5% |  |  |
| A O Smith Corp  | 48360 | 3423404 |
| AAON Inc  | 27136 | 2265856 |
| Allegion plc  | 31246 | 5184336 |
| Apogee Enterprises Inc  | 28341 | 1190039 |
| Armstrong World Industries Inc  | 18698 | 3518403 |
| AZZ Inc  | 19779 | 2165801 |
| CSW Industrials Inc  | 7757 | 2012786 |
| Lennox International Inc  | 10282 | 6261738 |
| Owens Corning  | 28308 | 3946984 |
| Simpson Manufacturing Co Inc  | 17669 | 3170349 |
| Tecnoglass Inc  | 20106 | 1568871 |
| UFP Industries Inc  | 25367 | 2485966 |
| Zurn Elkay Water Solutions Corp  | 66428 | 2939439 |
|  |  | 40133972 |
| Commercial Services & Supplies - 1.7% |  |  |
| ABM Industries Inc  | 37024 | 1707917 |
| Brady Corp Class A  | 26151 | 1845476 |
| Clean Harbors Inc (b) | 17602 | 4150728 |
| CoreCivic Inc (b) | 86008 | 1723600 |
| Ennis Inc  | 62972 | 1120902 |
| GEO Group Inc/The (b) | 73983 | 1917639 |
| Healthcare Services Group Inc (b) | 119233 | 1551221 |
| HNI Corp  | 35501 | 1826171 |
| Rollins Inc  | 96323 | 5516419 |
| Steelcase Inc Class A  | 121642 | 1256562 |
| Tetra Tech Inc  | 101762 | 3738736 |
| UniFirst Corp/MA  | 8860 | 1515326 |
|  |  | 27870697 |
| Construction & Engineering - 3.5% |  |  |
| AECOM  | 45511 | 5130910 |
| Arcosa Inc  | 23306 | 2001519 |
| Argan Inc  | 11113 | 2722463 |
| Comfort Systems USA Inc  | 11705 | 8232127 |
| Construction Partners Inc Class A (b) | 25756 | 2597493 |
| Dycom Industries Inc (b) | 13310 | 3577861 |
| EMCOR Group Inc  | 14396 | 9033346 |
| Everus Construction Group Inc  | 29250 | 2172105 |
| Granite Construction Inc  | 24232 | 2289197 |
| IES Holdings Inc (b) | 7179 | 2534690 |
| Limbach Holdings Inc (b) | 13648 | 1869775 |
| MasTec Inc (b) | 24235 | 4585504 |
| Primoris Services Corp  | 28361 | 2670755 |
| Sterling Infrastructure Inc (b) | 15666 | 4192065 |
| Valmont Industries Inc  | 8604 | 3131426 |
|  |  | 56741236 |
| Electrical Equipment - 1.3% |  |  |
| Acuity Inc  | 11405 | 3550947 |
| EnerSys  | 22148 | 2045811 |
| Generac Holdings Inc (b) | 23246 | 4525764 |
| nVent Electric PLC  | 60142 | 4716336 |
| Powell Industries Inc  | 6946 | 1646896 |
| Regal Rexnord Corp  | 24413 | 3732259 |
|  |  | 20218013 |
| Ground Transportation - 0.4% |  |  |
| Landstar System Inc  | 15918 | 2122984 |
| Ryder System Inc  | 17846 | 3171413 |
| Schneider National Inc Class B  | 48523 | 1186387 |
|  |  | 6480784 |
| Machinery - 6.1% |  |  |
| Allison Transmission Holdings Inc  | 32244 | 2904217 |
| Atmus Filtration Technologies Inc  | 48688 | 1894450 |
| Crane Co  | 19026 | 3724720 |
| Donaldson Co Inc  | 48248 | 3472409 |
| Enerpac Tool Group Corp Class A  | 38259 | 1473354 |
| Esab Corp  | 23933 | 3211091 |
| ESCO Technologies Inc  | 15021 | 2909568 |
| Federal Signal Corp  | 27305 | 3455994 |
| Flowserve Corp  | 51510 | 2886620 |
| Franklin Electric Co Inc  | 21671 | 2035990 |
| Gates Industrial Corp PLC (b) | 111765 | 2771772 |
| Gorman-Rupp Co/The  | 36070 | 1484641 |
| Graco Inc  | 58085 | 4877978 |
| ITT Inc  | 28707 | 4879042 |
| JBT Marel Corp  | 16987 | 2340809 |
| Kadant Inc  | 6055 | 2014922 |
| Lincoln Electric Holdings Inc  | 20578 | 5010744 |
| Lindsay Corp  | 11281 | 1539969 |
| Middleby Corp/The (b)(d) | 20511 | 2978197 |
| Miller Industries Inc/TN  | 20267 | 825880 |
| Mueller Industries Inc  | 43927 | 3750048 |
| Mueller Water Products Inc Class A1  | 82240 | 2036262 |
| Nordson Corp  | 19296 | 4133396 |
| Oshkosh Corp  | 27004 | 3416816 |
| Pentair PLC  | 54178 | 5536993 |
| RBC Bearings Inc (b) | 11114 | 4304897 |
| Snap-on Inc  | 16976 | 5452522 |
| SPX Technologies Inc (b) | 19252 | 3511372 |
| Standex International Corp  | 8779 | 1446252 |
| Toro Co/The  | 40794 | 3028955 |
| Watts Water Technologies Inc Class A  | 12601 | 3305494 |
|  |  | 96615374 |
| Marine Transportation - 0.1% |  |  |
| Matson Inc  | 16726 | 1786002 |
| Passenger Airlines - 0.1% |  |  |
| SkyWest Inc (b) | 19763 | 2291717 |
| Professional Services - 2.5% |  |  |
| Barrett Business Services Inc  | 32525 | 1495174 |
| CACI International Inc (b) | 8726 | 4018934 |
| CRA International Inc  | 7705 | 1361165 |
| CSG Systems International Inc  | 25352 | 1583486 |
| ExlService Holdings Inc (b) | 62824 | 2728446 |
| Exponent Inc  | 25523 | 1760066 |
| FTI Consulting Inc (b) | 14719 | 2448506 |
| Genpact Ltd  | 64727 | 2851224 |
| Heidrick & Struggles International Inc  | 29658 | 1320671 |
| Huron Consulting Group Inc (b) | 12938 | 1708851 |
| Kforce Inc  | 26699 | 930459 |
| Korn Ferry  | 29645 | 2100941 |
| Maximus Inc  | 30560 | 2257162 |
| Parsons Corp (b) | 26393 | 1958361 |
| Paycom Software Inc  | 17992 | 4165868 |
| Paylocity Holding Corp (b) | 16494 | 3049411 |
| Robert Half Inc  | 45105 | 1664826 |
| Science Applications International Corp  | 23248 | 2591687 |
|  |  | 39995238 |
| Trading Companies & Distributors - 1.4% |  |  |
| Applied Industrial Technologies Inc  | 14126 | 3835209 |
| Boise Cascade Co  | 18843 | 1579232 |
| Core & Main Inc Class A (b) | 70072 | 4459382 |
| DXP Enterprises Inc/TX (b) | 13904 | 1574767 |
| McGrath RentCorp  | 15381 | 1919395 |
| MSC Industrial Direct Co Inc Class A  | 25873 | 2241119 |
| Rush Enterprises Inc Class A  | 34290 | 1856461 |
| Watsco Inc  | 11446 | 5160772 |
|  |  | 22626337 |
| TOTAL INDUSTRIALS |  | 347015111 |
| Information Technology - 10.8% |  |  |
| Communications Equipment - 0.2% |  |  |
| Ciena Corp (b) | 52300 | 4855532 |
| Electronic Equipment, Instruments & Components - 3.2% |  |  |
| Advanced Energy Industries Inc  | 21748 | 3021232 |
| Arrow Electronics Inc (b) | 25369 | 2942804 |
| Avnet Inc  | 50368 | 2666482 |
| Badger Meter Inc  | 13891 | 2622065 |
| Bel Fuse Inc Class B  | 19832 | 2578953 |
| Belden Inc  | 22279 | 2754798 |
| Benchmark Electronics Inc  | 42413 | 1632901 |
| CTS Corp  | 36594 | 1434119 |
| Daktronics Inc (b)(d) | 92535 | 1500918 |
| ePlus Inc (b) | 23964 | 1552388 |
| Littelfuse Inc  | 12323 | 3171078 |
| Mirion Technologies Inc Class A (b) | 133777 | 2989916 |
| Novanta Inc (b) | 18555 | 2282636 |
| PC Connection Inc  | 22944 | 1413121 |
| Plexus Corp (b) | 16800 | 2142000 |
| Sanmina Corp (b) | 29862 | 3465186 |
| ScanSource Inc (b) | 40299 | 1565213 |
| TD SYNNEX Corp  | 29465 | 4254451 |
| TTM Technologies Inc (b) | 82343 | 3890707 |
| Vontier Corp  | 73582 | 3051446 |
|  |  | 50932414 |
| IT Services - 0.8% |  |  |
| Amdocs Ltd  | 46251 | 3947985 |
| ASGN Inc (b) | 27040 | 1355786 |
| DXC Technology Co (b) | 109516 | 1490513 |
| Hackett Group Inc/The  | 51581 | 1206480 |
| Kyndryl Holdings Inc (b) | 91921 | 3471856 |
| Unisys Corp (b) | 211534 | 873635 |
|  |  | 12346255 |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| Amkor Technology Inc  | 85568 | 1930414 |
| Cirrus Logic Inc (b) | 26546 | 2673448 |
| MACOM Technology Solutions Holdings Inc (b) | 25190 | 3454557 |
| Onto Innovation Inc (b) | 19275 | 1826306 |
| Photronics Inc (b) | 77776 | 1583519 |
| Semtech Corp (b) | 42358 | 2164494 |
| Universal Display Corp  | 21036 | 3037598 |
|  |  | 16670336 |
| Software - 5.2% |  |  |
| A10 Networks Inc  | 86345 | 1590475 |
| ACI Worldwide Inc (b) | 52303 | 2226016 |
| Agilysys Inc (b) | 21456 | 2447700 |
| Alarm.com Holdings Inc (b) | 34753 | 1898556 |
| AvePoint Inc Class A (b) | 97970 | 1869268 |
| Bentley Systems Inc Class B  | 69554 | 4032741 |
| Blackbaud Inc (b) | 27350 | 1843937 |
| Clear Secure Inc Class A  | 84686 | 2490615 |
| Clearwater Analytics Holdings Inc Class A (b) | 99363 | 2013094 |
| Commvault Systems Inc (b) | 19446 | 3693768 |
| Consensus Cloud Solutions Inc (b) | 53062 | 1070791 |
| Daily Journal Corp (b)(d) | 3600 | 1438488 |
| Dolby Laboratories Inc Class A  | 32306 | 2433934 |
| Dropbox Inc Class A (b) | 99763 | 2710561 |
| Dynatrace Inc (b) | 100451 | 5284728 |
| Guidewire Software Inc (b) | 27987 | 6331220 |
| Intapp Inc (b) | 32449 | 1299582 |
| InterDigital Inc  | 14171 | 3658952 |
| Klaviyo Inc Class A (b) | 48639 | 1512673 |
| Manhattan Associates Inc (b) | 22816 | 5011763 |
| nCino Inc (b)(d) | 66132 | 1846736 |
| Nutanix Inc Class A (b) | 84000 | 6314281 |
| OneSpan Inc  | 81568 | 1203128 |
| Pegasystems Inc  | 48957 | 2874265 |
| Progress Software Corp  | 34889 | 1677463 |
| Q2 Holdings Inc (b) | 30279 | 2458655 |
| Qualys Inc (b) | 19002 | 2528596 |
| RingCentral Inc Class A (b) | 60101 | 1531974 |
| SPS Commerce Inc (b) | 17381 | 1892183 |
| Teradata Corp (b) | 68543 | 1434605 |
| Vertex Inc Class A (b) | 36919 | 1224603 |
| Workiva Inc Class A (b) | 26462 | 1689069 |
| Zeta Global Holdings Corp Class A (b) | 128813 | 2015923 |
|  |  | 83550343 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Pure Storage Inc Class A (b) | 100774 | 5998068 |
| TOTAL INFORMATION TECHNOLOGY |  | 174352948 |
| Materials - 4.3% |  |  |
| Chemicals - 1.5% |  |  |
| Axalta Coating Systems Ltd (b) | 81091 | 2296497 |
| Balchem Corp  | 14288 | 2178491 |
| Cabot Corp  | 25581 | 1846437 |
| Element Solutions Inc  | 94601 | 2232584 |
| FMC Corp (d) | 59307 | 2315345 |
| Hawkins Inc  | 13418 | 2190891 |
| Minerals Technologies Inc  | 20657 | 1201205 |
| NewMarket Corp  | 3907 | 2684109 |
| RPM International Inc  | 41644 | 4889422 |
| Sensient Technologies Corp  | 23570 | 2646675 |
|  |  | 24481656 |
| Construction Materials - 0.4% |  |  |
| Eagle Materials Inc  | 12151 | 2725348 |
| Knife River Corp (b) | 23413 | 1931104 |
| United States Lime & Minerals Inc  | 11241 | 1119379 |
|  |  | 5775831 |
| Containers & Packaging - 1.4% |  |  |
| AptarGroup Inc  | 23441 | 3683519 |
| Crown Holdings Inc  | 41858 | 4159011 |
| Graphic Packaging Holding CO  | 114304 | 2555837 |
| Sealed Air Corp  | 65374 | 1913497 |
| Silgan Holdings Inc  | 38239 | 1779260 |
| Smurfit WestRock PLC  | 146302 | 6492883 |
| Sonoco Products Co  | 46370 | 2089896 |
|  |  | 22673903 |
| Metals & Mining - 0.8% |  |  |
| Carpenter Technology Corp  | 17852 | 4452110 |
| Commercial Metals Co  | 48512 | 2515832 |
| Royal Gold Inc  | 23624 | 3577146 |
| SunCoke Energy Inc  | 121022 | 894353 |
| Warrior Met Coal Inc  | 31175 | 1601772 |
|  |  | 13041213 |
| Paper & Forest Products - 0.2% |  |  |
| Louisiana-Pacific Corp  | 24074 | 2176530 |
| Sylvamo Corp  | 21408 | 986267 |
|  |  | 3162797 |
| TOTAL MATERIALS |  | 69135400 |
| Real Estate - 6.2% |  |  |
| Diversified REITs - 0.5% |  |  |
| American Assets Trust Inc  | 75334 | 1433606 |
| Broadstone Net Lease Inc Class A  | 142950 | 2321508 |
| Essential Properties Realty Trust Inc  | 88748 | 2705927 |
| One Liberty Properties Inc  | 60222 | 1347768 |
|  |  | 7808809 |
| Health Care REITs - 0.7% |  |  |
| CareTrust REIT Inc  | 99938 | 3178028 |
| LTC Properties Inc  | 52893 | 1800478 |
| National Health Investors Inc  | 32361 | 2260739 |
| Omega Healthcare Investors Inc  | 107630 | 4186808 |
|  |  | 11426053 |
| Industrial REITs - 0.2% |  |  |
| STAG Industrial Inc Class A  | 87505 | 3004046 |
| Office REITs - 1.1% |  |  |
| BXP Inc  | 56809 | 3717014 |
| COPT Defense Properties  | 78183 | 2132832 |
| Cousins Properties Inc  | 89029 | 2412687 |
| Douglas Emmett Inc  | 119195 | 1806996 |
| Equity Commonwealth (c) | 2103 | 0 |
| Highwoods Properties Inc  | 75893 | 2201656 |
| Kilroy Realty Corp  | 64604 | 2381303 |
| NET Lease Office Properties (b) | 44207 | 1467230 |
| Orion Properties Inc  | 347789 | 911207 |
| Piedmont Realty Trust Inc Class A1  | 191240 | 1445774 |
|  |  | 18476699 |
| Real Estate Management & Development - 0.3% |  |  |
| Jones Lang LaSalle Inc (b) | 17144 | 4635051 |
| Residential REITs - 0.8% |  |  |
| American Homes 4 Rent Class A  | 121112 | 4201375 |
| Camden Property Trust  | 39347 | 4296693 |
| Equity LifeStyle Properties Inc  | 70588 | 4229633 |
|  |  | 12727701 |
| Retail REITs - 1.9% |  |  |
| Agree Realty Corp  | 46106 | 3305800 |
| Brixmor Property Group Inc  | 131245 | 3429432 |
| Federal Realty Investment Trust  | 32599 | 3004324 |
| Getty Realty Corp  | 60488 | 1680962 |
| Kimco Realty Corp  | 237638 | 5045055 |
| NNN REIT Inc  | 85717 | 3536683 |
| Phillips Edison & Co Inc  | 70365 | 2377633 |
| Regency Centers Corp  | 62077 | 4432298 |
| SITE Centers Corp  | 103263 | 1112143 |
| Urban Edge Properties  | 99295 | 1958097 |
|  |  | 29882427 |
| Specialized REITs - 0.7% |  |  |
| CubeSmart  | 92189 | 3587074 |
| Four Corners Property Trust Inc  | 77411 | 1953854 |
| Lamar Advertising Co Class A  | 33785 | 4130216 |
| National Storage Affiliates Trust  | 55652 | 1639508 |
|  |  | 11310652 |
| TOTAL REAL ESTATE |  | 99271438 |
| Utilities - 3.0% |  |  |
| Electric Utilities - 1.8% |  |  |
| Genie Energy Ltd Class B  | 78423 | 1593555 |
| IDACORP Inc  | 23413 | 2934351 |
| MGE Energy Inc  | 21262 | 1805994 |
| NRG Energy Inc  | 62885 | 10514373 |
| OGE Energy Corp  | 78198 | 3551753 |
| Otter Tail Corp  | 24489 | 1890061 |
| Pinnacle West Capital Corp  | 41837 | 3791269 |
| Portland General Electric Co  | 54802 | 2253458 |
|  |  | 28334814 |
| Gas Utilities - 0.5% |  |  |
| MDU Resources Group Inc  | 110944 | 1913784 |
| National Fuel Gas Co  | 38633 | 3352958 |
| Spire Inc (d) | 30457 | 2268133 |
|  |  | 7534875 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Clearway Energy Inc Class C (d) | 72966 | 2380880 |
| Multi-Utilities - 0.6% |  |  |
| Avista Corp  | 50704 | 1891259 |
| Black Hills Corp  | 37115 | 2144505 |
| NiSource Inc  | 147853 | 6276360 |
|  |  | 10312124 |
| TOTAL UTILITIES |  | 48562693 |
| TOTAL UNITED STATES |  | 1572463320 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,508,935,080) |  | <br> **1608669758** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (f)<br>(Cost $167,607)<br>| 4.25 | 168000 | **167599** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (g) | 4.33 | 2119473 | 2119896 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 37833787 | 37837570 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $39,957,466) |  |  | **39957466** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.3%**<br> (Cost $1,549,060,153)<br>| <br>**1648794823** |
| **NET OTHER ASSETS (LIABILITIES) - (2.3)%**  | **(37496661)** |
| **NET ASSETS - 100.0%** | **1611298162** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 20 | Sep 2025 | 2220200 | 90005 | 90005 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% |

---

**Legend**

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

(b) Non-income producing.

(c) Level 3 security

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

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $167,599.

(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 | 654803 | 86279576 | 84814483 | 67405 | - | - | 2119896 | 2119473 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 11019708 | 141918869 | 115101007 | 139081 | - | - | 37837570 | 37833787 | 0.1% |
| Total | 11674511 | 228198445 | 199915490 | 206486 | - | - | 39957466 |  |  |

---

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 July 31, 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 | 51036732 | 51036732 | - | - |
| Consumer Discretionary | 202604378 | 202604378 | - | - |
| Consumer Staples | 60647947 | 60647947 | - | - |
| Energy | 73925169 | 73925169 | - | - |
| Financials | 296243107 | 296243107 | - | - |
| Health Care | 173143690 | 173143690 | - | - |
| Industrials | 348098834 | 348098834 | - | - |
| Information Technology | 179484392 | 179484392 | - | - |
| Materials | 75651378 | 75651378 | - | - |
| Real Estate | 99271438 | 99271438 | - | - |
| Utilities | 48562693 | 48562693 | - | - |
|  **U.S. Treasury Obligations** | 167599 | - | 167599 | - |
|  **Money Market Funds** | 39957466 | 39957466 | - | - |
| **Total Investments in Securities:** | 1648794823 | 1648627224 | 167599 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 90005 | 90005 | - | - |
| Total Assets | 90005 | 90005 | - | - |
| **Total Derivative Instruments:** | 90005 | 90005 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 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)  | 90005 | 0 |
| **Total Equity Risk**  | 90005 | 0 |
| **Total Value of Derivatives** | 90005 | 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® Small-Mid Multifactor ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $38,895,715) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,509,102,687) | $1608837357 |  |
| Fidelity Central Funds (cost $39,957,466) | 39957466 |  |
| Total Investment in Securities (cost $1,549,060,153) |  | $1648794823 |
| Segregated cash with brokers for derivative instruments |  | 19428 |
| Foreign currency held at value (cost $705) |  | 673 |
| Receivable for fund shares sold |  | 4185189 |
| Dividends receivable |  | 524578 |
| Distributions receivable from Fidelity Central Funds |  | 11667 |
| Other receivables |  | 2811 |
| **Total assets** |  | 1653539169 |
| **Liabilities** |  |  |
| Payable to custodian bank | $2200 |  |
| Payable for investments purchased  | 4179392 |  |
| Accrued management fee | 200545 |  |
| Payable for daily variation margin on futures contracts | 21300 |  |
| Collateral on securities loaned | 37837570 |  |
| **Total liabilities** |  | 42241007 |
| **Net Assets**  |  | $1611298162 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1561144742 |
| Total accumulated earnings (loss) |  | 50153420 |
| **Net Assets** |  | $1611298162 |
| **Net Asset Value**, offering price and redemption price per share ($1,611,298,162 ÷ 38,500,000 shares) |  | $41.85 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $14083168 |
| Interest  |  | 5079 |
| Income from Fidelity Central Funds (including $139,081 from security lending)  |  | 206486 |
| **Total income** |  | 14294733 |
| **Expenses** |  |  |
| Management fee | $1377422 |  |
| Independent trustees' fees and expenses | 2899 |  |
| Total expenses before reductions | 1380321 |  |
| Expense reductions | (1792) |  |
| Total expenses after reductions |  | 1378529 |
| **Net Investment income (loss)** |  | 12916204 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (33695290) |  |
| Redemptions in-kind | 48581520 |  |
| Foreign currency transactions | (2668) |  |
| Futures contracts | 23956 |  |
| Total net realized gain (loss) |  | 14907518 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 61802890 |  |
| Assets and liabilities in foreign currencies | (26) |  |
| Futures contracts | 50017 |  |
| Total change in net unrealized appreciation (depreciation) |  | 61852881 |
| **Net gain (loss)** |  | 76760399 |
| **Net increase (decrease) in net assets resulting from operations** |  | $89676603 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $12916204 | $2811359 |
| &nbsp;&nbsp;Net realized gain (loss) | 14907518<br>| 14411393<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 61852881 | 29643521<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 89676603<br>| 46866273<br>|
| Distributions to shareholders | (12818500)<br>| (2726100)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1323807236 | 361178492 |
| &nbsp;&nbsp;Cost of shares redeemed | (217502666) | (102159372) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1106304570<br>| 259019120<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1183162673<br>| 303159293<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 428135489 | 124976196<br>|
| &nbsp;&nbsp;End of period | $1611298162 | $428135489 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 33400000 | 9700000 |
| &nbsp;&nbsp;Redeemed | (5400000) | (2800000) |
| &nbsp;&nbsp;Net increase (decrease) | 28000000 | 6900000 |

---

**Financial Highlights** 

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

---

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

---

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

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

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

D*Based on net asset value.*

E*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.*

F*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.*

G*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.* 

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

**Fidelity® Stocks for Inflation ETF**

**Schedule of Investments July 31, 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>|
| IRELAND - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Accenture PLC Class A  | 3026 | 808245 |
| UNITED STATES - 99.6%  |  |  |
| Communication Services - 4.2% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| AT&T Inc  | 18416 | 504783 |
| Lumen Technologies Inc (b) | 29793 | 132579 |
| Verizon Communications Inc  | 10936 | 467623 |
|  |  | 1104985 |
| Entertainment - 0.4% |  |  |
| Netflix Inc (b) | 896 | 1038822 |
| Interactive Media & Services - 3.1% |  |  |
| Alphabet Inc Class A  | 19629 | 3766805 |
| Meta Platforms Inc Class A  | 4066 | 3144807 |
|  |  | 6911612 |
| Media - 0.2% |  |  |
| Comcast Corp Class A  | 10871 | 361243 |
| Fox Corp Class A  | 3164 | 176425 |
| Trade Desk Inc (The) Class A (b) | 2014 | 175137 |
|  |  | 712805 |
| TOTAL COMMUNICATION SERVICES |  | 9768224 |
| Consumer Discretionary - 6.1% |  |  |
| Broadline Retail - 0.7% |  |  |
| eBay Inc  | 18145 | 1664804 |
| Diversified Consumer Services - 1.5% |  |  |
| Frontdoor Inc (b) | 19124 | 1118754 |
| H&R Block Inc  | 21512 | 1168962 |
| Stride Inc (b) | 8419 | 1079568 |
|  |  | 3367284 |
| Hotels, Restaurants & Leisure - 2.5% |  |  |
| Booking Holdings Inc  | 316 | 1739283 |
| Boyd Gaming Corp  | 15224 | 1292518 |
| Brinker International Inc (b) | 6233 | 982321 |
| McDonald's Corp  | 5529 | 1659087 |
|  |  | 5673209 |
| Specialty Retail - 1.4% |  |  |
| Abercrombie & Fitch Co Class A (b) | 10259 | 985069 |
| Gap Inc/The  | 51713 | 1006335 |
| Williams-Sonoma Inc  | 5778 | 1080775 |
|  |  | 3072179 |
| TOTAL CONSUMER DISCRETIONARY |  | 13777476 |
| Consumer Staples - 10.4% |  |  |
| Household Products - 5.6% |  |  |
| Colgate-Palmolive Co  | 47778 | 4006185 |
| Kimberly-Clark Corp  | 31195 | 3887521 |
| Procter & Gamble Co/The  | 31943 | 4806464 |
|  |  | 12700170 |
| Tobacco - 4.8% |  |  |
| Altria Group Inc  | 80051 | 4958359 |
| Philip Morris International Inc  | 35503 | 5824267 |
|  |  | 10782626 |
| TOTAL CONSUMER STAPLES |  | 23482796 |
| Energy - 7.2% |  |  |
| Oil, Gas & Consumable Fuels - 7.2% |  |  |
| EOG Resources Inc  | 43496 | 5220390 |
| Exxon Mobil Corp  | 64957 | 7251799 |
| Texas Pacific Land Corp  | 3858 | 3735046 |
|  |  | 16207235 |
| Financials - 8.5% |  |  |
| Banks - 0.9% |  |  |
| Western Alliance Bancorp (c) | 12713 | 986020 |
| Zions Bancorp NA  | 19598 | 1050845 |
|  |  | 2036865 |
| Capital Markets - 1.1% |  |  |
| Ameriprise Financial Inc  | 2296 | 1189764 |
| Interactive Brokers Group Inc Class A  | 20016 | 1312249 |
|  |  | 2502013 |
| Consumer Finance - 1.8% |  |  |
| American Express Co  | 4847 | 1450756 |
| Capital One Financial Corp  | 6380 | 1371700 |
| Synchrony Financial  | 17254 | 1202086 |
|  |  | 4024542 |
| Financial Services - 3.6% |  |  |
| Berkshire Hathaway Inc Class B (b) | 6948 | 3278622 |
| Jackson Financial Inc  | 12203 | 1068495 |
| MGIC Investment Corp  | 43905 | 1137140 |
| Visa Inc Class A  | 7513 | 2595516 |
|  |  | 8079773 |
| Insurance - 1.1% |  |  |
| Axis Capital Holdings Ltd  | 12120 | 1137341 |
| Progressive Corp/The  | 5910 | 1430456 |
|  |  | 2567797 |
| TOTAL FINANCIALS |  | 19210990 |
| Health Care - 14.4% |  |  |
| Biotechnology - 2.9% |  |  |
| Gilead Sciences Inc  | 35965 | 4038510 |
| United Therapeutics Corp (b) | 8941 | 2456093 |
|  |  | 6494603 |
| Health Care Equipment & Supplies - 1.0% |  |  |
| Lantheus Holdings Inc (b)(c) | 34608 | 2463743 |
| Health Care Providers & Services - 2.8% |  |  |
| Tenet Healthcare Corp (b) | 21788 | 3513969 |
| Universal Health Services Inc Class B  | 16296 | 2712469 |
|  |  | 6226438 |
| Health Care Technology - 1.4% |  |  |
| Doximity Inc Class A (b) | 53913 | 3167388 |
| Pharmaceuticals - 6.3% |  |  |
| Bristol-Myers Squibb Co  | 59824 | 2590977 |
| Corcept Therapeutics Inc (b)(c) | 45732 | 3071818 |
| Johnson & Johnson  | 29348 | 4834791 |
| Royalty Pharma PLC Class A  | 100223 | 3688206 |
|  |  | 14185792 |
| TOTAL HEALTH CARE |  | 32537964 |
| Industrials - 4.4% |  |  |
| Construction & Engineering - 1.2% |  |  |
| Comfort Systems USA Inc  | 2118 | 1489589 |
| EMCOR Group Inc  | 2085 | 1308317 |
|  |  | 2797906 |
| Industrial Conglomerates - 0.5% |  |  |
| 3M Co  | 6957 | 1038124 |
| Machinery - 1.5% |  |  |
| Allison Transmission Holdings Inc  | 8152 | 734250 |
| Caterpillar Inc  | 3396 | 1487516 |
| Mueller Industries Inc  | 11888 | 1014879 |
|  |  | 3236645 |
| Marine Transportation - 0.3% |  |  |
| Matson Inc  | 6795 | 725570 |
| Professional Services - 0.9% |  |  |
| Automatic Data Processing Inc  | 3683 | 1139889 |
| Paychex Inc  | 6625 | 956186 |
|  |  | 2096075 |
| TOTAL INDUSTRIALS |  | 9894320 |
| Information Technology - 26.7% |  |  |
| Communications Equipment - 0.6% |  |  |
| Arista Networks Inc  | 6836 | 842332 |
| Motorola Solutions Inc  | 1382 | 606670 |
|  |  | 1449002 |
| IT Services - 1.1% |  |  |
| Amdocs Ltd  | 4979 | 425007 |
| Cognizant Technology Solutions Corp Class A  | 6454 | 463139 |
| GoDaddy Inc Class A (b) | 2388 | 385853 |
| IBM Corporation  | 4512 | 1142213 |
|  |  | 2416212 |
| Semiconductors & Semiconductor Equipment - 9.0% |  |  |
| Broadcom Inc  | 16747 | 4918594 |
| NVIDIA Corp  | 82009 | 14586941 |
| QUALCOMM Inc  | 5879 | 862802 |
|  |  | 20368337 |
| Software - 11.0% |  |  |
| ACI Worldwide Inc (b) | 7751 | 329882 |
| Adobe Inc (b) | 2343 | 838068 |
| AppLovin Corp Class A (b) | 1795 | 701307 |
| Commvault Systems Inc (b) | 2517 | 478104 |
| Docusign Inc (b) | 4847 | 366626 |
| Dolby Laboratories Inc Class A  | 5006 | 377152 |
| Dropbox Inc Class A (b) | 13174 | 357937 |
| Fair Isaac Corp (b) | 298 | 428143 |
| Fortinet Inc (b) | 5911 | 590509 |
| Gen Digital Inc  | 16519 | 487145 |
| InterDigital Inc (c) | 2309 | 596184 |
| Microsoft Corp  | 24853 | 13259076 |
| Oracle Corp  | 7529 | 1910634 |
| Palantir Technologies Inc Class A (b) | 10593 | 1677402 |
| Salesforce Inc  | 4238 | 1094803 |
| Servicenow Inc (b) | 1057 | 996878 |
| Zoom Communications Inc Class A (b) | 5569 | 412384 |
|  |  | 24902234 |
| Technology Hardware, Storage & Peripherals - 5.0% |  |  |
| Apple Inc  | 50277 | 10435997 |
| Hewlett Packard Enterprise Co  | 23201 | 480029 |
| HP Inc  | 15575 | 386260 |
|  |  | 11302286 |
| TOTAL INFORMATION TECHNOLOGY |  | 60438071 |
| Materials - 6.5% |  |  |
| Chemicals - 6.5% |  |  |
| Cabot Corp  | 90674 | 6544849 |
| CF Industries Holdings Inc  | 88691 | 8233186 |
|  |  | 14778035 |
| Real Estate - 4.7% |  |  |
| Retail REITs - 2.2% |  |  |
| Simon Property Group Inc  | 29783 | 4878157 |
| Specialized REITs - 2.5% |  |  |
| VICI Properties Inc  | 175281 | 5714161 |
| TOTAL REAL ESTATE |  | 10592318 |
| Utilities - 6.5% |  |  |
| Electric Utilities - 3.7% |  |  |
| NRG Energy Inc  | 49373 | 8255166 |
| Independent Power and Renewable Electricity Producers - 2.8% |  |  |
| Vistra Corp  | 30442 | 6348374 |
| TOTAL UTILITIES |  | 14603540 |
| TOTAL UNITED STATES |  | 225290969 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $192,415,293) |  | <br> **226099214** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (e)<br>(Cost $22,946)<br>| 4.25 | 23000 | **22945** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 64362 | 64375 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 3731452 | 3731825 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $3,796,200) |  |  | **3796200** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.6%**<br> (Cost $196,234,439)<br>| <br>**229918359** |
| **NET OTHER ASSETS (LIABILITIES) - (1.6)%**  | **(3627035)** |
| **NET ASSETS - 100.0%** | **226291324** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 E-Mini S&P 500 Index Contracts (United States) | 4 | Sep 2025 | 127485 | 891 | 891 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% |

---

**Legend**

(a) 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 $22,945.

(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 | 286511 | 18799495 | 19021631 | 10421 | - | - | 64375 | 64362 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 17668432 | 13936607 | 1081 | - | - | 3731825 | 3731452 | 0.0% |
| Total | 286511 | 36467927 | 32958238 | 11502 | - | - | 3796200 |  |  |

---

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 July 31, 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 | 9768224 | 9768224 | - | - |
| Consumer Discretionary | 13777476 | 13777476 | - | - |
| Consumer Staples | 23482796 | 23482796 | - | - |
| Energy | 16207235 | 16207235 | - | - |
| Financials | 19210990 | 19210990 | - | - |
| Health Care | 32537964 | 32537964 | - | - |
| Industrials | 9894320 | 9894320 | - | - |
| Information Technology | 61246316 | 61246316 | - | - |
| Materials | 14778035 | 14778035 | - | - |
| Real Estate | 10592318 | 10592318 | - | - |
| Utilities | 14603540 | 14603540 | - | - |
|  **U.S. Treasury Obligations** | 22945 | - | 22945 | - |
|  **Money Market Funds** | 3796200 | 3796200 | - | - |
| **Total Investments in Securities:** | 229918359 | 229895414 | 22945 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 891 | 891 | - | - |
| Total Assets | 891 | 891 | - | - |
| **Total Derivative Instruments:** | 891 | 891 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 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)  | 891 | 0 |
| **Total Equity Risk**  | 891 | 0 |
| **Total Value of Derivatives** | 891 | 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® Stocks for Inflation ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $6,595,144) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $192,438,239) | $226122159 |  |
| Fidelity Central Funds (cost $3,796,200) | 3796200 |  |
| Total Investment in Securities (cost $196,234,439) |  | $229918359 |
| Dividends receivable |  | 133181 |
| Distributions receivable from Fidelity Central Funds |  | 289 |
| **Total assets** |  | 230051829 |
| **Liabilities** |  |  |
| Accrued management fee | $28236 |  |
| Payable for daily variation margin on futures contracts | 440 |  |
| Other payables and accrued expenses | 4 |  |
| Collateral on securities loaned | 3731825 |  |
| **Total liabilities** |  | 3760505 |
| **Net Assets**  |  | $226291324 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $219954066 |
| Total accumulated earnings (loss) |  | 6337258 |
| **Net Assets** |  | $226291324 |
| **Net Asset Value**, offering price and redemption price per share ($226,291,324 ÷ 4,800,000 shares) |  | $47.14 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $3340948 |
| Interest  |  | 1498 |
| Income from Fidelity Central Funds (including $1,081 from security lending)  |  | 11502 |
| **Total income** |  | 3353948 |
| **Expenses** |  |  |
| Management fee | $308027 |  |
| Independent trustees' fees and expenses | 794 |  |
| Miscellaneous | 361 |  |
| Total expenses before reductions | 309182 |  |
| Expense reductions | (658) |  |
| Total expenses after reductions |  | 308524 |
| **Net Investment income (loss)** |  | 3045424 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (6357654) |  |
| Redemptions in-kind | 30721092 |  |
| Futures contracts | 24390 |  |
| Total net realized gain (loss) |  | 24387828 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (234150) |  |
| Futures contracts | (1829) |  |
| Total change in net unrealized appreciation (depreciation) |  | (235979) |
| **Net gain (loss)** |  | 24151849 |
| **Net increase (decrease) in net assets resulting from operations** |  | $27197273 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3045424 | $2306819 |
| &nbsp;&nbsp;Net realized gain (loss) | 24387828<br>| 1495233<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (235979) | 28522134<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 27197273<br>| 32324186<br>|
| Distributions to shareholders | (3048450)<br>| (2269650)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 139590678 | 25928474 |
| &nbsp;&nbsp;Cost of shares redeemed | (117695332) | (23234693) |
| **Net increase (decrease) in net assets resulting from share transactions** | 21895346<br>| 2693781<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 46044169<br>| 32748317<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 180247155 | 147498838<br>|
| &nbsp;&nbsp;End of period | $226291324 | $180247155 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3150000 | 650000 |
| &nbsp;&nbsp;Redeemed | (2700000) | (700000) |
| &nbsp;&nbsp;Net increase (decrease) | 450000 | (50000) |

---

**Financial Highlights** 

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

---

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

---

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

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

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

D*Based on net asset value.*

E*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.*

F*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.*

G*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.* 

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

**Fidelity® U.S. Multifactor ETF**

**Schedule of Investments July 31, 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>|
| IRELAND - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| Accenture PLC Class A  | 4184 | 1117546 |
| UNITED STATES - 99.4%  |  |  |
| Communication Services - 9.6% |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |
| AT&T Inc  | 42581 | 1167145 |
| Verizon Communications Inc  | 25353 | 1084094 |
|  |  | 2251239 |
| Entertainment - 1.2% |  |  |
| Electronic Arts Inc  | 3311 | 504894 |
| Netflix Inc (b) | 2116 | 2453291 |
|  |  | 2958185 |
| Interactive Media & Services - 6.7% |  |  |
| Alphabet Inc Class A  | 47043 | 9027552 |
| Meta Platforms Inc Class A  | 9712 | 7511649 |
|  |  | 16539201 |
| Media - 0.5% |  |  |
| Comcast Corp Class A  | 24859 | 826065 |
| Fox Corp Class A  | 7041 | 392606 |
|  |  | 1218671 |
| Wireless Telecommunication Services - 0.3% |  |  |
| T-Mobile US Inc  | 3278 | 781508 |
| TOTAL COMMUNICATION SERVICES |  | 23748804 |
| Consumer Discretionary - 10.9% |  |  |
| Diversified Consumer Services - 3.2% |  |  |
| Frontdoor Inc (b) | 35237 | 2061365 |
| Grand Canyon Education Inc (b) | 11525 | 1943461 |
| H&R Block Inc  | 39234 | 2131976 |
| Stride Inc (b) | 14638 | 1877030 |
|  |  | 8013832 |
| Hotels, Restaurants & Leisure - 2.5% |  |  |
| Booking Holdings Inc  | 562 | 3093282 |
| McDonald's Corp  | 10052 | 3016303 |
|  |  | 6109585 |
| Household Durables - 0.9% |  |  |
| PulteGroup Inc  | 20306 | 2292954 |
| Specialty Retail - 4.3% |  |  |
| AutoZone Inc (b) | 674 | 2539888 |
| Home Depot Inc/The  | 9287 | 3413065 |
| O'Reilly Automotive Inc (b) | 27133 | 2667717 |
| Williams-Sonoma Inc  | 10467 | 1957852 |
|  |  | 10578522 |
| TOTAL CONSUMER DISCRETIONARY |  | 26994893 |
| Consumer Staples - 5.3% |  |  |
| Household Products - 2.9% |  |  |
| Colgate-Palmolive Co  | 24862 | 2084679 |
| Kimberly-Clark Corp  | 15657 | 1951175 |
| Procter & Gamble Co/The  | 21089 | 3173262 |
|  |  | 7209116 |
| Tobacco - 2.4% |  |  |
| Altria Group Inc  | 42451 | 2629415 |
| Philip Morris International Inc  | 19482 | 3196022 |
|  |  | 5825437 |
| TOTAL CONSUMER STAPLES |  | 13034553 |
| Energy - 3.0% |  |  |
| Oil, Gas & Consumable Fuels - 3.0% |  |  |
| Chord Energy Corp  | 23363 | 2577640 |
| Coterra Energy Inc  | 95437 | 2327708 |
| DT Midstream Inc  | 25239 | 2592803 |
|  |  | 7498151 |
| Financials - 13.3% |  |  |
| Banks - 0.7% |  |  |
| Zions Bancorp NA  | 33892 | 1817289 |
| Capital Markets - 1.7% |  |  |
| Ameriprise Financial Inc  | 3951 | 2047369 |
| Interactive Brokers Group Inc Class A  | 34820 | 2282799 |
|  |  | 4330168 |
| Consumer Finance - 0.8% |  |  |
| Synchrony Financial  | 29883 | 2081949 |
| Financial Services - 5.0% |  |  |
| Essent Group Ltd  | 33003 | 1847838 |
| Mastercard Inc Class A  | 6886 | 3900712 |
| MGIC Investment Corp  | 76481 | 1980858 |
| Visa Inc Class A  | 12845 | 4437562 |
|  |  | 12166970 |
| Insurance - 5.1% |  |  |
| Arch Capital Group Ltd  | 21968 | 1890566 |
| Hartford Insurance Group Inc/The  | 18017 | 2241135 |
| Progressive Corp/The  | 10098 | 2444120 |
| Reinsurance Group of America Inc  | 9415 | 1811916 |
| The Travelers Companies, Inc.  | 8737 | 2273717 |
| Unum Group  | 25468 | 1828857 |
|  |  | 12490311 |
| TOTAL FINANCIALS |  | 32886687 |
| Health Care - 9.0% |  |  |
| Biotechnology - 3.6% |  |  |
| AbbVie Inc  | 16845 | 3184042 |
| Gilead Sciences Inc  | 23785 | 2670818 |
| Regeneron Pharmaceuticals Inc  | 2947 | 1607471 |
| United Therapeutics Corp (b) | 5290 | 1453162 |
|  |  | 8915493 |
| Health Care Providers & Services - 0.8% |  |  |
| Centene Corp (b) | 32260 | 841018 |
| Molina Healthcare Inc (b) | 6491 | 1024734 |
|  |  | 1865752 |
| Pharmaceuticals - 4.6% |  |  |
| Corcept Therapeutics Inc (b)(c) | 26471 | 1778057 |
| Eli Lilly & Co  | 5383 | 3983798 |
| Johnson & Johnson  | 21857 | 3600722 |
| Royalty Pharma PLC Class A  | 57513 | 2116478 |
|  |  | 11479055 |
| TOTAL HEALTH CARE |  | 22260300 |
| Industrials - 8.9% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Lockheed Martin Corp  | 6005 | 2527985 |
| Construction & Engineering - 1.3% |  |  |
| EMCOR Group Inc  | 5107 | 3204591 |
| Machinery - 3.6% |  |  |
| Allison Transmission Holdings Inc  | 19957 | 1797527 |
| Mueller Industries Inc  | 28738 | 2453363 |
| PACCAR Inc  | 23629 | 2333600 |
| Snap-on Inc  | 6924 | 2223920 |
|  |  | 8808410 |
| Professional Services - 3.1% |  |  |
| Automatic Data Processing Inc  | 9148 | 2831306 |
| Paychex Inc  | 16822 | 2427919 |
| Verisk Analytics Inc  | 8320 | 2318867 |
|  |  | 7578092 |
| TOTAL INDUSTRIALS |  | 22119078 |
| Information Technology - 32.3% |  |  |
| Communications Equipment - 1.8% |  |  |
| Arista Networks Inc  | 9355 | 1152723 |
| Cisco Systems Inc  | 26421 | 1798742 |
| F5 Inc (b) | 2157 | 676047 |
| Motorola Solutions Inc  | 1935 | 849426 |
|  |  | 4476938 |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Sanmina Corp (b) | 7022 | 814833 |
| IT Services - 1.6% |  |  |
| Akamai Technologies Inc (b) | 6513 | 497007 |
| Amdocs Ltd  | 7300 | 623128 |
| Cognizant Technology Solutions Corp Class A  | 8919 | 640027 |
| GoDaddy Inc Class A (b) | 3371 | 544686 |
| IBM Corporation  | 6269 | 1586998 |
|  |  | 3891846 |
| Semiconductors & Semiconductor Equipment - 11.0% |  |  |
| Broadcom Inc  | 22541 | 6620292 |
| NVIDIA Corp  | 109217 | 19426428 |
| QUALCOMM Inc  | 8233 | 1208275 |
|  |  | 27254995 |
| Software - 11.5% |  |  |
| ACI Worldwide Inc (b) | 11517 | 490163 |
| Adobe Inc (b) | 3232 | 1156054 |
| Dolby Laboratories Inc Class A  | 7227 | 544482 |
| Dropbox Inc Class A (b) | 19236 | 522641 |
| Fair Isaac Corp (b) | 419 | 601986 |
| Fortinet Inc (b) | 8164 | 815584 |
| Gen Digital Inc  | 23515 | 693457 |
| InterDigital Inc (c) | 2972 | 767370 |
| Microsoft Corp  | 33167 | 17694595 |
| Oracle Corp  | 10218 | 2593022 |
| Qualys Inc (b) | 4479 | 596021 |
| Servicenow Inc (b) | 1463 | 1379785 |
| Zoom Communications Inc Class A (b) | 7922 | 586624 |
|  |  | 28441784 |
| Technology Hardware, Storage & Peripherals - 6.1% |  |  |
| Apple Inc  | 67093 | 13926494 |
| Hewlett Packard Enterprise Co  | 33054 | 683887 |
| HP Inc  | 22266 | 552197 |
|  |  | 15162578 |
| TOTAL INFORMATION TECHNOLOGY |  | 80042974 |
| Materials - 2.1% |  |  |
| Chemicals - 1.2% |  |  |
| CF Industries Holdings Inc  | 32101 | 2979936 |
| Containers & Packaging - 0.9% |  |  |
| Packaging Corp of America  | 12917 | 2502669 |
| TOTAL MATERIALS |  | 5482605 |
| Real Estate - 2.3% |  |  |
| Health Care REITs - 0.8% |  |  |
| Omega Healthcare Investors Inc  | 47787 | 1858914 |
| Specialized REITs - 1.5% |  |  |
| Public Storage Operating Co  | 6514 | 1771417 |
| VICI Properties Inc  | 63231 | 2061331 |
|  |  | 3832748 |
| TOTAL REAL ESTATE |  | 5691662 |
| Utilities - 2.7% |  |  |
| Gas Utilities - 1.3% |  |  |
| National Fuel Gas Co  | 35825 | 3109251 |
| Independent Power and Renewable Electricity Producers - 1.4% |  |  |
| Vistra Corp  | 16725 | 3487832 |
| TOTAL UTILITIES |  | 6597083 |
| TOTAL UNITED STATES |  | 246356790 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $219,979,009) |  | <br> **247474336** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (e)<br>(Cost $25,939)<br>| 4.25 | 26000 | **25938** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 186974 | 187012 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 700630 | 700700 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $887,712) |  |  | **887712** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $220,892,660)<br>| <br>**248387986** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(537054)** |
| **NET ASSETS - 100.0%** | **247850932** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 E-Mini S&P 500 Index Contracts (United States) | 12 | Sep 2025 | 382455 | 17674 | 17674 |
| 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) 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 $25,938.

(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 | 186494 | 11976663 | 11976145 | 10264 | - | - | 187012 | 186974 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 9392360 | 8691660 | 489 | - | - | 700700 | 700630 | 0.0% |
| Total | 186494 | 21369023 | 20667805 | 10753 | - | - | 887712 |  |  |

---

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 July 31, 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 | 23748804 | 23748804 | - | - |
| Consumer Discretionary | 26994893 | 26994893 | - | - |
| Consumer Staples | 13034553 | 13034553 | - | - |
| Energy | 7498151 | 7498151 | - | - |
| Financials | 32886687 | 32886687 | - | - |
| Health Care | 22260300 | 22260300 | - | - |
| Industrials | 22119078 | 22119078 | - | - |
| Information Technology | 81160520 | 81160520 | - | - |
| Materials | 5482605 | 5482605 | - | - |
| Real Estate | 5691662 | 5691662 | - | - |
| Utilities | 6597083 | 6597083 | - | - |
|  **U.S. Treasury Obligations** | 25938 | - | 25938 | - |
|  **Money Market Funds** | 887712 | 887712 | - | - |
| **Total Investments in Securities:** | 248387986 | 248362048 | 25938 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 17674 | 17674 | - | - |
| Total Assets | 17674 | 17674 | - | - |
| **Total Derivative Instruments:** | 17674 | 17674 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 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)  | 17674 | 0 |
| **Total Equity Risk**  | 17674 | 0 |
| **Total Value of Derivatives** | 17674 | 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® U.S. Multifactor ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,321,606) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $220,004,948) | $247500274 |  |
| Fidelity Central Funds (cost $887,712) | 887712 |  |
| Total Investment in Securities (cost $220,892,660) |  | $248387986 |
| Segregated cash with brokers for derivative instruments |  | 17658 |
| Cash |  | 35917 |
| Receivable for fund shares sold |  | 3618261 |
| Dividends receivable |  | 134502 |
| Distributions receivable from Fidelity Central Funds |  | 1150 |
| Other receivables |  | 86 |
| **Total assets** |  | 252195560 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3612908 |  |
| Accrued management fee | 29700 |  |
| Payable for daily variation margin on futures contracts | 1320 |  |
| Collateral on securities loaned | 700700 |  |
| **Total liabilities** |  | 4344628 |
| **Net Assets**  |  | $247850932 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $226855988 |
| Total accumulated earnings (loss) |  | 20994944 |
| **Net Assets** |  | $247850932 |
| **Net Asset Value**, offering price and redemption price per share ($247,850,932 ÷ 6,850,000 shares) |  | $36.18 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $3094684 |
| Interest  |  | 1347 |
| Income from Fidelity Central Funds (including $489 from security lending)  |  | 10753 |
| **Total income** |  | 3106784 |
| **Expenses** |  |  |
| Management fee | $288148 |  |
| Independent trustees' fees and expenses | 699 |  |
| Total expenses before reductions | 288847 |  |
| Expense reductions | (632) |  |
| Total expenses after reductions |  | 288215 |
| **Net Investment income (loss)** |  | 2818569 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (4002635) |  |
| Redemptions in-kind | 14549043 |  |
| Futures contracts | 13473 |  |
| Total net realized gain (loss) |  | 10559881 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 9043227 |  |
| Futures contracts | 16956 |  |
| Total change in net unrealized appreciation (depreciation) |  | 9060183 |
| **Net gain (loss)** |  | 19620064 |
| **Net increase (decrease) in net assets resulting from operations** |  | $22438633 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2818569 | $1045563 |
| &nbsp;&nbsp;Net realized gain (loss) | 10559881<br>| 1649651<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 9060183 | 15504526<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 22438633<br>| 18199740<br>|
| Distributions to shareholders | (2793900)<br>| (1013200)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 166065180 | 85305789 |
| &nbsp;&nbsp;Cost of shares redeemed | (59597749) | (15406768) |
| **Net increase (decrease) in net assets resulting from share transactions** | 106467431<br>| 69899021<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 126112164<br>| 87085561<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 121738768 | 34653207<br>|
| &nbsp;&nbsp;End of period | $247850932 | $121738768 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 4850000 | 3000000 |
| &nbsp;&nbsp;Redeemed | (1750000) | (550000) |
| &nbsp;&nbsp;Net increase (decrease) | 3100000 | 2450000 |

---

**Financial Highlights** 

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

---

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

---

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

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

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

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.33%.*

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

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

G*Based on net asset value.*

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

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

J*Annualized.*

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

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

M*Amount not annualized.*

**Fidelity® Value Factor ETF**

**Schedule of Investments July 31, 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>|
| IRELAND - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| IT Services - 0.8% |  |  |
| Accenture PLC Class A  | 28502 | 7612884 |
| UNITED KINGDOM - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Anglogold Ashanti Plc  | 50207 | 2322074 |
| UNITED STATES - 98.8%  |  |  |
| Communication Services - 9.7% |  |  |
| Diversified Telecommunication Services - 1.2% |  |  |
| AT&T Inc  | 223890 | 6136825 |
| Verizon Communications Inc  | 133680 | 5716157 |
|  |  | 11852982 |
| Entertainment - 0.6% |  |  |
| Walt Disney Co/The  | 53382 | 6358330 |
| Interactive Media & Services - 7.1% |  |  |
| Alphabet Inc Class A  | 195619 | 37539286 |
| Meta Platforms Inc Class A  | 40898 | 31632149 |
|  |  | 69171435 |
| Media - 0.8% |  |  |
| Comcast Corp Class A  | 138154 | 4590858 |
| Paramount Global Class B (b) | 238062 | 2992439 |
|  |  | 7583297 |
| TOTAL COMMUNICATION SERVICES |  | 94966044 |
| Consumer Discretionary - 10.8% |  |  |
| Automobiles - 2.3% |  |  |
| Ford Motor Co (b) | 415974 | 4604832 |
| Tesla Inc (c) | 57148 | 17617014 |
|  |  | 22221846 |
| Broadline Retail - 4.2% |  |  |
| Amazon.com Inc (c) | 175339 | 41048613 |
| Hotels, Restaurants & Leisure - 2.4% |  |  |
| Booking Holdings Inc  | 1310 | 7210319 |
| Expedia Group Inc Class A  | 22691 | 4089372 |
| McDonald's Corp  | 24391 | 7319007 |
| Wynn Resorts Ltd (b) | 44370 | 4837661 |
|  |  | 23456359 |
| Household Durables - 0.3% |  |  |
| Lennar Corp Class A  | 31682 | 3554087 |
| Specialty Retail - 1.6% |  |  |
| Abercrombie & Fitch Co Class A (c) | 31621 | 3036248 |
| Gap Inc/The  | 159009 | 3094315 |
| Home Depot Inc/The  | 25483 | 9365258 |
|  |  | 15495821 |
| TOTAL CONSUMER DISCRETIONARY |  | 105776726 |
| Consumer Staples - 5.3% |  |  |
| Consumer Staples Distribution & Retail - 2.6% |  |  |
| Albertsons Cos Inc Class A  | 162499 | 3123231 |
| Dollar General Corp  | 47358 | 4967854 |
| Kroger Co/The  | 59933 | 4201303 |
| Target Corp  | 31378 | 3153489 |
| Walmart Inc  | 105441 | 10331109 |
|  |  | 25776986 |
| Food Products - 0.8% |  |  |
| Archer-Daniels-Midland Co  | 76531 | 4146450 |
| Bunge Global SA  | 47820 | 3814123 |
|  |  | 7960573 |
| Household Products - 1.3% |  |  |
| Kimberly-Clark Corp  | 30278 | 3773244 |
| Procter & Gamble Co/The  | 59180 | 8904815 |
|  |  | 12678059 |
| Tobacco - 0.6% |  |  |
| Altria Group Inc  | 89439 | 5539852 |
| TOTAL CONSUMER STAPLES |  | 51955470 |
| Energy - 3.2% |  |  |
| Oil, Gas & Consumable Fuels - 3.2% |  |  |
| Chevron Corp  | 40180 | 6092895 |
| Chord Energy Corp  | 16945 | 1869542 |
| ConocoPhillips  | 39761 | 3790814 |
| EOG Resources Inc  | 23436 | 2812789 |
| Exxon Mobil Corp  | 91422 | 10206352 |
| Occidental Petroleum Corp  | 48761 | 2142558 |
| Ovintiv Inc  | 45066 | 1855817 |
| Valero Energy Corp  | 17957 | 2465676 |
|  |  | 31236443 |
| Financials - 14.0% |  |  |
| Banks - 2.2% |  |  |
| Bank of America Corp  | 241238 | 11403320 |
| Citigroup Inc  | 107575 | 10079778 |
|  |  | 21483098 |
| Capital Markets - 2.1% |  |  |
| Charles Schwab Corp/The  | 98563 | 9632562 |
| Goldman Sachs Group Inc/The  | 14633 | 10588292 |
|  |  | 20220854 |
| Consumer Finance - 1.4% |  |  |
| Capital One Financial Corp  | 35839 | 7705385 |
| Synchrony Financial  | 94663 | 6595171 |
|  |  | 14300556 |
| Financial Services - 5.0% |  |  |
| Berkshire Hathaway Inc Class B (c) | 44046 | 20784427 |
| Essent Group Ltd  | 102659 | 5747877 |
| MGIC Investment Corp  | 238265 | 6171064 |
| Visa Inc Class A  | 46730 | 16143813 |
|  |  | 48847181 |
| Insurance - 3.3% |  |  |
| American International Group Inc  | 92051 | 7145919 |
| Everest Group Ltd  | 18305 | 6146819 |
| MetLife Inc  | 80207 | 6091722 |
| Prudential Financial Inc  | 58443 | 6053525 |
| The Travelers Companies, Inc.  | 28128 | 7320031 |
|  |  | 32758016 |
| TOTAL FINANCIALS |  | 137609705 |
| Health Care - 8.7% |  |  |
| Biotechnology - 2.2% |  |  |
| AbbVie Inc  | 62372 | 11789556 |
| Gilead Sciences Inc  | 83066 | 9327481 |
|  |  | 21117037 |
| Health Care Providers & Services - 2.1% |  |  |
| Centene Corp (c) | 109879 | 2864545 |
| Elevance Health Inc  | 19265 | 5453536 |
| UnitedHealth Group Inc  | 27176 | 6782043 |
| Universal Health Services Inc Class B  | 32812 | 5461557 |
|  |  | 20561681 |
| Pharmaceuticals - 4.4% |  |  |
| Bristol-Myers Squibb Co  | 137742 | 5965606 |
| Johnson & Johnson  | 81043 | 13351024 |
| Merck & Co Inc  | 111948 | 8745378 |
| Pfizer Inc  | 329710 | 7678946 |
| Royalty Pharma PLC Class A  | 202008 | 7433894 |
|  |  | 43174848 |
| TOTAL HEALTH CARE |  | 84853566 |
| Industrials - 8.8% |  |  |
| Aerospace & Defense - 2.4% |  |  |
| Lockheed Martin Corp  | 11992 | 5048392 |
| Northrop Grumman Corp  | 10323 | 5952345 |
| RTX Corp  | 51994 | 8192695 |
| Textron Inc  | 53706 | 4176716 |
|  |  | 23370148 |
| Air Freight & Logistics - 0.8% |  |  |
| FedEx Corp  | 18778 | 4196695 |
| United Parcel Service Inc Class B  | 46204 | 3980937 |
|  |  | 8177632 |
| Building Products - 1.0% |  |  |
| Builders FirstSource Inc (c) | 25212 | 3205202 |
| Owens Corning  | 22151 | 3088513 |
| UFP Industries Inc  | 33253 | 3258794 |
|  |  | 9552509 |
| Industrial Conglomerates - 0.6% |  |  |
| Honeywell International Inc  | 28095 | 6246923 |
| Machinery - 1.9% |  |  |
| Caterpillar Inc  | 18778 | 8225140 |
| Deere & Co  | 12419 | 6512151 |
| PACCAR Inc  | 44198 | 4364994 |
|  |  | 19102285 |
| Passenger Airlines - 0.7% |  |  |
| Delta Air Lines Inc  | 65536 | 3487171 |
| United Airlines Holdings Inc (c) | 40574 | 3583090 |
|  |  | 7070261 |
| Professional Services - 1.1% |  |  |
| Automatic Data Processing Inc  | 19214 | 5946733 |
| Leidos Holdings Inc  | 28945 | 4621069 |
|  |  | 10567802 |
| Trading Companies & Distributors - 0.3% |  |  |
| Boise Cascade Co  | 30851 | 2585622 |
| TOTAL INDUSTRIALS |  | 86673182 |
| Information Technology - 31.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Arrow Electronics Inc (c) | 62526 | 7253016 |
| IT Services - 2.0% |  |  |
| Akamai Technologies Inc (c) | 72762 | 5552467 |
| Amdocs Ltd  | 82296 | 7024787 |
| Cognizant Technology Solutions Corp Class A  | 93206 | 6688463 |
|  |  | 19265717 |
| Semiconductors & Semiconductor Equipment - 11.5% |  |  |
| Micron Technology Inc  | 94672 | 10332502 |
| NVIDIA Corp  | 477551 | 84941997 |
| ON Semiconductor Corp (c) | 144213 | 8127845 |
| QUALCOMM Inc  | 59325 | 8706537 |
|  |  | 112108881 |
| Software - 10.4% |  |  |
| Adobe Inc (c) | 23732 | 8488699 |
| Microsoft Corp  | 144683 | 77188381 |
| Salesforce Inc  | 36754 | 9494661 |
| Zoom Communications Inc Class A (c) | 86845 | 6430872 |
|  |  | 101602613 |
| Technology Hardware, Storage & Peripherals - 6.9% |  |  |
| Apple Inc  | 289780 | 60149635 |
| Hewlett Packard Enterprise Co  | 353788 | 7319873 |
|  |  | 67469508 |
| TOTAL INFORMATION TECHNOLOGY |  | 307699735 |
| Materials - 2.2% |  |  |
| Chemicals - 1.1% |  |  |
| CF Industries Holdings Inc  | 18280 | 1696932 |
| Linde PLC  | 11192 | 5151230 |
| LyondellBasell Industries NV Class A1  | 22273 | 1290275 |
| Mosaic Co/The  | 54784 | 1972772 |
|  |  | 10111209 |
| Construction Materials - 0.2% |  |  |
| CRH PLC  | 25206 | 2405913 |
| Metals & Mining - 0.9% |  |  |
| Commercial Metals Co  | 30136 | 1562852 |
| Freeport-McMoRan Inc  | 62042 | 2496570 |
| Newmont Corp  | 50038 | 3107360 |
| Nucor Corp  | 14323 | 2049192 |
|  |  | 9215974 |
| TOTAL MATERIALS |  | 21733096 |
| Real Estate - 2.3% |  |  |
| Diversified REITs - 0.2% |  |  |
| WP Carey Inc  | 28197 | 1809120 |
| Health Care REITs - 0.1% |  |  |
| Alexandria Real Estate Equities Inc  | 16764 | 1281272 |
| Hotel & Resort REITs - 0.2% |  |  |
| Host Hotels & Resorts Inc  | 95526 | 1501669 |
| Industrial REITs - 0.3% |  |  |
| Prologis Inc  | 27403 | 2926092 |
| Office REITs - 0.1% |  |  |
| BXP Inc  | 21235 | 1389406 |
| Real Estate Management & Development - 0.4% |  |  |
| CBRE Group Inc Class A (c) | 14455 | 2251222 |
| Jones Lang LaSalle Inc (c) | 5617 | 1518612 |
|  |  | 3769834 |
| Retail REITs - 0.6% |  |  |
| NNN REIT Inc  | 38308 | 1580588 |
| Realty Income Corp  | 40139 | 2253002 |
| Simon Property Group Inc  | 12897 | 2112400 |
|  |  | 5945990 |
| Specialized REITs - 0.4% |  |  |
| Gaming and Leisure Properties Inc  | 32570 | 1484541 |
| VICI Properties Inc  | 63787 | 2079456 |
|  |  | 3563997 |
| TOTAL REAL ESTATE |  | 22187380 |
| Utilities - 2.3% |  |  |
| Electric Utilities - 1.8% |  |  |
| Duke Energy Corp  | 31913 | 3881897 |
| Edison International  | 47154 | 2457666 |
| NextEra Energy Inc  | 65979 | 4688469 |
| PG&E Corp  | 172482 | 2418198 |
| Southern Co/The  | 44127 | 4169119 |
|  |  | 17615349 |
| Gas Utilities - 0.5% |  |  |
| National Fuel Gas Co  | 30843 | 2676864 |
| UGI Corp  | 71386 | 2582745 |
|  |  | 5259609 |
| TOTAL UTILITIES |  | 22874958 |
| TOTAL UNITED STATES |  | 967566305 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $868,449,273) |  | <br> **977501263** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (e)<br>(Cost $175,588)<br>| 4.25 | 176000 | **175580** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 1532239 | 1532545 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 10200730 | 10201750 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $11,734,295) |  |  | **11734295** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.0%**<br> (Cost $880,359,156)<br>| <br>**989411138** |
| **NET OTHER ASSETS (LIABILITIES) - (1.0)%**  | **(9569196)** |
| **NET ASSETS - 100.0%** | **979841942** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 E-Mini S&P 500 Index Contracts (United States) | 68 | Sep 2025 | 2167245 | 80521 | 80521 |
| 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) Amount is stated in United States dollars unless otherwise noted.

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

(c) Non-income producing.

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $175,580.

(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 | 1114392 | 88562275 | 88144122 | 87157 | - | - | 1532545 | 1532239 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1895050 | 75109218 | 66802518 | 10206 | - | - | 10201750 | 10200730 | 0.0% |
| Total | 3009442 | 163671493 | 154946640 | 97363 | - | - | 11734295 |  |  |

---

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 July 31, 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 | 94966044 | 94966044 | - | - |
| Consumer Discretionary | 105776726 | 105776726 | - | - |
| Consumer Staples | 51955470 | 51955470 | - | - |
| Energy | 31236443 | 31236443 | - | - |
| Financials | 137609705 | 137609705 | - | - |
| Health Care | 84853566 | 84853566 | - | - |
| Industrials | 86673182 | 86673182 | - | - |
| Information Technology | 315312619 | 315312619 | - | - |
| Materials | 24055170 | 24055170 | - | - |
| Real Estate | 22187380 | 22187380 | - | - |
| Utilities | 22874958 | 22874958 | - | - |
|  **U.S. Treasury Obligations** | 175580 | - | 175580 | - |
|  **Money Market Funds** | 11734295 | 11734295 | - | - |
| **Total Investments in Securities:** | 989411138 | 989235558 | 175580 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 80521 | 80521 | - | - |
| Total Assets | 80521 | 80521 | - | - |
| **Total Derivative Instruments:** | 80521 | 80521 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 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)  | 80521 | 0 |
| **Total Equity Risk**  | 80521 | 0 |
| **Total Value of Derivatives** | 80521 | 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® Value Factor ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $9,778,250) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $868,624,861) | $977676843 |  |
| Fidelity Central Funds (cost $11,734,295) | 11734295 |  |
| Total Investment in Securities (cost $880,359,156) |  | $989411138 |
| Dividends receivable |  | 747768 |
| Distributions receivable from Fidelity Central Funds |  | 5697 |
| Other receivables |  | 9025 |
| **Total assets** |  | 990173628 |
| **Liabilities** |  |  |
| Accrued management fee | $122456 |  |
| Payable for daily variation margin on futures contracts | 7480 |  |
| Collateral on securities loaned | 10201750 |  |
| **Total liabilities** |  | 10331686 |
| **Net Assets**  |  | $979841942 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $950582799 |
| Total accumulated earnings (loss) |  | 29259143 |
| **Net Assets** |  | $979841942 |
| **Net Asset Value**, offering price and redemption price per share ($979,841,942 ÷ 15,150,000 shares) |  | $64.68 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $15899473 |
| Interest  |  | 7538 |
| Income from Fidelity Central Funds (including $10,206 from security lending)  |  | 97363 |
| **Total income** |  | 16004374 |
| **Expenses** |  |  |
| Management fee | $1384888 |  |
| Independent trustees' fees and expenses | 3639 |  |
| Miscellaneous | 2080 |  |
| Total expenses before reductions | 1390607 |  |
| Expense reductions | (690) |  |
| Total expenses after reductions |  | 1389917 |
| **Net Investment income (loss)** |  | 14614457 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (21413353) |  |
| Redemptions in-kind | 116211653 |  |
| Futures contracts | 19108 |  |
| Total net realized gain (loss) |  | 94817408 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (9644129) |  |
| Futures contracts | 84772 |  |
| Total change in net unrealized appreciation (depreciation) |  | (9559357) |
| **Net gain (loss)** |  | 85258051 |
| **Net increase (decrease) in net assets resulting from operations** |  | $99872508 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $14614457 | $12194289 |
| &nbsp;&nbsp;Net realized gain (loss) | 94817408<br>| 22838278<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (9559357) | 85650617<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 99872508<br>| 120683184<br>|
| Distributions to shareholders | (14585100)<br>| (11890450)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 578014471 | 302891483 |
| &nbsp;&nbsp;Cost of shares redeemed | (492613058) | (130391418) |
| **Net increase (decrease) in net assets resulting from share transactions** | 85401413<br>| 172500065<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 170688821<br>| 281292799<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 809153121 | 527860322<br>|
| &nbsp;&nbsp;End of period | $979841942 | $809153121 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 9500000 | 5800000 |
| &nbsp;&nbsp;Redeemed | (8100000) | (2400000) |
| &nbsp;&nbsp;Net increase (decrease) | 1400000 | 3400000 |

---

**Financial Highlights** 

**Fidelity® Value Factor ETF** <br>

---

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

---

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

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

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

D*Based on net asset value.*

E*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.*

F*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.*

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

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

**Notes to Financial Statements**

For the period ended July 31, 2025

**1. Organization.**

Fidelity Dividend ETF for Rising Rates, Fidelity High Dividend ETF, Fidelity Low Volatility Factor ETF, Fidelity Momentum Factor ETF, Fidelity Quality Factor ETF, Fidelity Small-Mid Multifactor ETF, Fidelity Stocks for Inflation ETF, Fidelity U.S. Multifactor ETF and Fidelity Value Factor ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 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 Cboe BZX Exchange, Inc. (CboeBZX) for Fidelity Stocks for Inflation ETF, and of the New York Stock Exchange, Archipelago Exchange (NYSE Arca) for all other funds and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. Fidelity Dividend ETF for Rising Rates 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 dividends. 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 July 31, 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 the short-term capital gain dividends, futures transactions, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Dividend ETF for Rising Rates** | 460067963 | 160395767 | (28607204) | 131788563 |
| **Fidelity High Dividend ETF** | 5598915268 | 854612947 | (211430013) | 643182934 |
| **Fidelity Low Volatility Factor ETF** | 1109082596 | 184751600 | (55395051) | 129356549 |
| **Fidelity Momentum Factor ETF** | 449043174 | 78118624 | (13372614) | 64746010 |
| **Fidelity Quality Factor ETF** | 873395731 | 210908812 | (30865963) | 180042849 |
| **Fidelity Small-Mid Multifactor ETF** | 1550491774 | 181480857 | (83177808) | 98303049 |
| **Fidelity Stocks for Inflation ETF** | 197135906 | 41478385 | (8695932) | 32782453 |
| **Fidelity U.S. Multifactor ETF** | 221416345 | 38127724 | (11156083) | 26971641 |
| **Fidelity Value Factor ETF** | 882280439 | 155947391 | (48816692) | 107130699 |

---

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 Dividend ETF for Rising Rates** | 879408 | (74455514) | 131825734 |
| **Fidelity High Dividend ETF** | 7429277 | (191122988) | 643229094 |
| **Fidelity Low Volatility Factor ETF** | 1191268 | (79676288) | 129356549 |
| **Fidelity Momentum Factor ETF** | 299817 | (54995424) | 64746010 |
| **Fidelity Quality Factor ETF** | 1147898 | (44546445) | 180042849 |
| **Fidelity Small-Mid Multifactor ETF** | 143697 | (48293294) | 98303017 |
| **Fidelity Stocks for Inflation ETF** | 823341 | (27268536) | 32782453 |
| **Fidelity U.S. Multifactor ETF** | 464425 | (6441122) | 26971641 |
| **Fidelity Value Factor ETF** | 2430470 | (80302026) | 107130699 |

---

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

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| **July 31, 2025** |  |  |
|  | **Ordinary Income ($)** | **Total ($)** |
| **Fidelity Dividend ETF for Rising Rates** | 15464750 | 15464750 |
| **Fidelity High Dividend ETF** | 149474650 | 149474650 |
| **Fidelity Low Volatility Factor ETF** | 18770250 | 18770250 |
| **Fidelity Momentum Factor ETF** | 3728100 | 3728100 |
| **Fidelity Quality Factor ETF** | 13620100 | 13620100 |
| **Fidelity Small-Mid Multifactor ETF** | 12818500 | 12818500 |
| **Fidelity Stocks for Inflation ETF** | 3048450 | 3048450 |
| **Fidelity U.S. Multifactor ETF** | 2793900 | 2793900 |
| **Fidelity Value Factor ETF** | 14585100 | 14585100 |

---

---

| | | |
|:---|:---|:---|
| **July 31, 2024** |  |  |
|  | **Ordinary Income ($)** | **Total ($)** |
| **Fidelity Dividend ETF for Rising Rates** | 13531400 | 13531400 |
| **Fidelity High Dividend ETF** | 72844900 | 72844900 |
| **Fidelity Low Volatility Factor ETF** | 13235700 | 13235700 |
| **Fidelity Momentum Factor ETF** | 1236100 | 1236100 |
| **Fidelity Quality Factor ETF** | 7699650 | 7699650 |
| **Fidelity Small-Mid Multifactor ETF** | 2726100 | 2726100 |
| **Fidelity Stocks for Inflation ETF** | 2269650 | 2269650 |
| **Fidelity U.S. Multifactor ETF** | 1013200 | 1013200 |
| **Fidelity Value Factor ETF** | 11890450 | 11890450 |

---

**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 Dividend ETF for Rising Rates** | 147986391 | 151435266 |
| **Fidelity High Dividend ETF** | 2038523261 | 1671542830 |
| **Fidelity Low Volatility Factor ETF** | 231670157 | 231227725 |
| **Fidelity Momentum Factor ETF** | 439972837 | 439606487 |
| **Fidelity Quality Factor ETF** | 340709930 | 340684553 |
| **Fidelity Small-Mid Multifactor ETF** | 346643014 | 310942997 |
| **Fidelity Stocks for Inflation ETF** | 150493042 | 150019713 |
| **Fidelity U.S. Multifactor ETF** | 79052542 | 77630070 |
| **Fidelity Value Factor ETF** | 367889648 | 368298148 |

---

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

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions ($)** | **In-Kind Redemptions ($)** |
| **Fidelity Dividend ETF for Rising Rates** | 96264029 | 116136049 |
| **Fidelity High Dividend ETF** | 3326933467 | 1105938820 |
| **Fidelity Low Volatility Factor ETF** | 418650524 | 408345709 |
| **Fidelity Momentum Factor ETF** | 488088644 | 271471277 |
| **Fidelity Quality Factor ETF** | 334240589 | 444009779 |
| **Fidelity Small-Mid Multifactor ETF** | 1307191464 | 215668643 |
| **Fidelity Stocks for Inflation ETF** | 138378775 | 116679888 |
| **Fidelity U.S. Multifactor ETF** | 163910234 | 58868943 |
| **Fidelity Value Factor ETF** | 574325243 | 488814611 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of each Fund's average net assets as noted in the table below. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses. For each Fund, with the exception of Fidelity Small-Mid Multifactor ETF, Fidelity Stocks for Inflation ETF and Fidelity U.S. Multifactor ETF, the management fee paid to the investment adviser is reduced by an amount equal to the fees and expenses paid by each fund to the independent Trustees.

---

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

---

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

**Interfund 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 Dividend ETF for Rising Rates** | Borrower | 10130250 | 4.57% | 5148 |
| **Fidelity High Dividend ETF** | Borrower | 74713286 | 4.57% | 66445 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Momentum Factor ETF** | 10521670 | 17428976 | 889454 |
| **Fidelity Small-Mid Multifactor ETF** | - | 120346 | (7353) |
| **Fidelity Stocks for Inflation ETF** | 136278 | - | - |

---

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Dividend ETF for Rising Rates** | 8907 | - | - |
| **Fidelity High Dividend ETF** | 34634 | - | - |
| **Fidelity Low Volatility Factor ETF** | 121 | 1 | - |
| **Fidelity Momentum Factor ETF** | 329 | - | - |
| **Fidelity Quality Factor ETF** | 280 | - | - |
| **Fidelity Small-Mid Multifactor ETF** | 14678 | 3167 | - |
| **Fidelity Stocks for Inflation ETF** | 107 | - | - |
| **Fidelity U.S. Multifactor ETF** | 49 | - | - |
| **Fidelity Value Factor ETF** | 32457 | - | - |

---

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 High Dividend ETF** | 131591 |
| **Fidelity Momentum Factor ETF** | 5586423 |
| **Fidelity Small-Mid Multifactor ETF** | 2474435 |
| **Fidelity Stocks for Inflation ETF** | 3137612 |
| **Fidelity U.S. Multifactor ETF** | 1697163 |

---

**8. Expense Reductions.** 

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

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Dividend ETF for Rising Rates**  | 289 |
| **Fidelity High Dividend ETF** | 1477 |
| **Fidelity Low Volatility Factor ETF** | 570 |
| **Fidelity Momentum Factor ETF** | 640 |
| **Fidelity Quality Factor ETF** | 690 |
| **Fidelity Small-Mid Multifactor ETF** | 1792 |
| **Fidelity Stocks for Inflation ETF** | 658 |
| **Fidelity U.S. Multifactor ETF** | 632 |
| **Fidelity Value Factor ETF** | 690 |

---

**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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Covington Trust and Shareholders of Fidelity Dividend ETF for Rising Rates, Fidelity High Dividend ETF, Fidelity Low Volatility Factor ETF, Fidelity Momentum Factor ETF, Fidelity Quality Factor ETF, Fidelity Small-Mid Multifactor ETF, Fidelity U.S. Multifactor ETF, and Fidelity Value Factor ETF

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Dividend ETF for Rising Rates, Fidelity High Dividend ETF, Fidelity Low Volatility Factor ETF, Fidelity Momentum Factor ETF, Fidelity Quality Factor ETF, Fidelity Small-Mid Multifactor ETF, Fidelity U.S. Multifactor ETF, and Fidelity Value Factor ETF (eight of the funds constituting Fidelity Covington Trust, hereafter collectively referred to as the "Funds") as of July 31, 2025, the related statements of operations for the year ended July 31, 2025, the statements of changes in net assets for each of the two years in the period ended July 31, 2025, 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 July 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2025 and each of 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 July 31, 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

September 12, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Covington Trust and the Shareholders of Fidelity Stocks for Inflation ETF:

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

We have audited the accompanying statement of assets and liabilities of Fidelity Stocks for Inflation ETF (the "Fund"), a fund of Fidelity Covington Trust, including the schedule of investments, as of July 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly**,** in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended 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 Fund's management. Our responsibility is to express an opinion on the Fund's 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 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 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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 July 31, 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

September 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 Dividend ETF for Rising Rates** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 13%<br> 84%<br> 85%<br> 85% |
| **Fidelity High Dividend ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 30%<br> 70%<br> 70%<br> 70% |
| **Fidelity Low Volatility Factor ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 97%<br> 97%<br> 100%<br> 100% |
| **Fidelity Momentum Factor ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 27%<br> 78%<br> 100%<br> 100% |
| **Fidelity Quality Factor ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 91%<br> 89%<br> 100%<br> 100% |
| **Fidelity Small-Mid Multifactor ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 72%<br> 76%<br> 89%<br> 89% |
| **Fidelity Stocks for Inflation ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 74%<br> 74%<br> 98%<br> 98% |
| **Fidelity U.S. Multifactor ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 83%<br> 85%<br> 100%<br> 100% |
| **Fidelity Value Factor ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 90%<br> 94%<br> 100%<br> 100% |

---

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 Dividend ETF for Rising Rates** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 31.34%<br> 92.07%<br> 98.58%<br> 98.58% |
| **Fidelity High Dividend ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 34.30%<br> 79.28%<br> 85.53%<br> 85.53% |
| **Fidelity Low Volatility Factor ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 100%<br> 100%<br> 100%<br> 100% |
| **Fidelity Momentum Factor ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 36.81%<br> 80.66%<br> 100%<br> 100% |
| **Fidelity Quality Factor ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 100%<br> 100%<br> 100%<br> 100% |
| **Fidelity Small-Mid Multifactor ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 80.38%<br> 84.43%<br> 95.64%<br> 95.64% |
| **Fidelity Stocks for Inflation ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 79.39%<br> 79.39%<br> 94.76%<br> 94.76% |
| **Fidelity U.S. Multifactor ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 97.42%<br> 97.18%<br> 100%<br> 100% |
| **Fidelity Value Factor ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 98.23%<br> 97.80%<br> 100%<br> 100% |

---

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

---

| | |
|:---|:---|
| **Fidelity Dividend ETF for Rising Rates** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 14.74%<br> 5.51%<br> 1.42%<br> 1.42% |
| **Fidelity High Dividend ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 11.74%<br> 16.53%<br> 14.47%<br> 14.47% |
| **Fidelity Momentum Factor ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 14.04%<br> 7.10%<br> 0.00%<br> 0.00% |
| **Fidelity Small-Mid Multifactor ETF**<br> September 2024<br> December 2024<br> March 2025<br> June 2025 | <br> 19.19%<br> 15.58%<br> 4.37%<br> 4.37% |
| <br> **Fidelity Stocks for Inflation ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 20.61%<br> 20.61%<br> 5.25%<br> 5.25% |
| **Fidelity U.S. Multifactor ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 2.59%<br> 2.83%<br> 0.00%<br> 0.00% |
| **Fidelity Value Factor ETF** |  |
| September 2024<br> December 2024<br> March 2025<br> June 2025 | 1.78%<br> 2.21%<br> 0.00%<br> 0.00% |

---

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 Low Volatility Factor ETF** | $41783 |
| **Fidelity Quality Factor ETF** | $42854 |
| **Fidelity Small-Mid Multifactor ETF** | $50315 |
| **Fidelity Value Factor ETF** | $32564 |

---

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)**

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

**Fidelity Dividend ETF for Rising Rates**

**Fidelity High Dividend ETF**

**Fidelity Low Volatility Factor ETF**

**Fidelity Momentum Factor ETF**

**Fidelity Quality Factor ETF**

**Fidelity Small-Mid Multifactor ETF**

**Fidelity Stocks for Inflation ETF**

**Fidelity U.S. Multifactor ETF**

**Fidelity Value Factor ETF**

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) and Geode from their respective 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.

![](img111443_4.jpg)<br>

1.9881294.108 CPF-ANN-0925

**Fidelity® Blue Chip Growth ETF**

**Fidelity® Blue Chip Value ETF**

**Fidelity® Fundamental Large Cap Core ETF**

**Fidelity® Fundamental Large Cap Growth ETF**

**Fidelity® Fundamental Large Cap Value ETF**

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

**Fidelity® Magellan℠ ETF**

**Fidelity® Real Estate Investment ETF**

**Fidelity® Sustainable U.S. Equity ETF**

**Fidelity® Women's Leadership ETF**

**Annual Report**

**July 31, 2025**

![](img111452_1.jpg)

![](img111452_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_GTF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Blue Chip Growth ETF](#Sub_Sec_Fund_6157_GTF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Blue Chip Value ETF](#Sub_Sec_Fund_6190_GTF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Fundamental Large Cap Core ETF](#Sub_Sec_Fund_6079_GTF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Fundamental Large Cap Growth ETF](#Sub_Sec_Fund_6339_GTF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Fundamental Large Cap Value ETF](#Sub_Sec_Fund_7573_GTF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Fundamental Small-Mid Cap ETF](#Sub_Sec_Fund_6342_GTF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Magellan℠ ETF](#Sub_Sec_Fund_6340_GTF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Real Estate Investment ETF](#Sub_Sec_Fund_6341_GTF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Sustainable U.S. Equity ETF](#Sub_Sec_Fund_6415_GTF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Women's Leadership ETF](#Sub_Sec_Fund_6416_GTF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6157_GTF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_GTF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_GTF-ANN_1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_GTF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GTF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GTF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GTF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GTF-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® Blue Chip Growth ETF**

**Schedule of Investments July 31, 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>|
| BRAZIL - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Wheaton Precious Metals Corp (United States)  | 50002 | 4575683 |
| CANADA - 1.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 165782 | 8898100 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Cameco Corp  | 61466 | 4614830 |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Celestica Inc (United States) (a) | 129383 | 25858487 |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (a) | 141181 | 17257380 |
| TOTAL INFORMATION TECHNOLOGY |  | 43115867 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Franco-Nevada Corp (United States)  | 24396 | 3887015 |
| TOTAL CANADA |  | 60515812 |
| CHINA - 0.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Hesai Group ADR (a) | 116853 | 2220207 |
| WeRide Inc ADR  | 295583 | 2713452 |
|  |  | 4933659 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Pony AI Inc ADR  | 204589 | 2749676 |
| TOTAL CHINA |  | 7683335 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Ascendis Pharma A/S ADR (a) | 1774 | 307789 |
| FINLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Amer Sports Inc (a) | 303860 | 11406904 |
| GERMANY - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (a) | 45331 | 2270630 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| SAP SE ADR  | 21726 | 6228844 |
| TOTAL GERMANY |  | 8499474 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Accelerant Holdings Class A (a) | 13800 | 380052 |
| INDIA - 0.3%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| MakeMyTrip Ltd (a) | 41427 | 3877153 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| HDFC Bank Ltd/Gandhinagar ADR  | 62753 | 4817548 |
| ICICI Bank Ltd ADR  | 97283 | 3278437 |
|  |  | 8095985 |
| TOTAL INDIA |  | 11973138 |
| JAPAN - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Allegro MicroSystems Inc (a) | 168906 | 5305337 |
| NETHERLANDS - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| NXP Semiconductors NV  | 180298 | 38542303 |
| SINGAPORE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| Sea Ltd Class A ADR (a) | 52 | 8146 |
| SWITZERLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| On Holding AG Class A (a) | 37146 | 1804181 |
| TAIWAN - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 165231 | 39923114 |
| UNITED KINGDOM - 0.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Flutter Entertainment PLC (a) | 36617 | 11067854 |
| Consumer Staples - 0.1% |  |  |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 90248 | 4844513 |
| TOTAL UNITED KINGDOM |  | 15912367 |
| UNITED STATES - 95.3%  |  |  |
| Communication Services - 16.1% |  |  |
| Entertainment - 4.5% |  |  |
| Cinemark Holdings Inc  | 130784 | 3514166 |
| Netflix Inc (a) | 119539 | 138593517 |
| ROBLOX Corp Class A (a) | 340527 | 46921215 |
| Spotify Technology SA (a) | 23498 | 14722437 |
| Take-Two Interactive Software Inc (a) | 34584 | 7702894 |
|  |  | 211454229 |
| Interactive Media & Services - 11.6% |  |  |
| Alphabet Inc Class A  | 1176779 | 225823890 |
| Meta Platforms Inc Class A  | 330161 | 255359724 |
| Reddit Inc Class A (a) | 84886 | 13631843 |
| Snap Inc Class A (a) | 4585293 | 43239313 |
|  |  | 538054770 |
| Media - 0.0% |  |  |
| Trade Desk Inc (The) Class A (a) | 72 | 6261 |
| TOTAL COMMUNICATION SERVICES |  | 749515260 |
| Consumer Discretionary - 17.4% |  |  |
| Automobiles - 1.5% |  |  |
| Rivian Automotive Inc Class A (a) | 427724 | 5504808 |
| Tesla Inc (a) | 206203 | 63566199 |
|  |  | 69071007 |
| Broadline Retail - 8.6% |  |  |
| Amazon.com Inc (a) | 1711865 | 400764715 |
| Diversified Consumer Services - 0.1% |  |  |
| Bright Horizons Family Solutions Inc (a) | 23359 | 2641903 |
| Hotels, Restaurants & Leisure - 2.1% |  |  |
| Brinker International Inc (a) | 40219 | 6338514 |
| Cava Group Inc (a) | 54875 | 4829549 |
| Chipotle Mexican Grill Inc (a) | 469674 | 20139621 |
| DoorDash Inc Class A (a) | 24301 | 6081325 |
| DraftKings Inc Class A (a) | 290665 | 13091552 |
| Dutch Bros Inc Class A (a) | 46084 | 2731399 |
| Planet Fitness Inc Class A (a) | 41397 | 4520138 |
| Royal Caribbean Cruises Ltd  | 14046 | 4464802 |
| Starbucks Corp  | 314481 | 28039126 |
| Sweetgreen Inc Class A (a) | 280562 | 3613639 |
| Yum! Brands Inc  | 33287 | 4798321 |
|  |  | 98647986 |
| Household Durables - 1.1% |  |  |
| DR Horton Inc  | 27057 | 3864822 |
| Lennar Corp Class A  | 22011 | 2469194 |
| PulteGroup Inc  | 34798 | 3929390 |
| SharkNinja Inc (a) | 313174 | 36359501 |
| Somnigroup International Inc  | 57102 | 4133043 |
| Toll Brothers Inc  | 22383 | 2649252 |
|  |  | 53405202 |
| Leisure Products - 0.1% |  |  |
| Peloton Interactive Inc Class A (a) | 904572 | 6458644 |
| Specialty Retail - 2.5% |  |  |
| Abercrombie & Fitch Co Class A (a) | 64759 | 6218159 |
| Bath & Body Works Inc  | 119581 | 3463066 |
| Burlington Stores Inc (a) | 15340 | 4187206 |
| Carvana Co Class A (a) | 61556 | 24017305 |
| Five Below Inc (a) | 72675 | 9921591 |
| Home Depot Inc/The  | 18621 | 6843404 |
| Lowe's Cos Inc  | 109453 | 24470407 |
| Restoration Hardware Inc (a) | 72656 | 14939527 |
| TJX Cos Inc/The  | 141537 | 17625603 |
| Urban Outfitters Inc (a) | 37043 | 2788597 |
| Wayfair Inc Class A (a) | 8965 | 588462 |
|  |  | 115063327 |
| Textiles, Apparel & Luxury Goods - 1.4% |  |  |
| Capri Holdings Ltd (a) | 379284 | 6899176 |
| Deckers Outdoor Corp (a) | 99061 | 10517306 |
| Lululemon Athletica Inc (a) | 132996 | 26669688 |
| NIKE Inc Class B  | 152836 | 11415321 |
| Tapestry Inc  | 29877 | 3227612 |
| Under Armour Inc Class A (a) | 783115 | 5199884 |
| VF Corp  | 320 | 3750 |
|  |  | 63932737 |
| TOTAL CONSUMER DISCRETIONARY |  | 809985521 |
| Consumer Staples - 1.7% |  |  |
| Beverages - 0.3% |  |  |
| Celsius Holdings Inc (a) | 78703 | 3568394 |
| Coca-Cola Co/The  | 150716 | 10232109 |
|  |  | 13800503 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| BJ's Wholesale Club Holdings Inc (a) | 64 | 6778 |
| Costco Wholesale Corp  | 10332 | 9708360 |
| Dollar General Corp  | 71405 | 7490385 |
| Dollar Tree Inc (a) | 75484 | 8571208 |
| Kroger Co/The  | 33646 | 2358585 |
| Walmart Inc  | 176243 | 17268289 |
|  |  | 45403605 |
| Food Products - 0.1% |  |  |
| Freshpet Inc (a) | 66858 | 4567739 |
| Simply Good Foods Co/The (a) | 71690 | 2183677 |
|  |  | 6751416 |
| Tobacco - 0.3% |  |  |
| Philip Morris International Inc  | 93387 | 15320137 |
| TOTAL CONSUMER STAPLES |  | 81275661 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Cheniere Energy Inc  | 13502 | 3184852 |
| Financials - 4.3% |  |  |
| Capital Markets - 2.0% |  |  |
| Ares Management Corp Class A  | 41507 | 7700794 |
| Blue Owl Capital Inc Class A  | 490616 | 9493420 |
| Charles Schwab Corp/The  | 87865 | 8587046 |
| Coinbase Global Inc Class A (a) | 12022 | 4541430 |
| Galaxy Digital Inc Class A  | 99903 | 2838743 |
| Goldman Sachs Group Inc/The  | 24129 | 17459503 |
| KKR & Co Inc Class A  | 58670 | 8599849 |
| Moody's Corp  | 13661 | 7045388 |
| Morgan Stanley  | 56623 | 8066513 |
| Robinhood Markets Inc Class A (a) | 196494 | 20248707 |
|  |  | 94581393 |
| Consumer Finance - 0.1% |  |  |
| American Express Co  | 11988 | 3588128 |
| Financial Services - 2.2% |  |  |
| Affirm Holdings Inc Class A (a) | 170521 | 11690920 |
| Apollo Global Management Inc  | 75960 | 11038507 |
| Block Inc Class A (a) | 88 | 6799 |
| Mastercard Inc Class A  | 92702 | 52512902 |
| Rocket Cos Inc Class A (b) | 182205 | 2691168 |
| Toast Inc Class A (a) | 139678 | 6821874 |
| Visa Inc Class A  | 47120 | 16278546 |
|  |  | 101040716 |
| Insurance - 0.0% |  |  |
| Progressive Corp/The  | 60 | 14522 |
| TOTAL FINANCIALS |  | 199224759 |
| Health Care - 5.5% |  |  |
| Biotechnology - 1.3% |  |  |
| AbbVie Inc  | 44429 | 8397970 |
| Alnylam Pharmaceuticals Inc (a) | 26215 | 10282572 |
| Apogee Therapeutics Inc (a) | 8459 | 323640 |
| Gilead Sciences Inc  | 211237 | 23719803 |
| Legend Biotech Corp ADR (a) | 58959 | 2303528 |
| Moderna Inc (a) | 120660 | 3566710 |
| MoonLake Immunotherapeutics Class A (a) | 48440 | 2443314 |
| Natera Inc (a) | 26841 | 3587568 |
| Scholar Rock Holding Corp (a) | 18508 | 685721 |
| Soleno Therapeutics Inc (a) | 33000 | 2853510 |
| Viking Therapeutics Inc (a) | 72534 | 2362432 |
|  |  | 60526768 |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Boston Scientific Corp (a) | 397678 | 41724376 |
| Glaukos Corp (a) | 46746 | 4024363 |
| Insulet Corp (a) | 24599 | 7094352 |
| Kestra Medical Technologies Ltd  | 64328 | 1061411 |
| Stryker Corp  | 21831 | 8573689 |
|  |  | 62478191 |
| Health Care Providers & Services - 0.5% |  |  |
| Cardinal Health Inc  | 54125 | 8401283 |
| Cencora Inc  | 19825 | 5671536 |
| McKesson Corp  | 11741 | 8142853 |
|  |  | 22215672 |
| Health Care Technology - 0.1% |  |  |
| Veeva Systems Inc Class A (a) | 12349 | 3509586 |
| Waystar Holding Corp (a) | 92062 | 3404453 |
|  |  | 6914039 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Thermo Fisher Scientific Inc  | 8412 | 3934124 |
| Pharmaceuticals - 2.2% |  |  |
| Eli Lilly & Co  | 129878 | 96118812 |
| Structure Therapeutics Inc ADR (a) | 71944 | 1280603 |
|  |  | 97399415 |
| TOTAL HEALTH CARE |  | 253468209 |
| Industrials - 4.6% |  |  |
| Aerospace & Defense - 1.6% |  |  |
| Axon Enterprise Inc (a) | 16032 | 12112016 |
| Boeing Co (a) | 133972 | 29720349 |
| GE Aerospace  | 66177 | 17939261 |
| Howmet Aerospace Inc  | 78242 | 14065564 |
| StandardAero Inc  | 11945 | 341030 |
|  |  | 74178220 |
| Building Products - 0.2% |  |  |
| Builders FirstSource Inc (a) | 29894 | 3800425 |
| Carrier Global Corp  | 26094 | 1790570 |
| Trex Co Inc (a) | 39763 | 2554375 |
|  |  | 8145370 |
| Construction & Engineering - 0.1% |  |  |
| Comfort Systems USA Inc  | 4660 | 3277378 |
| Electrical Equipment - 0.6% |  |  |
| Acuity Inc  | 20 | 6227 |
| Emerson Electric Co  | 22899 | 3332033 |
| GE Vernova Inc  | 33423 | 22068873 |
| Vertiv Holdings Co Class A  | 20030 | 2916368 |
|  |  | 28323501 |
| Ground Transportation - 1.0% |  |  |
| Knight-Swift Transportation Holdings Inc  | 53325 | 2266312 |
| Lyft Inc Class A (a) | 383444 | 5391223 |
| Uber Technologies Inc (a) | 457498 | 40145450 |
|  |  | 47802985 |
| Industrial Conglomerates - 0.1% |  |  |
| 3M Co  | 17611 | 2627913 |
| Machinery - 0.0% |  |  |
| RBC Bearings Inc (a) | 6321 | 2448376 |
| Passenger Airlines - 0.4% |  |  |
| Alaska Air Group Inc (a) | 59579 | 3155304 |
| Delta Air Lines Inc  | 126506 | 6731384 |
| United Airlines Holdings Inc (a) | 80704 | 7126970 |
|  |  | 17013658 |
| Trading Companies & Distributors - 0.6% |  |  |
| Ferguson Enterprises Inc  | 21547 | 4812091 |
| FTAI Aviation Ltd  | 177229 | 24388483 |
|  |  | 29200574 |
| TOTAL INDUSTRIALS |  | 213017975 |
| Information Technology - 44.0% |  |  |
| Communications Equipment - 0.1% |  |  |
| Lumentum Holdings Inc (a) | 75560 | 8317645 |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Amphenol Corp Class A  | 111715 | 11898765 |
| Coherent Corp (a) | 90933 | 9784390 |
|  |  | 21683155 |
| IT Services - 1.4% |  |  |
| Cloudflare Inc Class A (a) | 33769 | 7013146 |
| CoreWeave Inc Class A (a)(b) | 204300 | 23316759 |
| IBM Corporation  | 11172 | 2828192 |
| Okta Inc Class A (a) | 60 | 5868 |
| Snowflake Inc (a) | 83478 | 18657333 |
| Twilio Inc Class A (a) | 91149 | 11758221 |
|  |  | 63579519 |
| Semiconductors & Semiconductor Equipment - 22.5% |  |  |
| Astera Labs Inc (a) | 192268 | 26288804 |
| Broadcom Inc  | 433504 | 127320125 |
| GlobalFoundries Inc (a) | 219599 | 8210807 |
| Impinj Inc (a) | 10611 | 1640248 |
| Marvell Technology Inc  | 1078473 | 86676875 |
| Micron Technology Inc  | 88 | 9604 |
| Monolithic Power Systems Inc  | 40841 | 29047753 |
| NVIDIA Corp  | 4289020 | 762887987 |
| ON Semiconductor Corp (a) | 102210 | 5760556 |
|  |  | 1047842759 |
| Software - 11.7% |  |  |
| AppLovin Corp Class A (a) | 160151 | 62570996 |
| Crowdstrike Holdings Inc Class A (a) | 12950 | 5886682 |
| CyberArk Software Ltd (a) | 7760 | 3193007 |
| Datadog Inc Class A (a) | 100 | 13997 |
| Figma Inc Class A  | 11200 | 1293600 |
| HubSpot Inc (a) | 4 | 2078 |
| Microsoft Corp  | 728190 | 388489365 |
| MicroStrategy Inc Class A (a) | 16765 | 6737183 |
| Monday.com Ltd (a) | 14685 | 3851729 |
| Oracle Corp  | 125152 | 31759823 |
| Palantir Technologies Inc Class A (a) | 104869 | 16606006 |
| Servicenow Inc (a) | 19843 | 18714330 |
| Unity Software Inc (a) | 106157 | 3541398 |
|  |  | 542660194 |
| Technology Hardware, Storage & Peripherals - 7.8% |  |  |
| Apple Inc  | 1728792 | 358845356 |
| Super Micro Computer Inc (a) | 65298 | 3850623 |
|  |  | 362695979 |
| TOTAL INFORMATION TECHNOLOGY |  | 2046779251 |
| Materials - 0.8% |  |  |
| Chemicals - 0.1% |  |  |
| Sherwin-Williams Co/The  | 13100 | 4334528 |
| Construction Materials - 0.5% |  |  |
| CRH PLC  | 41156 | 3928340 |
| James Hardie Industries PLC ADR (a) | 183921 | 4770911 |
| Martin Marietta Materials Inc  | 9396 | 5401572 |
| Vulcan Materials Co  | 20952 | 5754886 |
|  |  | 19855709 |
| Metals & Mining - 0.2% |  |  |
| Carpenter Technology Corp  | 45822 | 11427549 |
| TOTAL MATERIALS |  | 35617786 |
| Real Estate - 0.6% |  |  |
| Health Care REITs - 0.5% |  |  |
| Welltower Inc  | 123399 | 20369473 |
| Real Estate Management & Development - 0.1% |  |  |
| Zillow Group Inc Class C (a) | 74746 | 5946044 |
| TOTAL REAL ESTATE |  | 26315517 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.1% |  |  |
| Entergy Corp  | 30858 | 2790488 |
| NRG Energy Inc  | 19179 | 3206729 |
|  |  | 5997217 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 28842 | 6014711 |
| TOTAL UTILITIES |  | 12011928 |
| TOTAL UNITED STATES |  | 4430396719 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,501,484,533) |  | <br> **4637234354** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| State Street Institutional Treasury Plus Money Market Fund Trust Class (c)<br>(Cost $7,988,149)<br>| 4.18 | 7988149 | **7988149** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $3,509,472,682)<br>| <br>**4645222503** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **4671688** |
| **NET ASSETS - 100.0%** | **4649894191** |

---

**Legend**

(a) Non-income producing.

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 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 | 749523406 | 749523406 | - | - |
| Consumer Discretionary | 854244002 | 854244002 | - | - |
| Consumer Staples | 86120174 | 86120174 | - | - |
| Energy | 7799682 | 7799682 | - | - |
| Financials | 207700796 | 207700796 | - | - |
| Health Care | 253775998 | 253775998 | - | - |
| Industrials | 213017975 | 213017975 | - | - |
| Information Technology | 2182644392 | 2182644392 | - | - |
| Materials | 44080484 | 44080484 | - | - |
| Real Estate | 26315517 | 26315517 | - | - |
| Utilities | 12011928 | 12011928 | - | - |
|  **Money Market Funds** | 7988149 | 7988149 | - | - |
| **Total Investments in Securities:** | 4645222503 | 4645222503 | - | - |

---

**Fidelity® Blue Chip Growth ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $22,954,940) - See accompanying schedule:<br>Unaffiliated issuers (cost $3,509,472,682)<br>|  | $4645222503 |
| Foreign currency held at value (cost $154) |  | 152 |
| Receivable for investments sold |  | 5163175 |
| Receivable for fund shares sold |  | 5039603 |
| Dividends receivable |  | 510931 |
| Receivable for security lending income |  | 2656942 |
| **Total assets** |  | 4658593306 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $6563588 |  |
| Accrued management fee | 2135527 |  |
| **Total liabilities** |  | 8699115 |
| **Net Assets**  |  | $4649894191 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3731395787 |
| Total accumulated earnings (loss) |  | 918498404 |
| **Net Assets** |  | $4649894191 |
| **Net Asset Value**, offering price and redemption price per share ($4,649,894,191 ÷ 92,250,000 shares) |  | $50.41 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $14661891 |
| Interest  |  | 404 |
| Security Lending Income |  | $5196968 |
| **Total income** |  | 19859263 |
| **Expenses** |  |  |
| Management fee | $19339502 |  |
| Independent trustees' fees and expenses | 11701 |  |
| Miscellaneous | 2264 |  |
| Total expenses before reductions | 19353467 |  |
| Expense reductions | (3109) |  |
| Total expenses after reductions |  | 19350358 |
| **Net Investment income (loss)** |  | 508905 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Redemptions in-kind | 112152198 |  |
| Unaffiliated issuers  | (117455569) |  |
| Foreign currency transactions | 3154 |  |
| Total net realized gain (loss) |  | (5300217) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 666570027 |
| **Net gain (loss)** |  | 661269810 |
| **Net increase (decrease) in net assets resulting from operations** |  | $661778715 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $508905 | $(1159500) |
| &nbsp;&nbsp;Net realized gain (loss) | (5300217)<br>| 1357946<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 666570027 | 329821357<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 661778715<br>| 330019803<br>|
| Distributions to shareholders | (3424200)<br>| (236800)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2310709626 | 933997799 |
| &nbsp;&nbsp;Cost of shares redeemed | (294190111) | (69143727) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2016519515<br>| 864854072<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2674874030<br>| 1194637075<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1975020161 | 780383086<br>|
| &nbsp;&nbsp;End of period | $4649894191 | $1975020161 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 51275000 | 25125000 |
| &nbsp;&nbsp;Redeemed | (7175000) | (1925000) |
| &nbsp;&nbsp;Net increase (decrease) | 44100000 | 23200000 |

---

**Financial Highlights** 

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

---

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

---

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

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

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

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

E*Based on net asset value.*

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

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

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

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

**Fidelity® Blue Chip Value ETF**

**Schedule of Investments July 31, 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>|
| CANADA - 1.9%  |  |  |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Canadian Natural Resources Ltd (United States)  | 23607 | 748342 |
| Imperial Oil Ltd (United States)  | 11104 | 926851 |
|  |  | 1675193 |
| Materials - 0.6% |  |  |
| Chemicals - 0.6% |  |  |
| Nutrien Ltd (United States)  | 13459 | 798388 |
| TOTAL CANADA |  | 2473581 |
| GERMANY - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| BioNTech SE ADR (a) | 1550 | 166625 |
| NETHERLANDS - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| NXP Semiconductors NV  | 316 | 67551 |
| SWITZERLAND - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| TE Connectivity PLC  | 319 | 65634 |
| UNITED KINGDOM - 3.1%  |  |  |
| Consumer Staples - 0.4% |  |  |
| Beverages - 0.4% |  |  |
| Diageo PLC ADR  | 4894 | 479367 |
| Health Care - 1.5% |  |  |
| Pharmaceuticals - 1.5% |  |  |
| Astrazeneca PLC ADR  | 25964 | 1897709 |
| Utilities - 1.2% |  |  |
| Multi-Utilities - 1.2% |  |  |
| National Grid PLC ADR  | 22408 | 1577299 |
| TOTAL UNITED KINGDOM |  | 3954375 |
| UNITED STATES - 92.8%  |  |  |
| Communication Services - 7.9% |  |  |
| Entertainment - 1.4% |  |  |
| Walt Disney Co/The  | 14577 | 1736266 |
| Interactive Media & Services - 5.2% |  |  |
| Alphabet Inc Class A  | 23795 | 4566261 |
| Alphabet Inc Class C  | 7095 | 1368341 |
| Meta Platforms Inc Class A  | 933 | 721620 |
|  |  | 6656222 |
| Media - 1.3% |  |  |
| Comcast Corp Class A  | 52162 | 1733343 |
| TOTAL COMMUNICATION SERVICES |  | 10125831 |
| Consumer Discretionary - 7.8% |  |  |
| Broadline Retail - 2.0% |  |  |
| Amazon.com Inc (a) | 10658 | 2495144 |
| Diversified Consumer Services - 0.9% |  |  |
| H&R Block Inc  | 20752 | 1127664 |
| Household Durables - 1.6% |  |  |
| Lennar Corp Class A  | 5767 | 646942 |
| Mohawk Industries Inc (a) | 3224 | 369180 |
| Taylor Morrison Home Corp (a) | 2324 | 137767 |
| Toll Brothers Inc  | 4235 | 501255 |
| TopBuild Corp (a) | 926 | 343018 |
|  |  | 1998162 |
| Specialty Retail - 2.7% |  |  |
| Lowe's Cos Inc  | 4568 | 1021268 |
| Murphy USA Inc  | 886 | 321156 |
| Ross Stores Inc  | 8051 | 1099284 |
| Ulta Beauty Inc (a) | 1854 | 954829 |
|  |  | 3396537 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Lululemon Athletica Inc (a) | 2412 | 483678 |
| Tapestry Inc  | 3905 | 421857 |
|  |  | 905535 |
| TOTAL CONSUMER DISCRETIONARY |  | 9923042 |
| Consumer Staples - 8.3% |  |  |
| Beverages - 2.0% |  |  |
| Brown-Forman Corp Class B  | 26122 | 753620 |
| Keurig Dr Pepper Inc  | 53925 | 1760651 |
|  |  | 2514271 |
| Consumer Staples Distribution & Retail - 2.9% |  |  |
| BJ's Wholesale Club Holdings Inc (a) | 7515 | 795839 |
| Kroger Co/The  | 12569 | 881087 |
| Target Corp  | 4020 | 404009 |
| US Foods Holding Corp (a) | 14837 | 1236367 |
| Walgreens Boots Alliance Inc  | 37295 | 434114 |
|  |  | 3751416 |
| Food Products - 1.1% |  |  |
| Mondelez International Inc  | 16195 | 1047655 |
| Tyson Foods Inc Class A  | 6861 | 358830 |
|  |  | 1406485 |
| Household Products - 1.0% |  |  |
| Procter & Gamble Co/The  | 8587 | 1292086 |
| Personal Care Products - 1.3% |  |  |
| Kenvue Inc  | 75720 | 1623437 |
| TOTAL CONSUMER STAPLES |  | 10587695 |
| Energy - 7.7% |  |  |
| Oil, Gas & Consumable Fuels - 7.7% |  |  |
| ConocoPhillips  | 19071 | 1818229 |
| Exxon Mobil Corp  | 47282 | 5278563 |
| Shell PLC ADR  | 38292 | 2765065 |
|  |  | 9861857 |
| Financials - 23.5% |  |  |
| Banks - 10.8% |  |  |
| Bank of America Corp  | 77316 | 3654728 |
| Cullen/Frost Bankers Inc  | 2545 | 324258 |
| JPMorgan Chase & Co  | 7716 | 2285788 |
| M&T Bank Corp  | 8647 | 1631689 |
| PNC Financial Services Group Inc/The  | 10205 | 1941705 |
| US Bancorp  | 24099 | 1083491 |
| Wells Fargo & Co  | 33979 | 2739727 |
|  |  | 13661386 |
| Capital Markets - 3.5% |  |  |
| Bank of New York Mellon Corp/The  | 10939 | 1109762 |
| Blackrock Inc  | 1046 | 1156886 |
| Northern Trust Corp  | 11325 | 1472250 |
| State Street Corp  | 6162 | 688604 |
|  |  | 4427502 |
| Consumer Finance - 1.2% |  |  |
| Capital One Financial Corp  | 7356 | 1581540 |
| Financial Services - 1.9% |  |  |
| Berkshire Hathaway Inc Class B (a) | 2153 | 1015958 |
| PayPal Holdings Inc (a) | 7122 | 489709 |
| Visa Inc Class A  | 2588 | 894076 |
|  |  | 2399743 |
| Insurance - 5.5% |  |  |
| Chubb Ltd  | 7310 | 1944752 |
| Fidelity National Financial Inc/US  | 600 | 33858 |
| Hartford Insurance Group Inc/The  | 6770 | 842120 |
| The Travelers Companies, Inc.  | 10372 | 2699210 |
| Willis Towers Watson PLC  | 4873 | 1538942 |
|  |  | 7058882 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.6% |  |  |
| Annaly Capital Management Inc  | 37016 | 752535 |
| TOTAL FINANCIALS |  | 29881588 |
| Health Care - 8.6% |  |  |
| Biotechnology - 1.1% |  |  |
| Gilead Sciences Inc  | 12436 | 1396438 |
| Health Care Providers & Services - 3.1% |  |  |
| Cigna Group/The  | 9237 | 2469790 |
| CVS Health Corp  | 23927 | 1485867 |
|  |  | 3955657 |
| Life Sciences Tools & Services - 1.4% |  |  |
| Thermo Fisher Scientific Inc  | 3896 | 1822081 |
| Pharmaceuticals - 3.0% |  |  |
| Elanco Animal Health Inc (a) | 54969 | 751976 |
| GSK PLC ADR  | 45551 | 1692220 |
| Merck & Co Inc  | 17538 | 1370069 |
|  |  | 3814265 |
| TOTAL HEALTH CARE |  | 10988441 |
| Industrials - 14.8% |  |  |
| Aerospace & Defense - 2.7% |  |  |
| L3Harris Technologies Inc  | 2989 | 821437 |
| Lockheed Martin Corp  | 2445 | 1029296 |
| Northrop Grumman Corp  | 1955 | 1127273 |
| Textron Inc  | 5235 | 407126 |
|  |  | 3385132 |
| Air Freight & Logistics - 1.8% |  |  |
| CH Robinson Worldwide Inc  | 6361 | 733551 |
| Expeditors International of Washington Inc  | 926 | 107638 |
| FedEx Corp  | 3258 | 728130 |
| United Parcel Service Inc Class B  | 8297 | 714870 |
|  |  | 2284189 |
| Building Products - 0.8% |  |  |
| Builders FirstSource Inc (a) | 4572 | 581238 |
| Johnson Controls International plc  | 4252 | 446460 |
|  |  | 1027698 |
| Electrical Equipment - 1.1% |  |  |
| Emerson Electric Co  | 4794 | 697575 |
| Regal Rexnord Corp  | 4799 | 733671 |
|  |  | 1431246 |
| Ground Transportation - 2.0% |  |  |
| CSX Corp  | 30580 | 1086813 |
| Knight-Swift Transportation Holdings Inc  | 10894 | 462995 |
| Norfolk Southern Corp  | 3678 | 1022484 |
|  |  | 2572292 |
| Machinery - 4.7% |  |  |
| Allison Transmission Holdings Inc  | 2569 | 231390 |
| Cummins Inc  | 1389 | 510624 |
| Deere & Co  | 3952 | 2072310 |
| Dover Corp  | 4345 | 787053 |
| Flowserve Corp  | 4464 | 250163 |
| PACCAR Inc  | 1255 | 123944 |
| Pentair PLC  | 12243 | 1251235 |
| Toro Co/The  | 866 | 64300 |
| Westinghouse Air Brake Technologies Corp  | 3251 | 624355 |
|  |  | 5915374 |
| Professional Services - 0.9% |  |  |
| Leidos Holdings Inc  | 3867 | 617367 |
| Maximus Inc  | 7634 | 563847 |
|  |  | 1181214 |
| Trading Companies & Distributors - 0.8% |  |  |
| Ferguson Enterprises Inc  | 4349 | 971262 |
| TOTAL INDUSTRIALS |  | 18768407 |
| Information Technology - 8.1% |  |  |
| Communications Equipment - 2.5% |  |  |
| Cisco Systems Inc  | 46531 | 3167830 |
| IT Services - 1.8% |  |  |
| Amdocs Ltd  | 12829 | 1095083 |
| Cognizant Technology Solutions Corp Class A  | 11100 | 796536 |
| GoDaddy Inc Class A (a) | 2805 | 453232 |
|  |  | 2344851 |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Broadcom Inc  | 246 | 72250 |
| Micron Technology Inc  | 10412 | 1136366 |
|  |  | 1208616 |
| Software - 2.9% |  |  |
| Gen Digital Inc  | 56881 | 1677421 |
| Salesforce Inc  | 7566 | 1954525 |
|  |  | 3631946 |
| TOTAL INFORMATION TECHNOLOGY |  | 10353243 |
| Materials - 3.2% |  |  |
| Chemicals - 0.9% |  |  |
| CF Industries Holdings Inc  | 6115 | 567655 |
| Mosaic Co/The  | 15254 | 549297 |
|  |  | 1116952 |
| Construction Materials - 0.9% |  |  |
| CRH PLC  | 11838 | 1129937 |
| Containers & Packaging - 0.6% |  |  |
| Crown Holdings Inc  | 8647 | 859166 |
| Metals & Mining - 0.8% |  |  |
| Newmont Corp  | 16620 | 1032102 |
| TOTAL MATERIALS |  | 4138157 |
| Real Estate - 1.3% |  |  |
| Retail REITs - 0.4% |  |  |
| Simon Property Group Inc  | 2846 | 466146 |
| Specialized REITs - 0.9% |  |  |
| Crown Castle Inc  | 5852 | 614987 |
| Lamar Advertising Co Class A  | 2764 | 337899 |
| Outfront Media Inc  | 13108 | 229783 |
|  |  | 1182669 |
| TOTAL REAL ESTATE |  | 1648815 |
| Utilities - 1.6% |  |  |
| Electric Utilities - 1.3% |  |  |
| Edison International  | 701 | 36536 |
| Eversource Energy  | 12333 | 815211 |
| PG&E Corp  | 55741 | 781489 |
|  |  | 1633236 |
| Gas Utilities - 0.3% |  |  |
| UGI Corp  | 10568 | 382350 |
| TOTAL UTILITIES |  | 2015586 |
| TOTAL UNITED STATES |  | 118292662 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $107,607,265) |  | <br> **125020428** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| State Street Institutional Treasury Plus Money Market Fund Trust Class (b)<br>(Cost $2,096,697)<br>| 4.18 | 2096697 | **2096697** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%**<br> (Cost $109,703,962)<br>| <br>**127117125** |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **381843** |
| **NET ASSETS - 100.0%** | **127498968** |

---

**Legend**

(a) Non-income producing.

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

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 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 | 10125831 | 10125831 | - | - |
| Consumer Discretionary | 9923042 | 9923042 | - | - |
| Consumer Staples | 11067062 | 11067062 | - | - |
| Energy | 11537050 | 11537050 | - | - |
| Financials | 29881588 | 29881588 | - | - |
| Health Care | 13052775 | 13052775 | - | - |
| Industrials | 18768407 | 18768407 | - | - |
| Information Technology | 10486428 | 10486428 | - | - |
| Materials | 4936545 | 4936545 | - | - |
| Real Estate | 1648815 | 1648815 | - | - |
| Utilities | 3592885 | 3592885 | - | - |
|  **Money Market Funds** | 2096697 | 2096697 | - | - |
| **Total Investments in Securities:** | 127117125 | 127117125 | - | - |

---

**Fidelity® Blue Chip Value ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $109,703,962)<br>|  | $127117125 |
| Receivable for investments sold |  | 3412085 |
| Dividends receivable |  | 71288 |
| **Total assets** |  | 130600498 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3040475 |  |
| Accrued management fee | 61055 |  |
| **Total liabilities** |  | 3101530 |
| **Net Assets**  |  | $127498968 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $109597025 |
| Total accumulated earnings (loss) |  | 17901943 |
| **Net Assets** |  | $127498968 |
| **Net Asset Value**, offering price and redemption price per share ($127,498,968 ÷ 3,900,000 shares) |  | $32.69 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $2853655 |
| **Expenses** |  |  |
| Management fee | $737387 |  |
| Independent trustees' fees and expenses | 503 |  |
| Miscellaneous | 149 |  |
| Total expenses before reductions | 738039 |  |
| Expense reductions | (199) |  |
| Total expenses after reductions |  | 737840 |
| **Net Investment income (loss)** |  | 2115815 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Redemptions in-kind | 1851353 |  |
| Unaffiliated issuers  | 2615275 |  |
| Foreign currency transactions | (187) |  |
| Total net realized gain (loss) |  | 4466441 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 157297 |
| **Net gain (loss)** |  | 4623738 |
| **Net increase (decrease) in net assets resulting from operations** |  | $6739553 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2115815 | $2227509 |
| &nbsp;&nbsp;Net realized gain (loss) | 4466441<br>| 3561149<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 157297 | 6653132<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 6739553<br>| 12441790<br>|
| Distributions to shareholders | (2230975)<br>| (2193525)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 7171519 | 6682989 |
| &nbsp;&nbsp;Cost of shares redeemed | (9538413) | (20072077) |
| **Net increase (decrease) in net assets resulting from share transactions** | (2366894)<br>| (13389088)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2141684<br>| (3140823)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 125357284 | 128498107<br>|
| &nbsp;&nbsp;End of period | $127498968 | $125357284 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 225000 | 225000 |
| &nbsp;&nbsp;Redeemed | (300000) | (700000) |
| &nbsp;&nbsp;Net increase (decrease) | (75000) | (475000) |

---

**Financial Highlights** 

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

---

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

---

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

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

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

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

E*Based on net asset value.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

**Fidelity® Fundamental Large Cap Core ETF**

**Schedule of Investments July 31, 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>|
| BELGIUM - 0.5%  |  |  |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| UCB SA  | 17657 | 3837600 |
| BRAZIL - 0.8%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| MercadoLibre Inc (a) | 1663 | 3947779 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Wheaton Precious Metals Corp (United States)  | 23904 | 2187455 |
| TOTAL BRAZIL |  | 6135234 |
| CANADA - 1.6%  |  |  |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Canadian Natural Resources Ltd (United States)  | 105604 | 3347647 |
| Imperial Oil Ltd  | 55102 | 4594352 |
|  |  | 7941999 |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| Shopify Inc Class A (United States) (a) | 41484 | 5069759 |
| TOTAL CANADA |  | 13011758 |
| CHINA - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobiles - 0.3% |  |  |
| BYD Co Ltd H Shares  | 170477 | 2506120 |
| DENMARK - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Novo Nordisk A/S Class B ADR  | 42539 | 2002311 |
| GERMANY - 1.1%  |  |  |
| Information Technology - 1.1% |  |  |
| Software - 1.1% |  |  |
| SAP SE ADR  | 31387 | 8998653 |
| NETHERLANDS - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| BE Semiconductor Industries NV  | 14448 | 1963727 |
| TAIWAN - 1.4%  |  |  |
| Information Technology - 1.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 44646 | 10787367 |
| UNITED KINGDOM - 0.3%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Tobacco - 0.3% |  |  |
| British American Tobacco PLC  | 49684 | 2650853 |
| UNITED STATES - 92.9%  |  |  |
| Communication Services - 11.4% |  |  |
| Entertainment - 0.9% |  |  |
| Netflix Inc (a) | 5960 | 6910024 |
| Interactive Media & Services - 9.4% |  |  |
| Alphabet Inc Class A  | 150965 | 28970184 |
| Meta Platforms Inc Class A  | 59714 | 46185196 |
|  |  | 75155380 |
| Media - 1.1% |  |  |
| Comcast Corp Class A  | 264671 | 8795017 |
| TOTAL COMMUNICATION SERVICES |  | 90860421 |
| Consumer Discretionary - 8.0% |  |  |
| Broadline Retail - 4.5% |  |  |
| Amazon.com Inc (a) | 150540 | 35242919 |
| Diversified Consumer Services - 0.3% |  |  |
| H&R Block Inc  | 49982 | 2716022 |
| Hotels, Restaurants & Leisure - 1.4% |  |  |
| Airbnb Inc Class A (a) | 25076 | 3320313 |
| DraftKings Inc Class A (a) | 54037 | 2433826 |
| Hilton Worldwide Holdings Inc  | 21115 | 5660510 |
|  |  | 11414649 |
| Household Durables - 0.5% |  |  |
| Somnigroup International Inc  | 58053 | 4201876 |
| Specialty Retail - 1.3% |  |  |
| Lowe's Cos Inc  | 30921 | 6913008 |
| O'Reilly Automotive Inc (a) | 32165 | 3162463 |
|  |  | 10075471 |
| TOTAL CONSUMER DISCRETIONARY |  | 63650937 |
| Consumer Staples - 3.4% |  |  |
| Beverages - 1.7% |  |  |
| Coca-Cola Co/The  | 98208 | 6667341 |
| Keurig Dr Pepper Inc  | 200452 | 6544758 |
|  |  | 13212099 |
| Personal Care Products - 1.1% |  |  |
| Estee Lauder Cos Inc/The Class A  | 37572 | 3506970 |
| Kenvue Inc  | 251632 | 5394991 |
|  |  | 8901961 |
| Tobacco - 0.6% |  |  |
| Philip Morris International Inc  | 27996 | 4592743 |
| TOTAL CONSUMER STAPLES |  | 26706803 |
| Energy - 3.6% |  |  |
| Oil, Gas & Consumable Fuels - 3.6% |  |  |
| Cheniere Energy Inc  | 8064 | 1902136 |
| Exxon Mobil Corp  | 162963 | 18193190 |
| Shell PLC ADR  | 116848 | 8437594 |
|  |  | 28532920 |
| Financials - 15.5% |  |  |
| Banks - 7.2% |  |  |
| Bank of America Corp  | 386742 | 18281294 |
| M&T Bank Corp  | 30257 | 5709496 |
| PNC Financial Services Group Inc/The  | 40924 | 7786609 |
| US Bancorp  | 154451 | 6944117 |
| Wells Fargo & Co  | 233726 | 18845328 |
|  |  | 57566844 |
| Capital Markets - 2.6% |  |  |
| Bank of New York Mellon Corp/The  | 89864 | 9116703 |
| Intercontinental Exchange Inc  | 6464 | 1194741 |
| Northern Trust Corp  | 44107 | 5733910 |
| Robinhood Markets Inc Class A (a) | 47009 | 4844277 |
|  |  | 20889631 |
| Financial Services - 3.5% |  |  |
| Apollo Global Management Inc  | 43741 | 6356442 |
| Mastercard Inc Class A  | 15738 | 8915105 |
| Visa Inc Class A  | 37546 | 12971017 |
|  |  | 28242564 |
| Insurance - 2.2% |  |  |
| Arthur J Gallagher & Co  | 18405 | 5286836 |
| Chubb Ltd  | 17400 | 4629096 |
| The Travelers Companies, Inc.  | 27855 | 7248985 |
|  |  | 17164917 |
| TOTAL FINANCIALS |  | 123863956 |
| Health Care - 6.7% |  |  |
| Biotechnology - 1.0% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 8938 | 3505841 |
| Gilead Sciences Inc  | 36593 | 4109028 |
|  |  | 7614869 |
| Health Care Equipment & Supplies - 1.6% |  |  |
| Boston Scientific Corp (a) | 120903 | 12685143 |
| Health Care Providers & Services - 2.0% |  |  |
| Cigna Group/The  | 21969 | 5874071 |
| CVS Health Corp  | 12469 | 774325 |
| Humana Inc  | 11138 | 2783052 |
| UnitedHealth Group Inc  | 24834 | 6197573 |
|  |  | 15629021 |
| Life Sciences Tools & Services - 0.4% |  |  |
| Thermo Fisher Scientific Inc  | 8765 | 4099215 |
| Pharmaceuticals - 1.7% |  |  |
| Eli Lilly & Co  | 4885 | 3615241 |
| GSK PLC ADR  | 127757 | 4746173 |
| Royalty Pharma PLC Class A  | 144092 | 5302586 |
|  |  | 13664000 |
| TOTAL HEALTH CARE |  | 53692248 |
| Industrials - 13.0% |  |  |
| Aerospace & Defense - 4.0% |  |  |
| Boeing Co (a) | 62078 | 13771384 |
| GE Aerospace  | 58493 | 15856283 |
| Northrop Grumman Corp  | 3999 | 2305863 |
|  |  | 31933530 |
| Air Freight & Logistics - 0.5% |  |  |
| United Parcel Service Inc Class B  | 43419 | 3740981 |
| Commercial Services & Supplies - 0.4% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 60788 | 3061336 |
| Construction & Engineering - 1.1% |  |  |
| EMCOR Group Inc  | 5970 | 3746115 |
| Quanta Services Inc  | 12871 | 5227300 |
|  |  | 8973415 |
| Electrical Equipment - 3.5% |  |  |
| Eaton Corp PLC  | 19868 | 7643617 |
| GE Vernova Inc  | 22870 | 15100832 |
| Vertiv Holdings Co Class A  | 36682 | 5340899 |
|  |  | 28085348 |
| Ground Transportation - 0.6% |  |  |
| Norfolk Southern Corp  | 16298 | 4530844 |
| Machinery - 2.4% |  |  |
| Allison Transmission Holdings Inc  | 48345 | 4354434 |
| Deere & Co  | 8396 | 4402611 |
| PACCAR Inc  | 29765 | 2939591 |
| Westinghouse Air Brake Technologies Corp  | 38163 | 7329204 |
|  |  | 19025840 |
| Trading Companies & Distributors - 0.5% |  |  |
| Watsco Inc  | 8989 | 4052960 |
| TOTAL INDUSTRIALS |  | 103404254 |
| Information Technology - 26.9% |  |  |
| Communications Equipment - 1.3% |  |  |
| Cisco Systems Inc  | 153449 | 10446808 |
| Electronic Equipment, Instruments & Components - 1.3% |  |  |
| Amphenol Corp Class A  | 98840 | 10527448 |
| IT Services - 1.1% |  |  |
| Amdocs Ltd  | 45267 | 3863991 |
| Kyndryl Holdings Inc (a) | 139625 | 5273636 |
|  |  | 9137627 |
| Semiconductors & Semiconductor Equipment - 11.5% |  |  |
| Broadcom Inc  | 74517 | 21885643 |
| Marvell Technology Inc  | 36737 | 2952553 |
| NVIDIA Corp  | 373302 | 66399227 |
|  |  | 91237423 |
| Software - 8.2% |  |  |
| Gen Digital Inc  | 81654 | 2407976 |
| Microsoft Corp  | 108633 | 57955706 |
| Salesforce Inc  | 19702 | 5089618 |
|  |  | 65453300 |
| Technology Hardware, Storage & Peripherals - 3.5% |  |  |
| Apple Inc  | 121099 | 25136519 |
| Western Digital Corp  | 31962 | 2515090 |
|  |  | 27651609 |
| TOTAL INFORMATION TECHNOLOGY |  | 214454215 |
| Materials - 1.3% |  |  |
| Chemicals - 0.1% |  |  |
| Mosaic Co/The  | 22273 | 802051 |
| Construction Materials - 0.8% |  |  |
| CRH PLC  | 24912 | 2377850 |
| Martin Marietta Materials Inc  | 7381 | 4243190 |
|  |  | 6621040 |
| Containers & Packaging - 0.3% |  |  |
| International Paper Co  | 43291 | 2023421 |
| Metals & Mining - 0.1% |  |  |
| Carpenter Technology Corp  | 4154 | 1035966 |
| TOTAL MATERIALS |  | 10482478 |
| Real Estate - 1.2% |  |  |
| Residential REITs - 0.2% |  |  |
| Sun Communities Inc  | 16340 | 2026650 |
| Specialized REITs - 1.0% |  |  |
| American Tower Corp  | 17717 | 3692046 |
| Crown Castle Inc  | 40965 | 4305012 |
|  |  | 7997058 |
| TOTAL REAL ESTATE |  | 10023708 |
| Utilities - 1.9% |  |  |
| Electric Utilities - 1.2% |  |  |
| Eversource Energy  | 32182 | 2127230 |
| Southern Co/The  | 75515 | 7134658 |
|  |  | 9261888 |
| Multi-Utilities - 0.7% |  |  |
| Sempra  | 67577 | 5519689 |
| TOTAL UTILITIES |  | 14781577 |
| TOTAL UNITED STATES |  | 740453517 |
| ZAMBIA - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| First Quantum Minerals Ltd (a) | 167432 | 2814298 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $666,400,135) |  | <br> **795161438** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (b)<br>(Cost $1,389,961)<br>| 4.33 | 1389683 | **1389961** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $667,790,096)<br>| <br>**796551399** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **119871** |
| **NET ASSETS - 100.0%** | **796671270** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 E-Mini S&P 500 Index Contracts (United States) | 4 | Sep 2025 | 1274850 | 44644 | 44644 |
| 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) 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 | 2286023 | 105605496 | 106501558 | 298108 | - | - | 1389961 | 1389683 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 7723539 | 7723539 | 222 | - | - | - | - | 0.0% |
| Total | 2286023 | 113329035 | 114225097 | 298330 | - | - | 1389961 |  |  |

---

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 July 31, 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 | 90860421 | 90860421 | - | - |
| Consumer Discretionary | 70104836 | 70104836 | - | - |
| Consumer Staples | 29357656 | 29357656 | - | - |
| Energy | 36474919 | 36474919 | - | - |
| Financials | 123863956 | 123863956 | - | - |
| Health Care | 59532159 | 59532159 | - | - |
| Industrials | 103404254 | 103404254 | - | - |
| Information Technology | 241273721 | 241273721 | - | - |
| Materials | 15484231 | 15484231 | - | - |
| Real Estate | 10023708 | 10023708 | - | - |
| Utilities | 14781577 | 14781577 | - | - |
|  **Money Market Funds** | 1389961 | 1389961 | - | - |
| **Total Investments in Securities:** | 796551399 | 796551399 | - | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 44644 | 44644 | - | - |
| Total Assets | 44644 | 44644 | - | - |
| **Total Derivative Instruments:** | 44644 | 44644 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 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)  | 44644 | 0 |
| **Total Equity Risk**  | 44644 | 0 |
| **Total Value of Derivatives** | 44644 | 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® Fundamental Large Cap Core ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $666,400,135) | $795161438 |  |
| Fidelity Central Funds (cost $1,389,961) | 1389961 |  |
| Total Investment in Securities (cost $667,790,096) |  | $796551399 |
| Segregated cash with brokers for derivative instruments |  | 85278 |
| Cash |  | 27997 |
| Foreign currency held at value (cost $76) |  | 76 |
| Dividends receivable |  | 246550 |
| Distributions receivable from Fidelity Central Funds |  | 12328 |
| Other receivables |  | 4 |
| **Total assets** |  | 796923632 |
| **Liabilities** |  |  |
| Accrued management fee | $247962 |  |
| Payable for daily variation margin on futures contracts | 4400 |  |
| **Total liabilities** |  | 252362 |
| **Net Assets**  |  | $796671270 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $696122442 |
| Total accumulated earnings (loss) |  | 100548828 |
| **Net Assets** |  | $796671270 |
| **Net Asset Value**, offering price and redemption price per share ($796,671,270 ÷ 15,850,000 shares) |  | $50.26 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $8463674 |
| Income from Fidelity Central Funds (including $222 from security lending)  |  | 298330 |
| **Total income** |  | 8762004 |
| **Expenses** |  |  |
| Management fee | $2458714 |  |
| Independent trustees' fees and expenses | 2331 |  |
| Miscellaneous | 528 |  |
| Total expenses before reductions | 2461573 |  |
| Expense reductions | (246) |  |
| Total expenses after reductions |  | 2461327 |
| **Net Investment income (loss)** |  | 6300677 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (23053567) |  |
| Redemptions in-kind | 27618584 |  |
| Foreign currency transactions | (9499) |  |
| Futures contracts | (969261) |  |
| Total net realized gain (loss) |  | 3586257 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 75537877 |  |
| Assets and liabilities in foreign currencies | (1054) |  |
| Futures contracts | 44644 |  |
| Total change in net unrealized appreciation (depreciation) |  | 75581467 |
| **Net gain (loss)** |  | 79167724 |
| **Net increase (decrease) in net assets resulting from operations** |  | $85468401 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6300677 | $1792603 |
| &nbsp;&nbsp;Net realized gain (loss) | 3586257<br>| 22453644<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 75581467 | 33456231<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 85468401<br>| 57702478<br>|
| Distributions to shareholders | (6599725)<br>| (1533800)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 445997368 | 303260878 |
| &nbsp;&nbsp;Cost of shares redeemed | (114539404) | (81007492) |
| **Net increase (decrease) in net assets resulting from share transactions** | 331457964<br>| 222253386<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 410326640<br>| 278422064<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 386344630 | 107922566<br>|
| &nbsp;&nbsp;End of period | $796671270 | $386344630 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 9675000 | 7725000 |
| &nbsp;&nbsp;Redeemed | (2675000) | (2000000) |
| &nbsp;&nbsp;Net increase (decrease) | 7000000 | 5725000 |

---

**Financial Highlights** 

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

---

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

---

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

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

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

D*Based on net asset value.*

E*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.*

F*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.*

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

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

**Fidelity® Fundamental Large Cap Growth ETF**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| UCB SA  | 8554 | 1859140 |
| BRAZIL - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| MercadoLibre Inc (a) | 274 | 650445 |
| CANADA - 1.1%  |  |  |
| Information Technology - 1.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Celestica Inc (United States) (a) | 7923 | 1583490 |
| IT Services - 0.8% |  |  |
| Shopify Inc Class A (a) | 28893 | 3531761 |
| TOTAL CANADA |  | 5115251 |
| CHINA - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobiles - 0.3% |  |  |
| BYD Co Ltd H Shares  | 105615 | 1552608 |
| GERMANY - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| BioNTech SE ADR (a) | 9014 | 969005 |
| NETHERLANDS - 1.3%  |  |  |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.6% |  |  |
| Argenx SE ADR (a) | 3840 | 2574067 |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| NXP Semiconductors NV  | 15785 | 3374360 |
| TOTAL NETHERLANDS |  | 5948427 |
| TAIWAN - 1.9%  |  |  |
| Information Technology - 1.9% |  |  |
| Semiconductors & Semiconductor Equipment - 1.9% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 35649 | 8613511 |
| UNITED STATES - 94.0%  |  |  |
| Communication Services - 15.2% |  |  |
| Entertainment - 3.9% |  |  |
| Netflix Inc (a) | 9685 | 11228789 |
| ROBLOX Corp Class A (a) | 41345 | 5696928 |
| Roku Inc Class A (a) | 11323 | 1066173 |
|  |  | 17991890 |
| Interactive Media & Services - 11.3% |  |  |
| Alphabet Inc Class A  | 84644 | 16243184 |
| Alphabet Inc Class C  | 52817 | 10186287 |
| Meta Platforms Inc Class A  | 29532 | 22841230 |
| Reddit Inc Class A (a) | 16941 | 2720555 |
| Snap Inc Class A (a) | 74821 | 705562 |
|  |  | 52696818 |
| TOTAL COMMUNICATION SERVICES |  | 70688708 |
| Consumer Discretionary - 13.8% |  |  |
| Automobiles - 0.3% |  |  |
| Tesla Inc (a) | 5558 | 1713364 |
| Broadline Retail - 8.2% |  |  |
| Amazon.com Inc (a) | 162551 | 38054815 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Brinker International Inc (a) | 6679 | 1052610 |
| Chipotle Mexican Grill Inc (a) | 11333 | 485959 |
| Starbucks Corp  | 36807 | 3281713 |
|  |  | 4820282 |
| Household Durables - 0.6% |  |  |
| SharkNinja Inc (a) | 22775 | 2644177 |
| Specialty Retail - 2.9% |  |  |
| Carvana Co Class A (a) | 9422 | 3676182 |
| Lowe's Cos Inc  | 27476 | 6142809 |
| TJX Cos Inc/The  | 29424 | 3664171 |
| Wayfair Inc Class A (a) | 1821 | 119530 |
|  |  | 13602692 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| Lululemon Athletica Inc (a) | 10080 | 2021343 |
| NIKE Inc Class B  | 21077 | 1574241 |
|  |  | 3595584 |
| TOTAL CONSUMER DISCRETIONARY |  | 64430914 |
| Consumer Staples - 2.1% |  |  |
| Beverages - 0.6% |  |  |
| Keurig Dr Pepper Inc  | 86685 | 2830265 |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| BJ's Wholesale Club Holdings Inc (a) | 9835 | 1041527 |
| Walmart Inc  | 24596 | 2409916 |
|  |  | 3451443 |
| Personal Care Products - 0.3% |  |  |
| Estee Lauder Cos Inc/The Class A  | 13904 | 1297799 |
| Tobacco - 0.5% |  |  |
| Philip Morris International Inc  | 14771 | 2423183 |
| TOTAL CONSUMER STAPLES |  | 10002690 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Exxon Mobil Corp  | 14465 | 1614873 |
| Range Resources Corp  | 23864 | 876286 |
|  |  | 2491159 |
| Financials - 6.6% |  |  |
| Capital Markets - 2.1% |  |  |
| Blue Owl Capital Inc Class A  | 151449 | 2930538 |
| Coinbase Global Inc Class A (a) | 2867 | 1083038 |
| Intercontinental Exchange Inc  | 9384 | 1734445 |
| Robinhood Markets Inc Class A (a) | 37980 | 3913839 |
|  |  | 9661860 |
| Financial Services - 3.6% |  |  |
| Affirm Holdings Inc Class A (a) | 14372 | 985344 |
| Apollo Global Management Inc  | 22392 | 3254005 |
| Mastercard Inc Class A  | 18064 | 10232715 |
| Toast Inc Class A (a) | 43977 | 2147837 |
|  |  | 16619901 |
| Insurance - 0.9% |  |  |
| Arthur J Gallagher & Co  | 11397 | 3273788 |
| Progressive Corp/The  | 4038 | 977357 |
|  |  | 4251145 |
| TOTAL FINANCIALS |  | 30532906 |
| Health Care - 7.5% |  |  |
| Biotechnology - 2.0% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 10447 | 4097731 |
| Exact Sciences Corp (a) | 22370 | 1050272 |
| Gilead Sciences Inc  | 14163 | 1590363 |
| Ionis Pharmaceuticals Inc (a) | 13062 | 561405 |
| Moderna Inc (a) | 17455 | 515970 |
| Nuvalent Inc Class A (a) | 5230 | 409770 |
| Roivant Sciences Ltd (a) | 86791 | 985946 |
|  |  | 9211457 |
| Health Care Equipment & Supplies - 2.3% |  |  |
| Boston Scientific Corp (a) | 83139 | 8722944 |
| Insulet Corp (a) | 6410 | 1848644 |
|  |  | 10571588 |
| Health Care Providers & Services - 0.3% |  |  |
| HealthEquity Inc (a) | 14693 | 1425220 |
| Health Care Technology - 0.6% |  |  |
| Doximity Inc Class A (a) | 21379 | 1256016 |
| Veeva Systems Inc Class A (a) | 5873 | 1669107 |
|  |  | 2925123 |
| Pharmaceuticals - 2.3% |  |  |
| Eli Lilly & Co  | 12330 | 9125063 |
| Royalty Pharma PLC Class A  | 39682 | 1460298 |
|  |  | 10585361 |
| TOTAL HEALTH CARE |  | 34718749 |
| Industrials - 5.6% |  |  |
| Aerospace & Defense - 1.5% |  |  |
| Axon Enterprise Inc (a) | 5644 | 4263986 |
| Howmet Aerospace Inc  | 15459 | 2779064 |
|  |  | 7043050 |
| Building Products - 0.7% |  |  |
| Builders FirstSource Inc (a) | 24327 | 3092692 |
| Construction & Engineering - 0.1% |  |  |
| Sterling Infrastructure Inc (a) | 2817 | 753801 |
| Electrical Equipment - 0.9% |  |  |
| GE Vernova Inc  | 6536 | 4315655 |
| Ground Transportation - 1.1% |  |  |
| Uber Technologies Inc (a) | 56363 | 4945853 |
| Machinery - 0.6% |  |  |
| Deere & Co  | 5306 | 2782307 |
| Passenger Airlines - 0.4% |  |  |
| Delta Air Lines Inc  | 8722 | 464097 |
| United Airlines Holdings Inc (a) | 14247 | 1258153 |
|  |  | 1722250 |
| Trading Companies & Distributors - 0.3% |  |  |
| FTAI Aviation Ltd  | 10450 | 1438025 |
| TOTAL INDUSTRIALS |  | 26093633 |
| Information Technology - 41.4% |  |  |
| Electronic Equipment, Instruments & Components - 1.5% |  |  |
| Coherent Corp (a) | 27020 | 2907352 |
| Flex Ltd (a) | 83499 | 4164095 |
|  |  | 7071447 |
| IT Services - 0.3% |  |  |
| CoreWeave Inc Class A (a)(b) | 11296 | 1289212 |
| Semiconductors & Semiconductor Equipment - 19.7% |  |  |
| Astera Labs Inc (a) | 8301 | 1134996 |
| Broadcom Inc  | 33014 | 9696212 |
| Marvell Technology Inc  | 60697 | 4878218 |
| Micron Technology Inc  | 8143 | 888727 |
| NVIDIA Corp  | 420627 | 74816925 |
|  |  | 91415078 |
| Software - 12.4% |  |  |
| AppLovin Corp Class A (a) | 11823 | 4619246 |
| Cadence Design Systems Inc (a) | 3856 | 1405782 |
| Circle Internet Group Inc Class A (b) | 10856 | 1992293 |
| Microsoft Corp  | 89261 | 47620744 |
| Monday.com Ltd (a) | 4591 | 1204173 |
| Nutanix Inc Class A (a) | 12308 | 925192 |
|  |  | 57767430 |
| Technology Hardware, Storage & Peripherals - 7.5% |  |  |
| Apple Inc  | 167005 | 34665228 |
| TOTAL INFORMATION TECHNOLOGY |  | 192208395 |
| Materials - 0.9% |  |  |
| Construction Materials - 0.6% |  |  |
| Vulcan Materials Co  | 10517 | 2888704 |
| Metals & Mining - 0.3% |  |  |
| Carpenter Technology Corp  | 5674 | 1415039 |
| TOTAL MATERIALS |  | 4303743 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Zillow Group Inc Class C (a) | 25127 | 1998853 |
| TOTAL UNITED STATES |  | 437469750 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $304,122,108) |  | <br> **462178137** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.33 | 2682720 | 2683257 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.33 | 3255274 | 3255600 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $5,938,857) |  |  | **5938857** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $310,060,965)<br>| <br>**468116994** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(2875390)** |
| **NET ASSETS - 100.0%** | **465241604** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 E-Mini S&P 500 Index Contracts (United States) | 8 | Sep 2025 | 2549700 | 67901 | 67901 |
| 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) 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 | 680134 | 18104330 | 16101207 | 38835 | - | - | 2683257 | 2682720 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 71700 | 17920296 | 14736396 | 377047 | - | - | 3255600 | 3255274 | 0.0% |
| Total | 751834 | 36024626 | 30837603 | 415882 | - | - | 5938857 |  |  |

---

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 July 31, 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 | 70688708 | 70688708 | - | - |
| Consumer Discretionary | 66633967 | 66633967 | - | - |
| Consumer Staples | 10002690 | 10002690 | - | - |
| Energy | 2491159 | 2491159 | - | - |
| Financials | 30532906 | 30532906 | - | - |
| Health Care | 40120961 | 40120961 | - | - |
| Industrials | 26093633 | 26093633 | - | - |
| Information Technology | 209311517 | 209311517 | - | - |
| Materials | 4303743 | 4303743 | - | - |
| Real Estate | 1998853 | 1998853 | - | - |
|  **Money Market Funds** | 5938857 | 5938857 | - | - |
| **Total Investments in Securities:** | 468116994 | 468116994 | - | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 67901 | 67901 | - | - |
| Total Assets | 67901 | 67901 | - | - |
| **Total Derivative Instruments:** | 67901 | 67901 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 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)  | 67901 | 0 |
| **Total Equity Risk**  | 67901 | 0 |
| **Total Value of Derivatives** | 67901 | 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® Fundamental Large Cap Growth ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,237,446) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $304,122,108) | $462178137 |  |
| Fidelity Central Funds (cost $5,938,857) | 5938857 |  |
| Total Investment in Securities (cost $310,060,965) |  | $468116994 |
| Segregated cash with brokers for derivative instruments |  | 192480 |
| Cash |  | 26202 |
| Foreign currency held at value (cost $43) |  | 45 |
| Receivable for investments sold |  | 2860224 |
| Receivable for fund shares sold |  | 694393 |
| Dividends receivable |  | 62203 |
| Distributions receivable from Fidelity Central Funds |  | 183574 |
| **Total assets** |  | 472136115 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3487540 |  |
| Accrued management fee | 142571 |  |
| Payable for daily variation margin on futures contracts | 8800 |  |
| Collateral on securities loaned | 3255600 |  |
| **Total liabilities** |  | 6894511 |
| **Net Assets**  |  | $465241604 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $334640315 |
| Total accumulated earnings (loss) |  | 130601289 |
| **Net Assets** |  | $465241604 |
| **Net Asset Value**, offering price and redemption price per share ($465,241,604 ÷ 16,750,000 shares) |  | $27.78 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $1536984 |
| Interest  |  | 1273 |
| Income from Fidelity Central Funds (including $377,047 from security lending)  |  | 415882 |
| **Total income** |  | 1954139 |
| **Expenses** |  |  |
| Management fee | $1392306 |  |
| Independent trustees' fees and expenses | 1414 |  |
| Miscellaneous | 469 |  |
| Total expenses before reductions | 1394189 |  |
| Expense reductions | (450) |  |
| Total expenses after reductions |  | 1393739 |
| **Net Investment income (loss)** |  | 560400 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (5363553) |  |
| Redemptions in-kind | 4742072 |  |
| Foreign currency transactions | (616) |  |
| Futures contracts | (13788) |  |
| Total net realized gain (loss) |  | (635885) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 78831343 |  |
| Assets and liabilities in foreign currencies | 187 |  |
| Futures contracts | 67901 |  |
| Total change in net unrealized appreciation (depreciation) |  | 78899431 |
| **Net gain (loss)** |  | 78263546 |
| **Net increase (decrease) in net assets resulting from operations** |  | $78823946 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $560400 | $(121587) |
| &nbsp;&nbsp;Net realized gain (loss) | (635885)<br>| 28639377<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 78899431 | 37218659<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 78823946<br>| 65736449<br>|
| Distributions to shareholders | (459350)<br>| -<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 81208780 | 135430154 |
| &nbsp;&nbsp;Cost of shares redeemed | (11462274) | (79135184) |
| **Net increase (decrease) in net assets resulting from share transactions** | 69746506<br>| 56294970<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 148111102<br>| 122031419<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 317130502 | 195099083<br>|
| &nbsp;&nbsp;End of period | $465241604 | $317130502 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3400000 | 6600000 |
| &nbsp;&nbsp;Redeemed | (450000) | (3675000) |
| &nbsp;&nbsp;Net increase (decrease) | 2950000 | 2925000 |

---

**Financial Highlights** 

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

---

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

---

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

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

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

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

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

F*Based on net asset value.*

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

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

I*Annualized.*

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

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

L*Amount not annualized.*

**Fidelity® Fundamental Large Cap Value ETF**

**Schedule of Investments July 31, 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>|
| CANADA - 1.3%  |  |  |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Canadian Natural Resources Ltd  | 3176 | 100534 |
| Cenovus Energy Inc  | 2205 | 33562 |
| TOTAL CANADA |  | 134096 |
| FRANCE - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Capgemini SE  | 118 | 17627 |
| SPAIN - 0.6%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Cellnex Telecom SA (a)(b) | 1635 | 57842 |
| TAIWAN - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 404 | 97614 |
| UNITED KINGDOM - 1.0%  |  |  |
| Health Care - 1.0% |  |  |
| Pharmaceuticals - 1.0% |  |  |
| Astrazeneca PLC ADR  | 1505 | 110000 |
| UNITED STATES - 95.8%  |  |  |
| Communication Services - 6.5% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Verizon Communications Inc  | 819 | 35020 |
| Entertainment - 0.4% |  |  |
| Walt Disney Co/The  | 367 | 43713 |
| Interactive Media & Services - 3.6% |  |  |
| Alphabet Inc Class A  | 1959 | 375933 |
| Media - 2.2% |  |  |
| Comcast Corp Class A  | 6138 | 203966 |
| Nexstar Media Group Inc  | 119 | 22266 |
|  |  | 226232 |
| TOTAL COMMUNICATION SERVICES |  | 680898 |
| Consumer Discretionary - 6.4% |  |  |
| Broadline Retail - 0.5% |  |  |
| Amazon.com Inc (c) | 234 | 54782 |
| Diversified Consumer Services - 0.3% |  |  |
| H&R Block Inc  | 548 | 29778 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Hilton Grand Vacations Inc (c) | 816 | 36573 |
| Household Durables - 1.8% |  |  |
| Somnigroup International Inc  | 1392 | 100753 |
| TopBuild Corp (c) | 225 | 83347 |
|  |  | 184100 |
| Leisure Products - 0.3% |  |  |
| Hasbro Inc  | 458 | 34423 |
| Specialty Retail - 2.7% |  |  |
| Dick's Sporting Goods Inc  | 248 | 52454 |
| Lithia Motors Inc Class A  | 160 | 46080 |
| Lowe's Cos Inc  | 470 | 105079 |
| Signet Jewelers Ltd  | 519 | 41053 |
| Upbound Group Inc  | 1487 | 30684 |
|  |  | 275350 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Tapestry Inc  | 531 | 57364 |
| TOTAL CONSUMER DISCRETIONARY |  | 672370 |
| Consumer Staples - 7.6% |  |  |
| Beverages - 2.7% |  |  |
| Coca-Cola Co/The  | 1509 | 102446 |
| Coca-Cola Consolidated Inc  | 110 | 12293 |
| Constellation Brands Inc Class A  | 349 | 58297 |
| Keurig Dr Pepper Inc  | 3457 | 112871 |
|  |  | 285907 |
| Consumer Staples Distribution & Retail - 2.8% |  |  |
| BJ's Wholesale Club Holdings Inc (c) | 440 | 46596 |
| US Foods Holding Corp (c) | 3003 | 250240 |
|  |  | 296836 |
| Food Products - 0.7% |  |  |
| Bunge Global SA  | 41 | 3270 |
| Darling Ingredients Inc (c) | 933 | 30211 |
| Ingredion Inc  | 282 | 37094 |
|  |  | 70575 |
| Household Products - 0.6% |  |  |
| Procter & Gamble Co/The  | 436 | 65605 |
| Personal Care Products - 0.6% |  |  |
| Kenvue Inc  | 2734 | 58617 |
| Tobacco - 0.2% |  |  |
| Philip Morris International Inc  | 144 | 23623 |
| TOTAL CONSUMER STAPLES |  | 801163 |
| Energy - 7.6% |  |  |
| Oil, Gas & Consumable Fuels - 7.6% |  |  |
| Cheniere Energy Inc  | 124 | 29249 |
| Core Natural Resources Inc  | 194 | 14319 |
| Exxon Mobil Corp  | 3768 | 420660 |
| Phillips 66  | 193 | 23851 |
| Shell PLC ADR  | 2989 | 215836 |
| Targa Resources Corp  | 589 | 98015 |
|  |  | 801930 |
| Financials - 21.9% |  |  |
| Banks - 9.6% |  |  |
| Bank of America Corp  | 7186 | 339682 |
| East West Bancorp Inc  | 158 | 15839 |
| First Citizens BancShares Inc/NC Class A  | 20 | 39895 |
| JPMorgan Chase & Co  | 303 | 89761 |
| M&T Bank Corp  | 266 | 50194 |
| PNC Financial Services Group Inc/The  | 262 | 49851 |
| US Bancorp  | 974 | 43791 |
| Wells Fargo & Co  | 4601 | 370979 |
|  |  | 999992 |
| Capital Markets - 1.7% |  |  |
| Blackrock Inc  | 66 | 72997 |
| Charles Schwab Corp/The  | 404 | 39482 |
| State Street Corp  | 586 | 65486 |
|  |  | 177965 |
| Consumer Finance - 0.9% |  |  |
| OneMain Holdings Inc  | 1222 | 70619 |
| SLM Corp  | 775 | 24645 |
|  |  | 95264 |
| Financial Services - 2.4% |  |  |
| Apollo Global Management Inc  | 1185 | 172205 |
| Berkshire Hathaway Inc Class B (c) | 138 | 65119 |
| PennyMac Financial Services Inc  | 172 | 16020 |
|  |  | 253344 |
| Insurance - 7.3% |  |  |
| American Financial Group Inc/OH  | 723 | 90303 |
| Chubb Ltd  | 259 | 68904 |
| Hartford Insurance Group Inc/The  | 2480 | 308487 |
| The Travelers Companies, Inc.  | 1107 | 288086 |
|  |  | 755780 |
| TOTAL FINANCIALS |  | 2282345 |
| Health Care - 9.8% |  |  |
| Biotechnology - 2.4% |  |  |
| AbbVie Inc  | 261 | 49334 |
| Gilead Sciences Inc  | 1805 | 202684 |
|  |  | 252018 |
| Health Care Providers & Services - 3.4% |  |  |
| Acadia Healthcare Co Inc (c) | 1291 | 28105 |
| Cencora Inc  | 87 | 24889 |
| Cigna Group/The  | 495 | 132353 |
| CVS Health Corp  | 2185 | 135689 |
| Molina Healthcare Inc (c) | 215 | 33942 |
|  |  | 354978 |
| Pharmaceuticals - 4.0% |  |  |
| GSK PLC ADR  | 2029 | 75377 |
| Johnson & Johnson  | 1158 | 190769 |
| Merck & Co Inc  | 1992 | 155615 |
|  |  | 421761 |
| TOTAL HEALTH CARE |  | 1028757 |
| Industrials - 12.8% |  |  |
| Aerospace & Defense - 3.6% |  |  |
| GE Aerospace  | 174 | 47168 |
| General Dynamics Corp  | 183 | 57025 |
| Lockheed Martin Corp  | 305 | 128399 |
| Northrop Grumman Corp  | 240 | 138386 |
|  |  | 370978 |
| Air Freight & Logistics - 0.7% |  |  |
| FedEx Corp  | 146 | 32630 |
| GXO Logistics Inc (c) | 886 | 44043 |
|  |  | 76673 |
| Building Products - 1.5% |  |  |
| Builders FirstSource Inc (c) | 483 | 61404 |
| Johnson Controls International plc  | 552 | 57960 |
| UFP Industries Inc  | 370 | 36260 |
|  |  | 155624 |
| Commercial Services & Supplies - 0.2% |  |  |
| Brink's Co/The  | 278 | 24280 |
| Electrical Equipment - 0.8% |  |  |
| Regal Rexnord Corp  | 521 | 79650 |
| Ground Transportation - 2.3% |  |  |
| Norfolk Southern Corp  | 283 | 78675 |
| Ryder System Inc  | 268 | 47626 |
| U-Haul Holding Co (c) | 1314 | 76028 |
| XPO Inc (c) | 367 | 44146 |
|  |  | 246475 |
| Machinery - 2.8% |  |  |
| Allison Transmission Holdings Inc  | 863 | 77730 |
| CNH Industrial NV Class A  | 3482 | 45127 |
| Gates Industrial Corp PLC (c) | 2261 | 56073 |
| Oshkosh Corp  | 230 | 29102 |
| Terex Corp  | 343 | 17445 |
| Westinghouse Air Brake Technologies Corp  | 356 | 68370 |
|  |  | 293847 |
| Trading Companies & Distributors - 0.9% |  |  |
| Herc Holdings Inc  | 100 | 11681 |
| Wesco International Inc  | 422 | 87337 |
|  |  | 99018 |
| TOTAL INDUSTRIALS |  | 1346545 |
| Information Technology - 9.9% |  |  |
| Communications Equipment - 4.0% |  |  |
| Ciena Corp (c) | 126 | 11698 |
| Cisco Systems Inc  | 6047 | 411680 |
|  |  | 423378 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Arrow Electronics Inc (c) | 287 | 33292 |
| TD SYNNEX Corp  | 231 | 33354 |
|  |  | 66646 |
| IT Services - 0.6% |  |  |
| Amdocs Ltd  | 681 | 58130 |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| First Solar Inc (c) | 199 | 34771 |
| ON Semiconductor Corp (c) | 1522 | 85780 |
| QUALCOMM Inc  | 1036 | 152044 |
|  |  | 272595 |
| Software - 1.7% |  |  |
| Gen Digital Inc  | 1447 | 42672 |
| Salesforce Inc  | 533 | 137690 |
|  |  | 180362 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Western Digital Corp  | 471 | 37062 |
| TOTAL INFORMATION TECHNOLOGY |  | 1038173 |
| Materials - 4.3% |  |  |
| Chemicals - 1.1% |  |  |
| Corteva Inc  | 666 | 48038 |
| Westlake Corp  | 876 | 69467 |
|  |  | 117505 |
| Construction Materials - 1.4% |  |  |
| CRH PLC  | 1511 | 144226 |
| Containers & Packaging - 1.2% |  |  |
| Crown Holdings Inc  | 155 | 15401 |
| International Paper Co  | 803 | 37532 |
| Smurfit WestRock PLC  | 1626 | 72162 |
|  |  | 125095 |
| Metals & Mining - 0.6% |  |  |
| Reliance Inc  | 210 | 60927 |
| TOTAL MATERIALS |  | 447753 |
| Real Estate - 4.9% |  |  |
| Health Care REITs - 2.0% |  |  |
| Welltower Inc  | 1295 | 213766 |
| Industrial REITs - 1.5% |  |  |
| Prologis Inc  | 1433 | 153016 |
| Residential REITs - 0.6% |  |  |
| Camden Property Trust  | 270 | 29484 |
| Sun Communities Inc  | 273 | 33860 |
|  |  | 63344 |
| Specialized REITs - 0.8% |  |  |
| American Tower Corp  | 72 | 15003 |
| Lamar Advertising Co Class A  | 206 | 25184 |
| Public Storage Operating Co  | 155 | 42151 |
|  |  | 82338 |
| TOTAL REAL ESTATE |  | 512464 |
| Utilities - 4.1% |  |  |
| Electric Utilities - 2.4% |  |  |
| Constellation Energy Corp  | 268 | 93221 |
| Eversource Energy  | 916 | 60548 |
| PG&E Corp  | 6897 | 96696 |
|  |  | 250465 |
| Gas Utilities - 0.3% |  |  |
| UGI Corp  | 934 | 33791 |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| AES Corp/The  | 2570 | 33795 |
| Multi-Utilities - 1.1% |  |  |
| Sempra  | 1437 | 117374 |
| TOTAL UTILITIES |  | 435425 |
| TOTAL UNITED STATES |  | 10047823 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $9,786,957) |  | <br> **10465002** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%**<br> (Cost $9,786,957)<br>| <br>**10465002** |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **28194** |
| **NET ASSETS - 100.0%** | **10493196** |

---

**Legend**

(a) 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 $57,842 or 0.6% of net assets.

(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 $57,842 or 0.6% of net assets.

(c) 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 | - | 1550698 | 1550698 | 2672 | - | - | - | - | 0.0% |
| Total | - | 1550698 | 1550698 | 2672 | - | - | - |  |  |

---

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 July 31, 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 | 738740 | 738740 | - | - |
| Consumer Discretionary | 672370 | 672370 | - | - |
| Consumer Staples | 801163 | 801163 | - | - |
| Energy | 936026 | 936026 | - | - |
| Financials | 2282345 | 2282345 | - | - |
| Health Care | 1138757 | 1138757 | - | - |
| Industrials | 1346545 | 1346545 | - | - |
| Information Technology | 1153414 | 1153414 | - | - |
| Materials | 447753 | 447753 | - | - |
| Real Estate | 512464 | 512464 | - | - |
| Utilities | 435425 | 435425 | - | - |
| **Total Investments in Securities:** | 10465002 | 10465002 | - | - |

---

**Fidelity® Fundamental Large Cap Value ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $9,786,957)<br>|  | $10465002 |
| Cash |  | 26204 |
| Dividends receivable |  | 5356 |
| **Total assets** |  | 10496562 |
| **Liabilities** |  |  |
| Payable to custodian bank | $3 |  |
| Accrued management fee | 3363 |  |
| **Total liabilities** |  | 3366 |
| **Net Assets**  |  | $10493196 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $10089902 |
| Total accumulated earnings (loss) |  | 403294 |
| **Net Assets** |  | $10493196 |
| **Net Asset Value**, offering price and redemption price per share ($10,493,196 ÷ 475,000 shares) |  | $22.09 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $159906 |
| Interest  |  | 119 |
| Income from Fidelity Central Funds  |  | 2672 |
| **Total income** |  | 162697 |
| **Expenses** |  |  |
| Management fee | $28056 |  |
| Independent trustees' fees and expenses | 24 |  |
| Total expenses before reductions | 28080 |  |
| Expense reductions | (378) |  |
| Total expenses after reductions |  | 27702 |
| **Net Investment income (loss)** |  | 134995 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Redemptions in-kind | 235994 |  |
| Unaffiliated issuers  | (304448) |  |
| Foreign currency transactions | (126) |  |
| Futures contracts | 23149 |  |
| Total net realized gain (loss) |  | (45431) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 585299 |
| **Net gain (loss)** |  | 539868 |
| **Net increase (decrease) in net assets resulting from operations** |  | $674863 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **For the period February 22, 2024 (commencement of operations) through July 31, 2024**  |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $134995 | $10339 |
| &nbsp;&nbsp;Net realized gain (loss) | (45431)<br>| (404)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 585299 | 92746<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 674863<br>| 102681<br>|
| Distributions to shareholders | (129425)<br>| (8825)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 11085197 | 1507655 |
| &nbsp;&nbsp;Cost of shares redeemed | (2738950) | - |
| **Net increase (decrease) in net assets resulting from share transactions** | 8346247<br>| 1507655<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 8891685<br>| 1601511<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1601511 | -<br>|
| &nbsp;&nbsp;End of period | $10493196 | $1601511 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 525000 | 75000 |
| &nbsp;&nbsp;Redeemed | (125000) | - |
| &nbsp;&nbsp;Net increase (decrease) | 400000 | 75000 |

---

**Financial Highlights** 

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

---

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

---

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

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

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

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

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

F*Based on net asset value.*

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

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

I*Proxy expenses are not annualized.*

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® Fundamental Small-Mid Cap ETF**

**Schedule of Investments July 31, 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>|
| CANADA - 2.3%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Gildan Activewear Inc (United States)  | 57013 | 2879727 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Xenon Pharmaceuticals Inc (a) | 19369 | 591529 |
| Real Estate - 1.1% |  |  |
| Real Estate Management & Development - 1.1% |  |  |
| Colliers International Group Inc Subordinate Voting Shares (United States)  | 52885 | 7970298 |
| Utilities - 0.7% |  |  |
| Gas Utilities - 0.7% |  |  |
| Brookfield Infrastructure Corp (United States)  | 129424 | 5052713 |
| TOTAL CANADA |  | 16494267 |
| ISRAEL - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| IT Services - 0.3% |  |  |
| Wix.com Ltd (a) | 12621 | 1716835 |
| Software - 0.2% |  |  |
| Cellebrite DI Ltd (a) | 107256 | 1499439 |
| TOTAL ISRAEL |  | 3216274 |
| JAPAN - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Allegro MicroSystems Inc (a) | 62656 | 1968025 |
| NETHERLANDS - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Argenx SE ADR (a) | 965 | 646867 |
| Merus NV (a) | 17444 | 1155491 |
| TOTAL NETHERLANDS |  | 1802358 |
| PUERTO RICO - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| First BanCorp/Puerto Rico  | 98470 | 2051130 |
| THAILAND - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| Electronic Equipment, Instruments & Components - 1.3% |  |  |
| Fabrinet (a) | 29419 | 9523813 |
| UNITED KINGDOM - 2.0%  |  |  |
| Energy - 1.7% |  |  |
| Energy Equipment & Services - 1.7% |  |  |
| TechnipFMC PLC  | 324764 | 11811667 |
| Industrials - 0.3% |  |  |
| Professional Services - 0.3% |  |  |
| WNS Holdings Ltd (a) | 35343 | 2643303 |
| TOTAL UNITED KINGDOM |  | 14454970 |
| UNITED STATES - 92.0%  |  |  |
| Communication Services - 0.8% |  |  |
| Media - 0.8% |  |  |
| Nexstar Media Group Inc  | 32120 | 6009973 |
| Consumer Discretionary - 11.8% |  |  |
| Automobile Components - 0.4% |  |  |
| Patrick Industries Inc  | 26983 | 2623827 |
| Diversified Consumer Services - 0.2% |  |  |
| Grand Canyon Education Inc (a) | 11305 | 1906362 |
| Laureate Education Inc (a) | 13001 | 293823 |
|  |  | 2200185 |
| Hotels, Restaurants & Leisure - 2.1% |  |  |
| Brinker International Inc (a) | 42618 | 6716597 |
| Cheesecake Factory Inc/The  | 45532 | 2909950 |
| Dutch Bros Inc Class A (a) | 47428 | 2811058 |
| Sportradar Holding AG Class A (a) | 77097 | 2279758 |
|  |  | 14717363 |
| Household Durables - 4.1% |  |  |
| Green Brick Partners Inc (a) | 26780 | 1658753 |
| Installed Building Products Inc  | 13236 | 2677510 |
| KB Home  | 68935 | 3809348 |
| SharkNinja Inc (a) | 69411 | 8058617 |
| Somnigroup International Inc  | 173900 | 12586883 |
|  |  | 28791111 |
| Specialty Retail - 3.5% |  |  |
| Academy Sports & Outdoors Inc  | 7279 | 369700 |
| Chewy Inc Class A (a) | 93742 | 3440331 |
| Dick's Sporting Goods Inc  | 30186 | 6384641 |
| Lithia Motors Inc Class A  | 8176 | 2354688 |
| Murphy USA Inc  | 19940 | 7227852 |
| Signet Jewelers Ltd  | 45692 | 3614237 |
| Upbound Group Inc  | 69125 | 1426394 |
|  |  | 24817843 |
| Textiles, Apparel & Luxury Goods - 1.5% |  |  |
| Capri Holdings Ltd (a) | 110535 | 2010632 |
| Crocs Inc (a) | 71890 | 7169590 |
| PVH Corp  | 24074 | 1767512 |
|  |  | 10947734 |
| TOTAL CONSUMER DISCRETIONARY |  | 84098063 |
| Consumer Staples - 5.3% |  |  |
| Beverages - 0.3% |  |  |
| Primo Brands Corp Class A  | 71135 | 1964037 |
| Consumer Staples Distribution & Retail - 4.8% |  |  |
| Albertsons Cos Inc Class A  | 120259 | 2311378 |
| BJ's Wholesale Club Holdings Inc (a) | 90939 | 9630440 |
| Performance Food Group Co (a) | 107064 | 10749226 |
| US Foods Holding Corp (a) | 137706 | 11475041 |
|  |  | 34166085 |
| Food Products - 0.2% |  |  |
| Simply Good Foods Co/The (a) | 57602 | 1754557 |
| TOTAL CONSUMER STAPLES |  | 37884679 |
| Energy - 2.5% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| Cactus Inc Class A  | 85098 | 3600496 |
| Oil, Gas & Consumable Fuels - 2.0% |  |  |
| Antero Resources Corp (a) | 259018 | 9047499 |
| Cheniere Energy Inc  | 14051 | 3314350 |
| Chord Energy Corp  | 17378 | 1917315 |
|  |  | 14279164 |
| TOTAL ENERGY |  | 17879660 |
| Financials - 17.4% |  |  |
| Banks - 6.5% |  |  |
| BOK Financial Corp  | 32015 | 3250483 |
| Cadence Bank  | 17357 | 604891 |
| East West Bancorp Inc  | 52070 | 5220018 |
| Eastern Bankshares Inc  | 209030 | 3229514 |
| First Citizens BancShares Inc/NC Class A  | 2498 | 4982910 |
| KeyCorp  | 122677 | 2198372 |
| M&T Bank Corp  | 12033 | 2270627 |
| Old National Bancorp/IN  | 130198 | 2748480 |
| Pinnacle Financial Partners Inc  | 52905 | 4649820 |
| Synovus Financial Corp  | 141085 | 6664855 |
| TriCo Bancshares  | 26612 | 1094285 |
| Webster Financial Corp  | 86887 | 5009036 |
| Wintrust Financial Corp  | 34004 | 4351832 |
|  |  | 46275123 |
| Capital Markets - 3.3% |  |  |
| Houlihan Lokey Inc Class A  | 32871 | 6267185 |
| Lazard Inc  | 102061 | 5305131 |
| Raymond James Financial Inc  | 29815 | 4982981 |
| Stifel Financial Corp  | 57350 | 6544782 |
|  |  | 23100079 |
| Consumer Finance - 2.0% |  |  |
| FirstCash Holdings Inc  | 60647 | 8083639 |
| SLM Corp  | 182949 | 5817778 |
|  |  | 13901417 |
| Financial Services - 0.3% |  |  |
| HA Sustainable Infrastructure Capital Inc  | 89987 | 2336962 |
| Insurance - 5.3% |  |  |
| American Financial Group Inc/OH  | 20981 | 2620527 |
| Assurant Inc  | 26114 | 4891152 |
| Axis Capital Holdings Ltd  | 27402 | 2571404 |
| Baldwin Insurance Group Inc/The Class A (a) | 35721 | 1315961 |
| First American Financial Corp  | 86571 | 5198589 |
| Old Republic International Corp  | 207261 | 7496630 |
| Primerica Inc  | 25482 | 6768784 |
| Reinsurance Group of America Inc  | 36857 | 7093130 |
|  |  | 37956177 |
| TOTAL FINANCIALS |  | 123569758 |
| Health Care - 9.0% |  |  |
| Biotechnology - 3.2% |  |  |
| Arcellx Inc (a) | 17681 | 1262247 |
| Astria Therapeutics Inc (a) | 7954 | 55041 |
| Celldex Therapeutics Inc (a) | 36084 | 793126 |
| CG oncology Inc (a) | 31344 | 836571 |
| Cogent Biosciences Inc (a) | 70152 | 801136 |
| Crinetics Pharmaceuticals Inc (a) | 26127 | 746971 |
| Cytokinetics Inc (a) | 27146 | 1021775 |
| Day One Biopharmaceuticals Inc (a) | 71442 | 479376 |
| Disc Medicine Inc (a) | 14275 | 853074 |
| Exact Sciences Corp (a) | 31766 | 1491414 |
| Insmed Inc (a) | 26745 | 2869204 |
| Madrigal Pharmaceuticals Inc (a) | 5227 | 1581220 |
| MoonLake Immunotherapeutics Class A (a) | 1299 | 65522 |
| Nurix Therapeutics Inc (a) | 44338 | 499246 |
| Nuvalent Inc Class A (a) | 12112 | 948975 |
| Perspective Therapeutics Inc (a) | 121773 | 467608 |
| Rezolute Inc (a) | 161940 | 963543 |
| Rhythm Pharmaceuticals Inc (a) | 18152 | 1547095 |
| Soleno Therapeutics Inc (a) | 17812 | 1540204 |
| Stoke Therapeutics Inc (a) | 93808 | 1205433 |
| Upstream Bio Inc  | 69595 | 1065499 |
| Vaxcyte Inc (a) | 21588 | 732913 |
| Vericel Corp (a) | 19631 | 685907 |
| Viridian Therapeutics Inc (a) | 4248 | 74425 |
|  |  | 22587525 |
| Health Care Equipment & Supplies - 2.0% |  |  |
| Ceribell Inc  | 62027 | 893189 |
| Insulet Corp (a) | 19330 | 5574772 |
| Lantheus Holdings Inc (a) | 37829 | 2693047 |
| Masimo Corp (a) | 2779 | 427382 |
| Penumbra Inc (a) | 13765 | 3472497 |
| TransMedics Group Inc (a) | 8488 | 1009817 |
|  |  | 14070704 |
| Health Care Providers & Services - 2.5% |  |  |
| Acadia Healthcare Co Inc (a) | 90827 | 1977304 |
| BrightSpring Health Services Inc (a) | 168783 | 3485369 |
| Molina Healthcare Inc (a) | 12097 | 1909753 |
| Tenet Healthcare Corp (a) | 16636 | 2683054 |
| Universal Health Services Inc Class B  | 45416 | 7559493 |
|  |  | 17614973 |
| Health Care Technology - 0.6% |  |  |
| Doximity Inc Class A (a) | 68016 | 3995940 |
| Life Sciences Tools & Services - 0.2% |  |  |
| ICON PLC (a) | 3581 | 605869 |
| Repligen Corp (a) | 10739 | 1257215 |
|  |  | 1863084 |
| Pharmaceuticals - 0.5% |  |  |
| Elanco Animal Health Inc (a) | 119756 | 1638262 |
| Enliven Therapeutics Inc (a) | 36596 | 688371 |
| Prestige Consumer Healthcare Inc (a) | 15836 | 1171072 |
| Structure Therapeutics Inc ADR (a) | 818 | 14560 |
|  |  | 3512265 |
| TOTAL HEALTH CARE |  | 63644491 |
| Industrials - 23.4% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| ATI Inc (a) | 47408 | 3647572 |
| Building Products - 2.0% |  |  |
| AZZ Inc  | 29637 | 3245252 |
| Builders FirstSource Inc (a) | 17451 | 2218546 |
| Masterbrand Inc (a) | 165167 | 1821791 |
| Tecnoglass Inc  | 92962 | 7253825 |
|  |  | 14539414 |
| Commercial Services & Supplies - 1.2% |  |  |
| Brady Corp Class A  | 48787 | 3442899 |
| Brink's Co/The  | 34601 | 3022051 |
| GFL Environmental Inc Subordinate Voting Shares (United States)  | 47606 | 2396486 |
|  |  | 8861436 |
| Construction & Engineering - 6.6% |  |  |
| AECOM  | 46343 | 5224710 |
| Comfort Systems USA Inc  | 9038 | 6356425 |
| Construction Partners Inc Class A (a) | 65580 | 6613743 |
| EMCOR Group Inc  | 12813 | 8040029 |
| Granite Construction Inc  | 31688 | 2993565 |
| IES Holdings Inc (a) | 31830 | 11238219 |
| Sterling Infrastructure Inc (a) | 21486 | 5749439 |
|  |  | 46216130 |
| Electrical Equipment - 0.9% |  |  |
| Acuity Inc  | 20932 | 6517178 |
| Ground Transportation - 0.6% |  |  |
| XPO Inc (a) | 35889 | 4317088 |
| Machinery - 6.6% |  |  |
| Allison Transmission Holdings Inc  | 8394 | 756048 |
| Atmus Filtration Technologies Inc  | 59695 | 2322732 |
| Blue Bird Corp (a) | 7103 | 318143 |
| Crane Co  | 46908 | 9183179 |
| Gates Industrial Corp PLC (a) | 203619 | 5049751 |
| ITT Inc  | 57308 | 9740068 |
| RBC Bearings Inc (a) | 12562 | 4865765 |
| REV Group Inc  | 6712 | 332580 |
| SPX Technologies Inc (a) | 51113 | 9322500 |
| Terex Corp  | 86059 | 4376961 |
|  |  | 46267727 |
| Professional Services - 3.3% |  |  |
| ExlService Holdings Inc (a) | 138105 | 5997900 |
| Genpact Ltd  | 179845 | 7922173 |
| KBR Inc  | 143134 | 6690083 |
| Kforce Inc  | 21918 | 763842 |
| Maximus Inc  | 26685 | 1970954 |
|  |  | 23344952 |
| Trading Companies & Distributors - 1.7% |  |  |
| Core & Main Inc Class A (a) | 78490 | 4995104 |
| DXP Enterprises Inc/TX (a) | 36735 | 4160606 |
| Rush Enterprises Inc Class A  | 48640 | 2633369 |
|  |  | 11789079 |
| TOTAL INDUSTRIALS |  | 165500576 |
| Information Technology - 10.8% |  |  |
| Communications Equipment - 1.0% |  |  |
| Ciena Corp (a) | 9522 | 884022 |
| Lumentum Holdings Inc (a) | 57443 | 6323326 |
|  |  | 7207348 |
| Electronic Equipment, Instruments & Components - 5.7% |  |  |
| Advanced Energy Industries Inc  | 40844 | 5674048 |
| Belden Inc  | 27385 | 3386155 |
| Coherent Corp (a) | 41213 | 4434519 |
| Crane NXT Co  | 6777 | 402147 |
| Insight Enterprises Inc (a) | 44081 | 5227125 |
| OSI Systems Inc (a) | 12735 | 2814562 |
| Sanmina Corp (a) | 43145 | 5006546 |
| TD SYNNEX Corp  | 55438 | 8004694 |
| Vontier Corp  | 126794 | 5258147 |
|  |  | 40207943 |
| IT Services - 1.6% |  |  |
| Amdocs Ltd  | 77558 | 6620351 |
| Kyndryl Holdings Inc (a) | 121366 | 4583994 |
|  |  | 11204345 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| MACOM Technology Solutions Holdings Inc (a) | 35632 | 4886572 |
| Software - 0.7% |  |  |
| Monday.com Ltd (a) | 11059 | 2900665 |
| nCino Inc (a) | 73628 | 2056062 |
|  |  | 4956727 |
| Technology Hardware, Storage & Peripherals - 1.2% |  |  |
| Seagate Technology Holdings PLC  | 52765 | 8284633 |
| TOTAL INFORMATION TECHNOLOGY |  | 76747568 |
| Materials - 5.3% |  |  |
| Chemicals - 1.1% |  |  |
| Axalta Coating Systems Ltd (a) | 84423 | 2390859 |
| Element Solutions Inc  | 145518 | 3434226 |
| Minerals Technologies Inc  | 37769 | 2196267 |
|  |  | 8021352 |
| Construction Materials - 1.7% |  |  |
| Eagle Materials Inc  | 41546 | 9318352 |
| James Hardie Industries PLC ADR (a) | 95938 | 2488632 |
|  |  | 11806984 |
| Containers & Packaging - 0.9% |  |  |
| Graphic Packaging Holding CO  | 177618 | 3971539 |
| International Paper Co  | 56142 | 2624077 |
|  |  | 6595616 |
| Metals & Mining - 1.1% |  |  |
| Carpenter Technology Corp  | 19117 | 4767589 |
| Commercial Metals Co  | 50934 | 2641437 |
| Constellium SE (a) | 5364 | 73540 |
|  |  | 7482566 |
| Paper & Forest Products - 0.5% |  |  |
| Louisiana-Pacific Corp  | 41946 | 3792337 |
| TOTAL MATERIALS |  | 37698855 |
| Real Estate - 4.2% |  |  |
| Diversified REITs - 0.5% |  |  |
| Essential Properties Realty Trust Inc  | 116712 | 3558549 |
| Health Care REITs - 1.5% |  |  |
| CareTrust REIT Inc  | 154158 | 4902224 |
| Ventas Inc  | 88787 | 5964711 |
|  |  | 10866935 |
| Real Estate Management & Development - 1.7% |  |  |
| Compass Inc Class A (a) | 487879 | 3873759 |
| Jones Lang LaSalle Inc (a) | 28731 | 7767713 |
|  |  | 11641472 |
| Specialized REITs - 0.5% |  |  |
| Outfront Media Inc  | 209890 | 3679372 |
| TOTAL REAL ESTATE |  | 29746328 |
| Utilities - 1.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| PG&E Corp  | 266031 | 3729755 |
| Gas Utilities - 0.6% |  |  |
| UGI Corp  | 106064 | 3837396 |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |
| AES Corp/The  | 225229 | 2961760 |
| TOTAL UTILITIES |  | 10528911 |
| TOTAL UNITED STATES |  | 653308862 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $670,519,442) |  | <br> **702819699** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| State Street Institutional Treasury Plus Money Market Fund Trust Class (b)<br>(Cost $7,869,752)<br>| 4.18 | 7869752 | **7869752** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $678,389,194)<br>| <br>**710689451** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(363314)** |
| **NET ASSETS - 100.0%** | **710326137** |

---

**Legend**

(a) Non-income producing.

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

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 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 | 6009973 | 6009973 | - | - |
| Consumer Discretionary | 86977790 | 86977790 | - | - |
| Consumer Staples | 37884679 | 37884679 | - | - |
| Energy | 29691327 | 29691327 | - | - |
| Financials | 125620888 | 125620888 | - | - |
| Health Care | 66038378 | 66038378 | - | - |
| Industrials | 168143879 | 168143879 | - | - |
| Information Technology | 91455680 | 91455680 | - | - |
| Materials | 37698855 | 37698855 | - | - |
| Real Estate | 37716626 | 37716626 | - | - |
| Utilities | 15581624 | 15581624 | - | - |
|  **Money Market Funds** | 7869752 | 7869752 | - | - |
| **Total Investments in Securities:** | 710689451 | 710689451 | - | - |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $678,389,194)<br>|  | $710689451 |
| Dividends receivable |  | 42945 |
| **Total assets** |  | 710732396 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $152564 |  |
| Accrued management fee | 253695 |  |
| **Total liabilities** |  | 406259 |
| **Net Assets**  |  | $710326137 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $716932516 |
| Total accumulated earnings (loss) |  | (6606379) |
| **Net Assets** |  | $710326137 |
| **Net Asset Value**, offering price and redemption price per share ($710,326,137 ÷ 25,725,000 shares) |  | $27.61 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $4742468 |
| Interest  |  | 61 |
| **Total income** |  | 4742529 |
| **Expenses** |  |  |
| Management fee | $1927243 |  |
| Independent trustees' fees and expenses | 1347 |  |
| Miscellaneous | 248 |  |
| Total expenses before reductions | 1928838 |  |
| Expense reductions | (948) |  |
| Total expenses after reductions |  | 1927890 |
| **Net Investment income (loss)** |  | 2814639 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Redemptions in-kind | 10298750 |  |
| Unaffiliated issuers  | (34908003) |  |
| Foreign currency transactions | (8) |  |
| Futures contracts | 23581 |  |
| Total net realized gain (loss) |  | (24585680) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 18031139 |
| **Net gain (loss)** |  | (6554541) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(3739902) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2814639 | $271332 |
| &nbsp;&nbsp;Net realized gain (loss) | (24585680)<br>| 645807<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 18031139 | 9368604<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (3739902)<br>| 10285743<br>|
| Distributions to shareholders | (2973325)<br>| (285300)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 848553898 | 32802983 |
| &nbsp;&nbsp;Cost of shares redeemed | (207076628) | (2389869) |
| **Net increase (decrease) in net assets resulting from share transactions** | 641477270<br>| 30413114<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 634764043<br>| 40413557<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 75562094 | 35148537<br>|
| &nbsp;&nbsp;End of period | $710326137 | $75562094 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 31425000 | 1350000 |
| &nbsp;&nbsp;Redeemed | (8500000) | (100000) |
| &nbsp;&nbsp;Net increase (decrease) | 22925000 | 1250000 |

---

**Financial Highlights** 

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

---

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

---

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

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

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

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

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

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

G*Based on net asset value.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

J*Annualized.*

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

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

M*Amount not annualized.*

**Fidelity® Magellan℠ ETF**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 1.2%  |  |  |
| Consumer Discretionary - 1.2% |  |  |
| Broadline Retail - 1.2% |  |  |
| MercadoLibre Inc (a) | 1409 | 3344811 |
| CANADA - 1.2%  |  |  |
| Information Technology - 1.2% |  |  |
| Software - 1.2% |  |  |
| Constellation Software Inc/Canada  | 964 | 3325772 |
| TAIWAN - 1.5%  |  |  |
| Information Technology - 1.5% |  |  |
| Semiconductors & Semiconductor Equipment - 1.5% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 16977 | 4101983 |
| UNITED STATES - 95.4%  |  |  |
| Communication Services - 8.2% |  |  |
| Entertainment - 3.4% |  |  |
| Netflix Inc (a) | 5332 | 6181921 |
| Spotify Technology SA (a) | 4810 | 3013657 |
|  |  | 9195578 |
| Interactive Media & Services - 4.8% |  |  |
| Meta Platforms Inc Class A  | 17113 | 13235879 |
| TOTAL COMMUNICATION SERVICES |  | 22431457 |
| Consumer Discretionary - 11.0% |  |  |
| Broadline Retail - 5.8% |  |  |
| Amazon.com Inc (a) | 67935 | 15904263 |
| Hotels, Restaurants & Leisure - 2.7% |  |  |
| Hilton Worldwide Holdings Inc  | 15257 | 4090097 |
| Marriott International Inc/MD Class A1  | 12508 | 3299985 |
|  |  | 7390082 |
| Specialty Retail - 2.5% |  |  |
| AutoZone Inc (a) | 840 | 3165439 |
| O'Reilly Automotive Inc (a) | 36859 | 3623977 |
|  |  | 6789416 |
| TOTAL CONSUMER DISCRETIONARY |  | 30083761 |
| Consumer Staples - 1.7% |  |  |
| Consumer Staples Distribution & Retail - 1.7% |  |  |
| Costco Wholesale Corp  | 5018 | 4715114 |
| Financials - 16.0% |  |  |
| Capital Markets - 7.1% |  |  |
| Ares Management Corp Class A  | 21027 | 3901139 |
| CME Group Inc Class A  | 13356 | 3716707 |
| KKR & Co Inc Class A  | 26353 | 3862823 |
| Moody's Corp  | 7222 | 3724602 |
| S&P Global Inc  | 7526 | 4147579 |
|  |  | 19352850 |
| Financial Services - 4.2% |  |  |
| Mastercard Inc Class A  | 9891 | 5602955 |
| Visa Inc Class A  | 17747 | 6131056 |
|  |  | 11734011 |
| Insurance - 4.7% |  |  |
| Arthur J Gallagher & Co  | 10912 | 3134472 |
| Brown & Brown Inc  | 30848 | 2818582 |
| Marsh & McLennan Cos Inc  | 16426 | 3272059 |
| Progressive Corp/The  | 14676 | 3552179 |
|  |  | 12777292 |
| TOTAL FINANCIALS |  | 43864153 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Boston Scientific Corp (a) | 35128 | 3685629 |
| Industrials - 18.2% |  |  |
| Aerospace & Defense - 4.8% |  |  |
| GE Aerospace  | 19152 | 5191724 |
| HEICO Corp Class A  | 15530 | 4008138 |
| TransDigm Group Inc  | 2395 | 3852262 |
|  |  | 13052124 |
| Building Products - 1.8% |  |  |
| Trane Technologies PLC  | 11246 | 4926648 |
| Commercial Services & Supplies - 3.4% |  |  |
| Cintas Corp  | 15096 | 3359615 |
| Republic Services Inc  | 12430 | 2866979 |
| Waste Connections Inc (United States)  | 16557 | 3090695 |
|  |  | 9317289 |
| Construction & Engineering - 1.8% |  |  |
| Quanta Services Inc  | 11860 | 4816702 |
| Electrical Equipment - 1.9% |  |  |
| Eaton Corp PLC  | 13828 | 5319908 |
| Machinery - 1.2% |  |  |
| Westinghouse Air Brake Technologies Corp  | 16611 | 3190143 |
| Professional Services - 1.0% |  |  |
| Verisk Analytics Inc  | 9873 | 2751703 |
| Trading Companies & Distributors - 2.3% |  |  |
| United Rentals Inc  | 3761 | 3320738 |
| Watsco Inc  | 6623 | 2986178 |
|  |  | 6306916 |
| TOTAL INDUSTRIALS |  | 49681433 |
| Information Technology - 36.2% |  |  |
| Communications Equipment - 3.0% |  |  |
| Arista Networks Inc  | 32619 | 4019313 |
| Motorola Solutions Inc  | 9670 | 4244937 |
|  |  | 8264250 |
| Electronic Equipment, Instruments & Components - 2.2% |  |  |
| Amphenol Corp Class A  | 56410 | 6008229 |
| Semiconductors & Semiconductor Equipment - 15.4% |  |  |
| Broadcom Inc  | 42744 | 12553913 |
| KLA Corp  | 4008 | 3523152 |
| NVIDIA Corp  | 145090 | 25807158 |
|  |  | 41884223 |
| Software - 15.6% |  |  |
| Cadence Design Systems Inc (a) | 14764 | 5382511 |
| Microsoft Corp  | 46023 | 24553271 |
| Palo Alto Networks Inc (a) | 19431 | 3373221 |
| Servicenow Inc (a) | 4080 | 3847930 |
| Synopsys Inc (a) | 8495 | 5381328 |
|  |  | 42538261 |
| TOTAL INFORMATION TECHNOLOGY |  | 98694963 |
| Materials - 2.8% |  |  |
| Chemicals - 1.5% |  |  |
| Linde PLC  | 8660 | 3985852 |
| Construction Materials - 1.3% |  |  |
| Martin Marietta Materials Inc  | 6399 | 3678657 |
| TOTAL MATERIALS |  | 7664509 |
| TOTAL UNITED STATES |  | 260821019 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $212,659,464) |  | <br> **271593585** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| State Street Institutional Treasury Plus Money Market Fund Trust Class (b)<br>(Cost $2,043,406)<br>| 4.18 | 2043406 | **2043406** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $214,702,870)<br>| <br>**273636991** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **18733** |
| **NET ASSETS - 100.0%** | **273655724** |

---

**Legend**

(a) Non-income producing.

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

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 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 | 22431457 | 22431457 | - | - |
| Consumer Discretionary | 33428572 | 33428572 | - | - |
| Consumer Staples | 4715114 | 4715114 | - | - |
| Financials | 43864153 | 43864153 | - | - |
| Health Care | 3685629 | 3685629 | - | - |
| Industrials | 49681433 | 49681433 | - | - |
| Information Technology | 106122718 | 106122718 | - | - |
| Materials | 7664509 | 7664509 | - | - |
|  **Money Market Funds** | 2043406 | 2043406 | - | - |
| **Total Investments in Securities:** | 273636991 | 273636991 | - | - |

---

**Fidelity® Magellan℠ ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $214,702,870)<br>|  | $273636991 |
| Receivable for investments sold |  | 395998 |
| Dividends receivable |  | 23352 |
| **Total assets** |  | 274056341 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $275986 |  |
| Accrued management fee | 124631 |  |
| **Total liabilities** |  | 400617 |
| **Net Assets**  |  | $273655724 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $228030158 |
| Total accumulated earnings (loss) |  | 45625566 |
| **Net Assets** |  | $273655724 |
| **Net Asset Value**, offering price and redemption price per share ($273,655,724 ÷ 7,800,000 shares) |  | $35.08 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $1164249 |
| Interest  |  | 15 |
| **Total income** |  | 1164264 |
| **Expenses** |  |  |
| Management fee | $1091085 |  |
| Independent trustees' fees and expenses | 661 |  |
| Miscellaneous | 182 |  |
| Total expenses before reductions | 1091928 |  |
| Expense reductions | (165) |  |
| Total expenses after reductions |  | 1091763 |
| **Net Investment income (loss)** |  | 72501 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Redemptions in-kind | 6411182 |  |
| Unaffiliated issuers  | (5255164) |  |
| Foreign currency transactions | (996) |  |
| Futures contracts | (2859) |  |
| Total net realized gain (loss) |  | 1152163 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 33078170 |  |
| Assets and liabilities in foreign currencies | (2) |  |
| Total change in net unrealized appreciation (depreciation) |  | 33078168 |
| **Net gain (loss)** |  | 34230331 |
| **Net increase (decrease) in net assets resulting from operations** |  | $34302832 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $72501 | $121357 |
| &nbsp;&nbsp;Net realized gain (loss) | 1152163<br>| 2643444<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 33078168 | 16965602<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 34302832<br>| 19730403<br>|
| Distributions to shareholders | (163125)<br>| (148775)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 142802299 | 54131752 |
| &nbsp;&nbsp;Cost of shares redeemed | (19109072) | (8165446) |
| **Net increase (decrease) in net assets resulting from share transactions** | 123693227<br>| 45966306<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 157832934<br>| 65547934<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 115822790 | 50274856<br>|
| &nbsp;&nbsp;End of period | $273655724 | $115822790 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 4525000 | 2000000 |
| &nbsp;&nbsp;Redeemed | (650000) | (325000) |
| &nbsp;&nbsp;Net increase (decrease) | 3875000 | 1675000 |

---

**Financial Highlights** 

**Fidelity® Magellan℠ ETF** <br>

---

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

---

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

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

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

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

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

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

G*Based on net asset value.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

J*Annualized.*

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

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

M*Amount not annualized.*

**Fidelity® Real Estate Investment ETF**

**Schedule of Investments July 31, 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>|
| UNITED STATES - 99.7%  |  |  |
| Real Estate - 99.7% |  |  |
| Health Care REITs - 11.3% |  |  |
| Ventas Inc  | 8434 | 566596 |
| Welltower Inc  | 6945 | 1146411 |
|  |  | 1713007 |
| Industrial REITs - 15.4% |  |  |
| Americold Realty Trust Inc  | 19767 | 317853 |
| Prologis Inc  | 12949 | 1382695 |
| STAG Industrial Inc Class A  | 11931 | 409591 |
| Terreno Realty Corp  | 3967 | 220129 |
|  |  | 2330268 |
| Real Estate Management & Development - 8.5% |  |  |
| CBRE Group Inc Class A (a) | 3848 | 599288 |
| Compass Inc Class A (a) | 20938 | 166248 |
| CoStar Group Inc (a) | 1927 | 183431 |
| Jones Lang LaSalle Inc (a) | 668 | 180600 |
| Zillow Group Inc Class C (a) | 1965 | 156316 |
|  |  | 1285883 |
| Residential REITs - 14.0% |  |  |
| American Homes 4 Rent Class A  | 8738 | 303121 |
| Camden Property Trust  | 1881 | 205405 |
| Elme Communities  | 2258 | 34051 |
| Equity LifeStyle Properties Inc  | 149 | 8927 |
| Equity Residential  | 7203 | 455230 |
| Invitation Homes Inc  | 7615 | 233400 |
| Mid-America Apartment Communities Inc  | 544 | 77482 |
| Sun Communities Inc  | 1591 | 197332 |
| UDR Inc  | 15382 | 604359 |
|  |  | 2119307 |
| Retail REITs - 15.5% |  |  |
| Acadia Realty Trust  | 3410 | 63835 |
| Curbline Properties Corp  | 1340 | 29613 |
| FrontView REIT Inc  | 2681 | 31555 |
| InvenTrust Properties Corp  | 1982 | 54644 |
| Kimco Realty Corp  | 32542 | 690867 |
| Macerich Co/The  | 8863 | 148101 |
| NNN REIT Inc  | 15552 | 641676 |
| Phillips Edison & Co Inc  | 3601 | 121678 |
| Regency Centers Corp  | 2419 | 172717 |
| SITE Centers Corp  | 3456 | 37221 |
| Tanger Inc  | 3399 | 102038 |
| Urban Edge Properties  | 12890 | 254191 |
|  |  | 2348136 |
| Specialized REITs - 35.0% |  |  |
| American Tower Corp  | 7084 | 1476235 |
| CubeSmart  | 3473 | 135134 |
| Digital Realty Trust Inc  | 3618 | 638360 |
| Equinix Inc  | 1446 | 1135356 |
| Extra Space Storage Inc  | 668 | 89752 |
| Four Corners Property Trust Inc  | 5794 | 146241 |
| Iron Mountain Inc  | 4543 | 442306 |
| Lamar Advertising Co Class A  | 1722 | 210515 |
| Public Storage Operating Co  | 2198 | 597724 |
| SBA Communications Corp Class A  | 1375 | 308990 |
| Weyerhaeuser Co  | 4848 | 121442 |
|  |  | 5302055 |
| TOTAL REAL ESTATE |  | 15098656 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $14,771,198) |  | <br> **15098656** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| State Street Institutional Treasury Plus Money Market Fund Trust Class (b)<br>(Cost $47,709)<br>| 4.18 | 47709 | **47709** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $14,818,907)<br>| <br>**15146365** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **7257** |
| **NET ASSETS - 100.0%** | **15153622** |

---

**Legend**

(a) Non-income producing.

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

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 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** |  |  |  |  |
| Real Estate | 15098656 | 15098656 | - | - |
|  **Money Market Funds** | 47709 | 47709 | - | - |
| **Total Investments in Securities:** | 15146365 | 15146365 | - | - |

---

**Fidelity® Real Estate Investment ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $14,818,907)<br>|  | $15146365 |
| Dividends receivable |  | 12176 |
| Other receivables |  | 4077 |
| **Total assets** |  | 15162618 |
| **Liabilities** |  |  |
| Accrued management fee | $7284 |  |
| Other payables and accrued expenses | 1712 |  |
| **Total liabilities** |  | 8996 |
| **Net Assets**  |  | $15153622 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $17076896 |
| Total accumulated earnings (loss) |  | (1923274) |
| **Net Assets** |  | $15153622 |
| **Net Asset Value**, offering price and redemption price per share ($15,153,622 ÷ 675,000 shares) |  | $22.45 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $430258 |
| **Expenses** |  |  |
| Management fee | $86955 |  |
| Independent trustees' fees and expenses | 58 |  |
| Miscellaneous | 3 |  |
| Total expenses before reductions | 87016 |  |
| Expense reductions | (45) |  |
| Total expenses after reductions |  | 86971 |
| **Net Investment income (loss)** |  | 343287 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Redemptions in-kind | 243146 |  |
| Unaffiliated issuers  | (193441) |  |
| Total net realized gain (loss) |  | 49705 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (131475) |
| **Net gain (loss)** |  | (81770) |
| **Net increase (decrease) in net assets resulting from operations** |  | $261517 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $343287 | $330030 |
| &nbsp;&nbsp;Net realized gain (loss) | 49705<br>| (911204)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (131475) | 1728386<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 261517<br>| 1147212<br>|
| Distributions to shareholders | (378850)<br>| (379650)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 4611356 | 26 |
| &nbsp;&nbsp;Cost of shares redeemed | (2192351) | (3049792) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2419005<br>| (3049766)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2301672<br>| (2282204)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 12851950 | 15134154<br>|
| &nbsp;&nbsp;End of period | $15153622 | $12851950 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 200000 | - |
| &nbsp;&nbsp;Redeemed | (100000) | (150000) |
| &nbsp;&nbsp;Net increase (decrease) | 100000 | (150000) |

---

**Financial Highlights** 

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

---

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

---

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

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

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

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

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

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

G*Based on net asset value.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

J*Annualized.*

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

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

M*Amount not annualized.*

**Fidelity® Sustainable U.S. Equity ETF**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Wheaton Precious Metals Corp  | 1117 | 102155 |
| CANADA - 1.7%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Alimentation Couche-Tard Inc  | 1749 | 90883 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Cameco Corp (United States)  | 1327 | 99433 |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Franco-Nevada Corp  | 597 | 95099 |
| TOTAL CANADA |  | 285415 |
| INDIA - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| HDFC Bank Ltd/Gandhinagar ADR  | 1472 | 113005 |
| NETHERLANDS - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| ASML Holding NV depository receipt  | 87 | 60439 |
| NXP Semiconductors NV  | 432 | 92349 |
| TOTAL NETHERLANDS |  | 152788 |
| TAIWAN - 1.6%  |  |  |
| Information Technology - 1.6% |  |  |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 1098 | 265299 |
| UNITED KINGDOM - 0.8%  |  |  |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Astrazeneca PLC ADR  | 1298 | 94871 |
| Industrials - 0.2% |  |  |
| Professional Services - 0.2% |  |  |
| RELX PLC ADR  | 866 | 44937 |
| TOTAL UNITED KINGDOM |  | 139808 |
| UNITED STATES - 93.2%  |  |  |
| Communication Services - 12.7% |  |  |
| Entertainment - 3.3% |  |  |
| Netflix Inc (a) | 287 | 332748 |
| Spotify Technology SA (a) | 123 | 77064 |
| Walt Disney Co/The  | 1208 | 143885 |
|  |  | 553697 |
| Interactive Media & Services - 8.3% |  |  |
| Alphabet Inc Class A  | 3366 | 645935 |
| Meta Platforms Inc Class A  | 938 | 725487 |
|  |  | 1371422 |
| Media - 1.0% |  |  |
| Charter Communications Inc Class A (a) | 239 | 64377 |
| Magnite Inc (a) | 4463 | 102694 |
|  |  | 167071 |
| Wireless Telecommunication Services - 0.1% |  |  |
| T-Mobile US Inc  | 74 | 17642 |
| TOTAL COMMUNICATION SERVICES |  | 2109832 |
| Consumer Discretionary - 10.6% |  |  |
| Broadline Retail - 5.2% |  |  |
| Amazon.com Inc (a) | 3697 | 865505 |
| Hotels, Restaurants & Leisure - 2.4% |  |  |
| Chipotle Mexican Grill Inc (a) | 1465 | 62819 |
| DraftKings Inc Class A (a) | 1375 | 61930 |
| Hilton Worldwide Holdings Inc  | 623 | 167014 |
| Starbucks Corp  | 880 | 78461 |
| Viking Holdings Ltd (a) | 443 | 26013 |
|  |  | 396237 |
| Household Durables - 1.3% |  |  |
| DR Horton Inc  | 728 | 103988 |
| PulteGroup Inc  | 704 | 79496 |
| Somnigroup International Inc  | 499 | 36117 |
|  |  | 219601 |
| Specialty Retail - 1.3% |  |  |
| Lowe's Cos Inc  | 396 | 88534 |
| TJX Cos Inc/The  | 974 | 121292 |
|  |  | 209826 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| NIKE Inc Class B  | 1040 | 77677 |
| TOTAL CONSUMER DISCRETIONARY |  | 1768846 |
| Consumer Staples - 4.2% |  |  |
| Beverages - 2.0% |  |  |
| Coca-Cola Co/The  | 3403 | 231030 |
| Keurig Dr Pepper Inc  | 2871 | 93738 |
|  |  | 324768 |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Kroger Co/The  | 1335 | 93584 |
| Household Products - 1.1% |  |  |
| Procter & Gamble Co/The  | 1173 | 176501 |
| Personal Care Products - 0.6% |  |  |
| Estee Lauder Cos Inc/The Class A  | 1162 | 108461 |
| TOTAL CONSUMER STAPLES |  | 703314 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Antero Resources Corp (a) | 1351 | 47190 |
| Centrus Energy Corp Class A (a) | 262 | 56435 |
| Cheniere Energy Inc  | 443 | 104495 |
|  |  | 208120 |
| Financials - 10.5% |  |  |
| Banks - 4.9% |  |  |
| Bank of America Corp  | 3583 | 169368 |
| JPMorgan Chase & Co  | 1361 | 403183 |
| Wells Fargo & Co  | 3049 | 245841 |
|  |  | 818392 |
| Capital Markets - 1.1% |  |  |
| Bank of New York Mellon Corp/The  | 1136 | 115247 |
| Blue Owl Capital Inc Class A  | 2414 | 46711 |
| Charles Schwab Corp/The  | 131 | 12803 |
|  |  | 174761 |
| Financial Services - 2.4% |  |  |
| Apollo Global Management Inc  | 754 | 109571 |
| Mastercard Inc Class A  | 513 | 290599 |
|  |  | 400170 |
| Insurance - 2.1% |  |  |
| Arthur J Gallagher & Co  | 598 | 171776 |
| Chubb Ltd  | 658 | 175054 |
|  |  | 346830 |
| TOTAL FINANCIALS |  | 1740153 |
| Health Care - 10.5% |  |  |
| Biotechnology - 1.9% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 360 | 141207 |
| Gilead Sciences Inc  | 1139 | 127898 |
| Legend Biotech Corp ADR (a) | 1056 | 41258 |
|  |  | 310363 |
| Health Care Equipment & Supplies - 2.8% |  |  |
| Boston Scientific Corp (a) | 2863 | 300386 |
| TransMedics Group Inc (a) | 1348 | 160372 |
|  |  | 460758 |
| Health Care Providers & Services - 0.2% |  |  |
| UnitedHealth Group Inc  | 183 | 45668 |
| Health Care Technology - 1.4% |  |  |
| Doximity Inc Class A (a) | 2311 | 135772 |
| Veeva Systems Inc Class A (a) | 342 | 97196 |
|  |  | 232968 |
| Life Sciences Tools & Services - 1.6% |  |  |
| Danaher Corp  | 598 | 117902 |
| Thermo Fisher Scientific Inc  | 316 | 147787 |
|  |  | 265689 |
| Pharmaceuticals - 2.6% |  |  |
| Eli Lilly & Co  | 591 | 437381 |
| TOTAL HEALTH CARE |  | 1752827 |
| Industrials - 13.6% |  |  |
| Aerospace & Defense - 3.1% |  |  |
| Boeing Co (a) | 619 | 137319 |
| Howmet Aerospace Inc  | 851 | 152984 |
| StandardAero Inc  | 2373 | 67749 |
| TransDigm Group Inc  | 99 | 159238 |
|  |  | 517290 |
| Building Products - 1.8% |  |  |
| Builders FirstSource Inc (a) | 407 | 51741 |
| Tecnoglass Inc  | 1217 | 94963 |
| Trane Technologies PLC  | 360 | 157709 |
|  |  | 304413 |
| Construction & Engineering - 1.7% |  |  |
| EMCOR Group Inc  | 179 | 112321 |
| Quanta Services Inc  | 417 | 169356 |
|  |  | 281677 |
| Electrical Equipment - 2.5% |  |  |
| Eaton Corp PLC  | 386 | 148502 |
| GE Vernova Inc  | 309 | 204030 |
| Vertiv Holdings Co Class A  | 452 | 65811 |
|  |  | 418343 |
| Machinery - 3.4% |  |  |
| Chart Industries Inc (a) | 568 | 112935 |
| Deere & Co  | 231 | 121129 |
| Parker-Hannifin Corp  | 339 | 248115 |
| Westinghouse Air Brake Technologies Corp  | 452 | 86807 |
|  |  | 568986 |
| Professional Services - 0.5% |  |  |
| KBR Inc  | 1713 | 80065 |
| Trading Companies & Distributors - 0.6% |  |  |
| WW Grainger Inc  | 92 | 95638 |
| TOTAL INDUSTRIALS |  | 2266412 |
| Information Technology - 25.9% |  |  |
| Communications Equipment - 0.0% |  |  |
| Ciena Corp (a) | 25 | 2321 |
| IT Services - 0.3% |  |  |
| Gartner Inc (a) | 141 | 47750 |
| Semiconductors & Semiconductor Equipment - 11.6% |  |  |
| Broadcom Inc  | 211 | 61971 |
| Lam Research Corp  | 1100 | 104324 |
| Marvell Technology Inc  | 1880 | 151096 |
| Micron Technology Inc  | 1045 | 114051 |
| NVIDIA Corp  | 8358 | 1486637 |
|  |  | 1918079 |
| Software - 8.4% |  |  |
| Cadence Design Systems Inc (a) | 573 | 208899 |
| Microsoft Corp  | 2179 | 1162497 |
| Weave Communications Inc (a) | 2346 | 17125 |
|  |  | 1388521 |
| Technology Hardware, Storage & Peripherals - 5.6% |  |  |
| Apple Inc  | 4458 | 925347 |
| TOTAL INFORMATION TECHNOLOGY |  | 4282018 |
| Materials - 1.7% |  |  |
| Chemicals - 0.7% |  |  |
| Corteva Inc  | 1640 | 118293 |
| Construction Materials - 0.5% |  |  |
| James Hardie Industries PLC ADR (a) | 3052 | 79169 |
| Metals & Mining - 0.5% |  |  |
| Freeport-McMoRan Inc  | 1961 | 78911 |
| TOTAL MATERIALS |  | 276373 |
| Real Estate - 1.3% |  |  |
| Health Care REITs - 0.6% |  |  |
| Welltower Inc  | 613 | 101188 |
| Specialized REITs - 0.7% |  |  |
| American Tower Corp  | 513 | 106904 |
| TOTAL REAL ESTATE |  | 208092 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.9% |  |  |
| Constellation Energy Corp  | 443 | 154092 |
| TOTAL UNITED STATES |  | 15470079 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $13,546,445) |  | <br> **16528549** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| State Street Institutional Treasury Plus Money Market Fund Trust Class (b)<br>(Cost $91,718)<br>| 4.18 | 91718 | **91718** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $13,638,163)<br>| <br>**16620267** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(3349)** |
| **NET ASSETS - 100.0%** | **16616918** |

---

**Legend**

(a) Non-income producing.

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

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 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 | 2109832 | 2109832 | - | - |
| Consumer Discretionary | 1768846 | 1768846 | - | - |
| Consumer Staples | 794197 | 794197 | - | - |
| Energy | 307553 | 307553 | - | - |
| Financials | 1853158 | 1853158 | - | - |
| Health Care | 1847698 | 1847698 | - | - |
| Industrials | 2311349 | 2311349 | - | - |
| Information Technology | 4700105 | 4700105 | - | - |
| Materials | 473627 | 473627 | - | - |
| Real Estate | 208092 | 208092 | - | - |
| Utilities | 154092 | 154092 | - | - |
|  **Money Market Funds** | 91718 | 91718 | - | - |
| **Total Investments in Securities:** | 16620267 | 16620267 | - | - |

---

**Fidelity® Sustainable U.S. Equity ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $13,638,163)<br>|  | $16620267 |
| Dividends receivable |  | 4447 |
| **Total assets** |  | 16624714 |
| **Liabilities** |  |  |
| Accrued management fee | $7792 |  |
| Other payables and accrued expenses | 4 |  |
| **Total liabilities** |  | 7796 |
| **Net Assets**  |  | $16616918 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $14450271 |
| Total accumulated earnings (loss) |  | 2166647 |
| **Net Assets** |  | $16616918 |
| **Net Asset Value**, offering price and redemption price per share ($16,616,918 ÷ 575,000 shares) |  | $28.90 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $140006 |
| Interest  |  | 66 |
| **Total income** |  | 140072 |
| **Expenses** |  |  |
| Management fee | $88728 |  |
| Independent trustees' fees and expenses | 60 |  |
| Miscellaneous | 19 |  |
| Total expenses before reductions | 88807 |  |
| Expense reductions | (22) |  |
| Total expenses after reductions |  | 88785 |
| **Net Investment income (loss)** |  | 51287 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Redemptions in-kind | 2096523 |  |
| Unaffiliated issuers  | (804188) |  |
| Foreign currency transactions | (5) |  |
| Futures contracts | 33806 |  |
| Total net realized gain (loss) |  | 1326136 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 457434 |
| **Net gain (loss)** |  | 1783570 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1834857 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $51287 | $77982 |
| &nbsp;&nbsp;Net realized gain (loss) | 1326136<br>| 953576<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 457434 | 1327852<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1834857<br>| 2359410<br>|
| Distributions to shareholders | (280500)<br>| (78975)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 8884268 | 2943126 |
| &nbsp;&nbsp;Cost of shares redeemed | (8195931) | (1165907) |
| **Net increase (decrease) in net assets resulting from share transactions** | 688337<br>| 1777219<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2242694<br>| 4057654<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 14374224 | 10316570<br>|
| &nbsp;&nbsp;End of period | $16616918 | $14374224 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 325000 | 125000 |
| &nbsp;&nbsp;Redeemed | (300000) | (50000) |
| &nbsp;&nbsp;Net increase (decrease) | 25000 | 75000 |

---

**Financial Highlights** 

**Fidelity® Sustainable U.S. Equity ETF** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.13 | $21.72 | $19.21 | $20.80 | $20.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .09  | .15  | .20 D | .11  | - E |
| Net realized and unrealized gain (loss)  | 3.17  | 4.42  | 2.51  | (1.57)  | .80  |
| Total from investment operations  | 3.26  | 4.57  | 2.71  | (1.46)  | .80  |
| Distributions from net investment income  | (.11)  | (.16)  | (.20)  | (.13)  | -  |
| Distributions from net realized gain  | (.38)  | -  | -  | -  | -  |
| Total distributions  | (.49)  | (.16)  | (.20)  | (.13)  | -  |
| Net asset value, end of period  | $28.90 | $26.13 | $21.72 | $19.21 | $20.80 |
| **Total Return** F,G | 12.59% <br>| 21.14% H | 14.25%  | (7.01)%  | 3.99%  |
| **Ratios to Average Net Assets** C,I,J |  |  |  |  |  |
| Expenses before reductions  | .59%  | .61%  | .59%  | .59%  | .59% K |
| Expenses net of fee waivers, if any  | .59% <br>| .59%  | .59%  | .59%  | .59% K |
| Expenses net of all reductions, if any  | .59%  | .59%  | .59%  | .59%  | .59% K |
| Net investment income (loss)  | .34%  | .66%  | 1.06% D | .56%  | (.07)% K |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $16617 | $14374 | $10317 | $5763 | $3120 |
| Portfolio turnover rate L,M | 72% <br>| 52%  | 45%  | 66%  | 23% N |

---

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

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

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

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .80%.*

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

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

G*Based on net asset value.*

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.*

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

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*Amount not annualized.*

**Fidelity® Women's Leadership ETF**

**Schedule of Investments July 31, 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>|
| CANADA - 1.0%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Specialty Retail - 1.0% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 768 | 41221 |
| IRELAND - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| IT Services - 0.7% |  |  |
| Accenture PLC Class A  | 122 | 32586 |
| NETHERLANDS - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| NXP Semiconductors NV  | 94 | 20094 |
| UNITED STATES - 96.9%  |  |  |
| Communication Services - 6.9% |  |  |
| Entertainment - 2.5% |  |  |
| Netflix Inc (a) | 38 | 44057 |
| Walt Disney Co/The  | 534 | 63605 |
|  |  | 107662 |
| Interactive Media & Services - 4.4% |  |  |
| Alphabet Inc Class C  | 831 | 160267 |
| Pinterest Inc Class A (a) | 802 | 30957 |
|  |  | 191224 |
| TOTAL COMMUNICATION SERVICES |  | 298886 |
| Consumer Discretionary - 12.6% |  |  |
| Broadline Retail - 5.4% |  |  |
| Amazon.com Inc (a) | 874 | 204612 |
| Etsy Inc (a) | 508 | 29601 |
|  |  | 234213 |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| Chipotle Mexican Grill Inc (a) | 699 | 29973 |
| Starbucks Corp  | 276 | 24608 |
|  |  | 54581 |
| Household Durables - 0.9% |  |  |
| Taylor Morrison Home Corp (a) | 674 | 39955 |
| Specialty Retail - 2.9% |  |  |
| Lowe's Cos Inc  | 147 | 32865 |
| Ulta Beauty Inc (a) | 92 | 47381 |
| Williams-Sonoma Inc  | 241 | 45079 |
|  |  | 125325 |
| Textiles, Apparel & Luxury Goods - 2.1% |  |  |
| Capri Holdings Ltd (a) | 892 | 16225 |
| NIKE Inc Class B  | 367 | 27411 |
| Tapestry Inc  | 447 | 48290 |
|  |  | 91926 |
| TOTAL CONSUMER DISCRETIONARY |  | 546000 |
| Consumer Staples - 5.9% |  |  |
| Beverages - 1.9% |  |  |
| Coca-Cola Co/The  | 742 | 50374 |
| Keurig Dr Pepper Inc  | 926 | 30234 |
|  |  | 80608 |
| Consumer Staples Distribution & Retail - 1.3% |  |  |
| Casey's General Stores Inc  | 57 | 29648 |
| Kroger Co/The  | 372 | 26077 |
|  |  | 55725 |
| Household Products - 1.1% |  |  |
| Procter & Gamble Co/The  | 324 | 48752 |
| Personal Care Products - 1.6% |  |  |
| Estee Lauder Cos Inc/The Class A  | 578 | 53951 |
| Kenvue Inc  | 783 | 16787 |
|  |  | 70738 |
| TOTAL CONSUMER STAPLES |  | 255823 |
| Energy - 1.6% |  |  |
| Energy Equipment & Services - 0.9% |  |  |
| Baker Hughes Co Class A  | 857 | 38608 |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Antero Resources Corp (a) | 891 | 31122 |
| TOTAL ENERGY |  | 69730 |
| Financials - 13.1% |  |  |
| Banks - 6.7% |  |  |
| Bank of America Corp  | 1192 | 56346 |
| Citigroup Inc  | 449 | 42071 |
| Huntington Bancshares Inc/OH  | 1870 | 30724 |
| JPMorgan Chase & Co  | 310 | 91835 |
| US Bancorp  | 523 | 23514 |
| Wells Fargo & Co  | 498 | 40154 |
|  |  | 284644 |
| Capital Markets - 1.6% |  |  |
| Bank of New York Mellon Corp/The  | 291 | 29522 |
| Nasdaq Inc  | 434 | 41759 |
|  |  | 71281 |
| Consumer Finance - 0.5% |  |  |
| SLM Corp  | 706 | 22451 |
| Financial Services - 1.3% |  |  |
| Mastercard Inc Class A  | 101 | 57213 |
| Insurance - 3.0% |  |  |
| Hartford Insurance Group Inc/The  | 405 | 50378 |
| Marsh & McLennan Cos Inc  | 178 | 35457 |
| Progressive Corp/The  | 190 | 45988 |
|  |  | 131823 |
| TOTAL FINANCIALS |  | 567412 |
| Health Care - 11.2% |  |  |
| Biotechnology - 3.2% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 157 | 61582 |
| Exact Sciences Corp (a) | 562 | 26386 |
| Gilead Sciences Inc  | 431 | 48397 |
|  |  | 136365 |
| Health Care Equipment & Supplies - 1.6% |  |  |
| Insulet Corp (a) | 133 | 38357 |
| Penumbra Inc (a) | 122 | 30777 |
|  |  | 69134 |
| Health Care Providers & Services - 1.1% |  |  |
| Cigna Group/The  | 179 | 47861 |
| Health Care Technology - 0.4% |  |  |
| Veeva Systems Inc Class A (a) | 60 | 17051 |
| Life Sciences Tools & Services - 1.1% |  |  |
| Thermo Fisher Scientific Inc  | 106 | 49574 |
| Pharmaceuticals - 3.8% |  |  |
| Eli Lilly & Co  | 99 | 73268 |
| GSK PLC ADR  | 1168 | 43391 |
| Merck & Co Inc  | 629 | 49137 |
|  |  | 165796 |
| TOTAL HEALTH CARE |  | 485781 |
| Industrials - 13.8% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| Boeing Co (a) | 198 | 43924 |
| Building Products - 0.9% |  |  |
| Trane Technologies PLC  | 87 | 38113 |
| Commercial Services & Supplies - 0.4% |  |  |
| Veralto Corp  | 174 | 18240 |
| Electrical Equipment - 4.0% |  |  |
| Eaton Corp PLC  | 129 | 49629 |
| GE Vernova Inc  | 101 | 66689 |
| nVent Electric PLC  | 353 | 27682 |
| Regal Rexnord Corp  | 203 | 31035 |
|  |  | 175035 |
| Machinery - 5.1% |  |  |
| Deere & Co  | 86 | 45096 |
| Federal Signal Corp  | 269 | 34047 |
| Ingersoll Rand Inc  | 393 | 33260 |
| Otis Worldwide Corp  | 271 | 23222 |
| Parker-Hannifin Corp  | 74 | 54161 |
| Westinghouse Air Brake Technologies Corp  | 157 | 30152 |
|  |  | 219938 |
| Professional Services - 2.4% |  |  |
| KBR Inc  | 413 | 19304 |
| Leidos Holdings Inc  | 239 | 38157 |
| TransUnion  | 281 | 26748 |
| UL Solutions Inc Class A  | 269 | 19669 |
|  |  | 103878 |
| TOTAL INDUSTRIALS |  | 599128 |
| Information Technology - 26.9% |  |  |
| Communications Equipment - 1.2% |  |  |
| Arista Networks Inc  | 413 | 50890 |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Insight Enterprises Inc (a) | 169 | 20040 |
| Semiconductors & Semiconductor Equipment - 9.9% |  |  |
| First Solar Inc (a) | 215 | 37567 |
| Marvell Technology Inc  | 393 | 31585 |
| Micron Technology Inc  | 500 | 54570 |
| NVIDIA Corp  | 1708 | 303803 |
|  |  | 427525 |
| Software - 8.8% |  |  |
| Gen Digital Inc  | 1531 | 45149 |
| Microsoft Corp  | 576 | 307296 |
| Synopsys Inc (a) | 43 | 27239 |
|  |  | 379684 |
| Technology Hardware, Storage & Peripherals - 6.5% |  |  |
| Apple Inc  | 1232 | 255726 |
| Dell Technologies Inc Class C  | 185 | 24548 |
|  |  | 280274 |
| TOTAL INFORMATION TECHNOLOGY |  | 1158413 |
| Materials - 1.7% |  |  |
| Construction Materials - 0.3% |  |  |
| James Hardie Industries PLC ADR (a) | 524 | 13593 |
| Containers & Packaging - 1.4% |  |  |
| AptarGroup Inc  | 160 | 25142 |
| Ball Corp  | 603 | 34528 |
|  |  | 59670 |
| TOTAL MATERIALS |  | 73263 |
| Real Estate - 2.4% |  |  |
| Health Care REITs - 1.3% |  |  |
| Ventas Inc  | 790 | 53073 |
| Specialized REITs - 1.1% |  |  |
| American Tower Corp  | 127 | 26466 |
| Public Storage Operating Co  | 84 | 22842 |
|  |  | 49308 |
| TOTAL REAL ESTATE |  | 102381 |
| Utilities - 0.8% |  |  |
| Electric Utilities - 0.8% |  |  |
| NextEra Energy Inc  | 509 | 36170 |
| TOTAL UNITED STATES |  | 4192987 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,373,424) |  | <br> **4286888** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| State Street Institutional Treasury Plus Money Market Fund Trust Class (b)<br>(Cost $41,778)<br>| 4.18 | 41778 | **41778** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $3,415,202)<br>| <br>**4328666** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(20)** |
| **NET ASSETS - 100.0%** | **4328646** |

---

**Legend**

(a) Non-income producing.

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

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 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 | 298886 | 298886 | - | - |
| Consumer Discretionary | 587221 | 587221 | - | - |
| Consumer Staples | 255823 | 255823 | - | - |
| Energy | 69730 | 69730 | - | - |
| Financials | 567412 | 567412 | - | - |
| Health Care | 485781 | 485781 | - | - |
| Industrials | 599128 | 599128 | - | - |
| Information Technology | 1211093 | 1211093 | - | - |
| Materials | 73263 | 73263 | - | - |
| Real Estate | 102381 | 102381 | - | - |
| Utilities | 36170 | 36170 | - | - |
|  **Money Market Funds** | 41778 | 41778 | - | - |
| **Total Investments in Securities:** | 4328666 | 4328666 | - | - |

---

**Fidelity® Women's Leadership ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $3,415,202)<br>|  | $4328666 |
| Dividends receivable |  | 2025 |
| **Total assets** |  | 4330691 |
| **Liabilities** |  |  |
| Accrued management fee | $2045 |  |
| **Total liabilities** |  | 2045 |
| **Net Assets**  |  | $4328646 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3768043 |
| Total accumulated earnings (loss) |  | 560603 |
| **Net Assets** |  | $4328646 |
| **Net Asset Value**, offering price and redemption price per share ($4,328,646 ÷ 175,000 shares) |  | $24.74 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $50096 |
| **Expenses** |  |  |
| Management fee | $25059 |  |
| Independent trustees' fees and expenses | 17 |  |
| Miscellaneous | 7 |  |
| **Total expenses** |  | 25083 |
| **Net Investment income (loss)** |  | 25013 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Redemptions in-kind | 110363 |  |
| Unaffiliated issuers  | (9789) |  |
| Foreign currency transactions | 1 |  |
| Total net realized gain (loss) |  | 100575 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 253228 |
| **Net gain (loss)** |  | 353803 |
| **Net increase (decrease) in net assets resulting from operations** |  | $378816 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $25013 | $25144 |
| &nbsp;&nbsp;Net realized gain (loss) | 100575<br>| 223969<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 253228 | 318376<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 378816<br>| 567489<br>|
| Distributions to shareholders | (25900)<br>| (26400)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 582576 | 531073 |
| &nbsp;&nbsp;Cost of shares redeemed | (549218) | (558223) |
| **Net increase (decrease) in net assets resulting from share transactions** | 33358<br>| (27150)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 386274<br>| 513939<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3942372 | 3428433<br>|
| &nbsp;&nbsp;End of period | $4328646 | $3942372 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 25000 | 25000 |
| &nbsp;&nbsp;Redeemed | (25000) | (25000) |

---

**Financial Highlights** 

**Fidelity® Women's Leadership ETF** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.53 | $19.59 | $17.52 | $20.51 | $20.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .13  | .14  | .16  | .11  | - D |
| Net realized and unrealized gain (loss)  | 2.22  | 2.95  | 2.08  | (3.01)  | .51  |
| Total from investment operations  | 2.35  | 3.09  | 2.24  | (2.90)  | .51  |
| Distributions from net investment income  | (.14)  | (.15)  | (.17)  | (.09)  | -  |
| Total distributions  | (.14)  | (.15)  | (.17)  | (.09)  | -  |
| Net asset value, end of period  | $24.74 | $22.53 | $19.59 | $17.52 | $20.51 |
| **Total Return** E,F,G | 10.47% <br>| 15.82%  | 12.98%  | (14.14)%  | 2.53%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |
| Expenses before reductions  | .59%  | .62%  | .59%  | .59%  | .59% J |
| Expenses net of fee waivers, if any  | .59% <br>| .59%  | .59%  | .59%  | .59% J |
| Expenses net of all reductions, if any  | .59%  | .59%  | .59%  | .59%  | .59% J |
| Net investment income (loss)  | .59%  | .68%  | .91%  | .56%  | .08% J |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4329 | $3942 | $3428 | $2627 | $2051 |
| Portfolio turnover rate K,L | 58% <br>| 59%  | 72%  | 64%  | 5% M |

---

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

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

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

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

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

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

G*Based on net asset value.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

J*Annualized.*

K*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.*

**Notes to Financial Statements**

For the period ended July 31, 2025

**1. Organization.**

Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, Fidelity Fundamental Large Cap Core ETF, Fidelity Fundamental Large Cap Growth ETF, Fidelity Fundamental Large Cap Value ETF, Fidelity Fundamental Small-Mid Cap ETF, Fidelity Magellan ETF, Fidelity Real Estate Investment ETF, Fidelity Sustainable U.S. Equity ETF and Fidelity Women's Leadership ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. Each Fund, with the exception of Fidelity Blue Chip Value ETF, Fidelity Fundamental Large Cap Core ETF, Fidelity Fundamental Small-Mid Cap ETF, Fidelity Sustainable U.S. Equity ETF and Fidelity Women's Leadership ETF, are non-diversified funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 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) for Fidelity Sustainable U.S. Equity ETF and Fidelity Women's Leadership 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 may include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. 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 July 31, 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. In addition, certain Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Blue Chip Growth ETF** | 3543866160 | 1218131488 | (116775145) | 1101356343 |
| **Fidelity Blue Chip Value ETF** | 109928223 | 19939173 | (2750271) | 17188902 |
| **Fidelity Fundamental Large Cap Core ETF**  | 669674661 | 149200365 | (22323627) | 126876738 |
| **Fidelity Fundamental Large Cap Growth ETF**  | 311254975 | 163626285 | (6764266) | 156862019 |
| **Fidelity Fundamental Large Cap Value ETF**  | 9788298 | 1072686 | (395982) | 676704 |
| **Fidelity Fundamental Small-Mid Cap ETF**  | 680227332 | 69576601 | (39114482) | 30462119 |
| **Fidelity Magellan ETF** | 215086042 | 61195637 | (2644688) | 58550949 |
| **Fidelity Real Estate Investment ETF** | 14827832 | 1281229 | (962696) | 318533 |
| **Fidelity Sustainable U.S. Equity ETF** | 13710508 | 3380780 | (471021) | 2909759 |
| **Fidelity Women's Leadership ETF** | 3432621 | 1050304 | (154259) | 896045 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Fidelity Blue Chip Growth ETF** | 2247321 | - | (185105258) | 1101356343 |
| **Fidelity Blue Chip Value ETF** | 43248 | 669793 | - | 17188902 |
| **Fidelity Fundamental Large Cap Core ETF**  | 1775710 | - | (28102566) | 126875684 |
| **Fidelity Fundamental Large Cap Growth ETF**  | 234232 | - | (26495221) | 156862278 |
| **Fidelity Fundamental Large Cap Value ETF**  | 8338 | - | (281749) | 676704 |
| **Fidelity Fundamental Small-Mid Cap ETF**  | - | - | (37068497) | 30462119 |
| **Fidelity Magellan ETF** | - | - | (12913067) | 58550949 |
| **Fidelity Real Estate Investment ETF** | - | - | (2241807) | 318533 |
| **Fidelity Sustainable U.S. Equity ETF** | - | - | (743112) | 2909759 |
| **Fidelity Women's Leadership ETF** | - | - | (335442) | 896045 |

---

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 Blue Chip Growth ETF** | (145284055) | (39821203) | (185105258) |
| **Fidelity Fundamental Large Cap Core ETF**  | (27303629) | (798937) | (28102566) |
| **Fidelity Fundamental Large Cap Growth ETF**  | (21703998) | (4791223) | (26495221) |
| **Fidelity Fundamental Large Cap Value ETF**  | (264641) | (17108) | (281749) |
| **Fidelity Fundamental Small-Mid Cap ETF**  | (34302659) | (2765838) | (37068497) |
| **Fidelity Magellan ETF** | (12913067) | (-) | (12913067) |
| **Fidelity Real Estate Investment ETF** | (478310) | (1763497) | (2241807) |
| **Fidelity Sustainable U.S. Equity ETF** | (450404) | (292708) | (743112) |
| **Fidelity Women's Leadership ETF** | (106287) | (229155) | (335442) |

---

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

---

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

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **July 31, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Fidelity Blue Chip Growth ETF** | 3424200 | - | 3424200 |
| **Fidelity Blue Chip Value ETF** | 2230975 | - | 2230975 |
| **Fidelity Fundamental Large Cap Core ETF**  | 6599725 | - | 6599725 |
| **Fidelity Fundamental Large Cap Growth ETF**  | 459350 | - | 459350 |
| **Fidelity Fundamental Large Cap Value ETF**  | 129425 | - | 129425 |
| **Fidelity Fundamental Small-Mid Cap ETF**  | 2973325 | - | 2973325 |
| **Fidelity Magellan ETF** | 163125 | - | 163125 |
| **Fidelity Real Estate Investment ETF** | 378850 | - | 378850 |
| **Fidelity Sustainable U.S. Equity ETF** | 73500 | 207000 | 280500 |
| **Fidelity Women's Leadership ETF** | 25900 | - | 25900 |

---

---

| | | | |
|:---|:---|:---|:---|
| **July 31, 2024** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Fidelity Blue Chip Growth ETF** | 236800 | - | 236800 |
| **Fidelity Blue Chip Value ETF** | 2193525 | - | 2193525 |
| **Fidelity Fundamental Large Cap Core ETF**  | 1533800 | - | 1533800 |
| **Fidelity Fundamental Large Cap Value ETF** A  | 8825 | - | 8825 |
| **Fidelity Fundamental Small-Mid Cap ETF**  | 285300 | - | 285300 |
| **Fidelity Magellan ETF** | 148775 | - | 148775 |
| **Fidelity Real Estate Investment ETF** | 379650 | - | 379650 |
| **Fidelity Sustainable U.S. Equity ETF** | 78975 | - | 78975 |
| **Fidelity Women's Leadership ETF** | 26400 | - | 26400 |

---

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

**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 and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Blue Chip Growth ETF** | 2877090315 | 1714767041 |
| **Fidelity Blue Chip Value ETF** | 85532129 | 86652160 |
| **Fidelity Fundamental Large Cap Core ETF** | 409146420 | 281210702 |
| **Fidelity Fundamental Large Cap Growth ETF** | 201552419 | 188818596 |
| **Fidelity Fundamental Large Cap Value ETF** | 4717377 | 2874819 |
| **Fidelity Fundamental Small-Mid Cap ETF** | 817621041 | 270818517 |
| **Fidelity Magellan ETF** | 139290795 | 123239388 |
| **Fidelity Real Estate Investment ETF** | 5855491 | 5509968 |
| **Fidelity Sustainable U.S. Equity ETF** | 18931764 | 10670160 |
| **Fidelity Women's Leadership ETF** | 2416375 | 2485881 |

---

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

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions ($)** | **In-Kind Redemptions ($)** |
| **Fidelity Blue Chip Growth ETF** | 1067792786 | 226548885 |
| **Fidelity Blue Chip Value ETF** | 6159370 | 7840372 |
| **Fidelity Fundamental Large Cap Core ETF** | 311844067 | 108491491 |
| **Fidelity Fundamental Large Cap Growth ETF** | 65764476 | 10986969 |
| **Fidelity Fundamental Large Cap Value ETF** | 7736038 | 1222783 |
| **Fidelity Fundamental Small-Mid Cap ETF** | 243799981 | 155825552 |
| **Fidelity Magellan ETF** | 123546453 | 16649557 |
| **Fidelity Real Estate Investment ETF** | 4404196 | 2106756 |
| **Fidelity Sustainable U.S. Equity ETF** | 895590 | 7932564 |
| **Fidelity Women's Leadership ETF** | 509452 | 418643 |

---

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

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

---

| | |
|:---|:---|
|  | **Fee Rate** |
| **Fidelity Blue Chip Growth ETF** | .57%/.59% A |
| **Fidelity Blue Chip Value ETF** | .57%/.59% A |
| **Fidelity Fundamental Large Cap Core ETF** | .38% |
| **Fidelity Fundamental Large Cap Growth ETF** | .38% |
| **Fidelity Fundamental Large Cap Value ETF** | .38% |
| **Fidelity Fundamental Small-Mid Cap ETF** | .43% |
| **Fidelity Magellan ETF** | .57%/.59% A |
| **Fidelity Real Estate Investment ETF** | .57%/.59% A |
| **Fidelity Sustainable U.S. Equity ETF** | .57%/.59% A |
| **Fidelity Women's Leadership ETF** | .57%/.59% A |

---

*A Effective June 1, 2025 the rate changed from .59% to .57%.*

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Blue Chip Growth ETF** | 46441 |
| **Fidelity Blue Chip Value ETF** | 1069 |
| **Fidelity Fundamental Large Cap Core ETF** | 5494 |
| **Fidelity Fundamental Large Cap Growth ETF** | 2782 |
| **Fidelity Fundamental Large Cap Value ETF** | 52 |
| **Fidelity Fundamental Small-Mid Cap ETF** | 8762 |
| **Fidelity Magellan ETF** | 651 |
| **Fidelity Real Estate Investment ETF** | 132 |
| **Fidelity Sustainable U.S. Equity ETF** | 191 |
| **Fidelity Women's Leadership ETF** | 38 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Blue Chip Growth ETF** | 586747231 | 35772162 | (858587) |
| **Fidelity Blue Chip Value ETF** | 1011175 | 691916 | 5821 |
| **Fidelity Fundamental Large Cap Core ETF** | 17817396 | 7202933 | (91986) |
| **Fidelity Fundamental Large Cap Growth ETF** | 8506483 | 2601051 | 296002 |
| **Fidelity Fundamental Large Cap Value ETF** | 108070 | 42071 | (825) |
| **Fidelity Fundamental Small-Mid Cap ETF** | 59556600 | 17709706 | (1686147) |
| **Fidelity Magellan ETF** | 4362470 | 2406812 | (166) |
| **Fidelity Real Estate Investment ETF** | 125537 | 29452 | (3318) |
| **Fidelity Sustainable U.S. Equity ETF** | 303017 | 396563 | (17889) |
| **Fidelity Women's Leadership ETF** | 129036 | 76319 | (24196) |

---

**Other.** During the period, FMR reimbursed Fidelity Blue Chip Value ETF $62,829 for an operational error which is included in Net Realized Gain (Loss) in the accompanying Statement of Operations.

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Blue Chip Growth ETF** | 527079 | - | - |
| **Fidelity Fundamental Large Cap Core ETF** | 22 | - | - |
| **Fidelity Fundamental Large Cap Growth ETF** | 38531 | - | - |

---

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 Blue Chip Growth ETF** | 21342823 |

---

**8. Expense Reductions.** 

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

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Blue Chip Growth ETF** | 3109 |
| **Fidelity Blue Chip Value ETF** | 199 |
| **Fidelity Fundamental Large Cap Core ETF**  | 246 |
| **Fidelity Fundamental Large Cap Growth ETF**  | 450 |
| **Fidelity Fundamental Large Cap Value ETF**  | 378 |
| **Fidelity Fundamental Small-Mid Cap ETF**  | 948 |
| **Fidelity Magellan ETF** | 165 |
| **Fidelity Real Estate Investment ETF** | 45 |
| **Fidelity Sustainable U.S. Equity ETF** | 22 |

---

**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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Covington Trust and Shareholders of each of the four funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting Fidelity Covington Trust, hereafter collectively referred to as the "Funds") as of July 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (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 listed in the table below as of July 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Statement of operations** | &nbsp;&nbsp;**Statement of changes in net assets** | &nbsp;&nbsp;**Financial highlights** |
| &nbsp;&nbsp;Fidelity Blue Chip Growth ETF | &nbsp;&nbsp;For the year ended July 31, 2025 | &nbsp;&nbsp;For the years ended July 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended July 31, 2025, 2024, 2023, 2022 and 2021 |
| &nbsp;&nbsp;Fidelity Blue Chip Value ETF | &nbsp;&nbsp;For the year ended July 31, 2025 | &nbsp;&nbsp; For the years ended July 31, 2025 and 2024<br>| &nbsp;&nbsp; For the years ended July 31, 2025, 2024, 2023, 2022 and 2021<br>|
| &nbsp;&nbsp;Fidelity Fundamental Large Cap Core ETF | &nbsp;&nbsp;For the year ended July 31, 2025 | &nbsp;&nbsp; For the years ended July 31, 2025 and 2024<br>| &nbsp;&nbsp; For the years ended July 31, 2025, 2024, 2023, 2022 and 2021<br>|
| &nbsp;&nbsp;Fidelity Fundamental Large Cap Value ETF | &nbsp;&nbsp;For the year ended July 31, 2025 | &nbsp;&nbsp;For the year ended July 31, 2025 and the period February 22, 2024 (commencement of operations) through July 31, 2024 | &nbsp;&nbsp;For the year ended July 31, 2025 and the period February 22, 2024 (commencement of operations) through July 31, 2024 |

---

***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 July 31, 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

September 12, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Covington Trust and the Shareholders of Fidelity Fundamental Large Cap Growth ETF, Fidelity Magellan ETF, Fidelity Real Estate Investment ETF, Fidelity Fundamental Small-Mid Cap ETF, Fidelity Sustainable U.S. Equity ETF, and Fidelity Women's Leadership ETF:

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

We have audited the accompanying statements of assets and liabilities of Fidelity Fundamental Large Cap Growth ETF, Fidelity Magellan ETF, Fidelity Real Estate Investment ETF, Fidelity Fundamental Small-Mid Cap ETF, Fidelity Sustainable U.S. Equity ETF, and Fidelity Women's Leadership ETF (the "Funds"), each a fund of Fidelity Covington Trust, including the schedules of investments, as of July 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the four years in the period then ended and for the period from February 2, 2021(commencement of operations) through July 31, 2021, except for the financial highlights for the Fidelity Sustainable U.S. Equity ETF and Fidelity Women's Leadership ETF, which are for the four years in the period then ended and for the period from June 15, 2021 (commencement of operations) through July 31, 2021, and the related notes (collectively referred to as the "financial statements and financial highlights"). 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 July 31, 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 four years in the period then ended and for the period from February 2, 2021(commencement of operations) through July 31, 2021 (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 July 31, 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

September 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.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended July 31, 2025, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **Fidelity Blue Chip Value ETF** | $718207 |

---

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

---

| | |
|:---|:---|
| **Fidelity Blue Chip Growth ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| **Fidelity Blue Chip Value ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | 100% |
| June 2025 | 100% |
| **Fidelity Fundamental Large Cap Core ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | 100% |
| June 2025 | 100% |
| **Fidelity Fundamental Large Cap Growth ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | 100% |
| June 2025 | 100% |
| **Fidelity Fundamental Large Cap Value ETF** |  |
| September 2024 | 91% |
| December 2024 | 93% |
| March 2025 | 100% |
| June 2025 | 100% |
| **Fidelity Fundamental Small-Mid Cap ETF** |  |
| September 2024 | 98% |
| December 2024 | 98% |
| March 2025 | 100% |
| June 2025 | 100% |
| **Fidelity Magellan ETF** |  |
| September 2024 | 100% |
| December 2024<br> **Fidelity Real Estate Investment ETF**<br> September 2024<br> December 2024<br> March 2025<br> June 2025 | 100%<br>0%<br> 0%<br> 0%<br> 0% |
| **Fidelity Sustainable U.S. Equity ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | 100% |
| June 2025 | 100% |
| **Fidelity Women's Leadership ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | 100% |
| June 2025 | 100% |

---

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 Blue Chip Growth ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| **Fidelity Blue Chip Value ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | 100% |
| June 2025 | 100% |
| **Fidelity Fundamental Large Cap Core ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | 100% |
| June 2025 | 100% |
| **Fidelity Fundamental Large Cap Growth ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | 100% |
| June 2025 | 100% |
| **Fidelity Fundamental Large Cap Value ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | 100% |
| June 2025 | 100% |
| **Fidelity Fundamental Small-Mid Cap ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | 100% |
| June 2025 | 100% |
| **Fidelity Magellan ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| **Fidelity Real Estate Investment ETF** |  |
| September 2024 | 0.28% |
| December 2024<br> March 2025<br> June 2025 | 0.28%<br> 0.00%<br> 0.00% |
| **Fidelity Sustainable U.S. Equity ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| March 2025 | 100% |
| June 2025 | 100% |
| **Fidelity Women's Leadership ETF** |  |
| September 2024 | 100% |
| December 2024 | 100% |
| 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:

---

| | |
|:---|:---|
| **Fidelity Real Estate Investment ETF** |  |
| September 2024 | 99.72% |
| December 2024 | 99.72% |
| March 2025 | 100% |
| June 2025 | 100% |

---

The funds hereby designate the percentages noted below of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders:

---

| | |
|:---|:---|
|  | **December 2024** |
| **Fidelity Sustainable U.S. Equity ETF** | 99.24% |

---

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 Fundamental Large Cap Value ETF** | $459 |
| **Fidelity Fundamental Small-Mid Cap ETF** | $14666 |
| **Fidelity Real Estate Investment ETF** | $4881 |

---

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)**

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

**Fidelity Blue Chip Growth ETF**

**Fidelity Blue Chip Value ETF**

**Fidelity Fundamental Large Cap Core ETF**

**Fidelity Fundamental Large Cap Growth ETF**

**Fidelity Fundamental Large Cap Value ETF**

**Fidelity Fundamental Small-Mid Cap ETF**

**Fidelity Magellan ETF**

**Fidelity Real Estate Investment ETF**

**Fidelity Sustainable U.S. Equity ETF**

**Fidelity Women's Leadership 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 agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers 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 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 the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' 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 separate agreements 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 the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group), if applicable. 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. The Board also considered information on each fund's bid-ask spread and premium/discount. For each of Fidelity Blue Chip Value ETF and Fidelity Fundamental Large Cap Growth ETF, the fund underperformed its benchmark and peers for the one- and three-year periods ended February 28, 2025, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

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.

For Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, Fidelity Magellan ETF, Fidelity Sustainable U.S. Equity ETF, and Fidelity Women's Leadership ETF, the information provided to the Board indicated that each fund's management fee rate ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024. For Fidelity Fundamental Large Cap Core ETF, Fidelity Fundamental Large Cap Growth ETF, Fidelity Fundamental Large Cap Value ETF, Fidelity Fundamental Small-Mid Cap ETF, and Fidelity Real Estate Investment ETF, 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.

For each fund (except Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, and Fidelity Magellan ETF), the information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. For Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, and Fidelity Magellan ETF, the information provided to the Board indicated that each fund's management fee rate ranked above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

For Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, Fidelity Magellan ETF, Fidelity Sustainable U.S. Equity ETF, and Fidelity Women's Leadership ETF, the information provided to the Board indicated that the total expense ratio of each fund ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024. For Fidelity Fundamental Large Cap Core ETF, Fidelity Fundamental Large Cap Growth ETF, Fidelity Fundamental Large Cap Value ETF, Fidelity Fundamental Small-Mid Cap ETF, and Fidelity Real Estate Investment ETF, 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.

For each fund (except Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, and Fidelity Magellan ETF), the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. For Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, and Fidelity Magellan ETF, the information provided to the Board indicated that the total expense ratio of the fund ranked above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board considered that each fund has an all-inclusive management fee that covers additional services beyond portfolio management typically provided under separate service agreements, unlike the majority of funds within the total peer group. The Board noted that, although total expenses of Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, Fidelity Magellan ETF, Fidelity Sustainable U.S. Equity ETF, and Fidelity Women's Leadership ETF ranked above median, Fidelity believes the fees charged are reasonable for the overall value of services shareholders receive. The Board considered that, for each of Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, Fidelity Magellan ETF, Fidelity Real Estate Investment ETF, Fidelity Sustainable U.S. Equity ETF, and Fidelity Women's Leadership ETF, it had approved a proposed reduction in the all-inclusive management fee rate from 0.59% to 0.57% effective June 1, 2025.

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 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 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.

![](img111452_4.jpg)<br>

1.9897894.105 GTF-ANN-0925

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; September 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; September 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; September 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:

September 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:

September 22, 2025

---

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

---

## Exhibit 99.906

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

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

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

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

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

Dated: September 22, 2025

---

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

---

Dated: September 22, 2025

---

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

---

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

<br>