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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.

Fidelity® Blue Chip Growth ETF

Performance: The Bottom Line

NAV and closing market price average annual returns reflect the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) at NAV and Market Price, respectively, and assumes a constant rate of performance each year. The hypothetical investment and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Life of Fund
Fidelity® Blue Chip Growth ETF - NAV A	25.44%	15.19%
Fidelity® Blue Chip Growth ETF - Market Price B	25.27%	15.30%
Russell 1000® Growth Index A	17.31%	15.30%

A From June 2, 2020

B From June 4, 2020, date initially listed on the CboeBZX Exchange, Inc.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Blue Chip Growth ETF - NAV, on June 2, 2020, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Growth Index performed over the same period.

Fidelity® Blue Chip Growth ETF

Management's Discussion of Fund Performance

Market Recap:

U.S. equities gained 13.02% for the 12 months ending July 31, 2023, according to the S&P 500® index, as continued global economic expansion, falling commodity prices and a slowing in the pace of inflation provided a favorable backdrop for higher-risk assets. Large-cap stocks spearheaded the rally, which was driven by the shares of a narrow set of mega-cap companies in the information technology and communication services sectors, largely due to exuberance related to generative artificial intelligence. Aggressive monetary tightening by the U.S. Federal Reserve continued amid consistent pressure on core inflation, a measure that excludes food and energy. Since March 2022, the Fed has hiked its benchmark interest rate 11 times. The latest bump came in late July, a fourth consecutive raise of a stepped down 25 basis points. The S&P 500® gained 3.21% in July, as a "soft landing" of the U.S. economy became the consensus view amid better-than-expected earnings, slowing inflation and easing financial conditions, bringing the index's year-to-date gain to 20.65%. July saw a continuance of the recent shift to wider market breadth and lower dispersion. For the full 12 months, value (+17%) handily topped growth (+8%) within the index. By sector, tech (+28%), communication services (+21%) and industrials (+17%) led, whereas real estate (-10%) lagged most, due to high borrowing costs, low home inventory and a deteriorating commercial property market.

Comments from Co-Managers Sonu Kalra and Michael Kim:

For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value gained 25.44%, versus 17.31% for the Russell 1000 Growth Index. The ETF's market price advanced 25.27% for the 12 months. Relative to the benchmark, security selection was the primary contributor, led by the information technology sector. Stock selection in communication services and industrials also boosted the fund's relative performance. The top individual relative contributor was an overweight in Nvidia (+158%). Nvidia was one of the fund's biggest holdings at period end. A second notable relative contributor was an overweight in Meta Platforms (+101%). Meta was also among our largest holdings; we increased our position during the 12 months. An overweight in Uber Technologies (+112%) - another of the fund's biggest holdings - also contributed. This period we increased our stake. In contrast, the primary detractor from performance versus the benchmark was an overweight in consumer discretionary. Stock picking in real estate also modestly hampered the fund's result, as did a small underweight in information technology. The fund's stake in Tesla returned roughly -10% and was the largest individual relative detractor. Tesla was one of our largest holdings. Not owning Broadcom, a benchmark component that gained 73%, was the second-largest relative detractor. An overweight in Amazon.com (0%), another of the fund's biggest holdings, also hurt. This period we increased our position in Amazon.com. Notable changes in positioning include decreased exposure to the energy sector and a higher allocation to communication services.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF's subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity® Blue Chip Growth ETF

Investment Summary July 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Apple, Inc.	10.2
NVIDIA Corp.	9.7
Microsoft Corp.	9.2
Amazon.com, Inc.	7.9
Alphabet, Inc. Class A	6.1
Meta Platforms, Inc. Class A	4.7
Marvell Technology, Inc.	2.7
Uber Technologies, Inc.	2.6
Tesla, Inc.	2.3
Netflix, Inc.	2.1
	57.5

Market Sectors (% of Fund's net assets)

Information Technology	40.8
Consumer Discretionary	21.3
Communication Services	14.8
Health Care	8.7
Industrials	4.5
Energy	2.6
Consumer Staples	2.5
Financials	2.3
Materials	0.7
Real Estate	0.2
Utilities	0.0

Asset Allocation (% of Fund's net assets)

Futures - 0.4%

Fidelity® Blue Chip Growth ETF

Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares	Value ($)
COMMUNICATION SERVICES - 14.8%
Entertainment - 2.4%
Bilibili, Inc. ADR (a)	420	8,009
Netflix, Inc. (a)	37,235	16,345,048
Sea Ltd. ADR (a)	33,357	2,218,908
Take-Two Interactive Software, Inc. (a)	2,019	308,786
		18,880,751
Interactive Media & Services - 12.3%
Alphabet, Inc. Class A (a)	358,721	47,609,451
Meta Platforms, Inc. Class A (a)	114,960	36,626,256
Snap, Inc. Class A (a)	1,038,663	11,799,212
		96,034,919
Wireless Telecommunication Services - 0.1%
T-Mobile U.S., Inc. (a)	4,605	634,431
TOTAL COMMUNICATION SERVICES		115,550,101
CONSUMER DISCRETIONARY - 21.3%
Automobile Components - 0.1%
Aptiv PLC (a)	4,350	476,282
Automobiles - 2.8%
Rivian Automotive, Inc. (a)	124,957	3,453,811
Tesla, Inc. (a)	67,881	18,153,416
		21,607,227
Broadline Retail - 8.5%
Alibaba Group Holding Ltd. sponsored ADR (a)	28,541	2,915,749
Amazon.com, Inc. (a)	460,328	61,536,647
MercadoLibre, Inc. (a)	313	387,510
Ollie's Bargain Outlet Holdings, Inc. (a)	9,459	689,372
PDD Holdings, Inc. ADR (a)	8,768	787,542
		66,316,820
Diversified Consumer Services - 0.1%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	10,644	597,448
Hotels, Restaurants & Leisure - 3.2%
Airbnb, Inc. Class A (a)	49,501	7,533,557
Caesars Entertainment, Inc. (a)	64,732	3,820,483
Chipotle Mexican Grill, Inc. (a)	383	751,553
Draftkings Holdings, Inc. (a)	12,955	411,710
Hilton Worldwide Holdings, Inc.	11,581	1,800,730
Marriott International, Inc. Class A	20,053	4,046,896
McDonald's Corp.	2,163	634,192
Penn Entertainment, Inc. (a)	69,310	1,822,160
Restaurant Brands International, Inc.	6,536	500,367
Starbucks Corp.	17,443	1,771,686
Sweetgreen, Inc. Class A (a)	71,307	1,074,596
Trip.com Group Ltd. ADR (a)	13,758	564,628
Yum China Holdings, Inc.	5,491	335,061
Yum! Brands, Inc.	1,702	234,314
		25,301,933
Leisure Products - 0.1%
Peloton Interactive, Inc. Class A (a)	46,607	452,554
Specialty Retail - 4.2%
Abercrombie & Fitch Co. Class A (a)	16,123	638,632
American Eagle Outfitters, Inc.	207,330	2,912,987
Aritzia, Inc. (a)	14,982	285,063
Bath & Body Works, Inc.	6,460	239,408
Five Below, Inc. (a)	14,263	2,971,553
Foot Locker, Inc.	27,757	745,831
Lowe's Companies, Inc.	56,797	13,305,833
RH (a)	13,167	5,111,034
TJX Companies, Inc.	49,925	4,320,010
Victoria's Secret & Co. (a)	10,177	208,527
Warby Parker, Inc. (a)	98,779	1,475,758
Wayfair LLC Class A (a)	7,079	551,242
Williams-Sonoma, Inc.	3,069	425,486
		33,191,364
Textiles, Apparel & Luxury Goods - 2.3%
Capri Holdings Ltd. (a)	1,020	37,648
Crocs, Inc. (a)	14,459	1,566,633
Deckers Outdoor Corp. (a)	3,719	2,021,983
lululemon athletica, Inc. (a)	13,457	5,093,878
NIKE, Inc. Class B	68,893	7,605,098
On Holding AG (a)	10,897	392,292
PVH Corp.	6,917	620,040
Ralph Lauren Corp.	2,478	325,436
VF Corp.	26,871	532,315
		18,195,323
TOTAL CONSUMER DISCRETIONARY		166,138,951
CONSUMER STAPLES - 2.5%
Beverages - 1.3%
Boston Beer Co., Inc. Class A (a)	3,368	1,251,010
Celsius Holdings, Inc. (a)	56,327	8,150,517
Constellation Brands, Inc. Class A (sub. vtg.)	1,110	302,808
PepsiCo, Inc.	3,584	671,857
		10,376,192
Consumer Staples Distribution & Retail - 1.1%
Dollar Tree, Inc. (a)	37,598	5,802,499
Target Corp.	5,277	720,152
Walmart, Inc.	11,552	1,846,703
		8,369,354
Household Products - 0.1%
Procter & Gamble Co.	3,877	605,975
Personal Care Products - 0.0%
Oddity Tech Ltd.	7,181	382,675
TOTAL CONSUMER STAPLES		19,734,196
ENERGY - 2.6%
Oil, Gas & Consumable Fuels - 2.6%
Antero Resources Corp. (a)	16,057	429,525
Cenovus Energy, Inc. (Canada)	11,591	220,454
Cheniere Energy, Inc.	3,491	565,053
Denbury, Inc. (a)	11,783	1,035,844
Diamondback Energy, Inc.	16,760	2,469,083
EOG Resources, Inc.	25,402	3,366,527
Exxon Mobil Corp.	20,144	2,160,243
Hess Corp.	33,834	5,133,633
Northern Oil & Gas, Inc.	6,131	241,377
Occidental Petroleum Corp.	29,129	1,838,914
Pioneer Natural Resources Co.	10,169	2,294,838
		19,755,491
FINANCIALS - 2.3%
Consumer Finance - 0.4%
American Express Co.	19,848	3,351,930
Financial Services - 1.9%
Berkshire Hathaway, Inc. Class B (a)	965	339,641
Block, Inc. Class A (a)	31,802	2,561,015
MasterCard, Inc. Class A	23,909	9,426,841
Visa, Inc. Class A	9,099	2,163,105
		14,490,602
TOTAL FINANCIALS		17,842,532
HEALTH CARE - 8.7%
Biotechnology - 1.1%
Alnylam Pharmaceuticals, Inc. (a)	11,032	2,155,653
Argenx SE ADR (a)	1,678	846,517
Ascendis Pharma A/S sponsored ADR (a)	1,785	160,918
Exact Sciences Corp. (a)	3,214	313,494
Generation Bio Co. (a)	939	4,770
Karuna Therapeutics, Inc. (a)	2,106	420,716
Moonlake Immunotherapeutics (a)	6,449	392,164
Regeneron Pharmaceuticals, Inc. (a)	3,619	2,684,972
Vertex Pharmaceuticals, Inc. (a)	4,842	1,706,030
		8,685,234
Health Care Equipment & Supplies - 1.6%
Axonics Modulation Technologies, Inc. (a)	9,799	591,566
Boston Scientific Corp. (a)	35,952	1,864,111
DexCom, Inc. (a)	39,697	4,944,658
Insulet Corp. (a)	5,196	1,437,993
Intuitive Surgical, Inc. (a)	856	277,686
Shockwave Medical, Inc. (a)	6,647	1,732,208
Stryker Corp.	5,493	1,556,771
		12,404,993
Health Care Providers & Services - 2.4%
agilon health, Inc. (a)	2,677	51,265
Alignment Healthcare, Inc. (a)	7,815	48,531
Guardant Health, Inc. (a)	37,565	1,465,786
Humana, Inc.	5,012	2,289,632
Surgery Partners, Inc. (a)	12,157	469,625
UnitedHealth Group, Inc.	28,304	14,332,296
		18,657,135
Health Care Technology - 0.0%
Certara, Inc. (a)	4,447	86,583
Life Sciences Tools & Services - 0.6%
Danaher Corp.	9,444	2,408,787
ICON PLC (a)	1,544	388,177
Olink Holding AB ADR (a)	8,223	156,237
Thermo Fisher Scientific, Inc.	3,169	1,738,704
		4,691,905
Pharmaceuticals - 3.0%
Eli Lilly & Co.	31,459	14,299,688
Novo Nordisk A/S Series B sponsored ADR	20,833	3,356,196
Zoetis, Inc. Class A	31,226	5,873,298
		23,529,182
TOTAL HEALTH CARE		68,055,032
INDUSTRIALS - 4.5%
Aerospace & Defense - 0.7%
Howmet Aerospace, Inc.	20,207	1,033,386
L3Harris Technologies, Inc.	2,083	394,708
Lockheed Martin Corp.	1,137	507,523
Northrop Grumman Corp.	688	306,160
The Boeing Co. (a)	12,959	3,095,257
TransDigm Group, Inc.	387	348,192
		5,685,226
Commercial Services & Supplies - 0.1%
ACV Auctions, Inc. Class A (a)	31,788	555,972
Electrical Equipment - 0.1%
Eaton Corp. PLC	2,970	609,800
Ground Transportation - 3.1%
Avis Budget Group, Inc. (a)	3,548	781,589
Bird Global, Inc. Class A (a)	5,840	14,483
Hertz Global Holdings, Inc. (a)	26,074	439,347
Lyft, Inc. (a)	221,003	2,808,948
Uber Technologies, Inc. (a)	411,138	20,334,885
		24,379,252
Passenger Airlines - 0.2%
Delta Air Lines, Inc.	12,309	569,414
United Airlines Holdings, Inc. (a)	20,711	1,124,814
		1,694,228
Professional Services - 0.2%
Paycom Software, Inc.	3,905	1,440,008
Trading Companies & Distributors - 0.1%
FTAI Aviation Ltd.	28,217	908,870
TOTAL INDUSTRIALS		35,273,356
INFORMATION TECHNOLOGY - 40.8%
Communications Equipment - 0.1%
Arista Networks, Inc. (a)	3,060	474,575
IT Services - 0.5%
MongoDB, Inc. Class A (a)	3,789	1,604,263
Okta, Inc. (a)	22,770	1,750,102
Shopify, Inc. Class A (a)	3,848	259,948
Snowflake, Inc. (a)	3,860	685,961
		4,300,274
Semiconductors & Semiconductor Equipment - 17.8%
Advanced Micro Devices, Inc. (a)	42,732	4,888,541
ASML Holding NV (depository receipt)	1,542	1,104,704
Enphase Energy, Inc. (a)	2,982	452,757
GlobalFoundries, Inc. (a)	84,899	5,407,217
Impinj, Inc. (a)	3,085	205,523
Marvell Technology, Inc.	323,958	21,099,385
Monolithic Power Systems, Inc.	4,000	2,237,960
NVIDIA Corp.	161,909	75,658,457
NXP Semiconductors NV	60,099	13,400,875
ON Semiconductor Corp. (a)	65,887	7,099,324
Skyworks Solutions, Inc.	2,157	246,696
SolarEdge Technologies, Inc. (a)	1,584	382,473
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	37,610	3,729,032
Teradyne, Inc.	23,364	2,638,730
		138,551,674
Software - 12.2%
Adobe, Inc. (a)	1,930	1,054,108
Bill Holdings, Inc. (a)	13,573	1,701,240
Confluent, Inc. (a)	7,684	265,405
Datadog, Inc. Class A (a)	9,329	1,088,881
HubSpot, Inc. (a)	6,974	4,048,756
Intuit, Inc.	5,310	2,717,127
Microsoft Corp.	213,662	71,773,339
Oracle Corp.	5,938	696,112
Palantir Technologies, Inc. (a)	18,544	367,913
Salesforce, Inc. (a)	33,181	7,466,057
ServiceNow, Inc. (a)	2,838	1,654,554
Splunk, Inc. (a)	8,959	970,528
Workday, Inc. Class A (a)	1,379	327,002
Zoom Video Communications, Inc. Class A (a)	14,573	1,068,930
		95,199,952
Technology Hardware, Storage & Peripherals - 10.2%
Apple, Inc.	406,356	79,828,633
TOTAL INFORMATION TECHNOLOGY		318,355,108
MATERIALS - 0.7%
Chemicals - 0.0%
Linde PLC	848	331,288
Metals & Mining - 0.7%
ATI, Inc. (a)	7,945	378,818
Carpenter Technology Corp.	10,836	648,643
Freeport-McMoRan, Inc.	91,390	4,080,564
		5,108,025
TOTAL MATERIALS		5,439,313
REAL ESTATE - 0.2%
Equity Real Estate Investment Trusts (REITs) - 0.1%
Equinix, Inc.	468	379,043
Welltower, Inc.	6,211	510,234
		889,277
Real Estate Management & Development - 0.1%
Zillow Group, Inc. Class C (a)	12,158	658,477
TOTAL REAL ESTATE		1,547,754
UTILITIES - 0.0%
Electric Utilities - 0.0%
NextEra Energy, Inc.	3,169	232,287
TOTAL COMMON STOCKS (Cost $628,565,003)		767,924,121

Money Market Funds - 0.9%
	Shares	Value ($)
State Street Institutional Treasury Plus Money Market Fund Trust Class 5.15% (b) (Cost $6,636,788)	6,636,788	6,636,788

TOTAL INVESTMENT IN SECURITIES - 99.3% (Cost $635,201,791)	774,560,909
NET OTHER ASSETS (LIABILITIES) - 0.7%	5,822,177
NET ASSETS - 100.0%	780,383,086

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Purchased

Equity Index Contracts
CME E-mini NASDAQ 100 Index Contracts (United States)	7	Sep 2023	2,220,050	(555)	(555)
CME E-mini S&P 500 Index Contracts (United States)	5	Sep 2023	1,153,625	(137)	(137)

TOTAL FUTURES CONTRACTS					(692)
The notional amount of futures purchased as a percentage of Net Assets is 0.4%

Legend

(a)	Non-income producing

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

Investment Valuation

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

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	115,550,101	115,550,101	-	-
Consumer Discretionary	166,138,951	166,138,951	-	-
Consumer Staples	19,734,196	19,734,196	-	-
Energy	19,755,491	19,755,491	-	-
Financials	17,842,532	17,842,532	-	-
Health Care	68,055,032	68,055,032	-	-
Industrials	35,273,356	35,273,356	-	-
Information Technology	318,355,108	318,355,108	-	-
Materials	5,439,313	5,439,313	-	-
Real Estate	1,547,754	1,547,754	-	-
Utilities	232,287	232,287	-	-

Money Market Funds	6,636,788	6,636,788	-	-
Total Investments in Securities:	774,560,909	774,560,909	-	-
Derivative Instruments:

Liabilities
Futures Contracts	(692)	(692)	-	-
Total Liabilities	(692)	(692)	-	-
Total Derivative Instruments:	(692)	(692)	-	-

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Equity Risk
Futures Contracts (a)	0	(692)
Total Equity Risk	0	(692)
Total Value of Derivatives	0	(692)

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

Fidelity® Blue Chip Growth ETF

Financial Statements

Statement of Assets and Liabilities
				July 31, 2023

Assets
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $635,201,791):			$	774,560,909
Segregated cash with brokers for derivative instruments				330,400
Cash				7,347
Foreign currency held at value (cost $163)				163
Receivable for investments sold				2,295,447
Receivable for fund shares sold				31,203,291
Dividends receivable				115,283
Receivable for daily variation margin on futures contracts				7,827
Total assets				808,520,667
Liabilities
Payable for investments purchased	$	27,792,587
Accrued management fee		344,907
Other payables and accrued expenses		87
Total Liabilities				28,137,581
Net Assets			$	780,383,086
Net Assets consist of:
Paid in capital			$	724,462,424
Total accumulated earnings (loss)				55,920,662
Net Assets			$	780,383,086
Net Asset Value, offering price and redemption price per share ($780,383,086 ÷ 24,950,000 shares)			$	31.28

Statement of Operations
				Year ended July 31, 2023
Investment Income
Dividends			$	2,732,916
Expenses
Management fee	$	2,713,572
Independent trustees' fees and expenses		2,152
Total expenses before reductions		2,715,724
Expense reductions		(190)
Total expenses after reductions				2,715,534
Net Investment income (loss)				17,382
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Redemptions in-kind		5,140,160
Unaffiliated issuers		(30,865,470)
Foreign currency transactions		(1,210)
Futures contracts		(45,044)
Total net realized gain (loss)				(25,771,564)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		168,912,690
Assets and liabilities in foreign currencies		(717)
Futures contracts		(692)
Total change in net unrealized appreciation (depreciation)				168,911,281
Net gain (loss)				143,139,717
Net increase (decrease) in net assets resulting from operations			$	143,157,099

Statement of Changes in Net Assets

		Year ended July 31, 2023		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	17,382	$	(699,043)
Net realized gain (loss)		(25,771,564)		(25,007,726)
Change in net unrealized appreciation (depreciation)		168,911,281		(94,362,764)
Net increase (decrease) in net assets resulting from operations		143,157,099		(120,069,533)

Share transactions
Proceeds from sales of shares		296,642,887		209,141,668
Cost of shares redeemed		(22,813,838)		(132,864,696)

Net increase (decrease) in net assets resulting from share transactions		273,829,049		76,276,972
Total increase (decrease) in net assets		416,986,148		(43,792,561)

Net Assets
Beginning of period		363,396,938		407,189,499
End of period	$	780,383,086	$	363,396,938

Other Information
Shares
Sold		11,300,000		6,575,000
Redeemed		(925,000)		(4,425,000)
Net increase (decrease)		10,375,000		2,150,000

Fidelity® Blue Chip Growth ETF

Years ended July 31,		2023		2022		2021		2020 A
Selected Per-Share Data
Net asset value, beginning of period	$	24.93	$	32.77	$	22.74	$	20.00
Income from Investment Operations
Net investment income (loss) B,C		- D		(.05)		(.08)		(.01)
Net realized and unrealized gain (loss)		6.35		(7.79)		10.11		2.75
Total from investment operations		6.35		(7.84)		10.03		2.74
Distributions from net investment income		-		-		- D		-
Net asset value, end of period	$	31.28	$	24.93	$	32.77	$	22.74
Total Return E,F,G		25.44%		(23.92)%		44.14%		13.68%
Ratios to Average Net Assets C,H,I
Expenses before reductions		.59%		.59%		.59%		.59% J
Expenses net of fee waivers, if any		.59%		.59%		.59%		.59% J
Expenses net of all reductions		.59%		.59%		.59%		.59% J
Net investment income (loss)		-% K		(.17)%		(.27)%		(.34)% J
Supplemental Data
Net assets, end of period (000 omitted)	$	780,383	$	363,397	$	407,189	$	41,494
Portfolio turnover rate L,M		30%		57%		63%		11% N

AFor the period June 2, 2020 (commencement of operations) through July 31, 2020.

BCalculated based on average shares outstanding during the period.

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

DAmount represents less than $.005 per share.

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

FBased on net asset value.

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

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

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

JAnnualized.

KAmount represents less than .005%.

LPortfolio turnover rate excludes securities received or delivered in-kind.

MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

NAmount not annualized.

Fidelity® Blue Chip Value ETF

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Life of Fund
Fidelity® Blue Chip Value ETF - NAV A	5.35%	14.70%
Fidelity® Blue Chip Value ETF - Market Price B	5.26%	13.50%
Russell 1000® Value Index A	8.28%	13.98%

A From June 2, 2020

B From June 4, 2020, date initially listed on the CboeBZX Exchange, Inc.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Blue Chip Value ETF - NAV, on June 2, 2020, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Value Index performed over the same period.

Fidelity® Blue Chip Value ETF

Management's Discussion of Fund Performance

Market Recap:

Comments from Co-Managers Sean Gavin and Anastasia Zabolotnikova:

For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value gained 5.35%, versus 8.28% for the Russell 1000 Value Index. The primary detractor from performance versus the benchmark was an overweight in the utilities sector. Stock picks and an underweight in industrials and positioning in energy also proved to be problematic. Not owning Meta Platforms, a benchmark component that gained approximately 81%, was the biggest individual relative detractor. An outsized stake in Centene (-27%), one of our largest holdings, also hurt. Another notable relative detractor was a non-benchmark position in Dollar General (-31%). In contrast, the biggest contributor to performance versus the benchmark was security selection in utilities. An underweight in real estate was beneficial as well. Further contributing to the fund's relative result were investment choices and an overweight in financials. The top individual relative contributor was a larger-than-benchmark holding in PG&E (+62%). Not owning Pfizer, a benchmark component that returned about -26%, was a second notable relative contributor. An overweight in Constellation Energy (+48%) also helped. Notable changes in positioning include increased exposure to the energy sector and a lower allocation to communication services stocks.

Fidelity® Blue Chip Value ETF

Investment Summary July 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Berkshire Hathaway, Inc. Class B	5.3
Exxon Mobil Corp.	4.5
Comcast Corp. Class A	3.6
JPMorgan Chase & Co.	3.4
Cigna Group	2.8
Bank of America Corp.	2.5
Johnson & Johnson	2.5
Centene Corp.	2.4
Cisco Systems, Inc.	2.4
Activision Blizzard, Inc.	2.3
	31.7

Market Sectors (% of Fund's net assets)

Financials	24.6
Health Care	20.0
Consumer Staples	10.8
Utilities	10.2
Energy	8.6
Information Technology	7.3
Industrials	6.9
Communication Services	5.9
Consumer Discretionary	2.3
Materials	1.7
Real Estate	0.6

Asset Allocation (% of Fund's net assets)

Fidelity® Blue Chip Value ETF

Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares	Value ($)
COMMUNICATION SERVICES - 5.9%
Entertainment - 2.3%
Activision Blizzard, Inc.	32,194	2,986,315
Media - 3.6%
Comcast Corp. Class A	101,905	4,612,220
TOTAL COMMUNICATION SERVICES		7,598,535
CONSUMER DISCRETIONARY - 2.3%
Diversified Consumer Services - 1.3%
H&R Block, Inc.	51,622	1,735,015
Specialty Retail - 1.0%
Ross Stores, Inc.	10,896	1,249,117
TOTAL CONSUMER DISCRETIONARY		2,984,132
CONSUMER STAPLES - 10.8%
Beverages - 1.3%
Coca-Cola European Partners PLC	16,104	1,020,833
Keurig Dr. Pepper, Inc.	21,488	730,807
		1,751,640
Consumer Staples Distribution & Retail - 2.3%
BJ's Wholesale Club Holdings, Inc. (a)	6,473	429,225
Dollar General Corp.	8,013	1,353,075
U.S. Foods Holding Corp. (a)	28,562	1,220,454
		3,002,754
Food Products - 3.0%
Mondelez International, Inc.	39,356	2,917,460
Tyson Foods, Inc. Class A	16,000	891,520
		3,808,980
Household Products - 2.2%
Procter & Gamble Co.	13,008	2,033,150
The Clorox Co.	5,027	761,490
		2,794,640
Personal Care Products - 2.0%
Haleon PLC ADR	103,989	916,143
Kenvue, Inc.	37,898	897,425
Unilever PLC sponsored ADR	13,433	721,755
		2,535,323
TOTAL CONSUMER STAPLES		13,893,337
ENERGY - 8.6%
Oil, Gas & Consumable Fuels - 8.6%
Antero Resources Corp. (a)	18,659	499,128
ConocoPhillips Co.	15,522	1,827,250
Equinor ASA sponsored ADR	32,156	986,546
Exxon Mobil Corp.	54,368	5,830,424
Occidental Petroleum Corp.	16,075	1,014,815
Ovintiv, Inc.	18,603	857,412
		11,015,575
FINANCIALS - 24.6%
Banks - 11.1%
Bank of America Corp.	101,425	3,245,600
Cullen/Frost Bankers, Inc.	2,582	280,354
JPMorgan Chase & Co.	27,346	4,319,574
M&T Bank Corp.	10,576	1,479,159
PNC Financial Services Group, Inc.	10,180	1,393,540
U.S. Bancorp	28,574	1,133,816
Wells Fargo & Co.	52,759	2,435,355
		14,287,398
Capital Markets - 3.2%
Affiliated Managers Group, Inc.	5,833	808,687
BlackRock, Inc. Class A	3,125	2,308,906
Invesco Ltd.	11,048	185,606
Northern Trust Corp.	9,289	744,235
		4,047,434
Financial Services - 5.3%
Berkshire Hathaway, Inc. Class B (a)	19,488	6,858,999
Insurance - 5.0%
Chubb Ltd.	9,373	1,915,935
The Travelers Companies, Inc.	17,255	2,978,386
Willis Towers Watson PLC	7,097	1,499,809
		6,394,130
TOTAL FINANCIALS		31,587,961
HEALTH CARE - 20.0%
Health Care Providers & Services - 11.5%
Centene Corp. (a)	44,973	3,062,212
Cigna Group	12,454	3,675,175
CVS Health Corp.	18,559	1,386,172
Elevance Health, Inc.	4,282	2,019,520
Humana, Inc.	3,860	1,763,364
UnitedHealth Group, Inc.	5,733	2,903,019
		14,809,462
Pharmaceuticals - 8.5%
AstraZeneca PLC sponsored ADR	31,245	2,240,267
Bristol-Myers Squibb Co.	47,569	2,958,316
Johnson & Johnson	19,197	3,216,073
Sanofi SA sponsored ADR	46,836	2,499,637
		10,914,293
TOTAL HEALTH CARE		25,723,755
INDUSTRIALS - 6.9%
Aerospace & Defense - 3.4%
L3Harris Technologies, Inc.	5,783	1,095,821
Lockheed Martin Corp.	2,780	1,240,909
Northrop Grumman Corp.	4,600	2,047,000
		4,383,730
Electrical Equipment - 1.3%
Eaton Corp. PLC	1,697	348,428
Regal Rexnord Corp.	8,175	1,276,772
		1,625,200
Machinery - 1.6%
Deere & Co.	1,760	756,096
Oshkosh Corp.	2,847	262,123
Pentair PLC	14,420	1,002,190
		2,020,409
Professional Services - 0.6%
Maximus, Inc.	9,811	821,769
TOTAL INDUSTRIALS		8,851,108
INFORMATION TECHNOLOGY - 7.3%
Communications Equipment - 2.4%
Cisco Systems, Inc.	58,390	3,038,616
Electronic Equipment, Instruments & Components - 0.2%
TE Connectivity Ltd.	1,827	262,156
IT Services - 2.2%
Amdocs Ltd.	15,927	1,491,404
Cognizant Technology Solutions Corp. Class A	20,694	1,366,425
		2,857,829
Semiconductors & Semiconductor Equipment - 1.2%
Broadcom, Inc.	356	319,919
Micron Technology, Inc.	13,361	953,842
NXP Semiconductors NV	1,286	286,752
		1,560,513
Software - 1.3%
Gen Digital, Inc.	48,466	942,664
Open Text Corp.	16,262	698,453
		1,641,117
TOTAL INFORMATION TECHNOLOGY		9,360,231
MATERIALS - 1.7%
Chemicals - 1.4%
DuPont de Nemours, Inc.	24,018	1,864,517
Metals & Mining - 0.3%
Newmont Corp.	9,095	390,357
TOTAL MATERIALS		2,254,874
REAL ESTATE - 0.6%
Real Estate Management & Development - 0.6%
CBRE Group, Inc. (a)	9,176	764,453
UTILITIES - 10.2%
Electric Utilities - 7.7%
Constellation Energy Corp.	16,127	1,558,675
Edison International	19,669	1,415,381
Evergy, Inc.	16,861	1,011,154
NextEra Energy, Inc.	16,499	1,209,377
PG&E Corp. (a)	143,359	2,524,552
Portland General Electric Co.	12,978	618,661
Southern Co.	21,771	1,574,914
		9,912,714
Independent Power and Renewable Electricity Producers - 0.8%
The AES Corp.	49,113	1,062,314
Multi-Utilities - 1.7%
Dominion Energy, Inc.	27,241	1,458,756
National Grid PLC sponsored ADR	9,692	653,047
		2,111,803
TOTAL UTILITIES		13,086,831
TOTAL COMMON STOCKS (Cost $116,518,058)		127,120,792

Money Market Funds - 1.5%
	Shares	Value ($)
State Street Institutional Treasury Plus Money Market Fund Trust Class 5.15% (b) (Cost $1,861,792)	1,861,792	1,861,792

TOTAL INVESTMENT IN SECURITIES - 100.4% (Cost $118,379,850)	128,982,584
NET OTHER ASSETS (LIABILITIES) - (0.4)%	(484,477)
NET ASSETS - 100.0%	128,498,107

Legend

(a)	Non-income producing

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	7,598,535	7,598,535	-	-
Consumer Discretionary	2,984,132	2,984,132	-	-
Consumer Staples	13,893,337	13,893,337	-	-
Energy	11,015,575	11,015,575	-	-
Financials	31,587,961	31,587,961	-	-
Health Care	25,723,755	25,723,755	-	-
Industrials	8,851,108	8,851,108	-	-
Information Technology	9,360,231	9,360,231	-	-
Materials	2,254,874	2,254,874	-	-
Real Estate	764,453	764,453	-	-
Utilities	13,086,831	13,086,831	-	-

Money Market Funds	1,861,792	1,861,792	-	-
Total Investments in Securities:	128,982,584	128,982,584	-	-

Fidelity® Blue Chip Value ETF

Financial Statements

Statement of Assets and Liabilities
				July 31, 2023

Assets
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $118,379,850):			$	128,982,584
Cash				409
Receivable for investments sold				963,143
Dividends receivable				112,030
Total assets				130,058,166
Liabilities
Payable for investments purchased	$	1,497,676
Accrued management fee		62,383
Total Liabilities				1,560,059
Net Assets			$	128,498,107
Net Assets consist of:
Paid in capital			$	120,394,422
Total accumulated earnings (loss)				8,103,685
Net Assets			$	128,498,107
Net Asset Value, offering price and redemption price per share ($128,498,107 ÷ 4,450,000 shares)			$	28.88

Statement of Operations
				Year ended July 31, 2023
Investment Income
Dividends			$	2,699,887
Expenses
Management fee	$	751,125
Independent trustees' fees and expenses		632
Total expenses before reductions		751,757
Expense reductions		(9)
Total expenses after reductions				751,748
Net Investment income (loss)				1,948,139
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Redemptions in-kind		3,457,839
Unaffiliated issuers		(1,110,565)
Foreign currency transactions		12
Futures contracts		(4,693)
Total net realized gain (loss)				2,342,593
Change in net unrealized appreciation (depreciation) on investment securities				1,420,433
Net gain (loss)				3,763,026
Net increase (decrease) in net assets resulting from operations			$	5,711,165

Statement of Changes in Net Assets

		Year ended July 31, 2023		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,948,139	$	1,429,112
Net realized gain (loss)		2,342,593		1,521,586
Change in net unrealized appreciation (depreciation)		1,420,433		(2,033,797)
Net increase (decrease) in net assets resulting from operations		5,711,165		916,901
Distributions to shareholders		(2,839,975)		(3,452,325)

Share transactions
Proceeds from sales of shares		32,169,213		25,101,299
Cost of shares redeemed		(20,717,724)		(2,855,376)

Net increase (decrease) in net assets resulting from share transactions		11,451,489		22,245,923
Total increase (decrease) in net assets		14,322,679		19,710,499

Net Assets
Beginning of period		114,175,428		94,464,929
End of period	$	128,498,107	$	114,175,428

Other Information
Shares
Sold		1,125,000		875,000
Redeemed		(750,000)		(100,000)
Net increase (decrease)		375,000		775,000

Fidelity® Blue Chip Value ETF

Years ended July 31,		2023		2022		2021		2020 A
Selected Per-Share Data
Net asset value, beginning of period	$	28.02	$	28.63	$	20.23	$	20.00
Income from Investment Operations
Net investment income (loss) B,C		.43		.39		.32		.03
Net realized and unrealized gain (loss)		1.04		(.03)		8.32		.21
Total from investment operations		1.47		.36		8.64		.24
Distributions from net investment income		(.42)		(.39)		(.24)		(.01)
Distributions from net realized gain		(.19)		(.58)		-		-
Total distributions		(.61)		(.97)		(.24)		(.01)
Net asset value, end of period	$	28.88	$	28.02	$	28.63	$	20.23
Total Return D,E,F		5.35%		1.27%		42.83%		1.23%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.59%		.59%		.59%		.59% I
Expenses net of fee waivers, if any		.59%		.59%		.59%		.59% I
Expenses net of all reductions		.59%		.59%		.58%		.59% I
Net investment income (loss)		1.53%		1.36%		1.22%		1.02% I
Supplemental Data
Net assets, end of period (000 omitted)	$	128,498	$	114,175	$	94,465	$	8,093
Portfolio turnover rate J,K		35%		54%		97%		20% L

AFor the period June 2, 2020 (commencement of operations) through July 31, 2020.

BCalculated based on average shares outstanding during the period.

DBased on net asset value.

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

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

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

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

IAnnualized.

JPortfolio turnover rate excludes securities received or delivered in-kind.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

LAmount not annualized.

Fidelity® Growth Opportunities ETF

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Life of Fund
Fidelity® Growth Opportunities ETF - NAV A	23.80%	-4.27%
Fidelity® Growth Opportunities ETF - Market Price B	23.60%	-5.24%
Russell 1000® Growth Index A	17.31%	6.55%

A From February 2, 2021

B From February 4, 2021, date initially listed on the CboeBZX Exchange, Inc.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Growth Opportunities ETF - NAV, on February 2, 2021, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Growth Index performed over the same period.

Fidelity® Growth Opportunities ETF

Management's Discussion of Fund Performance

Market Recap:

Comments from Co-Managers Michael Kim and Kyle Weaver:

For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value gained 23.80%, versus 17.31% for the Russell 1000 Growth Index. The ETF's market price advanced 23.60% for the 12 months. The biggest contributor to performance versus the benchmark, by far, was stock selection in information technology. Security selection in industrials also boosted relative performance, as did a sizable underweight in consumer staples. The top individual relative contributor was an overweight in Nvidia (+161%), one of our biggest holdings. This period we increased our investment in Nvidia. The second-largest relative contributor was an overweight in Uber Technologies (+114%). Uber was one of the fund's largest holdings; this period we increased our position. An overweight in Meta Platforms (+103%) also helped. This past year we increased our stake, and Meta Platforms was among our biggest holdings at period end. In contrast, the primary detractor from performance versus the benchmark was stock selection in energy. Picks and an overweight in financials also hampered the fund's result. Further detracting from our result was security selection in consumer discretionary. The biggest individual relative detractor was our stake in Antero Resources (-32%). The second-largest relative detractor was our non-benchmark stake in T-Mobile (-4%), one of our largest holdings. This period we increased our investment. An overweight in EPAM Systems (-31%) also detracted. This period we increased our position in EPAM. Notable changes in positioning include significantly decreased exposure to the energy sector and a higher allocation to financials.

Fidelity® Growth Opportunities ETF

Investment Summary July 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	10.1
NVIDIA Corp.	8.3
Amazon.com, Inc.	4.8
Alphabet, Inc. Class C	4.4
Meta Platforms, Inc. Class A	3.5
T-Mobile U.S., Inc.	3.4
Uber Technologies, Inc.	3.1
Alphabet, Inc. Class A	2.9
ON Semiconductor Corp.	2.4
Roku, Inc. Class A	2.3
	45.2

Market Sectors (% of Fund's net assets)

Information Technology	44.5
Communication Services	19.6
Financials	10.3
Health Care	9.8
Consumer Discretionary	7.3
Industrials	4.3
Energy	2.7
Utilities	1.1
Consumer Staples	0.3

Asset Allocation (% of Fund's net assets)

Fidelity® Growth Opportunities ETF

Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares	Value ($)
COMMUNICATION SERVICES - 19.6%
Entertainment - 3.9%
Netflix, Inc. (a)	2,517	1,104,887
Roku, Inc. Class A (a)	47,562	4,578,794
Sea Ltd. ADR (a)	28,931	1,924,490
		7,608,171
Interactive Media & Services - 11.6%
Alphabet, Inc.:
Class A (a)	42,176	5,597,599
Class C (a)	65,021	8,654,945
Meta Platforms, Inc. Class A (a)	21,233	6,764,834
Snap, Inc. Class A (a)	53,249	604,909
Zoominfo Technologies, Inc. (a)	42,289	1,081,330
		22,703,617
Media - 0.7%
Magnite, Inc. (a)	62,013	938,257
TechTarget, Inc. (a)	10,538	342,274
The Trade Desk, Inc. (a)	1,422	129,772
		1,410,303
Wireless Telecommunication Services - 3.4%
T-Mobile U.S., Inc. (a)	47,295	6,515,832
TOTAL COMMUNICATION SERVICES		38,237,923
CONSUMER DISCRETIONARY - 7.3%
Automobile Components - 0.1%
Aptiv PLC (a)	2,122	232,338
Automobiles - 0.3%
Rivian Automotive, Inc. (a)	13,253	366,313
Tesla, Inc. (a)	438	117,134
		483,447
Broadline Retail - 4.8%
Amazon.com, Inc. (a)	69,761	9,325,650
Household Durables - 0.0%
Lennar Corp. Class A	307	38,937
Leisure Products - 0.0%
Peloton Interactive, Inc. Class A (a)	5,991	58,173
Specialty Retail - 2.0%
Carvana Co. Class A (a)	18,981	872,177
Cazoo Group Ltd. Class A (a)	3,570	6,533
Floor & Decor Holdings, Inc. Class A (a)	14,790	1,698,632
Lowe's Companies, Inc.	4,066	952,542
RH (a)