# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000945908-25-000770
**Filing Date:** 2025-12
**Character Count:** 415399
**Document Hash:** 9c3bf3fb9a7c65dc3ee6ad7a9e4d7e92
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000945908-25-000770.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0000945908-25-000770

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**EFFECTIVENESS DATE**: 20251222

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 251589707

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

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

## Series and Classes Contracts Data

### Fidelity International High Dividend ETF (Series ID: S000059462)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

<u>Fidelity Covington Trust</u>

(Exact name of registrant as specified in charter)

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

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

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

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

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® International Value Factor ETF<br> **Fidelity® International Value Factor ETF : FIVA** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® International Value Factor ETF for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® International Value Factor ETF  | $21  | 0.18% |

---

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

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, Europe ex U.K. gained roughly 29% and contributed most to the fund's performance for the fiscal year, followed by Japan (+33%).

• By sector, financials gained roughly 50% and contributed most. Industrials, which gained 30%, also helped, benefiting from the capital goods industry (+39%), as did information technology, which advanced 39%. The materials sector rose 37%, while consumer discretionary gained 25% and consumer staples advanced 22%. Other contributors included the utilities (+40%), energy (+14%), communication services (+15%) and real estate (+22%) sectors.

• Conversely, from a sector standpoint, health care returned about -3% and detracted most. This group was hampered by the pharmaceuticals, biotechnology & life sciences industry (-8%).

• Turning to individual stocks, the top contributor was Barrick Mining (+81%), from the materials sector. ASML Holding (+59%), from the semiconductors & semiconductor equipment group, contributed. Lastly, Banco Santander (+114%), UniCredit (+74%) and Societe Generale (+130%), from the banks category, also boosted the fund.

• In contrast, the biggest detractor was Novo Nordisk (-55%), from the pharmaceuticals, biotechnology & life sciences industry. Within the same category, CSL returned about -37% and hurt the fund's performance. In commercial & professional services, Teleperformance (-29%) hindered the fund. CGI, within the software & services category, returned -21% and hurt the fund's performance. Lastly, in materials, Glencore returned -21% and also hurt the fund.

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

**CUMULATIVE PERFORMANCE**

January 16, 2018 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® International Value Factor ETF<br>| $10000 | $8554<br>| $9327<br>| $7805<br>| $11033<br>| $8956<br>| $10632<br>| $12813<br>|
| Fidelity International Value Factor Index℠<br>| $10000 | $8585<br>| $9404<br>| $7917<br>| $11264<br>| $9197<br>| $10973<br>| $13267<br>|
| MSCI World ex USA Index<br>| $10000 | $8705<br>| $9693<br>| $9053<br>| $12301<br>| $9611<br>| $10843<br>| $13460<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118516_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity® International Value Factor ETF - NAV A  | 29.41% | 16.27% | 6.70% |
| Fidelity International Value Factor Index℠ A | 29.76%<br>| 16.81%<br>| 7.22% |
| MSCI World ex USA Index A | 23.93%<br>| 13.00%<br>| 6.79% |

---

**A** From January 16, 2018

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $290968743<br>|
| Number of Holdings | 110<br>|
| Total Advisory Fee | $392412<br>|
| Portfolio Turnover | 61%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.1 |
| Industrials | 18.3 |
| Consumer Discretionary | 9.7 |
| Information Technology | 9.0 |
| Health Care | 9.0 |
| Materials | 7.9 |
| Consumer Staples | 6.8 |
| Energy | 4.6 |
| Communication Services | 3.8 |
| Utilities | 3.6 |
| Real Estate | 1.7 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3064_20251031_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| Japan | 22.8 |
| United States | 10.5 |
| United Kingdom | 10.3 |
| Canada | 10.1 |
| France | 9.7 |
| Germany | 6.9 |
| Australia | 5.5 |
| Sweden | 3.0 |
| Switzerland | 2.7 |
| Others | 18.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3064_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 22.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 18.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| ASML Holding NV | 2.6<br>|
| Barrick Mining Corp | 2.1<br>|
| Nestle SA | 1.7<br>|
| HSBC Holdings PLC | 1.7<br>|
| Toyota Motor Corp | 1.6<br>|
| LVMH Moet Hennessy Louis Vuitton SE | 1.5<br>|
| Siemens AG | 1.5<br>|
| Toronto Dominion Bank | 1.4<br>|
| Banco Santander SA | 1.3<br>|
| Fresnillo PLC | 1.3<br>|
|  | 16.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3064_20251031_2.jpg)<br>| ![](img118516_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913998.101 3064-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® International Multifactor ETF<br> **Fidelity® International Multifactor ETF : FDEV** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® International Multifactor ETF for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® International Multifactor ETF  | $20  | 0.18% |

---

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

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, Europe ex U.K. gained 15% and contributed most to the fund's performance for the fiscal year, followed by Asia Pacific ex Japan (+44%).

• By sector, financials gained about 40% and contributed most. Industrials, which gained about 20%, also helped, benefiting from the capital goods industry (+31%), as did communication services, which advanced roughly 27%. The consumer staples sector rose roughly 17%, while materials gained roughly 25% and energy advanced 12%. Other contributors included the information technology (+23%), real estate (+10%), health care (+2%), utilities (+5%) and consumer discretionary (+7%) sectors.

• Turning to individual stocks, the biggest contributor was Nintendo (+84%), from the media & entertainment group. In food, beverage & tobacco, British American Tobacco (+73%) boosted the fund. Another notable contributor was Vodafone (+47%), a stock in the telecommunication services group. Rolls-Royce Holdings (+114%), a stock in the capital goods industry, boosted the fund. Lastly, Phoenix Financial (+115%), a stock in the insurance group, also lifted the fund.

• Conversely, the biggest detractor was Novo Nordisk (-56%), from the pharmaceuticals, biotechnology & life sciences group. Daito Trust Construction (-12%) and FirstService (-13%), from the real estate management & development industry, hurt. Tokyo Gas (-9%), from the utilities sector, hurt. Lastly, Wolters Kluwer (-26%), from the commercial & professional services category, also hurt.

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

**CUMULATIVE PERFORMANCE**

February 26, 2019 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® International Multifactor ETF<br>| $10000 | $10672<br>| $10061<br>| $12584<br>| $9770<br>| $10803<br>| $13167<br>|
| Fidelity International Multifactor Index℠<br>| $10000 | $10729<br>| $10153<br>| $12760<br>| $9975<br>| $11075<br>| $13536<br>|
| MSCI World ex USA Index<br>| $10000 | $10664<br>| $9961<br>| $13534<br>| $10574<br>| $11930<br>| $14809<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118530_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity® International Multifactor ETF - NAV A  | 20.49% | 9.54% | 7.15% |
| Fidelity International Multifactor Index℠ A | 20.92%<br>| 10.02%<br>| 7.65% |
| MSCI World ex USA Index A | 23.93%<br>| 13.00%<br>| 9.51% |

---

**A** From February 26, 2019

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $204199997<br>|
| Number of Holdings | 211<br>|
| Total Advisory Fee | $252798<br>|
| Portfolio Turnover | 66%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.7 |
| Industrials | 14.6 |
| Materials | 13.1 |
| Consumer Staples | 11.5 |
| Utilities | 9.0 |
| Communication Services | 8.4 |
| Real Estate | 6.3 |
| Health Care | 5.1 |
| Consumer Discretionary | 5.0 |
| Information Technology | 4.1 |
| Energy | 0.6 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3355_20251031_AA.jpg) <br>|

---

Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.6 <br>

---

| | |
|:---|:---|
| Japan | 21.3 |
| United Kingdom | 13.8 |
| Canada | 12.6 |
| Australia | 6.3 |
| Switzerland | 5.7 |
| United States | 5.5 |
| France | 5.1 |
| Italy | 3.9 |
| Germany | 3.8 |
| Others | 22.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3355_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 21.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 13.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 12.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 22.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| PSP Swiss Property AG | 1.6<br>|
| Daito Trust Construction Co Ltd | 1.5<br>|
| Endesa SA | 1.5<br>|
| Italgas SpA | 1.4<br>|
| Engie SA | 1.3<br>|
| Tokyo Gas Co Ltd | 1.3<br>|
| Centrica PLC | 1.3<br>|
| Agnico Eagle Mines Ltd/CA | 1.3<br>|
| Vodafone Group PLC | 1.2<br>|
| CapitaLand Integrated Commercial Trust | 1.2<br>|
|  | 13.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expensesExpense reductions The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3355_20251031_2.jpg)<br>| ![](img118530_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914007.101 3355-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® International High Dividend ETF<br> **Fidelity® International High Dividend ETF : FIDI** <br> **Principal U.S. Listing Exchange :** **NYSE Arca, Inc.**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® International High Dividend ETF for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® International High Dividend ETF  | $20  | 0.18% |

---

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

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, Europe ex U.K. gained 25% and contributed most to the fund's performance for the fiscal year, followed by Japan (+30%).

• By sector, financials gained 43% and contributed most, driven by the banks industry (+50%). Utilities stocks also helped (+39%). Consumer staples rose 26%, boosted by the food, beverage & tobacco industry (+26%), industrials gained roughly 27%, lifted by the capital goods industry (+33%), and real estate advanced 13%. Other contributors included the materials (+6%), information technology (+14%), consumer discretionary (+8%) and energy (+2%) sectors.

• In contrast, from a sector standpoint, communication services returned -4% and detracted most. Health care (-5%) also hurt, hampered by the pharmaceuticals, biotechnology & life sciences industry (-7%).

• Turning to individual stocks, the top contributor was Brookfield Renewable (+54%), from the utilities sector. Within the same sector, Enel gained 41% and helped. HSBC Bank (+62%) and ABN AMRO Bank (+90%), from the banks category, boosted the fund. Lastly, British American Tobacco (+58%), from the food, beverage & tobacco industry, also lifted the fund.

• Conversely, the biggest detractor was Glencore (-22%), from the materials sector. Novo Nordisk (-55%), from the pharmaceuticals, biotechnology & life sciences category, hurt the fund. In telecommunication services, BCE (-24%) and Vodafone (-7%) hindered the fund. Lastly, in real estate management & development, FirstService (-9%) also hurt the fund's performance.

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

**CUMULATIVE PERFORMANCE**

January 16, 2018 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® International High Dividend ETF<br>| $10000 | $8456<br>| $9035<br>| $6777<br>| $9812<br>| $8259<br>| $9215<br>| $11170<br>|
| Fidelity International High Dividend Index℠<br>| $10000 | $8488<br>| $9107<br>| $6857<br>| $9975<br>| $8445<br>| $9467<br>| $11514<br>|
| MSCI World ex USA Index<br>| $10000 | $8705<br>| $9693<br>| $9053<br>| $12301<br>| $9611<br>| $10843<br>| $13460<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118531_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity® International High Dividend ETF - NAV A  | 25.25% | 15.60% | 4.40% |
| Fidelity International High Dividend Index℠ A | 25.64%<br>| 16.10%<br>| 4.85% |
| MSCI World ex USA Index A | 23.93%<br>| 13.00%<br>| 6.79% |

---

**A** From January 16, 2018

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $181455514<br>|
| Number of Holdings | 100<br>|
| Total Advisory Fee | $226650<br>|
| Portfolio Turnover | 58%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 33.1 |
| Consumer Staples | 13.8 |
| Materials | 12.9 |
| Industrials | 11.5 |
| Utilities | 11.5 |
| Real Estate | 8.4 |
| Health Care | 3.2 |
| Consumer Discretionary | 3.1 |
| Information Technology | 1.9 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3063_20251031_AA.jpg) <br>|

---

Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.6 <br>

---

| | |
|:---|:---|
| Japan | 16.5 |
| United Kingdom | 13.5 |
| Canada | 13.2 |
| Australia | 11.1 |
| France | 9.0 |
| United States | 6.2 |
| Germany | 5.6 |
| Italy | 5.2 |
| Sweden | 4.1 |
| Others | 15.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3063_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 16.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 13.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 9.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Enel SpA | 3.3<br>|
| National Grid PLC | 2.9<br>|
| Brookfield Renewable Corp Class A | 2.9<br>|
| Klepierre SA | 2.6<br>|
| Nestle SA | 2.6<br>|
| Japan Tobacco Inc | 2.5<br>|
| Rio Tinto PLC | 2.5<br>|
| Origin Energy Ltd | 2.4<br>|
| British American Tobacco PLC | 2.4<br>|
| Fortescue Ltd | 2.3<br>|
|  | 26.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3063_20251031_2.jpg)<br>| ![](img118531_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913997.101 3063-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Emerging Markets Multifactor ETF<br> **Fidelity® Emerging Markets Multifactor ETF : FDEM** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Emerging Markets Multifactor ETF for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Emerging Markets Multifactor ETF  | $28  | 0.25% |

---

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

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, emerging markets gained 24% and contributed most to the fund's performance for the fiscal year, followed by Asia Pacific ex Japan (+20%), especially Hong Kong (+6%).

• By sector, information technology gained 46% and contributed most. Financials, which gained roughly 19%, also helped, benefiting from the banks industry (+26%), as did communication services, which advanced about 23%, lifted by the media & entertainment industry (+33%). The consumer discretionary sector rose 18%, boosted by the consumer discretionary distribution & retail industry (+38%), while real estate gained approximately 34% and materials advanced roughly 9%. Other contributors included the consumer staples (+13%), industrials (+18%), health care (+7%), energy (+3%) and utilities (0%) sectors.

• Turning to individual stocks, the biggest contributor was Taiwan Semiconductor Manufacturing (+54%), from the semiconductors & semiconductor equipment industry. From the same industry, SK Hynix gained 193% and contributed. Tencent Holdings, within the media & entertainment category, gained approximately 57% and contributed. Samsung Electronics (+79%), from the technology hardware & equipment category, boosted the fund. Lastly, Emaar Properties (+63%), a stock in the real estate management & development industry, also lifted the fund.

• Conversely, the biggest detractor was PharmaResearch (-23%), from the pharmaceuticals, biotechnology & life sciences industry. In technology hardware & equipment, Xiaomi (-18%) detracted. Another notable detractor was Kalyan Jewellers (-22%), a stock in the consumer durables & apparel category. Qfin Holdings, within the financial services industry, returned -40% and detracted. Lastly, in energy, AlamTri Resources (-18%) also detracted.

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

**CUMULATIVE PERFORMANCE**

February 26, 2019 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Emerging Markets Multifactor ETF<br>| $10000 | $10066<br>| $9660<br>| $11065<br>| $8679<br>| $9960<br>| $12470<br>|
| Fidelity Emerging Markets Multifactor Index℠<br>| $10000 | $10153<br>| $9794<br>| $11353<br>| $8859<br>| $10309<br>| $13163<br>|
| MSCI Emerging Markets Index<br>| $10000 | $9992<br>| $10819<br>| $12656<br>| $8730<br>| $9677<br>| $12127<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118564_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity® Emerging Markets Multifactor ETF - NAV A  | 23.47% | 9.77% | 6.67% |
| Fidelity Emerging Markets Multifactor Index℠ A | 24.21%<br>| 10.79%<br>| 7.63% |
| MSCI Emerging Markets Index A | 27.88%<br>| 7.47%<br>| 6.79% |

---

**A** From February 26, 2019

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $257823534<br>|
| Number of Holdings | 216<br>|
| Total Advisory Fee | $416650<br>|
| Portfolio Turnover | 76%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 23.1 |
| Financials | 18.9 |
| Consumer Discretionary | 18.1 |
| Communication Services | 14.0 |
| Energy | 7.8 |
| Health Care | 7.7 |
| Real Estate | 5.9 |
| Industrials | 3.2 |
| Materials | 1.0 |
| Utilities | 0.0 |

---

Common Stocks 99.2 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3354_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| China | 32.2 |
| Taiwan | 18.4 |
| Korea (South) | 11.6 |
| India | 11.4 |
| Brazil | 2.8 |
| United Arab Emirates | 2.8 |
| Hungary | 2.5 |
| Indonesia | 2.0 |
| Chile | 2.0 |
| Others | 14.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3354_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 32.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 18.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Arab Emirates - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hungary - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 9.8<br>|
| Tencent Holdings Ltd | 5.1<br>|
| Alibaba Group Holding Ltd | 3.9<br>|
| Samsung Electronics Co Ltd | 3.4<br>|
| China Resources Mixc Lifestyle Services Ltd | 2.2<br>|
| Emaar Development PJSC | 2.0<br>|
| SK Hynix Inc | 1.8<br>|
| Fibra Uno Administracion SA de CV | 1.7<br>|
| HDFC Bank Ltd/Gandhinagar | 1.2<br>|
| China Shenhua Energy Co Ltd H Shares | 1.2<br>|
|  | 32.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3354_20251031_2.jpg)<br>| ![](img118564_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914006.101 3354-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Fundamental Developed International ETF<br> **Fidelity® Fundamental Developed International ETF : FFDI** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This annual shareholder report contains information about Fidelity® Fundamental Developed International ETF for the period November 19, 2024 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Fundamental Developed International ETF A | $58  | 0.55% |

---

A Expenses for the full reporting period would be higher.

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

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, from the fund's inception on November 19, 2024, through October 31, picks in developed Europe and the U.K. detracted from the fund's performance versus the MSCI EAFE Index, as did a non-benchmark allocation to Canada.

• By sector, security selection notably detracted, especially in financials, where our stock picks in financial services hurt most. Picks in consumer discretionary and industrials also weighed on the fund's relative result.

• An untimely overweight in Wolters Kluwer (-17%) was the biggest individual relative detractor. We eliminated the position by period end. The second- and third-largest relative detractors were an overweight in London Stock Exchange Group (-11%), a sizable holding this period, and a non-benchmark stake in Constellation Software (-18%).

• In contrast, from a regional standpoint, an underweight in developed Asia ex Japan contributed to the fund's relative result, although stock selection here somewhat offset that positive.

• By sector, our underweight in health care overcame negative stock picking in the sector, particularly in the pharmaceuticals, biotechnology & life sciences industry. Security selection and an underweight in consumer staples also lifted the fund's result, as did stock selection in materials.

• The top individual relative contributor was an overweight in Rheinmetall (+199%). Other notable relative contributors included overweights in CaixaBank (+91%) and UniCredit (+84%). We trimmed both positions this period, although they were among our biggest holdings. A small cash position also significantly contributed to the fund's relative result.

• Notable changes in positioning included higher allocations to Spain, Switzerland and Belgium, and lower allocations to the U.K. and Denmark. By sector, meaningful changes in positioning included decreased exposure to real estate, health care and industrials, and higher allocations to financials and communication services.

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

**CUMULATIVE PERFORMANCE**

November 19, 2024 through October 31, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Fidelity® Fundamental Developed International ETF<br>| $10000 | $12313<br>|
| MSCI EAFE Index<br>| $10000 | $12589<br>|
|  | 2024 | 2025 |

---

![](img118656_1.jpg)

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15134214<br>|
| Number of Holdings | 104<br>|
| Total Advisory Fee | $67328<br>|
| Portfolio Turnover | 41%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.3 |
| Industrials | 25.3 |
| Information Technology | 13.6 |
| Consumer Discretionary | 7.6 |
| Materials | 6.5 |
| Health Care | 6.3 |
| Communication Services | 4.4 |
| Consumer Staples | 3.6 |
| Energy | 3.3 |
| Utilities | 0.7 |
| Real Estate | 0.2 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7727_20251031_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| Japan | 20.1 |
| United Kingdom | 17.2 |
| Germany | 12.4 |
| United States | 10.3 |
| France | 10.2 |
| Spain | 4.5 |
| Italy | 3.7 |
| Canada | 3.6 |
| Sweden | 3.3 |
| Others | 14.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7727_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 20.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 17.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 12.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 14.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 3.0<br>|
| SAP SE | 2.8<br>|
| Schneider Electric SE | 2.7<br>|
| Safran SA | 2.7<br>|
| Air Liquide SA | 2.2<br>|
| Banco Santander SA | 2.1<br>|
| UniCredit SpA | 2.0<br>|
| Mitsubishi Heavy Industries Ltd | 2.0<br>|
| CaixaBank SA | 1.9<br>|
| Advantest Corp | 1.9<br>|
|  | 23.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img7727_20251031_2.jpg)<br>| ![](img118656_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918723.100 7727-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Fundamental Global ex-U.S. ETF<br> **Fidelity® Fundamental Global ex-U.S. ETF : FFGX** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This annual shareholder report contains information about Fidelity® Fundamental Global ex-U.S. ETF for the period November 19, 2024 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Fundamental Global ex-U.S. ETF A | $58  | 0.54% |

---

A Expenses for the full reporting period would be higher.

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

• Global equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) Index, supported by resilient global economic growth, slowing inflation, global monetary easing and corporate earnings growth.

• Against this backdrop, from the fund's inception on November 19, 2024, through October 31, picks in Developed Europe ex U.K., primarily in the Netherlands, and stock selection in Canada detracted from the fund's performance versus the MSCI ACWI (All Country World Index) Index for the reporting period.

• By sector, security selection was the primary detractor, especially in financials, where our stock picks in financial services and banks hurt most. Picks in consumer discretionary, primarily within the distribution & retail and automobile & components industries, also weighed on the fund's relative performance.

• The biggest individual relative detractor was an overweight in Constellation Software (-18%). The stock was among the fund's biggest holdings. A second notable relative detractor was an overweight in Wolters Kluwer (-17%), a stock we sold by period end. It also hurt to overweight London Stock Exchange Group (-8%), which we slightly increased during the reporting period.

• In contrast, from a regional standpoint, an underweight in Asia ex Japan, mainly in Australia, contributed to the fund's relative result.

• The biggest relative contributors were underweights in the pharmaceuticals, biotechnology & life sciences industry within health care, and in the consumer staples sector.

• An overweight in Rheinmetall, which gained about 209%, was the biggest individual relative contributor. The second- and third-largest relative contributors were overweights in CaixaBank (+92%) and Rolls-Royce Holdings (+133%). We increased the fund's positions in CaixaBank and Rolls-Royce this period and both were among the fund's top holdings on October 31.

• Notable changes in positioning included a higher allocation to South Korea, and lower allocations to Canada, Denmark and the Netherlands. By sector, meaningful changes in positioning included decreased exposure to consumer staples, health care and industrials, and higher allocations to information technology, financials and communication services.

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

**CUMULATIVE PERFORMANCE**

November 19, 2024 through October 31, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Fidelity® Fundamental Global ex-U.S. ETF<br>| $10000 | $12392<br>|
| MSCI ACWI (All Country World Index) ex USA Index<br>| $10000 | $12716<br>|
|  | 2024 | 2025 |

---

![](img118657_1.jpg)

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $30526603<br>|
| Number of Holdings | 155<br>|
| Total Advisory Fee | $103077<br>|
| Portfolio Turnover | 49%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.4 |
| Industrials | 19.5 |
| Information Technology | 18.9 |
| Consumer Discretionary | 9.6 |
| Materials | 6.3 |
| Communication Services | 5.9 |
| Energy | 5.3 |
| Health Care | 4.2 |
| Consumer Staples | 3.0 |
| Utilities | 0.8 |
| Real Estate | 0.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7728_20251031_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| Japan | 11.4 |
| United Kingdom | 11.3 |
| China | 10.5 |
| Germany | 8.0 |
| France | 7.3 |
| Taiwan | 7.0 |
| Canada | 6.9 |
| United States | 6.0 |
| India | 5.4 |
| Others | 26.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7728_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 8.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 26.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 6.0<br>|
| Tencent Holdings Ltd | 3.0<br>|
| Hitachi Ltd | 2.2<br>|
| Samsung Electronics Co Ltd | 2.1<br>|
| SAP SE | 1.8<br>|
| Safran SA | 1.8<br>|
| HDFC Bank Ltd/Gandhinagar ADR | 1.8<br>|
| Schneider Electric SE | 1.7<br>|
| SK Hynix Inc | 1.5<br>|
| Constellation Software Inc/Canada | 1.5<br>|
|  | 23.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img7728_20251031_2.jpg)<br>| ![](img118657_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918725.100 7728-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Fundamental Emerging Markets ETF<br> **Fidelity® Fundamental Emerging Markets ETF : FFEM** <br> **Principal U.S. Listing Exchange :** **Cboe BZX Exchange, Inc.**<br>|

---

This annual shareholder report contains information about Fidelity® Fundamental Emerging Markets ETF for the period November 19, 2024 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Fundamental Emerging Markets ETF A | $67  | 0.60% |

---

A Expenses for the full reporting period would be higher.

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

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, from the fund's inception on November 19, 2024, through October 31, stock picking in South Korea, along with positioning in India, Saudi Arabia and South Africa, contributed to the fund's performance versus the MSCI Emerging Markets Index.

• By sector, security selection overall contributed, led by information technology, where our stock picks in technology hardware & equipment helped most. Picks in materials, communication services and the pharmaceuticals, biotechnology & life sciences industry within health care also significantly contributed to the fund's relative performance.

• The top individual relative contributor was an overweight in SK Hynix (+224%). Other notable relative contributors included overweights in Samsung Electronics (+94%) and AngloGold Ashanti (+196%). We trimmed the position in AngloGold Ashanti this period. All three relative contributors were sizable holdings.

• In contrast, from a country standpoint, stock picking and overweights in Brazil and Indonesia detracted from the fund's relative result, as did security selection in the United Arab Emirates.

• By sector, stock selection and an overweight in consumer discretionary detracted from relative performance, especially in the consumer discretionary distribution & retail industry. Stock picking in the capital goods segment within the industrials sector also hurt.

• An overweight in Bank Central Asia (-17%) was the biggest individual relative detractor. We trimmed the position this period. The second- and third-largest relative detractors were untimely positioning in Alibaba Group Holding (+104%) and an overweight in Larsen & Toubro (+8%). We significantly increased the fund's position in Alibaba. All three relative detractors were large fund holdings on October 31. A small cash position also weighed on the fund's relative result.

• Notable changes in positioning included a higher allocation to South Korea and a lower allocation to India and Brazil. By sector, meaningful changes in positioning include decreased exposure to energy and consumer staples, and higher allocations to information technology and communication services.

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

**CUMULATIVE PERFORMANCE**

November 19, 2024 through October 31, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Fidelity® Fundamental Emerging Markets ETF<br>| $10000 | $13433<br>|
| MSCI Emerging Markets Index<br>| $10000 | $13069<br>|
|  | 2024 | 2025 |

---

![](img118658_1.jpg)

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $13253364<br>|
| Number of Holdings | 109<br>|
| Total Advisory Fee | $61969<br>|
| Portfolio Turnover | 52%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 29.7 |
| Financials | 20.6 |
| Consumer Discretionary | 13.0 |
| Communication Services | 10.8 |
| Industrials | 8.3 |
| Materials | 4.9 |
| Energy | 4.4 |
| Consumer Staples | 3.1 |
| Health Care | 3.0 |
| Utilities | 1.0 |
| Real Estate | 0.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7729_20251031_AA.jpg) <br>|

---

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

---

| | |
|:---|:---|
| China | 29.9 |
| Taiwan | 18.2 |
| Korea (South) | 13.1 |
| India | 12.5 |
| Brazil | 4.6 |
| South Africa | 4.2 |
| Mexico | 4.1 |
| United Arab Emirates | 2.4 |
| Saudi Arabia | 2.0 |
| Others | 9.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7729_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 18.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;South Africa - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Arab Emirates - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Saudi Arabia - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 9.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 14.2<br>|
| Tencent Holdings Ltd | 7.8<br>|
| Samsung Electronics Co Ltd | 6.4<br>|
| SK Hynix Inc | 4.1<br>|
| Alibaba Group Holding Ltd | 3.7<br>|
| PDD Holdings Inc Class A ADR | 2.3<br>|
| HDFC Bank Ltd/Gandhinagar ADR | 2.2<br>|
| Reliance Industries Ltd GDR | 1.9<br>|
| Larsen & Toubro Ltd GDR | 1.9<br>|
| Al Rajhi Bank | 1.6<br>|
|  | 46.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img7729_20251031_2.jpg)<br>| ![](img118658_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918727.100 7729-TSRA-1225 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, October 31, 2025, Fidelity Covington Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

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

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Emerging Markets Multifactor ETF, Fidelity Fundamental Developed International ETF, Fidelity Fundamental Emerging Markets ETF, Fidelity Fundamental Global ex-U.S. ETF, Fidelity International High Dividend ETF, Fidelity International Multifactor ETF and Fidelity International Value Factor ETF (the "Fund(s)"):

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

**<u>October 31, 2025 Fees</u><sup>A,B</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Emerging Markets Multifactor ETF | &nbsp;&nbsp;$17500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$2800  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;Fidelity Fundamental Developed International ETF | &nbsp;&nbsp;$14800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$2800  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;Fidelity Fundamental Emerging Markets ETF | &nbsp;&nbsp;$14800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$2800  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;Fidelity Fundamental Global ex US ETF | &nbsp;&nbsp;$14800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$2800  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;Fidelity International High Dividend ETF | &nbsp;&nbsp;$17500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$2800  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;Fidelity International Multifactor ETF | &nbsp;&nbsp;$17500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$2800  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;Fidelity International Value Factor ETF | &nbsp;&nbsp;$17500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$2800  | &nbsp;&nbsp;$200  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Emerging Markets Multifactor ETF | &nbsp;&nbsp;$16500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4600  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Fundamental Developed International ETF | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;Fidelity Fundamental Emerging Markets ETF | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;Fidelity Fundamental Global ex US ETF | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;Fidelity International High  |  |  |  |  |
| &nbsp;&nbsp;Dividend ETF | &nbsp;&nbsp;$16500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$3800  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity International Multifactor ETF | &nbsp;&nbsp;$16500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4100  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity International Value Factor ETF | &nbsp;&nbsp;$16500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4100  | &nbsp;&nbsp;$400  |

---

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

<sup>B</sup> Fidelity Fundamental Developed International ETF, Fidelity Fundamental Emerging Markets ETF, and Fidelity Fundamental Global ex US ETF commenced operations on November 19, 2024.

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>October 31, 2025</u><sup>A,B</sup>** | &nbsp;&nbsp;**<u>October 31, 2024</u><sup>A,B</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp; $125000  | &nbsp;&nbsp; $125000  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$1970400 | &nbsp;&nbsp;$2929500 |

---

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

<sup>B</sup> May include amounts billed prior to the Fidelity Fundamental Developed International ETF, Fidelity Fundamental Emerging Markets ETF, and Fidelity Fundamental Global ex US ETF's commencement of operations.

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

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

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

Assurance services must be performed by an independent public accountant.

\* \* \*

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>October 31, 2025</u><sup>A,B</sup>** | &nbsp;&nbsp;**<u>October 31, 2024</u><sup>A,B</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp;$2453200  | &nbsp;&nbsp;$3367200  |

---

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

<sup>B</sup> May include amounts billed prior to the Fidelity Fundamental Developed International ETF, Fidelity Fundamental Emerging Markets ETF, and Fidelity Fundamental Global ex US ETF's commencement of operations.

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

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

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

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

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

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

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

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

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

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

Item 5.

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

The Audit Committee is a separately-designated standing audit committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. As of October 31, 2025, the members of the Audit Committee were Donald F. Donahue, Vijay C. Advani, Thomass Kennedy, Karen Peetz, and Susan Tomasky.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

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

**Fidelity® Emerging Markets Multifactor ETF**

**Fidelity® International High Dividend ETF**

**Fidelity® International Multifactor ETF**

**Fidelity® International Value Factor ETF**

**Annual Report**

**October 31, 2025**

![](img118389_1.jpg)

![](img118389_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_IHD-IVE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Emerging Markets Multifactor ETF](#Sub_Sec_Fund_3354_IHD-IVE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International High Dividend ETF](#Sub_Sec_Fund_3063_IHD-IVE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Multifactor ETF](#Sub_Sec_Fund_3355_IHD-IVE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Value Factor ETF](#Sub_Sec_Fund_3064_IHD-IVE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3354_IHD-IVE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_IHD-IVE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_IHD-IVE-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IHD-IVE-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IHD-IVE-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IHD-IVE-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IHD-IVE-ANN)** |

---

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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® Emerging Markets Multifactor ETF**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 2.8%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Specialty Retail - 0.8% |  |  |
| Vibra Energia SA  | 458700 | 2027253 |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Petroleo Brasileiro SA - Petrobras  | 478300 | 2642345 |
| Financials - 0.8% |  |  |
| Banks - 0.5% |  |  |
| Itausa SA  | 547027 | 1183414 |
| Insurance - 0.3% |  |  |
| BB Seguridade Participacoes SA  | 144300 | 880246 |
| TOTAL FINANCIALS |  | 2063660 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Vale SA  | 40500 | 490800 |
| TOTAL BRAZIL |  | 7224058 |
| CHILE - 2.0%  |  |  |
| Consumer Discretionary - 1.6% |  |  |
| Broadline Retail - 0.9% |  |  |
| Falabella SA  | 350285 | 2199122 |
| Specialty Retail - 0.7% |  |  |
| Empresas Copec SA  | 257751 | 1843609 |
| TOTAL CONSUMER DISCRETIONARY |  | 4042731 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Banco de Credito e Inversiones SA  | 21700 | 1115903 |
| TOTAL CHILE |  | 5158634 |
| CHINA - 32.2%  |  |  |
| Communication Services - 9.1% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| China Tower Corp Ltd H Shares (b)(c) | 447300 | 646300 |
| Entertainment - 2.0% |  |  |
| Kingsoft Corp Ltd  | 125200 | 545440 |
| NetEase Cloud Music Inc (b)(c)(d) | 15950 | 494166 |
| Netease Inc  | 61100 | 1705913 |
| Tencent Music Entertainment Group Class A ADR  | 78575 | 1753795 |
| XD Inc (c) | 76200 | 661292 |
|  |  | 5160606 |
| Interactive Media & Services - 6.6% |  |  |
| Baidu Inc A Shares (d) | 99350 | 1503250 |
| Bilibili Inc Z Shares (d) | 27460 | 821094 |
| Kuaishou Technology B Shares (b)(c) | 117600 | 1094717 |
| Meitu Inc (b)(c) | 373000 | 413687 |
| Tencent Holdings Ltd  | 162900 | 13183410 |
|  |  | 17016158 |
| Media - 0.3% |  |  |
| China Literature Ltd (b)(c)(d) | 127600 | 685923 |
| TOTAL COMMUNICATION SERVICES |  | 23508987 |
| Consumer Discretionary - 9.7% |  |  |
| Automobile Components - 0.5% |  |  |
| Fuyao Glass Industry Group Co Ltd H Shares (b)(c) | 140000 | 1249196 |
| Automobiles - 0.8% |  |  |
| Geely Automobile Holdings Ltd  | 514000 | 1216850 |
| Guangzhou Automobile Group Company Ltd H Shares  | 2216000 | 929487 |
|  |  | 2146337 |
| Broadline Retail - 4.7% |  |  |
| Alibaba Group Holding Ltd  | 464200 | 9860712 |
| JD.com Inc A Shares  | 128950 | 2117035 |
|  |  | 11977747 |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| Haidilao International Holding Ltd (b)(c)(e) | 525000 | 864620 |
| Tongcheng Travel Holdings Ltd (c) | 374000 | 1029773 |
| TravelSky Technology Ltd H Shares  | 564000 | 743079 |
| Yum China Holdings Inc (Hong Kong)  | 27600 | 1188205 |
|  |  | 3825677 |
| Household Durables - 0.9% |  |  |
| Haier Smart Home Co Ltd H Shares  | 351600 | 1141811 |
| Midea Group Co Ltd H Shares  | 114600 | 1238568 |
|  |  | 2380379 |
| Specialty Retail - 0.5% |  |  |
| Pop Mart International Group Ltd (b)(c) | 43400 | 1237415 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| ANTA Sports Products Ltd  | 105400 | 1098454 |
| Bosideng International Holdings Ltd  | 1606000 | 983577 |
|  |  | 2082031 |
| TOTAL CONSUMER DISCRETIONARY |  | 24898782 |
| Energy - 3.0% |  |  |
| Oil, Gas & Consumable Fuels - 3.0% |  |  |
| China Shenhua Energy Co Ltd H Shares  | 571000 | 2972474 |
| Inner Mongolia Yitai Coal Co Ltd B Shares  | 1005237 | 1961217 |
| PetroChina Co Ltd H Shares  | 2704000 | 2790211 |
|  |  | 7723902 |
| Financials - 4.5% |  |  |
| Banks - 3.6% |  |  |
| Agricultural Bank of China Ltd H Shares  | 1479000 | 1126538 |
| Bank of China Ltd H Shares  | 2574000 | 1457194 |
| Bank of Communications Co Ltd H Shares  | 937000 | 831849 |
| China CITIC Bank Corp Ltd H Shares  | 633000 | 603501 |
| China Construction Bank Corp H Shares  | 2453000 | 2430213 |
| China Everbright Bank Co Ltd H Shares  | 947000 | 388684 |
| Chongqing Rural Commercial Bank Co Ltd H Shares  | 533000 | 438212 |
| Industrial & Commercial Bank of China Ltd H Shares  | 2265000 | 1754368 |
|  |  | 9030559 |
| Consumer Finance - 0.2% |  |  |
| Qfin Holdings Inc Class A ADR  | 24870 | 600611 |
| Insurance - 0.7% |  |  |
| New China Life Insurance Co Ltd H Shares  | 81400 | 514235 |
| People's Insurance Co Group of China Ltd/The H Shares  | 690000 | 619670 |
| PICC Property & Casualty Co Ltd H Shares  | 324000 | 765374 |
|  |  | 1899279 |
| TOTAL FINANCIALS |  | 11530449 |
| Health Care - 1.7% |  |  |
| Biotechnology - 0.8% |  |  |
| 3SBio Inc (b)(c) | 534500 | 2118139 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Wuxi Apptec Co Ltd H Shares (b)(c) | 166800 | 2330676 |
| TOTAL HEALTH CARE |  | 4448815 |
| Industrials - 0.6% |  |  |
| Construction & Engineering - 0.3% |  |  |
| China Communications Services Corp Ltd H Shares  | 928000 | 556404 |
| Machinery - 0.1% |  |  |
| Yangzijiang Shipbuildling (Holdings) Ltd  | 141400 | 382440 |
| Transportation Infrastructure - 0.2% |  |  |
| China Merchants Port Holdings Co Ltd  | 280000 | 541829 |
| TOTAL INDUSTRIALS |  | 1480673 |
| Information Technology - 1.3% |  |  |
| Communications Equipment - 0.1% |  |  |
| ZTE Corp H Shares (e) | 90400 | 382666 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Kingboard Holdings Ltd  | 70500 | 252531 |
| Technology Hardware, Storage & Peripherals - 1.1% |  |  |
| Lenovo Group Ltd  | 306000 | 447256 |
| Xiaomi Corp B Shares (b)(c)(d) | 387600 | 2154386 |
|  |  | 2601642 |
| TOTAL INFORMATION TECHNOLOGY |  | 3236839 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| China Hongqiao Group Ltd  | 138000 | 524145 |
| Real Estate - 2.2% |  |  |
| Real Estate Management & Development - 2.2% |  |  |
| China Resources Mixc Lifestyle Services Ltd (b)(c) | 1089200 | 5692507 |
| TOTAL CHINA |  | 83045099 |
| CZECH REPUBLIC - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Moneta Money Bank AS (b)(c) | 121476 | 1030063 |
| EGYPT - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Commercial International Bank - Egypt (CIB)  | 472469 | 1055054 |
| GREECE - 1.6%  |  |  |
| Consumer Discretionary - 1.2% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| OPAP SA  | 73734 | 1527613 |
| Specialty Retail - 0.6% |  |  |
| JUMBO SA  | 48702 | 1548075 |
| TOTAL CONSUMER DISCRETIONARY |  | 3075688 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Optima bank SA  | 102147 | 947900 |
| TOTAL GREECE |  | 4023588 |
| HONG KONG - 0.9%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Damai Entertainment Holdings Ltd (d) | 3570000 | 422583 |
| Health Care - 0.7% |  |  |
| Pharmaceuticals - 0.7% |  |  |
| United Laboratories International Holdings Ltd/The (e) | 1122000 | 1814614 |
| TOTAL HONG KONG |  | 2237197 |
| HUNGARY - 2.5%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| Magyar Telekom Telecommunications PLC  | 320493 | 1682528 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| MOL Hungarian Oil & Gas PLC Class A  | 189161 | 1666359 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| OTP Bank Nyrt  | 15033 | 1435690 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Richter Gedeon Nyrt  | 51440 | 1587541 |
| TOTAL HUNGARY |  | 6372118 |
| INDIA - 11.4%  |  |  |
| Consumer Discretionary - 2.9% |  |  |
| Automobile Components - 0.5% |  |  |
| Bosch Ltd  | 3061 | 1284278 |
| Automobiles - 2.4% |  |  |
| Eicher Motors Ltd  | 24581 | 1940257 |
| Hero MotoCorp Ltd  | 30253 | 1889380 |
| Maruti Suzuki India Ltd  | 12444 | 2268962 |
|  |  | 6098599 |
| TOTAL CONSUMER DISCRETIONARY |  | 7382877 |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Coal India Ltd  | 526859 | 2306645 |
| Financials - 3.6% |  |  |
| Banks - 2.7% |  |  |
| Bank of Baroda  | 155875 | 488847 |
| Federal Bank Ltd  | 195454 | 520961 |
| HDFC Bank Ltd/Gandhinagar  | 270122 | 3004255 |
| ICICI Bank Ltd  | 132651 | 2010284 |
| State Bank of India  | 79078 | 834686 |
|  |  | 6859033 |
| Capital Markets - 0.5% |  |  |
| HDFC Asset Management Co Ltd (b)(c) | 7856 | 476026 |
| Multi Commodity Exchange of India Ltd  | 4731 | 492903 |
| Nippon Life India Asset Management Ltd (b)(c) | 43493 | 428603 |
|  |  | 1397532 |
| Financial Services - 0.2% |  |  |
| One 97 Communications Ltd (d) | 37224 | 546464 |
| Insurance - 0.2% |  |  |
| HDFC Life Insurance Co Ltd (b)(c) | 62991 | 519312 |
| TOTAL FINANCIALS |  | 9322341 |
| Health Care - 1.8% |  |  |
| Life Sciences Tools & Services - 0.9% |  |  |
| Divi's Laboratories Ltd  | 30940 | 2348437 |
| Pharmaceuticals - 0.9% |  |  |
| Cipla Ltd/India  | 131817 | 2229290 |
| TOTAL HEALTH CARE |  | 4577727 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Bharat Electronics Ltd  | 125898 | 604308 |
| Hindustan Aeronautics Ltd (c) | 9230 | 486582 |
|  |  | 1090890 |
| Electrical Equipment - 0.1% |  |  |
| Hitachi Energy India Ltd  | 1715 | 343459 |
| Professional Services - 0.2% |  |  |
| Computer Age Management Services Ltd  | 9049 | 401761 |
| TOTAL INDUSTRIALS |  | 1836110 |
| Information Technology - 1.3% |  |  |
| IT Services - 1.2% |  |  |
| HCL Technologies Ltd  | 29765 | 516865 |
| Infosys Ltd  | 83532 | 1394815 |
| Tata Consultancy Services Ltd  | 24934 | 858929 |
| Wipro Ltd  | 105317 | 285527 |
|  |  | 3056136 |
| Software - 0.1% |  |  |
| Oracle Financial Services Software Ltd  | 1822 | 174768 |
| TOTAL INFORMATION TECHNOLOGY |  | 3230904 |
| Materials - 0.2% |  |  |
| Chemicals - 0.0% |  |  |
| Coromandel International Ltd  | 7590 | 181655 |
| Metals & Mining - 0.2% |  |  |
| NMDC Ltd  | 276367 | 235953 |
| Vedanta Ltd  | 53596 | 297983 |
|  |  | 533936 |
| TOTAL MATERIALS |  | 715591 |
| TOTAL INDIA |  | 29372195 |
| INDONESIA - 2.0%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Telkom Indonesia Persero Tbk PT  | 6551000 | 1264505 |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| United Tractors Tbk PT  | 1409400 | 2279787 |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| Kalbe Farma Tbk PT  | 17076600 | 1309240 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.1% |  |  |
| Astra International Tbk PT  | 938600 | 347107 |
| TOTAL INDONESIA |  | 5200639 |
| KOREA (SOUTH) - 11.6%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| LG Uplus Corp  | 94414 | 1009910 |
| Entertainment - 0.3% |  |  |
| Krafton Inc (d) | 4710 | 912413 |
| TOTAL COMMUNICATION SERVICES |  | 1922323 |
| Consumer Discretionary - 1.5% |  |  |
| Automobile Components - 0.9% |  |  |
| Hankook Tire & Technology Co Ltd  | 29586 | 962492 |
| Hyundai Mobis Co Ltd  | 5764 | 1278417 |
|  |  | 2240909 |
| Automobiles - 0.6% |  |  |
| Kia Corp  | 18432 | 1551147 |
| TOTAL CONSUMER DISCRETIONARY |  | 3792056 |
| Financials - 1.2% |  |  |
| Banks - 0.8% |  |  |
| BNK Financial Group Inc  | 91565 | 887533 |
| Woori Financial Group Inc  | 64464 | 1149245 |
|  |  | 2036778 |
| Insurance - 0.4% |  |  |
| DB Insurance Co Ltd  | 10670 | 949609 |
| TOTAL FINANCIALS |  | 2986387 |
| Health Care - 1.6% |  |  |
| Biotechnology - 0.7% |  |  |
| PharmaResearch Co Ltd  | 4609 | 1750110 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Samsung Biologics Co Ltd (b)(c)(d)(f) | 2797 | 2397008 |
| TOTAL HEALTH CARE |  | 4147118 |
| Industrials - 1.0% |  |  |
| Air Freight & Logistics - 0.3% |  |  |
| Hyundai Glovis Co Ltd  | 4973 | 658994 |
| Construction & Engineering - 0.1% |  |  |
| Samsung E&A Co Ltd  | 26567 | 483884 |
| Industrial Conglomerates - 0.4% |  |  |
| GS Holdings Corp  | 13780 | 463766 |
| LG Corp  | 9385 | 528946 |
|  |  | 992712 |
| Machinery - 0.2% |  |  |
| Doosan Bobcat Inc  | 12579 | 532384 |
| TOTAL INDUSTRIALS |  | 2667974 |
| Information Technology - 5.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Hanwha Vision Co Ltd (d) | 1296 | 45845 |
| LG Display Co Ltd (d) | 11136 | 114897 |
| LG Innotek Co Ltd  | 528 | 89313 |
| Samsung Electro-Mechanics Co Ltd  | 1448 | 248998 |
|  |  | 499053 |
| IT Services - 0.1% |  |  |
| Samsung SDS Co Ltd  | 1033 | 132682 |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| Hanmi Semiconductor Co Ltd  | 1302 | 131319 |
| LEENO Industrial Inc  | 1691 | 68483 |
| SK Hynix Inc  | 11518 | 4519082 |
|  |  | 4718884 |
| Technology Hardware, Storage & Peripherals - 3.4% |  |  |
| Samsung Electronics Co Ltd  | 115586 | 8721176 |
| TOTAL INFORMATION TECHNOLOGY |  | 14071795 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Kumho Petrochemical Co Ltd  | 2375 | 193367 |
| Metals & Mining - 0.1% |  |  |
| Hyundai Steel Co  | 8380 | 194097 |
| TOTAL MATERIALS |  | 387464 |
| TOTAL KOREA (SOUTH) |  | 29975117 |
| MALAYSIA - 1.7%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Telekom Malaysia Bhd  | 644100 | 1122715 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| RHB Bank Bhd  | 692100 | 1118796 |
| Health Care - 0.8% |  |  |
| Health Care Providers & Services - 0.8% |  |  |
| IHH Healthcare Bhd  | 1003800 | 1977400 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Petronas Chemicals Group Bhd  | 240400 | 223868 |
| TOTAL MALAYSIA |  | 4442779 |
| MEXICO - 2.0%  |  |  |
| Industrials - 0.3% |  |  |
| Transportation Infrastructure - 0.3% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Series B  | 21700 | 267794 |
| Grupo Aeroportuario del Sureste SAB de CV Series B  | 10145 | 307328 |
| Promotora y Operadora de Infraestructura SAB de CV  | 23020 | 298566 |
|  |  | 873688 |
| Real Estate - 1.7% |  |  |
| Diversified REITs - 1.7% |  |  |
| Fibra Uno Administracion SA de CV  | 2943400 | 4277502 |
| TOTAL MEXICO |  | 5151190 |
| POLAND - 0.7%  |  |  |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| Powszechny Zaklad Ubezpieczen SA  | 60222 | 963878 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Asseco Poland SA  | 15266 | 888655 |
| TOTAL POLAND |  | 1852533 |
| QATAR - 0.7%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Ooredoo QPSC  | 440821 | 1640518 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Mesaieed Petrochemical Holding Co  | 603461 | 207175 |
| TOTAL QATAR |  | 1847693 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gazprom PJSC (d)(f) | 14450 | 0 |
| Surgutneftegas PAO (d)(f) | 56600 | 0 |
|  |  | 0 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC (d)(f) | 38410 | 0 |
| VTB Bank PJSC (d)(f) | 18380 | 0 |
|  |  | 0 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| GMK Norilskiy Nickel PAO (d)(f) | 18800 | 0 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Inter RAO UES PJSC (d)(f) | 7348600 | 1 |
| TOTAL RUSSIA |  | 1 |
| SAUDI ARABIA - 1.2%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Al Rajhi Bank  | 57704 | 1626418 |
| Riyad Bank  | 86572 | 627449 |
| Saudi Investment Bank/The  | 122226 | 448144 |
|  |  | 2702011 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| SABIC Agri-Nutrients Co  | 8310 | 271671 |
| Saudi Aramco Base Oil Co  | 8190 | 210638 |
|  |  | 482309 |
| TOTAL SAUDI ARABIA |  | 3184320 |
| SINGAPORE - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Capital Markets - 0.4% |  |  |
| Yangzijiang Financial Holding Ltd  | 1306200 | 1063869 |
| SOUTH AFRICA - 1.6%  |  |  |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Exxaro Resources Ltd  | 182145 | 1858494 |
| Financials - 0.9% |  |  |
| Banks - 0.5% |  |  |
| Standard Bank Group Ltd  | 94531 | 1388364 |
| Insurance - 0.4% |  |  |
| Momentum Group Ltd  | 479749 | 924483 |
| TOTAL FINANCIALS |  | 2312847 |
| TOTAL SOUTH AFRICA |  | 4171341 |
| TAIWAN - 18.4%  |  |  |
| Communication Services - 1.3% |  |  |
| Entertainment - 0.4% |  |  |
| International Games System Co Ltd  | 42000 | 983702 |
| Wireless Telecommunication Services - 0.9% |  |  |
| Far EasTone Telecommunications Co Ltd  | 390000 | 1173514 |
| Taiwan Mobile Co Ltd  | 312000 | 1111350 |
|  |  | 2284864 |
| TOTAL COMMUNICATION SERVICES |  | 3268566 |
| Consumer Discretionary - 0.4% |  |  |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Pou Chen Corp  | 1014000 | 966468 |
| Financials - 1.8% |  |  |
| Banks - 1.8% |  |  |
| Chang Hwa Commercial Bank Ltd  | 1346000 | 866946 |
| CTBC Financial Holding Co Ltd  | 940000 | 1279693 |
| Shanghai Commercial & Savings Bank Ltd/The  | 605000 | 779350 |
| Taichung Commercial Bank Co Ltd  | 1128328 | 785473 |
| Taichung Commercial Bank Co Ltd rights 12/8/2025 (d) | 14290 | 1162 |
| Union Bank Of Taiwan  | 1361000 | 821266 |
|  |  | 4533890 |
| Financial Services - 0.0% |  |  |
| Yuanta Financial Holding Co Ltd  | 14779 | 16586 |
| TOTAL FINANCIALS |  | 4550476 |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.2% |  |  |
| Far Eastern New Century Corp  | 827000 | 712908 |
| Information Technology - 14.7% |  |  |
| Communications Equipment - 0.3% |  |  |
| Accton Technology Corp  | 17000 | 597248 |
| WNC Corp /Taiwan  | 56000 | 228620 |
|  |  | 825868 |
| Electronic Equipment, Instruments & Components - 1.3% |  |  |
| Chroma ATE Inc  | 23000 | 612765 |
| Elite Material Co Ltd  | 11000 | 486647 |
| Foxconn Technology Co Ltd  | 114000 | 265151 |
| Largan Precision Co Ltd  | 4000 | 288214 |
| Lotes Co Ltd  | 6000 | 269347 |
| Simplo Technology Co Ltd  | 16000 | 182427 |
| Synnex Technology International Corp  | 117000 | 216180 |
| Tripod Technology Corp  | 32000 | 355486 |
| WT Microelectronics Co Ltd  | 54000 | 251195 |
| Zhen Ding Technology Holding Ltd  | 59000 | 312840 |
|  |  | 3240252 |
| Semiconductors & Semiconductor Equipment - 11.9% |  |  |
| ASE Technology Holding Co Ltd  | 113000 | 909779 |
| Jentech Precision Industrial Co Ltd  | 6000 | 415731 |
| MediaTek Inc  | 38000 | 1619337 |
| Novatek Microelectronics Corp  | 27000 | 345174 |
| Phison Electronics Corp  | 14000 | 485020 |
| Powertech Technology Inc  | 62000 | 348915 |
| Radiant Opto-Electronics Corp  | 51000 | 218991 |
| Realtek Semiconductor Corp  | 23000 | 385316 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 514000 | 25080512 |
| Topco Scientific Co Ltd  | 26000 | 289255 |
| United Microelectronics Corp  | 391000 | 590169 |
|  |  | 30688199 |
| Technology Hardware, Storage & Peripherals - 1.2% |  |  |
| Advantech Co Ltd  | 30000 | 305943 |
| Asustek Computer Inc  | 25000 | 566833 |
| Catcher Technology Co Ltd  | 41000 | 264744 |
| Chicony Electronics Co Ltd  | 57000 | 241046 |
| Compal Electronics Inc  | 286000 | 307482 |
| Getac Holdings Corp  | 56000 | 251391 |
| King Slide Works Co Ltd  | 3000 | 401093 |
| Lite-On Technology Corp  | 95000 | 554715 |
| Pegatron Corp  | 118000 | 284818 |
|  |  | 3178065 |
| TOTAL INFORMATION TECHNOLOGY |  | 37932384 |
| TOTAL TAIWAN |  | 47430802 |
| THAILAND - 1.7%  |  |  |
| Communication Services - 0.5% |  |  |
| Wireless Telecommunication Services - 0.5% |  |  |
| Advanced Info Service PCL depository receipt  | 132000 | 1232844 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| PTT Exploration & Production PCL depository receipt  | 558300 | 1847475 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Krung Thai Bank PCL depository receipt  | 1464200 | 1233940 |
| TOTAL THAILAND |  | 4314259 |
| TURKEY - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Construction & Engineering - 0.2% |  |  |
| Enka Insaat ve Sanayi AS  | 232336 | 429333 |
| UNITED ARAB EMIRATES - 2.8%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Abu Dhabi Islamic Bank PJSC  | 154258 | 887006 |
| Dubai Islamic Bank PJSC  | 359917 | 930917 |
|  |  | 1817923 |
| Industrials - 0.1% |  |  |
| Transportation Infrastructure - 0.1% |  |  |
| Salik Co PJSC  | 230887 | 375911 |
| Real Estate - 2.0% |  |  |
| Real Estate Management & Development - 2.0% |  |  |
| Emaar Development PJSC  | 1209743 | 4907546 |
| TOTAL UNITED ARAB EMIRATES |  | 7101380 |
| UNITED STATES - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| GCC SAB de CV  | 20600 | 198098 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $221,469,933) |  | <br> **255881360** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.5%** |
|  | Shares | Value ($)<br>|
| COLOMBIA - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Grupo Cibest SA  | 87748 | 1279649 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Transneft PJSC (d)(f) | 1200 | 0 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $1,117,665) |  | <br> **1279649** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (g) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (h)<br>(Cost $27,962)<br>| 4.15 | 28000 | **27970** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.18 | 497931 | 498031 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.18 | 3262193 | 3262519 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $3,760,550) |  |  | **3760550** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.2%**<br> (Cost $226,376,110)<br>| <br>**260949529** |
| **NET OTHER ASSETS (LIABILITIES) - (1.2)%**  | **(3125995)** |
| **NET ASSETS - 100.0%** | **257823534** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI Emerging Markets Index Contracts (United States) | 7 | 12/19/2025 | 492660 | 21681 | 21681 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% |

---

**Legend**

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

(b) Security 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 $23,832,744 or 9.2% of net assets.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $26,010,391 or 10.1% of net assets.

(d) Non-income producing.

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

(f) Level 3 security.

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

(h) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $27,970.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 288455 | 69712086 | 69502901 | 23275 | 391 | - | 498031 | 497931 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 17986527 | 14724008 | 12532 | - | - | 3262519 | 3262193 | 0.0% |
| Total | 288455 | 87698613 | 84226909 | 35807 | 391 | - | 3760550 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 36065569 | 36065569 | - | - |
| Consumer Discretionary | 46185855 | 46185855 | - | - |
| Energy | 20325007 | 20325007 | - | - |
| Financials | 47251187 | 47250025 | 1162 | - |
| Health Care | 19862455 | 17465447 | - | 2397008 |
| Industrials | 8723704 | 8723704 | - | - |
| Information Technology | 59360577 | 59360577 | - | - |
| Materials | 3229450 | 3229450 | - | - |
| Real Estate | 14877555 | 14877555 | - | - |
| Utilities | 1 | - | - | 1 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Energy | - | - | - | - |
| Financials | 1279649 | 1279649 | - | - |
|  **U.S. Treasury Obligations** | 27970 | - | 27970 | - |
|  **Money Market Funds** | 3760550 | 3760550 | - | - |
| **Total Investments in Securities:** | 260949529 | 258523388 | 29132 | 2397009 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 21681 | 21681 | - | - |
| Total Assets | 21681 | 21681 | - | - |
| **Total Derivative Instruments:** | 21681 | 21681 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 21681 | - |
| **Total Equity Risk**  | 21681 | - |
| **Total Value of Derivatives** | 21681 | - |

---

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

**Fidelity® Emerging Markets Multifactor ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,066,445) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $222,615,560) | $257188979 |  |
| Fidelity Central Funds (cost $3,760,550) | 3760550 |  |
| Total Investment in Securities (cost $226,376,110) |  | $260949529 |
| Segregated cash with brokers for derivative instruments |  | 4334 |
| Cash |  | 16665 |
| Foreign currency held at value (cost $247,648) |  | 239532 |
| Dividends receivable |  | 234319 |
| Interest receivable |  | 2 |
| Distributions receivable from Fidelity Central Funds |  | 6697 |
| Other receivables |  | 198089 |
| **Total assets** |  | 261649167 |
| **Liabilities** |  |  |
| Accrued management fee | $52403 |  |
| Payable for daily variation margin on futures contracts | 1155 |  |
| Deferred taxes | 509556 |  |
| Collateral on securities loaned | 3262519 |  |
| **Total liabilities** |  | 3825633 |
| **Net Assets**  |  | $257823534 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $227308582 |
| Total accumulated earnings (loss) |  | 30514952 |
| **Net Assets** |  | $257823534 |
| **Net Asset Value**, offering price and redemption price per share ($257,823,534 ÷ 8,400,000 shares) |  | $30.69 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $6798601 |
| Non-Cash dividends |  | 741323 |
| Interest  |  | 694 |
| Income from Fidelity Central Funds (including $12,532 from security lending)  |  | 35807 |
| Income before foreign taxes withheld |  | $7576425 |
| Less foreign taxes withheld |  | (802220) |
| **Total income** |  | 6774205 |
| **Expenses** |  |  |
| Management fee | $416650 |  |
| Independent trustees' fees and expenses | 563 |  |
| Interest | 3540 |  |
| Miscellaneous | 254 |  |
| Total expenses before reductions | 421007 |  |
| Expense reductions | (388) |  |
| Total expenses after reductions |  | 420619 |
| **Net Investment income (loss)** |  | 6353586 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (678096) |  |
| Redemptions in-kind | 7093900 |  |
| Fidelity Central Funds | 391 |  |
| Foreign currency transactions | (133219) |  |
| Futures contracts | 81805 |  |
| Total net realized gain (loss) |  | 6364781 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $315,660)  | 29375851 |  |
| Assets and liabilities in foreign currencies | 3343 |  |
| Futures contracts | 25944 |  |
| Total change in net unrealized appreciation (depreciation) |  | 29405138 |
| **Net gain (loss)** |  | 35769919 |
| **Net increase (decrease) in net assets resulting from operations** |  | $42123505 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6353586 | $2205959 |
| &nbsp;&nbsp;Net realized gain (loss) | 6364781<br>| 956060<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 29405138 | 5453026<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 42123505<br>| 8615045<br>|
| Distributions to shareholders | (6716600)<br>| (2073600)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 141570287 | 71285228 |
| &nbsp;&nbsp;Cost of shares redeemed | (22623061) | - |
| **Net increase (decrease) in net assets resulting from share transactions** | 118947226<br>| 71285228<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 154354131<br>| 77826673<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 103469403 | 25642730<br>|
| &nbsp;&nbsp;End of period | $257823534 | $103469403 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 5200000 | 2800000 |
| &nbsp;&nbsp;Redeemed | (800000) | - |
| &nbsp;&nbsp;Net increase (decrease) | 4400000 | 2800000 |

---

**Financial Highlights** 

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

---

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

---

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

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

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

D*Based on net asset value.*

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

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

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

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

**Fidelity® International High Dividend ETF**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 11.1%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Wesfarmers Ltd  | 11412 | 627553 |
| Financials - 3.4% |  |  |
| Banks - 3.4% |  |  |
| ANZ Group Holdings Ltd  | 72399 | 1737064 |
| Commonwealth Bank of Australia  | 22092 | 2482348 |
| National Australia Bank Ltd  | 61412 | 1753671 |
|  |  | 5973083 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| Brambles Ltd  | 25156 | 409403 |
| Materials - 4.8% |  |  |
| Metals & Mining - 4.8% |  |  |
| Fortescue Ltd  | 305354 | 4255871 |
| Rio Tinto PLC  | 59402 | 4281566 |
|  |  | 8537437 |
| Utilities - 2.4% |  |  |
| Electric Utilities - 2.4% |  |  |
| Origin Energy Ltd  | 551862 | 4425637 |
| TOTAL AUSTRALIA |  | 19973113 |
| CANADA - 13.2%  |  |  |
| Financials - 5.7% |  |  |
| Banks - 5.7% |  |  |
| Bank of Montreal  | 17485 | 2174222 |
| Bank of Nova Scotia/The  | 32760 | 2150799 |
| Royal Bank of Canada  | 20575 | 3017198 |
| Toronto Dominion Bank  | 33714 | 2770941 |
|  |  | 10113160 |
| Industrials - 0.7% |  |  |
| Ground Transportation - 0.7% |  |  |
| Canadian National Railway Co  | 6499 | 623809 |
| Canadian Pacific Kansas City Ltd  | 9573 | 689578 |
|  |  | 1313387 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Constellation Software Inc/Canada  | 109 | 287141 |
| Open Text Corp  | 8463 | 325014 |
|  |  | 612155 |
| Materials - 2.2% |  |  |
| Chemicals - 2.2% |  |  |
| Nutrien Ltd  | 74381 | 4055215 |
| Real Estate - 1.4% |  |  |
| Real Estate Management & Development - 1.4% |  |  |
| FirstService Corp Subordinate Voting Shares  | 16023 | 2553114 |
| Utilities - 2.9% |  |  |
| Independent Power and Renewable Electricity Producers - 2.9% |  |  |
| Brookfield Renewable Corp Class A  | 119676 | 5186259 |
| TOTAL CANADA |  | 23833290 |
| CHINA - 1.4%  |  |  |
| Consumer Staples - 1.4% |  |  |
| Food Products - 1.4% |  |  |
| Wilmar International Ltd  | 1086000 | 2611841 |
| DENMARK - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Novo Nordisk A/S Series B  | 11422 | 557810 |
| FINLAND - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| Nokia Oyj  | 32248 | 218262 |
| FRANCE - 9.0%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| Kering SA  | 1533 | 542848 |
| LVMH Moet Hennessy Louis Vuitton SE  | 1188 | 839306 |
|  |  | 1382154 |
| Consumer Staples - 1.5% |  |  |
| Consumer Staples Distribution & Retail - 1.5% |  |  |
| Carrefour SA  | 175022 | 2636236 |
| Financials - 2.3% |  |  |
| Banks - 1.2% |  |  |
| BNP Paribas SA  | 27557 | 2132930 |
| Insurance - 1.1% |  |  |
| AXA SA  | 48849 | 2121636 |
| TOTAL FINANCIALS |  | 4254566 |
| Industrials - 1.8% |  |  |
| Construction & Engineering - 1.8% |  |  |
| Bouygues SA  | 23399 | 1056789 |
| Eiffage SA  | 8298 | 1021925 |
| Vinci SA  | 9039 | 1209163 |
|  |  | 3287877 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Capgemini SE  | 870 | 134054 |
| Real Estate - 2.6% |  |  |
| Retail REITs - 2.6% |  |  |
| Klepierre SA  | 122381 | 4681096 |
| TOTAL FRANCE |  | 16375983 |
| GERMANY - 5.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Automobiles - 0.6% |  |  |
| Bayerische Motoren Werke AG  | 5211 | 485493 |
| Mercedes-Benz Group AG  | 7913 | 513377 |
|  |  | 998870 |
| Financials - 1.6% |  |  |
| Insurance - 1.6% |  |  |
| Allianz SE  | 7184 | 2887195 |
| Industrials - 1.1% |  |  |
| Air Freight & Logistics - 0.3% |  |  |
| Deutsche Post AG  | 13300 | 610964 |
| Industrial Conglomerates - 0.8% |  |  |
| Siemens AG  | 5072 | 1437475 |
| TOTAL INDUSTRIALS |  | 2048439 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| SAP SE  | 2359 | 611123 |
| Materials - 2.0% |  |  |
| Chemicals - 2.0% |  |  |
| BASF SE  | 73815 | 3645591 |
| TOTAL GERMANY |  | 10191218 |
| HONG KONG - 3.5%  |  |  |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| Hang Seng Bank Ltd  | 115900 | 2260678 |
| Real Estate - 2.3% |  |  |
| Retail REITs - 2.3% |  |  |
| Link REIT  | 787500 | 4101541 |
| TOTAL HONG KONG |  | 6362219 |
| INDONESIA - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Industrial Conglomerates - 0.3% |  |  |
| Jardine Matheson Holdings Ltd (Singapore)  | 9300 | 546375 |
| ITALY - 5.2%  |  |  |
| Financials - 1.9% |  |  |
| Banks - 1.9% |  |  |
| Intesa Sanpaolo SpA  | 536050 | 3449921 |
| Utilities - 3.3% |  |  |
| Electric Utilities - 3.3% |  |  |
| Enel SpA  | 594146 | 6015516 |
| TOTAL ITALY |  | 9465437 |
| JAPAN - 16.5%  |  |  |
| Consumer Discretionary - 1.1% |  |  |
| Automobiles - 1.1% |  |  |
| Honda Motor Co Ltd  | 53200 | 538717 |
| Mazda Motor Corp  | 58700 | 408467 |
| Toyota Motor Corp  | 54535 | 1110842 |
|  |  | 2058026 |
| Consumer Staples - 2.5% |  |  |
| Tobacco - 2.5% |  |  |
| Japan Tobacco Inc  | 126500 | 4405391 |
| Financials - 4.1% |  |  |
| Capital Markets - 1.2% |  |  |
| Daiwa Securities Group Inc  | 280300 | 2164272 |
| Financial Services - 1.3% |  |  |
| ORIX Corp  | 98000 | 2391873 |
| Insurance - 1.6% |  |  |
| Tokio Marine Holdings Inc  | 71300 | 2676035 |
| TOTAL FINANCIALS |  | 7232180 |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| Astellas Pharma Inc  | 42800 | 448266 |
| Takeda Pharmaceutical Co Ltd  | 17700 | 477155 |
|  |  | 925421 |
| Industrials - 3.9% |  |  |
| Building Products - 0.5% |  |  |
| Agc Inc  | 31300 | 979300 |
| Trading Companies & Distributors - 3.4% |  |  |
| Marubeni Corp  | 64000 | 1578657 |
| Mitsubishi Corp  | 70800 | 1705947 |
| Mitsui & Co Ltd  | 58500 | 1443751 |
| Sumitomo Corp  | 42900 | 1249224 |
|  |  | 5977579 |
| TOTAL INDUSTRIALS |  | 6956879 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Kyocera Corp  | 34200 | 455097 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Brother Industries Ltd  | 19900 | 339665 |
| Canon Inc  | 12300 | 353938 |
|  |  | 693603 |
| TOTAL INFORMATION TECHNOLOGY |  | 1148700 |
| Materials - 1.7% |  |  |
| Metals & Mining - 1.7% |  |  |
| Nippon Steel Corp  | 768700 | 3174995 |
| Real Estate - 2.1% |  |  |
| Hotel & Resort REITs - 2.1% |  |  |
| Invincible Investment Corp  | 8690 | 3886541 |
| TOTAL JAPAN |  | 29788133 |
| NETHERLANDS - 3.8%  |  |  |
| Financials - 2.9% |  |  |
| Banks - 2.9% |  |  |
| ABN AMRO Bank NV depository receipt (b)(c) | 87079 | 2604126 |
| ING Groep NV  | 107995 | 2707351 |
|  |  | 5311477 |
| Industrials - 0.4% |  |  |
| Professional Services - 0.4% |  |  |
| Randstad NV  | 16903 | 663126 |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| ASML Holding NV  | 920 | 974897 |
| TOTAL NETHERLANDS |  | 6949500 |
| NORWAY - 1.5%  |  |  |
| Consumer Staples - 1.5% |  |  |
| Food Products - 1.5% |  |  |
| Orkla ASA  | 273927 | 2780710 |
| SINGAPORE - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Oversea-Chinese Banking Corp Ltd  | 137800 | 1803169 |
| SPAIN - 2.0%  |  |  |
| Financials - 1.5% |  |  |
| Banks - 1.5% |  |  |
| CaixaBank SA  | 254616 | 2692508 |
| Industrials - 0.5% |  |  |
| Transportation Infrastructure - 0.5% |  |  |
| Aena SME SA (b)(c) | 35592 | 967441 |
| TOTAL SPAIN |  | 3659949 |
| SWEDEN - 4.1%  |  |  |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| Svenska Handelsbanken AB A Shares  | 173114 | 2274144 |
| Industrials - 0.6% |  |  |
| Machinery - 0.6% |  |  |
| Volvo AB B Shares  | 46422 | 1281281 |
| Materials - 2.2% |  |  |
| Metals & Mining - 2.2% |  |  |
| SSAB AB B Shares  | 631928 | 3934364 |
| TOTAL SWEDEN |  | 7489789 |
| SWITZERLAND - 1.7%  |  |  |
| Financials - 1.1% |  |  |
| Insurance - 1.1% |  |  |
| Zurich Insurance Group AG  | 2991 | 2082802 |
| Industrials - 0.6% |  |  |
| Professional Services - 0.6% |  |  |
| Adecco Group AG  | 36520 | 1019966 |
| TOTAL SWITZERLAND |  | 3102768 |
| UNITED KINGDOM - 13.5%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Household Durables - 0.2% |  |  |
| Taylor Wimpey PLC  | 319720 | 441907 |
| Consumer Staples - 4.3% |  |  |
| Tobacco - 4.3% |  |  |
| British American Tobacco PLC  | 81664 | 4188767 |
| Imperial Brands PLC  | 84961 | 3376687 |
|  |  | 7565454 |
| Financials - 4.1% |  |  |
| Banks - 2.1% |  |  |
| HSBC Holdings PLC  | 274119 | 3829848 |
| Financial Services - 1.1% |  |  |
| M&G PLC  | 563741 | 1950187 |
| Insurance - 0.9% |  |  |
| Legal & General Group PLC  | 529131 | 1653183 |
| TOTAL FINANCIALS |  | 7433218 |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| Astrazeneca PLC  | 5986 | 980729 |
| Industrials - 1.4% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| BAE Systems PLC  | 68957 | 1695110 |
| Industrial Conglomerates - 0.5% |  |  |
| DCC PLC  | 12942 | 851893 |
| TOTAL INDUSTRIALS |  | 2547003 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Spectris PLC  | 3003 | 162002 |
| Utilities - 2.9% |  |  |
| Multi-Utilities - 2.9% |  |  |
| National Grid PLC  | 349545 | 5235447 |
| TOTAL UNITED KINGDOM |  | 24365760 |
| UNITED STATES - 5.6%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Stellantis NV (Italy)  | 32162 | 325851 |
| Consumer Staples - 2.6% |  |  |
| Food Products - 2.6% |  |  |
| Nestle SA  | 48317 | 4627358 |
| Financials - 1.0% |  |  |
| Insurance - 1.0% |  |  |
| Swiss Re AG  | 9719 | 1774906 |
| Health Care - 1.9% |  |  |
| Biotechnology - 0.2% |  |  |
| CSL Ltd  | 2380 | 278115 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Alcon AG  | 2703 | 201357 |
| Pharmaceuticals - 1.7% |  |  |
| GSK PLC  | 23390 | 547165 |
| Haleon PLC  | 69198 | 321932 |
| Novartis AG  | 6725 | 831630 |
| Roche Holding AG  | 2467 | 795648 |
| Sanofi SA  | 5146 | 520301 |
|  |  | 3016676 |
| TOTAL HEALTH CARE |  | 3496148 |
| TOTAL UNITED STATES |  | 10224263 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $158,947,197) |  | <br> **180299589** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (e)<br>(Cost $28,960)<br>| 4.15 | 29000 | **28969** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f)<br>(Cost $43,284)<br>| 4.18 | 43275 | **43284** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.4%**<br> (Cost $159,019,441)<br>| <br>**180371842** |
| **NET OTHER ASSETS (LIABILITIES) - 0.6%**  | **1083672** |
| **NET ASSETS - 100.0%** | **181455514** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 8 | 12/19/2025 | 1122840 | 7605 | 7605 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% |

---

**Legend**

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

(b) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $3,571,567 or 2.0% of net assets.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,571,567 or 2.0% of net assets.

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $28,969.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 5044911 | 5001636 | 5956 | 9 | - | 43284 | 43275 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 8086032 | 8086032 | 11406 | - | - | - | - | 0.0% |
| Total | - | 13130943 | 13087668 | 17362 | 9 | - | 43284 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 5834361 | 5834361 | - | - |
| Consumer Staples | 24626990 | 24626990 | - | - |
| Financials | 59543007 | 59543007 | - | - |
| Health Care | 5960108 | 5960108 | - | - |
| Industrials | 21041177 | 21041177 | - | - |
| Information Technology | 3861193 | 3861193 | - | - |
| Materials | 23347602 | 23347602 | - | - |
| Real Estate | 15222292 | 15222292 | - | - |
| Utilities | 20862859 | 20862859 | - | - |
|  **U.S. Treasury Obligations** | 28969 | - | 28969 | - |
|  **Money Market Funds** | 43284 | 43284 | - | - |
| **Total Investments in Securities:** | 180371842 | 180342873 | 28969 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 7605 | 7605 | - | - |
| Total Assets | 7605 | 7605 | - | - |
| **Total Derivative Instruments:** | 7605 | 7605 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 7605 | - |
| **Total Equity Risk**  | 7605 | - |
| **Total Value of Derivatives** | 7605 | - |

---

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

**Fidelity® International High Dividend ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $158,976,157) | $180328558 |  |
| Fidelity Central Funds (cost $43,284) | 43284 |  |
| Total Investment in Securities (cost $159,019,441) |  | $180371842 |
| Segregated cash with brokers for derivative instruments |  | 22115 |
| Cash |  | 98 |
| Foreign currency held at value (cost $86,357) |  | 85980 |
| Receivable for investments sold |  | 83 |
| Dividends receivable |  | 459745 |
| Reclaims receivable |  | 543558 |
| Interest receivable |  | 12 |
| Distributions receivable from Fidelity Central Funds |  | 499 |
| Other receivables |  | 1510 |
| **Total assets** |  | 181485442 |
| **Liabilities** |  |  |
| Accrued management fee | $26848 |  |
| Payable for daily variation margin on futures contracts | 3080 |  |
| **Total liabilities** |  | 29928 |
| **Net Assets**  |  | $181455514 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $172008059 |
| Total accumulated earnings (loss) |  | 9447455 |
| **Net Assets** |  | $181455514 |
| **Net Asset Value**, offering price and redemption price per share ($181,455,514 ÷ 7,400,000 shares) |  | $24.52 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $6465460 |
| Interest  |  | 2115 |
| Income from Fidelity Central Funds (including $11,406 from security lending)  |  | 17362 |
| Income before foreign taxes withheld |  | $6484937 |
| Less foreign taxes withheld |  | (451116) |
| **Total income** |  | 6033821 |
| **Expenses** |  |  |
| Management fee | $226650 |  |
| Independent trustees' fees and expenses | 453 |  |
| Total expenses before reductions | 227103 |  |
| Expense reductions | (333) |  |
| Total expenses after reductions |  | 226770 |
| **Net Investment income (loss)** |  | 5807051 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 423283 |  |
| Redemptions in-kind | 106588 |  |
| Fidelity Central Funds | 9 |  |
| Foreign currency transactions | 21284 |  |
| Futures contracts | 146788 |  |
| Total net realized gain (loss) |  | 697952 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 21309154 |  |
| Assets and liabilities in foreign currencies | 4029 |  |
| Futures contracts | 30517 |  |
| Total change in net unrealized appreciation (depreciation) |  | 21343700 |
| **Net gain (loss)** |  | 22041652 |
| **Net increase (decrease) in net assets resulting from operations** |  | $27848703 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5807051 | $4952069 |
| &nbsp;&nbsp;Net realized gain (loss) | 697952<br>| (486285)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 21343700 | 12928291<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 27848703<br>| 17394075<br>|
| Distributions to shareholders | (6151200)<br>| (5072600)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 63006447 | 14094799 |
| &nbsp;&nbsp;Cost of shares redeemed | (1963391) | (8214399) |
| **Net increase (decrease) in net assets resulting from share transactions** | 61043056<br>| 5880400<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 82740559<br>| 18201875<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 98714955 | 80513080<br>|
| &nbsp;&nbsp;End of period | $181455514 | $98714955 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2700000 | 700000 |
| &nbsp;&nbsp;Redeemed | (100000) | (400000) |
| &nbsp;&nbsp;Net increase (decrease) | 2600000 | 300000 |

---

**Financial Highlights** 

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

---

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

---

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

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

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

D*Based on net asset value.*

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

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

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

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

**Fidelity® International Multifactor ETF**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 6.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| JB Hi-Fi Ltd  | 6338 | 434501 |
| Financials - 1.8% |  |  |
| Capital Markets - 0.3% |  |  |
| ASX Ltd  | 17212 | 636069 |
| Financial Services - 0.4% |  |  |
| Washington H Soul Pattinson & Co Ltd  | 29101 | 716316 |
| Insurance - 1.1% |  |  |
| Medibank Pvt Ltd  | 236994 | 757123 |
| QBE Insurance Group Ltd  | 58828 | 764073 |
| Suncorp Group Ltd  | 60737 | 780121 |
|  |  | 2301317 |
| TOTAL FINANCIALS |  | 3653702 |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| EBOS Group Ltd  | 15467 | 255972 |
| Health Care Technology - 0.2% |  |  |
| Pro Medicus Ltd  | 1923 | 331857 |
| TOTAL HEALTH CARE |  | 587829 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| Brambles Ltd  | 26456 | 430561 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Technology One Ltd  | 14146 | 341719 |
| Materials - 3.6% |  |  |
| Metals & Mining - 3.6% |  |  |
| BHP Group Ltd  | 80214 | 2281651 |
| Fortescue Ltd  | 92988 | 1296019 |
| Rio Tinto Ltd  | 15692 | 1364943 |
| Rio Tinto PLC  | 33941 | 2446393 |
|  |  | 7389006 |
| TOTAL AUSTRALIA |  | 12837318 |
| AUSTRIA - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Raiffeisen Bank International AG  | 22397 | 836008 |
| CANADA - 12.6%  |  |  |
| Communication Services - 1.1% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Quebecor Inc Class B  | 72858 | 2326423 |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Dollarama Inc  | 4409 | 573675 |
| Consumer Staples - 1.2% |  |  |
| Consumer Staples Distribution & Retail - 1.2% |  |  |
| Loblaw Cos Ltd  | 34285 | 1363912 |
| Metro Inc/CN  | 17264 | 1151919 |
|  |  | 2515831 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| ARC Resources Ltd  | 5250 | 96932 |
| Enbridge Inc  | 4758 | 222084 |
| Imperial Oil Ltd  | 1252 | 110845 |
| Pembina Pipeline Corp  | 3112 | 117848 |
|  |  | 547709 |
| Financials - 3.3% |  |  |
| Capital Markets - 0.3% |  |  |
| TMX Group Ltd  | 18561 | 685266 |
| Insurance - 3.0% |  |  |
| Definity Financial Corp  | 13130 | 611450 |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 534 | 867834 |
| Great-West Lifeco Inc  | 19864 | 842960 |
| iA Financial Corp Inc  | 7543 | 891282 |
| Intact Financial Corp  | 4569 | 853147 |
| Manulife Financial Corp  | 34392 | 1114123 |
| Power Corp of Canada Subordinate Voting Shares  | 20654 | 968467 |
|  |  | 6149263 |
| TOTAL FINANCIALS |  | 6834529 |
| Industrials - 0.6% |  |  |
| Professional Services - 0.2% |  |  |
| Thomson Reuters Corp  | 3604 | 552606 |
| Trading Companies & Distributors - 0.4% |  |  |
| Finning International Inc  | 13215 | 715382 |
| TOTAL INDUSTRIALS |  | 1267988 |
| Information Technology - 0.4% |  |  |
| IT Services - 0.2% |  |  |
| CGI Inc Class A  | 4385 | 381996 |
| Software - 0.2% |  |  |
| Constellation Software Inc/Canada  | 184 | 484715 |
| Constellation Software Inc/Canada warrants 3/31/2040 (b)(c) | 40 | 0 |
|  |  | 484715 |
| TOTAL INFORMATION TECHNOLOGY |  | 866711 |
| Materials - 3.5% |  |  |
| Metals & Mining - 3.5% |  |  |
| Agnico Eagle Mines Ltd/CA  | 15768 | 2538590 |
| Kinross Gold Corp  | 98680 | 2297357 |
| Lundin Gold Inc  | 31225 | 2124900 |
|  |  | 6960847 |
| Real Estate - 0.8% |  |  |
| Real Estate Management & Development - 0.8% |  |  |
| FirstService Corp Subordinate Voting Shares  | 10538 | 1679131 |
| Utilities - 1.1% |  |  |
| Multi-Utilities - 1.1% |  |  |
| Canadian Utilities Ltd Class A  | 77646 | 2176737 |
| TOTAL CANADA |  | 25749581 |
| CHINA - 0.9%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.4% |  |  |
| Prosus NV Class N  | 13281 | 918662 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| BOC Hong Kong Holdings Ltd  | 191000 | 938265 |
| TOTAL CHINA |  | 1856927 |
| DENMARK - 1.8%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Pandora A/S  | 2715 | 364095 |
| Consumer Staples - 0.7% |  |  |
| Beverages - 0.7% |  |  |
| Carlsberg AS Series B  | 12128 | 1427717 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Sydbank AS  | 8762 | 748953 |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| Novo Nordisk A/S Series B  | 22266 | 1087393 |
| TOTAL DENMARK |  | 3628158 |
| FINLAND - 1.2%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Nordea Bank Abp (Sweden)  | 70109 | 1198703 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Orion Oyj B Shares  | 4526 | 316307 |
| Industrials - 0.5% |  |  |
| Machinery - 0.5% |  |  |
| Kone Oyj B Shares  | 14028 | 937790 |
| TOTAL FINLAND |  | 2452800 |
| FRANCE - 5.1%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| FDJ UNITED  | 12886 | 375990 |
| Sodexo SA  | 6872 | 381037 |
|  |  | 757027 |
| Consumer Staples - 1.0% |  |  |
| Food Products - 1.0% |  |  |
| Danone SA  | 22833 | 2020813 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Technip Energies NV  | 2089 | 84920 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gaztransport Et Technigaz SA  | 480 | 95069 |
| TOTAL ENERGY |  | 179989 |
| Industrials - 2.1% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Dassault Aviation SA  | 2182 | 702148 |
| Building Products - 0.4% |  |  |
| Cie de Saint-Gobain SA  | 9044 | 877467 |
| Construction & Engineering - 0.8% |  |  |
| Bouygues SA  | 16783 | 757986 |
| Eiffage SA  | 5256 | 647293 |
|  |  | 1405279 |
| Professional Services - 0.6% |  |  |
| Bureau Veritas SA  | 22733 | 747270 |
| Teleperformance SE  | 6926 | 495308 |
|  |  | 1242578 |
| TOTAL INDUSTRIALS |  | 4227472 |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Capgemini SE  | 3582 | 551935 |
| Utilities - 1.3% |  |  |
| Multi-Utilities - 1.3% |  |  |
| Engie SA  | 115896 | 2715473 |
| TOTAL FRANCE |  | 10452709 |
| GERMANY - 3.8%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| TUI AG (b) | 44752 | 381301 |
| Financials - 1.5% |  |  |
| Insurance - 1.5% |  |  |
| Allianz SE  | 4439 | 1784001 |
| Hannover Rueck SE  | 2497 | 713016 |
| Talanx AG  | 5120 | 623452 |
|  |  | 3120469 |
| Health Care - 0.4% |  |  |
| Health Care Providers & Services - 0.4% |  |  |
| Fresenius Medical Care AG  | 7287 | 391600 |
| Fresenius SE & Co KGaA  | 8736 | 504356 |
|  |  | 895956 |
| Industrials - 1.7% |  |  |
| Construction & Engineering - 0.5% |  |  |
| HOCHTIEF AG  | 3711 | 1064813 |
| Machinery - 0.8% |  |  |
| Gea Group Ag  | 12019 | 860084 |
| Knorr-Bremse AG  | 8311 | 773160 |
|  |  | 1633244 |
| Trading Companies & Distributors - 0.4% |  |  |
| Brenntag SE  | 13542 | 752593 |
| TOTAL INDUSTRIALS |  | 3450650 |
| TOTAL GERMANY |  | 7848376 |
| HONG KONG - 1.2%  |  |  |
| Real Estate - 1.2% |  |  |
| Real Estate Management & Development - 1.2% |  |  |
| Sino Land Co Ltd  | 2003295 | 2487300 |
| INDONESIA - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.2% |  |  |
| Jardine Matheson Holdings Ltd (Singapore)  | 6277 | 368773 |
| IRELAND - 0.7%  |  |  |
| Consumer Staples - 0.7% |  |  |
| Food Products - 0.7% |  |  |
| Kerry Group PLC Class A  | 16569 | 1512704 |
| ISRAEL - 2.9%  |  |  |
| Financials - 2.3% |  |  |
| Banks - 1.9% |  |  |
| Bank Hapoalim BM  | 42901 | 874051 |
| Bank Leumi Le-Israel BM  | 44706 | 911237 |
| First International Bank of Israel Ltd  | 9334 | 674049 |
| Israel Discount Bank Ltd Class A  | 74084 | 743071 |
| Mizrahi Tefahot Bank Ltd  | 11199 | 730265 |
|  |  | 3932673 |
| Insurance - 0.4% |  |  |
| Phoenix Financial Ltd  | 19502 | 752705 |
| TOTAL FINANCIALS |  | 4685378 |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| Tower Semiconductor Ltd (b) | 9798 | 810830 |
| Software - 0.2% |  |  |
| Nice Ltd (b) | 3051 | 414025 |
| TOTAL INFORMATION TECHNOLOGY |  | 1224855 |
| TOTAL ISRAEL |  | 5910233 |
| ITALY - 3.9%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Lottomatica Group Spa  | 15560 | 383971 |
| Consumer Staples - 0.5% |  |  |
| Beverages - 0.5% |  |  |
| Coca-Cola HBC AG  | 23841 | 1081914 |
| Financials - 1.4% |  |  |
| Banks - 0.5% |  |  |
| Banco BPM SpA  | 66193 | 963021 |
| Insurance - 0.9% |  |  |
| Generali  | 26744 | 1029445 |
| Poste Italiane Spa (d)(e) | 35830 | 863906 |
|  |  | 1893351 |
| TOTAL FINANCIALS |  | 2856372 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 6110 | 363186 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Reply SpA  | 2864 | 401964 |
| Utilities - 1.4% |  |  |
| Gas Utilities - 1.4% |  |  |
| Italgas SpA  | 277232 | 2908630 |
| TOTAL ITALY |  | 7996037 |
| JAPAN - 21.3%  |  |  |
| Communication Services - 3.1% |  |  |
| Entertainment - 1.1% |  |  |
| Capcom Co Ltd  | 84600 | 2215289 |
| Interactive Media & Services - 0.8% |  |  |
| LY Corp  | 591600 | 1739605 |
| Wireless Telecommunication Services - 1.2% |  |  |
| KDDI Corp  | 152300 | 2433459 |
| TOTAL COMMUNICATION SERVICES |  | 6388353 |
| Consumer Discretionary - 2.1% |  |  |
| Automobiles - 0.3% |  |  |
| Subaru Corp  | 29200 | 622269 |
| Broadline Retail - 0.3% |  |  |
| J Front Retailing Co Ltd  | 36900 | 556176 |
| Leisure Products - 0.5% |  |  |
| Bandai Namco Holdings Inc  | 18100 | 564190 |
| Sankyo Co Ltd  | 26800 | 465614 |
|  |  | 1029804 |
| Specialty Retail - 1.0% |  |  |
| Sanrio Co Ltd  | 12700 | 590009 |
| Shimamura Co Ltd  | 6900 | 445429 |
| USS Co Ltd  | 46500 | 513732 |
| ZOZO Inc  | 50600 | 437994 |
|  |  | 1987164 |
| TOTAL CONSUMER DISCRETIONARY |  | 4195413 |
| Consumer Staples - 2.2% |  |  |
| Beverages - 0.6% |  |  |
| Suntory Beverage & Food Ltd  | 41900 | 1267974 |
| Food Products - 0.7% |  |  |
| Toyo Suisan Kaisha Ltd  | 20100 | 1460644 |
| Tobacco - 0.9% |  |  |
| Japan Tobacco Inc  | 53000 | 1845737 |
| TOTAL CONSUMER STAPLES |  | 4574355 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Inpex Corp  | 8100 | 149376 |
| Financials - 2.9% |  |  |
| Banks - 1.1% |  |  |
| Hachijuni Bank Ltd/The  | 71100 | 716976 |
| Iyogin Holdings Inc  | 54700 | 854649 |
| Mebuki Financial Group Inc  | 120000 | 749265 |
|  |  | 2320890 |
| Insurance - 1.8% |  |  |
| Japan Post Holdings Co Ltd  | 79400 | 745527 |
| Ms&Ad Insurance Group Holdings Inc  | 38300 | 792079 |
| Sompo Holdings Inc  | 28000 | 855694 |
| Tokio Marine Holdings Inc  | 29600 | 1110949 |
|  |  | 3504249 |
| TOTAL FINANCIALS |  | 5825139 |
| Health Care - 0.8% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Medipal Holdings Corp  | 20100 | 327487 |
| Pharmaceuticals - 0.6% |  |  |
| Ono Pharmaceutical Co Ltd  | 30700 | 373948 |
| Otsuka Holdings Co Ltd  | 9100 | 494651 |
| Shionogi & Co Ltd  | 23000 | 385187 |
|  |  | 1253786 |
| TOTAL HEALTH CARE |  | 1581273 |
| Industrials - 4.5% |  |  |
| Building Products - 0.3% |  |  |
| Sanwa Holdings Corp  | 24500 | 669534 |
| Commercial Services & Supplies - 1.0% |  |  |
| Dai Nippon Printing Co Ltd  | 43700 | 731714 |
| Secom Co Ltd  | 20400 | 690307 |
| TOPPAN Holdings Inc  | 25400 | 623231 |
|  |  | 2045252 |
| Construction & Engineering - 0.4% |  |  |
| Kajima Corp  | 28300 | 914094 |
| Industrial Conglomerates - 0.6% |  |  |
| Hikari Tsushin Inc  | 2400 | 635617 |
| Sekisui Chemical Co Ltd  | 38800 | 673721 |
|  |  | 1309338 |
| Trading Companies & Distributors - 2.2% |  |  |
| ITOCHU Corp  | 22100 | 1281199 |
| Mitsui & Co Ltd  | 50700 | 1251251 |
| Sojitz Corp  | 27900 | 741802 |
| Sumitomo Corp  | 32900 | 958031 |
|  |  | 4232283 |
| TOTAL INDUSTRIALS |  | 9170501 |
| Information Technology - 1.3% |  |  |
| IT Services - 0.9% |  |  |
| NEC Corp  | 19000 | 692882 |
| Obic Co Ltd  | 12100 | 375987 |
| Otsuka Corp  | 21000 | 415761 |
| TIS Inc  | 12800 | 441609 |
|  |  | 1926239 |
| Software - 0.2% |  |  |
| Trend Micro Inc/Japan  | 6800 | 347956 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Brother Industries Ltd  | 23600 | 402818 |
| TOTAL INFORMATION TECHNOLOGY |  | 2677013 |
| Materials - 1.5% |  |  |
| Chemicals - 0.7% |  |  |
| Kuraray Co Ltd  | 127200 | 1380948 |
| Paper & Forest Products - 0.8% |  |  |
| Oji Holdings Corp  | 325100 | 1642646 |
| TOTAL MATERIALS |  | 3023594 |
| Real Estate - 1.5% |  |  |
| Real Estate Management & Development - 1.5% |  |  |
| Daito Trust Construction Co Ltd  | 162300 | 3030450 |
| Utilities - 1.3% |  |  |
| Gas Utilities - 1.3% |  |  |
| Tokyo Gas Co Ltd  | 75800 | 2657957 |
| TOTAL JAPAN |  | 43273424 |
| MEXICO - 1.2%  |  |  |
| Materials - 1.2% |  |  |
| Metals & Mining - 1.2% |  |  |
| Fresnillo PLC  | 80474 | 2349338 |
| NETHERLANDS - 2.7%  |  |  |
| Communication Services - 1.1% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Koninklijke KPN NV  | 490219 | 2273428 |
| Consumer Staples - 0.9% |  |  |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Koninklijke Ahold Delhaize NV  | 43900 | 1799270 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| SBM Offshore NV  | 3393 | 87722 |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Euronext NV (d) | 4564 | 653203 |
| Industrials - 0.4% |  |  |
| Professional Services - 0.4% |  |  |
| Wolters Kluwer NV  | 6098 | 747821 |
| TOTAL NETHERLANDS |  | 5561444 |
| NORWAY - 1.1%  |  |  |
| Consumer Staples - 0.8% |  |  |
| Food Products - 0.8% |  |  |
| Orkla ASA  | 140618 | 1427454 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Equinor ASA  | 4196 | 100369 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Kongsberg Gruppen ASA  | 26159 | 669815 |
| TOTAL NORWAY |  | 2197638 |
| SINGAPORE - 2.2%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 0.6% |  |  |
| Oversea-Chinese Banking Corp Ltd  | 85381 | 1117245 |
| Capital Markets - 0.4% |  |  |
| Singapore Exchange Ltd  | 66100 | 859866 |
| TOTAL FINANCIALS |  | 1977111 |
| Real Estate - 1.2% |  |  |
| Diversified REITs - 1.2% |  |  |
| CapitaLand Integrated Commercial Trust  | 1389285 | 2529952 |
| TOTAL SINGAPORE |  | 4507063 |
| SPAIN - 3.2%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Amadeus IT Group SA Class A  | 7022 | 537510 |
| Specialty Retail - 0.4% |  |  |
| Industria de Diseno Textil SA  | 13593 | 751505 |
| TOTAL CONSUMER DISCRETIONARY |  | 1289015 |
| Financials - 0.8% |  |  |
| Banks - 0.5% |  |  |
| CaixaBank SA  | 94915 | 1003706 |
| Insurance - 0.3% |  |  |
| Mapfre SA  | 160036 | 707822 |
| TOTAL FINANCIALS |  | 1711528 |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Indra Sistemas SA  | 10894 | 603042 |
| Utilities - 1.5% |  |  |
| Electric Utilities - 1.5% |  |  |
| Endesa SA  | 80501 | 2888704 |
| TOTAL SPAIN |  | 6492289 |
| SWEDEN - 2.3%  |  |  |
| Consumer Staples - 0.8% |  |  |
| Household Products - 0.8% |  |  |
| Essity AB B Shares  | 62595 | 1720415 |
| Financials - 0.4% |  |  |
| Capital Markets - 0.4% |  |  |
| Nordnet AB  | 25016 | 724719 |
| Industrials - 1.1% |  |  |
| Building Products - 0.4% |  |  |
| Assa Abloy AB B Shares  | 20126 | 760516 |
| Machinery - 0.7% |  |  |
| Atlas Copco AB A Shares  | 55989 | 944602 |
| SKF AB B Shares  | 21367 | 551479 |
|  |  | 1496081 |
| TOTAL INDUSTRIALS |  | 2256597 |
| TOTAL SWEDEN |  | 4701731 |
| SWITZERLAND - 5.7%  |  |  |
| Financials - 1.4% |  |  |
| Capital Markets - 0.3% |  |  |
| Swissquote Group Holding SA  | 1060 | 673435 |
| Consumer Finance - 0.3% |  |  |
| Cembra Money Bank AG  | 6067 | 694937 |
| Insurance - 0.8% |  |  |
| Zurich Insurance Group AG  | 2046 | 1424745 |
| TOTAL FINANCIALS |  | 2793117 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Sonova Holding AG  | 542 | 147594 |
| Straumann Holding AG  | 1250 | 157272 |
|  |  | 304866 |
| Health Care Providers & Services - 0.1% |  |  |
| Galenica AG (d)(e) | 1009 | 108850 |
| TOTAL HEALTH CARE |  | 413716 |
| Industrials - 0.7% |  |  |
| Building Products - 0.4% |  |  |
| Geberit AG  | 1105 | 808016 |
| Electrical Equipment - 0.3% |  |  |
| Accelleron Industries AG  | 8052 | 660008 |
| TOTAL INDUSTRIALS |  | 1468024 |
| Information Technology - 0.3% |  |  |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Logitech International SA  | 5325 | 641322 |
| Materials - 1.5% |  |  |
| Chemicals - 1.5% |  |  |
| EMS-Chemie Holding AG  | 1906 | 1307073 |
| Givaudan SA  | 418 | 1717302 |
|  |  | 3024375 |
| Real Estate - 1.6% |  |  |
| Real Estate Management & Development - 1.6% |  |  |
| PSP Swiss Property AG  | 19106 | 3310675 |
| TOTAL SWITZERLAND |  | 11651229 |
| UNITED KINGDOM - 13.8%  |  |  |
| Communication Services - 3.1% |  |  |
| Interactive Media & Services - 1.9% |  |  |
| Auto Trader Group PLC (d)(e) | 194375 | 1992983 |
| Rightmove PLC  | 197785 | 1735864 |
|  |  | 3728847 |
| Wireless Telecommunication Services - 1.2% |  |  |
| Vodafone Group PLC  | 2092136 | 2532701 |
| TOTAL COMMUNICATION SERVICES |  | 6261548 |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| InterContinental Hotels Group PLC  | 3908 | 471966 |
| Leisure Products - 0.2% |  |  |
| Games Workshop Group PLC  | 1852 | 387616 |
| TOTAL CONSUMER DISCRETIONARY |  | 859582 |
| Consumer Staples - 2.7% |  |  |
| Household Products - 0.8% |  |  |
| Reckitt Benckiser Group PLC  | 21380 | 1633721 |
| Personal Care Products - 1.2% |  |  |
| Unilever PLC  | 41864 | 2524089 |
| Tobacco - 0.7% |  |  |
| Imperial Brands PLC  | 36210 | 1439129 |
| TOTAL CONSUMER STAPLES |  | 5596939 |
| Financials - 2.7% |  |  |
| Banks - 1.0% |  |  |
| NatWest Group PLC  | 142641 | 1094468 |
| Standard Chartered PLC  | 50783 | 1040518 |
|  |  | 2134986 |
| Capital Markets - 0.9% |  |  |
| 3i Group PLC  | 19167 | 1108033 |
| IG Group Holdings PLC  | 46449 | 679841 |
|  |  | 1787874 |
| Insurance - 0.8% |  |  |
| Aviva PLC  | 99084 | 870394 |
| Beazley PLC  | 60078 | 734475 |
|  |  | 1604869 |
| TOTAL FINANCIALS |  | 5527729 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Hikma Pharmaceuticals PLC  | 13112 | 316808 |
| Industrials - 1.9% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| BAE Systems PLC  | 43682 | 1073797 |
| Construction & Engineering - 0.3% |  |  |
| Balfour Beatty PLC  | 79155 | 698865 |
| Industrial Conglomerates - 0.5% |  |  |
| CK Hutchison Holdings Ltd  | 59000 | 390944 |
| Smiths Group PLC  | 19792 | 654774 |
|  |  | 1045718 |
| Professional Services - 0.5% |  |  |
| RELX PLC  | 23209 | 1023655 |
| TOTAL INDUSTRIALS |  | 3842035 |
| Information Technology - 0.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Halma PLC  | 11777 | 548680 |
| Software - 0.2% |  |  |
| Sage Group PLC/The  | 31275 | 472337 |
| TOTAL INFORMATION TECHNOLOGY |  | 1021017 |
| Utilities - 2.4% |  |  |
| Independent Power and Renewable Electricity Producers - 1.1% |  |  |
| Drax Group PLC  | 243902 | 2312051 |
| Multi-Utilities - 1.3% |  |  |
| Centrica PLC  | 1078899 | 2541598 |
| TOTAL UTILITIES |  | 4853649 |
| TOTAL UNITED KINGDOM |  | 28279307 |
| UNITED STATES - 4.9%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Shell PLC  | 10059 | 376326 |
| Health Care - 2.5% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Alcon AG  | 3398 | 253130 |
| Pharmaceuticals - 2.4% |  |  |
| GSK PLC  | 37419 | 875346 |
| Haleon PLC  | 112050 | 521295 |
| Novartis AG  | 10117 | 1251093 |
| Roche Holding AG  | 3887 | 1253622 |
| Sanofi SA  | 8837 | 893491 |
|  |  | 4794847 |
| TOTAL HEALTH CARE |  | 5047977 |
| Industrials - 0.4% |  |  |
| Commercial Services & Supplies - 0.4% |  |  |
| Waste Connections Inc  | 4657 | 781800 |
| Materials - 1.8% |  |  |
| Construction Materials - 1.8% |  |  |
| Buzzi SpA  | 28681 | 1726353 |
| Holcim AG  | 22916 | 2036534 |
|  |  | 3762887 |
| TOTAL UNITED STATES |  | 9968990 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $186,126,388) |  | <br> **202919377** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (g)<br>(Cost $29,959)<br>| 4.15 | 30000 | **29968** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h)<br>(Cost $228,981)<br>| 4.18 | 228935 | **228981** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.5%**<br> (Cost $186,385,328)<br>| <br>**203178326** |
| **NET OTHER ASSETS (LIABILITIES) - 0.5%**  | **1021671** |
| **NET ASSETS - 100.0%** | **204199997** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 9 | 12/19/2025 | 1263195 | 10035 | 10035 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% | The notional amount of futures purchased as a percentage of Net Assets is 0.6% |

---

**Legend**

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

(b) Non-income producing.

(c) Level 3 security.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,618,942 or 1.8% of net assets.

(e) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $2,965,739 or 1.5% of net assets.

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

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $29,968.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 217770 | 12378559 | 12367348 | 17114 | - | - | 228981 | 228935 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 6870082 | 6870082 | 749 | - | - | - | - | 0.0% |
| Total | 217770 | 19248641 | 19237430 | 17863 | - | - | 228981 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 17249752 | 17249752 | - | - |
| Consumer Discretionary | 10157242 | 10157242 | - | - |
| Consumer Staples | 23677412 | 23677412 | - | - |
| Energy | 1441491 | 1441491 | - | - |
| Financials | 44084925 | 44084925 | - | - |
| Health Care | 10610445 | 10610445 | - | - |
| Industrials | 29619827 | 29619827 | - | - |
| Information Technology | 8329578 | 8329578 | - | - |
| Materials | 26510047 | 26510047 | - | - |
| Real Estate | 13037508 | 13037508 | - | - |
| Utilities | 18201150 | 18201150 | - | - |
|  **U.S. Treasury Obligations** | 29968 | - | 29968 | - |
|  **Money Market Funds** | 228981 | 228981 | - | - |
| **Total Investments in Securities:** | 203178326 | 203148358 | 29968 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 10035 | 10035 | - | - |
| Total Assets | 10035 | 10035 | - | - |
| **Total Derivative Instruments:** | 10035 | 10035 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 10035 | - |
| **Total Equity Risk**  | 10035 | - |
| **Total Value of Derivatives** | 10035 | - |

---

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

**Fidelity® International Multifactor ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $186,156,347) | $202949345 |  |
| Fidelity Central Funds (cost $228,981) | 228981 |  |
| Total Investment in Securities (cost $186,385,328) |  | $203178326 |
| Segregated cash with brokers for derivative instruments |  | 42432 |
| Foreign currency held at value (cost $185,986) |  | 185062 |
| Receivable for fund shares sold |  | 3293669 |
| Dividends receivable |  | 564690 |
| Reclaims receivable |  | 228200 |
| Interest receivable |  | 6 |
| Distributions receivable from Fidelity Central Funds |  | 1315 |
| **Total assets** |  | 207493700 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3260341 |  |
| Accrued management fee | 29897 |  |
| Payable for daily variation margin on futures contracts | 3465 |  |
| **Total liabilities** |  | 3293703 |
| **Net Assets**  |  | $204199997 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $191223318 |
| Total accumulated earnings (loss) |  | 12976679 |
| **Net Assets** |  | $204199997 |
| **Net Asset Value**, offering price and redemption price per share ($204,199,997 ÷ 6,200,000 shares) |  | $32.94 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $4662344 |
| Interest  |  | 2334 |
| Income from Fidelity Central Funds (including $749 from security lending)  |  | 17863 |
| Income before foreign taxes withheld |  | $4682541 |
| Less foreign taxes withheld |  | (433066) |
| **Total income** |  | 4249475 |
| **Expenses** |  |  |
| Management fee | $252798 |  |
| Independent trustees' fees and expenses | 485 |  |
| Interest | 2865 |  |
| Total expenses before reductions | 256148 |  |
| Expense reductions | (351) |  |
| Total expenses after reductions |  | 255797 |
| **Net Investment income (loss)** |  | 3993678 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (720320) |  |
| Redemptions in-kind | 10859275 |  |
| Foreign currency transactions | 10437 |  |
| Futures contracts | 35292 |  |
| Total net realized gain (loss) |  | 10184684 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 11844825 |  |
| Assets and liabilities in foreign currencies | (6500) |  |
| Futures contracts | 33373 |  |
| Total change in net unrealized appreciation (depreciation) |  | 11871698 |
| **Net gain (loss)** |  | 22056382 |
| **Net increase (decrease) in net assets resulting from operations** |  | $26050060 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3993678 | $1899903 |
| &nbsp;&nbsp;Net realized gain (loss) | 10184684<br>| 1938635<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 11871698 | 5945138<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 26050060<br>| 9783676<br>|
| Distributions to shareholders | (4072600)<br>| (1945700)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 143189121 | 65184991 |
| &nbsp;&nbsp;Cost of shares redeemed | (48134144) | (16741609) |
| **Net increase (decrease) in net assets resulting from share transactions** | 95054977<br>| 48443382<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 117032437<br>| 56281358<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 87167560 | 30886202<br>|
| &nbsp;&nbsp;End of period | $204199997 | $87167560 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 4600000 | 2400000 |
| &nbsp;&nbsp;Redeemed | (1500000) | (600000) |
| &nbsp;&nbsp;Net increase (decrease) | 3100000 | 1800000 |

---

**Financial Highlights** 

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

---

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

---

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

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

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

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

E*Based on net asset value.*

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

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

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

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

**Fidelity® International Value Factor ETF**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 5.5%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| Wesfarmers Ltd  | 47403 | 2606719 |
| Financials - 2.1% |  |  |
| Capital Markets - 1.2% |  |  |
| Macquarie Group Ltd  | 24599 | 3519632 |
| Insurance - 0.9% |  |  |
| QBE Insurance Group Ltd  | 208534 | 2708493 |
| TOTAL FINANCIALS |  | 6228125 |
| Materials - 2.5% |  |  |
| Metals & Mining - 2.5% |  |  |
| BHP Group Ltd  | 115545 | 3286625 |
| Rio Tinto PLC  | 52915 | 3813998 |
|  |  | 7100623 |
| TOTAL AUSTRALIA |  | 15935467 |
| AUSTRIA - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Raiffeisen Bank International AG  | 58920 | 2199297 |
| CANADA - 10.1%  |  |  |
| Communication Services - 0.5% |  |  |
| Wireless Telecommunication Services - 0.5% |  |  |
| Rogers Communications Inc Class B  | 34144 | 1337590 |
| Energy - 1.8% |  |  |
| Oil, Gas & Consumable Fuels - 1.8% |  |  |
| Canadian Natural Resources Ltd  | 82995 | 2657807 |
| Suncor Energy Inc  | 61114 | 2436011 |
|  |  | 5093818 |
| Financials - 4.1% |  |  |
| Banks - 2.5% |  |  |
| Bank of Nova Scotia/The  | 49021 | 3218386 |
| Toronto Dominion Bank  | 46800 | 3846475 |
|  |  | 7064861 |
| Insurance - 1.6% |  |  |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 1319 | 2143583 |
| Manulife Financial Corp  | 81758 | 2648536 |
|  |  | 4792119 |
| TOTAL FINANCIALS |  | 11856980 |
| Information Technology - 1.2% |  |  |
| IT Services - 1.2% |  |  |
| CGI Inc Class A  | 41227 | 3591455 |
| Materials - 2.1% |  |  |
| Metals & Mining - 2.1% |  |  |
| Barrick Mining Corp  | 188093 | 6180496 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| FirstService Corp Subordinate Voting Shares  | 905 | 144202 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.4% |  |  |
| Fortis Inc/Canada  | 21632 | 1088432 |
| TOTAL CANADA |  | 29292973 |
| CHINA - 1.8%  |  |  |
| Consumer Discretionary - 1.1% |  |  |
| Broadline Retail - 1.1% |  |  |
| Prosus NV Class N  | 46305 | 3202973 |
| Consumer Staples - 0.7% |  |  |
| Food Products - 0.7% |  |  |
| Wilmar International Ltd  | 851400 | 2047625 |
| TOTAL CHINA |  | 5250598 |
| DENMARK - 2.1%  |  |  |
| Health Care - 1.2% |  |  |
| Pharmaceuticals - 1.2% |  |  |
| Novo Nordisk A/S Series B  | 70170 | 3426855 |
| Industrials - 0.9% |  |  |
| Electrical Equipment - 0.9% |  |  |
| Vestas Wind Systems A/S  | 125627 | 2562231 |
| TOTAL DENMARK |  | 5989086 |
| FINLAND - 1.1%  |  |  |
| Information Technology - 1.1% |  |  |
| Communications Equipment - 1.1% |  |  |
| Nokia Oyj  | 475597 | 3218949 |
| FRANCE - 9.7%  |  |  |
| Consumer Discretionary - 1.5% |  |  |
| Textiles, Apparel & Luxury Goods - 1.5% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 6302 | 4452274 |
| Consumer Staples - 0.6% |  |  |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Carrefour SA  | 121228 | 1825973 |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| TotalEnergies SE  | 41186 | 2564615 |
| Financials - 2.2% |  |  |
| Banks - 2.2% |  |  |
| BNP Paribas SA  | 30438 | 2355921 |
| Credit Agricole SA  | 102488 | 1850081 |
| Societe Generale SA Series A  | 34719 | 2198387 |
|  |  | 6404389 |
| Industrials - 2.4% |  |  |
| Construction & Engineering - 1.8% |  |  |
| Eiffage SA  | 17826 | 2195328 |
| Vinci SA  | 22550 | 3016554 |
|  |  | 5211882 |
| Professional Services - 0.6% |  |  |
| Teleperformance SE  | 23966 | 1713910 |
| TOTAL INDUSTRIALS |  | 6925792 |
| Information Technology - 0.7% |  |  |
| IT Services - 0.7% |  |  |
| Capgemini SE  | 13207 | 2035010 |
| Real Estate - 0.6% |  |  |
| Retail REITs - 0.6% |  |  |
| Klepierre SA  | 46336 | 1772360 |
| Utilities - 0.8% |  |  |
| Multi-Utilities - 0.8% |  |  |
| Engie SA  | 99684 | 2335622 |
| TOTAL FRANCE |  | 28316035 |
| GERMANY - 6.9%  |  |  |
| Communication Services - 1.0% |  |  |
| Diversified Telecommunication Services - 1.0% |  |  |
| Deutsche Telekom AG  | 91298 | 2833565 |
| Consumer Discretionary - 1.4% |  |  |
| Automobiles - 0.9% |  |  |
| Mercedes-Benz Group AG  | 38651 | 2507583 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| TUI AG (b) | 195893 | 1669068 |
| TOTAL CONSUMER DISCRETIONARY |  | 4176651 |
| Financials - 1.2% |  |  |
| Insurance - 1.2% |  |  |
| Allianz SE  | 8889 | 3572422 |
| Health Care - 1.3% |  |  |
| Health Care Providers & Services - 0.6% |  |  |
| Fresenius Medical Care AG  | 32678 | 1756101 |
| Pharmaceuticals - 0.7% |  |  |
| Bayer AG  | 61122 | 1901242 |
| TOTAL HEALTH CARE |  | 3657343 |
| Industrials - 2.0% |  |  |
| Industrial Conglomerates - 1.5% |  |  |
| Siemens AG  | 15426 | 4371942 |
| Machinery - 0.5% |  |  |
| Daimler Truck Holding AG  | 39181 | 1569680 |
| TOTAL INDUSTRIALS |  | 5941622 |
| TOTAL GERMANY |  | 20181603 |
| HONG KONG - 1.3%  |  |  |
| Financials - 0.9% |  |  |
| Insurance - 0.9% |  |  |
| AIA Group Ltd  | 280400 | 2722033 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Sun Hung Kai Properties Ltd  | 88000 | 1069401 |
| TOTAL HONG KONG |  | 3791434 |
| ISRAEL - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Software - 0.5% |  |  |
| Nice Ltd (b) | 11579 | 1571288 |
| ITALY - 2.5%  |  |  |
| Financials - 1.5% |  |  |
| Banks - 1.5% |  |  |
| Banca Monte dei Paschi di Siena SpA  | 175923 | 1539934 |
| UniCredit SpA  | 37690 | 2785420 |
|  |  | 4325354 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 1.0% |  |  |
| Enel SpA  | 292658 | 2963057 |
| TOTAL ITALY |  | 7288411 |
| JAPAN - 22.8%  |  |  |
| Communication Services - 1.5% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| NTT Inc  | 2074700 | 2133215 |
| Wireless Telecommunication Services - 0.8% |  |  |
| KDDI Corp  | 139700 | 2232135 |
| TOTAL COMMUNICATION SERVICES |  | 4365350 |
| Consumer Discretionary - 4.1% |  |  |
| Automobiles - 2.2% |  |  |
| Subaru Corp  | 80300 | 1711238 |
| Toyota Motor Corp  | 224700 | 4576993 |
|  |  | 6288231 |
| Household Durables - 1.9% |  |  |
| Panasonic Holdings Corp  | 169000 | 1972974 |
| Sony Group Corp  | 129800 | 3649954 |
|  |  | 5622928 |
| TOTAL CONSUMER DISCRETIONARY |  | 11911159 |
| Consumer Staples - 1.0% |  |  |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Seven & i Holdings Co Ltd  | 220300 | 2811397 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Inpex Corp  | 76900 | 1418149 |
| Financials - 3.3% |  |  |
| Capital Markets - 1.2% |  |  |
| SBI Holdings Inc  | 77500 | 3478206 |
| Financial Services - 0.0% |  |  |
| Sony Financial Group Inc (b) | 129500 | 130631 |
| Insurance - 2.1% |  |  |
| Japan Post Holdings Co Ltd  | 321400 | 3017787 |
| Ms&Ad Insurance Group Holdings Inc  | 145700 | 3013210 |
|  |  | 6030997 |
| TOTAL FINANCIALS |  | 9639834 |
| Health Care - 1.3% |  |  |
| Pharmaceuticals - 1.3% |  |  |
| Shionogi & Co Ltd  | 219200 | 3671001 |
| Industrials - 5.9% |  |  |
| Machinery - 0.8% |  |  |
| Komatsu Ltd  | 69400 | 2327223 |
| Trading Companies & Distributors - 5.1% |  |  |
| ITOCHU Corp  | 53000 | 3072559 |
| Marubeni Corp  | 110400 | 2723183 |
| Mitsubishi Corp  | 142800 | 3440808 |
| Mitsui & Co Ltd  | 126000 | 3109617 |
| Sumitomo Corp  | 87300 | 2542130 |
|  |  | 14888297 |
| TOTAL INDUSTRIALS |  | 17215520 |
| Information Technology - 2.9% |  |  |
| Semiconductors & Semiconductor Equipment - 2.9% |  |  |
| Renesas Electronics Corp  | 178100 | 2209270 |
| SCREEN Holdings Co Ltd  | 26000 | 2478401 |
| Tokyo Electron Ltd  | 16600 | 3683022 |
|  |  | 8370693 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Nippon Steel Corp  | 633800 | 2617811 |
| Real Estate - 0.7% |  |  |
| Real Estate Management & Development - 0.7% |  |  |
| Daiwa House Industry Co Ltd  | 57500 | 1953182 |
| Utilities - 0.7% |  |  |
| Electric Utilities - 0.7% |  |  |
| Kansai Electric Power Co Inc/The  | 130200 | 2034705 |
| TOTAL JAPAN |  | 66008801 |
| LUXEMBOURG - 1.1%  |  |  |
| Materials - 1.1% |  |  |
| Metals & Mining - 1.1% |  |  |
| ArcelorMittal SA  | 81131 | 3105149 |
| MEXICO - 1.3%  |  |  |
| Materials - 1.3% |  |  |
| Metals & Mining - 1.3% |  |  |
| Fresnillo PLC  | 130850 | 3820002 |
| NETHERLANDS - 2.6%  |  |  |
| Information Technology - 2.6% |  |  |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| ASML Holding NV  | 7198 | 7627512 |
| NORWAY - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Equinor ASA  | 40670 | 972836 |
| SINGAPORE - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| United Overseas Bank Ltd  | 69200 | 1843455 |
| SPAIN - 2.5%  |  |  |
| Financials - 2.5% |  |  |
| Banks - 2.5% |  |  |
| Banco Bilbao Vizcaya Argentaria SA  | 169579 | 3412519 |
| Banco Santander SA  | 377423 | 3844797 |
| TOTAL SPAIN |  | 7257316 |
| SWEDEN - 3.0%  |  |  |
| Consumer Staples - 0.7% |  |  |
| Household Products - 0.7% |  |  |
| Essity AB B Shares  | 74216 | 2039816 |
| Financials - 1.1% |  |  |
| Financial Services - 1.1% |  |  |
| Investor AB B Shares  | 95611 | 3158160 |
| Industrials - 1.2% |  |  |
| Machinery - 1.2% |  |  |
| Volvo AB B Shares  | 123101 | 3397678 |
| TOTAL SWEDEN |  | 8595654 |
| SWITZERLAND - 2.7%  |  |  |
| Financials - 1.6% |  |  |
| Capital Markets - 0.8% |  |  |
| UBS Group AG  | 63539 | 2432331 |
| Insurance - 0.8% |  |  |
| Zurich Insurance Group AG  | 3190 | 2221376 |
| TOTAL FINANCIALS |  | 4653707 |
| Industrials - 1.1% |  |  |
| Electrical Equipment - 1.1% |  |  |
| ABB Ltd  | 42146 | 3132271 |
| TOTAL SWITZERLAND |  | 7785978 |
| UNITED KINGDOM - 10.3%  |  |  |
| Communication Services - 0.8% |  |  |
| Wireless Telecommunication Services - 0.8% |  |  |
| Vodafone Group PLC  | 1881088 | 2277210 |
| Consumer Discretionary - 0.7% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Compass Group PLC  | 59727 | 1978287 |
| Consumer Staples - 2.1% |  |  |
| Consumer Staples Distribution & Retail - 1.1% |  |  |
| J Sainsbury PLC  | 697682 | 3131275 |
| Food Products - 1.0% |  |  |
| Associated British Foods PLC  | 97311 | 2934204 |
| TOTAL CONSUMER STAPLES |  | 6065479 |
| Financials - 3.2% |  |  |
| Banks - 2.6% |  |  |
| Barclays PLC  | 494908 | 2646456 |
| HSBC Holdings PLC  | 343327 | 4796788 |
|  |  | 7443244 |
| Insurance - 0.6% |  |  |
| Aviva PLC  | 221434 | 1945165 |
| TOTAL FINANCIALS |  | 9388409 |
| Industrials - 2.8% |  |  |
| Industrial Conglomerates - 0.7% |  |  |
| CK Hutchison Holdings Ltd  | 303000 | 2007732 |
| Passenger Airlines - 2.1% |  |  |
| easyJet PLC  | 453444 | 2886445 |
| International Consolidated Airlines Group SA  | 606852 | 3331969 |
|  |  | 6218414 |
| TOTAL INDUSTRIALS |  | 8226146 |
| Utilities - 0.7% |  |  |
| Multi-Utilities - 0.7% |  |  |
| Centrica PLC  | 868755 | 2046555 |
| TOTAL UNITED KINGDOM |  | 29982086 |
| UNITED STATES - 10.0%  |  |  |
| Consumer Staples - 1.7% |  |  |
| Food Products - 1.7% |  |  |
| Nestle SA  | 50187 | 4806449 |
| Energy - 1.1% |  |  |
| Oil, Gas & Consumable Fuels - 1.1% |  |  |
| Shell PLC  | 95178 | 3560788 |
| Health Care - 5.2% |  |  |
| Biotechnology - 0.4% |  |  |
| CSL Ltd  | 10736 | 1254556 |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Alcon AG  | 12090 | 900631 |
| Pharmaceuticals - 4.5% |  |  |
| GSK PLC  | 131828 | 3083866 |
| Novartis AG  | 27675 | 3422357 |
| Roche Holding AG  | 10584 | 3413513 |
| Sanofi SA  | 30005 | 3033743 |
|  |  | 12953479 |
| TOTAL HEALTH CARE |  | 15108666 |
| Industrials - 2.0% |  |  |
| Commercial Services & Supplies - 1.2% |  |  |
| Waste Connections Inc  | 20342 | 3414941 |
| Marine Transportation - 0.8% |  |  |
| AP Moller - Maersk A/S Series B  | 1133 | 2338836 |
| TOTAL INDUSTRIALS |  | 5753777 |
| TOTAL UNITED STATES |  | 29229680 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $261,903,013) |  | <br> **289263610** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (d)<br>(Cost $36,949)<br>| 4.15 | 37000 | **36960** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $144,969)<br>| 4.18 | 144940 | **144969** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.5%**<br> (Cost $262,084,931)<br>| <br>**289445539** |
| **NET OTHER ASSETS (LIABILITIES) - 0.5%**  | **1523204** |
| **NET ASSETS - 100.0%** | **290968743** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 11 | 12/19/2025 | 1543905 | 13464 | 13464 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% |

---

**Legend**

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

(b) Non-income producing.

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

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $36,960.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 19948 | 11284623 | 11159591 | 8353 | (11) | - | 144969 | 144940 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 6414782 | 6414782 | 1937 | - | - | - | - | 0.0% |
| Total | 19948 | 17699405 | 17574373 | 10290 | (11) | - | 144969 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 10813715 | 10813715 | - | - |
| Consumer Discretionary | 28328063 | 28328063 | - | - |
| Consumer Staples | 19596739 | 19596739 | - | - |
| Energy | 13610206 | 13610206 | - | - |
| Financials | 73249481 | 73249481 | - | - |
| Health Care | 25863865 | 25863865 | - | - |
| Industrials | 53155037 | 53155037 | - | - |
| Information Technology | 26414907 | 26414907 | - | - |
| Materials | 22824081 | 22824081 | - | - |
| Real Estate | 4939145 | 4939145 | - | - |
| Utilities | 10468371 | 10468371 | - | - |
|  **U.S. Treasury Obligations** | 36960 | - | 36960 | - |
|  **Money Market Funds** | 144969 | 144969 | - | - |
| **Total Investments in Securities:** | 289445539 | 289408579 | 36960 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 13464 | 13464 | - | - |
| Total Assets | 13464 | 13464 | - | - |
| **Total Derivative Instruments:** | 13464 | 13464 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 13464 | - |
| **Total Equity Risk**  | 13464 | - |
| **Total Value of Derivatives** | 13464 | - |

---

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

**Fidelity® International Value Factor ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $261,939,962) | $289300570 |  |
| Fidelity Central Funds (cost $144,969) | 144969 |  |
| Total Investment in Securities (cost $262,084,931) |  | $289445539 |
| Segregated cash with brokers for derivative instruments |  | 27052 |
| Cash |  | 3 |
| Foreign currency held at value (cost $181,234) |  | 180257 |
| Receivable for investments sold |  | 185 |
| Receivable for fund shares sold |  | 6325528 |
| Dividends receivable |  | 777671 |
| Reclaims receivable |  | 572308 |
| Interest receivable |  | 134 |
| Distributions receivable from Fidelity Central Funds |  | 926 |
| **Total assets** |  | 297329603 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $6314626 |  |
| Accrued management fee | 41999 |  |
| Payable for daily variation margin on futures contracts | 4235 |  |
| **Total liabilities** |  | 6360860 |
| **Net Assets**  |  | $290968743 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $265844441 |
| Total accumulated earnings (loss) |  | 25124302 |
| **Net Assets** |  | $290968743 |
| **Net Asset Value**, offering price and redemption price per share ($290,968,743 ÷ 9,200,000 shares) |  | $31.63 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $7935354 |
| Interest  |  | 1571 |
| Income from Fidelity Central Funds (including $1,937 from security lending)  |  | 10290 |
| Income before foreign taxes withheld |  | $7947215 |
| Less foreign taxes withheld |  | (546341) |
| **Total income** |  | 7400874 |
| **Expenses** |  |  |
| Management fee | $392412 |  |
| Independent trustees' fees and expenses | 797 |  |
| Interest | 3823 |  |
| Total expenses before reductions | 397032 |  |
| Expense reductions | (297) |  |
| Total expenses after reductions |  | 396735 |
| **Net Investment income (loss)** |  | 7004139 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2609926 |  |
| Redemptions in-kind | 24046141 |  |
| Fidelity Central Funds | (11) |  |
| Foreign currency transactions | 9929 |  |
| Futures contracts | 172505 |  |
| Total net realized gain (loss) |  | 26838490 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 22289342 |  |
| Assets and liabilities in foreign currencies | 20504 |  |
| Futures contracts | 56110 |  |
| Total change in net unrealized appreciation (depreciation) |  | 22365956 |
| **Net gain (loss)** |  | 49204446 |
| **Net increase (decrease) in net assets resulting from operations** |  | $56208585 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $7004139 | $4483215 |
| &nbsp;&nbsp;Net realized gain (loss) | 26838490<br>| 5343510<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 22365956 | 8084457<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 56208585<br>| 17911182<br>|
| Distributions to shareholders | (7058000)<br>| (4690900)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 201246283 | 98975785 |
| &nbsp;&nbsp;Cost of shares redeemed | (125911101) | (19480689) |
| **Net increase (decrease) in net assets resulting from share transactions** | 75335182<br>| 79495096<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 124485767<br>| 92715378<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 166482976 | 73767598<br>|
| &nbsp;&nbsp;End of period | $290968743 | $166482976 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 7200000 | 4000000 |
| &nbsp;&nbsp;Redeemed | (4600000) | (800000) |
| &nbsp;&nbsp;Net increase (decrease) | 2600000 | 3200000 |

---

**Financial Highlights** 

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

---

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

---

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

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

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

D*Based on net asset value.*

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

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

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

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

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

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

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2025 is included at the end of each Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes and for processing shareholder transactions, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period and prior business day, respectively. The NAV per share for processing shareholder transactions is calculated as of the close of business (normally 4:00 p.m. Eastern time) of the Cboe BZX Exchange, Inc. (CboeBZX) for Fidelity Emerging Markets Multifactor ETF and Fidelity International Multifactor ETF, and of the New York Stock Exchange, Archipelago Exchange (NYSE Arca) for all other funds; normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable. Fidelity International High Dividend ETF, Fidelity International Multifactor ETF and Fidelity International Value Factor ETF has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Fidelity Emerging Markets Multifactor ETF did not recognize dividend income during the period on certain Russian securities due to restrictions imposed by the Russian government on these dividend payments. There is uncertainty regarding the timeline for these restrictions to be lifted and the collectability of these and future dividend payments on Russian securities.

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

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Funds and is not distributed to shareholders of the Funds. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Emerging Markets Multifactor ETF is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Fund's Statement of Assets and Liabilities.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Emerging Markets Multifactor ETF**  | 229204996 | 40087082 | (8342549) | 31744533 |
| **Fidelity International High Dividend ETF**  | 160003186 | 24802416 | (4433760) | 20368656 |
| **Fidelity International Multifactor ETF**  | 187854310 | 21711697 | (6387681) | 15324016 |
| **Fidelity International Value Factor ETF** | 262506321 | 37363656 | (10424438) | 26939218 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Fidelity Emerging Markets Multifactor ETF**  | 721336 | (1428799) | 31731972 |
| **Fidelity International High Dividend ETF**  | 1061464 | (12061329) | 20447320 |
| **Fidelity International Multifactor ETF**  | 1206785 | (3565262) | 15335155 |
| **Fidelity International Value Factor ETF** | 538960 | (2400166) | 26985508 |

---

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

---

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

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| **October 31, 2025** |  |  |
|  | **Ordinary Income ($)** | **Total ($)** |
| **Fidelity Emerging Markets Multifactor ETF**  | 6716600 | 6716600 |
| **Fidelity International High Dividend ETF**  | 6151200 | 6151200 |
| **Fidelity International Multifactor ETF**  | 4072600 | 4072600 |
| **Fidelity International Value Factor ETF** | 7058000 | 7058000 |

---

---

| | | |
|:---|:---|:---|
| **October 31, 2024** |  |  |
|  | **Ordinary Income ($)** | **Total ($)** |
| **Fidelity Emerging Markets Multifactor ETF**  | 2073600 | 2073600 |
| **Fidelity International High Dividend ETF**  | 5072600 | 5072600 |
| **Fidelity International Multifactor ETF**  | 1945700 | 1945700 |
| **Fidelity International Value Factor ETF** | 4690900 | 4690900 |

---

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

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

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

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Emerging Markets Multifactor ETF** | 251544643 | 125042097 |
| **Fidelity International High Dividend ETF** | 71750393 | 70215686 |
| **Fidelity International Multifactor ETF** | 101882442 | 85484779 |
| **Fidelity International Value Factor ETF** | 138148407 | 123797169 |

---

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

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions ($)** | **In-Kind Redemptions ($)** |
| **Fidelity Emerging Markets Multifactor ETF** | 8912937 | 22871542 |
| **Fidelity International High Dividend ETF** | 60769159 | 1920587 |
| **Fidelity International Multifactor ETF** | 126198848 | 48172857 |
| **Fidelity International Value Factor ETF** | 184476679 | 123950278 |

---

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

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

---

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

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Emerging Markets Multifactor ETF** | Borrower | 2748800 | 4.57% | 3493 |
| **Fidelity International Multifactor ETF** | Borrower | 5623750 | 4.58% | 2865 |
| **Fidelity International Value Factor ETF** | Borrower | 7505000 | 4.58% | 3823 |

---

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

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Emerging Markets Multifactor ETF** | 1341 | - | - |
| **Fidelity International High Dividend ETF** | 1212 | - | - |
| **Fidelity International Multifactor ETF** | 78 | - | - |
| **Fidelity International Value Factor ETF** | 207 | - | - |

---

**8. Bank Borrowings.**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **Fidelity Emerging Markets Multifactor ETF** | 175500 | 4.83% | 47 |

---

**9. Expense Reductions.** 

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

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Emerging Markets Multifactor ETF**  | 388 |
| **Fidelity International High Dividend ETF**  | 333 |
| **Fidelity International Multifactor ETF**  | 351 |
| **Fidelity International Value Factor ETF**  | 297 |

---

**10. Share Transactions.**

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

**11. Other.**

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

**12. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Covington Trust and the Shareholders of Fidelity Emerging Markets Multifactor ETF, Fidelity International High Dividend ETF, Fidelity International Multifactor ETF, and Fidelity International Value Factor ETF:

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

We have audited the accompanying statements of assets and liabilities of Fidelity Emerging Markets Multifactor ETF, Fidelity International High Dividend ETF, Fidelity International Multifactor ETF, and Fidelity International Value Factor ETF (the "Funds"), each a fund of Fidelity Covington Trust, including the schedules of investments, as of October 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 10, 2025

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

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

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

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

---

| | |
|:---|:---|
| **Fidelity Emerging Markets Multifactor ETF** |  |
| December 2024<br> March 2025<br> June 2025<br> September 2025 | 22.11%<br> 47.62%<br> 47.62%<br> 47.62% |
| **Fidelity International High Dividend ETF** |  |
| December 2024<br> March 2025<br> June 2025<br> September 2025 | 49.81%<br> 100%<br> 100%<br> 100% |
| **Fidelity International Multifactor ETF** |  |
| December 2024<br> March 2025<br> June 2025<br> September 2025 | 52.60%<br> 100%<br> 100%<br> 100% |
| **Fidelity International Value Factor ETF** |  |
| December 2024<br> March 2025<br> June 2025<br> September 2025 | 49.75%<br> 100%<br> 100%<br> 100% |

---

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

---

| | |
|:---|:---|
| Fidelity Emerging Markets Multifactor ETF | $32860 |
| Fidelity International Multifactor ETF | $21398 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income** | **Taxes** |
| **Fidelity Emerging Markets Multifactor ETF** | <br> 03/20/24<br> 06/25/24<br> 09/24/24<br> 12/24/24 | <br> $0.1463<br> $0.4366<br> $0.2963<br> $0.3787 | <br> $0.0280<br> $0.0836<br> $0.0567<br> $0.0725<br>|
| **Fidelity International High Dividend ETF** | <br> 03/20/24<br> 06/25/24<br> 09/24/24<br> 12/24/24 | <br> $0.2542<br> $0.4909<br> $0.2345<br> $0.2367<br>| <br> $0.0221<br> $0.0426<br> $0.0203<br> $0.0205<br>|
| **Fidelity International Multifactor ETF** | <br> 03/20/24<br> 06/22/24<br> 09/24/24<br> 12/24/24 | <br> $0.2325<br> $0.2963<br> $0.2109<br> $0.1460<br>| <br> $0.0187<br> $0.0239<br> $0.0170<br> $0.0118<br>|
| **Fidelity International Value Factor ETF** | <br> 03/20/24<br> 06/25/24<br> 09/24/24<br> 12/24/24 | <br> $0.2541<br> $0.3187<br> $0.2262<br> $0.1195 | <br> $0.0193<br> $0.0242<br> $0.0172<br> $0.0091<br>|

---

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity International High Dividend ETF**

**Fidelity International Value Factor ETF**

**Fidelity Emerging Markets Multifactor ETF**

**Fidelity International Multifactor ETF**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

![](img118389_4.jpg)<br>

1.9885304.107 IHD-IVE-ANN-1225

**Fidelity® Fundamental Developed International ETF**

**Fidelity® Fundamental Emerging Markets ETF**

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

**Annual Report**

**October 31, 2025**

![](img118425_1.jpg)

![](img118425_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_FDG-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Fundamental Developed International ETF](#Sub_Sec_Fund_7727_FDG-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Fundamental Emerging Markets ETF](#Sub_Sec_Fund_7729_FDG-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Fundamental Global ex-U.S. ETF](#Sub_Sec_Fund_7728_FDG-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements7727_FDG-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_FDG-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_FDG-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FDG-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FDG-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FDG-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FDG-ANN)** |

---

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

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

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® Fundamental Developed International ETF**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 1.1%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Aristocrat Leisure Ltd  | 3426 | 142007 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| IperionX Ltd (b) | 6201 | 27590 |
| TOTAL AUSTRALIA |  | 169597 |
| BELGIUM - 2.2%  |  |  |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| KBC Group NV  | 1776 | 213411 |
| Health Care - 0.8% |  |  |
| Pharmaceuticals - 0.8% |  |  |
| UCB SA  | 465 | 119256 |
| TOTAL BELGIUM |  | 332667 |
| CANADA - 3.6%  |  |  |
| Energy - 1.6% |  |  |
| Oil, Gas & Consumable Fuels - 1.6% |  |  |
| Cameco Corp  | 471 | 48136 |
| Canadian Natural Resources Ltd  | 2376 | 76012 |
| Imperial Oil Ltd  | 1270 | 112327 |
|  |  | 236475 |
| Information Technology - 1.8% |  |  |
| IT Services - 0.6% |  |  |
| Shopify Inc Class A (United States) (b) | 570 | 99100 |
| Software - 1.2% |  |  |
| Constellation Software Inc/Canada  | 68 | 178955 |
| TOTAL INFORMATION TECHNOLOGY |  | 278055 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Franco-Nevada Corp  | 182 | 33997 |
| TOTAL CANADA |  | 548527 |
| CHINA - 0.8%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Broadline Retail - 0.8% |  |  |
| Prosus NV Class N  | 1824 | 125999 |
| DENMARK - 1.4%  |  |  |
| Industrials - 1.4% |  |  |
| Air Freight & Logistics - 1.4% |  |  |
| DSV A/S  | 1000 | 212226 |
| FINLAND - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Fortum Oyj  | 896 | 19973 |
| FRANCE - 10.2%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Textiles, Apparel & Luxury Goods - 1.3% |  |  |
| Hermes International SCA  | 69 | 170916 |
| LVMH Moet Hennessy Louis Vuitton SE  | 41 | 28927 |
|  |  | 199843 |
| Consumer Staples - 1.1% |  |  |
| Food Products - 1.1% |  |  |
| Danone SA  | 1818 | 160684 |
| Financials - 1.0% |  |  |
| Insurance - 1.0% |  |  |
| AXA SA  | 3627 | 157318 |
| Health Care - 1.4% |  |  |
| Health Care Equipment & Supplies - 1.4% |  |  |
| EssilorLuxottica SA  | 589 | 215418 |
| Industrials - 3.2% |  |  |
| Aerospace & Defense - 3.2% |  |  |
| Safran SA  | 1108 | 393231 |
| Thales SA  | 281 | 79970 |
|  |  | 473201 |
| Materials - 2.2% |  |  |
| Chemicals - 2.2% |  |  |
| Air Liquide SA  | 1758 | 340266 |
| TOTAL FRANCE |  | 1546730 |
| GERMANY - 12.4%  |  |  |
| Communication Services - 1.1% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Deutsche Telekom AG  | 5210 | 161483 |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Auto1 Group SE (b) | 611 | 21438 |
| Financials - 4.9% |  |  |
| Capital Markets - 1.7% |  |  |
| Deutsche Boerse AG  | 1031 | 260850 |
| Insurance - 3.2% |  |  |
| Allianz SE  | 274 | 109971 |
| Hannover Rueck SE  | 646 | 184217 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 282 | 174355 |
|  |  | 468543 |
| TOTAL FINANCIALS |  | 729393 |
| Health Care - 1.0% |  |  |
| Health Care Providers & Services - 1.0% |  |  |
| Fresenius SE & Co KGaA  | 2628 | 151519 |
| Industrials - 1.2% |  |  |
| Aerospace & Defense - 1.2% |  |  |
| MTU Aero Engines AG  | 117 | 50991 |
| Rheinmetall AG  | 69 | 135325 |
|  |  | 186316 |
| Information Technology - 2.8% |  |  |
| Software - 2.8% |  |  |
| SAP SE  | 1597 | 413164 |
| Materials - 1.0% |  |  |
| Construction Materials - 1.0% |  |  |
| Heidelberg Materials AG  | 671 | 157083 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Vonovia SE  | 1107 | 33239 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| RWE AG  | 376 | 18488 |
| TOTAL GERMANY |  | 1872123 |
| IRELAND - 0.8%  |  |  |
| Industrials - 0.8% |  |  |
| Building Products - 0.8% |  |  |
| Kingspan Group PLC  | 1711 | 127995 |
| ISRAEL - 0.5%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Bank Hapoalim BM  | 2114 | 43014 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Next Vision Stabilized Systems Ltd  | 615 | 26990 |
| TOTAL ISRAEL |  | 70004 |
| ITALY - 3.7%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Lottomatica Group Spa  | 1631 | 40194 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Coca-Cola HBC AG  | 600 | 27225 |
| Financials - 2.5% |  |  |
| Banks - 2.5% |  |  |
| FinecoBank Banca Fineco SpA  | 3216 | 73434 |
| UniCredit SpA  | 4142 | 305697 |
|  |  | 379131 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 1522 | 90348 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Prysmian SpA  | 156 | 16151 |
| TOTAL ITALY |  | 553049 |
| JAPAN - 20.1%  |  |  |
| Communication Services - 1.9% |  |  |
| Entertainment - 1.9% |  |  |
| Capcom Co Ltd  | 2475 | 64786 |
| Nintendo Co Ltd  | 2704 | 228886 |
|  |  | 293672 |
| Consumer Discretionary - 0.4% |  |  |
| Household Durables - 0.4% |  |  |
| Sony Group Corp  | 2326 | 65383 |
| Consumer Staples - 0.9% |  |  |
| Food Products - 0.9% |  |  |
| Ajinomoto Co Inc  | 4959 | 140716 |
| Financials - 3.0% |  |  |
| Banks - 1.5% |  |  |
| Mitsubishi UFJ Financial Group Inc  | 2382 | 36013 |
| Sumitomo Mitsui Financial Group Inc  | 7328 | 197953 |
|  |  | 233966 |
| Financial Services - 0.1% |  |  |
| ORIX Corp  | 369 | 9003 |
| Insurance - 1.4% |  |  |
| Tokio Marine Holdings Inc  | 5446 | 204327 |
| TOTAL FINANCIALS |  | 447296 |
| Health Care - 1.4% |  |  |
| Health Care Equipment & Supplies - 1.4% |  |  |
| Hoya Corp  | 1265 | 205908 |
| Industrials - 7.2% |  |  |
| Industrial Conglomerates - 3.0% |  |  |
| Hitachi Ltd  | 13123 | 452847 |
| Machinery - 2.3% |  |  |
| Ebara Corp  | 1565 | 41950 |
| Mitsubishi Heavy Industries Ltd  | 9976 | 301203 |
|  |  | 343153 |
| Professional Services - 0.5% |  |  |
| BayCurrent Inc  | 1182 | 54188 |
| Recruit Holdings Co Ltd  | 460 | 23007 |
|  |  | 77195 |
| Trading Companies & Distributors - 1.4% |  |  |
| ITOCHU Corp  | 3625 | 210076 |
| TOTAL INDUSTRIALS |  | 1083271 |
| Information Technology - 4.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Ibiden Co Ltd  | 987 | 93602 |
| IT Services - 0.5% |  |  |
| Fujitsu Ltd  | 2732 | 71460 |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| Advantest Corp  | 1917 | 287780 |
| Renesas Electronics Corp  | 3431 | 42545 |
|  |  | 330325 |
| Technology Hardware, Storage & Peripherals - 1.0% |  |  |
| FUJIFILM Holdings Corp  | 6594 | 153180 |
| TOTAL INFORMATION TECHNOLOGY |  | 648567 |
| Materials - 1.0% |  |  |
| Chemicals - 1.0% |  |  |
| Shin-Etsu Chemical Co Ltd  | 4850 | 146498 |
| TOTAL JAPAN |  | 3031311 |
| NETHERLANDS - 3.1%  |  |  |
| Information Technology - 3.1% |  |  |
| Semiconductors & Semiconductor Equipment - 3.1% |  |  |
| ASM International NV  | 213 | 137979 |
| ASML Holding NV  | 218 | 230698 |
| BE Semiconductor Industries NV  | 620 | 105481 |
| TOTAL NETHERLANDS |  | 474158 |
| SINGAPORE - 1.4%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Broadline Retail - 1.0% |  |  |
| Sea Ltd Class A ADR (b) | 965 | 150781 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| United Overseas Bank Ltd  | 2344 | 62436 |
| TOTAL SINGAPORE |  | 213217 |
| SPAIN - 4.5%  |  |  |
| Financials - 4.0% |  |  |
| Banks - 4.0% |  |  |
| Banco Santander SA  | 29114 | 296185 |
| CaixaBank SA  | 27925 | 294904 |
|  |  | 591089 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Iberdrola SA  | 4071 | 82423 |
| TOTAL SPAIN |  | 673512 |
| SWEDEN - 3.3%  |  |  |
| Financials - 1.6% |  |  |
| Financial Services - 1.6% |  |  |
| Investor AB B Shares  | 7305 | 241097 |
| Industrials - 1.2% |  |  |
| Machinery - 1.2% |  |  |
| Atlas Copco AB A Shares  | 3941 | 66435 |
| Indutrade AB  | 4267 | 114083 |
|  |  | 180518 |
| Information Technology - 0.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Hexagon AB B Shares  | 6635 | 81399 |
| TOTAL SWEDEN |  | 503014 |
| SWITZERLAND - 3.3%  |  |  |
| Financials - 3.3% |  |  |
| Capital Markets - 1.8% |  |  |
| UBS Group AG  | 7263 | 277343 |
| Insurance - 1.5% |  |  |
| Zurich Insurance Group AG  | 324 | 225059 |
| TOTAL SWITZERLAND |  | 502402 |
| UNITED KINGDOM - 17.2%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Zegona Communications plc (b) | 5620 | 90811 |
| Consumer Discretionary - 2.8% |  |  |
| Hotels, Restaurants & Leisure - 2.3% |  |  |
| Compass Group PLC  | 7807 | 258556 |
| InterContinental Hotels Group PLC  | 685 | 82717 |
|  |  | 341273 |
| Leisure Products - 0.5% |  |  |
| Games Workshop Group PLC  | 365 | 76384 |
| TOTAL CONSUMER DISCRETIONARY |  | 417657 |
| Consumer Staples - 1.4% |  |  |
| Tobacco - 1.4% |  |  |
| British American Tobacco PLC ADR  | 1906 | 97568 |
| Imperial Brands PLC  | 2723 | 108211 |
|  |  | 205779 |
| Financials - 4.9% |  |  |
| Banks - 1.8% |  |  |
| Lloyds Banking Group PLC  | 87417 | 102299 |
| NatWest Group PLC  | 21697 | 166460 |
|  |  | 268759 |
| Capital Markets - 3.1% |  |  |
| 3i Group PLC  | 4418 | 255373 |
| London Stock Exchange Group PLC  | 1712 | 213345 |
|  |  | 468718 |
| TOTAL FINANCIALS |  | 737477 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Convatec Group PLC (c)(d) | 18303 | 58716 |
| Industrials - 6.2% |  |  |
| Aerospace & Defense - 3.7% |  |  |
| BAE Systems PLC  | 11413 | 280524 |
| Rolls-Royce Holdings PLC  | 18407 | 282195 |
|  |  | 562719 |
| Professional Services - 1.7% |  |  |
| RELX PLC  | 5853 | 258123 |
| Trading Companies & Distributors - 0.8% |  |  |
| Diploma PLC  | 1613 | 118876 |
| TOTAL INDUSTRIALS |  | 939718 |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Halma PLC  | 3074 | 143199 |
| TOTAL UNITED KINGDOM |  | 2593357 |
| UNITED STATES - 9.1%  |  |  |
| Communication Services - 0.8% |  |  |
| Entertainment - 0.8% |  |  |
| Spotify Technology SA (b) | 194 | 127132 |
| Energy - 1.7% |  |  |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| Shell PLC  | 6930 | 259235 |
| Health Care - 0.7% |  |  |
| Health Care Equipment & Supplies - 0.7% |  |  |
| Alcon AG  | 1357 | 100837 |
| Industrials - 4.0% |  |  |
| Electrical Equipment - 2.7% |  |  |
| Schneider Electric SE  | 1412 | 400538 |
| Professional Services - 1.3% |  |  |
| Experian PLC  | 4305 | 200600 |
| TOTAL INDUSTRIALS |  | 601138 |
| Materials - 1.9% |  |  |
| Construction Materials - 1.9% |  |  |
| Amrize Ltd  | 2076 | 107005 |
| Holcim AG  | 2058 | 182439 |
|  |  | 289444 |
| TOTAL UNITED STATES |  | 1377786 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $12,382,363) |  | <br> **14947647** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.5%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 12/26/2025  | 3.93 | 50000 | 49712 |
| US Treasury Bills 0% 12/4/2025  | 4.06 | 20000 | 19933 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $69,629) |  |  | **69645** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f)<br>(Cost $80,895)<br>| 4.18 | 80879 | **80895** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $12,532,887)<br>| <br>**15098187** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **36027** |
| **NET ASSETS - 100.0%** | **15134214** |

---

**Legend**

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

(b) Non-income producing.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $58,716 or 0.4% of net assets.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $58,716 or 0.4% of net assets.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 16107754 | 16026859 | 5611 | - | - | 80895 | 80879 | 0.0% |
| Total | - | 16107754 | 16026859 | 5611 | - | - | 80895 |  |  |

---

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 October 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 673098 | 673098 | - | - |
| Consumer Discretionary | 1163302 | 1163302 | - | - |
| Consumer Staples | 534404 | 534404 | - | - |
| Energy | 495710 | 495710 | - | - |
| Financials | 4104064 | 4104064 | - | - |
| Health Care | 942002 | 942002 | - | - |
| Industrials | 3820534 | 3820534 | - | - |
| Information Technology | 2065532 | 2065532 | - | - |
| Materials | 994878 | 994878 | - | - |
| Real Estate | 33239 | 33239 | - | - |
| Utilities | 120884 | 120884 | - | - |
|  **U.S. Treasury Obligations** | 69645 | - | 69645 | - |
|  **Money Market Funds** | 80895 | 80895 | - | - |
| **Total Investments in Securities:** | 15098187 | 15028542 | 69645 | - |

---

**Fidelity® Fundamental Developed International ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $12,451,992) | $15017292 |  |
| Fidelity Central Funds (cost $80,895) | 80895 |  |
| Total Investment in Securities (cost $12,532,887) |  | $15098187 |
| Cash |  | 591 |
| Dividends receivable |  | 25701 |
| Reclaims receivable |  | 16380 |
| Distributions receivable from Fidelity Central Funds |  | 273 |
| **Total assets** |  | 15141132 |
| **Liabilities** |  |  |
| Accrued management fee | $6918 |  |
| **Total liabilities** |  | 6918 |
| **Net Assets**  |  | $15134214 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $12784798 |
| Total accumulated earnings (loss) |  | 2349416 |
| **Net Assets** |  | $15134214 |
| **Net Asset Value**, offering price and redemption price per share ($15,134,214 ÷ 500,000 shares) |  | $30.27 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **For the period November 19, 2024 (commencement of operations) through October 31, 2025**  | <br> **For the period November 19, 2024 (commencement of operations) through October 31, 2025**  | <br> **For the period November 19, 2024 (commencement of operations) through October 31, 2025**  |
| **Investment Income** |  |  |
| Dividends  |  | $264536 |
| Non-Cash dividends |  | 40730 |
| Foreign Tax Reclaims |  | 16199 |
| Interest  |  | 1785 |
| Income from Fidelity Central Funds  |  | 5611 |
| Income before foreign taxes withheld |  | $328861 |
| Less foreign taxes withheld |  | (39765) |
| **Total income** |  | 289096 |
| **Expenses** |  |  |
| Management fee | $67328 |  |
| Independent trustees' fees and expenses | 39 |  |
| Total expenses before reductions | 67367 |  |
| Expense reductions | (166) |  |
| Total expenses after reductions |  | 67201 |
| **Net Investment income (loss)** |  | 221895 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (142646) |  |
| Redemptions in-kind | 147819 |  |
| Foreign currency transactions | (10533) |  |
| Futures contracts | (67351) |  |
| Total net realized gain (loss) |  | (72711) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2565300 |  |
| Assets and liabilities in foreign currencies | (133) |  |
| Total change in net unrealized appreciation (depreciation) |  | 2565167 |
| **Net gain (loss)** |  | 2492456 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2714351 |

---

---

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

---

**Financial Highlights** 

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

---

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

---

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

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

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

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

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

F*Based on net asset value.*

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

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

I*Annualized.*

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

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

**Fidelity® Fundamental Emerging Markets ETF**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 4.6%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| MercadoLibre Inc (b) | 10 | 23273 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| PRIO SA/Brazil (b) | 11535 | 77251 |
| Financials - 1.8% |  |  |
| Banks - 1.6% |  |  |
| Itau Unibanco Holding SA  | 23175 | 169894 |
| NU Holdings Ltd/Cayman Islands Class A (b) | 2439 | 39292 |
|  |  | 209186 |
| Capital Markets - 0.2% |  |  |
| Banco BTG Pactual SA unit  | 3236 | 29365 |
| TOTAL FINANCIALS |  | 238551 |
| Industrials - 0.4% |  |  |
| Ground Transportation - 0.4% |  |  |
| Localiza Rent a Car SA  | 7238 | 53061 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Gerdau SA ADR  | 2995 | 10453 |
| Vale SA  | 9031 | 109548 |
|  |  | 120001 |
| Utilities - 0.7% |  |  |
| Electric Utilities - 0.7% |  |  |
| Centrais Eletricas Brasileiras SA ADR  | 654 | 6769 |
| Equatorial Energia SA  | 12798 | 87184 |
|  |  | 93953 |
| TOTAL BRAZIL |  | 606090 |
| CHINA - 29.9%  |  |  |
| Communication Services - 8.5% |  |  |
| Entertainment - 0.7% |  |  |
| Tencent Music Entertainment Group Class A ADR  | 4183 | 93364 |
| Interactive Media & Services - 7.8% |  |  |
| Tencent Holdings Ltd  | 12697 | 1027780 |
| TOTAL COMMUNICATION SERVICES |  | 1121144 |
| Consumer Discretionary - 9.1% |  |  |
| Automobile Components - 0.2% |  |  |
| Hesai Group ADR (b) | 1345 | 31916 |
| Automobiles - 1.0% |  |  |
| BYD Co Ltd H Shares  | 10489 | 135794 |
| Broadline Retail - 6.0% |  |  |
| Alibaba Group Holding Ltd  | 23051 | 489762 |
| PDD Holdings Inc Class A ADR (b) | 2264 | 305346 |
|  |  | 795108 |
| Diversified Consumer Services - 0.3% |  |  |
| TAL Education Group Class A ADR (b) | 2753 | 33752 |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Meituan B Shares (b)(c)(d) | 1235 | 16211 |
| Trip.com Group Ltd  | 1210 | 84632 |
|  |  | 100843 |
| Household Durables - 0.8% |  |  |
| Haier Smart Home Co Ltd H Shares  | 31955 | 103795 |
| TOTAL CONSUMER DISCRETIONARY |  | 1201208 |
| Consumer Staples - 1.0% |  |  |
| Beverages - 1.0% |  |  |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 1182 | 46500 |
| Kweichow Moutai Co Ltd A Shares (China)  | 438 | 88002 |
|  |  | 134502 |
| Financials - 3.6% |  |  |
| Banks - 1.4% |  |  |
| China Construction Bank Corp H Shares  | 187363 | 185662 |
| Insurance - 2.2% |  |  |
| China Life Insurance Co Ltd H Shares  | 62820 | 198229 |
| Ping An Insurance Group Co of China Ltd H Shares  | 13581 | 98136 |
|  |  | 296365 |
| TOTAL FINANCIALS |  | 482027 |
| Health Care - 1.8% |  |  |
| Biotechnology - 0.1% |  |  |
| Zai Lab Ltd (b) | 3055 | 7902 |
| Life Sciences Tools & Services - 0.8% |  |  |
| Wuxi Apptec Co Ltd H Shares (c)(d) | 7461 | 104274 |
| Pharmaceuticals - 0.9% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (c)(d) | 27232 | 124901 |
| TOTAL HEALTH CARE |  | 237077 |
| Industrials - 3.9% |  |  |
| Electrical Equipment - 1.9% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 2445 | 133552 |
| Sieyuan Electric Co Ltd A Shares (China)  | 6100 | 112574 |
|  |  | 246126 |
| Ground Transportation - 0.7% |  |  |
| Full Truck Alliance Co Ltd ADR  | 6824 | 88712 |
| Machinery - 1.3% |  |  |
| Airtac International Group  | 2407 | 71245 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 9870 | 106793 |
|  |  | 178038 |
| TOTAL INDUSTRIALS |  | 512876 |
| Information Technology - 1.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 11474 | 101563 |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| NAURA Technology Group Co Ltd A Shares (China)  | 400 | 22876 |
| Software - 0.4% |  |  |
| Pony AI Inc ADR (b) | 2563 | 47877 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Xiaomi Corp B Shares (b)(c)(d) | 3707 | 20609 |
| TOTAL INFORMATION TECHNOLOGY |  | 192925 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| MMG Ltd (b) | 17893 | 15911 |
| Zijin Mining Group Co Ltd H Shares  | 15464 | 64161 |
|  |  | 80072 |
| TOTAL CHINA |  | 3961831 |
| GREECE - 1.6%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| OPAP SA  | 457 | 9455 |
| Financials - 1.5% |  |  |
| Banks - 1.5% |  |  |
| Alpha Bank SA  | 18634 | 73027 |
| National Bank of Greece SA  | 8960 | 131627 |
|  |  | 204654 |
| TOTAL GREECE |  | 214109 |
| HUNGARY - 1.5%  |  |  |
| Financials - 1.5% |  |  |
| Banks - 1.5% |  |  |
| OTP Bank Nyrt  | 2042 | 194767 |
| INDIA - 12.5%  |  |  |
| Communication Services - 0.8% |  |  |
| Wireless Telecommunication Services - 0.8% |  |  |
| Bharti Airtel Ltd  | 4667 | 108020 |
| Consumer Discretionary - 1.4% |  |  |
| Hotels, Restaurants & Leisure - 1.4% |  |  |
| Eternal Ltd (b) | 34283 | 122722 |
| MakeMyTrip Ltd (b) | 706 | 56480 |
|  |  | 179202 |
| Energy - 1.9% |  |  |
| Oil, Gas & Consumable Fuels - 1.9% |  |  |
| Reliance Industries Ltd GDR (c) | 3768 | 249818 |
| Financials - 4.6% |  |  |
| Banks - 3.6% |  |  |
| HDFC Bank Ltd/Gandhinagar ADR  | 7874 | 285197 |
| ICICI Bank Ltd ADR  | 6472 | 196102 |
|  |  | 481299 |
| Consumer Finance - 0.8% |  |  |
| Bajaj Finance Ltd  | 8876 | 104274 |
| Insurance - 0.2% |  |  |
| HDFC Life Insurance Co Ltd (c)(d) | 3584 | 29549 |
| TOTAL FINANCIALS |  | 615122 |
| Health Care - 0.5% |  |  |
| Health Care Providers & Services - 0.5% |  |  |
| Max Healthcare Institute Ltd  | 5367 | 69399 |
| Industrials - 2.5% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| Hindustan Aeronautics Ltd (d) | 1602 | 84459 |
| Construction & Engineering - 1.9% |  |  |
| Larsen & Toubro Ltd GDR (d) | 5527 | 248992 |
| TOTAL INDUSTRIALS |  | 333451 |
| Materials - 0.5% |  |  |
| Construction Materials - 0.5% |  |  |
| JK Cement Ltd  | 862 | 60344 |
| Utilities - 0.3% |  |  |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| NTPC Ltd  | 10120 | 38415 |
| TOTAL INDIA |  | 1653771 |
| INDONESIA - 1.8%  |  |  |
| Financials - 1.8% |  |  |
| Banks - 1.8% |  |  |
| Bank Central Asia Tbk PT  | 384347 | 197027 |
| Bank Rakyat Indonesia Persero Tbk PT  | 163740 | 39187 |
| TOTAL INDONESIA |  | 236214 |
| KAZAKHSTAN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Consumer Finance - 0.0% |  |  |
| Kaspi.KZ JSC ADR  | 206 | 15407 |
| KOREA (SOUTH) - 13.1%  |  |  |
| Communication Services - 0.8% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| KT Corp  | 945 | 32497 |
| Interactive Media & Services - 0.6% |  |  |
| Kakao Corp  | 703 | 32020 |
| Webtoon Entertainment Inc (b) | 2500 | 43825 |
|  |  | 75845 |
| TOTAL COMMUNICATION SERVICES |  | 108342 |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Kia Corp  | 288 | 24160 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| KB Financial Group Inc  | 162 | 13216 |
| Health Care - 0.7% |  |  |
| Life Sciences Tools & Services - 0.7% |  |  |
| Samsung Biologics Co Ltd (b)(c)(d)(e) | 111 | 94826 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Korea Aerospace Industries Ltd  | 1456 | 105335 |
| Electrical Equipment - 0.1% |  |  |
| LS Electric Co Ltd  | 38 | 11565 |
| TOTAL INDUSTRIALS |  | 116900 |
| Information Technology - 10.5% |  |  |
| Semiconductors & Semiconductor Equipment - 4.1% |  |  |
| SK Hynix Inc  | 1390 | 543645 |
| Technology Hardware, Storage & Peripherals - 6.4% |  |  |
| Samsung Electronics Co Ltd  | 11187 | 841417 |
| TOTAL INFORMATION TECHNOLOGY |  | 1385062 |
| TOTAL KOREA (SOUTH) |  | 1742506 |
| MEXICO - 4.1%  |  |  |
| Communication Services - 0.5% |  |  |
| Wireless Telecommunication Services - 0.5% |  |  |
| America Movil SAB de CV Series B  | 60449 | 68946 |
| Consumer Staples - 1.5% |  |  |
| Consumer Staples Distribution & Retail - 1.5% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 60102 | 198696 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Grupo Financiero Banorte SAB de CV  | 6811 | 64100 |
| Materials - 0.7% |  |  |
| Construction Materials - 0.7% |  |  |
| Cemex SAB de CV unit  | 94688 | 96225 |
| Real Estate - 0.9% |  |  |
| Industrial REITs - 0.3% |  |  |
| Prologis Property Mexico SA de CV  | 9997 | 39921 |
| Real Estate Management & Development - 0.6% |  |  |
| Corp Inmobiliaria Vesta SAB de CV  | 24054 | 73023 |
| TOTAL REAL ESTATE |  | 112944 |
| TOTAL MEXICO |  | 540911 |
| PERU - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| Credicorp Ltd  | 653 | 170433 |
| POLAND - 0.9%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Allegro.eu SA (b)(c)(d) | 6547 | 61162 |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Dino Polska SA (b)(c)(d) | 4670 | 55729 |
| TOTAL POLAND |  | 116891 |
| SAUDI ARABIA - 2.0%  |  |  |
| Financials - 2.0% |  |  |
| Banks - 2.0% |  |  |
| Al Rajhi Bank  | 7129 | 200927 |
| Saudi National Bank/The  | 5527 | 58773 |
| TOTAL SAUDI ARABIA |  | 259700 |
| SOUTH AFRICA - 4.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |
| MTN Group Ltd  | 3109 | 31010 |
| Consumer Discretionary - 1.3% |  |  |
| Broadline Retail - 1.3% |  |  |
| Naspers Ltd Class N  | 2420 | 170294 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Shoprite Holdings Ltd  | 1416 | 23689 |
| Financials - 1.5% |  |  |
| Banks - 0.7% |  |  |
| Capitec Bank Holdings Ltd  | 406 | 89749 |
| Financial Services - 0.8% |  |  |
| FirstRand Ltd  | 22634 | 107351 |
| TOTAL FINANCIALS |  | 197100 |
| Materials - 1.0% |  |  |
| Chemicals - 0.1% |  |  |
| Sasol Ltd (b) | 3075 | 19102 |
| Metals & Mining - 0.9% |  |  |
| Impala Platinum Holdings Ltd  | 10825 | 116382 |
| TOTAL MATERIALS |  | 135484 |
| TOTAL SOUTH AFRICA |  | 557577 |
| TAIWAN - 18.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Eclat Textile Co Ltd  | 2379 | 31730 |
| Industrials - 0.3% |  |  |
| Electrical Equipment - 0.2% |  |  |
| Bizlink Holding Inc  | 475 | 21529 |
| Machinery - 0.1% |  |  |
| Hiwin Technologies Corp  | 2916 | 21175 |
| TOTAL INDUSTRIALS |  | 42704 |
| Information Technology - 17.7% |  |  |
| Electronic Equipment, Instruments & Components - 1.9% |  |  |
| Chroma ATE Inc  | 2826 | 75200 |
| Delta Electronics Inc  | 2794 | 90325 |
| Elite Material Co Ltd  | 1042 | 46043 |
| Yageo Corp  | 3960 | 32037 |
|  |  | 243605 |
| Semiconductors & Semiconductor Equipment - 15.5% |  |  |
| ASE Technology Holding Co Ltd  | 1304 | 10486 |
| ASPEED Technology Inc  | 35 | 6220 |
| eMemory Technology Inc  | 212 | 13707 |
| MediaTek Inc  | 3561 | 151566 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 38227 | 1863036 |
|  |  | 2045015 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Quanta Computer Inc  | 1205 | 11765 |
| Wiwynn Corp  | 220 | 31201 |
|  |  | 42966 |
| TOTAL INFORMATION TECHNOLOGY |  | 2331586 |
| TOTAL TAIWAN |  | 2406020 |
| THAILAND - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Airports of Thailand PCL  | 5200 | 6618 |
| TURKEY - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Electrical Equipment - 0.3% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 15620 | 36474 |
| UNITED ARAB EMIRATES - 2.4%  |  |  |
| Energy - 1.9% |  |  |
| Energy Equipment & Services - 0.9% |  |  |
| ADNOC Drilling Co PJSC  | 81415 | 123687 |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Adnoc Gas PLC  | 132263 | 125675 |
| TOTAL ENERGY |  | 249362 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 17314 | 67975 |
| TOTAL UNITED ARAB EMIRATES |  | 317337 |
| UNITED KINGDOM - 1.3%  |  |  |
| Materials - 1.3% |  |  |
| Metals & Mining - 1.3% |  |  |
| Anglogold Ashanti Plc (South Africa)  | 2401 | 166329 |
| UNITED STATES - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Titan SA  | 368 | 16352 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $9,968,606) |  | <br> **13219337** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 12/4/2025 <br>(Cost $19,926)<br>| 4.06 | 20000 | **19933** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $9,988,532)<br>| <br>**13239270** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **14094** |
| **NET ASSETS - 100.0%** | **13253364** |

---

**Legend**

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

(b) Non-income producing.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $757,079 or 5.7% of net assets.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $840,712 or 6.3% of net assets.

(e) Level 3 security.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 6608295 | 6608295 | 1437 | - | - | - | - | 0.0% |
| Total | - | 6608295 | 6608295 | 1437 | - | - | - |  |  |

---

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 October 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 1437462 | 1437462 | - | - |
| Consumer Discretionary | 1700484 | 1700484 | - | - |
| Consumer Staples | 412616 | 412616 | - | - |
| Energy | 576431 | 576431 | - | - |
| Financials | 2759266 | 2759266 | - | - |
| Health Care | 401302 | 306476 | - | 94826 |
| Industrials | 1102084 | 1102084 | - | - |
| Information Technology | 3909573 | 3909573 | - | - |
| Materials | 674807 | 674807 | - | - |
| Real Estate | 112944 | 112944 | - | - |
| Utilities | 132368 | 132368 | - | - |
|  **U.S. Treasury Obligations** | 19933 | - | 19933 | - |
| **Total Investments in Securities:** | 13239270 | 13124511 | 19933 | 94826 |

---

**Fidelity® Fundamental Emerging Markets ETF**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $9,988,532)<br>|  | $13239270 |
| Cash |  | 15925 |
| Foreign currency held at value (cost $2,308) |  | 2306 |
| Dividends receivable |  | 6803 |
| Distributions receivable from Fidelity Central Funds |  | 30 |
| **Total assets** |  | 13264334 |
| **Liabilities** |  |  |
| Accrued management fee | $6478 |  |
| Deferred taxes | 4490 |  |
| Other payables and accrued expenses | 2 |  |
| **Total liabilities** |  | 10970 |
| **Net Assets**  |  | $13253364 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $10014918 |
| Total accumulated earnings (loss) |  | 3238446 |
| **Net Assets** |  | $13253364 |
| **Net Asset Value**, offering price and redemption price per share ($13,253,364 ÷ 400,000 shares) |  | $33.13 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **For the period November 19, 2024 (commencement of operations) through October 31, 2025**  | <br> **For the period November 19, 2024 (commencement of operations) through October 31, 2025**  | <br> **For the period November 19, 2024 (commencement of operations) through October 31, 2025**  |
| **Investment Income** |  |  |
| Dividends  |  | $234233 |
| Interest  |  | 812 |
| Income from Fidelity Central Funds  |  | 1437 |
| Income before foreign taxes withheld |  | $236482 |
| Less foreign taxes withheld |  | (24295) |
| **Total income** |  | 212187 |
| **Expenses** |  |  |
| Management fee | $61969 |  |
| Independent trustees' fees and expenses | 34 |  |
| Total expenses before reductions | 62003 |  |
| Expense reductions | (248) |  |
| Total expenses after reductions |  | 61755 |
| **Net Investment income (loss)** |  | 150432 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (19067) |  |
| Foreign currency transactions | 5735 |  |
| Futures contracts | 3904 |  |
| Total net realized gain (loss) |  | (9428) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $4,490)  | 3246248 |  |
| Assets and liabilities in foreign currencies | (49) |  |
| Total change in net unrealized appreciation (depreciation) |  | 3246199 |
| **Net gain (loss)** |  | 3236771 |
| **Net increase (decrease) in net assets resulting from operations** |  | $3387203 |

---

---

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

---

**Financial Highlights** 

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

---

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

---

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

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

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

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

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

F*Based on net asset value.*

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

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

I*Annualized.*

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

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

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.6%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Aristocrat Leisure Ltd  | 3588 | 148723 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| IperionX Ltd (b) | 6612 | 29418 |
| TOTAL AUSTRALIA |  | 178141 |
| BELGIUM - 1.3%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| KBC Group NV  | 2120 | 254747 |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| UCB SA  | 578 | 148237 |
| TOTAL BELGIUM |  | 402984 |
| BRAZIL - 2.0%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| MercadoLibre Inc (b) | 121 | 281598 |
| Financials - 0.7% |  |  |
| Banks - 0.4% |  |  |
| Itau Unibanco Holding SA  | 18555 | 136025 |
| Capital Markets - 0.3% |  |  |
| Banco BTG Pactual SA unit  | 9013 | 81788 |
| TOTAL FINANCIALS |  | 217813 |
| Industrials - 0.2% |  |  |
| Ground Transportation - 0.2% |  |  |
| Localiza Rent a Car SA  | 8599 | 63039 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Equatorial Energia SA  | 8963 | 61059 |
| TOTAL BRAZIL |  | 623509 |
| CANADA - 6.9%  |  |  |
| Energy - 3.1% |  |  |
| Oil, Gas & Consumable Fuels - 3.1% |  |  |
| Cameco Corp  | 2973 | 303839 |
| Canadian Natural Resources Ltd  | 10209 | 326604 |
| Imperial Oil Ltd  | 3475 | 307350 |
|  |  | 937793 |
| Information Technology - 2.8% |  |  |
| IT Services - 1.3% |  |  |
| Shopify Inc Class A (b) | 2302 | 400246 |
| Software - 1.5% |  |  |
| Constellation Software Inc/Canada  | 176 | 463178 |
| TOTAL INFORMATION TECHNOLOGY |  | 863424 |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| Franco-Nevada Corp  | 1676 | 313069 |
| TOTAL CANADA |  | 2114286 |
| CHILE - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Antofagasta PLC  | 5097 | 186816 |
| CHINA - 10.5%  |  |  |
| Communication Services - 3.2% |  |  |
| Entertainment - 0.2% |  |  |
| Tencent Music Entertainment Group Class A ADR  | 2888 | 64460 |
| Interactive Media & Services - 3.0% |  |  |
| Tencent Holdings Ltd  | 11012 | 891385 |
| TOTAL COMMUNICATION SERVICES |  | 955845 |
| Consumer Discretionary - 3.4% |  |  |
| Automobile Components - 0.1% |  |  |
| Hesai Group ADR (b) | 1439 | 34147 |
| Automobiles - 0.3% |  |  |
| BYD Co Ltd H Shares  | 6584 | 85239 |
| Broadline Retail - 2.4% |  |  |
| Alibaba Group Holding Ltd  | 14836 | 315219 |
| PDD Holdings Inc Class A ADR (b) | 1749 | 235888 |
| Prosus NV Class N  | 2341 | 161712 |
|  |  | 712819 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Trip.com Group Ltd  | 775 | 54206 |
| Household Durables - 0.4% |  |  |
| Haier Smart Home Co Ltd H Shares  | 40476 | 131473 |
| TOTAL CONSUMER DISCRETIONARY |  | 1017884 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 1200 | 47208 |
| Kweichow Moutai Co Ltd A Shares (China)  | 144 | 28932 |
|  |  | 76140 |
| Financials - 1.3% |  |  |
| Banks - 0.7% |  |  |
| China Construction Bank Corp H Shares  | 211441 | 209521 |
| Insurance - 0.6% |  |  |
| China Life Insurance Co Ltd H Shares  | 37068 | 116969 |
| Ping An Insurance Group Co of China Ltd H Shares  | 11059 | 79912 |
|  |  | 196881 |
| TOTAL FINANCIALS |  | 406402 |
| Health Care - 0.7% |  |  |
| Biotechnology - 0.1% |  |  |
| Zai Lab Ltd (b) | 8441 | 21834 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Wuxi Apptec Co Ltd H Shares (c)(d) | 5101 | 71291 |
| Pharmaceuticals - 0.4% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (c)(d) | 23695 | 108678 |
| TOTAL HEALTH CARE |  | 201803 |
| Industrials - 1.2% |  |  |
| Electrical Equipment - 0.4% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 2098 | 114598 |
| Ground Transportation - 0.2% |  |  |
| Full Truck Alliance Co Ltd ADR  | 6532 | 84915 |
| Machinery - 0.6% |  |  |
| Airtac International Group  | 2444 | 72340 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 8846 | 95714 |
|  |  | 168054 |
| TOTAL INDUSTRIALS |  | 367567 |
| Information Technology - 0.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 14927 | 132127 |
| Software - 0.1% |  |  |
| Pony AI Inc ADR (b) | 1712 | 31980 |
| TOTAL INFORMATION TECHNOLOGY |  | 164107 |
| TOTAL CHINA |  | 3189748 |
| DENMARK - 0.9%  |  |  |
| Industrials - 0.9% |  |  |
| Air Freight & Logistics - 0.9% |  |  |
| DSV A/S  | 1282 | 272073 |
| FINLAND - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Fortum Oyj  | 1217 | 27129 |
| FRANCE - 7.3%  |  |  |
| Consumer Discretionary - 1.4% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Accor SA  | 4356 | 221675 |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Hermes International SCA  | 85 | 210548 |
| TOTAL CONSUMER DISCRETIONARY |  | 432223 |
| Consumer Staples - 0.4% |  |  |
| Food Products - 0.4% |  |  |
| Danone SA  | 1233 | 108979 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Gaztransport Et Technigaz SA  | 265 | 52416 |
| Financials - 0.9% |  |  |
| Insurance - 0.9% |  |  |
| AXA SA  | 6350 | 275426 |
| Health Care - 1.0% |  |  |
| Health Care Equipment & Supplies - 1.0% |  |  |
| EssilorLuxottica SA  | 818 | 299172 |
| Industrials - 2.1% |  |  |
| Aerospace & Defense - 2.1% |  |  |
| Safran SA  | 1561 | 554001 |
| Thales SA  | 288 | 81962 |
|  |  | 635963 |
| Materials - 1.4% |  |  |
| Chemicals - 1.4% |  |  |
| Air Liquide SA  | 2243 | 434139 |
| TOTAL FRANCE |  | 2238318 |
| GERMANY - 8.0%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Deutsche Telekom AG  | 4426 | 137183 |
| Financials - 2.9% |  |  |
| Capital Markets - 1.1% |  |  |
| Deutsche Boerse AG  | 1264 | 319800 |
| Insurance - 1.8% |  |  |
| Allianz SE  | 83 | 33312 |
| Hannover Rueck SE  | 932 | 265775 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 378 | 233710 |
|  |  | 532797 |
| TOTAL FINANCIALS |  | 852597 |
| Health Care - 0.6% |  |  |
| Health Care Providers & Services - 0.6% |  |  |
| Fresenius SE & Co KGaA  | 3337 | 192397 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| MTU Aero Engines AG  | 214 | 93265 |
| Rheinmetall AG  | 96 | 188278 |
|  |  | 281543 |
| Information Technology - 1.8% |  |  |
| Software - 1.8% |  |  |
| SAP SE  | 2145 | 554938 |
| Materials - 0.9% |  |  |
| Construction Materials - 0.9% |  |  |
| Heidelberg Materials AG  | 1176 | 275305 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Vonovia SE  | 1651 | 49574 |
| Utilities - 0.3% |  |  |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| RWE AG  | 1604 | 78872 |
| TOTAL GERMANY |  | 2422409 |
| HUNGARY - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| OTP Bank Nyrt  | 1104 | 105300 |
| INDIA - 5.4%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| MakeMyTrip Ltd (b) | 1150 | 92000 |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Reliance Industries Ltd GDR (c) | 4733 | 313798 |
| Financials - 3.1% |  |  |
| Banks - 3.1% |  |  |
| HDFC Bank Ltd/Gandhinagar ADR  | 14354 | 519902 |
| ICICI Bank Ltd ADR  | 13364 | 404929 |
|  |  | 924831 |
| Industrials - 1.0% |  |  |
| Construction & Engineering - 1.0% |  |  |
| Larsen & Toubro Ltd GDR (d) | 6955 | 313323 |
| TOTAL INDIA |  | 1643952 |
| INDONESIA - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| Bank Central Asia Tbk PT  | 626834 | 321333 |
| IRELAND - 0.7%  |  |  |
| Industrials - 0.7% |  |  |
| Building Products - 0.7% |  |  |
| Kingspan Group PLC  | 2992 | 223823 |
| ITALY - 2.2%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobiles - 0.3% |  |  |
| Ferrari NV (Italy)  | 266 | 106239 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Coca-Cola HBC AG  | 337 | 15291 |
| Financials - 1.6% |  |  |
| Banks - 1.6% |  |  |
| FinecoBank Banca Fineco SpA  | 1568 | 35804 |
| UniCredit SpA  | 6120 | 451682 |
|  |  | 487486 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 1251 | 74261 |
| TOTAL ITALY |  | 683277 |
| JAPAN - 11.4%  |  |  |
| Communication Services - 1.1% |  |  |
| Entertainment - 1.1% |  |  |
| Capcom Co Ltd  | 3782 | 98998 |
| Nintendo Co Ltd  | 2959 | 250471 |
|  |  | 349469 |
| Consumer Staples - 0.5% |  |  |
| Food Products - 0.5% |  |  |
| Ajinomoto Co Inc  | 4976 | 141198 |
| Financials - 1.6% |  |  |
| Banks - 0.6% |  |  |
| Sumitomo Mitsui Financial Group Inc  | 6488 | 175261 |
| Insurance - 1.0% |  |  |
| Tokio Marine Holdings Inc  | 8320 | 312156 |
| TOTAL FINANCIALS |  | 487417 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.8% |  |  |
| Hoya Corp  | 1471 | 239440 |
| Industrials - 4.4% |  |  |
| Industrial Conglomerates - 2.2% |  |  |
| Hitachi Ltd  | 18578 | 641087 |
| Machinery - 1.3% |  |  |
| Mitsubishi Heavy Industries Ltd  | 13441 | 405820 |
| Professional Services - 0.2% |  |  |
| BayCurrent Inc  | 1110 | 50887 |
| Trading Companies & Distributors - 0.7% |  |  |
| ITOCHU Corp  | 3825 | 221667 |
| TOTAL INDUSTRIALS |  | 1319461 |
| Information Technology - 2.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Ibiden Co Ltd  | 1115 | 105741 |
| IT Services - 0.2% |  |  |
| Fujitsu Ltd  | 2056 | 53777 |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| Advantest Corp  | 2765 | 415082 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| FUJIFILM Holdings Corp  | 7024 | 163169 |
| TOTAL INFORMATION TECHNOLOGY |  | 737769 |
| Materials - 0.6% |  |  |
| Chemicals - 0.6% |  |  |
| Shin-Etsu Chemical Co Ltd  | 5907 | 178425 |
| TOTAL JAPAN |  | 3453179 |
| KOREA (SOUTH) - 3.9%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Kakao Corp  | 322 | 14666 |
| Health Care - 0.1% |  |  |
| Life Sciences Tools & Services - 0.1% |  |  |
| Samsung Biologics Co Ltd (b)(c)(d)(e) | 51 | 43569 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Korea Aerospace Industries Ltd  | 869 | 62868 |
| Information Technology - 3.6% |  |  |
| Semiconductors & Semiconductor Equipment - 1.5% |  |  |
| SK Hynix Inc  | 1207 | 472072 |
| Technology Hardware, Storage & Peripherals - 2.1% |  |  |
| Samsung Electronics Co Ltd  | 7960 | 598701 |
| TOTAL INFORMATION TECHNOLOGY |  | 1070773 |
| TOTAL KOREA (SOUTH) |  | 1191876 |
| MEXICO - 1.5%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| America Movil SAB de CV Series B  | 34464 | 39308 |
| Consumer Staples - 0.8% |  |  |
| Beverages - 0.1% |  |  |
| Fomento Economico Mexicano SAB de CV unit  | 2430 | 22923 |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 59299 | 196042 |
| TOTAL CONSUMER STAPLES |  | 218965 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Grupo Financiero Banorte SAB de CV  | 4822 | 45382 |
| Materials - 0.4% |  |  |
| Construction Materials - 0.4% |  |  |
| Cemex SAB de CV unit  | 125160 | 127191 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Corp Inmobiliaria Vesta SAB de CV  | 11850 | 35974 |
| TOTAL MEXICO |  | 466820 |
| NETHERLANDS - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| ASM International NV  | 68 | 44050 |
| BE Semiconductor Industries NV  | 153 | 26029 |
| TOTAL NETHERLANDS |  | 70079 |
| PERU - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Credicorp Ltd  | 510 | 133110 |
| POLAND - 0.3%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Allegro.eu SA (b)(c)(d) | 4482 | 41871 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Dino Polska SA (b)(c)(d) | 3570 | 42602 |
| TOTAL POLAND |  | 84473 |
| SAUDI ARABIA - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Al Rajhi Bank  | 6755 | 190386 |
| SINGAPORE - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Sea Ltd Class A ADR (b) | 881 | 137656 |
| SOUTH AFRICA - 1.4%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Naspers Ltd Class N  | 2065 | 145313 |
| Financials - 0.8% |  |  |
| Banks - 0.6% |  |  |
| Capitec Bank Holdings Ltd  | 862 | 190551 |
| Financial Services - 0.2% |  |  |
| FirstRand Ltd  | 12578 | 59656 |
| TOTAL FINANCIALS |  | 250207 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Impala Platinum Holdings Ltd  | 4164 | 44768 |
| TOTAL SOUTH AFRICA |  | 440288 |
| SPAIN - 2.7%  |  |  |
| Financials - 2.5% |  |  |
| Banks - 2.5% |  |  |
| Banco Santander SA  | 31183 | 317234 |
| CaixaBank SA  | 41402 | 437229 |
|  |  | 754463 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Iberdrola SA  | 3989 | 80762 |
| TOTAL SPAIN |  | 835225 |
| SWEDEN - 2.1%  |  |  |
| Financials - 1.2% |  |  |
| Financial Services - 1.2% |  |  |
| Investor AB B Shares  | 10789 | 356084 |
| Industrials - 0.7% |  |  |
| Machinery - 0.7% |  |  |
| Indutrade AB  | 7532 | 201377 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Hexagon AB B Shares  | 6523 | 80025 |
| TOTAL SWEDEN |  | 637486 |
| SWITZERLAND - 1.6%  |  |  |
| Financials - 1.6% |  |  |
| Capital Markets - 1.0% |  |  |
| UBS Group AG  | 7445 | 284293 |
| Insurance - 0.6% |  |  |
| Zurich Insurance Group AG  | 276 | 191717 |
| TOTAL SWITZERLAND |  | 476010 |
| TAIWAN - 7.0%  |  |  |
| Information Technology - 7.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Chroma ATE Inc  | 3294 | 87653 |
| Delta Electronics Inc  | 2360 | 76295 |
| Elite Material Co Ltd  | 988 | 43657 |
|  |  | 207605 |
| Semiconductors & Semiconductor Equipment - 6.4% |  |  |
| MediaTek Inc  | 2674 | 113813 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 37548 | 1829944 |
|  |  | 1943757 |
| TOTAL TAIWAN |  | 2151362 |
| TURKEY - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 17147 | 40039 |
| UNITED ARAB EMIRATES - 1.1%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| ADNOC Drilling Co PJSC  | 38299 | 58184 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Adnoc Gas PLC  | 76423 | 72617 |
| TOTAL ENERGY |  | 130801 |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 51125 | 200717 |
| TOTAL UNITED ARAB EMIRATES |  | 331518 |
| UNITED KINGDOM - 11.3%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Zegona Communications plc (b) | 8656 | 139868 |
| Consumer Discretionary - 1.7% |  |  |
| Hotels, Restaurants & Leisure - 1.4% |  |  |
| Compass Group PLC  | 10376 | 343636 |
| InterContinental Hotels Group PLC  | 610 | 73661 |
|  |  | 417297 |
| Leisure Products - 0.3% |  |  |
| Games Workshop Group PLC  | 429 | 89778 |
| TOTAL CONSUMER DISCRETIONARY |  | 507075 |
| Consumer Staples - 0.8% |  |  |
| Tobacco - 0.8% |  |  |
| British American Tobacco PLC ADR  | 1345 | 68851 |
| Imperial Brands PLC  | 4037 | 160428 |
|  |  | 229279 |
| Financials - 3.2% |  |  |
| Banks - 0.8% |  |  |
| NatWest Group PLC  | 30880 | 236911 |
| Capital Markets - 2.4% |  |  |
| 3i Group PLC  | 6669 | 385487 |
| London Stock Exchange Group PLC  | 2725 | 339583 |
|  |  | 725070 |
| TOTAL FINANCIALS |  | 961981 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Convatec Group PLC (c)(d) | 12731 | 40842 |
| Industrials - 4.4% |  |  |
| Aerospace & Defense - 2.6% |  |  |
| BAE Systems PLC  | 15785 | 387985 |
| Rolls-Royce Holdings PLC  | 26611 | 407970 |
|  |  | 795955 |
| Professional Services - 1.3% |  |  |
| RELX PLC  | 8945 | 394483 |
| Trading Companies & Distributors - 0.5% |  |  |
| Diploma PLC  | 2053 | 151303 |
| TOTAL INDUSTRIALS |  | 1341741 |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Halma PLC  | 2380 | 110869 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Anglogold Ashanti Plc (South Africa)  | 1245 | 86247 |
| TOTAL UNITED KINGDOM |  | 3417902 |
| UNITED STATES - 5.2%  |  |  |
| Communication Services - 0.6% |  |  |
| Entertainment - 0.6% |  |  |
| Spotify Technology SA (b) | 294 | 192664 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Shell PLC  | 5884 | 220106 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Alcon AG  | 1374 | 102100 |
| Industrials - 2.7% |  |  |
| Electrical Equipment - 1.7% |  |  |
| Schneider Electric SE  | 1699 | 481951 |
| Professional Services - 1.0% |  |  |
| Experian PLC  | 6872 | 320214 |
| TOTAL INDUSTRIALS |  | 802165 |
| Materials - 0.9% |  |  |
| Construction Materials - 0.9% |  |  |
| Amrize Ltd  | 1190 | 61337 |
| Holcim AG  | 2272 | 201410 |
|  |  | 262747 |
| TOTAL UNITED STATES |  | 1579782 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $25,678,175) |  | <br> **30270289** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/22/2026 (g)<br>(Cost $19,827)<br>| 3.83 | 20000 | **19833** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h)<br>(Cost $194,156)<br>| 4.18 | 194117 | **194156** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $25,892,158)<br>| <br>**30484278** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **42325** |
| **NET ASSETS - 100.0%** | **30526603** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 1 | 12/19/2025 | 140355 | 643 | 643 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% |

---

**Legend**

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

(b) Non-income producing.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $662,651 or 2.2% of net assets.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $662,176 or 2.2% of net assets.

(e) Level 3 security.

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

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $19,833.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 13101040 | 12906884 | 7180 | - | - | 194156 | 194117 | 0.0% |
| Total | - | 13101040 | 12906884 | 7180 | - | - | 194156 |  |  |

---

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 October 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 1829003 | 1829003 | - | - |
| Consumer Discretionary | 2910582 | 2910582 | - | - |
| Consumer Staples | 832454 | 832454 | - | - |
| Energy | 1654914 | 1654914 | - | - |
| Financials | 7701692 | 7701692 | - | - |
| Health Care | 1341821 | 1298252 | - | 43569 |
| Industrials | 5924982 | 5924982 | - | - |
| Information Technology | 5803346 | 5803346 | - | - |
| Materials | 1938125 | 1938125 | - | - |
| Real Estate | 85548 | 85548 | - | - |
| Utilities | 247822 | 247822 | - | - |
|  **U.S. Treasury Obligations** | 19833 | - | 19833 | - |
|  **Money Market Funds** | 194156 | 194156 | - | - |
| **Total Investments in Securities:** | 30484278 | 30420876 | 19833 | 43569 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 643 | 643 | - | - |
| Total Assets | 643 | 643 | - | - |
| **Total Derivative Instruments:** | 643 | 643 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 643 | - |
| **Total Equity Risk**  | 643 | - |
| **Total Value of Derivatives** | 643 | - |

---

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

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $25,698,002) | $30290122 |  |
| Fidelity Central Funds (cost $194,156) | 194156 |  |
| Total Investment in Securities (cost $25,892,158) |  | $30484278 |
| Cash |  | 4763 |
| Foreign currency held at value (cost $2,423) |  | 2420 |
| Dividends receivable |  | 33397 |
| Reclaims receivable |  | 15331 |
| Distributions receivable from Fidelity Central Funds |  | 631 |
| **Total assets** |  | 30540820 |
| **Liabilities** |  |  |
| Accrued management fee | $13832 |  |
| Payable for daily variation margin on futures contracts | 385 |  |
| **Total liabilities** |  | 14217 |
| **Net Assets**  |  | $30526603 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $25970172 |
| Total accumulated earnings (loss) |  | 4556431 |
| **Net Assets** |  | $30526603 |
| **Net Asset Value**, offering price and redemption price per share ($30,526,603 ÷ 1,000,000 shares) |  | $30.53 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **For the period November 19, 2024 (commencement of operations) through October 31, 2025**  | <br> **For the period November 19, 2024 (commencement of operations) through October 31, 2025**  | <br> **For the period November 19, 2024 (commencement of operations) through October 31, 2025**  |
| **Investment Income** |  |  |
| Dividends  |  | $374056 |
| Non-Cash dividends |  | 30716 |
| Interest  |  | 2471 |
| Income from Fidelity Central Funds  |  | 7180 |
| Income before foreign taxes withheld |  | $414423 |
| Less foreign taxes withheld |  | (32293) |
| **Total income** |  | 382130 |
| **Expenses** |  |  |
| Management fee | $103077 |  |
| Independent trustees' fees and expenses | 54 |  |
| Total expenses before reductions | 103131 |  |
| Expense reductions | (152) |  |
| Total expenses after reductions |  | 102979 |
| **Net Investment income (loss)** |  | 279151 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (48747) |  |
| Foreign currency transactions | 3281 |  |
| Futures contracts | 13532 |  |
| Total net realized gain (loss) |  | (31934) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4592120 |  |
| Assets and liabilities in foreign currencies | (549) |  |
| Futures contracts | 643 |  |
| Total change in net unrealized appreciation (depreciation) |  | 4592214 |
| **Net gain (loss)** |  | 4560280 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4839431 |

---

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **For the period November 19, 2024 (commencement of operations) through October 31, 2025**  |
| **Increase (Decrease) in Net Assets** |  |
| Operations |  |
| &nbsp;&nbsp;Net investment income (loss) | $279151 |
| &nbsp;&nbsp;Net realized gain (loss) | (31934)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 4592214 |
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4839431<br>|
| Distributions to shareholders | (283000)<br>|
| Share transactions |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 25970172 |
| **Net increase (decrease) in net assets resulting from share transactions** | 25970172<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 30526603<br>|
| **Net Assets** |  |
| &nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;End of period | $30526603 |
| **Other Information** |  |
| Shares |  |
| &nbsp;&nbsp;Sold | 1000000 |
| &nbsp;&nbsp;Net increase (decrease) | 1000000 |

---

**Financial Highlights** 

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

---

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

---

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

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

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

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

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

F*Based on net asset value.*

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

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

I*Annualized.*

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

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

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

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Fundamental Developed International ETF, Fidelity Fundamental Emerging Markets ETF and Fidelity Fundamental Global ex-U.S. ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. Fidelity Fundamental Emerging Markets ETF is a non-diversified exchange-traded fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2025 is included at the end of each Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business (normally 4:00 p.m. Eastern time) of the Cboe BZX Exchange, Inc. (CboeBZX). Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld or foreign tax reclaims as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable as applicable.

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

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Funds and is not distributed to shareholders of the Funds. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Fundamental Emerging Markets ETF is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Fundamental Developed International ETF**  | 12644397 | 2726292 | (272502) | 2453790 |
| **Fidelity Fundamental Emerging Markets ETF**  | 10045306 | 3369860 | (175896) | 3193964 |
| **Fidelity Fundamental Global ex-U.S. ETF**  | 26003185 | 5271166 | (790073) | 4481093 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Fidelity Fundamental Developed International ETF**  | 105917 | - | (210158) | 2453657 |
| **Fidelity Fundamental Emerging Markets ETF**  | 44379 | 4643 | - | 3193915 |
| **Fidelity Fundamental Global ex-U.S. ETF**  | 119388 | - | (43501) | 4480544 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Fundamental Developed International ETF**  | (169747) | (40411) | (210158) |
| **Fidelity Fundamental Global ex-U.S. ETF**  | (43501) | - | (43501) |

---

The tax character of distributions paid was as follows:

---

| | |
|:---|:---|
| **October 31, 2025A** |  |
|  | **Ordinary Income ($)** |
| **Fidelity Fundamental Developed International ETF**  | 217700 |
| **Fidelity Fundamental Emerging Markets ETF**  | 148800 |
| **Fidelity Fundamental Global ex-U.S. ETF**  | 283000 |

---

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

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

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

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

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Fundamental Developed International ETF** | 18178718 | 4961364 |
| **Fidelity Fundamental Emerging Markets ETF** | 15319575 | 5329876 |
| **Fidelity Fundamental Global ex-U.S. ETF** | 22931801 | 9033117 |

---

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

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions ($)** | **In-Kind Redemptions ($)** |
| **Fidelity Fundamental Developed International ETF** | - | 837737 |
| **Fidelity Fundamental Global ex-U.S. ETF** | 11830525 | - |

---

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

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

---

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

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Fundamental Developed International ETF** | 1 |
| **Fidelity Fundamental Emerging Markets ETF** | 15 |
| **Fidelity Fundamental Global ex-U.S. ETF** | 12 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Fundamental Developed International ETF** | 532456 | 217825 | 11785 |
| **Fidelity Fundamental Emerging Markets ETF** | 504844 | 110590 | 4754 |
| **Fidelity Fundamental Global ex-U.S. ETF** | 1025170 | 786035 | 37686 |

---

**7. Expense Reductions.** 

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

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Fundamental Developed International ETF**  | 166 |
| **Fidelity Fundamental Emerging Markets ETF**  | 248 |
| **Fidelity Fundamental Global ex-U.S. ETF**  | 152 |

---

**8. Share Transactions.**

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

**9. Other.**

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

**10. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Covington Trust and the Shareholders of Fidelity Fundamental Developed International ETF, Fidelity Fundamental Emerging Markets ETF, and Fidelity Fundamental Global ex-U.S. ETF:

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

We have audited the accompanying statements of assets and liabilities of Fidelity Fundamental Developed International ETF, Fidelity Fundamental Emerging Markets ETF, and Fidelity Fundamental Global ex-U.S. ETF (the "Funds"), each a fund of Fidelity Covington Trust, including the schedules of investments, as of October 31, 2025, and the related statements of operations, statements of changes in net assets, and the financial highlights for the period from November 19, 2024 (commencement of operations) through October 31, 2025, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, and the results of their operations, the changes in their net assets and the financial highlights for the period from November 19, 2024 (commencement of operations) through October 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 11, 2025

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

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

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

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2025, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **Fidelity Fundamental Emerging Markets ETF** | $4643 |

---

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

---

| | |
|:---|:---|
| **Fidelity Fundamental Emerging Markets ETF** |  |
| December 2024 | 2% |
| March 2025  | 1% |
| June 2025 | 1% |
| September 2025 | 1% |

---

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

**Fidelity® Fundamental Developed** $5,950

**International ETF**

**Fidelity® Fundamental Emerging** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1,713

**Markets ETF**

**Fidelity® Fundamental Global ex US ETF**&nbsp;&nbsp;&nbsp;&nbsp; $7,661

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

---

| | |
|:---|:---|
| **Fidelity® Fundamental Developed International ETF** |  |
| December 20, 2024 | 100% |
| December 30, 2024 | 100% |
| March 21, 2025 | 100% |
| June 20, 2025 | 100% |
| September 19, 2025 | 100% |
| <br> **Fidelity® Fundamental Emerging Markets ETF** |  |
| December 20, 2024 | 73.75% |
| March 21, 2025 | 68.52% |
| June 20, 2025 | 68.52% |
| September 19, 2025 | 68.52% |
| **Fidelity® Fundamental Global ex US ETF** |  |
| December 20, 2024 | 100% |
| December 30, 2024 | 100% |
| March 21, 2025 | 95.85% |
| June 20, 2025 | 95.85% |
| September 19, 2025 | 95.85% |

---

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img118425_4.jpg)<br>

1.9918721.100 FDG-ANN-1225

Item 8.

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

See Item 7.

Item 9.

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

See Item 7.

Item 10.

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

See Item 7.

Item 11.

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

See Item 7.

Item 12.

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

Not applicable.

Item 13.

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

Not applicable.

Item 14.

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

Not applicable.

Item 15.

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

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

Item 16.

<u>Controls and Procedures</u>

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

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

Item 17.

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

Not applicable.

Item 18.

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

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

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

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906.htm)

SIGNATURES

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

Fidelity Covington Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 2025 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

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

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

I, Stacie M. Smith, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date:

December 22, 2025

---

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

---

I, Stephanie Caron, certify that:

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

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

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

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

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

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

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

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

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

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

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

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

Date:

December 22, 2025

---

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

---

## Exhibit 99.906

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

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

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

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

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

Dated: December 22, 2025

---

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

---

Dated: December 22, 2025

---

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

---

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

<br>