# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000945908-23-000089
**Filing Date:** 2023-3
**Character Count:** 514297
**Document Hash:** 115cbbb7156004277837ae688a0071f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000945908-23-000089.hdr.sgml**: 20230324

**ACCESSION NUMBER**: 0000945908-23-000089

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230324

**DATE AS OF CHANGE**: 20230324

**EFFECTIVENESS DATE**: 20230324

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY COVINGTON TRUST
- **CENTRAL INDEX KEY:** 0000945908
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 23758642

**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 New Millennium ETF (Series ID: S000068174)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000218330 | Fidelity New Millennium ETF | FMIL            |

### 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 Growth Opportunities ETF (Series ID: S000070233)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000223344 | Fidelity Growth Opportunities ETF | FGRO            |

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

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000223347 | Fidelity Small-Mid Cap Opportunities ETF | FSMO            |

### 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            |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of fiscal year end:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; July 31  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of reporting period:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; January 31, 2023  |

---

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

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

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

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

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

**Fidelity® 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**

**Semi-Annual Report**

**January 31, 2023**

![](img88921_1.jpg)

![](img88921_2.jpg)

**Contents**

---

| |
|:---|
| **[Fidelity® Dividend ETF for Rising Rates](#Sec_FundName2854)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary2854)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments2854)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements2854)** |
| **[Fidelity® High Dividend ETF](#Sec_FundName2853)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary2853)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments2853)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements2853)** |
| **[Fidelity® Low Volatility Factor ETF](#Sec_FundName2855)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary2855)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments2855)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements2855)** |
| **[Fidelity® Momentum Factor ETF](#Sec_FundName2856)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary2856)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments2856)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements2856)** |
| **[Fidelity® Quality Factor ETF](#Sec_FundName2857)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary2857)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments2857)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements2857)** |
| **[Fidelity® Small-Mid Multifactor ETF](#Sec_FundName3356)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary3356)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments3356)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements3356)** |
| **[Fidelity® Stocks for Inflation ETF](#Sec_FundName5027)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary5027)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments5027)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements5027)** |
| **[Fidelity® U.S. Multifactor ETF](#Sec_FundName6044)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary6044)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments6044)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements6044)** |
| **[Fidelity® Value Factor ETF](#Sec_FundName2858)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary2858)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments2858)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements2858)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Liquidity Risk Management Program](#Sec_Liquidity Risk Management Program)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Dividend ETF for Rising Rates** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Apple, Inc.  | 6.6  |
| Microsoft Corp.  | 5.6  |
| Merck & Co., Inc.  | 2.3  |
| Johnson & Johnson  | 2.2  |
| Visa, Inc. Class A  | 2.1  |
| AbbVie, Inc.  | 2.0  |
| Gilead Sciences, Inc.  | 1.8  |
| The Home Depot, Inc.  | 1.8  |
| Exxon Mobil Corp.  | 1.8  |
| Bristol-Myers Squibb Co.  | 1.8  |
|  | 28.0  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 26.2  |
| Health Care  | 14.7  |
| Financials  | 11.1  |
| Consumer Discretionary  | 11.0  |
| Industrials  | 8.9  |
| Communication Services  | 8.5  |
| Consumer Staples  | 5.9  |
| Energy  | 4.7  |
| Real Estate  | 3.1  |
| Materials  | 2.9  |
| Utilities  | 2.7  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88921_5.jpg)  |
| *Foreign investments - 6.9%*  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**Fidelity® Dividend ETF for Rising Rates**

**Schedule of Investments January 31, 2023 (Unaudited)**

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>|
| COMMUNICATION SERVICES - 8.5%  |  |  |
| Diversified Telecommunication Services - 1.8%  |  |  |
|  AT&T, Inc.  | 209577  | 4269083  |
|  Lumen Technologies, Inc. (a)  | 221170  | 1161143  |
|  Verizon Communications, Inc.  | 108358  | 4504442  |
|  |  | 9934668  |
| Entertainment - 1.5%  |  |  |
|  Activision Blizzard, Inc.  | 44422  | 3401393  |
|  Electronic Arts, Inc.  | 23174  | 2982030  |
|  Warner Music Group Corp. Class A (a)  | 66094  | 2409126  |
|  |  | 8792549  |
| Media - 5.2%  |  |  |
|  Cable One, Inc.  | 1759  | 1389399  |
|  Comcast Corp. Class A  | 118469  | 4661755  |
|  Fox Corp. Class A  | 70659  | 2398166  |
|  Interpublic Group of Companies, Inc. (a)  | 77401  | 2822040  |
|  News Corp. Class A  | 124198  | 2516251  |
|  Nexstar Broadcasting Group, Inc. Class A  | 16028  | 3282054  |
|  Omnicom Group, Inc.  | 36813  | 3165550  |
|  Paramount Global Class B (a)  | 88085  | 2040049  |
|  Sirius XM Holdings, Inc. (a)  | 406299  | 2352471  |
|  TEGNA, Inc.  | 135126  | 2693061  |
|  The New York Times Co. Class A  | 65465  | 2280801  |
|  |  | 29601597  |
|  TOTAL COMMUNICATION SERVICES  |  | 48328814  |
| CONSUMER DISCRETIONARY - 11.0%  |  |  |
| Hotels, Restaurants & Leisure - 3.1%  |  |  |
|  McDonald's Corp.  | 33855  | 9052827  |
|  Starbucks Corp.  | 79728  | 8701514  |
|  |  | 17754341  |
| Household Durables - 0.6%  |  |  |
|  Persimmon PLC  | 184539  | 3207866  |
| Multiline Retail - 1.1%  |  |  |
|  Target Corp.  | 35259  | 6069484  |
| Specialty Retail - 4.3%  |  |  |
|  Dick's Sporting Goods, Inc. (a)  | 54737  | 7157410  |
|  Lowe's Companies, Inc.  | 35679  | 7430152  |
|  The Home Depot, Inc.  | 31700  | 10276189  |
|  |  | 24863751  |
| Textiles, Apparel & Luxury Goods - 1.9%  |  |  |
|  NIKE, Inc. Class B  | 59818  | 7616626  |
|  VF Corp.  | 99229  | 3070145  |
|  |  | 10686771  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 62582213  |
| CONSUMER STAPLES - 5.9%  |  |  |
| Beverages - 1.1%  |  |  |
|  The Coca-Cola Co.  | 100745  | 6177683  |
| Food & Staples Retailing - 1.0%  |  |  |
|  Costco Wholesale Corp.  | 11653  | 5956314  |
| Household Products - 1.3%  |  |  |
|  Procter & Gamble Co.  | 51652  | 7354212  |
| Tobacco - 2.5%  |  |  |
|  Altria Group, Inc.  | 81149  | 3654951  |
|  British American Tobacco PLC (United Kingdom)  | 63514  | 2420827  |
|  Imperial Brands PLC  | 117535  | 2938803  |
|  Philip Morris International, Inc.  | 48991  | 5106822  |
|  |  | 14121403  |
|  TOTAL CONSUMER STAPLES  |  | 33609612  |
| ENERGY - 4.7%  |  |  |
| Oil, Gas & Consumable Fuels - 4.7%  |  |  |
|  Chevron Corp.  | 43953  | 7648701  |
|  Exxon Mobil Corp.  | 88231  | 10235678  |
|  Kinder Morgan, Inc.  | 153909  | 2816535  |
|  ONEOK, Inc. (a)  | 41431  | 2837195  |
|  The Williams Companies, Inc.  | 89192  | 2875550  |
|  Woodside Energy Group Ltd.  | 6778  | 173182  |
|  |  | 26586841  |
| FINANCIALS - 11.1%  |  |  |
| Banks - 5.5%  |  |  |
|  Bank of America Corp.  | 190830  | 6770648  |
|  Citigroup, Inc.  | 90561  | 4729095  |
|  JPMorgan Chase & Co.  | 69763  | 9764029  |
|  Truist Financial Corp.  | 83118  | 4105198  |
|  Wells Fargo & Co.  | 130734  | 6127503  |
|  |  | 31496473  |
| Capital Markets - 3.3%  |  |  |
|  Blackstone, Inc.  | 40059  | 3844062  |
|  Goldman Sachs Group, Inc.  | 16168  | 5914416  |
|  Morgan Stanley  | 60224  | 5861602  |
| T. Rowe Price Group, Inc.  | 30580  | 3561653  |
|  |  | 19181733  |
| Consumer Finance - 0.6%  |  |  |
|  OneMain Holdings, Inc. (a)  | 79932  | 3448266  |
| Insurance - 1.1%  |  |  |
|  Progressive Corp.  | 45302  | 6176928  |
| Mortgage Real Estate Investment Trusts - 0.6%  |  |  |
|  Annaly Capital Management, Inc.  | 137937  | 3237381  |
|  TOTAL FINANCIALS  |  | 63540781  |
| HEALTH CARE - 14.7%  |  |  |
| Biotechnology - 5.5%  |  |  |
|  AbbVie, Inc.  | 74531  | 11011955  |
|  Amgen, Inc.  | 38935  | 9827194  |
|  Gilead Sciences, Inc.  | 123675  | 10381280  |
|  |  | 31220429  |
| Health Care Equipment & Supplies - 1.3%  |  |  |
|  Medtronic PLC  | 86974  | 7278854  |
| Pharmaceuticals - 7.9%  |  |  |
|  Bristol-Myers Squibb Co.  | 139746  | 10152547  |
|  Johnson & Johnson  | 77883  | 12727640  |
|  Merck & Co., Inc.  | 123784  | 13295639  |
|  Pfizer, Inc.  | 210193  | 9282123  |
|  |  | 45457949  |
|  TOTAL HEALTH CARE  |  | 83957232  |
| INDUSTRIALS - 8.9%  |  |  |
| Aerospace & Defense - 1.1%  |  |  |
|  Lockheed Martin Corp.  | 13987  | 6479618  |
| Air Freight & Logistics - 0.9%  |  |  |
|  United Parcel Service, Inc. Class B  | 28315  | 5244787  |
| Electrical Equipment - 0.8%  |  |  |
|  Emerson Electric Co.  | 50784  | 4581732  |
| Industrial Conglomerates - 2.5%  |  |  |
|  3M Co.  | 33084  | 3807307  |
|  Honeywell International, Inc.  | 31165  | 6497279  |
|  Jardine Matheson Holdings Ltd.  | 68028  | 3606845  |
|  |  | 13911431  |
| Machinery - 2.7%  |  |  |
|  AGCO Corp.  | 36172  | 4996438  |
|  Caterpillar, Inc.  | 28102  | 7089854  |
|  Volvo AB (B Shares)  | 177919  | 3515114  |
|  |  | 15601406  |
| Road & Rail - 0.9%  |  |  |
|  Union Pacific Corp.  | 25934  | 5295463  |
|  TOTAL INDUSTRIALS  |  | 51114437  |
| INFORMATION TECHNOLOGY - 26.2%  |  |  |
| Communications Equipment - 1.5%  |  |  |
|  Cisco Systems, Inc.  | 176716  | 8600768  |
| IT Services - 5.5%  |  |  |
|  IBM Corp.  | 59385  | 8000941  |
|  The Western Union Co.  | 349062  | 4946209  |
|  TietoEVRY Oyj  | 212558  | 6449910  |
|  Visa, Inc. Class A  | 51797  | 11924187  |
|  |  | 31321247  |
| Semiconductors & Semiconductor Equipment - 5.4%  |  |  |
|  Broadcom, Inc.  | 16958  | 9920600  |
|  Intel Corp.  | 191168  | 5402408  |
|  Qualcomm, Inc.  | 51875  | 6910269  |
|  Texas Instruments, Inc.  | 49764  | 8818678  |
|  |  | 31051955  |
| Software - 7.2%  |  |  |
|  Microsoft Corp.  | 129361  | 32056949  |
|  Oracle Corp.  | 101363  | 8966571  |
|  |  | 41023520  |
| Technology Hardware, Storage & Peripherals - 6.6%  |  |  |
|  Apple, Inc.  | 261455  | 37725343  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 149722833  |
| MATERIALS - 2.9%  |  |  |
| Chemicals - 1.9%  |  |  |
|  Air Products & Chemicals, Inc.  | 7675  | 2459914  |
|  Dow, Inc.  | 31241  | 1854153  |
|  Linde PLC  | 11430  | 3782644  |
|  LyondellBasell Industries NV Class A  | 16397  | 1585426  |
|  Yara International ASA  | 23669  | 1047401  |
|  |  | 10729538  |
| Containers & Packaging - 0.2%  |  |  |
|  International Paper Co.  | 32078  | 1341502  |
| Metals & Mining - 0.8%  |  |  |
|  BHP Group Ltd.  | 37476  | 1304001  |
|  Fortescue Metals Group Ltd.  | 83435  | 1307545  |
|  Newmont Corp. (a)  | 31880  | 1687408  |
|  |  | 4298954  |
|  TOTAL MATERIALS  |  | 16369994  |
| REAL ESTATE - 3.1%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 3.0%  |  |  |
|  American Tower Corp.  | 11047  | 2467789  |
|  Crown Castle International Corp.  | 12417  | 1839082  |
|  Digital Realty Trust, Inc.  | 11746  | 1346327  |
|  Iron Mountain, Inc.  | 28684  | 1565573  |
|  Medical Properties Trust, Inc. (a)  | 59320  | 768194  |
|  Omega Healthcare Investors, Inc. (a)  | 43042  | 1267156  |
|  Prologis (REIT), Inc.  | 17836  | 2305838  |
|  Simon Property Group, Inc.  | 12463  | 1600997  |
|  SL Green Realty Corp.  | 16468  | 677658  |
|  VICI Properties, Inc.  | 48772  | 1667027  |
|  WP Carey, Inc.  | 17313  | 1480781  |
|  |  | 16986422  |
| Real Estate Management & Development - 0.1%  |  |  |
|  Hongkong Land Holdings Ltd.  | 197500  | 961825  |
|  TOTAL REAL ESTATE  |  | 17948247  |
| UTILITIES - 2.7%  |  |  |
| Electric Utilities - 2.7%  |  |  |
|  American Electric Power Co., Inc.  | 24333  | 2286329  |
|  Duke Energy Corp.  | 25688  | 2631736  |
|  Edison International  | 30557  | 2105377  |
|  Exelon Corp.  | 49257  | 2078153  |
|  Pinnacle West Capital Corp.  | 23433  | 1746930  |
|  PPL Corp.  | 62696  | 1855802  |
|  Southern Co.  | 37504  | 2538271  |
|  |  | 15242598  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $529,889,265)  |  | <br> **569003602**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 3.9%**  | &nbsp;&nbsp; **Money Market Funds - 3.9%**  | &nbsp;&nbsp; **Money Market Funds - 3.9%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.38% (b)  | 664162  | 664295  |
|  Fidelity Securities Lending Cash Central Fund 4.38% (b)(c)  | 21510924  | 21513075  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $22,177,370)  |  | **22177370**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.6%** <br> (Cost $552,066,635) <br>| <br>**591180972**  |
| **NET OTHER ASSETS (LIABILITIES) - (3.6)%**  | **(20452624)**  |
| **NET ASSETS - 100.0%**  | **570728348**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME E-mini S&P 500 Index Contracts (United States)  | 8  | Mar 2023  | 1636000  | 58134  | 58134  |
| 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) Security or a portion of the security is on loan at period end.

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

(c) 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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.38%  | 1664238  | 11572371  | 12572314  | 15911  | -  | -  | 664295  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 4.38%  | 16551925  | 70646111  | 65684961  | 138608  | -  | -  | 21513075  | 0.1%  |
| Total  | 18216163  | 82218482  | 78257275  | 154519  | -  | -  | 22177370  |  |

---

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.

Amount 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 payments 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 January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 48328814  | 48328814  | -  | -  |
| Consumer Discretionary  | 62582213  | 62582213  | -  | -  |
| Consumer Staples  | 33609612  | 28249982  | 5359630  | -  |
| Energy  | 26586841  | 26413659  | 173182  | -  |
| Financials  | 63540781  | 63540781  | -  | -  |
| Health Care  | 83957232  | 83957232  | -  | -  |
| Industrials  | 51114437  | 43992478  | 7121959  | -  |
| Information Technology  | 149722833  | 149722833  | -  | -  |
| Materials  | 16369994  | 13758448  | 2611546  | -  |
| Real Estate  | 17948247  | 16986422  | 961825  | -  |
| Utilities  | 15242598  | 15242598  | -  | -  |
|  Money Market Funds  | 22177370  | 22177370  | -  | -  |
| **Total Investments in Securities:**  | 591180972  | 574952830  | 16228142  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 58134  | 58134  | -  | -  |
| Total Assets  | 58134  | 58134  | -  | -  |
| **Total Derivative Instruments:**  | 58134  | 58134  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2023. 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)  | 58134  | 0  |
| **Total Equity Risk**  | 58134  | 0  |
| **Total Value of Derivatives**  | 58134  | 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** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $21,335,884) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $529,889,265)  | $569003602  |  |
|  Fidelity Central Funds (cost $22,177,370)  | 22177370  |  |
|  Total Investment in Securities (cost $552,066,635)  |  | $591180972  |
|  Segregated cash with brokers for derivative instruments  |  | 84800  |
|  Cash  |  | 1  |
|  Foreign currency held at value (cost $211,759)  |  | 221293  |
| Receivable for investments sold  |  | 4091154  |
|  Dividends receivable  |  | 878680  |
|  Distributions receivable from Fidelity Central Funds  |  | 21166  |
|  Receivable for daily variation margin on futures contracts  |  | 23000  |
| **Total assets**  |  | 596501066  |
| **Liabilities**  |  |  |
|  Payable for fund shares redeemed  | $4119893  |  |
|  Accrued management fee  | 139750  |  |
|  Collateral on securities loaned  | 21513075  |  |
| **Total Liabilities**  |  | 25772718  |
| **Net Assets**  |  | $570728348  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $561538406  |
|  Total accumulated earnings (loss)  |  | 9189942  |
|  **Net Assets**  |  | $570728348  |
|  **Net Asset Value** , offering price and redemption price per share ($570,728,348 ÷ 13,700,000 shares)  |  | $41.66  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $7841403  |
| Income from Fidelity Central Funds (including $138,608 from security lending)  |  | 154519  |
| **Total Income**  |  | 7995922  |
|  **Expenses**  |  |  |
| Management fee  | $832051  |  |
| Independent trustees' fees and expenses  | 1011  |  |
| Total expenses before reductions  | 833062  |  |
| Expense reductions  | (30)  |  |
| Total expenses after reductions  |  | 833032  |
| **Net Investment income (loss)**  |  | 7162890  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (514897)  |  |
| Redemptions in-kind  | 9319361  |  |
| Foreign currency transactions  | (48699)  |  |
| Futures contracts  | (183190)  |  |
| Total net realized gain (loss)  |  | 8572575  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (2610285)  |  |
| Assets and liabilities in foreign currencies  | 77692  |  |
| Futures contracts  | (17651)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (2550244)  |
| **Net gain (loss)**  |  | 6022331  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $13185221  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $7162890  | $14434863  |
| &nbsp;&nbsp; Net realized gain (loss)  | 8572575 <br>| 16773810 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (2550244)  | (47740920) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 13185221 <br>| (16532247) <br>|
| Distributions to shareholders  | (7028850) <br>| (14425400) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | -  | 291688328  |
| &nbsp;&nbsp; Cost of shares redeemed  | (47570816)  | (138676589)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | (47570816) <br>| 153011739 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (41414445) <br>| 122054092 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 612142793  | 490088701 <br>|
| &nbsp;&nbsp; End of period  | $570728348  | $612142793  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | -  | 6600000  |
| &nbsp;&nbsp; Redeemed  | (1200000)  | (3200000)  |
| &nbsp;&nbsp; Net increase (decrease)  | (1200000)  | 3400000  |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $41.08  | $42.62  | $31.72  | $32.31  | $31.54  | $28.50  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .50  | 1.08  | .93  | 1.01  | 1.07  | .93  |
| Net realized and unrealized gain (loss)  | .56  | (1.54)  | 10.85  | (.56)  | .79  | 3.03  |
| Total from investment operations  | 1.06  | (.46)  | 11.78  | .45  | 1.86  | 3.96  |
| Distributions from net investment income  | (.48)  | (1.08)  | (.88)  | (1.04)  | (1.09)  | (.92)  |
| Total distributions  | (.48)  | (1.08)  | (.88)  | (1.04)  | (1.09)  | (.92)  |
| Net asset value, end of period  | $41.66  | $41.08  | $42.62  | $31.72  | $32.31  | $31.54  |
| **Total Return** <sup>C,D,E</sup>  | 2.66%  | (1.06)%  | 37.57%  | 1.86%  | 6.09%  | 14.04%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .29% <sup>H</sup>  | .29%  | .29%  | .29%  | .29%  | .30%  |
| Expenses net of fee waivers, if any  | .29% <sup>H</sup>  | .29%  | .29%  | .29%  | .29%  | .30%  |
| Expenses net of all reductions  | .29% <sup>H</sup>  | .29%  | .29%  | .29%  | .29%  | .30%  |
| Net investment income (loss)  | 2.49% <sup>H</sup>  | 2.54%  | 2.44%  | 3.15%  | 3.42%  | 3.08%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $570728  | $612143  | $490089  | $282317  | $360229  | $346896  |
| Portfolio turnover rate <sup>I,J</sup>  | 1% <sup>H</sup>  | 28%  | 32%  | 35%  | 35%  | 38%  |

---

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

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

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

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

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

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

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

<sup>H</sup> *Annualized.*

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

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

**Fidelity® High Dividend ETF** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Apple, Inc.  | 4.8  |
| Exxon Mobil Corp.  | 4.1  |
| Microsoft Corp.  | 4.0  |
| Chevron Corp.  | 3.4  |
| JPMorgan Chase & Co.  | 2.3  |
| ONEOK, Inc.  | 2.2  |
| The Williams Companies, Inc.  | 2.2  |
| Kinder Morgan, Inc.  | 2.2  |
| Progressive Corp.  | 1.9  |
| Sempra Energy  | 1.8  |
|  | 28.9  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 19.2  |
| Financials  | 18.1  |
| Energy  | 14.2  |
| Utilities  | 11.1  |
| Materials  | 10.6  |
| Real Estate  | 10.6  |
| Health Care  | 6.8  |
| Consumer Discretionary  | 4.7  |
| Communication Services  | 2.3  |
| Industrials  | 2.0  |
| Consumer Staples  | 0.1  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88921_6.jpg)  |
| *Foreign investments - 7.8%*  |

---

**Fidelity® High Dividend ETF**

**Schedule of Investments January 31, 2023 (Unaudited)**

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>|
| COMMUNICATION SERVICES - 2.3%  |  |  |
| Diversified Telecommunication Services - 0.5%  |  |  |
|  AT&T, Inc.  | 140655  | 2865142  |
|  Lumen Technologies, Inc. (a)  | 148027  | 777142  |
|  Verizon Communications, Inc.  | 72702  | 3022222  |
|  |  | 6664506  |
| Entertainment - 0.4%  |  |  |
|  Activision Blizzard, Inc.  | 29715  | 2275278  |
|  Electronic Arts, Inc.  | 15499  | 1994411  |
|  Warner Music Group Corp. Class A (a)  | 44211  | 1611491  |
|  |  | 5881180  |
| Media - 1.4%  |  |  |
|  Cable One, Inc.  | 1176  | 928899  |
|  Comcast Corp. Class A  | 79471  | 3127184  |
|  Fox Corp. Class A  | 47259  | 1603970  |
|  Interpublic Group of Companies, Inc.  | 51770  | 1887534  |
|  News Corp. Class A  | 83075  | 1683100  |
|  Nexstar Broadcasting Group, Inc. Class A  | 10720  | 2195134  |
|  Omnicom Group, Inc.  | 24623  | 2117332  |
|  Paramount Global Class B (a)  | 58934  | 1364911  |
|  Sirius XM Holdings, Inc. (a)  | 271768  | 1573537  |
|  TEGNA, Inc.  | 90894  | 1811517  |
|  The New York Times Co. Class A  | 43783  | 1525400  |
|  |  | 19818518  |
|  TOTAL COMMUNICATION SERVICES  |  | 32364204  |
| CONSUMER DISCRETIONARY - 4.7%  |  |  |
| Hotels, Restaurants & Leisure - 1.8%  |  |  |
|  Darden Restaurants, Inc.  | 45872  | 6787680  |
|  McDonald's Corp.  | 34272  | 9164333  |
|  Starbucks Corp.  | 80728  | 8810654  |
|  |  | 24762667  |
| Household Durables - 0.2%  |  |  |
|  Persimmon PLC  | 187149  | 3253236  |
| Multiline Retail - 0.4%  |  |  |
|  Target Corp.  | 35701  | 6145570  |
| Specialty Retail - 1.8%  |  |  |
|  Dick's Sporting Goods, Inc.  | 55426  | 7247504  |
|  Lowe's Companies, Inc.  | 36123  | 7522615  |
|  The Home Depot, Inc.  | 32113  | 10410071  |
|  |  | 25180190  |
| Textiles, Apparel & Luxury Goods - 0.5%  |  |  |
|  NIKE, Inc. Class B  | 60640  | 7721291  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 67062954  |
| CONSUMER STAPLES - 0.1%  |  |  |
| Personal Products - 0.1%  |  |  |
|  Haleon PLC (b)  | 373560  | 1491192  |
| ENERGY - 14.2%  |  |  |
| Oil, Gas & Consumable Fuels - 14.2%  |  |  |
|  Chevron Corp.  | 275435  | 47931199  |
|  Exxon Mobil Corp.  | 497793  | 57748966  |
|  Kinder Morgan, Inc.  | 1692814  | 30978496  |
|  ONEOK, Inc. (a)  | 467691  | 32027480  |
|  The Williams Companies, Inc.  | 968125  | 31212350  |
|  Woodside Energy Group Ltd.  | 84304  | 2154019  |
|  |  | 202052510  |
| FINANCIALS - 18.1%  |  |  |
| Banks - 6.9%  |  |  |
|  Bank of America Corp.  | 665441  | 23609847  |
|  Citigroup, Inc.  | 365607  | 19091998  |
|  JPMorgan Chase & Co.  | 232035  | 32475619  |
|  Wells Fargo & Co.  | 488782  | 22909212  |
|  |  | 98086676  |
| Capital Markets - 5.6%  |  |  |
|  Blackstone, Inc.  | 168354  | 16155250  |
|  Goldman Sachs Group, Inc.  | 65746  | 24050544  |
|  Morgan Stanley  | 239069  | 23268586  |
| T. Rowe Price Group, Inc.  | 138905  | 16178265  |
|  |  | 79652645  |
| Consumer Finance - 1.2%  |  |  |
|  OneMain Holdings, Inc. (a)  | 379650  | 16378101  |
| Insurance - 3.3%  |  |  |
|  Old Republic International Corp.  | 749794  | 19787064  |
|  Progressive Corp.  | 197016  | 26863132  |
|  |  | 46650196  |
| Mortgage Real Estate Investment Trusts - 1.1%  |  |  |
|  Annaly Capital Management, Inc. (a)  | 649330  | 15239775  |
|  TOTAL FINANCIALS  |  | 256007393  |
| HEALTH CARE - 6.8%  |  |  |
| Biotechnology - 2.6%  |  |  |
|  AbbVie, Inc.  | 88506  | 13076762  |
|  Amgen, Inc.  | 46453  | 11724737  |
|  Gilead Sciences, Inc.  | 147882  | 12413215  |
|  |  | 37214714  |
| Pharmaceuticals - 4.2%  |  |  |
|  Bristol-Myers Squibb Co.  | 166626  | 12105379  |
|  GSK PLC  | 299366  | 5245933  |
|  Johnson & Johnson  | 92007  | 15035784  |
|  Merck & Co., Inc.  | 147223  | 15813222  |
|  Pfizer, Inc.  | 249056  | 10998313  |
|  |  | 59198631  |
|  TOTAL HEALTH CARE  |  | 96413345  |
| INDUSTRIALS - 2.0%  |  |  |
| Aerospace & Defense - 0.2%  |  |  |
|  Lockheed Martin Corp.  | 7516  | 3481862  |
| Air Freight & Logistics - 0.2%  |  |  |
|  United Parcel Service, Inc. Class B  | 15130  | 2802530  |
| Construction & Engineering - 0.2%  |  |  |
|  ACS Actividades de Construccion y Servicios SA (a)  | 84776  | 2498806  |
| Industrial Conglomerates - 0.4%  |  |  |
|  3M Co.  | 17721  | 2039333  |
|  Honeywell International, Inc.  | 16713  | 3484326  |
|  |  | 5523659  |
| Machinery - 0.6%  |  |  |
|  AGCO Corp.  | 19527  | 2697265  |
|  Caterpillar, Inc.  | 15084  | 3805542  |
|  Volvo AB (B Shares)  | 95791  | 1892526  |
|  |  | 8395333  |
| Road & Rail - 0.4%  |  |  |
|  Aurizon Holdings Ltd.  | 838125  | 2179258  |
|  Union Pacific Corp.  | 13909  | 2840079  |
|  |  | 5019337  |
|  TOTAL INDUSTRIALS  |  | 27721527  |
| INFORMATION TECHNOLOGY - 19.2%  |  |  |
| Communications Equipment - 1.0%  |  |  |
|  Cisco Systems, Inc.  | 305876  | 14886985  |
| IT Services - 3.8%  |  |  |
|  IBM Corp.  | 101772  | 13711742  |
|  The Western Union Co.  | 588341  | 8336792  |
|  TietoEVRY Oyj  | 357819  | 10857745  |
|  Visa, Inc. Class A  | 90514  | 20837228  |
|  |  | 53743507  |
| Semiconductors & Semiconductor Equipment - 4.5%  |  |  |
|  Broadcom, Inc.  | 29342  | 17165363  |
|  Intel Corp.  | 330040  | 9326930  |
|  NVIDIA Corp.  | 110532  | 21594637  |
|  Texas Instruments, Inc.  | 85610  | 15170948  |
|  |  | 63257878  |
| Software - 5.1%  |  |  |
|  Microsoft Corp.  | 232537  | 57624994  |
|  Oracle Corp.  | 173860  | 15379656  |
|  |  | 73004650  |
| Technology Hardware, Storage & Peripherals - 4.8%  |  |  |
|  Apple, Inc.  | 470775  | 67928119  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 272821139  |
| MATERIALS - 10.6%  |  |  |
| Chemicals - 6.3%  |  |  |
|  Air Products & Chemicals, Inc.  | 63585  | 20379628  |
|  Dow, Inc.  | 282330  | 16756286  |
|  Linde PLC  | 68039  | 22516827  |
|  LyondellBasell Industries NV Class A  | 166280  | 16077613  |
|  Yara International ASA  | 295347  | 13069694  |
|  |  | 88800048  |
| Containers & Packaging - 1.0%  |  |  |
|  International Paper Co.  | 344023  | 14387042  |
| Metals & Mining - 3.3%  |  |  |
|  BHP Group Ltd.  | 467553  | 16268795  |
|  Fortescue Metals Group Ltd.  | 1041035  | 16314493  |
|  Newmont Corp.  | 281873  | 14919538  |
|  |  | 47502826  |
|  TOTAL MATERIALS  |  | 150689916  |
| REAL ESTATE - 10.6%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 10.6%  |  |  |
|  American Tower Corp.  | 64287  | 14361073  |
|  Crown Castle International Corp.  | 81981  | 12142206  |
|  Digital Realty Trust, Inc.  | 92644  | 10618855  |
|  Gaming & Leisure Properties  | 283941  | 15207880  |
|  Iron Mountain, Inc.  | 275693  | 15047324  |
|  Medical Properties Trust, Inc. (a)  | 570921  | 7393427  |
|  Omega Healthcare Investors, Inc. (a)  | 437322  | 12874760  |
|  Prologis (REIT), Inc.  | 103356  | 13361864  |
|  Simon Property Group, Inc.  | 95080  | 12213977  |
|  SL Green Realty Corp. (a)  | 170311  | 7008298  |
|  VICI Properties, Inc.  | 452216  | 15456743  |
|  WP Carey, Inc.  | 165031  | 14115101  |
|  |  | 149801508  |
| UTILITIES - 11.1%  |  |  |
| Electric Utilities - 9.3%  |  |  |
|  American Electric Power Co., Inc.  | 239278  | 22482561  |
|  Duke Energy Corp.  | 216299  | 22159833  |
|  Edison International  | 339174  | 23369089  |
|  Pinnacle West Capital Corp.  | 287374  | 21423732  |
|  PPL Corp.  | 700323  | 20729561  |
|  Southern Co.  | 325496  | 22029569  |
|  |  | 132194345  |
| Multi-Utilities - 1.8%  |  |  |
|  Sempra Energy  | 157066  | 25182392  |
|  TOTAL UTILITIES  |  | 157376737  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $1,322,379,820)  |  | <br> **1413802425**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 2.9%**  | &nbsp;&nbsp; **Money Market Funds - 2.9%**  | &nbsp;&nbsp; **Money Market Funds - 2.9%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.38% (c)  | 2065242  | 2065655  |
|  Fidelity Securities Lending Cash Central Fund 4.38% (c)(d)  | 38571877  | 38575734  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $40,641,389)  |  | **40641389**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.6%** <br> (Cost $1,363,021,209) <br>| <br>**1454443814**  |
| **NET OTHER ASSETS (LIABILITIES) - (2.6)%**  | **(36911895)**  |
| **NET ASSETS - 100.0%**  | **1417531919**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME E-mini S&P 500 Index Contracts (United States)  | 16  | Mar 2023  | 3272000  | 101338  | 101338  |
| 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) Security or a portion of the security is on loan at period end.

(b) Non-income producing

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.38%  | 2743400  | 38401746  | 39079491  | 30327  | -  | -  | 2065655  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 4.38%  | 16059350  | 146611615  | 124095231  | 101887  | -  | -  | 38575734  | 0.1%  |
| Total  | 18802750  | 185013361  | 163174722  | 132214  | -  | -  | 40641389  |  |

---

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.

Amount 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 payments 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 January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 32364204  | 32364204  | -  | -  |
| Consumer Discretionary  | 67062954  | 67062954  | -  | -  |
| Consumer Staples  | 1491192  | 1491192  | -  | -  |
| Energy  | 202052510  | 199898491  | 2154019  | -  |
| Financials  | 256007393  | 256007393  | -  | -  |
| Health Care  | 96413345  | 91167412  | 5245933  | -  |
| Industrials  | 27721527  | 23649743  | 4071784  | -  |
| Information Technology  | 272821139  | 272821139  | -  | -  |
| Materials  | 150689916  | 118106628  | 32583288  | -  |
| Real Estate  | 149801508  | 149801508  | -  | -  |
| Utilities  | 157376737  | 157376737  | -  | -  |
|  Money Market Funds  | 40641389  | 40641389  | -  | -  |
| **Total Investments in Securities:**  | 1454443814  | 1410388790  | 44055024  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 101338  | 101338  | -  | -  |
| Total Assets  | 101338  | 101338  | -  | -  |
| **Total Derivative Instruments:**  | 101338  | 101338  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2023. 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)  | 101338  | 0  |
| **Total Equity Risk**  | 101338  | 0  |
| **Total Value of Derivatives**  | 101338  | 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** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $38,289,319) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $1,322,379,820)  | $1413802425  |  |
|  Fidelity Central Funds (cost $40,641,389)  | 40641389  |  |
|  Total Investment in Securities (cost $1,363,021,209)  |  | $1454443814  |
|  Segregated cash with brokers for derivative instruments  |  | 169600  |
|  Cash  |  | 227129  |
|  Foreign currency held at value (cost $17,567)  |  | 17924  |
|  Receivable for fund shares sold  |  | 5853581  |
|  Dividends receivable  |  | 2263552  |
|  Distributions receivable from Fidelity Central Funds  |  | 25801  |
|  Receivable for daily variation margin on futures contracts  |  | 46000  |
| **Total assets**  |  | 1463047401  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $6607150  |  |
|  Accrued management fee  | 332598  |  |
|  Collateral on securities loaned  | 38575734  |  |
| **Total Liabilities**  |  | 45515482  |
| **Net Assets**  |  | $1417531919  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $1377645506  |
|  Total accumulated earnings (loss)  |  | 39886413  |
|  **Net Assets**  |  | $1417531919  |
|  **Net Asset Value** , offering price and redemption price per share ($1,417,531,919 ÷ 35,850,000 shares)  |  | $39.54  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $18541702  |
| Income from Fidelity Central Funds (including $101,887 from security lending)  |  | 132214  |
| **Total Income**  |  | 18673916  |
|  **Expenses**  |  |  |
| Management fee  | $1884830  |  |
| Independent trustees' fees and expenses  | 2227  |  |
| Total expenses before reductions  | 1887057  |  |
| Expense reductions  | (77)  |  |
| Total expenses after reductions  |  | 1886980  |
| **Net Investment income (loss)**  |  | 16786936  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (1078192)  |  |
| Redemptions in-kind  | 5658309  |  |
| Foreign currency transactions  | (33023)  |  |
| Futures contracts  | 61530  |  |
| Total net realized gain (loss)  |  | 4608624  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 39748287  |  |
| Assets and liabilities in foreign currencies  | (17070)  |  |
| Futures contracts  | (210573)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | 39520644  |
| **Net gain (loss)**  |  | 44129268  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $60916204  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $16786936  | $34784807  |
| &nbsp;&nbsp; Net realized gain (loss)  | 4608624 <br>| 95057679 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 39520644  | (104029877) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 60916204 <br>| 25812609 <br>|
| Distributions to shareholders  | (19807450) <br>| (36931550) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 121329287  | 758176457  |
| &nbsp;&nbsp; Cost of shares redeemed  | (22960317)  | (521124909)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 98368970 <br>| 237051548 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 139477724 <br>| 225932607 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 1278054195  | 1052121588 <br>|
| &nbsp;&nbsp; End of period  | $1417531919  | $1278054195  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 3200000  | 19000000  |
| &nbsp;&nbsp; Redeemed  | (600000)  | (13400000)  |
| &nbsp;&nbsp; Net increase (decrease)  | 2600000  | 5600000  |

---

**Financial Highlights** 

 **Fidelity® High Dividend ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $38.44  | $38.05  | $27.56  | $30.12  | $30.15  | $26.98  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .48  | 1.21  | 1.02  | 1.10  | 1.23  | 1.09  |
| Net realized and unrealized gain (loss)  | 1.19  | .44 <sup>C</sup>  | 10.48  | (2.52)  | (.03)  | 3.21  |
| Total from investment operations  | 1.67  | 1.65  | 11.50  | (1.42)  | 1.20  | 4.30  |
| Distributions from net investment income  | (.57)  | (1.26)  | (1.01)  | (1.14)  | (1.23)  | (1.12)  |
| Distributions from net realized gain  | -  | -  | -  | -  | -  | (.01)  |
| Total distributions  | (.57)  | (1.26)  | (1.01)  | (1.14)  | (1.23)  | (1.13)  |
| Net asset value, end of period  | $39.54  | $38.44  | $38.05  | $27.56  | $30.12  | $30.15  |
| **Total Return** <sup>D,E,F</sup>  | 4.47%  | 4.43%  | 42.42%  | (4.54)%  | 4.16%  | 16.23%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .29% <sup>I</sup>  | .29%  | .29%  | .29%  | .29%  | .30%  |
| Expenses net of fee waivers, if any  | .29% <sup>I</sup>  | .29%  | .29%  | .29%  | .29%  | .30%  |
| Expenses net of all reductions  | .29% <sup>I</sup>  | .29%  | .29%  | .29%  | .29%  | .30%  |
| Net investment income (loss)  | 2.58% <sup>I</sup>  | 3.11%  | 3.04%  | 3.85%  | 4.15%  | 3.80%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $1417532  | $1278054  | $1052122  | $520795  | $362952  | $171835  |
| Portfolio turnover rate <sup>J,K</sup>  | 3% <sup>I</sup>  | 38%  | 32%  | 49%  | 50%  | 53%  |

---

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

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

<sup>C</sup> *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.*

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

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

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

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

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

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

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

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

**Fidelity® Low Volatility Factor ETF** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Apple, Inc.  | 6.4  |
| Microsoft Corp.  | 5.5  |
| Alphabet, Inc. Class A  | 3.3  |
| Berkshire Hathaway, Inc. Class B  | 2.1  |
| Visa, Inc. Class A  | 1.8  |
| UnitedHealth Group, Inc.  | 1.8  |
| The Home Depot, Inc.  | 1.7  |
| Johnson & Johnson  | 1.7  |
| MasterCard, Inc. Class A  | 1.6  |
| Exxon Mobil Corp.  | 1.6  |
|  | 27.5  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 25.5  |
| Health Care  | 14.2  |
| Consumer Discretionary  | 12.8  |
| Financials  | 11.7  |
| Industrials  | 8.5  |
| Communication Services  | 7.5  |
| Consumer Staples  | 6.0  |
| Energy  | 4.8  |
| Real Estate  | 3.1  |
| Materials  | 2.9  |
| Utilities  | 2.8  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88921_6.jpg)  |
| *Foreign investments - 3.2%*  |

---

**Fidelity® Low Volatility Factor ETF**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 99.8%**  | &nbsp;&nbsp; **Common Stocks - 99.8%**  | &nbsp;&nbsp; **Common Stocks - 99.8%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 7.5%  |  |  |
| Diversified Telecommunication Services - 1.6%  |  |  |
|  AT&T, Inc.  | 189434  | 3858771  |
|  Verizon Communications, Inc.  | 93898  | 3903340  |
|  |  | 7762111  |
| Entertainment - 0.5%  |  |  |
|  Activision Blizzard, Inc.  | 32209  | 2466243  |
| Interactive Media & Services - 3.3%  |  |  |
|  Alphabet, Inc. Class A (a)  | 162515  | 16062983  |
| Media - 1.5%  |  |  |
|  Cable One, Inc.  | 1307  | 1032373  |
|  Comcast Corp. Class A  | 103056  | 4055254  |
|  Omnicom Group, Inc.  | 28145  | 2420189  |
|  |  | 7507816  |
| Wireless Telecommunication Services - 0.6%  |  |  |
|  T-Mobile U.S., Inc. (a)  | 19986  | 2984110  |
|  TOTAL COMMUNICATION SERVICES  |  | 36783263  |
| CONSUMER DISCRETIONARY - 12.8%  |  |  |
| Diversified Consumer Services - 1.0%  |  |  |
|  Service Corp. International  | 64724  | 4799285  |
| Hotels, Restaurants & Leisure - 4.5%  |  |  |
|  Domino's Pizza, Inc.  | 10838  | 3825814  |
|  McDonald's Corp.  | 25008  | 6687139  |
|  Starbucks Corp.  | 61366  | 6697485  |
|  Yum! Brands, Inc.  | 37476  | 4890993  |
|  |  | 22101431  |
| Multiline Retail - 0.9%  |  |  |
|  Dollar General Corp.  | 19080  | 4457088  |
| Specialty Retail - 5.1%  |  |  |
|  AutoZone, Inc. (a)  | 2130  | 5194751  |
|  O'Reilly Automotive, Inc. (a)  | 6583  | 5216040  |
|  The Home Depot, Inc.  | 26391  | 8555170  |
|  TJX Companies, Inc.  | 79152  | 6479383  |
|  |  | 25445344  |
| Textiles, Apparel & Luxury Goods - 1.3%  |  |  |
|  NIKE, Inc. Class B  | 51647  | 6576213  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 63379361  |
| CONSUMER STAPLES - 6.0%  |  |  |
| Beverages - 2.0%  |  |  |
|  PepsiCo, Inc.  | 29108  | 4978050  |
|  The Coca-Cola Co.  | 81451  | 4994575  |
|  |  | 9972625  |
| Food Products - 1.7%  |  |  |
|  General Mills, Inc.  | 34430  | 2697935  |
|  Mondelez International, Inc.  | 49084  | 3212057  |
|  The Hershey Co.  | 10831  | 2432643  |
|  |  | 8342635  |
| Household Products - 2.3%  |  |  |
|  Colgate-Palmolive Co.  | 35657  | 2657516  |
|  Kimberly-Clark Corp.  | 19513  | 2536885  |
|  Procter & Gamble Co.  | 44542  | 6341890  |
|  |  | 11536291  |
|  TOTAL CONSUMER STAPLES  |  | 29851551  |
| ENERGY - 4.8%  |  |  |
| Oil, Gas & Consumable Fuels - 4.8%  |  |  |
|  Chevron Corp.  | 32016  | 5571424  |
|  ConocoPhillips Co.  | 28219  | 3439050  |
|  Coterra Energy, Inc.  | 48783  | 1221038  |
|  DT Midstream, Inc.  | 21145  | 1155786  |
|  Exxon Mobil Corp.  | 65777  | 7630790  |
|  Kinder Morgan, Inc.  | 85827  | 1570634  |
|  ONEOK, Inc. (b)  | 23999  | 1643452  |
|  The Williams Companies, Inc.  | 48580  | 1566219  |
|  |  | 23798393  |
| FINANCIALS - 11.7%  |  |  |
| Capital Markets - 2.9%  |  |  |
|  CME Group, Inc.  | 18794  | 3320148  |
|  FactSet Research Systems, Inc.  | 7176  | 3035017  |
|  Intercontinental Exchange, Inc.  | 33577  | 3611206  |
|  S&P Global, Inc.  | 11947  | 4479408  |
|  |  | 14445779  |
| Diversified Financial Services - 2.1%  |  |  |
|  Berkshire Hathaway, Inc. Class B (a)  | 32760  | 10205395  |
| Insurance - 6.7%  |  |  |
|  Arthur J. Gallagher & Co. (b)  | 18787  | 3676992  |
|  Assurant, Inc.  | 18887  | 2504227  |
|  Brown & Brown, Inc.  | 47197  | 2763856  |
|  Chubb Ltd.  | 20761  | 4722920  |
|  Erie Indemnity Co. Class A  | 13762  | 3362745  |
|  Marsh & McLennan Companies, Inc.  | 23595  | 4127001  |
|  Progressive Corp.  | 31800  | 4335930  |
|  The Travelers Companies, Inc.  | 21087  | 4030147  |
|  W.R. Berkley Corp.  | 49144  | 3446960  |
|  |  | 32970778  |
|  TOTAL FINANCIALS  |  | 57621952  |
| HEALTH CARE - 14.2%  |  |  |
| Biotechnology - 1.9%  |  |  |
|  Amgen, Inc.  | 18752  | 4733005  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 6174  | 4682794  |
|  |  | 9415799  |
| Health Care Equipment & Supplies - 1.9%  |  |  |
|  Abbott Laboratories  | 49199  | 5438949  |
|  Medtronic PLC  | 48745  | 4079469  |
|  |  | 9518418  |
| Health Care Providers & Services - 1.8%  |  |  |
|  UnitedHealth Group, Inc.  | 17482  | 8726840  |
| Life Sciences Tools & Services - 1.2%  |  |  |
|  Thermo Fisher Scientific, Inc.  | 9988  | 5696456  |
| Pharmaceuticals - 7.4%  |  |  |
|  Bristol-Myers Squibb Co.  | 68035  | 4942743  |
|  Eli Lilly & Co.  | 19697  | 6778723  |
|  Johnson & Johnson  | 50703  | 8285884  |
|  Merck & Co., Inc.  | 66203  | 7110864  |
|  Pfizer, Inc.  | 130664  | 5770122  |
|  Zoetis, Inc. Class A  | 22921  | 3793196  |
|  |  | 36681532  |
|  TOTAL HEALTH CARE  |  | 70039045  |
| INDUSTRIALS - 8.5%  |  |  |
| Aerospace & Defense - 2.5%  |  |  |
|  General Dynamics Corp.  | 12785  | 2979672  |
|  L3Harris Technologies, Inc.  | 11946  | 2566240  |
|  Lockheed Martin Corp.  | 8289  | 3839962  |
|  Northrop Grumman Corp.  | 6583  | 2949447  |
|  |  | 12335321  |
| Commercial Services & Supplies - 1.5%  |  |  |
|  Republic Services, Inc.  | 18601  | 2321777  |
|  Rollins, Inc.  | 62686  | 2281770  |
|  Waste Management, Inc.  | 18211  | 2817788  |
|  |  | 7421335  |
| Industrial Conglomerates - 1.4%  |  |  |
|  3M Co.  | 22487  | 2587804  |
|  Honeywell International, Inc.  | 20402  | 4253409  |
|  |  | 6841213  |
| Machinery - 1.7%  |  |  |
|  Graco, Inc.  | 35690  | 2438341  |
|  Otis Worldwide Corp.  | 33775  | 2777318  |
|  PACCAR, Inc.  | 29263  | 3198739  |
|  |  | 8414398  |
| Professional Services - 1.4%  |  |  |
|  Booz Allen Hamilton Holding Corp. Class A  | 25447  | 2408304  |
|  FTI Consulting, Inc. (a)(b)  | 14574  | 2324844  |
|  Leidos Holdings, Inc.  | 24467  | 2418318  |
|  |  | 7151466  |
|  TOTAL INDUSTRIALS  |  | 42163733  |
| INFORMATION TECHNOLOGY - 25.5%  |  |  |
| IT Services - 10.4%  |  |  |
|  Akamai Technologies, Inc. (a)  | 41505  | 3691870  |
|  Amdocs Ltd.  | 44959  | 4133081  |
|  Automatic Data Processing, Inc.  | 20884  | 4715816  |
|  Fiserv, Inc. (a)  | 43009  | 4588200  |
|  IBM Corp.  | 40302  | 5429888  |
|  Jack Henry & Associates, Inc.  | 19152  | 3449084  |
|  MasterCard, Inc. Class A  | 21606  | 8007184  |
|  Maximus, Inc.  | 59410  | 4446839  |
|  Paychex, Inc.  | 33624  | 3895677  |
|  Visa, Inc. Class A  | 38756  | 8922019  |
|  |  | 51279658  |
| Semiconductors & Semiconductor Equipment - 2.0%  |  |  |
|  Intel Corp.  | 158572  | 4481245  |
|  Texas Instruments, Inc.  | 32283  | 5720870  |
|  |  | 10202115  |
| Software - 6.7%  |  |  |
|  Microsoft Corp.  | 108686  | 26933478  |
|  Oracle Corp.  | 69112  | 6113648  |
|  |  | 33047126  |
| Technology Hardware, Storage & Peripherals - 6.4%  |  |  |
|  Apple, Inc.  | 218824  | 31574114  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 126103013  |
| MATERIALS - 2.9%  |  |  |
| Chemicals - 1.5%  |  |  |
|  Air Products & Chemicals, Inc.  | 5838  | 1871137  |
|  Ecolab, Inc.  | 7820  | 1210771  |
|  Linde PLC  | 8981  | 2972172  |
|  Sherwin-Williams Co.  | 6243  | 1477031  |
|  |  | 7531111  |
| Construction Materials - 0.5%  |  |  |
|  Martin Marietta Materials, Inc.  | 2951  | 1061298  |
|  Vulcan Materials Co.  | 6248  | 1145446  |
|  |  | 2206744  |
| Containers & Packaging - 0.6%  |  |  |
|  Aptargroup, Inc.  | 8128  | 939922  |
|  Ball Corp.  | 17173  | 1000156  |
|  Packaging Corp. of America  | 6829  | 974498  |
|  |  | 2914576  |
| Metals & Mining - 0.3%  |  |  |
|  Newmont Corp. (b)  | 27257  | 1442713  |
|  TOTAL MATERIALS  |  | 14095144  |
| REAL ESTATE - 3.1%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 3.1%  |  |  |
|  Agree Realty Corp.  | 10169  | 758912  |
|  American Tower Corp.  | 8499  | 1898592  |
|  Crown Castle International Corp.  | 9438  | 1397862  |
|  CubeSmart  | 18077  | 827746  |
|  Digital Realty Trust, Inc.  | 9031  | 1035133  |
|  Equinix, Inc.  | 2163  | 1596575  |
|  Equity Lifestyle Properties, Inc.  | 11685  | 838749  |
|  Extra Space Storage, Inc.  | 5292  | 835236  |
|  Prologis (REIT), Inc.  | 14780  | 1910758  |
|  Public Storage  | 4061  | 1235925  |
|  Realty Income Corp.  | 17314  | 1174409  |
|  Sun Communities, Inc.  | 5850  | 917631  |
|  WP Carey, Inc.  | 10766  | 920816  |
|  |  | 15348344  |
| UTILITIES - 2.8%  |  |  |
| Electric Utilities - 1.7%  |  |  |
|  American Electric Power Co., Inc.  | 17394  | 1634340  |
|  Duke Energy Corp.  | 19694  | 2017650  |
|  Eversource Energy  | 16312  | 1342967  |
|  Southern Co.  | 27448  | 1857681  |
|  Xcel Energy, Inc.  | 21485  | 1477523  |
|  |  | 8330161  |
| Multi-Utilities - 1.1%  |  |  |
|  Ameren Corp.  | 15131  | 1314430  |
|  CMS Energy Corp.  | 19503  | 1232395  |
|  Consolidated Edison, Inc.  | 15646  | 1491220  |
|  WEC Energy Group, Inc.  | 14462  | 1359283  |
|  |  | 5397328  |
|  TOTAL UTILITIES  |  | 13727489  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $482,853,355)  |  | <br> **492911288**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 1.0%**  | &nbsp;&nbsp; **Money Market Funds - 1.0%**  | &nbsp;&nbsp; **Money Market Funds - 1.0%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.38% (c)  | 460111  | 460203  |
|  Fidelity Securities Lending Cash Central Fund 4.38% (c)(d)  | 4128136  | 4128549  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $4,588,752)  |  | **4588752**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.8%** <br> (Cost $487,442,107) <br>| <br>**497500040**  |
| **NET OTHER ASSETS (LIABILITIES) - (0.8)%**  | **(3717382)**  |
| **NET ASSETS - 100.0%**  | **493782658**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME S&P 500 Index Contracts (United States)  | 32  | Mar 2023  | 654400  | 34665  | 34665  |
| The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  |

---

**Legend**

(a) Non-income producing

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

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.38%  | 1126798  | 8882713  | 9549308  | 10549  | -  | -  | 460203  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 4.38%  | 1748660  | 12138162  | 9758273  | 6890  | -  | -  | 4128549  | 0.0%  |
| Total  | 2875458  | 21020875  | 19307581  | 17439  | -  | -  | 4588752  |  |

---

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.

Amount 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 payments 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 January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 36783263  | 36783263  | -  | -  |
| Consumer Discretionary  | 63379361  | 63379361  | -  | -  |
| Consumer Staples  | 29851551  | 29851551  | -  | -  |
| Energy  | 23798393  | 23798393  | -  | -  |
| Financials  | 57621952  | 57621952  | -  | -  |
| Health Care  | 70039045  | 70039045  | -  | -  |
| Industrials  | 42163733  | 42163733  | -  | -  |
| Information Technology  | 126103013  | 126103013  | -  | -  |
| Materials  | 14095144  | 14095144  | -  | -  |
| Real Estate  | 15348344  | 15348344  | -  | -  |
| Utilities  | 13727489  | 13727489  | -  | -  |
|  Money Market Funds  | 4588752  | 4588752  | -  | -  |
| **Total Investments in Securities:**  | 497500040  | 497500040  | -  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 34665  | 34665  | -  | -  |
| Total Assets  | 34665  | 34665  | -  | -  |
| **Total Derivative Instruments:**  | 34665  | 34665  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2023. 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)  | 34665  | 0  |
| **Total Equity Risk**  | 34665  | 0  |
| **Total Value of Derivatives**  | 34665  | 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** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $4,091,674) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $482,853,355)  | $492911288  |  |
|  Fidelity Central Funds (cost $4,588,752)  | 4588752  |  |
|  Total Investment in Securities (cost $487,442,107)  |  | $497500040  |
|  Segregated cash with brokers for derivative instruments  |  | 33920  |
|  Dividends receivable  |  | 482033  |
|  Distributions receivable from Fidelity Central Funds  |  | 1654  |
|  Receivable for daily variation margin on futures contracts  |  | 9200  |
| **Total assets**  |  | 498026847  |
| **Liabilities**  |  |  |
|  Accrued management fee  | $117744  |  |
|  Collateral on securities loaned  | 4126445  |  |
| **Total Liabilities**  |  | 4244189  |
| **Net Assets**  |  | $493782658  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $517129480  |
|  Total accumulated earnings (loss)  |  | (23346822)  |
|  **Net Assets**  |  | $493782658  |
|  **Net Asset Value** , offering price and redemption price per share ($493,782,658 ÷ 10,450,000 shares)  |  | $47.25  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $4077080  |
| Income from Fidelity Central Funds (including $6,890 from security lending)  |  | 17439  |
| **Total Income**  |  | 4094519  |
|  **Expenses**  |  |  |
| Management fee  | $661725  |  |
| Independent trustees' fees and expenses  | 786  |  |
| Total expenses before reductions  | 662511  |  |
| Expense reductions  | (46)  |  |
| Total expenses after reductions  |  | 662465  |
| **Net Investment income (loss)**  |  | 3432054  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (9248607)  |  |
| Redemptions in-kind  | 8746138  |  |
| Futures contracts  | 30563  |  |
| Total net realized gain (loss)  |  | (471906)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (1834328)  |  |
| Futures contracts  | (80330)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (1914658)  |
| **Net gain (loss)**  |  | (2386564)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $1045490  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $3432054  | $6029946  |
| &nbsp;&nbsp; Net realized gain (loss)  | (471906) <br>| 57400773 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (1914658)  | (66352118) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 1045490 <br>| (2921399) <br>|
| Distributions to shareholders  | (3518700) <br>| (5937600) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 92467398  | 286611056  |
| &nbsp;&nbsp; Cost of shares redeemed  | (41074290)  | (344785919)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 51393108 <br>| (58174863) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 48919898 <br>| (67033862) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 444862760  | 511896622 <br>|
| &nbsp;&nbsp; End of period  | $493782658  | $444862760  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 2000000  | 5950000  |
| &nbsp;&nbsp; Redeemed  | (900000)  | (7100000)  |
| &nbsp;&nbsp; Net increase (decrease)  | 1100000  | (1150000)  |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $47.58  | $48.75  | $38.33  | $36.37  | $32.40  | $28.19  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .35  | .62  | .56  | .62  | .62  | .53  |
| Net realized and unrealized gain (loss)  | (.32)  | (1.17)  | 10.43  | 1.95  | 3.92  | 4.20  |
| Total from investment operations  | .03  | (.55)  | 10.99  | 2.57  | 4.54  | 4.73  |
| Distributions from net investment income  | (.36)  | (.62)  | (.57)  | (.61)  | (.57)  | (.52)  |
| Total distributions  | (.36)  | (.62)  | (.57)  | (.61)  | (.57)  | (.52)  |
| Net asset value, end of period  | $47.25  | $47.58  | $48.75  | $38.33  | $36.37  | $32.40  |
| **Total Return** <sup>C,D,E</sup>  | .10%  | (1.12)%  | 28.90%  | 7.29%  | 14.20%  | 16.89%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .29% <sup>H</sup>  | .29%  | .29%  | .29%  | .29%  | .30%  |
| Expenses net of fee waivers, if any  | .29% <sup>H</sup>  | .29%  | .29%  | .29%  | .29%  | .30%  |
| Expenses net of all reductions  | .29% <sup>H</sup>  | .29%  | .29%  | .29%  | .29%  | .30%  |
| Net investment income (loss)  | 1.50% <sup>H</sup>  | 1.27%  | 1.31%  | 1.69%  | 1.83%  | 1.73%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $493783  | $444863  | $511897  | $350708  | $245502  | $66420  |
| Portfolio turnover rate <sup>I,J</sup>  | 48% <sup>H</sup>  | 28%  | 46%  | 31%  | 36%  | 31%  |

---

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

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

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

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

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

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

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

<sup>H</sup> *Annualized.*

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

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

**Fidelity® Momentum Factor ETF** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Apple, Inc.  | 6.8  |
| Microsoft Corp.  | 6.0  |
| Alphabet, Inc. Class A  | 3.6  |
| Amazon.com, Inc.  | 3.1  |
| Berkshire Hathaway, Inc. Class B  | 2.2  |
| Visa, Inc. Class A  | 1.9  |
| UnitedHealth Group, Inc.  | 1.9  |
| Johnson & Johnson  | 1.8  |
| MasterCard, Inc. Class A  | 1.7  |
| Tesla, Inc.  | 1.7  |
|  | 30.7  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 25.4  |
| Health Care  | 14.3  |
| Financials  | 12.2  |
| Consumer Discretionary  | 10.3  |
| Industrials  | 8.9  |
| Communication Services  | 7.6  |
| Consumer Staples  | 6.3  |
| Energy  | 5.4  |
| Real Estate  | 3.3  |
| Utilities  | 3.1  |
| Materials  | 3.0  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88921_5.jpg)  |
| *Foreign investments - 3.5%*  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**Fidelity® Momentum Factor ETF**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 99.8%**  | &nbsp;&nbsp; **Common Stocks - 99.8%**  | &nbsp;&nbsp; **Common Stocks - 99.8%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 7.6%  |  |  |
| Diversified Telecommunication Services - 1.4%  |  |  |
|  Iridium Communications, Inc.  | 9692  | 579969  |
|  Verizon Communications, Inc.  | 27403  | 1139143  |
|  |  | 1719112  |
| Entertainment - 1.0%  |  |  |
|  Activision Blizzard, Inc.  | 9035  | 691810  |
|  Electronic Arts, Inc.  | 4638  | 596818  |
|  |  | 1288628  |
| Interactive Media & Services - 3.6%  |  |  |
|  Alphabet, Inc. Class A (a)  | 45561  | 4503249  |
| Media - 1.0%  |  |  |
|  Nexstar Broadcasting Group, Inc. Class A  | 2994  | 613081  |
|  Omnicom Group, Inc.  | 7322  | 629619  |
|  |  | 1242700  |
| Wireless Telecommunication Services - 0.6%  |  |  |
|  T-Mobile U.S., Inc. (a)  | 5286  | 789253  |
|  TOTAL COMMUNICATION SERVICES  |  | 9542942  |
| CONSUMER DISCRETIONARY - 10.3%  |  |  |
| Automobiles - 1.7%  |  |  |
|  Tesla, Inc. (a)  | 12191  | 2111725  |
| Distributors - 0.5%  |  |  |
|  Genuine Parts Co.  | 3938  | 660875  |
| Diversified Consumer Services - 0.5%  |  |  |
|  H&R Block, Inc.  | 16168  | 630229  |
| Hotels, Restaurants & Leisure - 1.0%  |  |  |
|  McDonald's Corp.  | 4818  | 1288333  |
| Internet & Direct Marketing Retail - 3.1%  |  |  |
|  Amazon.com, Inc. (a)  | 37971  | 3915949  |
| Multiline Retail - 1.2%  |  |  |
|  Dollar General Corp.  | 3243  | 757565  |
|  Dollar Tree, Inc. (a)  | 4647  | 697886  |
|  |  | 1455451  |
| Specialty Retail - 2.3%  |  |  |
|  AutoZone, Inc. (a)  | 315  | 768238  |
|  Murphy U.S.A., Inc.  | 2041  | 555213  |
|  O'Reilly Automotive, Inc. (a)  | 968  | 766995  |
|  Ulta Beauty, Inc. (a)  | 1648  | 847006  |
|  |  | 2937452  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 13000014  |
| CONSUMER STAPLES - 6.3%  |  |  |
| Beverages - 2.3%  |  |  |
|  PepsiCo, Inc.  | 8440  | 1443409  |
|  The Coca-Cola Co.  | 24538  | 1504670  |
|  |  | 2948079  |
| Food & Staples Retailing - 0.5%  |  |  |
|  BJ's Wholesale Club Holdings, Inc. (a)  | 8693  | 629982  |
| Food Products - 3.5%  |  |  |
|  Archer Daniels Midland Co.  | 8600  | 712510  |
|  Campbell Soup Co.  | 13167  | 683762  |
|  General Mills, Inc.  | 10182  | 797862  |
|  Kellogg Co.  | 10079  | 691218  |
|  Lamb Weston Holdings, Inc.  | 8027  | 801817  |
|  The Hershey Co.  | 3266  | 733544  |
|  |  | 4420713  |
|  TOTAL CONSUMER STAPLES  |  | 7998774  |
| ENERGY - 5.4%  |  |  |
| Oil, Gas & Consumable Fuels - 5.4%  |  |  |
|  Chesapeake Energy Corp.  | 2985  | 258859  |
|  Chevron Corp.  | 7777  | 1353354  |
|  ConocoPhillips Co.  | 6434  | 784112  |
|  Devon Energy Corp.  | 6009  | 380009  |
|  Exxon Mobil Corp.  | 17008  | 1973098  |
|  Hess Corp.  | 2825  | 424202  |
|  HF Sinclair Corp.  | 4661  | 265211  |
|  Marathon Petroleum Corp.  | 3971  | 510353  |
|  Occidental Petroleum Corp. (b)  | 6253  | 405132  |
|  Valero Energy Corp.  | 3407  | 477082  |
|  |  | 6831412  |
| FINANCIALS - 12.2%  |  |  |
| Banks - 1.8%  |  |  |
|  CVB Financial Corp.  | 27832  | 674091  |
|  First Horizon National Corp.  | 33142  | 819602  |
|  M&T Bank Corp.  | 5244  | 818064  |
|  |  | 2311757  |
| Capital Markets - 0.6%  |  |  |
|  LPL Financial  | 3168  | 751196  |
| Diversified Financial Services - 2.2%  |  |  |
|  Berkshire Hathaway, Inc. Class B (a)  | 9019  | 2809599  |
| Insurance - 7.6%  |  |  |
|  AFLAC, Inc.  | 13534  | 994749  |
|  Aon PLC  | 3489  | 1111875  |
|  Arthur J. Gallagher & Co.  | 4793  | 938086  |
|  Chubb Ltd.  | 5091  | 1158152  |
|  Kinsale Capital Group, Inc.  | 2455  | 683570  |
|  Marsh & McLennan Companies, Inc.  | 6530  | 1142162  |
|  Progressive Corp.  | 8022  | 1093800  |
|  The Travelers Companies, Inc.  | 5012  | 957893  |
|  Unum Group  | 17722  | 744856  |
|  W.R. Berkley Corp.  | 10899  | 764456  |
|  |  | 9589599  |
|  TOTAL FINANCIALS  |  | 15462151  |
| HEALTH CARE - 14.3%  |  |  |
| Biotechnology - 3.3%  |  |  |
|  AbbVie, Inc.  | 12050  | 1780388  |
|  Amgen, Inc.  | 5051  | 1274872  |
|  Vertex Pharmaceuticals, Inc. (a)  | 3609  | 1166068  |
|  |  | 4221328  |
| Health Care Equipment & Supplies - 0.6%  |  |  |
|  Lantheus Holdings, Inc. (a)  | 14278  | 820985  |
| Health Care Providers & Services - 4.6%  |  |  |
|  Cigna Corp.  | 3672  | 1162812  |
|  Elevance Health, Inc.  | 2423  | 1211476  |
|  McKesson Corp.  | 2625  | 994035  |
|  UnitedHealth Group, Inc.  | 4839  | 2415580  |
|  |  | 5783903  |
| Pharmaceuticals - 5.8%  |  |  |
|  Bristol-Myers Squibb Co.  | 18244  | 1325427  |
|  Eli Lilly & Co.  | 5103  | 1756197  |
|  Johnson & Johnson  | 14178  | 2316969  |
|  Merck & Co., Inc.  | 17439  | 1873123  |
|  |  | 7271716  |
|  TOTAL HEALTH CARE  |  | 18097932  |
| INDUSTRIALS - 8.9%  |  |  |
| Aerospace & Defense - 3.7%  |  |  |
|  General Dynamics Corp.  | 3060  | 713164  |
|  Huntington Ingalls Industries, Inc.  | 2452  | 540764  |
|  L3Harris Technologies, Inc.  | 3077  | 661001  |
|  Lockheed Martin Corp.  | 1995  | 924204  |
|  Northrop Grumman Corp.  | 1587  | 711039  |
|  Raytheon Technologies Corp.  | 11147  | 1113028  |
|  |  | 4663200  |
| Building Products - 0.5%  |  |  |
|  Carlisle Companies, Inc.  | 2661  | 667538  |
| Commercial Services & Supplies - 1.1%  |  |  |
|  Republic Services, Inc.  | 5008  | 625099  |
|  Waste Management, Inc.  | 4916  | 760653  |
|  |  | 1385752  |
| Construction & Engineering - 1.1%  |  |  |
|  Quanta Services, Inc.  | 4414  | 671767  |
|  Willscot Mobile Mini Holdings (a)  | 13226  | 640932  |
|  |  | 1312699  |
| Machinery - 0.8%  |  |  |
|  Deere & Co.  | 2412  | 1019890  |
| Professional Services - 0.4%  |  |  |
|  Booz Allen Hamilton Holding Corp. Class A  | 5661  | 535757  |
| Road & Rail - 0.8%  |  |  |
|  Union Pacific Corp.  | 5119  | 1045249  |
| Trading Companies & Distributors - 0.5%  |  |  |
|  W.W. Grainger, Inc.  | 1110  | 654323  |
|  TOTAL INDUSTRIALS  |  | 11284408  |
| INFORMATION TECHNOLOGY - 25.4%  |  |  |
| IT Services - 8.3%  |  |  |
|  Amdocs Ltd.  | 12049  | 1107665  |
|  Automatic Data Processing, Inc.  | 5425  | 1225019  |
|  GoDaddy, Inc. (a)  | 13435  | 1103417  |
|  IBM Corp.  | 10136  | 1365623  |
|  Jack Henry & Associates, Inc.  | 5469  | 984912  |
|  MasterCard, Inc. Class A  | 6027  | 2233606  |
|  Visa, Inc. Class A  | 10553  | 2429406  |
|  |  | 10449648  |
| Semiconductors & Semiconductor Equipment - 1.6%  |  |  |
|  Enphase Energy, Inc. (a)  | 3638  | 805380  |
|  onsemi (a)  | 17338  | 1273476  |
|  |  | 2078856  |
| Software - 8.0%  |  |  |
|  Cadence Design Systems, Inc. (a)  | 7516  | 1374150  |
|  Microsoft Corp.  | 30581  | 7578278  |
|  Palo Alto Networks, Inc. (a)  | 7304  | 1158707  |
|  |  | 10111135  |
| Technology Hardware, Storage & Peripherals - 7.5%  |  |  |
|  Apple, Inc.  | 59834  | 8633446  |
|  Super Micro Computer, Inc. (a)  | 11905  | 861089  |
|  |  | 9494535  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 32134174  |
| MATERIALS - 3.0%  |  |  |
| Chemicals - 1.8%  |  |  |
|  Albemarle Corp.  | 1132  | 318601  |
|  CF Industries Holdings, Inc.  | 2577  | 218272  |
|  Corteva, Inc.  | 5473  | 352735  |
|  FMC Corp.  | 2044  | 272118  |
|  Linde PLC  | 2415  | 799220  |
|  The Mosaic Co.  | 5256  | 260382  |
|  |  | 2221328  |
| Containers & Packaging - 0.2%  |  |  |
|  Amcor PLC  | 23615  | 284797  |
| Metals & Mining - 1.0%  |  |  |
|  ATI, Inc. (a)  | 7682  | 279548  |
|  Nucor Corp.  | 2453  | 414606  |
|  Reliance Steel & Aluminum Co.  | 1202  | 273395  |
|  Steel Dynamics, Inc.  | 2767  | 333811  |
|  |  | 1301360  |
|  TOTAL MATERIALS  |  | 3807485  |
| REAL ESTATE - 3.3%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 3.3%  |  |  |
|  Agree Realty Corp. (b)  | 2732  | 203889  |
|  American Tower Corp.  | 2462  | 549986  |
|  Crown Castle International Corp.  | 2807  | 415745  |
|  Gaming & Leisure Properties  | 4233  | 226719  |
|  Host Hotels & Resorts, Inc.  | 12293  | 231723  |
|  Iron Mountain, Inc.  | 4356  | 237750  |
|  Omega Healthcare Investors, Inc. (b)  | 6103  | 179672  |
|  Prologis (REIT), Inc.  | 4784  | 618476  |
|  Public Storage  | 1156  | 351817  |
|  Realty Income Corp.  | 4867  | 330129  |
|  SBA Communications Corp. Class A  | 994  | 295745  |
|  VICI Properties, Inc.  | 8579  | 293230  |
|  WP Carey, Inc.  | 2944  | 251800  |
|  |  | 4186681  |
| UTILITIES - 3.1%  |  |  |
| Electric Utilities - 1.5%  |  |  |
|  American Electric Power Co., Inc.  | 5074  | 476753  |
|  Constellation Energy Corp.  | 4219  | 360134  |
|  Southern Co.  | 8206  | 555382  |
|  Xcel Energy, Inc.  | 6372  | 438202  |
|  |  | 1830471  |
| Gas Utilities - 0.3%  |  |  |
|  South Jersey Industries, Inc.  | 8903  | 321309  |
| Multi-Utilities - 1.3%  |  |  |
|  CenterPoint Energy, Inc.  | 12560  | 378307  |
|  Consolidated Edison, Inc.  | 4513  | 430134  |
|  Sempra Energy  | 3004  | 481631  |
|  WEC Energy Group, Inc.  | 4316  | 405661  |
|  |  | 1695733  |
|  TOTAL UTILITIES  |  | 3847513  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $123,393,681)  |  | <br> **126193486**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 0.6%**  | &nbsp;&nbsp; **Money Market Funds - 0.6%**  | &nbsp;&nbsp; **Money Market Funds - 0.6%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.38% (c)  | 169440  | 169474  |
|  Fidelity Securities Lending Cash Central Fund 4.38% (c)(d)  | 597740  | 597800  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $767,274)  |  | **767274**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.4%** <br> (Cost $124,160,955) <br>| <br>**126960760**  |
| **NET OTHER ASSETS (LIABILITIES) - (0.4)%**  | **(523220)**  |
| **NET ASSETS - 100.0%**  | **126437540**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME S&P 500 Index Contracts (United States)  | 12  | Mar 2023  | 245400  | 7757  | 7757  |
| The notional amount of futures purchased as a percentage of Net Assets is 0.2%  | The notional amount of futures purchased as a percentage of Net Assets is 0.2%  | The notional amount of futures purchased as a percentage of Net Assets is 0.2%  | The notional amount of futures purchased as a percentage of Net Assets is 0.2%  | The notional amount of futures purchased as a percentage of Net Assets is 0.2%  | The notional amount of futures purchased as a percentage of Net Assets is 0.2%  |

---

**Legend**

(a) Non-income producing

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

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.38%  | 180280  | 1882309  | 1893115  | 4326  | -  | -  | 169474  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 4.38%  | 1004850  | 4234987  | 4642037  | 1130  | -  | -  | 597800  | 0.0%  |
| Total  | 1185130  | 6117296  | 6535152  | 5456  | -  | -  | 767274  |  |

---

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.

Amount 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 payments 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 January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 9542942  | 9542942  | -  | -  |
| Consumer Discretionary  | 13000014  | 13000014  | -  | -  |
| Consumer Staples  | 7998774  | 7998774  | -  | -  |
| Energy  | 6831412  | 6831412  | -  | -  |
| Financials  | 15462151  | 15462151  | -  | -  |
| Health Care  | 18097932  | 18097932  | -  | -  |
| Industrials  | 11284408  | 11284408  | -  | -  |
| Information Technology  | 32134174  | 32134174  | -  | -  |
| Materials  | 3807485  | 3807485  | -  | -  |
| Real Estate  | 4186681  | 4186681  | -  | -  |
| Utilities  | 3847513  | 3847513  | -  | -  |
|  Money Market Funds  | 767274  | 767274  | -  | -  |
| **Total Investments in Securities:**  | 126960760  | 126960760  | -  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 7757  | 7757  | -  | -  |
| Total Assets  | 7757  | 7757  | -  | -  |
| **Total Derivative Instruments:**  | 7757  | 7757  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2023. 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)  | 7757  | 0  |
| **Total Equity Risk**  | 7757  | 0  |
| **Total Value of Derivatives**  | 7757  | 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** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $591,304) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $123,393,681)  | $126193486  |  |
|  Fidelity Central Funds (cost $767,274)  | 767274  |  |
|  Total Investment in Securities (cost $124,160,955)  |  | $126960760  |
|  Segregated cash with brokers for derivative instruments  |  | 12720  |
|  Cash  |  | 9001  |
|  Dividends receivable  |  | 77307  |
|  Distributions receivable from Fidelity Central Funds  |  | 927  |
|  Receivable for daily variation margin on futures contracts  |  | 3450  |
| **Total assets**  |  | 127064165  |
| **Liabilities**  |  |  |
|  Accrued management fee  | $28825  |  |
|  Collateral on securities loaned  | 597800  |  |
| **Total Liabilities**  |  | 626625  |
| **Net Assets**  |  | $126437540  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $150337023  |
|  Total accumulated earnings (loss)  |  | (23899483)  |
|  **Net Assets**  |  | $126437540  |
|  **Net Asset Value** , offering price and redemption price per share ($126,437,540 ÷ 2,850,000 shares)  |  | $44.36  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $851238  |
| Income from Fidelity Central Funds (including $1,130 from security lending)  |  | 5456  |
| **Total Income**  |  | 856694  |
|  **Expenses**  |  |  |
| Management fee  | $164363  |  |
| Independent trustees' fees and expenses  | 196  |  |
| Total expenses before reductions  | 164559  |  |
| Expense reductions  | (161)  |  |
| Total expenses after reductions  |  | 164398  |
| **Net Investment income (loss)**  |  | 692296  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (2243567)  |  |
| Redemptions in-kind  | 2087253  |  |
| Futures contracts  | (12913)  |  |
| Total net realized gain (loss)  |  | (169227)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (4006950)  |  |
| Futures contracts  | (9861)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (4016811)  |
| **Net gain (loss)**  |  | (4186038)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(3493742)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $692296  | $1047146  |
| &nbsp;&nbsp; Net realized gain (loss)  | (169227) <br>| 9388516 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (4016811)  | (18448115) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (3493742) <br>| (8012453) <br>|
| Distributions to shareholders  | (733100) <br>| (999550) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 31289503  | 86253555  |
| &nbsp;&nbsp; Cost of shares redeemed  | (17373490)  | (117256850)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 13916013 <br>| (31003295) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 9689171 <br>| (40015298) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 116748369  | 156763667 <br>|
| &nbsp;&nbsp; End of period  | $126437540  | $116748369  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 700000  | 1700000  |
| &nbsp;&nbsp; Redeemed  | (400000)  | (2300000)  |
| &nbsp;&nbsp; Net increase (decrease)  | 300000  | (600000)  |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $45.78  | $49.77  | $39.26  | $35.80  | $33.58  | $28.60  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .27  | .43  | .25  | .42  | .40  | .36  |
| Net realized and unrealized gain (loss)  | (1.41)  | (4.01)  | 10.54  | 3.47  | 2.22  | 4.97  |
| Total from investment operations  | (1.14)  | (3.58)  | 10.79  | 3.89  | 2.62  | 5.33  |
| Distributions from net investment income  | (.28)  | (.41)  | (.28)  | (.43)  | (.40)  | (.35)  |
| Total distributions  | (.28)  | (.41)  | (.28)  | (.43)  | (.40)  | (.35)  |
| Net asset value, end of period  | $44.36  | $45.78  | $49.77  | $39.26  | $35.80  | $33.58  |
| **Total Return** <sup>C,D,E</sup>  | (2.47)%  | (7.20)%  | 27.58%  | 11.06%  | 7.91%  | 18.72%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .29% <sup>H</sup>  | .29%  | .29%  | .29%  | .29%  | .30%  |
| Expenses net of fee waivers, if any  | .29% <sup>H</sup>  | .29%  | .29%  | .29%  | .29%  | .30%  |
| Expenses net of all reductions  | .29% <sup>H</sup>  | .29%  | .29%  | .29%  | .29%  | .30%  |
| Net investment income (loss)  | 1.22% <sup>H</sup>  | .88%  | .55%  | 1.18%  | 1.18%  | 1.14%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $126438  | $116748  | $156764  | $88329  | $121736  | $95702  |
| Portfolio turnover rate <sup>I,J</sup>  | 132% <sup>H</sup>  | 123%  | 128%  | 138%  | 133%  | 125%  |

---

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

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

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

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

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

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

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

<sup>H</sup> *Annualized.*

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

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

**Fidelity® Quality Factor ETF** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Apple, Inc.  | 6.3  |
| Microsoft Corp.  | 5.4  |
| Alphabet, Inc. Class A  | 3.2  |
| UnitedHealth Group, Inc.  | 1.9  |
| NVIDIA Corp.  | 1.9  |
| Johnson & Johnson  | 1.8  |
| Visa, Inc. Class A  | 1.7  |
| Exxon Mobil Corp.  | 1.6  |
| The Home Depot, Inc.  | 1.6  |
| Tesla, Inc.  | 1.5  |
|  | 26.9  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 26.6  |
| Health Care  | 14.0  |
| Financials  | 11.5  |
| Consumer Discretionary  | 11.1  |
| Industrials  | 8.9  |
| Communication Services  | 7.4  |
| Consumer Staples  | 6.1  |
| Energy  | 5.1  |
| Materials  | 3.3  |
| Real Estate  | 3.1  |
| Utilities  | 2.7  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88921_5.jpg)  |
| *Foreign investments - 4.3%*  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**Fidelity® Quality Factor ETF**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 99.8%**  | &nbsp;&nbsp; **Common Stocks - 99.8%**  | &nbsp;&nbsp; **Common Stocks - 99.8%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 7.4%  |  |  |
| Diversified Telecommunication Services - 1.4%  |  |  |
|  AT&T, Inc.  | 92546  | 1885162  |
|  Verizon Communications, Inc.  | 47176  | 1961106  |
|  |  | 3846268  |
| Entertainment - 0.4%  |  |  |
|  Activision Blizzard, Inc.  | 14870  | 1138596  |
| Interactive Media & Services - 4.6%  |  |  |
|  Alphabet, Inc. Class A (a)  | 90222  | 8917542  |
|  Match Group, Inc. (a)  | 13203  | 714546  |
|  Meta Platforms, Inc. Class A (a)  | 20995  | 3127625  |
|  |  | 12759713  |
| Media - 1.0%  |  |  |
|  Comcast Corp. Class A  | 51502  | 2026604  |
|  Sirius XM Holdings, Inc. (b)  | 116945  | 677112  |
|  |  | 2703716  |
|  TOTAL COMMUNICATION SERVICES  |  | 20448293  |
| CONSUMER DISCRETIONARY - 11.1%  |  |  |
| Automobiles - 1.5%  |  |  |
|  Tesla, Inc. (a)  | 24234  | 4197813  |
| Hotels, Restaurants & Leisure - 3.4%  |  |  |
|  Airbnb, Inc. Class A (a)  | 18195  | 2021646  |
|  Domino's Pizza, Inc.  | 4959  | 1750527  |
|  McDonald's Corp.  | 12422  | 3321643  |
|  Yum! Brands, Inc.  | 17387  | 2269177  |
|  |  | 9362993  |
| Specialty Retail - 5.0%  |  |  |
|  AutoZone, Inc. (a)  | 993  | 2421778  |
|  Lowe's Companies, Inc.  | 14121  | 2940698  |
|  O'Reilly Automotive, Inc. (a)  | 3077  | 2438061  |
|  The Home Depot, Inc.  | 13486  | 4371757  |
|  Williams-Sonoma, Inc. (b)  | 13207  | 1782153  |
|  |  | 13954447  |
| Textiles, Apparel & Luxury Goods - 1.2%  |  |  |
|  NIKE, Inc. Class B  | 25269  | 3217502  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 30732755  |
| CONSUMER STAPLES - 6.1%  |  |  |
| Beverages - 1.5%  |  |  |
|  Brown-Forman Corp. Class B (non-vtg.)  | 18016  | 1199505  |
|  The Coca-Cola Co.  | 48291  | 2961204  |
|  |  | 4160709  |
| Food Products - 0.5%  |  |  |
|  The Hershey Co.  | 6697  | 1504146  |
| Household Products - 2.5%  |  |  |
|  Colgate-Palmolive Co.  | 21795  | 1624381  |
|  Kimberly-Clark Corp.  | 12018  | 1562460  |
|  Procter & Gamble Co.  | 26206  | 3731210  |
|  |  | 6918051  |
| Tobacco - 1.6%  |  |  |
|  Altria Group, Inc.  | 41867  | 1885690  |
|  Philip Morris International, Inc.  | 24222  | 2524901  |
|  |  | 4410591  |
|  TOTAL CONSUMER STAPLES  |  | 16993497  |
| ENERGY - 5.1%  |  |  |
| Oil, Gas & Consumable Fuels - 5.1%  |  |  |
|  APA Corp.  | 23027  | 1020787  |
|  Chevron Corp.  | 18444  | 3209625  |
|  ConocoPhillips Co.  | 16417  | 2000740  |
|  DT Midstream, Inc.  | 12613  | 689427  |
|  Exxon Mobil Corp.  | 37828  | 4388426  |
|  Marathon Oil Corp.  | 34531  | 948567  |
|  Occidental Petroleum Corp. (b)  | 17443  | 1130132  |
|  Texas Pacific Land Corp. (b)  | 429  | 856220  |
|  |  | 14243924  |
| FINANCIALS - 11.5%  |  |  |
| Banks - 2.8%  |  |  |
|  East West Bancorp, Inc.  | 30101  | 2363531  |
|  Popular, Inc.  | 26991  | 1852662  |
|  Signature Bank  | 11241  | 1449527  |
|  Western Alliance Bancorp.  | 27244  | 2053380  |
|  |  | 7719100  |
| Capital Markets - 5.3%  |  |  |
|  Ameriprise Financial, Inc.  | 8224  | 2879387  |
|  Blackstone, Inc.  | 24624  | 2362919  |
|  CME Group, Inc.  | 12654  | 2235456  |
|  Moody's Corp.  | 7578  | 2445800  |
|  MSCI, Inc.  | 4633  | 2462717  |
|  SEI Investments Co.  | 36873  | 2301981  |
|  |  | 14688260  |
| Consumer Finance - 0.9%  |  |  |
|  Discover Financial Services  | 21668  | 2529306  |
| Insurance - 1.8%  |  |  |
|  Aon PLC  | 8572  | 2731725  |
|  Kinsale Capital Group, Inc.  | 8332  | 2319962  |
|  |  | 5051687  |
| Thrifts & Mortgage Finance - 0.7%  |  |  |
|  Essent Group Ltd.  | 47961  | 2111723  |
|  TOTAL FINANCIALS  |  | 32100076  |
| HEALTH CARE - 14.0%  |  |  |
| Biotechnology - 3.7%  |  |  |
|  AbbVie, Inc.  | 27235  | 4023971  |
|  Amgen, Inc.  | 11981  | 3024004  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 4038  | 3062702  |
|  |  | 10110677  |
| Health Care Equipment & Supplies - 1.5%  |  |  |
|  Edwards Lifesciences Corp. (a)  | 23604  | 1810427  |
|  Hologic, Inc. (a)  | 29919  | 2434509  |
|  |  | 4244936  |
| Health Care Providers & Services - 1.9%  |  |  |
|  UnitedHealth Group, Inc.  | 10560  | 5271446  |
| Life Sciences Tools & Services - 2.0%  |  |  |
|  Danaher Corp.  | 11623  | 3072889  |
|  Mettler-Toledo International, Inc. (a)  | 1648  | 2526252  |
|  |  | 5599141  |
| Pharmaceuticals - 4.9%  |  |  |
|  Bristol-Myers Squibb Co.  | 43209  | 3139134  |
|  Johnson & Johnson  | 30755  | 5025982  |
|  Pfizer, Inc.  | 80882  | 3571749  |
|  Royalty Pharma PLC  | 49706  | 1947978  |
|  |  | 13684843  |
|  TOTAL HEALTH CARE  |  | 38911043  |
| INDUSTRIALS - 8.9%  |  |  |
| Air Freight & Logistics - 1.3%  |  |  |
|  Expeditors International of Washington, Inc.  | 13547  | 1465108  |
|  United Parcel Service, Inc. Class B  | 11894  | 2203126  |
|  |  | 3668234  |
| Building Products - 0.4%  |  |  |
|  Trex Co., Inc. (a)  | 21093  | 1112023  |
| Commercial Services & Supplies - 1.1%  |  |  |
|  Cintas Corp.  | 3617  | 1605008  |
|  Copart, Inc. (a)  | 22696  | 1511781  |
|  |  | 3116789  |
| Electrical Equipment - 0.7%  |  |  |
|  Atkore, Inc. (a)  | 14489  | 1887192  |
| Machinery - 1.3%  |  |  |
|  Illinois Tool Works, Inc.  | 8154  | 1924670  |
|  Otis Worldwide Corp.  | 19129  | 1572978  |
|  |  | 3497648  |
| Professional Services - 0.5%  |  |  |
|  Verisk Analytics, Inc.  | 7554  | 1373242  |
| Road & Rail - 2.5%  |  |  |
|  CSX Corp.  | 54673  | 1690489  |
|  Norfolk Southern Corp.  | 6817  | 1675687  |
|  Old Dominion Freight Lines, Inc.  | 4931  | 1643206  |
|  Union Pacific Corp.  | 10175  | 2077633  |
|  |  | 7087015  |
| Trading Companies & Distributors - 1.1%  |  |  |
|  Fastenal Co.  | 28597  | 1445578  |
|  W.W. Grainger, Inc.  | 2659  | 1567427  |
|  |  | 3013005  |
|  TOTAL INDUSTRIALS  |  | 24755148  |
| INFORMATION TECHNOLOGY - 26.6%  |  |  |
| Communications Equipment - 1.2%  |  |  |
|  Cisco Systems, Inc.  | 67273  | 3274177  |
| IT Services - 5.5%  |  |  |
|  Accenture PLC Class A  | 10018  | 2795523  |
|  MasterCard, Inc. Class A  | 10962  | 4062517  |
|  Paychex, Inc.  | 15430  | 1787720  |
|  VeriSign, Inc. (a)  | 9232  | 2013038  |
|  Visa, Inc. Class A  | 19838  | 4566906  |
|  |  | 15225704  |
| Semiconductors & Semiconductor Equipment - 6.7%  |  |  |
|  Applied Materials, Inc.  | 21576  | 2405508  |
|  Broadcom, Inc.  | 6008  | 3514740  |
|  Lam Research Corp.  | 4173  | 2086917  |
|  NVIDIA Corp.  | 26945  | 5264245  |
|  Qualcomm, Inc.  | 19284  | 2568822  |
|  Texas Instruments, Inc.  | 15800  | 2799918  |
|  |  | 18640150  |
| Software - 6.9%  |  |  |
|  Adobe, Inc. (a)  | 7341  | 2718666  |
|  Manhattan Associates, Inc. (a)  | 12183  | 1588176  |
|  Microsoft Corp.  | 60240  | 14928074  |
|  |  | 19234916  |
| Technology Hardware, Storage & Peripherals - 6.3%  |  |  |
|  Apple, Inc.  | 121799  | 17574378  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 73949325  |
| MATERIALS - 3.3%  |  |  |
| Chemicals - 1.9%  |  |  |
|  Celanese Corp. Class A  | 5299  | 652837  |
|  CF Industries Holdings, Inc.  | 6571  | 556564  |
|  Dow, Inc.  | 15125  | 897669  |
|  Linde PLC  | 5313  | 1758284  |
|  LyondellBasell Industries NV Class A  | 7737  | 748091  |
|  Olin Corp.  | 10608  | 685171  |
|  |  | 5298616  |
| Construction Materials - 0.2%  |  |  |
|  Eagle Materials, Inc.  | 4208  | 614705  |
| Metals & Mining - 1.2%  |  |  |
|  Freeport-McMoRan, Inc.  | 27957  | 1247441  |
|  Nucor Corp.  | 5660  | 956653  |
|  Steel Dynamics, Inc.  | 7766  | 936890  |
|  |  | 3140984  |
|  TOTAL MATERIALS  |  | 9054305  |
| REAL ESTATE - 3.1%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 3.1%  |  |  |
|  EastGroup Properties, Inc.  | 3232  | 543784  |
|  Essex Property Trust, Inc.  | 2269  | 512953  |
|  Extra Space Storage, Inc.  | 3522  | 555877  |
|  Gaming & Leisure Properties  | 11565  | 619421  |
|  National Retail Properties, Inc.  | 11995  | 567963  |
|  Prologis (REIT), Inc.  | 9185  | 1187437  |
|  Public Storage  | 2616  | 796153  |
|  Realty Income Corp.  | 11233  | 761934  |
|  SBA Communications Corp. Class A  | 2219  | 660219  |
|  Simon Property Group, Inc.  | 7094  | 911295  |
|  VICI Properties, Inc.  | 21617  | 738869  |
|  WP Carey, Inc.  | 7311  | 625310  |
|  |  | 8481215  |
| UTILITIES - 2.7%  |  |  |
| Electric Utilities - 1.8%  |  |  |
|  FirstEnergy Corp.  | 21210  | 868550  |
|  IDACORP, Inc.  | 6346  | 671470  |
|  NextEra Energy, Inc.  | 21785  | 1625815  |
|  NRG Energy, Inc.  | 18618  | 637108  |
|  Southern Co.  | 16209  | 1097025  |
|  |  | 4899968  |
| Gas Utilities - 0.2%  |  |  |
|  National Fuel Gas Co.  | 10154  | 589541  |
| Independent Power and Renewable Electricity Producers - 0.4%  |  |  |
|  Clearway Energy, Inc. Class C (b)  | 18285  | 617850  |
|  Vistra Corp.  | 28948  | 667541  |
|  |  | 1285391  |
| Multi-Utilities - 0.3%  |  |  |
|  WEC Energy Group, Inc.  | 8668  | 814705  |
|  TOTAL UTILITIES  |  | 7589605  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $280,263,203)  |  | <br> **277259186**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 1.8%**  | &nbsp;&nbsp; **Money Market Funds - 1.8%**  | &nbsp;&nbsp; **Money Market Funds - 1.8%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.38% (c)  | 350035  | 350105  |
|  Fidelity Securities Lending Cash Central Fund 4.38% (c)(d)  | 4621313  | 4621775  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $4,971,880)  |  | **4971880**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.6%** <br> (Cost $285,235,083) <br>| <br>**282231066**  |
| **NET OTHER ASSETS (LIABILITIES) - (1.6)%**  | **(4359993)**  |
| **NET ASSETS - 100.0%**  | **277871073**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME S&P 500 Index Contracts (United States)  | 20  | Mar 2023  | 409000  | 20967  | 20967  |
| The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  | The notional amount of futures purchased as a percentage of Net Assets is 0.1%  |

---

**Legend**

(a) Non-income producing

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

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.38%  | 291681  | 3331726  | 3273302  | 4812  | -  | -  | 350105  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 4.38%  | 3524275  | 17857197  | 16759697  | 33915  | -  | -  | 4621775  | 0.0%  |
| Total  | 3815956  | 21188923  | 20032999  | 38727  | -  | -  | 4971880  |  |

---

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.

Amount 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 payments 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 January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 20448293  | 20448293  | -  | -  |
| Consumer Discretionary  | 30732755  | 30732755  | -  | -  |
| Consumer Staples  | 16993497  | 16993497  | -  | -  |
| Energy  | 14243924  | 14243924  | -  | -  |
| Financials  | 32100076  | 32100076  | -  | -  |
| Health Care  | 38911043  | 38911043  | -  | -  |
| Industrials  | 24755148  | 24755148  | -  | -  |
| Information Technology  | 73949325  | 73949325  | -  | -  |
| Materials  | 9054305  | 9054305  | -  | -  |
| Real Estate  | 8481215  | 8481215  | -  | -  |
| Utilities  | 7589605  | 7589605  | -  | -  |
|  Money Market Funds  | 4971880  | 4971880  | -  | -  |
| **Total Investments in Securities:**  | 282231066  | 282231066  | -  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 20967  | 20967  | -  | -  |
| Total Assets  | 20967  | 20967  | -  | -  |
| **Total Derivative Instruments:**  | 20967  | 20967  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2023. 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)  | 20967  | 0  |
| **Total Equity Risk**  | 20967  | 0  |
| **Total Value of Derivatives**  | 20967  | 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** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $4,606,435) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $280,263,203)  | $277259186  |  |
|  Fidelity Central Funds (cost $4,971,880)  | 4971880  |  |
|  Total Investment in Securities (cost $285,235,083)  |  | $282231066  |
|  Segregated cash with brokers for derivative instruments  |  | 21200  |
|  Cash  |  | 2930  |
|  Dividends receivable  |  | 289877  |
|  Distributions receivable from Fidelity Central Funds  |  | 6138  |
|  Receivable for daily variation margin on futures contracts  |  | 5750  |
| **Total assets**  |  | 282556961  |
| **Liabilities**  |  |  |
|  Accrued management fee  | $64113  |  |
|  Collateral on securities loaned  | 4621775  |  |
| **Total Liabilities**  |  | 4685888  |
| **Net Assets**  |  | $277871073  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $299279539  |
|  Total accumulated earnings (loss)  |  | (21408466)  |
|  **Net Assets**  |  | $277871073  |
|  **Net Asset Value** , offering price and redemption price per share ($277,871,073 ÷ 5,900,000 shares)  |  | $47.10  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $2061724  |
| Income from Fidelity Central Funds (including $33,915 from security lending)  |  | 38727  |
| **Total Income**  |  | 2100451  |
|  **Expenses**  |  |  |
| Management fee  | $370568  |  |
| Independent trustees' fees and expenses  | 444  |  |
| Total expenses before reductions  | 371012  |  |
| Expense reductions  | (51)  |  |
| Total expenses after reductions  |  | 370961  |
| **Net Investment income (loss)**  |  | 1729490  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (3307130)  |  |
| Redemptions in-kind  | 3315793  |  |
| Futures contracts  | 46041  |  |
| Total net realized gain (loss)  |  | 54704  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (5200239)  |  |
| Futures contracts  | (12158)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (5212397)  |
| **Net gain (loss)**  |  | (5157693)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(3428203)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $1729490  | $3315679  |
| &nbsp;&nbsp; Net realized gain (loss)  | 54704 <br>| 31054201 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (5212397)  | (49818448) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (3428203) <br>| (15448568) <br>|
| Distributions to shareholders  | (1761850) <br>| (3437350) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 34340352  | 184056355  |
| &nbsp;&nbsp; Cost of shares redeemed  | (17993035)  | (144177423)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 16347317 <br>| 39878932 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 11157264 <br>| 20993014 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 266713809  | 245720795 <br>|
| &nbsp;&nbsp; End of period  | $277871073  | $266713809  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 750000  | 3600000  |
| &nbsp;&nbsp; Redeemed  | (400000)  | (2850000)  |
| &nbsp;&nbsp; Net increase (decrease)  | 350000  | 750000  |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $48.06  | $51.19  | $38.19  | $35.28  | $33.47  | $29.11  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .31  | .67  | .62  | .62  | .58  | .53  |
| Net realized and unrealized gain (loss)  | (.96)  | (3.10)  | 13.00  | 2.90  | 1.77  | 4.38  |
| Total from investment operations  | (.65)  | (2.43)  | 13.62  | 3.52  | 2.35  | 4.91  |
| Distributions from net investment income  | (.31)  | (.70)  | (.62)  | (.61)  | (.54)  | (.55)  |
| Total distributions  | (.31)  | (.70)  | (.62)  | (.61)  | (.54)  | (.55)  |
| Net asset value, end of period  | $47.10  | $48.06  | $51.19  | $38.19  | $35.28  | $33.47  |
| **Total Return** <sup>C,D,E</sup>  | (1.31)%  | (4.79)%  | 36.00%  | 10.26%  | 7.14%  | 16.95%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .29% <sup>H</sup>  | .29%  | .29%  | .29%  | .29%  | .30%  |
| Expenses net of fee waivers, if any  | .29% <sup>H</sup>  | .29%  | .29%  | .29%  | .29%  | .30%  |
| Expenses net of all reductions  | .29% <sup>H</sup>  | .29%  | .29%  | .29%  | .29%  | .30%  |
| Net investment income (loss)  | 1.35% <sup>H</sup>  | 1.33%  | 1.39%  | 1.74%  | 1.72%  | 1.66%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $277871  | $266714  | $245721  | $147022  | $162282  | $65259  |
| Portfolio turnover rate <sup>I,J</sup>  | 54% <sup>H</sup>  | 38%  | 35%  | 41%  | 29%  | 30%  |

---

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

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

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

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

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

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

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

<sup>H</sup> *Annualized.*

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

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

**Fidelity® Small-Mid Multifactor ETF** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Steel Dynamics, Inc.  | 0.5  |
| LPL Financial  | 0.4  |
| APA Corp.  | 0.4  |
| Everest Re Group Ltd.  | 0.4  |
| LKQ Corp.  | 0.4  |
| W.R. Berkley Corp.  | 0.4  |
| Lamb Weston Holdings, Inc.  | 0.4  |
| PulteGroup, Inc.  | 0.4  |
| J.B. Hunt Transport Services, Inc.  | 0.4  |
| Iron Mountain, Inc.  | 0.4  |
|  | 4.1  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Industrials  | 17.8  |
| Financials  | 16.8  |
| Consumer Discretionary  | 13.4  |
| Health Care  | 12.2  |
| Information Technology  | 12.2  |
| Real Estate  | 7.7  |
| Materials  | 6.0  |
| Energy  | 4.2  |
| Consumer Staples  | 3.8  |
| Communication Services  | 2.9  |
| Utilities  | 2.8  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88921_7.jpg)  |
| *Foreign investments - 4.3%*  |
| *Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%\**  |
| *Short-Term Investments and Net Other Assets (Liabilities) are not available in the pie chart.*  |

---

**Fidelity® Small-Mid Multifactor ETF**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 99.8%**  | &nbsp;&nbsp; **Common Stocks - 99.8%**  | &nbsp;&nbsp; **Common Stocks - 99.8%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 2.9%  |  |  |
| Diversified Telecommunication Services - 0.6%  |  |  |
|  Cogent Communications Group, Inc.  | 2134  | 146328  |
|  EchoStar Holding Corp. Class A (a)  | 4915  | 91960  |
|  Liberty Global PLC Class C (a)  | 12057  | 269474  |
|  Lumen Technologies, Inc.  | 24612  | 129213  |
|  |  | 636975  |
| Entertainment - 0.6%  |  |  |
|  Live Nation Entertainment, Inc. (a)  | 3331  | 268112  |
|  Playtika Holding Corp. (a)  | 8928  | 93655  |
|  Sciplay Corp. (A Shares) (a)  | 7200  | 122328  |
|  World Wrestling Entertainment, Inc. Class A (b)  | 1973  | 166955  |
|  |  | 651050  |
| Media - 1.6%  |  |  |
|  AMC Networks, Inc. Class A (a)  | 3095  | 57288  |
|  John Wiley & Sons, Inc. Class A  | 2411  | 110424  |
|  News Corp. Class A  | 14042  | 284491  |
|  Nexstar Broadcasting Group, Inc. Class A  | 1160  | 237533  |
|  Scholastic Corp.  | 2399  | 106132  |
|  Sinclair Broadcast Group, Inc. Class A  | 4424  | 91267  |
|  Sirius XM Holdings, Inc. (b)  | 28961  | 167684  |
|  TechTarget, Inc. (a)  | 1710  | 84696  |
|  TEGNA, Inc.  | 7972  | 158882  |
|  The New York Times Co. Class A  | 5755  | 200504  |
|  Thryv Holdings, Inc. (a)  | 3502  | 78340  |
|  |  | 1577241  |
| Wireless Telecommunication Services - 0.1%  |  |  |
|  Gogo, Inc. (a)  | 5858  | 98239  |
|  TOTAL COMMUNICATION SERVICES  |  | 2963505  |
| CONSUMER DISCRETIONARY - 13.4%  |  |  |
| Auto Components - 1.4%  |  |  |
|  BorgWarner, Inc.  | 6827  | 322781  |
|  Dorman Products, Inc. (a)  | 1502  | 145784  |
|  Gentex Corp.  | 7736  | 228289  |
|  Gentherm, Inc. (a)  | 2194  | 163299  |
|  LCI Industries  | 1230  | 138031  |
|  Lear Corp.  | 1727  | 251762  |
|  Standard Motor Products, Inc.  | 2892  | 117010  |
|  |  | 1366956  |
| Automobiles - 0.4%  |  |  |
|  Harley-Davidson, Inc.  | 5267  | 242440  |
|  Winnebago Industries, Inc.  | 2194  | 139714  |
|  |  | 382154  |
| Distributors - 0.4%  |  |  |
|  LKQ Corp.  | 6454  | 380528  |
| Diversified Consumer Services - 1.7%  |  |  |
|  Bright Horizons Family Solutions, Inc. (a)  | 2278  | 174905  |
|  Carriage Services, Inc.  | 3080  | 99854  |
|  Graham Holdings Co.  | 235  | 153528  |
|  Grand Canyon Education, Inc. (a)  | 1604  | 186962  |
|  H&R Block, Inc.  | 5323  | 207491  |
|  Laureate Education, Inc. Class A  | 10640  | 116827  |
|  Perdoceo Education Corp. (a)  | 8573  | 128338  |
|  Service Corp. International  | 4345  | 322182  |
|  Strategic Education, Inc.  | 1773  | 165510  |
|  Stride, Inc. (a)  | 2979  | 127888  |
|  |  | 1683485  |
| Hotels, Restaurants & Leisure - 2.4%  |  |  |
|  Accel Entertainment, Inc. (a)  | 9139  | 84262  |
|  Bloomin' Brands, Inc.  | 6088  | 147634  |
|  Bluegreen Vacations Holding Corp. Class A (b)  | 4266  | 138389  |
|  Boyd Gaming Corp.  | 3173  | 197710  |
|  Choice Hotels International, Inc.  | 1436  | 176470  |
|  Churchill Downs, Inc.  | 1070  | 265467  |
|  Monarch Casino & Resort, Inc. (a)  | 1723  | 132016  |
|  Planet Fitness, Inc. (a)(b)  | 2736  | 231602  |
|  Texas Roadhouse, Inc. Class A  | 2306  | 231592  |
|  Travel+Leisure Co.  | 3728  | 157955  |
|  Vail Resorts, Inc.  | 1140  | 299068  |
|  Wendy's Co.  | 7615  | 169815  |
|  Wyndham Hotels & Resorts, Inc.  | 3065  | 237568  |
|  |  | 2469548  |
| Household Durables - 2.4%  |  |  |
|  Cavco Industries, Inc. (a)  | 531  | 141299  |
|  Ethan Allen Interiors, Inc. (b)  | 4237  | 121771  |
|  Helen of Troy Ltd. (a)  | 1164  | 131660  |
|  KB Home  | 4607  | 177139  |
|  La-Z-Boy, Inc.  | 4186  | 119008  |
|  M.D.C. Holdings, Inc.  | 3768  | 142280  |
|  Meritage Homes Corp. (a)  | 1771  | 190719  |
|  Mohawk Industries, Inc. (a)  | 1745  | 209505  |
|  PulteGroup, Inc.  | 6537  | 371890  |
|  Taylor Morrison Home Corp. (a)  | 5599  | 200444  |
|  Toll Brothers, Inc.  | 3968  | 236056  |
|  TopBuild Corp. (a)  | 1057  | 211463  |
|  TRI Pointe Homes, Inc. (a)  | 7258  | 160329  |
|  |  | 2413563  |
| Internet & Direct Marketing Retail - 0.1%  |  |  |
|  PetMed Express, Inc. (b)  | 4911  | 105488  |
| Leisure Products - 0.3%  |  |  |
|  Smith & Wesson Brands, Inc.  | 7586  | 84053  |
|  Sturm, Ruger & Co., Inc.  | 1915  | 108964  |
|  Vista Outdoor, Inc. (a)  | 4313  | 126587  |
|  |  | 319604  |
| Multiline Retail - 0.7%  |  |  |
|  Dillard's, Inc. Class A (b)  | 472  | 185642  |
|  Kohl's Corp.  | 5528  | 178941  |
|  Macy's, Inc.  | 10586  | 250147  |
|  Ollie's Bargain Outlet Holdings, Inc. (a)  | 2603  | 142540  |
|  |  | 757270  |
| Specialty Retail - 3.1%  |  |  |
|  Academy Sports & Outdoors, Inc.  | 3782  | 220944  |
|  Advance Auto Parts, Inc.  | 1607  | 244714  |
|  Arko Corp.  | 11934  | 100126  |
|  Asbury Automotive Group, Inc. (a)  | 944  | 207680  |
|  AutoNation, Inc. (a)  | 1453  | 184124  |
|  Caleres, Inc.  | 4358  | 113395  |
|  Dick's Sporting Goods, Inc.  | 2041  | 266881  |
|  Group 1 Automotive, Inc.  | 846  | 180917  |
|  Lithia Motors, Inc. Class A (sub. vtg.)  | 878  | 231090  |
|  MarineMax, Inc. (a)  | 3014  | 94188  |
|  Monro, Inc. (b)  | 2524  | 128472  |
|  Murphy U.S.A., Inc.  | 739  | 201030  |
|  Penske Automotive Group, Inc. (b)  | 1367  | 174730  |
|  Sally Beauty Holdings, Inc. (a)  | 9050  | 140999  |
|  The Buckle, Inc.  | 3695  | 162580  |
|  TravelCenters of America LLC (a)  | 2040  | 92861  |
|  Williams-Sonoma, Inc.  | 1930  | 260434  |
|  Winmark Corp.  | 486  | 136469  |
|  |  | 3141634  |
| Textiles, Apparel & Luxury Goods - 0.5%  |  |  |
|  Movado Group, Inc.  | 2978  | 105302  |
|  Ralph Lauren Corp.  | 1813  | 224540  |
|  Steven Madden Ltd.  | 4357  | 156198  |
|  |  | 486040  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 13506270  |
| CONSUMER STAPLES - 3.8%  |  |  |
| Beverages - 0.6%  |  |  |
|  Coca-Cola Bottling Co. Consolidated  | 266  | 134803  |
|  MGP Ingredients, Inc.  | 1085  | 105831  |
|  Molson Coors Beverage Co. Class B  | 5114  | 268894  |
|  National Beverage Corp. (a)  | 2106  | 93085  |
|  |  | 602613  |
| Food & Staples Retailing - 1.2%  |  |  |
|  Albertsons Companies, Inc.  | 5329  | 112975  |
|  BJ's Wholesale Club Holdings, Inc. (a)  | 3755  | 272125  |
|  Casey's General Stores, Inc.  | 1113  | 262568  |
|  Grocery Outlet Holding Corp. (a)  | 3656  | 111106  |
|  Ingles Markets, Inc. Class A  | 1187  | 112765  |
|  Sprouts Farmers Market LLC (a)  | 4936  | 157705  |
|  Weis Markets, Inc.  | 1429  | 123380  |
|  |  | 1152624  |
| Food Products - 1.6%  |  |  |
|  Cal-Maine Foods, Inc.  | 2461  | 140818  |
|  Campbell Soup Co.  | 5503  | 285771  |
|  Flowers Foods, Inc.  | 6894  | 190895  |
|  Hostess Brands, Inc. Class A (a)  | 6638  | 153537  |
|  Ingredion, Inc.  | 2201  | 226263  |
|  Lamb Weston Holdings, Inc.  | 3731  | 372690  |
|  Pilgrim's Pride Corp. (a)  | 3938  | 95615  |
|  Tootsie Roll Industries, Inc.  | 2884  | 129001  |
|  |  | 1594590  |
| Household Products - 0.1%  |  |  |
|  WD-40 Co.  | 758  | 132301  |
| Personal Products - 0.2%  |  |  |
|  Nu Skin Enterprises, Inc. Class A  | 2960  | 126925  |
|  USANA Health Sciences, Inc. (a)  | 1505  | 87952  |
|  |  | 214877  |
| Tobacco - 0.1%  |  |  |
|  Universal Corp.  | 2214  | 120375  |
|  TOTAL CONSUMER STAPLES  |  | 3817380  |
| ENERGY - 4.2%  |  |  |
| Energy Equipment & Services - 0.4%  |  |  |
|  Cactus, Inc.  | 3263  | 176561  |
|  Helmerich & Payne, Inc.  | 4023  | 194874  |
|  |  | 371435  |
| Oil, Gas & Consumable Fuels - 3.8%  |  |  |
|  APA Corp.  | 8797  | 389971  |
|  Arch Resources, Inc. (b)  | 949  | 140471  |
|  California Resources Corp.  | 3364  | 143744  |
|  Chesapeake Energy Corp.  | 2986  | 258946  |
|  Chord Energy Corp.  | 1069  | 153220  |
|  Civitas Resources, Inc. (b)  | 2779  | 184942  |
|  Comstock Resources, Inc.  | 7015  | 85232  |
|  CONSOL Energy, Inc.  | 1935  | 111901  |
|  CVR Energy, Inc.  | 3174  | 105377  |
|  DT Midstream, Inc.  | 3296  | 180159  |
|  EQT Corp.  | 7321  | 239177  |
|  HF Sinclair Corp.  | 4530  | 257757  |
|  Magnolia Oil & Gas Corp. Class A  | 6525  | 154055  |
|  Murphy Oil Corp.  | 5175  | 225682  |
|  PBF Energy, Inc. Class A  | 4554  | 191222  |
|  PDC Energy, Inc.  | 3222  | 218226  |
|  Peabody Energy Corp. (a)  | 6308  | 175930  |
|  Range Resources Corp.  | 7413  | 185473  |
|  Sitio Royalties Corp.  | 3230  | 85821  |
|  Texas Pacific Land Corp. (b)  | 162  | 323328  |
|  VAALCO Energy, Inc. (b)  | 19030  | 88490  |
|  |  | 3899124  |
|  TOTAL ENERGY  |  | 4270559  |
| FINANCIALS - 16.8%  |  |  |
| Banks - 7.5%  |  |  |
|  BancFirst Corp.  | 1227  | 105682  |
|  Banner Corp.  | 2199  | 142561  |
|  Brookline Bancorp, Inc., Delaware  | 8395  | 109807  |
|  Cathay General Bancorp  | 3649  | 160410  |
|  Central Pacific Financial Corp.  | 4663  | 105384  |
|  City Holding Co.  | 1378  | 130621  |
|  Comerica, Inc.  | 3594  | 263476  |
|  Commerce Bancshares, Inc.  | 3494  | 232561  |
|  Community Trust Bancorp, Inc.  | 2517  | 108432  |
|  Customers Bancorp, Inc. (a)  | 3152  | 95726  |
|  CVB Financial Corp.  | 6079  | 147233  |
|  Eagle Bancorp, Inc.  | 2583  | 122667  |
|  East West Bancorp, Inc.  | 3932  | 308741  |
|  Farmers National Banc Corp.  | 7354  | 105751  |
|  Financial Institutions, Inc.  | 3930  | 97110  |
|  First Bancorp, Puerto Rico  | 9977  | 134191  |
|  First Commonwealth Financial Corp.  | 8300  | 122093  |
|  First Financial Corp., Indiana  | 2280  | 102418  |
|  First Foundation, Inc.  | 5765  | 89530  |
|  First Horizon National Corp.  | 13858  | 342708  |
|  FNB Corp., Pennsylvania  | 14136  | 201721  |
|  Fulton Financial Corp.  | 8716  | 145819  |
|  Great Southern Bancorp, Inc.  | 1753  | 102445  |
|  Hancock Whitney Corp.  | 3556  | 183063  |
|  Hanmi Financial Corp.  | 4280  | 99681  |
|  Heritage Financial Corp., Washington  | 4362  | 124448  |
|  Hope Bancorp, Inc.  | 8686  | 111963  |
|  Independent Bank Corp.  | 5077  | 112557  |
|  International Bancshares Corp.  | 3178  | 148953  |
|  Lakeland Bancorp, Inc.  | 7206  | 138860  |
|  Metropolitan Bank Holding Corp. (a)  | 1492  | 88595  |
|  Midland States Bancorp, Inc.  | 3996  | 101818  |
|  NBT Bancorp, Inc.  | 3138  | 123355  |
|  OceanFirst Financial Corp.  | 5665  | 135507  |
|  OFG Bancorp  | 4323  | 122384  |
|  Pathward Financial, Inc.  | 3300  | 163746  |
|  Popular, Inc.  | 2635  | 180866  |
|  Preferred Bank, Los Angeles  | 1596  | 113523  |
|  QCR Holdings, Inc.  | 1961  | 103070  |
|  Republic First Bancorp, Inc. (a)(b)  | 27120  | 59664  |
|  Southside Bancshares, Inc.  | 3007  | 113905  |
|  Southstate Corp.  | 2530  | 201388  |
|  Synovus Financial Corp.  | 5047  | 211722  |
|  Trico Bancshares  | 2633  | 133098  |
|  UMB Financial Corp.  | 1812  | 163424  |
|  Umpqua Holdings Corp.  | 9441  | 171826  |
|  Washington Federal, Inc.  | 3977  | 141024  |
|  WesBanco, Inc.  | 3903  | 145075  |
|  Western Alliance Bancorp.  | 3202  | 241335  |
|  Wintrust Financial Corp.  | 2208  | 201966  |
|  Zions Bancorp NA  | 4511  | 239805  |
|  |  | 7553708  |
| Capital Markets - 1.6%  |  |  |
|  Bridge Investment Group Holdings, Inc.  | 6288  | 93628  |
|  Evercore, Inc. Class A  | 1681  | 218211  |
|  Houlihan Lokey  | 2003  | 198437  |
|  Interactive Brokers Group, Inc.  | 3138  | 250852  |
|  LPL Financial  | 1876  | 444837  |
|  SEI Investments Co.  | 3593  | 224311  |
|  StoneX Group, Inc. (a)  | 1377  | 121011  |
|  Virtu Financial, Inc. Class A  | 5332  | 102961  |
|  |  | 1654248  |
| Consumer Finance - 0.5%  |  |  |
|  Credit Acceptance Corp. (a)(b)  | 310  | 143418  |
|  Encore Capital Group, Inc. (a)  | 2136  | 119018  |
|  Enova International, Inc. (a)  | 3345  | 152699  |
|  Nelnet, Inc. Class A  | 1381  | 131872  |
|  |  | 547007  |
| Diversified Financial Services - 0.5%  |  |  |
|  Jackson Financial, Inc.  | 4983  | 219451  |
|  Voya Financial, Inc. (b)  | 3421  | 238683  |
|  |  | 458134  |
| Insurance - 5.9%  |  |  |
|  American Equity Investment Life Holding Co.  | 4054  | 193173  |
|  American Financial Group, Inc.  | 1952  | 278336  |
|  Amerisafe, Inc.  | 2407  | 132578  |
|  Assurant, Inc.  | 1589  | 210686  |
|  Axis Capital Holdings Ltd.  | 3341  | 209046  |
|  Brighthouse Financial, Inc. (a)  | 3593  | 202178  |
|  Brown & Brown, Inc.  | 5711  | 334436  |
|  Employers Holdings, Inc.  | 2982  | 130820  |
|  Erie Indemnity Co. Class A  | 900  | 219915  |
|  Everest Re Group Ltd.  | 1091  | 381512  |
|  Genworth Financial, Inc. Class A (a)  | 31954  | 176386  |
|  Globe Life, Inc.  | 2614  | 315902  |
|  Hanover Insurance Group, Inc.  | 1404  | 188950  |
|  Horace Mann Educators Corp.  | 3572  | 127199  |
|  Kinsale Capital Group, Inc.  | 776  | 216069  |
|  Loews Corp.  | 5256  | 323139  |
|  National Western Life Group, Inc.  | 516  | 142829  |
|  Old Republic International Corp.  | 9440  | 249122  |
|  Reinsurance Group of America, Inc.  | 2045  | 310370  |
|  RenaissanceRe Holdings Ltd.  | 1560  | 305276  |
|  RLI Corp.  | 1603  | 212317  |
|  Safety Insurance Group, Inc.  | 1369  | 115530  |
|  Selective Insurance Group, Inc.  | 2346  | 222870  |
|  United Fire Group, Inc.  | 4163  | 131093  |
|  Unum Group  | 6327  | 265924  |
|  W.R. Berkley Corp.  | 5338  | 374407  |
|  |  | 5970063  |
| Mortgage Real Estate Investment Trusts - 0.1%  |  |  |
|  Blackstone Mortgage Trust, Inc.  | 6201  | 147832  |
| Thrifts & Mortgage Finance - 0.7%  |  |  |
|  Essent Group Ltd.  | 4173  | 183737  |
|  Provident Financial Services, Inc.  | 5322  | 124854  |
|  Radian Group, Inc.  | 7384  | 163186  |
|  Southern Missouri Bancorp, Inc.  | 1957  | 94758  |
|  Trustco Bank Corp., New York  | 3173  | 113942  |
|  |  | 680477  |
|  TOTAL FINANCIALS  |  | 17011469  |
| HEALTH CARE - 12.2%  |  |  |
| Biotechnology - 2.6%  |  |  |
|  Alkermes PLC (a)  | 6636  | 190055  |
|  Chinook Therapeutics, Inc. (a)  | 5572  | 140804  |
|  Cytokinetics, Inc. (a)  | 3603  | 153055  |
|  Eagle Pharmaceuticals, Inc. (a)  | 2480  | 84171  |
|  Exelixis, Inc. (a)  | 10276  | 181063  |
|  Halozyme Therapeutics, Inc. (a)  | 4593  | 237780  |
|  Ionis Pharmaceuticals, Inc. (a)  | 4761  | 189821  |
|  Ironwood Pharmaceuticals, Inc. Class A (a)  | 11136  | 128287  |
|  iTeos Therapeutics, Inc. (a)  | 3909  | 81698  |
|  Neurocrine Biosciences, Inc. (a)  | 2717  | 301397  |
|  Repligen Corp. (a)  | 1320  | 244596  |
|  Syndax Pharmaceuticals, Inc. (a)  | 5106  | 146542  |
|  Travere Therapeutics, Inc. (a)  | 4691  | 105078  |
|  United Therapeutics Corp. (a)  | 1250  | 328963  |
|  Vanda Pharmaceuticals, Inc. (a)  | 10363  | 79588  |
|  |  | 2592898  |
| Health Care Equipment & Supplies - 2.9%  |  |  |
|  Atrion Corp.  | 172  | 118216  |
|  Envista Holdings Corp. (a)  | 5266  | 205321  |
|  Globus Medical, Inc. (a)  | 3055  | 230653  |
|  Haemonetics Corp. (a)  | 2325  | 196695  |
|  ICU Medical, Inc. (a)(b)  | 909  | 175646  |
|  Integra LifeSciences Holdings Corp. (a)  | 3025  | 173333  |
|  IRadimed Corp.  | 2660  | 99484  |
|  iRhythm Technologies, Inc. (a)  | 1162  | 114225  |
|  Lantheus Holdings, Inc. (a)  | 2580  | 148350  |
|  LeMaitre Vascular, Inc. (b)  | 2135  | 100729  |
|  Masimo Corp. (a)  | 1559  | 265155  |
|  Meridian Bioscience, Inc. (a)  | 3817  | 129778  |
|  Merit Medical Systems, Inc. (a)  | 2530  | 180516  |
|  Neogen Corp. (a)  | 6373  | 136446  |
|  Omnicell, Inc. (a)  | 1666  | 92413  |
|  QuidelOrtho Corp. (a)  | 1893  | 162060  |
|  Shockwave Medical, Inc. (a)  | 1080  | 202964  |
|  UFP Technologies, Inc. (a)  | 1207  | 137272  |
|  Utah Medical Products, Inc.  | 1135  | 104568  |
|  |  | 2973824  |
| Health Care Providers & Services - 3.4%  |  |  |
|  Acadia Healthcare Co., Inc. (a)  | 2814  | 236432  |
|  Addus HomeCare Corp. (a)  | 1322  | 142141  |
|  Amedisys, Inc. (a)  | 1381  | 133487  |
|  AMN Healthcare Services, Inc. (a)  | 1689  | 161874  |
|  Chemed Corp.  | 474  | 239436  |
|  Corvel Corp. (a)  | 755  | 134511  |
|  Cross Country Healthcare, Inc. (a)  | 4796  | 133089  |
|  DaVita HealthCare Partners, Inc. (a)  | 2212  | 182247  |
|  Encompass Health Corp.  | 3605  | 225132  |
|  Fulgent Genetics, Inc. (a)  | 1852  | 62561  |
|  Henry Schein, Inc. (a)  | 3774  | 325130  |
|  LHC Group, Inc. (a)  | 1150  | 182390  |
|  National Healthcare Corp.  | 1643  | 97824  |
|  National Research Corp. Class A  | 2942  | 136568  |
|  Option Care Health, Inc. (a)  | 5304  | 153126  |
|  Premier, Inc.  | 4674  | 155925  |
|  R1 Rcm, Inc. (a)  | 6076  | 86948  |
|  The Ensign Group, Inc.  | 2095  | 195359  |
|  U.S. Physical Therapy, Inc.  | 1272  | 126119  |
|  Universal Health Services, Inc. Class B  | 2087  | 309314  |
|  |  | 3419613  |
| Health Care Technology - 0.5%  |  |  |
|  Computer Programs & Systems, Inc. (a)  | 3514  | 103241  |
|  Evolent Health, Inc. (a)  | 4188  | 134937  |
|  HealthStream, Inc. (a)  | 4447  | 107528  |
|  Nextgen Healthcare, Inc. (a)  | 6650  | 126483  |
|  Simulations Plus, Inc. (b)  | 1725  | 70967  |
|  |  | 543156  |
| Life Sciences Tools & Services - 0.7%  |  |  |
|  Bruker Corp.  | 3322  | 232939  |
|  Maravai LifeSciences Holdings, Inc. (a)  | 5634  | 82594  |
|  Medpace Holdings, Inc. (a)  | 1064  | 235218  |
|  Sotera Health Co. (a)  | 7039  | 121352  |
|  |  | 672103  |
| Pharmaceuticals - 2.1%  |  |  |
|  Amphastar Pharmaceuticals, Inc. (a)  | 3285  | 99404  |
|  Corcept Therapeutics, Inc. (a)  | 5106  | 116723  |
|  Harmony Biosciences Holdings, Inc. (a)  | 2246  | 108190  |
|  Innoviva, Inc. (a)  | 7849  | 99290  |
|  Intra-Cellular Therapies, Inc. (a)  | 3202  | 153440  |
|  Jazz Pharmaceuticals PLC (a)  | 1754  | 274782  |
|  Organon & Co.  | 7519  | 226547  |
|  Pacira Biosciences, Inc. (a)  | 2499  | 98136  |
|  Perrigo Co. PLC  | 4686  | 175350  |
|  Phibro Animal Health Corp. Class A  | 5511  | 84869  |
|  Prestige Brands Holdings, Inc. (a)  | 2530  | 166373  |
|  Royalty Pharma PLC  | 8749  | 342873  |
|  SIGA Technologies, Inc. (b)  | 5619  | 41187  |
|  Supernus Pharmaceuticals, Inc. (a)  | 3882  | 159201  |
|  |  | 2146365  |
|  TOTAL HEALTH CARE  |  | 12347959  |
| INDUSTRIALS - 17.8%  |  |  |
| Aerospace & Defense - 1.8%  |  |  |
|  AAR Corp. (a)  | 2421  | 124536  |
|  Aerojet Rocketdyne Holdings, Inc. (a)  | 3344  | 186996  |
|  AerSale Corp. (a)  | 4862  | 90482  |
|  BWX Technologies, Inc.  | 3106  | 189031  |
|  Curtiss-Wright Corp.  | 1252  | 207582  |
|  Hexcel Corp.  | 2836  | 200165  |
|  Huntington Ingalls Industries, Inc.  | 1081  | 238404  |
|  Mercury Systems, Inc. (a)  | 2661  | 133010  |
|  Moog, Inc. Class A  | 1483  | 141360  |
|  Parsons Corp. (a)  | 2464  | 107233  |
|  Woodward, Inc.  | 1967  | 201145  |
|  |  | 1819944  |
| Air Freight & Logistics - 0.3%  |  |  |
|  Forward Air Corp.  | 1256  | 135460  |
|  Hub Group, Inc. Class A (a)  | 1638  | 139672  |
|  |  | 275132  |
| Building Products - 2.2%  |  |  |
|  A.O. Smith Corp.  | 3675  | 248798  |
|  AAON, Inc.  | 2075  | 158364  |
|  Apogee Enterprises, Inc.  | 2378  | 111386  |
|  Armstrong World Industries, Inc.  | 1776  | 137480  |
|  Builders FirstSource, Inc. (a)  | 4263  | 339761  |
|  Carlisle Companies, Inc.  | 1215  | 304795  |
|  Insteel Industries, Inc.  | 3150  | 94469  |
|  Lennox International, Inc.  | 931  | 242637  |
|  Owens Corning  | 2666  | 257669  |
|  Simpson Manufacturing Co. Ltd.  | 1576  | 168805  |
|  UFP Industries, Inc.  | 2059  | 192619  |
|  |  | 2256783  |
| Commercial Services & Supplies - 1.3%  |  |  |
|  Brady Corp. Class A  | 2603  | 139182  |
|  Clean Harbors, Inc. (a)  | 1666  | 217080  |
|  CoreCivic, Inc. (a)  | 10553  | 112284  |
|  Ennis, Inc.  | 4247  | 90206  |
|  HNI Corp.  | 3163  | 100489  |
|  Rollins, Inc.  | 6244  | 227282  |
|  Tetra Tech, Inc.  | 1511  | 234991  |
|  The GEO Group, Inc. (a)  | 14010  | 161115  |
|  |  | 1282629  |
| Construction & Engineering - 1.6%  |  |  |
|  AECOM  | 3687  | 321764  |
|  Arcosa, Inc.  | 2270  | 134543  |
|  Comfort Systems U.S.A., Inc.  | 1454  | 175992  |
|  Dycom Industries, Inc. (a)  | 1311  | 125030  |
|  EMCOR Group, Inc.  | 1635  | 242389  |
|  MDU Resources Group, Inc.  | 6399  | 197793  |
|  Sterling Construction Co., Inc. (a)  | 3855  | 140283  |
|  Valmont Industries, Inc.  | 686  | 226195  |
|  |  | 1563989  |
| Electrical Equipment - 1.4%  |  |  |
|  Acuity Brands, Inc.  | 1089  | 205298  |
|  Atkore, Inc. (a)  | 1689  | 219992  |
|  Encore Wire Corp.  | 1038  | 167564  |
|  GrafTech International Ltd.  | 14252  | 93208  |
|  Hubbell, Inc. Class B  | 1350  | 309029  |
|  nVent Electric PLC  | 5355  | 212861  |
|  Regal Rexnord Corp.  | 1803  | 250978  |
|  |  | 1458930  |
| Machinery - 3.6%  |  |  |
|  AGCO Corp.  | 1871  | 258441  |
|  Albany International Corp. Class A  | 1472  | 165085  |
|  Allison Transmission Holdings, Inc.  | 3932  | 177255  |
|  Crane Holdings Co.  | 1674  | 194033  |
|  Donaldson Co., Inc.  | 3723  | 232129  |
|  Federal Signal Corp.  | 3052  | 162519  |
|  Franklin Electric Co., Inc.  | 1594  | 143938  |
|  Gorman-Rupp Co.  | 3241  | 93114  |
|  Graco, Inc.  | 4263  | 291248  |
|  Hillenbrand, Inc.  | 3088  | 144704  |
|  Kadant, Inc.  | 634  | 129190  |
|  Lincoln Electric Holdings, Inc.  | 1625  | 271164  |
|  Mueller Industries, Inc.  | 2257  | 147946  |
|  Nordson Corp.  | 1324  | 322129  |
|  Snap-On, Inc.  | 1327  | 330065  |
|  Standex International Corp. (b)  | 1060  | 122504  |
|  Toro Co.  | 2826  | 315156  |
|  Watts Water Technologies, Inc. Class A  | 1050  | 171696  |
|  |  | 3672316  |
| Marine - 0.3%  |  |  |
|  Eagle Bulk Shipping, Inc.  | 1931  | 110608  |
|  Genco Shipping & Trading Ltd.  | 5324  | 96577  |
|  Matson, Inc.  | 1732  | 114520  |
|  |  | 321705  |
| Professional Services - 2.8%  |  |  |
|  Booz Allen Hamilton Holding Corp. Class A  | 3258  | 308337  |
|  CACI International, Inc. Class A (a)  | 705  | 217203  |
|  CBIZ, Inc. (a)  | 2786  | 132586  |
|  Exponent, Inc.  | 1764  | 180881  |
|  Forrester Research, Inc. (a)  | 2051  | 76010  |
|  FTI Consulting, Inc. (a)  | 1138  | 181534  |
|  Heidrick & Struggles International, Inc.  | 3069  | 94402  |
|  Huron Consulting Group, Inc. (a)  | 1610  | 109544  |
|  ICF International, Inc.  | 1132  | 115679  |
|  Insperity, Inc.  | 1391  | 153775  |
|  KBR, Inc.  | 4140  | 212092  |
|  Kelly Services, Inc. Class A (non-vtg.)  | 4440  | 80364  |
|  Kforce, Inc.  | 1772  | 99462  |
|  Korn Ferry  | 2237  | 120776  |
|  NV5 Global, Inc. (a)  | 840  | 111964  |
|  Resources Connection, Inc.  | 4397  | 75936  |
|  Robert Half International, Inc.  | 3024  | 253895  |
|  Science Applications International Corp.  | 1876  | 194691  |
|  TriNet Group, Inc. (a)  | 1669  | 125926  |
|  |  | 2845057  |
| Road & Rail - 1.2%  |  |  |
|  ArcBest Corp.  | 1390  | 115996  |
|  J.B. Hunt Transport Services, Inc.  | 1959  | 370349  |
|  Knight-Swift Transportation Holdings, Inc. Class A  | 4479  | 264709  |
|  Landstar System, Inc.  | 1209  | 208951  |
|  Marten Transport Ltd.  | 4880  | 107799  |
|  Schneider National, Inc. Class B  | 3991  | 105762  |
|  |  | 1173566  |
| Trading Companies & Distributors - 1.3%  |  |  |
|  Applied Industrial Technologies, Inc.  | 1491  | 213526  |
|  BlueLinx Corp. (a)  | 1217  | 105660  |
|  Boise Cascade Co.  | 1891  | 141768  |
|  McGrath RentCorp.  | 1416  | 140949  |
|  MSC Industrial Direct Co., Inc. Class A  | 1844  | 152499  |
|  Rush Enterprises, Inc. Class A  | 2467  | 132749  |
|  Triton International Ltd.  | 2454  | 173351  |
|  Watsco, Inc. (b)  | 891  | 256047  |
|  |  | 1316549  |
|  TOTAL INDUSTRIALS  |  | 17986600  |
| INFORMATION TECHNOLOGY - 12.2%  |  |  |
| Communications Equipment - 1.0%  |  |  |
|  Ciena Corp. (a)  | 4413  | 229564  |
|  Clearfield, Inc. (a)  | 1060  | 75748  |
|  Juniper Networks, Inc.  | 8964  | 289537  |
|  Lumentum Holdings, Inc. (a)  | 2214  | 133239  |
|  NetScout Systems, Inc. (a)  | 3881  | 124580  |
|  Viavi Solutions, Inc. (a)  | 9911  | 111994  |
|  |  | 964662  |
| Electronic Equipment & Components - 4.0%  |  |  |
|  Arrow Electronics, Inc. (a)  | 1930  | 226756  |
|  Avnet, Inc.  | 3612  | 165719  |
|  Badger Meter, Inc.  | 1440  | 166896  |
|  Belden, Inc.  | 2105  | 170694  |
|  Coherent Corp. (a)  | 3562  | 154591  |
|  CTS Corp.  | 2740  | 121957  |
|  ePlus, Inc. (a)  | 2319  | 115440  |
|  Fabrinet (a)  | 1566  | 206180  |
|  Insight Enterprises, Inc. (a)  | 1561  | 175956  |
|  Jabil, Inc.  | 3985  | 313341  |
|  Knowles Corp. (a)  | 6965  | 133937  |
|  Littelfuse, Inc.  | 787  | 202015  |
|  Methode Electronics, Inc. Class A  | 2790  | 133195  |
|  Napco Security Technologies, Inc. (a)  | 3908  | 113215  |
|  National Instruments Corp.  | 4597  | 248238  |
|  Novanta, Inc. (a)  | 1223  | 197478  |
|  OSI Systems, Inc. (a)  | 1215  | 115073  |
|  PC Connection, Inc.  | 2121  | 103993  |
|  Rogers Corp. (a)  | 673  | 93944  |
|  Sanmina Corp. (a)  | 2870  | 174869  |
|  ScanSource, Inc. (a)  | 3272  | 107747  |
|  TD SYNNEX Corp.  | 1605  | 163951  |
|  TTM Technologies, Inc. (a)  | 7173  | 112760  |
|  Vishay Intertechnology, Inc.  | 6557  | 150090  |
|  Vontier Corp.  | 6459  | 148751  |
|  |  | 4016786  |
| IT Services - 2.5%  |  |  |
|  Amdocs Ltd.  | 3245  | 298313  |
|  Cass Information Systems, Inc.  | 2617  | 127082  |
|  Concentrix Corp.  | 1422  | 201654  |
|  CSG Systems International, Inc.  | 2131  | 127157  |
|  DXC Technology Co. (a)  | 7781  | 223548  |
|  Euronet Worldwide, Inc. (a)  | 1820  | 205078  |
|  EVERTEC, Inc.  | 3302  | 121976  |
|  ExlService Holdings, Inc. (a)  | 1115  | 190219  |
|  Genpact Ltd.  | 4881  | 230774  |
|  Hackett Group, Inc.  | 4646  | 102677  |
|  International Money Express, Inc. (a)  | 4226  | 96184  |
|  Maximus, Inc.  | 2475  | 185254  |
|  Perficient, Inc. (a)  | 1574  | 116696  |
|  The Western Union Co.  | 12347  | 174957  |
|  Verra Mobility Corp. (a)  | 7470  | 115262  |
|  |  | 2516831  |
| Semiconductors & Semiconductor Equipment - 1.7%  |  |  |
|  Amkor Technology, Inc.  | 5634  | 164851  |
|  Axcelis Technologies, Inc. (a)  | 1716  | 188674  |
|  Cirrus Logic, Inc. (a)  | 2034  | 183853  |
|  Diodes, Inc. (a)  | 1867  | 166518  |
|  FormFactor, Inc. (a)  | 3843  | 108142  |
|  Kulicke & Soffa Industries, Inc. (b)  | 2839  | 145073  |
|  MKS Instruments, Inc.  | 1712  | 175172  |
|  Onto Innovation, Inc. (a)  | 1897  | 149199  |
|  Photronics, Inc. (a)  | 4670  | 84620  |
|  Rambus, Inc. (a)  | 5235  | 211860  |
|  Semtech Corp. (a)  | 2704  | 89313  |
|  SMART Global Holdings, Inc. (a)  | 5259  | 90402  |
|  |  | 1757677  |
| Software - 2.8%  |  |  |
|  ACI Worldwide, Inc. (a)  | 5312  | 148364  |
|  Adeia, Inc.  | 7154  | 78336  |
|  American Software, Inc. Class A  | 5357  | 81480  |
|  Aspen Technology, Inc. (a)  | 920  | 182850  |
|  Black Knight, Inc. (a)  | 4144  | 251085  |
|  Box, Inc. Class A (a)  | 5510  | 176265  |
|  Dolby Laboratories, Inc. Class A  | 2286  | 181874  |
|  InterDigital, Inc.  | 1992  | 139340  |
|  Manhattan Associates, Inc. (a)  | 1748  | 227869  |
|  Paylocity Holding Corp. (a)  | 1105  | 230160  |
|  Progress Software Corp.  | 2633  | 139654  |
|  PTC, Inc. (a)  | 2621  | 353520  |
|  Qualys, Inc. (a)  | 1293  | 149160  |
|  SPS Commerce, Inc. (a)  | 1328  | 180714  |
|  Teradata Corp. (a)  | 4149  | 144717  |
|  Verint Systems, Inc. (a)  | 3075  | 116758  |
|  Xperi, Inc. (a)  | 2883  | 29839  |
|  |  | 2811985  |
| Technology Hardware, Storage & Peripherals - 0.2%  |  |  |
|  Pure Storage, Inc. Class A (a)  | 8022  | 232157  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 12300098  |
| MATERIALS - 6.0%  |  |  |
| Chemicals - 1.8%  |  |  |
|  AdvanSix, Inc.  | 2381  | 102954  |
|  American Vanguard Corp.  | 3601  | 81347  |
|  Balchem Corp.  | 1149  | 150094  |
|  Huntsman Corp.  | 6115  | 193784  |
|  Kronos Worldwide, Inc.  | 4787  | 55769  |
|  NewMarket Corp.  | 361  | 124368  |
|  Olin Corp.  | 3876  | 250351  |
|  RPM International, Inc.  | 3126  | 281059  |
|  The Chemours Co. LLC  | 4851  | 176528  |
|  Valvoline, Inc.  | 5739  | 210392  |
|  Westlake Corp.  | 1381  | 169518  |
|  |  | 1796164  |
| Construction Materials - 0.2%  |  |  |
|  Eagle Materials, Inc.  | 1272  | 185814  |
| Containers & Packaging - 1.0%  |  |  |
|  Aptargroup, Inc.  | 1857  | 214743  |
|  Sealed Air Corp.  | 3904  | 213783  |
|  Silgan Holdings, Inc.  | 3197  | 172286  |
|  Sonoco Products Co.  | 2932  | 179175  |
|  WestRock Co.  | 6383  | 250469  |
|  |  | 1030456  |
| Metals & Mining - 2.6%  |  |  |
|  Alcoa Corp.  | 4822  | 251901  |
|  Alpha Metallurgical Resources  | 886  | 142584  |
|  Cleveland-Cliffs, Inc. (a)  | 12601  | 269031  |
|  Commercial Metals Co.  | 4008  | 217514  |
|  Coronado Global Resources, Inc. unit (c)  | 88509  | 127447  |
|  Reliance Steel & Aluminum Co.  | 1503  | 341857  |
|  Royal Gold, Inc.  | 1884  | 239325  |
|  Ryerson Holding Corp.  | 3045  | 116228  |
|  Steel Dynamics, Inc.  | 4153  | 501012  |
|  TimkenSteel Corp. (a)  | 4952  | 97406  |
|  United States Steel Corp. (b)  | 7835  | 223219  |
|  Warrior Metropolitan Coal, Inc.  | 3460  | 131065  |
|  |  | 2658589  |
| Paper & Forest Products - 0.4%  |  |  |
|  Louisiana-Pacific Corp.  | 2642  | 179894  |
|  Mercer International, Inc. (SBI)  | 5529  | 70384  |
|  Sylvamo Corp.  | 2500  | 118825  |
|  |  | 369103  |
|  TOTAL MATERIALS  |  | 6040126  |
| REAL ESTATE - 7.7%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 7.6%  |  |  |
|  Agree Realty Corp.  | 2178  | 162544  |
|  American Homes 4 Rent Class A (b)  | 7024  | 240853  |
|  Apartment Income (REIT) Corp.  | 4257  | 162873  |
|  Apple Hospitality (REIT), Inc.  | 7605  | 134837  |
|  Armada Hoffler Properties, Inc.  | 5829  | 73912  |
|  Brixmor Property Group, Inc.  | 8211  | 193205  |
|  Camden Property Trust (SBI)  | 2371  | 292131  |
|  City Office REIT, Inc.  | 5686  | 55950  |
|  Corporate Office Properties Trust (SBI)  | 4394  | 123340  |
|  Cousins Properties, Inc.  | 4843  | 132795  |
|  CubeSmart  | 5417  | 248044  |
|  Douglas Emmett, Inc.  | 6038  | 101137  |
|  Easterly Government Properties, Inc.  | 4950  | 80388  |
|  EastGroup Properties, Inc.  | 1120  | 188440  |
|  Equity Commonwealth  | 4393  | 112109  |
|  Equity Lifestyle Properties, Inc.  | 3960  | 284249  |
|  Federal Realty Investment Trust (SBI)  | 1885  | 210234  |
|  First Industrial Realty Trust, Inc.  | 3563  | 190086  |
|  Four Corners Property Trust, Inc.  | 3673  | 105635  |
|  Franklin Street Properties Corp.  | 20151  | 62065  |
|  Gaming & Leisure Properties  | 5494  | 294259  |
|  Healthcare Trust of America, Inc.  | 6604  | 142184  |
|  Highwoods Properties, Inc. (SBI)  | 3796  | 115285  |
|  Independence Realty Trust, Inc.  | 6982  | 131471  |
|  InvenTrust Properties Corp.  | 3495  | 86921  |
|  Iron Mountain, Inc.  | 6521  | 355916  |
|  Kilroy Realty Corp.  | 3115  | 127840  |
|  Kimco Realty Corp.  | 14046  | 315473  |
|  Life Storage, Inc.  | 2016  | 217809  |
|  LTC Properties, Inc.  | 2205  | 84121  |
|  LXP Industrial Trust (REIT)  | 11071  | 127870  |
|  Medical Properties Trust, Inc.  | 14741  | 190896  |
|  National Health Investors, Inc.  | 1816  | 106835  |
|  National Retail Properties, Inc.  | 4531  | 214543  |
|  National Storage Affiliates Trust  | 2706  | 110405  |
|  Omega Healthcare Investors, Inc.  | 6228  | 183352  |
|  Phillips Edison & Co., Inc.  | 3968  | 133007  |
|  Physicians Realty Trust  | 7674  | 121710  |
|  Potlatch Corp.  | 2580  | 126291  |
|  Rayonier, Inc.  | 4363  | 158770  |
|  Regency Centers Corp.  | 3786  | 252261  |
|  Retail Opportunity Investments Corp.  | 5892  | 93270  |
|  Rexford Industrial Realty, Inc.  | 3935  | 249754  |
|  SL Green Realty Corp. (b)  | 2484  | 102217  |
|  Stag Industrial, Inc.  | 5118  | 182201  |
|  Terreno Realty Corp.  | 2374  | 152957  |
|  Universal Health Realty Income Trust (SBI)  | 1418  | 77721  |
|  Whitestone REIT Class B  | 6849  | 71298  |
|  |  | 7681464  |
| Real Estate Management & Development - 0.1%  |  |  |
|  Marcus & Millichap, Inc.  | 1993  | 72226  |
|  TOTAL REAL ESTATE  |  | 7753690  |
| UTILITIES - 2.8%  |  |  |
| Electric Utilities - 1.1%  |  |  |
|  Hawaiian Electric Industries, Inc.  | 3394  | 143464  |
|  IDACORP, Inc.  | 1471  | 155647  |
|  NRG Energy, Inc.  | 5810  | 198818  |
|  OGE Energy Corp.  | 5103  | 200650  |
|  Otter Tail Corp.  | 1540  | 98791  |
|  Pinnacle West Capital Corp.  | 2821  | 210306  |
|  Portland General Electric Co.  | 2754  | 131035  |
|  |  | 1138711  |
| Gas Utilities - 0.8%  |  |  |
|  National Fuel Gas Co.  | 2521  | 146369  |
|  ONE Gas, Inc.  | 1721  | 141742  |
|  South Jersey Industries, Inc.  | 3974  | 143422  |
|  Southwest Gas Corp.  | 2011  | 134596  |
|  UGI Corp.  | 5252  | 209187  |
|  |  | 775316  |
| Independent Power and Renewable Electricity Producers - 0.4%  |  |  |
|  Clearway Energy, Inc. Class C  | 3652  | 123401  |
|  Vistra Corp.  | 10126  | 233506  |
|  |  | 356907  |
| Multi-Utilities - 0.5%  |  |  |
|  Avista Corp.  | 2716  | 108368  |
|  NiSource, Inc.  | 9322  | 258686  |
|  NorthWestern Energy Corp.  | 2087  | 118542  |
|  Unitil Corp.  | 1394  | 72725  |
|  |  | 558321  |
|  TOTAL UTILITIES  |  | 2829255  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $97,474,561)  |  | <br> **100826911**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 3.1%**  | &nbsp;&nbsp; **Money Market Funds - 3.1%**  | &nbsp;&nbsp; **Money Market Funds - 3.1%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.38% (d)  | 188788  | 188826  |
|  Fidelity Securities Lending Cash Central Fund 4.38% (d)(e)  | 2945828  | 2946123  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $3,134,949)  |  | **3134949**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.9%** <br> (Cost $100,609,510) <br>| <br>**103961860**  |
| **NET OTHER ASSETS (LIABILITIES) - (2.9)%**  | **(2881497)**  |
| **NET ASSETS - 100.0%**  | **101080363**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME E-mini Russell 2000 Index Contracts (United States)  | 3  | Mar 2023  | 290910  | 13518  | 13518  |
| 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) Non-income producing

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $127,447 or 0.1% of net assets.

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

(e) 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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.38%  | 79549  | 1961175  | 1851898  | 1779  | -  | -  | 188826  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 4.38%  | 1034050  | 7336224  | 5424151  | 7635  | -  | -  | 2946123  | 0.0%  |
| Total  | 1113599  | 9297399  | 7276049  | 9414  | -  | -  | 3134949  |  |

---

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.

Amount 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 payments 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 January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 2963505  | 2963505  | -  | -  |
| Consumer Discretionary  | 13506270  | 13506270  | -  | -  |
| Consumer Staples  | 3817380  | 3817380  | -  | -  |
| Energy  | 4270559  | 4270559  | -  | -  |
| Financials  | 17011469  | 17011469  | -  | -  |
| Health Care  | 12347959  | 12347959  | -  | -  |
| Industrials  | 17986600  | 17986600  | -  | -  |
| Information Technology  | 12300098  | 12300098  | -  | -  |
| Materials  | 6040126  | 5912679  | 127447  | -  |
| Real Estate  | 7753690  | 7753690  | -  | -  |
| Utilities  | 2829255  | 2829255  | -  | -  |
|  Money Market Funds  | 3134949  | 3134949  | -  | -  |
| **Total Investments in Securities:**  | 103961860  | 103834413  | 127447  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 13518  | 13518  | -  | -  |
| Total Assets  | 13518  | 13518  | -  | -  |
| **Total Derivative Instruments:**  | 13518  | 13518  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2023. 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)  | 13518  | 0  |
| **Total Equity Risk**  | 13518  | 0  |
| **Total Value of Derivatives**  | 13518  | 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** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,935,381) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $97,474,561)  | $100826911  |  |
|  Fidelity Central Funds (cost $3,134,949)  | 3134949  |  |
|  Total Investment in Securities (cost $100,609,510)  |  | $103961860  |
|  Segregated cash with brokers for derivative instruments  |  | 11600  |
|  Cash  |  | 30692  |
|  Foreign currency held at value (cost $3,695)  |  | 3890  |
|  Dividends receivable  |  | 33427  |
|  Distributions receivable from Fidelity Central Funds  |  | 1862  |
|  Receivable for daily variation margin on futures contracts  |  | 6453  |
| **Total assets**  |  | 104049784  |
| **Liabilities**  |  |  |
|  Accrued management fee  | $23298  |  |
|  Collateral on securities loaned  | 2946123  |  |
| **Total Liabilities**  |  | 2969421  |
| **Net Assets**  |  | $101080363  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $105133871  |
|  Total accumulated earnings (loss)  |  | (4053508)  |
|  **Net Assets**  |  | $101080363  |
|  **Net Asset Value** , offering price and redemption price per share ($101,080,363 ÷ 3,000,000 shares)  |  | $33.69  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $807044  |
| Income from Fidelity Central Funds (including $7,635 from security lending)  |  | 9414  |
| **Total Income**  |  | 816458  |
|  **Expenses**  |  |  |
| Management fee  | $118425  |  |
| Independent trustees' fees and expenses  | 134  |  |
| Total expenses before reductions  | 118559  |  |
| Expense reductions  | (107)  |  |
| Total expenses after reductions  |  | 118452  |
| **Net Investment income (loss)**  |  | 698006  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (1673179)  |  |
| Redemptions in-kind  | 95289  |  |
| Foreign currency transactions  | (407)  |  |
| Futures contracts  | (5285)  |  |
| Total net realized gain (loss)  |  | (1583582)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 5127245  |  |
| Assets and liabilities in foreign currencies  | 193  |  |
| Futures contracts  | 4656  |  |
| Total change in net unrealized appreciation (depreciation)  |  | 5132094  |
| **Net gain (loss)**  |  | 3548512  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $4246518  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $698006  | $888934  |
| &nbsp;&nbsp; Net realized gain (loss)  | (1583582) <br>| 5306202 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 5132094  | (9612227) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 4246518 <br>| (3417091) <br>|
| Distributions to shareholders  | (700700) <br>| (905700) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 28523788  | 67940474  |
| &nbsp;&nbsp; Cost of shares redeemed  | (2938248)  | (59607816)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 25585540 <br>| 8332658 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 29131358 <br>| 4009867 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 71949005  | 67939138 <br>|
| &nbsp;&nbsp; End of period  | $101080363  | $71949005  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 900000  | 2000000  |
| &nbsp;&nbsp; Redeemed  | (100000)  | (1800000)  |
| &nbsp;&nbsp; Net increase (decrease)  | 800000  | 200000  |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.70  | $33.97  | $23.90  | $25.50  | $24.85  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .27  | .45  | .38  | .31  | .18  |
| Net realized and unrealized gain (loss)  | .98  | (1.26)  | 10.11  | (1.58)  | .64  |
| Total from investment operations  | 1.25  | (.81)  | 10.49  | (1.27)  | .82  |
| Distributions from net investment income  | (.26)  | (.46)  | (.42)  | (.33)  | (.17)  |
| Total distributions  | (.26)  | (.46)  | (.42)  | (.33)  | (.17)  |
| Net asset value, end of period  | $33.69  | $32.70  | $33.97  | $23.90  | $25.50  |
| **Total Return** <sup>E,F,G</sup>  | 3.90%  | (2.35)%  | 44.21%  | (4.90)%  | 3.35%  |
| **Ratios to Average Net Assets** <sup>C,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | .29% <sup>D</sup>  | .29%  | .29%  | .29%  | .29% <sup>D</sup>  |
| Expenses net of fee waivers, if any  | .29% <sup>D</sup>  | .29%  | .29%  | .29%  | .29% <sup>D</sup>  |
| Expenses net of all reductions  | .29% <sup>D</sup>  | .29%  | .29%  | .29%  | .29% <sup>D</sup>  |
| Net investment income (loss)  | 1.71% <sup>D</sup>  | 1.35%  | 1.23%  | 1.32%  | 1.70% <sup>D</sup>  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $101080  | $71949  | $67939  | $19117  | $7650  |
| Portfolio turnover rate <sup>J,K</sup>  | 65% <sup>D</sup>  | 60%  | 61%  | 52%  | 2% <sup>L</sup>  |

---

<sup>A</sup> *For the period February 26, 2019 (commencement of operations) through July 31, 2019.*

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

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

<sup>D</sup> *Annualized.*

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

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

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

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

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

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

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

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

**Fidelity® Stocks for Inflation ETF** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Apple, Inc.  | 4.7  |
| Microsoft Corp.  | 4.0  |
| Steel Dynamics, Inc.  | 3.8  |
| ConocoPhillips Co.  | 3.2  |
| Nucor Corp.  | 3.1  |
| APA Corp.  | 3.0  |
| Marathon Oil Corp.  | 2.7  |
| Occidental Petroleum Corp.  | 2.4  |
| CF Industries Holdings, Inc.  | 2.1  |
| The Coca-Cola Co.  | 2.1  |
|  | 31.1  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 20.6  |
| Health Care  | 19.1  |
| Energy  | 11.3  |
| Consumer Staples  | 10.5  |
| Materials  | 9.0  |
| Consumer Discretionary  | 6.9  |
| Financials  | 6.7  |
| Real Estate  | 4.8  |
| Utilities  | 4.1  |
| Industrials  | 4.1  |
| Communication Services  | 2.8  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88921_8.jpg)  |
| *Foreign investments - 4.1%*  |

---

**Fidelity® Stocks for Inflation ETF**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 99.9%**  | &nbsp;&nbsp; **Common Stocks - 99.9%**  | &nbsp;&nbsp; **Common Stocks - 99.9%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 2.8%  |  |  |
| Diversified Telecommunication Services - 0.9%  |  |  |
|  AT&T, Inc.  | 28588  | 582338  |
|  Liberty Global PLC Class A (a)  | 13923  | 301990  |
|  Lumen Technologies, Inc.  | 200806  | 1054232  |
|  |  | 1938560  |
| Interactive Media & Services - 1.5%  |  |  |
|  Alphabet, Inc. Class A (a)  | 23738  | 2346264  |
|  Meta Platforms, Inc. Class A (a)  | 5880  | 875944  |
|  |  | 3222208  |
| Media - 0.4%  |  |  |
|  Fox Corp. Class A  | 9215  | 312757  |
|  Nexstar Broadcasting Group, Inc. Class A  | 1511  | 309407  |
|  TEGNA, Inc.  | 13562  | 270291  |
|  |  | 892455  |
|  TOTAL COMMUNICATION SERVICES  |  | 6053223  |
| CONSUMER DISCRETIONARY - 6.9%  |  |  |
| Automobiles - 0.5%  |  |  |
|  Ford Motor Co.  | 75274  | 1016952  |
| Diversified Consumer Services - 1.0%  |  |  |
|  H&R Block, Inc.  | 25050  | 976449  |
|  Service Corp. International  | 15491  | 1148658  |
|  |  | 2125107  |
| Hotels, Restaurants & Leisure - 1.2%  |  |  |
|  Boyd Gaming Corp.  | 17764  | 1106875  |
|  McDonald's Corp.  | 5982  | 1599587  |
|  |  | 2706462  |
| Household Durables - 0.6%  |  |  |
|  Toll Brothers, Inc.  | 20323  | 1209015  |
| Multiline Retail - 0.6%  |  |  |
|  Macy's, Inc.  | 55942  | 1321909  |
| Specialty Retail - 3.0%  |  |  |
|  AutoNation, Inc. (a)  | 8228  | 1042652  |
|  AutoZone, Inc. (a)  | 513  | 1251130  |
|  Murphy U.S.A., Inc.  | 3460  | 941224  |
|  O'Reilly Automotive, Inc. (a)  | 1576  | 1248744  |
|  The Home Depot, Inc.  | 6308  | 2044864  |
|  |  | 6528614  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 14908059  |
| CONSUMER STAPLES - 10.5%  |  |  |
| Beverages - 2.1%  |  |  |
|  The Coca-Cola Co.  | 73470  | 4505180  |
| Food Products - 4.6%  |  |  |
|  General Mills, Inc.  | 47580  | 3728369  |
|  The Hershey Co.  | 15655  | 3516113  |
|  Tyson Foods, Inc. Class A  | 40259  | 2647029  |
|  |  | 9891511  |
| Tobacco - 3.8%  |  |  |
|  Altria Group, Inc.  | 85391  | 3846011  |
|  Philip Morris International, Inc.  | 42473  | 4427386  |
|  |  | 8273397  |
|  TOTAL CONSUMER STAPLES  |  | 22670088  |
| ENERGY - 11.3%  |  |  |
| Oil, Gas & Consumable Fuels - 11.3%  |  |  |
|  APA Corp.  | 146990  | 6516067  |
|  ConocoPhillips Co.  | 56471  | 6882121  |
|  Marathon Oil Corp.  | 211243  | 5802845  |
|  Occidental Petroleum Corp.  | 82276  | 5330662  |
|  |  | 24531695  |
| FINANCIALS - 6.7%  |  |  |
| Banks - 0.9%  |  |  |
|  Popular, Inc.  | 14257  | 978600  |
|  Western Alliance Bancorp.  | 14370  | 1083067  |
|  |  | 2061667  |
| Diversified Financial Services - 0.6%  |  |  |
|  Voya Financial, Inc.  | 18011  | 1256627  |
| Insurance - 4.7%  |  |  |
|  Arch Capital Group Ltd. (a)  | 25599  | 1647296  |
|  Chubb Ltd.  | 6996  | 1591520  |
|  Everest Re Group Ltd.  | 4353  | 1522201  |
|  MetLife, Inc.  | 18734  | 1367957  |
|  The Travelers Companies, Inc.  | 7464  | 1426520  |
|  Unum Group  | 30881  | 1297928  |
|  W.R. Berkley Corp.  | 18034  | 1264905  |
|  |  | 10118327  |
| Thrifts & Mortgage Finance - 0.5%  |  |  |
|  Essent Group Ltd.  | 25355  | 1116381  |
|  TOTAL FINANCIALS  |  | 14553002  |
| HEALTH CARE - 19.1%  |  |  |
| Biotechnology - 6.4%  |  |  |
|  AbbVie, Inc.  | 24023  | 3549398  |
|  Moderna, Inc. (a)  | 12279  | 2161841  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 3871  | 2936037  |
|  United Therapeutics Corp. (a)  | 9391  | 2471429  |
|  Vertex Pharmaceuticals, Inc. (a)  | 8735  | 2822279  |
|  |  | 13940984  |
| Health Care Equipment & Supplies - 0.8%  |  |  |
|  QuidelOrtho Corp. (a)  | 21109  | 1807141  |
| Health Care Providers & Services - 3.6%  |  |  |
|  CVS Health Corp.  | 26887  | 2371971  |
|  Elevance Health, Inc.  | 5553  | 2776444  |
|  McKesson Corp.  | 6771  | 2564042  |
|  |  | 7712457  |
| Pharmaceuticals - 8.3%  |  |  |
|  Bristol-Myers Squibb Co.  | 39459  | 2866696  |
|  Eli Lilly & Co.  | 10838  | 3729898  |
|  Johnson & Johnson  | 25854  | 4225061  |
|  Merck & Co., Inc.  | 36842  | 3957199  |
|  Pfizer, Inc.  | 70606  | 3117961  |
|  |  | 17896815  |
|  TOTAL HEALTH CARE  |  | 41357397  |
| INDUSTRIALS - 4.1%  |  |  |
| Aerospace & Defense - 0.7%  |  |  |
|  Lockheed Martin Corp.  | 1733  | 802830  |
|  Northrop Grumman Corp.  | 1439  | 644730  |
|  |  | 1447560  |
| Building Products - 0.9%  |  |  |
|  Builders FirstSource, Inc. (a)  | 8322  | 663263  |
|  Owens Corning  | 6553  | 633347  |
|  UFP Industries, Inc.  | 6536  | 611443  |
|  |  | 1908053  |
| Electrical Equipment - 0.4%  |  |  |
|  Atkore, Inc. (a)  | 6395  | 832949  |
| Machinery - 0.2%  |  |  |
|  Mueller Industries, Inc.  | 8588  | 562943  |
| Professional Services - 0.3%  |  |  |
|  Robert Half International, Inc.  | 7383  | 619877  |
| Road & Rail - 1.6%  |  |  |
|  Union Pacific Corp.  | 16937  | 3458366  |
|  TOTAL INDUSTRIALS  |  | 8829748  |
| INFORMATION TECHNOLOGY - 20.6%  |  |  |
| Communications Equipment - 0.7%  |  |  |
|  Cisco Systems, Inc.  | 32415  | 1577638  |
| Electronic Equipment & Components - 0.3%  |  |  |
|  Arrow Electronics, Inc. (a)  | 5701  | 669810  |
| IT Services - 6.3%  |  |  |
|  Accenture PLC Class A  | 4851  | 1353672  |
|  Akamai Technologies, Inc. (a)  | 7389  | 657252  |
|  Amdocs Ltd.  | 7892  | 725512  |
|  Automatic Data Processing, Inc.  | 4473  | 1010048  |
|  Cognizant Technology Solutions Corp. Class A  | 11661  | 778372  |
|  DXC Technology Co. (a)  | 25712  | 738706  |
|  IBM Corp.  | 8840  | 1191013  |
|  Jack Henry & Associates, Inc.  | 3407  | 613567  |
|  MasterCard, Inc. Class A  | 5575  | 2066095  |
|  Paychex, Inc.  | 6411  | 742778  |
|  The Western Union Co.  | 41269  | 584782  |
|  VeriSign, Inc. (a)  | 3686  | 803732  |
|  Visa, Inc. Class A  | 10235  | 2356199  |
|  |  | 13621728  |
| Semiconductors & Semiconductor Equipment - 2.7%  |  |  |
|  Applied Materials, Inc.  | 9667  | 1077774  |
|  Broadcom, Inc.  | 2955  | 1728705  |
|  Micron Technology, Inc.  | 14835  | 894551  |
|  onsemi (a)  | 11357  | 834172  |
|  Qualcomm, Inc.  | 9178  | 1222601  |
|  |  | 5757803  |
| Software - 4.9%  |  |  |
|  Fortinet, Inc. (a)  | 15172  | 794102  |
|  Gen Digital, Inc.  | 26730  | 615057  |
|  Microsoft Corp.  | 35077  | 8692431  |
|  Qualys, Inc. (a)  | 5217  | 601833  |
|  |  | 10703423  |
| Technology Hardware, Storage & Peripherals - 5.7%  |  |  |
|  Apple, Inc.  | 71330  | 10292203  |
|  Dell Technologies, Inc.  | 15752  | 639846  |
|  Hewlett Packard Enterprise Co.  | 50774  | 818985  |
|  HP, Inc.  | 23949  | 697874  |
|  |  | 12448908  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 44779310  |
| MATERIALS - 9.0%  |  |  |
| Chemicals - 2.1%  |  |  |
|  CF Industries Holdings, Inc.  | 53740  | 4551778  |
| Metals & Mining - 6.9%  |  |  |
|  Nucor Corp.  | 40249  | 6802886  |
|  Steel Dynamics, Inc.  | 68234  | 8231750  |
|  |  | 15034636  |
|  TOTAL MATERIALS  |  | 19586414  |
| REAL ESTATE - 4.8%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 4.8%  |  |  |
|  Public Storage  | 11185  | 3404043  |
|  VICI Properties, Inc.  | 105886  | 3619183  |
|  Weyerhaeuser Co.  | 101372  | 3490238  |
|  |  | 10513464  |
| UTILITIES - 4.1%  |  |  |
| Electric Utilities - 1.4%  |  |  |
|  NRG Energy, Inc.  | 86619  | 2964102  |
| Gas Utilities - 1.3%  |  |  |
|  National Fuel Gas Co.  | 48425  | 2811556  |
| Independent Power and Renewable Electricity Producers - 1.4%  |  |  |
|  Vistra Corp.  | 132700  | 3060062  |
|  TOTAL UTILITIES  |  | 8835720  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $220,099,573)  |  | <br> **216618120**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 0.0%**  | &nbsp;&nbsp; **Money Market Funds - 0.0%**  | &nbsp;&nbsp; **Money Market Funds - 0.0%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.38% (b) <br>(Cost $35,220) <br>| 35213  | **35220**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%** <br> (Cost $220,134,793) <br>| <br>**216653340**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **202875**  |
| **NET ASSETS - 100.0%**  | **216856215**  |

---

**Legend**

(a) Non-income producing

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

**Affiliated Central Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.38%  | 111694  | 3376538  | 3453012  | 1577  | -  | -  | 35220  | 0.0%  |
| Total  | 111694  | 3376538  | 3453012  | 1577  | -  | -  | 35220  |  |

---

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 January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 6053223  | 6053223  | -  | -  |
| Consumer Discretionary  | 14908059  | 14908059  | -  | -  |
| Consumer Staples  | 22670088  | 22670088  | -  | -  |
| Energy  | 24531695  | 24531695  | -  | -  |
| Financials  | 14553002  | 14553002  | -  | -  |
| Health Care  | 41357397  | 41357397  | -  | -  |
| Industrials  | 8829748  | 8829748  | -  | -  |
| Information Technology  | 44779310  | 44779310  | -  | -  |
| Materials  | 19586414  | 19586414  | -  | -  |
| Real Estate  | 10513464  | 10513464  | -  | -  |
| Utilities  | 8835720  | 8835720  | -  | -  |
|  Money Market Funds  | 35220  | 35220  | -  | -  |
| **Total Investments in Securities:**  | 216653340  | 216653340  | -  | -  |

---

**Fidelity® Stocks for Inflation ETF**

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

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $220,099,573)  | $216618120  |  |
|  Fidelity Central Funds (cost $35,220)  | 35220  |  |
|  Total Investment in Securities (cost $220,134,793)  |  | $216653340  |
|  Dividends receivable  |  | 253334  |
|  Distributions receivable from Fidelity Central Funds  |  | 401  |
| **Total assets**  |  | 216907075  |
| **Liabilities**  |  |  |
|  Accrued management fee  | $50860  |  |
| **Total Liabilities**  |  | 50860  |
| **Net Assets**  |  | $216856215  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $236286892  |
|  Total accumulated earnings (loss)  |  | (19430677)  |
|  **Net Assets**  |  | $216856215  |
|  **Net Asset Value** , offering price and redemption price per share ($216,856,215 ÷ 6,750,000 shares)  |  | $32.13  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $2454780  |
| Income from Fidelity Central Funds  |  | 1577  |
| **Total Income**  |  | 2456357  |
|  **Expenses**  |  |  |
| Management fee  | $336105  |  |
| Independent trustees' fees and expenses  | 417  |  |
| Total expenses before reductions  | 336522  |  |
| Expense reductions  | (38)  |  |
| Total expenses after reductions  |  | 336484  |
| **Net Investment income (loss)**  |  | 2119873  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (9622687)  |  |
| Redemptions in-kind  | 546132  |  |
| Total net realized gain (loss)  |  | (9076555)  |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 10542799  |
| **Net gain (loss)**  |  | 1466244  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $3586117  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $2119873  | $2664450  |
| &nbsp;&nbsp; Net realized gain (loss)  | (9076555) <br>| 4384711 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 10542799  | (16922706) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 3586117 <br>| (9873545) <br>|
| Distributions to shareholders  | (2115950) <br>| (2544600) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 7889065  | 327785389  |
| &nbsp;&nbsp; Cost of shares redeemed  | (52881746)  | (101071269)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | (44992681) <br>| 226714120 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (43522514) <br>| 214295975 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 260378729  | 46082754 <br>|
| &nbsp;&nbsp; End of period  | $216856215  | $260378729  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 250000  | 9900000  |
| &nbsp;&nbsp; Redeemed  | (1700000)  | (3200000)  |
| &nbsp;&nbsp; Net increase (decrease)  | (1450000)  | 6700000  |

---

**Financial Highlights** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $31.75  | $30.72  | $24.07  | $24.94  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .28  | .54  | .39  | .38  |
| Net realized and unrealized gain (loss)  | .38  | 1.00 <sup>D</sup>  | 7.08  | (.90)  |
| Total from investment operations  | .66  | 1.54  | 7.47  | (.52)  |
| Distributions from net investment income  | (.28)  | (.51)  | (.82)  | (.35)  |
| Total distributions  | (.28)  | (.51)  | (.82)  | (.35)  |
| Net asset value, end of period  | $32.13  | $31.75  | $30.72  | $24.07  |
| **Total Return** <sup>E,F,G</sup>  | 2.11%  | 5.03%  | 31.78%  | (1.88)%  |
| **Ratios to Average Net Assets** <sup>C,H,I</sup>  |  |  |  |  |
| Expenses before reductions  | .29% <sup>J</sup>  | .29%  | .29%  | .29% <sup>J,K</sup>  |
| Expenses net of fee waivers, if any  | .29% <sup>J</sup>  | .29%  | .29%  | .29% <sup>J,K</sup>  |
| Expenses net of all reductions  | .29% <sup>J</sup>  | .29%  | .29%  | .29% <sup>J,K</sup>  |
| Net investment income (loss)  | 1.82% <sup>J</sup>  | 1.68%  | 1.34%  | 2.16% <sup>J,K</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $216856  | $260379  | $46083  | $3610  |
| Portfolio turnover rate <sup>L,M</sup>  | 113% <sup>J</sup>  | 76%  | 52%  | 65% <sup>N</sup>  |

---

<sup>A</sup> *For the period November 5, 2019 (commencement of operations) through July 31, 2020.*

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

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

<sup>D</sup> *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.*

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

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

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

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

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

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

<sup>K</sup> *Proxy expenses are not annualized.*

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

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

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

**Fidelity® U.S. Multifactor ETF** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Apple, Inc.  | 5.9  |
| Microsoft Corp.  | 5.0  |
| Alphabet, Inc. Class A  | 3.1  |
| Johnson & Johnson  | 1.7  |
| The Home Depot, Inc.  | 1.7  |
| Procter & Gamble Co.  | 1.5  |
| ConocoPhillips Co.  | 1.5  |
| Merck & Co., Inc.  | 1.5  |
| Eli Lilly & Co.  | 1.4  |
| Arch Capital Group Ltd.  | 1.4  |
|  | 24.7  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 25.0  |
| Health Care  | 14.5  |
| Financials  | 12.8  |
| Consumer Discretionary  | 12.4  |
| Industrials  | 8.6  |
| Communication Services  | 7.2  |
| Consumer Staples  | 6.0  |
| Energy  | 4.9  |
| Real Estate  | 3.0  |
| Materials  | 2.8  |
| Utilities  | 2.7  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88921_9.jpg)  |
| *Foreign investments - 7.8%*  |

---

**Fidelity® U.S. Multifactor ETF**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 99.9%**  | &nbsp;&nbsp; **Common Stocks - 99.9%**  | &nbsp;&nbsp; **Common Stocks - 99.9%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 7.2%  |  |  |
| Diversified Telecommunication Services - 1.2%  |  |  |
|  Liberty Global PLC Class C (a)  | 4029  | 90048  |
|  Verizon Communications, Inc.  | 4407  | 183199  |
|  |  | 273247  |
| Interactive Media & Services - 4.3%  |  |  |
|  Alphabet, Inc. Class A (a)  | 7563  | 747527  |
|  Meta Platforms, Inc. Class A (a)  | 1857  | 276637  |
|  |  | 1024164  |
| Media - 1.7%  |  |  |
|  Fox Corp. Class A  | 2818  | 95643  |
|  Nexstar Broadcasting Group, Inc. Class A  | 463  | 94809  |
|  Omnicom Group, Inc.  | 1339  | 115141  |
|  TEGNA, Inc.  | 4144  | 82590  |
|  |  | 388183  |
|  TOTAL COMMUNICATION SERVICES  |  | 1685594  |
| CONSUMER DISCRETIONARY - 12.4%  |  |  |
| Diversified Consumer Services - 1.8%  |  |  |
|  H&R Block, Inc.  | 4861  | 189482  |
|  Service Corp. International  | 3013  | 223414  |
|  |  | 412896  |
| Hotels, Restaurants & Leisure - 3.0%  |  |  |
|  Domino's Pizza, Inc.  | 504  | 177912  |
|  McDonald's Corp.  | 1162  | 310719  |
|  Yum! Brands, Inc.  | 1742  | 227348  |
|  |  | 715979  |
| Household Durables - 3.1%  |  |  |
|  Lennar Corp. Class A  | 2373  | 242995  |
|  PulteGroup, Inc.  | 4570  | 259987  |
|  Toll Brothers, Inc.  | 3953  | 235164  |
|  |  | 738146  |
| Specialty Retail - 4.5%  |  |  |
|  AutoZone, Inc. (a)  | 99  | 241446  |
|  Murphy U.S.A., Inc.  | 673  | 183076  |
|  O'Reilly Automotive, Inc. (a)  | 306  | 242459  |
|  The Home Depot, Inc.  | 1226  | 397432  |
|  |  | 1064413  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 2931434  |
| CONSUMER STAPLES - 6.0%  |  |  |
| Food Products - 0.8%  |  |  |
|  The Hershey Co.  | 815  | 183049  |
| Household Products - 3.1%  |  |  |
|  Colgate-Palmolive Co.  | 2520  | 187816  |
|  Kimberly-Clark Corp.  | 1433  | 186304  |
|  Procter & Gamble Co.  | 2554  | 363639  |
|  |  | 737759  |
| Tobacco - 2.1%  |  |  |
|  Altria Group, Inc.  | 4771  | 214886  |
|  Philip Morris International, Inc.  | 2591  | 270086  |
|  |  | 484972  |
|  TOTAL CONSUMER STAPLES  |  | 1405780  |
| ENERGY - 4.9%  |  |  |
| Oil, Gas & Consumable Fuels - 4.9%  |  |  |
|  ConocoPhillips Co.  | 2945  | 358907  |
|  Coterra Energy, Inc.  | 7628  | 190929  |
|  EOG Resources, Inc.  | 2310  | 305498  |
|  Valero Energy Corp.  | 2120  | 296864  |
|  |  | 1152198  |
| FINANCIALS - 12.8%  |  |  |
| Banks - 0.8%  |  |  |
|  Popular, Inc.  | 2877  | 197477  |
| Capital Markets - 1.1%  |  |  |
|  Houlihan Lokey  | 2525  | 250152  |
| Insurance - 9.9%  |  |  |
|  AFLAC, Inc.  | 3985  | 292898  |
|  American Financial Group, Inc.  | 1747  | 249105  |
|  Arch Capital Group Ltd. (a)  | 5157  | 331853  |
|  Chubb Ltd.  | 1413  | 321443  |
|  Everest Re Group Ltd.  | 877  | 306678  |
|  Progressive Corp.  | 2188  | 298334  |
|  The Travelers Companies, Inc.  | 1506  | 287827  |
|  W.R. Berkley Corp.  | 3640  | 255310  |
|  |  | 2343448  |
| Thrifts & Mortgage Finance - 1.0%  |  |  |
|  Essent Group Ltd.  | 5108  | 224905  |
|  TOTAL FINANCIALS  |  | 3015982  |
| HEALTH CARE - 14.5%  |  |  |
| Biotechnology - 4.0%  |  |  |
|  Gilead Sciences, Inc.  | 3305  | 277422  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 322  | 244227  |
|  United Therapeutics Corp. (a)  | 743  | 195535  |
|  Vertex Pharmaceuticals, Inc. (a)  | 728  | 235217  |
|  |  | 952401  |
| Health Care Equipment & Supplies - 0.6%  |  |  |
|  QuidelOrtho Corp. (a)  | 1661  | 142198  |
| Health Care Providers & Services - 1.5%  |  |  |
|  Molina Healthcare, Inc. (a)  | 525  | 163711  |
|  Quest Diagnostics, Inc.  | 1218  | 180849  |
|  |  | 344560  |
| Pharmaceuticals - 8.4%  |  |  |
|  Bristol-Myers Squibb Co.  | 3459  | 251296  |
|  Eli Lilly & Co.  | 985  | 338988  |
|  Johnson & Johnson  | 2480  | 405282  |
|  Merck & Co., Inc.  | 3321  | 356709  |
|  Organon & Co.  | 5041  | 151885  |
|  Pfizer, Inc.  | 6497  | 286908  |
|  Zoetis, Inc. Class A  | 1189  | 196768  |
|  |  | 1987836  |
|  TOTAL HEALTH CARE  |  | 3426995  |
| INDUSTRIALS - 8.6%  |  |  |
| Aerospace & Defense - 2.1%  |  |  |
|  Lockheed Martin Corp.  | 587  | 271934  |
|  Northrop Grumman Corp.  | 486  | 217747  |
|  |  | 489681  |
| Air Freight & Logistics - 0.9%  |  |  |
|  Expeditors International of Washington, Inc.  | 1944  | 210244  |
| Commercial Services & Supplies - 1.7%  |  |  |
|  Republic Services, Inc.  | 1473  | 183860  |
|  Waste Management, Inc.  | 1355  | 209659  |
|  |  | 393519  |
| Electrical Equipment - 1.2%  |  |  |
|  Atkore, Inc. (a)  | 2149  | 279907  |
| Machinery - 1.7%  |  |  |
|  Mueller Industries, Inc.  | 2887  | 189243  |
|  Snap-On, Inc.  | 888  | 220872  |
|  |  | 410115  |
| Road & Rail - 1.0%  |  |  |
|  Union Pacific Corp.  | 1213  | 247682  |
|  TOTAL INDUSTRIALS  |  | 2031148  |
| INFORMATION TECHNOLOGY - 25.0%  |  |  |
| Communications Equipment - 0.9%  |  |  |
|  Cisco Systems, Inc.  | 4359  | 212153  |
| IT Services - 8.1%  |  |  |
|  Accenture PLC Class A  | 652  | 181941  |
|  Akamai Technologies, Inc. (a)  | 990  | 88061  |
|  Amdocs Ltd.  | 1057  | 97170  |
|  Automatic Data Processing, Inc.  | 601  | 135712  |
|  Cognizant Technology Solutions Corp. Class A  | 1564  | 104397  |
|  Concentrix Corp.  | 658  | 93311  |
|  ExlService Holdings, Inc. (a)  | 525  | 89565  |
|  IBM Corp.  | 1185  | 159655  |
|  Jack Henry & Associates, Inc.  | 456  | 82121  |
|  MasterCard, Inc. Class A  | 750  | 277950  |
|  Paychex, Inc.  | 859  | 99524  |
|  The Western Union Co.  | 5543  | 78544  |
|  VeriSign, Inc. (a)  | 493  | 107499  |
|  Visa, Inc. Class A  | 1376  | 316769  |
|  |  | 1912219  |
| Semiconductors & Semiconductor Equipment - 2.8%  |  |  |
|  Broadcom, Inc.  | 397  | 232249  |
|  Intel Corp.  | 4834  | 136609  |
|  Micron Technology, Inc.  | 1990  | 119997  |
|  Texas Instruments, Inc.  | 1011  | 179159  |
|  |  | 668014  |
| Software - 6.6%  |  |  |
|  Fortinet, Inc. (a)  | 2032  | 106355  |
|  Gen Digital, Inc.  | 3578  | 82330  |
|  Microsoft Corp.  | 4728  | 1171646  |
|  Qualys, Inc. (a)  | 699  | 80637  |
|  VMware, Inc. Class A (a)  | 855  | 104712  |
|  |  | 1545680  |
| Technology Hardware, Storage & Peripherals - 6.6%  |  |  |
|  Apple, Inc.  | 9614  | 1387198  |
|  HP, Inc.  | 3215  | 93685  |
|  Seagate Technology Holdings PLC  | 1187  | 80455  |
|  |  | 1561338  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 5899404  |
| MATERIALS - 2.8%  |  |  |
| Chemicals - 0.8%  |  |  |
|  CF Industries Holdings, Inc.  | 2066  | 174990  |
| Metals & Mining - 1.1%  |  |  |
|  Nucor Corp.  | 1591  | 268911  |
| Paper & Forest Products - 0.9%  |  |  |
|  Louisiana-Pacific Corp.  | 3163  | 215369  |
|  TOTAL MATERIALS  |  | 659270  |
| REAL ESTATE - 3.0%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 3.0%  |  |  |
|  Extra Space Storage, Inc.  | 1299  | 205021  |
|  Public Storage  | 809  | 246211  |
|  WP Carey, Inc.  | 2942  | 251629  |
|  |  | 702861  |
| UTILITIES - 2.7%  |  |  |
| Electric Utilities - 0.9%  |  |  |
|  Exelon Corp.  | 5312  | 224113  |
| Gas Utilities - 0.8%  |  |  |
|  National Fuel Gas Co.  | 3114  | 180799  |
| Multi-Utilities - 1.0%  |  |  |
|  Consolidated Edison, Inc.  | 2402  | 228935  |
|  TOTAL UTILITIES  |  | 633847  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $22,865,581)  |  | <br> **23544513**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%** <br> (Cost $22,865,581) <br>| <br>**23544513**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **12961**  |
| **NET ASSETS - 100.0%**  | **23557474**  |

---

**Legend**

(a) Non-income producing

**Affiliated Central Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.38%  | -  | 218894  | 218894  | 49  | -  | -  | -  | 0.0%  |
| Total  | -  | 218894  | 218894  | 49  | -  | -  | -  |  |

---

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 January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 1685594  | 1685594  | -  | -  |
| Consumer Discretionary  | 2931434  | 2931434  | -  | -  |
| Consumer Staples  | 1405780  | 1405780  | -  | -  |
| Energy  | 1152198  | 1152198  | -  | -  |
| Financials  | 3015982  | 3015982  | -  | -  |
| Health Care  | 3426995  | 3426995  | -  | -  |
| Industrials  | 2031148  | 2031148  | -  | -  |
| Information Technology  | 5899404  | 5899404  | -  | -  |
| Materials  | 659270  | 659270  | -  | -  |
| Real Estate  | 702861  | 702861  | -  | -  |
| Utilities  | 633847  | 633847  | -  | -  |
| **Total Investments in Securities:**  | 23544513  | 23544513  | -  | -  |

---

**Fidelity® U.S. Multifactor ETF**

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

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
|  Investment in securities, at value - See accompanying schedule <br>Unaffiliated issuers (cost $22,865,581): <br>|  | $23544513  |
|  Cash  |  | 1981  |
|  Dividends receivable  |  | 16520  |
|  Distributions receivable from Fidelity Central Funds  |  | 2  |
| **Total assets**  |  | 23563016  |
| **Liabilities**  |  |  |
|  Accrued management fee  | $5542  |  |
| **Total Liabilities**  |  | 5542  |
| **Net Assets**  |  | $23557474  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $23248718  |
|  Total accumulated earnings (loss)  |  | 308756  |
|  **Net Assets**  |  | $23557474  |
|  **Net Asset Value** , offering price and redemption price per share ($23,557,474 ÷ 950,000 shares)  |  | $24.80  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $181484  |
| Income from Fidelity Central Funds  |  | 49  |
| **Total Income**  |  | 181533  |
|  **Expenses**  |  |  |
| Management fee  | $27456  |  |
| Independent trustees' fees and expenses  | 31  |  |
| Total expenses before reductions  | 27487  |  |
| Expense reductions  | (33)  |  |
| Total expenses after reductions  |  | 27454  |
| **Net Investment income (loss)**  |  | 154079  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Redemptions in-kind  | 172664  |  |
| Unaffiliated issuers  | (140145)  |  |
| Total net realized gain (loss)  |  | 32519  |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 572887  |
| **Net gain (loss)**  |  | 605406  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $759485  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $154079  | $236930  |
| &nbsp;&nbsp; Net realized gain (loss)  | 32519 <br>| 433050 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 572887  | (1195944) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 759485 <br>| (525964) <br>|
| Distributions to shareholders  | (150000) <br>| (235000) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 9453459  | 9088569  |
| &nbsp;&nbsp; Cost of shares redeemed  | (1181857)  | (5142624)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 8271602 <br>| 3945945 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 8881087 <br>| 3184981 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 14676387  | 11491406 <br>|
| &nbsp;&nbsp; End of period  | $23557474  | $14676387  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 400000  | 350000  |
| &nbsp;&nbsp; Redeemed  | (50000)  | (200000)  |
| &nbsp;&nbsp; Net increase (decrease)  | 350000  | 150000  |

---

**Financial Highlights** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $24.46  | $25.54  | $20.09  |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .19  | .41  | .31 <sup>D</sup>  |
| Net realized and unrealized gain (loss)  | .34  | (1.09)  | 5.62  |
| Total from investment operations  | .53  | (.68)  | 5.93  |
| Distributions from net investment income  | (.19)  | (.40)  | (.48)  |
| Total distributions  | (.19)  | (.40)  | (.48)  |
| Net asset value, end of period  | $24.80  | $24.46  | $25.54  |
| **Total Return** <sup>E,F,G</sup>  | 2.20%  | (2.64)%  | 29.94%  |
| **Ratios to Average Net Assets** <sup>C,H,I</sup>  |  |  |  |
| Expenses before reductions  | .29% <sup>J</sup>  | .29%  | .29% <sup>J</sup>  |
| Expenses net of fee waivers, if any  | .29% <sup>J</sup>  | .29%  | .29% <sup>J</sup>  |
| Expenses net of all reductions  | .29% <sup>J</sup>  | .29%  | .29% <sup>J</sup>  |
| Net investment income (loss)  | 1.63% <sup>J</sup>  | 1.63%  | 1.56% <sup>D,J</sup>  |
| **Supplemental Data**  |  |  |  |
| Net assets, end of period (000 omitted)  | $23557  | $14676  | $11491  |
| Portfolio turnover rate <sup>K,L</sup>  | 47% <sup>J</sup>  | 46%  | 30% <sup>M</sup>  |

---

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

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

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

<sup>D</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.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%.*

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

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

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

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

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

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

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

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

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

**Fidelity® Value Factor ETF** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Apple, Inc.  | 6.3  |
| Microsoft Corp.  | 5.3  |
| Alphabet, Inc. Class A  | 3.1  |
| Amazon.com, Inc.  | 2.7  |
| Berkshire Hathaway, Inc. Class B  | 1.9  |
| Johnson & Johnson  | 1.8  |
| Visa, Inc. Class A  | 1.8  |
| Merck & Co., Inc.  | 1.6  |
| JPMorgan Chase & Co.  | 1.6  |
| MasterCard, Inc. Class A  | 1.6  |
|  | 27.7  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 25.1  |
| Health Care  | 14.4  |
| Financials  | 11.9  |
| Consumer Discretionary  | 11.5  |
| Industrials  | 9.1  |
| Communication Services  | 7.5  |
| Consumer Staples  | 5.9  |
| Energy  | 5.0  |
| Real Estate  | 3.2  |
| Materials  | 3.2  |
| Utilities  | 2.9  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88921_6.jpg)  |
| *Foreign investments - 2%*  |

---

**Fidelity® Value Factor ETF**

**Schedule of Investments January 31, 2023 (Unaudited)**

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>|
| COMMUNICATION SERVICES - 7.5%  |  |  |
| Diversified Telecommunication Services - 0.7%  |  |  |
|  AT&T, Inc.  | 163658  | 3333713  |
| Entertainment - 1.2%  |  |  |
|  Netflix, Inc. (a)  | 11492  | 4066559  |
|  Warner Bros Discovery, Inc. (a)  | 106895  | 1584184  |
|  |  | 5650743  |
| Interactive Media & Services - 4.2%  |  |  |
|  Alphabet, Inc. Class A (a)  | 152498  | 15072902  |
|  Meta Platforms, Inc. Class A (a)  | 36104  | 5378413  |
|  |  | 20451315  |
| Media - 1.4%  |  |  |
|  Comcast Corp. Class A  | 90320  | 3554092  |
|  Fox Corp. Class A  | 47150  | 1600271  |
|  Paramount Global Class B (b)  | 62796  | 1454355  |
|  |  | 6608718  |
|  TOTAL COMMUNICATION SERVICES  |  | 36044489  |
| CONSUMER DISCRETIONARY - 11.5%  |  |  |
| Automobiles - 1.5%  |  |  |
|  Ford Motor Co.  | 234147  | 3163326  |
|  General Motors Co.  | 96691  | 3801890  |
|  |  | 6965216  |
| Hotels, Restaurants & Leisure - 1.8%  |  |  |
|  Expedia, Inc. (a)  | 29836  | 3410255  |
|  McDonald's Corp.  | 19975  | 5341315  |
|  |  | 8751570  |
| Household Durables - 3.2%  |  |  |
|  D.R. Horton, Inc.  | 41195  | 4065535  |
|  Lennar Corp. Class A  | 36788  | 3767091  |
|  PulteGroup, Inc.  | 70009  | 3982812  |
|  Toll Brothers, Inc.  | 60152  | 3578442  |
|  |  | 15393880  |
| Internet & Direct Marketing Retail - 2.7%  |  |  |
|  Amazon.com, Inc. (a)  | 126511  | 13047079  |
| Multiline Retail - 0.8%  |  |  |
|  Macy's, Inc.  | 165348  | 3907173  |
| Specialty Retail - 1.5%  |  |  |
|  The Home Depot, Inc.  | 21884  | 7094136  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 55159054  |
| CONSUMER STAPLES - 5.9%  |  |  |
| Food & Staples Retailing - 1.1%  |  |  |
|  Kroger Co.  | 61167  | 2729883  |
|  Walgreens Boots Alliance, Inc.  | 72439  | 2670102  |
|  |  | 5399985  |
| Food Products - 1.1%  |  |  |
|  Archer Daniels Midland Co.  | 37127  | 3075972  |
|  Tyson Foods, Inc. Class A  | 32238  | 2119649  |
|  |  | 5195621  |
| Household Products - 2.0%  |  |  |
|  Kimberly-Clark Corp.  | 22809  | 2965398  |
|  Procter & Gamble Co.  | 46358  | 6600452  |
|  |  | 9565850  |
| Tobacco - 1.7%  |  |  |
|  Altria Group, Inc.  | 78155  | 3520101  |
|  Philip Morris International, Inc.  | 44203  | 4607721  |
|  |  | 8127822  |
|  TOTAL CONSUMER STAPLES  |  | 28289278  |
| ENERGY - 5.0%  |  |  |
| Oil, Gas & Consumable Fuels - 5.0%  |  |  |
|  APA Corp.  | 35282  | 1564051  |
|  Chevron Corp.  | 30232  | 5260973  |
|  ConocoPhillips Co.  | 26374  | 3214199  |
|  Exxon Mobil Corp.  | 62214  | 7217446  |
|  Marathon Oil Corp.  | 53148  | 1459976  |
|  Occidental Petroleum Corp. (b)  | 27473  | 1779976  |
|  Phillips 66 Co.  | 17424  | 1747104  |
|  Valero Energy Corp.  | 14132  | 1978904  |
|  |  | 24222629  |
| FINANCIALS - 11.9%  |  |  |
| Banks - 4.4%  |  |  |
|  Bank of America Corp.  | 150956  | 5355919  |
|  Citigroup, Inc.  | 65782  | 3435136  |
|  JPMorgan Chase & Co.  | 54966  | 7693041  |
|  Wells Fargo & Co.  | 96637  | 4529376  |
|  |  | 21013472  |
| Capital Markets - 1.6%  |  |  |
|  Charles Schwab Corp.  | 49666  | 3845142  |
|  Goldman Sachs Group, Inc.  | 10693  | 3911606  |
|  |  | 7756748  |
| Consumer Finance - 1.7%  |  |  |
|  Capital One Financial Corp.  | 25000  | 2975000  |
|  Discover Financial Services  | 24530  | 2863387  |
|  Synchrony Financial  | 70112  | 2575214  |
|  |  | 8413601  |
| Diversified Financial Services - 1.9%  |  |  |
|  Berkshire Hathaway, Inc. Class B (a)  | 29390  | 9155573  |
| Insurance - 2.3%  |  |  |
|  American International Group, Inc.  | 51912  | 3281877  |
|  Lincoln National Corp.  | 47907  | 1697345  |
|  MetLife, Inc.  | 42281  | 3087359  |
|  Prudential Financial, Inc.  | 27086  | 2842405  |
|  |  | 10908986  |
|  TOTAL FINANCIALS  |  | 57248380  |
| HEALTH CARE - 14.4%  |  |  |
| Biotechnology - 4.8%  |  |  |
|  AbbVie, Inc.  | 47972  | 7087863  |
|  Gilead Sciences, Inc.  | 74659  | 6266876  |
|  Moderna, Inc. (a)  | 23149  | 4075613  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 7296  | 5533797  |
|  |  | 22964149  |
| Health Care Equipment & Supplies - 0.7%  |  |  |
|  QuidelOrtho Corp. (a)  | 38455  | 3292133  |
| Health Care Providers & Services - 2.0%  |  |  |
|  CVS Health Corp.  | 52053  | 4592116  |
|  Elevance Health, Inc.  | 10680  | 5339893  |
|  |  | 9932009  |
| Pharmaceuticals - 6.9%  |  |  |
|  Bristol-Myers Squibb Co.  | 76891  | 5586131  |
|  Johnson & Johnson  | 53419  | 8729733  |
|  Merck & Co., Inc.  | 73123  | 7854141  |
|  Pfizer, Inc.  | 142013  | 6271294  |
|  Viatris, Inc.  | 397006  | 4827593  |
|  |  | 33268892  |
|  TOTAL HEALTH CARE  |  | 69457183  |
| INDUSTRIALS - 9.1%  |  |  |
| Aerospace & Defense - 0.7%  |  |  |
|  Lockheed Martin Corp.  | 7671  | 3553667  |
| Air Freight & Logistics - 1.2%  |  |  |
|  FedEx Corp.  | 11585  | 2245868  |
|  United Parcel Service, Inc. Class B  | 19476  | 3607539  |
|  |  | 5853407  |
| Building Products - 1.0%  |  |  |
|  Builders FirstSource, Inc. (a)  | 31057  | 2475243  |
|  Owens Corning  | 24221  | 2340960  |
|  |  | 4816203  |
| Electrical Equipment - 0.6%  |  |  |
|  Atkore, Inc. (a)  | 23291  | 3033653  |
| Industrial Conglomerates - 0.5%  |  |  |
|  3M Co.  | 20767  | 2389866  |
| Machinery - 3.4%  |  |  |
|  Caterpillar, Inc.  | 17655  | 4454180  |
|  Cummins, Inc.  | 11057  | 2759164  |
|  Deere & Co.  | 9386  | 3968776  |
|  Mueller Industries, Inc.  | 31314  | 2052633  |
|  PACCAR, Inc.  | 26788  | 2928196  |
|  |  | 16162949  |
| Professional Services - 1.0%  |  |  |
|  Manpower, Inc.  | 27048  | 2357504  |
|  Robert Half International, Inc.  | 27294  | 2291604  |
|  |  | 4649108  |
| Road & Rail - 0.7%  |  |  |
|  Union Pacific Corp.  | 16661  | 3402010  |
|  TOTAL INDUSTRIALS  |  | 43860863  |
| INFORMATION TECHNOLOGY - 25.1%  |  |  |
| IT Services - 7.7%  |  |  |
|  Accenture PLC Class A  | 19364  | 5403524  |
|  Cognizant Technology Solutions Corp. Class A  | 59005  | 3938584  |
|  DXC Technology Co. (a)  | 141410  | 4062709  |
|  MasterCard, Inc. Class A  | 20614  | 7639548  |
|  PayPal Holdings, Inc. (a)  | 51418  | 4190053  |
|  The Western Union Co.  | 227470  | 3223250  |
|  Visa, Inc. Class A  | 36981  | 8513396  |
|  |  | 36971064  |
| Semiconductors & Semiconductor Equipment - 2.8%  |  |  |
|  Intel Corp.  | 151261  | 4274636  |
|  Micron Technology, Inc.  | 69410  | 4185423  |
|  Qualcomm, Inc.  | 37600  | 5008696  |
|  |  | 13468755  |
| Software - 5.3%  |  |  |
|  Microsoft Corp.  | 103750  | 25710288  |
| Technology Hardware, Storage & Peripherals - 9.3%  |  |  |
|  Apple, Inc.  | 208887  | 30140307  |
|  Dell Technologies, Inc.  | 85242  | 3462530  |
|  Hewlett Packard Enterprise Co.  | 269147  | 4341341  |
|  HP, Inc.  | 121658  | 3545114  |
|  Western Digital Corp. (a)  | 76344  | 3355319  |
|  |  | 44844611  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 120994718  |
| MATERIALS - 3.2%  |  |  |
| Chemicals - 1.4%  |  |  |
|  Dow, Inc.  | 25398  | 1507371  |
|  Linde PLC  | 8914  | 2949999  |
|  LyondellBasell Industries NV Class A  | 13013  | 1258227  |
|  The Mosaic Co.  | 20715  | 1026221  |
|  |  | 6741818  |
| Metals & Mining - 1.8%  |  |  |
|  Alcoa Corp.  | 19870  | 1038009  |
|  Cleveland-Cliffs, Inc. (a)  | 52819  | 1127686  |
|  Freeport-McMoRan, Inc.  | 46957  | 2095221  |
|  Nucor Corp.  | 9519  | 1608901  |
|  Steel Dynamics, Inc.  | 13067  | 1576403  |
|  United States Steel Corp. (b)  | 39790  | 1133617  |
|  |  | 8579837  |
|  TOTAL MATERIALS  |  | 15321655  |
| REAL ESTATE - 3.2%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 2.7%  |  |  |
|  Boston Properties, Inc.  | 12710  | 947403  |
|  Cousins Properties, Inc.  | 34475  | 945305  |
|  Kilroy Realty Corp.  | 19888  | 816204  |
|  Kimco Realty Corp.  | 52079  | 1169694  |
|  Medical Properties Trust, Inc. (b)  | 66694  | 863687  |
|  Omega Healthcare Investors, Inc. (b)  | 33182  | 976878  |
|  Prologis (REIT), Inc.  | 16278  | 2104420  |
|  Simon Property Group, Inc.  | 12980  | 1667411  |
|  VICI Properties, Inc.  | 39667  | 1355818  |
|  Vornado Realty Trust  | 35384  | 863016  |
|  Weyerhaeuser Co.  | 36078  | 1242166  |
|  |  | 12952002  |
| Real Estate Management & Development - 0.5%  |  |  |
|  CBRE Group, Inc. (a)  | 15530  | 1327970  |
|  Jones Lang LaSalle, Inc. (a)  | 6035  | 1115690  |
|  |  | 2443660  |
|  TOTAL REAL ESTATE  |  | 15395662  |
| UTILITIES - 2.9%  |  |  |
| Electric Utilities - 2.1%  |  |  |
|  American Electric Power Co., Inc.  | 18016  | 1692783  |
|  Duke Energy Corp.  | 20086  | 2057811  |
|  Exelon Corp.  | 38027  | 1604359  |
|  NRG Energy, Inc.  | 32937  | 1127104  |
|  PG&E Corp. (a)  | 124809  | 1984463  |
|  PPL Corp.  | 50073  | 1482161  |
|  |  | 9948681  |
| Gas Utilities - 0.2%  |  |  |
|  UGI Corp.  | 31249  | 1244648  |
| Independent Power and Renewable Electricity Producers - 0.2%  |  |  |
|  Vistra Corp.  | 51158  | 1179703  |
| Multi-Utilities - 0.4%  |  |  |
|  Sempra Energy  | 11112  | 1781587  |
|  TOTAL UTILITIES  |  | 14154619  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $488,750,608)  |  | <br> **480148530**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 0.9%**  | &nbsp;&nbsp; **Money Market Funds - 0.9%**  | &nbsp;&nbsp; **Money Market Funds - 0.9%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.38% (c)  | 783246  | 783403  |
|  Fidelity Securities Lending Cash Central Fund 4.38% (c)(d)  | 3312619  | 3312950  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $4,096,353)  |  | **4096353**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%** <br> (Cost $492,846,961) <br>| <br>**484244883**  |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(2885938)**  |
| **NET ASSETS - 100.0%**  | **481358945**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME S&P 500 Index Contracts (United States)  | 48  | Mar 2023  | 981600  | 58194  | 58194  |
| The notional amount of futures purchased as a percentage of Net Assets is 0.2%  | The notional amount of futures purchased as a percentage of Net Assets is 0.2%  | The notional amount of futures purchased as a percentage of Net Assets is 0.2%  | The notional amount of futures purchased as a percentage of Net Assets is 0.2%  | The notional amount of futures purchased as a percentage of Net Assets is 0.2%  | The notional amount of futures purchased as a percentage of Net Assets is 0.2%  |

---

**Legend**

(a) Non-income producing

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

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.38%  | 474486  | 10616114  | 10307197  | 9921  | -  | -  | 783403  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 4.38%  | 834375  | 23495741  | 21017166  | 7147  | -  | -  | 3312950  | 0.0%  |
| Total  | 1308861  | 34111855  | 31324363  | 17068  | -  | -  | 4096353  |  |

---

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.

Amount 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 payments 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 January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 36044489  | 36044489  | -  | -  |
| Consumer Discretionary  | 55159054  | 55159054  | -  | -  |
| Consumer Staples  | 28289278  | 28289278  | -  | -  |
| Energy  | 24222629  | 24222629  | -  | -  |
| Financials  | 57248380  | 57248380  | -  | -  |
| Health Care  | 69457183  | 69457183  | -  | -  |
| Industrials  | 43860863  | 43860863  | -  | -  |
| Information Technology  | 120994718  | 120994718  | -  | -  |
| Materials  | 15321655  | 15321655  | -  | -  |
| Real Estate  | 15395662  | 15395662  | -  | -  |
| Utilities  | 14154619  | 14154619  | -  | -  |
|  Money Market Funds  | 4096353  | 4096353  | -  | -  |
| **Total Investments in Securities:**  | 484244883  | 484244883  | -  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 58194  | 58194  | -  | -  |
| Total Assets  | 58194  | 58194  | -  | -  |
| **Total Derivative Instruments:**  | 58194  | 58194  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2023. 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)  | 58194  | 0  |
| **Total Equity Risk**  | 58194  | 0  |
| **Total Value of Derivatives**  | 58194  | 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** **(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,282,628) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $488,750,608)  | $480148530  |  |
|  Fidelity Central Funds (cost $4,096,353)  | 4096353  |  |
|  Total Investment in Securities (cost $492,846,961)  |  | $484244883  |
|  Segregated cash with brokers for derivative instruments  |  | 50880  |
|  Dividends receivable  |  | 473188  |
|  Distributions receivable from Fidelity Central Funds  |  | 2271  |
|  Receivable for daily variation margin on futures contracts  |  | 13800  |
| **Total assets**  |  | 484785022  |
| **Liabilities**  |  |  |
|  Accrued management fee  | $113127  |  |
|  Collateral on securities loaned  | 3312950  |  |
| **Total Liabilities**  |  | 3426077  |
| **Net Assets**  |  | $481358945  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $522271831  |
|  Total accumulated earnings (loss)  |  | (40912886)  |
|  **Net Assets**  |  | $481358945  |
|  **Net Asset Value** , offering price and redemption price per share ($481,358,945 ÷ 10,300,000 shares)  |  | $46.73  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $5006064  |
| Income from Fidelity Central Funds (including $7,147 from security lending)  |  | 17068  |
| **Total Income**  |  | 5023132  |
|  **Expenses**  |  |  |
| Management fee  | $665582  |  |
| Independent trustees' fees and expenses  | 807  |  |
| Total expenses before reductions  | 666389  |  |
| Expense reductions  | (59)  |  |
| Total expenses after reductions  |  | 666330  |
| **Net Investment income (loss)**  |  | 4356802  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (5760328)  |  |
| Redemptions in-kind  | 10483740  |  |
| Futures contracts  | (63527)  |  |
| Total net realized gain (loss)  |  | 4659885  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (3390053)  |  |
| Futures contracts  | (881)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (3390934)  |
| **Net gain (loss)**  |  | 1268951  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $5625753  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $4356802  | $7743147  |
| &nbsp;&nbsp; Net realized gain (loss)  | 4659885 <br>| 55705980 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (3390934)  | (90000723) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 5625753 <br>| (26551596) <br>|
| Distributions to shareholders  | (4137400) <br>| (7920650) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 51829118  | 409246223  |
| &nbsp;&nbsp; Cost of shares redeemed  | (71631503)  | (325370322)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | (19802385) <br>| 83875901 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (18314032) <br>| 49403655 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 499672977  | 450269322 <br>|
| &nbsp;&nbsp; End of period  | $481358945  | $499672977  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 1150000  | 8250000  |
| &nbsp;&nbsp; Redeemed  | (1650000)  | (6650000)  |
| &nbsp;&nbsp; Net increase (decrease)  | (500000)  | 1600000  |

---

**Financial Highlights** 

 **Fidelity® Value Factor ETF** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $46.27  | $48.94  | $34.85  | $34.53  | $33.90  | $29.72  |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .42  | .79  | .64  | .73  | .70  | .58  |
| Net realized and unrealized gain (loss)  | .43  | (2.65)  | 14.07  | .28  | .59  | 4.18  |
| Total from investment operations  | .85  | (1.86)  | 14.71  | 1.01  | 1.29  | 4.76  |
| Distributions from net investment income  | (.39)  | (.81)  | (.62)  | (.69)  | (.66)  | (.58)  |
| Total distributions  | (.39)  | (.81)  | (.62)  | (.69)  | (.66)  | (.58)  |
| Net asset value, end of period  | $46.73  | $46.27  | $48.94  | $34.85  | $34.53  | $33.90  |
| **Total Return** <sup>C,D,E</sup>  | 1.93%  | (3.86)%  | 42.56%  | 3.12%  | 3.95%  | 16.11%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |  |
| Expenses before reductions  | .29% <sup>H</sup>  | .29%  | .29%  | .29%  | .29%  | .30%  |
| Expenses net of fee waivers, if any  | .29% <sup>H</sup>  | .29%  | .29%  | .29%  | .29%  | .30%  |
| Expenses net of all reductions  | .29% <sup>H</sup>  | .29%  | .29%  | .29%  | .29%  | .30%  |
| Net investment income (loss)  | 1.89% <sup>H</sup>  | 1.61%  | 1.50%  | 2.13%  | 2.09%  | 1.79%  |
| **Supplemental Data**  |  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $481359  | $499673  | $450269  | $189916  | $136403  | $86450  |
| Portfolio turnover rate <sup>I,J</sup>  | 41% <sup>H</sup>  | 46%  | 42%  | 45%  | 31%  | 38%  |

---

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

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

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

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

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

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

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

<sup>H</sup> *Annualized.*

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

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

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

For the period ended January 31, 2023

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 Ratio** <sup>A</sup>  |
| Fidelity Money Market Central Funds  | Fidelity Management & Research Company LLC (FMR)  | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.  | Short-term Investments  | Less than .005%  |

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2023 is included at the end of each Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE) business (normally 4:00 p.m. Eastern time) of the 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 represents a return of 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

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

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

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

Book-tax differences are primarily due to futures transactions, redemptions in kind, passive foreign investment companies (PFIC), foreign currency transactions, 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 Dividend ETF for Rising Rates**  | $553845001  | $84472604  | $(47078499)  | $37394105  |
| **Fidelity High Dividend ETF**  | 1367947557  | 170142031  | (83544436)  | 86597595  |
| **Fidelity Low Volatility Factor ETF**  | 487622769  | 41520761  | (31608825)  | 9911936  |
| **Fidelity Momentum Factor ETF**  | 124259387  | 8293250  | (5584120)  | 2709130  |
| **Fidelity Quality Factor ETF**  | 285419091  | 19590746  | (22757804)  | (3167058)  |
| **Fidelity Small-Mid Multifactor ETF**  | 100775469  | 9335184  | (6135275)  | 3199909  |
| **Fidelity Stocks for Inflation ETF**  | 220294462  | 14216792  | (17857914)  | (3641122)  |
| **Fidelity U.S. Multifactor ETF**  | 22890804  | 1858158  | (1204449)  | 653709  |
| **Fidelity Value Factor ETF**  | 493120097  | 37413978  | (46230998)  | (8817020)  |

---

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 year end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term**  | **Long-term**  | **Total capital loss carryforwards**  |
| **Fidelity Dividend ETF for Rising Rates**  | $(17164602)  | $(19941121)  | $(37105723)  |
| **Fidelity High Dividend ETF**  | (22272452)  | (26206524)  | (48478976))  |
| **Fidelity Low Volatility Factor ETF**  | (23273269)  | (9567071)  | (32840340)  |
| **Fidelity Momentum Factor ETF**  | (26468636)  | -  | (26468636)  |
| **Fidelity Quality Factor ETF**  | (13340917)  | (4941800)  | (18282717)  |
| **Fidelity Small-Mid Multifactor ETF**  | (5086857)  | (567791)  | (5654648)  |
| **Fidelity Stocks for Inflation ETF**  | (6778047)  | -  | (6778047)  |
| **Fidelity U.S. Multifactor ETF**  | (371399)  | (18839)  | (390238)  |
| **Fidelity Value Factor ETF**  | (23339017)  | (13574094)  | (36913111)  |

---

Certain of the Funds elected to defer to the next fiscal year ordinary losses recognized during the period January 1, 2022 to July 31, 2022. Loss deferrals were as follows:

---

| | |
|:---|:---|
|  | **Ordinary Losses**  |
| **Fidelity High Dividend ETF**  | $(246968)  |
| **Fidelity Small-Mid Multifactor ETF**  | (75)  |

---

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

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

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

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **Fidelity Dividend ETF for Rising Rates**  | 4024537  | 4817769  |
| **Fidelity High Dividend ETF**  | 21888187  | 16553771  |
| **Fidelity Low Volatility Factor ETF**  | 127098998  | 107094650  |
| **Fidelity Momentum Factor ETF**  | 73753213  | 72714112  |
| **Fidelity Quality Factor ETF**  | 69606067  | 67706654  |
| **Fidelity Small-Mid Multifactor ETF**  | 26800297  | 25255401  |
| **Fidelity Stocks for Inflation ETF**  | 135010456  | 131084452  |
| **Fidelity U.S. Multifactor ETF**  | 4337033  | 4171712  |
| **Fidelity Value Factor ETF**  | 92781307  | 92961800  |

---

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**  | -  | 46591728  |
| **Fidelity High Dividend ETF**  | 118240024  | 22059410  |
| **Fidelity Low Volatility Factor ETF**  | 91804089  | 55952494  |
| **Fidelity Momentum Factor ETF**  | 31028490  | 17227928  |
| **Fidelity Quality Factor ETF**  | 34032370  | 19349690  |
| **Fidelity Small-Mid Multifactor ETF**  | 28222193  | 2909849  |
| **Fidelity Stocks for Inflation ETF**  | 7832300  | 56589070  |
| **Fidelity U.S. Multifactor ETF**  | 9374562  | 1173219  |
| **Fidelity Value Factor ETF**  | 51551236  | 71208625  |

---

**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 .29% of each Fund's average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and 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.

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

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

**7. 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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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**  | $14839  | $-  | $-  |
| **Fidelity High Dividend ETF**  | $10910  | $2  | $-  |
| **Fidelity Low Volatility Factor ETF**  | $686  | $-  | $-  |
| **Fidelity Momentum Factor ETF**  | $117  | $-  | $-  |
| **Fidelity Quality Factor ETF**  | $3627  | $-  | $-  |
| **Fidelity Small-Mid Multifactor ETF**  | $799  | $10  | $-  |
| **Fidelity Value Factor ETF**  | $716  | $-  | $-  |

---

**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**  | $30  |
| **Fidelity High Dividend ETF**  | 77  |
| **Fidelity Low Volatility Factor ETF**  | 46  |
| **Fidelity Momentum Factor ETF**  | 161  |
| **Fidelity Quality Factor ETF**  | 51  |
| **Fidelity Small-Mid Multifactor ETF**  | 107  |
| **Fidelity Stocks for Inflation ETF**  | 38  |
| **Fidelity U.S. Multifactor ETF**  | 33  |
| **Fidelity Value Factor ETF**  | 59  |

---

**9. Share Transactions.**

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

To the extent the Funds permit the contribution of securities in exchange for the purchase of shares (contribution in-kind), shares may be issued in advance of receipt by the Funds of all or a portion of the applicable deposit securities. In these circumstances, the Authorized Participant provides collateral to the custodian, on behalf of the Funds, in an amount up to 115% of the daily mark-to-market value of the deposit securities not yet received.

**10. Other.**

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

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Shareholder Expense Example**

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2022 to January 31, 2023). <br>

***Actual Expenses***

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

***Hypothetical Example for Comparison Purposes***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value August 1, 2022**  | **Ending Account Value January 31, 2023**  | **Expenses Paid During Period-** <sup>C</sup> **August 1, 2022 to January 31, 2023**  |
| **Fidelity® Dividend ETF for Rising Rates**  | .29%  |  |  |  |
| **Actual**  |  | $1000  | $1026.60  | $1.48  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.74  | $1.48  |
| **Fidelity® High Dividend ETF**  | .29%  |  |  |  |
| **Actual**  |  | $1000  | $1044.70  | $1.49  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.74  | $1.48  |
| **Fidelity® Low Volatility Factor ETF**  | .29%  |  |  |  |
| **Actual**  |  | $1000  | $1001.00  | $1.46  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.74  | $1.48  |
| **Fidelity® Momentum Factor ETF**  | .29%  |  |  |  |
| **Actual**  |  | $1000  | $975.30  | $1.44  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.74  | $1.48  |
| **Fidelity® Quality Factor ETF**  | .29%  |  |  |  |
| **Actual**  |  | $1000  | $986.90  | $1.45  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.74  | $1.48  |
| **Fidelity® Small-Mid Multifactor ETF**  | .29%  |  |  |  |
| **Actual**  |  | $1000  | $1039.00  | $1.49  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.74  | $1.48  |
| **Fidelity® Stocks for Inflation ETF**  | .29%  |  |  |  |
| **Actual**  |  | $1000  | $1021.10  | $1.48  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.74  | $1.48  |
| **Fidelity® U.S. Multifactor ETF**  | .29%  |  |  |  |
| **Actual**  |  | $1000  | $1022.00  | $1.48  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.74  | $1.48  |
| **Fidelity® Value Factor ETF**  | .29%  |  |  |  |
| **Actual**  |  | $1000  | $1019.30  | $1.48  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.74  | $1.48  |

---

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

*B 5% return per year before expenses*

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

**Liquidity Risk Management Program**

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.

In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

* Highly liquid investments - cash or convertible to cash within three business days or less 

* Moderately liquid investments - convertible to cash in three to seven calendar days 

* Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days 

* Illiquid investments - cannot be sold or disposed of within seven calendar days 

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.

![](img88921_2.jpg) <br>

1.9881295.106 CPF-SANN-0423

**Fidelity® Blue Chip Growth ETF**

**Fidelity® Blue Chip Value ETF**

**Fidelity® Growth Opportunities ETF**

**Fidelity® Magellan® ETF**

**Fidelity® New Millennium ETF**

**Fidelity® Real Estate Investment ETF**

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

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

**Fidelity® Women's Leadership ETF**

**Semi-Annual Report**

**January 31, 2023**

![](img88932_1.jpg)

![](img88932_2.jpg)

**Contents**

---

| |
|:---|
| **[Fidelity® Blue Chip Growth ETF](#Sec_FundName6157)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary6157)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments6157)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements6157)** |
| **[Fidelity® Blue Chip Value ETF](#Sec_FundName6190)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary6190)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments6190)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements6190)** |
| **[Fidelity® Growth Opportunities ETF](#Sec_FundName6339)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary6339)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments6339)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements6339)** |
| **[Fidelity® Magellan® ETF](#Sec_FundName6340)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary6340)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments6340)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements6340)** |
| **[Fidelity® New Millennium ETF](#Sec_FundName6079)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary6079)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments6079)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements6079)** |
| **[Fidelity® Real Estate Investment ETF](#Sec_FundName6341)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary6341)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments6341)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements6341)** |
| **[Fidelity® Small-Mid Cap Opportunities ETF](#Sec_FundName6342)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary6342)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments6342)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements6342)** |
| **[Fidelity® Sustainable U.S. Equity ETF](#Sec_FundName6415)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary6415)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments6415)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements6415)** |
| **[Fidelity® Women's Leadership ETF](#Sec_FundName6416)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary6416)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments6416)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements6416)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Liquidity Risk Management Program](#Sec_Liquidity Risk Management Program)** |

---

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.© 2023 FMR LLC. All rights reserved.

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

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

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

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

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

**Fidelity® Blue Chip Growth ETF** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Apple, Inc.  | 10.0  |
| Microsoft Corp.  | 8.6  |
| Amazon.com, Inc.  | 7.5  |
| NVIDIA Corp.  | 6.6  |
| Alphabet, Inc. Class A  | 5.2  |
| Tesla, Inc.  | 3.0  |
| Meta Platforms, Inc. Class A  | 2.8  |
| Marvell Technology, Inc.  | 2.7  |
| Netflix, Inc.  | 2.2  |
| Uber Technologies, Inc.  | 2.0  |
|  | 50.6  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 39.4  |
| Consumer Discretionary  | 28.3  |
| Communication Services  | 12.7  |
| Health Care  | 9.4  |
| Energy  | 4.4  |
| Industrials  | 1.7  |
| Consumer Staples  | 1.2  |
| Financials  | 1.0  |
| Materials  | 0.7  |
| Real Estate  | 0.1  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88932_5.jpg)  |
| *Foreign investments - 6.6%*  |

---

**Fidelity® Blue Chip Growth ETF**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 98.9%**  | &nbsp;&nbsp; **Common Stocks - 98.9%**  | &nbsp;&nbsp; **Common Stocks - 98.9%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 12.7%  |  |  |
| Entertainment - 2.9%  |  |  |
|  Activision Blizzard, Inc.  | 2368  | 181318  |
|  Bilibili, Inc. ADR (a)  | 6048  | 151200  |
|  Endeavor Group Holdings, Inc. (a)  | 16534  | 370858  |
|  Netflix, Inc. (a)  | 27788  | 9833062  |
|  Sea Ltd. ADR (a)  | 37248  | 2400634  |
|  |  | 12937072  |
| Interactive Media & Services - 9.7%  |  |  |
|  Alphabet, Inc. Class A (a)  | 235951  | 23321397  |
|  Meta Platforms, Inc. Class A (a)  | 84470  | 12583496  |
|  Pinterest, Inc. Class A (a)  | 7721  | 202985  |
|  Snap, Inc. Class A (a)  | 616921  | 7131607  |
|  |  | 43239485  |
| Wireless Telecommunication Services - 0.1%  |  |  |
|  T-Mobile U.S., Inc. (a)  | 3405  | 508401  |
|  TOTAL COMMUNICATION SERVICES  |  | 56684958  |
| CONSUMER DISCRETIONARY - 28.3%  |  |  |
| Auto Components - 0.1%  |  |  |
|  Aptiv PLC (a)  | 3229  | 365168  |
|  Mobileye Global, Inc.  | 6111  | 235885  |
|  |  | 601053  |
| Automobiles - 3.2%  |  |  |
|  Rivian Automotive, Inc. (a)  | 48217  | 935410  |
|  Tesla, Inc. (a)  | 76106  | 13183081  |
|  |  | 14118491  |
| Diversified Consumer Services - 0.0%  |  |  |
|  New Oriental Education & Technology Group, Inc. sponsored ADR (a)  | 3518  | 150008  |
| Hotels, Restaurants & Leisure - 3.5%  |  |  |
|  Airbnb, Inc. Class A (a)  | 39980  | 4442178  |
|  Caesars Entertainment, Inc. (a)  | 48940  | 2547816  |
|  Chipotle Mexican Grill, Inc. (a)  | 285  | 469218  |
|  Hilton Worldwide Holdings, Inc.  | 8605  | 1248499  |
|  Marriott International, Inc. Class A  | 14914  | 2597721  |
|  Penn Entertainment, Inc. (a)  | 72001  | 2552435  |
|  Restaurant Brands International, Inc.  | 4859  | 325126  |
|  Sweetgreen, Inc. Class A (a)  | 68286  | 708126  |
|  Trip.com Group Ltd. ADR (a)  | 9837  | 361608  |
|  Yum China Holdings, Inc.  | 4214  | 259625  |
|  Yum! Brands, Inc.  | 1236  | 161310  |
|  |  | 15673662  |
| Internet & Direct Marketing Retail - 11.4%  |  |  |
|  Alibaba Group Holding Ltd. sponsored ADR (a)  | 18573  | 2046745  |
|  Amazon.com, Inc. (a)  | 324220  | 33436809  |
|  JD.com, Inc. sponsored ADR  | 23948  | 1425624  |
|  Lyft, Inc. (a)  | 210887  | 3426914  |
|  Pinduoduo, Inc. ADR (a)  | 11404  | 1117364  |
|  Uber Technologies, Inc. (a)  | 295411  | 9137062  |
|  Wayfair LLC Class A (a)  | 6810  | 412005  |
|  |  | 51002523  |
| Multiline Retail - 1.1%  |  |  |
|  Dollar Tree, Inc. (a)  | 27800  | 4175004  |
|  Ollie's Bargain Outlet Holdings, Inc. (a)  | 6386  | 349697  |
|  Target Corp.  | 1180  | 203125  |
|  |  | 4727826  |
| Specialty Retail - 5.0%  |  |  |
|  American Eagle Outfitters, Inc.  | 142224  | 2295495  |
|  Bath & Body Works, Inc.  | 5260  | 242013  |
|  Burlington Stores, Inc. (a)  | 928  | 213282  |
|  Five Below, Inc. (a)  | 14077  | 2774999  |
|  Foot Locker, Inc.  | 7980  | 347210  |
|  Lowe's Companies, Inc.  | 41249  | 8590104  |
|  RH (a)  | 8538  | 2663771  |
|  TJX Companies, Inc.  | 35119  | 2874841  |
|  Victoria's Secret & Co. (a)  | 34516  | 1454849  |
|  Warby Parker, Inc. (a)  | 56233  | 908163  |
|  |  | 22364727  |
| Textiles, Apparel & Luxury Goods - 4.0%  |  |  |
|  Capri Holdings Ltd. (a)  | 42585  | 2831477  |
|  Crocs, Inc. (a)  | 23739  | 2890698  |
|  Deckers Outdoor Corp. (a)  | 3517  | 1503447  |
|  lululemon athletica, Inc. (a)  | 11931  | 3661385  |
|  NIKE, Inc. Class B  | 51758  | 6590346  |
|  On Holding AG (a)  | 6797  | 157690  |
|  |  | 17635043  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 126273333  |
| CONSUMER STAPLES - 1.2%  |  |  |
| Beverages - 1.2%  |  |  |
|  Boston Beer Co., Inc. Class A (a)  | 2140  | 831625  |
|  Celsius Holdings, Inc. (a)  | 42949  | 4308644  |
|  Constellation Brands, Inc. Class A (sub. vtg.)  | 868  | 200959  |
|  |  | 5341228  |
| Household Products - 0.0%  |  |  |
|  Procter & Gamble Co.  | 1651  | 235069  |
|  TOTAL CONSUMER STAPLES  |  | 5576297  |
| ENERGY - 4.4%  |  |  |
| Energy Equipment & Services - 0.1%  |  |  |
|  Halliburton Co.  | 13640  | 562241  |
| Oil, Gas & Consumable Fuels - 4.3%  |  |  |
|  Antero Resources Corp. (a)  | 26633  | 768096  |
|  Cenovus Energy, Inc. (Canada)  | 21533  | 430158  |
|  Cheniere Energy, Inc.  | 3988  | 609327  |
|  Denbury, Inc. (a)  | 8757  | 759932  |
|  Devon Energy Corp.  | 21323  | 1348467  |
|  Diamondback Energy, Inc.  | 15681  | 2291308  |
|  EOG Resources, Inc.  | 21166  | 2799204  |
|  EQT Corp.  | 4831  | 157829  |
|  Exxon Mobil Corp.  | 15230  | 1766832  |
|  Hess Corp.  | 23672  | 3554588  |
|  Marathon Oil Corp.  | 25437  | 698754  |
|  Northern Oil & Gas, Inc.  | 4677  | 156773  |
|  Occidental Petroleum Corp.  | 22016  | 1426417  |
|  Ovintiv, Inc.  | 3629  | 178656  |
|  Pioneer Natural Resources Co.  | 8735  | 2012107  |
|  Range Resources Corp.  | 801  | 20041  |
|  |  | 18978489  |
|  TOTAL ENERGY  |  | 19540730  |
| FINANCIALS - 1.0%  |  |  |
| Banks - 0.3%  |  |  |
|  Wells Fargo & Co.  | 28377  | 1330030  |
| Consumer Finance - 0.6%  |  |  |
|  American Express Co.  | 16593  | 2902613  |
| Diversified Financial Services - 0.1%  |  |  |
|  Berkshire Hathaway, Inc. Class B (a)  | 739  | 230213  |
|  TOTAL FINANCIALS  |  | 4462856  |
| HEALTH CARE - 9.4%  |  |  |
| Biotechnology - 1.3%  |  |  |
|  Alnylam Pharmaceuticals, Inc. (a)  | 8203  | 1857159  |
|  Arcutis Biotherapeutics, Inc. (a)  | 3688  | 61110  |
|  Argenx SE ADR (a)  | 1308  | 499983  |
|  Ascendis Pharma A/S sponsored ADR (a)  | 1787  | 221731  |
|  Generation Bio Co. (a)  | 849  | 5009  |
|  Karuna Therapeutics, Inc. (a)  | 2038  | 406357  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 2038  | 1545762  |
|  Vertex Pharmaceuticals, Inc. (a)  | 3679  | 1188685  |
|  Verve Therapeutics, Inc. (a)  | 6038  | 137365  |
|  |  | 5923161  |
| Health Care Equipment & Supplies - 1.6%  |  |  |
|  Axonics Modulation Technologies, Inc. (a)  | 7169  | 440177  |
|  Boston Scientific Corp. (a)  | 22902  | 1059218  |
|  DexCom, Inc. (a)  | 29343  | 3142342  |
|  Insulet Corp. (a)  | 3836  | 1102160  |
|  Shockwave Medical, Inc. (a)  | 6776  | 1273414  |
|  |  | 7017311  |
| Health Care Providers & Services - 2.7%  |  |  |
|  agilon health, Inc. (a)  | 2522  | 54879  |
|  Alignment Healthcare, Inc. (a)  | 7344  | 90698  |
|  Cigna Corp.  | 1977  | 626057  |
|  Elevance Health, Inc.  | 430  | 214996  |
|  Guardant Health, Inc. (a)  | 28161  | 885100  |
|  Humana, Inc.  | 3431  | 1755643  |
|  LifeStance Health Group, Inc. (a)  | 90  | 475  |
|  Surgery Partners, Inc. (a)  | 4446  | 147607  |
|  UnitedHealth Group, Inc.  | 16019  | 7996525  |
|  Universal Health Services, Inc. Class B  | 1095  | 162290  |
|  |  | 11934270  |
| Health Care Technology - 0.0%  |  |  |
|  Certara, Inc. (a)  | 3981  | 77231  |
| Life Sciences Tools & Services - 0.8%  |  |  |
|  Danaher Corp.  | 7139  | 1887409  |
|  ICON PLC (a)  | 1123  | 259087  |
|  Olink Holding AB ADR (a)  | 7438  | 145636  |
|  Seer, Inc. (a)  | 778  | 3540  |
|  Thermo Fisher Scientific, Inc.  | 2688  | 1533047  |
|  |  | 3828719  |
| Pharmaceuticals - 3.0%  |  |  |
|  AstraZeneca PLC sponsored ADR  | 2542  | 166171  |
|  Eli Lilly & Co.  | 20945  | 7208222  |
|  Novo Nordisk A/S Series B sponsored ADR  | 15273  | 2119587  |
|  Zoetis, Inc. Class A  | 23574  | 3901261  |
|  |  | 13395241  |
|  TOTAL HEALTH CARE  |  | 42175933  |
| INDUSTRIALS - 1.7%  |  |  |
| Aerospace & Defense - 0.8%  |  |  |
|  General Dynamics Corp.  | 109  | 25404  |
|  Howmet Aerospace, Inc.  | 14803  | 602334  |
|  L3Harris Technologies, Inc.  | 1578  | 338986  |
|  Lockheed Martin Corp.  | 860  | 398404  |
|  Northrop Grumman Corp.  | 515  | 230741  |
|  The Boeing Co. (a)  | 9797  | 2086761  |
|  |  | 3682630  |
| Air Freight & Logistics - 0.0%  |  |  |
|  ZTO Express, Inc. sponsored ADR  | 5898  | 168152  |
| Airlines - 0.1%  |  |  |
|  Delta Air Lines, Inc. (a)  | 4822  | 188540  |
|  United Airlines Holdings, Inc. (a)  | 8374  | 409991  |
|  |  | 598531  |
| Commercial Services & Supplies - 0.1%  |  |  |
|  ACV Auctions, Inc. Class A (a)  | 38673  | 378995  |
| Electrical Equipment - 0.4%  |  |  |
|  Acuity Brands, Inc.  | 8325  | 1569429  |
| Machinery - 0.1%  |  |  |
|  Deere & Co.  | 907  | 383516  |
| Road & Rail - 0.2%  |  |  |
|  Avis Budget Group, Inc. (a)  | 3031  | 606321  |
|  Bird Global, Inc. Class A (a)  | 132496  | 31084  |
|  Hertz Global Holdings, Inc. (a)  | 19408  | 349732  |
|  |  | 987137  |
|  TOTAL INDUSTRIALS  |  | 7768390  |
| INFORMATION TECHNOLOGY - 39.4%  |  |  |
| IT Services - 2.8%  |  |  |
|  Block, Inc. Class A (a)  | 11771  | 961926  |
|  MasterCard, Inc. Class A  | 17678  | 6551467  |
|  MongoDB, Inc. Class A (a)  | 2140  | 458409  |
|  Okta, Inc. (a)  | 17201  | 1266166  |
|  PayPal Holdings, Inc. (a)  | 8930  | 727706  |
|  Snowflake, Inc. (a)  | 2868  | 448670  |
|  Twilio, Inc. Class A (a)  | 12653  | 757156  |
|  Visa, Inc. Class A  | 6695  | 1541256  |
|  |  | 12712756  |
| Semiconductors & Semiconductor Equipment - 15.3%  |  |  |
|  Advanced Micro Devices, Inc. (a)  | 45917  | 3450663  |
|  ASML Holding NV  | 1162  | 767896  |
|  Cirrus Logic, Inc. (a)  | 6618  | 598201  |
|  Enphase Energy, Inc. (a)  | 2393  | 529762  |
|  GlobalFoundries, Inc. (a)  | 53089  | 3147116  |
|  Lam Research Corp.  | 2232  | 1116223  |
|  Marvell Technology, Inc.  | 283766  | 12244503  |
|  Microchip Technology, Inc.  | 2878  | 223390  |
|  Monolithic Power Systems, Inc.  | 2601  | 1109483  |
|  NVIDIA Corp.  | 150087  | 29322497  |
|  NXP Semiconductors NV  | 45070  | 8306852  |
|  onsemi (a)  | 46589  | 3421962  |
|  SolarEdge Technologies, Inc. (a)  | 1162  | 370829  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  | 22240  | 2062315  |
|  Teradyne, Inc.  | 17297  | 1759105  |
|  |  | 68430797  |
| Software - 11.3%  |  |  |
|  Bill.Com Holdings, Inc. (a)  | 6223  | 719503  |
|  Datadog, Inc. Class A (a)  | 6697  | 501003  |
|  HubSpot, Inc. (a)  | 5623  | 1951237  |
|  Intuit, Inc.  | 4541  | 1919344  |
|  Microsoft Corp.  | 154095  | 38186282  |
|  Paycom Software, Inc. (a)  | 2246  | 727569  |
|  Salesforce.com, Inc. (a)  | 24885  | 4179933  |
|  ServiceNow, Inc. (a)  | 1975  | 898882  |
|  Splunk, Inc. (a)  | 6716  | 643191  |
|  Zoom Video Communications, Inc. Class A (a)  | 8098  | 607350  |
|  |  | 50334294  |
| Technology Hardware, Storage & Peripherals - 10.0%  |  |  |
|  Apple, Inc.  | 308451  | 44506389  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 175984236  |
| MATERIALS - 0.7%  |  |  |
| Chemicals - 0.0%  |  |  |
|  Linde PLC  | 641  | 212133  |
| Metals & Mining - 0.7%  |  |  |
|  Freeport-McMoRan, Inc.  | 67619  | 3017160  |
|  TOTAL MATERIALS  |  | 3229293  |
| REAL ESTATE - 0.1%  |  |  |
| Real Estate Management & Development - 0.1%  |  |  |
|  WeWork, Inc. (a)  | 149629  | 237910  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $464,210,625)  |  | <br> **441933936**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.9%** <br> (Cost $464,210,625) <br>| <br>**441933936**  |
| **NET OTHER ASSETS (LIABILITIES) - 1.1%**  | **4929984**  |
| **NET ASSETS - 100.0%**  | **446863920**  |

---

**Legend**

(a) Non-income producing

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 56684958  | 56684958  | -  | -  |
| Consumer Discretionary  | 126273333  | 126273333  | -  | -  |
| Consumer Staples  | 5576297  | 5576297  | -  | -  |
| Energy  | 19540730  | 19540730  | -  | -  |
| Financials  | 4462856  | 4462856  | -  | -  |
| Health Care  | 42175933  | 42175933  | -  | -  |
| Industrials  | 7768390  | 7768390  | -  | -  |
| Information Technology  | 175984236  | 175984236  | -  | -  |
| Materials  | 3229293  | 3229293  | -  | -  |
| Real Estate  | 237910  | 237910  | -  | -  |
| **Total Investments in Securities:**  | 441933936  | 441933936  | -  | -  |

---

**Fidelity® Blue Chip Growth ETF**

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

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
|  Investment in securities, at value - See accompanying schedule <br>Unaffiliated issuers (cost $464,210,625): <br>|  | $441933936  |
|  Cash  |  | 5009254  |
|  Foreign currency held at value (cost $160)  |  | 162  |
| Receivable for investments sold  |  | 2937439  |
|  Receivable for fund shares sold  |  | 1171022  |
|  Dividends receivable  |  | 85667  |
| **Total assets**  |  | 451137480  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $3473074  |  |
|  Payable for fund shares redeemed  | 596610  |  |
|  Accrued management fee  | 203876  |  |
| **Total Liabilities**  |  | 4273560  |
| **Net Assets**  |  | $446863920  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $540438567  |
|  Total accumulated earnings (loss)  |  | (93574647)  |
|  **Net Assets**  |  | $446863920  |
|  **Net Asset Value** , offering price and redemption price per share ($446,863,920 ÷ 18,725,000 shares)  |  | $23.86  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $1238464  |
|  **Expenses**  |  |  |
| Management fee  | $1111756  |  |
| Independent trustees' fees and expenses  | 635  |  |
| **Total Expenses**  |  | 1112391  |
| **Net Investment income (loss)**  |  | 126073  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Redemptions in-kind  | 1049630  |  |
| Unaffiliated issuers  | (19353567)  |  |
| Foreign currency transactions  | (490)  |  |
| Futures contracts  | (12776)  |  |
| Total net realized gain (loss)  |  | (18317203)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 7276883  |  |
| Assets and liabilities in foreign currencies  | (724)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | 7276159  |
| **Net gain (loss)**  |  | (11041044)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(10914971)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $126073  | $(699043)  |
| &nbsp;&nbsp; Net realized gain (loss)  | (18317203) <br>| (25007726) <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 7276159  | (94362764) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (10914971) <br>| (120069533) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 102722328  | 209141668  |
| &nbsp;&nbsp; Cost of shares redeemed  | (8340375)  | (132864696)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 94381953 <br>| 76276972 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 83466982 <br>| (43792561) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 363396938  | 407189499 <br>|
| &nbsp;&nbsp; End of period  | $446863920  | $363396938  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 4525000  | 6575000  |
| &nbsp;&nbsp; Redeemed  | (375000)  | (4425000)  |
| &nbsp;&nbsp; Net increase (decrease)  | 4150000  | 2150000  |

---

**Financial Highlights** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $24.93  | $32.77  | $22.74  | $20.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .01  | (.05)  | (.08)  | (.01)  |
| Net realized and unrealized gain (loss)  | (1.08)  | (7.79)  | 10.11  | 2.75  |
| Total from investment operations  | (1.07)  | (7.84)  | 10.03  | 2.74  |
| Distributions from net investment income  | -  | -  | - <sup>D</sup>  | -  |
| Net asset value, end of period  | $23.86  | $24.93  | $32.77  | $22.74  |
| **Total Return** <sup>E,F</sup>  | (4.28)%  | (23.92)%  | 44.14%  | 13.68%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |  |  |
| Expenses before reductions  | .59% <sup>I</sup>  | .59%  | .59%  | .59% <sup>I</sup>  |
| Expenses net of fee waivers, if any  | .59% <sup>I</sup>  | .59%  | .59%  | .59% <sup>I</sup>  |
| Expenses net of all reductions  | .59% <sup>I</sup>  | .59%  | .59%  | .59% <sup>I</sup>  |
| Net investment income (loss)  | .07% <sup>I</sup>  | (.17)%  | (.27)%  | (.34)% <sup>I</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $446864  | $363397  | $407189  | $41494  |
| Portfolio turnover rate <sup>J,K</sup>  | 39% <sup>I</sup>  | 57%  | 63%  | 11% <sup>L</sup>  |

---

<sup>A</sup> *For the period June 2, 2020 (commencement of operations) through July 31, 2020.*

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Blue Chip Value ETF** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Exxon Mobil Corp.  | 5.3  |
| Berkshire Hathaway, Inc. Class B  | 5.1  |
| Comcast Corp. Class A  | 3.0  |
| Cigna Corp.  | 2.9  |
| JPMorgan Chase & Co.  | 2.8  |
| Bristol-Myers Squibb Co.  | 2.6  |
| Centene Corp.  | 2.5  |
| UnitedHealth Group, Inc.  | 2.4  |
| Bank of America Corp.  | 2.2  |
| Alphabet, Inc. Class A  | 2.1  |
|  | 30.9  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Financials  | 22.7  |
| Health Care  | 19.6  |
| Utilities  | 9.4  |
| Energy  | 9.0  |
| Industrials  | 8.7  |
| Information Technology  | 7.9  |
| Consumer Staples  | 7.2  |
| Communication Services  | 6.6  |
| Consumer Discretionary  | 4.4  |
| Materials  | 2.7  |
| Real Estate  | 0.7  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88932_5.jpg)  |
| *Foreign investments - 10.8%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88932_6.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.*  |

---

**Fidelity® Blue Chip Value ETF**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 98.9%**  | &nbsp;&nbsp; **Common Stocks - 98.9%**  | &nbsp;&nbsp; **Common Stocks - 98.9%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 6.6%  |  |  |
| Entertainment - 1.5%  |  |  |
|  Activision Blizzard, Inc.  | 28933  | 2215400  |
| Interactive Media & Services - 2.1%  |  |  |
|  Alphabet, Inc. Class A (a)  | 30543  | 3018870  |
| Media - 3.0%  |  |  |
|  Comcast Corp. Class A  | 109725  | 4317679  |
|  TOTAL COMMUNICATION SERVICES  |  | 9551949  |
| CONSUMER DISCRETIONARY - 4.4%  |  |  |
| Diversified Consumer Services - 1.5%  |  |  |
|  H&R Block, Inc.  | 54629  | 2129438  |
| Internet & Direct Marketing Retail - 0.5%  |  |  |
|  eBay, Inc.  | 14398  | 712701  |
| Multiline Retail - 1.4%  |  |  |
|  Dollar General Corp.  | 8877  | 2073667  |
| Specialty Retail - 1.0%  |  |  |
|  Ross Stores, Inc.  | 12111  | 1431399  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 6347205  |
| CONSUMER STAPLES - 7.2%  |  |  |
| Beverages - 0.7%  |  |  |
|  Coca-Cola European Partners PLC  | 18171  | 1021574  |
| Food & Staples Retailing - 0.8%  |  |  |
|  U.S. Foods Holding Corp. (a)  | 31016  | 1182640  |
| Food Products - 2.7%  |  |  |
|  Mondelez International, Inc.  | 42602  | 2787875  |
|  Tyson Foods, Inc. Class A  | 16792  | 1104074  |
|  |  | 3891949  |
| Household Products - 2.7%  |  |  |
|  Procter & Gamble Co.  | 14154  | 2015247  |
|  Spectrum Brands Holdings, Inc.  | 13920  | 944890  |
|  The Clorox Co.  | 5611  | 811856  |
|  |  | 3771993  |
| Personal Products - 0.3%  |  |  |
|  Unilever PLC sponsored ADR  | 9049  | 462404  |
|  TOTAL CONSUMER STAPLES  |  | 10330560  |
| ENERGY - 9.0%  |  |  |
| Oil, Gas & Consumable Fuels - 9.0%  |  |  |
|  ConocoPhillips Co.  | 18248  | 2223884  |
|  Equinor ASA sponsored ADR  | 31220  | 950025  |
|  Exxon Mobil Corp.  | 65608  | 7611181  |
|  Occidental Petroleum Corp.  | 20121  | 1303640  |
|  Ovintiv, Inc.  | 16104  | 792800  |
|  |  | 12881530  |
| FINANCIALS - 22.7%  |  |  |
| Banks - 9.1%  |  |  |
|  Bank of America Corp.  | 88952  | 3156017  |
|  Cullen/Frost Bankers, Inc.  | 2928  | 381460  |
|  JPMorgan Chase & Co.  | 29208  | 4087952  |
|  M&T Bank Corp.  | 10329  | 1611324  |
|  PNC Financial Services Group, Inc.  | 11037  | 1825851  |
|  Wells Fargo & Co.  | 44189  | 2071138  |
|  |  | 13133742  |
| Capital Markets - 3.6%  |  |  |
|  Affiliated Managers Group, Inc.  | 6472  | 1117973  |
|  BlackRock, Inc. Class A  | 3639  | 2762765  |
|  Invesco Ltd.  | 16369  | 302990  |
|  Northern Trust Corp.  | 9430  | 914427  |
|  |  | 5098155  |
| Diversified Financial Services - 5.1%  |  |  |
|  Berkshire Hathaway, Inc. Class B (a)  | 23500  | 7320720  |
| Insurance - 4.6%  |  |  |
|  Chubb Ltd.  | 10718  | 2438238  |
|  The Travelers Companies, Inc.  | 10488  | 2004467  |
|  Willis Towers Watson PLC  | 8750  | 2224163  |
|  |  | 6666868  |
| Mortgage Real Estate Investment Trusts - 0.3%  |  |  |
|  AGNC Investment Corp.  | 16337  | 189509  |
|  Annaly Capital Management, Inc.  | 8058  | 189121  |
|  |  | 378630  |
|  TOTAL FINANCIALS  |  | 32598115  |
| HEALTH CARE - 19.6%  |  |  |
| Biotechnology - 3.0%  |  |  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 2747  | 2083517  |
|  Vertex Pharmaceuticals, Inc. (a)  | 7054  | 2279147  |
|  |  | 4362664  |
| Health Care Providers & Services - 10.9%  |  |  |
|  Centene Corp. (a)  | 46228  | 3524423  |
|  Cigna Corp.  | 13201  | 4180361  |
|  Elevance Health, Inc.  | 4682  | 2340953  |
|  Humana, Inc.  | 4234  | 2166538  |
|  UnitedHealth Group, Inc.  | 6926  | 3457390  |
|  |  | 15669665  |
| Pharmaceuticals - 5.7%  |  |  |
|  AstraZeneca PLC sponsored ADR  | 32001  | 2091905  |
|  Bristol-Myers Squibb Co.  | 51715  | 3757095  |
|  Sanofi SA sponsored ADR  | 47645  | 2341275  |
|  |  | 8190275  |
|  TOTAL HEALTH CARE  |  | 28222604  |
| INDUSTRIALS - 8.7%  |  |  |
| Aerospace & Defense - 4.8%  |  |  |
|  L3Harris Technologies, Inc.  | 6123  | 1315343  |
|  Lockheed Martin Corp.  | 3170  | 1468534  |
|  Northrop Grumman Corp.  | 4914  | 2201669  |
|  The Boeing Co. (a)  | 8981  | 1912953  |
|  |  | 6898499  |
| Electrical Equipment - 1.2%  |  |  |
|  Eaton Corp. PLC  | 1942  | 315012  |
|  Regal Rexnord Corp.  | 9945  | 1384344  |
|  |  | 1699356  |
| Machinery - 2.7%  |  |  |
|  Crane Holdings Co.  | 2046  | 237152  |
|  ITT, Inc.  | 5503  | 504020  |
|  Oshkosh Corp.  | 15428  | 1554834  |
|  Parker Hannifin Corp.  | 997  | 325022  |
|  Pentair PLC  | 17417  | 964553  |
|  Stanley Black & Decker, Inc.  | 4523  | 403949  |
|  |  | 3989530  |
|  TOTAL INDUSTRIALS  |  | 12587385  |
| INFORMATION TECHNOLOGY - 7.9%  |  |  |
| Communications Equipment - 1.6%  |  |  |
|  Cisco Systems, Inc.  | 46227  | 2249868  |
| Electronic Equipment & Components - 0.5%  |  |  |
|  TE Connectivity Ltd.  | 5787  | 735817  |
| IT Services - 2.9%  |  |  |
|  Amdocs Ltd.  | 17185  | 1579817  |
|  Cognizant Technology Solutions Corp. Class A  | 26698  | 1782092  |
|  Maximus, Inc.  | 11218  | 839667  |
|  |  | 4201576  |
| Semiconductors & Semiconductor Equipment - 1.4%  |  |  |
|  Broadcom, Inc.  | 514  | 300695  |
|  Micron Technology, Inc.  | 17855  | 1076657  |
|  NXP Semiconductors NV  | 3300  | 608223  |
|  |  | 1985575  |
| Software - 1.5%  |  |  |
|  Aspen Technology, Inc. (a)  | 2316  | 460305  |
|  Gen Digital, Inc.  | 52720  | 1213087  |
|  Open Text Corp.  | 16362  | 548945  |
|  |  | 2222337  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 11395173  |
| MATERIALS - 2.7%  |  |  |
| Chemicals - 2.3%  |  |  |
|  DuPont de Nemours, Inc.  | 32539  | 2406259  |
|  International Flavors & Fragrances, Inc.  | 8083  | 909014  |
|  |  | 3315273  |
| Metals & Mining - 0.4%  |  |  |
|  Newmont Corp.  | 9594  | 507810  |
|  TOTAL MATERIALS  |  | 3823083  |
| REAL ESTATE - 0.7%  |  |  |
| Real Estate Management & Development - 0.7%  |  |  |
|  CBRE Group, Inc. (a)  | 11098  | 948990  |
| UTILITIES - 9.4%  |  |  |
| Electric Utilities - 7.6%  |  |  |
|  Constellation Energy Corp.  | 22599  | 1929051  |
|  Duke Energy Corp.  | 5675  | 581404  |
|  Edison International  | 4601  | 317009  |
|  Evergy, Inc.  | 24934  | 1562115  |
|  Exelon Corp.  | 12506  | 527628  |
|  NextEra Energy, Inc.  | 13938  | 1040193  |
|  PG&E Corp. (a)  | 163935  | 2606567  |
|  Portland General Electric Co.  | 16845  | 801485  |
|  Southern Co.  | 23401  | 1583780  |
|  |  | 10949232  |
| Independent Power and Renewable Electricity Producers - 0.6%  |  |  |
|  The AES Corp.  | 34603  | 948468  |
| Multi-Utilities - 1.2%  |  |  |
|  Dominion Energy, Inc.  | 26269  | 1671759  |
|  TOTAL UTILITIES  |  | 13569459  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $127,433,100)  |  | <br> **142256053**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.9%** <br> (Cost $127,433,100) <br>| <br>**142256053**  |
| **NET OTHER ASSETS (LIABILITIES) - 1.1%**  | **1518489**  |
| **NET ASSETS - 100.0%**  | **143774542**  |

---

**Legend**

(a) Non-income producing

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 9551949  | 9551949  | -  | -  |
| Consumer Discretionary  | 6347205  | 6347205  | -  | -  |
| Consumer Staples  | 10330560  | 10330560  | -  | -  |
| Energy  | 12881530  | 12881530  | -  | -  |
| Financials  | 32598115  | 32598115  | -  | -  |
| Health Care  | 28222604  | 28222604  | -  | -  |
| Industrials  | 12587385  | 12587385  | -  | -  |
| Information Technology  | 11395173  | 11395173  | -  | -  |
| Materials  | 3823083  | 3823083  | -  | -  |
| Real Estate  | 948990  | 948990  | -  | -  |
| Utilities  | 13569459  | 13569459  | -  | -  |
| **Total Investments in Securities:**  | 142256053  | 142256053  | -  | -  |

---

**Fidelity® Blue Chip Value ETF**

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

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
|  Investment in securities, at value - See accompanying schedule <br>Unaffiliated issuers (cost $127,433,100): <br>|  | $142256053  |
|  Cash  |  | 1389882  |
| Receivable for investments sold  |  | 306194  |
|  Dividends receivable  |  | 76701  |
| **Total assets**  |  | 144028830  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $186170  |  |
|  Accrued management fee  | 68118  |  |
| **Total Liabilities**  |  | 254288  |
| **Net Assets**  |  | $143774542  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $131368135  |
|  Total accumulated earnings (loss)  |  | 12406407  |
|  **Net Assets**  |  | $143774542  |
|  **Net Asset Value** , offering price and redemption price per share ($143,774,542 ÷ 4,975,000 shares)  |  | $28.90  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $1199709  |
|  **Expenses**  |  |  |
| Management fee  | $362425  |  |
| Independent trustees' fees and expenses  | 206  |  |
| **Total Expenses**  |  | 362631  |
| **Net Investment income (loss)**  |  | 837078  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Redemptions in-kind  | 767268  |  |
| Unaffiliated issuers  | (1770279)  |  |
| Futures contracts  | (4693)  |  |
| Total net realized gain (loss)  |  | (1007704)  |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 5640652  |
| **Net gain (loss)**  |  | 4632948  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $5470026  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $837078  | $1429112  |
| &nbsp;&nbsp; Net realized gain (loss)  | (1007704) <br>| 1521586 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 5640652  | (2033797) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 5470026 <br>| 916901 <br>|
| Distributions to shareholders  | (1746850) <br>| (3452325) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 30071206  | 25101299  |
| &nbsp;&nbsp; Cost of shares redeemed  | (4195268)  | (2855376)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 25875938 <br>| 22245923 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 29599114 <br>| 19710499 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 114175428  | 94464929 <br>|
| &nbsp;&nbsp; End of period  | $143774542  | $114175428  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 1050000  | 875000  |
| &nbsp;&nbsp; Redeemed  | (150000)  | (100000)  |
| &nbsp;&nbsp; Net increase (decrease)  | 900000  | 775000  |

---

**Financial Highlights** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $28.02  | $28.63  | $20.23  | $20.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .19  | .39  | .32  | .03  |
| Net realized and unrealized gain (loss)  | 1.06  | (.03)  | 8.32  | .21  |
| Total from investment operations  | 1.25  | .36  | 8.64  | .24  |
| Distributions from net investment income  | (.19)  | (.39)  | (.24)  | (.01)  |
| Distributions from net realized gain  | (.19)  | (.58)  | -  | -  |
| Total distributions  | (.37) <sup>D</sup>  | (.97)  | (.24)  | (.01)  |
| Net asset value, end of period  | $28.90  | $28.02  | $28.63  | $20.23  |
| **Total Return** <sup>E,F</sup>  | 4.54%  | 1.27%  | 42.83%  | 1.23%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |  |  |
| Expenses before reductions  | .59% <sup>I</sup>  | .59%  | .59%  | .59% <sup>I</sup>  |
| Expenses net of fee waivers, if any  | .59% <sup>I</sup>  | .59%  | .59%  | .59% <sup>I</sup>  |
| Expenses net of all reductions  | .59% <sup>I</sup>  | .59%  | .58%  | .59% <sup>I</sup>  |
| Net investment income (loss)  | 1.37% <sup>I</sup>  | 1.36%  | 1.22%  | 1.02% <sup>I</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $143775  | $114175  | $94465  | $8093  |
| Portfolio turnover rate <sup>J,K</sup>  | 26% <sup>I</sup>  | 54%  | 97%  | 20% <sup>L</sup>  |

---

<sup>A</sup> *For the period June 2, 2020 (commencement of operations) through July 31, 2020.*

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

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

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

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

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

<sup>G</sup> *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.*

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

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

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

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

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

**Fidelity® Growth Opportunities ETF** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Microsoft Corp.  | 8.0  |
| Amazon.com, Inc.  | 4.5  |
| NVIDIA Corp.  | 4.3  |
| Alphabet, Inc. Class C  | 4.2  |
| T-Mobile U.S., Inc.  | 4.2  |
| Apple, Inc.  | 3.2  |
| Alphabet, Inc. Class A  | 2.7  |
| Uber Technologies, Inc.  | 2.7  |
| Antero Resources Corp.  | 2.4  |
| Advanced Micro Devices, Inc.  | 2.3  |
|  | 38.5  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 43.9  |
| Communication Services  | 16.1  |
| Health Care  | 12.0  |
| Consumer Discretionary  | 11.2  |
| Energy  | 9.4  |
| Financials  | 1.8  |
| Industrials  | 1.6  |
| Materials  | 1.4  |
| Utilities  | 1.2  |
| Consumer Staples  | 0.3  |
| Real Estate  | 0.0  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88932_5.jpg)  |
| *Foreign investments - 10.4%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88932_7.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.*  |

---

**Fidelity® Growth Opportunities ETF**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 98.9%**  | &nbsp;&nbsp; **Common Stocks - 98.9%**  | &nbsp;&nbsp; **Common Stocks - 98.9%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 16.1%  |  |  |
| Entertainment - 1.5%  |  |  |
|  Netflix, Inc. (a)  | 803  | 284150  |
|  Roku, Inc. Class A (a)  | 10085  | 579888  |
|  Sea Ltd. ADR (a)  | 9569  | 616722  |
|  |  | 1480760  |
| Interactive Media & Services - 9.3%  |  |  |
|  Alphabet, Inc.:  |  |  |
|  Class A (a)  | 26516  | 2620841  |
|  Class C (a)  | 40907  | 4085382  |
|  Meta Platforms, Inc. Class A (a)  | 9949  | 1482103  |
|  Snap, Inc. Class A (a)  | 16923  | 195630  |
|  Zoominfo Technologies, Inc. (a)  | 19259  | 543682  |
|  |  | 8927638  |
| Media - 1.1%  |  |  |
|  Magnite, Inc. (a)  | 36006  | 434952  |
|  TechTarget, Inc. (a)  | 7849  | 388761  |
|  The Trade Desk, Inc. (a)  | 5553  | 281537  |
|  |  | 1105250  |
| Wireless Telecommunication Services - 4.2%  |  |  |
|  T-Mobile U.S., Inc. (a)  | 27029  | 4035700  |
|  TOTAL COMMUNICATION SERVICES  |  | 15549348  |
| CONSUMER DISCRETIONARY - 11.2%  |  |  |
| Auto Components - 0.2%  |  |  |
|  Aptiv PLC (a)  | 933  | 105513  |
|  Mobileye Global, Inc.  | 1250  | 48250  |
|  |  | 153763  |
| Automobiles - 2.0%  |  |  |
|  Rivian Automotive, Inc. (a)  | 1648  | 31971  |
|  Tesla, Inc. (a)  | 10847  | 1878917  |
|  |  | 1910888  |
| Internet & Direct Marketing Retail - 8.8%  |  |  |
|  Amazon.com, Inc. (a)  | 42497  | 4382716  |
|  Cazoo Group Ltd. Class A (a)  | 51557  | 10853  |
|  Chewy, Inc. (a)  | 687  | 30956  |
|  Doordash, Inc. (a)  | 8054  | 466488  |
|  Global-e Online Ltd. (a)  | 16285  | 488061  |
|  Lyft, Inc. (a)  | 29119  | 473184  |
|  Uber Technologies, Inc. (a)  | 82976  | 2566448  |
|  Wayfair LLC Class A (a)  | 860  | 52030  |
|  |  | 8470736  |
| Specialty Retail - 0.1%  |  |  |
|  Carvana Co. Class A (a)  | 10997  | 111839  |
| Textiles, Apparel & Luxury Goods - 0.1%  |  |  |
|  lululemon athletica, Inc. (a)  | 411  | 126128  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 10773354  |
| CONSUMER STAPLES - 0.3%  |  |  |
| Beverages - 0.2%  |  |  |
|  Boston Beer Co., Inc. Class A (a)  | 426  | 165548  |
| Food Products - 0.0%  |  |  |
|  Local Bounti Corp. (a)  | 28972  | 27807  |
| Personal Products - 0.1%  |  |  |
|  Olaplex Holdings, Inc. (a)  | 12051  | 76042  |
|  TOTAL CONSUMER STAPLES  |  | 269397  |
| ENERGY - 9.4%  |  |  |
| Oil, Gas & Consumable Fuels - 9.4%  |  |  |
|  Antero Resources Corp. (a)  | 81441  | 2348758  |
|  Canadian Natural Resources Ltd.  | 18067  | 1108964  |
|  Cenovus Energy, Inc. (Canada)  | 41834  | 835705  |
|  Cheniere Energy, Inc.  | 734  | 112148  |
|  Exxon Mobil Corp.  | 13066  | 1515787  |
|  Hess Corp.  | 9819  | 1474421  |
|  Imperial Oil Ltd.  | 2847  | 155600  |
|  Ovintiv, Inc.  | 18497  | 910607  |
|  Range Resources Corp.  | 1538  | 38481  |
|  Tourmaline Oil Corp.  | 11640  | 542480  |
|  |  | 9042951  |
| FINANCIALS - 1.8%  |  |  |
| Banks - 1.4%  |  |  |
|  Wells Fargo & Co.  | 29214  | 1369260  |
| Capital Markets - 0.4%  |  |  |
|  LPL Financial  | 1528  | 362319  |
|  TOTAL FINANCIALS  |  | 1731579  |
| HEALTH CARE - 12.0%  |  |  |
| Biotechnology - 2.4%  |  |  |
|  Agios Pharmaceuticals, Inc. (a)  | 5786  | 170571  |
|  Alnylam Pharmaceuticals, Inc. (a)  | 1246  | 282094  |
|  ALX Oncology Holdings, Inc. (a)  | 2108  | 19604  |
|  Argenx SE ADR (a)  | 866  | 331029  |
|  Ascendis Pharma A/S sponsored ADR (a)  | 67  | 8313  |
|  Blueprint Medicines Corp. (a)  | 467  | 21828  |
|  Celldex Therapeutics, Inc. (a)  | 2484  | 109445  |
|  Cytokinetics, Inc. (a)  | 7080  | 300758  |
|  Erasca, Inc. (a)  | 3193  | 12772  |
|  Exelixis, Inc. (a)  | 10363  | 182596  |
|  Icosavax, Inc. (a)  | 9432  | 99508  |
|  Instil Bio, Inc. (a)  | 2376  | 1934  |
|  Keros Therapeutics, Inc. (a)  | 1815  | 106305  |
|  Monte Rosa Therapeutics, Inc. (a)  | 949  | 7023  |
|  Morphic Holding, Inc. (a)  | 661  | 21635  |
|  Nuvalent, Inc. Class A (a)  | 1032  | 31218  |
|  Tenaya Therapeutics, Inc. (a)  | 1423  | 4867  |
|  TG Therapeutics, Inc. (a)  | 1967  | 29957  |
|  Vaxcyte, Inc. (a)  | 8158  | 369965  |
|  Verve Therapeutics, Inc. (a)  | 1905  | 43339  |
|  Zentalis Pharmaceuticals, Inc. (a)  | 4994  | 117858  |
|  |  | 2272619  |
| Health Care Equipment & Supplies - 2.3%  |  |  |
|  Boston Scientific Corp. (a)  | 24701  | 1142421  |
|  Insulet Corp. (a)  | 700  | 201124  |
|  Penumbra, Inc. (a)  | 1489  | 372860  |
|  TransMedics Group, Inc. (a)  | 8009  | 504727  |
|  |  | 2221132  |
| Health Care Providers & Services - 6.5%  |  |  |
|  agilon health, Inc. (a)  | 36649  | 797482  |
|  Alignment Healthcare, Inc. (a)  | 1333  | 16463  |
|  Centene Corp. (a)  | 14388  | 1096941  |
|  Guardant Health, Inc. (a)  | 5435  | 170822  |
|  Humana, Inc.  | 2614  | 1337584  |
|  Oak Street Health, Inc. (a)  | 28598  | 831058  |
|  UnitedHealth Group, Inc.  | 4055  | 2024215  |
|  |  | 6274565  |
| Life Sciences Tools & Services - 0.7%  |  |  |
|  Danaher Corp.  | 1656  | 437813  |
|  Thermo Fisher Scientific, Inc.  | 428  | 244101  |
|  |  | 681914  |
| Pharmaceuticals - 0.1%  |  |  |
|  Arvinas Holding Co. LLC (a)  | 2011  | 65900  |
|  Eli Lilly & Co.  | 239  | 82252  |
|  |  | 148152  |
|  TOTAL HEALTH CARE  |  | 11598382  |
| INDUSTRIALS - 1.6%  |  |  |
| Aerospace & Defense - 1.5%  |  |  |
|  Lockheed Martin Corp.  | 1075  | 498005  |
|  Northrop Grumman Corp.  | 763  | 341855  |
|  The Boeing Co. (a)  | 2756  | 587028  |
|  |  | 1426888  |
| Commercial Services & Supplies - 0.1%  |  |  |
|  ACV Auctions, Inc. Class A (a)  | 15831  | 155144  |
|  TOTAL INDUSTRIALS  |  | 1582032  |
| INFORMATION TECHNOLOGY - 43.9%  |  |  |
| Communications Equipment - 0.1%  |  |  |
|  Lumentum Holdings, Inc. (a)  | 996  | 59939  |
| Electronic Equipment & Components - 1.8%  |  |  |
|  Coherent Corp. (a)  | 689  | 29903  |
|  Flex Ltd. (a)  | 44916  | 1048789  |
|  Jabil, Inc.  | 7963  | 626131  |
|  |  | 1704823  |
| IT Services - 9.8%  |  |  |
|  Block, Inc. Class A (a)  | 7860  | 642319  |
|  Cloudflare, Inc. (a)  | 5023  | 265767  |
|  Dlocal Ltd. (a)  | 20798  | 345039  |
|  EPAM Systems, Inc. (a)  | 2005  | 666963  |
|  Flywire Corp. (a)  | 6585  | 177597  |
|  Globant SA (a)  | 652  | 105741  |
|  GoDaddy, Inc. (a)  | 12304  | 1010528  |
|  Marqeta, Inc. Class A (a)  | 50576  | 335319  |
|  MasterCard, Inc. Class A  | 3714  | 1376408  |
|  MongoDB, Inc. Class A (a)  | 4512  | 966516  |
|  Nuvei Corp. (a)(b)  | 15314  | 541044  |
|  Nuvei Corp. (Canada) (a)(b)  | 4297  | 151689  |
|  Okta, Inc. (a)  | 806  | 59330  |
|  Payoneer Global, Inc. (a)  | 6454  | 38466  |
|  Repay Holdings Corp. (a)  | 36046  | 351088  |
|  Shift4 Payments, Inc. (a)  | 8944  | 572774  |
|  Shopify, Inc. Class A (a)  | 1386  | 68288  |
|  Snowflake, Inc. (a)  | 126  | 19711  |
|  TaskUs, Inc. (a)  | 7002  | 130587  |
|  Visa, Inc. Class A  | 7248  | 1668562  |
|  |  | 9493736  |
| Semiconductors & Semiconductor Equipment - 14.4%  |  |  |
|  Advanced Micro Devices, Inc. (a)  | 29343  | 2205126  |
|  Applied Materials, Inc.  | 7867  | 877092  |
|  GlobalFoundries, Inc. (a)  | 26603  | 1577026  |
|  Lam Research Corp.  | 1343  | 671634  |
|  Marvell Technology, Inc.  | 16043  | 692255  |
|  Microchip Technology, Inc.  | 756  | 58681  |
|  NVIDIA Corp.  | 21341  | 4169391  |
|  NXP Semiconductors NV  | 8226  | 1516134  |
|  onsemi (a)  | 25192  | 1850352  |
|  Rambus, Inc. (a)  | 1697  | 68678  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  | 2516  | 233309  |
|  |  | 13919678  |
| Software - 14.5%  |  |  |
|  Adobe, Inc. (a)  | 160  | 59254  |
|  Bill.Com Holdings, Inc. (a)  | 3991  | 461439  |
|  Confluent, Inc. (a)  | 8054  | 186047  |
|  Datadog, Inc. Class A (a)  | 6276  | 469508  |
|  DoubleVerify Holdings, Inc. (a)  | 14238  | 387131  |
|  Dynatrace, Inc. (a)  | 24747  | 951027  |
|  Elastic NV (a)  | 6667  | 392286  |
|  Five9, Inc. (a)  | 4530  | 356873  |
|  HubSpot, Inc. (a)  | 1232  | 427516  |
|  Intapp, Inc. (a)  | 12459  | 361062  |
|  Intuit, Inc.  | 1373  | 580326  |
|  Microsoft Corp.  | 31224  | 7737622  |
|  NICE Ltd. sponsored ADR (a)  | 142  | 29455  |
|  Oracle Corp.  | 4871  | 430889  |
|  Salesforce.com, Inc. (a)  | 2112  | 354753  |
|  SentinelOne, Inc. (a)  | 2794  | 42161  |
|  ServiceNow, Inc. (a)  | 1456  | 662669  |
|  Viant Technology, Inc. (a)  | 7032  | 31925  |
|  Zscaler, Inc. (a)  | 296  | 36751  |
|  |  | 13958694  |
| Technology Hardware, Storage & Peripherals - 3.3%  |  |  |
|  Apple, Inc.  | 21547  | 3109017  |
|  Pure Storage, Inc. Class A (a)  | 3745  | 108380  |
|  |  | 3217397  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 42354267  |
| MATERIALS - 1.4%  |  |  |
| Chemicals - 0.8%  |  |  |
|  CF Industries Holdings, Inc.  | 3066  | 259690  |
|  Nutrien Ltd.  | 6332  | 524226  |
|  |  | 783916  |
| Metals & Mining - 0.6%  |  |  |
|  Alcoa Corp.  | 3740  | 195378  |
|  ArcelorMittal SA Class A unit GDR  | 6430  | 198944  |
|  Freeport-McMoRan, Inc.  | 2460  | 109765  |
|  MP Materials Corp. (a)  | 1519  | 49383  |
|  |  | 553470  |
|  TOTAL MATERIALS  |  | 1337386  |
| REAL ESTATE - 0.0%  |  |  |
| Real Estate Management & Development - 0.0%  |  |  |
|  WeWork, Inc. (a)  | 31323  | 49804  |
| UTILITIES - 1.2%  |  |  |
| Electric Utilities - 1.2%  |  |  |
|  Constellation Energy Corp.  | 4725  | 403326  |
|  NextEra Energy, Inc.  | 396  | 29553  |
|  PG&E Corp. (a)  | 46222  | 734930  |
|  |  | 1167809  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $92,813,541)  |  | <br> **95456309**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.9%** <br> (Cost $92,813,541) <br>| <br>**95456309**  |
| **NET OTHER ASSETS (LIABILITIES) - 1.1%**  | **1093433**  |
| **NET ASSETS - 100.0%**  | **96549742**  |

---

**Legend**

(a) Non-income producing

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $692,733 or 0.7% of net assets.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 15549348  | 15549348  | -  | -  |
| Consumer Discretionary  | 10773354  | 10773354  | -  | -  |
| Consumer Staples  | 269397  | 269397  | -  | -  |
| Energy  | 9042951  | 9042951  | -  | -  |
| Financials  | 1731579  | 1731579  | -  | -  |
| Health Care  | 11598382  | 11598382  | -  | -  |
| Industrials  | 1582032  | 1582032  | -  | -  |
| Information Technology  | 42354267  | 42354267  | -  | -  |
| Materials  | 1337386  | 1337386  | -  | -  |
| Real Estate  | 49804  | 49804  | -  | -  |
| Utilities  | 1167809  | 1167809  | -  | -  |
| **Total Investments in Securities:**  | 95456309  | 95456309  | -  | -  |

---

**Fidelity® Growth Opportunities ETF**

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

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
|  Investment in securities, at value - See accompanying schedule <br>Unaffiliated issuers (cost $92,813,541): <br>|  | $95456309  |
|  Cash  |  | 1075505  |
| Receivable for investments sold  |  | 765964  |
|  Dividends receivable  |  | 17220  |
| **Total assets**  |  | 97314998  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $725636  |  |
|  Accrued management fee  | 39620  |  |
| **Total Liabilities**  |  | 765256  |
| **Net Assets**  |  | $96549742  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $113721945  |
|  Total accumulated earnings (loss)  |  | (17172203)  |
|  **Net Assets**  |  | $96549742  |
|  **Net Asset Value** , offering price and redemption price per share ($96,549,742 ÷ 6,850,000 shares)  |  | $14.09  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $236544  |
|  **Expenses**  |  |  |
| Management fee  | $198642  |  |
| Independent trustees' fees and expenses  | 111  |  |
| Total expenses before reductions  | 198753  |  |
| Expense reductions  | (9)  |  |
| Total expenses after reductions  |  | 198744  |
| **Net Investment income (loss)**  |  | 37800  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Redemptions in-kind  | 1743093  |  |
| Unaffiliated issuers  | (5653836)  |  |
| Foreign currency transactions  | (23574)  |  |
| Futures contracts  | 13586  |  |
| Total net realized gain (loss)  |  | (3920731)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 5198780  |  |
| Assets and liabilities in foreign currencies  | 96  |  |
| Total change in net unrealized appreciation (depreciation)  |  | 5198876  |
| **Net gain (loss)**  |  | 1278145  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $1315945  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $37800  | $(96288)  |
| &nbsp;&nbsp; Net realized gain (loss)  | (3920731) <br>| (14454858) <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 5198876  | (5201464) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 1315945 <br>| (19752610) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 56467433  | 59102297  |
| &nbsp;&nbsp; Cost of shares redeemed  | (23543654)  | (16719011)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 32923779 <br>| 42383286 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 34239724 <br>| 22630676 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 62310018  | 39679342 <br>|
| &nbsp;&nbsp; End of period  | $96549742  | $62310018  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 4300000  | 3500000  |
| &nbsp;&nbsp; Redeemed  | (1750000)  | (1075000)  |
| &nbsp;&nbsp; Net increase (decrease)  | 2550000  | 2425000  |

---

**Financial Highlights** 

 **Fidelity® Growth Opportunities ETF** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $14.49  | $21.16  | $20.00  |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .01  | (.03)  | (.03)  |
| Net realized and unrealized gain (loss)  | (.41) <sup>D</sup>  | (6.64)  | 1.19  |
| Total from investment operations  | (.40)  | (6.67)  | 1.16  |
| Net asset value, end of period  | $14.09  | $14.49  | $21.16  |
| **Total Return** <sup>E,F,G</sup>  | (2.73)%  | (31.53)%  | 5.82%  |
| **Ratios to Average Net Assets** <sup>C,H,I</sup>  |  |  |  |
| Expenses before reductions  | .59% <sup>J</sup>  | .59%  | .59% <sup>J</sup>  |
| Expenses net of fee waivers, if any  | .59% <sup>J</sup>  | .59%  | .59% <sup>J</sup>  |
| Expenses net of all reductions  | .59% <sup>J</sup>  | .59%  | .59% <sup>J</sup>  |
| Net investment income (loss)  | .11% <sup>J</sup>  | (.19)%  | (.33)% <sup>J</sup>  |
| **Supplemental Data**  |  |  |  |
| Net assets, end of period (000 omitted)  | $96550  | $62310  | $39679  |
| Portfolio turnover rate <sup>K,L</sup>  | 98% <sup>J</sup>  | 99%  | 49% <sup>M</sup>  |

---

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

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

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

<sup>D</sup> *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.*

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

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

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

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

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

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

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

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

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

**Fidelity® Magellan® ETF** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Microsoft Corp.  | 7.1  |
| UnitedHealth Group, Inc.  | 3.0  |
| NVIDIA Corp.  | 2.7  |
| Visa, Inc. Class A  | 2.6  |
| Apple, Inc.  | 2.4  |
| MasterCard, Inc. Class A  | 2.3  |
| Thermo Fisher Scientific, Inc.  | 2.2  |
| NextEra Energy, Inc.  | 2.2  |
| Costco Wholesale Corp.  | 2.2  |
| Danaher Corp.  | 2.1  |
|  | 28.8  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 38.7  |
| Health Care  | 15.8  |
| Financials  | 10.1  |
| Industrials  | 9.3  |
| Consumer Discretionary  | 5.9  |
| Real Estate  | 5.2  |
| Materials  | 4.2  |
| Consumer Staples  | 3.9  |
| Utilities  | 3.6  |
| Communication Services  | 1.0  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88932_8.jpg)  |
| *Foreign investments - 4.5%*  |

---

**Fidelity® Magellan® ETF**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 97.7%**  | &nbsp;&nbsp; **Common Stocks - 97.7%**  | &nbsp;&nbsp; **Common Stocks - 97.7%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 1.0%  |  |  |
| Interactive Media & Services - 1.0%  |  |  |
|  Alphabet, Inc. Class C (a)  | 4374  | 436831  |
| CONSUMER DISCRETIONARY - 5.9%  |  |  |
| Hotels, Restaurants & Leisure - 3.4%  |  |  |
|  Airbnb, Inc. Class A (a)  | 5585  | 620549  |
|  Domino's Pizza, Inc.  | 886  | 312758  |
|  Hilton Worldwide Holdings, Inc.  | 3659  | 530884  |
|  |  | 1464191  |
| Internet & Direct Marketing Retail - 1.0%  |  |  |
|  Amazon.com, Inc. (a)  | 4098  | 422627  |
| Multiline Retail - 1.5%  |  |  |
|  Dollar General Corp.  | 2766  | 646138  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 2532956  |
| CONSUMER STAPLES - 3.9%  |  |  |
| Food & Staples Retailing - 2.2%  |  |  |
|  Costco Wholesale Corp.  | 1801  | 920563  |
| Tobacco - 1.7%  |  |  |
|  Philip Morris International, Inc.  | 7111  | 741251  |
|  TOTAL CONSUMER STAPLES  |  | 1661814  |
| FINANCIALS - 10.1%  |  |  |
| Capital Markets - 6.8%  |  |  |
|  Intercontinental Exchange, Inc.  | 6691  | 719617  |
|  Moody's Corp.  | 2444  | 788801  |
|  Raymond James Financial, Inc.  | 4963  | 559678  |
|  S&P Global, Inc.  | 2288  | 857863  |
|  |  | 2925959  |
| Insurance - 3.3%  |  |  |
|  Arthur J. Gallagher & Co.  | 3411  | 667601  |
|  Marsh & McLennan Companies, Inc.  | 4191  | 733048  |
|  |  | 1400649  |
|  TOTAL FINANCIALS  |  | 4326608  |
| HEALTH CARE - 15.8%  |  |  |
| Health Care Providers & Services - 4.8%  |  |  |
|  Humana, Inc.  | 1534  | 784948  |
|  UnitedHealth Group, Inc.  | 2569  | 1282419  |
|  |  | 2067367  |
| Health Care Technology - 1.4%  |  |  |
|  Veeva Systems, Inc. Class A (a)  | 3362  | 573389  |
| Life Sciences Tools & Services - 5.8%  |  |  |
|  Danaher Corp.  | 3373  | 891754  |
|  Mettler-Toledo International, Inc. (a)  | 434  | 665287  |
|  Thermo Fisher Scientific, Inc.  | 1647  | 939334  |
|  |  | 2496375  |
| Pharmaceuticals - 3.8%  |  |  |
|  Eli Lilly & Co.  | 2472  | 850739  |
|  Zoetis, Inc. Class A  | 4772  | 789718  |
|  |  | 1640457  |
|  TOTAL HEALTH CARE  |  | 6777588  |
| INDUSTRIALS - 9.3%  |  |  |
| Aerospace & Defense - 2.8%  |  |  |
|  HEICO Corp. Class A  | 4744  | 634178  |
|  TransDigm Group, Inc.  | 804  | 577071  |
|  |  | 1211249  |
| Commercial Services & Supplies - 3.3%  |  |  |
|  Cintas Corp.  | 1501  | 666054  |
|  Copart, Inc. (a)  | 7169  | 477527  |
|  Waste Connections, Inc. (United States)  | 2183  | 290121  |
|  |  | 1433702  |
| Professional Services - 3.2%  |  |  |
|  Equifax, Inc.  | 3272  | 727038  |
|  Verisk Analytics, Inc.  | 3485  | 633538  |
|  |  | 1360576  |
|  TOTAL INDUSTRIALS  |  | 4005527  |
| INFORMATION TECHNOLOGY - 38.7%  |  |  |
| Electronic Equipment & Components - 2.9%  |  |  |
|  Amphenol Corp. Class A  | 7422  | 592053  |
|  CDW Corp.  | 3326  | 651996  |
|  |  | 1244049  |
| IT Services - 11.0%  |  |  |
|  Accenture PLC Class A  | 3029  | 845242  |
|  Automatic Data Processing, Inc.  | 2822  | 637236  |
|  Gartner, Inc. (a)  | 1603  | 542038  |
|  MasterCard, Inc. Class A  | 2722  | 1008773  |
|  Paychex, Inc.  | 4925  | 570611  |
|  Visa, Inc. Class A  | 4859  | 1118590  |
|  |  | 4722490  |
| Semiconductors & Semiconductor Equipment - 5.8%  |  |  |
|  KLA Corp.  | 1689  | 662899  |
|  Lam Research Corp.  | 1404  | 702140  |
|  NVIDIA Corp.  | 5822  | 1137444  |
|  |  | 2502483  |
| Software - 16.6%  |  |  |
|  Adobe, Inc. (a)  | 1778  | 658465  |
|  Autodesk, Inc. (a)  | 2354  | 506487  |
|  Cadence Design Systems, Inc. (a)  | 3763  | 687989  |
|  Fortinet, Inc. (a)  | 4403  | 230453  |
|  Intuit, Inc.  | 1760  | 743899  |
|  Microsoft Corp.  | 12335  | 3056736  |
|  Palo Alto Networks, Inc. (a)  | 3833  | 608067  |
|  Synopsys, Inc. (a)  | 1840  | 650900  |
|  |  | 7142996  |
| Technology Hardware, Storage & Peripherals - 2.4%  |  |  |
|  Apple, Inc.  | 7017  | 1012483  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 16624501  |
| MATERIALS - 4.2%  |  |  |
| Chemicals - 4.2%  |  |  |
|  Corteva, Inc.  | 5203  | 335333  |
|  Linde PLC  | 2338  | 773738  |
|  Sherwin-Williams Co.  | 2913  | 689187  |
|  |  | 1798258  |
| REAL ESTATE - 5.2%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 5.2%  |  |  |
|  American Tower Corp.  | 3328  | 743442  |
|  Prologis (REIT), Inc.  | 6268  | 810327  |
|  SBA Communications Corp. Class A  | 2233  | 664384  |
|  |  | 2218153  |
| UTILITIES - 3.6%  |  |  |
| Electric Utilities - 2.2%  |  |  |
|  NextEra Energy, Inc.  | 12564  | 937651  |
| Water Utilities - 1.4%  |  |  |
|  American Water Works Co., Inc.  | 3987  | 623926  |
|  TOTAL UTILITIES  |  | 1561577  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $39,964,847)  |  | <br> **41943813**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 97.7%** <br> (Cost $39,964,847) <br>| <br>**41943813**  |
| **NET OTHER ASSETS (LIABILITIES) - 2.3%**  | **997085**  |
| **NET ASSETS - 100.0%**  | **42940898**  |

---

**Legend**

(a) Non-income producing

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 436831  | 436831  | -  | -  |
| Consumer Discretionary  | 2532956  | 2532956  | -  | -  |
| Consumer Staples  | 1661814  | 1661814  | -  | -  |
| Financials  | 4326608  | 4326608  | -  | -  |
| Health Care  | 6777588  | 6777588  | -  | -  |
| Industrials  | 4005527  | 4005527  | -  | -  |
| Information Technology  | 16624501  | 16624501  | -  | -  |
| Materials  | 1798258  | 1798258  | -  | -  |
| Real Estate  | 2218153  | 2218153  | -  | -  |
| Utilities  | 1561577  | 1561577  | -  | -  |
| **Total Investments in Securities:**  | 41943813  | 41943813  | -  | -  |

---

**Fidelity® Magellan® ETF**

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

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
|  Investment in securities, at value - See accompanying schedule <br>Unaffiliated issuers (cost $39,964,847): <br>|  | $41943813  |
|  Cash  |  | 777155  |
| Receivable for investments sold  |  | 1015873  |
|  Receivable for fund shares sold  |  | 77  |
|  Dividends receivable  |  | 14249  |
| Other receivables  |  | 97  |
| **Total assets**  |  | 43751264  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $303677  |  |
|  Payable for fund shares redeemed  | 486307  |  |
|  Accrued management fee  | 20382  |  |
| **Total Liabilities**  |  | 810366  |
| **Net Assets**  |  | $42940898  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $48252100  |
|  Total accumulated earnings (loss)  |  | (5311202)  |
|  **Net Assets**  |  | $42940898  |
|  **Net Asset Value** , offering price and redemption price per share ($42,940,898 ÷ 2,175,000 shares)  |  | $19.74  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $187148  |
|  **Expenses**  |  |  |
| Management fee  | $127876  |  |
| Independent trustees' fees and expenses  | 76  |  |
| **Total Expenses**  |  | 127952  |
| **Net Investment income (loss)**  |  | 59196  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Redemptions in-kind  | 218751  |  |
| Unaffiliated issuers  | (3284545)  |  |
| Total net realized gain (loss)  |  | (3065794)  |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 380740  |
| **Net gain (loss)**  |  | (2685054)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(2625858)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $59196  | $24387  |
| &nbsp;&nbsp; Net realized gain (loss)  | (3065794) <br>| (3743475) <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 380740  | (2178468) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (2625858) <br>| (5897556) <br>|
| Distributions to shareholders  | (70075) <br>| (32550) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 2441291  | 19270749  |
| &nbsp;&nbsp; Cost of shares redeemed  | (3331868)  | (2655560)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | (890577) <br>| 16615189 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (3586510) <br>| 10685083 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 46527408  | 35842325 <br>|
| &nbsp;&nbsp; End of period  | $42940898  | $46527408  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 125000  | 800000  |
| &nbsp;&nbsp; Redeemed  | (175000)  | (125000)  |
| &nbsp;&nbsp; Net increase (decrease)  | (50000)  | 675000  |

---

**Financial Highlights** 

 **Fidelity® Magellan® ETF** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $20.91  | $23.12  | $20.00  |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .03  | .01  | - <sup>D</sup>  |
| Net realized and unrealized gain (loss)  | (1.17)  | (2.20)  | 3.13  |
| Total from investment operations  | (1.14)  | (2.19)  | 3.13  |
| Distributions from net investment income  | (.03)  | (.02)  | (.01)  |
| Total distributions  | (.03)  | (.02)  | (.01)  |
| Net asset value, end of period  | $19.74  | $20.91  | $23.12  |
| **Total Return** <sup>E,F</sup>  | (5.43)%  | (9.50)%  | 15.65%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |  |
| Expenses before reductions  | .59% <sup>I</sup>  | .59%  | .59% <sup>I</sup>  |
| Expenses net of fee waivers, if any  | .59% <sup>I</sup>  | .59%  | .59% <sup>I</sup>  |
| Expenses net of all reductions  | .59% <sup>I</sup>  | .59%  | .59% <sup>I</sup>  |
| Net investment income (loss)  | .27% <sup>I</sup>  | .05%  | .01% <sup>I</sup>  |
| **Supplemental Data**  |  |  |  |
| Net assets, end of period (000 omitted)  | $42941  | $46527  | $35842  |
| Portfolio turnover rate <sup>J,K</sup>  | 82% <sup>I</sup>  | 68%  | 41% <sup>L</sup>  |

---

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

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® New Millennium ETF** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Apple, Inc.  | 3.9  |
| Microsoft Corp.  | 3.1  |
| Exxon Mobil Corp.  | 2.5  |
| Visa, Inc. Class A  | 1.9  |
| Eli Lilly & Co.  | 1.9  |
| Wells Fargo & Co.  | 1.8  |
| Chubb Ltd.  | 1.8  |
| UnitedHealth Group, Inc.  | 1.7  |
| Bank of America Corp.  | 1.6  |
| Alphabet, Inc. Class A  | 1.5  |
|  | 21.7  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 22.3  |
| Health Care  | 13.6  |
| Industrials  | 12.6  |
| Financials  | 11.8  |
| Consumer Discretionary  | 10.9  |
| Energy  | 8.4  |
| Communication Services  | 5.9  |
| Materials  | 4.8  |
| Consumer Staples  | 3.6  |
| Utilities  | 2.7  |
| Real Estate  | 2.2  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88932_9.jpg)  |
| *Foreign investments - 9.9%*  |

---

**Fidelity® New Millennium ETF**

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 98.8%**  | &nbsp;&nbsp; **Common Stocks - 98.8%**  | &nbsp;&nbsp; **Common Stocks - 98.8%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 5.9%  |  |  |
| Entertainment - 1.9%  |  |  |
|  Endeavor Group Holdings, Inc. (a)  | 21653  | 485677  |
|  Netflix, Inc. (a)  | 3241  | 1146860  |
|  |  | 1632537  |
| Interactive Media & Services - 2.6%  |  |  |
|  Alphabet, Inc. Class A (a)  | 13781  | 1362114  |
|  Match Group, Inc. (a)  | 6255  | 338521  |
|  Meta Platforms, Inc. Class A (a)  | 3059  | 455699  |
|  Pinterest, Inc. Class A (a)  | 5860  | 154059  |
|  |  | 2310393  |
| Media - 1.4%  |  |  |
|  Comcast Corp. Class A  | 31035  | 1221227  |
|  TOTAL COMMUNICATION SERVICES  |  | 5164157  |
| CONSUMER DISCRETIONARY - 10.9%  |  |  |
| Auto Components - 0.7%  |  |  |
|  Aptiv PLC (a)  | 5625  | 636131  |
| Hotels, Restaurants & Leisure - 2.0%  |  |  |
|  ARAMARK Holdings Corp.  | 5834  | 259788  |
|  Booking Holdings, Inc. (a)  | 256  | 623130  |
|  Churchill Downs, Inc.  | 2208  | 547805  |
|  Domino's Pizza, Inc.  | 868  | 306404  |
|  |  | 1737127  |
| Household Durables - 1.2%  |  |  |
|  Lennar Corp. Class A  | 3296  | 337510  |
|  NVR, Inc. (a)  | 80  | 421600  |
|  Taylor Morrison Home Corp. (a)  | 7756  | 277665  |
|  |  | 1036775  |
| Internet & Direct Marketing Retail - 2.2%  |  |  |
|  Amazon.com, Inc. (a)  | 8815  | 909091  |
|  eBay, Inc.  | 7650  | 378675  |
|  Uber Technologies, Inc. (a)  | 20350  | 629426  |
|  |  | 1917192  |
| Multiline Retail - 1.3%  |  |  |
|  Dollar General Corp.  | 1766  | 412538  |
|  Target Corp.  | 4366  | 751563  |
|  |  | 1164101  |
| Specialty Retail - 1.3%  |  |  |
|  Best Buy Co., Inc.  | 4063  | 360469  |
|  Dick's Sporting Goods, Inc.  | 2016  | 263612  |
|  TJX Companies, Inc.  | 6252  | 511789  |
|  |  | 1135870  |
| Textiles, Apparel & Luxury Goods - 2.2%  |  |  |
|  NIKE, Inc. Class B  | 5178  | 659315  |
|  PVH Corp.  | 4170  | 374883  |
|  Ralph Lauren Corp.  | 2539  | 314455  |
|  Tapestry, Inc.  | 12361  | 563291  |
|  |  | 1911944  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 9539140  |
| CONSUMER STAPLES - 3.6%  |  |  |
| Beverages - 2.9%  |  |  |
|  Boston Beer Co., Inc. Class A (a)  | 674  | 261923  |
|  Constellation Brands, Inc. Class A (sub. vtg.)  | 1116  | 258376  |
|  Diageo PLC sponsored ADR  | 3058  | 540807  |
|  Keurig Dr. Pepper, Inc.  | 9499  | 335125  |
|  The Coca-Cola Co.  | 18513  | 1135217  |
|  |  | 2531448  |
| Food & Staples Retailing - 0.7%  |  |  |
|  BJ's Wholesale Club Holdings, Inc. (a)  | 3767  | 272994  |
|  Performance Food Group Co. (a)  | 5656  | 346826  |
|  |  | 619820  |
|  TOTAL CONSUMER STAPLES  |  | 3151268  |
| ENERGY - 8.4%  |  |  |
| Energy Equipment & Services - 2.3%  |  |  |
|  Baker Hughes Co. Class A  | 18762  | 595506  |
|  Halliburton Co.  | 8284  | 341466  |
|  Schlumberger Ltd.  | 14510  | 826780  |
|  TechnipFMC PLC (a)  | 21162  | 293940  |
|  |  | 2057692  |
| Oil, Gas & Consumable Fuels - 6.1%  |  |  |
|  Antero Resources Corp. (a)  | 1300  | 37492  |
|  Canadian Natural Resources Ltd.  | 13047  | 801608  |
|  Cheniere Energy, Inc.  | 3349  | 511694  |
|  Exxon Mobil Corp.  | 18851  | 2186905  |
|  Hess Corp.  | 7369  | 1106529  |
|  Valero Energy Corp.  | 4735  | 663042  |
|  |  | 5307270  |
|  TOTAL ENERGY  |  | 7364962  |
| FINANCIALS - 11.8%  |  |  |
| Banks - 5.2%  |  |  |
|  Bank of America Corp.  | 40782  | 1446945  |
|  Comerica, Inc.  | 5874  | 430623  |
|  JPMorgan Chase & Co.  | 3054  | 427438  |
|  PNC Financial Services Group, Inc.  | 4026  | 666021  |
|  Wells Fargo & Co.  | 34171  | 1601595  |
|  |  | 4572622  |
| Capital Markets - 1.4%  |  |  |
|  Morgan Stanley  | 10212  | 993934  |
|  State Street Corp.  | 2729  | 249240  |
|  |  | 1243174  |
| Insurance - 4.5%  |  |  |
|  American International Group, Inc.  | 5922  | 374389  |
|  Arch Capital Group Ltd. (a)  | 12709  | 817824  |
|  Chubb Ltd.  | 6806  | 1548297  |
|  First American Financial Corp.  | 4577  | 283179  |
|  MetLife, Inc.  | 8904  | 650170  |
|  RenaissanceRe Holdings Ltd.  | 1299  | 254201  |
|  |  | 3928060  |
| Thrifts & Mortgage Finance - 0.7%  |  |  |
|  Radian Group, Inc.  | 26539  | 586512  |
|  TOTAL FINANCIALS  |  | 10330368  |
| HEALTH CARE - 13.6%  |  |  |
| Biotechnology - 1.5%  |  |  |
|  Day One Biopharmaceuticals, Inc. (a)  | 6673  | 145271  |
|  Gilead Sciences, Inc.  | 3284  | 275659  |
|  Legend Biotech Corp. ADR (a)  | 3685  | 186093  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 940  | 712962  |
|  |  | 1319985  |
| Health Care Equipment & Supplies - 2.9%  |  |  |
|  Boston Scientific Corp. (a)  | 20144  | 931660  |
|  Hologic, Inc. (a)  | 3963  | 322469  |
|  Masimo Corp. (a)  | 3329  | 566196  |
|  Stryker Corp.  | 2897  | 735288  |
|  |  | 2555613  |
| Health Care Providers & Services - 4.0%  |  |  |
|  agilon health, Inc. (a)  | 14558  | 316782  |
|  Centene Corp. (a)  | 4546  | 346587  |
|  Cigna Corp.  | 3813  | 1207463  |
|  LifeStance Health Group, Inc. (a)  | 22815  | 120463  |
|  UnitedHealth Group, Inc.  | 2928  | 1461628  |
|  |  | 3452923  |
| Life Sciences Tools & Services - 2.3%  |  |  |
|  Danaher Corp.  | 1694  | 447860  |
|  IQVIA Holdings, Inc. (a)  | 1693  | 388391  |
|  Thermo Fisher Scientific, Inc.  | 1438  | 820135  |
|  West Pharmaceutical Services, Inc.  | 1183  | 314205  |
|  |  | 1970591  |
| Pharmaceuticals - 2.9%  |  |  |
|  Bristol-Myers Squibb Co.  | 12567  | 912993  |
|  Eli Lilly & Co.  | 4747  | 1633680  |
|  |  | 2546673  |
|  TOTAL HEALTH CARE  |  | 11845785  |
| INDUSTRIALS - 12.6%  |  |  |
| Aerospace & Defense - 3.7%  |  |  |
|  BWX Technologies, Inc.  | 4298  | 261576  |
|  Howmet Aerospace, Inc.  | 13185  | 536498  |
|  Huntington Ingalls Industries, Inc.  | 1253  | 276337  |
|  Lockheed Martin Corp.  | 1614  | 747702  |
|  Northrop Grumman Corp.  | 1223  | 547953  |
|  The Boeing Co. (a)  | 4025  | 857325  |
|  |  | 3227391  |
| Air Freight & Logistics - 0.3%  |  |  |
|  GXO Logistics, Inc. (a)  | 5946  | 311154  |
| Building Products - 0.6%  |  |  |
|  Builders FirstSource, Inc. (a)  | 6672  | 531758  |
|  MasterBrand, Inc. (a)  | 4650  | 42780  |
|  |  | 574538  |
| Construction & Engineering - 1.3%  |  |  |
|  Quanta Services, Inc.  | 3795  | 577561  |
|  Willscot Mobile Mini Holdings (a)  | 10886  | 527536  |
|  |  | 1105097  |
| Electrical Equipment - 1.1%  |  |  |
|  Generac Holdings, Inc. (a)  | 3235  | 390141  |
|  Regal Rexnord Corp.  | 4115  | 572808  |
|  |  | 962949  |
| Industrial Conglomerates - 1.5%  |  |  |
|  General Electric Co.  | 15830  | 1273998  |
| Machinery - 3.0%  |  |  |
|  Caterpillar, Inc.  | 1912  | 482378  |
|  Fortive Corp.  | 8646  | 588187  |
|  Ingersoll Rand, Inc.  | 10719  | 600264  |
|  ITT, Inc.  | 6079  | 556776  |
|  Parker Hannifin Corp.  | 1180  | 384680  |
|  |  | 2612285  |
| Professional Services - 1.0%  |  |  |
|  FTI Consulting, Inc. (a)  | 2202  | 351263  |
|  KBR, Inc.  | 9499  | 486634  |
|  |  | 837897  |
| Road & Rail - 0.1%  |  |  |
|  RXO, Inc. (a)  | 3843  | 70404  |
|  TOTAL INDUSTRIALS  |  | 10975713  |
| INFORMATION TECHNOLOGY - 22.3%  |  |  |
| Communications Equipment - 1.1%  |  |  |
|  Cisco Systems, Inc.  | 19181  | 933539  |
| Electronic Equipment & Components - 2.2%  |  |  |
|  Flex Ltd. (a)  | 33948  | 792686  |
|  Jabil, Inc.  | 6824  | 536571  |
|  Keysight Technologies, Inc. (a)  | 3427  | 614632  |
|  |  | 1943889  |
| IT Services - 4.3%  |  |  |
|  EPAM Systems, Inc. (a)  | 889  | 295726  |
|  Fiserv, Inc. (a)  | 4598  | 490515  |
|  MongoDB, Inc. Class A (a)  | 2050  | 439131  |
|  Shift4 Payments, Inc. (a)  | 4966  | 318023  |
|  Visa, Inc. Class A  | 7187  | 1654519  |
|  WNS Holdings Ltd. sponsored ADR (a)  | 5857  | 496264  |
|  |  | 3694178  |
| Semiconductors & Semiconductor Equipment - 5.0%  |  |  |
|  Advanced Micro Devices, Inc. (a)  | 7614  | 572192  |
|  Analog Devices, Inc.  | 2900  | 497263  |
|  Marvell Technology, Inc.  | 600  | 25890  |
|  NVIDIA Corp.  | 2534  | 495068  |
|  NXP Semiconductors NV  | 3591  | 661857  |
|  onsemi (a)  | 8843  | 649518  |
|  SolarEdge Technologies, Inc. (a)  | 980  | 312747  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  | 8849  | 820568  |
|  Teradyne, Inc.  | 3504  | 356357  |
|  |  | 4391460  |
| Software - 5.8%  |  |  |
|  Adobe, Inc. (a)  | 1910  | 707349  |
|  Autodesk, Inc. (a)  | 1806  | 388579  |
|  Dynatrace, Inc. (a)  | 10938  | 420347  |
|  Microsoft Corp.  | 10813  | 2679570  |
|  Oracle Corp.  | 6781  | 599847  |
|  Workday, Inc. Class A (a)  | 1553  | 281761  |
|  |  | 5077453  |
| Technology Hardware, Storage & Peripherals - 3.9%  |  |  |
|  Apple, Inc.  | 23646  | 3411882  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 19452401  |
| MATERIALS - 4.8%  |  |  |
| Chemicals - 1.5%  |  |  |
|  Cabot Corp.  | 3555  | 267798  |
|  Celanese Corp. Class A  | 2422  | 298390  |
|  CF Industries Holdings, Inc.  | 5992  | 507522  |
|  Element Solutions, Inc.  | 13475  | 275968  |
|  |  | 1349678  |
| Construction Materials - 0.4%  |  |  |
|  Martin Marietta Materials, Inc.  | 926  | 333027  |
| Containers & Packaging - 1.0%  |  |  |
|  Avery Dennison Corp.  | 2069  | 391951  |
|  O-I Glass, Inc. (a)  | 25791  | 496477  |
|  |  | 888428  |
| Metals & Mining - 1.9%  |  |  |
|  Commercial Metals Co.  | 2931  | 159065  |
|  Freeport-McMoRan, Inc.  | 27431  | 1223971  |
|  Novagold Resources, Inc. (a)  | 39272  | 247806  |
|  |  | 1630842  |
|  TOTAL MATERIALS  |  | 4201975  |
| REAL ESTATE - 2.2%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 1.9%  |  |  |
|  Gaming & Leisure Properties  | 10170  | 544705  |
|  Simon Property Group, Inc.  | 2692  | 345814  |
|  Spirit Realty Capital, Inc.  | 10010  | 439239  |
|  VICI Properties, Inc.  | 10156  | 347132  |
|  |  | 1676890  |
| Real Estate Management & Development - 0.3%  |  |  |
|  CBRE Group, Inc. (a)  | 3386  | 289537  |
|  TOTAL REAL ESTATE  |  | 1966427  |
| UTILITIES - 2.7%  |  |  |
| Electric Utilities - 1.8%  |  |  |
|  Constellation Energy Corp.  | 3789  | 323429  |
|  FirstEnergy Corp.  | 9768  | 400000  |
|  Southern Co.  | 11796  | 798353  |
|  |  | 1521782  |
| Independent Power and Renewable Electricity Producers - 0.9%  |  |  |
|  The AES Corp.  | 20259  | 555299  |
|  Vistra Corp.  | 11372  | 262238  |
|  |  | 817537  |
|  TOTAL UTILITIES  |  | 2339319  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $76,774,147)  |  | <br> **86331515**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.8%** <br> (Cost $76,774,147) <br>| <br>**86331515**  |
| **NET OTHER ASSETS (LIABILITIES) - 1.2%**  | **1040051**  |
| **NET ASSETS - 100.0%**  | **87371566**  |

---

**Legend**

(a) Non-income producing

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 5164157  | 5164157  | -  | -  |
| Consumer Discretionary  | 9539140  | 9539140  | -  | -  |
| Consumer Staples  | 3151268  | 3151268  | -  | -  |
| Energy  | 7364962  | 7364962  | -  | -  |
| Financials  | 10330368  | 10330368  | -  | -  |
| Health Care  | 11845785  | 11845785  | -  | -  |
| Industrials  | 10975713  | 10975713  | -  | -  |
| Information Technology  | 19452401  | 19452401  | -  | -  |
| Materials  | 4201975  | 4201975  | -  | -  |
| Real Estate  | 1966427  | 1966427  | -  | -  |
| Utilities  | 2339319  | 2339319  | -  | -  |
| **Total Investments in Securities:**  | 86331515  | 86331515  | -  | -  |

---

**Fidelity® New Millennium ETF**

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

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
|  Investment in securities, at value - See accompanying schedule <br>Unaffiliated issuers (cost $76,774,147): <br>|  | $86331515  |
|  Cash  |  | 1242920  |
|  Dividends receivable  |  | 66371  |
| **Total assets**  |  | 87640806  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $226568  |  |
|  Accrued management fee  | 42672  |  |
| **Total Liabilities**  |  | 269240  |
| **Net Assets**  |  | $87371566  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $74378846  |
|  Total accumulated earnings (loss)  |  | 12992720  |
|  **Net Assets**  |  | $87371566  |
|  **Net Asset Value** , offering price and redemption price per share ($87,371,566 ÷ 2,825,000 shares)  |  | $30.93  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $692084  |
|  **Expenses**  |  |  |
| Management fee  | $218907  |  |
| Independent trustees' fees and expenses  | 120  |  |
| Total expenses before reductions  | 219027  |  |
| Expense reductions  | (1)  |  |
| Total expenses after reductions  |  | 219026  |
| **Net Investment income (loss)**  |  | 473058  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Redemptions in-kind  | 6534442  |  |
| Unaffiliated issuers  | (2414785)  |  |
| Foreign currency transactions  | (273)  |  |
| Futures contracts  | 8617  |  |
| Total net realized gain (loss)  |  | 4128001  |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 3781623  |
| **Net gain (loss)**  |  | 7909624  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $8382682  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $473058  | $816005  |
| &nbsp;&nbsp; Net realized gain (loss)  | 4128001 <br>| 1262284 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 3781623  | (1701394) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 8382682 <br>| 376895 <br>|
| Distributions to shareholders  | (688725) <br>| (1100175) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 48021199  | 3720338  |
| &nbsp;&nbsp; Cost of shares redeemed  | (24619228)  | (7128248)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 23401971 <br>| (3407910) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 31095928 <br>| (4131190) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 56275638  | 60406828 <br>|
| &nbsp;&nbsp; End of period  | $87371566  | $56275638  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 1675000  | 125000  |
| &nbsp;&nbsp; Redeemed  | (800000)  | (250000)  |
| &nbsp;&nbsp; Net increase (decrease)  | 875000  | (125000)  |

---

**Financial Highlights** 

 **Fidelity® New Millennium ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021**  | **2020** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $28.86  | $29.11  | $20.37  | $20.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .19  | .40  | .36  | .03  |
| Net realized and unrealized gain (loss)  | 2.16  | (.12)  | 8.75  | .36  |
| Total from investment operations  | 2.35  | .28  | 9.11  | .39  |
| Distributions from net investment income  | (.21)  | (.53)  | (.37)  | (.02)  |
| Distributions from net realized gain  | (.07)  | -  | -  | -  |
| Total distributions  | (.28)  | (.53)  | (.37)  | (.02)  |
| Net asset value, end of period  | $30.93  | $28.86  | $29.11  | $20.37  |
| **Total Return** <sup>D,E,F</sup>  | 8.22%  | 1.00%  | 45.03%  | 1.95%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |  |  |
| Expenses before reductions  | .59% <sup>I</sup>  | .59%  | .59%  | .59% <sup>I</sup>  |
| Expenses net of fee waivers, if any  | .59% <sup>I</sup>  | .59%  | .59%  | .59% <sup>I</sup>  |
| Expenses net of all reductions  | .59% <sup>I</sup>  | .59%  | .58%  | .59% <sup>I</sup>  |
| Net investment income (loss)  | 1.28% <sup>I</sup>  | 1.36%  | 1.33%  | 1.00% <sup>I</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $87372  | $56276  | $60407  | $6112  |
| Portfolio turnover rate <sup>J,K</sup>  | 76% <sup>I</sup>  | 36%  | 68%  | 10% <sup>L</sup>  |

---

<sup>A</sup> *For the period June 2, 2020 (commencement of operations) through July 31, 2020.*

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Real Estate Investment ETF** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Prologis (REIT), Inc.  | 10.7  |
| Crown Castle International Corp.  | 9.3  |
| SBA Communications Corp. Class A  | 7.1  |
| Equinix, Inc.  | 6.3  |
| Welltower, Inc.  | 4.8  |
| Ventas, Inc.  | 4.7  |
| Digital Realty Trust, Inc.  | 4.7  |
| UDR, Inc.  | 3.6  |
| CubeSmart  | 3.5  |
| Mid-America Apartment Communities, Inc.  | 3.5  |
|  | 58.2  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Five REIT Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Five REIT Sectors (% of Fund's net assets)**  |
| REITs - Diversified  | 32.8  |
| REITs - Apartments  | 10.8  |
| REITs - Warehouse/Industrial  | 10.7  |
| REITs - Health Care  | 9.5  |
| REITs - Storage  | 8.6  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88932_10.jpg)  |

---

**Fidelity® Real Estate Investment ETF**

**Schedule of Investments January 31, 2023 (Unaudited)**

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>|
| Equity Real Estate Investment Trusts (REITs) - 96.3%  |  |  |
| REITs - Apartments - 10.8%  |  |  |
|  American Homes 4 Rent Class A  | 9339  | 320234  |
|  Invitation Homes, Inc.  | 10078  | 327535  |
|  Mid-America Apartment Communities, Inc.  | 3622  | 603860  |
|  UDR, Inc.  | 14440  | 615000  |
|  |  | 1866629  |
| REITs - Diversified - 32.8%  |  |  |
|  Apartment Income (REIT) Corp.  | 6193  | 236944  |
|  Crown Castle International Corp.  | 10905  | 1615140  |
|  Digital Realty Trust, Inc.  | 7073  | 810707  |
|  Elme Communities (SBI)  | 6564  | 126029  |
|  Equinix, Inc.  | 1485  | 1096123  |
|  Gaming & Leisure Properties  | 5677  | 304060  |
|  Lamar Advertising Co. Class A  | 2503  | 266670  |
|  SBA Communications Corp. Class A  | 4111  | 1223146  |
|  |  | 5678819  |
| REITs - Health Care - 9.5%  |  |  |
|  Ventas, Inc.  | 15765  | 816785  |
|  Welltower, Inc.  | 10951  | 821763  |
|  |  | 1638548  |
| REITs - Hotels - 5.5%  |  |  |
|  DiamondRock Hospitality Co.  | 21611  | 208114  |
|  Host Hotels & Resorts, Inc.  | 22057  | 415774  |
|  RLJ Lodging Trust  | 14210  | 178620  |
|  Ryman Hospitality Properties, Inc.  | 1656  | 153826  |
|  |  | 956334  |
| REITs - Management/Investment - 4.3%  |  |  |
|  American Assets Trust, Inc.  | 4174  | 118792  |
|  LXP Industrial Trust (REIT)  | 14025  | 161989  |
|  National Retail Properties, Inc.  | 9825  | 465214  |
|  |  | 745995  |
| REITs - Manufactured Homes - 5.6%  |  |  |
|  Equity Lifestyle Properties, Inc.  | 6828  | 490114  |
|  Sun Communities, Inc.  | 2979  | 467286  |
|  |  | 957400  |
| REITs - Shopping Centers - 6.0%  |  |  |
|  Kimco Realty Corp.  | 16794  | 377193  |
|  Phillips Edison & Co., Inc.  | 6919  | 231925  |
|  Regency Centers Corp.  | 4879  | 325088  |
|  Urban Edge Properties  | 6905  | 108754  |
|  |  | 1042960  |
| REITs - Single Tenant - 2.5%  |  |  |
|  Four Corners Property Trust, Inc.  | 4099  | 117887  |
|  Spirit Realty Capital, Inc.  | 7302  | 320412  |
|  |  | 438299  |
| REITs - Storage - 8.6%  |  |  |
|  CubeSmart  | 13358  | 611663  |
|  Extra Space Storage, Inc.  | 3497  | 551932  |
|  Iron Mountain, Inc.  | 5977  | 326225  |
|  |  | 1489820  |
| REITs - Warehouse/Industrial - 10.7%  |  |  |
|  Prologis (REIT), Inc.  | 14318  | 1851028  |
|  TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)  |  | 16665832  |
| Real Estate Management & Development - 3.4%  |  |  |
| Real Estate Services - 3.4%  |  |  |
|  CBRE Group, Inc. (a)  | 6892  | 589335  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $17,857,011)  |  | <br> **17255167**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%** <br> (Cost $17,857,011) <br>| <br>**17255167**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **45465**  |
| **NET ASSETS - 100.0%**  | **17300632**  |

---

**Legend**

(a) Non-income producing

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, 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  | 17255167  | 17255167  | -  | -  |
| **Total Investments in Securities:**  | 17255167  | 17255167  | -  | -  |

---

**Fidelity® Real Estate Investment ETF**

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

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
|  Investment in securities, at value - See accompanying schedule <br>Unaffiliated issuers (cost $17,857,011): <br>|  | $17255167  |
|  Cash  |  | 47439  |
|  Dividends receivable  |  | 6040  |
| **Total assets**  |  | 17308646  |
| **Liabilities**  |  |  |
|  Accrued management fee  | $8014  |  |
| **Total Liabilities**  |  | 8014  |
| **Net Assets**  |  | $17300632  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $18443379  |
|  Total accumulated earnings (loss)  |  | (1142747)  |
|  **Net Assets**  |  | $17300632  |
|  **Net Asset Value** , offering price and redemption price per share ($17,300,632 ÷ 775,000 shares)  |  | $22.32  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $181778  |
|  **Expenses**  |  |  |
| Management fee  | $51124  |  |
| Independent trustees' fees and expenses  | 31  |  |
| **Total Expenses**  |  | 51155  |
| **Net Investment income (loss)**  |  | 130623  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Redemptions in-kind  | 138840  |  |
| Unaffiliated issuers  | (412722)  |  |
| Total net realized gain (loss)  |  | (273882)  |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (1062366)  |
| **Net gain (loss)**  |  | (1336248)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(1205625)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $130623  | $322595  |
| &nbsp;&nbsp; Net realized gain (loss)  | (273882) <br>| 414223 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (1062366)  | (1439266) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (1205625) <br>| (702448) <br>|
| Distributions to shareholders  | (204475) <br>| (456700) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 1073566  | 7736496  |
| &nbsp;&nbsp; Cost of shares redeemed  | (2619368)  | (3056221)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | (1545802) <br>| 4680275 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (2955902) <br>| 3521127 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 20256534  | 16735407 <br>|
| &nbsp;&nbsp; End of period  | $17300632  | $20256534  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 50000  | 300000  |
| &nbsp;&nbsp; Redeemed  | (125000)  | (125000)  |
| &nbsp;&nbsp; Net increase (decrease)  | (75000)  | 175000  |

---

**Financial Highlights** 

 **Fidelity® Real Estate Investment ETF** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $23.83  | $24.79  | $20.00  |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .16  | .39  | .21  |
| Net realized and unrealized gain (loss)  | (1.43)  | (.80)  | 4.79  |
| Total from investment operations  | (1.27)  | (.41)  | 5.00  |
| Distributions from net investment income  | (.24)  | (.55)  | (.21)  |
| Total distributions  | (.24)  | (.55)  | (.21)  |
| Net asset value, end of period  | $22.32  | $23.83  | $24.79  |
| **Total Return** <sup>D,E</sup>  | (5.23)%  | (1.68)%  | 25.17%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |
| Expenses before reductions  | .59% <sup>H</sup>  | .59%  | .59% <sup>H</sup>  |
| Expenses net of fee waivers, if any  | .59% <sup>H</sup>  | .59%  | .59% <sup>H</sup>  |
| Expenses net of all reductions  | .59% <sup>H</sup>  | .59%  | .58% <sup>H</sup>  |
| Net investment income (loss)  | 1.50% <sup>H</sup>  | 1.58%  | 1.80% <sup>H</sup>  |
| **Supplemental Data**  |  |  |  |
| Net assets, end of period (000 omitted)  | $17301  | $20257  | $16735  |
| Portfolio turnover rate <sup>I,J</sup>  | 34% <sup>H</sup>  | 24%  | 23% <sup>K</sup>  |

---

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

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

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

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

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

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

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

<sup>H</sup> *Annualized.*

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

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

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

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

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Builders FirstSource, Inc.  | 1.7  |
| Hess Corp.  | 1.5  |
| TFI International, Inc.  | 1.4  |
| AutoZone, Inc.  | 1.3  |
| Tempur Sealy International, Inc.  | 1.3  |
| TechnipFMC PLC  | 1.3  |
| CubeSmart  | 1.2  |
| Comerica, Inc.  | 1.2  |
| Molina Healthcare, Inc.  | 1.1  |
| Performance Food Group Co.  | 1.1  |
|  | 13.1  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Industrials  | 18.9  |
| Financials  | 15.2  |
| Consumer Discretionary  | 14.6  |
| Information Technology  | 12.3  |
| Health Care  | 11.3  |
| Energy  | 7.3  |
| Materials  | 6.6  |
| Consumer Staples  | 4.7  |
| Real Estate  | 4.4  |
| Communication Services  | 1.9  |
| Utilities  | 1.8  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88932_11.jpg)  |
| *Foreign investments - 13%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88932_12.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.*  |

---

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

**Schedule of Investments January 31, 2023 (Unaudited)**

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>|
| COMMUNICATION SERVICES - 1.9%  |  |  |
| Interactive Media & Services - 0.4%  |  |  |
|  Ziff Davis, Inc. (a)  | 1536  | 137441  |
| Media - 1.5%  |  |  |
|  Interpublic Group of Companies, Inc.  | 2866  | 104494  |
|  Nexstar Broadcasting Group, Inc. Class A  | 1539  | 315141  |
|  TechTarget, Inc. (a)  | 802  | 39723  |
|  |  | 459358  |
|  TOTAL COMMUNICATION SERVICES  |  | 596799  |
| CONSUMER DISCRETIONARY - 14.6%  |  |  |
| Auto Components - 0.6%  |  |  |
|  Adient PLC (a)  | 2615  | 117727  |
|  Patrick Industries, Inc.  | 790  | 56066  |
|  |  | 173793  |
| Diversified Consumer Services - 0.2%  |  |  |
|  Adtalem Global Education, Inc. (a)  | 1526  | 58263  |
| Hotels, Restaurants & Leisure - 2.6%  |  |  |
|  Brinker International, Inc. (a)  | 3248  | 128166  |
|  Churchill Downs, Inc.  | 1227  | 304419  |
|  Light & Wonder, Inc. Class A (a)  | 1959  | 127825  |
|  Wyndham Hotels & Resorts, Inc.  | 3270  | 253458  |
|  |  | 813868  |
| Household Durables - 3.6%  |  |  |
|  Helen of Troy Ltd. (a)  | 907  | 102591  |
|  KB Home  | 4888  | 187944  |
|  LGI Homes, Inc. (a)  | 1423  | 162009  |
|  Mohawk Industries, Inc. (a)  | 2182  | 261971  |
|  Tempur Sealy International, Inc.  | 10111  | 412023  |
|  |  | 1126538  |
| Specialty Retail - 4.4%  |  |  |
|  Academy Sports & Outdoors, Inc.  | 754  | 44049  |
|  American Eagle Outfitters, Inc.  | 8527  | 137626  |
|  AutoZone, Inc. (a)  | 169  | 412166  |
|  Dick's Sporting Goods, Inc.  | 1848  | 241644  |
|  Lithia Motors, Inc. Class A (sub. vtg.)  | 465  | 122388  |
|  Rent-A-Center, Inc.  | 3694  | 99332  |
|  Williams-Sonoma, Inc.  | 2222  | 299837  |
|  |  | 1357042  |
| Textiles, Apparel & Luxury Goods - 3.2%  |  |  |
|  Capri Holdings Ltd. (a)  | 4687  | 311639  |
|  Crocs, Inc. (a)  | 2293  | 279219  |
|  Gildan Activewear, Inc.  | 2962  | 92799  |
|  Tapestry, Inc.  | 7139  | 325324  |
|  |  | 1008981  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 4538485  |
| CONSUMER STAPLES - 4.7%  |  |  |
| Food & Staples Retailing - 3.2%  |  |  |
|  BJ's Wholesale Club Holdings, Inc. (a)  | 4558  | 330318  |
|  Performance Food Group Co. (a)  | 5559  | 340878  |
|  U.S. Foods Holding Corp. (a)  | 5691  | 216998  |
|  Walgreens Boots Alliance, Inc.  | 2398  | 88390  |
|  |  | 976584  |
| Food Products - 1.5%  |  |  |
|  Lamb Weston Holdings, Inc.  | 2676  | 267306  |
|  Nomad Foods Ltd. (a)  | 8362  | 148760  |
|  Seaboard Corp.  | 15  | 58808  |
|  |  | 474874  |
|  TOTAL CONSUMER STAPLES  |  | 1451458  |
| ENERGY - 7.3%  |  |  |
| Energy Equipment & Services - 1.3%  |  |  |
|  TechnipFMC PLC (a)  | 29159  | 405019  |
| Oil, Gas & Consumable Fuels - 6.0%  |  |  |
|  Antero Resources Corp. (a)  | 9140  | 263598  |
|  Cheniere Energy, Inc.  | 1897  | 289843  |
|  Denbury, Inc. (a)  | 1601  | 138935  |
|  EQT Corp.  | 4840  | 158123  |
|  Hess Corp.  | 3113  | 467448  |
|  HF Sinclair Corp.  | 3316  | 188680  |
|  Marathon Oil Corp.  | 4304  | 118231  |
|  Murphy Oil Corp.  | 4573  | 199429  |
|  Sitio Royalties Corp.  | 1118  | 29705  |
|  |  | 1853992  |
|  TOTAL ENERGY  |  | 2259011  |
| FINANCIALS - 15.2%  |  |  |
| Banks - 6.5%  |  |  |
|  BOK Financial Corp.  | 1070  | 107535  |
|  Cadence Bank  | 3290  | 84158  |
|  Comerica, Inc.  | 4895  | 358852  |
|  Cullen/Frost Bankers, Inc.  | 1952  | 254307  |
|  Eastern Bankshares, Inc.  | 7063  | 114209  |
|  First Hawaiian, Inc.  | 4528  | 124248  |
|  First Horizon National Corp.  | 9409  | 232685  |
|  Independent Bank Group, Inc.  | 1200  | 73560  |
|  M&T Bank Corp.  | 631  | 98436  |
|  Synovus Financial Corp.  | 4898  | 205471  |
|  Trico Bancshares  | 759  | 38367  |
|  Webster Financial Corp.  | 3086  | 162478  |
|  Wintrust Financial Corp.  | 1798  | 164463  |
|  |  | 2018769  |
| Capital Markets - 1.0%  |  |  |
|  LPL Financial  | 1329  | 315132  |
| Consumer Finance - 1.5%  |  |  |
|  Discover Financial Services  | 2364  | 275950  |
|  Encore Capital Group, Inc. (a)  | 1119  | 62351  |
|  Synchrony Financial  | 3612  | 132669  |
|  |  | 470970  |
| Insurance - 5.8%  |  |  |
|  American Financial Group, Inc.  | 1367  | 194921  |
|  Arch Capital Group Ltd. (a)  | 4842  | 311583  |
|  Assurant, Inc.  | 1691  | 224210  |
|  Enstar Group Ltd. (a)  | 406  | 98374  |
|  First American Financial Corp.  | 5317  | 328963  |
|  Old Republic International Corp.  | 10092  | 266328  |
|  Primerica, Inc.  | 1202  | 194424  |
|  Reinsurance Group of America, Inc.  | 1116  | 169375  |
|  |  | 1788178  |
| Thrifts & Mortgage Finance - 0.4%  |  |  |
|  Walker & Dunlop, Inc.  | 1354  | 129145  |
|  TOTAL FINANCIALS  |  | 4722194  |
| HEALTH CARE - 11.3%  |  |  |
| Biotechnology - 1.6%  |  |  |
|  ALX Oncology Holdings, Inc. (a)  | 263  | 2446  |
|  Arcellx, Inc.  | 662  | 22117  |
|  Arcutis Biotherapeutics, Inc. (a)  | 118  | 1955  |
|  Argenx SE ADR (a)  | 282  | 107795  |
|  Blueprint Medicines Corp. (a)  | 463  | 21641  |
|  Celldex Therapeutics, Inc. (a)  | 449  | 19783  |
|  Cytokinetics, Inc. (a)  | 804  | 34154  |
|  Day One Biopharmaceuticals, Inc. (a)  | 849  | 18483  |
|  Exelixis, Inc. (a)  | 3004  | 52930  |
|  Keros Therapeutics, Inc. (a)  | 165  | 9664  |
|  Prelude Therapeutics, Inc. (a)  | 384  | 2450  |
|  PTC Therapeutics, Inc. (a)  | 690  | 31664  |
|  Relay Therapeutics, Inc. (a)  | 227  | 4871  |
|  United Therapeutics Corp. (a)  | 299  | 78688  |
|  Vaxcyte, Inc. (a)  | 734  | 33287  |
|  Vericel Corp. (a)  | 499  | 13708  |
|  Verve Therapeutics, Inc. (a)  | 547  | 12444  |
|  Zentalis Pharmaceuticals, Inc. (a)  | 729  | 17204  |
|  |  | 485284  |
| Health Care Equipment & Supplies - 2.3%  |  |  |
|  Envista Holdings Corp. (a)  | 6189  | 241309  |
|  Haemonetics Corp. (a)  | 1807  | 152872  |
|  Hologic, Inc. (a)  | 2625  | 213596  |
|  TransMedics Group, Inc. (a)  | 1935  | 121944  |
|  |  | 729721  |
| Health Care Providers & Services - 4.0%  |  |  |
|  Acadia Healthcare Co., Inc. (a)  | 3053  | 256513  |
|  AdaptHealth Corp. (a)  | 6850  | 146796  |
|  agilon health, Inc. (a)  | 4893  | 106472  |
|  Molina Healthcare, Inc. (a)  | 1125  | 350809  |
|  Owens & Minor, Inc.  | 4888  | 96489  |
|  Premier, Inc.  | 2064  | 68855  |
|  Universal Health Services, Inc. Class B  | 1408  | 208680  |
|  |  | 1234614  |
| Health Care Technology - 0.7%  |  |  |
|  Doximity, Inc. (a)  | 3115  | 109866  |
|  Evolent Health, Inc. (a)  | 3111  | 100236  |
|  |  | 210102  |
| Life Sciences Tools & Services - 1.4%  |  |  |
|  10X Genomics, Inc. (a)  | 492  | 23040  |
|  Charles River Laboratories International, Inc. (a)  | 984  | 239358  |
|  Syneos Health, Inc. (a)  | 2916  | 104743  |
|  West Pharmaceutical Services, Inc.  | 280  | 74368  |
|  |  | 441509  |
| Pharmaceuticals - 1.3%  |  |  |
|  Arvinas Holding Co. LLC (a)  | 597  | 19564  |
|  Axsome Therapeutics, Inc. (a)  | 398  | 29850  |
|  DICE Therapeutics, Inc. (a)  | 521  | 16552  |
|  Jazz Pharmaceuticals PLC (a)  | 1804  | 282615  |
|  Prestige Brands Holdings, Inc. (a)  | 325  | 21372  |
|  Ventyx Biosciences, Inc. (a)  | 530  | 22260  |
|  Viatris, Inc.  | 818  | 9947  |
|  |  | 402160  |
|  TOTAL HEALTH CARE  |  | 3503390  |
| INDUSTRIALS - 18.9%  |  |  |
| Aerospace & Defense - 0.4%  |  |  |
|  Curtiss-Wright Corp.  | 802  | 132972  |
| Building Products - 1.7%  |  |  |
|  Builders FirstSource, Inc. (a)  | 6526  | 520110  |
| Commercial Services & Supplies - 0.4%  |  |  |
|  The Brink's Co.  | 1803  | 118277  |
| Construction & Engineering - 2.7%  |  |  |
|  AECOM  | 2417  | 210932  |
|  Fluor Corp. (a)  | 7583  | 278675  |
|  Granite Construction, Inc.  | 4509  | 191993  |
|  Willscot Mobile Mini Holdings (a)  | 3566  | 172808  |
|  |  | 854408  |
| Electrical Equipment - 3.7%  |  |  |
|  Acuity Brands, Inc.  | 1097  | 206806  |
|  AMETEK, Inc.  | 1630  | 236220  |
|  Array Technologies, Inc. (a)  | 7345  | 163279  |
|  Atkore, Inc. (a)  | 1672  | 217778  |
|  Regal Rexnord Corp.  | 2291  | 318907  |
|  |  | 1142990  |
| Machinery - 3.6%  |  |  |
|  Allison Transmission Holdings, Inc.  | 2998  | 135150  |
|  Crane Holdings Co.  | 2427  | 281314  |
|  Federal Signal Corp.  | 2434  | 129611  |
|  ITT, Inc.  | 2973  | 272297  |
|  Oshkosh Corp.  | 1993  | 200855  |
|  SPX Technologies, Inc. (a)  | 1496  | 112215  |
|  |  | 1131442  |
| Professional Services - 3.2%  |  |  |
|  ASGN, Inc. (a)  | 2623  | 238562  |
|  CACI International, Inc. Class A (a)  | 800  | 246472  |
|  Insperity, Inc.  | 1734  | 191694  |
|  KBR, Inc.  | 4719  | 241754  |
|  Kforce, Inc.  | 1086  | 60957  |
|  |  | 979439  |
| Road & Rail - 1.4%  |  |  |
|  TFI International, Inc.  | 3785  | 421271  |
| Trading Companies & Distributors - 1.8%  |  |  |
|  Beacon Roofing Supply, Inc. (a)  | 2595  | 147604  |
|  Rush Enterprises, Inc. Class A  | 1657  | 89163  |
|  Univar Solutions, Inc. (a)  | 9462  | 326250  |
|  |  | 563017  |
|  TOTAL INDUSTRIALS  |  | 5863926  |
| INFORMATION TECHNOLOGY - 12.3%  |  |  |
| Electronic Equipment & Components - 3.1%  |  |  |
|  Advanced Energy Industries, Inc.  | 1315  | 121953  |
|  Fabrinet (a)  | 1931  | 254235  |
|  Flex Ltd. (a)  | 6582  | 153690  |
|  Insight Enterprises, Inc. (a)  | 1666  | 187792  |
|  TD SYNNEX Corp.  | 1946  | 198784  |
|  TTM Technologies, Inc. (a)  | 3547  | 55759  |
|  |  | 972213  |
| IT Services - 4.3%  |  |  |
|  Amdocs Ltd.  | 3133  | 288017  |
|  Concentrix Corp.  | 1744  | 247317  |
|  EPAM Systems, Inc. (a)  | 533  | 177302  |
|  ExlService Holdings, Inc. (a)  | 1148  | 195849  |
|  Genpact Ltd.  | 5090  | 240655  |
|  WNS Holdings Ltd. sponsored ADR (a)  | 2303  | 195133  |
|  |  | 1344273  |
| Semiconductors & Semiconductor Equipment - 2.3%  |  |  |
|  Cirrus Logic, Inc. (a)  | 482  | 43568  |
|  Ichor Holdings Ltd. (a)  | 3185  | 107653  |
|  Lattice Semiconductor Corp. (a)  | 2238  | 169618  |
|  MACOM Technology Solutions Holdings, Inc. (a)  | 1927  | 129148  |
|  onsemi (a)  | 3430  | 251934  |
|  |  | 701921  |
| Software - 1.6%  |  |  |
|  Dynatrace, Inc. (a)  | 3123  | 120017  |
|  Sprout Social, Inc. (a)  | 1783  | 114059  |
|  Tenable Holdings, Inc. (a)  | 3482  | 140081  |
|  Zoom Video Communications, Inc. Class A (a)  | 1511  | 113325  |
|  |  | 487482  |
| Technology Hardware, Storage & Peripherals - 1.0%  |  |  |
|  Avid Technology, Inc. (a)  | 3701  | 112177  |
|  Seagate Technology Holdings PLC  | 3010  | 204018  |
|  |  | 316195  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 3822084  |
| MATERIALS - 6.6%  |  |  |
| Chemicals - 2.9%  |  |  |
|  Cabot Corp.  | 1982  | 149304  |
|  Element Solutions, Inc.  | 7560  | 154829  |
|  The Chemours Co. LLC  | 5277  | 192030  |
|  The Mosaic Co.  | 2400  | 118896  |
|  Tronox Holdings PLC  | 3097  | 53114  |
|  Valvoline, Inc.  | 6498  | 238217  |
|  |  | 906390  |
| Construction Materials - 1.1%  |  |  |
|  Eagle Materials, Inc.  | 1446  | 211232  |
|  Summit Materials, Inc.  | 4159  | 136665  |
|  |  | 347897  |
| Containers & Packaging - 0.7%  |  |  |
|  O-I Glass, Inc. (a)  | 10631  | 204647  |
| Metals & Mining - 1.4%  |  |  |
|  Commercial Metals Co.  | 4046  | 219576  |
|  Steel Dynamics, Inc.  | 1646  | 198573  |
|  |  | 418149  |
| Paper & Forest Products - 0.5%  |  |  |
|  Louisiana-Pacific Corp.  | 2320  | 157969  |
|  TOTAL MATERIALS  |  | 2035052  |
| REAL ESTATE - 4.4%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 2.8%  |  |  |
|  Corporate Office Properties Trust (SBI)  | 3747  | 105178  |
|  CubeSmart  | 8345  | 382118  |
|  Douglas Emmett, Inc.  | 8025  | 134419  |
|  Essential Properties Realty Trust, Inc.  | 6076  | 154816  |
|  LXP Industrial Trust (REIT)  | 7754  | 89559  |
|  |  | 866090  |
| Real Estate Management & Development - 1.6%  |  |  |
|  Anywhere Real Estate, Inc. (a)  | 13686  | 116057  |
|  Cushman & Wakefield PLC (a)  | 2019  | 29134  |
|  Jones Lang LaSalle, Inc. (a)  | 1815  | 335539  |
|  |  | 480730  |
|  TOTAL REAL ESTATE  |  | 1346820  |
| UTILITIES - 1.8%  |  |  |
| Electric Utilities - 0.8%  |  |  |
|  Edison International  | 1842  | 126914  |
|  PG&E Corp. (a)  | 8630  | 137217  |
|  |  | 264131  |
| Gas Utilities - 0.4%  |  |  |
|  Brookfield Infrastructure Corp. A Shares  | 3001  | 132704  |
| Independent Power and Renewable Electricity Producers - 0.6%  |  |  |
|  The AES Corp.  | 6288  | 172354  |
|  TOTAL UTILITIES  |  | 569189  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $27,419,519)  |  | <br> **30708408**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.0%** <br> (Cost $27,419,519) <br>| <br>**30708408**  |
| **NET OTHER ASSETS (LIABILITIES) - 1.0%**  | **317364**  |
| **NET ASSETS - 100.0%**  | **31025772**  |

---

**Legend**

(a) Non-income producing

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 596799  | 596799  | -  | -  |
| Consumer Discretionary  | 4538485  | 4538485  | -  | -  |
| Consumer Staples  | 1451458  | 1451458  | -  | -  |
| Energy  | 2259011  | 2259011  | -  | -  |
| Financials  | 4722194  | 4722194  | -  | -  |
| Health Care  | 3503390  | 3503390  | -  | -  |
| Industrials  | 5863926  | 5863926  | -  | -  |
| Information Technology  | 3822084  | 3822084  | -  | -  |
| Materials  | 2035052  | 2035052  | -  | -  |
| Real Estate  | 1346820  | 1346820  | -  | -  |
| Utilities  | 569189  | 569189  | -  | -  |
| **Total Investments in Securities:**  | 30708408  | 30708408  | -  | -  |

---

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

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

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
|  Investment in securities, at value - See accompanying schedule <br>Unaffiliated issuers (cost $27,419,519): <br>|  | $30708408  |
|  Cash  |  | 341407  |
|  Dividends receivable  |  | 3886  |
| **Total assets**  |  | 31053701  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $13518  |  |
|  Accrued management fee  | 14411  |  |
| **Total Liabilities**  |  | 27929  |
| **Net Assets**  |  | $31025772  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $31188985  |
|  Total accumulated earnings (loss)  |  | (163213)  |
|  **Net Assets**  |  | $31025772  |
|  **Net Asset Value** , offering price and redemption price per share ($31,025,772 ÷ 1,400,000 shares)  |  | $22.16  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $166180  |
|  **Expenses**  |  |  |
| Management fee  | $82446  |  |
| Independent trustees' fees and expenses  | 47  |  |
| **Total Expenses**  |  | 82493  |
| **Net Investment income (loss)**  |  | 83687  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Redemptions in-kind  | 51925  |  |
| Unaffiliated issuers  | (1392727)  |  |
| Foreign currency transactions  | (2)  |  |
| Futures contracts  | (1144)  |  |
| Total net realized gain (loss)  |  | (1341948)  |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 2959115  |
| **Net gain (loss)**  |  | 1617167  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $1700854  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $83687  | $127019  |
| &nbsp;&nbsp; Net realized gain (loss)  | (1341948) <br>| (1352161) <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 2959115  | (1276518) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 1700854 <br>| (2501660) <br>|
| Distributions to shareholders  | (100725) <br>| (131575) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 2643063  | 8178290  |
| &nbsp;&nbsp; Cost of shares redeemed  | (964910)  | (2355247)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 1678153 <br>| 5823043 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 3278282 <br>| 3189808 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 27747490  | 24557682 <br>|
| &nbsp;&nbsp; End of period  | $31025772  | $27747490  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 125000  | 350000  |
| &nbsp;&nbsp; Redeemed  | (50000)  | (100000)  |
| &nbsp;&nbsp; Net increase (decrease)  | 75000  | 250000  |

---

**Financial Highlights** 

 **Fidelity® Small-Mid Cap Opportunities ETF** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $20.94  | $22.84  | $20.00  |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .06  | .10  | .03  |
| Net realized and unrealized gain (loss)  | 1.23  | (1.89)  | 2.84  |
| Total from investment operations  | 1.29  | (1.79)  | 2.87  |
| Distributions from net investment income  | (.07)  | (.11)  | (.03)  |
| Total distributions  | (.07)  | (.11)  | (.03)  |
| Net asset value, end of period  | $22.16  | $20.94  | $22.84  |
| **Total Return** <sup>D,E</sup>  | 6.22%  | (7.88)%  | 14.36%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |
| Expenses before reductions  | .60% <sup>H</sup>  | .62%  | .64% <sup>H</sup>  |
| Expenses net of fee waivers, if any  | .60% <sup>H</sup>  | .62%  | .64% <sup>H</sup>  |
| Expenses net of all reductions  | .60% <sup>H</sup>  | .62%  | .63% <sup>H</sup>  |
| Net investment income (loss)  | .61% <sup>H</sup>  | .45%  | .22% <sup>H</sup>  |
| **Supplemental Data**  |  |  |  |
| Net assets, end of period (000 omitted)  | $31026  | $27747  | $24558  |
| Portfolio turnover rate <sup>I,J</sup>  | 37% <sup>H</sup>  | 42%  | 37% <sup>K</sup>  |

---

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

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

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

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

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

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

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

<sup>H</sup> *Annualized.*

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

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

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

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

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Microsoft Corp.  | 6.0  |
| Danaher Corp.  | 3.1  |
| Cigna Corp.  | 2.5  |
| The Travelers Companies, Inc.  | 2.4  |
| Apple, Inc.  | 2.3  |
| Prologis (REIT), Inc.  | 2.2  |
| Salesforce.com, Inc.  | 2.2  |
| Merck & Co., Inc.  | 2.1  |
| NVIDIA Corp.  | 2.1  |
| Bank of America Corp.  | 2.1  |
|  | 27.0  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 25.8  |
| Financials  | 12.9  |
| Consumer Discretionary  | 12.2  |
| Health Care  | 11.5  |
| Industrials  | 11.1  |
| Communication Services  | 5.6  |
| Consumer Staples  | 5.3  |
| Materials  | 5.0  |
| Energy  | 3.6  |
| Real Estate  | 2.2  |
| Utilities  | 1.9  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88932_13.jpg)  |
| *Foreign investments - 8.7%*  |

---

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

**Schedule of Investments January 31, 2023 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 97.1%**  | &nbsp;&nbsp; **Common Stocks - 97.1%**  | &nbsp;&nbsp; **Common Stocks - 97.1%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 5.6%  |  |  |
| Entertainment - 1.5%  |  |  |
|  Netflix, Inc. (a)  | 355  | 125620  |
| Interactive Media & Services - 1.3%  |  |  |
|  Alphabet, Inc. Class A (a)  | 1112  | 109910  |
| Media - 2.8%  |  |  |
|  Cable One, Inc.  | 67  | 52922  |
|  Comcast Corp. Class A  | 2239  | 88105  |
|  Interpublic Group of Companies, Inc.  | 2440  | 88962  |
|  |  | 229989  |
|  TOTAL COMMUNICATION SERVICES  |  | 465519  |
| CONSUMER DISCRETIONARY - 12.2%  |  |  |
| Auto Components - 0.9%  |  |  |
|  Aptiv PLC (a)  | 652  | 73735  |
| Automobiles - 1.0%  |  |  |
|  General Motors Co.  | 1437  | 56503  |
|  Tesla, Inc. (a)  | 143  | 24770  |
|  |  | 81273  |
| Diversified Consumer Services - 2.0%  |  |  |
|  Adtalem Global Education, Inc. (a)  | 2401  | 91670  |
|  Bright Horizons Family Solutions, Inc. (a)  | 1002  | 76934  |
|  |  | 168604  |
| Hotels, Restaurants & Leisure - 1.2%  |  |  |
|  Marriott International, Inc. Class A  | 589  | 102592  |
| Household Durables - 1.8%  |  |  |
|  Taylor Morrison Home Corp. (a)  | 4122  | 147568  |
| Internet & Direct Marketing Retail - 2.3%  |  |  |
|  Amazon.com, Inc. (a)  | 795  | 81988  |
|  eBay, Inc.  | 2160  | 106920  |
|  |  | 188908  |
| Specialty Retail - 2.1%  |  |  |
|  The Home Depot, Inc.  | 529  | 171486  |
| Textiles, Apparel & Luxury Goods - 0.9%  |  |  |
|  Tapestry, Inc.  | 1745  | 79520  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 1013686  |
| CONSUMER STAPLES - 5.3%  |  |  |
| Beverages - 0.9%  |  |  |
|  Keurig Dr. Pepper, Inc.  | 2057  | 72571  |
| Food & Staples Retailing - 0.9%  |  |  |
|  Albertsons Companies, Inc.  | 3534  | 74921  |
| Food Products - 0.5%  |  |  |
|  Darling Ingredients, Inc. (a)  | 693  | 45939  |
| Household Products - 2.0%  |  |  |
|  Procter & Gamble Co.  | 1198  | 170571  |
| Personal Products - 1.0%  |  |  |
|  Estee Lauder Companies, Inc. Class A  | 294  | 81462  |
|  TOTAL CONSUMER STAPLES  |  | 445464  |
| ENERGY - 3.6%  |  |  |
| Energy Equipment & Services - 1.3%  |  |  |
|  Baker Hughes Co. Class A  | 3515  | 111566  |
| Oil, Gas & Consumable Fuels - 2.3%  |  |  |
|  Cheniere Energy, Inc.  | 219  | 33461  |
|  Denbury, Inc. (a)  | 622  | 53977  |
|  Valero Energy Corp.  | 742  | 103902  |
|  |  | 191340  |
|  TOTAL ENERGY  |  | 302906  |
| FINANCIALS - 12.9%  |  |  |
| Banks - 3.1%  |  |  |
|  Bank of America Corp.  | 4974  | 176478  |
|  Huntington Bancshares, Inc.  | 5536  | 83981  |
|  |  | 260459  |
| Capital Markets - 5.9%  |  |  |
|  BlackRock, Inc. Class A  | 135  | 102493  |
|  Moody's Corp.  | 308  | 99407  |
|  Northern Trust Corp.  | 1438  | 139443  |
|  State Street Corp.  | 1599  | 146037  |
|  |  | 487380  |
| Consumer Finance - 1.5%  |  |  |
|  American Express Co.  | 717  | 125425  |
| Insurance - 2.4%  |  |  |
|  The Travelers Companies, Inc.  | 1053  | 201249  |
|  TOTAL FINANCIALS  |  | 1074513  |
| HEALTH CARE - 11.5%  |  |  |
| Biotechnology - 1.2%  |  |  |
|  Vertex Pharmaceuticals, Inc. (a)  | 324  | 104684  |
| Health Care Providers & Services - 2.5%  |  |  |
|  Cigna Corp.  | 650  | 205836  |
| Life Sciences Tools & Services - 4.4%  |  |  |
|  Danaher Corp.  | 962  | 254334  |
|  ICON PLC (a)  | 476  | 109818  |
|  |  | 364152  |
| Pharmaceuticals - 3.4%  |  |  |
|  Merck & Co., Inc.  | 1670  | 179375  |
|  Zoetis, Inc. Class A  | 656  | 108561  |
|  |  | 287936  |
|  TOTAL HEALTH CARE  |  | 962608  |
| INDUSTRIALS - 11.1%  |  |  |
| Air Freight & Logistics - 1.3%  |  |  |
|  United Parcel Service, Inc. Class B  | 606  | 112249  |
| Building Products - 1.2%  |  |  |
|  Johnson Controls International PLC  | 1451  | 100946  |
| Electrical Equipment - 2.2%  |  |  |
|  Acuity Brands, Inc.  | 506  | 95391  |
|  Generac Holdings, Inc. (a)  | 201  | 24241  |
|  Regal Rexnord Corp.  | 452  | 62918  |
|  |  | 182550  |
| Machinery - 2.0%  |  |  |
|  Deere & Co.  | 200  | 84568  |
|  Ingersoll Rand, Inc.  | 1474  | 82544  |
|  |  | 167112  |
| Professional Services - 4.4%  |  |  |
|  KBR, Inc.  | 2966  | 151948  |
|  Manpower, Inc.  | 837  | 72953  |
|  Planet Labs PBC Class A (a)  | 4799  | 23755  |
|  Verisk Analytics, Inc.  | 629  | 114346  |
|  |  | 363002  |
|  TOTAL INDUSTRIALS  |  | 925859  |
| INFORMATION TECHNOLOGY - 25.8%  |  |  |
| Electronic Equipment & Components - 0.7%  |  |  |
|  Flex Ltd. (a)  | 2386  | 55713  |
| IT Services - 3.9%  |  |  |
|  Accenture PLC Class A  | 547  | 152640  |
|  MasterCard, Inc. Class A  | 267  | 98950  |
|  PayPal Holdings, Inc. (a)  | 864  | 70407  |
|  |  | 321997  |
| Semiconductors & Semiconductor Equipment - 6.8%  |  |  |
|  Advanced Micro Devices, Inc. (a)  | 827  | 62149  |
|  NVIDIA Corp.  | 918  | 179350  |
|  NXP Semiconductors NV  | 545  | 100449  |
|  onsemi (a)  | 1847  | 135662  |
|  SolarEdge Technologies, Inc. (a)  | 271  | 86484  |
|  |  | 564094  |
| Software - 12.1%  |  |  |
|  Adobe, Inc. (a)  | 258  | 95548  |
|  Autodesk, Inc. (a)  | 452  | 97252  |
|  Intuit, Inc.  | 319  | 134832  |
|  Microsoft Corp.  | 2035  | 504294  |
|  Salesforce.com, Inc. (a)  | 1069  | 179560  |
|  |  | 1011486  |
| Technology Hardware, Storage & Peripherals - 2.3%  |  |  |
|  Apple, Inc.  | 1354  | 195369  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 2148659  |
| MATERIALS - 5.0%  |  |  |
| Chemicals - 2.2%  |  |  |
|  Eastman Chemical Co.  | 559  | 49287  |
|  Linde PLC  | 399  | 132045  |
|  |  | 181332  |
| Containers & Packaging - 2.8%  |  |  |
|  Avery Dennison Corp.  | 755  | 143027  |
|  Crown Holdings, Inc.  | 1003  | 88424  |
|  |  | 231451  |
|  TOTAL MATERIALS  |  | 412783  |
| REAL ESTATE - 2.2%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 2.2%  |  |  |
|  Prologis (REIT), Inc.  | 1441  | 186292  |
| UTILITIES - 1.9%  |  |  |
| Electric Utilities - 1.2%  |  |  |
|  NextEra Energy, Inc.  | 1320  | 98512  |
| Water Utilities - 0.7%  |  |  |
|  American Water Works Co., Inc.  | 408  | 63848  |
|  TOTAL UTILITIES  |  | 162360  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $8,016,395)  |  | <br> **8100649**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 97.1%** <br> (Cost $8,016,395) <br>| <br>**8100649**  |
| **NET OTHER ASSETS (LIABILITIES) - 2.9%**  | **242590**  |
| **NET ASSETS - 100.0%**  | **8343239**  |

---

**Legend**

(a) Non-income producing

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 465519  | 465519  | -  | -  |
| Consumer Discretionary  | 1013686  | 1013686  | -  | -  |
| Consumer Staples  | 445464  | 445464  | -  | -  |
| Energy  | 302906  | 302906  | -  | -  |
| Financials  | 1074513  | 1074513  | -  | -  |
| Health Care  | 962608  | 962608  | -  | -  |
| Industrials  | 925859  | 925859  | -  | -  |
| Information Technology  | 2148659  | 2148659  | -  | -  |
| Materials  | 412783  | 412783  | -  | -  |
| Real Estate  | 186292  | 186292  | -  | -  |
| Utilities  | 162360  | 162360  | -  | -  |
| **Total Investments in Securities:**  | 8100649  | 8100649  | -  | -  |

---

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

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

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
|  Investment in securities, at value - See accompanying schedule <br>Unaffiliated issuers (cost $8,016,395): <br>|  | $8100649  |
|  Cash  |  | 156385  |
| Receivable for investments sold  |  | 86885  |
|  Dividends receivable  |  | 3027  |
| **Total assets**  |  | 8346946  |
| **Liabilities**  |  |  |
|  Accrued management fee  | $3707  |  |
| **Total Liabilities**  |  | 3707  |
| **Net Assets**  |  | $8343239  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $8686340  |
|  Total accumulated earnings (loss)  |  | (343101)  |
|  **Net Assets**  |  | $8343239  |
|  **Net Asset Value** , offering price and redemption price per share ($8,343,239 ÷ 425,000 shares)  |  | $19.63  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $46326  |
| Special dividends  |  | 19934  |
| **Total Income**  |  | 66260  |
|  **Expenses**  |  |  |
| Management fee  | $19682  |  |
| Independent trustees' fees and expenses  | 11  |  |
| **Total Expenses**  |  | 19693  |
| **Net Investment income (loss)**  |  | 46567  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (148121)  |  |
| Total net realized gain (loss)  |  | (148121)  |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 393471  |
| **Net gain (loss)**  |  | 245350  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $291917  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $46567  | $29286  |
| &nbsp;&nbsp; Net realized gain (loss)  | (148121) <br>| (169763) <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 393471  | (408202) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 291917 <br>| (548679) <br>|
| Distributions to shareholders  | (47400) <br>| (36950) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 2335410  | 4831792  |
| &nbsp;&nbsp; Cost of shares redeemed  | -  | (1603015)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 2335410 <br>| 3228777 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 2579927 <br>| 2643148 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 5763312  | 3120164 <br>|
| &nbsp;&nbsp; End of period  | $8343239  | $5763312  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 125000  | 225000  |
| &nbsp;&nbsp; Redeemed  | -  | (75000)  |
| &nbsp;&nbsp; Net increase (decrease)  | 125000  | 150000  |

---

**Financial Highlights** 

 **Fidelity® Sustainability U.S. Equity ETF** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $19.21  | $20.80  | $20.00  |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .13 <sup>D</sup>  | .11  | - <sup>E</sup>  |
| Net realized and unrealized gain (loss)  | .41  | (1.57)  | .80  |
| Total from investment operations  | .54  | (1.46)  | .80  |
| Distributions from net investment income  | (.12)  | (.13)  | -  |
| Total distributions  | (.12)  | (.13)  | -  |
| Net asset value, end of period  | $19.63  | $19.21  | $20.80  |
| **Total Return** <sup>F,G</sup>  | 2.89%  | (7.01)%  | 3.99%  |
| **Ratios to Average Net Assets** <sup>C,H,I</sup>  |  |  |  |
| Expenses before reductions  | .59% <sup>J</sup>  | .59%  | .59% <sup>J</sup>  |
| Expenses net of fee waivers, if any  | .59% <sup>J</sup>  | .59%  | .59% <sup>J</sup>  |
| Expenses net of all reductions  | .59% <sup>J</sup>  | .59%  | .59% <sup>J</sup>  |
| Net investment income (loss)  | 1.10% <sup>D,J</sup>  | .56%  | (.07)% <sup>J</sup>  |
| **Supplemental Data**  |  |  |  |
| Net assets, end of period (000 omitted)  | $8343  | $5763  | $3120  |
| Portfolio turnover rate <sup>K,L</sup>  | 55% <sup>J</sup>  | 66%  | 23% <sup>M</sup>  |

---

<sup>A</sup> *For the period June 15, 2021 (commencement of operations) through July 31, 2021.*

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

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

<sup>D</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been .80%.*

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

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

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

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

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

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

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

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

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

**Fidelity® Women's Leadership ETF** 

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Microsoft Corp.  | 2.9  |
| CDW Corp.  | 2.3  |
| Federal Signal Corp.  | 2.1  |
| Apple, Inc.  | 2.1  |
| AMETEK, Inc.  | 2.1  |
| Hologic, Inc.  | 2.0  |
| Progressive Corp.  | 2.0  |
| Vertex Pharmaceuticals, Inc.  | 1.8  |
| Hartford Financial Services Group, Inc.  | 1.8  |
| Bank of America Corp.  | 1.8  |
|  | 20.9  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 26.4  |
| Financials  | 13.6  |
| Industrials  | 13.3  |
| Consumer Discretionary  | 11.6  |
| Health Care  | 11.4  |
| Communication Services  | 5.4  |
| Materials  | 5.2  |
| Consumer Staples  | 4.5  |
| Energy  | 2.6  |
| Utilities  | 2.1  |
| Real Estate  | 2.0  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88932_14.jpg)  |
| *Foreign investments - 7.1%*  |

---

**Fidelity® Women's Leadership ETF**

**Schedule of Investments January 31, 2023 (Unaudited)**

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>|
| COMMUNICATION SERVICES - 5.4%  |  |  |
| Entertainment - 2.0%  |  |  |
|  Netflix, Inc. (a)  | 161  | 56971  |
|  The Walt Disney Co. (a)  | 396  | 42962  |
|  |  | 99933  |
| Interactive Media & Services - 1.5%  |  |  |
|  Alphabet, Inc. Class C (a)  | 263  | 26266  |
|  Bumble, Inc. (a)  | 1910  | 49183  |
|  |  | 75449  |
| Media - 1.9%  |  |  |
|  Cable One, Inc.  | 20  | 15798  |
|  Interpublic Group of Companies, Inc.  | 2147  | 78280  |
|  |  | 94078  |
|  TOTAL COMMUNICATION SERVICES  |  | 269460  |
| CONSUMER DISCRETIONARY - 11.6%  |  |  |
| Automobiles - 0.8%  |  |  |
|  General Motors Co.  | 998  | 39241  |
| Diversified Consumer Services - 1.2%  |  |  |
|  Adtalem Global Education, Inc. (a)  | 830  | 31689  |
|  Bright Horizons Family Solutions, Inc. (a)  | 387  | 29714  |
|  |  | 61403  |
| Hotels, Restaurants & Leisure - 1.7%  |  |  |
|  Marriott International, Inc. Class A  | 293  | 51035  |
|  Vail Resorts, Inc.  | 133  | 34891  |
|  |  | 85926  |
| Household Durables - 0.8%  |  |  |
|  Taylor Morrison Home Corp. (a)  | 1039  | 37196  |
| Internet & Direct Marketing Retail - 1.9%  |  |  |
|  Amazon.com, Inc. (a)  | 488  | 50327  |
|  Etsy, Inc. (a)  | 320  | 44026  |
|  |  | 94353  |
| Multiline Retail - 0.5%  |  |  |
|  Kohl's Corp.  | 805  | 26058  |
| Specialty Retail - 3.2%  |  |  |
|  Best Buy Co., Inc.  | 367  | 32560  |
|  Gap, Inc.  | 2251  | 30546  |
|  Lowe's Companies, Inc.  | 252  | 52479  |
|  Williams-Sonoma, Inc.  | 328  | 44260  |
|  |  | 159845  |
| Textiles, Apparel & Luxury Goods - 1.5%  |  |  |
|  PVH Corp.  | 348  | 31285  |
|  Tapestry, Inc.  | 980  | 44659  |
|  |  | 75944  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 579966  |
| CONSUMER STAPLES - 4.5%  |  |  |
| Beverages - 1.0%  |  |  |
|  The Coca-Cola Co.  | 816  | 50037  |
| Food & Staples Retailing - 0.5%  |  |  |
|  Albertsons Companies, Inc.  | 1230  | 26076  |
| Food Products - 1.3%  |  |  |
|  The Hershey Co.  | 282  | 63337  |
| Household Products - 0.7%  |  |  |
|  The Clorox Co.  | 254  | 36751  |
| Personal Products - 1.0%  |  |  |
|  Estee Lauder Companies, Inc. Class A  | 182  | 50429  |
|  TOTAL CONSUMER STAPLES  |  | 226630  |
| ENERGY - 2.6%  |  |  |
| Oil, Gas & Consumable Fuels - 2.6%  |  |  |
|  EQT Corp.  | 672  | 21954  |
|  Occidental Petroleum Corp.  | 607  | 39328  |
|  Phillips 66 Co.  | 709  | 71091  |
|  |  | 132373  |
| FINANCIALS - 13.6%  |  |  |
| Banks - 5.0%  |  |  |
|  Bank of America Corp.  | 2503  | 88806  |
|  Citigroup, Inc.  | 737  | 38486  |
|  First Horizon National Corp.  | 1267  | 31333  |
|  First United Corp.  | 1039  | 20198  |
|  Huntington Bancshares, Inc.  | 2474  | 37531  |
|  JPMorgan Chase & Co.  | 245  | 34290  |
|  |  | 250644  |
| Capital Markets - 4.0%  |  |  |
|  Franklin Resources, Inc.  | 1070  | 33384  |
|  Morningstar, Inc.  | 219  | 53191  |
|  MSCI, Inc.  | 50  | 26578  |
|  NASDAQ, Inc.  | 1444  | 86914  |
|  |  | 200067  |
| Insurance - 4.6%  |  |  |
|  Hartford Financial Services Group, Inc.  | 1168  | 90648  |
|  Marsh & McLennan Companies, Inc.  | 228  | 39879  |
|  Progressive Corp.  | 742  | 101172  |
|  |  | 231699  |
|  TOTAL FINANCIALS  |  | 682410  |
| HEALTH CARE - 11.4%  |  |  |
| Biotechnology - 2.8%  |  |  |
|  Alnylam Pharmaceuticals, Inc. (a)  | 151  | 34186  |
|  Vertex Pharmaceuticals, Inc. (a)  | 282  | 91114  |
|  Zai Lab Ltd. ADR (a)  | 401  | 16898  |
|  |  | 142198  |
| Health Care Equipment & Supplies - 2.3%  |  |  |
|  Figs, Inc. Class A (a)  | 1737  | 15546  |
|  Hologic, Inc. (a)  | 1251  | 101794  |
|  |  | 117340  |
| Health Care Providers & Services - 3.2%  |  |  |
|  Cigna Corp.  | 268  | 84868  |
|  Elevance Health, Inc.  | 146  | 72999  |
|  |  | 157867  |
| Life Sciences Tools & Services - 0.6%  |  |  |
|  ICON PLC (a)  | 138  | 31838  |
| Pharmaceuticals - 2.5%  |  |  |
|  Eli Lilly & Co.  | 81  | 27876  |
|  GSK PLC sponsored ADR  | 1004  | 35401  |
|  Zoetis, Inc. Class A  | 367  | 60735  |
|  |  | 124012  |
|  TOTAL HEALTH CARE  |  | 573255  |
| INDUSTRIALS - 13.3%  |  |  |
| Air Freight & Logistics - 1.3%  |  |  |
|  United Parcel Service, Inc. Class B  | 337  | 62423  |
| Airlines - 0.3%  |  |  |
|  JetBlue Airways Corp. (a)  | 1704  | 13632  |
| Commercial Services & Supplies - 0.2%  |  |  |
|  Stericycle, Inc. (a)  | 195  | 10493  |
| Electrical Equipment - 4.0%  |  |  |
|  AMETEK, Inc.  | 709  | 102748  |
|  nVent Electric PLC  | 1689  | 67138  |
|  Regal Rexnord Corp.  | 107  | 14894  |
|  Sunrun, Inc. (a)  | 662  | 17397  |
|  |  | 202177  |
| Machinery - 4.2%  |  |  |
|  Deere & Co.  | 129  | 54546  |
|  Federal Signal Corp.  | 2048  | 109056  |
|  Otis Worldwide Corp.  | 596  | 49009  |
|  |  | 212611  |
| Professional Services - 3.3%  |  |  |
|  Leidos Holdings, Inc.  | 558  | 55153  |
|  Manpower, Inc.  | 484  | 42185  |
|  Planet Labs PBC Class A (a)  | 1568  | 7762  |
|  Science Applications International Corp.  | 584  | 60608  |
|  |  | 165708  |
|  TOTAL INDUSTRIALS  |  | 667044  |
| INFORMATION TECHNOLOGY - 26.4%  |  |  |
| Communications Equipment - 0.8%  |  |  |
|  Arista Networks, Inc. (a)  | 313  | 39444  |
| Electronic Equipment & Components - 3.8%  |  |  |
|  CDW Corp.  | 593  | 116246  |
|  Flex Ltd. (a)  | 1085  | 25335  |
|  Insight Enterprises, Inc. (a)  | 436  | 49146  |
|  |  | 190727  |
| IT Services - 6.8%  |  |  |
|  Accenture PLC Class A  | 309  | 86226  |
|  Cloudflare, Inc. (a)  | 263  | 13915  |
|  Genpact Ltd.  | 888  | 41985  |
|  MasterCard, Inc. Class A  | 219  | 81161  |
|  PayPal Holdings, Inc. (a)  | 418  | 34063  |
|  WEX, Inc. (a)  | 451  | 83421  |
|  |  | 340771  |
| Semiconductors & Semiconductor Equipment - 4.7%  |  |  |
|  Advanced Micro Devices, Inc. (a)  | 497  | 37350  |
|  Axcelis Technologies, Inc. (a)  | 289  | 31776  |
|  Marvell Technology, Inc.  | 821  | 35426  |
|  NVIDIA Corp.  | 370  | 72287  |
|  NXP Semiconductors NV  | 313  | 57689  |
|  |  | 234528  |
| Software - 8.2%  |  |  |
|  Adobe, Inc. (a)  | 178  | 65921  |
|  HubSpot, Inc. (a)  | 101  | 35048  |
|  Intuit, Inc.  | 157  | 66359  |
|  Microsoft Corp.  | 580  | 143731  |
|  Pagerduty, Inc. (a)  | 901  | 26841  |
|  Salesforce.com, Inc. (a)  | 435  | 73067  |
|  |  | 410967  |
| Technology Hardware, Storage & Peripherals - 2.1%  |  |  |
|  Apple, Inc.  | 740  | 106775  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 1323212  |
| MATERIALS - 5.2%  |  |  |
| Chemicals - 2.7%  |  |  |
|  Cabot Corp.  | 437  | 32919  |
|  Celanese Corp. Class A  | 285  | 35112  |
|  Eastman Chemical Co.  | 378  | 33328  |
|  Valvoline, Inc.  | 888  | 32554  |
|  |  | 133913  |
| Construction Materials - 0.6%  |  |  |
|  Summit Materials, Inc.  | 980  | 32203  |
| Metals & Mining - 1.9%  |  |  |
|  Commercial Metals Co.  | 1249  | 67783  |
|  Schnitzer Steel Industries, Inc. Class A  | 831  | 28121  |
|  |  | 95904  |
|  TOTAL MATERIALS  |  | 262020  |
| REAL ESTATE - 2.0%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 2.0%  |  |  |
|  Equity Lifestyle Properties, Inc.  | 818  | 58716  |
|  Ventas, Inc.  | 792  | 41034  |
|  |  | 99750  |
| UTILITIES - 2.1%  |  |  |
| Electric Utilities - 0.9%  |  |  |
|  NextEra Energy, Inc.  | 610  | 45524  |
| Water Utilities - 1.2%  |  |  |
|  American Water Works Co., Inc.  | 396  | 61970  |
|  TOTAL UTILITIES  |  | 107494  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $4,733,932)  |  | <br> **4923614**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.1%** <br> (Cost $4,733,932) <br>| <br>**4923614**  |
| **NET OTHER ASSETS (LIABILITIES) - 1.9%**  | **95845**  |
| **NET ASSETS - 100.0%**  | **5019459**  |

---

**Legend**

(a) Non-income producing

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 269460  | 269460  | -  | -  |
| Consumer Discretionary  | 579966  | 579966  | -  | -  |
| Consumer Staples  | 226630  | 226630  | -  | -  |
| Energy  | 132373  | 132373  | -  | -  |
| Financials  | 682410  | 682410  | -  | -  |
| Health Care  | 573255  | 573255  | -  | -  |
| Industrials  | 667044  | 667044  | -  | -  |
| Information Technology  | 1323212  | 1323212  | -  | -  |
| Materials  | 262020  | 262020  | -  | -  |
| Real Estate  | 99750  | 99750  | -  | -  |
| Utilities  | 107494  | 107494  | -  | -  |
| **Total Investments in Securities:**  | 4923614  | 4923614  | -  | -  |

---

**Fidelity® Women's Leadership ETF**

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

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023** <br> **(Unaudited)**  |
| **Assets**  |  |  |
|  Investment in securities, at value - See accompanying schedule <br>Unaffiliated issuers (cost $4,733,932): <br>|  | $4923614  |
|  Cash  |  | 86071  |
| Receivable for investments sold  |  | 9475  |
|  Dividends receivable  |  | 2625  |
| **Total assets**  |  | 5021785  |
| **Liabilities**  |  |  |
|  Accrued management fee  | $2326  |  |
| **Total Liabilities**  |  | 2326  |
| **Net Assets**  |  | $5019459  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $5145836  |
|  Total accumulated earnings (loss)  |  | (126377)  |
|  **Net Assets**  |  | $5019459  |
|  **Net Asset Value** , offering price and redemption price per share ($5,019,459 ÷ 275,000 shares)  |  | $18.25  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $23313  |
|  **Expenses**  |  |  |
| Management fee  | $8594  |  |
| Independent trustees' fees and expenses  | 4  |  |
| **Total Expenses**  |  | 8598  |
| **Net Investment income (loss)**  |  | 14715  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (146325)  |  |
| Total net realized gain (loss)  |  | (146325)  |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 431093  |
| **Net gain (loss)**  |  | 284768  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $299483  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Six months ended** <br> **January 31, 2023** <br> **(Unaudited)**  | **Year ended** <br> **July 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $14715  | $14603  |
| &nbsp;&nbsp; Net realized gain (loss)  | (146325) <br>| (157065) <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 431093  | (292520) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 299483 <br>| (434982) <br>|
| Distributions to shareholders  | (14550) <br>| (13700) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 2107174  | 1499632  |
| &nbsp;&nbsp; Cost of shares redeemed  | -  | (474202)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 2107174 <br>| 1025430 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 2392107 <br>| 576748 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 2627352  | 2050604 <br>|
| &nbsp;&nbsp; End of period  | $5019459  | $2627352  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 125000  | 75000  |
| &nbsp;&nbsp; Redeemed  | -  | (25000)  |
| &nbsp;&nbsp; Net increase (decrease)  | 125000  | 50000  |

---

**Financial Highlights** 

 **Fidelity® Women's Leadership ETF** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended** <br> **(Unaudited) January 31, 2023**  | **Years ended July 31, 2022**  | **2021** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $17.52  | $20.51  | $20.00  |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .09  | .11  | - <sup>D</sup>  |
| Net realized and unrealized gain (loss)  | .74  | (3.01)  | .51  |
| Total from investment operations  | .83  | (2.90)  | .51  |
| Distributions from net investment income  | (.10)  | (.09)  | -  |
| Total distributions  | (.10)  | (.09)  | -  |
| Net asset value, end of period  | $18.25  | $17.52  | $20.51  |
| **Total Return** <sup>E,F</sup>  | 4.81%  | (14.14)%  | 2.53%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |  |
| Expenses before reductions  | .59% <sup>I</sup>  | .59%  | .59% <sup>I</sup>  |
| Expenses net of fee waivers, if any  | .59% <sup>I</sup>  | .59%  | .59% <sup>I</sup>  |
| Expenses net of all reductions  | .59% <sup>I</sup>  | .59%  | .59% <sup>I</sup>  |
| Net investment income (loss)  | 1.02% <sup>I</sup>  | .56%  | .08% <sup>I</sup>  |
| **Supplemental Data**  |  |  |  |
| Net assets, end of period (000 omitted)  | $5019  | $2627  | $2051  |
| Portfolio turnover rate <sup>J,K</sup>  | 53% <sup>I</sup>  | 64%  | 5% <sup>L</sup>  |

---

<sup>A</sup> *For the period June 15, 2021 (commencement of operations) through July 31, 2021.*

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

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

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

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

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

<sup>G</sup> *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.*

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

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

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

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

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

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

For the period ended January 31, 2023

**1. Organization.**

Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, Fidelity Growth Opportunities ETF, Fidelity Magellan ETF, Fidelity New Millennium ETF, Fidelity Real Estate Investment ETF, Fidelity Small-Mid Cap Opportunities ETF, Fidelity Sustainable U.S. Equity ETF and Fidelity Women's Leadership ETF (the Funds) are non-diversified exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

Investments in open-end mutual funds 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 January 31, 2023 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. 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. During the period, dividend income and net realized appreciation (depreciation) were adjusted as presented in the table below as a result of a change in the prior period estimate, which had no impact on the total net assets or total return.

---

| | | |
|:---|:---|:---|
|  | **Dividend Income**  | **Net Unrealized Appreciation (Depreciation)**  |
| **Fidelity Real Estate Income ETF**  | $(62567)  | $62567  |

---

Large, non-recurring dividends recognized by the Funds are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost**  | **Gross unrealized appreciation**  | **Gross unrealized depreciation**  | **Net unrealized appreciation (depreciation)**  |
| **Fidelity Blue Chip Growth ETF**  | $476496071  | $38049465  | $(72611600)  | $(34562135)  |
| **Fidelity Blue Chip Value ETF**  | 128126014  | 19055591  | (4925552)  | 14130039  |
| **Fidelity Growth Opportunities ETF**  | 95691977  | 7350171  | (7585839)  | (235668)  |
| **Fidelity Magellan ETF**  | 40191609  | 3305510  | (1553306)  | 1752204  |
| **Fidelity New Millennium ETF**  | 77099878  | 10056480  | (824843)  | 9231637  |
| **Fidelity Real Estate Investment ETF**  | 18036691  | 698255  | (1479779)  | (781524)  |
| **Fidelity Small-Mid Cap Opportunities ETF**  | 27534005  | 4790302  | (1615899)  | 3174403  |
| **Fidelity Sustainable U.S. Equity ETF**  | 8136769  | 725496  | (761616)  | (36120)  |
| **Fidelity Women's Leadership ETF**  | 4805947  | 441817  | (324150)  | 117667  |

---

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 year end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term**  | **Long-term**  | **Total capital loss carryforward**  |
| **Fidelity Blue Chip Growth ETF**  | $(32340952)  | $(6605668)  | $(38946620)  |
| **Fidelity Blue Chip Value ETF**  | -  | -  | -  |
| **Fidelity Growth Opportunities ETF**  | (10187779)  | (1730273)  | (11918052)  |
| **Fidelity Magellan ETF**  | (3889621)  | -  | (3889621)  |
| **Fidelity New Millennium ETF**  | -  | -  | -  |
| **Fidelity Real Estate Investment ETF**  | -  | -  | -  |
| **Fidelity Small-Mid Cap Opportunities ETF**  | (1499196)  | (449362)  | (1948558)  |
| **Fidelity Sustainable U.S. Equity ETF**  | (181512)  | (25150)  | (206662)  |
| **Fidelity Women's Leadership ETF**  | (114801)  | (92)  | (114893)  |

---

Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2021 to July 31, 2022, and ordinary losses recognized during the period January 1, 2022 to July 31, 2022. Loss deferrals were as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Losses**  | **Ordinary Losses**  |
| **Fidelity Blue Chip Growth ETF**  | $-  | $(778962)  |
| **Fidelity Blue Chip Value ETF**  | (637210)  | -  |
| **Fidelity Growth Opportunities ETF**  | -  | (47174)  |
| **Fidelity Real Estate Investment ETF**  | (73356)  | -  |

---

**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.

**3. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

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

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

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **Fidelity Blue Chip Growth ETF**  | 83917078  | 70585458  |
| **Fidelity Blue Chip Value ETF**  | 20033173  | 15343201  |
| **Fidelity Growth Opportunities ETF**  | 37121937  | 30174919  |
| **Fidelity Magellan ETF**  | 17408126  | 17931902  |
| **Fidelity New Millennium ETF**  | 56076732  | 26122589  |
| **Fidelity Real Estate Investment ETF**  | 2915833  | 2966815  |
| **Fidelity Small-Mid Cap Opportunities ETF**  | 5551264  | 4963379  |
| **Fidelity Sustainable U.S. Equity ETF**  | 2283619  | 1731582  |
| **Fidelity Women's Leadership ETF**  | 1267582  | 752973  |

---

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**  | 83776280  | 6279618  |
| **Fidelity Blue Chip Value ETF**  | 25016077  | 3407098  |
| **Fidelity Growth Opportunities ETF**  | 43000920  | 17971066  |
| **Fidelity Magellan ETF**  | 2154116  | 2884131  |
| **Fidelity New Millennium ETF**  | 18656957  | 24079877  |
| **Fidelity Real Estate Investment ETF**  | 983786  | 2415339  |
| **Fidelity Small-Mid Cap Opportunities ETF**  | 1703146  | 644488  |
| **Fidelity Sustainable U.S. Equity ETF**  | 1716211  | -  |
| **Fidelity Women's Leadership ETF**  | 1545312  | -  |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of .59% of each Fund's average net assets, except for Fidelity Small-Mid Cap Opportunities ETF. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other miscellaneous expenses such as proxy and shareholder meeting expenses.

Fidelity Small-Mid Cap Opportunities ETF's management fee is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Blue Chip Growth ETF**  | $1419  |
| **Fidelity Blue Chip Value ETF**  | 243  |
| **Fidelity Growth Opportunities ETF**  | 612  |
| **Fidelity Magellan ETF**  | 140  |
| **Fidelity New Millennium ETF**  | 544  |
| **Fidelity Real Estate Investment ETF**  | 71  |
| **Fidelity Small-Mid Cap Opportunities ETF**  | 104  |
| **Fidelity Sustainable U.S. Equity ETF**  | 33  |
| **Fidelity Women's Leadership ETF**  | 17  |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  | **Realized Gain (Loss) ($)**  |
| **Fidelity Blue Chip Growth ETF**  | 3952846  | 462804  | 23663  |
| **Fidelity Blue Chip Value ETF**  | 365045  | 38656  | (155)  |
| **Fidelity Growth Opportunities ETF**  | 825711  | 199211  | (2036)  |
| **Fidelity Magellan ETF**  | 253277  | 211687  | (19146)  |
| **Fidelity New Millennium ETF**  | 3316722  | 12263  | (925)  |
| **Fidelity Real Estate Investment ETF**  | 42176  | -  | -  |
| **Fidelity Small-Mid Cap Opportunities ETF**  | 91725  | 154756  | (95079)  |
| **Fidelity Sustainable U.S. Equity ETF**  | 51639  | 50694  | (2254)  |
| **Fidelity Women's Leadership ETF**  | 7499  | 1401  | (19)  |

---

**6. 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 Growth Opportunities ETF**  | 9  |
| **Fidelity New Millennium ETF**  | 1  |

---

**7. Share Transactions.**

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

**8. Other.**

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

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Shareholder Expense Example**

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2022 to January 31, 2023). <br>

***Actual Expenses***

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

***Hypothetical Example for Comparison Purposes***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value August 1, 2022**  | **Ending Account Value January 31, 2023**  | **Expenses Paid During Period-** <sup>C</sup> **August 1, 2022 to January 31, 2023**  |
| **Fidelity® Blue Chip Growth ETF**  | .59%  |  |  |  |
| **Actual**  |  | $1000  | $957.20  | $2.91  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.23  | $3.01  |
| **Fidelity® Blue Chip Value ETF**  | .59%  |  |  |  |
| **Actual**  |  | $1000  | $1045.40  | $3.04  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.23  | $3.01  |
| **Fidelity® Growth Opportunities ETF**  | .59%  |  |  |  |
| **Actual**  |  | $1000  | $972.70  | $2.93  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.23  | $3.01  |
| **Fidelity® Magellan® ETF**  | .59%  |  |  |  |
| **Actual**  |  | $1000  | $945.70  | $2.89  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.23  | $3.01  |
| **Fidelity® New Millennium ETF**  | .59%  |  |  |  |
| **Actual**  |  | $1000  | $1082.20  | $3.10  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.23  | $3.01  |
| **Fidelity® Real Estate Investment ETF**  | .59%  |  |  |  |
| **Actual**  |  | $1000  | $947.70  | $2.90  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.23  | $3.01  |
| **Fidelity® Small-Mid Cap Opportunities ETF**  | .60%  |  |  |  |
| **Actual**  |  | $1000  | $1062.20  | $3.12  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.18  | $3.06  |
| **Fidelity® Sustainable U.S. Equity ETF**  | .59%  |  |  |  |
| **Actual**  |  | $1000  | $1028.90  | $3.02  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.23  | $3.01  |
| **Fidelity® Women's Leadership ETF**  | .59%  |  |  |  |
| **Actual**  |  | $1000  | $1048.10  | $3.05  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.23  | $3.01  |

---

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

*B 5% return per year before expenses*

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

**Liquidity Risk Management Program**

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.

In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

* Highly liquid investments - cash or convertible to cash within three business days or less 

* Moderately liquid investments - convertible to cash in three to seven calendar days 

* Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days 

* Illiquid investments - cannot be sold or disposed of within seven calendar days 

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.

![](img88932_2.jpg) <br>

1.9897895.102 GTF-SANN-0423

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

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

Not applicable.

Item 8.

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

Not applicable.

Item 9.

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

Not applicable.

Item 10.

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

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

Item 11.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Covington Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable

assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

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

Item 12.

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

<u>Investment Companies</u>

Not applicable.

Item 13.

<u>Exhibits</u>

(a) (1) Not applicable.

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

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer |
| Date: | March 24, 2023 |

---

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.

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer |
| Date: | March 24, 2023 |

---

---

| | |
|:---|:---|
| By: | <u>/s/John J. Burke III</u> |
|  | John J. Burke III |
|  | Chief Financial Officer |
| Date: | March 24, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exhibit EX-99.CERT</u> 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 24, 2023

---

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

---

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 24, 2023

---

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

---

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

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

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

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

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

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

## Exhibit 99.906

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: March 24, 2023

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

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

---

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

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: March 24, 2023

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

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

---

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

---

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

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

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

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

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

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