FIDELITY COVINGTON TRUST

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.

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All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

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.

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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

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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 – NAV^A	16.44	9.29	7.92
Fidelity MSCI Communication Services Index ETF – Market Price^B	16.56	9.21	7.92
MSCI USA IMI Communication Services 25/50 Index^A	16.56	9.41	8.00
S&P 500 Index^A	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.

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.

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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.

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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.*

^{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 – NAV^A	10.04	12.91	13.15
Fidelity MSCI Consumer Discretionary Index ETF – Market Price^B	10.12	12.93	13.05
Fidelity MSCI Consumer Discretionary Index ETF Capped Linked Index^A	10.15	12.85	13.19
S&P 500 Index^A	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.

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

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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.

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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.*

^{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 – NAV^A	6.20	10.28	9.28
Fidelity MSCI Consumer Staples Index ETF – Market Price^B	6.11	10.24	9.14
Fidelity MSCI Consumer Staples Index ETF Capped Linked Index^A	6.30	10.40	9.43
S&P 500 Index^A	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.

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.

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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.

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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.*

^{Fiscal
Periods Ended July 31, 2023}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity MSCI Energy Index ETF – NAV^A	16.10	6.97	3.14
Fidelity MSCI Energy Index ETF – Market Price^B	16.11	6.97	3.16
Fidelity MSCI Energy Index ETF Capped Linked Index^A	16.21	7.04	3.23
S&P 500 Index^A	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.

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

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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.

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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.*

^{Fiscal
Periods Ended July 31, 2023}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity MSCI Financials Index ETF – NAV^A	6.44	6.45	9.66
Fidelity MSCI Financials Index ETF – Market Price^B	6.48	6.46	9.70
Fidelity MSCI Financials Index ETF Capped Linked Index^A	6.53	6.55	9.77
S&P 500 Index^A	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.

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.

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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.

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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.*

^{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 – NAV^A	2.65	9.55	11.72
Fidelity MSCI Health Care Index ETF – Market Price^B	2.53	9.53	11.63
Fidelity MSCI Health Care Index ETF Capped Linked Index^A	2.73	9.64	11.84
S&P 500 Index^A	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.

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.

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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.

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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.*

^{Fiscal
Periods Ended July 31, 2023}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity MSCI Industrials Index ETF – NAV^A	19.17	9.98	10.84
Fidelity MSCI Industrials Index ETF – Market Price^B	19.23	10.00	10.73
Fidelity MSCI Industrials Index ETF Capped Linked Index^A	19.28	10.07	10.95
S&P 500 Index^A	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.

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

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.

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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.*

^{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 – NAV^A	23.86	20.16	19.95
Fidelity MSCI Information Technology Index ETF – Market Price^B	23.83	20.16	20.02
Fidelity MSCI Information Technology Index ETF Capped Linked Index^A	23.98	20.27	20.06
S&P 500 Index^A	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.

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.

Annual Report

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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.*

^{Fiscal
Periods Ended July 31, 2023}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity MSCI Materials Index ETF – NAV^A	12.41	9.02	9.04
Fidelity MSCI Materials Index ETF – Market Price^B	12.30	9.01	8.91
Fidelity MSCI Materials Index ETF Capped Linked Index^A	12.52	9.09	9.10
S&P 500 Index^A	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.

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

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.

29	Annual Report

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.*

^{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 – NAV^A	-9.85	4.64	4.52
Fidelity MSCI Real Estate Index ETF – Market Price^B	-9.95	4.64	4.32
Fidelity MSCI Real Estate Index ETF Capped Linked Index^A	-9.76	4.77	4.61
S&P 500 Index^A	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.

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.

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.*

^{Fiscal
Periods Ended July 31, 2023}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity MSCI Utilities Index ETF – NAV^A	-6.63	7.64	9.25
Fidelity MSCI Utilities Index ETF – Market Price^B	-6.64	7.64	9.15
Fidelity MSCI Utilities Index ETF Capped Linked Index^A	-6.55	7.74	9.38
S&P 500 Index^A	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.

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

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.

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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 Investments–continued

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.

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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

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 Investments–continued

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

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

	% 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

	% 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

	% 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

	% 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

	% 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

	% 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

	% 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

	% 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

	% 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

	% 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

	% 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