NAV and closing market price average annual returns reflect the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) at NAV and Market Price, respectively, and assumes a constant rate of performance each year. The hypothetical investment and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended June 30, 2023	Past 1 year	Life of Fund A
Fidelity® Clean Energy ETF - NAV	0.10%	-9.59%
Fidelity® Clean Energy ETF - Market Price B	-0.25%	-10.23%
Fidelity Clean Energy Index℠	0.36%	-8.71%
MSCI ACWI (All Country World Index) Index	16.97%	-0.17%

A From October 5, 2021

B From October 7, 2021, date initially listed on the CboeBZX Exchange, Inc.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Clean Energy ETF - NAV, on October 5, 2021, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Fidelity Clean Energy Index℠ and MSCI ACWI (All Country World Index) Index performed over the same period.

Fidelity® Clean Energy ETF

Market Recap:

U.S. equities gained 19.59% for the 12 months ending June 30, 2023, according to the S&P 500 ® index, as continued global economic expansion, falling commodity prices and a slowing in the pace of inflation provided a favorable backdrop for risk assets. U.S. large-cap stocks spearheaded the rally, which was driven by the shares of a narrow set of mega-cap companies in the information technology and communication services sectors, largely due to exuberance related to artificial intelligence. Aggressive policy tightening by the U.S. Federal Reserve continued amid consistent pressure on core inflation, a measure that excludes food and energy. Since March 2022, the Fed has hiked its benchmark interest rate 10 times, while also shrinking its massive asset portfolio. The latest bump came in early May, a third consecutive raise of a stepped down 25 basis points. In June, the Fed held interest rates steady and signaled it was prepared to raise rates next month if the economy and inflation don't cool more. The S&P 500® gained 6.61% for the month, raising hopes for a "soft landing" of the economy and bringing the index's year-to-date result to 16.89%. June saw the return of market breadth and lower dispersion. Smaller-cap stocks had a particularly strong month, achieving the best result for the category since January. For the full 12 months, value (+20%) topped growth (+18%). By sector, tech (+42%), consumer discretionary and industrials (+25% each) led, while real estate and utilities (-4% each) lagged.

Comments from the Geode Capital Management, LLC, passive equity index team:

For the fiscal year ending June 30, 2023, the exchange-traded fund's (ETF) net asset value returned 0.10% and its market price returned -0.25%, compared with the 0.36% advance of the benchmark Fidelity Clean Energy Index NR. By region, the U.S. gained 14% and contributed most, followed by Asia Pacific ex Japan (+18%). By sector, information technology advanced about 37% and contributed most, driven by the semiconductors & semiconductor equipment industry (+37%). Industrials stocks also helped (+9%), benefiting from the capital goods industry (+9%). In contrast, by region, emerging markets returned -24% and detracted most, followed by Canada (-16%). From a sector standpoint, stocks in the utilities sector returned roughly -15% and detracted. Energy (-9%) also hurt. Turning to individual stocks, the biggest individual contributor was First Solar (+177%), from the semiconductors & semiconductor equipment industry. Also detracting overall were the fund's international holdings, in part due to a foreign exchange impact. SMA Solar Technology (+206%) and Maxeon Solar Technologies (+115%), from the semiconductors & semiconductor equipment group, helped. Other contributors from the capital goods segment were Array Technologies (+104%) and Vestas Wind Systems (+26%). In contrast, the biggest individual detractor was China Longyuan Power (-46%), from the utilities sector. In capital goods, Xinjiang Goldwind S&T (-63%) and Plug Power (-37%) hurt. Jinkosolar Holding, within the semiconductors & semiconductor equipment category, returned -36% and hindered the fund. Another detractor was Northland Power (-28%), a stock in the utilities sector.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF's subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity® Clean Energy ETF

Top Holdings (% of Fund's net assets)

Vestas Wind Systems A/S	4.1
ORSTED A/S	4.0
Enphase Energy, Inc.	4.0
First Solar, Inc.	3.7
Plug Power, Inc.	3.0
Xinyi Solar Holdings Ltd.	2.8
Northland Power, Inc.	2.5
Shoals Technologies Group, Inc.	2.4
Acciona SA	2.4
EDP Renovaveis SA	2.4
	31.3

Market Sectors (% of Fund's net assets)

Utilities	48.2
Industrials	29.2
Information Technology	21.2
Energy	1.2

Asset Allocation (% of Fund's net assets)

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Fidelity® Clean Energy ETF

Fidelity® Cloud Computing ETF

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares	Value ($)
ENERGY - 1.2%
Oil, Gas & Consumable Fuels - 1.2%
Enviva, Inc.	41,906	454,680
INDUSTRIALS - 29.2%
Commercial Services & Supplies - 1.6%
China Everbright International Ltd.	1,618,000	637,983
Construction & Engineering - 2.7%
OX2 AB (a)	73,523	496,221
Xinte Energy Co. Ltd. (H Shares)	249,200	527,872
		1,024,093
Electrical Equipment - 24.9%
Abalance Corp.	6,700	495,541
Array Technologies, Inc. (a)	36,789	831,431
Bloom Energy Corp. Class A (a)	55,556	908,341
CS Wind Corp.	11,495	752,870
Doosan Fuel Cell Co. Ltd. (a)	24,404	531,548
Nordex SE (a)	53,006	643,354
Plug Power, Inc. (a)	110,880	1,152,043
Shoals Technologies Group, Inc. (a)	36,988	945,413
Sunrun, Inc. (a)	48,776	871,139
TPI Composites, Inc. (a)	40,589	420,908
Vestas Wind Systems A/S (a)	59,171	1,573,245
Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares)	651,800	446,643
		9,572,476
TOTAL INDUSTRIALS		11,234,552
INFORMATION TECHNOLOGY - 21.2%
Electronic Equipment, Instruments & Components - 1.8%
Landis+Gyr Group AG	8,003	687,007
Semiconductors & Semiconductor Equipment - 19.4%
Canadian Solar, Inc. (a)	17,924	693,480
Enphase Energy, Inc. (a)	9,157	1,533,614
First Solar, Inc. (a)	7,508	1,427,196
Flat Glass Group Co. Ltd.	211,000	720,242
JinkoSolar Holdings Co. Ltd. ADR (a)	16,143	716,426
Maxeon Solar Technologies Ltd. (a)	18,742	527,775
SMA Solar Technology AG (a)	6,418	783,528
Xinyi Solar Holdings Ltd.	938,000	1,083,238
		7,485,499
TOTAL INFORMATION TECHNOLOGY		8,172,506
UTILITIES - 48.2%
Electric Utilities - 8.6%
Acciona SA	5,503	932,986
ORSTED A/S (b)	16,375	1,547,082
Verbund AG	10,404	833,714
		3,313,782
Independent Power and Renewable Electricity Producers - 39.6%
Atlantica Sustainable Infrastructure PLC	27,202	637,615
Boralex, Inc. Class A	27,551	751,003
Brookfield Renewable Corp.	27,229	859,928
China Datang Corp. Renewable Power Co. Ltd.	1,513,000	505,839
China Longyuan Power Grid Corp. Ltd. (H Shares)	801,000	824,856
Clearway Energy, Inc. Class C	26,255	749,843
Corp. ACCIONA Energias Renovables SA	20,925	699,029
Drax Group PLC	116,689	860,445
EDP Renovaveis SA	45,770	913,562
Encavis AG	43,698	716,310
Enlight Renewable Energy Ltd. (a)	38,634	678,264
ERG SpA	23,826	701,323
Innergex Renewable Energy, Inc.	64,787	604,173
Neoen SA (b)	24,121	763,164
Northland Power, Inc.	45,879	957,972
Ormat Technologies, Inc.	11,084	891,819
ReNew Energy Global PLC (a)	81,174	444,834
RENOVA, Inc. (a)	38,600	432,643
Solaria Energia y Medio Ambiente SA (a)	43,303	663,536
Sunnova Energy International, Inc. (a)	38,191	699,277
TransAlta Renewables, Inc.	61,792	531,414
West Holdings Corp.	21,600	372,715
		15,259,564
TOTAL UTILITIES		18,573,346
TOTAL COMMON STOCKS (Cost $43,100,424)		38,435,084

TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $43,100,424)	38,435,084
NET OTHER ASSETS (LIABILITIES) - 0.2%	68,784
NET ASSETS - 100.0%	38,503,868

Legend

(a)	Non-income producing

(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 $2,310,246 or 6.0% of net assets.

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 5.14%	-	3,930,285	3,930,285	996	-	-	-	0.0%
Total	-	3,930,285	3,930,285	996	-	-	-

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 June 30, 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:

Equities:
Energy	454,680	454,680	-	-
Industrials	11,234,552	11,234,552	-	-
Information Technology	8,172,506	8,172,506	-	-
Utilities	18,573,346	18,573,346	-	-

Total Investments in Securities:	38,435,084	38,435,084	-	-

Fidelity® Clean Energy ETF

Financial Statements

Statement of Assets and Liabilities
				June 30, 2023

Assets
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $43,100,424):			$	38,435,084
Foreign currency held at value (cost $23,697)				23,740
Receivable for investments sold				10,770
Dividends receivable				47,996
Distributions receivable from Fidelity Central Funds				99
Total assets				38,517,689
Liabilities
Payable to custodian bank	$	1,221
Accrued management fee		12,600
Total Liabilities				13,821
Net Assets			$	38,503,868
Net Assets consist of:
Paid in capital			$	46,237,086
Total accumulated earnings (loss)				(7,733,218)
Net Assets			$	38,503,868
Net Asset Value , offering price and redemption price per share ($38,503,868 ÷ 1,850,000 shares)			$	20.81

Statement of Operations
				Year ended June 30, 2023
Investment Income
Dividends			$	471,225
Income from Fidelity Central Funds				996
Income before foreign taxes withheld			$	472,221
Less foreign taxes withheld				(54,132)
Total Income				418,089
Expenses
Management fee	$	150,620
Independent trustees' fees and expenses		180
Total expenses before reductions		150,800
Expense reductions		(127)
Total expenses after reductions				150,673
Net Investment income (loss)				267,416
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Redemptions in-kind		339,151
Unaffiliated issuers		(2,068,472)
Foreign currency transactions		407
Total net realized gain (loss)				(1,728,914)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(194,650)
Assets and liabilities in foreign currencies		4,558
Total change in net unrealized appreciation (depreciation)				(190,092)
Net gain (loss)				(1,919,006)
Net increase (decrease) in net assets resulting from operations			$	(1,651,590)

Statement of Changes in Net Assets

		Year ended June 30, 2023		For the period October 5, 2021 (commencement of operations) through June 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	267,416	$	144,270
Net realized gain (loss)		(1,728,914)		(1,012,499)
Change in net unrealized appreciation (depreciation)		(190,092)		(4,471,106)
Net increase (decrease) in net assets resulting from operations		(1,651,590)		(5,339,335)
Distributions to shareholders		(306,800)		(145,750)

Share transactions
Proceeds from sales of shares		14,295,218		33,772,796
Cost of shares redeemed		(2,120,671)		-

Net increase (decrease) in net assets resulting from share transactions		12,174,547		33,772,796
Total increase (decrease) in net assets		10,216,157		28,287,711

Net Assets
Beginning of period		28,287,711		-
End of period	$	38,503,868	$	28,287,711

Other Information
Shares
Sold		600,000		1,350,000
Redeemed		(100,000)		-
Net increase (decrease)		500,000		1,350,000

Fidelity® Clean Energy ETF

Years ended June 30,		2023		2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	20.95	$	25.12
Income from Investment Operations
Net investment income (loss) B,C		.15		.15
Net realized and unrealized gain (loss)		(.12)		(4.20)
Total from investment operations		.03		(4.05)
Distributions from net investment income		(.17)		(.12)
Total distributions		(.17)		(.12)
Net asset value, end of period	$	20.81	$	20.95
Total Return D,E,F		.10%		(16.12)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.39%		.39% I
Expenses net of fee waivers, if any		.39%		.39% I
Expenses net of all reductions		.39%		.39% I
Net investment income (loss)		.69%		.90% I
Supplemental Data
Net assets, end of period (000 omitted)	$	38,504	$	28,288
Portfolio turnover rate J,K		37%		30% L

A For the period October 5, 2021 (commencement of operations) through June 30, 2022.

B Calculated based on average shares outstanding during the period.

C 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.

D Total returns for periods of less than one year are not annualized.

E Based on net asset value.

F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

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 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.

I Annualized.

J Portfolio turnover rate excludes securities received or delivered in-kind.

K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

L Amount not annualized.

Average Annual Total Returns

Periods ended June 30, 2023	Past 1 year	Life of Fund A
Fidelity® Cloud Computing ETF - NAV	22.51%	-13.63%
Fidelity® Cloud Computing ETF - Market Price B	23.12%	-14.34%
Fidelity Cloud Computing Index℠	23.00%	-13.00%
MSCI ACWI (All Country World Index) Index	16.97%	-0.17%

A From October 5, 2021

B From October 7, 2021, date initially listed on the CboeBZX Exchange, Inc.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Cloud Computing ETF - NAV, on October 5, 2021, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Fidelity Cloud Computing Index℠ and MSCI ACWI (All Country World Index) Index performed over the same period.

Fidelity® Cloud Computing ETF

Market Recap:

Comments from the Geode Capital Management, LLC, passive equity index team:

For the fiscal year ending June 30, 2023, the exchange traded fund's (ETF) net asset value returned 22.51% and its market price returned 23.12%, roughly in line with the 23.00% advance of the benchmark Fidelity Cloud Computing Index NR. By region, the U.S. gained 23% and contributed most, followed by Europe ex U.K., primarily driven by Germany (+51%). By sector, information technology gained 24% and contributed most, driven by the software & services industry (+26%). Real estate stocks also helped (+8%), benefiting from the equity real estate investment trusts industry (+8%). The consumer discretionary sector rose roughly 19%, boosted by the consumer services industry (+19%). In contrast, emerging markets returned -35% and was a notable detractor. Also detracting overall were the fund's international holdings, in part due to a foreign exchange impact. Turning to individual stocks, the biggest individual contributor was SAP (+53%), from the software & services segment. Also in software & services, Mongodb (+58%), Hubspot (+77%), Workday (+62%), and Nutanix (+93%) all benefited the fund. In contrast, the biggest individual detractor was Zoom Video Communications (-37%), from the software & services industry. Also in software & services, Kingdee International Software Group (-42%), Twilio (-24%), Vnet (-46%), and Liveperson (-59%) all hurt the fund.

Fidelity® Cloud Computing ETF

Top Holdings (% of Fund's net assets)

Oracle Corp.	4.8
SAP SE	4.5
Salesforce, Inc.	4.3
ServiceNow, Inc.	4.3
Equinix, Inc.	3.7
Snowflake, Inc.	3.3
MongoDB, Inc. Class A	3.3
Workday, Inc. Class A	3.2
Digital Realty Trust, Inc.	2.9
VMware, Inc. Class A	2.8
	37.1

Market Sectors (% of Fund's net assets)

Information Technology	93.3
Real Estate	6.6

Asset Allocation (% of Fund's net assets)

Futures - 0.1%

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Fidelity® Cloud Computing ETF

Fidelity® Crypto Industry and Digital Payments ETF

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares	Value ($)
INFORMATION TECHNOLOGY - 93.3%
IT Services - 11.4%
Digitalocean Holdings, Inc. (a)	10,696	429,337
Fastly, Inc. Class A (a)	23,689	373,576
Kingsoft Cloud Holdings Ltd. (a)	794,000	325,235
MongoDB, Inc. Class A (a)	2,940	1,208,311
Snowflake, Inc. (a)	6,871	1,209,159
Twilio, Inc. Class A (a)	10,690	680,098
		4,225,716
Software - 69.1%
Alteryx, Inc. Class A (a)	10,179	462,127
Atlassian Corp. PLC (a)	5,331	894,595
Box, Inc. Class A (a)	17,794	522,788
C3.ai, Inc. (a)	13,097	477,124
CommVault Systems, Inc. (a)	6,627	481,253
Confluent, Inc. (a)	16,680	588,971
Datadog, Inc. Class A (a)	9,555	940,021
Dropbox, Inc. Class A (a)	25,146	670,644
Dynatrace, Inc. (a)	13,711	705,705
Elastic NV (a)	7,820	501,418
Five9, Inc. (a)	7,958	656,137
GitLab, Inc. (a)	11,560	590,832
HubSpot, Inc. (a)	1,791	952,973
Informatica, Inc. (a)	15,676	290,006
JFrog Ltd. (a)	14,931	413,589
Kingdee International Software Group Co. Ltd. (a)	363,500	486,114
LivePerson, Inc. (a)	55,755	252,013
MicroStrategy, Inc. Class A (a)	1,500	513,630
New Relic, Inc. (a)	7,282	476,534
Nutanix, Inc. Class A (a)	20,147	565,123
Open Text Corp.	17,098	711,959
Oracle Corp.	15,014	1,788,015
Pegasystems, Inc.	8,287	408,549
Sage Group PLC	66,539	782,329
Salesforce, Inc. (a)	7,474	1,578,957
SAP SE	12,067	1,647,480
ServiceNow, Inc. (a)	2,795	1,570,706
SolarWinds, Inc. (a)	25,656	263,231
Splunk, Inc. (a)	7,664	813,074
Teradata Corp. (a)	11,361	606,791
UiPath, Inc. Class A (a)	32,647	540,961
Verint Systems, Inc. (a)	11,702	410,272
VMware, Inc. Class A (a)	7,169	1,030,114
Workday, Inc. Class A (a)	5,170	1,167,851
Zoom Video Communications, Inc. Class A (a)	11,421	775,257
		25,537,143
Technology Hardware, Storage & Peripherals - 12.8%
Hewlett Packard Enterprise Co.	57,374	963,883
NetApp, Inc.	10,970	838,108
Pure Storage, Inc. Class A (a)	19,725	726,275
Seagate Technology Holdings PLC	11,746	726,725
Super Micro Computer, Inc. (a)	3,026	754,231
Western Digital Corp. (a)	18,821	713,881
		4,723,103
TOTAL INFORMATION TECHNOLOGY		34,485,962
REAL ESTATE - 6.6%
Equity Real Estate Investment Trusts (REITs) - 6.6%
Digital Realty Trust, Inc.	9,399	1,070,264
Equinix, Inc.	1,729	1,355,432
		2,425,696
TOTAL COMMON STOCKS (Cost $37,125,287)		36,911,658

Money Market Funds - 0.1%
	Shares	Value ($)
Fidelity Cash Central Fund 5.14% (b) (Cost $13,981)	13,979	13,981

TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $37,139,268)	36,925,639
NET OTHER ASSETS (LIABILITIES) - 0.0%	11,909
NET ASSETS - 100.0%	36,937,548

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Purchased

Equity Index Contracts
CME E-mini NASDAQ 100 Index Contracts (United States)	1	Sep 2023	30,674	1,196	1,196

The notional amount of futures purchased as a percentage of Net Assets is 0.1%

Legend

(a)	Non-income producing

(b)

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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 5.14%	-	1,690,166	1,676,185	641	-	-	13,981	0.0%
Total	-	1,690,166	1,676,185	641	-	-	13,981

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Information Technology	34,485,962	34,485,962	-	-
Real Estate	2,425,696	2,425,696	-	-

Money Market Funds	13,981	13,981	-	-
Total Investments in Securities:	36,925,639	36,925,639	-	-
Derivative Instruments:

Assets
Futures Contracts	1,196	1,196	-	-
Total Assets	1,196	1,196	-	-
Total Derivative Instruments:	1,196	1,196	-	-

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Equity Risk
Futures Contracts (a)	1,196	0
Total Equity Risk	1,196	0
Total Value of Derivatives	1,196	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).

Fidelity® Cloud Computing ETF

Financial Statements

Statement of Assets and Liabilities
				June 30, 2023

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $37,125,287)	$	36,911,658
Fidelity Central Funds (cost $13,981)		13,981


Total Investment in Securities (cost $37,139,268)			$	36,925,639
Segregated cash with brokers for derivative instruments				1,680
Cash				13,115
Foreign currency held at value (cost $926)				926
Dividends receivable				19,303
Distributions receivable from Fidelity Central Funds				146
Receivable for daily variation margin on futures contracts				474
Other receivables				3,800
Total assets				36,965,083
Liabilities
Payable for investments purchased	$	16,915
Accrued management fee		10,620
Total Liabilities				27,535
Net Assets			$	36,937,548
Net Assets consist of:
Paid in capital			$	41,983,301
Total accumulated earnings (loss)				(5,045,753)
Net Assets			$	36,937,548
Net Asset Value , offering price and redemption price per share ($36,937,548 ÷ 1,900,000 shares)			$	19.44

Statement of Operations
				Year ended June 30, 2023
Investment Income
Dividends			$	140,919
Income from Fidelity Central Funds				641
Total Income				141,560
Expenses
Management fee	$	89,538
Independent trustees' fees and expenses		107
Total expenses before reductions		89,645
Expense reductions		(185)
Total expenses after reductions				89,460
Net Investment income (loss)				52,100
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(3,452,291)
Foreign currency transactions		(7,489)
Futures contracts		6,228
Total net realized gain (loss)				(3,453,552)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		8,600,221
Assets and liabilities in foreign currencies		173
Futures contracts		1,196
Total change in net unrealized appreciation (depreciation)				8,601,590
Net gain (loss)				5,148,038
Net increase (decrease) in net assets resulting from operations			$	5,200,138

Statement of Changes in Net Assets

		Year ended June 30, 2023		For the period October 5, 2021 (commencement of operations) through June 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	52,100	$	55,996
Net realized gain (loss)		(3,453,552)		(1,531,664)
Change in net unrealized appreciation (depreciation)		8,601,590		(8,813,883)
Net increase (decrease) in net assets resulting from operations		5,200,138		(10,289,551)
Distributions to shareholders		(48,880)		(57,350)
Distributions to shareholders from tax return of capital		(14,820)		-

Total Distributions		(63,700)		(57,350)
Share transactions
Proceeds from sales of shares		13,508,181		29,456,208
Cost of shares redeemed		-		(816,378)

Net increase (decrease) in net assets resulting from share transactions		13,508,181		28,639,830
Total increase (decrease) in net assets		18,644,619		18,292,929

Net Assets
Beginning of period		18,292,929		-
End of period	$	36,937,548	$	18,292,929

Other Information
Shares
Sold		750,000		1,200,000
Redeemed		-		(50,000)
Net increase (decrease)		750,000		1,150,000

Fidelity® Cloud Computing ETF

Years ended June 30,		2023		2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	15.91	$	25.20
Income from Investment Operations
Net investment income (loss) B,C		.04		.06
Net realized and unrealized gain (loss)		3.53		(9.29)
Total from investment operations		3.57		(9.23)
Distributions from net investment income		(.03)		(.06)
Tax return of capital		(.01)		-
Total distributions		(.04)		(.06)
Net asset value, end of period	$	19.44	$	15.91
Total Return D,E,F		22.51%		(36.69)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.39%		.39% I
Expenses net of fee waivers, if any		.39%		.39% I
Expenses net of all reductions		.39%		.39% I
Net investment income (loss)		.23%		.41% I
Supplemental Data
Net assets, end of period (000 omitted)	$	36,938	$	18,293
Portfolio turnover rate J,K		38%		31% L

A For the period October 5, 2021 (commencement of operations) through June 30, 2022.

B Calculated based on average shares outstanding during the period.

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 Based on net asset value.

I Annualized.

J Portfolio turnover rate excludes securities received or delivered in-kind.

K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

L Amount not annualized.

Average Annual Total Returns

Periods ended June 30, 2023	Past 1 year	Life of Fund A
Fidelity® Crypto Industry and Digital Payments ETF - NAV	54.94%	-21.80%
Fidelity® Crypto Industry and Digital Payments ETF - Market Price B	56.21%	-15.03%
Fidelity Crypto Industry and Digital Payments Index℠	55.43%	-21.54%
MSCI ACWI (All Country World Index) Index	16.97%	0.92%

A From April 19, 2022

B From April 21, 2022, date initially listed on The Nasdaq Stock Market exchange.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Crypto Industry and Digital Payments ETF - NAV, on April 19, 2022, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Fidelity Crypto Industry and Digital Payments Index℠ and MSCI ACWI (All Country World Index) Index performed over the same period.

Fidelity® Crypto Industry and Digital Payments ETF

Market Recap:

Comments from the Geode Capital Management, LLC, passive equity index team:

For the fiscal year ending June 30, 2023, the exchange-traded fund's (ETF) net asset value returned 54.94% and its market price returned 56.21%, roughly in line with the 55.43% advance of the benchmark Fidelity Crypto Industry and Digital Payments Net Index. By region, the U.S. gained 59% and contributed most, followed by Canada (+82%). By sector, information technology advanced 123% and contributed most, driven by the software & services industry (+123%). Financials stocks also helped (+19%), benefiting from the financial services industry (+19%). Conversely, emerging markets returned -12% and was a notable detractor. From a sector standpoint, stocks in the consumer discretionary sector returned -57% and detracted. Turning to individual stocks, the biggest individual contributor was Marathon Digital Holdings (+156%), from the software & services industry. Also in software & services, Riot Platforms (+174%), Hut (+143%), and Applied Digital (+360%) helped. Coinbase Global, within the financial services category, gained about 51% and boosted the fund. Conversely, the biggest individual detractor was Bakkt Holdings (-41%), from the financial services segment. Also in financial services, Dlocal (-54%) and Marqeta (-40%) hurt. Bit Digital, within the software & services group, returned roughly -44% and hindered the fund. Another detractor was Mullen Automotive (-57%), a stock in the automobiles & components category.

Fidelity® Crypto Industry and Digital Payments ETF

Top Holdings (% of Fund's net assets)

Coinbase Global, Inc.	16.0
Marathon Digital Holdings, Inc.	13.3
Riot Platforms, Inc.	8.1
Hut 8 Mining Corp.	5.8
Cleanspark, Inc.	4.0
Applied Digital Corp.	3.8
Bit Digital, Inc.	3.5
HIVE Blockchain Technologies Ltd.	3.1
Bitfarms Ltd.	2.9
TeraWulf, Inc.	2.5
	63.0

Market Sectors (% of Fund's net assets)

Information Technology	53.5
Financials	46.5

Asset Allocation (% of Fund's net assets)

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Fidelity® Crypto Industry and Digital Payments ETF

Fidelity® Digital Health ETF

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares	Value ($)
FINANCIALS - 46.5%
Capital Markets - 19.8%
Bakkt Holdings, Inc. Class A (a)	521,342	641,251
Coinbase Global, Inc. (a)	81,380	5,822,738
Galaxy Digital Holdings Ltd. (a)	177,912	770,403
		7,234,392
Consumer Finance - 0.9%
Green Dot Corp. Class A (a)	17,558	329,037
Financial Services - 25.8%
Cielo SA	548,400	521,799
Dlocal Ltd. (a)	41,828	510,511
Edenred SA	8,126	543,808
FleetCor Technologies, Inc. (a)	2,454	616,150
Flywire Corp. (a)	16,675	517,592
Global Payments, Inc.	5,660	557,623
GMO Payment Gateway, Inc.	5,600	433,943
Marqeta, Inc. Class A (a)	109,657	534,030
MasterCard, Inc. Class A	1,508	593,096
Network International Holdings PLC (a)(b)	89,887	438,370
Nexi SpA (a)(b)	63,371	496,547
Nuvei Corp. (a)(b)	12,709	375,678
Payoneer Global, Inc. (a)	93,834	451,342
Shift4 Payments, Inc. (a)	8,734	593,126
StoneCo Ltd. Class A (a)	42,649	543,348
Visa, Inc. Class A	2,470	586,576
WEX, Inc. (a)	3,304	601,559
Worldline SA (a)(b)	12,956	473,522
		9,388,620
TOTAL FINANCIALS		16,952,049
INFORMATION TECHNOLOGY - 53.5%
IT Services - 1.7%
Shopify, Inc. Class A (a)	9,651	623,455
Software - 51.8%
Applied Digital Corp. (a)	149,024	1,393,374
Bit Digital, Inc. (a)	315,304	1,280,134
Bitfarms Ltd. (a)	728,204	1,070,460
Cipher Mining, Inc. (a)	301,587	862,539
Cleanspark, Inc. (a)	337,880	1,449,505
HIVE Blockchain Technologies Ltd. (a)	243,710	1,128,377
Hut 8 Mining Corp. (a)	642,526	2,120,336
Iris Energy Ltd. (a)	183,765	856,345
Marathon Digital Holdings, Inc. (a)	349,393	4,842,587
Riot Platforms, Inc. (a)	250,473	2,960,591
TeraWulf, Inc. (a)	525,030	918,803
		18,883,051
TOTAL INFORMATION TECHNOLOGY		19,506,506
TOTAL COMMON STOCKS (Cost $27,558,125)		36,458,555

TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $27,558,125)	36,458,555
NET OTHER ASSETS (LIABILITIES) - 0.0%	3,226
NET ASSETS - 100.0%	36,461,781

Legend

(a)	Non-income producing

(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 $1,784,117 or 4.9% of net assets.

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 5.14%	-	212,663	212,663	384	-	-	-	0.0%
Total	-	212,663	212,663	384	-	-	-

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Financials	16,952,049	16,952,049	-	-
Information Technology	19,506,506	19,506,506	-	-

Total Investments in Securities:	36,458,555	36,458,555	-	-

Fidelity® Crypto Industry and Digital Payments ETF

Financial Statements

Statement of Assets and Liabilities
				June 30, 2023

Assets
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $27,558,125):			$	36,458,555
Cash				585,233
Foreign currency held at value (cost $2,496)				2,483
Distributions receivable from Fidelity Central Funds				67
Total assets				37,046,338
Liabilities
Payable for investments purchased	$	573,951
Accrued management fee		10,602
Other payables and accrued expenses		4
Total Liabilities				584,557
Net Assets			$	36,461,781
Net Assets consist of:
Paid in capital			$	31,924,647
Total accumulated earnings (loss)				4,537,134
Net Assets			$	36,461,781
Net Asset Value , offering price and redemption price per share ($36,461,781 ÷ 1,900,000 shares)			$	19.19

Statement of Operations
				Year ended June 30, 2023
Investment Income
Dividends			$	47,842
Income from Fidelity Central Funds				384
Income before foreign taxes withheld			$	48,226
Less foreign taxes withheld				(4,341)
Total Income				43,885
Expenses
Management fee	$	87,834
Independent trustees' fees and expenses		90
Total expenses before reductions		87,924
Expense reductions		(495)
Total expenses after reductions				87,429
Net Investment income (loss)				(43,544)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Redemptions in-kind		(18,489)
Unaffiliated issuers		(3,443,187)
Foreign currency transactions		(258)
Futures contracts		5,863
Total net realized gain (loss)				(3,456,071)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		13,810,348
Assets and liabilities in foreign currencies		193
Total change in net unrealized appreciation (depreciation)				13,810,541
Net gain (loss)				10,354,470
Net increase (decrease) in net assets resulting from operations			$	10,310,926

Statement of Changes in Net Assets

		Year ended June 30, 2023		For the period April 19, 2022 (commencement of operations) through June 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(43,544)	$	(5,137)
Net realized gain (loss)		(3,456,071)		(884,217)
Change in net unrealized appreciation (depreciation)		13,810,541		(4,910,077)
Net increase (decrease) in net assets resulting from operations		10,310,926		(5,799,431)

Share transactions
Proceeds from sales of shares		14,414,125		18,803,995
Cost of shares redeemed		(1,267,834)		-

Net increase (decrease) in net assets resulting from share transactions		13,146,291		18,803,995
Total increase (decrease) in net assets		23,457,217		13,004,564

Net Assets
Beginning of period		13,004,564		-
End of period	$	36,461,781	$	13,004,564

Other Information
Shares
Sold		950,000		1,050,000
Redeemed		(100,000)		-
Net increase (decrease)		850,000		1,050,000

Fidelity® Crypto Industry and Digital Payments ETF

Years ended June 30,		2023		2022 A
Selected Per-Share Data
Net asset value, beginning of period	$	12.39	$	25.76
Income from Investment Operations
Net investment income (loss) B,C		(.03)		(.01)
Net realized and unrealized gain (loss)		6.83		(13.36)
Total from investment operations		6.80		(13.37)
Net asset value, end of period	$	19.19	$	12.39
Total Return D,E,F		54.94%		(51.92)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.39%		.39% I
Expenses net of fee waivers, if any		.39%		.39% I
Expenses net of all reductions		.39%		.39% I
Net investment income (loss)		(.19)%		(.29)% I
Supplemental Data
Net assets, end of period (000 omitted)	$	36,462	$	13,005
Portfolio turnover rate J,K		55%		28% L

A For the period April 19, 2022 (commencement of operations) through June 30, 2022.

B Calculated based on average shares outstanding during the period.

D Total returns for periods of less than one year are not annualized.

E Based on net asset value.

F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

I Annualized.

J Portfolio turnover rate excludes securities received or delivered in-kind.

K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

L Amount not annualized.

Average Annual Total Returns

Periods ended June 30, 2023	Past 1 year	Life of Fund A
Fidelity® Digital Health ETF - NAV	5.98%	-13.07%
Fidelity® Digital Health ETF - Market Price B	6.39%	-13.61%
Fidelity Digital Health Index℠	6.34%	-12.63%
MSCI ACWI (All Country World Index) Index	16.97%	-0.17%

A From October 5, 2021

B From October 7, 2021, date initially listed on the CboeBZX Exchange, Inc.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Digital Health ETF - NAV, on October 5, 2021, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Fidelity Digital Health Index℠ and MSCI ACWI (All Country World Index) Index performed over the same period.

Fidelity® Digital Health ETF

Market Recap:

Comments from the Geode Capital Management, LLC, passive equity index team:

For the fiscal year ending June 30, 2023, the exchange-traded fund's (ETF) net asset value returned 5.98%, and its market price returned 6.39%, roughly in line with the 6.34% advance of the benchmark Fidelity Digital Health Index NR. By region, the U.S. gained 5% and contributed most, followed by Europe ex U.K. (+18%). By sector, health care gained 7% and contributed most. Industrials stocks also helped (+42%), benefiting from the commercial & professional services industry (+42%). The information technology sector rose roughly 14%, boosted by the software & services industry (+37%). Conversely, emerging markets returned -16% and detracted most, followed by Japan (-10%). Turning to individual stocks, the biggest individual contributor was Intuitive Surgical (+71%), from the health care equipment & services industry. Also in health care equipment & services, Dexcom (+73%), Inspire Medical Systems (+78%), and Insulet (+32%) helped. Zealand Pharma, within the pharmaceuticals, biotechnology & life sciences group, gained 182% and boosted the fund. Conversely, the biggest individual detractor was Tandem Diabetes Care (-59%), from the health care equipment & services segment. Also in health care equipment & services, Multiplan (-80%), American Well (-51%), Nevro (-42%), and Definitive Healthcare (-52%) all hurt the fund.

Fidelity® Digital Health ETF

Top Holdings (% of Fund's net assets)

Intuitive Surgical, Inc.	4.8
DexCom, Inc.	4.7
ResMed, Inc.	4.3
Veeva Systems, Inc. Class A	4.3
Insulet Corp.	4.0
Sonova Holding AG	3.5
Inspire Medical Systems, Inc.	3.2
Fisher & Paykel Healthcare Corp.	3.0
Cochlear Ltd.	2.9
JD Health International, Inc.	2.7
	37.4

Market Sectors (% of Fund's net assets)

Health Care	85.9
Consumer Staples	7.7
Information Technology	3.3
Industrials	2.1
Consumer Discretionary	1.0

Asset Allocation (% of Fund's net assets)

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Fidelity® Digital Health ETF