Fidelity® MSCI Communication Services Index ETF
Fidelity® MSCI Consumer Discretionary Index ETF
Fidelity® MSCI Consumer Staples Index ETF
Fidelity® MSCI Energy Index ETF
Fidelity® MSCI Financials Index ETF
Fidelity® MSCI Health Care Index ETF
Fidelity® MSCI Industrials Index ETF
Fidelity® MSCI Information Technology Index ETF
Fidelity® MSCI Materials Index ETF
Fidelity® MSCI Real Estate Index ETF
Fidelity® MSCI Utilities Index ETF
Annual Report
July 31, 2023


Contents
Market Recap 3  
Performance and Management's Discussion of Fund Performance 4  
Schedule of Investments 37  
Financial Statements 84  
Notes to Financial Statements 107  
Report of Independent Registered Public Accounting Firm 113  
Trustees and Officers 114  
Shareholder Expense Example 122  
Distributions 124  
Board Approval of Investment Advisory Contracts and Management Fees 125  
To view a fund’s proxy voting guidelines and proxy voting record for the period ended June, 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at http://www.sec.gov. You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
© 2023 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.
 Annual Report 2


Table of Contents
Market Recap
U.S. equities gained 13.02% for the 12 months ending July 31, 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 higher-risk assets. 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 generative artificial intelligence. Aggressive monetary 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 11 times. The latest bump came in late July, a fourth consecutive raise of a stepped down 25 basis points. The S&P 500® gained 3.21% in July, as a “soft landing” of the U.S. economy became the consensus view amid better-than-expected earnings, slowing inflation and easing financial conditions, bringing the index’s year-to-date gain to 20.65%. July saw a continuance of the recent shift to wider market breadth and lower dispersion. For the full 12 months, value (+17%) handily topped growth (+8%) within the index. By sector, tech (+28%), communication services (+21%) and industrials (+17%) led, whereas real estate (-10%) lagged most, due to high borrowing costs, low home inventory and a deteriorating commercial property market.
3 Annual Report 


Table of Contents
Fidelity® MSCI Communication Services Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Communication Services Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. 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.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Communication Services Index ETF – NAVA 16.44 9.29 7.92
Fidelity MSCI Communication Services Index ETF – Market PriceB 16.56 9.21 7.92
MSCI USA IMI Communication Services 25/50 IndexA 16.56 9.41 8.00
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Communication Services Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
Effective December 1, 2018, the fund’s sector index changed from the MSCI USA IMI Telecommunication Services 25/50 Index to the MSCI USA IMI Communication Services 25/50 Index.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Communication Services Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Communication Services 25/50 Index and the S&P 500 Index performed over the same period.
 Annual Report 4


Table of Contents
Fidelity® MSCI Communication Services Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value gained 16.44%, versus 16.56% for the MSCI U.S. IMI Communication Services 25/50 Index. The ETF's market price gained 16.56% the past 12 months, while the S&P 500® index gained 13.02%. By subindustry, interactive media & services gained about 39% and contributed most. Movies & entertainment stocks also helped, advancing approximately 15%, while the advertising subindustry rose roughly 27%. Conversely, integrated telecommunication services returned about -20% and detracted most. Alternative carriers (-22%) and broadcasting (-14%) also hurt. Other notable detractors included the cable & satellite (-4%) and wireless telecommunication services (-7%) subindustries. Turning to individual stocks, the top contributor was Meta Platforms (+99%), from the interactive media & services category. Also in interactive media & services, Alphabet (+14%) helped, as did Netflix (+94%), in the movies & entertainment industry. Other contributors included Comcast (+24%), in the cable & satellite category, and Trade Desk (+48%), in the advertising group. In contrast, the biggest individual detractor was Verizon Communications (-22%), from the integrated telecommunication services industry. Also in integrated telecommunication services, AT&T (-18%) hurt. In movies & entertainment, Disney returned approximately -17%. Lumen Technologies, within the alternative carriers industry, returned -83% and also hindered the fund’s result. 
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 BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock 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.
5 Annual Report 


Table of Contents
Fidelity® MSCI Communication Services Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
Meta Platforms, Inc. Class A 20.1
Alphabet, Inc. Class A 11.9
Alphabet, Inc. Class C 9.9
Netflix, Inc. 4.8
The Walt Disney Co. 4.5
Comcast Corp. Class A 4.4
Verizon Communications, Inc. 3.8
AT&T, Inc. 3.2
T-Mobile US, Inc. 2.7
Activision Blizzard, Inc. 2.5
  67.8
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
 Annual Report 6


Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Consumer Discretionary Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. 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.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Consumer Discretionary Index ETF – NAVA 10.04 12.91 13.15
Fidelity MSCI Consumer Discretionary Index ETF – Market PriceB 10.12 12.93 13.05
Fidelity MSCI Consumer Discretionary Index ETF Capped Linked IndexA 10.15 12.85 13.19
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Consumer Discretionary Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Consumer Discretionary Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Consumer Discretionary Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
7 Annual Report 


Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value gained 10.04%, versus 10.15% for the Fidelity MSCI Consumer Discretionary Index ETF Capped Linked Index. The ETF's market price gained 10.12% the past 12 months, while the S&P 500® index gained 13.02%. By subindustry, hotels, resorts & cruise lines gained 43% and contributed to relative performance. Restaurants, which gained 20%, also helped, and home improvement retail, which advanced approximately 18%. The homebuilding subindustry rose 57% and apparel retail gained roughly 36%. Other notable contributors included the casinos & gaming (+39%), automotive retail (+15%), automotive parts & equipment (+15%), homefurnishing retail (+18%), tires & rubber (+32%), application software (+88%) and advertising (+16%) subindustries. Conversely, automobile manufacturers returned about -8% and detracted, followed by consumer staples merchandise retail, which returned -18%. The housewares & specialties subindustry returned roughly -43% and detracted. Electronic equipment & instruments (-39%), diversified support services (-26%) and food retail (-81%) also hurt. Turning to individual stocks, the top contributor was Home Depot (+14%), from the home improvement retail category. Also in home improvement retail, Lowe’s (+25%) helped. The Booking Holdings (+54%), a stock in the hotels, resorts & cruise lines category, contributed. TJX (+44%), from the apparel retail industry, also boosted the fund. In contrast, the biggest individual detractor was Tesla (-10%), from the automobile manufacturers industry. Target and Dollar General (-18% each), within the consumer staples merchandise retail category, also hurt the fund's performance. Another notable detractor was VF (-53%), a stock in the apparel, accessories & luxury goods industry. Lastly, Advance Auto Parts, within the automotive retail group, returned -59% and hurt the fund’s performance.
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 BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock 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.
 Annual Report 8


Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
Amazon.com, Inc. 22.7
Tesla, Inc. 15.0
The Home Depot, Inc. 6.6
McDonald's Corp. 4.0
Lowe's Cos., Inc. 2.8
NIKE, Inc. Class B 2.7
Starbucks Corp. 2.3
Booking Holdings, Inc. 2.2
The TJX Cos., Inc. 2.0
Airbnb, Inc. Class A 1.3
O'Reilly Automotive, Inc. 1.2
  62.8
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
9 Annual Report 


Table of Contents
Fidelity® MSCI Consumer Staples Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Consumer Staples Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. 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.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Consumer Staples Index ETF – NAVA 6.20 10.28 9.28
Fidelity MSCI Consumer Staples Index ETF – Market PriceB 6.11 10.24 9.14
Fidelity MSCI Consumer Staples Index ETF Capped Linked IndexA 6.30 10.40 9.43
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Consumer Staples Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Consumer Staples Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Consumer Staples Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
 Annual Report 10


Table of Contents
Fidelity® MSCI Consumer Staples Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's (ETF) net asset value returned 6.20%, and its market price returned 6.11%, versus the 6.30% advance for the Fidelity MSCI Consumer Staples Index ETF Capped Linked Index and the 13.02% advance for the S&P 500® index. By subindustry, household products gained about 11% and contributed most. Consumer staples merchandise retail stocks also helped (+10%) and soft drinks & non-alcoholic beverages rose roughly 5%. Conversely, personal care products returned -13% and detracted most. Drug retail (-22%) and food distributors (-1%) also hurt. 
Turning to individual stocks, the top contributor was Procter & Gamble (+15%) from the household products group. Walmart (+23%), from the consumer staples merchandise retail industry, also boosted the fund alongside PepsiCo (+10%), a stock in the soft drinks & non-alcoholic beverages category. 
In contrast, the biggest individual detractor was Estée Lauder (-33%) from the personal care products group. In packaged foods & meats, Tyson Foods returned roughly -35% and detracted. Lastly, Walgreens Boots Alliance, within the drug retail group, returned about -20% and hindered the fund.
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 BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock 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.
11 Annual Report 


Table of Contents
Fidelity® MSCI Consumer Staples Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
The Procter & Gamble Co. 12.6
PepsiCo, Inc. 8.6
The Coca-Cola Co. 8.5
Costco Wholesale Corp. 8.2
Walmart, Inc. 7.8
Philip Morris International, Inc. 4.8
Mondelez International, Inc. Class A 3.7
Altria Group, Inc. 3.0
Colgate-Palmolive Co. 2.3
Archer-Daniels-Midland Co. 1.8
  61.3
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
 Annual Report 12


Table of Contents
Fidelity® MSCI Energy Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Energy Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. 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.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Energy Index ETF – NAVA 16.10 6.97 3.14
Fidelity MSCI Energy Index ETF – Market PriceB 16.11 6.97 3.16
Fidelity MSCI Energy Index ETF Capped Linked IndexA 16.21 7.04 3.23
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Energy Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Energy Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Energy Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
13 Annual Report 


Table of Contents
Fidelity® MSCI Energy Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value gained 16.10%, versus 16.21% for the Fidelity MSCI Energy Index ETF Capped Linked Index. The ETF's market price gained 16.11% the past 12 months, while the S&P 500® index gained 13.02%. By subindustry, oil & gas equipment & services gained roughly 52% and contributed most to performance. Other notable contributors included the oil & gas refining & marketing (+32%) and oil & gas drilling (+39%) subindustries. In contrast, coal & consumable fuels returned -2% and notably detracted. Specialty chemicals (-32%) also hurt. Turning to individual stocks, the biggest contributor was Exxon Mobil (+14%), from the integrated oil & gas group. In oil & gas exploration & production, ConocoPhillips (+27%) and EOG Resources (+26%) helped. Schlumberger, within the oil & gas equipment & services industry, gained approximately 60% and lifted the fund’s performance. Lastly, Marathon Petroleum (+49%), a stock in the oil & gas refining & marketing group, contributed. Conversely, the biggest individual detractor was Antero Resources (-33%), from the oil & gas exploration & production category. Also, in the oil & gas exploration & production category, Devon Energy (-7%) and Texas Pacific Land (-17%) hurt. In integrated oil & gas, Occidental Petroleum returned -3% and detracted. Lastly, Enviva (-80%), a stock in the coal & consumable fuels category, detracted. 
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 BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock 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.
 Annual Report 14


Table of Contents
Fidelity® MSCI Energy Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
Exxon Mobil Corp. 20.3
Chevron Corp. 14.8
ConocoPhillips 7.0
Schlumberger N.V. 4.2
EOG Resources, Inc. 4.0
Marathon Petroleum Corp. 3.7
Occidental Petroleum Corp. 2.9
Pioneer Natural Resources Co. 2.7
Phillips 66 2.7
Valero Energy Corp. 2.6
  64.9
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
15 Annual Report 


Table of Contents
Fidelity® MSCI Financials Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Financials Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. 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.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Financials Index ETF – NAVA 6.44 6.45 9.66
Fidelity MSCI Financials Index ETF – Market PriceB 6.48 6.46 9.70
Fidelity MSCI Financials Index ETF Capped Linked IndexA 6.53 6.55 9.77
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Financials Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Financials Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Financials Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
 Annual Report 16


Table of Contents
Fidelity® MSCI Financials Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value gained 6.44%, versus 6.53% for the Fidelity MSCI Financials Index ETF Capped Linked Index. The ETF's market price rose 6.48% the past 12 months, while the S&P 500® index advanced 13.02%. By industry, regional banks returned -21% and detracted most. The portfolio’s exposure to mortgage REITs (-10%) also hurt. Turning to individual stocks, the biggest individual detractors were First Republic Bank and Silicon Valley Bank. A stake in Truist Financial (-31%), from the regional banks group, hurt as well. In addition, Bank of America (-3%), PNC Financial Services Group (-14%), U.S. Bancorp (-12%) and Citigroup (-5%), within the diversified banks category, further hindered the fund's performance. Conversely, the portfolio’s allocation to transaction & payment processing services stocks gained about 10% and contributed most. Diversified banks, which advanced 9%, along with multi-sector holdings, which rose 17%, proved beneficial as well. Elsewhere, the property & casualty insurance industry increased roughly 12% and aided performance, as did asset management & custody banks (+11%) and financial exchanges & data (+8%) firms. Other notable contributors included the insurance brokers (+13%), investment banking & brokerage (+9%), consumer finance (+12%), life & health insurance (+14%), diversified financial services (+32%), reinsurance (+33%), multi-line insurance (+12%), commercial & residential mortgage finance (+21%), specialized finance (+42%) and oil & gas exploration & production (+7%) industries. The top individual contributor was JPMorgan Chase (+41%), from the diversified banks industry. Among multi-sector holdings, exposure to Berkshire Hathaway gained 17% and added value. Lastly, in transaction & payment processing services, Visa (+8%), MasterCard (+8%) and PayPal Holdings (+22%) helped.
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 BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock 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.
17 Annual Report 


Table of Contents
Fidelity® MSCI Financials Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
JPMorgan Chase & Co. 8.0
Berkshire Hathaway, Inc. Class B 7.9
Visa, Inc. Class A 6.7
Mastercard, Inc. Class A 5.8
Bank of America Corp. 4.0
Wells Fargo & Co. 3.0
S&P Global, Inc. 2.2
Goldman Sachs Group, Inc. 2.1
Morgan Stanley 2.0
BlackRock, Inc. 1.9
  43.6
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
 Annual Report 18


Table of Contents
Fidelity® MSCI Health Care Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Health Care Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. 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.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Health Care Index ETF – NAVA 2.65 9.55 11.72
Fidelity MSCI Health Care Index ETF – Market PriceB 2.53 9.53 11.63
Fidelity MSCI Health Care Index ETF Capped Linked IndexA 2.73 9.64 11.84
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Health Care Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Health Care Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Health Care Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
19 Annual Report 


Table of Contents
Fidelity® MSCI Health Care Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value gained 2.65%, versus 2.73% for the Fidelity MSCI Health Care Index ETF Capped Linked Index. The ETF's market price gained 2.53% the past 12 months, while the S&P 500® index gained 13.02%. By subindustry, health care equipment gained 12% and notably contributed to performance. Biotechnology stocks also helped, gaining approximately 9%. The pharmaceuticals subindustry rose about 3%. Other notable contributors included the health care distributors (+22%), health care facilities (+21%) and health care supplies (+17%) subindustries. Conversely, life sciences tools & services returned -11% and detracted. Managed health care (-6%) and health care services (-7%) also hurt. Another notable detractor was the health care technology (-6%) subindustry. Turning to individual stocks, the top contributor was Eli Lilly & Co. (+39%), from the pharmaceuticals category. Also in pharmaceuticals, Merck & (+23%) helped. Intuitive Surgical (+41%) and Stryker (+34%), within the health care equipment group, also helped the fund's performance. Lastly, Gilead Sciences (+32%), from the biotechnology category, also boosted the fund. In contrast, the biggest individual detractor was Pfizer (-26%), from the pharmaceuticals category. Also in pharmaceuticals, Bristol-Myers Squibb (-13%) hurt. Another notable detractor was UnitedHealth Group (-5%), a stock in the managed health care group. CVS Health (-20%), a stock in the health care services category, detracted. Lastly, Danaher, within the life sciences tools & services category, returned -12% and hindered the fund’s performance.
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 BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock 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.
 Annual Report 20


Table of Contents
Fidelity® MSCI Health Care Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
UnitedHealth Group, Inc. 8.1
Johnson & Johnson 7.5
Eli Lilly & Co. 6.3
Merck & Co., Inc. 4.6
AbbVie, Inc. 4.5
Thermo Fisher Scientific, Inc. 3.6
Pfizer, Inc. 3.5
Abbott Laboratories 3.3
Danaher Corp. 3.0
Bristol-Myers Squibb Co. 2.3
  46.7
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
21 Annual Report 


Table of Contents
Fidelity® MSCI Industrials Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Industrials Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. 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.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Industrials Index ETF – NAVA 19.17 9.98 10.84
Fidelity MSCI Industrials Index ETF – Market PriceB 19.23 10.00 10.73
Fidelity MSCI Industrials Index ETF Capped Linked IndexA 19.28 10.07 10.95
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Industrials Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Industrials Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Industrials Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
 Annual Report 22


Table of Contents
Fidelity® MSCI Industrials Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's (ETF) net asset value returned 19.17%, and its market price returned 19.23%, versus the 19.28% advance for the Fidelity MSCI Industrials Index ETF Capped Linked Index and the 13.02% advance for the S&P 500® index. By subindustry, industrial machinery & supplies & components gained about 25% and contributed most. Aerospace & defense, which gained approximately 13%, also helped, as did building products, which advanced 32%. Turning to individual stocks, the biggest contributor was General Electric (+100%), from the industrial conglomerates category. Boeing (+50%), from the aerospace & defense industry, also boosted the fund. Another notable contributor was Uber Technologies (+111%), a stock in the passenger ground transportation industry. In contrast, the biggest individual detractor was 3M (-18%), from the industrial conglomerates category. L3Harris Technologies (-19%) and Raytheon Technologies (-3%), within the aerospace & defense group, also hindered the fund's performance. Lastly, Generac Holdings (-43%) and Plug Power (-38%), within the electrical components & equipment industry, also hurt the fund's performance.
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 BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock 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.
23 Annual Report 


Table of Contents
Fidelity® MSCI Industrials Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
Union Pacific Corp. 3.2
Caterpillar, Inc. 3.1
The Boeing Co. 3.1
United Parcel Service, Inc. Class B 3.1
Honeywell International, Inc. 3.0
RTX Corp. 2.9
General Electric Co. 2.8
Deere & Co. 2.8
Automatic Data Processing, Inc. 2.3
Lockheed Martin Corp. 2.3
  28.6
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
 Annual Report 24


Table of Contents
Fidelity® MSCI Information Technology Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Information Technology Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. 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.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Information Technology Index ETF – NAVA 23.86 20.16 19.95
Fidelity MSCI Information Technology Index ETF – Market PriceB 23.83 20.16 20.02
Fidelity MSCI Information Technology Index ETF Capped Linked IndexA 23.98 20.27 20.06
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Information Technology Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Information Technology Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Information Technology Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
25 Annual Report 


Table of Contents
Fidelity® MSCI Information Technology Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value returned 23.86% and its market price returned 23.83%, versus the 23.98% advance for the Fidelity MSCI Information Technology Index ETF Capped Linked Index and the 13.02% advance for the S&P 500® index. By subindustry, semiconductors gained approximately 54% and contributed most. Technology hardware, storage & peripherals, which gained about 21%, also helped, along with systems software, which advanced 23%. The application software subindustry rose 22%, semiconductor materials & equipment gained approximately 24%, and communications equipment advanced 13%. Other notable contributors included the IT consulting & other services (+6%), electronic manufacturing services (+23%), internet services & infrastructure (+10%), electronic components (+6%), electronic equipment & instruments (+3%), technology distributors (+8%), advertising (+36%), electrical components & equipment (+18%), and data processing & outsourced services (+8%) subindustries. In contrast, transaction & payment processing services returned roughly -4% and detracted most. Human resource & employment services (-12%) and data processing & outsourced services (-10%) also hurt. Other notable detractors included the hotels, resorts & cruise lines (-50%) and industrial machinery & supplies & components (-30%) subindustries. Turning to individual stocks, the top contributor was Nvidia (+153%), from the semiconductors category. Also in semiconductors, Broadcom (+73%) helped. In technology hardware, storage & peripherals, Apple gained about 21% and contributed. Microsoft (+21%), a stock in the systems software category, was another positive. Lastly, Adobe (+33%), a stock in the application software group, contributed. Conversely, the biggest individual detractor was Fidelity National Information Services (-45%), from the transaction & payment processing services category. Also, in transaction & payment processing services, PayPal Holdings (-28%) and Block (-21%) hurt. Enphase Energy (-47%), from the semiconductor materials & equipment category, also hurt. Lastly, Automatic Data Processing (-12%), a stock in the human resource & employment services industry, detracted.
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 BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock 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.
 Annual Report 26


Table of Contents
Fidelity® MSCI Information Technology Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
Apple, Inc. 22.8
Microsoft Corp. 19.8
NVIDIA Corp. 4.5
Broadcom, Inc. 3.1
Adobe, Inc. 2.1
Salesforce, Inc. 1.9
Cisco Systems, Inc. 1.8
Accenture PLC Class A 1.7
Oracle Corp. 1.6
Advanced Micro Devices, Inc. 1.6
  60.9
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
27 Annual Report 


Table of Contents
Fidelity® MSCI Materials Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Materials Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. 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.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Materials Index ETF – NAVA 12.41 9.02 9.04
Fidelity MSCI Materials Index ETF – Market PriceB 12.30 9.01 8.91
Fidelity MSCI Materials Index ETF Capped Linked IndexA 12.52 9.09 9.10
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Materials Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Materials Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Materials Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
 Annual Report 28


Table of Contents
Fidelity® MSCI Materials Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value gained 12.41%, versus 12.52% for the Fidelity MSCI Materials Index ETF Capped Linked Index. The ETF's market price gained 12.30% the past 12 months, while the S&P 500® index gained 13.02%. By subindustry, industrial gases, the second-largest weighting in the MSCI index, gained roughly 30% and contributed most. Steel, which gained 34%, also helped, as did copper, which advanced approximately 44%. The specialty chemicals subindustry rose 6%, construction materials gained about 33%, and commodity chemicals advanced 13%. In contrast, fertilizers & agricultural chemicals returned roughly -10% and detracted most. Paper & plastic packaging products & materials (-8%) and aluminum (-18%) also hurt. Turning to individual stocks, the top contributor was Linde (+17%), from the industrial gases industry. Also in industrial gases, Air Products & Chemicals rose about 26%, and in copper, Freeport-McMoRan gained roughly 44%. Lastly, Nucor (+29%), a stock in the steel group, also contributed. Conversely, the biggest individual detractor was International Flavors & Fragrance (-29%), from the specialty chemicals category. Also in specialty chemicals, Albemarle (-12%) hurt. Other notable detractors included Ball Corporation (-19%), a stock in the metal, glass & plastic containers industry, and Mosaic (-21%), from the fertilizers & agricultural chemicals group. Lastly, in paper & plastic packaging products & materials, Amcor returned about -17% and detracted. 
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 BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock 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.
29 Annual Report 


Table of Contents
Fidelity® MSCI Materials Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
Linde PLC 15.4
The Sherwin-Williams Co. 5.5
Air Products & Chemicals, Inc. 5.4
Freeport-McMoRan, Inc. 5.1
Ecolab, Inc. 3.8
Nucor Corp. 3.5
Corteva, Inc. 3.2
Dow, Inc. 3.2
DuPont de Nemours, Inc. 2.9
Newmont Corp. 2.7
  50.7
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
 Annual Report 30


Table of Contents
Fidelity® MSCI Real Estate Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Real Estate Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. 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.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Real Estate Index ETF – NAVA -9.85 4.64 4.52
Fidelity MSCI Real Estate Index ETF – Market PriceB -9.95 4.64 4.32
Fidelity MSCI Real Estate Index ETF Capped Linked IndexA -9.76 4.77 4.61
S&P 500 IndexA 13.02 12.20 12.22
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Real Estate Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From February 2, 2015.
B From February 5, 2015, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Real Estate Index ETF – NAV on February 2, 2015, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Real Estate Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
31 Annual Report 


Table of Contents
Fidelity® MSCI Real Estate Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value returned -9.85%, versus -9.76% for the Fidelity MSCI Real Estate Index ETF Capped Linked Index. The ETF's market price returned -9.95% the past 12 months, whereas the S&P 500® index gained 13.02%. By industry, telecom tower REITs returned about -32% and detracted most, followed by office REITs, which returned -24%. The multi-family residential REITs category returned -13% and detracted as well. Exposure to self-storage REITs (-12%) also hurt. Stakes among health care (-9%) and broadline retail (-23%) REITs hampered the fund's relative result as well. Other notable detractors included single-family residential REITs (-7%) and diversified REITs (-13%). Allocations to real estate operating companies (-29%), real estate services (-4%), hotel & resort (0%), timber (-1%) and specialized REITs (-30%) also proved detrimental. Conversely, data center REITs advanced roughly 10% and contributed the most. Retail REITs stocks also helped, gaining approximately 2%, as did industrial REITs (-1%). Other notable contributors included the real estate development (+29%), diversified real estate activities (+25%) and other specialized (+1%) segments of the real estate market. Turning to individual stocks, the biggest detractor was American Tower (-27%), within the telecom tower REITs industry. Also among telecom tower REITs, stakes in Crown Castle (-37%) and SBA Communications (-34%) were problematic. In the self-storage REITs category, Extra Space Storage returned about -23% and hurt as well. Lastly, Realty Income (-13%), from the retail REITs category, was another negative. In contrast, the top individual contributor was Equinix (+17%), from the data center REITs industry. Among retail REITs, Simon Property Group increased roughly 23% and added value as well. In the other specialized REITs group, exposure to Iron Mountain proved advantageous by gaining roughly 33%. In real estate services, Zillow rose approximately 56% and further contributed. Lastly, Prologis (-2%), a stock in the industrial REITs industry, was another positive.
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 BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock 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.
 Annual Report 32


Table of Contents
Fidelity® MSCI Real Estate Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
Prologis, Inc. 8.6
American Tower Corp. 6.7
Equinix, Inc. 5.7
Crown Castle, Inc. 3.5
Public Storage 3.3
Welltower, Inc. 3.1
Simon Property Group, Inc. 3.1
Realty Income Corp. 3.0
Digital Realty Trust, Inc. 2.7
CoStar Group, Inc. 2.6
  42.3
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
33 Annual Report 


Table of Contents
Fidelity® MSCI Utilities Index ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® MSCI Utilities Index ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. 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.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2023
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity MSCI Utilities Index ETF – NAVA -6.63 7.64 9.25
Fidelity MSCI Utilities Index ETF – Market PriceB -6.64 7.64 9.15
Fidelity MSCI Utilities Index ETF Capped Linked IndexA -6.55 7.74 9.38
S&P 500 IndexA 13.02 12.20 12.51
Average annual total returns represent just that – the average return on an annual basis for Fidelity® MSCI Utilities Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 21, 2013.
B From October 24, 2013, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity MSCI Utilities Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity MSCI Utilities Index ETF Capped Linked Index and the S&P 500 Index performed over the same period.
 Annual Report 34


Table of Contents
Fidelity® MSCI Utilities Index ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2023, the exchange-traded fund's net asset value returned -6.63%, versus -6.55% for the Fidelity MSCI Utilities Index ETF Capped Linked Index. The ETF's market price returned -6.64% the past 12 months, while the S&P 500® index gained 13.02%. By subindustry, multi-utilities returned -11% and detracted most from performance. Electric utilities (-4%) and gas utilities (-11%) also hurt. Other notable detractors included the renewable electricity (-24%) and water utilities (-7%) subindustries. In contrast, independent power producers & energy traders gained approximately 3% and contributed most. Turning to individual stocks, the biggest detractor was Dominion Energy (-32%), from the multi-utilities category. Within electric utilities, NextEra Energy (-11%), Duke Energy (-11%), American Electric Power (-11%) and Xcel Energy (-12%) also detracted. Conversely, the biggest individual contributor was PG&E (+62%), from the electric utilities category. Also in electric utilities, Constellation Energy (+48%), Edison International (+11%) and Pinnacle West Capital (+18%) helped boost the ETF’s result. Lastly, Vistra (+12%), from the independent power producers & energy traders group, also contributed.
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 BlackRock Fund Advisors (the ETF’s subadviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock 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.
35 Annual Report 


Table of Contents
Fidelity® MSCI Utilities Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2023
  % of fund's
net assets
NextEra Energy, Inc. 13.4
The Southern Co. 7.1
Duke Energy Corp. 6.5
Sempra 4.2
Dominion Energy, Inc. 4.0
American Electric Power Co., Inc. 3.9
Exelon Corp. 3.8
Xcel Energy, Inc. 3.1
Consolidated Edison, Inc. 3.0
Constellation Energy Corp. 2.9
  51.9
 
Industries as of July 31, 2023
* Includes short-term investments and net other assets.
 
 Annual Report 36


Table of Contents
Fidelity® MSCI Communication Services Index ETF
Schedule of Investments July 31, 2023 
Showing Percentage of Net Assets
Common Stocks – 99.7%
    Shares Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 9.9% 
Alternative Carriers – 2.3%
Anterix, Inc. (a) 11,519 $ 323,338
Bandwidth, Inc. Class A (a) 20,677 313,257
Cogent Communications Holdings, Inc. 37,930 2,322,833
EchoStar Corp. Class A (a) 29,483 572,855
Globalstar, Inc. (a) 631,518 682,039
Iridium Communications, Inc. 78,433 4,121,654
Liberty Global PLC Class A (a) 142,352 2,643,477
Liberty Global PLC Class C (a) 224,819 4,442,424
Liberty Latin America Ltd. Class A (a) 31,731 266,540
Liberty Latin America Ltd. Class C (a) 134,600 1,119,872
Lumen Technologies, Inc. 878,465 1,572,452
      18,380,741
Integrated Telecommunication Services – 7.6%
AT&T, Inc. 1,752,314 25,443,599
ATN International, Inc. 9,599 348,828
Consolidated Communications Holdings, Inc. (a) 64,988 232,657
Frontier Communications Parent, Inc. (a) 160,659 2,925,600
IDT Corp. Class B (a) 15,550 368,846
Radius Global Infrastructure, Inc. Class A (a) 67,490 1,006,276
Verizon Communications, Inc. 891,630 30,386,751
      60,712,557
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES 79,093,298
ENTERTAINMENT – 21.7% 
Interactive Home Entertainment – 5.9%
Activision Blizzard, Inc. (a) 210,439 19,520,321
Electronic Arts, Inc. 85,388 11,642,654
Playstudios, Inc. (a) 77,040 379,807
ROBLOX Corp. Class A (a) 171,979 6,750,176
Take-Two Interactive Software, Inc. (a) 60,172 9,202,706
      47,495,664
Movies & Entertainment – 15.8%
AMC Entertainment Holdings, Inc. Class A (a) 452,424 2,248,547
Atlanta Braves Holdings, Inc. (a) 5,789 274,051
Atlanta Braves Holdings, Inc. Class C (a) 36,757 1,496,745
Cinemark Holdings, Inc. (a) 95,395 1,592,143
Endeavor Group Holdings, Inc. Class A (a) 139,887 3,301,333
IMAX Corp. (a) 37,646 693,063

    Shares Value
Liberty Media Corp. Liberty Formula One Class C (a) 86,810 $ 6,302,406
Lions Gate Entertainment Corp. Class A (a) 54,552 418,959
Lions Gate Entertainment Corp. Class B (a) 107,819 789,235
Live Nation Entertainment, Inc. (a) 73,282 6,430,496
Madison Square Garden Entertainment Corp. (a) 26,923 937,997
Madison Square Garden Sports Corp. 13,493 2,870,636
Netflix, Inc. (a) 87,976 38,618,825
Roku, Inc. (a) 87,832 8,455,587
Sphere Entertainment Co. (a) 21,724 922,184
The Marcus Corp. 19,180 299,208
The Walt Disney Co. (a) 404,289 35,937,249
Vivid Seats, Inc. Class A (a) 32,501 270,733
Warner Bros Discovery, Inc. (a) 768,089 10,038,923
World Wrestling Entertainment, Inc. Class A 37,866 3,975,930
      125,874,250
TOTAL ENTERTAINMENT 173,369,914
INTERACTIVE MEDIA & SERVICES – 47.8% 
Interactive Media & Services – 47.8%
Alphabet, Inc. Class A (a) 716,046 95,033,625
Alphabet, Inc. Class C (a) 590,793 78,640,456
Angi, Inc. (a) 68,524 265,188
Bumble, Inc. Class A (a) 83,840 1,552,717
Cargurus, Inc. (a) 77,923 1,765,735
Cars.com, Inc. (a) 54,796 1,249,897
Eventbrite, Inc. Class A (a) 71,422 822,067
IAC, Inc. (a) 68,869 4,793,282
Match Group, Inc. (a) 161,835 7,526,946
MediaAlpha, Inc. Class A (a) 23,144 234,680
Meta Platforms, Inc. Class A (a) 503,930 160,552,098
Nextdoor Holdings, Inc. (a) 95,976 298,485
Pinterest, Inc. Class A (a) 271,329 7,865,828
QuinStreet, Inc. (a) 44,564 395,728
Shutterstock, Inc. 21,869 1,125,160
Snap, Inc. Class A (a) 547,671 6,221,543
TripAdvisor, Inc. (a) 95,381 1,778,856
Vimeo, Inc. (a) 107,970 444,836
Yelp, Inc. (a) 57,623 2,595,916
Ziff Davis, Inc. (a) 41,308 2,995,656
ZipRecruiter, Inc. Class A (a) 39,534 732,170
ZoomInfo Technologies, Inc. (a) 195,626 5,002,157
TOTAL INTERACTIVE MEDIA & SERVICES 381,893,026
MEDIA – 17.2% 
Advertising – 4.0%
Boston Omaha Corp. Class A (a) 20,737 404,786
 
See accompanying notes which are an integral part of the financial statements.
37 Annual Report 


Table of Contents
Fidelity® MSCI Communication Services Index ETF
Schedule of Investmentscontinued
Common Stocks – continued
    Shares Value
MEDIA – continued
Advertising – continued
Clear Channel Outdoor Holdings, Inc. (a) 270,663 $ 487,193
Integral Ad Science Holding Corp. (a) 33,880 706,398
Magnite, Inc. (a) 117,672 1,780,377
Omnicom Group, Inc. 78,375 6,632,093
PubMatic, Inc. Class A (a) 34,195 683,558
Stagwell, Inc. (a) 80,317 538,927
TechTarget, Inc. (a) 23,745 771,238
The Interpublic Group of Cos., Inc. 167,608 5,737,222
The Trade Desk, Inc. Class A (a) 144,946 13,227,772
Thryv Holdings, Inc. (a) 28,724 680,759
      31,650,323
Broadcasting – 3.2%
AMC Networks, Inc. Class A (a) 23,365 294,866
Entravision Communications Corp. Class A 54,341 259,750
Fox Corp. Class A 167,284 5,595,650
Fox Corp. Class B 124,477 3,909,823
Gray Television, Inc. 70,803 670,504
iHeartMedia, Inc. Class A (a) 90,304 427,138
Nexstar Media Group, Inc. 28,064 5,240,110
Paramount Global Class B 318,373 5,103,519
Sinclair, Inc. 33,732 469,212
TEGNA, Inc. 185,512 3,135,153
The E.W. Scripps Co. Class A (a) 50,407 497,013
      25,602,738
Cable & Satellite – 8.5%
Altice USA, Inc. Class A (a) 189,517 642,463
Cable One, Inc. 3,976 2,878,385
Charter Communications, Inc. Class A (a) 31,796 12,883,421
Comcast Corp. Class A 780,560 35,328,146
DISH Network Corp. Class A (a) 217,748 1,726,742
Liberty Broadband Corp. Class C (a) 67,547 6,020,464
Liberty Media Corp. Liberty SiriusXM Class C (a) 143,033 4,552,740
Sirius XM Holdings, Inc. 679,577 3,465,843
WideOpenWest, Inc. (a) 44,990 370,718
      67,868,922
Publishing – 1.5%
John Wiley & Sons, Inc. Class A 38,459 1,316,452
News Corp. Class A 256,347 5,080,797
Scholastic Corp. 24,640 1,064,202

    Shares Value
The New York Times Co. Class A 121,340 $ 4,945,818
      12,407,269
TOTAL MEDIA 137,529,252
WIRELESS TELECOMMUNICATION SERVICES – 3.1% 
Wireless Telecommunication Services – 3.1%
GCI Liberty, Inc. (a)(b) 40,953 0
Gogo, Inc. (a) 55,732 839,881
Shenandoah Telecommunications Co. 41,617 776,989
Telephone & Data Systems, Inc. 87,173 699,128
T-Mobile US, Inc. (a) 159,066 21,914,523
United States Cellular Corp. (a) 13,526 239,546
TOTAL WIRELESS TELECOMMUNICATION SERVICES 24,470,067
TOTAL COMMON STOCKS
(Cost $790,359,314)
796,355,557
    
Preferred Stock – 0.2%
    Principal Amount  
COMMUNICATION SERVICES – 0.2% 
Entertainment – 0.2%
AMC Entertainment Holdings, Inc. 0.000% (a) $ 697,820 1,290,967
TOTAL PREFERRED STOCKS
(Cost $2,825,605)
1,290,967
    
Money Market Fund – 0.1%
    Shares  
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.15% (c)
(Cost $1,120,000)
1,120,000 1,120,000
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $794,304,919)
798,766,524
NET OTHER ASSETS (LIABILITIES) – 0.0% 88,970
NET ASSETS – 100.0% $ 798,855,494
    
Legend  
(a) Non-income producing.
(b) Level 3 security.
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 38


Table of Contents
Futures Contracts
  Number of
contracts
Expiration
Date
Notional
Amount
Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contract          
CME E-mini S&P Communication Service Select Sector Index Contracts (United States) 12 September 2023 $1,086,000 $50,173 $50,173
The notional amount of futures purchased as a percentage of Net Assets is 0.1%
Investment Valuation
The following is a summary of the inputs used, as of July 31, 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 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:                
Common Stocks   $ 796,355,557   $ 796,355,557   $ $  
Preferred Stocks   1,290,967   1,290,967    
Money Market Funds   1,120,000   1,120,000    
Total Investments in Securities:   $ 798,766,524   $ 798,766,524   $ $  
Derivative Instruments:                
Assets                
Futures Contracts   $ 50,173   $ 50,173   $ $  
Total Assets   $ 50,173   $ 50,173   $ $  
Total Derivative Instruments:   $ 50,173   $ 50,173   $ $  
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of July 31, 2023. 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) $50,173   $0
Total Equity Risk 50,173   0
Total Value of Derivatives $50,173   $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.
39 Annual Report 


Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investments July 31, 2023 
Showing Percentage of Net Assets
Common Stocks – 99.8%
    Shares Value
AUTOMOBILE COMPONENTS – 2.4% 
Automotive Parts & Equipment – 2.3%
Adient PLC (a) 27,549 $ 1,172,486
American Axle & Manufacturing Holdings, Inc. (a) 44,824 423,587
Aptiv PLC (a) 71,158 7,791,089
Autoliv, Inc. 22,255 2,246,197
BorgWarner, Inc. 62,655 2,913,458
Dana, Inc. 41,157 781,160
Dorman Products, Inc. (a) 8,104 686,328
Fox Factory Holding Corp. (a) 12,009 1,343,807
Garrett Motion, Inc. (a) 20,971 163,154
Gentex Corp. 64,212 2,156,239
Gentherm, Inc. (a) 10,355 618,918
LCI Industries 7,465 1,017,256
Lear Corp. 16,086 2,489,469
Luminar Technologies, Inc. (a) 76,120 563,288
Modine Manufacturing Co. (a) 17,618 661,732
Patrick Industries, Inc. 6,976 603,773
Phinia, Inc. (a) 12,495 354,483
QuantumScape Corp. (a) 86,830 1,155,707
Solid Power, Inc. (a) 83,647 239,230
Standard Motor Products, Inc. 7,785 297,154
Stoneridge, Inc. (a) 13,514 276,226
Visteon Corp. (a) 8,022 1,236,110
XPEL, Inc. (a) 6,751 548,384
      29,739,235
Tires & Rubber – 0.1%
The Goodyear Tire & Rubber Co. (a) 80,521 1,294,777
TOTAL AUTOMOBILE COMPONENTS 31,034,012
AUTOMOBILES – 18.0% 
Automobile Manufacturers – 17.9%
Canoo, Inc. (a) 244,684 157,870
Fisker, Inc. (a) 65,081 401,550
Ford Motor Co. 1,025,420 13,545,798
General Motors Co. 364,015 13,967,255
Lucid Group, Inc. (a) 254,854 1,939,439
Rivian Automotive, Inc. Class A (a) 173,959 4,808,227
Tesla, Inc. (a) 728,892 194,927,588
Thor Industries, Inc. 14,408 1,663,980
Winnebago Industries, Inc. 9,680 665,984
      232,077,691
Motorcycle Manufacturers – 0.1%
Harley-Davidson, Inc. 38,587 1,489,844
TOTAL AUTOMOBILES 233,567,535
BROADLINE RETAIL – 24.9% 
Broadline Retail – 24.9%
Amazon.com, Inc. (a) 2,199,618 294,044,934
Dillard's, Inc. Class A 1,377 472,366

    Shares Value
eBay, Inc. 141,157 $ 6,282,898
Etsy, Inc. (a) 33,377 3,392,772
Kohl's Corp. 34,008 967,527
Macy's, Inc. 77,074 1,278,658
MercadoLibre, Inc. (a) 11,779 14,582,991
Nordstrom, Inc. 33,533 774,948
Ollie's Bargain Outlet Holdings, Inc. (a) 16,827 1,226,352
Qurate Retail, Inc. (a) 212,887 217,145
TOTAL BROADLINE RETAIL 323,240,591
DISTRIBUTORS – 1.1% 
Distributors – 1.1%
Genuine Parts Co. 37,022 5,765,066
LKQ Corp. 71,150 3,898,308
Pool Corp. 10,428 4,012,069
TOTAL DISTRIBUTORS 13,675,443
DIVERSIFIED CONSUMER SERVICES – 1.2% 
Education Services – 0.6%
2U, Inc. (a) 47,867 228,804
Adtalem Global Education, Inc. (a) 14,099 609,641
Bright Horizons Family Solutions, Inc. (a) 16,120 1,564,124
Chegg, Inc. (a) 42,166 427,142
Coursera, Inc. (a) 33,746 529,475
Duolingo, Inc. (a) 7,336 1,138,474
Graham Holdings Co. Class B 1,133 664,788
Grand Canyon Education, Inc. (a) 8,944 970,871
Laureate Education, Inc. 42,847 549,298
Perdoceo Education Corp. (a) 25,693 343,001
Strategic Education, Inc. 7,346 551,685
Stride, Inc. (a) 13,036 498,105
Udemy, Inc. (a) 28,336 334,648
      8,410,056
Specialized Consumer Services – 0.6%
ADT, Inc. 73,073 466,206
Carriage Services, Inc. 7,214 233,517
European Wax Center, Inc. Class A (a) 15,013 290,802
Frontdoor, Inc. (a) 24,368 850,931
H&R Block, Inc. 42,818 1,439,113
Mister Car Wash, Inc. (a) 35,668 354,183
OneSpaWorld Holdings Ltd. (a) 30,775 395,305
Rover Group, Inc. (a) 48,536 265,977
Service Corp. International 41,158 2,743,181
WW International, Inc. (a) 27,882 324,825
      7,364,040
TOTAL DIVERSIFIED CONSUMER SERVICES 15,774,096
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 40


Table of Contents
Common Stocks – continued
    Shares Value
HOTELS, RESTAURANTS & LEISURE – 20.9% 
Casinos & Gaming – 2.2%
Accel Entertainment, Inc. (a) 26,562 $ 302,807
Bally's Corp. (a) 14,357 233,732
Boyd Gaming Corp. 21,284 1,454,123
Caesars Entertainment, Inc. (a) 57,962 3,420,917
Churchill Downs, Inc. 18,131 2,100,476
DraftKings, Inc. Class A (a) 105,701 3,359,178
Everi Holdings, Inc. (a) 29,657 440,110
Golden Entertainment, Inc. (a) 8,079 342,065
Las Vegas Sands Corp. (a) 90,607 5,419,205
Light & Wonder, Inc. (a) 25,163 1,768,959
MGM Resorts International 79,535 4,037,992
Monarch Casino & Resort, Inc. 5,217 361,642
Penn Entertainment, Inc. (a) 43,622 1,146,822
Red Rock Resorts, Inc. Class A 14,953 725,221
Wynn Resorts Ltd. 27,378 2,983,654
      28,096,903
Hotels, Resorts & Cruise Lines – 7.6%
Airbnb, Inc. Class A (a) 107,930 16,425,867
Bluegreen Vacations Holding Corp. 5,731 224,025
Booking Holdings, Inc. (a) 9,774 29,036,599
Carnival Corp. (a) 269,025 5,068,431
Choice Hotels International, Inc. 9,498 1,241,863
Expedia Group, Inc. (a) 39,277 4,812,611
Hilton Grand Vacations, Inc. (a) 22,617 1,051,690
Hilton Worldwide Holdings, Inc. 69,427 10,795,204
Hyatt Hotels Corp. Class A 13,177 1,664,914
Lindblad Expeditions Holdings, Inc. (a) 19,276 227,842
Marriott International, Inc. Class A 68,451 13,814,096
Marriott Vacations Worldwide Corp. 9,917 1,274,434
Membership Collective Group, Inc. (a) 22,484 134,229
Norwegian Cruise Line Holdings Ltd. (a) 116,308 2,566,918
Playa Hotels & Resorts N.V. (a) 39,924 325,780
Royal Caribbean Cruises Ltd. (a) 60,696 6,622,541
Sabre Corp. (a) 105,095 430,890
Target Hospitality Corp. (a) 15,671 200,119
Travel + Leisure Co. 22,582 919,765
Wyndham Hotels & Resorts, Inc. 23,832 1,856,989
      98,694,807
Leisure Facilities – 0.5%
Bowlero Corp. (a) 18,817 228,250
Life Time Group Holdings, Inc. (a) 17,808 322,147
Planet Fitness, Inc. Class A (a) 23,538 1,589,757
SeaWorld Entertainment, Inc. (a) 11,741 650,099
Six Flags Entertainment Corp. (a) 22,267 532,181
Vail Resorts, Inc. 10,850 2,555,066

    Shares Value
Xponential Fitness, Inc. Class A (a) 9,899 $ 209,067
      6,086,567
Restaurants – 10.6%
Aramark 63,204 2,551,546
BJ's Restaurants, Inc. (a) 9,244 348,129
Bloomin' Brands, Inc. 26,544 713,237
Brinker International, Inc. (a) 13,978 549,056
Chipotle Mexican Grill, Inc. (a) 7,193 14,114,680
Chuys Holdings, Inc. (a) 7,329 304,813
Cracker Barrel Old Country Store, Inc. 6,069 565,631
Darden Restaurants, Inc. 31,896 5,387,872
Dave & Buster's Entertainment, Inc. (a) 13,604 623,063
Denny's Corp. (a) 23,500 276,360
Dine Brands Global, Inc. 5,370 323,918
Domino's Pizza, Inc. 9,487 3,763,872
DoorDash, Inc. Class A (a) 67,386 6,117,975
Dutch Bros, Inc. Class A (a) 13,028 403,998
El Pollo Loco Holdings, Inc. 15,835 168,643
First Watch Restaurant Group, Inc. (a) 10,271 191,451
Jack in the Box, Inc. 6,431 639,306
Krispy Kreme, Inc. 24,201 372,695
Kura Sushi USA. Inc. Class A (a) 2,901 288,679
McDonald's Corp. 176,687 51,804,628
Papa John's International, Inc. 10,351 856,028
Portillo's, Inc. Class A (a) 16,786 386,917
RCI Hospitality Holdings, Inc. 3,522 245,660
Shake Shack, Inc. Class A (a) 11,192 869,171
Starbucks Corp. 298,232 30,291,424
Sweetgreen, Inc. Class A (a) 34,836 524,979
Texas Roadhouse, Inc. 18,229 2,033,445
The Cheesecake Factory, Inc. 15,652 575,681
The Wendy's Co. 50,968 1,095,302
Wingstop, Inc. 8,241 1,389,268
Yum! Brands, Inc. 73,158 10,071,662
      137,849,089
TOTAL HOTELS, RESTAURANTS & LEISURE 270,727,366
HOUSEHOLD DURABLES – 4.9% 
Consumer Electronics – 0.4%
Garmin Ltd. 40,565 4,295,428
GoPro, Inc. Class A (a) 58,617 239,743
Snap One Holdings Corp. (a) 16,528 160,983
Sonos, Inc. (a) 37,993 651,200
Vizio Holding Corp. Class A (a) 32,745 243,950
      5,591,304
Home Furnishings – 0.5%
Ethan Allen Interiors, Inc. 9,662 304,063
La-Z-Boy, Inc. 14,848 465,782
See accompanying notes which are an integral part of the financial statements.
41 Annual Report 


Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investmentscontinued
Common Stocks – continued
    Shares Value
HOUSEHOLD DURABLES – continued
Home Furnishings – continued
Leggett & Platt, Inc. 37,548 $ 1,098,654
Mohawk Industries, Inc. (a) 15,052 1,600,630
Tempur Sealy International, Inc. 47,189 2,106,045
The Lovesac Co. (a) 8,272 242,204
      5,817,378
Homebuilding – 3.6%
Beazer Homes USA, Inc. (a) 12,130 407,932
Cavco Industries, Inc. (a) 2,394 707,786
Century Communities, Inc. 8,972 692,818
D.R. Horton, Inc. 82,156 10,435,455
Dream Finders Homes, Inc. Class A (a) 11,887 303,118
Green Brick Partners, Inc. (a) 9,111 514,954
Installed Building Products, Inc. 7,154 1,058,935
KB Home 21,470 1,158,736
Legacy Housing Corp. (a) 7,678 182,122
Lennar Corp. Class A 66,505 8,434,829
LGI Homes, Inc. (a) 6,308 875,235
M.D.C. Holdings, Inc. 15,639 801,968
M/I Homes, Inc. (a) 8,228 822,800
Meritage Homes Corp. 10,345 1,540,888
NVR, Inc. (a) 859 5,417,232
PulteGroup, Inc. 59,471 5,018,758
Skyline Champion Corp. (a) 15,532 1,081,959
Taylor Morrison Home Corp. (a) 29,086 1,408,344
Toll Brothers, Inc. 30,167 2,423,315
TopBuild Corp. (a) 8,741 2,394,422
Tri Pointe Homes, Inc. (a) 29,677 946,103
      46,627,709
Household Appliances – 0.3%
Cricut, Inc. Class A 22,158 262,794
Helen of Troy Ltd. (a) 7,253 1,024,849
iRobot Corp. (a) 9,964 398,560
Traeger, Inc. (a) 44,251 197,359
Whirlpool Corp. 14,952 2,156,976
      4,040,538
Housewares & Specialties – 0.1%
Newell Brands, Inc. 113,479 1,266,426
TOTAL HOUSEHOLD DURABLES 63,343,355
LEISURE PRODUCTS – 1.1% 
Leisure Products – 1.1%
Acushnet Holdings Corp. 10,968 654,022
Brunswick Corp. 19,767 1,706,090
Clarus Corp. 4,990 44,411
Funko, Inc. Class A (a) 16,751 136,688
Hasbro, Inc. 35,731 2,306,793
Johnson Outdoors, Inc. Class A 3,185 188,297
Malibu Boats, Inc. Class A (a) 7,200 431,640

    Shares Value
MasterCraft Boat Holdings, Inc. (a) 8,026 $ 245,997
Mattel, Inc. (a) 97,017 2,066,462
Peloton Interactive, Inc. Class A (a) 94,606 918,624
Polaris, Inc. 14,965 2,032,846
Smith & Wesson Brands, Inc. 20,354 259,106
Sturm Ruger & Co., Inc. 6,443 341,157
Topgolf Callaway Brands Corp. (a) 44,519 889,044
Vista Outdoor, Inc. (a) 18,237 552,581
YETI Holdings, Inc. (a) 24,996 1,064,830
TOTAL LEISURE PRODUCTS 13,838,588
SPECIALTY RETAIL – 19.9% 
Apparel Retail – 3.6%
Abercrombie & Fitch Co. Class A (a) 17,194 681,054
American Eagle Outfitters, Inc. 56,437 792,940
Boot Barn Holdings, Inc. (a) 9,285 871,861
Burlington Stores, Inc. (a) 17,397 3,090,055
Caleres, Inc. 13,668 369,583
Chico's FAS, Inc. (a) 53,195 324,489
Designer Brands, Inc. Class A 26,339 262,073
Foot Locker, Inc. 25,119 674,947
Genesco, Inc. (a) 6,493 183,167
Guess?, Inc. 13,584 285,128
Revolve Group, Inc. (a) 16,718 329,679
Ross Stores, Inc. 89,404 10,249,275
Shoe Carnival, Inc. 8,801 234,195
Stitch Fix, Inc. Class A (a) 51,540 263,369
The Buckle, Inc. 10,991 401,831
The Children's Place, Inc. (a) 7,475 235,014
The Gap, Inc. 65,439 674,022
The TJX Cos., Inc. 299,415 25,908,380
Urban Outfitters, Inc. (a) 18,126 659,243
Victoria's Secret & Co. (a) 22,242 455,739
Zumiez, Inc. (a) 10,567 199,294
      47,145,338
Automotive Retail – 3.5%
Advance Auto Parts, Inc. 16,232 1,207,498
America's Car-Mart, Inc. (a) 2,747 327,223
Arko Corp. 27,395 228,474
Asbury Automotive Group, Inc. (a) 5,547 1,251,403
AutoNation, Inc. (a) 9,255 1,489,870
AutoZone, Inc. (a) 4,795 11,899,847
Camping World Holdings, Inc. Class A 14,783 473,499
CarMax, Inc. (a) 42,300 3,494,403
Carvana Co. (a) 32,248 1,481,796
EVgo, Inc. (a) 51,938 226,969
Group 1 Automotive, Inc. 3,957 1,023,003
Lithia Motors, Inc. 7,556 2,346,365
Monro, Inc. 10,404 381,307
Murphy USA, Inc. 5,721 1,756,519
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 42


Table of Contents
Common Stocks – continued
    Shares Value
SPECIALTY RETAIL – continued
Automotive Retail – continued
O'Reilly Automotive, Inc. (a) 16,026 $ 14,836,711
Penske Automotive Group, Inc. 7,205 1,163,031
Sonic Automotive, Inc. Class A 6,469 309,800
Valvoline, Inc. 36,141 1,372,274
      45,269,992
Computer & Electronics Retail – 0.5%
Best Buy Co., Inc. 52,189 4,334,297
GameStop Corp. Class A (a) 71,585 1,589,187
Upbound Group, Inc. 15,461 535,414
      6,458,898
Home Improvement Retail – 9.6%
Floor & Decor Holdings, Inc. Class A (a) 27,306 3,136,094
Lowe's Cos., Inc. 154,728 36,248,129
The Home Depot, Inc. 254,214 84,866,802
      124,251,025
Homefurnishing Retail – 0.6%
Arhaus, Inc. (a) 20,036 229,612
Haverty Furniture Cos., Inc. 7,336 261,162
Overstock.com, Inc. (a) 17,364 633,265
RH (a) 4,795 1,861,275
Sleep Number Corp. (a) 11,016 305,033
The Aaron's Co., Inc. 16,356 258,752
Wayfair, Inc. Class A (a) 22,636 1,762,665
Williams-Sonoma, Inc. 17,865 2,476,804
      7,788,568
Other Specialty Retail – 2.1%
1-800-FLOWERS.com, Inc. Class A (a) 18,185 157,846
Academy Sports & Outdoors, Inc. 21,798 1,303,302
Bath & Body Works, Inc. 58,944 2,184,465
Chewy, Inc. Class A (a) 28,671 971,947
Dick's Sporting Goods, Inc. 16,846 2,375,286
Five Below, Inc. (a) 14,930 3,110,516
Franchise Group, Inc. 9,413 280,131
Hibbett, Inc. 5,436 252,230
Leslie's, Inc. (a) 55,226 351,790
MarineMax, Inc. (a) 9,290 374,666
National Vision Holdings, Inc. (a) 24,562 531,276
Petco Health & Wellness Co., Inc. (a) 34,216 279,203
PetMed Express, Inc. 12,393 181,557
Sally Beauty Holdings, Inc. (a) 36,998 442,866
Signet Jewelers Ltd. 12,563 1,011,196
The ODP Corp. (a) 11,804 588,784
Tractor Supply Co. 28,864 6,465,247