Fidelity® Disruptive Automation ETF
Fidelity® Disruptive Communications ETF
Fidelity® Disruptive Finance ETF
Fidelity® Disruptive Medicine ETF
Fidelity® Disruptive Technology ETF
 
 
Semi-Annual Report
November 30, 2023

Contents

Fidelity® Disruptive Automation ETF

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Disruptive Communications ETF

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Disruptive Finance ETF

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Disruptive Medicine ETF

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Disruptive Technology ETF

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

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NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
 
Fidelity® Disruptive Automation ETF 
Investment Summary November 30, 2023 (Unaudited)
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.
5.8
 
Keyence Corp.
5.5
 
NVIDIA Corp.
5.4
 
PTC, Inc.
5.3
 
FANUC Corp.
5.0
 
SMC Corp.
4.1
 
HIWIN Technologies Corp.
3.9
 
Misumi Group, Inc.
3.8
 
Teradyne, Inc.
3.6
 
Leader Harmonious Drive Systems Co. Ltd. (A Shares)
3.5
 
 
45.9
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
49.6
 
Information Technology
42.8
 
Consumer Discretionary
3.5
 
Health Care
1.8
 
Communication Services
1.6
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Disruptive Automation ETF
Schedule of Investments November 30, 2023 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 1.6%
 
 
 
Interactive Media & Services - 1.6%
 
 
 
Alphabet, Inc. Class C (a)
 
12,388
1,659,001
CONSUMER DISCRETIONARY - 3.5%
 
 
 
Automobile Components - 1.4%
 
 
 
Mobileye Global, Inc. (a)(b)
 
34,525
1,417,251
Automobiles - 1.3%
 
 
 
Tesla, Inc. (a)
 
5,424
1,302,194
Broadline Retail - 0.8%
 
 
 
Amazon.com, Inc. (a)
 
6,018
879,170
TOTAL CONSUMER DISCRETIONARY
 
 
3,598,615
HEALTH CARE - 1.8%
 
 
 
Health Care Equipment & Supplies - 1.8%
 
 
 
Intuitive Surgical, Inc. (a)
 
5,835
1,813,751
INDUSTRIALS - 49.6%
 
 
 
Electrical Equipment - 3.9%
 
 
 
AMETEK, Inc.
 
8,685
1,348,173
Rockwell Automation, Inc.
 
6,786
1,869,136
Sensata Technologies, Inc. PLC
 
22,552
733,166
 
 
 
3,950,475
Industrial Conglomerates - 3.5%
 
 
 
Honeywell International, Inc.
 
6,664
1,305,611
Siemens AG
 
13,523
2,266,847
 
 
 
3,572,458
Machinery - 40.0%
 
 
 
Airtac International Group
 
34,187
1,181,453
ATS Corp. (a)(b)
 
47,255
1,859,972
AutoStore Holdings Ltd. (a)(c)
 
596,075
988,597
Daifuku Co. Ltd.
 
121,606
2,282,676
Deere & Co.
 
5,050
1,840,271
Dongguan Yiheda Automation Co. Ltd.
 
474,944
1,877,481
Estun Automation Co. Ltd. (A Shares)
 
867,836
2,331,255
FANUC Corp.
 
184,706
5,125,324
HIWIN Technologies Corp.
 
548,012
3,988,430
Kardex AG
 
6,564
1,570,353
Leader Harmonious Drive Systems Co. Ltd. (A Shares)
 
162,381
3,632,966
Misumi Group, Inc.
 
239,757
3,881,133
Nabtesco Corp.
 
29,141
543,961
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
238,293
2,204,200
SMC Corp.
 
8,335
4,185,490
Symbotic, Inc. (a)(b)
 
34,046
1,800,352
THK Co. Ltd.
 
88,514
1,763,295
 
 
 
41,057,209
Professional Services - 2.2%
 
 
 
Recruit Holdings Co. Ltd.
 
60,981
2,264,268
TOTAL INDUSTRIALS
 
 
50,844,410
INFORMATION TECHNOLOGY - 42.8%
 
 
 
Electronic Equipment, Instruments & Components - 10.1%
 
 
 
Keyence Corp.
 
13,172
5,628,263
OPT Machine Vision Tech Co. Ltd.
 
127,256
2,025,753
Renishaw PLC
 
39,900
1,579,658
Teledyne Technologies, Inc. (a)
 
2,665
1,073,888
 
 
 
10,307,562
IT Services - 2.1%
 
 
 
Accenture PLC Class A
 
6,587
2,194,393
Semiconductors & Semiconductor Equipment - 14.8%
 
 
 
NVIDIA Corp.
 
11,892
5,561,888
Taiwan Semiconductor Manufacturing Co. Ltd.
 
323,363
5,942,807
Teradyne, Inc.
 
40,263
3,713,456
 
 
 
15,218,151
Software - 15.8%
 
 
 
Altair Engineering, Inc. Class A (a)
 
13,012
942,850
ANSYS, Inc. (a)
 
3,201
939,045
Autodesk, Inc. (a)
 
3,898
851,440
Dassault Systemes SA
 
45,861
2,144,800
Manhattan Associates, Inc. (a)
 
4,720
1,052,796
Microsoft Corp.
 
3,064
1,160,980
Nemetschek SE
 
10,214
889,880
PTC, Inc. (a)
 
34,816
5,478,646
Synopsys, Inc. (a)
 
4,257
2,312,530
Unity Software, Inc. (a)(b)
 
15,600
460,356
 
 
 
16,233,323
TOTAL INFORMATION TECHNOLOGY
 
 
43,953,429
 
TOTAL COMMON STOCKS
 (Cost $98,757,459)
 
 
 
101,869,206
 
 
 
 
Money Market Funds - 5.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (d)
 
544,816
544,925
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
 
4,840,041
4,840,525
 
TOTAL MONEY MARKET FUNDS
 (Cost $5,385,450)
 
 
5,385,450
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 104.5%
 (Cost $104,142,909)
 
 
 
107,254,656
NET OTHER ASSETS (LIABILITIES) - (4.5)%  
(4,622,760)
NET ASSETS - 100.0%
102,631,896
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $988,597 or 1.0% of net assets.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
794,696
18,112,720
18,362,491
34,174
-
-
544,925
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
2,079,750
28,075,568
25,314,793
62,582
-
-
4,840,525
0.0%
Total
2,874,446
46,188,288
43,677,284
96,756
-
-
5,385,450
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of November 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
1,659,001
1,659,001
-
-
Consumer Discretionary
3,598,615
3,598,615
-
-
Health Care
1,813,751
1,813,751
-
-
Industrials
50,844,410
50,844,410
-
-
Information Technology
43,953,429
43,953,429
-
-
  Money Market Funds
5,385,450
5,385,450
-
-
 Total Investments in Securities:
107,254,656
107,254,656
-
-
Fidelity® Disruptive Automation ETF
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
November 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $4,611,062) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $98,757,459)
$
101,869,206
 
 
Fidelity Central Funds (cost $5,385,450)
5,385,450
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $104,142,909)
 
 
$
107,254,656
Dividends receivable
 
 
152,624
Reclaims receivable
 
 
95,554
Distributions receivable from Fidelity Central Funds
 
 
10,928
  Total assets
 
 
107,513,762
Liabilities
 
 
 
 
Accrued management fee
$
41,341
 
 
Collateral on securities loaned
4,840,525
 
 
  Total Liabilities
 
 
 
4,881,866
Net Assets  
 
 
$
102,631,896
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
106,879,549
Total accumulated earnings (loss)
 
 
 
(4,247,653)
Net Assets
 
 
$
102,631,896
Net Asset Value, offering price and redemption price per share ($102,631,896 ÷ 4,305,492 shares)
 
 
$
23.84
Statement of Operations
 
 
 
Six months ended
November 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
393,263
Interest  
 
 
909
Income from Fidelity Central Funds (including $62,582 from security lending)
 
 
96,756
 Total Income
 
 
 
490,928
Expenses
 
 
 
 
Management fee
$
266,979
 
 
Independent trustees' fees and expenses
287
 
 
Interest
814
 
 
 Total expenses before reductions
 
268,080
 
 
 Expense reductions
 
(102)
 
 
 Total expenses after reductions
 
 
 
267,978
Net Investment income (loss)
 
 
 
222,950
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(1,751,265)
 
 
   Redemptions in-kind
 
1,817,374
 
 
 Foreign currency transactions
 
(1,748)
 
 
Total net realized gain (loss)
 
 
 
64,361
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(5,086,134)
 
 
 Assets and liabilities in foreign currencies
 
6,063
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(5,080,071)
Net gain (loss)
 
 
 
(5,015,710)
Net increase (decrease) in net assets resulting from operations
 
 
$
(4,792,760)


See Organization and Merger information note regarding reorganization from mutual fund to exchange traded fund.
Statement of Changes in Net Assets
 
 
Six months ended
November 30, 2023
(Unaudited)
 
Year ended
May 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
222,950
$
478,333
Net realized gain (loss)
 
64,361
 
 
(4,420,381)
 
Change in net unrealized appreciation (depreciation)
 
(5,080,071)
 
12,045,246
 
Net increase (decrease) in net assets resulting from operations
 
(4,792,760)
 
 
8,103,198
 
Distributions to shareholders
 
(397,501)
 
 
(182,874)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
-
 
 
(19,835,179)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
6,340,894
 
-
  Reinvestment of distributions
 
249,235
 
 
-
 
Cost of shares redeemed
 
(10,493,526)
 
-
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(3,903,397)
 
 
(19,835,179)
 
Total increase (decrease) in net assets
 
(9,093,658)
 
 
(11,914,855)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
111,725,554
 
123,640,409
 
End of period
$
102,631,896
$
111,725,554
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
323,637
 
5,260,948
  Issued in reinvestment of distributions
 
9,878
 
 
8,292
 
Redeemed
 
(534,365)
 
(6,297,436)
Net increase (decrease)
 
(200,850)
 
(1,028,196)
 
 
 
 
 
See Organization and Merger information note regarding reorganization from mutual fund to exchange traded fund.
 
Share activity amounts in the Other Information section have been adjusted to reflect the impact of the change in capital structure associated with the merger. All financial information prior to the merger is that of the Predecessor Fund.
 
Financial Highlights
Fidelity® Disruptive Automation ETF
 
 
Six months ended
(Unaudited) November 30, 2023 A
 
Years ended May 31, 2023 A
 
2022 A
 
2021 A
 
2020 A,B
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.80
$
22.33
$
27.34
$
17.80
$
14.96
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
.05
 
.05
 
(.09)
 
.02
 
(.02)
     Net realized and unrealized gain (loss)
 
(.92)
 
2.42
 
(4.37)
 
9.60
 
2.86
  Total from investment operations
 
(.87)  
 
2.47  
 
(4.46)  
 
9.62  
 
2.84
  Distributions from net investment income
 
(.09)
 
-
 
-
 
(.06)
 
-
  Distributions from net realized gain
 
-
 
-
 
(.55)
 
(.03)
 
-
     Total distributions
 
(.09)
 
-
 
(.55)
 
(.08) E
 
-
  Net asset value, end of period
$
23.84
$
24.80
$
22.33
$
27.34
$
17.80
 Total Return F,G,H
 
(3.52)%
 
11.05%
 
(16.75)%
 
54.13%
 
19.00%
 Ratios to Average Net Assets D,I,J
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.50% K
 
.85%
 
1.00%
 
1.01% L
 
1.01% K,L
    Expenses net of fee waivers, if any
 
.50% K
 
.85%
 
1.00%
 
1.01% L
 
1.01% K,L
    Expenses net of all reductions
 
.50% K
 
.85%
 
1.00%
 
1.01% L
 
1.01% K,L
    Net investment income (loss)
 
.42% K
 
.23%
 
(.33)%
 
.06%
 
(.47)% K
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
102,632
$
111,726
$
36,333
$
111,910
$
5,308
    Portfolio turnover rate M
 
38% K,N
 
26%
 
22%
 
14%
 
6% O
 
AAs further described in Organization and Merger information notes, per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the merger. All financial information prior to the merger is that of the Predecessor Fund.
 
BFor the period April 16, 2020 (commencement of operations) through May 31, 2020.
 
CCalculated based on average shares outstanding during the period.
 
DNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
ETotal distributions per share do not sum due to rounding.
 
FTotal returns for periods of less than one year are not annualized.
 
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
HBased on net asset value.
 
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
KAnnualized.
 
LThe size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
 
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
NPortfolio turnover rate excludes securities received or delivered in-kind.
 
OAmount not annualized.
 
 
Fidelity® Disruptive Communications ETF 
Investment Summary November 30, 2023 (Unaudited)
Top Holdings (% of Fund's net assets)
 
Snap, Inc. Class A
6.2
 
Meta Platforms, Inc. Class A
6.0
 
Netflix, Inc.
5.9
 
American Tower Corp.
5.3
 
Arista Networks, Inc.
5.2
 
Liberty Broadband Corp. Class A
5.2
 
Amazon.com, Inc.
5.1
 
Alphabet, Inc. Class A
5.1
 
NVIDIA Corp.
4.8
 
PDD Holdings, Inc. ADR
4.8
 
 
53.6
 
 
Market Sectors (% of Fund's net assets)
 
Communication Services
48.4
 
Information Technology
28.4
 
Consumer Discretionary
11.5
 
Real Estate
5.3
 
Industrials
4.1
 
Energy
2.1
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Disruptive Communications ETF
Schedule of Investments November 30, 2023 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 48.4%
 
 
 
Diversified Telecommunication Services - 4.3%
 
 
 
Cellnex Telecom SA (a)
 
35,610
1,358,202
Liberty Latin America Ltd. Class C (b)
 
49,208
336,091
 
 
 
1,694,293
Entertainment - 9.7%
 
 
 
Netflix, Inc. (b)
 
4,804
2,276,952
Sea Ltd. ADR (b)
 
41,108
1,488,932
 
 
 
3,765,884
Interactive Media & Services - 25.0%
 
 
 
Alphabet, Inc. Class A (b)
 
14,964
1,983,179
Angi, Inc. (b)
 
171,855
386,674
Bumble, Inc. (b)
 
21,372
296,216
Match Group, Inc. (b)
 
23,958
775,760
Meta Platforms, Inc. Class A (b)
 
7,197
2,354,499
Pinterest, Inc. Class A (b)
 
25,263
860,710
Snap, Inc. Class A (b)
 
175,691
2,429,807
Tencent Holdings Ltd.
 
16,159
676,455
 
 
 
9,763,300
Media - 5.6%
 
 
 
DISH Network Corp. Class A (b)(c)
 
45,026
164,795
Liberty Broadband Corp. Class A (b)
 
24,241
2,010,549
 
 
 
2,175,344
Wireless Telecommunication Services - 3.8%
 
 
 
T-Mobile U.S., Inc.
 
9,763
1,468,843
TOTAL COMMUNICATION SERVICES
 
 
18,867,664
CONSUMER DISCRETIONARY - 11.5%
 
 
 
Broadline Retail - 11.5%
 
 
 
Alibaba Group Holding Ltd. sponsored ADR (b)
 
8,054
603,084
Amazon.com, Inc. (b)
 
13,716
2,003,770
PDD Holdings, Inc. ADR (b)
 
12,632
1,862,462
 
 
 
4,469,316
ENERGY - 2.1%
 
 
 
Oil, Gas & Consumable Fuels - 2.1%
 
 
 
Reliance Industries Ltd. GDR (a)
 
14,117
808,904
INDUSTRIALS - 4.1%
 
 
 
Construction & Engineering - 0.9%
 
 
 
Dycom Industries, Inc. (b)
 
3,574
371,231
Ground Transportation - 3.2%
 
 
 
Uber Technologies, Inc. (b)
 
21,920
1,235,850
TOTAL INDUSTRIALS
 
 
1,607,081
INFORMATION TECHNOLOGY - 28.4%
 
 
 
Communications Equipment - 5.2%
 
 
 
Arista Networks, Inc. (b)
 
9,186
2,018,256
IT Services - 3.0%
 
 
 
Cloudflare, Inc. (b)
 
5,626
434,046
Twilio, Inc. Class A (b)
 
11,235
726,680
 
 
 
1,160,726
Semiconductors & Semiconductor Equipment - 12.2%
 
 
 
Impinj, Inc. (b)
 
3,583
299,503
NVIDIA Corp.
 
4,014
1,877,348
NXP Semiconductors NV
 
2,731
557,342
ON Semiconductor Corp. (b)
 
5,376
383,470
Renesas Electronics Corp. (b)
 
33,749
592,645
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
10,764
1,047,445
 
 
 
4,757,753
Software - 8.0%
 
 
 
Cadence Design Systems, Inc. (b)
 
3,915
1,069,852
Microsoft Corp.
 
3,329
1,261,391
RingCentral, Inc. (b)
 
9,146
260,295
Synopsys, Inc. (b)
 
979
531,822
 
 
 
3,123,360
TOTAL INFORMATION TECHNOLOGY
 
 
11,060,095
REAL ESTATE - 5.3%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 5.3%
 
 
 
American Tower Corp.
 
10,016
2,091,140
 
TOTAL COMMON STOCKS
 (Cost $35,337,120)
 
 
 
38,904,200
 
 
 
 
Money Market Funds - 0.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (d)
 
239,978
240,026
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
 
47,620
47,625
 
TOTAL MONEY MARKET FUNDS
 (Cost $287,651)
 
 
287,651
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.5%
 (Cost $35,624,771)
 
 
 
39,191,851
NET OTHER ASSETS (LIABILITIES) - (0.5)%  
(205,405)
NET ASSETS - 100.0%
38,986,446
 
 
 
 
Legend
 
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,167,106 or 5.6% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
149,758
1,943,974
1,853,706
5,647
-
-
240,026
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
-
2,411,730
2,364,105
696
-
-
47,625
0.0%
Total
149,758
4,355,704
4,217,811
6,343
-
-
287,651
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of November 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
18,867,664
18,867,664
-
-
Consumer Discretionary
4,469,316
4,469,316
-
-
Energy
808,904
808,904
-
-
Industrials
1,607,081
1,607,081
-
-
Information Technology
11,060,095
11,060,095
-
-
Real Estate
2,091,140
2,091,140
-
-
  Money Market Funds
287,651
287,651
-
-
 Total Investments in Securities:
39,191,851
39,191,851
-
-
Fidelity® Disruptive Communications ETF
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
November 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $46,482) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $35,337,120)
$
38,904,200
 
 
Fidelity Central Funds (cost $287,651)
287,651
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $35,624,771)
 
 
$
39,191,851
Cash
 
 
1,604
Foreign currency held at value (cost $109)
 
 
109
Receivable for investments sold
 
 
96,204
Dividends receivable
 
 
9,582
Interest receivable
 
 
36
Distributions receivable from Fidelity Central Funds
 
 
961
  Total assets
 
 
39,300,347
Liabilities
 
 
 
 
Payable for investments purchased
$
250,207
 
 
Accrued management fee
16,069
 
 
Collateral on securities loaned
47,625
 
 
  Total Liabilities
 
 
 
313,901
Net Assets  
 
 
$
38,986,446
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
44,258,795
Total accumulated earnings (loss)
 
 
 
(5,272,349)
Net Assets
 
 
$
38,986,446
Net Asset Value, offering price and redemption price per share ($38,986,446 ÷ 1,407,063 shares)
 
 
$
27.71
Statement of Operations
 
 
 
Six months ended
November 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
51,007
Interest  
 
 
147
Income from Fidelity Central Funds (including $696 from security lending)
 
 
6,343
 Total Income
 
 
 
57,497
Expenses
 
 
 
 
Management fee
$
96,845
 
 
Independent trustees' fees and expenses
102
 
 
 Total expenses before reductions
 
96,947
 
 
 Expense reductions
 
(110)
 
 
 Total expenses after reductions
 
 
 
96,837
Net Investment income (loss)
 
 
 
(39,340)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
826,831
 
 
   Redemptions in-kind
 
641,168
 
 
 Foreign currency transactions
 
594
 
 
Total net realized gain (loss)
 
 
 
1,468,593
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
3,405,713
 
 
 Assets and liabilities in foreign currencies
 
(40)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
3,405,673
Net gain (loss)
 
 
 
4,874,266
Net increase (decrease) in net assets resulting from operations
 
 
$
4,834,926


See Organization and Merger information note regarding reorganization from mutual fund to exchange traded fund.
Statement of Changes in Net Assets
 
 
Six months ended
November 30, 2023
(Unaudited)
 
Year ended
May 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(39,340)
$
(15,475)
Net realized gain (loss)
 
1,468,593
 
 
(5,754,830)
 
Change in net unrealized appreciation (depreciation)
 
3,405,673
 
6,648,437
 
Net increase (decrease) in net assets resulting from operations
 
4,834,926
 
 
878,132
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
-
 
 
(9,971,399)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,993,878
 
-
Cost of shares redeemed
 
(5,823,373)
 
-
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(3,829,495)
 
 
(9,971,399)
 
Total increase (decrease) in net assets
 
1,005,431
 
 
(9,093,267)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
37,981,015
 
47,074,282
 
End of period
$
38,986,446
$
37,981,015
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
103,661
 
1,803,846
Redeemed
 
(251,280)
 
(2,265,568)
Net increase (decrease)
 
(147,619)
 
(461,722)
 
 
 
 
 
See Organization and Merger information note regarding reorganization from mutual fund to exchange traded fund.
 
Share activity amounts in the Other Information section have been adjusted to reflect the impact of the change in capital structure associated with the merger. All financial information prior to the merger is that of the Predecessor Fund.
 
Financial Highlights
Fidelity® Disruptive Communications ETF
 
 
Six months ended
(Unaudited) November 30, 2023 A
 
Years ended May 31, 2023 A
 
2022 A
 
2021 A
 
2020 A,B
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.44
$
23.29
$
34.12
$
23.21
$
20.05
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
(.03)
 
(.10)
 
(.26)
 
(.26)
 
- E
     Net realized and unrealized gain (loss)
 
3.30
 
1.25
 
(8.93)
 
11.59
 
3.16
  Total from investment operations
 
3.27  
 
1.15  
 
(9.19)  
 
11.33  
 
3.16
  Distributions from net investment income
 
-
 
-
 
-
 
- E
 
-
  Distributions from net realized gain
 
-
 
-
 
(1.64)
 
(.41)
 
-
     Total distributions
 
-
 
-
 
(1.64)
 
(.42) F
 
-
  Net asset value, end of period
$
27.71
$
24.44
$
23.29
$
34.12
$
23.21
 Total Return G,H,I
 
13.39%
 
4.91%
 
(28.39)%
 
48.96%
 
15.80%
 Ratios to Average Net Assets D,J,K
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.50% L
 
.79%
 
.99% M
 
1.01% M
 
1.01% L,M
    Expenses net of fee waivers, if any
 
.50% L
 
.79%
 
.99% M
 
1.01% M
 
1.01% L,M
    Expenses net of all reductions
 
.50% L
 
.79%
 
.99% M
 
1.01% M
 
1.01% L,M
    Net investment income (loss)
 
(.20)% L
 
(.44)%
 
(.81)%
 
(.83)%
 
(.23)% L
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
38,986
$
37,981
$
7,746
$
36,731
$
2,880
    Portfolio turnover rate N
 
17% L,O
 
31%
 
32%
 
39%
 
-% P
 
AAs further described in Organization and Merger information notes, per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the merger. All financial information prior to the merger is that of the Predecessor Fund.
 
BFor the period April 16, 2020 (commencement of operations) through May 31, 2020.
 
CCalculated based on average shares outstanding during the period.
 
DNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
EAmount represents less than $.005 per share.
 
FTotal distributions per share do not sum due to rounding.
 
GTotal returns for periods of less than one year are not annualized.
 
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
IBased on net asset value.
 
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
LAnnualized.
 
MThe size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
 
NAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
OPortfolio turnover rate excludes securities received or delivered in-kind.
 
PAmount not annualized.
 
 
Fidelity® Disruptive Finance ETF 
Investment Summary November 30, 2023 (Unaudited)
Top Holdings (% of Fund's net assets)
 
Visa, Inc. Class A
6.4
 
Adyen BV
6.1
 
MasterCard, Inc. Class A
5.8
 
BlackRock, Inc. Class A
5.5
 
Dlocal Ltd.
5.2
 
Equifax, Inc.
5.1
 
Aon PLC
4.7
 
Capital One Financial Corp.
4.4
 
Intercontinental Exchange, Inc.
4.0
 
FinecoBank SpA
3.4
 
 
50.6
 
 
Market Sectors (% of Fund's net assets)
 
Financials
89.2
 
Industrials
6.4
 
Consumer Discretionary
1.4
 
Information Technology
1.4
 
Real Estate
1.2
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Disruptive Finance ETF
Schedule of Investments November 30, 2023 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.6%
 
 
Shares
Value ($)
 
CONSUMER DISCRETIONARY - 1.4%
 
 
 
Broadline Retail - 1.4%
 
 
 
MercadoLibre, Inc. (a)
 
363
588,227
FINANCIALS - 89.2%
 
 
 
Banks - 10.4%
 
 
 
DBS Group Holdings Ltd.
 
54,691
1,297,669
DNB Bank ASA
 
62,473
1,189,995
FinecoBank SpA
 
103,465
1,392,567
Pathward Financial, Inc.
 
8,518
422,408
SVB Financial Group (a)
 
3,427
69
 
 
 
4,302,708
Capital Markets - 20.5%
 
 
 
BlackRock, Inc. Class A
 
3,060
2,298,764
Cboe Global Markets, Inc.
 
4,976
906,577
Coinbase Global, Inc. (a)
 
5,600
698,432
Intercontinental Exchange, Inc.
 
14,738
1,677,774
London Stock Exchange Group PLC
 
10,500
1,180,555
MSCI, Inc.
 
1,036
539,601
Tradeweb Markets, Inc. Class A
 
7,139
691,769
Virtu Financial, Inc. Class A
 
29,962
538,717
 
 
 
8,532,189
Consumer Finance - 7.1%
 
 
 
Ally Financial, Inc.
 
14,083
411,505
Capital One Financial Corp.
 
16,419
1,833,346
NerdWallet, Inc. (a)
 
61,676
724,693
 
 
 
2,969,544
Financial Services - 40.1%
 
 
 
Adyen BV (a)(b)
 
2,184
2,546,071
Apollo Global Management, Inc.
 
12,863
1,183,396
AvidXchange Holdings, Inc. (a)
 
78,329
835,770
Block, Inc. Class A (a)
 
9,857
625,230
Dlocal Ltd. (a)
 
125,561
2,165,927
Fiserv, Inc. (a)
 
5,200
679,172
Flywire Corp. (a)
 
45,084
1,050,457
MasterCard, Inc. Class A
 
5,808
2,403,525
PennyMac Financial Services, Inc.
 
6,024
468,607
Remitly Global, Inc. (a)
 
18,891
406,912
Repay Holdings Corp. (a)
 
53,085
398,138
Shift4 Payments, Inc. (a)(c)
 
5,354
352,400
Visa, Inc. Class A
 
10,378
2,663,824
Wise PLC (a)
 
93,544
922,083
 
 
 
16,701,512
Insurance - 11.1%
 
 
 
Aon PLC
 
5,900
1,938,091
Beazley PLC
 
66,013
446,692
BRP Group, Inc. (a)
 
65,263
1,141,450
Hiscox Ltd.
 
85,183
1,092,599
 
 
 
4,618,832
TOTAL FINANCIALS
 
 
37,124,785
INDUSTRIALS - 6.4%
 
 
 
Professional Services - 6.4%
 
 
 
Equifax, Inc.
 
9,672
2,105,691
Verisk Analytics, Inc.
 
2,310
557,703
 
 
 
2,663,394
INFORMATION TECHNOLOGY - 1.4%
 
 
 
Software - 1.4%
 
 
 
Bill Holdings, Inc. (a)
 
3,382
221,420
MicroStrategy, Inc. Class A (a)(c)
 
700
348,810
 
 
 
570,230
REAL ESTATE - 1.2%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 1.2%
 
 
 
American Homes 4 Rent Class A
 
14,440
523,739
 
TOTAL COMMON STOCKS
 (Cost $39,158,821)
 
 
 
41,470,375
 
 
 
 
Money Market Funds - 1.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (d)
 
144,426
144,455
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
 
445,805
445,850
 
TOTAL MONEY MARKET FUNDS
 (Cost $590,305)
 
 
590,305
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.0%
 (Cost $39,749,126)
 
 
 
42,060,680
NET OTHER ASSETS (LIABILITIES) - (1.0)%  
(434,996)
NET ASSETS - 100.0%
41,625,684
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,546,071 or 6.1% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
-
4,637,471
4,493,016
11,580
-
-
144,455
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
334,700
6,496,716
6,385,566
2,835
-
-
445,850
0.0%
Total
334,700
11,134,187
10,878,582
14,415
-
-
590,305
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of November 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Consumer Discretionary
588,227
588,227
-
-
Financials
37,124,785
37,124,785
-
-
Industrials
2,663,394
2,663,394
-
-
Information Technology
570,230
570,230
-
-
Real Estate
523,739
523,739
-
-
  Money Market Funds
590,305
590,305
-
-
 Total Investments in Securities:
42,060,680
42,060,680
-
-
Fidelity® Disruptive Finance ETF
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
November 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $430,620) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $39,158,821)
$
41,470,375
 
 
Fidelity Central Funds (cost $590,305)
590,305
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $39,749,126)
 
 
$
42,060,680
Cash
 
 
6,961
Dividends receivable
 
 
19,738
Distributions receivable from Fidelity Central Funds
 
 
718
  Total assets
 
 
42,088,097
Liabilities
 
 
 
 
Accrued management fee
$
16,563
 
 
Collateral on securities loaned
445,850
 
 
  Total Liabilities
 
 
 
462,413
Net Assets  
 
 
$
41,625,684
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
44,054,535
Total accumulated earnings (loss)
 
 
 
(2,428,851)
Net Assets
 
 
$
41,625,684
Net Asset Value, offering price and redemption price per share ($41,625,684 ÷ 1,544,580 shares)
 
 
$
26.95
Statement of Operations
 
 
 
Six months ended
November 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
208,966
Income from Fidelity Central Funds (including $2,835 from security lending)
 
 
14,415
 Total Income
 
 
 
223,381
Expenses
 
 
 
 
Management fee
$
104,321
 
 
Independent trustees' fees and expenses
112
 
 
 Total expenses before reductions
 
104,433
 
 
 Expense reductions
 
(103)
 
 
 Total expenses after reductions
 
 
 
104,330
Net Investment income (loss)
 
 
 
119,051
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
317,834
 
 
   Redemptions in-kind
 
1,835,433
 
 
 Foreign currency transactions
 
3,399
 
 
Total net realized gain (loss)
 
 
 
2,156,666
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
2,195,612
 
 
 Assets and liabilities in foreign currencies
 
317
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
2,195,929
Net gain (loss)
 
 
 
4,352,595
Net increase (decrease) in net assets resulting from operations
 
 
$
4,471,646


See Organization and Merger information note regarding reorganization from mutual fund to exchange traded fund.
Statement of Changes in Net Assets
 
 
Six months ended
November 30, 2023
(Unaudited)
 
Year ended
May 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
119,051
$
429,106
Net realized gain (loss)
 
2,156,666
 
 
(5,165,409)
 
Change in net unrealized appreciation (depreciation)
 
2,195,929
 
(2,264,698)
 
Net increase (decrease) in net assets resulting from operations
 
4,471,646
 
 
(7,001,001)
 
Distributions to shareholders
 
(305,577)
 
 
(3,640,977)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
-
 
 
(13,799,786)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,965,620
 
-
  Reinvestment of distributions
 
224,111
 
 
-
 
Cost of shares redeemed
 
(5,549,816)
 
-
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(3,360,085)
 
 
(13,799,786)
 
Total increase (decrease) in net assets
 
805,984
 
 
(24,441,764)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
40,819,700
 
65,261,464
 
End of period
$
41,625,684
$
40,819,700
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
100,156
 
2,055,446
  Issued in reinvestment of distributions
 
9,007
 
 
136,875
 
Redeemed
 
(249,456)
 
(2,748,212)
Net increase (decrease)
 
(140,293)
 
(555,891)
 
 
 
 
 
See Organization and Merger information note regarding reorganization from mutual fund to exchange traded fund.
 
Share activity amounts in the Other Information section have been adjusted to reflect the impact of the change in capital structure associated with the merger. All financial information prior to the merger is that of the Predecessor Fund.
 
Financial Highlights
Fidelity® Disruptive Finance ETF
 
 
Six months ended
(Unaudited) November 30, 2023 A
 
Years ended May 31, 2023 A
 
2022 A
 
2021 A
 
2020 A,B
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.23
$
29.04
$
34.73
$
22.63
$
19.08
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
.07
 
.12
 
.04
 
.21
 
.06
     Net realized and unrealized gain (loss)
 
2.83
 
(3.38)
 
(5.10)
 
12.24
 
3.49
  Total from investment operations
 
2.90  
 
(3.26)  
 
(5.06)  
 
12.45  
 
3.55
  Distributions from net investment income
 
(.18)
 
-
 
(.08)
 
(.10)
 
-
  Distributions from net realized gain
 
-
 
(1.55)
 
(.55)
 
(.25)
 
-
     Total distributions
 
(.18)
 
(1.55)
 
(.63)
 
(.35)
 
-
  Net asset value, end of period
$
26.95
$
24.23
$
29.04
$
34.73
$
22.63
 Total Return E,F,G
 
12.02%
 
(11.46)%
 
(14.88)%
 
55.31%
 
18.60%
 Ratios to Average Net Assets D,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.50% J
 
.86%
 
1.00%
 
1.01% K
 
1.01% J,K
    Expenses net of fee waivers, if any
 
.50% J
 
.86%
 
1.00%
 
1.01% K
 
1.01% J,K
    Expenses net of all reductions
 
.50% J
 
.86%
 
1.00%
 
1.01% K
 
1.01% J,K
    Net investment income (loss)
 
.57% J
 
.48%
 
.12%
 
.72%
 
1.99% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
41,626
$
40,820
$
18,486
$
48,219
$
2,373
    Portfolio turnover rate L
 
20% J,M
 
22%
 
43%
 
18%
 
-% N
 
AAs further described in Organization and Merger information notes, per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the merger. All financial information prior to the merger is that of the Predecessor Fund.
 
BFor the period April 16, 2020 (commencement of operations) through May 31, 2020.
 
CCalculated based on average shares outstanding during the period.
 
DNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
EBased on net asset value.
 
FTotal returns for periods of less than one year are not annualized.
 
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
JAnnualized.
 
KThe size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
 
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
MPortfolio turnover rate excludes securities received or delivered in-kind.
 
NAmount not annualized.
 
 
Fidelity® Disruptive Medicine ETF 
Investment Summary November 30, 2023 (Unaudited)
Top Holdings (% of Fund's net assets)
 
Boston Scientific Corp.
5.5
 
UnitedHealth Group, Inc.
5.2
 
Centene Corp.
3.9
 
Danaher Corp.
3.6
 
Vertex Pharmaceuticals, Inc.
3.3
 
Penumbra, Inc.
3.0
 
Bruker Corp.
3.0
 
Argenx SE ADR
3.0
 
Alnylam Pharmaceuticals, Inc.
3.0
 
Royalty Pharma PLC
3.0
 
 
36.5
 
 
Market Sectors (% of Fund's net assets)
 
Health Care
98.4
 
 
Asset Allocation (% of Fund's net assets)
 
Fidelity® Disruptive Medicine ETF
Schedule of Investments November 30, 2023 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.4%
 
 
Shares
Value ($)
 
HEALTH CARE - 98.4%
 
 
 
Biotechnology - 27.5%
 
 
 
Alnylam Pharmaceuticals, Inc. (a)
 
8,061
1,356,263
ALX Oncology Holdings, Inc. (a)
 
16,876
132,308
Arcellx, Inc. (a)
 
9,164
481,385
Argenx SE ADR (a)
 
3,016
1,359,040
Arrowhead Pharmaceuticals, Inc. (a)
 
6,311
133,793
Ascendis Pharma A/S sponsored ADR (a)
 
3,865
388,162
Beam Therapeutics, Inc. (a)(b)
 
3,873
108,754
Cytokinetics, Inc. (a)
 
15,335
513,416
Exact Sciences Corp. (a)
 
9,330
597,120
Icosavax, Inc. (a)
 
24,621
249,165
Intellia Therapeutics, Inc. (a)
 
2,450
72,594
Janux Therapeutics, Inc. (a)
 
14,042
122,587
Keros Therapeutics, Inc. (a)
 
5,273
159,983
Legend Biotech Corp. ADR (a)
 
11,059
672,608
Moonlake Immunotherapeutics (a)(b)
 
3,889
170,766
Natera, Inc. (a)
 
4,827
270,071
Oxford BioMedica PLC (a)
 
105,735
222,653
RayzeBio, Inc.
 
9,200
219,696
Regeneron Pharmaceuticals, Inc. (a)
 
1,343
1,106,377
Repligen Corp. (a)(b)
 
5,625
884,531
Sarepta Therapeutics, Inc. (a)
 
5,031
408,920
Tyra Biosciences, Inc. (a)
 
8,307
97,275
Vaxcyte, Inc. (a)
 
8,985
465,153
Vertex Pharmaceuticals, Inc. (a)
 
4,241
1,504,749
Verve Therapeutics, Inc. (a)(b)
 
7,619
85,942
Xenon Pharmaceuticals, Inc. (a)
 
6,169
225,662
Zai Lab Ltd. ADR (a)(b)
 
18,315
499,816
Zentalis Pharmaceuticals, Inc. (a)
 
7,282
81,923
 
 
 
12,590,712
Health Care Equipment & Supplies - 27.3%
 
 
 
Align Technology, Inc. (a)
 
1,045
223,421
Boston Scientific Corp. (a)
 
45,279
2,530,642
DexCom, Inc. (a)
 
7,307
844,105
Glaukos Corp. (a)
 
8,600
549,454
ICU Medical, Inc. (a)
 
4,278
375,437
Inspire Medical Systems, Inc. (a)
 
2,424
352,231
Insulet Corp. (a)
 
6,434
1,216,605
Intuitive Surgical, Inc. (a)
 
3,850
1,196,734
iRhythm Technologies, Inc. (a)
 
4,403
375,488
Masimo Corp. (a)
 
12,788
1,199,003
Nevro Corp. (a)
 
11,624
201,328
Penumbra, Inc. (a)
 
6,186
1,373,849
ResMed, Inc.
 
4,344
685,179
Stryker Corp.
 
3,887
1,151,835
Tandem Diabetes Care, Inc. (a)
 
11,178
226,243
 
 
 
12,501,554
Health Care Providers & Services - 16.2%
 
 
 
agilon health, Inc. (a)
 
49,094
521,378
Centene Corp. (a)
 
24,261
1,787,550
Guardant Health, Inc. (a)
 
12,326
310,245
Humana, Inc.
 
2,276
1,103,541
LifeStance Health Group, Inc. (a)
 
125,761
863,978
Privia Health Group, Inc. (a)
 
21,746
449,272
UnitedHealth Group, Inc.
 
4,288
2,371,135
 
 
 
7,407,099
Health Care Technology - 3.9%
 
 
 
Doximity, Inc. (a)
 
8,273
192,347
Evolent Health, Inc. (a)
 
15,428
428,898
Phreesia, Inc. (a)
 
18,034
277,904
Veeva Systems, Inc. Class A (a)
 
5,181
903,100
 
 
 
1,802,249
Life Sciences Tools & Services - 16.5%
 
 
 
10X Genomics, Inc. (a)
 
21,048
916,009
Bio-Techne Corp.
 
12,588
791,785
Bruker Corp.
 
21,063
1,370,991
Danaher Corp.
 
7,509
1,676,835
Lonza Group AG
 
613
236,884
Sartorius Stedim Biotech
 
2,996
673,101
Thermo Fisher Scientific, Inc.
 
1,907
945,414
West Pharmaceutical Services, Inc.
 
2,720
954,067
 
 
 
7,565,086
Pharmaceuticals - 7.0%
 
 
 
Edgewise Therapeutics, Inc. (a)(b)
 
23,957
145,659
Eli Lilly & Co.
 
1,513
894,244
Novo Nordisk A/S Series B sponsored ADR
 
4,100
417,544
Royalty Pharma PLC
 
50,097
1,356,126
Structure Therapeutics, Inc. ADR
 
6,800
378,692
 
 
 
3,192,265
 
TOTAL COMMON STOCKS
 (Cost $46,195,046)
 
 
 
45,058,965
 
 
 
 
Money Market Funds - 4.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (c)
 
723,065
723,210
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d)
 
1,331,692
1,331,825
 
TOTAL MONEY MARKET FUNDS
 (Cost $2,055,035)
 
 
2,055,035
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.9%
 (Cost $48,250,081)
 
 
 
47,114,000
NET OTHER ASSETS (LIABILITIES) - (2.9)%  
(1,344,841)
NET ASSETS - 100.0%
45,769,159
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
-
4,837,023
4,113,813
13,320
-
-
723,210
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
461,500
8,702,827
7,832,502
1,602
-
-
1,331,825
0.0%
Total
461,500
13,539,850
11,946,315
14,922
-
-
2,055,035
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of November 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Health Care
45,058,965
45,058,965
-
-
  Money Market Funds
2,055,035
2,055,035
-
-
 Total Investments in Securities:
47,114,000
47,114,000
-
-
Fidelity® Disruptive Medicine ETF
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
November 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $1,292,763) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $46,195,046)
$
45,058,965
 
 
Fidelity Central Funds (cost $2,055,035)
2,055,035
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $48,250,081)
 
 
$
47,114,000
Dividends receivable
 
 
32,342
Distributions receivable from Fidelity Central Funds
 
 
3,744
  Total assets
 
 
47,150,086
Liabilities
 
 
 
 
Payable for investments purchased
$
30,487
 
 
Accrued management fee
18,613
 
 
Other payables and accrued expenses
2
 
 
Collateral on securities loaned
1,331,825
 
 
  Total Liabilities
 
 
 
1,380,927
Net Assets  
 
 
$
45,769,159
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
58,069,873
Total accumulated earnings (loss)
 
 
 
(12,300,714)
Net Assets
 
 
$
45,769,159
Net Asset Value, offering price and redemption price per share ($45,769,159 ÷ 2,123,806 shares)
 
 
$
21.55
Statement of Operations
 
 
 
Six months ended
November 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
63,296
Income from Fidelity Central Funds (including $1,602 from security lending)
 
 
14,922
 Total Income
 
 
 
78,218
Expenses
 
 
 
 
Management fee
$
108,709
 
 
Independent trustees' fees and expenses
115
 
 
 Total expenses before reductions
 
108,824
 
 
 Expense reductions
 
(133)
 
 
 Total expenses after reductions
 
 
 
108,691
Net Investment income (loss)
 
 
 
(30,473)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(1,703,599)
 
 
   Redemptions in-kind
 
654,546
 
 
 Foreign currency transactions
 
(7,829)
 
 
Total net realized gain (loss)
 
 
 
(1,056,882)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(4,192,730)
 
 
 Assets and liabilities in foreign currencies
 
7,030
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(4,185,700)
Net gain (loss)
 
 
 
(5,242,582)
Net increase (decrease) in net assets resulting from operations
 
 
$
(5,273,055)


See Organization and Merger information note regarding reorganization from mutual fund to exchange traded fund.
Statement of Changes in Net Assets
 
 
Six months ended
November 30, 2023
(Unaudited)
 
Year ended
May 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(30,473)
$
(65,769)
Net realized gain (loss)
 
(1,056,882)
 
 
(6,730,978)
 
Change in net unrealized appreciation (depreciation)
 
(4,185,700)
 
11,521,551
 
Net increase (decrease) in net assets resulting from operations
 
(5,273,055)
 
 
4,724,804
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
-
 
 
(13,925,552)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
10,797,368
 
-
Cost of shares redeemed
 
(2,952,019)
 
-
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
7,845,349
 
 
(13,925,552)
 
Total increase (decrease) in net assets
 
2,572,294
 
 
(9,200,748)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
43,196,865
 
52,397,613
 
End of period
$
45,769,159
$
43,196,865
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
500,368
 
2,183,358
Redeemed
 
(149,500)
 
(2,768,145)
Net increase (decrease)
 
350,868
 
(584,787)
 
 
 
 
 
See Organization and Merger information note regarding reorganization from mutual fund to exchange traded fund.
 
Share activity amounts in the Other Information section have been adjusted to reflect the impact of the change in capital structure associated with the merger. All financial information prior to the merger is that of the Predecessor Fund.
 
Financial Highlights
Fidelity® Disruptive Medicine ETF
 
 
Six months ended
(Unaudited) November 30, 2023 A
 
Years ended May 31, 2023 A
 
2022 A
 
2021 A
 
2020 A,B
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.36
$
22.08
$
28.82
$
24.52
$
22.17
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
(.02)
 
(.11)
 
(.20)
 
(.16)
 
(.02)
     Net realized and unrealized gain (loss)
 
(2.79)
 
2.39
 
(6.25)
 
4.66
 
2.37
  Total from investment operations
 
(2.81)  
 
2.28  
 
(6.45)  
 
4.50  
 
2.35
  Distributions from net realized gain
 
-
 
-
 
(.29)
 
(.20)
 
-
     Total distributions
 
-
 
-
 
(.29)
 
(.20)
 
-
  Net asset value, end of period
$
21.55
$
24.36
$
22.08
$
28.82
$
24.52
 Total Return E,F,G
 
(11.53)%
 
10.34%
 
(22.68)%
 
18.44%
 
10.60%
 Ratios to Average Net Assets D,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.50% J
 
.84%
 
1.00%
 
1.01% K
 
1.01% J,K
    Expenses net of fee waivers, if any
 
.50% J
 
.84%
 
1.00%
 
1.01% K
 
1.01% J,K
    Expenses net of all reductions
 
.50% J
 
.84%
 
1.00%
 
1.01% K
 
1.01% J,K
    Net investment income (loss)
 
(.14)% J
 
(.51)%
 
(.70)%
 
(.58)%
 
(.75)% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
45,769
$
43,197
$
11,027
$
32,331
$
5,666
    Portfolio turnover rate L
 
10% J,M
 
39%
 
47%
 
44%
 
-% N,O
 
AAs further described in Organization and Merger information notes, per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the merger. All financial information prior to the merger is that of the Predecessor Fund.
 
BFor the period April 16, 2020 (commencement of operations) through May 31, 2020.
 
CCalculated based on average shares outstanding during the period.
 
DNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
EBased on net asset value.
 
FTotal returns for periods of less than one year are not annualized.
 
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
JAnnualized.
 
KThe size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
 
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
MPortfolio turnover rate excludes securities received or delivered in-kind.
 
NAmount not annualized.
 
OAmount represents less than 1%.
 
 
Fidelity® Disruptive Technology ETF 
Investment Summary November 30, 2023 (Unaudited)
Top Holdings (% of Fund's net assets)
 
Adobe, Inc.
5.7
 
Salesforce, Inc.
5.5
 
NVIDIA Corp.
5.4
 
Microsoft Corp.
5.4
 
MongoDB, Inc. Class A
4.7
 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
4.4
 
Amazon.com, Inc.
3.8
 
Marvell Technology, Inc.
3.8
 
Alphabet, Inc. Class C
3.8
 
ASML Holding NV (Netherlands)
3.7
 
 
46.2
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
70.2
 
Communication Services
17.1
 
Consumer Discretionary
7.6
 
Financials
3.5
 
Industrials
1.2
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Disruptive Technology ETF
Schedule of Investments November 30, 2023 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.6%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 17.1%
 
 
 
Entertainment - 6.9%
 
 
 
Netflix, Inc. (a)
 
7,762
3,678,955
Sea Ltd. ADR (a)
 
37,333
1,352,201
Spotify Technology SA (a)
 
5,516
1,021,067
Universal Music Group NV
 
38,091
1,005,040
 
 
 
7,057,263
Interactive Media & Services - 9.3%
 
 
 
Alphabet, Inc. Class C (a)
 
28,618
3,832,523
Meta Platforms, Inc. Class A (a)
 
10,819
3,539,436
Snap, Inc. Class A (a)
 
146,752
2,029,580
 
 
 
9,401,539
Wireless Telecommunication Services - 0.9%
 
 
 
T-Mobile U.S., Inc.
 
6,262
942,118
TOTAL COMMUNICATION SERVICES
 
 
17,400,920
CONSUMER DISCRETIONARY - 7.6%
 
 
 
Broadline Retail - 6.3%
 
 
 
Amazon.com, Inc. (a)
 
26,433
3,861,597
Global-e Online Ltd. (a)(b)
 
19,546
669,451
PDD Holdings, Inc. ADR (a)
 
12,600
1,857,744
 
 
 
6,388,792
Hotels, Restaurants & Leisure - 0.7%
 
 
 
Airbnb, Inc. Class A (a)
 
5,381
679,836
Specialty Retail - 0.6%
 
 
 
ZOZO, Inc.
 
30,364
640,007
TOTAL CONSUMER DISCRETIONARY
 
 
7,708,635
FINANCIALS - 3.5%
 
 
 
Financial Services - 3.5%
 
 
 
Adyen BV (a)(c)
 
2,130
2,483,119
Block, Inc. Class A (a)
 
17,326
1,098,988
 
 
 
3,582,107
INDUSTRIALS - 1.2%
 
 
 
Ground Transportation - 1.2%
 
 
 
Uber Technologies, Inc. (a)
 
21,050
1,186,799
INFORMATION TECHNOLOGY - 70.2%
 
 
 
Electronic Equipment, Instruments & Components - 0.7%
 
 
 
Samsung SDI Co. Ltd.
 
1,960
711,713
IT Services - 9.0%
 
 
 
Accenture PLC Class A
 
4,278
1,425,173
MongoDB, Inc. Class A (a)
 
11,545
4,799,718
Shopify, Inc. Class A (a)
 
22,028
1,604,079
Snowflake, Inc. (a)
 
7,272
1,364,809
 
 
 
9,193,779
Semiconductors & Semiconductor Equipment - 23.0%
 
 
 
Advantest Corp.
 
61,491
1,941,450
ASML Holding NV (Netherlands)
 
5,536
3,754,158
BE Semiconductor Industries NV
 
13,575
1,898,027
Marvell Technology, Inc.
 
69,038
3,847,488
Micron Technology, Inc.
 
16,600
1,263,592
NVIDIA Corp.
 
11,873
5,553,002
SolarEdge Technologies, Inc. (a)
 
8,877
704,656
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
45,576
4,435,001
 
 
 
23,397,374
Software - 35.0%
 
 
 
Adobe, Inc. (a)
 
9,471
5,786,876
Atlassian Corp. PLC (a)
 
6,933
1,323,856
Confluent, Inc. (a)
 
56,358
1,195,917
Crowdstrike Holdings, Inc. (a)
 
6,922
1,640,445
Datadog, Inc. Class A (a)
 
16,763
1,954,063
HashiCorp, Inc. (a)
 
45,634
977,480
HubSpot, Inc. (a)
 
3,498
1,727,767
Intuit, Inc.
 
4,190
2,394,417
Microsoft Corp.
 
14,496
5,492,679
Palo Alto Networks, Inc. (a)
 
8,024
2,367,802
Salesforce, Inc. (a)
 
22,370
5,635,003
Synopsys, Inc. (a)
 
4,700
2,553,181
Workday, Inc. Class A (a)
 
9,376
2,538,271
 
 
 
35,587,757
Technology Hardware, Storage & Peripherals - 2.5%
 
 
 
Apple, Inc.
 
7,672
1,457,296
Samsung Electronics Co. Ltd.
 
20,450
1,145,332
 
 
 
2,602,628
TOTAL INFORMATION TECHNOLOGY
 
 
71,493,251
 
TOTAL COMMON STOCKS
 (Cost $89,822,476)
 
 
 
101,371,712
 
 
 
 
Money Market Funds - 0.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (d)
 
393,819
393,898
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
 
399,484
399,524
 
TOTAL MONEY MARKET FUNDS
 (Cost $793,422)
 
 
793,422
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.4%
 (Cost $90,615,898)
 
 
 
102,165,134
NET OTHER ASSETS (LIABILITIES) - (0.4)%  
(375,849)
NET ASSETS - 100.0%
101,789,285
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,483,119 or 2.4% of net assets.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
478,846
11,710,705
11,795,653
20,776
-
-
393,898
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
3,121,750
7,343,557
10,065,783
1,150
-
-
399,524
0.0%
Total
3,600,596
19,054,262
21,861,436
21,926
-
-
793,422
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of November 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
17,400,920
17,400,920
-
-
Consumer Discretionary
7,708,635
7,708,635
-
-
Financials
3,582,107
3,582,107
-
-
Industrials
1,186,799
1,186,799
-
-
Information Technology
71,493,251
71,493,251
-
-
  Money Market Funds
793,422
793,422
-
-
 Total Investments in Securities:
102,165,134
102,165,134
-
-
Fidelity® Disruptive Technology ETF
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
November 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $388,190) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $89,822,476)
$
101,371,712
 
 
Fidelity Central Funds (cost $793,422)
793,422
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $90,615,898)
 
 
$
102,165,134
Cash
 
 
27,937
Dividends receivable
 
 
33,977
Distributions receivable from Fidelity Central Funds
 
 
1,758
  Total assets
 
 
102,228,806
Liabilities
 
 
 
 
Accrued management fee
$
39,997
 
 
Collateral on securities loaned
399,524
 
 
  Total Liabilities
 
 
 
439,521
Net Assets  
 
 
$
101,789,285
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
119,553,287
Total accumulated earnings (loss)
 
 
 
(17,764,002)
Net Assets
 
 
$
101,789,285
Net Asset Value, offering price and redemption price per share ($101,789,285 ÷ 3,788,469 shares)
 
 
$
26.87
Statement of Operations
 
 
 
Six months ended
November 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
131,959
Interest  
 
 
68
Income from Fidelity Central Funds (including $1,150 from security lending)
 
 
21,926
 Total Income
 
 
 
153,953
Expenses
 
 
 
 
Management fee
$
246,261
 
 
Independent trustees' fees and expenses
259
 
 
 Total expenses before reductions
 
246,520
 
 
 Expense reductions
 
(170)
 
 
 Total expenses after reductions
 
 
 
246,350
Net Investment income (loss)
 
 
 
(92,397)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(6,214,185)
 
 
   Redemptions in-kind
 
1,393,703
 
 
 Foreign currency transactions
 
8,756
 
 
Total net realized gain (loss)
 
 
 
(4,811,726)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
14,805,642
 
 
 Assets and liabilities in foreign currencies
 
5,608
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
14,811,250
Net gain (loss)
 
 
 
9,999,524
Net increase (decrease) in net assets resulting from operations
 
 
$
9,907,127


See Organization and Merger information note regarding reorganization from mutual fund to exchange traded fund.
Statement of Changes in Net Assets
 
 
Six months ended
November 30, 2023
(Unaudited)
 
Year ended
May 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(92,397)
$
(164,342)
Net realized gain (loss)
 
(4,811,726)
 
 
(24,265,561)
 
Change in net unrealized appreciation (depreciation)
 
14,811,250
 
33,937,798
 
Net increase (decrease) in net assets resulting from operations
 
9,907,127
 
 
9,507,895
 
Distributions to shareholders
 
-
 
 
(1,210,975)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
-
 
 
(12,866,094)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,190,118
 
-
Cost of shares redeemed
 
(10,852,977)
 
-
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(9,662,859)
 
 
(12,866,094)
 
Total increase (decrease) in net assets
 
244,268
 
 
(4,569,174)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
101,545,017
 
106,114,191
 
End of period
$
101,789,285
$
101,545,017
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
48,177
 
5,396,940
  Issued in reinvestment of distributions
 
-
 
 
55,606
 
Redeemed
 
(434,792)
 
(6,149,268)
Net increase (decrease)
 
(386,615)
 
(696,722)
 
 
 
 
 
See Organization and Merger information note regarding reorganization from mutual fund to exchange traded fund.
 
Share activity amounts in the Other Information section have been adjusted to reflect the impact of the change in capital structure associated with the merger. All financial information prior to the merger is that of the Predecessor Fund.
 
Financial Highlights
Fidelity® Disruptive Technology ETF
 
 
Six months ended
(Unaudited) November 30, 2023 A
 
Years ended May 31, 2023 A
 
2022 A
 
2021 A
 
2020 A,B
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.32
$
21.70
$
33.25
$
21.11
$
18.37
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) C,D
 
(.02)
 
(.09)
 
(.26)
 
(.24)
 
(.02)
     Net realized and unrealized gain (loss)
 
2.57
 
2.97
 
(10.79)
 
12.51
 
2.76
  Total from investment operations
 
2.55  
 
2.88  
 
(11.05)  
 
12.27  
 
2.74
  Distributions from net realized gain
 
-
 
(.26)
 
(.50) E
 
(.13)
 
-
     Total distributions
 
-
 
(.26)
 
(.50)
 
(.13)
 
-
  Net asset value, end of period
$
26.87
$
24.32
$
21.70
$
33.25
$
21.11
 Total Return F,G,H
 
10.46%
 
13.45%
 
(33.85)%
 
58.13%
 
14.90%
 Ratios to Average Net Assets D,I,J
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.50% K
 
.87%
 
.99%
 
1.01% E
 
1.01% E,K
    Expenses net of fee waivers, if any
 
.50% K
 
.87%
 
.99% E
 
1.01% E
 
1.01% E,K
    Expenses net of all reductions
 
.50% K
 
.87%
 
.99% E
 
1.01% E
 
1.01% E,K
    Net investment income (loss)
 
(.19)% K
 
(.42)%
 
(.78)%
 
(.77)%
 
(.62)% K
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
101,789
$
101,545
$
34,802
$
130,244
$
6,198
    Portfolio turnover rate L
 
19% K,M
 
28%
 
33%
 
29%
 
-% N,O
 
AAs further described in Organization and Merger information notes, per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the merger. All financial information prior to the merger is that of the Predecessor Fund.
 
BFor the period April 16, 2020 (commencement of operations) through May 31, 2020.
 
CCalculated based on average shares outstanding during the period.
 
DNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
EThe size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
 
FTotal returns for periods of less than one year are not annualized.
 
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
HBased on net asset value.
 
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
KAnnualized.
 
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
MPortfolio turnover rate excludes securities received or delivered in-kind.
 
NAmount not annualized.
 
OAmount represents less than 1%.
 
Notes to Financial Statements (Unaudited)
For the period ended November 30, 2023
 
1. Organization.
Fidelity Disruptive Automation ETF, Fidelity Disruptive Communications ETF, Fidelity Disruptive Finance ETF, Fidelity Disruptive Medicine ETF and Fidelity Disruptive Technology ETF (the Funds) are non-diversified 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 Disruptive Medicine 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. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
 
Effective June 9, 2023, each Fidelity Disruptive Fund (Predecessor Fund) reorganized into the newly created exchange traded fund (ETF) as noted in the table below. Each Predecessor Fund was the accounting survivor in the reorganization, and, as such, the financial statements and financial highlights of each Fund reflect the financial information of each Predecessor Fund through June 9, 2023 (see Merger Information note). During the prior fiscal year, Loyalty Class 1, Loyalty Class 2 and Class F shares were converted to Fidelity Disruptive Fund shares in each Predecessor Fund.
 
Current ETFs
Former Mutual Funds (Predecessor Funds)
Fidelity Disruptive Automation ETF
Fidelity Disruptive Automation Fund
Fidelity Disruptive Communications ETF
Fidelity Disruptive Communications Fund
Fidelity Disruptive Finance ETF
Fidelity Disruptive Finance Fund
Fidelity Disruptive Medicine ETF
Fidelity Disruptive Medicine Fund
Fidelity Disruptive Technology ETF
Fidelity Disruptive Technology Fund
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. 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 designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
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 service 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.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
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.
 
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 Nasdaq Stock Market. Eastern time 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. 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 Statement 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 Fidelity Central Funds, if any, 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 or reclaims receivable, as applicable.
 
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. 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. 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 to foreign currency transactions, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
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 Disruptive Automation ETF
$104,655,483
$17,348,248
$(14,749,075)
$2,599,173
Fidelity Disruptive Communications ETF 
36,873,006
10,987,284
 (8,668,439)
2,318,845
Fidelity Disruptive Finance ETF
40,053,972
7,712,994
 (5,706,286)
2,006,708
Fidelity Disruptive Medicine ETF
48,323,525
6,907,098
 (8,116,623)
 (1,209,525)
Fidelity Disruptive Technology ETF
92,111,225
25,321,900
 (15,267,991)
10,053,909
 
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 fiscal period end and is subject to adjustment.
 
 
 
Short-term
Long-term
Total capital loss carryforward
Fidelity Disruptive Automation Fund
$(2,580,613)
$(4,788,003)
$(7,368,616)
Fidelity Disruptive Communications Fund 
 (4,856,673)
 (4,392,633)
  (9,249,306)
Fidelity Disruptive Finance Fund
 (4,448,700)
 (2,134,278)
  (6,582,978)
Fidelity Disruptive Medicine Fund
 (6,685,546)
 (3,174,906)
  (9,860,452)
Fidelity Disruptive Technology Fund
 (3,935,299)
 (18,903,217)
 (22,838,516)
 
 
Fidelity Disruptive Medicine Fund elected to defer to its next fiscal year $56,086 of ordinary losses recognized during the period January 1, 2023 to May 31, 2023.
 
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.
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 Disruptive Automation ETF
37,544,124
33,596,392
Fidelity Disruptive Communications ETF
6,843,293
5,445,911
Fidelity Disruptive Finance ETF
9,934,218
7,026,590
Fidelity Disruptive Medicine ETF
7,006,982
3,408,381
Fidelity Disruptive Technology ETF
15,500,992
15,267,380
 
Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.
 
 
In-Kind Subscriptions ($)
In-Kind Redemptions ($)
Fidelity Disruptive Automation ETF
3,597,594
7,126,337
Fidelity Disruptive Communications ETF
-
3,895,711
Fidelity Disruptive Finance ETF
-
4,841,021
Fidelity Disruptive Medicine ETF
7,607,367
2,474,632
Fidelity Disruptive Technology ETF
-
4,587,682
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Disruptive Automation Fund
210,398
2,526,540
4,955,947
 
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 each Fund's average net assets as noted in the table below. Under the management contract, the investment adviser pays all expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
 
Fee Rate
Fidelity Disruptive Automation ETF
.50%
Fidelity Disruptive Communications ETF
.50%
Fidelity Disruptive Finance ETF
.50%
Fidelity Disruptive Medicine ETF
.50%
Fidelity Disruptive Technology ETF
.50%
 
During the period June 1, 2023 through June 9, 2023, the Predecessor Funds paid a monthly all-inclusive management fee that was based on an annual rate of each Predecessor Fund's average net assets as noted in the table below. Under the management contract, the investment adviser paid all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses. Under a separate expense contract, the investment adviser paid all other operating expenses as necessary, except the compensation of the independent Trustees and certain miscellaneous expenses, such as proxy and shareholder meeting expenses, so that total expenses of the Predecessor Fund did not exceed an annual percentage of average net assets as noted in the table below.
 
 
Management Fee Annual % of Average Net Assets
Expense Contract Annual % of Average Net Assets
Fidelity Disruptive Automation Fund
1.00%
.50%
Fidelity Disruptive Communications Fund
1.00%
.50%
Fidelity Disruptive Finance Fund
1.00%
.50%
Fidelity Disruptive Medicine Fund
1.00%
.50%
Fidelity Disruptive Technology Fund
1.00%
.50%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Disruptive Automation ETF
$128
Fidelity Disruptive Communications ETF
 71
Fidelity Disruptive Finance ETF
 71
Fidelity Disruptive Medicine ETF
 193
Fidelity Disruptive Technology ETF
 81
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Disruptive Automation ETF
 Borrower
$ 5,516,000
5.32%
$814
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds 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. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Disruptive Automation ETF
 1,038,847
 1,075,914
 253,185
Fidelity Disruptive Communications ETF
 11,648
 474,253
 175,908
Fidelity Disruptive Finance ETF
 1,955,770
 1,402,362
 812,533
Fidelity Disruptive Medicine ETF
 283,263
 35,656
  (15,544)
Fidelity Disruptive Technology ETF
 1,335,652
 166,170
  (563,289)
 
6. Committed Line of Credit.
During the period June 1, 2023 through June 9, 2023, the Predecessor Fund participated with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit were borne by the investment adviser. During the period, there were no borrowings on this line of credit.
 
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Disruptive Automation ETF
$5,118
$4,521
$63,456
Fidelity Disruptive Communications ETF
$26
$-
$-
Fidelity Disruptive Finance ETF
$271
$-
$-
Fidelity Disruptive Medicine ETF
$123
$-
$-
Fidelity Disruptive Technology ETF
$80
$-
$-
 
8. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
 
 
Custodian credits
Fidelity Disruptive Automation ETF
$102
Fidelity Disruptive Communications ETF 
 110
Fidelity Disruptive Finance ETF
 103
Fidelity Disruptive Medicine ETF
 133
Fidelity Disruptive Technology ETF
 170
 
9. Distributions to Shareholders.
Prior fiscal year distributions to shareholder of each class were as follows:
 
 
Year ended
May 31, 2023
Fidelity Disruptive Automation Fund
 
Distributions to shareholders
 
Fidelity Disruptive Automation Fund
$-
Loyalty Class 1
70,285
Loyalty Class 2
370
Class F
112,219
Total  
$182,874
Fidelity Disruptive Finance Fund
 
Distributions to shareholders
 
Fidelity Disruptive Finance Fund
$889,399
Loyalty Class 1
1,176,792
Loyalty Class 2
9,204
Class F
1,565,582
Total  
$3,640,977
Fidelity Disruptive Technology Fund
 
Distributions to shareholders
 
Fidelity Disruptive Technology Fund
$403,963
Loyalty Class 1
534,280
Loyalty Class 2
1,388
Class F
271,344
Total  
$1,210,975
 
10. 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.
 
Prior fiscal year share transactions for each class of the Predecessor Fund were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Dollars
 
Year ended
 May 31, 2023
Year ended
 May 31, 2023
Fidelity Disruptive Automation Fund
 
 
Fidelity Disruptive Automation Fund
 
 
Shares sold
4,549,471
$106,491,639
Reinvestment of distributions
-
-
Shares redeemed
(1,670,230)
(35,221,801)
Net increase (decrease)
2,879,241
$71,269,838
Loyalty Class 1
 
 
Shares sold
687,455
$14,592,727
Reinvestment of distributions
3,054
65,051
Shares redeemed
(3,399,293)
(78,288,179)
Net increase (decrease)
(2,708,784)
$(63,630,401)
Loyalty Class 2
 
 
Shares sold
831
$17,906
Reinvestment of distributions
17
370
Shares redeemed
(7,730)
(180,614)
Net increase (decrease)
(6,882)
$(162,338)
Class F
 
 
Shares sold
23,191
$512,114
Reinvestment of distributions
5,221
112,219
Shares redeemed
(1,220,183)
(27,936,611)
Net increase (decrease)
(1,191,771)
$(27,312,278)
Fidelity Disruptive Communications Fund
 
 
Fidelity Disruptive Communications Fund
 
 
Shares sold
1,574,930
$36,001,186
Reinvestment of distributions
-
-
Shares redeemed
(352,668)
(7,507,221)
Net increase (decrease)
1,222,262
$28,493,965
Loyalty Class 1
 
 
Shares sold
118,546
$2,583,699
Reinvestment of distributions
-
-
Shares redeemed
(741,539)
(16,870,638)
Net increase (decrease)
(622,993)
$(14,286,939)
Loyalty Class 2
 
 
Shares sold
234
$5,415
Reinvestment of distributions
-
-
Shares redeemed
(5,580)
(129,686)
Net increase (decrease)
(5,346)
$(124,271)
Class F
 
 
Shares sold
110,136
$2,260,556
Reinvestment of distributions
-
-
Shares redeemed
(1,165,781)
(26,314,710)
Net increase (decrease)
(1,055,645)
$(24,054,154)
Fidelity Disruptive Finance Fund
 
 
Fidelity Disruptive Finance Fund
 
 
Shares sold
1,667,868
$41,586,096
Reinvestment of distributions
33,977
860,296
Shares redeemed
(653,573)
(16,387,983)
Net increase (decrease)
1,048,272
$26,058,409
Loyalty Class 1
 
 
Shares sold
262,880
$6,806,499
Reinvestment of distributions
41,011
1,037,086
Shares redeemed
(1,019,650)
(25,336,391)
Net increase (decrease)
(715,759)
$(17,492,806)
Loyalty Class 2
 
 
Shares sold
653
$17,290
Reinvestment of distributions
362
9,204
Shares redeemed
(6,443)
(160,502)
Net increase (decrease)
(5,428)
$(134,008)
Class F
 
 
Shares sold
124,045
$3,122,008
Reinvestment of distributions
61,525
1,565,581
Shares redeemed
(1,068,546)
(26,918,970)
Net increase (decrease)
(882,976)
$(22,231,381)
Fidelity Disruptive Medicine Fund
 
 
Fidelity Disruptive Medicine Fund
 
 
Shares sold
1,872,264
$47,165,060
Reinvestment of distributions
-
-
Shares redeemed
(598,763)
(13,951,368)
Net increase (decrease)
1,273,501
$33,213,692
Loyalty Class 1
 
 
Shares sold
219,552
$5,140,188
Reinvestment of distributions
-
-
Shares redeemed
(976,902)
(24,624,657)
Net increase (decrease)
(757,350)
$(19,484,469)
Loyalty Class 2
 
 
Shares sold
69
$1,704
Reinvestment of distributions
-
-
Shares redeemed
(4,672)
(120,139)
Net increase (decrease)
(4,603)
$(118,435)
Class F
 
 
Shares sold
91,473
$2,265,715
Reinvestment of distributions
-
-
Shares redeemed
(1,187,808)
(29,802,055)
Net increase (decrease)
(1,096,335)
$(27,536,340)
Fidelity Disruptive Technology Fund
 
 
Fidelity Disruptive Technology Fund
 
 
Shares sold
4,693,753
$100,997,985
Reinvestment of distributions
18,804
392,082
Shares redeemed
(2,141,414)
(42,810,625)
Net increase (decrease)
2,571,143
$58,579,442
Loyalty Class 1
 
 
Shares sold
577,993
$11,797,211
Reinvestment of distributions
23,915
499,555
Shares redeemed
(2,750,511)
(59,530,327)
Net increase (decrease)
(2,148,603)
$(47,233,561)
Loyalty Class 2
 
 
Shares sold
62
$1,295
Reinvestment of distributions
66
1,388
Shares redeemed
(5,683)
(125,896)
Net increase (decrease)
(5,555)
$(123,213)
Class F
 
 
Shares sold
125,132
$2,389,168
Reinvestment of distributions
12,821
271,344
Shares redeemed
(1,251,660)
(26,749,274)
Net increase (decrease)
(1,113,707)
$(24,088,762)
 
11. 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.
10. Merger Information.
On June 9, 2023 each Fund (Predecessor Fund) reorganized into a newly created exchange traded fund (ETF) pursuant to an Agreement and Plan of Reorganization (the Agreement) approved by its Board of Trustees. Per the Agreement, shareholders of each Predecessor Fund received ETF shares equal in value to the shares of the Predecessor Fund they owned on the day the reorganization was effective. Each Predecessor Fund was the accounting survivor after the reorganization. As such, performance and financial history prior to the reorganization is that of each Predecessor Fund. Historical share transactions and per share information for the Predecessor Fund was retroactively adjusted to reflect the change in capital structure due to the reorganization. 
 
Predecessor Funds
New ETFs
Fidelity Disruptive Automation Fund
Fidelity Disruptive Automation ETF
Fidelity Disruptive Communications Fund
Fidelity Disruptive Communications ETF
Fidelity Disruptive Finance Fund
Fidelity Disruptive Finance ETF
Fidelity Disruptive Medicine Fund
Fidelity Disruptive Medicine ETF
Fidelity Disruptive Technology Fund
Fidelity Disruptive Technology ETF
 
For financial reporting purposes, the assets and liabilities of each Predecessor Fund and shares issued by each ETF were recorded at fair value; however, the cost basis of the investments received from each Predecessor Fund were carried forward and will be utilized for purposes of each ETF's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to each Predecessor Fund or their shareholders. Costs incurred in connection with the reorganization were paid by each Predecessor Fund.
 
Predecessor Fund/Accounting Survivor
Investments ($)
Unrealized appreciation (depreciation) ($)
Net Assets ($)
Shares Exchanged
Shares Exchanged Ratio
 
 
 
 
 
 
Fidelity Disruptive Automation Fund
111,001,230
9,648,810
111,488,793
4,459,561
.6686440000
Fidelity Disruptive Communications Fund
38,182,670
416,225
38,176,192
1,527,044
.4988520000
Fidelity Disruptive Finance Fund
41,565,870
1,661,222
41,616,228
1,664,653
.5240880000
Fidelity Disruptive Medicine Fund
43,523,861
4,291,008
43,537,456
1,741,504
.4511440000
Fidelity Disruptive Technology Fund
102,251,358
1,677,809
102,438,029
4,097,527
.5443240000
 
 
Legal Acquiring ETF
Net Assets ($)
Total net assets after the acquisition ($)
 
 
 
Fidelity Disruptive Automation ETF
25
111,488,818
Fidelity Disruptive Communications ETF
25
38,176,217
Fidelity Disruptive Finance ETF
25
41,616,253
Fidelity Disruptive Medicine ETF
25
43,537,481
Fidelity Disruptive Technology ETF
25
102,438,054
 
Pro forma results of operations of the combined entity for the entire period ended November 30, 2023, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
 
ETF name
Net investment income (loss)
Total net realized gain (loss)
Total change in net unrealized appreciation (depreciation)
Net increase (decrease) in net assets resulting from operations
 
 
 
 
 
Fidelity Disruptive Automation ETF
223,453
64,361
(5,080,071)
(4,792,257)
Fidelity Disruptive Communications ETF
(39,233)
1,468,593
3,405,673
4,835,033
Fidelity Disruptive Finance ETF
119,138
2,156,666
2,195,929
4,471,733
Fidelity Disruptive Medicine ETF
(30,380)
(1,056,882)
(4,185,700)
(5,272,962)
Fidelity Disruptive Technology ETF
(91,919)
(4,811,726)
14,811,250
9,907,605
 
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of each Predecessor Fund that has been included in each ETF's Statement of Operations since June 9, 2023.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
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 at the beginning of the period and held for the entire period (June 1, 2023 to November 30, 2023).
 
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. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value June 1, 2023
 
Ending Account Value November 30, 2023
 
Expenses Paid During Period- C June 1, 2023 to November 30, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Disruptive Automation ETF
 
 
 
.50%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 964.80
 
$ 2.35
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.50
 
$ 2.53
 
 
 
 
 
 
 
 
 
 
Fidelity® Disruptive Communications ETF
 
 
 
.50%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,133.90
 
$ 2.55
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.50
 
$ 2.53
 
 
 
 
 
 
 
 
 
 
Fidelity® Disruptive Finance ETF
 
 
 
.50%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,120.20
 
$ 2.53
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.50
 
$ 2.53
 
 
 
 
 
 
 
 
 
 
Fidelity® Disruptive Medicine ETF
 
 
 
.50%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 884.70
 
$ 2.25
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.50
 
$ 2.53
 
 
 
 
 
 
 
 
 
 
Fidelity® Disruptive Technology ETF
 
 
 
.50%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,104.60
 
$ 2.52
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.50
 
$ 2.53
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
Board Approval of Investment Advisory Contracts
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity® Disruptive Automation ETF
Fidelity® Disruptive Communications ETF
Fidelity® Disruptive Finance ETF
Fidelity® Disruptive Medicine ETF
Fidelity® Disruptive Technology ETF
 
At the November 2022 and January 2023 meetings, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements with affiliates of FMR (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.
 
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund.
 
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 investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data 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, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the Fidelity funds notwithstanding the severe disruptions caused by the COVID-19 pandemic.
 
Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering pricing and bookkeeping, and securities lending services for each fund. The Board also considered the nature and extent of the supervision of third party service providers, principally transfer agent, custodians, subcustodians, and pricing vendors.
 
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, and the expanded availability of Fidelity Investor Centers.
 
Investment Performance. Each fund will commence operations by acquiring the assets of the relevant acquired fund, and each fund is to be the accounting survivor to the relevant acquired fund. Therefore, the Trustees were provided with performance information for the relevant acquired fund. The Board considered the Investment Advisers' strength in fundamental, research-driven security selection, which the Board is familiar with through its supervision of other Fidelity funds.
 
Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to each fund under the Advisory Contracts should benefit the shareholders of each fund.
 
Competitiveness of Management Fee and Total Expense Ratio. In reviewing the Advisory Contracts, the Board considered each 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 noted that each fund's proposed management fee rate is below the median fee rate of funds with similar Lipper investment objective categories and comparable investment mandates, regardless of whether their management fee structures are comparable. The Board also considered that the projected total expense ratio of each fund is below the median of those funds and classes used by the Board for management fee comparisons.
 
Based on its review, the Board concluded that each fund's management fee and projected total expense ratio were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
 
Costs of the Services and Profitability. Each fund will commence operations by acquiring the assets of the relevant acquired fund, and each fund is to be the accounting survivor to the relevant acquired fund. The revenue, cost, or profitability data for the relevant acquired fund was available for the Board to review in respect of each fund.
 
Economies of Scale. The Board considered economies of scale based on the operating experience of the relevant acquired fund to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with converting a mutual fund into an exchange-traded fund, the management fee for each fund was set at a level normally associated, by comparison with competitors, with very high fund net assets. The Board also considered Fidelity's assertion that the level of each fund's fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that each fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.
 
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 fee arrangements are fair and reasonable, and that each fund's Advisory Contracts should be approved.
 
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