Fidelity® Corporate Bond ETF
Fidelity® Investment Grade Bond ETF
Fidelity® Investment Grade Securitized ETF
Fidelity® Limited Term Bond ETF
Fidelity® Low Duration Bond Factor ETF
Fidelity® Tactical Bond ETF
Fidelity® Total Bond ETF
Semi-Annual Report
February 28, 2023

Contents

Fidelity® Corporate Bond ETF

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Investment Grade Bond ETF

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Investment Grade Securitized ETF

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Limited Term Bond ETF

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Low Duration Bond Factor ETF

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Tactical Bond ETF

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Total Bond ETF

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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Fidelity® Corporate Bond ETF 
Investment Summary February 28, 2023 (Unaudited)
Quality Diversification (% of Fund's net assets)
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Asset Allocation (% of Fund's net assets)
Foreign investments - 21.1%
Geographic Diversification (% of Fund's net assets)
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.
 
Fidelity® Corporate Bond ETF
Schedule of Investments February 28, 2023 (Unaudited)
Showing Percentage of Net Assets
Nonconvertible Bonds - 88.1%
 
 
Principal
Amount (a)
Value ($)
COMMUNICATION SERVICES - 6.0%
 
 
 
Diversified Telecommunication Services - 1.7%
 
 
 
AT&T, Inc.:
 
 
 
 3.55% 9/15/55
 
322,000
218,124
 3.65% 9/15/59
 
295,000
199,787
 4.3% 2/15/30
 
412,000
386,487
 4.5% 5/15/35
 
293,000
263,543
Level 3 Financing, Inc. 3.4% 3/1/27 (b)
 
361,000
303,000
Verizon Communications, Inc.:
 
 
 
 2.1% 3/22/28
 
218,000
188,156
 2.55% 3/21/31
 
312,000
255,212
 3.7% 3/22/61
 
415,000
291,740
 4.4% 11/1/34
 
412,000
374,524
 
 
 
2,480,573
Entertainment - 0.1%
 
 
 
The Walt Disney Co. 4.75% 11/15/46
 
204,000
187,900
Media - 3.0%
 
 
 
CCO Holdings LLC/CCO Holdings Capital Corp. 4.5% 8/15/30 (b)
 
443,000
364,376
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:
 
 
 
 3.7% 4/1/51
 
208,000
127,186
 3.85% 4/1/61
 
300,000
176,684
 4.2% 3/15/28
 
178,000
163,587
 5.375% 5/1/47
 
338,000
269,269
Comcast Corp. 2.937% 11/1/56
 
335,000
210,120
Discovery Communications LLC 4.125% 5/15/29
 
295,000
264,276
Fox Corp.:
 
 
 
 3.5% 4/8/30
 
218,000
191,694
 5.476% 1/25/39
 
78,000
71,680
Magallanes, Inc.:
 
 
 
 3.755% 3/15/27 (b)
 
222,000
203,648
 4.054% 3/15/29 (b)
 
129,000
115,359
 4.279% 3/15/32 (b)
 
397,000
342,735
 5.05% 3/15/42 (b)
 
171,000
138,533
 5.141% 3/15/52 (b)
 
416,000
326,104
 5.391% 3/15/62 (b)
 
385,000
300,304
Time Warner Cable LLC:
 
 
 
 4.5% 9/15/42
 
273,000
203,724
 5.875% 11/15/40
 
354,000
312,619
 7.3% 7/1/38
 
538,000
539,208
 
 
 
4,321,106
Wireless Telecommunication Services - 1.2%
 
 
 
Rogers Communications, Inc.:
 
 
 
 3.8% 3/15/32 (b)
 
389,000
339,783
 4.3% 2/15/48
 
100,000
76,797
 4.55% 3/15/52 (b)
 
304,000
242,453
T-Mobile U.S.A., Inc.:
 
 
 
 2.4% 3/15/29
 
242,000
204,532
 2.7% 3/15/32
 
380,000
308,020
 3.75% 4/15/27
 
412,000
387,336
Vodafone Group PLC 3.25% 6/4/81 (c)
 
250,000
218,100
 
 
 
1,777,021
TOTAL COMMUNICATION SERVICES
 
 
8,766,600
CONSUMER DISCRETIONARY - 3.5%
 
 
 
Automobiles - 1.7%
 
 
 
Ford Motor Co. 3.25% 2/12/32
 
850,000
642,420
General Motors Co.:
 
 
 
 5.4% 4/1/48
 
500,000
416,988
 5.95% 4/1/49
 
386,000
346,325
General Motors Financial Co., Inc. 3.1% 1/12/32
 
280,000
222,850
Volkswagen Group of America Finance LLC:
 
 
 
 1.625% 11/24/27 (b)
 
390,000
329,962
 4.75% 11/13/28 (b)
 
550,000
534,232
 
 
 
2,492,777
Distributors - 0.3%
 
 
 
Genuine Parts Co. 2.75% 2/1/32
 
450,000
363,782
Household Durables - 0.2%
 
 
 
Toll Brothers Finance Corp. 4.375% 4/15/23
 
269,000
268,532
Specialty Retail - 1.1%
 
 
 
Advance Auto Parts, Inc. 1.75% 10/1/27
 
338,000
287,023
AutoNation, Inc.:
 
 
 
 3.85% 3/1/32
 
550,000
461,197
 4.75% 6/1/30
 
19,000
17,650
Lowe's Companies, Inc.:
 
 
 
 3.65% 4/5/29
 
291,000
265,843
 5.625% 4/15/53
 
250,000
239,291
O'Reilly Automotive, Inc. 4.35% 6/1/28
 
416,000
400,752
 
 
 
1,671,756
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
Tapestry, Inc. 3.05% 3/15/32
 
434,000
344,844
TOTAL CONSUMER DISCRETIONARY
 
 
5,141,691
CONSUMER STAPLES - 6.8%
 
 
 
Beverages - 1.3%
 
 
 
Anheuser-Busch Companies LLC / Anheuser-Busch InBev Worldwide, Inc.:
 
 
 
 4.7% 2/1/36
 
198,000
185,849
 4.9% 2/1/46
 
368,000
337,557
Anheuser-Busch InBev Finance, Inc.:
 
 
 
 4.7% 2/1/36
 
204,000
191,480
 4.9% 2/1/46
 
222,000
203,635
Anheuser-Busch InBev Worldwide, Inc. 4.5% 6/1/50
 
436,000
384,037
Constellation Brands, Inc. 2.875% 5/1/30
 
363,000
308,288
Molson Coors Beverage Co. 3% 7/15/26
 
321,000
296,940
 
 
 
1,907,786
Food & Staples Retailing - 0.1%
 
 
 
Alimentation Couche-Tard, Inc. 2.95% 1/25/30 (b)
 
269,000
228,557
Food Products - 2.1%
 
 
 
JBS U.S.A. Lux SA / JBS Food Co.:
 
 
 
 2.5% 1/15/27 (b)
 
1,000,000
875,060
 3% 5/15/32 (b)
 
405,000
308,750
 4.375% 2/2/52 (b)
 
405,000
287,601
 5.5% 1/15/30 (b)
 
530,000
498,860
McCormick & Co., Inc. 1.85% 2/15/31
 
261,000
202,352
Smithfield Foods, Inc. 3% 10/15/30 (b)
 
135,000
105,108
Viterra Finance BV 4.9% 4/21/27 (b)
 
780,000
738,921
 
 
 
3,016,652
Tobacco - 3.3%
 
 
 
Altria Group, Inc.:
 
 
 
 2.45% 2/4/32
 
440,000
332,130
 4.25% 8/9/42
 
235,000
176,699
 4.8% 2/14/29
 
253,000
242,689
BAT Capital Corp.:
 
 
 
 2.259% 3/25/28
 
404,000
338,470
 2.726% 3/25/31
 
400,000
312,200
 3.557% 8/15/27
 
726,000
661,145
 3.984% 9/25/50
 
440,000
289,082
Imperial Tobacco Finance PLC:
 
 
 
 3.5% 7/26/26 (b)
 
670,000
616,938
 4.25% 7/21/25 (b)
 
250,000
240,341
Philip Morris International, Inc.:
 
 
 
 5.625% 11/17/29
 
380,000
385,044
 5.75% 11/17/32
 
321,000
324,737
Reynolds American, Inc. 4.45% 6/12/25
 
927,000
902,043
 
 
 
4,821,518
TOTAL CONSUMER STAPLES
 
 
9,974,513
ENERGY - 8.1%
 
 
 
Oil, Gas & Consumable Fuels - 8.1%
 
 
 
Canadian Natural Resources Ltd.:
 
 
 
 4.95% 6/1/47
 
134,000
116,462
 6.25% 3/15/38
 
350,000
352,746
Cenovus Energy, Inc.:
 
 
 
 2.65% 1/15/32
 
99,000
78,344
 3.75% 2/15/52
 
290,000
205,346
 5.4% 6/15/47
 
288,000
259,262
 6.75% 11/15/39
 
32,000
33,444
Cheniere Corpus Christi Holdings LLC 5.875% 3/31/25
 
565,000
566,889
DCP Midstream Operating LP:
 
 
 
 3.875% 3/15/23
 
210,000
209,849
 5.125% 5/15/29
 
515,000
495,724
 5.85% 5/21/43 (b)(c)
 
418,000
413,653
Eastern Gas Transmission & Storage, Inc. 3.9% 11/15/49
 
356,000
261,667
Enbridge, Inc. 4.25% 12/1/26
 
214,000
205,224
Energy Transfer LP:
 
 
 
 4% 10/1/27
 
252,000
234,924
 4.25% 4/1/24
 
228,000
224,430
 5% 5/15/50
 
450,000
368,748
 5.4% 10/1/47
 
316,000
271,677
 5.8% 6/15/38
 
123,000
115,243
 6% 6/15/48
 
257,000
236,366
Enterprise Products Operating LP 4.9% 5/15/46
 
183,000
160,395
Equinor ASA 2.375% 5/22/30
 
422,000
359,936
Hess Corp.:
 
 
 
 4.3% 4/1/27
 
354,000
338,855
 5.6% 2/15/41
 
410,000
382,955
 5.8% 4/1/47
 
240,000
226,875
 6% 1/15/40
 
405,000
397,711
MPLX LP:
 
 
 
 1.75% 3/1/26
 
351,000
313,887
 2.65% 8/15/30
 
642,000
526,773
 5.65% 3/1/53
 
240,000
220,989
Occidental Petroleum Corp.:
 
 
 
 2.9% 8/15/24
 
86,000
82,345
 3.45% 7/15/24
 
481,000
461,760
Ovintiv, Inc. 7.2% 11/1/31
 
270,000
283,604
Petroleos Mexicanos:
 
 
 
 5.35% 2/12/28
 
394,000
332,772
 6.49% 1/23/27
 
85,000
77,146
 6.5% 3/13/27
 
280,000
253,512
Plains All American Pipeline LP/PAA Finance Corp. 4.65% 10/15/25
 
416,000
405,860
Spectra Energy Partners LP 3.375% 10/15/26
 
338,000
315,285
Suncor Energy, Inc.:
 
 
 
 6.5% 6/15/38
 
255,000
261,915
 6.85% 6/1/39
 
166,000
177,117
The Williams Companies, Inc.:
 
 
 
 4.65% 8/15/32
 
163,000
151,873
 5.3% 8/15/52
 
37,000
33,429
 5.75% 6/24/44
 
360,000
343,205
Transcontinental Gas Pipe Line Co. LLC 3.25% 5/15/30
 
26,000
22,636
Western Gas Partners LP 4.3% 2/1/30
 
1,174,000
1,040,097
 
 
 
11,820,930
FINANCIALS - 33.6%
 
 
 
Banks - 17.6%
 
 
 
AIB Group PLC 4.263% 4/10/25 (b)(c)
 
250,000
244,226
Banco Santander SA 2.749% 12/3/30
 
720,000
562,527
Bank of America Corp.:
 
 
 
 2.676% 6/19/41 (c)
 
619,000
424,012
 2.884% 10/22/30 (c)
 
487,000
411,755
 3.194% 7/23/30 (c)
 
495,000
430,099
 3.458% 3/15/25 (c)
 
337,000
329,371
 3.705% 4/24/28 (c)
 
362,000
336,745
 4.25% 10/22/26
 
368,000
353,431
 4.45% 3/3/26
 
350,000
340,283
 4.571% 4/27/33 (c)
 
800,000
743,645
 5.015% 7/22/33 (c)
 
600,000
577,262
Bank of Ireland Group PLC 4.5% 11/25/23 (b)
 
600,000
592,144
Bank of Nova Scotia 4.5% 12/16/25
 
336,000
325,653
Barclays PLC:
 
 
 
 1.007% 12/10/24 (c)
 
333,000
320,642
 2.645% 6/24/31 (c)
 
550,000
437,975
 2.894% 11/24/32 (c)
 
920,000
714,316
 4.836% 5/9/28
 
415,000
388,845
 5.088% 6/20/30 (c)
 
200,000
185,275
BNP Paribas SA:
 
 
 
 U.S. Secured Overnight Fin. Rate (SOFR) Index + 1.000% 1.323% 1/13/27 (b)(c)(d)
 
500,000
442,702
 1.904% 9/30/28 (b)(c)
 
670,000
564,599
 2.824% 1/26/41 (b)
 
660,000
434,829
 4.625% 3/13/27 (b)
 
475,000
455,175
BPCE SA:
 
 
 
 2.277% 1/20/32 (b)(c)
 
590,000
451,768
 4.875% 4/1/26 (b)
 
350,000
338,571
Citigroup, Inc.:
 
 
 
 2.572% 6/3/31 (c)
 
296,000
242,816
 2.666% 1/29/31 (c)
 
307,000
255,440
 4.3% 11/20/26
 
381,000
365,341
 4.91% 5/24/33 (c)
 
295,000
279,567
Citizens Financial Group, Inc. 2.638% 9/30/32
 
397,000
302,424
Commonwealth Bank of Australia 3.784% 3/14/32 (b)
 
610,000
512,133
Credit Agricole SA 2.811% 1/11/41 (b)
 
488,000
320,861
Fifth Third Bancorp 8.25% 3/1/38
 
395,000
492,676
HSBC Holdings PLC:
 
 
 
 1.589% 5/24/27 (c)
 
790,000
691,106
 2.357% 8/18/31 (c)
 
570,000
450,090
 2.848% 6/4/31 (c)
 
400,000
329,060
 4.041% 3/13/28 (c)
 
300,000
280,037
 7.39% 11/3/28 (c)
 
300,000
316,871
Huntington Bancshares, Inc. 2.487% 8/15/36 (c)
 
748,000
550,649
Intesa Sanpaolo SpA 5.71% 1/15/26 (b)
 
200,000
191,442
JPMorgan Chase & Co.:
 
 
 
 2.522% 4/22/31 (c)
 
456,000
377,042
 2.956% 5/13/31 (c)
 
467,000
392,189
 4.912% 7/25/33 (c)
 
850,000
813,884
 4.95% 6/1/45
 
204,000
187,494
 5.717% 9/14/33 (c)
 
720,000
715,457
Lloyds Banking Group PLC:
 
 
 
 1.627% 5/11/27 (c)
 
600,000
524,033
 7.953% 11/15/33 (c)
 
350,000
383,234
NatWest Group PLC 2.359% 5/22/24 (c)
 
215,000
213,121
Rabobank Nederland 3.75% 7/21/26
 
700,000
656,450
Santander Holdings U.S.A., Inc. 2.49% 1/6/28 (c)
 
605,000
526,944
Societe Generale:
 
 
 
 1.488% 12/14/26 (b)(c)
 
325,000
287,937
 3% 1/22/30 (b)
 
555,000
459,483
 3.625% 3/1/41 (b)
 
750,000
504,969
 6.221% 6/15/33 (b)(c)
 
400,000
379,894
Standard Chartered PLC 3.785% 5/21/25 (b)(c)
 
500,000
487,480
SVB Financial Group 3.125% 6/5/30
 
197,000
166,208
Synchrony Bank 5.625% 8/23/27
 
250,000
244,499
UniCredit SpA 1.982% 6/3/27 (b)(c)
 
625,000
545,062
Wells Fargo & Co.:
 
 
 
 2.164% 2/11/26 (c)
 
366,000
342,054
 4.478% 4/4/31 (c)
 
432,000
406,307
 4.65% 11/4/44
 
384,000
328,278
Westpac Banking Corp. U.S. TREASURY 1 YEAR INDEX + 2.680% 5.405% 8/10/33 (c)(d)
 
480,000
459,618
Zions Bancorp NA 3.25% 10/29/29
 
420,000
349,147
 
 
 
25,737,147
Capital Markets - 5.1%
 
 
 
Ares Capital Corp.:
 
 
 
 2.15% 7/15/26
 
335,000
288,618
 3.875% 1/15/26
 
352,000
326,566
 4.2% 6/10/24
 
406,000
397,284
 4.25% 3/1/25
 
378,000
362,773
Blackstone Holdings Finance Co. LLC 3.5% 9/10/49 (b)
 
268,000
183,050
Credit Suisse Group AG:
 
 
 
 2.593% 9/11/25 (b)(c)
 
351,000
318,022
 3.091% 5/14/32 (b)(c)
 
725,000
510,136
 3.869% 1/12/29 (b)(c)
 
250,000
205,045
 4.194% 4/1/31 (b)(c)
 
700,000
555,153
 4.55% 4/17/26
 
250,000
223,346
 9.016% 11/15/33 (b)(c)
 
300,000
315,053
Deutsche Bank AG 4.5% 4/1/25
 
320,000
308,554
Deutsche Bank AG New York Branch:
 
 
 
 2.129% 11/24/26 (c)
 
731,000
655,152
 3.035% 5/28/32 (c)
 
566,000
445,907
Goldman Sachs Group, Inc. 4.223% 5/1/29 (c)
 
336,000
314,555
Morgan Stanley:
 
 
 
 1.794% 2/13/32 (c)
 
414,000
315,078
 2.239% 7/21/32 (c)
 
330,000
256,691
 2.699% 1/22/31 (c)
 
266,000
222,218
 4.35% 9/8/26
 
535,000
514,404
 4.431% 1/23/30 (c)
 
400,000
376,541
UBS Group AG 3.126% 8/13/30 (b)(c)
 
500,000
427,859
 
 
 
7,522,005
Consumer Finance - 3.8%
 
 
 
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:
 
 
 
 1.65% 10/29/24
 
350,000
324,687
 2.45% 10/29/26
 
150,000
132,236
 3% 10/29/28
 
151,000
128,669
 3.3% 1/30/32
 
161,000
128,838
 3.4% 10/29/33
 
333,000
259,078
 3.85% 10/29/41
 
470,000
344,096
Ally Financial, Inc.:
 
 
 
 2.2% 11/2/28
 
254,000
206,929
 5.75% 11/20/25
 
141,000
138,023
 5.8% 5/1/25
 
309,000
309,204
 7.1% 11/15/27
 
410,000
425,657
Capital One Financial Corp.:
 
 
 
 2.359% 7/29/32 (c)
 
602,000
442,928
 5.247% 7/26/30 (c)
 
321,000
307,795
 5.468% 2/1/29 (c)
 
114,000
111,921
 5.817% 2/1/34 (c)
 
198,000
192,264
Discover Financial Services:
 
 
 
 4.5% 1/30/26
 
488,000
472,409
 6.7% 11/29/32
 
35,000
36,163
Ford Motor Credit Co. LLC:
 
 
 
 3.375% 11/13/25
 
615,000
566,458
 4.063% 11/1/24
 
350,000
336,508
 4.95% 5/28/27
 
500,000
465,845
Synchrony Financial 4.375% 3/19/24
 
319,000
314,573
 
 
 
5,644,281
Diversified Financial Services - 3.7%
 
 
 
Athene Global Funding:
 
 
 
 1.45% 1/8/26 (b)
 
290,000
254,872
 1.985% 8/19/28 (b)
 
380,000
310,480
 2.5% 3/24/28 (b)
 
290,000
246,443
Blackstone Private Credit Fund:
 
 
 
 4.7% 3/24/25
 
556,000
536,254
 7.05% 9/29/25 (b)
 
187,000
187,669
Brixmor Operating Partnership LP:
 
 
 
 2.25% 4/1/28
 
302,000
253,788
 4.05% 7/1/30
 
629,000
556,097
 4.125% 5/15/29
 
365,000
328,786
Corebridge Financial, Inc.:
 
 
 
 3.65% 4/5/27 (b)
 
95,000
88,639
 3.85% 4/5/29 (b)
 
93,000
84,007
 3.9% 4/5/32 (b)
 
231,000
202,128
 4.35% 4/5/42 (b)
 
25,000
20,606
 4.4% 4/5/52 (b)
 
75,000
59,787
Equitable Holdings, Inc.:
 
 
 
 4.35% 4/20/28
 
227,000
215,616
 5% 4/20/48
 
426,000
376,475
Jackson Financial, Inc.:
 
 
 
 3.125% 11/23/31
 
400,000
319,767
 4% 11/23/51
 
485,000
324,530
 5.17% 6/8/27
 
84,000
83,169
 5.67% 6/8/32
 
106,000
103,562
Rexford Industrial Realty LP 2.15% 9/1/31
 
394,000
304,816
Voya Financial, Inc.:
 
 
 
 4.7% 1/23/48 (c)
 
423,000
358,864
 4.8% 6/15/46
 
204,000
169,557
 5.7% 7/15/43
 
56,000
53,060
 
 
 
5,438,972
Insurance - 3.4%
 
 
 
American International Group, Inc. 5.75% 4/1/48 (c)
 
518,000
499,870
AmFam Holdings, Inc. 2.805% 3/11/31 (b)
 
310,000
237,895
Assurant, Inc. 2.65% 1/15/32
 
420,000
314,597
Athene Holding Ltd.:
 
 
 
 3.45% 5/15/52
 
250,000
158,983
 6.65% 2/1/33
 
300,000
308,187
Empower Finance 2020 LP 1.776% 3/17/31 (b)
 
353,000
274,455
Fairfax Financial Holdings Ltd.:
 
 
 
 4.85% 4/17/28
 
285,000
273,189
 5.625% 8/16/32 (b)
 
740,000
703,460
Five Corners Funding Trust II 2.85% 5/15/30 (b)
 
630,000
532,096
Intact Financial Corp. 5.459% 9/22/32 (b)
 
447,000
439,163
Liberty Mutual Group, Inc. 5.5% 6/15/52 (b)
 
380,000
356,077
Massachusetts Mutual Life Insurance Co. 3.729% 10/15/70 (b)
 
273,000
187,478
Pacific LifeCorp 5.125% 1/30/43 (b)
 
309,000
287,592
Unum Group 4.125% 6/15/51
 
510,000
365,475
 
 
 
4,938,517
TOTAL FINANCIALS
 
 
49,280,922
HEALTH CARE - 6.2%
 
 
 
Biotechnology - 0.7%
 
 
 
AbbVie, Inc. 4.55% 3/15/35
 
381,000
354,332
Amgen, Inc.:
 
 
 
 3.375% 2/21/50
 
282,000
197,315
 5.25% 3/2/30 (e)
 
78,000
77,620
 5.25% 3/2/33 (e)
 
88,000
87,387
 5.65% 3/2/53 (e)
 
41,000
40,663
 5.75% 3/2/63 (e)
 
75,000
73,965
Regeneron Pharmaceuticals, Inc. 1.75% 9/15/30
 
278,000
216,438
 
 
 
1,047,720
Health Care Providers & Services - 3.1%
 
 
 
Centene Corp.:
 
 
 
 2.625% 8/1/31
 
1,300,000
1,012,977
 3% 10/15/30
 
294,000
239,712
 4.25% 12/15/27
 
160,000
147,848
 4.625% 12/15/29
 
420,000
384,087
Cigna Group:
 
 
 
 3.4% 3/15/50
 
337,000
236,361
 4.8% 8/15/38
 
216,000
198,950
 4.9% 12/15/48
 
40,000
35,976
CVS Health Corp.:
 
 
 
 4.78% 3/25/38
 
246,000
223,476
 4.875% 7/20/35
 
134,000
125,907
HCA Holdings, Inc.:
 
 
 
 3.375% 3/15/29 (b)
 
209,000
183,130
 3.625% 3/15/32 (b)
 
200,000
169,068
 4.625% 3/15/52 (b)
 
370,000
291,093
 5.25% 6/15/49
 
382,000
329,476
Sabra Health Care LP 3.2% 12/1/31
 
565,000
419,781
Universal Health Services, Inc.:
 
 
 
 2.65% 10/15/30
 
388,000
315,976
 2.65% 1/15/32
 
275,000
213,518
 
 
 
4,527,336
Pharmaceuticals - 2.4%
 
 
 
AstraZeneca PLC 6.45% 9/15/37
 
276,000
311,964
Bayer U.S. Finance II LLC:
 
 
 
 4.25% 12/15/25 (b)
 
447,000
432,336
 4.375% 12/15/28 (b)
 
410,000
385,446
Elanco Animal Health, Inc.:
 
 
 
 5.772% 8/28/23
 
608,000
605,774
 6.4% 8/28/28 (c)
 
452,000
431,601
Mylan NV 4.55% 4/15/28
 
350,000
326,293
Utah Acquisition Sub, Inc. 3.95% 6/15/26
 
517,000
483,490
Viatris, Inc.:
 
 
 
 2.7% 6/22/30
 
535,000
424,133
 4% 6/22/50
 
280,000
180,605
 
 
 
3,581,642
TOTAL HEALTH CARE
 
 
9,156,698
INDUSTRIALS - 4.0%
 
 
 
Aerospace & Defense - 1.2%
 
 
 
BAE Systems PLC 1.9% 2/15/31 (b)
 
525,000
413,448
The Boeing Co.:
 
 
 
 5.04% 5/1/27
 
558,000
549,605
 5.15% 5/1/30
 
888,000
859,288
 
 
 
1,822,341
Air Freight & Logistics - 0.2%
 
 
 
FedEx Corp. 4.05% 2/15/48
 
348,000
267,090
Airlines - 0.7%
 
 
 
American Airlines 2017-2 Class B Pass Through Trust equipment trust certificate 3.7% 4/15/27
 
427,297
399,685
American Airlines 2019-1 Class B Pass Through Trust equipment trust certificate 3.85% 8/15/29
 
167,926
150,874
American Airlines, Inc. 3.75% 4/15/27
 
136,730
127,996
British Airways 2021-1 Class A Pass Through Trust equipment trust certificate 2.9% 9/15/36 (b)
 
192,868
158,750
United Airlines 2019-2 Class B Pass Through Trust equipment trust certificate 3.5% 11/1/29
 
162,347
145,427
United Airlines, Inc. equipment trust certificate 4.6% 9/1/27
 
85,423
81,645
 
 
 
1,064,377
Machinery - 0.7%
 
 
 
Ingersoll-Rand Luxembourg Finance SA 3.8% 3/21/29
 
250,000
230,208
Westinghouse Air Brake Tech Co.:
 
 
 
 3.2% 6/15/25
 
438,000
412,315
 3.45% 11/15/26
 
456,000
421,270
 
 
 
1,063,793
Road & Rail - 0.3%
 
 
 
CSX Corp. 4.75% 11/15/48
 
402,000
362,940
Trading Companies & Distributors - 0.5%
 
 
 
Air Lease Corp.:
 
 
 
 2.875% 1/15/32
 
440,000
345,423
 3.25% 3/1/25
 
331,000
314,106
 
 
 
659,529
Transportation Infrastructure - 0.4%
 
 
 
Avolon Holdings Funding Ltd.:
 
 
 
 2.528% 11/18/27 (b)
 
219,000
182,477
 4.25% 4/15/26 (b)
 
175,000
162,399
 5.5% 1/15/26 (b)
 
312,000
301,918
 
 
 
646,794
TOTAL INDUSTRIALS
 
 
5,886,864
INFORMATION TECHNOLOGY - 4.0%
 
 
 
Electronic Equipment & Components - 1.1%
 
 
 
Dell International LLC/EMC Corp.:
 
 
 
 3.45% 12/15/51 (b)
 
385,000
235,305
 4.9% 10/1/26
 
396,000
387,281
 6.02% 6/15/26
 
440,000
445,416
Vontier Corp. 2.95% 4/1/31
 
632,000
481,489
 
 
 
1,549,491
IT Services - 0.3%
 
 
 
CDW LLC/CDW Finance Corp. 2.67% 12/1/26
 
544,000
483,125
Semiconductors & Semiconductor Equipment - 1.4%
 
 
 
Broadcom, Inc.:
 
 
 
 1.95% 2/15/28 (b)
 
302,000
255,945
 2.45% 2/15/31 (b)
 
175,000
138,668
 2.6% 2/15/33 (b)
 
542,000
409,634
 3.5% 2/15/41 (b)
 
363,000
259,768
Micron Technology, Inc.:
 
 
 
 2.703% 4/15/32
 
395,000
299,706
 4.185% 2/15/27
 
401,000
379,581
NXP BV/NXP Funding LLC/NXP U.S.A., Inc. 2.7% 5/1/25
 
337,000
315,685
 
 
 
2,058,987
Software - 1.2%
 
 
 
Oracle Corp.:
 
 
 
 2.3% 3/25/28
 
408,000
354,070
 2.5% 4/1/25
 
332,000
313,019
 2.875% 3/25/31
 
190,000
157,523
 3.95% 3/25/51
 
430,000
308,862
 4.3% 7/8/34
 
347,000
304,684
Roper Technologies, Inc. 2.95% 9/15/29
 
389,000
338,188
 
 
 
1,776,346
TOTAL INFORMATION TECHNOLOGY
 
 
5,867,949
MATERIALS - 1.2%
 
 
 
Chemicals - 1.0%
 
 
 
Celanese U.S. Holdings LLC 6.165% 7/15/27
 
580,000
575,701
International Flavors & Fragrances, Inc.:
 
 
 
 1.832% 10/15/27 (b)
 
352,000
294,700
 3.468% 12/1/50 (b)
 
382,000
251,240
LYB International Finance III LLC 2.25% 10/1/30
 
368,000
294,171
 
 
 
1,415,812
Containers & Packaging - 0.2%
 
 
 
Avery Dennison Corp. 4.875% 12/6/28
 
325,000
317,852
TOTAL MATERIALS
 
 
1,733,664
REAL ESTATE - 6.1%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 5.6%
 
 
 
Agree LP 4.8% 10/1/32
 
441,000
412,468
Alexandria Real Estate Equities, Inc.:
 
 
 
 1.875% 2/1/33
 
381,000
282,400
 4.7% 7/1/30
 
75,000
72,160
American Homes 4 Rent LP:
 
 
 
 3.375% 7/15/51
 
45,000
29,250
 4.3% 4/15/52
 
71,000
54,413
Camden Property Trust:
 
 
 
 2.8% 5/15/30
 
65,000
55,827
 3.15% 7/1/29
 
447,000
396,748
Corporate Office Properties LP 2% 1/15/29
 
278,000
214,000
Crown Castle International Corp. 2.25% 1/15/31
 
323,000
258,418
Hudson Pacific Properties LP:
 
 
 
 3.95% 11/1/27
 
422,000
364,725
 5.95% 2/15/28
 
355,000
330,013
Invitation Homes Operating Partnership LP:
 
 
 
 2% 8/15/31
 
395,000
296,289
 4.15% 4/15/32
 
153,000
134,589
Kite Realty Group Trust:
 
 
 
 4% 3/15/25
 
15,000
14,213
 4.75% 9/15/30
 
317,000
283,734
LXP Industrial Trust (REIT) 4.4% 6/15/24
 
242,000
234,439
MPT Operating Partnership LP/MPT Finance Corp. 3.5% 3/15/31
 
606,000
415,389
Omega Healthcare Investors, Inc.:
 
 
 
 3.25% 4/15/33
 
394,000
281,633
 3.625% 10/1/29
 
427,000
354,102
 4.5% 1/15/25
 
204,000
198,967
Piedmont Operating Partnership LP 2.75% 4/1/32
 
53,000
37,361
Realty Income Corp. 2.2% 6/15/28
 
27,000
23,308
Spirit Realty LP 2.1% 3/15/28
 
398,000
329,716
Store Capital Corp.:
 
 
 
 2.7% 12/1/31
 
450,000
327,223
 2.75% 11/18/30
 
67,000
50,603
Sun Communities Operating LP:
 
 
 
 2.3% 11/1/28
 
60,000
50,727
 2.7% 7/15/31
 
445,000
355,013
 4.2% 4/15/32
 
270,000
239,515
 5.7% 1/15/33
 
450,000
442,710
Ventas Realty LP 3% 1/15/30
 
337,000
286,447
VICI Properties LP:
 
 
 
 4.75% 2/15/28
 
348,000
328,279
 4.95% 2/15/30
 
430,000
401,451
 5.125% 5/15/32
 
31,000
28,763
Vornado Realty LP:
 
 
 
 2.15% 6/1/26
 
73,000
62,546
 3.4% 6/1/31
 
265,000
201,532
WP Carey, Inc. 2.4% 2/1/31
 
397,000
320,056
 
 
 
8,169,027
Real Estate Management & Development - 0.5%
 
 
 
Brandywine Operating Partnership LP 7.55% 3/15/28
 
153,000
150,006
Tanger Properties LP:
 
 
 
 2.75% 9/1/31
 
313,000
232,165
 3.125% 9/1/26
 
410,000
372,130
 
 
 
754,301
TOTAL REAL ESTATE
 
 
8,923,328
UTILITIES - 8.6%
 
 
 
Electric Utilities - 3.5%
 
 
 
Cleco Corporate Holdings LLC:
 
 
 
 3.743% 5/1/26
 
1,181,000
1,108,251
 4.973% 5/1/46
 
356,000
303,594
Cleveland Electric Illuminating Co. 3.5% 4/1/28 (b)
 
224,000
204,885
Duke Energy Corp.:
 
 
 
 4.5% 8/15/32
 
310,000
286,897
 5% 8/15/52
 
550,000
488,831
Duke Energy Industries, Inc. 4.9% 7/15/43
 
88,000
81,347
Duquesne Light Holdings, Inc.:
 
 
 
 2.532% 10/1/30 (b)
 
86,000
68,368
 2.775% 1/7/32 (b)
 
177,000
139,210
 3.616% 8/1/27 (b)
 
250,000
224,087
Exelon Corp.:
 
 
 
 3.35% 3/15/32
 
258,000
220,291
 4.05% 4/15/30
 
240,000
220,114
 4.1% 3/15/52
 
163,000
129,489
FirstEnergy Corp.:
 
 
 
 2.25% 9/1/30
 
639,000
509,603
 4.15% 7/15/27
 
416,000
388,045
 7.375% 11/15/31
 
700,000
785,050
 
 
 
5,158,062
Gas Utilities - 0.5%
 
 
 
ONE Gas, Inc. 2% 5/15/30
 
254,000
207,362
Southern Co. Gas Capital Corp.:
 
 
 
 3.15% 9/30/51
 
416,000
279,053
 4.4% 5/30/47
 
204,000
165,221
 
 
 
651,636
Independent Power and Renewable Electricity Producers - 2.4%
 
 
 
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (b)
 
550,000
485,421
Emera U.S. Finance LP:
 
 
 
 3.55% 6/15/26
 
1,091,000
1,024,165
 4.75% 6/15/46
 
426,000
334,727
The AES Corp.:
 
 
 
 1.375% 1/15/26
 
392,000
346,906
 2.45% 1/15/31
 
402,000
319,323
 3.3% 7/15/25 (b)
 
764,000
716,971
 3.95% 7/15/30 (b)
 
382,000
334,441
 
 
 
3,561,954
Multi-Utilities - 2.2%
 
 
 
Dominion Energy, Inc. 4.25% 6/1/28
 
343,000
326,723
NiSource, Inc.:
 
 
 
 3.49% 5/15/27
 
594,000
554,897
 3.6% 5/1/30
 
100,000
89,267
 3.95% 3/30/48
 
396,000
308,610
 4.8% 2/15/44
 
268,000
237,600
Puget Energy, Inc.:
 
 
 
 3.65% 5/15/25
 
848,000
802,291
 4.1% 6/15/30
 
714,000
641,067
Sempra Energy 3.8% 2/1/38
 
342,000
280,146
 
 
 
3,240,601
TOTAL UTILITIES
 
 
12,612,253
 
TOTAL NONCONVERTIBLE BONDS
  (Cost $151,835,633)
 
 
 
129,165,412
 
 
 
 
U.S. Treasury Obligations - 8.0%
 
 
Principal
Amount (a)
Value ($)
U.S. Treasury Bonds:
 
 
 
 1.875% 2/15/41
 
540,000
385,952
 2% 11/15/41
 
600,000
433,664
 3.625% 2/15/53
 
11,050,000
10,519,953
U.S. Treasury Notes 3.5% 2/15/33
 
445,000
430,329
 
TOTAL U.S. TREASURY OBLIGATIONS
  (Cost $12,262,754)
 
 
11,769,898
 
 
 
 
Asset-Backed Securities - 0.1%
 
 
Principal
Amount (a)
Value ($)
Dominos Pizza Master Issuer LLC Series 2018-1A Class A2I, 4.116% 7/25/48 (b)
 
  (Cost $123,518)
 
 
123,518
117,577
 
 
 
 
Bank Notes - 0.3%
 
 
Principal
Amount (a)
Value ($)
Truist Bank 2.25% 3/11/30
 
  (Cost $499,420)
 
 
500,000
412,628
 
 
 
 
Preferred Securities - 0.7%
 
 
Principal
Amount (a)
Value ($)
ENERGY - 0.2%
 
 
 
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
Enbridge, Inc. 5.75% 7/15/80 (c)
 
355,000
335,481
FINANCIALS - 0.5%
 
 
 
Capital Markets - 0.5%
 
 
 
UBS Group AG:
 
 
 
 4.375% (b)(c)(f)
 
265,000
208,763
 4.875% (b)(c)(f)
 
570,000
500,548
 
 
 
709,311
 
TOTAL PREFERRED SECURITIES
  (Cost $1,203,493)
 
 
 
1,044,792
 
 
 
 
Money Market Funds - 2.6%
 
 
Shares
Value ($)
Fidelity Cash Central Fund 4.63% (g)
 
  (Cost $3,891,824)
 
 
3,891,129
3,891,907
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.8%
  (Cost $169,816,642)
 
146,402,214
NET OTHER ASSETS (LIABILITIES) - 0.2%  
231,437
NET ASSETS - 100.0%
146,633,651
 
 
 
Legend
(a)
Amount is stated in United States dollars unless otherwise noted.
(b)
Security 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 $29,580,314 or 20.2% of net assets.
(c)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(d)
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(e)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(f)
Security is perpetual in nature with no stated maturity date.
(g)
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.
 
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
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 4.63%
6,102,184
17,144,943
19,355,220
96,499
-
-
3,891,907
0.0%
Total
6,102,184
17,144,943
19,355,220
96,499
-
-
3,891,907
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend 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.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of February 28, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Corporate Bonds
129,165,412
-
129,165,412
-
 U.S. Government and Government Agency Obligations
11,769,898
-
11,769,898
-
 Asset-Backed Securities
117,577
-
117,577
-
 Bank Notes
412,628
-
412,628
-
 Preferred Securities
1,044,792
-
1,044,792
-
  Money Market Funds
3,891,907
3,891,907
-
-
 Total Investments in Securities:
146,402,214
3,891,907
142,510,307
-
Fidelity® Corporate Bond ETF
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
February 28, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $165,924,818)
$
142,510,307
 
 
Fidelity Central Funds (cost $3,891,824)
3,891,907
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $169,816,642)
 
 
$
146,402,214
Cash
 
 
32,010
Dividends receivable
 
 
3,104
Interest receivable
 
 
1,530,402
Distributions receivable from Fidelity Central Funds
 
 
17,047
  Total assets
 
 
147,984,777
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
569,250
 
 
Delayed delivery
280,788
 
 
Distributions payable
455,000
 
 
Accrued management fee
46,088
 
 
  Total Liabilities
 
 
 
1,351,126
Net Assets  
 
 
$
146,633,651
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
179,796,509
Total accumulated earnings (loss)
 
 
 
(33,162,858)
Net Assets
 
 
$
146,633,651
Net Asset Value , offering price and redemption price per share ($146,633,651 ÷ 3,250,000 shares)
 
 
$
45.12
Statement of Operations
 
 
 
Six months ended
February 28, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
29,897
Interest  
 
 
2,873,437
Income from Fidelity Central Funds  
 
 
96,499
 Total Income
 
 
 
2,999,833
Expenses
 
 
 
 
Management fee
$
273,277
 
 
Independent trustees' fees and expenses
301
 
 
 Total expenses before reductions
 
273,578
 
 
 Expense reductions
 
(166)
 
 
 Total expenses after reductions
 
 
 
273,412
Net Investment income (loss)
 
 
 
2,726,421
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(4,759,857)
 
 
   Redemptions in-kind
 
(1,399,753)
 
 
Total net realized gain (loss)
 
 
 
(6,159,610)
Change in net unrealized appreciation (depreciation) on investment securities
 
 
 
2,277,606
Net gain (loss)
 
 
 
(3,882,004)
Net increase (decrease) in net assets resulting from operations
 
 
$
(1,155,583)
Statement of Changes in Net Assets
 
 
Six months ended
February 28, 2023
(Unaudited)
 
Year ended
August 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
2,726,421
$
6,108,217
Net realized gain (loss)
 
(6,159,610)
 
 
(9,167,989)
 
Change in net unrealized appreciation (depreciation)
 
2,277,606
 
(37,051,282)
 
Net increase (decrease) in net assets resulting from operations
 
(1,155,583)
 
 
(40,111,054)
 
Distributions to shareholders
 
(2,720,000)
 
 
(6,112,550)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
18,146,793
 
11,095,233
Cost of shares redeemed
 
(27,127,671)
 
(99,842,693)
  Net increase (decrease) in net assets resulting from share transactions
 
(8,980,878)
 
 
(88,747,460)
 
Total increase (decrease) in net assets
 
(12,856,461)
 
 
(134,971,064)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
159,490,112
 
294,461,176
 
End of period
$
146,633,651
$
159,490,112
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
400,000
 
200,000
Redeemed
 
(600,000)
 
(2,000,000)
Net increase (decrease)
 
(200,000)
 
(1,800,000)
 
 
 
 
 
 
Financial Highlights
Fidelity® Corporate Bond ETF
 
 
Six months ended
(Unaudited) February 28, 2023  
 
Years ended August 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
46.23
$
56.09
$
55.93
$
53.26
$
48.64
$
50.97
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.808
 
1.339
 
1.321
 
1.546
 
1.732
 
1.599
     Net realized and unrealized gain (loss)
 
(1.102)
 
(9.824)
 
.387
 
2.655
 
4.610
 
(2.311)
  Total from investment operations
 
(.294)  
 
(8.485)  
 
1.708  
 
4.201  
 
6.342
 
(.712)
  Distributions from net investment income
 
(.816)
 
(1.375)
 
(1.308)
 
(1.531)
 
(1.722)
 
(1.618)
  Distributions from net realized gain
 
-
 
-
 
(.244)
 
-
 
-
 
-
     Total distributions
 
(.816)
 
(1.375)
 
(1.552)
 
(1.531)
 
(1.722)
 
(1.618)
  Net asset value, end of period
$
45.12
$
46.23
$
56.09
$
55.93
$
53.26
$
48.64
 Total Return   C,D,E
 
(.61)%
 
(15.30)%
 
3.11%
 
8.06%
 
13.39%
 
(1.41)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.36% H
 
.36%
 
.36%
 
.36%
 
.36%
 
.42%
    Expenses net of fee waivers, if any
 
.36% H
 
.36%
 
.36%
 
.36%
 
.36%
 
.42%
    Expenses net of all reductions
 
.36% H
 
.36%
 
.36%
 
.36%
 
.36%
 
.42%
    Net investment income (loss)
 
3.62% H
 
2.60%
 
2.38%
 
2.88%
 
3.45%
 
3.22%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
146,634
$
159,490
$
294,461
$
206,932
$
127,822
$
58,362
    Portfolio turnover rate I
 
42% H,J
 
32% J
 
26% J
 
31% J
 
40%
 
81% J
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total returns for periods of less than one year are not annualized.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Based on net asset value.
 
F 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.
 
G 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.
 
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.
 
Fidelity® Investment Grade Bond ETF 
Investment Summary February 28, 2023 (Unaudited)
Quality Diversification (% of Fund's net assets)
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Asset Allocation (% of Fund's net assets)
Foreign investments - 6.2%
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.
Fidelity® Investment Grade Bond ETF
Schedule of Investments February 28, 2023 (Unaudited)
Showing Percentage of Net Assets
Nonconvertible Bonds - 35.9%
 
 
Principal
Amount (a)
Value ($)
COMMUNICATION SERVICES - 5.0%
 
 
 
Diversified Telecommunication Services - 1.8%
 
 
 
AT&T, Inc. 4.3% 2/15/30
 
134,000
125,702
Verizon Communications, Inc.:
 
 
 
 3.15% 3/22/30
 
36,000
31,522
 4.329% 9/21/28
 
80,000
76,642
 
 
 
233,866
Entertainment - 0.6%
 
 
 
The Walt Disney Co. 2.65% 1/13/31
 
90,000
76,657
Media - 1.8%
 
 
 
Charter Communications Operating LLC/Charter Communications Operating Capital Corp. 2.8% 4/1/31
 
149,000
116,773
Magallanes, Inc.:
 
 
 
 3.428% 3/15/24 (b)
 
5,000
4,880
 3.638% 3/15/25 (b)
 
3,000
2,862
 3.755% 3/15/27 (b)
 
6,000
5,504
 4.054% 3/15/29 (b)
 
2,000
1,789
 4.279% 3/15/32 (b)
 
5,000
4,317
 5.05% 3/15/42 (b)
 
3,000
2,430
 5.141% 3/15/52 (b)
 
42,000
32,924
Time Warner Cable LLC 5.5% 9/1/41
 
60,000
50,512
 
 
 
221,991
Wireless Telecommunication Services - 0.8%
 
 
 
T-Mobile U.S.A., Inc. 4.5% 4/15/50
 
126,000
104,521
TOTAL COMMUNICATION SERVICES
 
 
637,035
CONSUMER DISCRETIONARY - 1.5%
 
 
 
Automobiles - 0.3%
 
 
 
General Motors Financial Co., Inc. 4% 1/15/25
 
36,000
34,892
Household Durables - 1.0%
 
 
 
Lennar Corp. 4.75% 11/29/27
 
132,000
126,396
Specialty Retail - 0.1%
 
 
 
Lowe's Companies, Inc.:
 
 
 
 3.35% 4/1/27
 
2,000
1,871
 3.75% 4/1/32
 
2,000
1,772
 4.25% 4/1/52
 
10,000
7,874
 4.45% 4/1/62
 
10,000
7,834
 
 
 
19,351
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
Tapestry, Inc. 3.05% 3/15/32
 
18,000
14,302
TOTAL CONSUMER DISCRETIONARY
 
 
194,941
CONSUMER STAPLES - 2.1%
 
 
 
Beverages - 1.0%
 
 
 
Anheuser-Busch InBev Worldwide, Inc. 5.45% 1/23/39
 
120,000
119,605
Food & Staples Retailing - 0.2%
 
 
 
Sysco Corp. 6.6% 4/1/50
 
27,000
29,628
Food Products - 0.9%
 
 
 
JBS U.S.A. Lux SA / JBS Food Co.:
 
 
 
 5.125% 2/1/28 (b)
 
5,000
4,752
 5.5% 1/15/30 (b)
 
105,000
98,831
 5.75% 4/1/33 (b)
 
10,000
9,327
 
 
 
112,910
TOTAL CONSUMER STAPLES
 
 
262,143
ENERGY - 2.9%
 
 
 
Oil, Gas & Consumable Fuels - 2.9%
 
 
 
DCP Midstream Operating LP 5.125% 5/15/29
 
40,000
38,503
Energy Transfer LP 4.95% 6/15/28
 
60,000
57,949
Hess Corp.:
 
 
 
 4.3% 4/1/27
 
67,000
64,134
 5.6% 2/15/41
 
2,000
1,868
MPLX LP 4.8% 2/15/29
 
60,000
57,630
Petroleos Mexicanos 7.69% 1/23/50
 
151,000
106,070
The Williams Companies, Inc.:
 
 
 
 4.65% 8/15/32
 
6,000
5,590
 5.3% 8/15/52
 
2,000
1,807
Western Gas Partners LP 4.3% 2/1/30
 
40,000
35,438
 
 
 
368,989
FINANCIALS - 15.0%
 
 
 
Banks - 7.9%
 
 
 
Bank of America Corp.:
 
 
 
 2.299% 7/21/32 (c)
 
5,000
3,910
 4.183% 11/25/27
 
254,000
242,147
 5.015% 7/22/33 (c)
 
20,000
19,242
Citigroup, Inc. 4.45% 9/29/27
 
236,000
225,381
JPMorgan Chase & Co.:
 
 
 
 4.493% 3/24/31 (c)
 
192,000
181,153
 4.912% 7/25/33 (c)
 
40,000
38,300
NatWest Group PLC 3.073% 5/22/28 (c)
 
200,000
180,450
Wells Fargo & Co.:
 
 
 
 4.478% 4/4/31 (c)
 
80,000
75,242
 4.897% 7/25/33 (c)
 
40,000
38,205
 
 
 
1,004,030
Capital Markets - 4.9%
 
 
 
Ares Capital Corp. 3.875% 1/15/26
 
132,000
122,462
Deutsche Bank AG New York Branch 4.1% 1/13/26
 
100,000
95,648