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)

	% 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
UnitedHealth Group, Inc.	8.7
Johnson & Johnson	7.9
Pfizer, Inc.	4.9
Eli Lilly & Co.	4.6
AbbVie, Inc.	4.3
Thermo Fisher Scientific, Inc.	4.0
Merck & Co., Inc.	3.9
Danaher Corp.	3.4
Abbott Laboratories	3.3
Bristol-Myers Squibb Co.	2.8
	47.8

	% of fund's net assets
Union Pacific Corp.	4.0
United Parcel Service, Inc. Class B	3.9
Raytheon Technologies Corp.	3.8
Honeywell International, Inc.	3.6
Caterpillar, Inc.	2.9
Lockheed Martin Corp.	2.8
Deere & Co.	2.7
The Boeing Co.	2.4
3M Co.	2.3
General Electric Co.	2.2
	30.6

	% 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
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
American Tower Corp.	8.3
Prologis, Inc.	6.6
Crown Castle International Corp.	5.3
Equinix, Inc.	4.3
Public Storage	3.5
Realty Income Corp.	3.0
Welltower, Inc.	2.6
Digital Realty Trust, Inc.	2.5
SBA Communications Corp.	2.5
Simon Property Group, Inc.	2.4
	41.0

	% 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