Fidelity Covington Trust

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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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

Table of Contents

Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

3	Semi-Annual Report

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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%

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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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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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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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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.

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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.

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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%

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

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

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

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

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)

See accompanying notes which are an integral part of the financial statements.

Semi-Annual Report

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

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.