FIDELITY COVINGTON TRUST

Contents

Note to Shareholders	3
Market Recap	4
Performance and Management's Discussion of Fund Performance	5
Schedule of Investments	38
Financial Statements	86
Notes to Financial Statements	109
Report of Independent Registered Public Accounting Firm	115
Trustees and Officers	116
Shareholder Expense Example	123
Distributions	125
Board Approval of Investment Advisory Contracts and Management Fees	126
Liquidity Risk Management Program	141

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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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.

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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Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

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Market Recap

The S&P 500^® index returned -4.64% for the 12 months ending July 31, 2022, as a multitude of crosscurrents challenged the global economy and financial markets. Persistently high inflation, exacerbated by energy price shocks from the Russia–Ukraine conflict, spurred the U.S. Federal Reserve to hike interest rates more aggressively than anticipated, and concerns about the outlook for economic growth sent stocks into bear market territory. In early May, the Fed approved a rare half-percentage-point interest rate increase and announced plans to shrink its $9 trillion asset portfolio. June began with the Fed allowing up to billions in Treasuries and mortgage bonds to mature every month without investing the proceeds. Two weeks later, the central bank raised rates by 0.75 percentage points, its largest increase since 1994, and said it was becoming more difficult to achieve a soft landing, in which the economy slows enough to bring down inflation while avoiding a recession. Against this volatile backdrop, the S&P 500 posted its worst first-half result (-19.96%) to begin a year since 1970. Stocks sharply reversed course in July (+9.22%), as the Fed again raised its benchmark interest rate by 0.75% but signaled that, at some point, it will likely slow the pace of tightening to assess the impact on the economy. For the full 12 months, growth-oriented communication services (-29%) and consumer discretionary (-10%) stocks lagged most. In contrast, energy (+67%) rode a surge in commodity prices and led by a wide margin, followed by the defensive utilities (+16%) and consumer staples (+7%) sectors.

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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, 2022}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity MSCI Communication Services Index ETF – NAV^A	-32.06	4.90	6.99
Fidelity MSCI Communication Services Index ETF – Market Price^B	-32.13	4.87	6.97
MSCI USA IMI Communication Services 25/50 Index^A	-32.01	4.99	7.07
S&P 500 Index^A	-4.64	12.83	12.45

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, 2022, the exchange-traded fund's (ETF) net asset value returned -32.06%, roughly in line with the -32.01% result of the MSCI USA IMI Communication Services 25/50 Index. The ETF's market price declined by 32.13% the past 12 months, while the broad-based S&P 500 index returned -4.64%. By subindustry, stocks in the interactive media & services subindustry returned -37% and detracted most, followed by movies & entertainment, which returned about -45%. Cable & satellite returned -37% and integrated telecommunication services returned about -12%. Advertising (-34%) and alternative carriers (-19%) also hampered results. In contrast, real estate services returned -2% and contributed most versus the index. The roughly break-even result of internet & direct marketing retail stocks also helped. Turning to individual stocks, the biggest individual detractor was Meta Platforms (-55%), from the interactive media & services industry. Disney (-39%) and Netflix (-56%), from the movies & entertainment industry, were also notable detractors. Other detractors from the interactive media & services group were Alphabet (-13%) and Snap (-85%). In contrast, the biggest individual contributor was Roblox (+45%), from the interactive home entertainment category. Nexstar Media (+32%) and Liberty Media (+8%), from the broadcasting segment, helped as well. Other contributors from the movies & entertainment category were Live Nation Entertainment (+20%) and World Wrestling Entertainment (+42%).

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, 2022}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity MSCI Consumer Discretionary Index ETF – NAV^A	-13.89	15.14	13.51
Fidelity MSCI Consumer Discretionary Index ETF – Market Price^B	-13.97	15.12	13.39
Fidelity MSCI Consumer Discretionary Index ETF Capped Linked Index^A	-13.80	15.09	13.55
S&P 500 Index^A	-4.64	12.83	12.45

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.

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Fidelity® MSCI Consumer Discretionary Index ETF

Management’s Discussion of Fund Performance

For the fiscal year ending July 31, 2022, the exchange-traded fund's (ETF) net asset value returned -13.89%, roughly in line with the -13.80% result of the Fidelity MSCI Consumer Discretionary Index ETF Capped Linked Index. The ETF's market price was -13.97% the past 12 months, while the broad-based S&P 500^® index returned -4.64%. Among industry components in the index, stocks in the internet & direct marketing retail group lagged, returning roughly -23% the past 12 months. Footwear (-31%), hotels, Resorts & Cruise Lines (-17%), apparel retail (-28%) and accessories & luxury goods (-28%) also underperformed the broader index. In contrast, automobile manufacturers gained 17% as the top-performing industry. Distributors stocks also helped, gaining 2% for the period. Home improvement retail (-5%) and restaurants (-10%) also outperformed the index. Turning to individual stocks, the top contributor was Tesla (+30%), from the automobile manufacturers segment. Mcdonalds, within the restaurants group, gained about 11% and boosted the fund. In general merchandise stores, Dollar Tree (+66%) helped. Other contributors were AutoZone (+32%) and O'Reilly Automotive (+16%), from the automotive retail industry. Conversely, Amazon.com (-20%), from the internet & direct marketing retail segment, was the fund's top individual detractor, followed by Nike (-31%), which is in the footwear category. Within general merchandise stores, Target returned approximately -36% and hurt. Other detractors were Starbucks (-29%), a stock in the restaurants industry, and MercadoLibre (-49%), from the internet & direct marketing retail group.

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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, 2022}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity MSCI Consumer Staples Index ETF – NAV^A	5.79	8.95	9.64
Fidelity MSCI Consumer Staples Index ETF – Market Price^B	5.83	8.96	9.49
Fidelity MSCI Consumer Staples Index ETF Capped Linked Index^A	5.89	9.08	9.79
S&P 500 Index^A	-4.64	12.83	12.45

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, 2022, the exchange-traded fund's (ETF) net asset value gained 5.79%, roughly in line with the 5.89% advance of the Fidelity MSCI Consumer Staples Index ETF Capped Linked Index. The ETF's market price rose 5.83% the past 12 months, while the broad-based S&P 500 index returned -4.64%. Among the biggest industry components in the index, soft drinks gained 15%, whereas household products returned -1%. Hypermarkets & super centers rose 9.5%, the packaged foods & meat segment advanced 8% and tobacco was up 1%. Industries that were smaller weightings in the index also posted mixed results, with personal products returning -19% versus agricultural products up 26%. Other notable gainers included the food retail (+16%), food distributors (+14%) and distillers & vintners (+10%) categories. Conversely, brewers (-4%) and drug retail (-13%) disappointed. Among individual stocks, the top contributor was Costco Wholesale (+27%) from the hypermarkets & super centers industry. In soft drinks, Coca Cola (+16%) and PepsiCo (+15%) were helpful. In addition, Archer Daniels Midland (+42%) from the agricultural products group and General Mills (+31%) in the packaged foods & meat segment contributed. Conversely, the biggest individual detractor was Estée Lauder (-18%) from the personal products category. Other notable disappointments were Walmart (-6%) in the hypermarkets & super centers industry, and Beyond Meat (-74%) and Freshpet (-64%), each in the packaged foods & meat category. Within household products, Clorox (-19%) also detracted.

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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, 2022}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity MSCI Energy Index ETF – NAV^A	65.70	7.77	1.76
Fidelity MSCI Energy Index ETF – Market Price^B	65.68	7.75	1.78
Fidelity MSCI Energy Index ETF Capped Linked Index^A	65.91	7.85	1.85
S&P 500 Index^A	-4.64	12.83	12.45

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.

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Fidelity® MSCI Energy Index ETF

Management’s Discussion of Fund Performance

For the fiscal year ending July 31, 2022, the exchange-traded fund's (ETF) net asset value gained 65.70%, roughly in line with the 65.91% advance of the Fidelity MSCI Energy Index ETF Capped Linked Index. The ETF's market price rose 65.68% the past 12 months, while the broad-based S&P 500 index returned -4.64%. By subindustry, integrated oil & gas rose roughly 77% and contributed most. Oil & gas exploration & production, which gained approximately 81%, also helped. The oil & gas refining & marketing subindustry rose 52% and oil & gas storage & transportation (+36%) also contributed. Other notable contributors included the oil & gas equipment & services (+25%), oil & gas drilling (+45%), and coal & consumable fuels (+95%) subindustries. Conversely, stocks in the specialty chemicals subindustry, a very small component of the index, returned -48% and detracted. Turning to individual stocks, the biggest individual contributor was Exxon Mobil (+77%), from the integrated oil & gas industry. Chevron (+68%) and Occidental Petroleum (+153%), from the integrated oil & gas category, also helped. Other contributors from the oil & gas exploration & production segment included ConocoPhillips (+79%) and EOG Resources (+64%). Conversely, one of the biggest individual detractors was Aspen Aerogels (-48%), a small position from the specialty chemicals group. In oil & gas equipment & services, Core Laboratories (-43%), ChampionX (-10%), and DMC Global (-47%) notably hurt. Gevo, within the oil & gas refining & marketing industry, returned roughly -53% and hindered the fund's performance.

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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, 2022}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity MSCI Financials Index ETF – NAV^A	-6.11	7.78	10.04
Fidelity MSCI Financials Index ETF – Market Price^B	-6.12	7.79	10.07
Fidelity MSCI Financials Index ETF Capped Linked Index^A	-6.04	7.87	10.15
S&P 500 Index^A	-4.64	12.83	12.45

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, 2022, the exchange-traded fund's (ETF) net asset value returned -6.11%, roughly in line with the -6.04% result of the Fidelity MSCI Financials Index ETF Capped Linked Index. The ETF's market price returned -6.12% the past 12 months, trailing the broad-based S&P 500® index. Stocks in the diversified banks category returned -15% and detracted most, followed by asset management & custody banks (-16%). Exposure to consumer finance companies also hurt, due to a -22% result, as did financial exchanges & data stocks (-13%). The investment banking & brokerage (-4%) and mortgage REITs (-8%) groups further hampered the fund’s result. In contrast, multi-sector financials holdings rose roughly 8% and contributed most. Property & casualty insurance firms, which gained 7%, also helped. Insurance brokers increased 12% while holdings in life & health insurance (+6%) providers also added value. Other notable contributors included the multi-line insurance (+9%), regional banks (+1%), and reinsurance (+4%) segments. Turning to individual stocks, the biggest individual detractor was JPMorgan Chase (-22%), from the diversified banks group. Also within that category, Citigroup (-20%) and Bank of America (-10%) pressured performance. BlackRock, in the asset management & custody banks segment, returned -21% and hindered the fund as well. Another notable detractor was Capital One Financial (-31%), a stock in the consumer finance segment. In contrast, the biggest individual contributor was Berkshire Hathaway (+8%), from the multi-sector holdings category. Stakes in Progressive (+23%) and Chubb (+14%), within the property & casualty insurance group, also helped. Noteworthy contributors among insurance brokers included Marsh & McLennan (+13%) and Arthur J. Gallaghar & Co. (+30%).

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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, 2022}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity MSCI Health Care Index ETF – NAV^A	-3.32	12.13	12.81
Fidelity MSCI Health Care Index ETF – Market Price^B	-3.30	12.17	12.72
Fidelity MSCI Health Care Index ETF Capped Linked Index^A	-3.25	12.24	12.92
S&P 500 Index^A	-4.64	12.83	12.45

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, 2022, the exchange-traded fund's (ETF) net asset value returned -3.32%, roughly in line with the -3.25% result of the Fidelity MSCI Health Care Index ETF Capped Linked Index. The ETF's market price was -3.30% the past 12 months, while the broad-based S&P 500^® index returned -4.64%. By subindustry, stocks in the managed health care advanced 29%. Pharmaceuticals stocks also performed well, gaining 11%. The health care distributors industry rose 27% and health care services (+3%) also had a positive return. Conversely, the health care supplies (-38%), health care technology (-23%), health care equipment (-20%) and health care facilities (-16%) industries each produced a negative return and lagged the broader sector index. Biotechnology (-10%) and life sciences tools & services (-12%) also hurt. Turning to individual stocks, the biggest individual contributor was UnitedHealth Group (+33%), from the managed health care category. In pharmaceuticals, Eli Lilly (+37%), Pfizer (+22%), and Merck (+20%) helped. AbbVie, within the biotechnology group, gained approximately 28% and boosted the fund. Meanwhile, Moderna (-54%), from the biotechnology segment, was the fund's biggest individual detractor. In health care equipment, Medtronic (-28%) and Intuitive Surgical (-30%) also fared poorly. Illumina, within the life sciences tools & services group, returned -56% and hindered the fund. Another detractor was Align Technology (-60%), a stock in the health care supplies industry.

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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, 2022}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity MSCI Industrials Index ETF – NAV^A	-7.10	9.21	9.93
Fidelity MSCI Industrials Index ETF – Market Price^B	-7.08	9.21	9.80
Fidelity MSCI Industrials Index ETF Capped Linked Index^A	-7.04	9.31	10.04
S&P 500 Index^A	-4.64	12.83	12.45

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.

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Fidelity® MSCI Industrials Index ETF

Management’s Discussion of Fund Performance

For the fiscal year ending July 31, 2022, the exchange-traded fund's (ETF) net asset value returned -7.10%, roughly in line with the -7.04% result of the Fidelity MSCI Industrials Index ETF Capped Linked Index. The ETF's market price declined 7.08% the past 12 months, while the broad-based S&P 500® index returned -4.64%. Stocks in the industrial conglomerates subindustry returned -22% and detracted most, followed by industrial machinery, which returned roughly -12%. Building products returned approximately -16% and electrical components & equipment returned roughly -13%. Trucking (-17%) and research & consulting services (-6%) also hampered results. Other notable detractors included the diversified support services (-7%), human resource & employment services (-18%) and airlines (-26%) groups. Conversely, environmental & facilities services rose about 8% and contributed most. Railroads, which gained 3%, also helped. The construction & engineering subindustry rose about 15%, trading companies & distributors gained 5%, and aerospace & defense advanced 1%. Other notable contributors included the electronic equipment & instruments (+2%), marine (+16%) and gas utilities (+2%) subindustries. Turning to individual stocks, the biggest individual detractor was Boeing (-30%), from the aerospace & defense industry. In industrial conglomerates, General Electric (-28%), 3M (-25%), and Honeywell International (-16%) hurt. Uber Technologies, within the trucking segment, returned -46% and hindered the fund. Conversely, the biggest individual contributor was Northrop Grumman (+34%), from the aerospace & defense group. Also in aerospace & defense, Lockheed Martin (+15%), Raytheon Technologies (+10%) and General Dynamics (+18%) boosted the fund.

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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, 2022}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity MSCI Information Technology Index ETF – NAV^A	-9.41	20.94	19.51
Fidelity MSCI Information Technology Index ETF – Market Price^B	-9.42	20.95	19.60
Fidelity MSCI Information Technology Index ETF Capped Linked Index^A	-9.35	21.05	19.63
S&P 500 Index^A	-4.64	12.83	12.45

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.

Annual Report

Table of Contents

Fidelity® MSCI Information Technology Index ETF

Management’s Discussion of Fund Performance

For the fiscal year ending July 31, 2022, the exchange-traded fund's (ETF) net asset value returned -9.41%, roughly in line with the -9.35% result of the Fidelity MSCI Information Technology Index ETF Capped Linked Index. The ETF's market price was -9.42% the past 12 months, while the broad-based S&P 500^® index returned -4.64%. By industry, stocks in the technology hardware, storage & peripherals group advanced about 11% during the reporting period. Alternative carriers (+14%) stocks also helped, as did technology distributors (+2%) and electronic components (+1%). Conversely, the internet services & infrastructure group returned -48% and hurt the fund's performance. Stocks in the application software industry (-31%) also notably detracted, followed by data processing & outsourced services (-26%) and electronic equipment & instruments (-19%). Turning to individual stocks, the biggest individual contributor was Apple (+12%), from the technology hardware, storage & peripherals category. In semiconductors, Broadcom (+14%) was helpful, as was Automatic Data Processing (+17%) from the data processing & outsourced services industry. Enphase Energy, within the semiconductor equipment segment, rose roughly 50% and Synopsys, within the application software category, gained roughly 28% and boosted the fund. Meanwhile, the fund's largest individual detractor was PayPal Holdings (-69%), from the data processing & outsourced services segment. In application software, Adobe (-34%) hurt. Block, within the data processing & outsourced services industry, returned -69% and hindered the fund. Another detractor was Intel (-30%), a stock in the semiconductors group.

27	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, 2022}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity MSCI Materials Index ETF – NAV^A	-4.68	8.85	8.66
Fidelity MSCI Materials Index ETF – Market Price^B	-4.63	8.87	8.53
Fidelity MSCI Materials Index ETF Capped Linked Index^A	-4.60	8.89	8.72
S&P 500 Index^A	-4.64	12.83	12.45

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.

29	Annual Report

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Fidelity® MSCI Materials Index ETF

Management’s Discussion of Fund Performance

For the fiscal year ending July 31, 2022, the exchange-traded fund's (ETF) net asset value returned -4.68%, roughly in line with the -4.60% result of the Fidelity MSCI Materials Index ETF Capped Linked Index. The ETF's market price was -4.63% the past 12 months, while the broad-based S&P 500^® index returned -4.64%. By industry, stocks in the fertilizers & agricultural chemicals group advanced about 37% during the reporting period. Steel stocks also helped, gaining 15%. The diversified chemicals subindustry rose 11%. Other notable contributors included the forest products (+16%) and aluminum (+3%) groups. Conversely, stocks in the specialty chemicals subindustry returned roughly -14% and notably detracted, followed by gold, which returned -25%. Copper returned -16% and industrial gases returned -4%. Construction materials (-7%) and commodity chemicals (-4%) also hampered results. Turning to individual stocks, the biggest individual contributor was Corteva (+36%), from the fertilizers & agricultural chemicals industry. Also in fertilizers & agricultural chemicals, CF Industries Holdings (+106%) and Mosaic (+69%) notably helped. Nucor, within the steel group, advanced roughly 32% and lifted the fund. Another contributor was Albemarle (+19%), a stock in the specialty chemicals segment. Among detractors, Ecolab (-24%), from the specialty chemicals category, hurt, as did Newmont (-25%), which is in the gold group. Within specialty chemicals, Sherwin Williams returned about -16%. Other detractors were Freeport-McMoRan (-16%), a stock in the copper industry, and Air Products & Chemicals (-13%), from the industrial gases segment.

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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, 2022}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity MSCI Real Estate Index ETF – NAV^A	-4.25	7.79	6.60
Fidelity MSCI Real Estate Index ETF – Market Price^B	-4.26	7.80	6.39
Fidelity MSCI Real Estate Index ETF Capped Linked Index^A	-4.30	7.91	6.69
S&P 500 Index^A	-4.64	12.83	12.12

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.

Annual Report

Table of Contents

Fidelity® MSCI Real Estate Index ETF

Management’s Discussion of Fund Performance

For the fiscal year ending July 31, 2022, the exchange-traded fund's (ETF) net asset value returned -4.25%, roughly in line with the -4.30% result of the Fidelity MSCI Real Estate Index ETF Capped Linked Index. The ETF's market price returned -4.26% the past 12 months, trailing the broad-based S&P 500 index. Real estate services stocks returned about -36% and detracted most, followed by office REITs (-19%). The residential REITs group returned -5%, while exposure to health care REITs (-7%) also hurt. Real estate operating companies (-16%) and real estate development (-25%) firms also hampered the fund’s result. In contrast, industrial REITs advanced 4% and contributed most this period. Specialized REITs also helped, gaining 1%. The retail REITs category rose roughly 1%, also proving beneficial. Other notable contributors included the hotel & resort REITs (+0%) and diversified REITs (+0%) segments. Turning to individual stocks, the biggest individual detractor was Zillow (-67%), from the real estate services category. In specialized REITs, Equinix (-13%) and Digital Realty Trust (-11%) hurt as well. Redfin, also within the real estate services segment, returned -85% and further hindered performance. Another notable detractor was Alexandria Real Estate Equities (-16%), an office REIT. In contrast, the biggest individual contributor was Public Storage (+11%), from the specialized REITs category. In industrial REITs, stakes in Prologis (+6%) and Duke Realty (+25%) helped meaningfully. Realty Income, within the retail REITs industry, advanced 13% and lifted the fund as well. Another key contributor was VICI Properties (+15%), a specialized REIT.

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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, 2022}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity MSCI Utilities Index ETF – NAV^A	15.10	9.95	11.22
Fidelity MSCI Utilities Index ETF – Market Price^B	15.08	9.95	11.11
Fidelity MSCI Utilities Index ETF Capped Linked Index^A	15.17	10.07	11.36
S&P 500 Index^A	-4.64	12.83	12.45

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.

35	Annual Report

Table of Contents

Fidelity® MSCI Utilities Index ETF

Management’s Discussion of Fund Performance

For the fiscal year ending July 31, 2022, the exchange-traded fund's (ETF) net asset value gained 15.10%, roughly in line with the 15.17% advance of the Fidelity MSCI Utilities Index ETF Capped Linked Index. The ETF's market price rose 15.08% the past 12 months, while the broad-based S&P 500 index returned -4.64%. By subindustry, electric utilities advanced 15% and contributed most. Multi-utilities stocks also helped, gaining 19%. The gas utilities subindustry rose 20%. Other notable contributors included the independent power producers & energy traders (+14%) and renewable electricity (+3%) subindustries. In contrast, stocks in the water utilities subindustry returned about -4% and detracted most. Construction & engineering (-14%) also hurt. Turning to individual stocks, the biggest individual contributor was Exelon (+45%), from the electric utilities industry. Southern (+25%) and NextEra Energy (+10%), from the electric utilities category, also helped. Other contributors from the multi-utilities group were Sempra Energy (+31%) and Consolidated Edison (+40%). In contrast, the biggest individual detractor was American Water Works (-7%), from the water utilities segment, followed by MDU Resources Group (-14%), which is in the construction & engineering industry. Within renewable electricity, Sunnova Energy Intl returned -32% and hurt. Other detractors were Pinnacle West Capital (-8%), a stock in the electric utilities category, and AES (-4%), from the independent power producers & energy traders segment.

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Fidelity^® MSCI Communication Services Index ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.9%
	Shares	Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 14.6%
Alternative Carriers – 3.3%
Anterix, Inc. (a)	8,997	$ 400,277
Bandwidth, Inc. Class A (a)	16,213	269,622
Cogent Communications Holdings, Inc.	30,258	1,930,763
EchoStar Corp. Class A (a)	25,896	511,705
Globalstar, Inc. (a)	502,327	703,258
Iridium Communications, Inc. (a)	81,014	3,622,136
Liberty Global PLC Class A (a)	109,827	2,389,835
Liberty Global PLC Class C (a)	158,158	3,620,237
Liberty Latin America Ltd. Class A (a)	27,098	199,712
Liberty Latin America Ltd. Class C (a)	108,755	798,262
Lumen Technologies, Inc.	397,541	4,329,221
		18,775,028
Integrated Telecommunication Services – 11.3%
AT&T, Inc.	1,221,783	22,945,085
ATN International, Inc.	7,780	358,191
Consolidated Communications Holdings, Inc. (a)	42,222	278,665
Frontier Communications Parent, Inc. (a)	111,624	2,892,178
IDT Corp. Class B (a)	13,856	360,672
Radius Global Infrastructure, Inc. (a)	54,776	836,977
Verizon Communications, Inc.	768,039	35,475,721
		63,147,489
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES		81,922,517
ENTERTAINMENT – 21.0%
Interactive Home Entertainment – 6.3%
Activision Blizzard, Inc.	175,803	14,055,450
Electronic Arts, Inc.	71,322	9,359,586
Playstudios, Inc. (a)	57,832	232,485
ROBLOX Corp. Class A (a)	106,983	4,592,780
Skillz, Inc. (a)	166,070	262,390
Take-Two Interactive Software, Inc. (a)	52,311	6,943,239
		35,445,930
Movies & Entertainment – 14.7%
AMC Entertainment Holdings, Inc. Class A (a)	205,490	2,991,934
Cinemark Holdings, Inc. (a)	75,410	1,382,265
Endeavor Group Holdings, Inc. (a)	56,499	1,287,612
IMAX Corp. (a)	32,804	551,435
Liberty Media Corp-Liberty Braves Class A (a)	5,516	159,192
Liberty Media Corp-Liberty Braves Class C (a)	27,590	763,415


	Shares	Value


Liberty Media Corp-Liberty Formula One Class C (a)	83,374	$ 5,650,256
Lions Gate Entertainment Corp. Class A (a)	41,091	359,957
Lions Gate Entertainment Corp. Class B (a)	84,783	704,547
Live Nation Entertainment, Inc. (a)	55,844	5,248,778
Madison Square Garden Entertainment Corp. (a)	17,277	1,006,040
Madison Square Garden Sports Corp. Class A (a)	10,367	1,594,237
Netflix, Inc. (a)	86,448	19,442,155
Roku, Inc. (a)	38,084	2,495,264
The Marcus Corp. (a)	15,306	251,478
The Walt Disney Co. (a)	256,686	27,234,385
Warner Bros Discovery, Inc. (a)	605,046	9,075,690
World Wrestling Entertainment, Inc. Class A	30,719	2,129,134
		82,327,774
TOTAL ENTERTAINMENT		117,773,704
INTERACTIVE MEDIA & SERVICES – 42.0%
Interactive Media & Services – 42.0%
Alphabet, Inc. Class A (a)	587,466	68,334,045
Alphabet, Inc. Class C (a)	532,046	62,057,845
Angi, Inc. (a)	50,620	263,224
Bumble, Inc. Class A (a)	49,923	1,893,080
Cargurus, Inc. (a)	60,472	1,468,865
Cars.com, Inc. (a)	45,956	540,443
Eventbrite, Inc. Class A (a)	60,648	567,665
EverQuote, Inc. Class A (a)	12,011	125,515
fuboTV, Inc. (a)	96,879	243,166
IAC/InterActive Corp. (a)	34,585	2,369,073
Match Group, Inc. (a)	71,245	5,222,971
MediaAlpha, Inc. Class A (a)	15,466	190,541
Meta Platforms, Inc. Class A (a)	422,265	67,182,362
Nextdoor Holdings, Inc. (a)	31,064	104,064
Pinterest, Inc. Class A (a)	178,490	3,476,985
QuinStreet, Inc. (a)	36,541	392,816
Snap, Inc. Class A (a)	304,103	3,004,538
TripAdvisor, Inc. (a)	70,480	1,339,825
TrueCar, Inc. (a)	62,055	159,481
Twitter, Inc. (a)	195,739	8,144,700
Vimeo, Inc. (a)	104,192	579,308
Yelp, Inc. (a)	51,112	1,567,094
Ziff Davis, Inc. (a)	30,100	2,464,889
ZipRecruiter, Inc. (a)	27,146	475,869
ZoomInfo Technologies, Inc. Class A (a)	90,687	3,436,130
		235,604,494
Internet & Direct Marketing Retail – 0.0%
Shutterstock, Inc.	189	10,678
TOTAL INTERACTIVE MEDIA & SERVICES		235,615,172

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

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Table of Contents

Common Stocks – continued
	Shares	Value
LEISURE PRODUCTS – 0.0%
Leisure Products – 0.0%
Vinco Ventures, Inc. (a)	85,419	$ 64,918
MEDIA – 18.4%
Advertising – 2.5%
AdTheorent Holding Co., Inc. (a)	15,337	43,097
Advantage Solutions, Inc. (a)	55,957	248,449
Boston Omaha Corp. Class A (a)	14,000	341,600
Cardlytics, Inc. (a)	23,161	319,622
Clear Channel Outdoor Holdings, Inc. (a)	231,001	358,052
Innovid Corp. (a)	42,396	112,773
Loyalty Ventures, Inc. (a)	14,921	44,017
Magnite, Inc. (a)	83,336	636,687
Omnicom Group, Inc.	79,540	5,555,074
PubMatic, Inc. (a)	26,982	447,631
Stagwell, Inc. (a)	43,952	290,523
TechTarget, Inc. (a)	19,691	1,283,656
The Interpublic Group of Cos., Inc.	148,318	4,430,259
Thryv Holdings, Inc. (a)	14,233	346,431
		14,457,871
Broadcasting – 4.1%
AMC Networks, Inc. Class A (a)	19,536	596,239
Audacy, Inc. (a)	86,583	55,153
Fox Corp. Class A	125,665	4,160,768
Fox Corp. Class B	99,659	3,079,463
Gray Television, Inc.	55,278	1,026,512
iHeartMedia, Inc. Class A (a)	79,985	598,288
Nexstar Media Group, Inc. Class A	24,736	4,659,520
Paramount Global Class B	185,091	4,377,402
Sinclair Broadcast Group, Inc. Class A	34,620	756,101
TEGNA, Inc.	147,603	3,090,807
The E.W. Scripps Co. Class A (a)	37,292	531,784
		22,932,037
Cable & Satellite – 10.2%
Altice USA, Inc. Class A (a)	151,378	1,590,983
Cable One, Inc.	2,573	3,542,198
Charter Communications, Inc. Class A (a)	27,567	11,911,701
Comcast Corp. Class A	618,943	23,222,741
DISH Network Corp. Class A (a)	129,828	2,255,112
Liberty Broadband Corp. Class C (a)	43,735	4,764,054
Liberty Media Corp-Liberty SiriusXM Class A (a)	53,042	2,113,724


	Shares	Value


Liberty Media Corp-Liberty SiriusXM Class C (a)	84,954	$ 3,382,868
Sirius XM Holdings, Inc.	553,661	3,698,455
WideOpenWest, Inc. (a)	36,831	676,954
		57,158,790
Publishing – 1.6%
Gannett Co., Inc. (a)	94,953	285,808
John Wiley & Sons, Inc. Class A	31,026	1,620,178
News Corp. Class A	189,810	3,253,343
Scholastic Corp.	20,710	974,820
The New York Times Co. Class A	86,089	2,750,544
		8,884,693
TOTAL MEDIA		103,433,391
WIRELESS TELECOMMUNICATION SERVICES – 3.9%
Wireless Telecommunication Services – 3.9%
Gogo, Inc. (a)	34,790	603,955
Shenandoah Telecommunications Co.	33,268	741,877
Telephone & Data Systems, Inc.	71,298	1,127,221
T-Mobile US, Inc. (a)	132,073	18,894,363
United States Cellular Corp. (a)	11,093	324,914
TOTAL WIRELESS TELECOMMUNICATION SERVICES		21,692,330
TOTAL COMMON STOCKS (Cost $674,683,917)		560,502,032
Money Market Fund – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (b) (Cost $940,000)	940,000	940,000
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $675,623,917)		561,442,032
NET OTHER ASSETS (LIABILITIES) – (0.0%)		(196,500)
NET ASSETS – 100.0%		$ 561,245,532

Legend
(a)	Non-income producing.
(b)	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.

39	Annual Report

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Fidelity^® MSCI Communication Services Index ETF

Schedule of Investments–continued

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)	10	September 2022	$738,875	$(5,223)	$(5,223)

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 560,502,032	$ 560,502,032	$ —	$ —
Money Market Funds	940,000	940,000	—	—
Total Investments in Securities:	$ 561,442,032	$ 561,442,032	$ —	$ —
Derivative Instruments:
Liabilities
Futures Contracts	$ (5,223)	$ (5,223)	$ —	$ —
Total Liabilities	$ (5,223)	$ (5,223)	$ —	$ —
Total Derivative Instruments:	$ (5,223)	$ (5,223)	$ —	$ —

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, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$0	$(5,223)
Total Equity Risk	0	(5,223)
Total Value of Derivatives	$0	$(5,223)

(a)

Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

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Table of Contents

Fidelity® MSCI Consumer Discretionary Index ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares	Value
AUTO COMPONENTS – 2.1%
Auto Parts & Equipment – 2.0%
Adient PLC (a)	27,445	$ 927,092
American Axle & Manufacturing Holdings, Inc. (a)	47,052	419,233
Aptiv PLC (a)	67,283	7,057,314
Autoliv, Inc.	22,178	1,907,308
BorgWarner, Inc.	62,035	2,385,866
Dana, Inc.	40,729	682,618
Dorman Products, Inc. (a)	7,993	808,012
Fox Factory Holding Corp. (a)	12,119	1,147,185
Gentex Corp.	62,214	1,755,679
Gentherm, Inc. (a)	10,233	660,642
Holley, Inc. (a)	3,393	27,110
LCI Industries	7,419	1,002,233
Lear Corp.	15,583	2,355,215
Luminar Technologies, Inc. (a)	2,371	16,028
Modine Manufacturing Co. (a)	3,211	42,128
Patrick Industries, Inc.	922	55,984
Solid Power, Inc. (a)	3,234	20,504
Standard Motor Products, Inc.	8,559	391,489
Stoneridge, Inc. (a)	14,049	264,402
Tenneco, Inc. Class A (a)	28,926	545,834
Visteon Corp. (a)	8,217	1,048,325
XPEL, Inc. (a)	1,521	93,222
		23,613,423
Tires & Rubber – 0.1%
The Goodyear Tire & Rubber Co. (a)	80,612	989,915
TOTAL AUTO COMPONENTS		24,603,338
AUTOMOBILES – 18.2%
Automobile Manufacturers – 18.1%
Canoo, Inc. (a)	9,335	32,299
Faraday Future Intelligent Electric, Inc. (a)	9,646	21,318
Fisker, Inc. (a)	4,116	39,431
Ford Motor Co.	968,887	14,232,950
General Motors Co.	325,227	11,792,731
Lordstown Motors Corp. Class A (a)	15,086	33,793
Lucid Group, Inc. (a)	50,714	925,531
Rivian Automotive, Inc. (a)	14,700	504,210
Tesla, Inc. (a)	204,872	182,633,144
Thor Industries, Inc.	15,379	1,296,911
Winnebago Industries, Inc.	10,677	644,570
Workhorse Group, Inc. (a)	8,484	27,743
		212,184,631
Motorcycle Manufacturers – 0.1%
Harley-Davidson, Inc.	39,488	1,493,041
TOTAL AUTOMOBILES		213,677,672


	Shares	Value
DISTRIBUTORS – 1.1%
Distributors – 1.1%
Funko, Inc. Class A (a)	2,224	$ 58,291
Genuine Parts Co.	35,604	5,442,784
LKQ Corp.	68,792	3,772,553
Pool Corp.	10,150	3,630,655
TOTAL DISTRIBUTORS		12,904,283
DIVERSIFIED CONSUMER SERVICES – 1.3%
Education Services – 0.6%
2U, Inc. (a)	2,873	28,127
Adtalem Global Education, Inc. (a)	16,731	670,913
American Public Education, Inc. (a)	15,041	236,294
Bright Horizons Family Solutions, Inc. (a)	16,008	1,499,470
Chegg, Inc. (a)	34,741	739,983
Coursera, Inc. (a)	1,398	19,418
Duolingo, Inc. (a)	331	30,369
Graham Holdings Co. Class B	1,200	713,388
Grand Canyon Education, Inc. (a)	10,256	985,294
Laureate Education, Inc. Class A	39,427	466,816
Perdoceo Education Corp. (a)	30,589	419,069
PowerSchool Holdings, Inc. (a)	2,044	29,454
Strategic Education, Inc.	7,922	569,037
Stride, Inc. (a)	13,636	609,257
		7,016,889
Specialized Consumer Services – 0.7%
ADT, Inc.	3,864	28,207
Carriage Services, Inc.	7,267	263,647
European Wax Center, Inc.	1,660	34,727
Frontdoor, Inc. (a)	25,764	689,702
H&R Block, Inc.	44,406	1,774,464
Mister Car Wash, Inc. (a)	2,535	29,406
OneSpaWorld Holdings Ltd. (a)	31,406	226,437
Rover Group, Inc. (a)	5,577	24,371
Service Corp. International	41,405	3,083,016
Terminix Global Holdings, Inc. (a)	32,795	1,465,936
The Beachbody Co., Inc. (a)	15,913	19,096
Vivint Smart Home, Inc. (a)	4,125	19,718
WW International, Inc. (a)	24,043	159,646
		7,818,373
TOTAL DIVERSIFIED CONSUMER SERVICES		14,835,262
HOTELS, RESTAURANTS & LEISURE – 16.9%
Casinos & Gaming – 1.6%
Accel Entertainment, Inc. (a)	28,494	343,638
Bally's Corp. (a)	14,089	309,535
Boyd Gaming Corp.	22,822	1,266,849
Caesars Entertainment, Inc. (a)	49,783	2,274,585
Churchill Downs, Inc.	9,063	1,901,417
DraftKings Inc. Class A (a)	15,197	208,655
Everi Holdings, Inc. (a)	30,404	584,061

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
HOTELS, RESTAURANTS & LEISURE – continued
Casinos & Gaming – continued
Golden Entertainment, Inc. (a)	1,183	$ 51,898
Las Vegas Sands Corp. (a)	87,941	3,314,496
Light & Wonder, Inc. (a)	21,507	1,095,567
MGM Resorts International	89,739	2,937,158
Monarch Casino & Resort, Inc. (a)	5,640	361,806
Penn National Gaming, Inc. (a)	45,433	1,569,710
Red Rock Resorts, Inc. Class A	17,262	678,915
Rush Street Interactive, Inc. (a)	3,844	21,296
Wynn Resorts Ltd. (a)	28,763	1,825,875
		18,745,461
Hotels, Resorts & Cruise Lines – 5.3%
Airbnb, Inc. Class A (a)	63,546	7,052,335
Booking Holdings, Inc. (a)	10,020	19,395,614
Carnival Corp. (a)	223,226	2,022,427
Choice Hotels International, Inc.	9,879	1,194,075
Expedia Group, Inc. (a)	36,673	3,889,172
Hilton Grand Vacations, Inc. (a)	24,912	1,015,662
Hilton Worldwide Holdings, Inc.	69,021	8,839,519
Hyatt Hotels Corp. Class A (a)	1,152	95,328
Lindblad Expeditions Holdings, Inc. (a)	18,993	150,045
Marriott International, Inc. Class A	68,396	10,862,653
Marriott Vacations Worldwide Corp.	10,720	1,467,782
Membership Collective Group, Inc. (a)	3,320	22,410
Norwegian Cruise Line Holdings Ltd. (a)	110,351	1,340,765
Playa Hotels & Resorts N.V. (a)	48,810	334,837
Royal Caribbean Cruises Ltd. (a)	58,454	2,262,754
Target Hospitality Corp. (a)	4,664	64,130
Travel + Leisure Co.	23,825	1,027,096
Wyndham Hotels & Resorts, Inc.	24,249	1,683,123
		62,719,727
Leisure Facilities – 0.5%
Bowlero Corp. (a)	2,573	29,435
F45 Training Holdings, Inc. (a)	4,354	8,577
Life Time Group Holdings, Inc. (a)	1,939	28,115
Planet Fitness, Inc. Class A (a)	22,513	1,774,250
RCI Hospitality Holdings, Inc.	500	28,480
SeaWorld Entertainment, Inc. (a)	14,661	699,770
Six Flags Entertainment Corp. (a)	23,802	539,591
Vail Resorts, Inc.	10,409	2,468,286
		5,576,504
Restaurants – 9.5%
Aramark	60,459	2,019,331
BJ's Restaurants, Inc. (a)	11,306	265,352
Bloomin' Brands, Inc.	27,640	563,580
Brinker International, Inc. (a)	15,828	439,227
Chipotle Mexican Grill, Inc. (a)	6,877	10,757,141
Chuys Holdings, Inc. (a)	1,084	24,097
Cracker Barrel Old Country Store, Inc.	6,796	646,096
Darden Restaurants, Inc.	32,279	4,018,413


	Shares	Value


Dave & Buster's Entertainment, Inc. (a)	13,258	$ 495,319
Denny's Corp. (a)	29,765	289,018
Dine Brands Global, Inc.	5,915	421,799
Domino's Pizza, Inc.	9,273	3,636,036
Dutch Bros, Inc. (a)	798	29,917
El Pollo Loco Holdings, Inc. (a)	18,163	176,544
Jack in the Box, Inc.	7,241	500,643
Krispy Kreme, Inc.	3,269	46,681
McDonald's Corp.	181,675	47,847,745
Papa John's International, Inc.	10,058	964,462
Portillo's, Inc. Class A (a)	1,542	35,204
Ruth's Hospitality Group, Inc.	15,746	276,342
Shake Shack, Inc. Class A (a)	11,538	593,745
Starbucks Corp.	282,070	23,913,894
Texas Roadhouse, Inc.	17,733	1,546,672
The Cheesecake Factory, Inc. (a)	15,955	466,365
The Wendy's Co.	53,590	1,126,998
Wingstop, Inc.	9,201	1,160,982
Yum! Brands, Inc.	71,597	8,773,496
		111,035,099
TOTAL HOTELS, RESTAURANTS & LEISURE		198,076,791
HOUSEHOLD DURABLES – 4.0%
Consumer Electronics – 0.4%
Garmin Ltd.	38,823	3,789,901
GoPro, Inc. Class A (a)	53,357	339,351
Snap One Holdings Corp. (a)	1,981	24,089
Sonos, Inc. (a)	32,321	714,617
Universal Electronics, Inc. (a)	8,550	237,263
Vuzix Corp. (a)	4,572	37,353
		5,142,574
Home Furnishings – 0.5%
Ethan Allen Interiors, Inc.	11,760	270,362
La-Z-Boy, Inc.	16,254	452,999
Leggett & Platt, Inc.	36,108	1,431,321
Mohawk Industries, Inc. (a)	13,676	1,757,093
Purple Innovation, Inc. (a)	4,663	16,274
Tempur Sealy International, Inc.	47,125	1,294,995
The Lovesac Co. (a)	2,052	63,940
		5,286,984
Homebuilding – 2.6%
Cavco Industries, Inc. (a)	2,796	720,781
Century Communities, Inc.	10,121	517,892
D.R. Horton, Inc.	83,925	6,548,668
Dream Finders Homes, Inc. (a)	2,535	32,955
Green Brick Partners, Inc. (a)	14,081	377,371
Hovnanian Enterprises, Inc. (a)	530	25,710
Installed Building Products, Inc.	8,451	857,100
KB Home	23,598	770,239
Lennar Corp. Class A	65,418	5,560,530
LGI Homes, Inc. (a)	6,759	762,415

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
HOUSEHOLD DURABLES – continued
Homebuilding – continued
M.D.C. Holdings, Inc.	17,665	$ 640,356
M/I Homes, Inc. (a)	10,079	463,735
Meritage Homes Corp. (a)	10,731	947,547
NVR, Inc. (a)	815	3,580,377
PulteGroup, Inc.	63,732	2,779,990
Skyline Champion Corp. (a)	15,933	1,008,559
Taylor Morrison Home Corp. (a)	33,219	953,385
Toll Brothers, Inc.	29,902	1,470,580
TopBuild Corp. (a)	8,777	1,858,266
Tri Pointe Homes, Inc. (a)	32,932	609,901
		30,486,357
Household Appliances – 0.3%
Cricut, Inc. (a)	3,759	25,336
Helen of Troy Ltd. (a)	6,620	885,690
iRobot Corp. (a)	9,708	446,665
Traeger, Inc. (a)	6,035	18,527
Weber, Inc.	3,169	20,187
Whirlpool Corp.	15,067	2,604,632
		4,001,037
Housewares & Specialties – 0.2%
Newell Brands, Inc.	105,047	2,123,000
Tupperware Brands Corp. (a)	2,940	21,932
		2,144,932
TOTAL HOUSEHOLD DURABLES		47,061,884
INTERNET & DIRECT MARKETING RETAIL – 26.9%
Internet & Direct Marketing Retail – 26.9%
1-800-FLOWERS.com, Inc. Class A (a)	17,407	173,548
Amazon.com, Inc. (a)	2,167,232	292,467,958
BARK, Inc. (a)	8,557	12,237
Boxed, Inc. (a)	3,669	6,898
CarParts.com, Inc. (a)	5,109	40,770
Chewy, Inc. Class A (a)	966	37,490
ContextLogic, Inc. Class A (a)	18,415	27,622
DoorDash, Inc. Class A (a)	14,796	1,032,021
Duluth Holdings, Inc. Class B (a)	5,223	50,350
eBay, Inc.	146,163	7,107,907
Etsy, Inc. (a)	31,903	3,308,979
Groupon, Inc. (a)	14,076	149,206
Lands' End, Inc. (a)	12,913	164,641
Liquidity Services, Inc. (a)	1,707	34,362
MercadoLibre, Inc. (a)	11,236	9,142,846
Overstock.com, Inc. (a)	13,554	393,066
PetMed Express, Inc.	11,552	252,065
Porch Group, Inc. (a)	7,002	13,514
Poshmark, Inc. Class A (a)	2,249	24,267
Quotient Technology, Inc. (a)	44,960	124,539
Qurate Retail, Inc. Class A	121,313	331,184
Revolve Group, Inc. (a)	14,445	409,082


	Shares	Value


Stitch Fix, Inc. Class A (a)	18,667	$ 111,442
The RealReal, Inc. (a)	17,650	41,124
ThredUp, Inc. (a)	6,286	14,143
Wayfair, Inc. Class A (a)	17,793	959,221
		316,430,482
Internet Retail – 0.0%
Vivid Seats, Inc. Class A	3,200	26,752
Xometry, Inc. (a)	798	30,324
		57,076
TOTAL INTERNET & DIRECT MARKETING RETAIL		316,487,558
LEISURE PRODUCTS – 1.1%
Leisure Products – 1.1%
Acushnet Holdings Corp.	12,614	614,680
AMMO, Inc. (a)	6,687	32,632
Brunswick Corp.	20,489	1,641,579
Callaway Golf Co. (a)	34,820	799,119
Clarus Corp.	1,593	32,848
Hasbro, Inc.	33,821	2,662,389
Johnson Outdoors, Inc. Class A	3,666	246,758
Latham Group, Inc. (a)	3,289	18,057
Malibu Boats, Inc. Class A (a)	7,574	472,996
Mattel, Inc. (a)	91,201	2,115,863
Peloton Interactive, Inc. Class A (a)	56,193	533,272
Polaris, Inc.	15,318	1,796,495
Smith & Wesson Brands, Inc.	21,338	310,468
Sturm Ruger & Co., Inc.	6,444	426,142
Vista Outdoor, Inc. (a)	17,516	527,232
YETI Holdings, Inc. (a)	23,320	1,183,956
TOTAL LEISURE PRODUCTS		13,414,486
MULTILINE RETAIL – 4.0%
Department Stores – 0.3%
Dillard's, Inc. Class A	2,015	458,110
Kohl's Corp.	37,071	1,080,249
Macy's, Inc.	77,763	1,372,517
Nordstrom, Inc.	33,065	777,358
		3,688,234
General Merchandise Stores – 3.7%
Big Lots, Inc.	11,793	238,100
Dollar General Corp.	57,076	14,179,391
Dollar Tree, Inc. (a)	55,666	9,204,930
Franchise Group, Inc.	2,120	69,811
Ollie's Bargain Outlet Holdings, Inc. (a)	16,826	991,893
Target Corp.	117,565	19,207,770
		43,891,895
TOTAL MULTILINE RETAIL		47,580,129
SPECIALTY RETAIL – 18.4%
Apparel Retail – 2.9%
Abercrombie & Fitch Co. Class A (a)	20,409	363,484

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

43	Annual Report

Table of Contents

Fidelity® MSCI Consumer Discretionary Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
SPECIALTY RETAIL – continued
Apparel Retail – continued
American Eagle Outfitters, Inc.	49,442	$ 595,282
Boot Barn Holdings, Inc. (a)	9,094	566,556
Burlington Stores, Inc. (a)	17,097	2,412,900
Caleres, Inc.	1,783	44,254
Chico's FAS, Inc. (a)	5,648	28,353
Designer Brands, Inc. Class A	24,457	352,914
Foot Locker, Inc.	26,492	751,578
Genesco, Inc. (a)	5,824	326,435
Guess?, Inc.	16,715	316,081
Ross Stores, Inc.	87,703	7,126,746
Shoe Carnival, Inc.	9,512	207,457
The Buckle, Inc.	11,775	355,605
The Children's Place, Inc. (a)	6,393	277,073
The Gap, Inc.	62,681	602,991
The TJX Cos., Inc.	292,757	17,905,018
Urban Outfitters, Inc. (a)	22,470	460,185
Victoria's Secret & Co. (a)	24,349	899,939
Zumiez, Inc. (a)	9,042	235,092
		33,827,943
Automotive Retail – 3.4%
Advance Auto Parts, Inc.	15,633	3,026,861
America's Car-Mart, Inc. (a)	2,871	297,349
Arko Corp.	7,505	68,521
Asbury Automotive Group, Inc. (a)	6,117	1,049,922
AutoNation, Inc. (a)	10,924	1,297,116
AutoZone, Inc. (a)	5,097	10,894,277
Camping World Holdings, Inc. Class A	15,509	419,363
CarMax, Inc. (a)	40,860	4,067,204
Carvana Co. (a)	21,077	614,395
EVgo, Inc. (a)	2,994	26,856
Group 1 Automotive, Inc.	4,765	843,024
Lithia Motors, Inc.	7,642	2,027,270
Monro, Inc.	11,290	566,194
Murphy USA, Inc.	6,342	1,803,411
O'Reilly Automotive, Inc. (a)	16,549	11,643,711
Penske Automotive Group, Inc.	8,813	1,009,000
Sonic Automotive, Inc. Class A	8,268	346,016
TravelCenters of America, Inc. (a)	813	33,918
Volta, Inc. (a)	12,122	22,305
		40,056,713
Computer & Electronics Retail – 0.6%
Best Buy Co., Inc.	54,547	4,199,573
GameStop Corp. Class A (a)	66,563	2,263,808
Rent-A-Center, Inc.	18,926	445,329
		6,908,710
Home Improvement Retail – 9.4%
Floor & Decor Holdings, Inc. Class A (a)	24,274	1,955,756
GrowGeneration Corp. (a)	5,602	27,170
Lowe's Cos., Inc.	163,907	31,393,108


	Shares	Value


Lumber Liquidators Holdings, Inc. (a)	3,090	$ 31,023
The Home Depot, Inc.	253,936	76,419,500
		109,826,557
Homefurnishing Retail – 0.4%
Bed Bath & Beyond, Inc. (a)	41,376	208,121
Haverty Furniture Cos., Inc.	9,052	247,391
RH (a)	4,522	1,263,583
Sleep Number Corp. (a)	8,588	386,975
The Aaron's Co., Inc.	11,577	150,733
Williams-Sonoma, Inc.	18,851	2,722,461
		4,979,264
Specialty Stores – 1.7%
Academy Sports & Outdoors, Inc.	1,859	79,993
Bath & Body Works, Inc.	66,109	2,349,514
Dick's Sporting Goods, Inc.	16,945	1,585,883
Five Below, Inc. (a)	14,675	1,864,752
Hibbett, Inc.	5,996	281,332
Leslie's, Inc. (a)	2,241	33,974
MarineMax, Inc. (a)	8,823	360,331
National Vision Holdings, Inc. (a)	25,382	739,631
Party City Holdco, Inc. (a)	19,836	22,613
Petco Health & Wellness Co., Inc. (a)	1,859	25,877
Sally Beauty Holdings, Inc. (a)	36,622	468,029
Signet Jewelers Ltd.	15,227	928,238
Sportsman's Warehouse Holdings, Inc. (a)	4,263	42,033
The Container Store Group, Inc. (a)	3,578	26,692
The ODP Corp. (a)	14,362	521,341
Tractor Supply Co.	28,223	5,404,140
Ulta Beauty, Inc. (a)	13,557	5,272,453
Warby Parker, Inc. (a)	1,653	20,481
Winmark Corp.	1,489	330,781
		20,358,088
TOTAL SPECIALTY RETAIL		215,957,275
TEXTILES, APPAREL & LUXURY GOODS – 5.8%
Apparel, Accessories & Luxury Goods – 2.2%
Capri Holdings Ltd. (a)	39,004	1,898,715
Carter's, Inc.	11,850	965,538
Columbia Sportswear Co.	10,580	783,026
G-III Apparel Group Ltd. (a)	16,661	368,041
Hanesbrands, Inc.	97,851	1,093,974
Kontoor Brands, Inc.	16,295	594,767
Levi Strauss & Co. Class A	28,852	545,880
Lululemon Athletica, Inc. (a)	29,213	9,070,929
Movado Group, Inc.	1,503	51,072
Oxford Industries, Inc.	5,558	530,233
PLBY Group, Inc. (a)	3,041	19,523
PVH Corp.	18,999	1,176,418
Ralph Lauren Corp.	12,671	1,249,741
Tapestry, Inc.	68,517	2,304,227

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
TEXTILES, APPAREL & LUXURY GOODS – continued
Apparel, Accessories & Luxury Goods – continued
Under Armour, Inc. Class A (a)	60,401	$ 559,313
Under Armour, Inc. Class C (a)	68,369	564,728
VF Corp.	83,532	3,732,210
		25,508,335
Footwear – 3.6%
Allbirds, Inc. (a)	5,767	29,642
Crocs, Inc. (a)	17,669	1,265,807
Deckers Outdoor Corp. (a)	7,170	2,245,716
NIKE, Inc. Class B	311,989	35,853,776
Skechers U.S.A., Inc. Class A (a)	36,568	1,388,121
Steven Madden Ltd.	22,827	723,616
Wolverine World Wide, Inc.	27,102	608,982
		42,115,660
TOTAL TEXTILES, APPAREL & LUXURY GOODS		67,623,995
TOTAL COMMON STOCKS (Cost $1,175,063,487)		1,172,222,673

Money Market Fund – 0.1%
	Shares	Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (b) (Cost $1,840,000)	1,840,000	$ 1,840,000
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $1,176,903,487)		1,174,062,673
NET OTHER ASSETS (LIABILITIES) – 0.1%		953,368
NET ASSETS – 100.0%		$1,175,016,041

Legend
(a)	Non-income producing.
(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Contracts (United States)	2	September 2022	$ 188,530	$ 3,456	$ 3,456
CME E-mini S&P Consumer Discretionary Select Sector Index Contracts (United States)	15	September 2022	2,471,400	166,795	166,795
Total Equity Index Contracts					$170,251

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

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

45	Annual Report

Table of Contents

Fidelity® MSCI Consumer Discretionary Index ETF

Schedule of Investments–continued

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,172,222,673	$ 1,172,222,673	$ —	$ —
Money Market Funds	1,840,000	1,840,000	—	—
Total Investments in Securities:	$ 1,174,062,673	$ 1,174,062,673	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 170,251	$ 170,251	$ —	$ —
Total Assets	$ 170,251	$ 170,251	$ —	$ —
Total Derivative Instruments:	$ 170,251	$ 170,251	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$170,251	$0
Total Equity Risk	170,251	0
Total Value of Derivatives	$170,251	$0

(a)

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

Annual Report

Table of Contents

Fidelity® MSCI Consumer Staples Index ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.7%
	Shares	Value
BEVERAGES – 25.3%
Brewers – 0.7%
Molson Coors Beverage Co. Class B	92,327	$5,516,538
The Boston Beer Co., Inc. Class A (a)	5,855	2,227,418
		7,743,956
Distillers & Vintners – 2.9%
Brown-Forman Corp. Class B	142,214	10,555,123
Constellation Brands, Inc. Class A	72,613	17,885,308
MGP Ingredients, Inc.	14,449	1,519,746
The Duckhorn Portfolio, Inc. (a)	48,080	881,787
Vintage Wine Estates, Inc. (a)	8,370	61,436
		30,903,400
Soft Drinks – 21.7%
Celsius Holdings, Inc. (a)	27,834	2,476,113
Coca-Cola Consolidated, Inc.	3,796	1,947,348
Keurig Dr Pepper, Inc.	319,013	12,358,564
Monster Beverage Corp. (a)	176,446	17,577,550
National Beverage Corp.	28,322	1,534,486
PepsiCo, Inc.	525,023	91,858,024
The Coca-Cola Co.	1,579,401	101,350,162
		229,102,247
TOTAL BEVERAGES		267,749,603
FOOD & STAPLES RETAILING – 22.9%
Drug Retail – 1.3%
Rite Aid Corp. (a)	93,384	768,551
Walgreens Boots Alliance, Inc.	328,915	13,031,612
		13,800,163
Food Distributors – 3.0%
Performance Food Group Co. (a)	84,388	4,194,927
SpartanNash Co.	40,534	1,308,843
Sysco Corp.	223,795	19,000,196
The Andersons, Inc.	35,232	1,274,341
The Chefs' Warehouse, Inc. (a)	37,866	1,310,542
United Natural Foods, Inc. (a)	45,308	1,926,043
US Foods Holding Corp. (a)	110,540	3,482,010
		32,496,902
Food Retail – 2.5%
Casey's General Stores, Inc.	19,779	4,008,214
Grocery Outlet Holding Corp. (a)	61,827	2,641,250
Ingles Markets, Inc. Class A	15,593	1,488,508
Sprouts Farmers Market, Inc. (a)	79,801	2,205,700
The Kroger Co.	310,914	14,438,846
Weis Markets, Inc.	18,081	1,390,971
		26,173,489
Hypermarkets & Super Centers – 16.1%
BJ's Wholesale Club Holdings, Inc. (a)	71,702	4,854,225
Costco Wholesale Corp.	164,872	89,245,214
PriceSmart, Inc.	21,614	1,434,737


	Shares	Value


Walmart, Inc.	564,854	$ 74,588,971
		170,123,147
TOTAL FOOD & STAPLES RETAILING		242,593,701
FOOD PRODUCTS – 20.4%
Agricultural Products – 3.5%
AppHarvest, Inc. (a)	92,532	355,323
Archer-Daniels-Midland Co.	246,182	20,376,484
Benson Hill, Inc. (a)	19,032	61,854
Bunge Ltd.	66,951	6,181,586
Darling Ingredients, Inc. (a)	78,548	5,441,805
Fresh Del Monte Produce, Inc.	43,339	1,287,602
Ingredion, Inc.	37,103	3,375,631
Local Bounti Corp. (a)	12,709	49,184
		37,129,469
Food Retail – 0.0%
Fresh Market, Inc. (a)	6,179	0
Packaged Foods & Meats – 16.9%
B&G Foods, Inc.	53,539	1,322,949
Beyond Meat, Inc. (a)	37,801	1,209,254
BRC, Inc. Class A	6,272	58,894
Calavo Growers, Inc.	26,798	1,079,959
Cal-Maine Foods, Inc.	33,821	1,728,591
Campbell Soup Co.	101,097	4,989,137
Conagra Brands, Inc.	224,575	7,682,711
Flowers Foods, Inc.	114,602	3,255,843
Freshpet, Inc. (a)	26,603	1,421,664
General Mills, Inc.	266,101	19,901,694
Hormel Foods Corp.	142,540	7,032,924
Hostess Brands, Inc. (a)	97,667	2,209,228
J&J Snack Foods Corp.	11,660	1,580,047
John B Sanfilippo & Son, Inc.	13,890	1,040,361
Kellogg Co.	119,959	8,867,369
Lamb Weston Holdings, Inc.	73,454	5,851,346
Lancaster Colony Corp.	13,244	1,753,241
McCormick & Co., Inc. (non-vtg.)	112,963	9,867,318
Mission Produce, Inc. (a)	23,665	335,570
Mondelez International, Inc. Class A	597,029	38,233,737
Pilgrim's Pride Corp. (a)	49,007	1,537,350
Post Holdings, Inc. (a)	32,495	2,825,115
Seaboard Corp.	341	1,384,678
Sovos Brands, Inc. (a)	4,828	68,364
Tattooed Chef, Inc. (a)	68,703	433,516
The Hain Celestial Group, Inc. (a)	68,163	1,550,708
The Hershey Co.	65,267	14,878,265
The JM Smucker Co.	52,191	6,905,913
The Kraft Heinz Co.	304,774	11,224,826
The Simply Good Foods Co. (a)	56,575	1,845,477
Tootsie Roll Industries, Inc.	27,341	960,216
TreeHouse Foods, Inc. (a)	43,820	1,902,664
Tyson Foods, Inc. Class A	132,818	11,689,312

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

47	Annual Report

Table of Contents

Fidelity® MSCI Consumer Staples Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
FOOD PRODUCTS – continued
Packaged Foods & Meats – continued
Utz Brands, Inc.	78,702	$1,323,768
Vital Farms, Inc. (a)	26,843	316,747
		178,268,756
TOTAL FOOD PRODUCTS		215,398,225
HOUSEHOLD PRODUCTS – 19.3%
Household Products – 19.3%
Central Garden and Pet Co. (a)	16,311	706,919
Central Garden and Pet Co. Class A (a)	36,031	1,470,065
Church & Dwight Co., Inc.	111,453	9,804,520
Colgate-Palmolive Co.	346,629	27,293,567
Energizer Holdings, Inc.	48,673	1,437,314
Kimberly-Clark Corp.	148,077	19,515,068
Reynolds Consumer Products, Inc.	54,298	1,577,900
Spectrum Brands Holdings, Inc.	26,839	1,866,384
The Clorox Co.	57,761	8,192,820
The Procter & Gamble Co.	943,177	131,016,717
WD-40 Co.	9,747	1,728,825
TOTAL HOUSEHOLD PRODUCTS		204,610,099
PERSONAL PRODUCTS – 4.1%
Personal Products – 4.1%
BellRing Brands, Inc. (a)	81,796	1,974,556
Coty, Inc. Class A (a)	224,723	1,644,972
Edgewell Personal Care Co.	43,545	1,732,220
elf Beauty, Inc. (a)	49,277	1,652,258
Herbalife Nutrition Ltd. (a)	63,057	1,539,221
Inter Parfums, Inc.	17,748	1,481,426
Medifast, Inc.	8,907	1,498,068
Nu Skin Enterprises, Inc. Class A	35,617	1,549,696
The Beauty Health Co. (a)	97,688	1,301,204
The Estee Lauder Cos., Inc. Class A	99,864	27,272,858


	Shares	Value


The Honest Co., Inc. (a)	45,566	$ 152,191
USANA Health Sciences, Inc. (a)	13,905	968,066
Veru, Inc. (a)	85,391	1,033,231
TOTAL PERSONAL PRODUCTS		43,799,967
TOBACCO – 7.7%
Tobacco – 7.7%
Altria Group, Inc.	779,940	34,208,168
Philip Morris International, Inc.	447,794	43,503,187
Turning Point Brands, Inc.	23,934	574,416
Universal Corp.	24,272	1,357,048
Vector Group Ltd.	124,534	1,387,309
TOTAL TOBACCO		81,030,128
TOTAL COMMON STOCKS (Cost $956,700,195)		1,055,181,723
Money Market Fund – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (b) (Cost $1,500,000)	1,500,000	1,500,000
TOTAL INVESTMENT IN SECURITIES – 99.8% (Cost $958,200,195)		1,056,681,723
NET OTHER ASSETS (LIABILITIES) – 0.2%		1,677,021
NET ASSETS – 100.0%		$1,058,358,744

Legend
(a)	Non-income producing.
(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Contracts (United States)	1	September 2022	$ 94,265	$ 3,003	$ 3,003
CME E-mini S&P Consumer Staples Select Sector Index Contracts (United States)	37	September 2022	2,775,000	110,232	110,232
Total Equity Index Contracts					$113,235

The notional amount of futures purchased as a percentage of Net Assets is 0.3%

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

Annual Report

Table of Contents

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,055,181,723	$ 1,055,181,723	$ —	$ —
Money Market Funds	1,500,000	1,500,000	—	—
Total Investments in Securities:	$ 1,056,681,723	$ 1,056,681,723	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 113,235	$ 113,235	$ —	$ —
Total Assets	$ 113,235	$ 113,235	$ —	$ —
Total Derivative Instruments:	$ 113,235	$ 113,235	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$113,235	$0
Total Equity Risk	113,235	0
Total Value of Derivatives	$113,235	$0

(a)

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

49	Annual Report

Table of Contents

Fidelity® MSCI Energy Index ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares	Value
ENERGY EQUIPMENT & SERVICES – 8.1%
Oil & Gas Drilling – 0.8%
Helmerich & Payne, Inc.	90,732	$ 4,200,892
Nabors Industries Ltd. (a)	6,638	945,849
Noble Corp. (a)	39,648	1,189,440
Patterson-UTI Energy, Inc.	181,862	3,009,816
Transocean Ltd. (a)	530,476	1,793,009
Valaris Ltd. (a)	23,239	1,166,133
		12,305,139
Oil & Gas Equipment & Services – 7.3%
Archrock, Inc.	116,046	979,428
Baker Hughes Co.	680,468	17,481,223
Bristow Group, Inc. (a)	8,349	215,404
Cactus, Inc. Class A	50,065	2,082,203
ChampionX Corp.	169,007	3,530,556
Core Laboratories N.V.	40,725	771,332
DMC Global, Inc. (a)	17,540	399,210
Dril-Quip, Inc. (a)	31,956	819,671
Expro Group Holdings N.V. (a)	63,575	774,344
Halliburton Co.	735,948	21,563,276
Helix Energy Solutions Group, Inc. (a)	137,586	555,847
Liberty Energy, Inc. (a)	86,402	1,226,908
NexTier Oilfield Solitions, Inc. (a)	159,045	1,585,679
NOV, Inc.	325,016	6,048,548
Oceaneering International, Inc. (a)	86,838	922,220
ProPetro Holding Corp. (a)	69,293	728,962
RPC, Inc. (a)	61,999	505,912
Schlumberger N.V.	1,152,402	42,673,446
Select Energy Services, Inc. Class A (a)	62,666	468,115
TechnipFMC PLC (a)	361,668	2,925,894
Tidewater, Inc. (a)	6,427	141,587
US Silica Holdings, Inc. (a)	67,538	934,051
Weatherford International PLC (a)	63,919	1,478,447
		108,812,263
TOTAL ENERGY EQUIPMENT & SERVICES		121,117,402
OIL, GAS & CONSUMABLE FUELS – 91.7%
Coal & Consumable Fuels – 0.5%
Arch Resources, Inc.	13,168	1,700,516
Centrus Energy Corp. (a)	10,664	353,512
CONSOL Energy, Inc.	29,482	1,807,836
Enviva, Inc.	2,242	156,110
Peabody Energy Corp. (a)	83,089	1,744,038
Uranium Energy Corp. (a)	241,635	1,014,867
		6,776,879
Integrated Oil & Gas – 42.8%
Chevron Corp.	1,557,093	255,020,692
Exxon Mobil Corp.	3,422,729	331,765,122


	Shares	Value


Occidental Petroleum Corp.	768,035	$ 50,498,301
		637,284,115
Oil & Gas Exploration & Production – 29.4%
Antero Resources Corp. (a)	235,233	9,324,636
APA Corp.	309,288	11,496,235
Berry Corp.	54,474	465,208
Brigham Minerals, Inc. Class A	40,607	1,078,116
California Resources Corp.	34,675	1,555,520
Callon Petroleum Co. (a)	50,457	2,323,040
Centennial Resource Development, Inc. Class A (a)	160,537	1,069,176
Chesapeake Energy Corp.	63,552	5,984,692
Chord Energy Corp.	35,838	4,595,865
Civitas Resources, Inc.	43,383	2,557,862
CNX Resources Corp. (a)	178,479	3,082,332
Comstock Resources, Inc. (a)	76,919	1,225,320
ConocoPhillips	1,041,560	101,479,191
Coterra Energy, Inc.	637,260	19,493,783
Crescent Energy Co. Class A (a)	23,581	344,283
Denbury, Inc. (a)	42,125	3,029,209
Devon Energy Corp.	528,616	33,223,516
Diamondback Energy, Inc.	141,766	18,148,883
Earthstone Energy Inc. Class A (a)	11,606	164,689
EOG Resources, Inc.	480,633	53,456,002
EQT Corp.	266,820	11,748,085
Gran Tierra Energy, Inc. (a)	110,952	148,676
Gulfport Energy Corp. (a)	11,221	1,032,781
Hess Corp.	229,453	25,806,579
Kimbell Royalty Partners LP	9,884	176,133
Kosmos Energy Ltd. (a)	388,272	2,461,644
Laredo Petroleum, Inc. (a)	12,982	1,151,114
Magnolia Oil & Gas Corp. Class A	122,654	2,959,641
Marathon Oil Corp.	645,120	15,998,976
Matador Resources Co.	97,902	5,656,778
Murphy Oil Corp.	128,952	4,531,373
Northern Oil and Gas, Inc.	52,802	1,522,282
Ovintiv, Inc.	215,772	11,023,791
PDC Energy, Inc.	81,161	5,331,466
Pioneer Natural Resources Co.	190,588	45,159,827
Range Resources Corp.	205,819	6,806,434
Ranger Oil Corp. Class A	5,021	191,099
SandRidge Energy, Inc. (a)	8,844	165,648
SilverBow Resources, Inc. (a)	5,182	234,175
SM Energy Co.	96,788	3,995,409
Southwestern Energy Co. (a)	553,990	3,911,169
Talos Energy, Inc. (a)	29,231	553,927
Tellurian, Inc. (a)	342,348	1,273,535
Texas Pacific Land Corp.	5,149	9,442,494
Viper Energy Partners LP	51,489	1,582,772
W&T Offshore, Inc. (a)	29,851	148,359
		437,111,725

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
OIL, GAS & CONSUMABLE FUELS – continued
Oil & Gas Refining & Marketing – 9.2%
Alto Ingredients, Inc. (a)	70,282	$ 302,212
Archaea Energy, Inc. (a)	9,349	153,137
Clean Energy Fuels Corp. (a)	156,919	1,016,835
CVR Energy, Inc.	28,027	940,025
Delek US Holdings, Inc.	58,983	1,572,487
Gevo, Inc. (a)	216,495	636,495
Green Plains, Inc. (a)	37,085	1,335,802
HF Sinclair Corp.	128,664	6,152,712
Marathon Petroleum Corp.	512,124	46,941,286
New Fortress Energy, Inc.	3,908	191,375
Par Pacific Holdings, Inc. (a)	44,104	727,716
PBF Energy, Inc. Class A (a)	82,674	2,757,178
Phillips 66	394,253	35,088,517
REX American Resources Corp. (a)	5,253	501,451
Valero Energy Corp.	338,218	37,464,408
World Fuel Services Corp.	54,415	1,508,384
		137,290,020
Oil & Gas Storage & Transportation – 9.8%
Antero Midstream Corp.	262,012	2,635,841
Cheniere Energy, Inc.	198,378	29,673,381
Dorian LPG Ltd.	32,150	518,258
DT Midstream, Inc.	80,793	4,446,039
EnLink Midstream LLC (b)	228,438	2,238,692
Equitrans Midstream Corp.	345,624	2,713,148
Hess Midstream LP	38,076	1,158,272
International Seaways, Inc.	35,336	835,696
Kinder Morgan, Inc.	1,675,721	30,146,221


	Shares	Value


Kinetik Holdings, Inc.	4,289	$ 174,477
NextDecade Corp. (a)	27,662	195,570
ONEOK, Inc.	367,038	21,926,850
Plains GP Holdings LP Class A (b)	157,746	1,765,178
Targa Resources Corp.	179,701	12,419,136
The Williams Cos., Inc.	998,860	34,051,138
		144,897,897
TOTAL OIL, GAS & CONSUMABLE FUELS		1,363,360,636
TOTAL COMMON STOCKS (Cost $1,072,132,232)		1,484,478,038
Money Market Fund – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (c) (Cost $1,890,000)	1,890,000	1,890,000
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $1,074,022,232)		1,486,368,038
NET OTHER ASSETS (LIABILITIES) – 0.1%		1,208,528
NET ASSETS – 100.0%		$1,487,576,566

Legend
(a)	Non-income producing.
(b)	A portion of the security sold on a delayed delivery basis.
(c)	The rate quoted is the annualized seven-day yield of the fund at period end.

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
CME E-mini S&P Energy Select Sector Index Contracts (United States)	36	September 2022	$2,948,760	$132,591	$132,591

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

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

51	Annual Report

Table of Contents

Fidelity® MSCI Energy Index ETF

Schedule of Investments–continued

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,484,478,038	$ 1,484,478,038	$ —	$ —
Money Market Funds	1,890,000	1,890,000	—	—
Total Investments in Securities:	$ 1,486,368,038	$ 1,486,368,038	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 132,591	$ 132,591	$ —	$ —
Total Assets	$ 132,591	$ 132,591	$ —	$ —
Total Derivative Instruments:	$ 132,591	$ 132,591	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$132,591	$0
Total Equity Risk	132,591	0
Total Value of Derivatives	$132,591	$0

(a)

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

Annual Report

Table of Contents

Fidelity® MSCI Financials Index ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.6%
	Shares	Value
BANKS – 35.3%
Diversified Banks – 20.2%
Bank of America Corp.	2,467,099	$ 83,412,617
Citigroup, Inc.	674,077	34,984,596
JPMorgan Chase & Co.	1,003,036	115,710,233
US Bancorp	478,860	22,602,192
Wells Fargo & Co.	1,295,762	56,845,079
		313,554,717
Regional Banks – 15.1%
1st Source Corp.	7,598	366,376
Allegiance Bancshares, Inc.	6,913	304,449
Amalgamated Financial Corp.	6,131	141,503
Amerant Bancorp, Inc.	9,692	264,785
Ameris Bancorp	23,084	1,091,642
Arrow Financial Corp.	6,621	222,135
Associated Banc-Corp.	54,471	1,094,867
Atlantic Union Bankshares Corp.	26,730	924,591
Banc of California, Inc.	21,135	370,074
Bancfirst Corp.	6,281	674,517
Bank First Corp.	2,601	200,069
Bank of Hawaii Corp.	14,928	1,195,882
Bank of Marin Bancorp	6,066	198,480
Bank OZK	42,573	1,707,177
BankUnited, Inc.	25,207	979,292
Banner Corp.	7,992	495,424
Bar Harbor Bankshares	5,650	163,681
Berkshire Hills Bancorp, Inc.	14,931	420,606
BOK Financial Corp.	10,656	938,048
Brookline Bancorp, Inc.	17,341	239,826
Byline Bancorp, Inc.	8,653	211,912
Cadence Bank	53,613	1,399,299
Camden National Corp.	5,452	249,156
Capital City Bank Group, Inc.	5,127	166,064
Cathay General Bancorp	25,406	1,059,430
CBTX, Inc.	6,891	213,276
Central Pacific Financial Corp.	5,914	140,044
Citizens Financial Group, Inc.	168,517	6,398,590
City Holding Co.	3,499	303,678
Columbia Banking System, Inc.	26,291	793,199
Comerica, Inc.	44,631	3,470,953
Commerce Bancshares, Inc.	37,503	2,606,083
Community Bank System, Inc.	17,089	1,150,602
Community Trust Bancorp, Inc.	6,552	283,898
ConnectOne Bancorp, Inc.	12,506	330,659
CrossFirst Bankshares, Inc. (a)	17,147	235,257
Cullen/Frost Bankers, Inc.	20,753	2,706,191
Customers Bancorp, Inc. (a)	10,986	419,555
CVB Financial Corp.	47,486	1,266,452
Dime Community Bancshares, Inc.	11,937	406,813
Eagle Bancorp, Inc.	8,214	402,732
East West Bancorp, Inc.	48,338	3,469,702


	Shares	Value


Eastern Bankshares, Inc.	57,550	$ 1,174,020
Enterprise Financial Services Corp.	12,856	604,618
FB Financial Corp.	13,553	580,746
Fifth Third Bancorp	232,022	7,916,591
First Bancorp	12,741	482,629
First BanCorp	59,866	903,378
First Busey Corp.	20,044	494,085
First Citizens BancShares, Inc. Class A	4,066	3,076,661
First Commonwealth Financial Corp.	21,144	313,354
First Community Bankshares, Inc.	6,040	193,763
First Financial Bancorp	23,110	516,277
First Financial Bankshares, Inc.	46,461	2,052,647
First Financial Corp.	4,769	222,808
First Foundation, Inc.	18,714	389,625
First Hawaiian, Inc.	44,350	1,130,482
First Horizon Corp.	181,110	4,049,620
First Interstate Bancsystem, Inc. Class A	30,502	1,243,872
First Merchants Corp.	21,531	894,182
First Mid Bancshares, Inc.	6,859	257,693
First Republic Bank	60,046	9,770,085
Flushing Financial Corp.	10,762	232,352
FNB Corp.	129,059	1,543,546
Fulton Financial Corp.	61,878	1,032,744
German American Bancorp, Inc.	9,214	348,658
Glacier Bancorp, Inc.	37,755	1,891,148
Great Southern Bancorp, Inc.	4,191	259,591
Hancock Whitney Corp.	30,132	1,470,743
Harborone Bancorp, Inc.	18,723	271,484
Heartland Financial USA, Inc.	15,359	689,619
Heritage Commerce Corp.	22,746	267,948
Heritage Financial Corp.	7,803	203,034
Hilltop Holdings, Inc.	17,488	504,529
Home BancShares, Inc.	53,794	1,269,538
HomeStreet, Inc.	4,501	167,842
Hope Bancorp, Inc.	32,600	490,304
Horizon Bancorp, Inc.	14,860	283,380
Huntington Bancshares, Inc.	488,887	6,497,308
Independent Bank Corp.	8,257	173,232
Independent Bank Corp./MA	15,394	1,290,017
Independent Bank Group, Inc.	12,992	918,794
International Bancshares Corp.	20,441	896,542
KeyCorp	315,580	5,775,114
Lakeland Bancorp, Inc.	23,374	372,114
Lakeland Financial Corp.	8,898	692,264
Live Oak Bancshares, Inc.	11,013	414,529
M&T Bank Corp.	60,928	10,811,674
Mercantile Bank Corp.	6,006	212,853
Metropolitan Bank Holding Corp. (a)	3,378	234,366
Midland States Bancorp, Inc.	7,822	204,936
MidWestOne Financial Group, Inc.	5,504	171,780
National Bank Holdings Corp. Class A	6,487	269,989

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

53	Annual Report

Table of Contents

Fidelity® MSCI Financials Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
BANKS – continued
Regional Banks – continued
NBT Bancorp, Inc.	11,425	$ 463,170
Nicolet Bankshares, Inc. (a)	4,547	363,669
Northwest Bancshares, Inc.	31,074	446,844
OceanFirst Financial Corp.	23,814	489,616
OFG Bancorp	13,258	364,197
Old National Bancorp	102,589	1,786,074
Old Second Bancorp, Inc.	12,538	176,159
Origin Bancorp, Inc.	7,764	334,395
Pacific Premier Bancorp, Inc.	29,158	980,875
PacWest Bancorp	39,932	1,119,294
Park National Corp.	5,832	755,594
Pathward Financial, Inc.	7,728	260,588
Peapack-Gladstone Financial Corp.	6,429	209,971
Peoples Bancorp, Inc.	10,870	336,100
Pinnacle Financial Partners, Inc.	25,938	2,051,696
Popular, Inc.	27,348	2,124,119
Preferred Bank	2,271	165,102
Premier Financial Corp.	12,975	369,528
Prosperity Bancshares, Inc.	31,805	2,356,432
QCR Holdings, Inc.	6,056	359,060
Regions Financial Corp.	318,357	6,742,801
Renasant Corp.	15,826	528,588
Republic Bancorp, Inc. Class A	3,725	167,029
S&T Bancorp, Inc.	11,681	361,410
Sandy Spring Bancorp, Inc.	16,506	681,698
Seacoast Banking Corp. of Florida	20,936	749,090
ServisFirst Bancshares, Inc.	16,714	1,428,211
Signature Bank	21,346	3,961,177
Silvergate Capital Corp. (a)	10,389	969,190
Simmons First National Corp. Class A	38,618	917,178
Southside Bancshares, Inc.	10,862	433,828
SouthState Corp.	26,005	2,204,444
Stock Yards Bancorp, Inc.	9,364	647,521
SVB Financial Group (a)	19,956	8,053,244
Synovus Financial Corp.	49,997	2,018,879
Texas Capital Bancshares, Inc. (a)	17,501	1,025,909
The Bancorp, Inc. (a)	17,783	437,462
The First Bancshares, Inc.	7,880	228,520
The First of Long Island Corp.	8,931	162,544
The PNC Financial Services Group, Inc.	142,143	23,587,209
Tompkins Financial Corp.	5,086	392,385
Towne Bank	26,110	779,906
Trico Bancshares	10,853	518,773
Triumph Bancorp, Inc. (a)	8,131	590,717
Truist Financial Corp.	451,146	22,769,339
Trustmark Corp.	21,731	705,606
UMB Financial Corp.	15,996	1,447,638
Umpqua Holdings Corp.	75,575	1,330,876
United Bankshares, Inc.	47,478	1,839,298


	Shares	Value


United Community Banks, Inc.	36,205	$ 1,232,056
Univest Financial Corp.	10,965	273,467
Valley National Bancorp	146,351	1,710,843
Veritex Holdings, Inc.	16,888	522,515
Washington Federal, Inc.	25,459	868,916
Washington Trust Bancorp, Inc.	6,655	365,226
Webster Financial Corp.	61,141	2,839,999
WesBanco, Inc.	22,312	761,285
Westamerica BanCorp.	7,079	424,811
Western Alliance Bancorp	36,169	2,762,588
Wintrust Financial Corp.	19,556	1,682,598
Zions Bancorp NA	51,657	2,817,889
		233,261,223
TOTAL BANKS		546,815,940
CAPITAL MARKETS – 27.4%
Asset Management & Custody Banks – 9.0%
Affiliated Managers Group, Inc.	13,577	1,715,861
Ameriprise Financial, Inc.	37,620	10,154,390
Ares Management Corp. Class A	49,498	3,546,532
Artisan Partners Asset Management, Inc. Class A	22,920	911,299
Assetmark Financial Holdings, Inc. (a)	7,316	138,931
BlackRock, Inc.	51,646	34,560,470
Blackstone, Inc. Class A	237,912	24,283,678
Blucora, Inc. (a)	15,238	304,760
Blue Owl Capital, Inc.	82,472	941,005
Brightsphere Investment Group, Inc.	12,401	234,503
Cohen & Steers, Inc.	9,139	673,453
Diamond Hill Investment Group, Inc.	1,117	213,537
Federated Hermes, Inc.	29,644	1,011,157
Focus Financial Partners, Inc. Class A (a)	20,076	811,673
Franklin Resources, Inc.	102,143	2,803,825
Hamilton Lane, Inc. Class A	12,122	916,059
Invesco Ltd.	116,986	2,075,332
Janus Henderson Group PLC	48,737	1,255,952
KKR & Co., Inc.	188,783	10,469,905
Northern Trust Corp.	67,123	6,697,533
SEI Investments Co.	39,936	2,210,857
State Street Corp.	124,347	8,833,611
StepStone Group, Inc.	16,787	447,206
T Rowe Price Group, Inc.	77,480	9,566,456
The Bank of New York Mellon Corp.	259,615	11,282,868
The Carlyle Group, Inc.	66,779	2,598,371
TPG, Inc.	12,106	345,263
Victory Capital Holdings, Inc. Class A	6,221	172,135
Virtus Investment Partners, Inc.	2,636	543,859
WisdomTree Investments, Inc.	37,263	193,768
		139,914,249
Financial Exchanges & Data – 9.6%
Cboe Global Markets, Inc.	36,157	4,461,051

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
CAPITAL MARKETS – continued
Financial Exchanges & Data – continued
CME Group, Inc.	122,082	$ 24,352,917
Coinbase Global, Inc. Class A (a)	40,834	2,570,909
Donnelley Financial Solutions, Inc. (a)	10,221	347,412
FactSet Research Systems, Inc.	12,815	5,506,349
Intercontinental Exchange, Inc.	190,853	19,465,097
MarketAxess Holdings, Inc.	12,826	3,473,024
Moody's Corp.	56,622	17,566,976
Morningstar, Inc.	8,786	2,243,505
MSCI, Inc.	27,606	13,287,872
Nasdaq, Inc.	39,097	7,072,647
Open Lending Corp. Class A (a)	36,543	378,586
S&P Global, Inc.	120,314	45,349,956
Tradeweb Markets, Inc. Class A	36,454	2,570,736
		148,647,037
Investment Banking & Brokerage – 8.8%
B Riley Financial, Inc.	5,360	276,254
BGC Partners, Inc. Class A	103,677	378,421
Cowen, Inc. Class A	8,917	312,719
Evercore, Inc. Class A	13,168	1,316,405
Freedom Holding Corp. (a)	6,325	338,577
Goldman Sachs Group, Inc.	114,791	38,270,172
Houlihan Lokey, Inc.	17,157	1,450,796
Interactive Brokers Group, Inc. Class A	31,739	1,862,762
Jefferies Financial Group, Inc.	65,720	2,140,500
LPL Financial Holdings, Inc.	27,215	5,712,973
Moelis & Co. Class A	21,513	1,002,076
Morgan Stanley	453,818	38,256,858
Perella Weinberg Partners	15,648	110,318
Piper Sandler Cos.	6,245	788,119
PJT Partners, Inc. Class A	7,905	565,049
Raymond James Financial, Inc.	66,061	6,505,027
Stifel Financial Corp.	36,285	2,170,206
StoneX Group, Inc. (a)	5,752	501,172
The Charles Schwab Corp.	492,225	33,988,136
Virtu Financial, Inc. Class A	31,564	736,388
		136,682,928
TOTAL CAPITAL MARKETS		425,244,214
CONSUMER FINANCE – 5.2%
Consumer Finance – 5.2%
Ally Financial, Inc.	113,232	3,744,582
American Express Co.	219,251	33,769,039
Atlanticus Holdings Corp. (a)	1,735	67,040
Capital One Financial Corp.	140,518	15,433,092
Credit Acceptance Corp. (a)	2,652	1,527,313
Curo Group Holdings Corp.	6,245	44,714
Discover Financial Services	96,778	9,774,578
Encore Capital Group, Inc. (a)	8,419	609,788
Enova International, Inc. (a)	11,530	397,900


	Shares	Value


FirstCash Holdings, Inc.	14,087	$ 1,032,014
Green Dot Corp. Class A (a)	16,591	466,207
LendingClub Corp. (a)	34,463	477,312
LendingTree, Inc. (a)	4,146	188,975
Navient Corp.	52,312	861,579
Nelnet, Inc. Class A	5,275	501,600
OneMain Holdings, Inc.	41,203	1,532,752
Oportun Financial Corp. (a)	6,937	63,682
PRA Group, Inc. (a)	14,762	588,118
PROG Holdings, Inc. (a)	18,616	342,907
SLM Corp.	94,472	1,473,763
SoFi Technologies, Inc. (a)	201,551	1,271,787
Synchrony Financial	177,104	5,929,442
Upstart Holdings, Inc. (a)	22,917	557,571
World Acceptance Corp. (a)	1,213	134,370
TOTAL CONSUMER FINANCE		80,790,125
DIVERSIFIED FINANCIAL SERVICES – 9.5%
Multi-Sector Holdings – 8.6%
Berkshire Hathaway, Inc. Class B (a)	438,610	131,846,166
Cannae Holdings, Inc. (a)	26,778	565,284
Compass Diversified Holdings	20,939	505,258
		132,916,708
Other Diversified Financial Services – 0.9%
Apollo Global Management, Inc.	135,754	7,751,553
Equitable Holdings, Inc.	132,370	3,763,279
Jackson Financial, Inc.	17,849	491,026
Voya Financial, Inc.	36,084	2,170,814
		14,176,672
Specialized Finance – 0.0%
A-Mark Precious Metals, Inc.	6,238	189,011
TOTAL DIVERSIFIED FINANCIAL SERVICES		147,282,391
INSURANCE – 19.7%
Insurance Brokers – 5.0%
Aon PLC Class A	72,677	21,151,914
Arthur J Gallagher & Co.	70,857	12,682,694
Brown & Brown, Inc.	81,521	5,307,017
BRP Group, Inc. Class A (a)	19,329	532,901
Goosehead Insurance, Inc. Class A	6,552	368,288
Hagerty, Inc. Class A (a)	8,242	94,618
Hippo Holdings, Inc. (a)	94,606	80,793
Marsh & McLennan Cos., Inc.	170,782	28,001,417
Ryan Specialty Holdings, Inc. (a)	28,157	1,217,509
Selectquote, Inc. (a)	43,916	80,805
Willis Towers Watson PLC	39,970	8,271,392
		77,789,348
Life & Health Insurance – 3.9%
Aflac, Inc.	209,714	12,016,612
American Equity Investment Life Holding Co.	26,903	1,010,477

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

55	Annual Report

Table of Contents

Fidelity® MSCI Financials Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
INSURANCE – continued
Life & Health Insurance – continued
Brighthouse Financial, Inc. (a)	26,170	$ 1,136,301
CNO Financial Group, Inc.	41,154	771,638
Genworth Financial, Inc. Class A (a)	173,544	737,562
Globe Life, Inc.	32,081	3,231,519
Lincoln National Corp.	55,809	2,865,234
MetLife, Inc.	238,230	15,068,048
National Western Life Group, Inc. Class A	852	172,104
Oscar Health, Inc. (a)	14,370	77,598
Primerica, Inc.	13,489	1,735,899
Principal Financial Group, Inc.	88,613	5,931,754
Prudential Financial, Inc.	127,725	12,771,223
Trupanion, Inc. (a)	11,815	744,699
Unum Group	69,254	2,229,286
		60,499,954
Multi-line Insurance – 1.9%
American Financial Group, Inc.	24,646	3,294,677
American International Group, Inc.	276,762	14,327,969
Assurant, Inc.	18,792	3,303,258
Horace Mann Educators Corp.	10,908	373,599
The Hartford Financial Services Group, Inc.	112,655	7,262,868
		28,562,371
Property & Casualty Insurance – 8.1%
Ambac Financial Group, Inc. (a)	16,470	193,852
AMERISAFE, Inc.	6,841	311,676
Arch Capital Group Ltd. (a)	128,909	5,723,560
Argo Group International Holdings Ltd.	12,089	396,398
Assured Guaranty Ltd.	21,355	1,246,918
Axis Capital Holdings Ltd.	27,491	1,388,021
Chubb Ltd.	144,784	27,312,054
Cincinnati Financial Corp.	51,847	5,046,787
Donegal Group, Inc. Class A	6,170	87,367
Employers Holdings, Inc.	6,139	243,780
Erie Indemnity Co. Class A	8,696	1,768,419
Fidelity National Financial, Inc.	91,351	3,650,386
First American Financial Corp.	37,175	2,156,150
HCI Group, Inc.	3,142	215,133
James River Group Holdings Ltd.	13,097	311,185
Kemper Corp.	21,776	1,019,117
Kinsale Capital Group, Inc.	7,359	1,789,782
Lemonade, Inc. (a)	13,688	258,019
Loews Corp.	72,511	4,223,766
Markel Corp. (a)	4,625	5,999,272
MBIA, Inc. (a)	15,741	198,022
Mercury General Corp.	9,872	413,933
Old Republic International Corp.	100,379	2,335,819
Palomar Holdings, Inc. (a)	8,710	543,243
ProAssurance Corp.	13,572	300,348


	Shares	Value


RLI Corp.	13,948	$ 1,534,001
Root, Inc. Class A (a)	29,910	31,405
Safety Insurance Group, Inc.	3,885	336,247
Selective Insurance Group, Inc.	20,586	1,602,826
Stewart Information Services Corp.	7,616	416,214
The Allstate Corp.	94,559	11,060,566
The Hanover Insurance Group, Inc.	12,277	1,675,442
The Progressive Corp.	198,512	22,840,791
The Travelers Cos., Inc.	81,978	13,009,909
United Fire Group, Inc.	7,272	238,740
Universal Insurance Holdings, Inc.	9,750	123,337
White Mountains Insurance Group Ltd.	1,029	1,275,373
WR Berkley Corp.	72,208	4,515,166
		125,793,024
Reinsurance – 0.8%
Alleghany Corp. (a)	4,605	3,856,596
Enstar Group Ltd. (a)	3,934	778,617
Everest Re Group Ltd.	13,331	3,484,057
Reinsurance Group of America, Inc.	22,804	2,640,247
RenaissanceRe Holdings Ltd.	14,919	1,929,176
SiriusPoint Ltd. (a)	30,566	133,879
		12,822,572
TOTAL INSURANCE		305,467,269
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 1.4%
Mortgage REITs – 1.4%
AGNC Investment Corp.	177,184	2,234,290
Annaly Capital Management, Inc.	529,560	3,643,373
Apollo Commercial Real Estate Finance, Inc.	45,433	580,634
Arbor Realty Trust, Inc.	47,208	784,597
Ares Commercial Real Estate Corp.	17,762	243,339
ARMOUR Residential REIT, Inc.	32,956	259,364
Blackstone Mortgage Trust, Inc. Class A	54,232	1,679,565
BrightSpire Capital, Inc.	32,431	286,690
Broadmark Realty Capital, Inc.	47,405	359,804
Chimera Investment Corp.	81,228	850,457
Dynex Capital, Inc.	12,705	213,444
Ellington Financial, Inc.	18,801	301,756
Franklin BSP Realty Trust, Inc.	14,939	229,314
Granite Point Mortgage Trust, Inc.	18,403	195,256
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	29,056	1,048,631
Invesco Mortgage Capital, Inc.	11,414	202,028
KKR Real Estate Finance Trust, Inc.	16,044	312,698
Ladder Capital Corp.	40,168	477,196
MFA Financial, Inc.	33,026	428,017
New Residential Investment Corp.	159,220	1,737,090
New York Mortgage Trust, Inc.	127,139	399,216
PennyMac Mortgage Investment Trust	32,212	494,776
Ready Capital Corp.	25,132	349,586

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Mortgage REITs – continued
Redwood Trust, Inc.	40,076	$ 347,058
Starwood Property Trust, Inc.	103,759	2,450,788
TPG RE Finance Trust, Inc.	18,401	199,651
Two Harbors Investment Corp.	117,816	633,850
TOTAL MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)		20,942,468
THRIFTS & MORTGAGE FINANCE – 1.1%
Thrifts & Mortgage Finance – 1.1%
Axos Financial, Inc. (a)	18,686	780,327
Capitol Federal Financial, Inc.	47,858	458,958
Columbia Financial, Inc. (a)	13,450	273,573
Enact Holdings, Inc.	10,979	252,956
Essent Group Ltd.	37,119	1,550,090
Federal Agricultural Mortgage Corp. Class C	3,246	358,001
Flagstar Bancorp, Inc.	18,547	764,137
Hingham Institution For Savings The	535	155,155
Kearny Financial Corp.	26,806	313,898
Luther Burbank Corp.	6,542	86,289
Merchants Bancorp	6,485	171,593
MGIC Investment Corp.	108,155	1,529,312
Mr. Cooper Group, Inc. (a)	23,918	1,077,506
New York Community Bancorp, Inc.	160,679	1,706,411
NMI Holdings, Inc. Class A (a)	28,119	532,574
Northfield Bancorp, Inc.	15,621	229,941
PennyMac Financial Services, Inc.	16,203	887,762
Provident Financial Services, Inc.	26,894	655,138


	Shares	Value


Radian Group, Inc.	60,057	$ 1,343,475
Rocket Cos., Inc. Class A	46,485	442,537
TFS Financial Corp.	21,254	311,371
TrustCo Bank Corp.	4,098	137,529
UWM Holdings Corp.	30,036	113,236
Walker & Dunlop, Inc.	10,722	1,207,726
Waterstone Financial, Inc.	8,627	160,894
WSFS Financial Corp.	20,973	1,000,832
TOTAL THRIFTS & MORTGAGE FINANCE		16,501,221
TOTAL COMMON STOCKS (Cost $1,507,649,538)		1,543,043,628
Money Market Fund – 0.2%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (b) (Cost $3,269,000)	3,269,000	3,269,000
TOTAL INVESTMENT IN SECURITIES – 99.8% (Cost $1,510,918,538)		1,546,312,628
NET OTHER ASSETS (LIABILITIES) – 0.2%		3,186,114
NET ASSETS – 100.0%		$1,549,498,742

Legend
(a)	Non-income producing.
(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Contracts (United States)	7	September 2022	$ 659,855	$ 36,419	$ 36,419
CME E-mini S&P Financial Select Sector Index Contracts (United States)	54	September 2022	5,610,600	197,095	197,095
Total Equity Index Contracts					$ 233,514

The notional amount of futures purchased as a percentage of Net Assets is 0.4%

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

57	Annual Report

Table of Contents

Fidelity® MSCI Financials Index ETF

Schedule of Investments–continued

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,543,043,628	$ 1,543,043,628	$ —	$ —
Money Market Funds	3,269,000	3,269,000	—	—
Total Investments in Securities:	$ 1,546,312,628	$ 1,546,312,628	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 233,514	$ 233,514	$ —	$ —
Total Assets	$ 233,514	$ 233,514	$ —	$ —
Total Derivative Instruments:	$ 233,514	$ 233,514	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$233,514	$0
Total Equity Risk	233,514	0
Total Value of Derivatives	$233,514	$0

(a)

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

Annual Report

Table of Contents

Fidelity® MSCI Health Care Index ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.7%
	Shares	Value
BIOTECHNOLOGY – 17.2%
Biotechnology – 17.2%
2seventy bio, Inc. (a)	17,971	$ 258,603
4D Molecular Therapeutics, Inc. (a)	15,135	142,269
AbbVie, Inc.	900,901	129,288,303
ACADIA Pharmaceuticals, Inc. (a)	61,313	900,688
Adicet Bio, Inc. (a)	9,111	153,885
Agenus, Inc. (a)	120,596	311,138
Agios Pharmaceuticals, Inc. (a)	24,890	536,877
Akero Therapeutics, Inc. (a)	11,157	114,248
Albireo Pharma, Inc. (a)	8,857	184,137
Alector, Inc. (a)	27,973	285,884
Alkermes PLC (a)	82,686	2,116,762
Allogene Therapeutics, Inc. (a)	44,767	581,076
Allovir, Inc. (a)	18,105	83,102
Alnylam Pharmaceuticals, Inc. (a)	61,141	8,684,468
ALX Oncology Holdings, Inc. (a)	9,300	90,024
Amgen, Inc.	283,718	70,211,693
Amicus Therapeutics, Inc. (a)	106,514	1,060,879
AnaptysBio, Inc. (a)	9,042	189,339
Anavex Life Sciences Corp. (a)	39,838	408,738
Anika Therapeutics, Inc. (a)	7,136	166,697
Apellis Pharmaceuticals, Inc. (a)	39,944	2,248,048
Arcturus Therapeutics Holdings, Inc. (a)	12,425	218,059
Arcus Biosciences, Inc. (a)	22,012	585,299
Arcutis Biotherapeutics, Inc. (a)	15,323	371,736
Arrowhead Pharmaceuticals, Inc. (a)	51,392	2,185,702
Atara Biotherapeutics, Inc. (a)	39,510	119,715
Aurinia Pharmaceuticals, Inc. (a)	57,237	468,199
Avid Bioservices, Inc. (a)	30,821	605,633
Avidity Biosciences, Inc. (a)	17,354	282,697
Beam Therapeutics, Inc. (a)	27,635	1,740,452
BioCryst Pharmaceuticals, Inc. (a)	94,438	1,040,707
Biogen, Inc. (a)	74,872	16,101,972
Biohaven Pharmaceutical Holding Co. Ltd. (a)	30,584	4,465,876
BioMarin Pharmaceutical, Inc. (a)	93,573	8,051,957
Bioxcel Therapeutics, Inc. (a)	9,714	149,984
Blueprint Medicines Corp. (a)	30,030	1,533,332
Bridgebio Pharma, Inc. (a)	33,892	293,505
C4 Therapeutics, Inc. (a)	17,292	166,695
CareDx, Inc. (a)	27,331	650,204
Caribou Biosciences, Inc. (a)	24,610	199,833
Catalyst Pharmaceuticals, Inc. (a)	51,543	527,800
Celldex Therapeutics, Inc. (a)	19,224	590,561
Celularity, Inc. (a)	13,974	42,062
Cerevel Therapeutics Holdings, Inc. (a)	29,878	785,493
ChemoCentryx, Inc. (a)	28,409	671,021
Chimerix, Inc. (a)	46,634	102,128


	Shares	Value


Chinook Therapeutics, Inc. (a)	20,127	$ 372,551
Coherus Biosciences, Inc. (a)	31,195	264,222
Crinetics Pharmaceuticals, Inc. (a)	19,342	371,560
CRISPR Therapeutics AG (a)	37,170	2,787,750
Cullinan Oncology, Inc. (a)	5,845	78,966
Cytokinetics, Inc. (a)	40,418	1,710,894
Deciphera Pharmaceuticals, Inc. (a)	18,916	240,044
Denali Therapeutics, Inc. (a)	43,356	1,474,971
DermTech, Inc. (a)	8,709	71,414
Dynavax Technologies Corp. (a)	57,784	830,934
Dyne Therapeutics, Inc. (a)	11,682	122,544
Eagle Pharmaceuticals, Inc. (a)	6,323	251,023
Editas Medicine, Inc. (a)	34,595	550,406
Emergent BioSolutions, Inc. (a)	23,235	804,860
Enanta Pharmaceuticals, Inc. (a)	10,143	559,386
EQRx, Inc. (a)	74,200	404,390
Erasca, Inc. (a)	17,400	131,196
Exact Sciences Corp. (a)	88,831	4,006,278
Exelixis, Inc. (a)	162,992	3,409,793
Fate Therapeutics, Inc. (a)	38,921	1,188,258
FibroGen, Inc. (a)	46,078	579,661
Forma Therapeutics Holdings, Inc. (a)	16,857	139,576
Generation Bio Co. (a)	22,872	145,923
Geron Corp. (a)	171,303	325,476
Gilead Sciences, Inc.	638,659	38,159,875
Global Blood Therapeutics, Inc. (a)	31,242	1,022,238
Gossamer Bio, Inc. (a)	26,087	292,957
GreenLight Biosciences Holdings PBC (a)	24,907	52,803
Halozyme Therapeutics, Inc. (a)	69,846	3,415,469
Heron Therapeutics, Inc. (a)	49,178	136,715
Horizon Therapeutics PLC (a)	109,588	9,092,516
Humacyte, Inc. (a)	26,167	91,061
Ideaya Biosciences, Inc. (a)	13,624	203,270
IGM Biosciences, Inc. (a)	5,382	86,704
Imago Biosciences, Inc. (a)	7,686	123,745
ImmunityBio, Inc. (a)	60,518	235,415
ImmunoGen, Inc. (a)	101,465	480,944
Immunovant, Inc. (a)	21,706	89,429
Incyte Corp. (a)	95,953	7,453,629
Inhibrx, Inc. (a)	11,542	200,138
Inovio Pharmaceuticals, Inc. (a)	106,077	210,032
Insmed, Inc. (a)	60,338	1,334,677
Intellia Therapeutics, Inc. (a)	34,128	2,210,129
Intercept Pharmaceuticals, Inc. (a)	12,826	163,660
Invitae Corp. (a)	114,513	217,575
Ionis Pharmaceuticals, Inc. (a)	64,691	2,429,794
Iovance Biotherapeutics, Inc. (a)	59,965	698,592
Ironwood Pharmaceuticals, Inc. (a)	72,673	832,106
iTeos Therapeutics, Inc. (a)	9,826	240,344
IVERIC bio, Inc. (a)	40,883	437,039
Karuna Therapeutics, Inc. (a)	11,337	1,476,644

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

59	Annual Report

Table of Contents

Fidelity® MSCI Health Care Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
BIOTECHNOLOGY – continued
Biotechnology – continued
Karyopharm Therapeutics, Inc. (a)	34,526	$ 146,736
Keros Therapeutics, Inc. (a)	7,386	236,943
Kezar Life Sciences, Inc. (a)	21,575	210,788
Kiniksa Pharmaceuticals Ltd. Class A (a)	15,672	155,310
Kodiak Sciences, Inc. (a)	15,754	156,752
Krystal Biotech, Inc. (a)	8,819	640,083
Kura Oncology, Inc. (a)	28,201	431,757
Kymera Therapeutics, Inc. (a)	17,333	381,846
Lexicon Pharmaceuticals, Inc. (a)	29,227	69,560
Ligand Pharmaceuticals, Inc. (a)	8,543	786,212
MacroGenics, Inc. (a)	24,428	76,460
Madrigal Pharmaceuticals, Inc. (a)	6,059	380,626
MannKind Corp. (a)	119,767	413,196
MeiraGTx Holdings PLC (a)	14,761	122,221
Mersana Therapeutics, Inc. (a)	42,020	213,041
Merus N.V. (a)	14,105	341,059
MiMedx Group, Inc. (a)	37,153	127,063
Mirati Therapeutics, Inc. (a)	19,707	1,269,131
Mirum Pharmaceuticals, Inc. (a)	8,060	202,306
Moderna, Inc. (a)	174,420	28,620,578
Monte Rosa Therapeutics, Inc. (a)	11,333	102,790
Morphic Holding, Inc. (a)	9,808	259,618
Myovant Sciences Ltd. (a)	21,564	282,057
Myriad Genetics, Inc. (a)	40,376	1,065,119
Natera, Inc. (a)	46,004	2,162,188
Neurocrine Biosciences, Inc. (a)	48,381	4,554,104
Novavax, Inc. (a)	38,686	2,108,774
Nurix Therapeutics, Inc. (a)	17,015	271,559
Ocugen, Inc. (a)	113,273	292,244
Opko Health, Inc. (a)	225,881	533,079
Organogenesis Holdings, Inc. (a)	29,355	168,498
PMV Pharmaceuticals, Inc. (a)	10,357	154,837
Point Biopharma Global, Inc. (a)	19,156	140,605
Praxis Precision Medicines, Inc. (a)	18,475	65,217
Precigen, Inc. (a)	46,176	72,496
Prometheus Biosciences, Inc. (a)	4,807	205,115
Protagonist Therapeutics, Inc. (a)	16,709	166,255
Prothena Corp. PLC (a)	16,388	509,011
PTC Therapeutics, Inc. (a)	32,898	1,432,708
Radius Health, Inc. (a)	20,139	203,001
Rapt Therapeutics, Inc. (a)	12,499	230,232
Recursion Pharmaceuticals, Inc. (a)	24,421	206,602
Regeneron Pharmaceuticals, Inc. (a)	54,357	31,618,923
REGENXBIO, Inc. (a)	18,450	578,776
Relay Therapeutics, Inc. (a)	32,950	626,709
Repare Therapeutics, Inc. (a)	10,298	130,167
Replimune Group, Inc. (a)	12,329	237,703
REVOLUTION Medicines, Inc. (a)	22,056	498,245
Rhythm Pharmaceuticals, Inc. (a)	20,577	259,270


	Shares	Value


Rigel Pharmaceuticals, Inc. (a)	84,082	$ 100,058
Rocket Pharmaceuticals, Inc. (a)	21,628	313,606
Sage Therapeutics, Inc. (a)	27,323	940,184
Sana Biotechnology, Inc. (a)	43,104	287,935
Sangamo Therapeutics, Inc. (a)	62,550	268,340
Sarepta Therapeutics, Inc. (a)	42,182	3,920,817
Scholar Rock Holding Corp. (a)	19,722	135,293
Seagen, Inc. (a)	70,206	12,635,676
Seres Therapeutics, Inc. (a)	50,283	206,663
Sorrento Therapeutics, Inc. (a)	155,188	403,489
SpringWorks Therapeutics, Inc. (a)	13,750	410,850
Stoke Therapeutics, Inc. (a)	8,422	124,561
Syndax Pharmaceuticals, Inc. (a)	22,044	449,036
Tango Therapeutics, Inc. (a)	13,714	56,090
TG Therapeutics, Inc. (a)	69,810	418,162
Travere Therapeutics, Inc. (a)	27,038	636,475
Turning Point Therapeutics, Inc. (a)	22,430	1,681,801
Twist Bioscience Corp. (a)	26,974	1,179,843
Ultragenyx Pharmaceutical, Inc. (a)	33,641	1,792,392
uniQure N.V. (a)	21,083	534,454
United Therapeutics Corp. (a)	23,015	5,318,076
Vanda Pharmaceuticals, Inc. (a)	27,979	301,614
Vaxart, Inc. (a)	62,174	228,800
Vaxcyte, Inc. (a)	17,130	395,360
VBI Vaccines, Inc. (a)	95,407	81,163
Vera Therapeutics, Inc. (a)	7,466	128,789
Veracyte, Inc. (a)	35,970	947,450
Vericel Corp. (a)	21,723	706,866
Vertex Pharmaceuticals, Inc. (a)	129,669	36,360,484
Verve Therapeutics, Inc. (a)	16,382	403,325
Vir Biotechnology, Inc. (a)	36,591	1,017,596
Viridian Therapeutics, Inc. (a)	7,875	104,265
Xencor, Inc. (a)	28,499	817,636
Xenon Pharmaceuticals, Inc. (a)	23,255	770,903
Y-mAbs Therapeutics, Inc. (a)	16,973	264,609
Zentalis Pharmaceuticals, Inc. (a)	23,213	677,820
TOTAL BIOTECHNOLOGY		511,315,107
HEALTH CARE EQUIPMENT & SUPPLIES – 21.8%
Health Care Equipment – 20.5%
Abbott Laboratories	898,222	97,762,482
ABIOMED, Inc. (a)	23,226	6,805,450
Alphatec Holdings, Inc. (a)	36,250	273,325
AngioDynamics, Inc. (a)	20,052	454,980
Artivion, Inc. (a)	20,053	393,039
AtriCure, Inc. (a)	22,536	1,113,504
Axonics, Inc. (a)	18,786	1,218,648
Baxter International, Inc.	255,925	15,012,560
Becton Dickinson and Co.	145,047	35,436,433
Boston Scientific Corp. (a)	726,690	29,830,624
Butterfly Network, Inc. (a)	55,314	240,063

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
HEALTH CARE EQUIPMENT & SUPPLIES – continued
Health Care Equipment – continued
Cardiovascular Systems, Inc. (a)	20,131	$ 310,219
CONMED Corp.	14,967	1,461,228
CryoPort, Inc. (a)	25,211	937,849
Cutera, Inc. (a)	6,999	324,894
Danaher Corp.	346,139	100,889,134
DexCom, Inc. (a)	197,856	16,240,020
Edwards Lifesciences Corp. (a)	317,427	31,914,111
Enovis Corp. (a)	24,545	1,465,827
Envista Holdings Corp. (a)	82,384	3,348,910
Glaukos Corp. (a)	24,092	1,297,354
Globus Medical, Inc. Class A (a)	51,486	3,021,713
Heska Corp. (a)	5,239	479,316
Hologic, Inc. (a)	127,149	9,075,896
IDEXX Laboratories, Inc. (a)	42,922	17,133,604
Inari Medical, Inc. (a)	20,543	1,593,726
Inogen, Inc. (a)	11,414	317,537
Insulet Corp. (a)	35,296	8,746,349
Integer Holdings Corp. (a)	16,946	1,184,356
Integra LifeSciences Holdings Corp. (a)	37,987	2,090,804
Intuitive Surgical, Inc. (a)	182,212	41,939,736
iRhythm Technologies, Inc. (a)	15,062	2,329,037
LeMaitre Vascular, Inc.	9,787	492,775
LivaNova PLC (a)	26,954	1,716,161
Masimo Corp. (a)	26,732	3,864,913
Medtronic PLC	683,828	63,267,767
Mesa Laboratories, Inc.	2,731	582,386
Nevro Corp. (a)	17,040	738,684
Novocure Ltd. (a)	48,044	3,266,512
NuVasive, Inc. (a)	26,581	1,396,034
Orthofix Medical, Inc. (a)	10,499	269,299
Outset Medical, Inc. (a)	20,370	314,717
Paragon 28, Inc. (a)	13,559	257,621
Penumbra, Inc. (a)	18,286	2,548,703
PROCEPT BioRobotics Corp. (a)	5,580	213,714
QuidelOrtho Corp. (a)	25,559	2,608,040
ResMed, Inc.	74,509	17,920,905
Senseonics Holdings, Inc. (a)	184,084	237,468
Shockwave Medical, Inc. (a)	18,199	3,838,715
SI-BONE, Inc. (a)	14,435	194,006
Steris PLC	51,063	11,522,366
Stryker Corp.	173,072	37,167,212
Surmodics, Inc. (a)	6,922	240,886
Tactile Systems Technology, Inc. (a)	10,036	77,779
Tandem Diabetes Care, Inc. (a)	32,364	2,142,820
Teleflex, Inc.	23,907	5,748,677
TransMedics Group, Inc. (a)	13,818	557,971
Treace Medical Concepts, Inc. (a)	8,067	136,494
Varex Imaging Corp. (a)	19,885	443,237
ViewRay, Inc. (a)	68,141	207,830


	Shares	Value


Zimmer Biomet Holdings, Inc.	106,262	$ 11,730,262
Zimvie, Inc. (a)	10,619	206,221
		608,552,903
Health Care Supplies – 1.3%
Align Technology, Inc. (a)	38,209	10,735,583
Atrion Corp.	718	485,296
Avanos Medical, Inc. (a)	24,327	690,157
BioLife Solutions, Inc. (a)	15,847	305,372
Bioventus, Inc. Class A (a)	15,359	130,398
Cerus Corp. (a)	87,820	474,228
DENTSPLY SIRONA, Inc.	111,528	4,032,852
Embecta Corp.	28,789	847,260
Establishment Labs Holdings, Inc. (a)	9,575	567,702
Figs, Inc. Class A (a)	33,841	357,699
Haemonetics Corp. (a)	26,108	1,814,245
ICU Medical, Inc. (a)	10,309	1,826,446
Lantheus Holdings, Inc. (a)	34,579	2,652,901
Meridian Bioscience, Inc. (a)	22,338	707,221
Merit Medical Systems, Inc. (a)	28,622	1,645,193
Neogen Corp. (a)	54,564	1,262,065
OraSure Technologies, Inc. (a)	35,841	109,673
OrthoPediatrics Corp. (a)	6,897	325,883
Pulmonx Corp. (a)	14,016	238,833
Silk Road Medical, Inc. (a)	17,808	810,442
STAAR Surgical Co. (a)	20,591	1,661,694
The Cooper Cos., Inc.	25,081	8,201,487
		39,882,630
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES		648,435,533
HEALTH CARE PROVIDERS & SERVICES – 22.4%
Health Care Distributors – 1.9%
AdaptHealth Corp. (a)	33,190	733,831
AmerisourceBergen Corp.	79,789	11,643,609
Cardinal Health, Inc.	140,855	8,389,324
Covetrus, Inc. (a)	55,893	1,160,898
Henry Schein, Inc. (a)	70,007	5,518,652
McKesson Corp.	76,299	26,062,212
Owens & Minor, Inc.	36,332	1,286,516
Patterson Cos., Inc.	45,053	1,399,346
PetIQ, Inc. (a)	14,016	229,862
		56,424,250
Health Care Facilities – 1.6%
Acadia Healthcare Co., Inc. (a)	45,616	3,782,022
Brookdale Senior Living, Inc. (a)	83,541	402,668
Cano Health, Inc. (a)	73,208	445,837
Community Health Systems, Inc. (a)	58,297	173,725
Encompass Health Corp.	50,749	2,568,914
Hanger, Inc. (a)	19,493	361,985
HCA Healthcare, Inc.	123,707	26,277,841
National HealthCare Corp.	7,447	528,960
Select Medical Holdings Corp.	57,709	1,709,341

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

61	Annual Report

Table of Contents

Fidelity® MSCI Health Care Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
HEALTH CARE PROVIDERS & SERVICES – continued
Health Care Facilities – continued
Surgery Partners, Inc. (a)	20,399	$ 803,313
Tenet Healthcare Corp. (a)	52,206	3,451,861
The Ensign Group, Inc.	26,453	2,108,040
The Joint Corp. (a)	7,195	123,034
The Pennant Group, Inc. (a)	13,337	177,916
Universal Health Services, Inc. Class B	34,517	3,882,127
US Physical Therapy, Inc.	6,658	864,075
		47,661,659
Health Care Services – 5.7%
1Life Healthcare, Inc. (a)	68,184	1,155,037
Accolade, Inc. (a)	28,876	266,814
Addus HomeCare Corp. (a)	7,991	741,645
Agiliti, Inc. (a)	16,577	362,871
agilon health, Inc. (a)	102,868	2,574,786
Amedisys, Inc. (a)	16,589	1,988,192
AMN Healthcare Services, Inc. (a)	23,652	2,659,431
Apollo Medical Holdings, Inc. (a)	19,863	1,053,335
Aveanna Healthcare Holdings, Inc. (a)	23,391	49,589
CareMax, Inc. (a)	24,374	174,274
Castle Biosciences, Inc. (a)	10,682	298,669
Chemed Corp.	7,658	3,684,187
Cigna Corp.	163,479	45,015,577
CorVel Corp. (a)	4,942	814,886
Cross Country Healthcare, Inc. (a)	18,308	482,599
CVS Health Corp.	668,521	63,964,089
DaVita, Inc. (a)	29,303	2,466,140
DocGo, Inc. (a)	40,640	314,147
Enhabit, Inc. (a)	25,374	444,299
Fulgent Genetics, Inc. (a)	9,978	596,185
Guardant Health, Inc. (a)	46,486	2,332,203
Hims & Hers Health, Inc. (a)	59,850	370,472
Laboratory Corp. of America Holdings	47,619	12,485,226
LHC Group, Inc. (a)	15,315	2,497,264
ModivCare, Inc. (a)	6,475	646,205
National Research Corp.	7,991	302,859
Oak Street Health, Inc. (a)	55,286	1,600,530
Option Care Health, Inc. (a)	73,022	2,453,539
Pediatrix Medical Group, Inc. (a)	42,446	961,826
Premier, Inc. Class A	60,392	2,322,676
Privia Health Group, Inc. (a)	37,805	1,390,468
Quest Diagnostics, Inc.	60,728	8,293,623
R1 RCM, Inc. (a)	70,411	1,760,275
RadNet, Inc. (a)	25,979	534,388
Signify Health, Inc. (a)	34,718	594,025
		167,652,331
Managed Health Care – 13.2%
Alignment Healthcare, Inc. (a)	42,684	626,601
Centene Corp. (a)	296,878	27,600,748
Clover Health Investments Corp. (a)	167,399	468,717


	Shares	Value


Elevance Health, Inc.	122,903	$ 58,637,021
HealthEquity, Inc. (a)	42,488	2,471,527
Humana, Inc.	64,497	31,087,554
Molina Healthcare, Inc. (a)	29,708	9,735,906
Progyny, Inc. (a)	36,692	1,120,207
UnitedHealth Group, Inc.	479,243	259,912,648
		391,660,929
TOTAL HEALTH CARE PROVIDERS & SERVICES		663,399,169
HEALTH CARE TECHNOLOGY – 1.2%
Health Care Technology – 1.2%
Allscripts Healthcare Solutions, Inc. (a)	58,920	932,114
American Well Corp. Class A (a)	98,894	385,687
Certara, Inc. (a)	52,643	1,210,263
Change Healthcare, Inc. (a)	126,607	3,072,752
Computer Programs & Systems, Inc. (a)	7,232	244,152
Definitive Healthcare Corp. (a)	17,307	449,636
Evolent Health, Inc. Class A (a)	39,168	1,331,320
GoodRx Holdings, Inc. Class A (a)	37,154	231,469
Health Catalyst, Inc. (a)	22,984	384,752
HealthStream, Inc. (a)	12,864	309,508
Inspire Medical Systems, Inc. (a)	13,955	2,916,455
Multiplan Corp. (a)	97,158	491,620
NextGen Healthcare, Inc. (a)	29,758	509,457
Omnicell, Inc. (a)	22,663	2,495,650
OptimizeRx Corp. (a)	8,043	180,726
Phreesia, Inc. (a)	25,512	599,277
Schrodinger, Inc. (a)	29,755	931,332
Sema4 Holdings Corp. (a)	54,873	88,894
Simulations Plus, Inc.	8,143	522,373
Teladoc Health, Inc. (a)	81,963	3,020,337
Veeva Systems, Inc. Class A (a)	70,847	15,839,972
TOTAL HEALTH CARE TECHNOLOGY		36,147,746
LIFE SCIENCES TOOLS & SERVICES – 9.6%
Life Sciences Tools & Services – 9.6%
10X Genomics, Inc. Class A (a)	42,580	1,709,587
23andMe Holding Co. (a)	80,315	223,276
Adaptive Biotechnologies Corp. (a)	51,649	473,105
Agilent Technologies, Inc.	153,011	20,518,775
Avantor, Inc. (a)	310,234	9,002,991
Bionano Genomics, Inc. (a)	141,087	262,422
Bio-Rad Laboratories, Inc. Class A (a)	11,389	6,414,968
Bio-Techne Corp.	20,043	7,722,167
Bruker Corp.	53,529	3,669,413
Charles River Laboratories International, Inc. (a)	25,707	6,440,632
Codexis, Inc. (a)	29,840	204,702
Cytek Biosciences, Inc. (a)	34,038	435,686
Illumina, Inc. (a)	79,861	17,304,281
IQVIA Holdings, Inc. (a)	97,240	23,363,855

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
LIFE SCIENCES TOOLS & SERVICES – continued
Life Sciences Tools & Services – continued
Maravai LifeSciences Holdings, Inc. Class A (a)	56,768	$ 1,481,077
MaxCyte, Inc. (a)	33,134	180,580
Medpace Holdings, Inc. (a)	14,288	2,422,245
Mettler-Toledo International, Inc. (a)	11,615	15,677,114
NanoString Technologies, Inc. (a)	23,165	296,512
NeoGenomics, Inc. (a)	59,256	599,671
Pacific Biosciences of California, Inc. (a)	106,806	466,742
PerkinElmer, Inc.	64,184	9,831,063
Quanterix Corp. (a)	17,665	282,463
Quantum-Si, Inc. (a)	41,403	134,560
Repligen Corp. (a)	26,750	5,707,380
Seer, Inc. (a)	19,416	174,744
SomaLogic, Inc. (a)	69,284	349,884
Sotera Health Co. (a)	50,211	964,051
Syneos Health, Inc. (a)	53,163	4,207,320
Thermo Fisher Scientific, Inc.	199,254	119,235,586
Waters Corp. (a)	30,789	11,208,120
West Pharmaceutical Services, Inc.	37,875	13,012,335
TOTAL LIFE SCIENCES TOOLS & SERVICES		283,977,307
PHARMACEUTICALS – 27.4%
Pharmaceuticals – 27.4%
Aclaris Therapeutics, Inc. (a)	22,367	344,675
Aerie Pharmaceuticals, Inc. (a)	22,523	157,886
Amneal Pharmaceuticals, Inc. (a)	48,669	172,288
Amphastar Pharmaceuticals, Inc. (a)	19,842	741,892
ANI Pharmaceuticals, Inc. (a)	6,793	232,660
Arvinas, Inc. (a)	22,787	1,210,218
ATAI Life Sciences N.V. (a)	61,133	235,973
Atea Pharmaceuticals, Inc. (a)	37,925	310,985
Axsome Therapeutics, Inc. (a)	14,331	553,033
Bristol-Myers Squibb Co.	1,110,226	81,912,474
Cara Therapeutics, Inc. (a)	22,993	200,959
Cassava Sciences, Inc. (a)	19,357	316,100
Catalent, Inc. (a)	86,557	9,789,597
CinCor Pharma, Inc. (a)	6,691	151,350
Collegium Pharmaceutical, Inc. (a)	17,482	300,516
Corcept Therapeutics, Inc. (a)	48,357	1,385,912
DICE Therapeutics, Inc. (a)	4,843	83,493
Elanco Animal Health, Inc. (a)	217,302	4,402,539
Eli Lilly & Co.	412,313	135,935,473
Endo International PLC (a)	116,477	61,756
Evolus, Inc. (a)	18,346	226,206
Fulcrum Therapeutics, Inc. (a)	12,988	76,369
Harmony Biosciences Holdings, Inc. (a)	11,874	602,368
Innoviva, Inc. (a)	31,778	455,697
Intra-Cellular Therapies, Inc. (a)	42,152	2,281,266
Jazz Pharmaceuticals PLC (a)	31,326	4,888,736


	Shares	Value


Johnson & Johnson	1,339,204	$ 233,717,882
Merck & Co., Inc.	1,287,487	115,024,089
Nektar Therapeutics (a)	95,569	378,453
NGM Biopharmaceuticals, Inc. (a)	13,464	194,959
Nuvation Bio, Inc. (a)	62,778	173,267
Organon & Co.	129,359	4,103,267
Pacira BioSciences, Inc. (a)	22,831	1,291,321
Perrigo Co. PLC	68,233	2,856,916
Pfizer, Inc.	2,864,219	144,671,702
Phathom Pharmaceuticals, Inc. (a)	10,172	93,684
Phibro Animal Health Corp. Class A	10,690	209,203
Prestige Consumer Healthcare, Inc. (a)	25,750	1,552,982
Provention Bio, Inc. (a)	30,719	117,347
Reata Pharmaceuticals, Inc. Class A (a)	13,625	418,015
Relmada Therapeutics, Inc. (a)	9,803	250,957
Revance Therapeutics, Inc. (a)	34,286	532,119
Roivant Sciences Ltd. (a)	140,398	558,784
Royalty Pharma PLC Class A	176,703	7,684,813
SIGA Technologies, Inc.	23,324	400,940
Supernus Pharmaceuticals, Inc. (a)	27,327	867,632
Theravance Biopharma, Inc. (a)	27,257	239,589
Tilray Brands, Inc. (a)	239,570	874,431
Tricida, Inc. (a)	12,631	115,700
Viatris, Inc.	614,497	5,954,476
Zoetis, Inc.	240,394	43,883,925
Zogenix, Inc.	23,800	16,184
TOTAL PHARMACEUTICALS		813,213,058
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.1%
Semiconductor Equipment – 0.1%
Azenta, Inc.	38,237	2,610,058
TOTAL COMMON STOCKS (Cost $2,351,815,548)		2,959,097,978
Money Market Fund – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (b) (Cost $4,564,000)	4,564,000	4,564,000
TOTAL INVESTMENT IN SECURITIES – 99.8% (Cost $2,356,379,548)		2,963,661,978
NET OTHER ASSETS (LIABILITIES) – 0.2%		4,696,798
NET ASSETS – 100.0%		$2,968,358,776

Legend
(a)	Non-income producing.
(b)	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.

63	Annual Report

Table of Contents

Fidelity® MSCI Health Care Index ETF

Schedule of Investments–continued

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Contracts (United States)	8	September 2022	$ 754,120	$ 58,006	$ 58,006
CME E-mini S&P Health Care Select Sector Index Contracts (United States)	61	September 2022	8,165,460	378,338	378,338
Total Equity Index Contracts					$ 436,344

The notional amount of futures purchased as a percentage of Net Assets is 0.3%

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,959,097,978	$ 2,959,097,978	$ —	$ —
Money Market Funds	4,564,000	4,564,000	—	—
Total Investments in Securities:	$ 2,963,661,978	$ 2,963,661,978	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 436,344	$ 436,344	$ —	$ —
Total Assets	$ 436,344	$ 436,344	$ —	$ —
Total Derivative Instruments:	$ 436,344	$ 436,344	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$436,344	$0
Total Equity Risk	436,344	0
Total Value of Derivatives	$436,344	$0

(a)

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

Annual Report

Table of Contents

Fidelity® MSCI Industrials Index ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.7%
	Shares	Value
AEROSPACE & DEFENSE – 17.4%
Aerospace & Defense – 17.4%
AAR Corp. (a)	6,855	$ 305,253
Aerojet Rocketdyne Holdings, Inc. (a)	14,001	611,704
AeroVironment, Inc. (a)	4,527	392,219
AerSale Corp. (a)	2,992	52,390
Astra Space, Inc. (a)	24,012	34,337
Axon Enterprise, Inc. (a)	13,019	1,434,564
BWX Technologies, Inc.	17,653	1,000,572
Cadre Holdings, Inc.	2,327	55,033
Curtiss-Wright Corp.	7,429	1,065,616
Ducommun, Inc. (a)	2,197	104,006
General Dynamics Corp.	45,574	10,330,258
HEICO Corp.	8,408	1,326,026
HEICO Corp. Class A	14,165	1,808,587
Hexcel Corp.	16,252	983,408
Howmet Aerospace, Inc.	72,868	2,705,589
Huntington Ingalls Industries, Inc.	7,729	1,675,956
Kaman Corp.	4,842	149,037
Kratos Defense & Security Solutions, Inc. (a)	24,153	347,562
L3Harris Technologies, Inc.	37,275	8,944,882
Lockheed Martin Corp.	47,320	19,581,489
Maxar Technologies, Inc.	14,089	387,166
Mercury Systems, Inc. (a)	9,868	582,311
Moog, Inc. Class A	5,584	478,214
National Presto Industries, Inc.	988	70,345
Northrop Grumman Corp.	28,633	13,712,344
Parsons Corp. (a)	7,008	302,956
Raytheon Technologies Corp.	288,127	26,856,318
Rocket Lab USA, Inc. (a)	26,932	125,772
Spirit AeroSystems Holdings, Inc. Class A	20,376	668,740
Textron, Inc.	41,876	2,748,741
The Boeing Co. (a)	106,932	17,035,337
TransDigm Group, Inc. (a)	10,173	6,331,065
Triumph Group, Inc. (a)	12,685	197,125
V2X, Inc. (a)	2,230	74,125
Virgin Galactic Holdings, Inc. (a)	39,879	296,700
TOTAL AEROSPACE & DEFENSE		122,775,747
AIR FREIGHT & LOGISTICS – 6.7%
Air Freight & Logistics – 6.7%
Air Transport Services Group, Inc. (a)	3,507	109,909
Atlas Air Worldwide Holdings, Inc. (a)	1,436	108,720
CH Robinson Worldwide, Inc.	24,830	2,748,681
Expeditors International of Washington, Inc.	32,723	3,476,819


	Shares	Value


FedEx Corp.	48,600	$ 11,328,174
Forward Air Corp.	5,216	547,315
GXO Logistics, Inc. (a)	20,528	985,344
Hub Group, Inc. Class A (a)	6,596	503,934
United Parcel Service, Inc. Class B	141,436	27,564,462
TOTAL AIR FREIGHT & LOGISTICS		47,373,358
AIRLINES – 0.5%
Airlines – 0.5%
Alaska Air Group, Inc. (a)	6,050	268,197
Allegiant Travel Co. (a)	881	101,588
American Airlines Group, Inc. (a)	31,465	431,385
Blade Air Mobility, Inc. (a)	8,213	45,623
Delta Air Lines, Inc. (a)	30,842	980,776
Frontier Group Holdings, Inc. (a)	8,739	126,541
Hawaiian Holdings, Inc. (a)	2,560	38,298
JetBlue Airways Corp. (a)	15,316	128,961
SkyWest, Inc. (a)	2,343	56,583
Southwest Airlines Co. (a)	28,528	1,087,487
Spirit Airlines, Inc. (a)	5,369	132,990
Sun Country Airlines Holdings, Inc. (a)	5,588	112,710
Wheels Up Experience, Inc. (a)	11,181	25,045
TOTAL AIRLINES		3,536,184
BUILDING PRODUCTS – 6.8%
Building Products – 6.8%
AAON, Inc.	8,077	485,993
Advanced Drainage Systems, Inc.	12,508	1,483,449
Allegion PLC	16,982	1,794,997
American Woodmark Corp. (a)	3,189	160,152
AO Smith Corp.	25,382	1,605,919
Apogee Enterprises, Inc.	4,839	201,351
Armstrong World Industries, Inc.	9,099	812,996
Builders FirstSource, Inc. (a)	36,973	2,514,164
Carlisle Cos., Inc.	10,062	2,979,358
Carrier Global Corp.	165,176	6,694,583
CSW Industrials, Inc.	2,891	345,388
Fortune Brands Home & Security, Inc.	25,920	1,806,106
Gibraltar Industries, Inc. (a)	6,344	296,836
Griffon Corp.	8,157	244,791
Insteel Industries, Inc.	3,808	119,190
Janus International Group, Inc. (a)	15,575	158,398
JELD-WEN Holding, Inc. (a)	17,344	308,376
Johnson Controls International PLC	135,658	7,313,323
Lennox International, Inc.	6,376	1,527,243
Masco Corp.	46,252	2,561,436
Masonite International Corp. (a)	4,268	388,516
Owens Corning	19,144	1,775,414
PGT Innovations, Inc. (a)	11,369	248,981
Quanex Building Products Corp.	6,331	155,806
Resideo Technologies, Inc. (a)	28,629	644,439

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

65	Annual Report

Table of Contents

Fidelity® MSCI Industrials Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
BUILDING PRODUCTS – continued
Building Products – continued
Simpson Manufacturing Co., Inc.	8,350	$ 862,388
The AZEK Co., Inc. (a)	22,460	464,473
Trane Technologies PLC	45,089	6,627,632
Trex Co., Inc. (a)	22,138	1,428,344
UFP Industries, Inc.	11,977	1,104,399
Zurn Elkay Water Solutions Corp.	24,301	703,514
TOTAL BUILDING PRODUCTS		47,817,955
COMMERCIAL SERVICES & SUPPLIES – 7.5%
Commercial Printing – 0.1%
Brady Corp. Class A	9,225	441,416
Cimpress PLC (a)	3,319	133,391
Deluxe Corp.	8,189	205,871
Ennis, Inc.	5,065	110,670
		891,348
Diversified Support Services – 2.3%
ACV Auctions, Inc. Class A (a)	19,869	146,832
Cintas Corp.	18,025	7,669,457
Copart, Inc. (a)	41,215	5,279,641
Driven Brands Holdings, Inc. (a)	9,675	293,927
Healthcare Services Group, Inc.	14,147	202,868
IAA, Inc. (a)	25,957	979,358
KAR Auction Services, Inc. (a)	23,245	397,489
Matthews International Corp. Class A	5,490	153,446
UniFirst Corp.	2,923	572,586
Viad Corp. (a)	3,934	132,851
		15,828,455
Environmental & Facilities Services – 4.7%
ABM Industries, Inc.	13,045	584,938
BrightView Holdings, Inc. (a)	6,712	88,196
Casella Waste Systems, Inc. Class A (a)	9,766	790,558
Clean Harbors, Inc. (a)	9,942	970,240
Harsco Corp. (a)	15,717	75,599
Heritage-Crystal Clean, Inc. (a)	3,164	106,184
Montrose Environmental Group, Inc. (a)	4,580	183,749
Republic Services, Inc.	42,767	5,930,072
Rollins, Inc.	42,688	1,646,476
SP Plus Corp. (a)	4,405	150,915
Stericycle, Inc. (a)	17,661	827,771
Tetra Tech, Inc.	10,442	1,600,445
Waste Connections, Inc.	49,683	6,626,222
Waste Management, Inc.	80,046	13,172,370
		32,753,735
Office Services & Supplies – 0.3%
ACCO Brands Corp.	18,088	129,691
HNI Corp.	8,373	295,734
Interface, Inc.	11,554	167,418
MillerKnoll, Inc.	14,708	442,858
MSA Safety, Inc.	7,213	925,716


	Shares	Value


Pitney Bowes, Inc.	18,240	$ 59,645
Steelcase, Inc. Class A	15,856	176,477
		2,197,539
Security & Alarm Services – 0.1%
CoreCivic, Inc. (a)	23,207	249,939
The Brink's Co.	9,526	542,411
		792,350
Specialized REITs – 0.0%
The Geo Group, Inc. (a)	17,910	117,490
TOTAL COMMERCIAL SERVICES & SUPPLIES		52,580,917
CONSTRUCTION & ENGINEERING – 2.4%
Construction & Engineering – 2.2%
AECOM	25,940	1,867,680
Ameresco, Inc. Class A (a)	6,157	352,304
API Group Corp. (a)	31,399	556,076
Arcosa, Inc.	9,307	479,869
Argan, Inc.	3,000	111,480
Comfort Systems USA, Inc.	6,907	729,794
Construction Partners, Inc. Class A (a)	7,960	189,289
Dycom Industries, Inc. (a)	5,853	603,795
EMCOR Group, Inc.	10,175	1,184,065
Fluor Corp. (a)	27,181	690,669
Granite Construction, Inc.	8,962	267,964
Great Lakes Dredge & Dock Corp. (a)	12,899	166,784
IES Holdings, Inc. (a)	1,822	60,126
MasTec, Inc. (a)	11,076	874,229
MYR Group, Inc. (a)	3,299	314,164
NV5 Global, Inc. (a)	2,547	345,373
Primoris Services Corp.	10,390	242,710
Quanta Services, Inc.	27,767	3,852,116
Sterling Infrastructure, Inc. (a)	5,601	144,002
Tutor Perini Corp. (a)	8,388	76,163
Valmont Industries, Inc.	4,105	1,114,425
WillScot Mobile Mini Holdings Corp. (a)	43,100	1,664,091
		15,887,168
Multi-Utilities – 0.2%
MDU Resources Group, Inc.	39,174	1,119,201
TOTAL CONSTRUCTION & ENGINEERING		17,006,369
ELECTRICAL EQUIPMENT – 7.7%
Electrical Components & Equipment – 7.6%
Acuity Brands, Inc.	6,744	1,230,106
AMETEK, Inc.	44,736	5,524,896
Array Technologies, Inc. (a)	24,983	420,963
Atkore, Inc. (a)	8,663	859,976
Blink Charging Co. (a)	7,424	157,166
ChargePoint Holdings, Inc. (a)	41,571	628,138
Eaton Corp. PLC	76,997	11,425,585
Emerson Electric Co.	114,685	10,329,678
Encore Wire Corp.	3,898	539,756

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
ELECTRICAL EQUIPMENT – continued
Electrical Components & Equipment – continued
EnerSys	7,972	$ 525,434
Enovix Corp. (a)	13,606	181,232
ESS Tech, Inc. (a)	10,311	39,182
FREYR Battery S.A. (a)	15,745	157,135
FuelCell Energy, Inc. (a)	70,419	252,804
Generac Holdings, Inc. (a)	12,322	3,305,993
GrafTech International Ltd.	40,688	313,298
Heliogen, Inc. (a)	14,172	35,005
Hubbell, Inc.	10,509	2,301,681
nVent Electric PLC	32,081	1,132,780
Plug Power, Inc. (a)	100,174	2,137,713
Regal Rexnord Corp.	13,065	1,754,629
Rockwell Automation, Inc.	22,435	5,727,207
Sensata Technologies Holding PLC	30,453	1,354,245
SES AI Corp. (a)	17,624	81,247
Shoals Technologies Group, Inc. (a)	20,162	476,428
Stem, Inc. (a)	11,858	134,351
Sunrun, Inc. (a)	36,238	1,184,620
Thermon Group Holdings, Inc. (a)	6,476	100,831
Vertiv Holdings Co.	61,909	707,001
Vicor Corp. (a)	4,373	319,054
		53,338,134
Heavy Electrical Equipment – 0.1%
AZZ, Inc.	4,744	201,810
Babcock & Wilcox Enterprises, Inc. (a)	11,585	92,217
Bloom Energy Corp. Class A (a)	31,160	630,367
Energy Vault Holdings, Inc. (a)	10,323	45,937
TPI Composites, Inc. (a)	7,365	121,301
		1,091,632
TOTAL ELECTRICAL EQUIPMENT		54,429,766
INDUSTRIAL CONGLOMERATES – 8.1%
Industrial Conglomerates – 8.1%
3M Co.	110,264	15,794,215
General Electric Co.	212,248	15,687,250
Honeywell International, Inc.	132,412	25,484,013
TOTAL INDUSTRIAL CONGLOMERATES		56,965,478
LEISURE PRODUCTS – 0.0%
Leisure Products – 0.0%
Hayward Holdings, Inc. (a)	14,816	172,903
MACHINERY – 20.4%
Agricultural & Farm Machinery – 3.2%
AGCO Corp.	12,251	1,334,379
Deere & Co.	56,270	19,310,739
Hydrofarm Holdings Group, Inc. (a)	5,300	17,119
Lindsay Corp.	2,143	329,936
The Toro Co.	20,265	1,742,587


	Shares	Value


Titan International, Inc. (a)	9,649	$ 161,717
		22,896,477
Construction Machinery & Heavy Trucks – 5.9%
Alamo Group, Inc.	2,079	269,043
Allison Transmission Holdings, Inc.	18,897	791,217
Astec Industries, Inc.	4,394	215,877
Blue Bird Corp. (a)	3,374	37,654
Caterpillar, Inc.	103,465	20,511,936
Cummins, Inc.	27,499	6,085,804
Douglas Dynamics, Inc.	4,499	143,338
Federal Signal Corp.	11,714	486,365
Hyliion Holdings Corp. (a)	21,765	85,537
Hyzon Motors, Inc. (a)	13,917	55,946
Ideanomics, Inc. (a)	88,212	60,117
Meritor, Inc. (a)	13,000	473,460
Microvast Holdings, Inc. (a)	23,227	61,552
Nikola Corp. (a)	51,965	323,222
Oshkosh Corp.	12,863	1,107,504
PACCAR, Inc.	67,106	6,141,541
Proterra, Inc. (a)	33,774	182,042
REV Group, Inc.	6,743	78,489
Terex Corp.	13,535	453,558
The Greenbrier Cos., Inc.	6,351	202,089
The Manitowoc Co., Inc. (a)	6,910	78,981
The Shyft Group, Inc.	6,422	166,587
Trinity Industries, Inc.	15,298	396,983
Wabash National Corp.	9,619	173,719
Westinghouse Air Brake Technologies Corp.	34,014	3,179,289
		41,761,850
Industrial Machinery – 11.3%
Albany International Corp. Class A	6,153	561,584
Altra Industrial Motion Corp.	12,589	525,339
Barnes Group, Inc.	9,329	315,507
Chart Industries, Inc. (a)	7,013	1,368,166
CIRCOR International, Inc. (a)	3,685	64,156
Columbus McKinnon Corp.	5,597	185,261
Crane Holdings Co.	9,645	954,180
Desktop Metal, Inc. Class A (a)	42,486	90,495
Donaldson Co., Inc.	23,817	1,295,883
Dover Corp.	27,828	3,720,047
Energy Recovery, Inc. (a)	9,878	219,588
Enerpac Tool Group Corp.	11,545	234,364
EnPro Industries, Inc.	3,808	355,972
Esab Corp.	9,271	382,151
ESCO Technologies, Inc.	5,018	389,146
Evoqua Water Technologies Corp. (a)	23,381	891,050
Flowserve Corp.	25,249	854,426
Fortive Corp.	65,782	4,239,650
Franklin Electric Co., Inc.	7,656	695,318
Gates Industrial Corp. PLC (a)	19,698	242,285

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

67	Annual Report

Table of Contents

Fidelity® MSCI Industrials Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
MACHINERY – continued
Industrial Machinery – continued
Graco, Inc.	32,843	$ 2,205,736
Helios Technologies, Inc.	6,261	430,882
Hillenbrand, Inc.	13,996	646,615
Hillman Solutions Corp. (a)	18,985	196,495
Hyster-Yale Materials Handling, Inc.	1,759	60,844
IDEX Corp.	14,709	3,070,504
Illinois Tool Works, Inc.	60,417	12,552,236
Ingersoll Rand, Inc.	78,718	3,920,156
ITT, Inc.	16,483	1,236,720
John Bean Technologies Corp.	6,155	691,268
Kadant, Inc.	2,225	453,566
Kennametal, Inc.	15,340	411,879
Lincoln Electric Holdings, Inc.	10,780	1,524,723
Luxfer Holdings PLC	5,669	92,632
Markforged Holding Corp. (a)	16,262	35,614
Mueller Industries, Inc.	9,994	672,896
Mueller Water Products, Inc. Class A	30,113	392,071
Nordson Corp.	10,094	2,331,613
Omega Flex, Inc.	687	78,998
Otis Worldwide Corp.	82,049	6,413,770
Parker Hannifin Corp.	24,805	7,170,877
Pentair PLC	31,751	1,552,306
Proto Labs, Inc. (a)	5,291	258,677
RBC Bearings, Inc. (a)	5,558	1,311,688
Sarcos Technology and Robotics Corp. (a)	12,423	41,617
Snap-on, Inc.	10,329	2,314,212
SPX Corp. (a)	8,715	515,318
Standex International Corp.	2,396	232,604
Stanley Black & Decker, Inc.	31,546	3,070,372
Tennant Co.	3,403	228,103
The Gorman-Rupp Co.	4,090	125,563
The Middleby Corp. (a)	10,211	1,477,430
The Timken Co.	13,030	851,901
Velo3D, Inc. (a)	10,635	34,138
Watts Water Technologies, Inc. Class A	5,343	738,029
Woodward, Inc.	11,550	1,209,285
Xylem, Inc.	34,759	3,198,871
		79,334,777
TOTAL MACHINERY		143,993,104
MARINE – 0.1%
Marine – 0.1%
Eagle Bulk Shipping, Inc.	1,839	97,338
Genco Shipping & Trading Ltd.	7,288	140,513
Kirby Corp. (a)	2,952	187,275
Matson, Inc.	1,974	180,956
TOTAL MARINE		606,082


	Shares	Value
PROFESSIONAL SERVICES – 6.7%
Human Resource & Employment Services – 1.1%
Alight, Inc. (a)	49,434	$ 372,732
ASGN, Inc. (a)	10,017	1,039,364
Barrett Business Services, Inc.	1,434	117,000
First Advantage Corp. (a)	10,513	147,497
Heidrick & Struggles International, Inc.	3,838	119,515
HireRight Holdings Corp. (a)	4,604	68,415
Insperity, Inc.	7,024	770,814
Kelly Services, Inc. Class A	6,492	140,747
Kforce, Inc.	3,931	258,856
Korn Ferry	10,560	691,786
ManpowerGroup, Inc.	10,361	812,406
Robert Half International, Inc.	21,387	1,692,567
Skillsoft Corp. (a)	12,483	47,935
Sterling Check Corp. (a)	15,813	310,726
TriNet Group, Inc. (a)	8,279	683,018
TrueBlue, Inc. (a)	6,638	143,646
Upwork, Inc. (a)	22,175	411,568
		7,828,592
Research & Consulting Services – 5.6%
Booz Allen Hamilton Holding Corp.	25,736	2,470,141
CACI International, Inc. Class A (a)	4,522	1,366,956
CBIZ, Inc. (a)	9,097	415,005
Clarivate PLC (a)	59,693	864,952
CoStar Group, Inc. (a)	76,261	5,535,786
CRA International, Inc.	1,400	138,614
Dun & Bradstreet Holdings, Inc. (a)	37,482	590,716
Equifax, Inc.	23,575	4,925,053
Exponent, Inc.	10,022	1,007,111
Forrester Research, Inc. (a)	2,242	104,231
Franklin Covey Co. (a)	2,492	130,406
FTI Consulting, Inc. (a)	6,606	1,080,477
Huron Consulting Group, Inc. (a)	4,146	278,197
ICF International, Inc.	3,608	340,415
Jacobs Engineering Group, Inc.	24,964	3,427,557
KBR, Inc.	26,945	1,434,282
Leidos Holdings, Inc.	25,734	2,753,538
ManTech International Corp. Class A	5,343	511,966
Nielsen Holdings PLC	65,838	1,576,820
Planet Labs PBC (a)	30,982	165,134
Resources Connection, Inc.	5,904	126,700
Science Applications International Corp.	11,288	1,093,469
TransUnion	37,084	2,938,165
Verisk Analytics, Inc.	31,139	5,924,195
Willdan Group, Inc. (a)	2,423	65,930
		39,265,816
TOTAL PROFESSIONAL SERVICES		47,094,408

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
ROAD & RAIL – 11.4%
Railroads – 7.6%
CSX Corp.	423,482	$ 13,691,173
Norfolk Southern Corp.	46,294	11,627,664
Union Pacific Corp.	122,967	27,950,399
		53,269,236
Trucking – 3.8%
AMERCO	1,894	1,017,230
ArcBest Corp.	4,750	420,850
Avis Budget Group, Inc. (a)	6,254	1,138,416
Heartland Express, Inc.	11,431	181,524
Hertz Global Holdings, Inc. (a)	44,319	949,313
JB Hunt Transport Services, Inc.	16,173	2,964,026
Knight-Swift Transportation Holdings, Inc.	30,435	1,672,403
Landstar System, Inc.	7,200	1,127,376
Lyft, Inc. Class A (a)	59,103	819,168
Marten Transport Ltd.	12,830	276,615
Old Dominion Freight Line, Inc.	18,850	5,721,164
Ryder System, Inc.	10,410	815,311
Saia, Inc. (a)	5,106	1,214,462
Schneider National, Inc. Class B	10,880	275,590
TuSimple Holdings, Inc. (a)	9,569	95,307
Uber Technologies, Inc. (a)	283,014	6,636,678
Werner Enterprises, Inc.	11,434	502,639
XPO Logistics, Inc. (a)	19,956	1,192,171
		27,020,243
TOTAL ROAD & RAIL		80,289,479
TRADING COMPANIES & DISTRIBUTORS – 4.0%
Trading Companies & Distributors – 4.0%
Air Lease Corp.	20,993	779,050
Applied Industrial Technologies, Inc.	7,399	744,265
Beacon Roofing Supply, Inc. (a)	10,896	653,978
BlueLinx Holdings, Inc. (a)	1,877	150,160
Boise Cascade Co.	7,588	536,548
Core & Main, Inc. (a)	12,956	312,758
DXP Enterprises, Inc. (a)	3,078	104,652
Fastenal Co.	111,123	5,707,277
GATX Corp.	6,841	685,810
Global Industrial Co.	3,284	117,403


	Shares	Value


GMS, Inc. (a)	7,474	$ 396,645
H&E Equipment Services, Inc.	6,353	227,120
Herc Holdings, Inc.	4,593	569,624
McGrath RentCorp	4,693	395,901
MRC Global, Inc. (a)	16,073	186,768
MSC Industrial Direct Co., Inc. Class A	9,082	750,718
NOW, Inc. (a)	21,574	238,608
Rush Enterprises, Inc. Class A	8,289	399,447
Rush Enterprises, Inc. Class B	1,069	57,993
SiteOne Landscape Supply, Inc. (a)	8,661	1,206,737
Titan Machinery, Inc. (a)	3,926	110,438
Triton International Ltd.	12,934	828,811
United Rentals, Inc. (a)	13,984	4,512,217
Univar Solutions, Inc. (a)	32,726	884,911
Veritiv Corp. (a)	2,675	331,754
Watsco, Inc.	6,369	1,744,788
WESCO International, Inc. (a)	8,797	1,124,609
WW Grainger, Inc.	8,871	4,821,655
TOTAL TRADING COMPANIES & DISTRIBUTORS		28,580,645
TOTAL COMMON STOCKS (Cost $688,245,797)		703,222,395
Money Market Fund – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (b) (Cost $910,000)	910,000	910,000
TOTAL INVESTMENT IN SECURITIES – 99.8% (Cost $689,155,797)		704,132,395
NET OTHER ASSETS (LIABILITIES) – 0.2%		1,162,168
NET ASSETS – 100.0%		$ 705,294,563

Legend
(a)	Non-income producing.
(b)	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.

69	Annual Report

Table of Contents

Fidelity® MSCI Industrials Index ETF

Schedule of Investments–continued

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Contracts (United States)	3	September 2022	$ 282,795	$ 8,533	$ 8,533
CME E-mini S&P Industrial Select Sector Index Contracts (United States)	17	September 2022	1,638,630	77,948	77,948
Total Equity Index Contracts					$ 86,481

The notional amount of futures purchased as a percentage of Net Assets is 0.3%

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 703,222,395	$ 703,222,395	$ —	$ —
Money Market Funds	910,000	910,000	—	—
Total Investments in Securities:	$ 704,132,395	$ 704,132,395	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 86,481	$ 86,481	$ —	$ —
Total Assets	$ 86,481	$ 86,481	$ —	$ —
Total Derivative Instruments:	$ 86,481	$ 86,481	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$86,481	$0
Total Equity Risk	86,481	0
Total Value of Derivatives	$86,481	$0

(a)

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

Annual Report

Table of Contents

Fidelity® MSCI Information Technology Index ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.9%
	Shares	Value
COMMUNICATIONS EQUIPMENT – 2.9%
Communications Equipment – 2.9%
ADTRAN Holdings, Inc.	38,227	$ 920,888
Arista Networks, Inc. (a)	128,590	14,997,452
Calix, Inc. (a)	30,163	1,720,498
Cambium Networks Corp. (a)	6,258	117,963
Casa Systems, Inc. (a)	20,133	88,988
Ciena Corp. (a)	79,585	4,106,586
Cisco Systems, Inc.	2,167,757	98,351,135
Clearfield, Inc. (a)	6,083	599,480
CommScope Holding Co., Inc. (a)	106,434	961,099
Comtech Telecommunications Corp.	13,793	160,275
Digi International, Inc. (a)	18,205	518,660
Extreme Networks, Inc. (a)	67,209	879,094
F5, Inc. (a)	31,593	5,287,404
Harmonic, Inc. (a)	53,553	584,799
Infinera Corp. (a)	99,621	652,518
Inseego Corp. (a)	41,113	91,682
Juniper Networks, Inc.	167,878	4,705,620
Lumentum Holdings, Inc. (a)	37,552	3,396,954
Motorola Solutions, Inc.	87,699	20,924,104
NETGEAR, Inc. (a)	15,267	393,583
Netscout Systems, Inc. (a)	38,398	1,366,201
Plantronics, Inc. (a)	22,253	885,447
Ribbon Communications, Inc. (a)	38,651	131,027
ViaSat, Inc. (a)	29,017	955,530
Viavi Solutions, Inc. (a)	119,638	1,770,642
TOTAL COMMUNICATIONS EQUIPMENT		164,567,629
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 3.2%
Electronic Components – 0.9%
Amphenol Corp. Class A	312,196	24,079,677
Belden, Inc.	23,405	1,514,772
Corning, Inc.	419,405	15,417,328
II-VI, Inc. (a)	67,033	3,528,617
Knowles Corp. (a)	47,750	943,063
Lightwave Logic, Inc. (a)	57,724	615,915
Littelfuse, Inc.	12,844	3,581,806
Rogers Corp. (a)	9,783	2,634,073
Vishay Intertechnology, Inc.	69,075	1,427,089
		53,742,340
Electronic Equipment & Instruments – 1.2%
908 Devices, Inc. (a)	9,554	214,965
Advanced Energy Industries, Inc.	19,590	1,753,109
Aeva Technologies, Inc. (a)	56,168	198,273
AEye, Inc. (a)	52,858	118,402
Arlo Technologies, Inc. (a)	44,105	310,058
Badger Meter, Inc.	15,211	1,463,146
Cognex Corp.	90,462	4,611,753
Evolv Technologies Holdings, Inc. (a)	33,546	90,239
FARO Technologies, Inc. (a)	9,470	307,964


	Shares	Value


Itron, Inc. (a)	23,414	$ 1,367,378
Keysight Technologies, Inc. (a)	95,428	15,516,593
MicroVision, Inc. (a)	85,360	439,604
Mirion Technologies, Inc. (a)	67,459	458,721
Napco Security Technologies, Inc. (a)	16,244	416,821
National Instruments Corp.	68,676	2,609,688
nLight, Inc. (a)	23,061	282,728
Novanta, Inc. (a)	18,513	2,854,705
OSI Systems, Inc. (a)	8,819	852,533
Ouster, Inc. (a)	35,953	63,277
PAR Technology Corp. (a)	13,976	581,681
SmartRent, Inc. (a)	45,427	257,117
Teledyne Technologies, Inc. (a)	24,676	9,658,186
Trimble, Inc. (a)	131,528	9,131,989
Velodyne Lidar, Inc. (a)	78,682	82,616
Vishay Precision Group, Inc. (a)	6,558	204,479
Vontier Corp.	83,843	2,163,149
Zebra Technologies Corp. Class A (a)	27,612	9,876,536
		65,885,710
Electronic Manufacturing Services – 0.7%
Benchmark Electronics, Inc.	18,326	468,779
CTS Corp.	17,861	726,586
Fabrinet (a)	19,246	1,848,771
Flex Ltd. (a)	241,388	4,055,318
IPG Photonics Corp. (a)	19,133	2,039,195
Jabil, Inc.	70,895	4,206,909
Kimball Electronics, Inc. (a)	13,064	287,408
Methode Electronics, Inc.	19,390	799,644
Plexus Corp. (a)	14,613	1,372,891
Sanmina Corp. (a)	33,053	1,522,091
TE Connectivity Ltd.	169,733	22,698,394
TTM Technologies, Inc. (a)	51,568	697,715
		40,723,701
Technology Distributors – 0.4%
Arrow Electronics, Inc. (a)	35,205	4,512,225
Avnet, Inc.	51,475	2,464,108
CDW Corp.	70,516	12,800,770
ePlus, Inc. (a)	13,988	777,313
Insight Enterprises, Inc. (a)	18,154	1,695,765
PC Connection, Inc.	6,133	290,888
ScanSource, Inc. (a)	13,328	425,830
TD SYNNEX Corp.	22,557	2,265,174
		25,232,073
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS		185,583,824
IT SERVICES – 16.2%
Data Processing & Outsourced Services – 11.1%
Affirm Holdings, Inc. (a)	98,933	2,655,362
Automatic Data Processing, Inc.	219,191	52,851,334
AvidXchange Holdings, Inc. (a)	25,599	184,825

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

71	Annual Report

Table of Contents

Fidelity® MSCI Information Technology Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
IT SERVICES – continued
Data Processing & Outsourced Services – continued
Block, Inc. (a)	270,200	$ 20,551,412
Broadridge Financial Solutions, Inc.	61,060	9,803,183
Cantaloupe, Inc. (a)	27,735	168,351
Cass Information Systems, Inc.	6,919	252,267
Concentrix Corp.	23,131	3,094,003
Conduent, Inc. (a)	89,642	417,732
CSG Systems International, Inc.	16,826	1,097,896
Euronet Worldwide, Inc. (a)	26,613	2,615,260
EVERTEC, Inc.	31,897	1,243,664
Evo Payments, Inc. Class A (a)	24,677	674,669
ExlService Holdings, Inc. (a)	17,276	2,908,760
Fidelity National Information Services, Inc.	318,101	32,497,198
Fiserv, Inc. (a)	323,317	34,168,141
FleetCor Technologies, Inc. (a)	40,125	8,831,111
Flywire Corp. (a)	15,763	369,800
Global Payments, Inc.	147,051	17,987,278
I3 Verticals, Inc. Class A (a)	11,478	311,398
International Money Express, Inc. (a)	17,074	410,459
Jack Henry & Associates, Inc.	38,154	7,927,257
Marqeta, Inc. Class A (a)	188,250	1,805,317
Mastercard, Inc. Class A	455,428	161,125,872
Maximus, Inc.	32,205	2,152,904
MoneyGram International, Inc. (a)	42,476	431,556
Paya Holdings, Inc. (a)	44,630	311,964
Paychex, Inc.	169,238	21,709,851
Paymentus Holdings, Inc. Class A (a)	7,630	111,016
Payoneer Global, Inc. (a)	105,796	564,951
PayPal Holdings, Inc. (a)	577,542	49,974,709
Remitly Global, Inc. (a)	43,215	411,839
Repay Holdings Corp. (a)	42,387	567,986
Sabre Corp. (a)	159,864	983,164
Shift4 Payments, Inc. (a)	25,638	933,992
TaskUS, Inc. Class A (a)	12,761	268,364
The Western Union Co.	204,688	3,483,790
TTEC Holdings, Inc.	9,779	715,529
Verra Mobility Corp. (a)	72,463	1,194,915
Visa, Inc. Class A	865,410	183,562,115
WEX, Inc. (a)	23,314	3,875,020
		635,206,214
Internet Services & Infrastructure – 1.4%
Akamai Technologies, Inc. (a)	83,979	8,080,459
BigCommerce Holdings, Inc. (a)	30,108	471,190
Cloudflare, Inc. Class A (a)	131,059	6,594,889
Cyxtera Technologies, Inc. (a)	23,221	283,064
DigitalOcean Holdings, Inc. (a)	25,188	1,032,204
Edgio, Inc. (a)	70,272	177,788
Fastly, Inc. Class A (a)	55,008	625,441
GoDaddy, Inc. Class A (a)	87,691	6,504,918


	Shares	Value


MongoDB, Inc. (a)	34,892	$ 10,902,703
Okta, Inc. (a)	77,443	7,624,263
Rackspace Technology, Inc. (a)	27,312	184,083
Snowflake, Inc. Class A (a)	111,861	16,769,083
SolarWinds Corp.	20,695	221,644
Squarespace, Inc. Class A (a)	16,668	354,528
Switch, Inc. Class A	68,399	2,312,570
Tucows, Inc. Class A (a)	5,314	245,879
Twilio, Inc. Class A (a)	89,937	7,626,658
VeriSign, Inc. (a)	51,868	9,811,351
		79,822,715
IT Consulting & Other Services – 3.7%
Accenture PLC Class A	329,795	101,003,017
Cognizant Technology Solutions Corp. Class A	273,470	18,585,021
DXC Technology Co. (a)	127,163	4,018,351
EPAM Systems, Inc. (a)	29,738	10,385,996
Gartner, Inc. (a)	43,013	11,419,091
Grid Dynamics Holdings, Inc. (a)	22,061	416,291
International Business Machines Corp.	469,284	61,377,654
Kyndryl Holdings, Inc. (a)	93,264	976,474
LiveRamp Holdings, Inc. (a)	35,459	943,564
Perficient, Inc. (a)	17,953	1,894,401
The Hackett Group, Inc.	12,395	259,923
Unisys Corp. (a)	34,973	479,830
		211,759,613
TOTAL IT SERVICES		926,788,542
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 19.1%
Semiconductor Equipment – 3.1%
ACM Research, Inc. Class A (a)	22,237	375,361
Amkor Technology, Inc.	57,250	1,154,733
Applied Materials, Inc.	461,018	48,858,688
Axcelis Technologies, Inc. (a)	17,300	1,216,709
Cohu, Inc. (a)	25,260	721,931
Enphase Energy, Inc. (a)	69,902	19,864,750
Entegris, Inc.	77,721	8,541,538
FormFactor, Inc. (a)	40,742	1,448,786
Ichor Holdings Ltd. (a)	14,778	461,960
KLA Corp.	78,670	30,173,092
Kulicke & Soffa Industries, Inc.	32,403	1,559,232
Lam Research Corp.	72,795	36,434,626
MKS Instruments, Inc.	28,872	3,412,670
Onto Innovation, Inc. (a)	25,678	2,137,694
PDF Solutions, Inc. (a)	15,538	419,215
Photronics, Inc. (a)	32,056	763,253
SolarEdge Technologies, Inc. (a)	27,665	9,962,996
Teradyne, Inc.	85,019	8,577,567
Ultra Clean Holdings, Inc. (a)	23,357	784,795
Veeco Instruments, Inc. (a)	26,348	574,386
		177,443,982

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – continued
Semiconductors – 16.0%
Advanced Micro Devices, Inc. (a)	853,087	$ 80,591,129
Allegro MicroSystems, Inc. (a)	34,901	866,592
Alpha & Omega Semiconductor Ltd. (a)	11,810	496,138
Ambarella, Inc. (a)	18,289	1,582,913
Analog Devices, Inc.	273,125	46,966,575
Broadcom, Inc.	213,747	114,457,244
CEVA, Inc. (a)	11,953	445,010
Cirrus Logic, Inc. (a)	29,799	2,546,623
Credo Technology Group Holding Ltd. (a)	15,067	241,825
Diodes, Inc. (a)	23,420	1,905,685
First Solar, Inc. (a)	49,778	4,936,484
Impinj, Inc. (a)	10,943	930,374
indie Semiconductor, Inc. (a)	38,923	280,246
Intel Corp.	2,124,879	77,154,356
Lattice Semiconductor Corp. (a)	71,620	4,404,630
MACOM Technology Solutions Holdings, Inc. (a)	25,374	1,470,170
MagnaChip Semiconductor Corp. (a)	23,745	362,349
Marvell Technology, Inc.	439,815	24,488,899
MaxLinear, Inc. Class A (a)	37,943	1,533,277
Meta Materials, Inc. (a)	171,913	154,722
Microchip Technology, Inc.	289,939	19,965,199
Micron Technology, Inc.	583,992	36,125,745
Monolithic Power Systems, Inc.	23,121	10,744,791
Navitas Semiconductor Corp. (a)	22,370	116,771
NeoPhotonics Corp. (a)	27,625	441,724
NVIDIA Corp.	1,304,567	236,948,504
NXP Semiconductors N.V.	136,912	25,175,379
ON Semiconductor Corp. (a)	225,952	15,089,075
Power Integrations, Inc.	30,774	2,616,098
Qorvo, Inc. (a)	56,922	5,923,872
QUALCOMM, Inc.	588,099	85,309,641
Rambus, Inc. (a)	56,887	1,438,103
Rockley Photonics Holdings Ltd. (a)	46,872	119,992
Semtech Corp. (a)	33,515	2,088,990
Silicon Laboratories, Inc. (a)	19,868	2,930,133
SiTime Corp. (a)	8,121	1,510,344
Skyworks Solutions, Inc.	85,824	9,344,517
SMART Global Holdings, Inc. (a)	24,405	478,826
SunPower Corp. (a)	45,021	917,078
Synaptics, Inc. (a)	20,554	2,979,302
Texas Instruments, Inc.	481,932	86,212,815
Universal Display Corp.	24,380	2,814,915
Wolfspeed, Inc. (a)	64,278	5,354,357
		920,461,412
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,097,905,394


	Shares	Value
SOFTWARE – 33.2%
Application Software – 10.6%
8x8, Inc. (a)	55,391	$ 270,862
ACI Worldwide, Inc. (a)	56,858	1,622,159
Adobe, Inc. (a)	246,146	100,949,398
Agilysys, Inc. (a)	12,208	589,646
Alarm.com Holdings, Inc. (a)	24,732	1,750,284
Alkami Technology, Inc. (a)	9,385	130,639
Altair Engineering, Inc. Class A (a)	26,821	1,580,025
Alteryx, Inc. Class A (a)	31,139	1,508,062
American Software, Inc. Class A	16,473	294,537
Amplitude, Inc. Class A (a)	24,471	361,681
ANSYS, Inc. (a)	45,584	12,717,480
Appfolio, Inc. Class A (a)	9,495	966,686
AppLovin Corp. Class A (a)	61,825	2,197,260
Asana, Inc. (a)	32,351	625,021
Aspen Technology, Inc. (a)	14,562	2,971,959
Autodesk, Inc. (a)	114,661	24,803,468
Avalara, Inc. (a)	45,493	3,976,998
Avaya Holdings Corp. (a)	57,079	51,291
AvePoint, Inc. (a)	42,737	214,967
Benefitfocus, Inc. (a)	13,913	117,843
Bentley Systems, Inc.	99,135	3,925,746
Bill.com Holdings, Inc. (a)	48,915	6,607,438
Black Knight, Inc. (a)	81,610	5,360,145
Blackbaud, Inc. (a)	21,303	1,306,300
Blackline, Inc. (a)	29,446	1,861,576
Box, Inc. Class A (a)	77,131	2,193,606
Braze, Inc. Class A (a)	10,268	446,350
BTRS Holdings, Inc. (a)	38,366	247,461
C3.ai, Inc. (a)	39,607	729,165
Cadence Design Systems, Inc. (a)	144,862	26,955,921
CCC Intelligent Solutions Holdings, Inc. (a)	63,826	637,622
Cerence, Inc. (a)	20,376	573,992
Ceridian HCM Holding, Inc. (a)	71,150	3,896,885
ChannelAdvisor Corp. (a)	14,137	208,379
Cipher Mining, Inc. (a)	26,023	44,760
Citrix Systems, Inc.	65,844	6,677,240
Clear Secure, Inc. (a)	15,449	391,169
Clearwater Analytics Holdings, Inc. (a)	12,571	160,657
Consensus Cloud Solutions, Inc. (a)	9,505	513,555
Couchbase, Inc. (a)	8,038	122,419
Coupa Software, Inc. (a)	38,844	2,541,174
CS Disco, Inc. (a)	7,574	185,866
Datadog, Inc. Class A (a)	117,329	11,968,731
Digital Turbine, Inc. (a)	47,908	961,514
DocuSign, Inc. (a)	103,256	6,606,319
Domo, Inc. Class B (a)	15,260	427,433
DoubleVerify Holdings, Inc. (a)	21,152	485,015
Dropbox, Inc. Class A (a)	149,888	3,408,453

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

73	Annual Report

Table of Contents

Fidelity® MSCI Information Technology Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
SOFTWARE – continued
Application Software – continued
Duck Creek Technologies, Inc. (a)	41,228	$ 568,946
Dynatrace, Inc. (a)	104,039	3,914,988
E2open Parent Holdings, Inc. (a)	94,758	639,616
Ebix, Inc.	12,879	304,717
Elastic N.V. (a)	38,874	3,105,644
Embark Technology, Inc. (a)	84,934	38,730
Enfusion, Inc. Class A (a)	8,529	98,084
Envestnet, Inc. (a)	24,468	1,425,750
Everbridge, Inc. (a)	20,503	515,445
EverCommerce, Inc. (a)	15,245	175,013
Expensify, Inc. Class A (a)	7,074	141,197
Fair Isaac Corp. (a)	13,786	6,369,546
Five9, Inc. (a)	35,970	3,889,076
Freshworks, Inc. Class A (a)	45,998	603,034
Guidewire Software, Inc. (a)	41,167	3,199,499
HubSpot, Inc. (a)	23,580	7,262,640
Informatica Inc. Class A (a)	18,388	421,085
Intapp, Inc. (a)	6,390	96,936
InterDigital, Inc.	15,965	980,091
Intuit, Inc.	140,377	64,035,776
Jamf Holding Corp. (a)	18,573	453,924
Latch, Inc. (a)	22,095	26,514
LivePerson, Inc. (a)	35,861	489,144
Manhattan Associates, Inc. (a)	32,852	4,621,291
Marathon Digital Holdings, Inc. (a)	50,716	658,801
Matterport, Inc. (a)	109,550	465,587
MeridianLink, Inc. (a)	10,470	178,514
MicroStrategy, Inc. Class A (a)	4,845	1,385,961
Mitek Systems, Inc. (a)	23,040	250,675
Model N, Inc. (a)	17,057	428,472
Momentive Global, Inc. (a)	66,462	574,896
nCino, Inc. (a)	25,161	812,449
NCR Corp. (a)	68,757	2,231,165
New Relic, Inc. (a)	31,655	1,920,509
NextNav, Inc. (a)	17,575	48,507
Nutanix, Inc. Class A (a)	113,251	1,713,488
Olo, Inc. (a)	37,870	405,588
ON24, Inc. (a)	13,955	134,108
PagerDuty, Inc. (a)	41,566	1,077,806
Palantir Technologies, Inc. (a)	856,679	8,866,628
Paycom Software, Inc. (a)	26,794	8,855,149
Paycor HCM, Inc. (a)	18,198	485,705
Paylocity Holding Corp. (a)	20,067	4,132,397
Pegasystems, Inc.	21,232	852,465
Procore Technologies, Inc. (a)	14,058	726,799
PROS Holdings, Inc. (a)	21,084	513,817
PTC, Inc. (a)	58,282	7,190,833
Q2 Holdings, Inc. (a)	29,467	1,293,601
Rimini Street, Inc. (a)	25,533	179,242


	Shares	Value


RingCentral, Inc. Class A (a)	41,872	$ 2,072,245
Riot Blockchain, Inc. (a)	64,619	473,011
Salesforce, Inc. (a)	514,000	94,586,280
Samsara, Inc. (a)	33,344	482,154
SEMrush Holdings, Inc. Class A (a)	20,101	244,428
ShotSpotter, Inc. (a)	4,558	153,103
Smartsheet, Inc. Class A (a)	62,629	1,882,628
Splunk, Inc. (a)	83,095	8,634,401
Sprinklr, Inc. (a)	28,120	318,881
Sprout Social, Inc. Class A (a)	23,913	1,245,867
SPS Commerce, Inc. (a)	18,726	2,242,626
SS&C Technologies Holdings, Inc.	120,579	7,134,659
Sumo Logic, Inc. (a)	44,514	301,360
Synopsys, Inc. (a)	79,929	29,373,907
The Trade Desk, Inc. Class A (a)	229,388	10,322,460
Tyler Technologies, Inc. (a)	21,653	8,639,547
Unity Software, Inc. (a)	99,428	3,717,613
Upland Software, Inc. (a)	14,286	161,718
Verint Systems, Inc. (a)	34,171	1,560,590
Veritone, Inc. (a)	16,409	115,355
Vertex, Inc. (a)	20,692	232,785
Workday, Inc. Class A (a)	102,260	15,860,526
Workiva, Inc. (a)	23,747	1,555,428
Yext, Inc. (a)	53,975	236,411
Zendesk, Inc. (a)	63,392	4,781,025
Zeta Global Holdings Corp. Class A (a)	16,640	89,024
Zoom Video Communications, Inc. Class A (a)	113,841	11,823,526
		604,146,563
Industrial Conglomerates – 0.4%
Roper Technologies, Inc.	55,169	24,090,647
Systems Software – 22.2%
A10 Networks, Inc.	34,226	510,310
Appian Corp. (a)	18,011	874,074
CommVault Systems, Inc. (a)	20,858	1,169,925
Crowdstrike Holdings, Inc. Class A (a)	103,121	18,933,016
Dolby Laboratories, Inc. Class A	34,185	2,645,919
Fortinet, Inc. (a)	356,239	21,249,656
Gitlab, Inc. Class A (a)	19,044	1,093,126
JFrog Ltd. (a)	26,306	583,993
KnowBe4, Inc. (a)	36,028	514,840
Mandiant, Inc. (a)	124,825	2,843,513
Microsoft Corp.	3,716,463	1,043,359,823
N-Able, Inc. (a)	23,274	228,551
NortonLifelock, Inc.	304,791	7,476,523
OneSpan, Inc. (a)	16,804	186,020
Oracle Corp.	836,107	65,082,569
Palo Alto Networks, Inc. (a)	51,416	25,661,725
Ping Identity Holding Corp. (a)	36,954	633,761
Progress Software Corp.	22,979	1,079,094
Qualys, Inc. (a)	18,451	2,256,926

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
SOFTWARE – continued
Systems Software – continued
Rapid7, Inc. (a)	30,207	$ 1,932,342
Sailpoint Technologies Holdings, Inc. (a)	48,512	3,093,610
ServiceNow, Inc. (a)	104,365	46,615,671
Telos Corp. (a)	13,891	110,294
Tenable Holdings, Inc. (a)	57,105	2,207,108
Teradata Corp. (a)	55,182	2,112,919
Varonis Systems, Inc. (a)	55,925	1,422,173
VMware, Inc. Class A	109,376	12,709,491
Xperi Holding Corp.	54,368	911,208
Zscaler, Inc. (a)	43,766	6,786,356
Zuora, Inc. Class A (a)	61,066	519,672
		1,274,804,208
TOTAL SOFTWARE		1,903,041,418
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 25.3%
Technology Hardware, Storage & Peripherals – 25.3%
3D Systems Corp. (a)	66,808	764,284
Apple, Inc.	8,515,923	1,383,922,647
Avid Technology, Inc. (a)	20,222	567,429
Corsair Gaming, Inc. (a)	22,012	310,369
DELL Technologies, Inc. Class C	152,089	6,853,130
Diebold Nixdorf, Inc. (a)	36,679	118,473
Eastman Kodak Co. (a)	27,029	148,930
Hewlett Packard Enterprise Co.	680,738	9,693,709
HP, Inc.	549,156	18,336,319
IonQ, Inc. (a)	51,409	277,609


	Shares	Value


NetApp, Inc.	116,406	$ 8,303,240
Pure Storage, Inc. Class A (a)	144,201	4,088,098
Seagate Technology Holdings PLC	108,877	8,707,982
Super Micro Computer, Inc. (a)	24,379	1,316,710
Western Digital Corp. (a)	163,919	8,048,423
Xerox Holdings Corp.	60,995	1,044,844
TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS		1,452,502,196
TOTAL COMMON STOCKS (Cost $3,658,820,879)		5,730,389,003
Money Market Fund – 0.1%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (b) (Cost $6,254,000)	6,254,000	6,254,000
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $3,665,074,879)		5,736,643,003
NET OTHER ASSETS (LIABILITIES) – 0.0%		2,421,183
NET ASSETS – 100.0%		$5,739,064,186

Legend
(a)	Non-income producing.
(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Contracts (United States)	6	September 2022	$ 565,590	$ 22,886	$ 22,886
CME E-mini S&P Information Technology Select Sector Index Contracts (United States)	52	September 2022	7,567,560	469,924	469,924
Total Equity Index Contracts					$ 492,810

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

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

75	Annual Report

Table of Contents

Fidelity® MSCI Information Technology Index ETF

Schedule of Investments–continued

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 5,730,389,003	$ 5,730,389,003	$ —	$ —
Money Market Funds	6,254,000	6,254,000	—	—
Total Investments in Securities:	$ 5,736,643,003	$ 5,736,643,003	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 492,810	$ 492,810	$ —	$ —
Total Assets	$ 492,810	$ 492,810	$ —	$ —
Total Derivative Instruments:	$ 492,810	$ 492,810	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$492,810	$0
Total Equity Risk	492,810	0
Total Value of Derivatives	$492,810	$0

(a)

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

Annual Report

Table of Contents

Fidelity® MSCI Materials Index ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.6%
	Shares	Value
CHEMICALS – 62.7%
Commodity Chemicals – 7.9%
AdvanSix, Inc.	10,797	$ 424,214
Cabot Corp.	21,801	1,618,942
Dow, Inc.	283,426	15,081,097
Hawkins, Inc.	7,350	292,163
Koppers Holdings, Inc.	8,148	191,804
Kronos Worldwide, Inc.	8,817	154,915
LyondellBasell Industries N.V. Class A	101,087	9,008,873
Olin Corp.	57,119	2,985,610
Origin Materials, Inc. (a)	39,643	233,101
Orion Engineered Carbons S.A.	23,465	405,710
PureCycle Technologies, Inc. (a)	31,398	237,997
Tredegar Corp.	10,294	107,881
Trinseo PLC	11,448	409,495
Tronox Holdings PLC Class A	44,462	694,052
Valvoline, Inc.	69,093	2,226,176
Westlake Corp.	14,808	1,441,411
		35,513,441
Diversified Chemicals – 2.0%
Eastman Chemical Co.	49,684	4,766,186
Huntsman Corp.	70,243	2,034,238
LSB Industries, Inc. (a)	12,112	167,267
The Chemours Co.	61,641	2,193,803
		9,161,494
Fertilizers & Agricultural Chemicals – 8.6%
American Vanguard Corp.	10,804	252,922
CF Industries Holdings, Inc.	79,857	7,625,545
Corteva, Inc.	280,068	16,117,913
FMC Corp.	48,424	5,379,906
Intrepid Potash, Inc. (a)	4,202	191,611
The Mosaic Co.	141,883	7,471,559
The Scotts Miracle-Gro Co.	16,061	1,428,626
		38,468,082
Industrial Gases – 18.0%
Air Products & Chemicals, Inc.	85,409	21,201,076
Linde PLC	197,450	59,629,900
		80,830,976
Specialty Chemicals – 26.2%
Albemarle Corp.	45,085	11,014,716
Amyris, Inc. (a)	65,315	116,261
Ashland Global Holdings, Inc.	20,830	2,092,790
Avient Corp.	35,289	1,522,720
Axalta Coating Systems Ltd. (a)	86,496	2,181,429
Balchem Corp.	12,473	1,693,334
Celanese Corp.	41,616	4,890,296
Chase Corp.	3,109	282,670
Danimer Scientific, Inc. (a)	34,892	161,201
Diversey Holdings Ltd. (a)	31,307	234,489
DuPont de Nemours, Inc.	197,584	12,098,068


	Shares	Value


Ecolab, Inc.	99,418	$ 16,420,871
ECOVYST, Inc.	23,831	243,791
Element Solutions, Inc.	90,819	1,794,583
FutureFuel Corp.	10,214	73,439
GCP Applied Technologies, Inc. (a)	18,560	584,640
Ginkgo Bioworks Holdings, Inc. (a)	229,575	656,585
HB Fuller Co.	20,424	1,311,221
Ingevity Corp. (a)	15,133	1,015,424
Innospec, Inc.	9,532	972,264
International Flavors & Fragrances, Inc.	98,109	12,170,421
Livent Corp. (a)	62,241	1,549,179
Minerals Technologies, Inc.	12,750	851,828
NewMarket Corp.	2,987	928,360
Perimeter Solutions S.A. (a)	56,369	651,062
PPG Industries, Inc.	90,916	11,754,530
Quaker Chemical Corp.	4,823	782,339
RPM International, Inc.	49,953	4,515,751
Sensient Technologies Corp.	16,172	1,390,469
Stepan Co.	8,638	969,270
The Sherwin-Williams Co.	95,287	23,053,737
		117,977,738
TOTAL CHEMICALS		281,951,731
CONSTRUCTION MATERIALS – 4.5%
Construction Materials – 4.5%
Eagle Materials, Inc.	15,220	1,924,569
Martin Marietta Materials, Inc.	24,038	8,463,299
Summit Materials, Inc. Class A (a)	45,739	1,258,280
United States Lime & Minerals, Inc.	860	88,469
Vulcan Materials Co.	51,152	8,456,960
TOTAL CONSTRUCTION MATERIALS		20,191,577
CONTAINERS & PACKAGING – 13.6%
Metal & Glass Containers – 5.3%
AptarGroup, Inc.	25,257	2,721,694
Ball Corp.	123,849	9,092,994
Berry Global Group, Inc. (a)	52,123	3,004,891
Crown Holdings, Inc.	47,989	4,879,522
Greif, Inc. Class A	10,258	724,420
Greif, Inc. Class B	2,131	148,786
Myers Industries, Inc.	11,792	286,899
O-I Glass, Inc. (a)	59,952	881,894
Silgan Holdings, Inc.	34,026	1,514,157
Trimas Corp.	16,502	488,459
		23,743,716
Paper Packaging – 8.3%
Amcor PLC	583,124	7,551,456
Avery Dennison Corp.	31,766	6,050,153
Graphic Packaging Holding Co.	118,305	2,632,286
International Paper Co.	137,735	5,890,926
Packaging Corp. of America	36,030	5,066,178

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

77	Annual Report

Table of Contents

Fidelity® MSCI Materials Index ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
CONTAINERS & PACKAGING – continued
Paper Packaging – continued
Pactiv Evergreen, Inc.	16,916	$ 172,882
Ranpak Holdings Corp. (a)	16,683	85,250
Sealed Air Corp.	57,077	3,488,546
Sonoco Products Co.	37,876	2,404,747
Westrock Co.	101,395	4,295,092
		37,637,516
TOTAL CONTAINERS & PACKAGING		61,381,232
ENERGY EQUIPMENT & SERVICES – 0.0%
Oil & Gas Equipment & Services – 0.0%
Aspen Aerogels, Inc. (a)	11,503	150,459
METALS & MINING – 18.0%
Aluminum – 1.2%
Alcoa Corp.	71,032	3,614,818
Arconic Corp. (a)	40,851	1,234,109
Century Aluminum Co. (a)	19,378	152,892
Kaiser Aluminum Corp.	6,093	461,667
		5,463,486
Copper – 3.9%
Freeport-McMoRan, Inc.	560,418	17,681,188
Diversified Metals & Mining – 0.6%
Compass Minerals International, Inc.	13,118	488,383
Materion Corp.	7,850	643,229
MP Materials Corp. (a)	30,838	1,035,232
Piedmont Lithium, Inc. (a)	6,144	277,770
		2,444,614
Gold – 3.8%
Coeur Mining, Inc. (a)	98,540	316,313
McEwen Mining, Inc.	15,690	61,034
Newmont Corp.	307,192	13,909,654
Royal Gold, Inc.	25,280	2,648,586
		16,935,587
Silver – 0.2%
Hecla Mining Co.	207,154	938,408
Steel – 8.3%
Alpha Metallurgical Resources, Inc.	6,788	928,327
ATI, Inc. (a)	49,097	1,222,024
Carpenter Technology Corp.	18,593	597,579
Cleveland-Cliffs, Inc. (a)	202,019	3,577,757
Commercial Metals Co.	46,799	1,854,176
Nucor Corp.	103,672	14,078,658


	Shares	Value


Ramaco Resources, Inc.	8,548	$ 100,354
Reliance Steel & Aluminum Co.	23,770	4,522,243
Ryerson Holding Corp.	6,641	181,963
Schnitzer Steel Industries, Inc. Class A	10,078	358,374
Steel Dynamics, Inc.	73,696	5,739,444
SunCoke Energy, Inc.	32,043	237,118
TimkenSteel Corp. (a)	15,235	309,118
United States Steel Corp.	100,519	2,377,274
Warrior Met Coal, Inc.	19,839	633,459
Worthington Industries, Inc.	12,796	655,283
		37,373,151
TOTAL METALS & MINING		80,836,434
PAPER & FOREST PRODUCTS – 0.8%
Forest Products – 0.5%
Louisiana-Pacific Corp.	33,076	2,104,626
Paper Products – 0.3%
Clearwater Paper Corp. (a)	6,381	227,802
Glatfelter Corp.	17,076	104,847
Mativ, Inc.	21,040	459,724
Mercer International, Inc.	16,634	265,478
Sylvamo Corp.	13,543	531,427
		1,589,278
TOTAL PAPER & FOREST PRODUCTS		3,693,904
TOTAL COMMON STOCKS (Cost $481,164,846)		448,205,337
Money Market Fund – 0.3%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (b) (Cost $1,109,000)	1,109,000	1,109,000
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $482,273,846)		449,314,337
NET OTHER ASSETS (LIABILITIES) – 0.1%		502,764
NET ASSETS – 100.0%		$ 449,817,101

Legend
(a)	Non-income producing.
(b)	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

Table of Contents

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Contracts (United States)	1	September 2022	$ 94,265	$ 11,318	$ 11,318
CME E-mini S&P Materials Select Sector Index Contracts (United States)	16	September 2022	1,324,320	(43,097)	(43,097)
CME E-mini Micro Russell 2000 Index Contracts (United States)	9	September 2022	84,839	1,535	1,535
Total Equity Index Contracts					$ (30,244)

The notional amount of futures purchased as a percentage of Net Assets is 0.3%

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 448,205,337	$ 448,205,337	$ —	$ —
Money Market Funds	1,109,000	1,109,000	—	—
Total Investments in Securities:	$ 449,314,337	$ 449,314,337	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 12,853	$ 12,853	$ —	$ —
Total Assets	$ 12,853	$ 12,853	$ —	$ —
Liabilities
Futures Contracts	$ (43,097)	$ (43,097)	$ —	$ —
Total Liabilities	$ (43,097)	$ (43,097)	$ —	$ —
Total Derivative Instruments:	$ (30,244)	$ (30,244)	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$12,853	$(43,097)
Total Equity Risk	12,853	(43,097)
Total Value of Derivatives	$12,853	$(43,097)

(a)

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	82.9%
Ireland	13.3%
Netherlands	2.0%
Jersey	1.7%
Others (Individually Less Than 1%)	0.4%
	100.3%

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

79	Annual Report

Table of Contents

Fidelity® MSCI Real Estate Index ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.7%
	Shares	Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) – 95.2%
Diversified REITs – 3.1%
Alexander & Baldwin, Inc.	87,606	$ 1,744,235
American Assets Trust, Inc.	60,651	1,833,480
Armada Hoffler Properties, Inc.	80,214	1,137,434
Broadstone Net Lease, Inc.	196,570	4,456,242
DigitalBridge Group, Inc. (a)	681,473	3,734,472
Empire State Realty Trust, Inc. Class A	176,718	1,507,404
Essential Properties Realty Trust, Inc.	161,705	3,900,325
Gladstone Commercial Corp.	44,802	938,602
Global Net Lease, Inc.	123,795	1,868,067
iStar, Inc.	85,179	1,423,341
One Liberty Properties, Inc.	21,982	610,000
STORE Capital Corp.	296,080	8,592,242
Washington Real Estate Investment Trust	103,948	2,304,527
WP Carey, Inc.	227,266	20,294,854
		54,345,225
Health Care REITs – 8.1%
CareTrust REIT, Inc.	117,362	2,423,525
Community Healthcare Trust, Inc.	31,526	1,227,938
Diversified Healthcare Trust	306,856	530,861
Global Medical REIT, Inc.	88,763	1,081,133
Healthcare Realty Trust, Inc.	454,033	11,918,366
Healthpeak Properties, Inc.	642,568	17,754,154
LTC Properties, Inc.	47,061	1,971,856
Medical Properties Trust, Inc.	712,788	12,288,465
National Health Investors, Inc.	54,632	3,542,339
Omega Healthcare Investors, Inc.	285,441	8,848,671
Physicians Realty Trust	270,136	4,800,317
Sabra Health Care REIT, Inc.	274,269	4,221,000
Universal Health Realty Income Trust	16,908	911,341
Ventas, Inc.	478,611	25,739,700
Welltower, Inc.	534,919	46,184,906
		143,444,572
Hotel & Resort REITs – 2.6%
Apple Hospitality REIT, Inc.	260,455	4,344,389
Chatham Lodging Trust (a)	56,429	686,177
DiamondRock Hospitality Co. (a)	256,865	2,383,707
Host Hotels & Resorts, Inc.	853,157	15,194,726
Park Hotels & Resorts, Inc.	285,697	4,454,016
Pebblebrook Hotel Trust	159,724	3,124,202
RLJ Lodging Trust	201,354	2,514,912
Ryman Hospitality Properties, Inc. (a)	63,442	5,617,155
Service Properties Trust	212,043	1,386,761
Summit Hotel Properties, Inc. (a)	135,773	1,065,818
Sunstone Hotel Investors, Inc. (a)	261,103	2,958,297
Xenia Hotels & Resorts, Inc. (a)	139,103	2,284,071
		46,014,231


	Shares	Value

Industrial REITs – 11.7%
Americold Realty Trust, Inc.	319,534	$ 10,464,738
Duke Realty Corp.	456,057	28,530,926
EastGroup Properties, Inc.	49,028	8,361,235
First Industrial Realty Trust, Inc.	156,126	8,110,746
Indus Realty Trust, Inc.	6,004	366,724
Industrial Logistics Properties Trust	91,202	914,756
LXP Industrial Trust	339,712	3,726,641
Plymouth Industrial REIT, Inc.	49,842	959,957
Prologis, Inc.	884,881	117,299,825
Rexford Industrial Realty, Inc.	192,525	12,593,060
SL Green Realty Corp.	78,845	3,914,654
STAG Industrial, Inc.	217,661	7,134,928
Terreno Realty Corp.	90,952	5,698,143
		208,076,333
Office REITs – 5.7%
Alexandria Real Estate Equities, Inc.	181,672	30,117,584
Boston Properties, Inc.	179,071	16,324,112
Brandywine Realty Trust	199,967	1,869,692
City Office REIT, Inc.	56,770	800,457
Corporate Office Properties Trust	133,552	3,759,489
Cousins Properties, Inc.	180,238	5,560,342
Douglas Emmett, Inc.	213,328	5,043,074
Easterly Government Properties, Inc.	95,052	1,926,704
Equity Commonwealth (a)	134,472	3,771,940
Franklin Street Properties Corp.	132,868	503,570
Highwoods Properties, Inc.	127,076	4,520,093
Hudson Pacific Properties, Inc.	192,154	2,889,996
JBG SMITH Properties	136,493	3,472,382
Kilroy Realty Corp.	126,233	6,839,304
Office Properties Income Trust	58,010	1,205,448
Orion Office REIT, Inc.	81,950	896,533
Paramount Group, Inc.	208,957	1,640,312
Piedmont Office Realty Trust, Inc. Class A	146,565	2,016,734
Veris Residential, Inc. (a)	91,929	1,282,410
Vornado Realty Trust	194,167	5,900,735
		100,340,911
REITs - Shopping Centers – 0.3%
Phillips Edison & Co., Inc.	136,418	4,643,669
Residential REITs – 14.9%
American Campus Communities, Inc.	167,739	10,956,711
American Homes 4 Rent Class A	372,769	14,120,490
Apartment Income REIT Corp.	187,012	8,479,124
Apartment Investment and Management Co. Class A (a)	182,222	1,516,087
AvalonBay Communities, Inc.	166,510	35,623,149
Bluerock Residential Growth REIT, Inc.	35,544	933,741
Camden Property Trust	117,074	16,519,141
Centerspace	17,628	1,514,069
Equity Lifestyle Properties, Inc.	211,996	15,585,946
Equity Residential	426,673	33,446,896

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Residential REITs – continued
Essex Property Trust, Inc.	77,612	$ 22,238,166
Independence Realty Trust, Inc.	274,886	6,102,469
Invitation Homes, Inc.	722,460	28,197,614
Mid-America Apartment Communities, Inc.	137,134	25,469,898
NexPoint Residential Trust, Inc.	27,679	1,841,761
Sun Communities, Inc.	139,460	22,865,862
UDR, Inc.	379,204	18,353,474
UMH Properties, Inc.	63,248	1,347,815
		265,112,413
Retail REITs – 10.9%
Acadia Realty Trust	108,227	1,853,929
Agree Realty Corp.	85,055	6,769,527
Alexander's, Inc.	2,740	667,217
American Finance Trust, Inc.	152,871	1,190,865
Brixmor Property Group, Inc.	354,876	8,226,026
CBL & Associates Properties, Inc.	13,494	415,480
Federal Realty OP LP	84,283	8,901,128
Getty Realty Corp.	46,847	1,374,491
Kimco Realty Corp.	737,950	16,316,074
Kite Realty Group Trust	267,003	5,310,690
National Retail Properties, Inc.	208,823	9,942,063
NETSTREIT Corp.	60,354	1,237,257
Realty Income Corp.	708,884	52,450,327
Regency Centers Corp.	183,768	11,840,172
Retail Opportunity Investments Corp.	146,315	2,554,660
RPT Realty	99,842	1,085,283
Saul Centers, Inc.	16,130	843,276
Seritage Growth Properties, Class A (a)	42,619	512,280
Simon Property Group, Inc.	393,701	42,771,677
SITE Centers Corp.	226,044	3,302,503
Spirit Realty Capital, Inc.	152,950	6,781,803
Tanger Factory Outlet Centers, Inc.	124,086	2,018,879
The Macerich Co.	257,473	2,731,789
Urban Edge Properties	139,553	2,292,856
Urstadt Biddle Properties, Inc. Class A	38,435	707,204
Whitestone REIT	55,630	624,725
		192,722,181
Specialized REITs – 37.9%
American Tower Corp.	545,434	147,719,890
CatchMark Timber Trust, Inc. Class A	54,764	615,547
Crown Castle International Corp.	516,272	93,269,700
CubeSmart	267,029	12,248,620
Digital Realty Trust, Inc.	341,613	45,246,642
EPR Properties	89,237	4,801,843
Equinix, Inc.	108,731	76,518,354
Extra Space Storage, Inc.	159,528	30,233,747
Farmland Partners, Inc.	49,841	739,640
Four Corners Property Trust, Inc.	95,420	2,789,127


	Shares	Value


Gaming and Leisure Properties, Inc.	280,270	$ 14,571,237
Gladstone Land Corp.	41,071	1,113,435
InvenTrust Properties Corp.	80,037	2,294,661
Iron Mountain, Inc.	346,332	16,793,639
Lamar Advertising Co. Class A	103,687	10,478,608
Life Storage, Inc.	99,678	12,548,463
National Storage Affiliates Trust	105,971	5,811,450
Outfront Media, Inc.	155,690	2,874,037
PotlatchDeltic Corp.	84,245	4,130,532
Public Storage	188,585	61,556,030
Rayonier, Inc.	175,748	6,634,487
Safehold, Inc.	24,508	1,045,021
SBA Communications Corp.	129,928	43,628,523
Uniti Group, Inc.	292,577	2,916,993
VICI Properties, Inc.	1,149,944	39,316,585
Weyerhaeuser Co.	892,940	32,431,581
		672,328,392
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		1,687,027,927
REAL ESTATE MANAGEMENT & DEVELOPMENT – 4.5%
Diversified Real Estate Activities – 0.2%
Five Point Holdings LLC Class A (a)	77,901	328,742
Tejon Ranch Co. (a)	23,113	381,827
The RMR Group, Inc. Class A	17,987	520,004
The St. Joe Co.	39,700	1,668,194
WeWork, Inc. (a)	226,233	1,079,131
		3,977,898
Real Estate Development – 0.2%
Forestar Group, Inc. (a)	27,332	378,275
Offerpad Solutions, Inc. (a)	66,279	139,849
The Howard Hughes Corp. (a)	49,224	3,489,489
		4,007,613
Real Estate Operating Companies – 0.2%
FRP Holdings, Inc. (a)	7,824	461,616
Kennedy-Wilson Holdings, Inc.	147,551	3,048,404
		3,510,020
Real Estate Services – 3.9%
Anywhere Real Estate, Inc. (a)	138,172	1,372,048
CBRE Group, Inc. Class A (a)	398,747	34,140,718
Compass, Inc. Class A (a)	285,723	1,091,462
Cushman & Wakefield PLC (a)	172,552	2,898,874
Doma Holdings, Inc. (a)	236,712	175,640
Douglas Elliman, Inc.	95,271	571,626
eXp World Holdings, Inc.	85,346	1,268,242
Jones Lang LaSalle, Inc. (a)	59,771	11,396,537
Marcus & Millichap, Inc.	33,051	1,352,447
Newmark Group, Inc. Class A	234,361	2,671,715
Opendoor Technologies, Inc. (a)	501,303	2,461,398
RE/MAX Holdings, Inc. Class A	23,672	599,848
Redfin Corp. (a)	125,467	1,091,563

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

81	Annual Report

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Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 1,766,546,162	$ 1,766,546,162	$ —	$ —
Money Market Funds	2,471,000	2,471,000	—	—
Total Investments in Securities:	$ 1,769,017,162	$ 1,769,017,162	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 161,401	$ 161,401	$ —	$ —
Total Assets	$ 161,401	$ 161,401	$ —	$ —
Total Derivative Instruments:	$ 161,401	$ 161,401	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$161,401	$0
Total Equity Risk	161,401	0
Total Value of Derivatives	$161,401	$0

(a)

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

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Fidelity® MSCI Utilities Index ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.7%
	Shares	Value
ELECTRIC UTILITIES – 59.3%
Electric Utilities – 59.3%
ALLETE, Inc.	97,897	$ 6,076,467
Alliant Energy Corp.	458,046	27,908,743
American Electric Power Co., Inc.	920,609	90,735,223
Constellation Energy Corp.	595,133	39,338,291
Duke Energy Corp.	1,404,761	154,425,377
Edison International	695,138	47,109,502
Entergy Corp.	370,735	42,682,721
Evergy, Inc.	419,323	28,622,988
Eversource Energy	628,928	55,484,028
Exelon Corp.	1,788,484	83,146,621
FirstEnergy Corp.	989,311	40,660,682
Hawaiian Electric Industries, Inc.	202,792	8,578,102
IDACORP, Inc.	92,611	10,346,501
MGE Energy, Inc.	67,411	5,485,907
NextEra Energy, Inc.	3,583,712	302,787,827
NRG Energy, Inc.	443,970	16,759,868
OGE Energy Corp.	366,544	15,057,628
Otter Tail Corp.	70,168	4,930,705
PG&E Corp. (a)	2,723,688	29,579,252
Pinnacle West Capital Corp.	206,769	15,191,318
PNM Resources, Inc.	151,118	7,294,466
Portland General Electric Co.	165,460	8,494,716
PPL Corp.	1,342,706	39,045,890
The Southern Co.	1,935,878	148,849,659
Xcel Energy, Inc.	993,688	72,718,088
TOTAL ELECTRIC UTILITIES		1,301,310,570
GAS UTILITIES – 4.8%
Gas Utilities – 4.8%
Atmos Energy Corp.	247,258	30,014,649
Chesapeake Utilities Corp.	17,976	2,465,049
National Fuel Gas Co.	159,186	11,515,515
New Jersey Resources Corp.	177,674	8,206,762
Northwest Natural Holding Co.	59,060	3,169,750
ONE Gas, Inc.	99,191	8,425,284
South Jersey Industries, Inc.	217,219	7,446,267
Southwest Gas Holdings, Inc.	111,501	9,696,127
Spire, Inc.	95,828	7,210,099
Star Group LP	69,337	682,276
UGI Corp.	384,618	16,600,113
TOTAL GAS UTILITIES		105,431,891
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 3.7%
Independent Power Producers & Energy Traders – 2.5%
Clearway Energy, Inc. Class A	66,561	2,298,351
Clearway Energy, Inc. Class C	150,365	5,644,702
The AES Corp.	1,220,424	27,117,821
Vistra Corp.	796,688	20,594,385
		55,655,259


	Shares	Value

Renewable Electricity – 1.2%
Altus Power, Inc. (a)	94,392	$ 740,033
Montauk Renewables, Inc. (a)	123,861	1,482,616
NextEra Energy Partners LP	153,622	12,710,685
Ormat Technologies, Inc.	83,126	7,193,724
Sunnova Energy International, Inc. (a)	188,341	4,900,633
		27,027,691
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS		82,682,950
MULTI-UTILITIES – 27.7%
Multi-Utilities – 27.7%
Ameren Corp.	470,590	43,821,341
Avista Corp.	113,841	4,810,921
Black Hills Corp.	118,747	9,167,268
CenterPoint Energy, Inc.	1,148,384	36,392,289
CMS Energy Corp.	529,045	36,361,263
Consolidated Edison, Inc.	646,539	64,181,927
Dominion Energy, Inc.	1,479,778	121,312,200
DTE Energy Co.	353,760	46,094,928
NiSource, Inc.	741,556	22,543,302
NorthWestern Corp.	99,701	5,528,420
Public Service Enterprise Group, Inc.	916,719	60,200,937
Sempra Energy	576,416	95,569,773
Unitil Corp.	29,604	1,621,411
WEC Energy Group, Inc.	575,994	59,793,937
TOTAL MULTI-UTILITIES		607,399,917
WATER UTILITIES – 4.2%
Water Utilities – 4.2%
American States Water Co.	68,689	5,987,620
American Water Works Co., Inc.	331,799	51,574,837
California Water Service Group	100,294	6,025,664
Essential Utilities, Inc.	440,430	22,875,934
Middlesex Water Co.	18,011	1,713,026
SJW Group	46,084	3,025,875
The York Water Co.	25,906	1,113,699
TOTAL WATER UTILITIES		92,316,655
TOTAL COMMON STOCKS (Cost $2,014,584,822)		2,189,141,983

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

Annual Report

Table of Contents

Money Market Fund – 0.2%
	Shares	Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (b) (Cost $4,164,000)	4,164,000	$ 4,164,000
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $2,018,748,822)		2,193,305,983
NET OTHER ASSETS (LIABILITIES) – 0.1%		1,766,385
NET ASSETS – 100.0%		$2,195,072,368

Legend
(a)	Non-income producing.
(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
CME E-mini S&P Utilities Select Sector Index Contracts (United States)	76	September 2022	$5,679,480	$237,502	$237,502

The notional amount of futures purchased as a percentage of Net Assets is 0.3%

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 2,189,141,983	$ 2,189,141,983	$ —	$ —
Money Market Funds	4,164,000	4,164,000	—	—
Total Investments in Securities:	$ 2,193,305,983	$ 2,193,305,983	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 237,502	$ 237,502	$ —	$ —
Total Assets	$ 237,502	$ 237,502	$ —	$ —
Total Derivative Instruments:	$ 237,502	$ 237,502	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$237,502	$0
Total Equity Risk	237,502	0
Total Value of Derivatives	$237,502	$0

(a)

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

85	Annual Report

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Financial Statements

^{Statements of
Assets and Liabilities}

July 31, 2022

	Fidelity MSCI Communication Services Index ETF	Fidelity MSCI Consumer Discretionary Index ETF	Fidelity MSCI Consumer Staples Index ETF	Fidelity MSCI Energy Index ETF
Assets
Investments in securities, at value – See accompanying schedule	$ 561,442,032	$ 1,174,062,673	$ 1,056,681,723	$ 1,486,368,038
Segregated cash with brokers for derivative instruments	52,000	176,000	160,900	259,200
Cash	67,885	42,019	53,431	8,975
Receivable for investments sold
Regular delivery	3,419,456	491,760	—	—
Delayed delivery	—	—	—	60,009
Receivable for fund shares sold	—	—	—	—
Dividends receivable	836,427	272,120	1,554,984	969,644
Interest receivable	1,016	2,381	2,365	1,906
Receivable for daily variation margin on futures contracts	6,389	44,644	—	4,460
Total assets	565,825,205	1,175,091,597	1,058,453,403	1,487,672,232
Liabilities
Payable for investments purchased	4,540,463	—	—	—
Accrued management fees	39,210	75,556	72,933	95,666
Payable for daily variation margin on futures contracts	—	—	21,726	—
Total liabilities	4,579,673	75,556	94,659	95,666
Net Assets	$ 561,245,532	$1,175,016,041	$1,058,358,744	$1,487,576,566
Net Assets consist of:
Paid in capital	$ 716,203,913	$1,225,752,080	$ 984,281,586	$1,247,266,191
Total accumulated earnings (loss)	(154,958,381)	(50,736,039)	74,077,158	240,310,375
Net Assets	$ 561,245,532	$1,175,016,041	$1,058,358,744	$1,487,576,566
Shares outstanding	15,200,000	16,900,000	23,650,000	69,300,000
Net Asset Value per share	$ 36.92	$ 69.53	$ 44.75	$ 21.47
Investments at cost	$ 675,623,917	$1,176,903,487	$ 958,200,195	$1,074,022,232

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

Annual Report

Table of Contents

^{Statements of
Assets and Liabilities}

July 31, 2022

	Fidelity MSCI Financials Index ETF	Fidelity MSCI Health Care Index ETF	Fidelity MSCI Industrials Index ETF	Fidelity MSCI Information Technology Index ETF
Assets
Investments in securities, at value – See accompanying schedule	$ 1,546,312,628	$ 2,963,661,978	$ 704,132,395	$ 5,736,643,003
Segregated cash with brokers for derivative instruments	400,300	440,500	101,500	553,000
Cash	48,417	439,098	86,379	94,026
Receivable for investments sold
Regular delivery	—	135,483	620,568	1,021,884
Delayed delivery	—	—	—	—
Receivable for fund shares sold	—	29,235	15,622	—
Dividends receivable	2,805,582	3,865,909	356,509	1,119,263
Interest receivable	4,297	7,688	1,752	10,885
Receivable for daily variation margin on futures contracts	30,952	—	36,009	—
Total assets	1,549,602,176	2,968,579,891	705,350,734	5,739,442,061
Liabilities
Payable for investments purchased	—	—	9,989	—
Accrued management fees	103,434	201,983	46,182	374,309
Payable for daily variation margin on futures contracts	—	19,132	—	3,566
Total liabilities	103,434	221,115	56,171	377,875
Net Assets	$1,549,498,742	$2,968,358,776	$705,294,563	$5,739,064,186
Net Assets consist of:
Paid in capital	$1,561,771,056	$2,418,689,207	$700,083,680	$3,732,036,036
Total accumulated earnings (loss)	(12,272,314)	549,669,569	5,210,883	2,007,028,150
Net Assets	$1,549,498,742	$2,968,358,776	$705,294,563	$5,739,064,186
Shares outstanding	32,300,000	47,100,000	14,100,000	52,450,000
Net Asset Value per share	$ 47.97	$ 63.02	$ 50.02	$ 109.42
Investments at cost	$1,510,918,538	$2,356,379,548	$689,155,797	$3,665,074,879

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

87	Annual Report

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Financial Statements – continued

^{Statements of
Assets and Liabilities}

July 31, 2022

	Fidelity MSCI Materials Index ETF	Fidelity MSCI Real Estate Index ETF	Fidelity MSCI Utilities Index ETF
Assets
Investments in securities, at value – See accompanying schedule	$ 449,314,337	$ 1,769,017,162	$ 2,193,305,983
Segregated cash with brokers for derivative instruments	82,450	407,700	304,000
Cash	32,037	92,067	210,651
Receivable for investments sold
Regular delivery	—	—	—
Delayed delivery	—	—	—
Receivable for fund shares sold	—	—	16,072
Dividends receivable	395,658	3,378,199	1,346,877
Interest receivable	1,223	2,782	4,556
Receivable for daily variation margin on futures contracts	21,276	—	21,286
Total assets	449,846,981	1,772,897,910	2,195,209,425
Liabilities
Payable for investments purchased	—	—	—
Accrued management fees	29,880	117,390	137,057
Payable for daily variation margin on futures contracts	—	193,277	—
Total liabilities	29,880	310,667	137,057
Net Assets	$449,817,101	$1,772,587,243	$2,195,072,368
Net Assets consist of:
Paid in capital	$496,032,123	$1,737,632,593	$2,053,870,508
Total accumulated earnings (loss)	(46,215,022)	34,954,650	141,201,860
Net Assets	$449,817,101	$1,772,587,243	$2,195,072,368
Shares outstanding	10,250,000	60,050,000	46,000,000
Net Asset Value per share	$ 43.88	$ 29.52	$ 47.72
Investments at cost	$482,273,846	$1,671,080,846	$2,018,748,822

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

Annual Report

Table of Contents

^{Statements of
Operations}

For the year ended July 31, 2022

	Fidelity MSCI Communication Services Index ETF	Fidelity MSCI Consumer Discretionary Index ETF	Fidelity MSCI Consumer Staples Index ETF	Fidelity MSCI Energy Index ETF
Investment Income
Dividends	$ 6,774,408	$ 11,833,546	$ 22,185,523	$ 45,487,948
Non-Cash dividends	1,381,986	—	—	—
Interest	2,911	6,124	6,103	5,821
Total income	8,159,305	11,839,670	22,191,626	45,493,769
Expenses
Management fees	659,920	1,251,967	790,421	1,036,367
Independent trustees' fees and expenses	2,681	5,062	3,042	3,924
Legal	—	166	—	—
Total expenses	662,601	1,257,195	793,463	1,040,291
Net investment income (loss)	7,496,704	10,582,475	21,398,163	44,453,478
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities	(10,027,660)	(23,342,599)	(2,093,662)	(24,151,357)
Net realized gain (loss) on In-kind redemptions	74,949,699	244,935,351	24,658,852	142,083,558
Net realized gain (loss) on futures contracts	(581,837)	(500,990)	205,810	2,326,354
Net realized gain (loss) on foreign currency transactions	—	—	—	—
Total net realized gain (loss)	64,340,202	221,091,762	22,771,000	120,258,555
Change in net unrealized appreciation (depreciation) on investment securities	(359,546,119)	(461,631,622)	(5,115,409)	405,454,222
Change in net unrealized appreciation (depreciation) on futures contracts	(57,703)	87,197	72,482	207,603
Total change in net unrealized appreciation (depreciation)	(359,603,822)	(461,544,425)	(5,042,927)	405,661,825
Net gain (loss)	(295,263,620)	(240,452,663)	17,728,073	525,920,380
Net increase (decrease) in net assets resulting from operations	$(287,766,916)	$(229,870,188)	$ 39,126,236	$570,373,858

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

89	Annual Report

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Financial Statements – continued

^{Statements of
Operations}

For the year ended July 31, 2022

	Fidelity MSCI Financials Index ETF	Fidelity MSCI Health Care Index ETF	Fidelity MSCI Industrials Index ETF	Fidelity MSCI Information Technology Index ETF
Investment Income
Dividends	$ 36,725,847	$ 38,737,572	$ 11,109,291	$ 49,481,596
Non-Cash dividends	—	—	—	—
Interest	10,118	17,662	4,132	28,556
Total income	36,735,965	38,755,234	11,113,423	49,510,152
Expenses
Management fees	1,500,358	2,403,785	677,066	5,226,008
Independent trustees' fees and expenses	5,939	9,406	2,724	20,624
Legal	—	—	—	—
Total expenses	1,506,297	2,413,191	679,790	5,246,632
Net investment income (loss)	35,229,668	36,342,043	10,433,633	44,263,520
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities	(15,572,814)	(20,264,865)	3,898,601	(26,195,409)
Net realized gain (loss) on In-kind redemptions	89,126,693	89,691,459	57,966,583	201,668,286
Net realized gain (loss) on futures contracts	(747,733)	(762,367)	(456,931)	1,069,161
Net realized gain (loss) on foreign currency transactions	—	—	7	—
Total net realized gain (loss)	72,806,146	68,664,227	61,408,260	176,542,038
Change in net unrealized appreciation (depreciation) on investment securities	(226,395,885)	(209,149,803)	(138,775,886)	(866,352,617)
Change in net unrealized appreciation (depreciation) on futures contracts	286,901	220,503	84,886	(9,114)
Total change in net unrealized appreciation (depreciation)	(226,108,984)	(208,929,300)	(138,691,000)	(866,361,731)
Net gain (loss)	(153,302,838)	(140,265,073)	(77,282,740)	(689,819,693)
Net increase (decrease) in net assets resulting from operations	$(118,073,170)	$(103,923,030)	$ (66,849,107)	$(645,556,173)

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

Annual Report

Table of Contents

^{Statements of
Operations}

For the year ended July 31, 2022

	Fidelity MSCI Materials Index ETF	Fidelity MSCI Real Estate Index ETF	Fidelity MSCI Utilities Index ETF
Investment Income
Dividends	$ 9,414,072	$ 44,732,014	$ 37,270,312
Non-Cash dividends	—	—	—
Interest	2,975	7,368	9,604
Total income	9,417,047	44,739,382	37,279,916
Expenses
Management fees	424,899	1,643,378	1,136,666
Independent trustees' fees and expenses	1,711	6,394	4,220
Legal	—	—	—
Total expenses	426,610	1,649,772	1,140,886
Net investment income (loss)	8,990,437	43,089,610	36,139,030
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities	(2,851,559)	(18,844,011)	(5,642,753)
Net realized gain (loss) on In-kind redemptions	41,145,449	118,602,151	53,559,282
Net realized gain (loss) on futures contracts	(232,116)	208,478	384,148
Net realized gain (loss) on foreign currency transactions	—	—	—
Total net realized gain (loss)	38,061,774	99,966,618	48,300,677
Change in net unrealized appreciation (depreciation) on investment securities	(80,145,901)	(242,974,136)	116,892,912
Change in net unrealized appreciation (depreciation) on futures contracts	(15,922)	77,085	204,075
Total change in net unrealized appreciation (depreciation)	(80,161,823)	(242,897,051)	117,096,987
Net gain (loss)	(42,100,049)	(142,930,433)	165,397,664
Net increase (decrease) in net assets resulting from operations	$(33,109,612)	$ (99,840,823)	$201,536,694

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

91	Annual Report

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Financial Statements – continued

^{Statements of
Changes in Net Assets}

	Fidelity MSCI Communication Services Index ETF		Fidelity MSCI Consumer Discretionary Index ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2022	Year ended July 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 7,496,704	$ 4,881,029	$ 10,582,475	$ 7,612,303
Net realized gain (loss)	64,340,202	67,452,249	221,091,762	125,780,203
Change in net unrealized appreciation (depreciation)	(359,603,822)	172,979,615	(461,544,425)	281,286,349
Net increase (decrease) in net assets resulting from operations	(287,766,916)	245,312,893	(229,870,188)	414,678,855
Distributions to shareholders	(7,610,350)	(4,490,900)	(11,050,200)	(7,322,150)
Share transactions
Proceeds from sales of shares	233,928,059	277,514,566	324,283,128	640,804,871
Cost of shares redeemed	(293,680,545)	(179,670,185)	(539,877,842)	(298,219,402)
Net increase (decrease) in net assets resulting from share transactions	(59,752,486)	97,844,381	(215,594,714)	342,585,469
Total increase (decrease) in net assets	(355,129,752)	338,666,374	(456,515,102)	749,942,174
Net Assets
Beginning of year	916,375,284	577,708,910	1,631,531,143	881,588,969
End of year	$ 561,245,532	$ 916,375,284	$1,175,016,041	$1,631,531,143
Other Information
Shares
Sold	5,400,000	5,500,000	3,800,000	9,000,000
Redeemed	(6,900,000)	(4,050,000)	(6,950,000)	(4,350,000)
Net increase (decrease)	(1,500,000)	1,450,000	(3,150,000)	4,650,000

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

Annual Report

Table of Contents

^{Statements of
Changes in Net Assets}

	Fidelity MSCI Consumer Staples Index ETF		Fidelity MSCI Energy Index ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2022	Year ended July 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 21,398,163	$ 20,968,508	$ 44,453,478	$ 28,490,030
Net realized gain (loss)	22,771,000	55,734,389	120,258,555	(6,896,933)
Change in net unrealized appreciation (depreciation)	(5,042,927)	62,687,995	405,661,825	241,972,018
Net increase (decrease) in net assets resulting from operations	39,126,236	139,390,892	570,373,858	263,565,115
Distributions to shareholders	(21,252,450)	(20,813,400)	(46,175,650)	(29,586,300)
Share transactions
Proceeds from sales of shares	324,193,400	272,522,699	387,541,369	328,207,237
Cost of shares redeemed	(101,991,130)	(251,466,243)	(318,221,008)	(117,452,719)
Net increase (decrease) in net assets resulting from share transactions	222,202,270	21,056,456	69,320,361	210,754,518
Total increase (decrease) in net assets	240,076,056	139,633,948	593,518,569	444,733,333
Net Assets
Beginning of year	818,282,688	678,648,740	894,057,997	449,324,664
End of year	$1,058,358,744	$ 818,282,688	$1,487,576,566	$ 894,057,997
Other Information
Shares
Sold	7,100,000	6,800,000	21,050,000	28,300,000
Redeemed	(2,350,000)	(6,100,000)	(18,100,000)	(9,400,000)
Net increase (decrease)	4,750,000	700,000	2,950,000	18,900,000

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

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Financial Statements – continued

^{Statements of
Changes in Net Assets}

	Fidelity MSCI Financials Index ETF		Fidelity MSCI Health Care Index ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2022	Year ended July 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 35,229,668	$ 24,866,481	$ 36,342,043	$ 31,015,066
Net realized gain (loss)	72,806,146	39,534,722	68,664,227	66,838,221
Change in net unrealized appreciation (depreciation)	(226,108,984)	390,693,235	(208,929,300)	504,537,093
Net increase (decrease) in net assets resulting from operations	(118,073,170)	455,094,438	(103,923,030)	602,390,380
Distributions to shareholders	(36,480,350)	(23,611,000)	(37,227,200)	(33,149,950)
Share transactions
Proceeds from sales of shares	276,240,117	715,027,877	455,404,706	399,566,161
Cost of shares redeemed	(289,122,805)	(154,635,399)	(192,134,263)	(137,834,298)
Net increase (decrease) in net assets resulting from share transactions	(12,882,688)	560,392,478	263,270,443	261,731,863
Total increase (decrease) in net assets	(167,436,208)	991,875,916	122,120,213	830,972,293
Net Assets
Beginning of year	1,716,934,950	725,059,034	2,846,238,563	2,015,266,270
End of year	$1,549,498,742	$1,716,934,950	$2,968,358,776	$2,846,238,563
Other Information
Shares
Sold	4,950,000	14,900,000	7,000,000	6,950,000
Redeemed	(5,550,000)	(3,250,000)	(3,000,000)	(2,350,000)
Net increase (decrease)	(600,000)	11,650,000	4,000,000	4,600,000

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

Annual Report

Table of Contents

^{Statements of
Changes in Net Assets}

	Fidelity MSCI Industrials Index ETF		Fidelity MSCI Information Technology Index ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2022	Year ended July 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 10,433,633	$ 7,779,970	$ 44,263,520	$ 39,380,753
Net realized gain (loss)	61,408,260	10,549,630	176,542,038	223,319,232
Change in net unrealized appreciation (depreciation)	(138,691,000)	189,422,820	(866,361,731)	1,490,020,346
Net increase (decrease) in net assets resulting from operations	(66,849,107)	207,752,420	(645,556,173)	1,752,720,331
Distributions to shareholders	(10,491,650)	(7,709,800)	(46,200,150)	(39,319,850)
Share transactions
Proceeds from sales of shares	101,356,059	348,123,647	554,048,203	583,974,201
Cost of shares redeemed	(180,991,891)	(33,192,592)	(330,116,462)	(378,741,782)
Net increase (decrease) in net assets resulting from share transactions	(79,635,832)	314,931,055	223,931,741	205,232,419
Total increase (decrease) in net assets	(156,976,589)	514,973,675	(467,824,582)	1,918,632,900
Net Assets
Beginning of year	862,271,152	347,297,477	6,206,888,768	4,288,255,868
End of year	$ 705,294,563	$862,271,152	$5,739,064,186	$6,206,888,768
Other Information
Shares
Sold	1,900,000	7,200,000	4,350,000	5,600,000
Redeemed	(3,600,000)	(650,000)	(2,900,000)	(3,750,000)
Net increase (decrease)	(1,700,000)	6,550,000	1,450,000	1,850,000

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

95	Annual Report

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Financial Statements – continued

^{Statements of
Changes in Net Assets}

	Fidelity MSCI Materials Index ETF		Fidelity MSCI Real Estate Index ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2022	Year ended July 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 8,990,437	$ 5,649,740	$ 43,089,610	$ 28,240,488
Net realized gain (loss)	38,061,774	23,574,472	99,966,618	9,097,959
Change in net unrealized appreciation (depreciation)	(80,161,823)	65,955,360	(242,897,051)	381,807,072
Net increase (decrease) in net assets resulting from operations	(33,109,612)	95,179,572	(99,840,823)	419,145,519
Distributions to shareholders	(8,977,200)	(5,562,850)	(56,284,500)	(43,349,650)
Share transactions
Proceeds from sales of shares	135,066,634	363,160,504	475,187,190	427,447,059
Cost of shares redeemed	(187,299,301)	(73,126,709)	(331,089,835)	(84,781,395)
Net increase (decrease) in net assets resulting from share transactions	(52,232,667)	290,033,795	144,097,355	342,665,664
Total increase (decrease) in net assets	(94,319,479)	379,650,517	(12,027,968)	718,461,533
Net Assets
Beginning of year	544,136,580	164,486,063	1,784,615,211	1,066,153,678
End of year	$ 449,817,101	$544,136,580	$1,772,587,243	$1,784,615,211
Other Information
Shares
Sold	2,750,000	8,250,000	14,750,000	15,600,000
Redeemed	(4,100,000)	(1,650,000)	(10,900,000)	(3,400,000)
Net increase (decrease)	(1,350,000)	6,600,000	3,850,000	12,200,000

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

Annual Report

Table of Contents

Financial Statements – continued

^{Financial
Highlights}

	Fidelity MSCI Communication Services Index ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018
Selected Per-Share Data
Net asset value, beginning of period	$ 54.87	$ 37.88	$ 34.35	$ 28.76	$ 32.62
Income from Investment Operations
Net investment income (loss)^A,B	0.45	0.34	0.33	0.49	0.85
Net realized and unrealized gain (loss)	(17.95)	16.96	3.52	5.59	(2.43)
Total from investment operations	(17.50)	17.30	3.85	6.08	(1.58)
Distributions from net investment income	(0.45)	(0.31)	(0.32)	(0.49)	(1.00)
Distributions from net realized gain	—	—	—	—	(1.28)
Total distributions	(0.45)	(0.31)	(0.32)	(0.49)	(2.28)
Net asset value, end of period	$ 36.92	$ 54.87	$ 37.88	$ 34.35	$ 28.76
Total Return^C	(32.06)%	45.81%	11.40%	21.33%	(5.14)%
Ratios to Average Net Assets^A,D
Expenses before reductions	.08%	.08%	.08%	.08%	.08%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.08%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.08%
Net investment income (loss)	.95%	.72%	.96%	1.53%	2.81%
Supplemental Data
Net assets, end of period (000 omitted)	$561,246	$916,375	$577,709	$374,389	$125,104
Portfolio turnover rate^E,F	21%	13%	23%	82%	38%

^A	Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
^B	Calculated based on average shares outstanding during the period.
^C	Based on net asset value.
^D	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
^E	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^F	Portfolio turnover rate excludes securities received or delivered in-kind.

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

Annual Report

Table of Contents

^{Financial
Highlights}

	Fidelity MSCI Consumer Discretionary Index ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018
Selected Per-Share Data
Net asset value, beginning of period	$ 81.37	$ 57.25	$ 46.25	$ 43.32	$ 36.06
Income from Investment Operations
Net investment income (loss)^A,B	0.55	0.42	0.50	0.51	0.47
Net realized and unrealized gain (loss)	(11.81)	24.10	11.01	2.96	7.20
Total from investment operations	(11.26)	24.52	11.51	3.47	7.67
Distributions from net investment income	(0.58)	(0.40)	(0.51)	(0.54)	(0.41)
Total distributions	(0.58)	(0.40)	(0.51)	(0.54)	(0.41)
Net asset value, end of period	$ 69.53	$ 81.37	$ 57.25	$ 46.25	$ 43.32
Total Return^C	(13.89)%	42.95%	25.26%	8.15%	21.36%
Ratios to Average Net Assets^A,D
Expenses before reductions	.08%	.08%	.08%	.08%	.08%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.08%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.08%
Net investment income (loss)	.71%	.58%	1.06%	1.18%	1.16%
Supplemental Data
Net assets, end of period (000 omitted)	$1,175,016	$1,631,531	$881,589	$728,457	$628,129
Portfolio turnover rate^E,F	8%	48%	60%	25%	5%

^A	Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
^B	Calculated based on average shares outstanding during the period.
^C	Based on net asset value.
^D	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
^E	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^F	Portfolio turnover rate excludes securities received or delivered in-kind.

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

99	Annual Report

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Financial Statements – continued

^{Financial
Highlights}

	Fidelity MSCI Consumer Staples Index ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018
Selected Per-Share Data
Net asset value, beginning of period	$ 43.30	$ 37.29	$ 35.59	$ 32.33	$ 33.23
Income from Investment Operations
Net investment income (loss)^A,B	1.01	1.02	0.96	0.94	0.86
Net realized and unrealized gain (loss)	1.45	6.01	1.70	3.23	(0.88)
Total from investment operations	2.46	7.03	2.66	4.17	(0.02)
Distributions from net investment income	(1.01)	(1.02)	(0.96)	(0.91)	(0.88)
Total distributions	(1.01)	(1.02)	(0.96)	(0.91)	(0.88)
Net asset value, end of period	$ 44.75	$ 43.30	$ 37.29	$ 35.59	$ 32.33
Total Return^C	5.79%	19.09%	7.74%	13.16%	(0.06)%
Ratios to Average Net Assets^A,D
Expenses before reductions	.08%	.08%	.08%	.08%	.08%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.08%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.08%
Net investment income (loss)	2.27%	2.53%	2.68%	2.83%	2.65%
Supplemental Data
Net assets, end of period (000 omitted)	$1,058,359	$818,283	$678,649	$548,070	$311,970
Portfolio turnover rate^E,F	8%	20%	34%	30%	24%

^A	Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
^B	Calculated based on average shares outstanding during the period.
^C	Based on net asset value.
^D	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
^E	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^F	Portfolio turnover rate excludes securities received or delivered in-kind.

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

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^{Financial
Highlights}

	Fidelity MSCI Energy Index ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018
Selected Per-Share Data
Net asset value, beginning of period	$ 13.47	$ 9.47	$ 16.79	$ 21.50	$ 18.39
Income from Investment Operations
Net investment income (loss)^A,B	0.65	0.49	0.51	0.54	0.47
Net realized and unrealized gain (loss)	8.02	4.02	(6.86)	(4.70)	3.22
Total from investment operations	8.67	4.51	(6.35)	(4.16)	3.69
Distributions from net investment income	(0.67)	(0.51)	(0.97)	(0.55)	(0.58)
Total distributions	(0.67)	(0.51)	(0.97)	(0.55)	(0.58)
Net asset value, end of period	$ 21.47	$ 13.47	$ 9.47	$ 16.79	$ 21.50
Total Return^C	65.70%	48.79%	(39.28)%	(19.42)%	20.52%
Ratios to Average Net Assets^A,D
Expenses before reductions	.08%	.08%	.08%	.08%	.08%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.08%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.08%
Net investment income (loss)	3.59%	4.11%	4.18%	2.92%	2.40%
Supplemental Data
Net assets, end of period (000 omitted)	$1,487,577	$894,058	$449,325	$467,628	$634,157
Portfolio turnover rate^E,F	8%	11%	17%	6%	5%

^A	Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
^B	Calculated based on average shares outstanding during the period.
^C	Based on net asset value.
^D	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
^E	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^F	Portfolio turnover rate excludes securities received or delivered in-kind.

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

101	Annual Report

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Financial Statements – continued

^{Financial
Highlights}

	Fidelity MSCI Financials Index ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018
Selected Per-Share Data
Net asset value, beginning of period	$ 52.19	$ 34.12	$ 41.22	$ 41.05	$ 36.94
Income from Investment Operations
Net investment income (loss)^A,B	1.05	0.96	1.00	0.89	0.75
Net realized and unrealized gain (loss)	(4.19)	18.00	(7.09)	0.18	4.11
Total from investment operations	(3.14)	18.96	(6.09)	1.07	4.86
Distributions from net investment income	(1.08)	(0.89)	(1.01)	(0.90)	(0.75)
Total distributions	(1.08)	(0.89)	(1.01)	(0.90)	(0.75)
Net asset value, end of period	$ 47.97	$ 52.19	$ 34.12	$ 41.22	$ 41.05
Total Return^C	(6.11)%	56.15%	(14.78)%	2.80%	13.23%
Ratios to Average Net Assets^A,D
Expenses before reductions	.08%	.08%	.08%	.08%	.08%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.08%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.08%
Net investment income (loss)	1.97%	2.10%	2.61%	2.27%	1.88%
Supplemental Data
Net assets, end of period (000 omitted)	$1,549,499	$1,716,935	$725,059	$1,143,858	$1,574,375
Portfolio turnover rate^E,F	6%	4%	6%	5%	5%

^A	Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
^B	Calculated based on average shares outstanding during the period.
^C	Based on net asset value.
^D	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
^E	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^F	Portfolio turnover rate excludes securities received or delivered in-kind.

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

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^{Financial
Highlights}

	Fidelity MSCI Health Care Index ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018
Selected Per-Share Data
Net asset value, beginning of period	$ 66.04	$ 52.34	$ 44.43	$ 43.72	$ 38.44
Income from Investment Operations
Net investment income (loss)^A,B	0.81	0.75	0.72	0.63	0.56
Net realized and unrealized gain (loss)	(3.00)	13.74	7.88	1.01	5.29
Total from investment operations	(2.19)	14.49	8.60	1.64	5.85
Distributions from net investment income	(0.83)	(0.79)	(0.69)	(0.93)	(0.57)
Total distributions	(0.83)	(0.79)	(0.69)	(0.93)	(0.57)
Net asset value, end of period	$ 63.02	$ 66.04	$ 52.34	$ 44.43	$ 43.72
Total Return^C	(3.32)%	27.91%	19.69%	3.84%	15.34%
Ratios to Average Net Assets^A,D
Expenses before reductions	.08%	.08%	.08%	.08%	.08%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.08%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.08%
Net investment income (loss)	1.27%	1.28%	1.52%	1.43%	1.39%
Supplemental Data
Net assets, end of period (000 omitted)	$2,968,359	$2,846,239	$2,015,266	$1,557,252	$1,252,626
Portfolio turnover rate^E,F	4%	7%	7%	5%	8%

^A	Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
^B	Calculated based on average shares outstanding during the period.
^C	Based on net asset value.
^D	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
^E	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^F	Portfolio turnover rate excludes securities received or delivered in-kind.

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

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^{Financial
Highlights}

	Fidelity MSCI Industrials Index ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018
Selected Per-Share Data
Net asset value, beginning of period	$ 54.57	$ 37.55	$ 40.04	$ 39.51	$ 34.93
Income from Investment Operations
Net investment income (loss)^A,B	0.68	0.61	0.69	0.70	0.61
Net realized and unrealized gain (loss)	(4.55)	17.00	(2.48)	0.51	4.62
Total from investment operations	(3.87)	17.61	(1.79)	1.21	5.23
Distributions from net investment income	(0.68)	(0.59)	(0.70)	(0.68)	(0.65)
Total distributions	(0.68)	(0.59)	(0.70)	(0.68)	(0.65)
Net asset value, end of period	$ 50.02	$ 54.57	$ 37.55	$ 40.04	$ 39.51
Total Return^C	(7.10)%	47.17%	(4.34)%	3.23%	15.08%
Ratios to Average Net Assets^A,D
Expenses before reductions	.08%	.08%	.08%	.08%	.08%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.08%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.08%
Net investment income (loss)	1.29%	1.24%	1.80%	1.84%	1.61%
Supplemental Data
Net assets, end of period (000 omitted)	$705,295	$862,271	$347,297	$454,471	$499,824
Portfolio turnover rate^E,F	7%	5%	4%	5%	5%

^A	Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
^B	Calculated based on average shares outstanding during the period.
^C	Based on net asset value.
^D	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
^E	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^F	Portfolio turnover rate excludes securities received or delivered in-kind.

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

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^{Financial
Highlights}

	Fidelity MSCI Information Technology Index ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018
Selected Per-Share Data
Net asset value, beginning of period	$ 121.70	$ 87.25	$ 64.53	$ 56.36	$ 44.50
Income from Investment Operations
Net investment income (loss)^A,B	0.84	0.79	0.87	0.70	0.53
Net realized and unrealized gain (loss)	(12.24)	34.45	22.70	8.17	11.85
Total from investment operations	(11.40)	35.24	23.57	8.87	12.38
Distributions from net investment income	(0.88)	(0.79)	(0.85)	(0.70)	(0.52)
Total distributions	(0.88)	(0.79)	(0.85)	(0.70)	(0.52)
Net asset value, end of period	$ 109.42	$ 121.70	$ 87.25	$ 64.53	$ 56.36
Total Return^C	(9.41)%	40.57%	36.99%	15.94%	27.92%
Ratios to Average Net Assets^A,D
Expenses before reductions	.08%	.08%	.08%	.08%	.08%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.08%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.08%
Net investment income (loss)	.71%	.76%	1.21%	1.22%	1.02%
Supplemental Data
Net assets, end of period (000 omitted)	$5,739,064	$6,206,889	$4,288,256	$2,571,364	$2,223,254
Portfolio turnover rate^E,F	5%	3%	5%	18%	4%

^A	Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
^B	Calculated based on average shares outstanding during the period.
^C	Based on net asset value.
^D	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
^E	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^F	Portfolio turnover rate excludes securities received or delivered in-kind.

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

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Financial Statements – continued

^{Financial
Highlights}

	Fidelity MSCI Materials Index ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018
Selected Per-Share Data
Net asset value, beginning of period	$ 46.91	$ 32.90	$ 32.63	$ 34.70	$ 31.63
Income from Investment Operations
Net investment income (loss)^A,B	0.83	0.71	0.65	0.65	0.55
Net realized and unrealized gain (loss)	(3.01)	13.98	0.30	(2.08)	3.09
Total from investment operations	(2.18)	14.69	0.95	(1.43)	3.64
Distributions from net investment income	(0.85)	(0.68)	(0.68)	(0.64)	(0.57)
Total distributions	(0.85)	(0.68)	(0.68)	(0.64)	(0.57)
Net asset value, end of period	$ 43.88	$ 46.91	$ 32.90	$ 32.63	$ 34.70
Total Return^C	(4.68)%	45.01%	3.28%	(4.02)%	11.54%
Ratios to Average Net Assets^A,D
Expenses before reductions	.08%	.08%	.08%	.08%	.08%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.08%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.08%
Net investment income (loss)	1.77%	1.66%	2.08%	2.05%	1.60%
Supplemental Data
Net assets, end of period (000 omitted)	$449,817	$544,137	$164,486	$199,043	$265,428
Portfolio turnover rate^E,F	4%	4%	3%	12%	10%

^A	Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
^B	Calculated based on average shares outstanding during the period.
^C	Based on net asset value.
^D	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
^E	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^F	Portfolio turnover rate excludes securities received or delivered in-kind.

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

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^{Financial
Highlights}

	Fidelity MSCI Real Estate Index ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018
Selected Per-Share Data
Net asset value, beginning of period	$ 31.75	$ 24.23	$ 26.58	$ 24.69	$ 24.53
Income from Investment Operations
Net investment income (loss)^A,B	0.68	0.58	0.67	1.05	0.76
Net realized and unrealized gain (loss)	(2.01)	7.83	(2.13)	2.08	0.32
Total from investment operations	(1.33)	8.41	(1.46)	3.13	1.08
Distributions from net investment income	(0.90)	(0.89)	(0.68)	(1.24)	(0.92)
Return of capital	—	—	(0.21)	—	—
Total distributions	(0.90)	(0.89)	(0.89)	(1.24)	(0.92)
Net asset value, end of period	$ 29.52	$ 31.75	$ 24.23	$ 26.58	$ 24.69
Total Return^C	(4.25)%	35.58%	(5.27)%	13.19%	4.53%
Ratios to Average Net Assets^A,D
Expenses before reductions	.08%	.08%	.08%	.08%	.08%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.08%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.08%
Net investment income (loss)	2.20%	2.16%	2.62%	4.20%	3.15%
Supplemental Data
Net assets, end of period (000 omitted)	$1,772,587	$1,784,615	$1,066,154	$844,003	$502,347
Portfolio turnover rate^E,F	11%	8%	9%	10%	8%

^A	Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
^B	Calculated based on average shares outstanding during the period.
^C	Based on net asset value.
^D	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
^E	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^F	Portfolio turnover rate excludes securities received or delivered in-kind.

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

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Financial Statements – continued

^{Financial
Highlights}

	Fidelity MSCI Utilities Index ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018
Selected Per-Share Data
Net asset value, beginning of period	$ 42.63	$ 39.11	$ 39.21	$ 34.85	$ 34.64
Income from Investment Operations
Net investment income (loss)^A,B	1.19	1.21	1.23	1.16	1.10
Net realized and unrealized gain (loss)	5.11	3.56	(0.09)	4.32	0.20
Total from investment operations	6.30	4.77	1.14	5.48	1.30
Distributions from net investment income	(1.21)	(1.25)	(1.24)	(1.12)	(1.09)
Total distributions	(1.21)	(1.25)	(1.24)	(1.12)	(1.09)
Net asset value, end of period	$ 47.72	$ 42.63	$ 39.11	$ 39.21	$ 34.85
Total Return^C	15.10%	12.46%	3.13%	15.93%	3.83%
Ratios to Average Net Assets^A,D
Expenses before reductions	.08%	.08%	.08%	.08%	.08%
Expenses net of fee waivers, if any	.08%	.08%	.08%	.08%	.08%
Expenses net of all reductions	.08%	.08%	.08%	.08%	.08%
Net investment income (loss)	2.66%	2.96%	3.06%	3.11%	3.21%
Supplemental Data
Net assets, end of period (000 omitted)	$2,195,072	$1,076,292	$844,807	$733,190	$336,273
Portfolio turnover rate^E,F	3%	5%	5%	7%	6%

^A	Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
^B	Calculated based on average shares outstanding during the period.
^C	Based on net asset value.
^D	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
^E	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^F	Portfolio turnover rate excludes securities received or delivered in-kind.

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

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Notes to Financial Statements
For the period ended July 31, 2022

1. Organization.

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 and Fidelity MSCI Utilities Index ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. Each Fund, with the exception of Fidelity MSCI Industrials Index ETF and Fidelity MSCI Real Estate Index ETF, are non-diversified funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund’s Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund’s investments to the Fair Value Committee (the Committee) established by each Fund’s investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund’s valuation policies and procedures and reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund’s investments and ratifies the fair value determinations of the Committee.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – unadjusted quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 – unobservable inputs (including the Fund’s own assumptions based on the best information available)

Valuation techniques used to value each Fund’s investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund’s NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board’s fair value pricing policies and is categorized as Level 2 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2022 is included at the end of each Fund’s Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

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Notes to Financial Statements – continued

2. Significant Accounting Policies – continued

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Funds’ investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business (normally 4:00 p.m. Eastern time) of the New York Stock Exchange, Archipelago Exchange (NYSE Arca) and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statements of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund’s expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2022, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on each Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due futures transactions, certain deemed distributions, passive foreign investment companies (PFIC), redemptions in kind, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation)
Fidelity MSCI Communication Services Index ETF	$ 682,799,553	$ 51,364,931	$ (172,722,452)	$ (121,357,521)
Fidelity MSCI Consumer Discretionary Index ETF	1,197,056,443	116,327,142	(139,320,912)	(22,993,770)

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2. Significant Accounting Policies – continued

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation)
Fidelity MSCI Consumer Staples Index ETF	$ 973,606,521	$ 115,652,039	$ (32,576,837)	$ 83,075,202
Fidelity MSCI Energy Index ETF	1,125,703,970	367,949,831	(7,285,763)	360,664,068
Fidelity MSCI Financials Index ETF	1,519,277,142	134,798,805	(107,763,319)	27,035,486
Fidelity MSCI Health Care Index ETF	2,385,399,066	738,845,985	(160,583,073)	578,262,912
Fidelity MSCI Industrials Index ETF	692,559,867	89,240,125	(77,667,597)	11,572,528
Fidelity MSCI Information Technology Index ETF	3,681,549,651	2,277,588,635	(222,495,283)	2,055,093,352
Fidelity MSCI Materials Index ETF	483,605,956	25,655,984	(59,947,603)	(34,291,619)
Fidelity MSCI Real Estate Index ETF	1,692,180,153	170,332,547	(93,495,538)	76,837,009
Fidelity MSCI Utilities Index ETF	2,027,289,752	172,167,238	(6,151,007)	166,016,231

The tax-based components of distributable earnings as of period end were as follows for each Fund:

	Undistributed ordinary income	Undistributed capital gains	Capital loss carryforward	Net unrealized appreciation (depreciation)
Fidelity MSCI Communication Services Index ETF	$ 926,743	$ —	$ (34,527,602)	$ (121,357,522)
Fidelity MSCI Consumer Discretionary Index ETF	—	—	(27,742,269)	(22,993,770)
Fidelity MSCI Consumer Staples Index ETF	1,410,411	—	(10,408,455)	83,075,202
Fidelity MSCI Energy Index ETF	—	—	(120,353,695)	360,664,070
Fidelity MSCI Financials Index ETF	1,201,658	—	(40,509,457)	27,035,485
Fidelity MSCI Health Care Index ETF	3,421,029	—	(32,014,371)	578,262,911
Fidelity MSCI Industrials Index ETF	194,511	—	(6,556,157)	11,572,529
Fidelity MSCI Information Technology Index ETF	2,189,180	—	(50,254,380)	2,055,093,350
Fidelity MSCI Materials Index ETF	177,675	—	(12,101,079)	(34,291,618)
Fidelity MSCI Real Estate Index ETF	—	—	(41,882,360)	76,837,010
Fidelity MSCI Utilities Index ETF	—	—	(24,814,370)	166,016,230

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

	Short-term	Long-term	Total capital loss carryforward
Fidelity MSCI Communication Services Index ETF	$ (12,230,815)	$ (22,296,787)	$ (34,527,602)
Fidelity MSCI Consumer Discretionary Index ETF	(14,180,659)	(13,561,610)	(27,742,269)
Fidelity MSCI Consumer Staples Index ETF	(26,716)	(10,381,739)	(10,408,455)
Fidelity MSCI Energy Index ETF	(9,381,586)	(110,972,109)	(120,353,695)
Fidelity MSCI Financials Index ETF	(16,543,269)	(23,966,188)	(40,509,457)
Fidelity MSCI Health Care Index ETF	(5,200,136)	(26,814,235)	(32,014,371)
Fidelity MSCI Industrials Index ETF	(3,152,556)	(3,403,601)	(6,556,157)
Fidelity MSCI Information Technology Index ETF	(50,254,380)	—	(50,254,380)
Fidelity MSCI Materials Index ETF	(4,695,708)	(7,405,371)	(12,101,079)
Fidelity MSCI Real Estate Index ETF	(25,436,170)	(16,446,190)	(41,882,360)
Fidelity MSCI Utilities Index ETF	(11,092,389)	(13,721,981)	(24,814,370)

The tax character of distributions paid was as follows:

July 31, 2022
	Ordinary Income	Long-Term Capital Gain	Tax Return Of Capital	Total
Fidelity MSCI Communication Services Index ETF	$ 7,610,350	$ —	$ —	$ 7,610,350
Fidelity MSCI Consumer Discretionary Index ETF	11,050,200	—	—	11,050,200
Fidelity MSCI Consumer Staples Index ETF	21,252,450	—	—	21,252,450
Fidelity MSCI Energy Index ETF	46,175,650	—	—	46,175,650
Fidelity MSCI Financials Index ETF	36,480,350	—	—	36,480,350

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Notes to Financial Statements – continued

2. Significant Accounting Policies – continued

July 31, 2022
	Ordinary Income	Long-Term Capital Gain	Tax Return Of Capital	Total
Fidelity MSCI Health Care Index ETF	$ 37,227,200	$ —	$ —	$ 37,227,200
Fidelity MSCI Industrials Index ETF	10,491,650	—	—	10,491,650
Fidelity MSCI Information Technology Index ETF	46,200,150	—	—	46,200,150
Fidelity MSCI Materials Index ETF	8,977,200	—	—	8,977,200
Fidelity MSCI Real Estate Index ETF	56,284,500	—	—	56,284,500
Fidelity MSCI Utilities Index ETF	36,559,700	—	—	36,559,700

July 31, 2021
Fidelity MSCI Communication Services Index ETF	$ 4,490,900	$ —	$ —	$ 4,490,900
Fidelity MSCI Consumer Discretionary Index ETF	7,322,150	—	—	7,322,150
Fidelity MSCI Consumer Staples Index ETF	20,813,400	—	—	20,813,400
Fidelity MSCI Energy Index ETF	29,586,300	—	—	29,586,300
Fidelity MSCI Financials Index ETF	23,611,000	—	—	23,611,000
Fidelity MSCI Health Care Index ETF	33,149,950	—	—	33,149,950
Fidelity MSCI Industrials Index ETF	7,709,800	—	—	7,709,800
Fidelity MSCI Information Technology Index ETF	39,319,850	—	—	39,319,850
Fidelity MSCI Materials Index ETF	5,562,850	—	—	5,562,850
Fidelity MSCI Real Estate Index ETF	43,349,650	—	—	43,349,650
Fidelity MSCI Utilities Index ETF	31,181,450	—	—	31,181,450

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

3. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. Investment objectives allow a fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

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3. Derivative Instruments – continued

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statements of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statements of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract’s exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statements of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity MSCI Communication Services Index ETF	166,826,685	164,615,448
Fidelity MSCI Consumer Discretionary Index ETF	119,680,657	120,309,094
Fidelity MSCI Consumer Staples Index ETF	72,303,200	71,432,134
Fidelity MSCI Energy Index ETF	100,135,321	95,643,690
Fidelity MSCI Financials Index ETF	98,408,485	100,412,089
Fidelity MSCI Health Care Index ETF	119,160,383	119,132,545
Fidelity MSCI Industrials Index ETF	59,776,154	61,279,223
Fidelity MSCI Information Technology Index ETF	322,969,652	308,536,436
Fidelity MSCI Materials Index ETF	22,073,899	22,713,589
Fidelity MSCI Real Estate Index ETF	229,177,180	223,580,884
Fidelity MSCI Utilities Index ETF	51,636,590	45,247,239

Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.

	In-Kind Subscriptions ($)	In-Kind Redemptions ($)
Fidelity MSCI Communication Services Index ETF	233,159,663	291,659,523
Fidelity MSCI Consumer Discretionary Index ETF	323,098,067	538,478,230
Fidelity MSCI Consumer Staples Index ETF	323,023,483	101,620,902
Fidelity MSCI Energy Index ETF	381,732,710	312,877,885
Fidelity MSCI Financials Index ETF	268,600,165	281,403,215
Fidelity MSCI Health Care Index ETF	453,404,003	191,231,824
Fidelity MSCI Industrials Index ETF	100,694,083	179,750,292
Fidelity MSCI Information Technology Index ETF	551,465,460	328,604,763
Fidelity MSCI Materials Index ETF	134,586,799	186,369,632
Fidelity MSCI Real Estate Index ETF	470,908,174	329,045,028
Fidelity MSCI Utilities Index ETF	1,226,475,838	280,407,682

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Notes to Financial Statements – continued

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of .084% of each Fund's average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee paid to the investment adviser is reduced by an amount equal to the fees and expenses paid by each fund to the independent Trustees.

Sub-Adviser. BlackRock Fund Advisors (BFA) serves as sub-adviser for the Funds. BFA provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.

Interfund Trades. Funds may purchase from or sell securities to other funds affiliated with each sub-adviser under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. During the period, there were no interfund trades.

6. Share Transactions.

Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities to a fund and redemption proceeds are paid with a basket of securities from a fund’s portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund’s shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units.

7. Other.

A fund’s organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

8. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Covington Trust and the Shareholders of 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, and Fidelity MSCI Utilities Index ETF:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of 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 and Fidelity MSCI Utilities Index ETF (the "Funds"), each a fund of Fidelity Covington Trust, including the schedules of investments, as of July 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 15, 2022

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

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Trustees and Officers (Unaudited)

The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Each of the Trustees oversees 316 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The funds’ Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-FIDELITY.

Experience, Skills, Attributes, and Qualifiﬁcations of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity^® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity^® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity^® funds overseen by each Board.

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The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity^® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity^® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity^® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity^® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

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Trustees and Officers (Unaudited) – continued

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity^® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity^® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2018

Trustee

Mr. Dirks also serves as Trustee of other Fidelity^® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity^® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity^® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity^® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity^® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University’s Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

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Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Trustee

Ms. Kampling also serves as Trustee of other Fidelity^® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity^® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity^® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity^® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity^® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity^® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2013

Trustee

Mr. Smith also serves as Trustee of other Fidelity^® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity^® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity^® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

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Trustees and Officers (Unaudited) – continued

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity^® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity^® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2013

Trustee

Mr. Wiley also serves as Trustee of other Fidelity^® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity^® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

Advisory Board Members and Offiﬃcers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity^® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

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Name, Year of Birth; Principal Occupation

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity^® funds (2016-2020) and Assistant Treasurer of certain Fidelity^® funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

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Trustees and Officers (Unaudited) – continued

Name, Year of Birth; Principal Occupation

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity^® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity^® funds (2019-2021).

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Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested for the one-half year period (February 1, 2022 to July 31, 2022).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Annualized Expense Ratio^A	Beginning Account Value February 1, 2022	Ending Account Value July 31, 2022	Expenses Paid During Period^B February 1, 2022 to July 31, 2022
Fidelity MSCI Communication Services Index ETF	0.08%
Actual		$ 1,000.00	$ 1,000.00	$ 0.40
Hypothetical ^C		$ 1,000.00	$ 1,024.40	$ 0.40
Fidelity MSCI Consumer Discretionary Index ETF	0.08%
Actual		$ 1,000.00	$ 1,000.00	$ 0.40
Hypothetical ^C		$ 1,000.00	$ 1,024.40	$ 0.40
Fidelity MSCI Consumer Staples Index ETF	0.08%
Actual		$ 1,000.00	$ 1,000.00	$ 0.40
Hypothetical ^C		$ 1,000.00	$ 1,024.40	$ 0.40
Fidelity MSCI Energy Index ETF	0.08%
Actual		$ 1,000.00	$ 1,227.60	$ 0.44
Hypothetical ^C		$ 1,000.00	$ 1,024.40	$ 0.40
Fidelity MSCI Financials Index ETF	0.08%
Actual		$ 1,000.00	$ 1,000.00	$ 0.40
Hypothetical ^C		$ 1,000.00	$ 1,024.40	$ 0.40
Fidelity MSCI Health Care Index ETF	0.08%
Actual		$ 1,000.00	$ 1,003.70	$ 0.40
Hypothetical ^C		$ 1,000.00	$ 1,024.40	$ 0.40
Fidelity MSCI Industrials Index ETF	0.08%
Actual		$ 1,000.00	$ 1,000.00	$ 0.40
Hypothetical ^C		$ 1,000.00	$ 1,024.40	$ 0.40

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Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

A percentage of the dividends distributed during the fiscal year for the following funds qualifies for the dividend-received deduction for corporate shareholders:

	September 2021	December 2021	March 2022	June 2022
Fidelity MSCI Communication Services Index ETF	100%	100%	100%	100%
Fidelity MSCI Consumer Discretionary Index ETF	100%	100%	100%	100%
Fidelity MSCI Consumer Staples Index ETF	100%	100%	100%	100%
Fidelity MSCI Energy Index ETF	100%	100%	100%	100%
Fidelity MSCI Financials Index ETF	94%	94%	100%	100%
Fidelity MSCI Health Care Index ETF	93%	93%	100%	100%
Fidelity MSCI Industrials Index ETF	96%	96%	100%	100%
Fidelity MSCI Information Technology Index ETF	100%	100%	100%	100%
Fidelity MSCI Materials Index ETF	80%	80%	79%	79%
Fidelity MSCI Real Estate Index ETF	1%	1%	1%	1%
Fidelity MSCI Utilities Index ETF	100%	100%	100%	100%

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

	September 2021	December 2021	March 2022	June 2022
Fidelity MSCI Communication Services Index ETF	100%	100%	100%	100%
Fidelity MSCI Consumer Discretionary Index ETF	100%	100%	100%	100%
Fidelity MSCI Consumer Staples Index ETF	100%	100%	100%	100%
Fidelity MSCI Energy Index ETF	100%	100%	100%	100%
Fidelity MSCI Financials Index ETF	100%	100%	100%	100%
Fidelity MSCI Health Care Index ETF	100%	100%	100%	100%
Fidelity MSCI Industrials Index ETF	100%	100%	100%	100%
Fidelity MSCI Information Technology Index ETF	100%	100%	100%	100%
Fidelity MSCI Materials Index ETF	100%	100%	100%	100%
Fidelity MSCI Real Estate Index ETF	1%	1%	1%	1%
Fidelity MSCI Utilities Index ETF	100%	100%	100%	100%

A percentage of the dividends distributed during the calendar year 2021 for the following funds qualify as a section 199A dividend:

	March 2021	June 2021	September 2021	December 2021
Fidelity MSCI Real Estate Index ETF	73%	73%	55%	55%

The funds will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

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Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Sector ETFs

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory and ETF services agreement for each fund (Sub-Advisory Agreement) with BlackRock Fund Advisors (BFA) (together, the Advisory Contracts). FMR and BFA are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees’ counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund’s Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund’s Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board’s annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2022 meeting, the Board unanimously determined to renew each fund’s Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund’s management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and BFA from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees’ counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board’s decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity’s competitors, and that each fund’s shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and BFA, and also considered the funds’ investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity’s investment operations and investment groups and with representatives of BFA. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund. The Board also considered the steps Fidelity and BFA had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity’s role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by BFA with respect to the funds and monitoring and overseeing the performance and investment capabilities of BFA. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of BFA.

The Board also considered the nature, extent and quality of services provided by BFA. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, BFA is responsible for, among other things, identifying investments, arranging for execution of portfolio transactions to implement each fund’s investment strategy, and performing certain ETF-related services. In addition, the Trustees noted that BFA is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity’s and BFA’s investment staffs, including their size, education, experience, and resources, as well as Fidelity’s and BFA’s approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity’s and BFA’s investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity’s and BFA’s trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates or agents under the Advisory Contracts and by FMR’s affiliates under separate agreements covering pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally State Street Bank and Trust Company, each fund’s transfer agent and custodian; and (iii) the resources devoted to, and the record of compliance with, each fund’s compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with certain of the Investment Advisers.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity’s investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity’s global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity’s product line to increase investors’ probability of success in achieving their investment goals, including retirement income goals.

Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers each fund’s tracking error versus its benchmark index. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The Board also considered information on each fund’s bid-ask spread and premium/discount.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund’s performance should be evaluated based on net performance (after fees and expenses) of the fund compared to a fund’s benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund’s benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and its benchmark index for the most recent one-, three- and five-year periods ended September 30, 2021, as shown below. Peer groups are not shown below because the funds do not generally utilize a peer group for performance comparison purposes.

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Fidelity MSCI Utilities Index ETF

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund’s management fee and total expense ratio compared to “mapped groups” of competitive funds created for the purpose of facilitating the Trustees’ competitive analysis of management fees and total expenses. Fidelity creates “mapped groups” by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity ETFs are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board’s management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the “Total Mapped Group.” The Total Mapped Group comparison focuses on a fund’s standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). “TMG %” represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund’s. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds’ actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The “Asset-Sized Peer Group” (ASPG) comparison focuses on a fund’s standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund’s management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund’s management fee rate ranked, is also included in the charts and was considered by the Board.

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Fidelity MSCI Utilities Index ETF

The Board noted that each fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.

Based on its review, the Board concluded that each fund’s management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each fund’s total expense ratio, the Board considered the fund’s all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for each fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that each fund’s total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.

Fees Charged to Other Clients. The Board also considered fee structures applicable to clients of Fidelity and BFA, such as other funds advised or subadvised by Fidelity or BFA, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity’s institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee’s review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund’s total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund’s shareholders. The Board also considered the level of Fidelity’s profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity’s audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year’s methodologies and the full Board approves such changes.

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Board Approval of Investment Advisory Contracts and Management Fees – continued

A public accounting firm has been engaged annually by the Board as part of the Board’s assessment of Fidelity’s profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity’s mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity’s profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity’s non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity’s mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity’s affiliates may benefit from the funds’ business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board’s consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of BFA’s relationship with each fund and BFA’s representation that it did not realize any fall-out benefits as a result of its relationship with each fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to each fund’s current contractual arrangements, its expense ratio will not decline if the fund’s operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds’ advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity’s long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity’s pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds’ sub-advisory arrangements.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable and that each fund’s Advisory Contracts should be renewed.

Annual Report

140

Table of Contents

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Funds have adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage each Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund’s Board of Trustees (the Board) has designated each Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Highly liquid investments – cash or convertible to cash within three business days or less

Moderately liquid investments – convertible to cash in three to seven calendar days

Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days

Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.

141	Annual Report

	% of fund's net assets
Alphabet, Inc. Class A	12.2
Meta Platforms, Inc. Class A	12.0
Alphabet, Inc. Class C	11.0
Verizon Communications, Inc.	6.3
The Walt Disney Co.	4.8
Comcast Corp. Class A	4.1
AT&T, Inc.	4.1
Netflix, Inc.	3.5
T-Mobile US, Inc.	3.4
Activision Blizzard, Inc.	2.5
	63.9

	% of fund's net assets
Amazon.com, Inc.	24.9
Tesla, Inc.	15.5
The Home Depot, Inc.	6.5
McDonald's Corp.	4.1
NIKE, Inc. Class B	3.1
Lowe's Cos., Inc.	2.7
Starbucks Corp.	2.0
Booking Holdings, Inc.	1.7
Target Corp.	1.6
The TJX Cos., Inc.	1.5
	63.6

	% of fund's net assets
The Procter & Gamble Co.	12.4
The Coca-Cola Co.	9.6
PepsiCo, Inc.	8.7
Costco Wholesale Corp.	8.4
Walmart, Inc.	7.0
Philip Morris International, Inc.	4.1
Mondelez International, Inc. Class A	3.6
Altria Group, Inc.	3.2
Colgate-Palmolive Co.	2.6
The Estee Lauder Cos., Inc. Class A	2.6
	62.2

	% of fund's net assets
Exxon Mobil Corp.	22.3
Chevron Corp.	17.1
ConocoPhillips	6.8
EOG Resources, Inc.	3.6
Occidental Petroleum Corp.	3.4
Marathon Petroleum Corp.	3.2
Pioneer Natural Resources Co.	3.0
Schlumberger N.V.	2.9
Valero Energy Corp.	2.5
Phillips 66	2.4
	67.2

	% of fund's net assets
Berkshire Hathaway, Inc. Class B	8.5
JPMorgan Chase & Co.	7.5
Bank of America Corp.	5.4
Wells Fargo & Co.	3.7
S&P Global, Inc.	2.9
Goldman Sachs Group, Inc.	2.5
Morgan Stanley	2.5
Citigroup, Inc.	2.2
BlackRock, Inc.	2.2
The Charles Schwab Corp.	2.2
	39.6

	% of fund's net assets
Apple, Inc.	24.1
Microsoft Corp.	18.2
NVIDIA Corp.	4.1
Visa, Inc. Class A	3.2
Mastercard, Inc. Class A	2.8
Broadcom, Inc.	2.0
Accenture PLC Class A	1.8
Adobe, Inc.	1.8
Cisco Systems, Inc.	1.7
Salesforce, Inc.	1.6
	61.3

	% of fund's net assets
Linde PLC	13.3
The Sherwin-Williams Co.	5.1
Air Products & Chemicals, Inc.	4.7
Freeport-McMoRan, Inc.	3.9
Ecolab, Inc.	3.6
Corteva, Inc.	3.6
Dow, Inc.	3.4
Nucor Corp.	3.1
Newmont Corp.	3.1
International Flavors & Fragrances, Inc.	2.7
	46.5

	% of fund's net assets
NextEra Energy, Inc.	13.8
Duke Energy Corp.	7.0
The Southern Co.	6.8
Dominion Energy, Inc.	5.5
Sempra Energy	4.4
American Electric Power Co., Inc.	4.1
Exelon Corp.	3.8
Xcel Energy, Inc.	3.3
Consolidated Edison, Inc.	2.9
Public Service Enterprise Group, Inc.	2.8
	54.4

^A	Annualized expense ratio reflects expenses net of applicable fee waivers.
^B	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
^C	5% return per year before expenses.