Fidelity® Blue Chip Growth ETF
Fidelity® Blue Chip Value ETF
Fidelity® Growth Opportunities ETF
Fidelity® Magellan ETF
Fidelity® New Millennium ETF
Fidelity® Real Estate Investment ETF
Fidelity® Small-Mid Cap Opportunities ETF
Fidelity® Sustainable U.S. Equity ETF
(formerly Fidelity® Sustainability U.S. Equity ETF)
Fidelity® Women's Leadership ETF
Semi-Annual Report
January 31, 2022
 
 

Contents
Note to Shareholders 3  
Investment Summary 4  
Schedule of Investments 13  
Financial Statements 46  
Notes to Financial Statements 66  
Shareholder Expense Example 71  
Board Approval of Investment Advisory Contracts and Management Fees 74  
To view a fund’s proxy voting guidelines and proxy voting record for the period ended June, 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at http://www.sec.gov. You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.
Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
© 2022 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 on Fidelity’s web site at http://www.fidelity.com, http://www.advisor.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.
 Semi-Annual Report 2

Table of Contents
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
3 Semi-Annual Report 

Table of Contents
Fidelity® Blue Chip Growth ETF
Investment Summary (Unaudited)    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Apple, Inc. 11.2
Microsoft Corp. 7.7
Alphabet, Inc. Class A 7.1
Amazon.com, Inc. 7.0
NVIDIA Corp. 5.9
Facebook, Inc. Class A 4.6
Tesla, Inc. 3.9
Marvell Technology, Inc. 3.4
Lowe's Cos., Inc. 1.8
Salesforce.com, Inc. 1.7
  54.3
 
Top Five Market Sectors as of January 31, 2022
  % of fund's
net assets
Information Technology 41.3
Consumer Discretionary 27.3
Communication Services 15.0
Health Care 5.9
Industrials 4.8
 
Asset Allocation as of January 31, 2022
* Foreign investments – 5.2%
 Semi-Annual Report 4

Table of Contents
Fidelity® Blue Chip Value ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Berkshire Hathaway, Inc. Class B 4.9
Exxon Mobil Corp. 3.5
Comcast Corp. Class A 3.1
Bank of America Corp. 3.1
UnitedHealth Group, Inc. 3.0
The Procter & Gamble Co. 2.9
Centene Corp. 2.6
Alphabet, Inc. Class A 2.6
Cigna Corp. 2.6
JPMorgan Chase & Co. 2.6
  30.9
 
Top Five Market Sectors as of January 31, 2022
  % of fund's
net assets
Financials 22.0
Health Care 19.3
Utilities 11.4
Communication Services 10.0
Industrials 8.6
 
Asset Allocation as of January 31, 2022
* Foreign investments – 11.6%
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Table of Contents
Fidelity® Growth Opportunities ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Microsoft Corp. 8.9
Amazon.com, Inc. 7.1
Alphabet, Inc. Class C 6.4
NVIDIA Corp. 4.0
Facebook, Inc. Class A 3.1
Carvana Co. 3.0
Alphabet, Inc. Class A 3.0
Apple, Inc. 2.5
Roku, Inc. 2.4
T-Mobile US, Inc. 2.3
  42.7
 
Top Five Market Sectors as of January 31, 2022
  % of fund's
net assets
Information Technology 43.2
Communication Services 22.5
Consumer Discretionary 16.2
Health Care 8.5
Industrials 3.3
 
Asset Allocation as of January 31, 2022
* Foreign investments – 10.0%
 Semi-Annual Report 6

Table of Contents
Fidelity® Magellan ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Apple, Inc. 8.3
Microsoft Corp. 7.4
Amazon.com, Inc. 4.6
Facebook, Inc. Class A 3.1
Alphabet, Inc. Class A 2.7
Alphabet, Inc. Class C 2.6
NVIDIA Corp. 2.6
UnitedHealth Group, Inc. 2.3
Mastercard, Inc. Class A 2.1
The Home Depot, Inc. 2.0
  37.7
 
Top Five Market Sectors as of January 31, 2022
  % of fund's
net assets
Information Technology 42.6
Health Care 12.6
Consumer Discretionary 10.3
Communication Services 8.5
Industrials 8.5
 
Asset Allocation as of January 31, 2022
* Foreign investments – 4.2%
7 Semi-Annual Report 

Table of Contents
Fidelity® New Millennium ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Wells Fargo & Co. 4.4
General Electric Co. 4.4
Exxon Mobil Corp. 3.3
Bristol-Myers Squibb Co. 2.6
Bank of America Corp. 2.5
Comcast Corp. Class A 2.2
American International Group, Inc. 2.2
Hess Corp. 2.0
The PNC Financial Services Group, Inc. 1.9
UnitedHealth Group, Inc. 1.8
  27.3
 
Top Five Market Sectors as of January 31, 2022
  % of fund's
net assets
Financials 19.8
Health Care 14.9
Energy 12.9
Industrials 12.4
Consumer Discretionary 8.0
 
Asset Allocation as of January 31, 2022
* Foreign investments – 9.7%
 Semi-Annual Report 8

Table of Contents
Fidelity® Real Estate Investment ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Crown Castle International Corp. 9.8
Prologis, Inc. 7.6
SBA Communications Corp. 7.1
Digital Realty Trust, Inc. 5.9
Welltower, Inc. 5.6
Duke Realty Corp. 4.9
UDR, Inc. 3.4
Ventas, Inc. 3.3
Mid-America Apartment Communities, Inc. 3.1
CBRE Group, Inc. Class A 3.0
  53.7
 
Top Five Market Sectors as of January 31, 2022
  % of fund's
net assets
Real Estate 99.5
Information Technology 0.2
 
Asset Allocation as of January 31, 2022
9 Semi-Annual Report 

Table of Contents
Fidelity® Small-Mid Cap Opportunities ETF
Investment Summary (Unaudited)    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Signature Bank 1.7
Builders FirstSource, Inc. 1.6
Molina Healthcare, Inc. 1.4
Jones Lang LaSalle, Inc. 1.4
Comerica, Inc. 1.4
Charles River Laboratories International, Inc. 1.3
Tapestry, Inc. 1.2
TFI International, Inc. 1.2
Williams-Sonoma, Inc. 1.1
CubeSmart 1.1
  13.4
 
Top Five Market Sectors as of January 31, 2022
  % of fund's
net assets
Industrials 16.9
Financials 16.9
Information Technology 14.9
Consumer Discretionary 12.4
Health Care 11.8
 
Asset Allocation as of January 31, 2022
* Foreign investments – 10.8%
 Semi-Annual Report 10

Table of Contents
Fidelity® Sustainable U.S. Equity ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Microsoft Corp. 6.2
Prologis, Inc. 2.8
Danaher Corp. 2.5
Salesforce.com, Inc. 2.4
Apple, Inc. 2.2
NVIDIA Corp. 2.1
Bank of America Corp. 2.0
The Travelers Cos., Inc. 2.0
ON Semiconductor Corp. 2.0
Merck & Co., Inc. 2.0
  26.2
 
Top Five Market Sectors as of January 31, 2022
  % of fund's
net assets
Information Technology 25.6
Financials 13.6
Consumer Discretionary 12.1
Health Care 11.9
Industrials 9.8
 
Asset Allocation as of January 31, 2022
* Foreign investments – 6.4%
11 Semi-Annual Report 

Table of Contents
Fidelity® Women’s Leadership ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2022
  % of fund's
net assets
Microsoft Corp. 4.0
Anthem, Inc. 2.7
Bank of America Corp. 2.3
Accenture PLC Class A 2.0
CDW Corp. 2.0
Apple, Inc. 1.9
Morningstar, Inc. 1.8
The Progressive Corp. 1.8
Salesforce.com, Inc. 1.7
AMETEK, Inc. 1.7
  21.9
 
Top Five Market Sectors as of January 31, 2022
  % of fund's
net assets
Information Technology 27.5
Financials 14.7
Consumer Discretionary 13.5
Health Care 12.6
Industrials 10.9
 
Asset Allocation as of January 31, 2022
* Foreign investments – 5.7%
 Semi-Annual Report 12

Table of Contents
Fidelity® Blue Chip Growth ETF
Schedule of Investments January 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.3% 
  Shares Value
COMMUNICATION SERVICES – 15.0% 
Entertainment – 2.3%
Endeavor Group Holdings, Inc. (a) 23,632 $ 741,336
Netflix, Inc. (a) 12,203 5,212,389
ROBLOX Corp. (a) 9,416 620,138
Roku, Inc. (a) 3,187 522,827
Sea Ltd. ADR (a) 19,415 2,918,269
    10,014,959
Interactive Media & Services – 12.5%
Alphabet, Inc. Class A (a) 11,349 30,711,188
Bumble, Inc. Class A (a) 5,444 160,652
Facebook, Inc. Class A (a) 62,794 19,670,849
Snap, Inc. Class A (a) 99,491 3,237,437
ZipRecruiter, Inc. (a) 7,041 152,719
ZoomInfo Technologies, Inc. Class A (a) 10 529
    53,933,374
Media – 0.2%
Criteo S.A. ADR (a) 7,735 261,443
DISH Network Corp. Class A (a) 16,077 504,818
    766,261
TOTAL COMMUNICATION SERVICES 64,714,594
CONSUMER DISCRETIONARY – 27.3% 
Automobiles – 5.0%
Ford Motor Co. 21,532 437,099
General Motors Co. (a) 13,142 692,978
NIO, Inc. ADR (a) 11 270
Rivian Automotive, Inc. (a) 34,086 2,240,814
Tesla, Inc. (a) 17,939 16,803,820
XPeng, Inc. ADR (a) 37,470 1,314,822
    21,489,803
Diversified Consumer Services – 0.0%
Mister Car Wash, Inc. (a) 8,216 141,315
Hotels, Restaurants & Leisure – 4.6%
Airbnb, Inc. Class A (a) 31,169 4,799,091
Booking Holdings, Inc. (a) 199 488,770
Caesars Entertainment, Inc. (a) 27,056 2,060,044
Chipotle Mexican Grill, Inc. (a) 1,249 1,855,489
Churchill Downs, Inc. 3,828 805,028
Dutch Bros, Inc. (a) 3,560 185,654
Expedia Group, Inc. (a) 6,705 1,228,959
Hilton Worldwide Holdings, Inc. (a) 9,341 1,355,473
Marriott International, Inc. Class A (a) 11,741 1,891,710
MGM Resorts International 12,393 529,429
Penn National Gaming, Inc. (a) 64,862 2,958,356
Sweetgreen, Inc. (a) 42,772 1,293,853
Vail Resorts, Inc. 1,317 364,941
    19,816,797
Household Durables – 0.2%
Lennar Corp. Class A 3,415 328,215
   
  Shares Value
Sonos, Inc. (a) 17 $ 429
Tempur Sealy International, Inc. 10,749 427,918
Toll Brothers, Inc. 1,776 104,731
Tri Pointe Homes, Inc. (a) 1,992 47,429
Tupperware Brands Corp. (a) 21 324
    909,046
Internet & Direct Marketing Retail – 7.8%
Amazon.com, Inc. (a) 10,028 29,998,461
Chewy, Inc. Class A (a) 13,660 650,353
DoorDash, Inc. Class A (a) 3,686 418,324
eBay, Inc. 46 2,763
Etsy, Inc. (a) 4,936 775,347
Global-e Online Ltd. (a) 6,756 241,257
JD.com, Inc. ADR (a) 2,318 173,572
Overstock.com, Inc. (a) 5,879 281,839
Pinduoduo, Inc. ADR (a) 3,435 205,550
The Original BARK Co. (a) 42,737 161,119
Wayfair, Inc. Class A (a) 2,561 399,311
    33,307,896
Leisure Products – 0.0%
Peloton Interactive, Inc. Class A (a) 5,835 159,470
Multiline Retail – 0.4%
Dollar Tree, Inc. (a) 11,462 1,504,044
Ollie's Bargain Outlet Holdings, Inc. (a) 6,018 288,503
Target Corp. 5 1,102
    1,793,649
Specialty Retail – 5.8%
American Eagle Outfitters, Inc. 53,021 1,210,469
Aritzia, Inc. (a) 11,496 533,312
Bath & Body Works, Inc. 5,477 307,095
Burlington Stores, Inc. (a) 6,187 1,465,886
Carvana Co. (a) 16,200 2,625,372
Citi Trends, Inc. (a) 2,086 101,630
Dick's Sporting Goods, Inc. 10,366 1,196,236
Five Below, Inc. (a) 9,021 1,479,444
Floor & Decor Holdings, Inc. Class A (a) 13,421 1,459,131
Foot Locker, Inc. 8,242 368,253
Lowe's Cos., Inc. 32,091 7,616,799
RH (a) 5,928 2,387,917
Signet Jewelers Ltd. 5,263 453,302
The Children's Place, Inc. (a) 2,292 162,159
The TJX Cos., Inc. 16,609 1,195,350
Victoria's Secret & Co. (a) 26,859 1,499,538
Warby Parker, Inc. (a) 19,692 731,952
    24,793,845
Textiles, Apparel & Luxury Goods – 3.5%
Capri Holdings Ltd. (a) 43,165 2,592,922
Crocs, Inc. (a) 17,981 1,845,210
Deckers Outdoor Corp. (a) 3,256 1,042,669
Lululemon Athletica, Inc. (a) 4,094 1,366,414
 
See accompanying notes which are an integral part of the financial statements.
13 Semi-Annual Report 

Table of Contents
Fidelity® Blue Chip Growth ETF
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
  Shares Value
CONSUMER DISCRETIONARY – continued
Textiles, Apparel & Luxury Goods – continued
NIKE, Inc. Class B 39,059 $ 5,783,466
On Holding AG (a) 951 25,078
PVH Corp. 14,533 1,380,780
Tapestry, Inc. 24,592 933,266
Under Armour, Inc. Class A (a) 24 452
    14,970,257
TOTAL CONSUMER DISCRETIONARY 117,382,078
CONSUMER STAPLES – 0.6% 
Beverages – 0.5%
Celsius Holdings, Inc. (a) 28,315 1,351,475
The Boston Beer Co., Inc. Class A (a) 1,621 682,165
    2,033,640
Household Products – 0.0%
The Procter & Gamble Co. 1,031 165,424
Personal Products – 0.1%
Olaplex Holdings, Inc. (a) 9,447 206,323
TOTAL CONSUMER STAPLES 2,405,387
ENERGY – 1.8% 
Energy Equipment & Services – 0.0%
Halliburton Co. 5,816 178,784
Oil, Gas & Consumable Fuels – 1.8%
Cenovus Energy, Inc. 16,141 234,785
Cheniere Energy, Inc. 2,033 227,493
Denbury, Inc. (a) 7,118 534,847
Devon Energy Corp. 13,096 662,265
Diamondback Energy, Inc. 8,388 1,058,230
EOG Resources, Inc. 11,194 1,247,907
Hess Corp. 16,384 1,512,079
Phillips 66 7,148 606,079
Pioneer Natural Resources Co. 3,289 719,929
Range Resources Corp. (a) 6,847 131,805
Valero Energy Corp. 7,484 620,947
    7,556,366
TOTAL ENERGY 7,735,150
FINANCIALS – 1.3% 
Banks – 0.6%
Bank of America Corp. 10,050 463,707
Silvergate Capital Corp. (a) 3 323
Wells Fargo & Co. 35,901 1,931,474
    2,395,504
Capital Markets – 0.4%
Coinbase Global, Inc. Class A (a) 4 761
Goldman Sachs Group, Inc. 1,994 707,232
Morgan Stanley 8,475 869,026
   
  Shares Value
The Charles Schwab Corp. 1,668 $ 146,283
    1,723,302
Consumer Finance – 0.3%
American Express Co. 3,925 705,794
LendingClub Corp. (a) 32,428 608,349
    1,314,143
TOTAL FINANCIALS 5,432,949
HEALTH CARE – 5.9% 
Biotechnology – 1.0%
ADC Therapeutics S.A. (a) 489 7,770
Alnylam Pharmaceuticals, Inc. (a) 6,027 829,315
Arcutis Biotherapeutics, Inc. (a) 1,709 25,823
Argenx SE ADR (a) 1,003 270,068
Ascendis Pharma A/S ADR (a) 1,855 225,642
Avidity Biosciences, Inc. (a) 668 11,102
Cerevel Therapeutics Holdings, Inc. (a) 8,044 209,466
Day One Biopharmaceuticals, Inc. (a) 7,250 106,938
Generation Bio Co. (a) 865 5,623
Horizon Therapeutics PLC (a) 14,385 1,342,552
Instil Bio, Inc. (a) 4,576 53,127
Moderna, Inc. (a) 6 1,016
Recursion Pharmaceuticals, Inc. (a) 6,125 72,520
Regeneron Pharmaceuticals, Inc. (a) 550 334,725
Relay Therapeutics, Inc. (a) 3,462 76,614
REVOLUTION Medicines, Inc. (a) 3,589 77,235
TG Therapeutics, Inc. (a) 1,181 13,664
Turning Point Therapeutics, Inc. (a) 4,695 174,795
Twist Bioscience Corp. (a) 196 11,646
Verve Therapeutics, Inc. (a) 4,517 130,180
Xencor, Inc. (a) 4,127 141,845
    4,121,666
Health Care Equipment & Supplies – 2.3%
Axonics, Inc. (a) 7,776 368,816
Boston Scientific Corp. (a) 7,678 329,386
Danaher Corp. 5,253 1,501,255
DexCom, Inc. (a) 5,593 2,407,675
Edwards Lifesciences Corp. (a) 1,428 155,938
Figs, Inc. Class A (a) 4,926 110,736
Inmode Ltd. (a) 4,187 201,939
Insulet Corp. (a) 2,602 645,296
Intuitive Surgical, Inc. (a) 8,115 2,306,121
Outset Medical, Inc. (a) 372 13,835
Shockwave Medical, Inc. (a) 7,751 1,123,662
Tandem Diabetes Care, Inc. (a) 6,377 753,187
    9,917,846
Health Care Providers & Services – 0.5%
agilon health, Inc. (a) 7,858 130,285
Alignment Healthcare, Inc. (a) 6,628 50,373
Centene Corp. (a) 2,242 174,338
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 14

Table of Contents
Common Stocks – continued 
  Shares Value
HEALTH CARE – continued
Health Care Providers & Services – continued
Guardant Health, Inc. (a) 8,148 $ 566,693
Humana, Inc. 2 785
LifeStance Health Group, Inc. (a) 21,198 161,741
Surgery Partners, Inc. (a) 3,928 167,608
UnitedHealth Group, Inc. 2,424 1,145,510
    2,397,333
Health Care Technology – 0.1%
Certara, Inc. (a) 3,055 81,660
Doximity, Inc. Class A (a) 8,763 399,330
    480,990
Life Sciences Tools & Services – 0.4%
10X Genomics, Inc. Class A (a) 3,103 298,726
Avantor, Inc. (a) 13,901 518,924
Bio-Rad Laboratories, Inc. Class A (a) 313 187,715
ICON PLC (a) 644 171,124
Maravai LifeSciences Holdings, Inc. Class A (a) 7,740 223,841
NanoString Technologies, Inc. (a) 2,839 98,570
Olink Holding AB ADR (a) 6,842 110,704
Seer, Inc. (a) 635 9,989
Thermo Fisher Scientific, Inc. 318 184,853
    1,804,446
Pharmaceuticals – 1.6%
Arvinas, Inc. (a) 3 214
Eli Lilly & Co. 11,774 2,889,222
Intra-Cellular Therapies, Inc. (a) 7,228 343,258
Nuvation Bio, Inc. (a) 23,102 140,922
Zoetis, Inc. 16,922 3,380,846
    6,754,462
TOTAL HEALTH CARE 25,476,743
INDUSTRIALS – 4.8% 
Aerospace & Defense – 0.2%
Axon Enterprise, Inc. (a) 4 560
Howmet Aerospace, Inc. 11,129 346,001
The Boeing Co. (a) 2,689 538,445
    885,006
Airlines – 0.0%
Ryanair Holdings PLC ADR (a) 1,830 204,264
Building Products – 0.1%
Builders FirstSource, Inc. (a) 2,622 178,270
The AZEK Co., Inc. (a) 3,792 125,249
    303,519
Commercial Services & Supplies – 0.1%
ACV Auctions, Inc. Class A (a) 26,413 350,236
Li-Cycle Holdings Corp. (a) 15,232 115,459
    465,695
   
  Shares Value
Electrical Equipment – 0.4%
Acuity Brands, Inc. 6,259 $ 1,198,786
Array Technologies, Inc. (a) 20,828 219,527
Sunrun, Inc. (a) 9,747 252,740
    1,671,053
Industrial Conglomerates – 0.3%
General Electric Co. 15,518 1,466,141
Machinery – 0.2%
Deere & Co. 1,758 661,711
Proterra, Inc. (a) 49 388
    662,099
Professional Services – 0.0%
KBR, Inc. 4,477 194,302
Upwork, Inc. (a) 26 707
    195,009
Road & Rail – 3.5%
Avis Budget Group, Inc. (a) 4,161 733,085
Bird Global, Inc. (a) 103,534 365,475
Hertz Global Holdings, Inc. (a) 20,154 388,166
Lyft, Inc. Class A (a) 167,659 6,458,225
TuSimple Holdings, Inc. (a) 22 413
Uber Technologies, Inc. (a) 189,803 7,098,632
    15,043,996
TOTAL INDUSTRIALS 20,896,782
INFORMATION TECHNOLOGY – 41.3% 
Communications Equipment – 0.2%
Arista Networks, Inc. (a) 7,397 919,521
IT Services – 3.4%
Affirm Holdings, Inc. (a) 4 256
DigitalOcean Holdings, Inc. (a) 19,694 1,129,254
Endava PLC ADR (a) 2,491 302,955
Flywire Corp. (a) 11,436 322,381
Globant S.A. (a) 743 189,599
Mastercard, Inc. Class A 2,473 955,518
MongoDB, Inc. (a) 1,905 771,735
Okta, Inc. (a) 3,304 653,829
PayPal Holdings, Inc. (a) 23,220 3,992,447
Shift4 Payments, Inc. (a) 7,014 369,778
Shopify, Inc. Class A (a) 1,821 1,757,681
Snowflake, Inc. Class A (a) 486 134,087
Square, Inc. Class A (a) 11,808 1,444,000
TaskUS, Inc. Class A (a) 6,478 207,296
TDCX, Inc. (a) 5,673 92,980
Thoughtworks Holding, Inc. (a) 1,698 36,371
Twilio, Inc. Class A (a) 8,590 1,770,571
Visa, Inc. Class A 956 216,218
    14,346,956
Semiconductors & Semiconductor Equipment – 12.7%
Advanced Micro Devices, Inc. (a) 4,649 531,148
See accompanying notes which are an integral part of the financial statements.
15 Semi-Annual Report 

Table of Contents
Fidelity® Blue Chip Growth ETF
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
  Shares Value
INFORMATION TECHNOLOGY – continued
Semiconductors & Semiconductor Equipment – continued
ASML Holding N.V. 870 $ 589,164
Cirrus Logic, Inc. (a) 6,736 602,468
Enphase Energy, Inc. (a) 1 140
GLOBALFOUNDRIES, Inc. (a) 20,827 1,027,604
Lam Research Corp. 419 247,177
Marvell Technology, Inc. 204,460 14,598,444
Microchip Technology, Inc. 3,047 236,082
NVIDIA Corp. 103,911 25,443,647
NXP Semiconductors N.V. 31,230 6,415,891
ON Semiconductor Corp. (a) 14,843 875,737
QUALCOMM, Inc. 5,696 1,001,129
Synaptics, Inc. (a) 1,451 305,218
Taiwan Semiconductor Manufacturing Co. Ltd. ADR 6,089 746,694
Teradyne, Inc. 11,046 1,297,132
Wolfspeed, Inc. (a) 2,103 198,187
Xilinx, Inc. 2,696 521,811
    54,637,673
Software – 13.8%
Adobe, Inc. (a) 9,613 5,136,226
Amplitude, Inc. (a) 7,814 307,168
AppLovin Corp. (a) 7,744 498,869
Atlassian Corp. PLC Class A (a) 2,253 730,738
Bill.com Holdings, Inc. (a) 2 376
Cadence Design Systems, Inc. (a) 3,681 560,027
Confluent, Inc. Class A (a) 3,461 226,315
Coupa Software, Inc. (a) 3,901 523,787
Crowdstrike Holdings, Inc. Class A (a) 3,123 564,139
Datadog, Inc. Class A (a) 1,171 171,095
DocuSign, Inc. (a) 14 1,761
DoubleVerify Holdings, Inc. (a) 25,473 704,583
EngageSmart, Inc. (a) 16,246 355,138
Expensify, Inc. (a) 5,719 167,281
Freshworks, Inc. (a) 6,448 140,244
Gitlab, Inc. (a) 2,766 177,052
HashiCorp, Inc. (a) 637 42,290
HubSpot, Inc. (a) 3,383 1,653,610
Intuit, Inc. 3,213 1,783,954
Microsoft Corp. 106,178 33,019,234
Qualtrics International, Inc. (a) 12,109 354,430
Riskified Ltd. (a) 11,992 83,584
Salesforce.com, Inc. (a) 31,238 7,266,896
Samsara, Inc. (a) 2,965 53,667
SentinelOne, Inc. Class A (a) 5,457 244,201
ServiceNow, Inc. (a) 1,816 1,063,777
The Trade Desk, Inc. Class A (a) 7,544 524,610
UiPath, Inc. (a) 14,778 539,840
Workday, Inc. Class A (a) 2,984 754,982
   
  Shares Value
Zoom Video Communications, Inc. Class A (a) 11,525 $ 1,778,077
    59,427,951
Technology Hardware, Storage & Peripherals – 11.2%
Apple, Inc. 276,305 48,292,588
TOTAL INFORMATION TECHNOLOGY 177,624,689
MATERIALS – 1.0% 
Chemicals – 0.6%
CF Industries Holdings, Inc. 7,523 518,109
Corteva, Inc. 3,931 189,002
Nutrien Ltd. 15,842 1,106,441
Olin Corp. 7 355
The Chemours Co. 18 589
The Mosaic Co. 23,621 943,659
    2,758,155
Metals & Mining – 0.4%
Freeport-McMoRan, Inc. 43,132 1,605,373
Gatos Silver, Inc. (a) 29 90
    1,605,463
TOTAL MATERIALS 4,363,618
REAL ESTATE – 0.3% 
Equity Real Estate Investment Trusts (REITs) – 0.1%
Simon Property Group, Inc. 3,578 526,681
Real Estate Management & Development – 0.2%
Opendoor Technologies, Inc. (a) 28 278
WeWork, Inc. (a) 89,758 666,902
    667,180
TOTAL REAL ESTATE 1,193,861
UTILITIES – 0.0% 
Independent Power and Renewable Electricity Producers – 0.0%
Brookfield Renewable Corp. 8 274
TOTAL COMMON STOCKS
(Cost $409,091,364) 		427,226,125
Money Market Fund – 0.7% 
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b)
(Cost $2,856,955) 		2,856,955 2,856,955
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $411,948,319) 		430,083,080
NET OTHER ASSETS (LIABILITIES) – (0.0%) (5,277)
NET ASSETS – 100.0% $ 430,077,803
    
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 16

Table of Contents
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2022, 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 in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description   Total   Level 1   Level 2   Level 3
Investments in Securities:                
Equities:                
Communication Services   $ 64,714,594   $ 64,714,594   $ —   $ —
Consumer Discretionary   117,382,078   117,382,078   —   —
Consumer Staples   2,405,387   2,405,387   —   —
Energy   7,735,150   7,735,150   —   —
Financials   5,432,949   5,432,949   —   —
Health Care   25,476,743   25,476,743   —   —
Industrials   20,896,782   20,896,782   —   —
Information Technology   177,624,689   177,624,689   —   —
Materials   4,363,618   4,363,618   —   —
Real Estate   1,193,861   1,193,861   —   —
Utilities   274   274   —   —
Money Market Fund   2,856,955   2,856,955   —   —
Total Investments in Securities:   $ 430,083,080   $ 430,083,080   $ —   $ —
See accompanying notes which are an integral part of the financial statements.
17 Semi-Annual Report 

Table of Contents
Fidelity® Blue Chip Value ETF
Schedule of Investments January 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 98.6% 
  Shares Value
COMMUNICATION SERVICES – 10.0% 
Diversified Telecommunication Services – 1.7%
Verizon Communications, Inc. 34,224 $ 1,821,743
Interactive Media & Services – 3.1%
Alphabet, Inc. Class A (a) 1,025 2,773,722
Facebook, Inc. Class A (a) 1,600 501,216
    3,274,938
Media – 5.2%
Comcast Corp. Class A 67,100 3,354,329
The Interpublic Group of Cos., Inc. 42,156 1,498,224
WPP PLC ADR 9,252 720,824
    5,573,377
TOTAL COMMUNICATION SERVICES 10,670,058
CONSUMER DISCRETIONARY – 3.9% 
Household Durables – 0.8%
Whirlpool Corp. 4,238 890,785
Internet & Direct Marketing Retail – 0.7%
eBay, Inc. 11,447 687,621
Multiline Retail – 1.3%
Dollar General Corp. 6,760 1,409,325
Textiles, Apparel & Luxury Goods – 1.1%
PVH Corp. 5,004 475,430
Tapestry, Inc. 18,223 691,563
    1,166,993
TOTAL CONSUMER DISCRETIONARY 4,154,724
CONSUMER STAPLES – 7.7% 
Food & Staples Retailing – 0.8%
US Foods Holding Corp. (a) 22,697 800,296
Food Products – 2.8%
Mondelez International, Inc. Class A 32,412 2,172,576
Tyson Foods, Inc. Class A 9,010 818,919
    2,991,495
Household Products – 3.9%
Spectrum Brands Holdings, Inc. 6,190 553,262
The Clorox Co. 3,333 559,478
The Procter & Gamble Co. 18,943 3,039,404
    4,152,144
Personal Products – 0.2%
Unilever PLC ADR 5,114 262,809
TOTAL CONSUMER STAPLES 8,206,744
ENERGY – 3.5% 
Oil, Gas & Consumable Fuels – 3.5%
Exxon Mobil Corp. 48,459 3,680,946
   
  Shares Value
FINANCIALS – 22.0% 
Banks – 10.0%
Bank of America Corp. 72,164 $ 3,329,647
Cullen/Frost Bankers, Inc. 2,669 376,356
JPMorgan Chase & Co. 18,347 2,726,364
M&T Bank Corp. 8,441 1,429,737
The PNC Financial Services Group, Inc. 8,385 1,727,226
Wells Fargo & Co. 20,633 1,110,055
    10,699,385
Capital Markets – 2.6%
Affiliated Managers Group, Inc. 5,328 779,007
BlackRock, Inc. 995 818,825
Invesco Ltd. 13,481 305,480
Northern Trust Corp. 7,635 890,546
    2,793,858
Diversified Financial Services – 4.9%
Berkshire Hathaway, Inc. Class B (a) 16,621 5,202,705
Insurance – 4.5%
Chubb Ltd. 7,976 1,573,505
The Travelers Cos., Inc. 10,953 1,820,170
Willis Towers Watson PLC 6,070 1,420,137
    4,813,812
TOTAL FINANCIALS 23,509,760
HEALTH CARE – 19.3% 
Biotechnology – 2.3%
Regeneron Pharmaceuticals, Inc. (a) 2,065 1,256,738
Vertex Pharmaceuticals, Inc. (a) 5,136 1,248,305
    2,505,043
Health Care Providers & Services – 12.1%
Anthem, Inc. 3,630 1,600,794
Centene Corp. (a) 35,873 2,789,484
Cigna Corp. 11,969 2,758,376
CVS Health Corp. 11,410 1,215,279
Humana, Inc. 3,194 1,253,645
UnitedHealth Group, Inc. 6,851 3,237,577
    12,855,155
Pharmaceuticals – 4.9%
AstraZeneca PLC ADR 24,622 1,433,247
Bristol-Myers Squibb Co. 23,241 1,508,108
Sanofi ADR 44,273 2,302,196
    5,243,551
TOTAL HEALTH CARE 20,603,749
INDUSTRIALS – 8.6% 
Aerospace & Defense – 3.4%
L3Harris Technologies, Inc. 4,637 970,478
Lockheed Martin Corp. 2,376 924,573
Northrop Grumman Corp. 4,566 1,688,963
    3,584,014
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 18

Table of Contents
Common Stocks – continued 
  Shares Value
INDUSTRIALS – continued
Electrical Equipment – 0.8%
Regal Rexnord Corp. 5,046 $ 799,690
Machinery – 4.4%
ITT, Inc. 10,101 928,484
Oshkosh Corp. 12,605 1,434,575
Otis Worldwide Corp. 9,680 826,962
Pentair PLC 15,028 957,284
Stanley Black & Decker, Inc. 3,402 594,159
    4,741,464
TOTAL INDUSTRIALS 9,125,168
INFORMATION TECHNOLOGY – 8.1% 
Communications Equipment – 1.9%
Cisco Systems, Inc. 36,256 2,018,372
Electronic Equipment, Instruments & Components – 1.5%
TE Connectivity Ltd. 11,151 1,594,704
IT Services – 3.1%
Amdocs Ltd. 12,555 952,799
Cognizant Technology Solutions Corp. Class A 15,483 1,322,558
Fiserv, Inc. (a) 7,366 778,586
Maximus, Inc. 3,154 243,867
    3,297,810
Semiconductors & Semiconductor Equipment – 0.7%
NXP Semiconductors N.V. 3,797 780,056
Software – 0.9%
NortonLifelock, Inc. 35,654 927,361
TOTAL INFORMATION TECHNOLOGY 8,618,303
MATERIALS – 3.1% 
Chemicals – 2.0%
DuPont de Nemours, Inc. 18,662 1,429,509
International Flavors & Fragrances, Inc. 5,397 711,972
    2,141,481
Metals & Mining – 1.1%
Newmont Corp. 19,340 1,183,028
TOTAL MATERIALS 3,324,509
   
  Shares Value
REAL ESTATE – 1.0% 
Real Estate Management & Development – 1.0%
CBRE Group, Inc. Class A (a) 10,785 $ 1,092,952
UTILITIES – 11.4% 
Electric Utilities – 9.7%
Duke Energy Corp. 12,337 1,296,125
Entergy Corp. 4,557 509,336
Evergy, Inc. 18,866 1,225,535
Exelon Corp. 36,228 2,099,413
PG&E Corp. (a) 131,365 1,680,158
Portland General Electric Co. 13,917 731,199
PPL Corp. 30,111 893,695
The Southern Co. 27,607 1,918,410
    10,353,871
Multi-Utilities – 1.7%
Dominion Energy, Inc. 21,916 1,767,745
TOTAL UTILITIES 12,121,616
TOTAL COMMON STOCKS
(Cost $91,998,291) 		105,108,529
Money Market Fund – 1.4% 
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b)
(Cost $1,499,000) 		1,499,000 1,499,000
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $93,497,291) 		106,607,529
NET OTHER ASSETS (LIABILITIES) – 0.0% 2,758
NET ASSETS – 100.0% $ 106,610,287
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
See accompanying notes which are an integral part of the financial statements.
19 Semi-Annual Report 

Table of Contents
Fidelity® Blue Chip Value ETF
Schedule of Investments (Unaudited)–continued
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2022, 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 in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description   Total   Level 1   Level 2   Level 3
Investments in Securities:                
Equities:                
Communication Services   $ 10,670,058   $ 10,670,058   $ —   $ —
Consumer Discretionary   4,154,724   4,154,724   —   —
Consumer Staples   8,206,744   8,206,744   —   —
Energy   3,680,946   3,680,946   —   —
Financials   23,509,760   23,509,760   —   —
Health Care   20,603,749   20,603,749   —   —
Industrials   9,125,168   9,125,168   —   —
Information Technology   8,618,303   8,618,303   —   —
Materials   3,324,509   3,324,509   —   —
Real Estate   1,092,952   1,092,952   —   —
Utilities   12,121,616   12,121,616   —   —
Money Market Fund   1,499,000   1,499,000   —   —
Total Investments in Securities:   $ 106,607,529   $ 106,607,529   $ —   $ —
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America 88.4%
Switzerland 3.0%
United Kingdom 2.3%
Ireland 2.2%
France 2.2%
Others (Individually Less Than 1%) 1.9%
  100.0%
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 20

Table of Contents
Fidelity® Growth Opportunities ETF
Schedule of Investments January 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.8% 
  Shares Value
COMMUNICATION SERVICES – 22.5% 
Entertainment – 5.1%
Netflix, Inc. (a) 524 $ 223,821
Roku, Inc. (a) 8,169 1,340,125
Sea Ltd. ADR (a) 8,503 1,278,086
    2,842,032
Interactive Media & Services – 14.2%
Alphabet, Inc. Class A (a) 615 1,664,233
Alphabet, Inc. Class C (a) 1,317 3,574,299
Facebook, Inc. Class A (a) 5,647 1,768,979
NerdWallet, Inc. (a) 834 12,618
Snap, Inc. Class A (a) 10,349 336,757
ZoomInfo Technologies, Inc. Class A (a) 11,199 591,979
    7,948,865
Media – 0.9%
Magnite, Inc. (a) 21,413 290,574
TechTarget, Inc. (a) 2,825 234,306
    524,880
Wireless Telecommunication Services – 2.3%
T-Mobile US, Inc. (a) 12,137 1,312,859
TOTAL COMMUNICATION SERVICES 12,628,636
CONSUMER DISCRETIONARY – 16.2% 
Automobiles – 2.3%
Rivian Automotive, Inc. (a) 4,743 311,805
Tesla, Inc. (a) 1,065 997,607
    1,309,412
Hotels, Restaurants & Leisure – 0.7%
Airbnb, Inc. Class A (a) 2,128 327,648
Sweetgreen, Inc. (a) 1,992 60,258
    387,906
Household Durables – 0.1%
Purple Innovation, Inc. (a) 4,699 39,096
Internet & Direct Marketing Retail – 8.9%
Amazon.com, Inc. (a) 1,325 3,963,698
Cazoo Group Ltd. (a) 12,266 58,141
Chewy, Inc. Class A (a) 6,891 328,080
DoorDash, Inc. Class A (a) 1,184 134,372
Global-e Online Ltd. (a) 13,693 488,977
Porch Group, Inc. (a) 4,630 48,846
The Original BARK Co. (a) 1,997 7,529
    5,029,643
Leisure Products – 0.1%
Peloton Interactive, Inc. Class A (a) 2,696 73,682
Specialty Retail – 3.7%
Academy Sports & Outdoors, Inc. (a) 1,555 60,489
American Eagle Outfitters, Inc. 284 6,484
Carvana Co. (a) 10,501 1,701,792
Dick's Sporting Goods, Inc. 2,792 322,197
   
  Shares Value
Shift Technologies, Inc. (a) 67 $ 153
    2,091,115
Textiles, Apparel & Luxury Goods – 0.4%
Capri Holdings Ltd. (a) 1,233 74,066
Lululemon Athletica, Inc. (a) 95 31,707
Tapestry, Inc. 2,504 95,027
    200,800
TOTAL CONSUMER DISCRETIONARY 9,131,654
CONSUMER STAPLES – 0.6% 
Beverages – 0.1%
The Boston Beer Co., Inc. Class A (a) 134 56,391
Food & Staples Retailing – 0.4%
BJ's Wholesale Club Holdings, Inc. (a) 3,908 240,225
Food Products – 0.1%
Local Bounti Corp. (a) 5,205 24,568
TOTAL CONSUMER STAPLES 321,184
ENERGY – 1.4% 
Oil, Gas & Consumable Fuels – 1.4%
Canadian Natural Resources Ltd. 7,470 379,979
Cenovus Energy, Inc. 6,262 91,086
Hess Corp. 3,532 325,968
TOTAL ENERGY 797,033
FINANCIALS – 2.0% 
Banks – 1.0%
Wells Fargo & Co. 10,806 581,363
Capital Markets – 0.5%
Coinbase Global, Inc. Class A (a) 1,341 254,991
Consumer Finance – 0.5%
Capital One Financial Corp. 1,072 157,294
LendingTree, Inc. (a) 996 121,353
    278,647
TOTAL FINANCIALS 1,115,001
HEALTH CARE – 8.5% 
Biotechnology – 2.2%
Agios Pharmaceuticals, Inc. (a) 3,074 94,956
Alnylam Pharmaceuticals, Inc. (a) 1,632 224,563
ALX Oncology Holdings, Inc. (a) 1,542 24,672
Argenx SE ADR (a) 377 101,511
Ascendis Pharma A/S ADR (a) 80 9,731
Aurinia Pharmaceuticals, Inc. (a) 4,151 69,156
Celldex Therapeutics, Inc. (a) 1,663 51,570
Cytokinetics, Inc. (a) 1,676 55,626
Erasca, Inc. (a) 4,246 50,315
Exelixis, Inc. (a) 3,546 64,183
Icosavax, Inc. (a) 861 13,139
 
See accompanying notes which are an integral part of the financial statements.
21 Semi-Annual Report 

Table of Contents
Fidelity® Growth Opportunities ETF
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
  Shares Value
HEALTH CARE – continued
Biotechnology – continued
Imago Biosciences, Inc. (a) 2,053 $ 41,512
Instil Bio, Inc. (a) 3,243 37,651
Keros Therapeutics, Inc. (a) 949 44,005
Mirati Therapeutics, Inc. (a) 595 70,983
Monte Rosa Therapeutics, Inc. (a) 461 5,836
Nuvalent, Inc. (a) 1,168 15,756
Prelude Therapeutics, Inc. (a) 1,055 10,476
Protagonist Therapeutics, Inc. (a) 1,831 53,630
Relay Therapeutics, Inc. (a) 2,250 49,793
Tenaya Therapeutics, Inc. (a) 1,688 20,121
TG Therapeutics, Inc. (a) 2,390 27,652
Vaxcyte, Inc. (a) 1,575 29,988
Zentalis Pharmaceuticals, Inc. (a) 1,300 74,204
    1,241,029
Health Care Equipment & Supplies – 2.0%
Boston Scientific Corp. (a) 13,424 575,890
Danaher Corp. 638 182,334
DexCom, Inc. (a) 363 156,264
Figs, Inc. Class A (a) 1,274 28,640
Insulet Corp. (a) 277 68,696
Penumbra, Inc. (a) 411 92,890
TransMedics Group, Inc. (a) 2,714 43,071
    1,147,785
Health Care Providers & Services – 4.0%
agilon health, Inc. (a) 18,370 304,575
Alignment Healthcare, Inc. (a) 1,407 10,693
Cano Health, Inc. (a) 3,150 18,207
CareMax, Inc. (a) 5,087 31,539
Centene Corp. (a) 5,795 450,619
Humana, Inc. 1,280 502,400
LifeStance Health Group, Inc. (a) 39,942 304,758
Oak Street Health, Inc. (a) 19,917 346,158
Surgery Partners, Inc. (a) 814 34,733
UnitedHealth Group, Inc. 465 219,745
    2,223,427
Health Care Technology – 0.1%
GoodRx Holdings, Inc. Class A (a) 1,643 39,448
Life Sciences Tools & Services – 0.0%
Olink Holding AB ADR (a) 777 12,572
Pharmaceuticals – 0.2%
Arvinas, Inc. (a) 930 66,486
IMARA, Inc. (a) 2,873 3,993
Terns Pharmaceuticals, Inc. (a) 2,595 16,271
    86,750
TOTAL HEALTH CARE 4,751,011
   
  Shares Value
INDUSTRIALS – 3.3% 
Building Products – 0.2%
The AZEK Co., Inc. (a) 2,758 $ 91,097
Electrical Equipment – 0.0%
FREYR Battery S.A. (a) 3,350 30,418
Marine – 0.1%
Golden Ocean Group Ltd. 7,871 71,232
Road & Rail – 3.0%
Lyft, Inc. Class A (a) 12,496 481,346
Uber Technologies, Inc. (a) 31,807 1,189,582
    1,670,928
TOTAL INDUSTRIALS 1,863,675
INFORMATION TECHNOLOGY – 43.2% 
Electronic Equipment, Instruments & Components – 1.1%
Flex Ltd. (a) 18,653 301,806
Jabil, Inc. 4,669 287,097
TE Connectivity Ltd. 214 30,604
    619,507
IT Services – 9.7%
Cognizant Technology Solutions Corp. Class A 2,083 177,930
Dlocal Ltd. (a) 8,905 266,438
EPAM Systems, Inc. (a) 171 81,420
Flywire Corp. (a) 2,369 66,782
Global Payments, Inc. 2,323 348,171
GoDaddy, Inc. Class A (a) 8,286 627,333
Marqeta, Inc. Class A (a) 4,426 52,227
Mastercard, Inc. Class A 1,487 574,547
MongoDB, Inc. (a) 845 342,318
Nuvei Corp. (a)(b) 2,225 135,602
Nuvei Corp. (a)(b) 5,993 365,573
Payoneer Global, Inc. (a) 2,964 15,472
Repay Holding Corp. (a) 9,446 168,989
Shift4 Payments, Inc. (a) 3,136 165,330
Snowflake, Inc. Class A (a) 268 73,941
Square, Inc. Class A (a) 2,595 317,342
TaskUS, Inc. Class A (a) 2,406 76,992
TDCX, Inc. (a) 5,213 85,441
Thoughtworks Holding, Inc. (a) 2,778 59,505
Twilio, Inc. Class A (a) 1,528 314,951
Visa, Inc. Class A 1,986 449,174
Wix.com Ltd. (a) 5,135 674,585
    5,440,063
Semiconductors & Semiconductor Equipment – 10.6%
Applied Materials, Inc. 3,942 544,706
Cirrus Logic, Inc. (a) 63 5,635
GLOBALFOUNDRIES, Inc. (a) 9,968 491,821
Lam Research Corp. 684 403,505
Marvell Technology, Inc. 6,055 432,327
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 22

Table of Contents
Common Stocks – continued 
  Shares Value
INFORMATION TECHNOLOGY – continued
Semiconductors & Semiconductor Equipment – continued
Micron Technology, Inc. 7,177 $ 590,452
NVIDIA Corp. 9,193 2,250,998
NXP Semiconductors N.V. 3,257 669,118
ON Semiconductor Corp. (a) 8,106 478,254
Taiwan Semiconductor Manufacturing Co. Ltd. ADR 788 96,632
    5,963,448
Software – 19.3%
Adobe, Inc. (a) 803 429,043
Alkami Technology, Inc. (a) 2,505 38,427
Anaplan, Inc. (a) 5,623 271,478
BTRS Holdings, Inc. (a) 7,428 47,539
Ceridian HCM Holding, Inc. (a) 2,472 187,427
Confluent, Inc. Class A (a) 2,171 141,962
DoubleVerify Holdings, Inc. (a) 9,889 273,530
Dynatrace, Inc. (a) 11,162 612,347
Elastic N.V. (a) 1,184 110,408
EngageSmart, Inc. (a) 3,387 74,040
Freshworks, Inc. (a) 297 6,460
Gitlab, Inc. (a) 736 47,111
HashiCorp, Inc. (a) 2,148 142,606
HubSpot, Inc. (a) 794 388,107
Intapp, Inc. (a) 8,888 178,826
Intuit, Inc. 825 458,065
Lightspeed Commerce, Inc. (a) 6,460 209,684
Microsoft Corp. 16,166 5,027,303
Monday.com Ltd. (a) 428 89,589
Riskified Ltd. (a) 3,746 26,110
Salesforce.com, Inc. (a) 4,732 1,100,805
Samsara, Inc. (a) 3,076 55,675
SentinelOne, Inc. Class A (a) 479 21,435
ServiceNow, Inc. (a) 560 328,037
Synopsys, Inc. (a) 118 36,639
The Trade Desk, Inc. Class A (a) 3,978 276,630
UiPath, Inc. (a) 3,177 116,056
   
  Shares Value
Viant Technology, Inc. Class A (a) 3,302 $ 26,383
Workday, Inc. Class A (a) 425 107,529
    10,829,251
Technology Hardware, Storage & Peripherals – 2.5%
Apple, Inc. 8,051 1,407,154
TOTAL INFORMATION TECHNOLOGY 24,259,423
MATERIALS – 1.9% 
Metals & Mining – 1.9%
Freeport-McMoRan, Inc. 29,200 1,086,824
REAL ESTATE – 0.2% 
Real Estate Management & Development – 0.2%
WeWork, Inc. (a) 12,805 95,141
TOTAL COMMON STOCKS
(Cost $60,963,965) 		56,049,582
Money Market Fund – 0.3% 
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (c)
(Cost $169,272) 		169,272 169,272
TOTAL INVESTMENT IN SECURITIES – 100.1%
(Cost $61,133,237) 		56,218,854
NET OTHER ASSETS (LIABILITIES) – (0.1%) (37,215)
NET ASSETS – 100.0% $ 56,181,639
    
Legend  
(a) Non-income producing.
(b) Security is 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 $501,175 or 0.9% of net assets.
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
See accompanying notes which are an integral part of the financial statements.
23 Semi-Annual Report 

Table of Contents
Fidelity® Growth Opportunities ETF
Schedule of Investments (Unaudited)–continued
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2022, 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 in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description   Total   Level 1   Level 2   Level 3
Investments in Securities:                
Equities:                
Communication Services   $ 12,628,636   $ 12,628,636   $ —   $ —
Consumer Discretionary   9,131,654   9,131,654   —   —
Consumer Staples   321,184   321,184   —   —
Energy   797,033   797,033   —   —
Financials   1,115,001   1,115,001   —   —
Health Care   4,751,011   4,751,011   —   —
Industrials   1,863,675   1,863,675   —   —
Information Technology   24,259,423   24,259,423   —   —
Materials   1,086,824   1,086,824   —   —
Real Estate   95,141   95,141   —   —
Money Market Fund   169,272   169,272   —   —
Total Investments in Securities:   $ 56,218,854   $ 56,218,854   $ —   $ —
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America 90.1%
Singapore 3.0%
Israel 2.3%
Canada 2.2%
Netherlands 1.4%
Others (Individually Less Than 1%) 1.1%
  100.1%
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 24

Table of Contents
Fidelity® Magellan ETF
Schedule of Investments January 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 98.0% 
  Shares Value
COMMUNICATION SERVICES – 8.5% 
Entertainment – 0.0%
Netflix, Inc. (a) 13 $5,553
ROBLOX Corp. (a) 24 1,581
    7,134
Interactive Media & Services – 8.5%
Alphabet, Inc. Class A (a) 510 1,380,096
Alphabet, Inc. Class C (a) 497 1,348,843
Facebook, Inc. Class A (a) 5,100 1,597,626
    4,326,565
Media – 0.0%
Charter Communications, Inc. Class A (a) 13 7,713
TOTAL COMMUNICATION SERVICES 4,341,412
CONSUMER DISCRETIONARY – 10.3% 
Hotels, Restaurants & Leisure – 2.2%
Domino's Pizza, Inc. 1,164 529,213
Hilton Worldwide Holdings, Inc. (a) 4,031 584,938
    1,114,151
Internet & Direct Marketing Retail – 4.6%
Amazon.com, Inc. (a) 777 2,324,372
Multiline Retail – 0.0%
Dollar General Corp. 118 24,601
Specialty Retail – 2.0%
The Home Depot, Inc. 2,800 1,027,544
Textiles, Apparel & Luxury Goods – 1.5%
NIKE, Inc. Class B 5,129 759,451
TOTAL CONSUMER DISCRETIONARY 5,250,119
CONSUMER STAPLES – 2.8% 
Food & Staples Retailing – 1.6%
Costco Wholesale Corp. 1,624 820,331
Personal Products – 1.2%
The Estee Lauder Cos., Inc. Class A 1,955 609,550
TOTAL CONSUMER STAPLES 1,429,881
FINANCIALS – 7.2% 
Capital Markets – 4.8%
BlackRock, Inc. 805 662,467
Coinbase Global, Inc. Class A (a) 10 1,901
Moody's Corp. 1,691 580,013
MSCI, Inc. 1,074 575,793
S&P Global, Inc. 1,508 626,152
T Rowe Price Group, Inc. 3 463
    2,446,789
Insurance – 2.4%
Arthur J Gallagher & Co. 3,578 565,109
   
  Shares Value
Marsh & McLennan Cos., Inc. 4,064 $ 624,393
    1,189,502
TOTAL FINANCIALS 3,636,291
HEALTH CARE – 12.6% 
Health Care Equipment & Supplies – 3.9%
Danaher Corp. 2,678 765,346
IDEXX Laboratories, Inc. (a) 1,141 578,829
Intuitive Surgical, Inc. (a) 2,219 630,595
    1,974,770
Health Care Providers & Services – 2.3%
UnitedHealth Group, Inc. 2,454 1,159,687
Health Care Technology – 1.0%
Veeva Systems, Inc. Class A (a) 2,247 531,505
Life Sciences Tools & Services – 2.7%
IQVIA Holdings, Inc. (a) 2,323 568,903
Thermo Fisher Scientific, Inc. 1,344 781,267
    1,350,170
Pharmaceuticals – 2.7%
Eli Lilly & Co. 3,078 755,310
Zoetis, Inc. 3,112 621,747
    1,377,057
TOTAL HEALTH CARE 6,393,189
INDUSTRIALS – 8.5% 
Aerospace & Defense – 1.0%
HEICO Corp. Class A 4,517 495,515
Commercial Services & Supplies – 1.1%
Cintas Corp. 1,368 535,613
Electrical Equipment – 1.1%
AMETEK, Inc. 4,040 552,551
Industrial Conglomerates – 1.0%
Roper Technologies, Inc. 1,225 535,521
Professional Services – 4.3%
Equifax, Inc. 2,319 556,003
IHS Markit Ltd. 4,837 564,913
TransUnion 5,025 518,178
Verisk Analytics, Inc. 2,722 533,866
    2,172,960
TOTAL INDUSTRIALS 4,292,160
INFORMATION TECHNOLOGY – 42.6% 
Electronic Equipment, Instruments & Components – 2.2%
Amphenol Corp. Class A 7,328 583,236
Teledyne Technologies, Inc. (a) 1,261 531,423
    1,114,659
IT Services – 3.7%
Accenture PLC Class A 2,389 844,702
 
See accompanying notes which are an integral part of the financial statements.
25 Semi-Annual Report 

Table of Contents
Fidelity® Magellan ETF
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
  Shares Value
INFORMATION TECHNOLOGY – continued
IT Services – continued
Mastercard, Inc. Class A 2,729 $ 1,054,431
    1,899,133
Semiconductors & Semiconductor Equipment – 9.1%
Advanced Micro Devices, Inc. (a) 6,208 709,264
Analog Devices, Inc. 3,755 615,707
Applied Materials, Inc. 4,969 686,616
KLA Corp. 1,629 634,121
Lam Research Corp. 1,079 636,524
NVIDIA Corp. 5,436 1,331,059
Texas Instruments, Inc. 52 9,334
    4,622,625
Software – 19.3%
Adobe, Inc. (a) 1,706 911,516
ANSYS, Inc. (a) 1,618 550,136
Autodesk, Inc. (a) 2,345 585,758
Cadence Design Systems, Inc. (a) 3,721 566,113
DocuSign, Inc. (a) 27 3,396
Fortinet, Inc. (a) 1,935 575,159
Intuit, Inc. 1,312 728,462
Microsoft Corp. 12,052 3,747,931
Salesforce.com, Inc. (a) 3,606 838,864
ServiceNow, Inc. (a) 1,231 721,095
Synopsys, Inc. (a) 1,861 577,840
    9,806,270
Technology Hardware, Storage & Peripherals – 8.3%
Apple, Inc. 24,007 4,195,943
TOTAL INFORMATION TECHNOLOGY 21,638,630
MATERIALS – 2.6% 
Chemicals – 2.6%
Linde PLC (a) 2,317 738,382
   
  Shares Value
The Sherwin-Williams Co. 2,055 $ 588,778
TOTAL MATERIALS 1,327,160
REAL ESTATE – 1.5% 
Equity Real Estate Investment Trusts (REITs) – 1.5%
Prologis, Inc. 4,699 736,897
UTILITIES – 1.4% 
Electric Utilities – 1.4%
NextEra Energy, Inc. 9,249 722,532
TOTAL COMMON STOCKS
(Cost $46,823,215) 		49,768,271
Money Market Fund – 1.8% 
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b)
(Cost $930,824) 		930,824 930,824
TOTAL INVESTMENT IN SECURITIES – 99.8%
(Cost $47,754,039) 		50,699,095
NET OTHER ASSETS (LIABILITIES) – 0.2% 87,787
NET ASSETS – 100.0% $ 50,786,882
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 26

Table of Contents
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2022, 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 in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description   Total   Level 1   Level 2   Level 3
Investments in Securities:                
Equities:                
Communication Services   $ 4,341,412   $ 4,341,412   $ —   $ —
Consumer Discretionary   5,250,119   5,250,119   —   —
Consumer Staples   1,429,881   1,429,881   —   —
Financials   3,636,291   3,636,291   —   —
Health Care   6,393,189   6,393,189   —   —
Industrials   4,292,160   4,292,160   —   —
Information Technology   21,638,630   21,638,630   —   —
Materials   1,327,160   1,327,160   —   —
Real Estate   736,897   736,897   —   —
Utilities   722,532   722,532   —   —
Money Market Fund   930,824   930,824   —   —
Total Investments in Securities:   $ 50,699,095   $ 50,699,095   $ —   $ —
See accompanying notes which are an integral part of the financial statements.
27 Semi-Annual Report 

Table of Contents
Fidelity® New Millennium ETF
Schedule of Investments January 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 94.9% 
  Shares Value
COMMUNICATION SERVICES – 5.2% 
Diversified Telecommunication Services – 1.3%
Verizon Communications, Inc. 14,940 $ 795,256
Media – 3.9%
Comcast Corp. Class A 27,355 1,367,477
Omnicom Group, Inc. 6,331 477,104
The Interpublic Group of Cos., Inc. 15,632 555,561
    2,400,142
TOTAL COMMUNICATION SERVICES 3,195,398
CONSUMER DISCRETIONARY – 8.0% 
Auto Components – 0.3%
Magna International, Inc. 2,538 204,588
Automobiles – 1.3%
General Motors Co. (a) 8,968 472,883
Stellantis N.V. 17,898 345,252
    818,135
Hotels, Restaurants & Leisure – 1.3%
Booking Holdings, Inc. (a) 185 454,384
Churchill Downs, Inc. 1,405 295,471
Sweetgreen, Inc. (a) 1,630 49,308
    799,163
Household Durables – 1.8%
D.R. Horton, Inc. 4,347 387,839
Mohawk Industries, Inc. (a) 1,812 286,061
NVR, Inc. (a) 76 404,869
    1,078,769
Internet & Direct Marketing Retail – 1.1%
Coupang, Inc. (a) 19,298 401,784
eBay, Inc. 3,503 210,425
Farfetch Ltd. Class A (a) 4,018 87,231
    699,440
Leisure Products – 0.2%
Peloton Interactive, Inc. Class A (a) 3,520 96,202
Specialty Retail – 0.7%
Best Buy Co., Inc. 2,752 273,219
National Vision Holdings, Inc. (a) 3,323 135,844
    409,063
Textiles, Apparel & Luxury Goods – 1.3%
Allbirds, Inc. (a) 2,274 28,107
PVH Corp. 2,823 268,213
Ralph Lauren Corp. 1,689 187,209
Tapestry, Inc. 8,289 314,567
    798,096
TOTAL CONSUMER DISCRETIONARY 4,903,456
CONSUMER STAPLES – 4.2% 
Beverages – 2.0%
Diageo PLC ADR 1,690 344,675
   
  Shares Value
Molson Coors Beverage Co. Class B 4,272 $ 203,604
The Coca-Cola Co. 10,882 663,911
    1,212,190
Food & Staples Retailing – 1.4%
BJ's Wholesale Club Holdings, Inc. (a) 5,864 360,460
The Kroger Co. 11,250 490,387
    850,847
Tobacco – 0.8%
Altria Group, Inc. 10,153 516,585
TOTAL CONSUMER STAPLES 2,579,622
ENERGY – 12.9% 
Energy Equipment & Services – 1.0%
Oceaneering International, Inc. (a) 12,849 167,422
Schlumberger N.V. 10,454 408,438
TechnipFMC PLC (a) 7,550 49,000
    624,860
Oil, Gas & Consumable Fuels – 11.9%
Canadian Natural Resources Ltd. 16,130 821,340
Cheniere Energy, Inc. 8,486 949,583
EQT Corp. (a) 36,062 766,317
Exxon Mobil Corp. 26,445 2,008,762
Golar LNG Ltd. (a) 18,722 268,661
Hess Corp. 13,286 1,226,165
Range Resources Corp. (a) 11,674 224,724
The Williams Cos., Inc. 22,137 662,782
Valero Energy Corp. 3,936 326,570
    7,254,904
TOTAL ENERGY 7,879,764
FINANCIALS – 19.8% 
Banks – 9.8%
Bank of America Corp. 33,241 1,533,740
Comerica, Inc. 3,915 363,234
HDFC Bank Ltd. ADR 3,724 255,578
The PNC Financial Services Group, Inc. 5,587 1,150,866
Wells Fargo & Co. 50,304 2,706,355
    6,009,773
Capital Markets – 2.3%
Goldman Sachs Group, Inc. 1,924 682,404
Morgan Stanley 7,290 747,517
    1,429,921
Diversified Financial Services – 0.4%
Equitable Holdings, Inc. 6,432 216,372
Insurance – 6.0%
American International Group, Inc. 23,340 1,347,885
Arch Capital Group Ltd. (a) 8,763 405,902
Chubb Ltd. 4,948 976,142
First American Financial Corp. 3,189 237,612
MetLife, Inc. 8,203 550,093
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 28

Table of Contents
Common Stocks – continued 
  Shares Value
FINANCIALS – continued
Insurance – continued
RenaissanceRe Holdings Ltd. 880 $ 138,310
    3,655,944
Thrifts & Mortgage Finance – 1.3%
Radian Group, Inc. 34,564 773,888
TOTAL FINANCIALS 12,085,898
HEALTH CARE – 14.9% 
Biotechnology – 0.8%
Amgen, Inc. 2,197 499,027
Health Care Equipment & Supplies – 2.9%
Becton Dickinson and Co. 2,137 543,097
Boston Scientific Corp. (a) 14,015 601,244
Butterfly Network, Inc. (a) 53,455 310,039
Hologic, Inc. (a) 4,101 288,054
    1,742,434
Health Care Providers & Services – 4.6%
Centene Corp. (a) 6,924 538,410
Cigna Corp. 2,463 567,623
Guardant Health, Inc. (a) 1,854 128,946
LifeStance Health Group, Inc. (a) 15,628 119,242
Oak Street Health, Inc. (a) 8,412 146,200
UnitedHealth Group, Inc. 2,303 1,088,329
Universal Health Services, Inc. Class B 1,745 226,955
    2,815,705
Life Sciences Tools & Services – 0.6%
Bruker Corp. 5,520 367,632
Pharmaceuticals – 6.0%
Bristol-Myers Squibb Co. 24,340 1,579,422
Eli Lilly & Co. 4,203 1,031,374
Sanofi ADR 6,342 329,784
Viatris, Inc. 47,013 703,785
    3,644,365
TOTAL HEALTH CARE 9,069,163
INDUSTRIALS – 12.4% 
Aerospace & Defense – 3.3%
BWX Technologies, Inc. 5,402 240,443
General Dynamics Corp. 2,997 635,664
Huntington Ingalls Industries, Inc. 2,806 525,283
Northrop Grumman Corp. 1,680 621,432
    2,022,822
Air Freight & Logistics – 0.4%
GXO Logistics, Inc. (a) 2,735 222,110
Building Products – 0.7%
Fortune Brands Home & Security, Inc. 3,071 289,196
JELD-WEN Holding, Inc. (a) 6,080 143,488
    432,684
   
  Shares Value
Construction & Engineering – 0.6%
AECOM 3,046 $210,570
Argan, Inc. 4,342 161,305
    371,875
Electrical Equipment – 0.5%
Sensata Technologies Holding PLC (a) 5,434 311,694
Industrial Conglomerates – 4.3%
General Electric Co. 28,086 2,653,565
Machinery – 0.7%
Donaldson Co., Inc. 3,144 174,995
Pentair PLC 3,565 227,091
    402,086
Professional Services – 0.6%
Leidos Holdings, Inc. 2,399 214,590
Science Applications International Corp. 1,893 155,283
    369,873
Road & Rail – 1.3%
Hertz Global Holdings, Inc. (a) 5,742 110,591
Knight-Swift Transportation Holdings, Inc. 8,732 494,057
XPO Logistics, Inc. (a) 2,679 177,269
    781,917
TOTAL INDUSTRIALS 7,568,626
INFORMATION TECHNOLOGY – 7.5% 
Communications Equipment – 2.2%
Cisco Systems, Inc. 17,394 968,324
Telefonaktiebolaget LM Ericsson ADR 30,201 373,888
    1,342,212
Electronic Equipment, Instruments & Components – 0.7%
Keysight Technologies, Inc. (a) 2,749 464,086
IT Services – 3.1%
Akamai Technologies, Inc. (a) 3,090 353,959
Euronet Worldwide, Inc. (a) 1,517 203,111
Fidelity National Information Services, Inc. 2,961 355,083
Global Payments, Inc. 1,236 185,252
Visa, Inc. Class A 3,433 776,442
    1,873,847
Semiconductors & Semiconductor Equipment – 1.5%
Analog Devices, Inc. 2,092 343,025
Intel Corp. 11,987 585,206
    928,231
TOTAL INFORMATION TECHNOLOGY 4,608,376
MATERIALS – 3.7% 
Chemicals – 1.1%
Nutrien Ltd. 3,970 277,106
Olin Corp. 7,546 382,356
    659,462
See accompanying notes which are an integral part of the financial statements.
29 Semi-Annual Report 

Table of Contents
Fidelity® New Millennium ETF
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
  Shares Value
MATERIALS – continued
Containers & Packaging – 1.2%
Avery Dennison Corp. 1,426 $292,929
O-I Glass, Inc. (a) 30,631 407,699
    700,628
Metals & Mining – 1.4%
Commercial Metals Co. 3,965 132,590
Freeport-McMoRan, Inc. 11,497 427,918
Royal Gold, Inc. 1,673 169,893
Steel Dynamics, Inc. 2,645 146,850
    877,251
TOTAL MATERIALS 2,237,341
REAL ESTATE – 3.2% 
Equity Real Estate Investment Trusts (REITs) – 3.0%
Cousins Properties, Inc. 4,795 184,895
Gaming and Leisure Properties, Inc. 6,765 305,643
Healthcare Trust of America, Inc. Class A 6,214 202,266
Orion Office REIT, Inc. (a) 278 4,626
Realty Income Corp. 2,780 192,960
Simon Property Group, Inc. 1,903 280,121
Spirit Realty Capital, Inc. 6,761 320,877
VICI Properties, Inc. 11,066 316,709
    1,808,097
Real Estate Management & Development – 0.2%
WeWork, Inc. (a) 17,515 130,136
TOTAL REAL ESTATE 1,938,233
UTILITIES – 3.1% 
Electric Utilities – 2.2%
Duke Energy Corp. 6,054 636,033
   
  Shares Value
FirstEnergy Corp. 5,772 $ 242,193
The Southern Co. 6,834 474,895
    1,353,121
Independent Power and Renewable Electricity Producers – 0.9%
The AES Corp. 11,053 245,156
Vistra Corp. 13,567 295,896
    541,052
TOTAL UTILITIES 1,894,173
TOTAL COMMON STOCKS
(Cost $50,326,587) 		57,960,050
Money Market Fund – 4.8% 
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b)
(Cost $2,969,490) 		2,969,490 2,969,490
TOTAL INVESTMENT IN SECURITIES – 99.7%
(Cost $53,296,077) 		60,929,540
NET OTHER ASSETS (LIABILITIES) – 0.3% 165,089
NET ASSETS – 100.0% $ 61,094,629
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 30

Table of Contents
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2022, 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 in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description   Total   Level 1   Level 2   Level 3
Investments in Securities:                
Equities:                
Communication Services   $ 3,195,398   $ 3,195,398   $ —   $ —
Consumer Discretionary   4,903,456   4,903,456   —   —
Consumer Staples   2,579,622   2,579,622   —   —
Energy   7,879,764   7,879,764   —   —
Financials   12,085,898   12,085,898   —   —
Health Care   9,069,163   9,069,163   —   —
Industrials   7,568,626   7,568,626   —   —
Information Technology   4,608,376   4,608,376   —   —
Materials   2,237,341   2,237,341   —   —
Real Estate   1,938,233   1,938,233   —   —
Utilities   1,894,173   1,894,173   —   —
Money Market Fund   2,969,490   2,969,490   —   —
Total Investments in Securities:   $ 60,929,540   $ 60,929,540   $ —   $ —
See accompanying notes which are an integral part of the financial statements.
31 Semi-Annual Report 

Table of Contents
Fidelity® Real Estate Investment ETF
Schedule of Investments January 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.7% 
  Shares Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) – 96.1% 
REITs - Apartments – 11.1%
American Homes 4 Rent Class A 8,727 $ 341,488
Apartment Income REIT Corp. 5,465 288,661
Invitation Homes, Inc. 10,243 430,001
Mid-America Apartment Communities, Inc. 3,372 696,925
UDR, Inc. 13,383 760,690
    2,517,765
REITs - Diversified – 39.2%
Crown Castle International Corp. 12,107 2,209,649
Digital Realty Trust, Inc. 8,913 1,330,087
Duke Realty Corp. 19,188 1,108,683
Equinix, Inc. 821 595,143
Gaming and Leisure Properties, Inc. 10,619 479,766
Lamar Advertising Co. Class A 2,309 255,745
Lexington Realty Trust 13,343 198,677
SBA Communications Corp. 4,919 1,600,839
VICI Properties, Inc. 14,785 423,147
Washington Real Estate Investment Trust 6,920 170,370
Weyerhaeuser Co. 12,476 504,405
    8,876,511
REITs - Health Care – 10.7%
Healthcare Trust of America, Inc. Class A 1,318 42,901
Medical Properties Trust, Inc. 15,380 350,049
Ventas, Inc. 14,016 743,128
Welltower, Inc. 14,780 1,280,391
    2,416,469
REITs - Hotels – 3.7%
DiamondRock Hospitality Co. (a) 19,329 180,726
Host Hotels & Resorts, Inc. (a) 19,675 341,165
RLJ Lodging Trust 12,953 179,399
Ryman Hospitality Properties, Inc. (a) 1,557 137,639
    838,929
REITs - Manufactured Homes – 5.0%
Equity Lifestyle Properties, Inc. 8,014 627,416
Sun Communities, Inc. 2,694 509,058
    1,136,474
REITs - Office Property – 2.2%
American Assets Trust, Inc. 3,762 135,319
Highwoods Properties, Inc. 3,362 144,969
Mack-Cali Realty Corp. (a) 7,037 116,111
Piedmont Office Realty Trust, Inc. Class A 5,325 94,572
    490,971
REITs - Shopping Centers – 4.3%
Kimco Realty Corp. 16,438 398,786
Phillips Edison & Co., Inc. 4,242 133,708
   
  Shares Value
Regency Centers Corp. 4,981 $ 357,387
Urban Edge Properties 4,385 79,982
    969,863
REITs - Single Tenant – 5.3%
Four Corners Property Trust, Inc. 4,205 113,829
National Retail Properties, Inc. 9,853 437,276
Realty Income Corp. 4,684 325,117
Spirit Realty Capital, Inc. 6,898 327,379
    1,203,601
REITs - Storage – 6.9%
CubeSmart 12,588 638,715
Extra Space Storage, Inc. 3,212 636,586
Iron Mountain, Inc. 6,252 287,092
    1,562,393
REITs - Warehouse/Industrial – 7.7%
Prologis, Inc. 11,054 1,733,488
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) 21,746,464
INFORMATION TECHNOLOGY – 0.2% 
IT Services – 0.2%
Cyxtera Technologies, Inc. (a) 3,202 38,328
REAL ESTATE MANAGEMENT & DEVELOPMENT – 3.4% 
Real Estate Services – 3.4%
CBRE Group, Inc. Class A (a) 6,699 678,877
Realogy Holdings Corp. (a) 6,305 104,032
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT 782,909
TOTAL COMMON STOCKS
(Cost $20,860,529) 		22,567,701
Money Market Fund – 0.3% 
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b)
(Cost $60,189) 		60,189 60,189
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $20,920,718) 		22,627,890
NET OTHER ASSETS (LIABILITIES) – (0.0%) (4,546)
NET ASSETS – 100.0% $ 22,623,344
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 32

Table of Contents
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2022, 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 in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description   Total   Level 1   Level 2   Level 3
Investments in Securities:                
Common Stocks   $ 22,567,701   $ 22,567,701   $ —   $ —
Money Market Funds   60,189   60,189   —   —
Total Investments in Securities:   $ 22,627,890   $ 22,627,890   $ —   $ —
See accompanying notes which are an integral part of the financial statements.
33 Semi-Annual Report 

Table of Contents
Fidelity® Small-Mid Cap Opportunities ETF
Schedule of Investments January 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 98.7% 
  Shares Value
COMMUNICATION SERVICES – 2.5% 
Interactive Media & Services – 0.8%
j2 Global, Inc. (a) 1,395 $146,559
ZipRecruiter, Inc. (a) 3,801 82,443
    229,002
Media – 1.7%
Nexstar Media Group, Inc. Class A 1,399 231,366
Omnicom Group, Inc. 1,286 96,913
TechTarget, Inc. (a) 739 61,293
The Interpublic Group of Cos., Inc. 2,603 92,511
    482,083
TOTAL COMMUNICATION SERVICES 711,085
CONSUMER DISCRETIONARY – 12.4% 
Auto Components – 0.5%
Adient PLC (a) 2,566 107,695
Patrick Industries, Inc. 717 46,175
    153,870
Diversified Consumer Services – 0.2%
Adtalem Global Education, Inc. (a) 1,544 45,425
Hotels, Restaurants & Leisure – 3.0%
Brinker International, Inc. (a) 1,432 47,557
Caesars Entertainment, Inc. (a) 2,652 201,923
Churchill Downs, Inc. 1,114 234,274
Hilton Grand Vacations, Inc. (a) 2,731 133,437
Wyndham Hotels & Resorts, Inc. 2,970 249,332
    866,523
Household Durables – 2.0%
Helen of Troy Ltd. (a) 823 172,278
Mohawk Industries, Inc. (a) 1,980 312,583
Tempur Sealy International, Inc. 2,606 103,745
    588,606
Specialty Retail – 3.7%
Academy Sports & Outdoors, Inc. (a) 857 33,337
American Eagle Outfitters, Inc. 213 4,863
AutoZone, Inc. (a) 154 305,898
Best Buy Co., Inc. 1,234 122,511
Dick's Sporting Goods, Inc. 1,796 207,258
Rent-A-Center, Inc. 1,498 63,141
Williams-Sonoma, Inc. 2,018 323,970
    1,060,978
Textiles, Apparel & Luxury Goods – 3.0%
Capri Holdings Ltd. (a) 1,742 104,642
Crocs, Inc. (a) 2,083 213,757
Deckers Outdoor Corp. (a) 657 210,391
Tapestry, Inc. 8,763 332,556
    861,346
TOTAL CONSUMER DISCRETIONARY 3,576,748
   
  Shares Value
CONSUMER STAPLES – 4.6% 
Beverages – 0.3%
Primo Water Corp. 4,821 $ 80,511
Food & Staples Retailing – 1.7%
BJ's Wholesale Club Holdings, Inc. (a) 4,139 254,424
US Foods Holding Corp. (a) 6,927 244,246
    498,670
Food Products – 2.6%
Darling Ingredients, Inc. (a) 4,950 315,662
Lamb Weston Holdings, Inc. 3,409 218,892
Nomad Foods Ltd. (a) 6,318 163,004
Seaboard Corp. 13 49,660
    747,218
TOTAL CONSUMER STAPLES 1,326,399
ENERGY – 4.7% 
Energy Equipment & Services – 0.6%
TechnipFMC PLC (a) 27,018 175,347
Oil, Gas & Consumable Fuels – 4.1%
Antero Resources Corp. (a) 8,301 162,119
Brigham Minerals, Inc. Class A 896 19,389
Cheniere Energy, Inc. 2,747 307,389
Denbury, Inc. (a) 1,488 111,808
EQT Corp. (a) 4,400 93,500
Hess Corp. 2,827 260,904
HollyFrontier Corp. 3,074 108,082
Murphy Oil Corp. 4,155 131,298
    1,194,489
TOTAL ENERGY 1,369,836
FINANCIALS – 16.9% 
Banks – 8.4%
BOK Financial Corp. 972 99,679
Comerica, Inc. 4,446 412,500
Cullen/Frost Bankers, Inc. 1,773 250,011
First Citizens BancShares, Inc. Class A 101 78,687
First Hawaiian, Inc. 4,113 116,604
M&T Bank Corp. 572 96,885
Signature Bank 1,600 487,408
Sterling Bancorp 6,056 159,212
Synovus Financial Corp. 4,450 221,432
Trico Bancshares 689 29,951
Western Alliance Bancorp 3,023 299,851
Wintrust Financial Corp. 1,634 160,246
    2,412,466
Capital Markets – 0.6%
LPL Financial Holdings, Inc. 962 165,772
Consumer Finance – 2.1%
Discover Financial Services 2,614 302,570
Encore Capital Group, Inc. (a) 1,016 65,532
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 34

Table of Contents
Common Stocks – continued 
  Shares Value
FINANCIALS – continued
Consumer Finance – continued
Synchrony Financial 5,864 $ 249,748
    617,850
Diversified Financial Services – 0.3%
Cannae Holdings, Inc. (a) 2,626 78,439
Insurance – 5.5%
Arch Capital Group Ltd. (a) 4,399 203,762
Assurant, Inc. 1,537 234,408
Enstar Group Ltd. (a) 391 103,646
First American Financial Corp. 3,400 253,334
Lincoln National Corp. 3,647 255,217
Old Republic International Corp. 9,166 234,924
Primerica, Inc. 1,250 192,925
Reinsurance Group of America, Inc. 1,054 121,031
    1,599,247
TOTAL FINANCIALS 4,873,774
HEALTH CARE – 11.8% 
Biotechnology – 1.6%
4D Molecular Therapeutics, Inc. (a) 306 4,835
Agios Pharmaceuticals, Inc. (a) 232 7,166
Allovir, Inc. (a) 304 2,481
ALX Oncology Holdings, Inc. (a) 257 4,112
Arcutis Biotherapeutics, Inc. (a) 120 1,813
Argenx SE ADR (a) 260 70,008
Avid Bioservices, Inc. (a) 993 18,738
Celldex Therapeutics, Inc. (a) 449 13,923
Cytokinetics, Inc. (a) 742 24,627
Emergent BioSolutions, Inc. (a) 444 20,779
Exelixis, Inc. (a) 2,728 49,377
Forma Therapeutics Holdings, Inc. (a) 243 2,877
Global Blood Therapeutics, Inc. (a) 786 22,676
Horizon Therapeutics PLC (a) 271 25,292
Keros Therapeutics, Inc. (a) 148 6,863
Kura Oncology, Inc. (a) 582 8,200
Kymera Therapeutics, Inc. (a) 297 12,474
Mirati Therapeutics, Inc. (a) 53 6,323
Natera, Inc. (a) 461 32,570
Prelude Therapeutics, Inc. (a) 358 3,555
Protagonist Therapeutics, Inc. (a) 548 16,051
Relay Therapeutics, Inc. (a) 207 4,581
REVOLUTION Medicines, Inc. (a) 107 2,303
TG Therapeutics, Inc. (a) 908 10,505
United Therapeutics Corp. (a) 271 54,707
Vaxcyte, Inc. (a) 23 438
Vericel Corp. (a) 450 16,011
Verve Therapeutics, Inc. (a) 496 14,295
    457,580
   
  Shares Value
Health Care Equipment & Supplies – 2.1%
Envista Holdings Corp. (a) 3,158 $ 136,552
Figs, Inc. Class A (a) 3,359 75,510
Hologic, Inc. (a) 2,384 167,452
Integer Holdings Corp. (a) 1,019 79,900
Masimo Corp. (a) 657 144,455
    603,869
Health Care Providers & Services – 4.3%
Acadia Healthcare Co., Inc. (a) 2,772 145,946
Laboratory Corp. of America Holdings (a) 875 237,440
Molina Healthcare, Inc. (a) 1,430 415,386
Owens & Minor, Inc. 2,249 94,660
Premier, Inc. Class A 1,875 71,663
R1 RCM, Inc. (a) 3,234 76,905
Surgery Partners, Inc. (a) 996 42,499
Universal Health Services, Inc. Class B 1,279 166,347
    1,250,846
Life Sciences Tools & Services – 2.8%
10X Genomics, Inc. Class A (a) 446 42,936
Bio-Rad Laboratories, Inc. Class A (a) 248 148,733
Charles River Laboratories International, Inc. (a) 1,159 382,192
Maravai LifeSciences Holdings, Inc. Class A (a) 29 839
Syneos Health, Inc. (a) 2,649 239,893
    814,593
Pharmaceuticals – 1.0%
Arvinas, Inc. (a) 542 38,747
Jazz Pharmaceuticals PLC (a) 1,640 227,812
Prestige Consumer Healthcare, Inc. (a) 295 16,653
Viatris, Inc. 741 11,093
    294,305
TOTAL HEALTH CARE 3,421,193
INDUSTRIALS – 16.9% 
Aerospace & Defense – 0.3%
Curtiss-Wright Corp. 730 96,937
Building Products – 2.1%
Builders FirstSource, Inc. (a) 6,701 455,601
JELD-WEN Holding, Inc. (a) 1,679 39,625
The AZEK Co., Inc. (a) 3,673 121,319
    616,545
Commercial Services & Supplies – 0.5%
Cimpress PLC (a) 586 39,391
The Brink's Co. 1,639 114,369
    153,760
Construction & Engineering – 0.5%
AECOM 2,195 151,740
Electrical Equipment – 3.2%
Acuity Brands, Inc. 997 190,956
See accompanying notes which are an integral part of the financial statements.
35 Semi-Annual Report 

Table of Contents
Fidelity® Small-Mid Cap Opportunities ETF
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
  Shares Value
INDUSTRIALS – continued
Electrical Equipment – continued
AMETEK, Inc. 1,482 $ 202,693
Atkore, Inc. (a) 762 82,128
Generac Holdings, Inc. (a) 326 92,056
Regal Rexnord Corp. 1,279 202,696
Sensata Technologies Holding PLC (a) 2,417 138,639
    909,168
Machinery – 3.3%
Allison Transmission Holdings, Inc. 3,032 115,186
Crane Co. 1,547 160,130
ITT, Inc. 2,700 248,184
Kornit Digital Ltd. (a) 1,963 206,233
Oshkosh Corp. 1,205 137,141
SPX Corp. (a) 1,358 70,860
    937,734
Marine – 0.4%
Kirby Corp. (a) 1,915 124,820
Professional Services – 3.7%
Alight, Inc. (a) 11,945 115,389
ASGN, Inc. (a) 1,612 185,170
CACI International, Inc. Class A (a) 728 180,151
Insperity, Inc. 1,107 119,036
KBR, Inc. 4,285 185,969
Kforce, Inc. 986 67,709
ManpowerGroup, Inc. 75 7,865
Nielsen Holdings PLC 11,512 217,116
    1,078,405
Road & Rail – 1.9%
Knight-Swift Transportation Holdings, Inc. 3,885 219,813
TFI International, Inc. 3,437 330,983
    550,796
Trading Companies & Distributors – 1.0%
Beacon Roofing Supply, Inc. (a) 1,689 92,675
Rush Enterprises, Inc. Class A 1,505 79,494
Univar Solutions, Inc. (a) 3,904 103,456
    275,625
TOTAL INDUSTRIALS 4,895,530
INFORMATION TECHNOLOGY – 14.9% 
Communications Equipment – 0.5%
Lumentum Holdings, Inc. (a) 1,385 140,550
Electronic Equipment, Instruments & Components – 3.9%
Advanced Energy Industries, Inc. 1,195 102,985
Arrow Electronics, Inc. (a) 2,509 311,116
Fabrinet (a) 1,086 122,892
Flex Ltd. (a) 2,885 46,679
Insight Enterprises, Inc. (a) 1,102 103,754
SYNNEX Corp. 1,316 137,614
TTM Technologies, Inc. (a) 3,222 43,368
   
  Shares Value
Zebra Technologies Corp. Class A (a) 493 $ 250,996
    1,119,404
IT Services – 4.2%
Amdocs Ltd. 1,884 142,977
Concentrix Corp. 1,292 259,679
Cyxtera Technologies, Inc. (a) 9,768 116,923
EPAM Systems, Inc. (a) 484 230,452
ExlService Holdings, Inc. (a) 1,043 125,702
Genpact Ltd. 3,515 174,871
Unisys Corp. (a) 1,791 32,686
Verra Mobility Corp. (a) 4,210 66,686
WNS Holdings Ltd. ADR (a) 665 55,966
    1,205,942
Semiconductors & Semiconductor Equipment – 1.5%
Cirrus Logic, Inc. (a) 500 44,720
Entegris, Inc. 1,839 220,386
Semtech Corp. (a) 2,026 144,048
SiTime Corp. (a) 143 33,332
    442,486
Software – 3.8%
ANSYS, Inc. (a) 494 167,965
CyberArk Software Ltd. (a) 1,427 195,713
Dynatrace, Inc. (a) 1,467 80,480
Elastic N.V. (a) 590 55,018
Paycom Software, Inc. (a) 364 122,049
Rapid7, Inc. (a) 1,664 160,293
Sprout Social, Inc. Class A (a) 894 61,552
Tenable Holdings, Inc. (a) 2,143 110,150
Workiva, Inc. (a) 1,283 151,753
    1,104,973
Technology Hardware, Storage & Peripherals – 1.0%
Seagate Technology Holdings PLC 2,733 292,841
TOTAL INFORMATION TECHNOLOGY 4,306,196
MATERIALS – 6.4% 
Chemicals – 4.0%
Axalta Coating Systems Ltd. (a) 3,329 98,572
Element Solutions, Inc. 6,868 154,118
Huntsman Corp. 4,269 152,958
Olin Corp. 4,488 227,407
The Chemours Co. 4,793 156,779
Trinseo PLC 1,813 97,068
Tronox Holdings PLC Class A 2,814 63,878
Valvoline, Inc. 5,900 194,346
    1,145,126
Construction Materials – 1.1%
Eagle Materials, Inc. 1,312 191,355
Summit Materials, Inc. Class A (a) 3,715 132,106
    323,461
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 36

Table of Contents
Common Stocks – continued 
  Shares Value
MATERIALS – continued
Containers & Packaging – 0.9%
Avery Dennison Corp. 951 $195,354
O-I Glass, Inc. (a) 4,710 62,690
    258,044
Metals & Mining – 0.4%
Commercial Metals Co. 3,675 122,892
TOTAL MATERIALS 1,849,523
REAL ESTATE – 5.1% 
Equity Real Estate Investment Trusts (REITs) – 3.3%
Corporate Office Properties Trust 3,406 86,036
CubeSmart 6,290 319,155
Douglas Emmett, Inc. 5,108 159,472
Equity Lifestyle Properties, Inc. 1,557 121,897
Lexington Realty Trust 7,042 104,855
Terreno Realty Corp. 2,102 157,166
    948,581
Real Estate Management & Development – 1.8%
Cushman & Wakefield PLC (a) 1,888 39,629
Jones Lang LaSalle, Inc. (a) 1,649 413,553
Realogy Holdings Corp. (a) 3,590 59,235
    512,417
TOTAL REAL ESTATE 1,460,998
UTILITIES – 2.5% 
Electric Utilities – 1.2%
Alliant Energy Corp. 2,557 153,062
Edison International 1,673 105,048
   
  Shares Value
PG&E Corp. (a) 7,996 $ 102,269
    360,379
Gas Utilities – 0.4%
Brookfield Infrastructure Corp. 1,882 124,814
Independent Power and Renewable Electricity Producers – 0.7%
The AES Corp. 8,568 190,038
Multi-Utilities – 0.2%
MDU Resources Group, Inc. 2,021 59,357
TOTAL UTILITIES 734,588
TOTAL COMMON STOCKS
(Cost $27,064,180) 		28,525,870
Money Market Fund – 1.0% 
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b)
(Cost $291,569) 		291,569 291,569
TOTAL INVESTMENT IN SECURITIES – 99.7%
(Cost $27,355,749) 		28,817,439
NET OTHER ASSETS (LIABILITIES) – 0.3% 94,038
NET ASSETS – 100.0% $ 28,911,477
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
See accompanying notes which are an integral part of the financial statements.
37 Semi-Annual Report 

Table of Contents
Fidelity® Small-Mid Cap Opportunities ETF
Schedule of Investments (Unaudited)–continued
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2022, 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 in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description   Total   Level 1   Level 2   Level 3
Investments in Securities:                
Equities:                
Communication Services   $ 711,085   $ 711,085   $ —   $ —
Consumer Discretionary   3,576,748   3,576,748   —   —
Consumer Staples   1,326,399   1,326,399   —   —
Energy   1,369,836   1,369,836   —   —
Financials   4,873,774   4,873,774   —   —
Health Care   3,421,193   3,421,193   —   —
Industrials   4,895,530   4,895,530   —   —
Information Technology   4,306,196   4,306,196   —   —
Materials   1,849,523   1,849,523   —   —
Real Estate   1,460,998   1,460,998   —   —
Utilities   734,588   734,588   —   —
Money Market Fund   291,569   291,569   —   —
Total Investments in Securities:   $ 28,817,439   $ 28,817,439   $ —   $ —
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America 88.9%
Ireland 2.3%
Bermuda 2.3%
United Kingdom 1.7%
Canada 1.6%
Israel 1.4%
Others (Individually Less Than 1%) 1.5%
  99.7%
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 38

Table of Contents
Fidelity® Sustainable U.S. Equity ETF
Schedule of Investments January 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 98.2% 
  Shares Value
COMMUNICATION SERVICES – 5.2% 
Entertainment – 1.3%
The Walt Disney Co. (a) 532 $ 76,060
Interactive Media & Services – 1.7%
Alphabet, Inc. Class A (a) 37 100,124
Media – 2.2%
Cable One, Inc. 41 63,334
Comcast Corp. Class A 1,213 60,638
    123,972
TOTAL COMMUNICATION SERVICES 300,156
CONSUMER DISCRETIONARY – 12.1% 
Automobiles – 0.8%
General Motors Co. (a) 849 44,768
Diversified Consumer Services – 2.1%
Adtalem Global Education, Inc. (a) 1,715 50,455
Bright Horizons Family Solutions, Inc. (a) 542 69,598
    120,053
Hotels, Restaurants & Leisure – 2.5%
Marriott International, Inc. Class A (a) 643 103,600
Sweetgreen, Inc. (a) 1,340 40,535
    144,135
Household Durables – 1.2%
Taylor Morrison Home Corp. (a) 2,232 68,500
Internet & Direct Marketing Retail – 1.2%
eBay, Inc. 1,169 70,222
Multiline Retail – 1.6%
Target Corp. 421 92,801
Specialty Retail – 2.7%
The Gap, Inc. 2,970 53,668
The Home Depot, Inc. 286 104,956
    158,624
TOTAL CONSUMER DISCRETIONARY 699,103
CONSUMER STAPLES – 6.0% 
Beverages – 1.7%
Keurig Dr Pepper, Inc. 2,542 96,469
Food Products – 1.5%
Darling Ingredients, Inc. (a) 1,369 87,301
Household Products – 2.8%
Kimberly-Clark Corp. 401 55,198
The Procter & Gamble Co. 682 109,427
    164,625
TOTAL CONSUMER STAPLES 348,395
ENERGY – 2.8% 
Oil, Gas & Consumable Fuels – 2.8%
Cheniere Energy, Inc. 811 90,751
   
  Shares Value
Valero Energy Corp. 854 $ 70,856
TOTAL ENERGY 161,607
FINANCIALS – 13.6% 
Banks – 2.0%
Bank of America Corp. 2,543 117,334
Capital Markets – 5.5%
BlackRock, Inc. 73 60,074
Moody's Corp. 267 91,581
Northern Trust Corp. 728 84,914
State Street Corp. 866 81,837
    318,406
Consumer Finance – 2.6%
American Express Co. 388 69,770
Discover Financial Services 698 80,794
    150,564
Insurance – 3.5%
Arch Capital Group Ltd. (a) 1,887 87,406
The Travelers Cos., Inc. 694 115,329
    202,735
TOTAL FINANCIALS 789,039
HEALTH CARE – 11.9% 
Biotechnology – 2.4%
Amgen, Inc. 321 72,912
Vertex Pharmaceuticals, Inc. (a) 284 69,026
    141,938
Health Care Equipment & Supplies – 2.5%
Danaher Corp. 503 143,752
Health Care Providers & Services – 2.0%
Cigna Corp. 424 97,715
Guardant Health, Inc. (a) 287 19,961
    117,676
Life Sciences Tools & Services – 1.8%
Bio-Rad Laboratories, Inc. Class A (a) 66 39,582
ICON PLC (a) 235 62,445
    102,027
Pharmaceuticals – 3.2%
Merck & Co., Inc. 1,407 114,642
Zoetis, Inc. 354 70,726
    185,368
TOTAL HEALTH CARE 690,761
INDUSTRIALS – 9.8% 
Air Freight & Logistics – 1.1%
United Parcel Service, Inc. Class B 329 66,527
Building Products – 0.9%
Johnson Controls International PLC 694 50,433
 
See accompanying notes which are an integral part of the financial statements.
39 Semi-Annual Report 

Table of Contents
Fidelity® Sustainable U.S. Equity ETF
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
  Shares Value
INDUSTRIALS – continued
Electrical Equipment – 2.5%
Acuity Brands, Inc. 195 $ 37,348
Generac Holdings, Inc. (a) 110 31,062
Rockwell Automation, Inc. 158 45,697
Sunrun, Inc. (a) 1,099 28,497
    142,604
Machinery – 1.7%
Deere & Co. 128 48,179
Xylem, Inc. 458 48,099
    96,278
Professional Services – 3.6%
KBR, Inc. 1,650 71,610
ManpowerGroup, Inc. 620 65,019
Verisk Analytics, Inc. 365 71,588
    208,217
TOTAL INDUSTRIALS 564,059
INFORMATION TECHNOLOGY – 25.6% 
IT Services – 4.4%
Accenture PLC Class A 297 105,013
Mastercard, Inc. Class A 196 75,731
PayPal Holdings, Inc. (a) 413 71,011
    251,755
Semiconductors & Semiconductor Equipment – 4.9%
NVIDIA Corp. 496 121,451
ON Semiconductor Corp. (a) 1,949 114,991
SolarEdge Technologies, Inc. (a) 207 49,311
    285,753
Software – 14.1%
Adobe, Inc. (a) 178 95,106
Autodesk, Inc. (a) 219 54,704
Intuit, Inc. 174 96,610
Microsoft Corp. 1,164 361,981
Rapid7, Inc. (a) 709 68,298
Salesforce.com, Inc. (a) 599 139,345
    816,044
Technology Hardware, Storage & Peripherals – 2.2%
Apple, Inc. 717 125,317
TOTAL INFORMATION TECHNOLOGY 1,478,869
MATERIALS – 5.2% 
Chemicals – 1.8%
Eastman Chemical Co. 300 35,679
   
  Shares Value
Linde PLC (a) 215 $ 68,516
    104,195
Containers & Packaging – 3.4%
Avery Dennison Corp. 409 84,017
Crown Holdings, Inc. 544 62,234
O-I Glass, Inc. (a) 3,634 48,368
    194,619
TOTAL MATERIALS 298,814
REAL ESTATE – 4.4% 
Equity Real Estate Investment Trusts (REITs) – 2.8%
Digital Realty Trust, Inc. 25 3,731
Prologis, Inc. 1,030 161,525
    165,256
Real Estate Management & Development – 1.6%
CBRE Group, Inc. Class A (a) 895 90,699
TOTAL REAL ESTATE 255,955
UTILITIES – 1.6% 
Electric Utilities – 1.0%
NextEra Energy, Inc. 739 57,731
Water Utilities – 0.6%
American Water Works Co., Inc. 220 35,376
TOTAL UTILITIES 93,107
TOTAL COMMON STOCKS
(Cost $5,772,537) 		5,679,865
Money Market Fund – 1.8% 
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b)
(Cost $104,017) 		104,017 104,017
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $5,876,554) 		5,783,882
NET OTHER ASSETS (LIABILITIES) – (0.0%) (1,600)
NET ASSETS – 100.0% $ 5,782,282
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 40

Table of Contents
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2022, 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 in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description   Total   Level 1   Level 2   Level 3
Investments in Securities:                
Equities:                
Communication Services   $ 300,156   $ 300,156   $ —   $ —
Consumer Discretionary   699,103   699,103   —   —
Consumer Staples   348,395   348,395   —   —
Energy   161,607   161,607   —   —
Financials   789,039   789,039   —   —
Health Care   690,761   690,761   —   —
Industrials   564,059   564,059   —   —
Information Technology   1,478,869   1,478,869   —   —
Materials   298,814   298,814   —   —
Real Estate   255,955   255,955   —   —
Utilities   93,107   93,107   —   —
Money Market Fund   104,017   104,017   —   —
Total Investments in Securities:   $ 5,783,882   $ 5,783,882   $ —   $ —
See accompanying notes which are an integral part of the financial statements.
41 Semi-Annual Report 

Table of Contents
Fidelity® Women’s Leadership ETF
Schedule of Investments January 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 98.2% 
  Shares Value
COMMUNICATION SERVICES – 5.2% 
Entertainment – 1.5%
The Walt Disney Co. (a) 299 $ 42,748
Interactive Media & Services – 1.8%
Bumble, Inc. Class A (a) 699 20,627
Match Group, Inc. (a) 78 8,791
Snap, Inc. Class A (a) 541 17,604
Vimeo, Inc. (a) 454 6,651
    53,673
Media – 1.9%
Cable One, Inc. 10 15,448
The Interpublic Group of Cos., Inc. 1,080 38,383
    53,831
TOTAL COMMUNICATION SERVICES 150,252
CONSUMER DISCRETIONARY – 13.5% 
Automobiles – 0.9%
General Motors Co. (a) 502 26,471
Diversified Consumer Services – 1.1%
Adtalem Global Education, Inc. (a) 441 12,974
Bright Horizons Family Solutions, Inc. (a) 142 18,234
    31,208
Hotels, Restaurants & Leisure – 1.7%
Airbnb, Inc. Class A (a) 86 13,242
Marriott International, Inc. Class A (a) 220 35,446
    48,688
Household Durables – 1.1%
Taylor Morrison Home Corp. (a) 1,058 32,470
Internet & Direct Marketing Retail – 2.5%
Amazon.com, Inc. (a) 13 38,889
Etsy, Inc. (a) 118 18,535
The RealReal, Inc. (a) 1,439 13,599
    71,023
Multiline Retail – 0.4%
Kohl's Corp. 168 10,031
Specialty Retail – 4.5%
Best Buy Co., Inc. 185 18,367
Lowe's Cos., Inc. 169 40,112
Ross Stores, Inc. 86 8,406
The Gap, Inc. 1,123 20,293
Torrid Holdings, Inc. (a) 1,195 10,994
Williams-Sonoma, Inc. 203 32,590
    130,762
Textiles, Apparel & Luxury Goods – 1.3%
PVH Corp. 172 16,342
Tapestry, Inc. 556 21,100
    37,442
TOTAL CONSUMER DISCRETIONARY 388,095
   
  Shares Value
CONSUMER STAPLES – 3.8% 
Beverages – 0.9%
The Coca-Cola Co. 410 $ 25,014
Food & Staples Retailing – 0.6%
Albertsons Cos., Inc. 618 17,397
Food Products – 1.0%
The Hershey Co. 141 27,787
Household Products – 0.5%
The Clorox Co. 89 14,939
Personal Products – 0.8%
Olaplex Holdings, Inc. (a) 134 2,927
The Estee Lauder Cos., Inc. Class A 70 21,825
    24,752
TOTAL CONSUMER STAPLES 109,889
ENERGY – 1.1% 
Oil, Gas & Consumable Fuels – 1.1%
Phillips 66 238 20,180
Renewable Energy Group, Inc. (a) 305 12,279
TOTAL ENERGY 32,459
FINANCIALS – 14.7% 
Banks – 5.7%
Bank of America Corp. 1,436 66,257
Citigroup, Inc. 726 47,277
First Horizon Corp. 1,236 21,148
First United Corp. 630 12,556
JPMorgan Chase & Co. 120 17,832
    165,070
Capital Markets – 4.7%
Coinbase Global, Inc. Class A (a) 46 8,747
Franklin Resources, Inc. 537 17,168
Morningstar, Inc. 179 51,446
MSCI, Inc. 25 13,403
Nasdaq, Inc. 243 43,548
    134,312
Insurance – 3.2%
The Hartford Financial Services Group, Inc. 586 42,116
The Progressive Corp. 467 50,744
    92,860
Thrifts & Mortgage Finance – 1.1%
NMI Holdings, Inc. Class A (a) 1,332 32,954
TOTAL FINANCIALS 425,196
HEALTH CARE – 12.6% 
Biotechnology – 2.0%
Alnylam Pharmaceuticals, Inc. (a) 107 14,723
Vertex Pharmaceuticals, Inc. (a) 141 34,270
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 42

Table of Contents
Common Stocks – continued 
  Shares Value
HEALTH CARE – continued
Biotechnology – continued
Zai Lab Ltd. ADR (a) 164 $ 8,146
    57,139
Health Care Equipment & Supplies – 2.1%
Figs, Inc. Class A (a) 709 15,938
Hologic, Inc. (a) 629 44,181
    60,119
Health Care Providers & Services – 4.7%
Anthem, Inc. 175 77,173
Cigna Corp. 201 46,323
Guardant Health, Inc. (a) 185 12,867
    136,363
Life Sciences Tools & Services – 0.6%
ICON PLC (a) 67 17,803
Pharmaceuticals – 3.2%
Eli Lilly & Co. 121 29,692
GlaxoSmithKline PLC ADR 536 24,024
Zoetis, Inc. 184 36,761
    90,477
TOTAL HEALTH CARE 361,901
INDUSTRIALS – 10.9% 
Air Freight & Logistics – 1.3%
United Parcel Service, Inc. Class B 187 37,813
Airlines – 0.4%
JetBlue Airways Corp. (a) 849 12,421
Commercial Services & Supplies – 0.3%
Stericycle, Inc. (a) 128 7,519
Electrical Equipment – 3.2%
AMETEK, Inc. 357 48,827
nVent Electric PLC 849 29,367
Sunrun, Inc. (a) 561 14,546
    92,740
Machinery – 2.6%
Federal Signal Corp. 1,029 40,152
Otis Worldwide Corp. 412 35,197
    75,349
Professional Services – 3.1%
Leidos Holdings, Inc. 369 33,007
ManpowerGroup, Inc. 299 31,356
Science Applications International Corp. 294 24,117
    88,480
TOTAL INDUSTRIALS 314,322
INFORMATION TECHNOLOGY – 27.5% 
Communications Equipment – 1.3%
Arista Networks, Inc. (a) 297 36,920
   
  Shares Value
Electronic Equipment, Instruments & Components – 2.7%
CDW Corp. 302 $57,093
Insight Enterprises, Inc. (a) 220 20,713
    77,806
IT Services – 7.6%
Accenture PLC Class A 167 59,048
Genpact Ltd. 509 25,323
Mastercard, Inc. Class A 116 44,820
PayPal Holdings, Inc. (a) 210 36,107
Twilio, Inc. Class A (a) 106 21,849
WEX, Inc. (a) 210 33,806
    220,953
Semiconductors & Semiconductor Equipment – 2.5%
Advanced Micro Devices, Inc. (a) 212 24,221
NVIDIA Corp. 192 47,013
    71,234
Software – 11.5%
Adobe, Inc. (a) 91 48,621
HubSpot, Inc. (a) 62 30,306
Intuit, Inc. 79 43,863
Microsoft Corp. 368 114,441
PagerDuty, Inc. (a) 451 14,892
Rapid7, Inc. (a) 291 28,032
Salesforce.com, Inc. (a) 218 50,713
    330,868
Technology Hardware, Storage & Peripherals – 1.9%
Apple, Inc. 322 56,279
TOTAL INFORMATION TECHNOLOGY 794,060
MATERIALS – 3.1% 
Chemicals – 1.0%
Eastman Chemical Co. 130 15,461
Valvoline, Inc. 445 14,658
    30,119
Construction Materials – 0.6%
Summit Materials, Inc. Class A (a) 482 17,140
Metals & Mining – 1.5%
Commercial Metals Co. 702 23,475
Schnitzer Steel Industries, Inc. Class A 483 18,905
    42,380
TOTAL MATERIALS 89,639
REAL ESTATE – 3.0% 
Equity Real Estate Investment Trusts (REITs) – 3.0%
Equity Lifestyle Properties, Inc. 411 32,177
STORE Capital Corp. 1,036 32,852
Ventas, Inc. 398 21,102
TOTAL REAL ESTATE 86,131
See accompanying notes which are an integral part of the financial statements.
43 Semi-Annual Report 

Table of Contents
Fidelity® Women’s Leadership ETF
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
  Shares Value
UTILITIES – 2.8% 
Electric Utilities – 1.8%
ALLETE, Inc. 303 $19,341
NextEra Energy, Inc. 392 30,623
    49,964
Water Utilities – 1.0%
American Water Works Co., Inc. 184 29,587
TOTAL UTILITIES 79,551
TOTAL COMMON STOCKS
(Cost $2,910,838) 		2,831,495
Money Market Fund – 2.9% 
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b)
(Cost $84,007) 		84,007 84,007
TOTAL INVESTMENT IN SECURITIES – 101.1%
(Cost $2,994,845) 		2,915,502
NET OTHER ASSETS (LIABILITIES) – (1.1%) (32,765)
NET ASSETS – 100.0% $ 2,882,737
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
 
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2022, 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 in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description   Total   Level 1   Level 2   Level 3
Investments in Securities:                
Equities:                
Communication Services   $ 150,252   $ 150,252   $ —   $ —
Consumer Discretionary   388,095   388,095   —   —
Consumer Staples   109,889   109,889   —   —
Energy   32,459   32,459   —   —
Financials   425,196   425,196   —   —
Health Care   361,901   361,901   —   —
Industrials   314,322   314,322   —   —
Information Technology   794,060   794,060   —   —
Materials   89,639   89,639   —   —
Real Estate   86,131   86,131   —   —
Utilities   79,551   79,551   —   —
Money Market Fund   84,007   84,007   —   —
Total Investments in Securities:   $ 2,915,502   $ 2,915,502   $ —   $ —
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 44

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[THIS PAGE INTENTIONALLY LEFT BLANK]
45  

Table of Contents
Financial Statements
Statements of Assets and Liabilities
January 31, 2022 (Unaudited)
  Fidelity Blue Chip Growth ETF
   Fidelity Blue Chip Value ETF
   Fidelity Growth Opportunities ETF
   Fidelity Magellan ETF
Assets              
Investments in securities, at value – See accompanying schedule: $ 430,083,080   $ 106,607,529   $ 56,218,854   $ 50,699,095
Cash 240,816   —   15,998   —
Foreign currency held at value (cost $58, $—, $— and $—, respectively) 58   —   —   —
Receivable for investments sold —   86,569   —   206,512
Receivable for fund shares sold 763,892   —   —   564,245
Dividends receivable 54,533   71,932   4,736   7,689
Total assets 431,142,379   106,766,030   56,239,588   51,477,541
Liabilities              
Payable for investments purchased 840,497   103,573   31,351   665,328
Accrued management fees 224,079   52,170   26,598   25,331
Total liabilities 1,064,576   155,743   57,949   690,659
Net Assets $430,077,803   $106,610,287   $56,181,639   $50,786,882
Net Assets consist of:              
Paid in capital $410,345,347   $ 93,761,797   $64,303,368   $49,372,916
Total accumulated earnings (loss) 19,732,456   12,848,490   (8,121,729)   1,413,966
Net Assets $430,077,803   $106,610,287   $56,181,639   $50,786,882
Shares outstanding 14,075,000   3,675,000   3,150,000   2,250,000
Net Asset Value per share $ 30.56   $ 29.01   $ 17.84   $ 22.57
Investments at cost $411,948,319   $ 93,497,291   $61,133,237   $47,754,039
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 46

Table of Contents
Statements of Assets and Liabilities
January 31, 2022 (Unaudited)
  Fidelity New Millennium ETF
   Fidelity Real Estate
Investment ETF
   Fidelity Small-Mid Cap Opportunities ETF
   Fidelity Sustainable U.S. Equity ETF
Assets              
Investments in securities, at value – See accompanying schedule: $ 60,929,540   $ 22,627,890   $ 28,817,439   $ 5,783,882
Cash —   —   2,713   —
Foreign currency held at value (cost $—, $—, $— and $—, respectively) —   —   —   —
Receivable for investments sold 149,406   —   102,132   —
Receivable for fund shares sold —   —   —   —
Dividends receivable 46,172   6,669   7,880   1,274
Total assets 61,125,118   22,634,559   28,930,164   5,785,156
Liabilities              
Payable for investments purchased —   —   2,713   —
Accrued management fees 30,489   11,215   15,974   2,874
Total liabilities 30,489   11,215   18,687   2,874
Net Assets $61,094,629   $22,623,344   $28,911,477   $5,782,282
Net Assets consist of:              
Paid in capital $52,956,630   $20,684,118   $28,044,818   $5,764,980
Total accumulated earnings (loss) 8,137,999   1,939,226   866,659   17,302
Net Assets $61,094,629   $22,623,344   $28,911,477   $5,782,282
Shares outstanding 2,075,000   900,000   1,275,000   275,000
Net Asset Value per share $ 29.44   $ 25.14   $ 22.68   $ 21.03
Investments at cost $53,296,077   $20,920,718   $27,355,749   $5,876,554
See accompanying notes which are an integral part of the financial statements.
47 Semi-Annual Report 

Table of Contents
Financial Statements  – continued
Statements of Assets and Liabilities
January 31, 2022 (Unaudited)
  Fidelity Women's Leadership ETF
Assets  
Investments in securities, at value – See accompanying schedule: $ 2,915,502
Cash —
Foreign currency held at value (cost $—) —
Receivable for investments sold 103,808
Receivable for fund shares sold —
Dividends receivable 1,110
Total assets 3,020,420
Liabilities  
Payable for investments purchased 136,238
Accrued management fees 1,445
Total liabilities 137,683
Net Assets $2,882,737
Net Assets consist of:  
Paid in capital $3,025,364
Total accumulated earnings (loss) (142,627)
Net Assets $2,882,737
Shares outstanding 150,000
Net Asset Value per share $ 19.22
Investments at cost $2,994,845
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 48

Table of Contents
Statements of Operations
For the six months ended January 31, 2022 (Unaudited)
  Fidelity Blue Chip Growth ETF
   Fidelity Blue Chip Value ETF
   Fidelity Growth Opportunities ETF
   Fidelity Magellan ETF
Investment Income              
Dividends $  822,036   $  916,249   $  72,818   $  124,684
Non-Cash dividends —   —   —   —
Total income 822,036   916,249   72,818   124,684
Expenses              
Management fees 1,388,501   294,402   144,841   136,616
Independent trustees' fees and expenses 780   170   77   72
Total expenses 1,389,281   294,572   144,918   136,688
Net investment income (loss) (567,245)   621,677   (72,100)   (12,004)
Realized and Unrealized Gain (Loss)              
Net realized gain (loss) on investment securities (11,555,990)   1,073,136   (2,061,046)   (1,500,211)
Net realized gain (loss) on In-kind redemptions 19,453,485   343,063   89,452   181,120
Net realized gain (loss) on futures contracts 8,960   —   3,833   —
Net realized gain (loss) on foreign currency transactions 1,223   —   (492)   —
Total net realized gain (loss) 7,907,678   1,416,199   (1,968,253)   (1,319,091)
Change in net unrealized appreciation (depreciation) on investment securities (46,674,414)   1,894,140   (7,559,859)   (831,638)
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies (1)   —   24   —
Total change in net unrealized appreciation (depreciation) (46,674,415)   1,894,140   (7,559,835)   (831,638)
Net gain (loss) (38,766,737)   3,310,339   (9,528,088)   (2,150,729)
Net increase (decrease) in net assets resulting from operations $(39,333,982)   $3,932,016   $(9,600,188)   $(2,162,733)
See accompanying notes which are an integral part of the financial statements.
49 Semi-Annual Report 

Table of Contents
Financial Statements  – continued
Statements of Operations
For the six months ended January 31, 2022 (Unaudited)
  Fidelity New Millennium ETF
   Fidelity Real Estate
Investment ETF
   Fidelity Small-Mid Cap Opportunities ETF
   Fidelity Sustainable U.S. Equity ETF
Investment Income              
Dividends $  560,414   $ 254,944   $ 156,174   $  24,379
Non-Cash dividends —   14,342   —   —
Total income 560,414   269,286   156,174   24,379
Expenses              
Management fees 179,906   58,799   90,183   14,443
Independent trustees' fees and expenses 107   31   46   7
Total expenses 180,013   58,830   90,229   14,450
Net investment income (loss) 380,401   210,456   65,945   9,929
Realized and Unrealized Gain (Loss)              
Net realized gain (loss) on investment securities 46,857   (42,380)   (527,576)   2,377
Net realized gain (loss) on In-kind redemptions 770,981   300,276   305,593   114,888
Net realized gain (loss) on futures contracts —   —   (2,234)   —
Net realized gain (loss) on foreign currency transactions 48   —   —   —
Total net realized gain (loss) 817,886   257,896   (224,217)   117,265
Change in net unrealized appreciation (depreciation) on investment securities 156,324   (192,616)   (144,602)   (191,657)
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies —   —   —   —
Total change in net unrealized appreciation (depreciation) 156,324   (192,616)   (144,602)   (191,657)
Net gain (loss) 974,210   65,280   (368,819)   (74,392)
Net increase (decrease) in net assets resulting from operations $1,354,611   $ 275,736   $ (302,874)   $ (64,463)
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 50

Table of Contents
Statements of Operations
For the six months ended January 31, 2022 (Unaudited)
  Fidelity Women's Leadership ETF
Investment Income  
Dividends $  12,981
Non-Cash dividends —
Total income 12,981
Expenses  
Management fees 7,596
Independent trustees' fees and expenses 4
Total expenses 7,600
Net investment income (loss) 5,381
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) on investment securities (62,510)
Net realized gain (loss) on In-kind redemptions —
Net realized gain (loss) on futures contracts —
Net realized gain (loss) on foreign currency transactions —
Total net realized gain (loss) (62,510)
Change in net unrealized appreciation (depreciation) on investment securities (130,452)
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies —
Total change in net unrealized appreciation (depreciation) (130,452)
Net gain (loss) (192,962)
Net increase (decrease) in net assets resulting from operations $(187,581)
See accompanying notes which are an integral part of the financial statements.
51 Semi-Annual Report 

Table of Contents
Financial Statements  – continued
Statements of Changes in Net Assets
  Fidelity Blue Chip Growth ETF
   Fidelity Blue Chip Value ETF
  Six months ended
January 31, 2022 (Unaudited)
   Year ended
July 31, 2021
   Six months ended
January 31, 2022 (Unaudited)
   Year ended
July 31, 2021
Increase (Decrease) in Net Assets              
Operations              
Net investment income (loss) $ (567,245)   $ (593,203)   $ 621,677   $ 636,414
Net realized gain (loss) 7,907,678   388,122   1,416,199   2,639,370
Change in net unrealized appreciation (depreciation) (46,674,415)   62,277,436   1,894,140   11,135,394
Net increase (decrease) in net assets resulting from operations (39,333,982)   62,072,355   3,932,016   14,411,178
Distributions to shareholders —   (12,550)   (2,703,225)   (554,000)
Share transactions              
Proceeds from sales of shares 143,159,457   330,484,944   12,386,687   85,150,123
Cost of shares redeemed (80,937,171)   (26,849,401)   (1,470,120)   (12,635,307)
Net increase (decrease) in net assets resulting from share transactions 62,222,286   303,635,543   10,916,567   72,514,816
Total increase (decrease) in net assets 22,888,304   365,695,348   12,145,358   86,371,994
Net Assets              
Beginning of period 407,189,499   41,494,151   94,464,929   8,092,935
End of period $430,077,803   $407,189,499   $106,610,287   $ 94,464,929
Other Information              
Shares              
Sold 4,150,000   11,550,000   425,000   3,400,000
Redeemed (2,500,000)   (950,000)   (50,000)   (500,000)
Net increase (decrease) 1,650,000   10,600,000   375,000   2,900,000
    
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 52

Table of Contents
Statements of Changes in Net Assets
  Fidelity Growth Opportunities ETF
   Fidelity Magellan ETF
  Six months ended
January 31, 2022 (Unaudited)
   Year ended
July 31, 2021A
   Six months ended
January 31, 2022 (Unaudited)
   Year ended
July 31, 2021A
Increase (Decrease) in Net Assets              
Operations              
Net investment income (loss) $ (72,100)   $ (38,448)   $ (12,004)   $ 710
Net realized gain (loss) (1,968,253)   (1,128,036)   (1,319,091)   (59,322)
Change in net unrealized appreciation (depreciation) (7,559,835)   2,645,452   (831,638)   3,776,694
Net increase (decrease) in net assets resulting from operations (9,600,188)   1,478,968   (2,162,733)   3,718,082
Distributions to shareholders —   —   (6,125)   (4,875)
Share transactions              
Proceeds from sales of shares 26,629,063   39,144,463   18,256,349   33,724,455
Cost of shares redeemed (526,578)   (944,089)   (1,142,934)   (1,595,337)
Net increase (decrease) in net assets resulting from share transactions 26,102,485   38,200,374   17,113,415   32,129,118
Total increase (decrease) in net assets 16,502,297   39,679,342   14,944,557   35,842,325
Net Assets              
Beginning of period 39,679,342   —   35,842,325   —
End of period $56,181,639   $39,679,342   $50,786,882   $35,842,325
Other Information              
Shares              
Sold 1,300,000   1,925,000   750,000   1,625,000
Redeemed (25,000)   (50,000)   (50,000)   (75,000)
Net increase (decrease) 1,275,000   1,875,000   700,000   1,550,000
    
A For the period February 2, 2021 (commencement of operations) to July 31, 2021.
See accompanying notes which are an integral part of the financial statements.
53 Semi-Annual Report 

Table of Contents
Financial Statements  – continued
Statements of Changes in Net Assets
  Fidelity New Millennium ETF
   Fidelity Real Estate Investment ETF
  Six months ended
January 31, 2022 (Unaudited)
   Year ended
July 31, 2021
   Six months ended
January 31, 2022 (Unaudited)
   Year ended
July 31, 2021A
Increase (Decrease) in Net Assets              
Operations              
Net investment income (loss) $ 380,401   $ 441,899   $ 210,456   $ 84,268
Net realized gain (loss) 817,886   1,262,431   257,896   81,426
Change in net unrealized appreciation (depreciation) 156,324   7,391,517   (192,616)   1,899,788
Net increase (decrease) in net assets resulting from operations 1,354,611   9,095,847   275,736   2,065,482
Distributions to shareholders (673,575)   (485,050)   (200,325)   (92,000)
Share transactions              
Proceeds from sales of shares 2,966,192   51,361,590   7,082,829   15,359,907
Cost of shares redeemed (2,959,427)   (5,677,642)   (1,270,303)   (597,982)
Net increase (decrease) in net assets resulting from share transactions 6,765   45,683,948   5,812,526   14,761,925
Total increase (decrease) in net assets 687,801   54,294,745   5,887,937   16,735,407
Net Assets              
Beginning of period 60,406,828   6,112,083   16,735,407   —
End of period $61,094,629   $60,406,828   $22,623,344   $16,735,407
Other Information              
Shares              
Sold 100,000   1,975,000   275,000   700,000
Redeemed (100,000)   (200,000)   (50,000)   (25,000)
Net increase (decrease) —   1,775,000   225,000   675,000
    
A For the period February 2, 2021 (commencement of operations) to July 31, 2021.
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 54

Table of Contents
Statements of Changes in Net Assets
  Fidelity Small-Mid Cap Opportunities ETF
   Fidelity Sustainable U.S. Equity ETF
  Six months ended
January 31, 2022 (Unaudited)
   Year ended
July 31, 2021A
   Six months ended
January 31, 2022 (Unaudited)
   Year ended
July 31, 2021B
Increase (Decrease) in Net Assets              
Operations              
Net investment income (loss) $ 65,945   $ 19,982   $ 9,929   $ (224)
Net realized gain (loss) (224,217)   (362,159)   117,265   3,104
Change in net unrealized appreciation (depreciation) (144,602)   1,606,292   (191,657)   98,985
Net increase (decrease) in net assets resulting from operations (302,874)   1,264,115   (64,463)   101,865
Distributions to shareholders (74,600)   (23,950)   (20,100)   —
Share transactions              
Proceeds from sales of shares 6,527,363   23,317,517   4,349,696   3,018,299
Cost of shares redeemed (1,796,094)   —   (1,603,015)   —
Net increase (decrease) in net assets resulting from share transactions 4,731,269   23,317,517   2,746,681   3,018,299
Total increase (decrease) in net assets 4,353,795   24,557,682   2,662,118   3,120,164
Net Assets              
Beginning of period 24,557,682   —   3,120,164   —
End of period $28,911,477   $24,557,682   $ 5,782,282   $3,120,164
Other Information              
Shares              
Sold 275,000   1,075,000   200,000   150,000
Redeemed (75,000)   —   (75,000)   —
Net increase (decrease) 200,000   1,075,000   125,000   150,000
    
A For the period February 2, 2021 (commencement of operations) to July 31, 2021.
B For the period June 15, 2021 (commencement of operations) to July 31, 2021.
See accompanying notes which are an integral part of the financial statements.
55 Semi-Annual Report 

Table of Contents
Financial Statements  – continued
Statements of Changes in Net Assets
  Fidelity Women's Leadership ETF
  Six months ended
January 31, 2022 (Unaudited)
   Year ended
July 31, 2021B
Increase (Decrease) in Net Assets      
Operations      
Net investment income (loss) $ 5,381   $ 201
Net realized gain (loss) (62,510)   (906)
Change in net unrealized appreciation (depreciation) (130,452)   51,109
Net increase (decrease) in net assets resulting from operations (187,581)   50,404
Distributions to shareholders (5,450)   —
Share transactions      
Proceeds from sales of shares 1,025,164   2,000,200
Cost of shares redeemed —   —
Net increase (decrease) in net assets resulting from share transactions 1,025,164   2,000,200
Total increase (decrease) in net assets 832,133   2,050,604
Net Assets      
Beginning of period 2,050,604   —
End of period $2,882,737   $2,050,604
Other Information      
Shares      
Sold 50,000   100,000
Redeemed —   —
Net increase (decrease) 50,000   100,000
    
B For the period June 15, 2021 (commencement of operations) to July 31, 2021.
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 56

Table of Contents
Financial Highlights
  Fidelity Blue Chip Growth ETF
  Six months ended January 31, 2022
(Unaudited)
   Year ended July 31, 2021
   Year ended July 31, 2020A
Selected Per-Share Data          
Net asset value, beginning of period $ 32.77   $ 22.74   $ 20.00
Income from Investment Operations          
Net investment income (loss)B,C (0.04)   (0.08)   (0.01)
Net realized and unrealized gain (loss) (2.17)   10.11   2.75
Total from investment operations (2.21)   10.03   2.74
Distributions from net investment income —   (0.00) D   —
Total distributions —   (0.00) D   —
Net asset value, end of period $ 30.56   $ 32.77   $ 22.74
Total ReturnE,F,G (6.76)%   44.14%   13.68%
Ratios to Average Net AssetsB,H          
Expenses before reductions .59% I   .59%   .59% I
Expenses net of fee waivers, if any .59% I   .59%   .59% I
Expenses net of all reductions .59% I   .59%   .59% I
Net investment income (loss) (.24)% I   (.27)%   (.34)% I
Supplemental Data          
Net assets, end of period (000 omitted) $430,078   $407,189   $41,494
Portfolio turnover rateJ,K 30% L   63%   11% L
    
A For the period June 2, 2020 (commencement of operations) to July 31, 2020.
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Calculated based on average shares outstanding during the period.
D Amount represents less than $0.005 per share.
E Based on net asset value.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, 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).
K Portfolio turnover rate excludes securities received or delivered in-kind.
L Amount not annualized.
    
See accompanying notes which are an integral part of the financial statements.
57 Semi-Annual Report 

Table of Contents
Financial Statements  – continued
Financial Highlights
  Fidelity Blue Chip Value ETF
  Six months ended January 31, 2022
(Unaudited)
   Year ended July 31, 2021
   Year ended July 31, 2020A
Selected Per-Share Data          
Net asset value, beginning of period $ 28.63   $ 20.23   $20.00
Income from Investment Operations          
Net investment income (loss)B,C 0.18   0.32   0.03
Net realized and unrealized gain (loss) 0.98   8.32   0.21
Total from investment operations 1.16   8.64   0.24
Distributions from net investment income (0.20)   (0.24)   (0.01)
Distributions from net realized gain (0.58)   —   —
Total distributions (0.78)   (0.24)   (0.01)
Net asset value, end of period $ 29.01   $ 28.63   $20.23
Total ReturnD,E,F 4.10%   42.83%   1.23%
Ratios to Average Net AssetsB,G          
Expenses before reductions .59% H   .59%   .59% H
Expenses net of fee waivers, if any .59% H   .59%   .59% H
Expenses net of all reductions .59% H   .58%   .59% H
Net investment income (loss) 1.25% H   1.22%   1.02% H
Supplemental Data          
Net assets, end of period (000 omitted) $106,610   $94,465   $8,093
Portfolio turnover rateI,J 38% K   97%   20% K
    
A For the period June 2, 2020 (commencement of operations) to July 31, 2020.
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Calculated based on average shares outstanding during the period.
D Based on net asset value.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
K Amount not annualized.
    
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 58

Table of Contents
Financial Highlights
  Fidelity Growth Opportunities ETF
  Six months ended January 31, 2022
(Unaudited)
   Year ended July 31, 2021A
Selected Per-Share Data      
Net asset value, beginning of period $ 21.16   $ 20.00
Income from Investment Operations      
Net investment income (loss)B,C (0.03)   (0.03)
Net realized and unrealized gain (loss) (3.29)   1.19
Total from investment operations (3.32)   1.16
Net asset value, end of period $ 17.84   $ 21.16
Total ReturnD,E,F (15.73)%   5.82%
Ratios to Average Net AssetsB,G,H      
Expenses before reductions .59%   .59%
Expenses net of fee waivers, if any .59%   .59%
Expenses net of all reductions .59%   .59%
Net investment income (loss) (.29)%   (.33)%
Supplemental Data      
Net assets, end of period (000 omitted) $56,182   $39,679
Portfolio turnover rateI,J,K 45%   49%
    
A For the period February 2, 2021 (commencement of operations) to July 31, 2021.
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Calculated based on average shares outstanding during the period.
D Based on net asset value.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Annualized.
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 advisor, 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Amount not annualized.
K Portfolio turnover rate excludes securities received or delivered in-kind.
    
See accompanying notes which are an integral part of the financial statements.
59 Semi-Annual Report 

Table of Contents
Financial Statements  – continued
Financial Highlights
  Fidelity Magellan ETF
  Six months ended January 31, 2022
(Unaudited)
   Year ended July 31, 2021A
Selected Per-Share Data      
Net asset value, beginning of period $ 23.12   $ 20.00
Income from Investment Operations      
Net investment income (loss)B,C (0.01)   — D
Net realized and unrealized gain (loss) (0.54)   3.13
Total from investment operations (0.55)   3.13
Distributions from net investment income (0.00) D   (0.01)
Total distributions (0.00) D   (0.01)
Net asset value, end of period $ 22.57   $ 23.12
Total ReturnE,F,G (2.39)%   15.65%
Ratios to Average Net AssetsB,H,I      
Expenses before reductions .59%   .59%
Expenses net of fee waivers, if any .59%   .59%
Expenses net of all reductions .59%   .59%
Net investment income (loss) (.05)%   .01%
Supplemental Data      
Net assets, end of period (000 omitted) $50,787   $35,842
Portfolio turnover rateJ,K,L 32%   41%
    
A For the period February 2, 2021 (commencement of operations) to July 31, 2021.
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Calculated based on average shares outstanding during the period.
D Amount represents less than $0.005 per share.
E Based on net asset value.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Annualized.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Amount not annualized.
L Portfolio turnover rate excludes securities received or delivered in-kind.
    
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 60

Table of Contents
Financial Highlights
  Fidelity New Millennium ETF
  Six months ended January 31, 2022
(Unaudited)
   Year ended July 31, 2021
   Year ended July 31, 2020A
Selected Per-Share Data          
Net asset value, beginning of period $ 29.11   $ 20.37   $20.00
Income from Investment Operations          
Net investment income (loss)B,C 0.18   0.36   0.03
Net realized and unrealized gain (loss) 0.47   8.75   0.36
Total from investment operations 0.65   9.11   0.39
Distributions from net investment income (0.32)   (0.37)   (0.02)
Total distributions (0.32)   (0.37)   (0.02)
Net asset value, end of period $ 29.44   $ 29.11   $20.37
Total ReturnD,E,F 2.28%   45.03%   1.95%
Ratios to Average Net AssetsB,G          
Expenses before reductions .59% H   .59%   .59% H
Expenses net of fee waivers, if any .59% H   .59%   .59% H
Expenses net of all reductions .59% H   .58%   .59% H
Net investment income (loss) 1.25% H   1.33%   1.00% H
Supplemental Data          
Net assets, end of period (000 omitted) $61,095   $60,407   $6,112
Portfolio turnover rateI,J 15% K   68%   10% K
    
A For the period June 2, 2020 (commencement of operations) to July 31, 2020.
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Calculated based on average shares outstanding during the period.
D Based on net asset value.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
K Amount not annualized.
    
See accompanying notes which are an integral part of the financial statements.
61 Semi-Annual Report 

Table of Contents
Financial Statements  – continued
Financial Highlights
  Fidelity Real Estate Investment ETF
  Six months ended January 31, 2022
(Unaudited)
   Year ended July 31, 2021A
Selected Per-Share Data      
Net asset value, beginning of period $ 24.79   $ 20.00
Income from Investment Operations      
Net investment income (loss)B,C 0.27   0.21
Net realized and unrealized gain (loss) 0.33   4.79
Total from investment operations 0.60   5.00
Distributions from net investment income (0.25)   (0.21)
Total distributions (0.25)   (0.21)
Net asset value, end of period $ 25.14   $ 24.79
Total ReturnD,E,F 2.40%   25.17%
Ratios to Average Net AssetsB,G,H      
Expenses before reductions .59%   .59%
Expenses net of fee waivers, if any .59%   .59%
Expenses net of all reductions .59%   .58%
Net investment income (loss) 2.12%   1.80%
Supplemental Data      
Net assets, end of period (000 omitted) $22,623   $16,735
Portfolio turnover rateI,J,K 12%   23%
    
A For the period February 2, 2021 (commencement of operations) to July 31, 2021.
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Calculated based on average shares outstanding during the period.
D Based on net asset value.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Annualized.
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 advisor, 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Amount not annualized.
K Portfolio turnover rate excludes securities received or delivered in-kind.
    
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 62

Table of Contents
Financial Highlights
  Fidelity Small-Mid Cap Opportunities ETF
  Six months ended January 31, 2022
(Unaudited)
   Year ended July 31, 2021A
Selected Per-Share Data      
Net asset value, beginning of period $ 22.84   $ 20.00
Income from Investment Operations      
Net investment income (loss)B,C 0.06   0.03
Net realized and unrealized gain (loss) (0.16)   2.84
Total from investment operations (0.10)   2.87
Distributions from net investment income (0.06)   (0.03)
Total distributions (0.06)   (0.03)
Net asset value, end of period $ 22.68   $ 22.84
Total ReturnD,E,F (0.47)%   14.36%
Ratios to Average Net AssetsB,G,H      
Expenses before reductions .64%   .64%
Expenses net of fee waivers, if any .64%   .64%
Expenses net of all reductions .64%   .63%
Net investment income (loss) .47%   .22%
Supplemental Data      
Net assets, end of period (000 omitted) $28,911   $24,558
Portfolio turnover rateI,J,K 22%   37%
    
A For the period February 2, 2021 (commencement of operations) to July 31, 2021.
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Calculated based on average shares outstanding during the period.
D Based on net asset value.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Annualized.
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 advisor, 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Amount not annualized.
K Portfolio turnover rate excludes securities received or delivered in-kind.
    
See accompanying notes which are an integral part of the financial statements.
63 Semi-Annual Report 

Table of Contents
Financial Statements  – continued
Financial Highlights
  Fidelity Sustainable U.S. Equity ETF
  Six months ended January 31, 2022
(Unaudited)
   Year ended July 31, 2021A
Selected Per-Share Data      
Net asset value, beginning of period $20.80   $20.00
Income from Investment Operations      
Net investment income (loss)B,C 0.04   (—) D
Net realized and unrealized gain (loss) 0.27 E   0.80
Total from investment operations 0.31   0.80
Distributions from net investment income (0.08)   —
Total distributions (0.08)   —
Net asset value, end of period $21.03   $20.80
Total ReturnF,G 1.45%   3.99%
Ratios to Average Net AssetsB,H,I      
Expenses before reductions .59%   .59%
Expenses net of fee waivers, if any .59%   .59%
Expenses net of all reductions .59%   .59%
Net investment income (loss) .41%   (.07)%
Supplemental Data      
Net assets, end of period (000 omitted) $5,782   $3,120
Portfolio turnover rateJ,K,L 50%   23%
    
A For the period June 15, 2021 (commencement of operations) to July 31, 2021.
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Calculated based on average shares outstanding during the period.
D Amount represents less than $0.005 per share.
E The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of share transactions in relation to fluctuating market values of the investments of a Fund.
F Based on net asset value.
G Total returns for periods of less than one year are not annualized.
H Annualized.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Amount not annualized.
L Portfolio turnover rate excludes securities received or delivered in-kind.
    
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 64

Table of Contents
Financial Highlights
  Fidelity Women's Leadership ETF
  Six months ended January 31, 2022
(Unaudited)
   Year ended July 31, 2021A
Selected Per-Share Data      
Net asset value, beginning of period $20.51   $20.00
Income from Investment Operations      
Net investment income (loss)B,C 0.04   — D
Net realized and unrealized gain (loss) (1.29)   0.51
Total from investment operations (1.25)   0.51
Distributions from net investment income (0.04)   —
Total distributions (0.04)   —
Net asset value, end of period $19.22   $20.51
Total ReturnE,F (6.10)%   2.53%
Ratios to Average Net AssetsB,G,H      
Expenses before reductions .59%   .59%
Expenses net of fee waivers, if any .59%   .59%
Expenses net of all reductions .59%   .59%
Net investment income (loss) .42%   .08%
Supplemental Data      
Net assets, end of period (000 omitted) $2,883   $2,051
Portfolio turnover rateI,J 38% K   5%
    
A For the period June 15, 2021 (commencement of operations) to July 31, 2021.
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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Calculated based on average shares outstanding during the period.
D Amount represents less than $0.005 per share.
E Based on net asset value.
F Total returns for periods of less than one year are not annualized.
G Annualized.
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 advisor, 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Amount not annualized.
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
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Notes to Financial Statements
For the period ended January 31, 2022 (Unaudited)
1. Organization.
Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, Fidelity Growth Opportunities ETF, Fidelity Magellan ETF, Fidelity New Millennium ETF, Fidelity Real Estate Investment ETF, Fidelity Small-Mid Cap Opportunities ETF, Fidelity Sustainable U.S. Equity ETF (formerly Fidelity® Sustainability U.S. Equity ETF) and Fidelity Women’s Leadership ETF (the Funds) are non-diversified exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. For Fidelity Sustainable U.S. Equity ETF and Fidelity Women’s Leadership ETF, application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect exposure to certain issuers, sectors, regions, and countries and may affect performance depending on whether certain investments are in or out of favor. The criteria related to ESG ratings process and/or adherence to its sustainable investing exclusion criteria may result in forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. As a result, performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. There are significant differences in interpretations of what it means for an issuer to have positive ESG factors. While the investment adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors’ or advisers’ views.
2. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund’s Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund’s investments to the Fair Value Committee (the Committee) established by each Fund’s investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund’s valuation policies and procedures and reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund’s investments and ratifies the fair value determinations of the Committee.
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 vendor 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.
Investments in open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund’s NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board’s fair value pricing policies and is categorized as Level 2 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2022 is included at the end of each Fund’s Schedule of Investments.
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2. Significant Accounting Policies – continued
    
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business (normally 4:00 p.m. Eastern time) of the New York Stock Exchange, Archipelago Exchange (NYSE Arca) for Fidelity Sustainable U.S. Equity ETF and Fidelity Women’s Leadership ETF, and of the Cboe BZX Exchange, Inc. (CboeBZX) for all other funds; and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that Fund and do not include the expenses associated with the any underlying mutual funds or exchange-traded funds. Although not included in a fund’s expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on each Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
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Notes to Financial Statements  – continued
2. Significant Accounting Policies – continued
    
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
  Tax cost Gross unrealized
appreciation 		Gross unrealized
depreciation 		Net unrealized
appreciation
(depreciation)
Fidelity Blue Chip Growth ETF $ 417,744,178 $ 54,839,744 $ (42,500,842) $ 12,338,902
Fidelity Blue Chip Value ETF 94,329,732 13,568,547 (1,290,750) 12,277,797
Fidelity Growth Opportunities ETF 62,236,297 2,894,311 (8,911,754) (6,017,443)
Fidelity Magellan ETF 47,908,957 3,942,351 (1,152,213) 2,790,138
Fidelity New Millennium ETF 53,671,044 9,183,023 (1,924,527) 7,258,496
Fidelity Real Estate Investment ETF 20,977,474 1,849,642 (199,226) 1,650,416
Fidelity Small-Mid Cap Opportunities ETF 27,508,207 2,608,016 (1,298,784) 1,309,232
Fidelity Sustainable U.S. Equity ETF 5,923,839 249,650 (389,607) (139,957)
Fidelity Women’s Leadership ETF 3,011,159 124,470 (220,127) (95,657)
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal year end and is subject to adjustment.
  No-expiration
Short-term 		No-expiration
Long-term 		Total capital loss
carryforward
Fidelity Blue Chip Growth ETF $ (2,264,599) $ — $ (2,264,599)
Fidelity Blue Chip Value ETF — — —
Fidelity Growth Opportunities ETF (751,103) — (751,103)
Fidelity Magellan ETF (104,621) — (104,621)
Fidelity New Millennium ETF — — —
Fidelity Real Estate Investment ETF — — —
Fidelity Small-Mid Cap Opportunities ETF (321,778) — (321,778)
Fidelity Sustainable U.S. Equity ETF — — —
Fidelity Women’s Leadership ETF (466) — (466)
Certain of the Funds intend to elect to defer to the next fiscal year ordinary losses recognized during the period January 1, 2020 to July 31, 2021. Loss deferrals were as follows:
  Ordinary Losses
Fidelity Blue Chip Growth ETF $ (494,447)
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
3. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds to enter into various types of derivative contracts, 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.
The Funds used derivatives 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 Funds may not achieve their objectives.
The Funds' use of derivatives increased or decreased their exposure to the following risk:
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.
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3. Derivative Instruments – continued
    
The 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 the Funds 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 the Funds. Counterparty credit risk related to exchange-traded futures 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 Statements 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. The Funds used futures contracts to manage their 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 (variation margin) 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 Statements 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 Statements 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. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statements of Assets and Liabilities.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
  Purchases ($) Sales ($)
Fidelity Blue Chip Growth ETF 149,798,896 141,196,620
Fidelity Blue Chip Value ETF 37,746,408 37,032,857
Fidelity Growth Opportunities ETF 26,555,315 22,401,883
Fidelity Magellan ETF 15,897,920 14,484,395
Fidelity New Millennium ETF 9,086,228 10,978,012
Fidelity Real Estate Investment ETF 2,848,879 2,332,368
Fidelity Small-Mid Cap Opportunities ETF 7,308,623 6,023,037
Fidelity Sustainable U.S. Equity ETF 3,085,776 2,359,494
Fidelity Women’s Leadership ETF 1,237,266 946,627
Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.
  In-kind
Subscriptions ($) 		In-kind
Redemptions ($)
Fidelity Blue Chip Growth ETF 117,903,875 64,500,696
Fidelity Blue Chip Value ETF 11,124,224 1,303,899
Fidelity Growth Opportunities ETF 22,318,451 431,868
Fidelity Magellan ETF 16,184,076 905,164
Fidelity New Millennium ETF 2,396,491 2,493,452
Fidelity Real Estate Investment ETF 6,466,148 1,163,613
Fidelity Small-Mid Cap Opportunities ETF 4,580,298 1,299,149
Fidelity Sustainable U.S. Equity ETF 3,256,237 1,303,127
Fidelity Women’s Leadership ETF 715,157 —
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of 0.59% of each Fund's average net assets, except for Fidelity Small-Mid Cap Opportunities ETF. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other miscellaneous expenses such as proxy and shareholder meeting expenses.
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Notes to Financial Statements  – continued
5. Fees and Other Transactions with Affiliates – continued
    
Fidelity Small-Mid Cap Opportunities ETF’s management fee is based on an annual rate of .64% of average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
During January 2022 the Board approved a change in the management fee for Fidelity Small-Mid Cap Opportunities ETF from .64% to .60% effective February 1, 2022.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in the net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statements of Operations. The commissions paid to these affiliated firms were as follows:
  Amount
Fidelity Blue Chip Growth ETF $ 1,821
Fidelity Blue Chip Value ETF 355
Fidelity Growth Opportunities ETF 425
Fidelity Magellan ETF 123
Fidelity New Millennium ETF 217
Fidelity Real Estate Investment ETF 50
Fidelity Small-Mid Cap Opportunities ETF 156
Fidelity Sustainable U.S. Equity ETF 48
Fidelity Women’s Leadership ETF 23
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note and are noted in the table below.
  Purchases Sales Realized Gain (Loss)
Fidelity Blue Chip Growth ETF $ 5,140,352 $ 1,154,744 $ (168,938)
Fidelity Blue Chip Value ETF 440,096 660,488 115,907
Fidelity New Millennium ETF 141,742 89,695 5,239
6. 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.
7. 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.
8. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.
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Shareholder Expense Example (Unaudited)
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested for the one-half year period (August 1, 2021 to January 31, 2022).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
  Annualized
Expense RatioA 		Beginning
Account Value
August 1, 2021
 Ending
Account Value
January 31, 2022 		Expenses Paid
During PeriodB
August 1, 2021
to January 31, 2022
Fidelity Blue Chip Growth ETF 0.59%      
Actual   $ 1,000.00 $ 932.40 $ 2.87
Hypothetical C   $ 1,000.00 $ 1,022.23 $ 3.01
Fidelity Blue Chip Value ETF 0.59%      
Actual   $ 1,000.00 $ 1,041.00 $ 3.04
Hypothetical C   $ 1,000.00 $ 1,022.23 $ 3.01
Fidelity Growth Opportunities ETF 0.59%      
Actual   $ 1,000.00 $ 842.70 $ 2.74
Hypothetical C   $ 1,000.00 $ 1,022.23 $ 3.01
Fidelity Magellan ETF 0.59%      
Actual   $ 1,000.00 $ 976.10 $ 2.94
Hypothetical C   $ 1,000.00 $ 1,022.23 $ 3.01
Fidelity New Millennium ETF 0.59%      
Actual   $ 1,000.00 $ 1,022.80 $ 3.01
Hypothetical C   $ 1,000.00 $ 1,022.23 $ 3.01
Fidelity Real Estate Investment ETF 0.59%      
Actual   $ 1,000.00 $ 1,024.00 $ 3.01
Hypothetical C   $ 1,000.00 $ 1,022.23 $ 3.01
Fidelity Small-Mid Cap Opportunities ETF 0.64%      
Actual   $ 1,000.00 $ 995.30 $ 3.22D
Hypothetical C   $ 1,000.00 $ 1,021.98 $ 3.26D
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Shareholder Expense Example (Unaudited)  – continued
  Annualized
Expense RatioA 		Beginning
Account Value
August 1, 2021
 Ending
Account Value
January 31, 2022 		Expenses Paid
During PeriodB
August 1, 2021
to January 31, 2022
Fidelity Sustainable U.S. Equity ETF 0.59%      
Actual   $ 1,000.00 $ 1,014.50 $ 3.00
Hypothetical C   $ 1,000.00 $ 1,022.23 $ 3.01
Fidelity Women's Leadership ETF 0.59%      
Actual   $ 1,000.00 $ 939.00 $ 2.88
Hypothetical C   $ 1,000.00 $ 1,022.23 $ 3.01
   
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses.
D If fees and changes to the expense contract and/ or expense cap, effective February 1, 2022, had been in effect during the current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would be as shown in table below:
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  Annualized Expense
RatioA 		Expenses Paid
Fidelity Small-Mid Cap Opportunities ETF 0.60%  
Actual   $ 3.02
Hypothetical B   $ 3.06
    
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses.
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Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Small-Mid Cap Opportunities ETF
At its January 2022 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) for the fund to take effect February 1, 2022 (the Amended Contract) that lowered the management fee rate to be paid. The Board, assisted by the advice of fund counsel and Independent Trustees’ counsel, considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board noted that it previously received and considered materials relating to the nature, extent and quality of services provided by FMR and the fund’s sub-advisers to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund’s current management contract and sub-advisory agreements (Advisory Contracts). At its January 2022 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing Advisory Contracts should benefit the fund’s shareholders. The Board noted that approval of the Amended Contract would not change the fund’s portfolio manager, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the fund under the Amended Contract will continue to benefit the fund’s shareholders.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that it received and reviewed information regarding the fund’s current management fee and total expense ratio compared to “mapped groups” of competitive funds and classes in connection with the initial contract approvals for the fund. Based on its review, the Board concluded at its January 2022 meeting that the fund’s current management fee and total expenses are fair and reasonable in light of the services that the fund receives and the other factors considered. In its review of the proposed management fee rate under the Amended Contract, the Board considered that the proposed management fee rate would be lower than the current management fee rate. The Board also considered that the proposed management fee rate would not result in any changes in the relationships of the fund’s management fee rate and total expense ratio to the competitive medians of its total mapped groups of competitor funds provided to the Board in connection with the initial contract approvals for the fund.
Based on its review, the Board concluded that the management fee and the total expenses continue to be fair and reasonable in light of the services that the fund receives and the other factors considered.
Costs of the Services and Profitability. The Board noted that the fund continues to be a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Amended Contract. In connection with its future renewal of the fund’s advisory arrangements, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund’s shareholders.
Economies of Scale. The Board will consider economies of scale when there is sufficient operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a newer fund, the management fee was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders have access to the very considerable number and variety of services available through Fidelity and its affiliates.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund’s advisory fee structures are fair and reasonable, and that the Amended Contract should be approved.
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