Fidelity® MSCI Communication Services Index ETF
Fidelity® MSCI Consumer Discretionary Index ETF
Fidelity® MSCI Consumer Staples Index ETF
Fidelity® MSCI Energy Index ETF
Fidelity® MSCI Financials Index ETF
Fidelity® MSCI Health Care Index ETF
Fidelity® MSCI Industrials Index ETF
Fidelity® MSCI Information Technology Index ETF
Fidelity® MSCI Materials Index ETF
Fidelity® MSCI Real Estate Index ETF
Fidelity® MSCI Utilities Index ETF
Semi-Annual Report
January 31, 2023
 
 

Contents
Investment Summary 3  
Schedule of Investments 14  
Financial Statements 62  
Notes to Financial Statements 85  
Shareholder Expense Example 90  
Liquidity Risk Management Program 92  
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.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
© 2023 FMR LLC. All Rights reserved.    
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most recent holdings listing 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
Fidelity® MSCI Communication Services Index ETF
Investment Summary (Unaudited)    
Top Ten Stocks as of January 31, 2023
  % of fund's
net assets
Alphabet, Inc. Class A 11.8
Meta Platforms, Inc. Class A 11.0
Alphabet, Inc. Class C 10.5
The Walt Disney Co. 6.2
Verizon Communications, Inc. 5.5
Netflix, Inc. 4.7
AT&T, Inc. 4.5
Comcast Corp. Class A 4.3
T-Mobile US, Inc. 3.6
Activision Blizzard, Inc. 2.4
  64.5
 
Industries as of January 31, 2023
* Includes short-term investments and net other assets.
 
3 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2023
  % of fund's
net assets
Amazon.com, Inc. 21.2
Tesla, Inc. 10.4
The Home Depot, Inc. 7.5
McDonald's Corp. 4.4
NIKE, Inc. Class B 3.6
Lowe's Cos., Inc. 2.9
Starbucks Corp. 2.8
Booking Holdings, Inc. 2.2
The TJX Cos., Inc. 2.1
Target Corp. 1.8
General Motors Co. 1.2
  60.1
 
Industries as of January 31, 2023
* Includes short-term investments and net other assets.
 
 Semi-Annual Report 4

Table of Contents
Fidelity® MSCI Consumer Staples Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2023
  % of fund's
net assets
The Procter & Gamble Co. 12.2
The Coca-Cola Co. 8.7
PepsiCo, Inc. 8.2
Costco Wholesale Corp. 7.8
Walmart, Inc. 7.3
Philip Morris International, Inc. 4.9
Mondelez International, Inc. Class A 3.7
Altria Group, Inc. 3.3
The Estee Lauder Cos., Inc. Class A 2.6
Colgate-Palmolive Co. 2.4
  61.1
 
Industries as of January 31, 2023
* Includes short-term investments and net other assets.
 
5 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Energy Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2023
  % of fund's
net assets
Exxon Mobil Corp. 22.8
Chevron Corp. 15.1
ConocoPhillips 6.9
Schlumberger N.V. 3.9
Marathon Petroleum Corp. 3.8
EOG Resources, Inc. 3.8
Occidental Petroleum Corp. 2.9
Valero Energy Corp. 2.8
Pioneer Natural Resources Co. 2.6
Phillips 66 2.4
  67.0
 
Industries as of January 31, 2023
* Includes short-term investments and net other assets.
 
 Semi-Annual Report 6

Table of Contents
Fidelity® MSCI Financials Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2023
  % of fund's
net assets
JPMorgan Chase & Co. 8.4
Berkshire Hathaway, Inc. Class B 8.3
Bank of America Corp. 5.3
Wells Fargo & Co. 3.7
S&P Global, Inc. 2.6
Morgan Stanley 2.6
Goldman Sachs Group, Inc. 2.6
BlackRock, Inc. 2.3
The Charles Schwab Corp. 2.3
American Express Co. 2.3
  40.4
 
Industries as of January 31, 2023
* Includes short-term investments and net other assets.
 
7 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Health Care Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2023
  % of fund's
net assets
UnitedHealth Group, Inc. 8.0
Johnson & Johnson 7.3
Eli Lilly & Co. 4.8
Merck & Co., Inc. 4.7
AbbVie, Inc. 4.5
Pfizer, Inc. 4.2
Thermo Fisher Scientific, Inc. 3.8
Abbott Laboratories 3.3
Danaher Corp. 3.1
Bristol-Myers Squibb Co. 2.7
  46.4
 
Industries as of January 31, 2023
* Includes short-term investments and net other assets.
 
 Semi-Annual Report 8

Table of Contents
Fidelity® MSCI Industrials Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2023
  % of fund's
net assets
Raytheon Technologies Corp. 3.8
Honeywell International, Inc. 3.6
United Parcel Service, Inc. Class B 3.5
Caterpillar, Inc. 3.5
Union Pacific Corp. 3.3
Deere & Co. 3.2
The Boeing Co. 3.1
Lockheed Martin Corp. 2.9
General Electric Co. 2.3
Illinois Tool Works, Inc. 1.9
  31.1
 
Industries as of January 31, 2023
* Includes short-term investments and net other assets.
 
9 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Information Technology Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2023
  % of fund's
net assets
Apple, Inc. 20.7
Microsoft Corp. 17.1
NVIDIA Corp. 4.7
Visa, Inc. Class A 3.7
Mastercard, Inc. Class A 3.1
Broadcom, Inc. 2.3
Cisco Systems, Inc. 2.0
Accenture PLC Class A 1.7
Adobe, Inc. 1.7
Salesforce, Inc. 1.6
  58.6
 
Industries as of January 31, 2023
* Includes short-term investments and net other assets.
 
 Semi-Annual Report 10

Table of Contents
Fidelity® MSCI Materials Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2023
  % of fund's
net assets
Linde PLC 13.2
Air Products & Chemicals, Inc. 5.7
Freeport-McMoRan, Inc. 5.1
The Sherwin-Williams Co. 4.6
Corteva, Inc. 3.7
Nucor Corp. 3.5
Dow, Inc. 3.4
Newmont Corp. 3.3
Ecolab, Inc. 3.2
DuPont de Nemours, Inc. 3.0
  48.7
 
Industries as of January 31, 2023
* Includes short-term investments and net other assets.
 
11 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Real Estate Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2023
  % of fund's
net assets
Prologis, Inc. 8.7
American Tower Corp. 7.6
Equinix, Inc. 4.9
Crown Castle, Inc. 4.6
Public Storage 3.5
Simon Property Group, Inc. 3.1
Realty Income Corp. 3.0
Welltower, Inc. 2.5
VICI Properties, Inc. 2.4
Digital Realty Trust, Inc. 2.4
  42.7
 
Industries as of January 31, 2023
* Includes short-term investments and net other assets.
 
 Semi-Annual Report 12

Table of Contents
Fidelity® MSCI Utilities Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2023
  % of fund's
net assets
NextEra Energy, Inc. 12.9
Duke Energy Corp. 6.9
The Southern Co. 6.5
Dominion Energy, Inc. 4.7
Sempra Energy 4.4
American Electric Power Co., Inc. 4.3
Exelon Corp. 3.7
Xcel Energy, Inc. 3.3
Consolidated Edison, Inc. 3.0
Public Service Enterprise Group, Inc. 2.7
  52.4
 
Industries as of January 31, 2023
* Includes short-term investments and net other assets.
 
13 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Communication Services Index ETF
Schedule of Investments January 31, 2023 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.7% 
    Shares Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 14.3% 
Alternative Carriers – 3.3%
Anterix, Inc. (a) 9,397 $ 338,950
Bandwidth, Inc. Class A (a) 16,057 399,498
Charge Enterprises Inc. (a) 78,637 105,374
Cogent Communications Holdings, Inc. 29,822 2,044,894
EchoStar Corp. Class A (a) 23,384 437,515
Globalstar, Inc. (a) 506,843 714,649
Iridium Communications, Inc. (a) 67,746 4,053,921
Liberty Global PLC Class A (a) 107,230 2,325,819
Liberty Global PLC Class C (a) 153,803 3,437,497
Liberty Latin America Ltd. Class A (a) 25,941 255,259
Liberty Latin America Ltd. Class C (a) 104,804 1,032,319
Lumen Technologies, Inc. 403,993 2,120,963
      17,266,658
Integrated Telecommunication Services – 11.0%
AT&T, Inc. 1,152,722 23,480,947
ATN International, Inc. 7,621 372,514
Consolidated Communications Holdings, Inc. (a) 50,653 220,341
Frontier Communications Parent, Inc. (a) 108,788 3,221,213
IDT Corp. Class B (a) 14,291 420,012
Radius Global Infrastructure, Inc. Class A (a) 56,164 756,529
Verizon Communications, Inc. 682,919 28,388,943
      56,860,499
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES 74,127,157
ENTERTAINMENT – 23.1% 
Interactive Home Entertainment – 6.0%
Activision Blizzard, Inc. 163,377 12,509,777
Electronic Arts, Inc. 65,971 8,489,148
Playstudios, Inc. (a) 59,921 276,835
Playtika Holding Corp. (a) 50,061 525,140
ROBLOX Corp. Class A (a) 104,138 3,874,975
Skillz, Inc. (a) 178,976 143,073
Take-Two Interactive Software, Inc. (a) 45,494 5,151,286
      30,970,234
Movies & Entertainment – 17.1%
AMC Entertainment Holdings, Inc. Class A (a) 332,712 1,780,009
Cinemark Holdings, Inc. (a) 76,042 907,941
Endeavor Group Holdings, Inc. Class A (a) 60,079 1,347,572
IMAX Corp. (a) 31,121 529,057
   
    Shares Value
Liberty Media Corp-Liberty Braves Class A (a) 5,371 $ 188,683
Liberty Media Corp-Liberty Braves Class C (a) 27,840 965,491
Liberty Media Corp-Liberty Formula One Class C (a) 68,301 4,835,711
Lions Gate Entertainment Corp. Class A (a) 40,016 318,928
Lions Gate Entertainment Corp. Class B (a) 85,687 652,935
Live Nation Entertainment, Inc. (a) 53,953 4,342,677
Madison Square Garden Entertainment Corp. (a) 17,317 905,506
Madison Square Garden Sports Corp. Class A 10,246 1,863,133
Netflix, Inc. (a) 69,138 24,465,173
Roku, Inc. (a) 45,399 2,610,443
The Marcus Corp. 14,964 226,555
The Walt Disney Co. (a) 298,017 32,331,864
Vivid Seats, Inc. Class A (a) 17,244 146,746
Warner Bros Discovery, Inc. (a) 559,046 8,285,062
World Wrestling Entertainment, Inc. Class A 29,840 2,525,061
      89,228,547
TOTAL ENTERTAINMENT 120,198,781
INTERACTIVE MEDIA & SERVICES – 39.1% 
Interactive Media & Services – 39.1%
Alphabet, Inc. Class A (a) 621,440 61,423,130
Alphabet, Inc. Class C (a) 546,670 54,595,933
Angi, Inc. (a) 53,605 155,991
Bumble, Inc. Class A (a) 49,935 1,285,826
Cargurus, Inc. (a) 61,154 1,079,368
Cars.com, Inc. (a) 45,569 779,230
Eventbrite, Inc. Class A (a) 57,086 507,495
fuboTV, Inc. (a) 124,714 320,515
IAC, Inc. (a) 37,017 2,091,460
Match Group, Inc. (a) 74,883 4,052,668
MediaAlpha, Inc. Class A (a) 16,735 233,453
Meta Platforms, Inc. Class A (a) 383,970 57,200,011
Nextdoor Holdings, Inc. (a) 63,870 157,120
Pinterest, Inc. Class A (a) 174,168 4,578,877
QuinStreet, Inc. (a) 36,010 552,033
Shutterstock, Inc. 17,640 1,327,763
Snap, Inc. Class A (a) 321,333 3,714,609
TripAdvisor, Inc. (a) 71,207 1,659,123
Vimeo, Inc. (a) 107,970 490,184
Yelp, Inc. (a) 49,235 1,551,395
Ziff Davis, Inc. (a) 29,288 2,620,690
ZipRecruiter, Inc. Class A (a) 26,060 511,818
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 14

Table of Contents
Common Stocks – continued 
    Shares Value
INTERACTIVE MEDIA & SERVICES – continued
Interactive Media & Services – continued
ZoomInfo Technologies, Inc. Class A (a) 93,187 $ 2,630,669
TOTAL INTERACTIVE MEDIA & SERVICES 203,519,361
MEDIA – 19.2% 
Advertising – 4.0%
Advantage Solutions, Inc. (a) 53,565 138,733
Boston Omaha Corp. Class A (a) 13,850 366,332
Cardlytics, Inc. (a) 23,137 173,528
Clear Channel Outdoor Holdings, Inc. (a) 235,805 450,388
Innovid Corp. (a) 40,589 91,325
Magnite, Inc. (a) 83,449 1,008,064
Omnicom Group, Inc. 68,045 5,851,190
PubMatic, Inc. Class A (a) 28,616 438,683
Stagwell, Inc. (a) 55,213 387,595
TechTarget, Inc. (a) 19,677 974,602
The Interpublic Group of Cos., Inc. 144,671 5,274,705
The Trade Desk, Inc. Class A (a) 105,136 5,330,395
Thryv Holdings, Inc. (a) 14,680 328,392
      20,813,932
Broadcasting – 3.9%
AMC Networks, Inc. Class A (a) 19,558 362,018
Fox Corp. Class A 115,719 3,927,503
Fox Corp. Class B 92,288 2,925,530
Gray Television, Inc. 53,384 691,857
iHeartMedia, Inc. Class A (a) 80,432 623,348
Nexstar Media Group, Inc. Class A 18,060 3,698,146
Paramount Global Class B 180,179 4,172,946
Sinclair Broadcast Group, Inc. Class A 30,797 635,342
TEGNA, Inc. 134,214 2,674,885
The E.W. Scripps Co. Class A (a) 38,070 569,146
      20,280,721
Cable & Satellite – 9.6%
Altice USA, Inc. Class A (a) 152,487 747,186
Cable One, Inc. 2,515 1,986,548
Charter Communications, Inc. Class A (a) 26,151 10,050,091
Comcast Corp. Class A 572,432 22,525,199
DISH Network Corp. Class A (a) 135,137 1,944,622
Liberty Broadband Corp. Class C (a) 42,580 3,822,832
Liberty Media Corp-Liberty SiriusXM Class A (a) 50,862 2,066,015
Liberty Media Corp-Liberty SiriusXM Class C (a) 81,331 3,277,639
Sirius XM Holdings, Inc. 490,317 2,838,936
   
    Shares Value
WideOpenWest, Inc. (a) 36,413 $ 418,385
      49,677,453
Publishing – 1.7%
John Wiley & Sons, Inc. Class A 31,063 1,422,685
News Corp. Class A 185,022 3,748,546
Scholastic Corp. 20,490 906,477
The New York Times Co. Class A 83,802 2,919,662
      8,997,370
TOTAL MEDIA 99,769,476
WIRELESS TELECOMMUNICATION SERVICES – 4.0% 
Wireless Telecommunication Services – 4.0%
Gogo, Inc. (a) 40,161 673,500
Shenandoah Telecommunications Co. 33,707 658,972
Telephone & Data Systems, Inc. 71,347 953,909
T-Mobile US, Inc. (a) 123,493 18,438,740
United States Cellular Corp. (a) 10,929 267,323
TOTAL WIRELESS TELECOMMUNICATION SERVICES 20,992,444
TOTAL COMMON STOCKS
(Cost $636,634,828) 		518,607,219
    
Preferred Stock – 0.1% 
    Principal Amount  
COMMUNICATION SERVICES – 0.1% 
Entertainment – 0.1%
AMC Entertainment Holdings, Inc. 0.000% (a) $ 358,413 867,360
TOTAL PREFERRED STOCKS
(Cost $2,367,278) 		867,360
    
Money Market Fund – 0.2% 
    Shares  
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.15% (b)
(Cost $940,000) 		940,000 940,000
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $639,942,106) 		520,414,579
NET OTHER ASSETS (LIABILITIES) – (0.0%) (133,355)
NET ASSETS – 100.0% $ 520,281,224
    
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.
15 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Communication Services Index ETF
Schedule of Investments (Unaudited)–continued
Futures Contracts
  Number of
contracts 		Expiration
Date 		Notional
Amount 		Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contract          
CME E-mini S&P Communication Service Select Sector Index Contracts (United States) 13 March 2023 $940,225 $71,183 $71,183
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used 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   $ 518,607,219   $ 518,607,219   $ — $ —  
Money Market Funds   940,000   940,000   — —  
Preferred Stocks   867,360   867,360   — —  
Total Investments in Securities:   $ 520,414,579   $ 520,414,579   $ — $ —  
Derivative Instruments:                
Assets                
Futures Contracts   $ 71,183   $ 71,183   $ — $ —  
Total Assets   $ 71,183   $ 71,183   $ — $ —  
Total Derivative Instruments:   $ 71,183   $ 71,183   $ — $ —  
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type Value
  Asset   Liabilities
Equity Risk      
Futures Contracts(a) $71,183   $0
Total Equity Risk 71,183   0
Total Value of Derivatives $71,183   $0
    
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 16

Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investments January 31, 2023 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.7% 
    Shares Value
AUTO COMPONENTS – 2.3% 
Auto Parts & Equipment – 2.2%
Adient PLC (a) 22,473 $ 1,011,734
American Axle & Manufacturing Holdings, Inc. (a) 27,156 240,874
Aptiv PLC (a) 64,116 7,250,878
Autoliv, Inc. 19,600 1,805,552
BorgWarner, Inc. 55,900 2,642,952
Dana, Inc. 30,583 554,776
Dorman Products, Inc. (a) 6,330 614,390
Fox Factory Holding Corp. (a) 10,019 1,183,144
Gentex Corp. 55,736 1,644,769
Gentherm, Inc. (a) 7,865 585,392
Holley, Inc. (a) 11,189 37,036
LCI Industries 6,026 676,238
Lear Corp. 14,072 2,051,416
Luminar Technologies, Inc. (a) 49,452 329,845
Modine Manufacturing Co. (a) 11,100 265,179
Patrick Industries, Inc. 5,149 365,424
QuantumScape Corp. (a) 62,172 529,084
Solid Power, Inc. (a) 24,826 83,167
Standard Motor Products, Inc. 4,569 184,862
Stoneridge, Inc. (a) 6,478 159,747
Visteon Corp. (a) 6,664 1,041,850
XPEL, Inc. (a) 4,584 348,705
      23,607,014
Tires & Rubber – 0.1%
The Goodyear Tire & Rubber Co. (a) 67,038 754,177
TOTAL AUTO COMPONENTS 24,361,191
AUTOMOBILES – 13.4% 
Automobile Manufacturers – 13.2%
Canoo, Inc. (a) 43,568 52,282
Fisker, Inc. (a) 39,436 293,798
Ford Motor Co. 934,698 12,627,770
General Motors Co. 327,823 12,890,000
Lordstown Motors Corp. Class A (a) 39,042 51,145
Lucid Group, Inc. (a) 99,131 1,158,842
Rivian Automotive, Inc. Class A (a) 75,363 1,462,042
Tesla, Inc. (a) 630,355 109,190,093
Thor Industries, Inc. 12,927 1,232,331
Winnebago Industries, Inc. 7,152 455,439
Workhorse Group, Inc. (a) 38,810 85,770
      139,499,512
Motorcycle Manufacturers – 0.2%
Harley-Davidson, Inc. 32,916 1,515,124
TOTAL AUTOMOBILES 141,014,636
DISTRIBUTORS – 1.2% 
Distributors – 1.2%
Funko, Inc. Class A (a) 8,326 100,745
   
    Shares Value
Genuine Parts Co. 33,470 $ 5,616,935
LKQ Corp. 61,610 3,632,526
Pool Corp. 9,356 3,607,767
TOTAL DISTRIBUTORS 12,957,973
DIVERSIFIED CONSUMER SERVICES – 1.1% 
Education Services – 0.5%
2U, Inc. (a) 18,368 158,516
Adtalem Global Education, Inc. (a) 10,718 409,213
Bright Horizons Family Solutions, Inc. (a) 13,700 1,051,886
Chegg, Inc. (a) 29,962 622,011
Coursera, Inc. (a) 13,820 220,429
Duolingo, Inc. (a) 4,350 415,382
Graham Holdings Co. Class B 918 599,739
Grand Canyon Education, Inc. (a) 7,573 882,709
Laureate Education, Inc. Class A 33,427 367,028
Perdoceo Education Corp. (a) 16,060 240,418
Strategic Education, Inc. 5,550 518,092
Stride, Inc. (a) 9,631 413,459
      5,898,882
Specialized Consumer Services – 0.6%
ADT, Inc. 40,618 357,032
Carriage Services, Inc. 3,133 101,572
European Wax Center, Inc. Class A 6,086 114,660
Frontdoor, Inc. (a) 19,316 525,009
H&R Block, Inc. 37,912 1,477,810
Mister Car Wash, Inc. (a) 18,033 185,199
OneSpaWorld Holdings Ltd. (a) 15,861 166,699
Rover Group, Inc. (a) 17,329 70,876
Service Corp. International 37,232 2,760,753
The Beachbody Co., Inc. (a) 16,883 10,488
Vivint Smart Home, Inc. (a) 10,090 120,878
WW International, Inc. (a) 13,351 66,354
      5,957,330
TOTAL DIVERSIFIED CONSUMER SERVICES 11,856,212
HOTELS, RESTAURANTS & LEISURE – 20.5% 
Casinos & Gaming – 2.1%
Accel Entertainment, Inc. (a) 13,888 128,047
Bally's Corp. (a) 7,380 146,641
Boyd Gaming Corp. 18,995 1,183,578
Caesars Entertainment, Inc. (a) 50,631 2,635,850
Churchill Downs, Inc. 8,042 1,995,220
DraftKings Inc. Class A (a) 90,373 1,354,691
Everi Holdings, Inc. (a) 21,299 369,964
Golden Entertainment, Inc. (a) 4,389 173,366
Las Vegas Sands Corp. (a) 81,308 4,797,172
Light & Wonder, Inc. Class A (a) 21,091 1,376,188
MGM Resorts International 74,279 3,075,893
Monarch Casino & Resort, Inc. (a) 3,361 257,520
 
See accompanying notes which are an integral part of the financial statements.
17 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
    Shares Value
HOTELS, RESTAURANTS & LEISURE – continued
Casinos & Gaming – continued
Penn Entertainment, Inc. (a) 37,584 $ 1,332,353
Red Rock Resorts, Inc. Class A 12,466 561,095
Wynn Resorts Ltd. (a) 25,607 2,653,909
      22,041,487
Hotels, Resorts & Cruise Lines – 6.9%
Airbnb, Inc. Class A (a) 89,745 9,971,567
Booking Holdings, Inc. (a) 9,399 22,878,106
Carnival Corp. (a) 233,977 2,531,631
Choice Hotels International, Inc. 8,592 1,055,871
Expedia Group, Inc. (a) 35,930 4,106,799
Hilton Grand Vacations, Inc. (a) 20,924 990,961
Hilton Worldwide Holdings, Inc. 64,913 9,418,227
Hyatt Hotels Corp. Class A (a) 11,878 1,296,127
Lindblad Expeditions Holdings, Inc. (a) 8,179 97,330
Marriott International, Inc. Class A 65,288 11,371,864
Marriott Vacations Worldwide Corp. 8,780 1,405,151
Membership Collective Group, Inc. Class A (a) 6,923 36,692
Norwegian Cruise Line Holdings Ltd. (a) 99,889 1,519,312
Playa Hotels & Resorts N.V. (a) 31,483 238,641
Royal Caribbean Cruises Ltd. (a) 54,240 3,522,346
Target Hospitality Corp. (a) 7,021 107,807
Travel + Leisure Co. 19,868 841,807
Wyndham Hotels & Resorts, Inc. 21,413 1,659,722
      73,049,961
Leisure Facilities – 0.6%
Bowlero Corp. (a) 9,222 126,802
F45 Training Holdings, Inc. (a) 8,290 25,699
Life Time Group Holdings, Inc. (a) 6,897 129,595
Planet Fitness, Inc. Class A (a) 19,969 1,690,376
RCI Hospitality Holdings, Inc. 1,973 179,129
SeaWorld Entertainment, Inc. (a) 10,421 650,166
Six Flags Entertainment Corp. (a) 17,731 476,077
Vail Resorts, Inc. 9,500 2,492,230
Xponential Fitness Inc. Class A (a) 3,867 106,265
      5,876,339
Restaurants – 10.9%
Aramark 54,752 2,438,107
BJ's Restaurants, Inc. (a) 5,562 175,592
Bloomin' Brands, Inc. 20,112 487,716
Brinker International, Inc. (a) 10,407 410,660
Chipotle Mexican Grill, Inc. (a) 6,574 10,823,302
Chuys Holdings, Inc. (a) 4,466 152,871
Cracker Barrel Old Country Store, Inc. 5,131 572,517
Darden Restaurants, Inc. 28,988 4,289,354
   
    Shares Value
Dave & Buster's Entertainment, Inc. (a) 9,278 $ 402,201
Denny's Corp. (a) 13,729 165,023
Dine Brands Global, Inc. 3,531 272,982
Domino's Pizza, Inc. 8,482 2,994,146
Dutch Bros, Inc. Class A (a) 6,094 232,242
El Pollo Loco Holdings, Inc. 4,824 59,191
First Watch Restaurant Group Inc. (a) 4,202 68,072
Jack in the Box, Inc. 4,991 379,216
Krispy Kreme, Inc. 15,877 193,699
Kura Sushi USA Inc. Class A (a) 1,038 64,501
McDonald's Corp. 174,120 46,559,688
Papa John's International, Inc. 7,958 713,753
Portillo's, Inc. Class A (a) 9,673 218,223
Ruth's Hospitality Group, Inc. 7,606 131,660
Shake Shack, Inc. Class A (a) 8,848 503,274
Starbucks Corp. 271,557 29,637,731
Sweetgreen, Inc. Class A (a) 11,455 118,788
Texas Roadhouse, Inc. 15,053 1,511,773
The Cheesecake Factory, Inc. 11,139 437,206
The Wendy's Co. 42,878 956,180
Wingstop, Inc. 7,091 1,123,711
Yum! Brands, Inc. 67,344 8,789,066
      114,882,445
TOTAL HOTELS, RESTAURANTS & LEISURE 215,850,232
HOUSEHOLD DURABLES – 4.3% 
Consumer Electronics – 0.4%
Garmin Ltd. 36,569 3,615,943
GoPro, Inc. Class A (a) 30,694 188,768
Snap One Holdings Corp. (a) 3,597 34,495
Sonos, Inc. (a) 30,162 556,187
Vuzix Corp. (a) 14,408 75,066
      4,470,459
Home Furnishings – 0.5%
Ethan Allen Interiors, Inc. 5,403 155,282
La-Z-Boy, Inc. 10,199 289,958
Leggett & Platt, Inc. 31,433 1,149,191
Mohawk Industries, Inc. (a) 12,051 1,446,843
Purple Innovation, Inc. (a) 12,749 73,944
Tempur Sealy International, Inc. 38,487 1,568,345
The Lovesac Co. (a) 3,227 83,063
      4,766,626
Homebuilding – 3.0%
Cavco Industries, Inc. (a) 2,005 533,530
Century Communities, Inc. 6,888 421,546
D.R. Horton, Inc. 78,124 7,710,058
Dream Finders Homes, Inc. Class A (a) 4,608 58,245
Green Brick Partners, Inc. (a) 7,094 221,333
Installed Building Products, Inc. 5,792 637,641
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 18

Table of Contents
Common Stocks – continued 
    Shares Value
HOUSEHOLD DURABLES – continued
Homebuilding – continued
KB Home 18,594 $ 714,939
Lennar Corp. Class A 60,338 6,178,611
LGI Homes, Inc. (a) 4,968 565,607
M.D.C. Holdings, Inc. 13,493 509,496
M/I Homes, Inc. (a) 6,584 393,723
Meritage Homes Corp. (a) 8,667 933,349
NVR, Inc. (a) 739 3,894,530
PulteGroup, Inc. 54,663 3,109,778
Skyline Champion Corp. (a) 12,809 755,091
Taylor Morrison Home Corp. (a) 25,599 916,444
Toll Brothers, Inc. 25,699 1,528,834
TopBuild Corp. (a) 7,674 1,535,260
Tri Pointe Homes, Inc. (a) 24,091 532,170
      31,150,185
Household Appliances – 0.3%
Cricut, Inc. Class A 6,283 61,510
Helen of Troy Ltd. (a) 5,679 642,352
iRobot Corp. (a) 6,455 290,475
Traeger, Inc. (a) 12,614 45,789
Whirlpool Corp. 12,922 2,010,534
      3,050,660
Housewares & Specialties – 0.1%
Newell Brands, Inc. 93,141 1,486,530
Tupperware Brands Corp. (a) 10,418 46,152
      1,532,682
TOTAL HOUSEHOLD DURABLES 44,970,612
INTERNET & DIRECT MARKETING RETAIL – 24.0% 
Internet & Direct Marketing Retail – 24.0%
1-800-FLOWERS.com, Inc. Class A (a) 4,863 48,484
Amazon.com, Inc. (a) 2,169,976 223,789,625
BARK, Inc. (a) 14,629 29,404
CarParts.com, Inc. (a) 10,329 70,444
Chewy, Inc. Class A (a) 22,050 993,573
ContextLogic, Inc. Class A (a) 115,484 79,441
DoorDash, Inc. Class A (a) 54,985 3,184,731
eBay, Inc. 129,999 6,434,951
Etsy, Inc. (a) 29,937 4,118,733
Lands' End, Inc. (a) 3,167 28,598
MercadoLibre, Inc. (a) 10,724 12,672,444
Overstock.com, Inc. (a) 10,829 262,170
PetMed Express, Inc. 4,730 101,600
Qurate Retail, Inc. Class A (a) 84,164 217,143
Revolve Group, Inc. (a) 9,654 275,525
Stitch Fix, Inc. Class A (a) 17,787 92,670
Wayfair, Inc. Class A (a) 17,217 1,041,629
Xometry, Inc. Class A (a) 3,170 111,013
TOTAL INTERNET & DIRECT MARKETING RETAIL 253,552,178
   
    Shares Value
LEISURE PRODUCTS – 1.0% 
Leisure Products – 1.0%
Acushnet Holdings Corp. 8,436 $ 396,070
AMMO, Inc. (a) 20,790 51,559
Brunswick Corp. 17,499 1,475,691
Clarus Corp. 4,990 50,149
Hasbro, Inc. 31,093 1,839,773
Johnson Outdoors, Inc. Class A 1,384 94,749
Latham Group, Inc. (a) 11,109 48,880
Malibu Boats, Inc. Class A (a) 4,861 294,528
Mattel, Inc. (a) 83,169 1,701,638
Peloton Interactive, Inc. Class A (a) 69,446 897,937
Polaris, Inc. 13,409 1,539,889
Smith & Wesson Brands, Inc. 10,845 120,163
Sturm Ruger & Co., Inc. 4,188 238,297
Topgolf Callaway Brands Corp. (a) 32,717 801,239
Vista Outdoor, Inc. (a) 13,397 393,202
YETI Holdings, Inc. (a) 20,431 914,491
TOTAL LEISURE PRODUCTS 10,858,255
MULTILINE RETAIL – 4.1% 
Department Stores – 0.3%
Dillard's, Inc. Class A 1,283 504,617
Kohl's Corp. 30,447 985,569
Macy's, Inc. 63,789 1,507,334
Nordstrom, Inc. 26,518 518,162
      3,515,682
General Merchandise Stores – 3.8%
Big Lots, Inc. 6,514 106,569
Dollar General Corp. 53,385 12,470,736
Dollar Tree, Inc. (a) 52,996 7,958,939
Franchise Group, Inc. 6,696 206,839
Ollie's Bargain Outlet Holdings, Inc. (a) 13,336 730,279
Target Corp. 108,932 18,751,555
      40,224,917
TOTAL MULTILINE RETAIL 43,740,599
SPECIALTY RETAIL – 21.3% 
Apparel Retail – 3.9%
Abercrombie & Fitch Co. Class A (a) 11,730 339,701
American Eagle Outfitters, Inc. 38,151 615,757
Boot Barn Holdings, Inc. (a) 7,065 589,857
Burlington Stores, Inc. (a) 15,488 3,559,607
Caleres, Inc. 8,709 226,608
Chico's FAS, Inc. (a) 30,401 160,213
Designer Brands, Inc. Class A 14,100 145,371
Foot Locker, Inc. 20,160 877,162
Genesco, Inc. (a) 3,088 149,120
Guess?, Inc. 8,478 196,435
Ross Stores, Inc. 82,818 9,788,260
See accompanying notes which are an integral part of the financial statements.
19 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
    Shares Value
SPECIALTY RETAIL – continued
Apparel Retail – continued
Shoe Carnival, Inc. 4,252 $ 116,122
The Buckle, Inc. 7,126 313,544
The Children's Place, Inc. (a) 2,935 133,161
The Gap, Inc. 47,418 643,462
The TJX Cos., Inc. 274,789 22,494,228
Urban Outfitters, Inc. (a) 14,203 389,020
Victoria's Secret & Co. (a) 19,695 830,144
Zumiez, Inc. (a) 3,922 101,305
      41,669,077
Automotive Retail – 3.5%
Advance Auto Parts, Inc. 14,253 2,170,447
America's Car-Mart, Inc. (a) 1,468 126,453
Arko Corp. 11,388 95,545
Asbury Automotive Group, Inc. (a) 4,988 1,097,360
AutoNation, Inc. (a) 8,624 1,092,833
AutoZone, Inc. (a) 4,614 11,252,854
Camping World Holdings, Inc. Class A 9,427 239,540
CarMax, Inc. (a) 37,582 2,647,652
Carvana Co. (a) 20,410 207,570
EVgo, Inc. (a) 15,558 107,195
Group 1 Automotive, Inc. 3,556 760,451
Lithia Motors, Inc. 6,527 1,717,906
Monro, Inc. 7,630 388,367
Murphy USA, Inc. 5,261 1,431,150
O'Reilly Automotive, Inc. (a) 14,982 11,870,988
Penske Automotive Group, Inc. 7,034 899,086
Sonic Automotive, Inc. Class A 4,842 260,064
TravelCenters of America, Inc. (a) 3,168 144,207
      36,509,668
Computer & Electronics Retail – 0.6%
Best Buy Co., Inc. 47,915 4,251,019
GameStop Corp. Class A (a) 60,893 1,331,730
Rent-A-Center, Inc. 13,334 358,551
      5,941,300
Home Improvement Retail – 10.6%
Floor & Decor Holdings, Inc. Class A (a) 25,136 2,281,595
Lowe's Cos., Inc. 146,902 30,592,341
The Home Depot, Inc. 242,288 78,542,501
      111,416,437
Homefurnishing Retail – 0.4%
Bed Bath & Beyond, Inc. (a) 16,111 45,433
Haverty Furniture Cos., Inc. 3,386 118,239
RH (a) 4,677 1,459,177
Sleep Number Corp. (a) 5,208 179,051
The Aaron's Co., Inc. 7,546 110,549
Williams-Sonoma, Inc. 15,898 2,145,276
      4,057,725
   
    Shares Value
Specialty Stores – 2.3%
Academy Sports & Outdoors, Inc. 19,159 $ 1,119,269
Bath & Body Works, Inc. 54,117 2,489,923
Dick's Sporting Goods, Inc. 13,180 1,723,417
Five Below, Inc. (a) 13,096 2,581,615
Hibbett, Inc. 2,913 193,307
Leslie's, Inc. (a) 36,874 571,178
MarineMax, Inc. (a) 5,232 163,500
National Vision Holdings, Inc. (a) 18,700 768,570
Petco Health & Wellness Co., Inc. (a) 21,610 252,621
Sally Beauty Holdings, Inc. (a) 25,366 395,202
Signet Jewelers Ltd. 11,028 847,061
Sportsman's Warehouse Holdings, Inc. (a) 10,462 98,657
The Container Store Group, Inc. (a) 7,937 41,352
The ODP Corp. (a) 10,377 535,453
Tractor Supply Co. 26,262 5,987,473
Ulta Beauty, Inc. (a) 12,117 6,227,653
Warby Parker, Inc. Class A (a) 15,895 256,704
Winmark Corp. 694 194,875
      24,447,830
TOTAL SPECIALTY RETAIL 224,042,037
TEXTILES, APPAREL & LUXURY GOODS – 6.5% 
Apparel, Accessories & Luxury Goods – 2.2%
Capri Holdings Ltd. (a) 32,717 2,175,353
Carter's, Inc. 9,241 770,422
Columbia Sportswear Co. 8,096 776,407
G-III Apparel Group Ltd. (a) 10,288 174,073
Hanesbrands, Inc. 82,713 698,098
Kontoor Brands, Inc. 11,813 564,189
Levi Strauss & Co. Class A 22,285 410,044
Lululemon Athletica, Inc. (a) 27,507 8,441,348
Movado Group, Inc. 3,764 133,095
Oxford Industries, Inc. 3,588 420,585
PVH Corp. 15,875 1,427,163
Ralph Lauren Corp. 10,165 1,258,935
Tapestry, Inc. 57,176 2,605,510
Under Armour, Inc. Class A (a) 44,726 554,155
Under Armour, Inc. Class C (a) 46,766 509,750
VF Corp. 78,277 2,421,890
      23,341,017
Footwear – 4.3%
Allbirds, Inc. Class A (a) 22,701 62,428
Crocs, Inc. (a) 14,514 1,767,370
Deckers Outdoor Corp. (a) 6,285 2,686,712
NIKE, Inc. Class B 299,067 38,080,201
Skechers U.S.A., Inc. Class A (a) 31,731 1,527,848
Steven Madden Ltd. 17,792 637,843
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 20

Table of Contents
Common Stocks – continued 
    Shares Value
TEXTILES, APPAREL & LUXURY GOODS – continued
Footwear – continued
Wolverine World Wide, Inc. 18,664 $ 301,050
      45,063,452
TOTAL TEXTILES, APPAREL & LUXURY GOODS 68,404,469
TOTAL COMMON STOCKS
(Cost $1,123,951,573) 		1,051,608,394
Money Market Fund – 0.2% 
       
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.15% (b)
(Cost $2,070,000) 		2,070,000 2,070,000
TOTAL INVESTMENT IN SECURITIES – 99.9%
(Cost $1,126,021,573) 		1,053,678,394
NET OTHER ASSETS (LIABILITIES) – 0.1% 570,071
NET ASSETS – 100.0% $1,054,248,465
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Futures Contracts
  Number of
contracts 		Expiration
Date 		Notional
Amount 		Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contracts          
CME E-mini Consumer Discretionary Select Sector Index Contracts (United States) 15 March 2023 2,262,150 $ 110,871 $ 110,871
CME E-mini Russell 2000 Index Contracts (United States) 2 March 2023 193,940 9,347 9,347
Total Equity Index Contracts         $ 120,218
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
See accompanying notes which are an integral part of the financial statements.
21 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investments (Unaudited)–continued
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used 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   $ 1,051,608,394   $ 1,051,608,394   $ — $ —  
Money Market Funds   2,070,000   2,070,000   — —  
Total Investments in Securities:   $ 1,053,678,394   $ 1,053,678,394   $ — $ —  
Derivative Instruments:                
Assets                
Futures Contracts   $ 120,218   $ 120,218   $ — $ —  
Total Assets   $ 120,218   $ 120,218   $ — $ —  
Total Derivative Instruments:   $ 120,218   $ 120,218   $ — $ —  
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type Value
  Asset   Liabilities
Equity Risk      
Futures Contracts(a) $120,218   $0
Total Equity Risk 120,218   0
Total Value of Derivatives $120,218   $0
    
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 22

Table of Contents
Fidelity® MSCI Consumer Staples Index ETF
Schedule of Investments January 31, 2023 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.6% 
    Shares Value
BEVERAGES – 23.8% 
Brewers – 0.7%
Molson Coors Beverage Co. Class B 99,366 $5,224,664
The Boston Beer Co., Inc. Class A (a) 6,793 2,639,828
      7,864,492
Distillers & Vintners – 2.7%
Brown-Forman Corp. Class B 150,439 10,016,229
Constellation Brands, Inc. Class A 76,811 17,783,283
MGP Ingredients, Inc. 15,336 1,495,873
The Duckhorn Portfolio, Inc. (a) 70,107 1,134,331
      30,429,716
Soft Drinks – 20.4%
Celsius Holdings, Inc. (a) 29,317 2,941,082
Coca-Cola Consolidated, Inc. 4,011 2,032,695
Keurig Dr Pepper, Inc. 369,837 13,047,849
Monster Beverage Corp. (a) 186,754 19,437,356
National Beverage Corp. (a) 30,002 1,326,089
PepsiCo, Inc. 534,899 91,478,427
The Coca-Cola Co. 1,593,554 97,716,731
The Vita Coco Co. Inc. (a) 24,841 337,092
      228,317,321
TOTAL BEVERAGES 266,611,529
FOOD & STAPLES RETAILING – 22.4% 
Drug Retail – 1.1%
Walgreens Boots Alliance, Inc. 350,434 12,916,997
Food Distributors – 3.1%
Performance Food Group Co. (a) 89,314 5,476,735
SpartanNash Co. 44,418 1,407,162
Sysco Corp. 237,092 18,365,146
The Andersons, Inc. 38,063 1,399,957
The Chefs' Warehouse, Inc. (a) 42,269 1,615,944
United Natural Foods, Inc. (a) 48,047 1,999,716
US Foods Holding Corp. (a) 118,262 4,509,330
      34,773,990
Food Retail – 2.5%
Casey's General Stores, Inc. 20,940 4,939,955
Fresh Market, Inc. (a) 6,179 0
Grocery Outlet Holding Corp. (a) 67,005 2,036,282
Ingles Markets, Inc. Class A 16,517 1,569,115
Sprouts Farmers Market, Inc. (a) 84,369 2,695,590
The Kroger Co. 328,893 14,678,495
Weis Markets, Inc. 19,145 1,652,979
      27,572,416
Hypermarkets & Super Centers – 15.7%
BJ's Wholesale Club Holdings, Inc. (a) 75,886 5,499,458
Costco Wholesale Corp. 169,720 86,750,681
PriceSmart, Inc. 24,725 1,837,315
   
    Shares Value
Walmart, Inc. 568,163 $ 81,741,611
      175,829,065
TOTAL FOOD & STAPLES RETAILING 251,092,468
FOOD PRODUCTS – 21.2% 
Agricultural Products – 3.6%
Archer-Daniels-Midland Co. 260,691 21,598,249
Benson Hill, Inc. (a) 201,208 539,237
Bunge Ltd. 76,638 7,594,826
Darling Ingredients, Inc. (a) 84,160 5,578,966
Fresh Del Monte Produce, Inc. 48,858 1,397,339
Ingredion, Inc. 39,307 4,040,760
      40,749,377
Packaged Foods & Meats – 17.6%
B&G Foods, Inc. 93,377 1,309,145
Beyond Meat, Inc. (a) 84,892 1,394,776
BRC, Inc. Class A (a) 46,142 304,537
Calavo Growers, Inc. 29,392 942,014
Cal-Maine Foods, Inc. 35,745 2,045,329
Campbell Soup Co. 111,800 5,805,774
Conagra Brands, Inc. 239,284 8,898,972
Flowers Foods, Inc. 121,751 3,371,285
Freshpet, Inc. (a) 40,978 2,595,137
General Mills, Inc. 281,490 22,057,556
Hormel Foods Corp. 151,247 6,853,002
Hostess Brands, Inc. (a) 103,613 2,396,569
J&J Snack Foods Corp. 13,186 1,889,554
John B Sanfilippo & Son, Inc. 15,917 1,345,146
Kellogg Co. 126,896 8,702,528
Lamb Weston Holdings, Inc. 77,702 7,761,653
Lancaster Colony Corp. 14,766 2,833,743
McCormick & Co., Inc. (non-vtg.) 121,251 9,108,375
Mission Produce, Inc. (a) 74,611 929,653
Mondelez International, Inc. Class A 631,558 41,329,155
Pilgrim's Pride Corp. (a) 52,770 1,281,256
Post Holdings, Inc. (a) 34,571 3,282,516
Seaboard Corp. 361 1,415,300
Seneca Foods Corp. Class A (a) 10,365 647,812
Sovos Brands, Inc. (a) 53,968 731,806
Tattooed Chef, Inc. (a) 88,204 134,070
The Hain Celestial Group, Inc. (a) 79,008 1,621,244
The Hershey Co. 69,043 15,507,058
The JM Smucker Co. 55,210 8,436,088
The Kraft Heinz Co. 350,315 14,198,267
The Simply Good Foods Co. (a) 65,743 2,386,471
Tootsie Roll Industries, Inc. 28,660 1,281,962
TreeHouse Foods, Inc. (a) 46,311 2,242,842
Tyson Foods, Inc. Class A 141,004 9,271,013
Utz Brands, Inc. 83,304 1,387,845
Vital Farms, Inc. (a) 36,193 636,273
 
See accompanying notes which are an integral part of the financial statements.
23 Semi-Annual Report 

Table of Contents
Fidelity® MSCI Consumer Staples Index ETF
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
    Shares Value
FOOD PRODUCTS – continued
Packaged Foods & Meats – continued
Westrock Coffee Co. (a) 59,050 $ 772,964
      197,108,690
TOTAL FOOD PRODUCTS 237,858,067
HOUSEHOLD PRODUCTS – 19.1% 
Household Products – 19.1%
Central Garden and Pet Co. (a) 18,183 762,595
Central Garden and Pet Co. Class A (a) 41,088 1,628,318
Church & Dwight Co., Inc. 118,491 9,581,182
Colgate-Palmolive Co. 366,676 27,328,362
Energizer Holdings, Inc. 58,997 2,188,789
Kimberly-Clark Corp. 156,645 20,365,417
Reynolds Consumer Products, Inc. 59,590 1,773,994
Spectrum Brands Holdings, Inc. 34,701 2,355,504
The Clorox Co. 61,103 8,840,993
The Procter & Gamble Co. 960,892 136,811,803
WD-40 Co. 10,650 1,858,851
TOTAL HOUSEHOLD PRODUCTS 213,495,808
PERSONAL PRODUCTS – 4.5% 
Personal Products – 4.5%
BellRing Brands, Inc. (a) 101,602 2,881,433
Coty, Inc. Class A (a) 271,240 2,701,550
Edgewell Personal Care Co. 46,041 1,973,317
elf Beauty, Inc. (a) 52,107 2,998,758
Herbalife Nutrition Ltd. (a) 92,419 1,623,802
Inter Parfums, Inc. 19,503 2,305,645
Medifast, Inc. 11,964 1,333,388
Nu Skin Enterprises, Inc. Class A 43,231 1,853,745
The Beauty Health Co. (a) 117,538 1,339,933
The Estee Lauder Cos., Inc. Class A 106,414 29,485,191
   
    Shares Value
The Honest Co., Inc. (a) 98,553 $ 325,225
USANA Health Sciences, Inc. (a) 20,189 1,179,845
Veru, Inc. (a) 114,451 659,238
TOTAL PERSONAL PRODUCTS 50,661,070
TOBACCO – 8.6% 
Tobacco – 8.6%
Altria Group, Inc. 825,160 37,165,206
Philip Morris International, Inc. 525,185 54,745,284
Turning Point Brands, Inc. 26,929 625,022
Universal Corp. 28,399 1,544,054
Vector Group Ltd. 146,044 1,891,270
TOTAL TOBACCO 95,970,836
TOTAL COMMON STOCKS
(Cost $1,020,911,710) 		1,115,689,778
Money Market Fund – 0.2% 
       
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.15% (b)
(Cost $2,770,000) 		2,770,000 2,770,000
TOTAL INVESTMENT IN SECURITIES – 99.8%
(Cost $1,023,681,710) 		1,118,459,778
NET OTHER ASSETS (LIABILITIES) – 0.2% 1,691,364
NET ASSETS – 100.0% $1,120,151,142
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
 
Futures Contracts
  Number of
contracts 		Expiration
Date 		Notional
Amount 		Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contracts          
CME E-mini Consumer Staples Select Sector Index Contracts (United States) 56 March 2023