Fidelity® Emerging Markets Multifactor ETF
Fidelity® International High Dividend ETF
Fidelity® International Multifactor ETF
Fidelity® International Value Factor ETF
Semi-Annual Report
April 30, 2022


Contents
Note to Shareholders 3  
Investment Summary 4  
Schedule of Investments 8  
Financial Statements 26  
Notes to Financial Statements 34  
Shareholder Expense Example 39  
Liquidity Risk Management Program 40  
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© 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.
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Table of Contents
Fidelity® Emerging Markets Multifactor ETF
Investment Summary (Unaudited)    
Geographic Diversification as of April 30, 2022
 
Top Ten Stocks as of April 30, 2022
  % of fund's
net assets
Taiwan Semiconductor Manufacturing Co. Ltd. 3.9
Samsung Electronics Co. Ltd. 3.5
Aldar Properties PJSC 2.3
Ruentex Development Co. Ltd. 2.2
Manila Electric Co. 1.8
Petronas Gas Bhd 1.7
China Vanke Co. Ltd. 1.7
Alibaba Group Holding Ltd. ADR 1.7
Guangdong Investment Ltd. 1.7
Longfor Group Holdings Ltd. 1.6
  22.1
Top Market Sectors as of April 30, 2022
  % of fund's
net assets
Financials 17.9
Communication Services 15.8
Information Technology 15.2
Industrials 10.9
Consumer Staples 9.7
Consumer Discretionary 9.5
Real Estate 7.8
Utilities 5.5
Materials 5.0
Energy 1.6
 
Asset Allocation as of April 30, 2022
  % of funds's
net assets
Stocks and Equity Futures 99.8%
Net Other Assets (Liabilities) 0.2%
 
 Semi-Annual Report 4


Table of Contents
Fidelity® International High Dividend ETF
Investment Summary (Unaudited)    
Geographic Diversification as of April 30, 2022
 
Top Ten Stocks as of April 30, 2022
  % of fund's
net assets
Endesa S.A. 2.9
Enel SpA 2.9
Power Assets Holdings Ltd. 2.8
Telefonica S.A. 2.7
Orange S.A. 2.7
Barrick Gold Corp. 2.6
Emera, Inc. 2.4
Enbridge, Inc. 2.3
TOTAL S.A. 2.3
Repsol S.A. 2.3
  25.9
Top Market Sectors as of April 30, 2022
  % of fund's
net assets
Financials 26.2
Materials 15.6
Energy 12.8
Communication Services 11.8
Utilities 11.0
Industrials 9.2
Health Care 4.3
Consumer Discretionary 4.2
Consumer Staples 2.5
Information Technology 1.6
 
Asset Allocation as of April 30, 2022
  % of funds's
net assets
Stocks and Equity Futures 100.0%
Short-Term Investments and Net Other Assets (Liabilities) 0.0%
 
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Table of Contents
Fidelity® International Multifactor ETF
Investment Summary (Unaudited)    
Geographic Diversification as of April 30, 2022
 
Top Ten Stocks as of April 30, 2022
  % of fund's
net assets
Nestle S.A. 2.5
Roche Holding AG 1.8
AstraZeneca PLC 1.6
Novartis AG 1.5
Novo Nordisk A/S Class B 1.5
SSE PLC 1.5
Osaka Gas Co. Ltd. 1.5
Sino Land Co. Ltd. 1.4
KDDI Corp. 1.4
Safestore Holdings PLC 1.4
  16.1
Top Market Sectors as of April 30, 2022
  % of fund's
net assets
Health Care 15.9
Financials 15.5
Consumer Staples 14.3
Industrials 11.5
Communication Services 9.5
Utilities 8.8
Real Estate 7.4
Consumer Discretionary 6.5
Information Technology 4.3
Materials 4.2
Energy 1.3
 
Asset Allocation as of April 30, 2022
  % of funds's
net assets
Stocks and Equity Futures 99.8%
Short-Term Investments and Net Other Assets (Liabilities) 0.2%
 
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Table of Contents
Fidelity® International Value Factor ETF
Investment Summary (Unaudited)    
Geographic Diversification as of April 30, 2022
 
Top Ten Stocks as of April 30, 2022
  % of fund's
net assets
Nestle S.A. 2.7
Roche Holding AG 1.8
ASML Holding N.V. 1.8
Shell PLC 1.7
LVMH Moet Hennessy Louis Vuitton SE 1.5
Novartis AG 1.5
Sanofi 1.4
Securitas AB Class B 1.4
Rio Tinto PLC 1.4
Canadian National Railway Co. 1.4
  16.6
Top Market Sectors as of April 30, 2022
  % of fund's
net assets
Financials 19.7
Industrials 15.7
Health Care 11.1
Consumer Discretionary 10.0
Consumer Staples 9.8
Materials 8.7
Information Technology 8.1
Energy 5.8
Communication Services 4.2
Utilities 3.6
Real Estate 2.4
 
Asset Allocation as of April 30, 2022
  % of funds's
net assets
Stocks and Equity Futures 99.8%
Short-Term Investments and Net Other Assets (Liabilities) 0.2%
 
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Table of Contents
Fidelity® Emerging Markets Multifactor ETF
Schedule of Investments April 30, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 98.2%
  Shares Value
BRAZIL – 3.5%
Ambev S.A. 91,200 $ 267,401
Banco Bradesco S.A. 36,630 132,993
BB Seguridade Participacoes S.A. 19,000 97,567
Petro Rio S.A. (a) 1,800 9,705
Telefonica Brasil S.A. 17,000 182,591
Vale S.A. 8,500 142,960
TOTAL BRAZIL 833,217
CAYMAN ISLANDS – 12.9%
Alibaba Group Holding Ltd. ADR (a) 4,141 402,050
ANTA Sports Products Ltd. 7,000 81,945
Autohome, Inc. ADR 4,668 135,699
Bosideng International Holdings Ltd. 146,000 73,687
Hengan International Group Co. Ltd. 49,000 232,318
Huazhu Group Ltd. ADR 330 9,979
JD.com, Inc. (a) 7,873 266,509
JD.com, Inc. ADR (a) 2,200 135,652
Kingboard Holdings Ltd. 18,500 84,175
Kingboard Laminates Holdings Ltd. 50,500 78,522
Li Auto, Inc. ADR (a) 608 13,637
Li Ning Co. Ltd. 12,500 99,651
Longfor Group Holdings Ltd. (b) 75,500 375,279
NetEase, Inc. ADR 2,593 247,191
New Oriental Education & Technology, Inc. ADR 338 4,242
NIO, Inc. ADR (a) 3,058 51,068
Pinduoduo, Inc. ADR (a) 985 42,444
Shenzhou International Group Holdings Ltd. 5,500 76,337
SITC International Holdings Co. Ltd. 66,000 222,912
Topsports International Holdings Ltd. (b) 82,000 63,333
Trip.com Group Ltd. ADR (a) 1,037 24,525
Vipshop Holdings Ltd. ADR (a) 817 6,258
Want Want China Holdings Ltd. 255,000 230,425
XPeng, Inc. ADR (a) 705 17,350
Zhongsheng Group Holdings Ltd. 10,000 66,657
TOTAL CAYMAN ISLANDS 3,041,845
CHILE – 0.2%
Falabella S.A. 13,702 38,469
TOTAL CHILE 38,469
CHINA – 8.3%
Agricultural Bank of China Ltd. Class H 250,000 94,314
Anhui Conch Cement Co. Ltd. Class H 16,500 90,216
Bank of China Ltd. Class H 348,000 137,494
Bank of Communications Co. Ltd. Class H 137,000 95,511
China Cinda Asset Management Co. Ltd. 285,000 48,310
China Coal Energy Co. Ltd. 65,000 55,422
China Construction Bank Corp. Class H 341,000 242,946

  Shares Value
China Shenhua Energy Co. Ltd. Class H 18,500 $ 59,654
China Tower Corp. Ltd. (b) 1,504,000 176,352
China Vanke Co. Ltd. 171,800 408,143
Dongfeng Motor Group Co. Ltd. 82,000 60,302
GF Securities Co. Ltd. Class H 32,600 41,217
Industrial & Commercial Bank of China Ltd. Class H 281,000 169,757
PICC Property & Casualty Co. Ltd. Class H 70,000 71,908
Postal Savings Bank of China Co. Ltd. Class H (b) 91,000 69,588
The People's Insurance Co. Group of China Ltd. Class H 177,000 56,848
TravelSky Technology Ltd. Class H 46,000 70,001
TOTAL CHINA 1,947,983
CYPRUS – 0.0%
TCS Group Holding PLC (c) 789 990
TOTAL CYPRUS 990
HONG KONG – 2.6%
China Merchants Port Holdings Co. Ltd. 130,000 228,316
Guangdong Investment Ltd. 306,000 393,900
TOTAL HONG KONG 622,216
INDIA – 11.0%
Bajaj Auto Ltd. 1,901 92,748
Bharat Electronics Ltd. 80,905 252,476
Coal India Ltd. 18,123 43,350
Deepak Nitrite Ltd. 2,160 65,741
Federal Bank Ltd. 48,311 60,671
Hero MotoCorp Ltd. 2,565 84,110
Hindustan Petroleum Corp. Ltd. 9,712 34,341
Hindustan Unilever Ltd. 9,771 285,662
ICICI Bank Ltd. 19,241 187,093
Indian Energy Exchange Ltd. (b) 20,103 56,423
Indus Towers Ltd. (a) 50,496 138,060
Infosys Ltd. 10,676 218,925
Kotak Mahindra Bank Ltd. 5,252 123,034
L&T Technology Services Ltd. (b) 3,572 191,194
Max Financial Services Ltd. (a) 5,502 54,529
Mindtree Ltd. 432 20,074
NMDC Ltd. 32,641 68,598
SBI Life Insurance Co. Ltd. (b) 4,943 71,485
State Bank of India 13,033 84,616
Tata Consultancy Services Ltd. 3,133 145,362
Tata Elxsi Ltd. 273 27,663
Vedanta Ltd. 16,117 86,096
Wipro Ltd. 6,890 45,860
Zee Entertainment Enterprises Ltd. 45,953 149,174
TOTAL INDIA 2,587,285
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 8


Table of Contents
Common Stocks – continued
  Shares Value
INDONESIA – 2.1%
Astra International Tbk PT 148,500 $ 77,594
Bank Central Asia Tbk PT 257,800 144,487
Telkom Indonesia Persero Tbk PT 719,000 229,136
United Tractors Tbk PT 23,200 48,450
TOTAL INDONESIA 499,667
JERSEY – 0.2%
WNS Holdings Ltd. ADR (a) 612 47,963
TOTAL JERSEY 47,963
LUXEMBOURG – 0.1%
Ternium S.A. ADR 636 27,284
TOTAL LUXEMBOURG 27,284
MALAYSIA – 5.4%
CIMB Group Holdings Bhd 65,000 77,639
DiGi.Com Bhd 188,200 165,137
Hong Leong Bank Bhd 14,700 70,841
Malayan Banking Bhd 48,451 100,942
Nestle Malaysia Bhd 6,300 192,755
Petronas Chemicals Group Bhd 13,600 31,926
Petronas Gas Bhd 105,700 412,263
PPB Group Bhd 56,200 221,779
TOTAL MALAYSIA 1,273,282
MARSHALL ISLANDS – 1.0%
Star Bulk Carriers Corp. 8,823 247,926
TOTAL MARSHALL ISLANDS 247,926
MEXICO – 2.6%
Banco del Bajio S.A. (b) 35,100 86,664
Grupo Aeroportuario del Sureste SAB de CV Class B 10,290 224,556
Grupo Mexico S.A.B. de C.V. 10,700 50,080
Kimberly-Clark de Mexico SAB de CV Class A 154,800 216,099
Orbia Advance Corp. SAB de CV 11,200 26,946
TOTAL MEXICO 604,345
PHILIPPINES – 4.2%
Globe Telecom, Inc. 2,790 121,316
International Container Terminal Services Inc. 64,630 266,914
Manila Electric Co. 63,180 426,484
PLDT, Inc. 4,765 170,319
TOTAL PHILIPPINES 985,033
POLAND – 0.3%
Asseco Poland S.A. 2,276 39,980

  Shares Value
Polskie Gornictwo Naftowe i Gazownictwo S.A. 19,758 $ 27,738
TOTAL POLAND 67,718
QATAR – 0.9%
Qatar Islamic Bank SAQ 13,023 87,577
Qatar National Bank QPSC 21,032 134,274
TOTAL QATAR 221,851
RUSSIA – 0.3%
Gazprom PJSC (c) 14,450 1,987
Inter RAO UES PJSC (a)(c) 7,348,600 53,227
MMC Norilsk Nickel PJSC (c) 188 1,643
Mobile TeleSystems PJSC (c) 15,647 15,584
Sberbank of Russia PJSC (c) 38,410 310
Surgutneftegas PJSC (c) 56,600 910
VTB Bank PJSC (c) 91,900,000 4,613
TOTAL RUSSIA 78,274
SAUDI ARABIA – 2.4%
Al Rajhi Bank 4,667 219,738
Jarir Marketing Co. 993 50,831
SABIC Agri-Nutrients Co. 1,535 66,543
Southern Province Cement Co. 2,961 52,734
The Saudi National Bank 8,682 182,862
TOTAL SAUDI ARABIA 572,708
SOUTH AFRICA – 3.6%
African Rainbow Minerals Ltd. 4,197 69,495
AVI Ltd. 40,423 175,762
Capitec Bank Holdings Ltd. 1,006 141,405
Discovery Ltd. (a) 3,683 35,456
Kumba Iron Ore Ltd. 1,708 57,667
Momentum Metropolitan Holdings 8,832 9,398
Mr Price Group Ltd. 4,010 54,531
Rand Merchant Investment Holdings Ltd. 33,736 57,612
Truworths International Ltd. 13,107 46,606
Vodacom Group Ltd. 19,997 192,153
TOTAL SOUTH AFRICA 840,085
SOUTH KOREA – 12.1%
Cheil Worldwide, Inc. 6,211 125,110
DB HiTek Co. Ltd. 104 5,606
DGB Financial Group, Inc. 14,453 102,874
GS Engineering & Construction Corp. 6,875 230,170
GS Holdings Corp. 1,151 40,047
Hankook Tire & Technology Co. Ltd. 3,490 96,836
Hyundai Glovis Co. Ltd. 1,653 275,061
Iljin Materials Co. Ltd. 48 3,363
KT&G Corp. 3,629 238,659
See accompanying notes which are an integral part of the financial statements.
9 Semi-Annual Report 


Table of Contents
Fidelity® Emerging Markets Multifactor ETF
Schedule of Investments (Unaudited)continued
Common Stocks – continued
  Shares Value
SOUTH KOREA – continued
Kumho Petrochemical Co. Ltd. 292 $ 35,919
L&F Co. Ltd. (a) 62 10,825
LEENO Industrial, Inc. 44 6,204
LG Display Co. Ltd. 581 7,748
LG Innotek Co. Ltd. 37 10,281
LG Uplus Corp. 10,433 116,291
Lotte Chemical Corp. 218 34,106
NCSoft Corp. 305 102,355
Pearl Abyss Corp. (a) 1,541 83,675
POSCO 276 63,506
Samsung Electro-Mechanics Co. Ltd. 155 20,486
Samsung Electronics Co. Ltd. 15,319 822,055
Samsung SDI Co. Ltd. 143 69,565
Samsung SDS Co. Ltd. 69 8,158
SK Hynix, Inc. 1,426 127,727
Woongjin Coway Co. Ltd. 1,670 94,270
Woori Financial Group, Inc. 10,376 121,852
TOTAL SOUTH KOREA 2,852,749
TAIWAN – 16.8%
ASE Technology Holding Co. Ltd. 16,000 51,894
Asustek Computer, Inc. 3,000 36,335
Catcher Technology Co. Ltd. 6,000 29,516
Cathay Financial Holding Co. Ltd. 58,000 122,984
Chicony Electronics Co. Ltd. 10,000 27,989
Chipbond Technology Corp. 12,000 27,318
Chunghwa Telecom Co. Ltd. 51,000 226,663
Compal Electronics Inc. 38,000 28,685
Elan Microelectronics Corp. 5,000 25,614
eMemory Technology, Inc. 1,000 43,596
Far EasTone Telecommunications Co. Ltd. 76,000 213,493
Feng Hsin Steel Co. Ltd. 25,000 70,567
Gigabyte Technology Co. Ltd. 6,000 22,086
Hon Hai Precision Industry Co. Ltd. 40,000 138,420
International Games System Co. Ltd. 6,000 148,598
Lite-On Technology Corp. 16,000 35,284
MediaTek, Inc. 5,000 140,795
Novatek Microelectronics Corp. 2,000 27,039
Phison Electronics Corp. 2,000 26,293
Pou Chen Corp. 70,000 73,502
Quanta Computer, Inc. 15,000 42,646
Radiant Opto-Electronics Corp. 9,000 31,297
Realtek Semiconductor Corp. 2,000 27,650
Ruentex Development Co. Ltd. 192,000 510,037
Simplo Technology Co. Ltd. 2,000 19,779
SinoPac Financial Holdings Co. Ltd. 167,000 103,399
Taichung Commercial Bank Co. Ltd. 177,000 89,775
Taishin Financial Holding Co. Ltd. 143,000 94,119
Taiwan Fertilizer Co. Ltd. 31,000 78,774
Taiwan Mobile Co. Ltd. 51,000 187,732

  Shares Value
Taiwan Semiconductor Manufacturing Co. Ltd. 51,000 $ 930,875
Tripod Technology Corp. 7,000 29,448
Union Bank Of Taiwan (a) 165,000 90,685
Voltronic Power Technology Corp. 5,000 221,370
TOTAL TAIWAN 3,974,257
THAILAND – 1.5%
Advanced Info Service PCL 3,000 18,832
Advanced Info Service PCL NVDR 25,000 156,935
Intouch Holdings PCL 71,100 145,314
Intouch Holdings PCL Class F 3,700 7,562
The Siam Cement PCL 300 3,241
The Siam Cement PCL NVDR 1,800 19,445
TOTAL THAILAND 351,329
TURKEY – 2.4%
BIM Birlesik Magazalar AS 38,276 215,264
Enka Insaat ve Sanayi AS 194,666 207,953
Haci Omer Sabanci Holding AS 53,228 71,802
Turkiye Garanti Bankasi AS 67,991 68,558
TOTAL TURKEY 563,577
UNITED ARAB EMIRATES – 3.6%
Aldar Properties PJSC 352,588 542,362
Dubai Islamic Bank PJSC 41,565 72,990
Emirates Telecommunications Group Co. PJSC 24,496 233,419
TOTAL UNITED ARAB EMIRATES 848,771
UNITED STATES OF AMERICA – 0.2%
Yum China Holdings, Inc. 961 40,170
TOTAL UNITED STATES OF AMERICA 40,170
TOTAL COMMON STOCKS
(Cost $24,532,667)
23,168,994
Preferred Stock – 0.7%
BRAZIL – 0.7%
Itausa - Investimentos Itau S.A. 51,810 96,355
Petroleo Brasileiro S.A. 9,600 58,699
TOTAL BRAZIL 155,054
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 10


Table of Contents
Preferred Stock – continued
  Shares Value
RUSSIA – 0.0%
Transneft PJSC (c) 12 $ 4,574
TOTAL RUSSIA 4,574
TOTAL PREFERRED STOCKS
(Cost $197,514)
159,628
TOTAL INVESTMENT IN SECURITIES – 98.9%
(Cost $24,730,181)
23,328,622
NET OTHER ASSETS (LIABILITIES) – 1.1% 266,210
NET ASSETS – 100.0% $ 23,594,832
    
Categorizations in the Schedule of Investments are based on country or territory of incorporation.  
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 $1,090,318 or 4.6% of net assets.
(c) Level 3 security.
Futures Contracts
  Number of
contracts
Expiration
Date
Notional
Amount
Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contract          
ICE MSCI EAFE Index Contracts (United States) 4 June 2022 $211,480 $2,247 $2,247
The notional amount of futures purchased as a percentage of Net Assets is 0.9%
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including ownership percentage, is presented below.
Fund Value,
beginning
of period
  Purchases   Sales
Proceeds
  Dividend
Income
  Realized
Gain/Loss
  Change in
Unrealized
appreciation
(depreciation)
  Value,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund, 0.32% $50,336   $816,493   $866,829   $59   $—   $—   $— 0.0%
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
See accompanying notes which are an integral part of the financial statements.
11 Semi-Annual Report 


Table of Contents
Fidelity® Emerging Markets Multifactor ETF
Schedule of Investments (Unaudited)continued
Investment Valuation
The following is a summary of the inputs used, as of April 30, 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   $ 3,688,691   $ 3,673,107   $   $ 15,584
Consumer Discretionary   2,245,293   2,245,293    
Consumer Staples   2,276,124   2,276,124    
Energy   321,604   318,707     2,897
Financials   4,190,150   4,184,237     5,913
Industrials   2,568,848   2,568,848    
Information Technology   3,613,102   3,613,102    
Materials   1,143,487   1,141,844     1,643
Real Estate   1,835,821   1,835,821    
Utilities   1,285,874   1,232,647     53,227
Preferred Stock   159,628   155,054     4,574
Total Investments in Securities:   $ 23,328,622   $ 23,244,784   $   $ 83,838
    
Derivative Instruments:                
Assets                
Futures Contracts   $ 2,247   $ 2,247   $   $
Total Assets   $ 2,247   $ 2,247     $
Total Derivative Instruments:   $ 2,247   $ 2,247   $   $
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of April 30, 2022. 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) $2,247   $0
Total Equity Risk 2,247   0
Total Value of Derivatives $2,247   $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 12


Table of Contents
Fidelity® International High Dividend ETF
Schedule of Investments April 30, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.2%
  Shares Value
AUSTRALIA – 7.7%
Australia & New Zealand Banking Group Ltd. 74,555 $ 1,446,423
BHP Group Ltd. 67,396 2,299,438
Fortescue Metals Group Ltd. 97,445 1,497,863
Sonic Healthcare Ltd. 10,277 268,252
Wesfarmers Ltd. 10,868 381,611
Westpac Banking Corp. 96,209 1,632,014
Woolworths Group Ltd. 9,238 252,818
TOTAL AUSTRALIA 7,778,419
BERMUDA – 0.4%
Jardine Matheson Holdings Ltd. 6,882 365,641
TOTAL BERMUDA 365,641
CANADA – 17.6%
Barrick Gold Corp. 114,832 2,574,185
BCE, Inc. 40,340 2,155,801
Canadian National Railway Co. 6,631 783,859
Emera, Inc. 49,373 2,396,313
Enbridge, Inc. 53,901 2,364,297
Great-West Lifeco, Inc. 34,668 961,335
Manulife Financial Corp. 61,405 1,206,912
Royal Bank of Canada 17,028 1,728,714
TC Energy Corp. 41,452 2,203,876
The Bank of Nova Scotia 21,146 1,345,978
TOTAL CANADA 17,721,270
FINLAND – 0.6%
Kone Oyj Class B 8,520 414,265
Orion Oyj Class B 5,264 207,914
TOTAL FINLAND 622,179
FRANCE – 10.3%
Atos SE 4,892 120,763
AXA S.A. 46,217 1,241,344
BNP Paribas S.A. 21,864 1,146,467
Bouygues S.A. 15,186 526,273
Carrefour S.A. 9,075 193,005
Danone S.A. 3,577 217,508
Faurecia SE 11,291 250,974
La Francaise des Jeux SAEM (a) 12,697 476,986
Orange S.A. 225,474 2,692,143
Sanofi 4,336 462,824
Schneider Electric SE 4,885 709,628
TOTAL S.A. 46,816 2,332,374
TOTAL FRANCE 10,370,289
GERMANY – 4.4%
Allianz SE 6,642 1,514,909
BASF SE 29,904 1,590,296

  Shares Value
Daimler AG 5,970 $ 422,599
SAP SE 2,790 287,150
Siemens AG 5,253 652,696
TOTAL GERMANY 4,467,650
HONG KONG – 5.2%
BOC Hong Kong Holdings Ltd. 342,500 1,250,629
Hang Seng Bank Ltd. 66,900 1,189,443
Power Assets Holdings Ltd. 419,500 2,825,663
TOTAL HONG KONG 5,265,735
IRELAND – 1.6%
Smurfit Kappa Group PLC 36,769 1,577,955
TOTAL IRELAND 1,577,955
ITALY – 2.9%
Enel SpA 439,706 2,884,331
TOTAL ITALY 2,884,331
JAPAN – 16.4%
Canon, Inc. 8,800 203,427
Honda Motor Co. Ltd. 13,700 361,534
Iida Group Holdings Co. Ltd. 14,200 227,752
ITOCHU Corp. 20,400 619,117
Japan Tobacco, Inc. 20,500 351,820
JXTG Holdings, Inc. 419,700 1,477,826
Kajima Corp. 42,900 480,125
Mitsubishi Corp. 19,800 669,832
Mitsui & Co. Ltd. 25,200 612,689
Mizuho Financial Group, Inc. 112,800 1,374,304
Nintendo Co. Ltd. 4,900 2,265,815
Nomura Holdings, Inc. 305,300 1,178,218
Otsuka Holdings Co. Ltd. 9,900 333,388
Seiko Epson Corp. 12,000 168,385
Sekisui House Ltd. 16,000 278,975
Shin-Etsu Chemical Co. Ltd. 13,100 1,818,489
SoftBank Corp. 183,300 2,143,404
Sumitomo Corp. 36,000 572,816
Takeda Pharmaceutical Co. Ltd. 13,800 401,453
Tokyo Electron Ltd. 600 256,931
Toyota Motor Corp. 44,135 761,530
TOTAL JAPAN 16,557,830
NETHERLANDS – 1.6%
ASR Nederland N.V. 24,015 1,098,003
BE Semiconductor Industries N.V. 2,238 138,684
Koninklijke Ahold Delhaize N.V. 6,351 188,202
Koninklijke Philips N.V. 8,061 212,599
TOTAL NETHERLANDS 1,637,488
 
See accompanying notes which are an integral part of the financial statements.
13 Semi-Annual Report 


Table of Contents
Fidelity® International High Dividend ETF
Schedule of Investments (Unaudited)continued
Common Stocks – continued
  Shares Value
NORWAY – 1.9%
Yara International ASA 36,812 $ 1,899,365
TOTAL NORWAY 1,899,365
SINGAPORE – 0.2%
Venture Corp. Ltd. 19,200 238,453
TOTAL SINGAPORE 238,453
SPAIN – 8.7%
ACS Actividades de Construccion y Servicios S.A. 18,777 487,098
Endesa S.A. 140,249 2,963,553
Industria de Diseno Textil S.A. 13,479 285,815
Repsol S.A. 153,365 2,311,205
Telefonica S.A. 567,097 2,771,735
TOTAL SPAIN 8,819,406
SWEDEN – 4.1%
Investor AB 64,580 1,260,429
Skandinaviska Enskilda Banken AB 94,290 1,073,999
Swedbank AB Class A 65,727 1,053,353
Telefonaktiebolaget LM Ericsson 17,537 142,092
Volvo AB Class B (b) 36,275 586,869
TOTAL SWEDEN 4,116,742
SWITZERLAND – 4.3%
ABB Ltd. 15,364 468,526
Cie Financiere Richemont S.A. 3,373 401,361
Lonza Group AG 252 150,164
Nestle S.A. 5,487 712,267
Novartis AG 5,801 517,019
Roche Holding AG 1,677 626,122
Zurich Insurance Group AG 3,176 1,459,000
TOTAL SWITZERLAND 4,334,459
UNITED KINGDOM – 11.3%
AstraZeneca PLC 4,955 664,901
BAE Systems PLC 64,905 603,013
BP PLC 463,315 2,277,616
British American Tobacco PLC 6,438 270,939
Direct Line Insurance Group PLC 307,017 977,912

  Shares Value
GlaxoSmithKline PLC 19,473 $ 439,337
Imperial Brands PLC 6,969 145,768
Legal & General Group PLC 349,630 1,106,620
M&G PLC 443,796 1,193,493
Persimmon PLC 12,510 329,833
RELX PLC 20,075 603,136
Rio Tinto PLC 31,991 2,291,799
The Sage Group PLC 19,643 181,856
Unilever PLC 6,446 300,977
TOTAL UNITED KINGDOM 11,387,200
TOTAL COMMON STOCKS
(Cost $105,167,791)
100,044,412
Money Market Funds – 0.3%
Fidelity Cash Central Fund, 0.32% (c) 101,678 101,698
Fidelity Securities Lending Cash Central Fund, 0.32% (c)(d) 171,683 171,700
TOTAL MONEY MARKET FUNDS
(Cost $273,398)
273,398
TOTAL INVESTMENT IN SECURITIES – 99.5%
(Cost $105,441,189)
100,317,810
NET OTHER ASSETS (LIABILITIES) – 0.5% 537,806
NET ASSETS – 100.0% $100,855,616
    
Categorizations in the Schedule of Investments are based on country or territory of incorporation.  
Legend  
(a) 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 $476,986 or 0.5% of net assets.
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 14


Table of Contents
Futures Contracts
  Number of
contracts
Expiration
Date
Notional
Amount
Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contract          
CME E-mini Russell 2000 Index Contracts (United States) 8 June 2022 $798,640 $(44,993) $(44,993)
The notional amount of futures purchased as a percentage of Net Assets is 0.8%
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including ownership percentage, is presented below.
Fund Value,
beginning
of period
  Purchases   Sales
Proceeds
  Dividend
Income
  Realized
Gain/Loss
  Change in
Unrealized
appreciation
(depreciation)
  Value,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund, 0.32% $ 56,466   $20,231,927   $20,186,695   $ 194   $—   $—   $101,698 0.0%
Fidelity Securities Lending Cash Central Fund, 0.32% 4,768,155   10,603,926   15,200,381   12,395       $171,700 0.0%
Total $4,824,621   $30,835,853   $35,387,076   $12,589   $—   $—   $273,398  
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received from lending certain types of securities.
See accompanying notes which are an integral part of the financial statements.
15 Semi-Annual Report 


Table of Contents
Fidelity® International High Dividend ETF
Schedule of Investments (Unaudited)continued
Investment Valuation
The following is a summary of the inputs used, as of April 30, 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   $ 12,028,898   $ 12,028,898   $   $
Consumer Discretionary   4,178,970   4,178,970    
Consumer Staples   2,633,304   2,633,304    
Energy   12,967,194   12,967,194    
Financials   26,439,499   26,439,499    
Health Care   4,283,973   4,283,973    
Industrials   9,155,583   9,155,583    
Information Technology   1,737,741   1,737,741    
Materials   15,549,390   15,549,390    
Utilities   11,069,860   11,069,860    
Money Market Funds   273,398   273,398    
Total Investments in Securities:   $ 100,317,810   $ 100,317,810   $   $
    
Derivative Instruments:                
Liabilities                
Futures Contracts   $ (44,993)   $ (44,993)   $   $
Total Liabilities   $ (44,993)   $ (44,993)   $   $
Total Derivative Instruments:   $ (44,993)   $ (44,993)   $   $
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of April 30, 2022. 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) $0   $(44,993)
Total Equity Risk 0   (44,993)
Total Value of Derivatives $0   $(44,993)
    
(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® International Multifactor ETF
Schedule of Investments April 30, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.2%
  Shares Value
AUSTRALIA – 5.6%
ASX Ltd. 838 $ 51,614
BHP Group Ltd. 2,623 89,492
Commonwealth Bank of Australia 1,813 133,840
Fortescue Metals Group Ltd. 1,720 26,439
JB Hi-Fi Ltd. 1,148 43,214
Medibank Pvt Ltd. 20,729 47,139
Rio Tinto Ltd. 344 27,583
Sonic Healthcare Ltd. 5,725 149,435
Suncorp Group Ltd. 6,185 50,371
Telstra Corp. Ltd. 69,398 199,244
Wesfarmers Ltd. 1,573 55,233
TOTAL AUSTRALIA 873,604
AUSTRIA – 0.2%
OMV AG 107 5,543
Raiffeisen Bank International AG 1,814 21,012
TOTAL AUSTRIA 26,555
BELGIUM – 0.3%
Sofina S.A. 140 43,422
TOTAL BELGIUM 43,422
BERMUDA – 0.5%
Jardine Matheson Holdings Ltd. 1,377 73,160
TOTAL BERMUDA 73,160
CANADA – 9.2%
Bank of Montreal 684 72,898
Canadian Apartment Properties REIT 4,096 161,270
Canadian Imperial Bank of Commerce 524 58,228
Canadian National Railway Co. 673 79,556
Canadian Natural Resources Ltd. 455 28,306
Canadian Utilities Ltd. 6,510 196,719
CGI, Inc. (a) 339 27,172
Constellation Software, Inc. 21 33,222
Crescent Point Energy Corp. 2,244 15,627
Empire Co. Ltd. 3,367 111,781
Great-West Lifeco, Inc. 1,044 28,950
Loblaw Cos. Ltd. 1,414 130,010
Manulife Financial Corp. 2,664 52,361
National Bank of Canada 573 40,225
Open Text Corp. 571 22,986
Power Corp. of Canada 1,225 36,231
Royal Bank of Canada 1,221 123,958
Stantec, Inc. 738 34,052
TFI International, Inc. 413 33,394
The Bank of Nova Scotia 1,211 77,082
West Fraser Timber Co. Ltd. 494 43,643

  Shares Value
Whitecap Resources, Inc. 2,083 $ 17,162
TOTAL CANADA 1,424,833
DENMARK – 2.9%
Coloplast A/S Class B 525 71,402
Novo Nordisk A/S Class B 2,016 232,240
Novozymes A/S Class B 568 39,809
Pandora A/S 413 36,841
Ringkjoebing Landbobank A/S 413 51,074
SimCorp A/S 307 21,769
TOTAL DENMARK 453,135
FINLAND – 0.8%
Kone Oyj Class B 1,109 53,923
Orion Oyj Class B 1,625 64,183
TOTAL FINLAND 118,106
FRANCE – 7.6%
Bureau Veritas S.A. 1,722 49,830
Dassault Systemes SE 862 38,680
Edenred 725 36,743
EssilorLuxottica S.A. 230 39,744
Hermes International 28 35,047
La Francaise des Jeux SAEM (b) 377 14,163
Legrand S.A. 593 53,025
L'Oreal S.A. 372 136,923
LVMH Moet Hennessy Louis Vuitton SE 162 105,874
Pernod Ricard S.A. 487 101,545
Publicis Groupe S.A. 2,847 172,938
Sanofi 1,590 169,716
Schneider Electric SE 619 89,920
Societe Generale S.A. (a) 1,877 45,880
Sodexo S.A. 183 13,923
Teleperformance 153 55,314
TOTAL S.A. 490 24,412
TOTAL FRANCE 1,183,677
GERMANY – 3.5%
Deutsche Post AG 1,264 54,565
GEA Group AG 911 35,722
Knorr-Bremse AG 420 30,280
Merck KGaA 396 73,923
Siemens Healthineers AG (b) 1,185 64,081
TAG Immobilien AG 8,560 172,119
Uniper SE 4,307 111,411
TOTAL GERMANY 542,101
HONG KONG – 1.4%
Sino Land Co. Ltd. 167,532 222,916
TOTAL HONG KONG 222,916
 
See accompanying notes which are an integral part of the financial statements.
17 Semi-Annual Report 


Table of Contents
Fidelity® International Multifactor ETF
Schedule of Investments (Unaudited)continued
Common Stocks – continued
  Shares Value
IRELAND – 0.4%
Kingspan Group PLC 667 $ 62,667
TOTAL IRELAND 62,667
ISRAEL – 1.9%
Bank Hapoalim BM 5,879 54,857
Bank Leumi Le-Israel BM 6,028 63,680
ICL Group Ltd. 3,519 38,839
Israel Discount Bank Ltd. Class A 8,699 51,805
Mizrahi Tefahot Bank Ltd. 1,461 54,434
Nice Ltd. (a) 131 26,944
TOTAL ISRAEL 290,559
ITALY – 2.3%
Assicurazioni Generali SpA 3,268 62,401
Moncler SpA 700 37,130
Recordati Industria Chimica e Farmaceutica SpA 1,208 58,609
Snam SpA 36,476 201,021
TOTAL ITALY 359,161
JAPAN – 21.5%
Advance Residence Investment Corp. 71 195,365
Astellas Pharma, Inc. 7,100 108,396
Bandai Namco Holdings, Inc. 600 41,027
CyberAgent, Inc. 13,600 145,489
Dai Nippon Printing Co. Ltd. 2,200 46,170
Daito Trust Construction Co. Ltd. 1,900 183,606
Daiwa Securities Group, Inc. 10,800 53,016
Food & Life Cos. Ltd. 1,200 28,759
FUJIFILM Holdings Corp. 700 38,755
Fujitsu Ltd. 300 43,266
Hitachi Ltd. 1,600 74,986
Honda Motor Co. Ltd. 2,100 55,418
Hoya Corp. 1,000 100,262
Iida Group Holdings Co. Ltd. 1,700 27,266
Inpex Corp. 1,200 14,190
ITOCHU Corp. 2,400 72,837
Japan Tobacco, Inc. 6,200 106,404
Kajima Corp. 4,300 48,124
Kao Corp. 2,600 104,975
KDDI Corp. 6,400 214,140
Medipal Holdings Corp. 5,200 85,449
Mitsui & Co. Ltd. 3,000 72,939
Nippon Telegraph & Telephone Corp. 6,700 198,942
Nissan Chemical Corp. 900 48,001
Nitori Holdings Co. Ltd. 300 30,912
NOF Corp. 1,100 41,433
Nomura Research Institute Ltd. 1,200 34,362
Obayashi Corp. 6,300 43,569

  Shares Value
Obic Co. Ltd. 300 $ 44,643
Open House Group Co. Ltd. 700 27,231
ORIX Corp. 3,700 67,797
Osaka Gas Co. Ltd. 12,700 229,867
Otsuka Corp. 1,000 32,996
Secom Co. Ltd. 800 56,647
Sekisui House Ltd. 2,100 36,616
Shimano, Inc. 200 35,968
Shionogi & Co. Ltd. 1,600 89,793
Sojitz Corp. 3,000 46,010
Sony Corp. 1,000 86,601
Sumitomo Mitsui Trust Holdings, Inc. 1,900 59,115
Taisei Corp. 1,600 43,532
The Shizuoka Bank Ltd. 8,200 53,228
Toppan Printing Co. Ltd. 2,700 44,847
Toyo Suisan Kaisha Ltd. 2,800 86,555
Trend Micro, Inc. 700 39,225
TOTAL JAPAN 3,338,729
JERSEY – 0.8%
Experian PLC 1,513 53,036
Man Group PLC 24,508 72,309
TOTAL JERSEY 125,345
LUXEMBOURG – 0.3%
B&M European Value Retail S.A. 6,268 38,576
Tenaris S.A. 493 7,703
TOTAL LUXEMBOURG 46,279
NETHERLANDS – 2.2%
ASML Holding N.V. 224 129,498
Koninklijke Ahold Delhaize N.V. 2,991 88,634
NN Group N.V. 1,117 55,313
Wolters Kluwer N.V. 698 71,117
TOTAL NETHERLANDS 344,562
NORWAY – 0.9%
Equinor ASA 350 12,061
Norsk Hydro ASA 4,467 38,329
Orkla ASA 7,812 64,029
Yara International ASA 648 33,434
TOTAL NORWAY 147,853
PORTUGAL – 0.4%
Jeronimo Martins SGPS S.A. 3,142 65,630
TOTAL PORTUGAL 65,630
SINGAPORE – 1.5%
DBS Group Holdings Ltd. 2,700 66,322
Oversea-Chinese Banking Corp. Ltd. 6,681 59,945
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 18


Table of Contents
Common Stocks – continued
  Shares Value
SINGAPORE – continued
Singapore Exchange Ltd. 5,900 $ 41,828
United Overseas Bank Ltd. 2,700 58,638
TOTAL SINGAPORE 226,733
SPAIN – 3.1%
Banco de Sabadell S.A. 62,152 48,782
Enagas S.A. 9,027 195,889
Industria de Diseno Textil S.A. 1,937 41,073
Red Electrica Corp. S.A. 9,943 200,714
TOTAL SPAIN 486,458
SWEDEN – 3.7%
Atlas Copco AB Class A 1,259 58,095
Epiroc AB 2,295 47,243
Essity AB Class B 2,914 77,660
Evolution Gaming Group AB (b) 427 44,752
Getinge AB 1,716 50,218
Investor AB 4,049 79,026
Kinnevik AB (a) 2,049 40,820
Lundin Energy AB 162 6,782
Securitas AB Class B 3,231 38,584
Skandinaviska Enskilda Banken AB 5,088 57,954
Swedish Match AB 10,054 80,733
TOTAL SWEDEN 581,867
SWITZERLAND – 12.5%
Bachem Holding AG 90 39,778
Chocoladefabriken Lindt & Spruengli AG 8 90,331
Cie Financiere Richemont S.A. 551 65,565
EMS-Chemie Holding AG 33 29,799
Galenica AG (b) 763 56,597
Geberit AG 84 48,462
Givaudan S.A. 11 44,141
Kuehne + Nagel International AG 177 50,165
Logitech International S.A. 405 26,887
Nestle S.A. 2,949 382,810
Novartis AG 2,680 238,857
Partners Group Holding AG 52 56,117
Roche Holding AG 763 284,872
Sika AG 151 46,825
Sonova Holding AG 189 69,163
Straumann Holding AG 420 50,431
Swisscom AG 341 202,636
Tecan Group AG 115 35,022
The Swatch Group AG 156 40,903
UBS Group AG 5,055 87,049
TOTAL SWITZERLAND 1,946,410

  Shares Value
UNITED KINGDOM – 15.7%
Admiral Group PLC 1,689 $ 53,522
AstraZeneca PLC 1,882 252,542
Auto Trader Group PLC (b) 21,461 171,042
Avast PLC (b) 4,084 28,919
Barclays PLC 33,236 61,841
British American Tobacco PLC 3,495 147,085
Croda International PLC 352 34,489
Diageo PLC 3,301 166,543
GlaxoSmithKline PLC 7,128 160,817
Greggs PLC 1,265 37,323
Halma PLC 958 29,769
IG Group Holdings PLC 5,902 60,428
IMI PLC 1,892 32,187
Imperial Brands PLC 3,655 76,450
J Sainsbury PLC 18,239 53,423
Phoenix Group Holdings PLC 7,410 56,657
RELX PLC 2,487 74,720
Rightmove PLC 22,118 171,724
Rio Tinto PLC 886 63,472
Royal Mail PLC 6,911 29,900
Safestore Holdings PLC 13,240 209,448
Shell PLC 1,428 38,959
SSE PLC 9,895 232,127
The Sage Group PLC 3,220 29,811
Unilever PLC 3,539 165,243
TOTAL UNITED KINGDOM 2,438,441
TOTAL COMMON STOCKS
(Cost $15,674,038)
15,422,203
Money Market Fund – 0.1%
Fidelity Cash Central Fund, 0.32% (c)
(Cost $20,015)
20,011 20,015
TOTAL INVESTMENT IN SECURITIES – 99.3%
(Cost $15,694,053)
15,442,218
NET OTHER ASSETS (LIABILITIES) – 0.7% 102,064
NET ASSETS – 100.0% $ 15,544,282
    
See accompanying notes which are an integral part of the financial statements.
19 Semi-Annual Report 


Table of Contents
Fidelity® International Multifactor ETF
Schedule of Investments (Unaudited)continued
Categorizations in the Schedule of Investments are based on country or territory of incorporation.  
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 $379,554 or 2.4% of net assets.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.