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