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

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

Fidelity® Emerging Markets Multifactor ETF

Investment Summary (Unaudited)    

 

 

Fidelity® International High Dividend ETF

Investment Summary (Unaudited)    

 

 

Fidelity® International Multifactor ETF

Investment Summary (Unaudited)    

 

 

Fidelity® International Value Factor ETF

Investment Summary (Unaudited)    

 

 

Fidelity^® Emerging Markets Multifactor ETF

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

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8

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

9	Semi-Annual Report

Fidelity^® Emerging Markets Multifactor ETF

Schedule of Investments (Unaudited)–continued

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10

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.

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

11	Semi-Annual Report

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.

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12

Fidelity® International High Dividend ETF

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

13	Semi-Annual Report

Fidelity® International High Dividend ETF

Schedule of Investments (Unaudited)–continued

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

Semi-Annual Report

14

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

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.

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16

Fidelity® International Multifactor ETF

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

17	Semi-Annual Report

Fidelity® International Multifactor ETF

Schedule of Investments (Unaudited)–continued

Semi-Annual Report

18

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

    

19	Semi-Annual Report

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.

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)	1	June 2022	$99,830	$(1,419)	$(1,419)

The notional amount of futures purchased as a percentage of Net Assets is 0.6%

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%	$119,828		$446,004		$545,817		$45		$—		$—		$20,015	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.

Semi-Annual Report

20

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		$ 1,476,155		$ 1,476,155		$ —		$ —
Consumer Discretionary		1,019,159		1,019,159		—		—
Consumer Staples		2,236,764		2,236,764		—		—
Energy		170,745		170,745		—		—
Financials		2,411,169		2,411,169		—		—
Health Care		2,505,786		2,505,786		—		—
Industrials		1,758,578		1,758,578		—		—
Information Technology		685,647		685,647		—		—
Materials		645,728		645,728		—		—
Real Estate		1,144,724		1,144,724		—		—
Utilities		1,367,748		1,367,748		—		—
Money Market Fund		20,015		20,015		—		—
Total Investments in Securities:		$ 15,442,218		$ 15,442,218		$ —		$ —

    

Derivative Instruments:
Liabilities
Futures Contracts		$ (1,419)		$ (1,419)		$ —		$ —
Total Liabilities		$ (1,419)		$ (1,419)		$ —		$ —
Total Derivative Instruments:		$ (1,419)		$ (1,419)		$ —		$ —

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		$(1,419)
Total Equity Risk	0		(1,419)
Total Value of Derivatives	$0		$(1,419)

    

(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.

21	Semi-Annual Report

Fidelity® International Value Factor ETF

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Semi-Annual Report

22

Common Stocks – continued
	Shares	Value
LUXEMBOURG – 1.0%
ArcelorMittal S.A.	13,761	$ 408,150
TOTAL LUXEMBOURG		408,150
NETHERLANDS – 5.4%
ASML Holding N.V.	1,252	723,797
Koninklijke Ahold Delhaize N.V.	9,939	294,528
Koninklijke Philips N.V.	10,969	289,294
NN Group N.V.	5,818	288,103
Prosus N.V.	5,868	288,413
Randstad N.V.	4,950	265,591
TOTAL NETHERLANDS		2,149,726
SINGAPORE – 1.7%
CapitaLand Integrated Commercial Trust	71,000	119,799
Oversea-Chinese Banking Corp. Ltd.	30,800	276,350
Singapore Telecommunications Ltd.	133,300	267,391
TOTAL SINGAPORE		663,540
SPAIN – 0.9%
Banco Santander S.A.	118,186	351,162
TOTAL SPAIN		351,162
SWEDEN – 2.5%
Essity AB Class B	10,066	268,266
Securitas AB Class B	47,115	562,637
Telefonaktiebolaget LM Ericsson	23,117	187,304
TOTAL SWEDEN		1,018,207
SWITZERLAND – 8.0%
Adecco Group AG	7,684	302,009
Galenica AG (b)	1,693	125,582
Nestle S.A.	8,263	1,072,619
Novartis AG	6,773	603,649
Roche Holding AG	1,943	725,435
UBS Group AG	22,878	393,969
TOTAL SWITZERLAND		3,223,263
UNITED KINGDOM – 14.2%
Anglo American PLC	11,703	526,895

	Shares	Value
Barclays PLC	118,257	$ 220,035
British American Tobacco PLC	11,784	495,922
GlaxoSmithKline PLC	24,495	552,640
HSBC Holdings PLC	77,620	488,527
Imperial Brands PLC	14,428	301,785
J Sainsbury PLC	76,233	223,293
Kingfisher PLC	89,445	284,452
RELX PLC	14,950	449,160
Rio Tinto PLC	7,751	555,273
Royal Mail PLC	55,913	241,905
Shell PLC	24,074	656,788
Standard Chartered PLC	36,094	250,054
Vodafone Group PLC	281,662	429,798
TOTAL UNITED KINGDOM		5,676,527
TOTAL COMMON STOCKS (Cost $42,183,371)		39,691,962
Money Market Fund – 0.1%
Fidelity Cash Central Fund, 0.32% (c) (Cost $62,233)	62,220	62,233
TOTAL INVESTMENT IN SECURITIES – 99.2% (Cost $42,245,604)		39,754,195
NET OTHER ASSETS (LIABILITIES) – 0.8%		300,790
NET ASSETS – 100.0%		$ 40,054,985

    

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 $125,582 or 0.3% 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.

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

23	Semi-Annual Report

Fidelity® International Value Factor ETF

Schedule of Investments (Unaudited)–continued

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%	$33,305		$3,454,095		$3,425,167		$ 49		$—		$—		$62,233	0.0%
Fidelity Securities Lending Cash Central Fund, 0.32%	—		348,006		348,006		1,188		—		—		$ —	0.0%
Total	$33,305		$3,802,101		$3,773,173		$1,237		$—		$—		$62,233

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.

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		$ 1,719,549		$ 1,719,549		$ —		$ —
Consumer Discretionary		4,011,928		4,011,928		—		—
Consumer Staples		3,845,794		3,845,794		—		—
Energy		2,320,552		2,320,552		—		—
Financials		7,861,388		7,861,388		—		—
Health Care		4,494,651		4,494,651		—		—
Industrials		6,291,281		6,291,281		—		—
Information Technology		3,254,238		3,254,238		—		—
Materials		3,513,127		3,513,127		—		—
Real Estate		939,545		939,545		—		—
Utilities		1,439,909		1,439,909		—		—
Money Market Fund		62,233		62,233		—		—
Total Investments in Securities:		$ 39,754,195		$ 39,754,195		$ —		$ —

    

Derivative Instruments:
Liabilities
Futures Contracts		$ (12,076)		$ (12,076)		$ —		$ —
Total Liabilities		$ (12,076)		$ (12,076)		$ —		$ —
Total Derivative Instruments:		$ (12,076)		$ (12,076)		$ —		$ —

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		$(12,076)
Total Equity Risk	0		(12,076)
Total Value of Derivatives	$0		$(12,076)

    

(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

24

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25

Financial Statements

April 30, 2022 (Unaudited)

	Fidelity Emerging Markets Multifactor ETF		Fidelity International High Dividend ETF		Fidelity International Multifactor ETF		Fidelity International Value Factor ETF
Assets
Investments in securities, at value (including securities loaned of $—, $163,401, $— and $—, respectively) – See accompanying schedule:
Unaffiliated issuers	$23,328,622		$100,044,412		$15,422,203		$39,691,962
Fidelity Central Funds	—		273,398		20,015		62,233
Total Investments in Securities	$23,328,622		$100,317,810		$15,442,218		$39,754,195
Segregated cash with brokers for derivative instruments	12,612		42,082		5,260		15,781
Cash	—		—		1,885		—
Foreign currency held at value (cost $77,465, $77,855, $19,877 and $86,673, respectively)	77,405		78,402		19,554		85,105
Receivable for investments sold	154,699		—		—		—
Dividends receivable	59,738		563,500		52,050		144,354
Reclaims receivable	—		179,619		29,740		82,027
Receivable for daily variation margin on futures contracts	945		—		—		—
Distributions receivable from Fidelity Central Funds	—		1,295		—		—
Total assets	23,634,021		101,182,708		15,550,707		40,081,462
Liabilities
Payable to custodian bank	5,529		81,317		—		—
Payable for investments purchased	—		31,255		—		10,395
Accrued management fees	8,940		32,726		5,164		12,297
Payable for daily variation margin on futures contracts	—		10,094		1,261		3,785
Other payables and accrued expenses	24,720		—		—		—
Collateral on securities loaned, at value	—		171,700		—		—
Total liabilities	39,189		327,092		6,425		26,477
Net Assets	$23,594,832		$100,855,616		$15,544,282		$40,054,985
Net Assets consist of:
Paid in capital	$25,680,930		$105,556,849		$16,170,396		$42,829,477
Total accumulated earnings (loss)	(2,086,098)		(4,701,233)		(626,114)		(2,774,492)
Net Assets	$23,594,832		$100,855,616		$15,544,282		$40,054,985
Shares outstanding	1,000,000		5,000,000		600,000		1,800,000
Net Asset Value per share	$ 23.59		$ 20.17		$ 25.91		$ 22.25
Investments at cost – Unaffiliated issuers	$24,730,181		$105,167,791		$15,674,038		$42,183,371
Investments at cost – Fidelity Central Funds	—		273,398		20,015		62,233
Investments at cost	$24,730,181		$105,441,189		$15,694,053		$42,245,604

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

Semi-Annual Report

26

For the six months ended April 30, 2022 (Unaudited)

	Fidelity Emerging Markets Multifactor ETF		Fidelity International High Dividend ETF		Fidelity International Multifactor ETF		Fidelity International Value Factor ETF
Investment Income
Dividends	$  337,699		$  2,107,780		$  228,115		$  754,077
Non-Cash dividends	51,822		123,341		17,874		—
Interest	1		14		1		2
Income from Fidelity Central Funds (including $—, $12,395, $— and $1,188, from security lending, respectively)	59		12,589		45		1,237
Income before foreign taxes withheld	389,581		2,243,724		246,035		755,316
Less foreign taxes withheld	(36,132)		(178,794)		(30,109)		(53,633)
Total income	353,449		2,064,930		215,926		701,683
Expenses
Management fees	48,284		179,869		33,022		77,421
Independent trustees' fees and expenses	36		148		29		67
Total expenses before reductions	48,320		180,017		33,051		77,488
Expense reductions	(2)		(1)		(9)		(2)
Total expenses	48,318		180,016		33,042		77,486
Net investment income (loss)	305,131		1,884,914		182,884		624,197
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities (net of foreign taxes of $45,517, $-, $-, $-, respectively.)	(333,210)		(311,363)		(539,217)		(656,962)
Net realized gain (loss) on In-kind redemptions	—		7,060,605		376,924		2,106,211
Net realized gain (loss) on futures contracts	(11,684)		(127,397)		(27,625)		(21,106)
Net realized gain (loss) on foreign currency transactions	(12,412)		(5,858)		(2,739)		(5,781)
Total net realized gain (loss)	(357,306)		6,615,987		(192,657)		1,422,362
Change in net unrealized appreciation (depreciation) on investment securities (net of decrease in deferred foreign taxes of $29,103, $-, $- and $-, respectively.)	(1,476,366)		(11,598,633)		(1,834,482)		(4,682,555)
Change in net unrealized appreciation (depreciation) on futures contracts	2,247		(48,426)		1,579		(13,793)
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies	2,323		(31,655)		(4,542)		(13,325)
Total change in net unrealized appreciation (depreciation)	(1,471,796)		(11,678,714)		(1,837,445)		(4,709,673)
Net gain (loss)	(1,829,102)		(5,062,727)		(2,030,102)		(3,287,311)
Net increase (decrease) in net assets resulting from operations	$(1,523,971)		$ (3,177,813)		$(1,847,218)		$(2,663,114)

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

27	Semi-Annual Report

Financial Statements  – continued

	Fidelity Emerging Markets Multifactor ETF				Fidelity International High Dividend ETF
	Six months ended April 30, 2022 (Unaudited)		Year ended October 31, 2021		Six months ended April 30, 2022 (Unaudited)		Year ended October 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 305,131		$ 500,688		$ 1,884,914		$ 2,736,527
Net realized gain (loss)	(357,306)		136,954		6,615,987		2,501,097
Change in net unrealized appreciation (depreciation)	(1,471,796)		259,838		(11,678,714)		16,555,183
Net increase (decrease) in net assets resulting from operations	(1,523,971)		897,480		(3,177,813)		21,792,807
Distributions to shareholders	(234,000)		(465,600)		(1,839,700)		(2,688,900)
Share transactions
Proceeds from sales of shares	4,649,877		11,022,150		54,108,330		17,802,806
Cost of shares redeemed	—		—		(30,432,276)		—
Net increase (decrease) in net assets resulting from share transactions	4,649,877		11,022,150		23,676,054		17,802,806
Total increase (decrease) in net assets	2,891,906		11,454,030		18,658,541		36,906,713
Net Assets
Beginning of period	20,702,926		9,248,896		82,197,075		45,290,362
End of period	$23,594,832		$20,702,926		$100,855,616		$82,197,075
Other Information
Shares
Sold	200,000		400,000		2,500,000		900,000
Redeemed	—		—		(1,400,000)		—
Net increase (decrease)	200,000		400,000		1,100,000		900,000

    

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

Semi-Annual Report

28

	Fidelity International Multifactor ETF				Fidelity International Value Factor ETF
	Six months ended April 30, 2022 (Unaudited)		Year ended October 31, 2021		Six months ended April 30, 2022 (Unaudited)		Year ended October 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 182,884		$ 305,654		$ 624,197		$ 953,166
Net realized gain (loss)	(192,657)		299,275		1,422,362		2,419,526
Change in net unrealized appreciation (depreciation)	(1,837,445)		1,701,847		(4,709,673)		3,280,854
Net increase (decrease) in net assets resulting from operations	(1,847,218)		2,306,776		(2,663,114)		6,653,546
Distributions to shareholders	(292,800)		(291,700)		(801,100)		(1,020,000)
Share transactions
Proceeds from sales of shares	2,824,049		8,431,231		11,974,615		26,441,620
Cost of shares redeemed	(2,787,735)		—		(9,904,849)		(4,879,284)
Net increase (decrease) in net assets resulting from share transactions	36,314		8,431,231		2,069,766		21,562,336
Total increase (decrease) in net assets	(2,103,704)		10,446,307		(1,394,448)		27,195,882
Net Assets
Beginning of period	17,647,986		7,201,679		41,449,433		14,253,551
End of period	$15,544,282		$17,647,986		$40,054,985		$41,449,433
Other Information
Shares
Sold	100,000		300,000		500,000		1,100,000
Redeemed	(100,000)		—		(400,000)		(200,000)
Net increase (decrease)	—		300,000		100,000		900,000

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

29	Semi-Annual Report

Financial Statements  – continued

	Fidelity Emerging Markets Multifactor ETF
	Six months ended April 30, 2022 (Unaudited)		Year ended October 31, 2021		Year ended October 31, 2020		Year ended October 31, 2019A
Selected Per-Share Data
Net asset value, beginning of period	$ 25.88		$ 23.12		$24.68		$25.00
Income from Investment Operations
Net investment income (loss)B	0.36		0.72		0.55		0.50
Net realized and unrealized gain (loss)	(2.38)		2.67		(1.57)		(0.34)
Total from investment operations	(2.02)		3.39		(1.02)		0.16
Distributions from net investment income	(0.27)		(0.63)		(0.54)		(0.48)
Total distributions	(0.27)		(0.63)		(0.54)		(0.48)
Net asset value, end of period	$ 23.59		$ 25.88		$23.12		$24.68
Total ReturnC,D,E	(7.83)%		14.55%		(4.03)%		0.66%
Ratios to Average Net AssetsF,G
Expenses before reductions	.45% H		.45%		.45%		.45% H
Expenses net of fee waivers, if any	.45% H		.45%		.45%		.45% H
Expenses net of all reductions	.45% H		.45%		.45%		.45% H
Net investment income (loss)	2.84% H		2.64%		2.39%		3.05% H
Supplemental Data
Net assets, end of period (000 omitted)	$23,595		$20,703		$9,249		$9,872
Portfolio turnover rateI	31% J,K		65% K		66%		34% J,K

    

A	For the period February 26, 2019 (commencement of operations) through October 31, 2019.
B	Calculated based on average shares outstanding during the period.
C	Based on net asset value.
D	Total returns for periods of less than one year are not annualized.
E	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G	Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H	Annualized.
I	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J	Amount not annualized.
K	Portfolio turnover rate excludes securities received or delivered in-kind.

    

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

Semi-Annual Report

30

	Fidelity International High Dividend ETF
	Six months ended April 30, 2022 (Unaudited)		Year ended October 31, 2021		Year ended October 31, 2020		Year ended October 31, 2019		Year ended October 31, 2018A
Selected Per-Share Data
Net asset value, beginning of period	$ 21.08		$ 15.10		$ 20.96		$ 20.56		$ 25.08
Income from Investment Operations
Net investment income (loss)B	0.43		0.77		0.60		1.04		0.82
Net realized and unrealized gain (loss)	(0.93)		5.95		(5.81)		0.31		(4.63)
Total from investment operations	(0.50)		6.72		(5.21)		1.35		(3.81)
Distributions from net investment income	(0.41)		(0.74)		(0.65)		(0.95)		(0.71)
Total distributions	(0.41)		(0.74)		(0.65)		(0.95)		(0.71)
Net asset value, end of period	$ 20.17		$ 21.08		$ 15.10		$ 20.96		$ 20.56
Total ReturnC,D,E	(2.36)%		44.78%		(24.98)%		6.84%		(15.44)%
Ratios to Average Net AssetsF,G
Expenses before reductions	.39% H		.39%		.39%		.39%		.39% H
Expenses net of fee waivers, if any	.39% H		.39%		.39%		.39%		.39% H
Expenses net of all reductions	.39% H		.39%		.39%		.39%		.39% H
Net investment income (loss)	4.09% H		3.82%		3.38%		5.07%		4.59% H
Supplemental Data
Net assets, end of period (000 omitted)	$100,856		$82,197		$45,290		$44,022		$18,500
Portfolio turnover rateI,J	66% K		67%		82%		47%		42% K

    

A	For the period January 16, 2018 (commencement of operations) through October 31, 2018.
B	Calculated based on average shares outstanding during the period.
C	Based on net asset value.
D	Total returns for periods of less than one year are not annualized.
E	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G	Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H	Annualized.
I	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J	Portfolio turnover rate excludes securities received or delivered in-kind.
K	Amount not annualized.

    

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

31	Semi-Annual Report

Financial Statements  – continued

	Fidelity International Multifactor ETF
	Six months ended April 30, 2022 (Unaudited)		Year ended October 31, 2021		Year ended October 31, 2020		Year ended October 31, 2019A
Selected Per-Share Data
Net asset value, beginning of period	$ 29.41		$ 24.01		$26.18		$ 25.05
Income from Investment Operations
Net investment income (loss)B	0.30		0.65		0.57		0.55
Net realized and unrealized gain (loss)	(3.31)		5.34		(2.07)		1.12
Total from investment operations	(3.01)		5.99		(1.50)		1.67
Distributions from net investment income	(0.49)		(0.59)		(0.67)		(0.54)
Total distributions	(0.49)		(0.59)		(0.67)		(0.54)
Net asset value, end of period	$ 25.91		$ 29.41		$24.01		$ 26.18
Total ReturnC,D,E	(10.39)%		25.08%		(5.73)%		6.72%
Ratios to Average Net AssetsF,G
Expenses before reductions	.39% H		.39%		.39%		.39% H
Expenses net of fee waivers, if any	.39% H		.39%		.39%		.39% H
Expenses net of all reductions	.39% H		.39%		.39%		.39% H
Net investment income (loss)	2.16% H		2.28%		2.29%		3.18% H
Supplemental Data
Net assets, end of period (000 omitted)	$15,544		$17,648		$7,202		$10,473
Portfolio turnover rateI,J	33% K		74%		69%		35% K

    

A	For the period February 26, 2019 (commencement of operations) through October 31, 2019.
B	Calculated based on average shares outstanding during the period.
C	Based on net asset value.
D	Total returns for periods of less than one year are not annualized.
E	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G	Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H	Annualized.
I	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J	Portfolio turnover rate excludes securities received or delivered in-kind.
K	Amount not annualized.

    

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

Semi-Annual Report

32

	Fidelity International Value Factor ETF
	Six months ended April 30, 2022 (Unaudited)		Year ended October 31, 2021		Year ended October 31, 2020		Year ended October 31, 2019		Year ended October 31, 2018A
Selected Per-Share Data
Net asset value, beginning of period	$ 24.38		$ 17.82		$ 21.89		$ 20.89		$ 25.00
Income from Investment Operations
Net investment income (loss)B	0.38		0.79		0.51		0.80		0.62
Net realized and unrealized gain (loss)	(2.03)		6.54		(4.09)		1.05		(4.18)
Total from investment operations	(1.65)		7.33		(3.58)		1.85		(3.56)
Distributions from net investment income	(0.48)		(0.77)		(0.49)		(0.85)		(0.55)
Total distributions	(0.48)		(0.77)		(0.49)		(0.85)		(0.55)
Net asset value, end of period	$ 22.25		$ 24.38		$ 17.82		$ 21.89		$ 20.89
Total ReturnC,D,E	(6.85)%		41.36%		(16.32)%		9.04%		(14.46)%
Ratios to Average Net AssetsF,G
Expenses before reductions	.39% H		.39%		.39%		.39%		.39% H
Expenses net of fee waivers, if any	.39% H		.39%		.39%		.39%		.39% H
Expenses net of all reductions	.39% H		.39%		.39%		.39%		.39% H
Net investment income (loss)	3.15% H		3.32%		2.60%		3.74%		3.38% H
Supplemental Data
Net assets, end of period (000 omitted)	$40,055		$41,449		$14,254		$13,135		$12,532
Portfolio turnover rateI	26% J,K		101% K		76% K		56%		65% J,K