Fidelity® Corporate Bond ETF
Fidelity® Investment Grade Bond ETF
Fidelity® Investment Grade Securitized ETF
Fidelity® Limited Term Bond ETF
Fidelity® Low Duration Bond Factor ETF
Fidelity® Total Bond ETF
Semi-Annual Report
February 28, 2022


Contents
Note to Shareholders 3  
Investment Summary 4  
Schedule of Investments 10  
Financial Statements 88  
Notes to Financial Statements 101  
Shareholder Expense Example 110  
Board Approval of Investment Advisory Contracts and Management Fees 111  
Liquidity Risk Management Program 118  
To view a fund’s proxy voting guidelines and proxy voting record for the period ended June, 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at http://www.sec.gov. You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.
Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
© 2022 FMR LLC. All Rights reserved.    
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most recent holdings listing on Fidelity’s web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
 Semi-Annual Report 2


Table of Contents
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
3 Semi-Annual Report 


Table of Contents
Fidelity® Corporate Bond ETF
Investment Summary (Unaudited)    
Quality Diversification as of February 28, 2022
We have used ratings from Moody’s Investors Service, Inc. Where Moody’s® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation as of February 28, 2022
* Foreign investments – 20.3%
 
 Semi-Annual Report 4


Table of Contents
Fidelity® Investment Grade Bond ETF
Investment Summary (Unaudited)    
Quality Diversification as of February 28, 2022
We have used ratings from Moody’s Investors Service, Inc. Where Moody’s® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation as of February 28, 2022
* Foreign investments – 14.8%
 
5 Semi-Annual Report 


Table of Contents
Fidelity® Investment Grade Securitized ETF
Investment Summary (Unaudited)    
Quality Diversification as of February 28, 2022
* Short-Term Investment and Net Other Assets (Liabilities) are not included in the pie chart.
We have used ratings from Moody’s Investors Service, Inc. Where Moody’s® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation as of February 28, 2022
* Short-Term Investment and Net Other Assets (Liabilities) are not included in the pie chart.
 
 Semi-Annual Report 6


Table of Contents
Fidelity® Limited Term Bond ETF
Investment Summary (Unaudited)    
Quality Diversification as of February 28, 2022
We have used ratings from Moody’s Investors Service, Inc. Where Moody’s® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation as of February 28, 2022
* Foreign investments – 21.0%
 
7 Semi-Annual Report 


Table of Contents
Fidelity® Low Duration Bond Factor ETF
Investment Summary (Unaudited)
    
Top Five Holdings as of February 28, 2022
(by issuer, excluding cash equivalents) % of fund’s
net assets
U.S. Treasury Notes 6.8
Bank of America Corp. 4.1
U.S. Treasury Bonds 3.7
Goldman Sachs Group, Inc. 3.6
JPMorgan Chase & Co. 3.6
  21.8
 
Top Five Market Sectors as of February 28, 2022
  % of fund's
net assets
Financials 68.0
Utilities 4.9
Consumer Discretionary 3.6
Communication Services 3.4
Health Care 3.4
Quality Diversification as of February 28, 2022
We have used ratings from Moody’s Investors Service, Inc. Where Moody’s® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation as of February 28, 2022
* Foreign investments – 37.2%
 
 Semi-Annual Report 8


Table of Contents
Fidelity® Total Bond ETF
Investment Summary (Unaudited)    
Quality Diversification as of February 28, 2022
We have used ratings from Moody’s Investors Service, Inc. Where Moody’s® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation as of February 28, 2022
* Foreign investments – 14.5%
 
9 Semi-Annual Report 


Table of Contents
Fidelity® Corporate Bond ETF
Schedule of Investments February 28, 2022 (Unaudited)
Showing Percentage of Net Assets
Nonconvertible Bonds – 91.9%
    Principal Amount Value
COMMUNICATION SERVICES – 7.7%
Diversified Telecommunication Services – 2.7%
AT&T, Inc.:    

3.55% 9/15/55
$ 712,000 $ 645,631
3.65% 6/1/51 to 9/15/59 1,065,000 985,319

3.80% 12/1/57
1,009,000 946,646

4.30% 2/15/30
332,000 361,435
4.50% 5/15/35 to 3/9/48 819,000 884,166

4.90% 6/15/42
178,000 196,717
Level 3 Financing, Inc.
3.40% 3/1/27 (a)
761,000 748,535
Verizon Communications, Inc.:    

2.10% 3/22/28
218,000 210,550

2.55% 3/21/31
242,000 232,298

3.70% 3/22/61
925,000 881,666

4.40% 11/1/34
572,000 630,602
      6,723,565
Interactive Media & Services – 0.2%
Tencent Holdings Ltd.:    

2.88% 4/22/31 (a)
235,000 225,821

3.575% 4/11/26 (a)
200,000 207,412
      433,233
Media – 3.1%
CCO Holdings LLC / CCO Holdings Capital Corp.
4.50% 8/15/30 (a)
943,000 908,185
Charter Communications Operating LLC / Charter Communications Operating Capital:    

3.70% 4/1/51
408,000 342,294

3.85% 4/1/61
300,000 249,172

4.20% 3/15/28
478,000 498,457

5.375% 5/1/47
498,000 525,520
Comcast Corp.:    

2.45% 8/15/52
402,000 323,909

2.937% 11/1/56 (a)
405,000 340,877

2.987% 11/1/63 (a)
405,000 337,200
Discovery Communications LLC
4.125% 5/15/29
495,000 512,639
Fox Corp.:    

3.50% 4/8/30
358,000 365,356

4.709% 1/25/29
259,000 282,682

5.476% 1/25/39
78,000 90,939

5.576% 1/25/49
310,000 372,974
The Walt Disney Co.:    

3.60% 1/13/51
416,000 420,918

3.80% 3/22/30
421,000 451,206

4.75% 11/15/46
204,000 239,924

    Principal Amount Value
Time Warner Cable LLC:    

4.50% 9/15/42
$ 313,000 $ 294,896

5.875% 11/15/40
474,000 530,379

7.30% 7/1/38
498,000 623,343
      7,710,870
Wireless Telecommunication Services – 1.7%
Rogers Communications, Inc.
4.30% 2/15/48
100,000 99,442
T-Mobile USA, Inc.:    

2.40% 3/15/29 (a)
242,000 230,359

2.70% 3/15/32 (a)
880,000 827,429

3.50% 4/15/25
484,000 497,562

3.75% 4/15/27
852,000 884,631
Vodafone Group PLC:    

3.25% 6/4/81 (b)
250,000 231,887

4.375% 5/30/28
532,000 575,445

5.25% 5/30/48
744,000 852,822
      4,199,577
TOTAL COMMUNICATION SERVICES 19,067,245
CONSUMER DISCRETIONARY – 4.3%
Automobiles – 1.4%
Ford Motor Co.
3.25% 2/12/32
850,000 801,661
General Motors Co.:    

5.40% 4/1/48
300,000 332,797

5.95% 4/1/49
506,000 604,640
General Motors Financial Co., Inc.
3.10% 1/12/32
650,000 620,373
Volkswagen Group of America Finance LLC:    

1.625% 11/24/27 (a)
450,000 423,563

4.75% 11/13/28 (a)
550,000 608,268
      3,391,302
Diversified Consumer Services – 0.2%
Ingersoll-Rand Luxembourg Finance SA
3.80% 3/21/29
530,000 555,774
Hotels, Restaurants & Leisure – 0.3%
McDonald's Corp.
3.625% 9/1/49
502,000 492,894
Starbucks Corp.
4.45% 8/15/49
365,000 388,589
      881,483
Household Durables – 0.1%
Toll Brothers Finance Corp.
4.375% 4/15/23
269,000 273,668
Internet & Direct Marketing Retail – 0.1%
Alibaba Group Holding Ltd.
2.125% 2/9/31
200,000 179,696
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 10


Table of Contents
Nonconvertible Bonds – continued
    Principal Amount Value
CONSUMER DISCRETIONARY – continued
Multiline Retail – 0.4%
Dollar Tree, Inc.
4.00% 5/15/25
$ 1,078,000 $ 1,123,548
Specialty Retail – 1.8%
Advance Auto Parts, Inc.
1.75% 10/1/27
338,000 317,052
AutoNation, Inc.:    

3.85% 3/1/32
1,100,000 1,111,397

4.75% 6/1/30
19,000 20,474
Genuine Parts Co.
2.75% 2/1/32
450,000 430,601
Lowe's Companies, Inc.
3.65% 4/5/29
821,000 860,242
O'Reilly Automotive, Inc.
4.35% 6/1/28
416,000 448,687
Tapestry, Inc.
3.05% 3/15/32
864,000 821,997
The Home Depot, Inc.
3.90% 6/15/47
348,000 369,463
      4,379,913
TOTAL CONSUMER DISCRETIONARY 10,785,384
CONSUMER STAPLES – 6.7%
Beverages – 2.0%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.:    

4.70% 2/1/36
198,000 220,668

4.90% 2/1/46
288,000 325,429
Anheuser-Busch InBev Finance, Inc.:    

4.70% 2/1/36
204,000 225,798

4.90% 2/1/46
822,000 919,423
Anheuser-Busch InBev Worldwide, Inc.:    

3.50% 6/1/30
653,000 682,212

4.50% 6/1/50
716,000 787,873

4.90% 1/23/31
465,000 533,129
Constellation Brands, Inc.
2.875% 5/1/30
283,000 276,099
Molson Coors Brewing Co.:    

3.00% 7/15/26
381,000 387,473

5.00% 5/1/42
475,000 520,771
      4,878,875
Food & Staples Retailing – 0.7%
Alimentation Couche-Tard, Inc.
2.95% 1/25/30 (a)
509,000 500,630
CVS Health Corp.:    

4.78% 3/25/38
246,000 275,093

4.875% 7/20/35
134,000 154,209

    Principal Amount Value

5.05% 3/25/48
$ 466,000 $ 544,132

5.125% 7/20/45
171,000 197,986
      1,672,050
Food Products – 1.4%
Conagra Brands, Inc.
4.60% 11/1/25
371,000 394,799
JBS Finance Luxembourg Sarl
2.50% 1/15/27 (a)
1,000,000 940,010
JBS U.S.A. Lux SA / JBS U.S.A. Food Co. / JBS U.S.A. Finance, Inc.:    

3.00% 5/15/32 (a)
955,000 842,797

4.375% 2/2/52 (a)
405,000 362,151

5.50% 1/15/30 (a)
690,000 712,925
McCormick & Co., Inc.
1.85% 2/15/31
261,000 237,524
Smithfield Foods, Inc.
3.00% 10/15/30 (a)
135,000 127,967
      3,618,173
Tobacco – 2.6%
Altria Group, Inc.:    

2.45% 2/4/32
840,000 749,946

4.25% 8/9/42
155,000 141,512

4.40% 2/14/26
188,000 199,655

4.80% 2/14/29
453,000 489,371
BAT Capital Corp.:    

2.259% 3/25/28
754,000 703,835

2.726% 3/25/31
600,000 549,875

3.557% 8/15/27
1,006,000 1,012,468

3.984% 9/25/50
600,000 516,601
Imperial Brands Finance PLC:    

3.50% 7/26/26 (a)
550,000 557,452

4.25% 7/21/25 (a)
250,000 260,869
Reynolds American, Inc.
4.45% 6/12/25
1,127,000 1,178,578
      6,360,162
TOTAL CONSUMER STAPLES 16,529,260
ENERGY – 10.7%
Energy Equipment & Services – 1.1%
Atlantica Sustainable Infrastructure PLC
4.125% 6/15/28 (a)
800,000 770,000
DCP Midstream Operating LP:    

3.875% 3/15/23
530,000 535,963

5.125% 5/15/29
945,000 994,612
3 month U.S. LIBOR + 3.850%
5.85% 5/21/43 (a)(b)
418,000 388,740
      2,689,315
See accompanying notes which are an integral part of the financial statements.
11 Semi-Annual Report 


Table of Contents
Fidelity® Corporate Bond ETF
Schedule of Investments (Unaudited)continued
Nonconvertible Bonds – continued
    Principal Amount Value
ENERGY – continued
Oil, Gas & Consumable Fuels – 9.6%
Canadian Natural Resources Ltd.:    

3.90% 2/1/25
$ 512,000 $ 531,453

4.95% 6/1/47
134,000 151,085

6.25% 3/15/38
350,000 428,336
Cenovus Energy, Inc.:    

2.65% 1/15/32
99,000 91,967

3.75% 2/15/52
290,000 261,660

4.25% 4/15/27
1,638,000 1,732,160

5.40% 6/15/47
288,000 324,069

6.75% 11/15/39
71,000 88,968
Cheniere Corpus Christi Holdings LLC
5.875% 3/31/25
405,000 437,352
ConocoPhillips
6.50% 2/1/39
331,000 460,097
ConocoPhillips Holding Co.
6.95% 4/15/29
394,000 503,441
Eastern Gas Transmission & Storage, Inc.:    

3.00% 11/15/29 (a)
418,000 412,488

3.90% 11/15/49 (a)
356,000 347,974
Enbridge, Inc.:    

4.25% 12/1/26
214,000 228,029

5.50% 12/1/46
124,000 152,191

5.75% 7/15/80 (b)
475,000 495,325
Energy Transfer LP:    

4.00% 10/1/27
452,000 467,212

4.20% 9/15/23
608,000 625,219

4.25% 4/1/24
228,000 234,701

4.95% 6/15/28
678,000 729,179

5.00% 5/15/50
300,000 312,025

5.40% 10/1/47
316,000 338,151

5.80% 6/15/38
123,000 136,503

6.00% 6/15/48
257,000 288,351
Enterprise Products Operating LLC:    

4.85% 3/15/44
204,000 222,422

4.90% 5/15/46
183,000 201,318
Equinor ASA
2.375% 5/22/30
502,000 488,926
Hess Corp.:    

4.30% 4/1/27
194,000 205,097

5.60% 2/15/41
410,000 470,317

6.00% 1/15/40
725,000 856,420
Magellan Midstream Partners LP
3.25% 6/1/30
473,000 470,400
Marathon Petroleum Corp.
4.75% 9/15/44
465,000 489,189
MPLX LP:    

1.75% 3/1/26
661,000 633,498

    Principal Amount Value

2.65% 8/15/30
$ 1,032,000 $ 972,539

4.875% 12/1/24
130,000 137,753
Occidental Petroleum Corp.:    

2.90% 8/15/24
86,000 86,108

3.20% 8/15/26
12,000 11,996

3.45% 7/15/24
481,000 485,810

3.50% 8/15/29
587,000 584,065

4.30% 8/15/39
5,000 4,725

4.40% 8/15/49
475,000 451,150
Ovintiv Exploration, Inc.
5.625% 7/1/24
356,000 380,627
Ovintiv, Inc.:    

7.20% 11/1/31
270,000 334,938

8.125% 9/15/30
148,000 189,907
Petroleos Mexicanos:    

5.35% 2/12/28
394,000 378,476

6.49% 1/23/27
85,000 87,253

6.50% 3/13/27
280,000 287,420
Phillips 66
1.30% 2/15/26
422,000 401,578
Plains All American Pipeline LP / PAA Finance Corp.:    

3.85% 10/15/23
410,000 418,632

4.65% 10/15/25
416,000 440,462
Qatar Petroleum
2.25% 7/12/31 (a)
1,090,000 1,027,325
Spectra Energy Partners LP
3.375% 10/15/26
178,000 183,082
Suncor Energy, Inc.:    

6.50% 6/15/38
255,000 322,847

6.85% 6/1/39
166,000 219,696
The Williams Companies, Inc.:    

3.50% 11/15/30
272,000 276,504

5.75% 6/24/44
520,000 610,266
TransCanada PipeLines Ltd.
4.875% 5/15/48
356,000 404,719
Transcontinental Gas Pipe Line Co. LLC
3.25% 5/15/30
26,000 26,192
Western Midstream Operating LP
4.55% 2/1/30
1,174,000 1,207,529
      23,747,122
TOTAL ENERGY 26,436,437
FINANCIALS – 29.4%
Banks – 13.3%
Banco Santander SA
2.749% 12/3/30
1,200,000 1,093,572
Bank of America Corp.:    

2.676% 6/19/41 (b)
1,799,000 1,579,677
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 12


Table of Contents
Nonconvertible Bonds – continued
    Principal Amount Value
FINANCIALS – continued
Banks – continued
3 month U.S. LIBOR + 1.190%
2.884% 10/22/30 (b)(c)
$ 487,000 $ 477,588
3 month U.S. LIBOR + 1.180%
3.194% 7/23/30 (b)(c)
495,000 494,826
3 month U.S. LIBOR + 0.097%
3.458% 3/15/25 (b)(c)
337,000 343,467
3 month U.S. LIBOR + 1.512%
3.705% 4/24/28 (b)(c)
362,000 374,971

4.20% 8/26/24
269,000 280,082

4.25% 10/22/26
518,000 546,929

4.45% 3/3/26
310,000 330,313
Bank of Ireland Group PLC
4.50% 11/25/23 (a)
600,000 620,096
Bank of Nova Scotia
4.50% 12/16/25
466,000 496,558
Barclays PLC:    

1.007% 12/10/24 (b)
333,000 324,549

2.645% 6/24/31 (b)
550,000 518,851

2.894% 11/24/32 (b)
1,400,000 1,326,538

4.836% 5/9/28
415,000 438,309
3 month U.S. LIBOR + 3.054%
5.088% 6/20/30 (b)(c)
200,000 213,339
BPCE SA:    

2.277% 1/20/32 (a)(b)
650,000 590,040

4.875% 4/1/26 (a)
500,000 529,177
Citigroup, Inc.:    

2.572% 6/3/31 (b)
296,000 282,633

2.666% 1/29/31 (b)
507,000 488,810

4.30% 11/20/26
381,000 405,184

4.40% 6/10/25
1,665,000 1,746,856
Cooperatieve Rabobank UA
3.75% 7/21/26
700,000 721,747
Danske Bank A/S
1.171% 12/8/23 (a)(b)
500,000 496,395
Fifth Third Bancorp
8.25% 3/1/38
395,000 594,407
HSBC Holdings PLC:    

1.589% 5/24/27 (b)
790,000 744,828

2.357% 8/18/31 (b)
1,050,000 964,368

2.848% 6/4/31 (b)
400,000 382,687
3 month U.S. LIBOR + 1.546%
4.041% 3/13/28 (b)(c)
300,000 310,860
Huntington Bancshares, Inc.
2.487% 8/15/36 (a)(b)
388,000 355,153
Intesa Sanpaolo SpA
5.71% 1/15/26 (a)
200,000 210,814
JPMorgan Chase & Co.:    

2.522% 4/22/31 (b)
1,006,000 962,334

2.956% 5/13/31 (b)
467,000 454,115

    Principal Amount Value

4.125% 12/15/26
$ 306,000 $ 325,498

4.95% 6/1/45
204,000 244,392
Lloyds Banking Group PLC:    

1.627% 5/11/27 (b)
1,000,000 948,626
3 month U.S. LIBOR + 1.249%
2.858% 3/17/23 (b)(c)
700,000 700,400
Natwest Group PLC
2.359% 5/22/24 (b)
215,000 215,505
Royal Bank of Scotland Group PLC
6.00% 12/19/23
2,128,000 2,257,263
Santander Holdings USA, Inc.
3.50% 6/7/24
830,000 846,060
Societe Generale:    

1.488% 12/14/26 (a)(b)
325,000 303,788

3.00% 1/22/30 (a)
625,000 599,745

3.625% 3/1/41 (a)
1,000,000 886,632
Standard Chartered PLC 3 month U.S. LIBOR + 1.560%
3.785% 5/21/25 (a)(b)(c)
500,000 511,627
SVB Financial Group
3.125% 6/5/30
197,000 198,038
Synovus Financial Corp.
3.125% 11/1/22
417,000 419,542
Truist Bank
2.25% 3/11/30
500,000 473,470
UniCredit SpA
1.982% 6/3/27 (a)(b)
875,000 816,139
Wells Fargo & Co.:    
3 month U.S. LIBOR + 0.750%
2.164% 2/11/26 (b)(c)
676,000 667,771

4.478% 4/4/31 (b)
1,352,000 1,475,755

4.65% 11/4/44
384,000 421,755
Zions Bancorp N.A.
3.25% 10/29/29
900,000 903,337
      32,915,416
Capital Markets – 4.4%
Ares Capital Corp.:    

2.15% 7/15/26
495,000 466,988

4.25% 3/1/25
378,000 386,775
Credit Suisse Group AG:    

2.593% 9/11/25 (a)(b)
351,000 349,255

3.091% 5/14/32 (a)(b)
725,000 687,463
3 month U.S. LIBOR + 1.410%
3.869% 1/12/29 (a)(b)(c)
250,000 253,180

4.194% 4/1/31 (a)(b)
700,000 726,984

4.55% 4/17/26
250,000 263,998
Goldman Sachs Group, Inc.:    
3 month U.S. LIBOR + 0.990%
2.905% 7/24/23 (b)(c)
381,000 382,974

3.50% 11/16/26
498,000 509,901
3.75% 5/22/25 to 2/25/26 396,000 411,222
See accompanying notes which are an integral part of the financial statements.
13 Semi-Annual Report 


Table of Contents
Fidelity® Corporate Bond ETF
Schedule of Investments (Unaudited)continued
Nonconvertible Bonds – continued
    Principal Amount Value
FINANCIALS – continued
Capital Markets – continued
3 month U.S. LIBOR + 1.301%
4.223% 5/1/29 (b)(c)
$ 496,000 $ 525,795
Morgan Stanley:    

1.794% 2/13/32 (b)
614,000 548,060

2.239% 7/21/32 Series MTN (b)
460,000 423,501

2.699% 1/22/31 (b)
816,000 789,527

3.625% 1/20/27
554,000 577,135

4.35% 9/8/26
535,000 568,131
3 month U.S. LIBOR + 1.628%
4.431% 1/23/30 (b)(c)
520,000 560,980

5.00% 11/24/25
707,000 764,116
UBS Group AG:    

1.008% 7/30/24 (a)(b)
432,000 425,838
3 month U.S. LIBOR + 1.467%
3.126% 8/13/30 (a)(b)(c)
500,000 494,174

4.375% (a)(b)(d)
265,000 239,494

4.875% (a)(b)(d)
570,000 551,133
      10,906,624
Consumer Finance – 2.4%
Ally Financial, Inc.:    

2.20% 11/2/28
304,000 284,204

3.875% 5/21/24
443,000 455,921

5.75% 11/20/25
141,000 150,116

5.80% 5/1/25
829,000 897,113
Capital One Financial Corp.:    

2.359% 7/29/32 (b)
1,182,000 1,054,944

3.20% 2/5/25
670,000 683,943
Citizens Financial Group, Inc.
2.638% 9/30/32
397,000 368,168
Discover Financial Services
4.50% 1/30/26
128,000 136,221
Ford Motor Credit Co. LLC:    

3.375% 11/13/25
615,000 605,775

3.625% 6/17/31
200,000 192,322

4.063% 11/1/24
350,000 355,162
Santander Holdings USA, Inc.
2.49% 1/6/28 (b)
205,000 199,131
Synchrony Financial
4.375% 3/19/24
424,000 438,432
      5,821,452
Diversified Financial Services – 4.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust:    

1.65% 10/29/24
350,000 339,675

2.45% 10/29/26
150,000 144,717

3.00% 10/29/28
151,000 145,438

3.30% 1/30/32
161,000 152,849

3.40% 10/29/33
333,000 314,448

    Principal Amount Value

3.85% 10/29/41
$ 540,000 $ 500,431
AIB Group PLC:    
3 month U.S. LIBOR + 1.874%
4.263% 4/10/25 (a)(b)(c)
250,000 256,458

4.75% 10/12/23 (a)
625,000 647,278
Air Lease Corp.
2.875% 1/15/32
980,000 916,910
Ares Capital Corp.:    

3.875% 1/15/26
352,000 356,873

4.20% 6/10/24
816,000 842,888
Avolon Holdings Funding Ltd.:    

2.528% 11/18/27 (a)
699,000 654,550

4.25% 4/15/26 (a)
175,000 179,844

5.50% 1/15/26 (a)
152,000 161,822
Blackstone Holdings Finance Co. LLC
3.50% 9/10/49 (a)
338,000 318,726
BNP Paribas SA:    

1.323% 1/13/27 (a)(b)
500,000 470,043

1.904% 9/30/28 (a)(b)
750,000 699,847

2.824% 1/26/41 (a)
700,000 603,082

4.625% 3/13/27 (a)
475,000 500,685
Credit Agricole SA
2.811% 1/11/41 (a)
488,000 419,503
Deutsche Bank AG:    

2.129% 11/24/26 (b)
1,131,000 1,088,919

3.035% 5/28/32 (b)
566,000 531,822

4.50% 4/1/25
320,000 328,965
USAA Capital Corp.
2.125% 5/1/30 (a)
150,000 144,890
      10,720,663
Insurance – 5.0%
American International Group, Inc.:    

3.40% 6/30/30
522,000 536,696

4.50% 7/16/44
584,000 647,925
3 month U.S. LIBOR + 2.868%
5.75% 4/1/48 (b)
398,000 408,945
AmFam Holdings, Inc.
2.805% 3/11/31 (a)
660,000 634,443
Assurant, Inc.
2.65% 1/15/32
740,000 682,387
Athene Global Funding:    

1.45% 1/8/26 (a)
610,000 582,547

1.985% 8/19/28 (a)
890,000 821,486

2.50% 3/24/28 (a)
340,000 328,074
Athene Holding Ltd.
3.45% 5/15/52
250,000 218,883
Empower Finance 2020 LP
1.776% 3/17/31 (a)
353,000 321,107
Equitable Holdings, Inc.:    

4.35% 4/20/28
667,000 714,010

5.00% 4/20/48
426,000 473,313
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 14


Table of Contents
Nonconvertible Bonds – continued
    Principal Amount Value
FINANCIALS – continued
Insurance – continued
Fairfax Financial Holdings Ltd.
4.85% 4/17/28
$ 495,000 $ 526,627
Five Corners Funding Trust II
2.85% 5/15/30 (a)
880,000 866,184
Jackson Financial, Inc.:    

3.125% 11/23/31 (a)
1,000,000 959,511

4.00% 11/23/51 (a)
485,000 435,619
Massachusetts Mutual Life Insurance Co.
3.729% 10/15/70 (a)
473,000 445,697
Pacific LifeCorp.
5.125% 1/30/43 (a)
309,000 360,664
Principal Financial Group, Inc.
3.70% 5/15/29
77,000 81,965
Prudential Financial, Inc.
3.00% 3/10/40
287,000 270,979
The Hartford Financial Services Group, Inc.
3.60% 8/19/49
460,000 449,315
Unum Group
4.125% 6/15/51
740,000 671,172
Voya Financial, Inc.:    

3.65% 6/15/26
262,000 275,878
3 month U.S. LIBOR + 2.084%
4.70% 1/23/48 (b)(c)
423,000 408,736

4.80% 6/15/46
204,000 233,240

5.70% 7/15/43
56,000 69,649
      12,425,052
TOTAL FINANCIALS 72,789,207
HEALTH CARE – 7.2%
Biotechnology – 0.4%
Amgen, Inc.
3.375% 2/21/50
672,000 616,072
Regeneron Pharmaceuticals, Inc.
1.75% 9/15/30
438,000 391,219
      1,007,291
Health Care Equipment & Supplies – 0.1%
Abbott Laboratories
4.75% 11/30/36
285,000 337,500
Health Care Providers & Services – 2.7%
Centene Corp.:    

2.625% 8/1/31
1,300,000 1,198,678

3.00% 10/15/30
544,000 518,539

4.25% 12/15/27
160,000 163,784

4.625% 12/15/29
260,000 267,800
Cigna Corp.:    

3.40% 3/15/50
427,000 390,603

4.80% 8/15/38
216,000 240,631

    Principal Amount Value

4.90% 12/15/48
$ 40,000 $ 45,437
HCA, Inc.:    

5.125% 6/15/39
436,000 485,898

5.25% 6/15/49
382,000 434,534
Sabra Health Care LP
3.20% 12/1/31
365,000 339,463
UnitedHealth Group, Inc.:    

3.75% 10/15/47
512,000 528,339

4.75% 7/15/45
456,000 540,394
Universal Health Services, Inc. 2.65% 10/15/30 to 1/15/32 (a) 1,693,000 1,589,798
      6,743,898
Pharmaceuticals – 4.0%
AbbVie, Inc.:    

2.95% 11/21/26
631,000 642,419

4.25% 11/21/49
834,000 886,819

4.55% 3/15/35
461,000 507,756
AstraZeneca PLC
6.45% 9/15/37
546,000 741,014
Bayer U.S. Finance II LLC:    

4.25% 12/15/25 (a)
1,077,000 1,131,055

4.375% 12/15/28 (a)
550,000 586,408

4.875% 6/25/48 (a)
574,000 628,578
Bristol-Myers Squibb Co.:    

4.125% 6/15/39
122,000 133,715

4.25% 10/26/49
550,000 615,059
Elanco Animal Health, Inc.:    

5.772% 8/28/23
608,000 626,240

6.40% 8/28/28
452,000 488,296
Mylan, Inc.
4.55% 4/15/28
710,000 756,738
Utah Acquisition Sub, Inc.
3.95% 6/15/26
1,217,000 1,256,640
Viatris, Inc.:    

2.70% 6/22/30
455,000 424,740

4.00% 6/22/50
450,000 399,048
      9,824,525
TOTAL HEALTH CARE 17,913,214
INDUSTRIALS – 5.6%
Aerospace & Defense – 1.7%
BAE Systems PLC
1.90% 2/15/31 (a)
525,000 474,303
Northrop Grumman Corp.
4.03% 10/15/47
532,000 561,053
The Boeing Co.:    

5.04% 5/1/27
1,828,000 1,985,844

5.15% 5/1/30
1,078,000 1,190,698
      4,211,898
See accompanying notes which are an integral part of the financial statements.
15 Semi-Annual Report 


Table of Contents
Fidelity® Corporate Bond ETF
Schedule of Investments (Unaudited)continued
Nonconvertible Bonds – continued
    Principal Amount Value
INDUSTRIALS – continued
Air Freight & Logistics – 0.2%
FedEx Corp.
4.05% 2/15/48
$ 478,000 $ 487,727
Airlines – 0.9%
American Airlines Pass Through Trust:    

3.70% 4/15/27
506,565 482,716

3.75% 4/15/27
158,384 150,807

3.85% 8/15/29
190,463 176,812
British Airways 2021-1 Class A Pass Through Trust
2.90% 9/15/36 (a)
195,981 191,775
Southwest Airlines Co.:    

5.125% 6/15/27
502,000 556,517

5.25% 5/4/25
396,000 428,162
United Airlines Pass Through Trust:    

3.50% 11/1/29
189,678 181,153

4.60% 9/1/27
98,296 99,045
      2,266,987
Building Products – 0.8%
Carrier Global Corp.
2.70% 2/15/31
1,986,000 1,920,726
Electrical Equipment – 0.5%
Vontier Corp.
2.95% 4/1/31
1,312,000 1,189,092
Industrial Conglomerates – 0.1%
Roper Technologies, Inc.
2.95% 9/15/29
389,000 384,236
Machinery – 0.4%
Westinghouse Air Brake Technologies Corp.:    

3.20% 6/15/25
438,000 442,142

3.45% 11/15/26
576,000 582,989
      1,025,131
Road & Rail – 0.8%
Burlington Northern Santa Fe LLC
4.70% 9/1/45
457,000 536,664
Canadian Pacific Railway Co.
3.10% 12/2/51
487,000 441,515
CSX Corp.
4.75% 11/15/48
402,000 468,753
Union Pacific Corp.
3.75% 2/5/70
470,000 468,149
      1,915,081
Trading Companies & Distributors – 0.2%
Air Lease Corp.
3.25% 3/1/25
411,000 413,428
TOTAL INDUSTRIALS 13,814,306

    Principal Amount Value
INFORMATION TECHNOLOGY – 4.6%
IT Services – 0.4%
Fiserv, Inc.
3.50% 7/1/29
$ 472,000 $478,258
International Business Machines Corp.
4.25% 5/15/49
390,000 427,393
      905,651
Semiconductors & Semiconductor Equipment – 1.7%
Applied Materials, Inc.
4.35% 4/1/47
262,000 301,353
Broadcom, Inc.:    

1.95% 2/15/28 (a)
302,000 284,715

2.45% 2/15/31 (a)
525,000 484,980

2.60% 2/15/33 (a)
542,000 494,637

3.50% 2/15/41 (a)
483,000 445,350
CDW LLC / CDW Finance Corp.
2.67% 12/1/26
474,000 463,454
Micron Technology, Inc.:    

2.703% 4/15/32
475,000 444,234

4.185% 2/15/27
801,000 845,848
NXP BV / NXP Funding LLC / NXP USA, Inc.
2.70% 5/1/25 (a)
497,000 499,854
      4,264,425
Software – 1.2%
Oracle Corp.:    

2.30% 3/25/28
408,000 388,750

2.50% 4/1/25
1,152,000 1,150,452

2.875% 3/25/31
660,000 629,942

3.95% 3/25/51
510,000 467,181

4.30% 7/8/34
347,000 358,314
      2,994,639
Technology Hardware, Storage & Peripherals – 1.3%
Apple, Inc.:    

3.75% 9/12/47
545,000 580,652

4.65% 2/23/46
218,000 264,503
Dell International LLC / EMC Corp.:    

3.45% 12/15/51 (a)
435,000 368,361

4.90% 10/1/26
716,000 775,556

6.02% 6/15/26
1,110,000 1,238,592
      3,227,664
TOTAL INFORMATION TECHNOLOGY 11,392,379
MATERIALS – 1.7%
Chemicals – 1.5%
International Flavors & Fragrances, Inc.:    

1.832% 10/15/27 (a)
1,442,000 1,363,403

3.468% 12/1/50 (a)
862,000 782,759
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 16


Table of Contents
Nonconvertible Bonds – continued
    Principal Amount Value
MATERIALS – continued
Chemicals – continued
LYB International Finance III LLC
2.25% 10/1/30
$ 368,000 $ 345,260
Nutrien Ltd.
4.00% 12/15/26
416,000 442,896
The Dow Chemical Co.
3.625% 5/15/26
790,000 824,699
      3,759,017
Containers & Packaging – 0.2%
Avery Dennison Corp.
4.875% 12/6/28
325,000 362,334
TOTAL MATERIALS 4,121,351
REAL ESTATE – 5.2%
Equity Real Estate Investment Trusts (REITs) – 3.6%
Alexandria Real Estate Equities, Inc.:    

1.875% 2/1/33
931,000 823,038

4.70% 7/1/30
75,000 83,641
American Homes 4 Rent LP:    

2.375% 7/15/31
29,000 26,663

3.375% 7/15/51
45,000 38,586
Brixmor Operating Partnership LP:    

2.25% 4/1/28
302,000 287,580

4.05% 7/1/30
589,000 611,054

4.125% 5/15/29
205,000 216,785
Camden Property Trust:    

2.80% 5/15/30
65,000 64,323

3.15% 7/1/29
527,000 538,651
Crown Castle International Corp.
2.25% 1/15/31
523,000 471,355
Hudson Pacific Properties LP
3.95% 11/1/27
502,000 523,735
Invitation Homes Operating Partnership LP
2.00% 8/15/31
395,000 351,818
Kite Realty Group Trust
4.75% 9/15/30
317,000 341,429
Lexington Realty Trust
4.40% 6/15/24
242,000 250,031
MPT Operating Partnership LP / MPT Finance Corp.
3.50% 3/15/31
856,000 806,570
Omega Healthcare Investors, Inc.:    

3.25% 4/15/33
204,000 187,359

3.625% 10/1/29
427,000 419,332

4.375% 8/1/23
166,000 170,309

4.50% 1/15/25
204,000 212,455
Piedmont Operating Partnership LP
2.75% 4/1/32
53,000 49,238

    Principal Amount Value
Retail Properties of America, Inc.
4.00% 3/15/25
$ 15,000 $ 15,425
Rexford Industrial Realty LP
2.15% 9/1/31
394,000 354,923
Simon Property Group LP
2.45% 9/13/29
492,000 475,200
STORE Capital Corp.
2.75% 11/18/30
67,000 63,243
Sun Communities Operating LP:    

2.30% 11/1/28
60,000 56,675

2.70% 7/15/31
245,000 230,477
Vornado Realty LP:    

2.15% 6/1/26
73,000 70,872

3.40% 6/1/31
265,000 259,960
Welltower, Inc.
4.125% 3/15/29
516,000 552,404
WP Carey, Inc.
2.40% 2/1/31
397,000 372,207
      8,925,338
Real Estate Management & Development – 1.6%
Corporate Office Properties LP
2.00% 1/15/29
278,000 257,366
Realty Income Corp.:    

2.20% 6/15/28
27,000 26,167

2.85% 12/15/32
193,000 187,686
Spirit Realty LP
2.10% 3/15/28
398,000 374,723
STORE Capital Corp.
2.70% 12/1/31
880,000 816,545
Tanger Properties LP:    

2.75% 9/1/31
170,000 154,628

3.125% 9/1/26
1,210,000 1,204,765
Ventas Realty LP
3.00% 1/15/30
887,000 877,550
      3,899,430
TOTAL REAL ESTATE 12,824,768
UTILITIES – 8.8%
Electric Utilities – 3.8%
Cleco Corporate Holdings LLC:    

3.743% 5/1/26
2,431,000 2,527,398

4.973% 5/1/46
356,000 393,705
Duke Energy Corp.:    

2.45% 6/1/30
68,000 64,611

4.20% 6/15/49
436,000 445,936
Duke Energy Indiana LLC
4.90% 7/15/43
88,000 100,133
Duquesne Light Holdings, Inc.:    

2.532% 10/1/30 (a)
86,000 80,153

2.775% 1/7/32 (a)
177,000 166,616

3.616% 8/1/27 (a)
250,000 255,243
See accompanying notes which are an integral part of the financial statements.
17 Semi-Annual Report 


Table of Contents
Fidelity® Corporate Bond ETF
Schedule of Investments (Unaudited)continued
Nonconvertible Bonds – continued
    Principal Amount Value
UTILITIES – continued
Electric Utilities – continued
Exelon Corp.
4.05% 4/15/30
$ 380,000 $ 403,240
FirstEnergy Corp.:    

2.25% 9/1/30
639,000 584,985

4.40% 7/15/27
416,000 430,851

7.375% 11/15/31
700,000 876,456
Florida Gas Transmission Co. LLC
4.35% 7/15/25 (a)
134,000 141,426
Puget Energy, Inc.:    

3.65% 5/15/25
848,000 876,966

4.10% 6/15/30
1,161,000 1,204,174
The Cleveland Electric Illuminating Co.
3.50% 4/1/28 (a)
224,000 227,749
Xcel Energy, Inc.
3.50% 12/1/49
488,000 467,109
      9,246,751
Gas Utilities – 0.2%
Southern Co. Gas Capital Corp.:    

3.15% 9/30/51
416,000 369,871

4.40% 5/30/47
204,000 215,091
      584,962
Independent Power and Renewable Electricity Producers – 2.6%
AIA Group Ltd.
3.60% 4/9/29 (a)
650,000 687,140
Emera U.S. Finance LP:    

3.55% 6/15/26
2,481,000 2,551,581

4.75% 6/15/46
426,000 449,581
The AES Corp.:    

1.375% 1/15/26
392,000 372,540

2.45% 1/15/31
1,272,000 1,177,414

3.30% 7/15/25 (a)
444,000 446,131

3.95% 7/15/30 (a)
792,000 807,999
      6,492,386
Multi-Utilities – 2.2%
Berkshire Hathaway Energy Co.
2.85% 5/15/51
616,000 522,682
Consolidated Edison Co. of New York, Inc.
3.00% 12/1/60
51,000 42,025
Dominion Energy, Inc.:    

3.071% 8/15/24
1,201,000 1,222,256

4.25% 6/1/28
623,000 664,896
Nevada Power Co.
3.70% 5/1/29
302,000 318,157
NiSource, Inc.:    

3.49% 5/15/27
954,000 983,696

3.95% 3/30/48
396,000 388,245

    Principal Amount Value

4.80% 2/15/44
$ 388,000 $ 420,833
ONE Gas, Inc.
2.00% 5/15/30
394,000 366,989
Sempra Energy
3.80% 2/1/38
472,000 477,412
      5,407,191
TOTAL UTILITIES 21,731,290
TOTAL NONCONVERTIBLE BONDS
(Cost $237,065,380)
227,404,841
U.S. Treasury Obligations – 3.4%
       
U.S. Treasury Bonds:    
1.875% 2/15/41 to 11/15/51 2,638,000 2,465,010
2.00% 11/15/41 to 8/15/51 5,059,000 4,850,025
U.S. Treasury Notes
2.25% 2/15/52
970,000 988,188
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $8,557,146)
8,303,223
Municipal Securities – 0.2%
       
California Gen. Oblig. Series 2009
7.550% 4/1/39
(Cost $410,474)
280,000 440,399
Asset-Backed Securities – 0.0%
       
Domino's Pizza Master Issuer LLC Series 2018-1A, Class A2I 4.116% 7/25/48 (a)
(Cost $124,808)
124,808 126,655
    
Money Market Fund – 4.5%
    Shares  
Fidelity Cash Central Fund, 0.07% (e)
(Cost $11,168,360)
11,166,209 11,168,443
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $257,326,168)
247,443,561
NET OTHER ASSETS (LIABILITIES) – 0.0% 112
NET ASSETS – 100.0% $ 247,443,673
    
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 18


Table of Contents
Legend  
(a) Security is 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 $44,833,252 or 18.1% of net assets.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(d) Security is perpetual in nature with no stated maturity date.
(e) 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.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including ownership percentage, is presented below.
Fund 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, 0.07% $12,316,151   $24,885,972   $26,033,680   $3,399   $—   $—   $11,168,443 0.0%
Amounts in the 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.
Investment Valuation
The following is a summary of the inputs used, as of February 28, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Total Level 1 Level 2 Level 3
    
Investments in Securities:                
Corporate Bonds   $ 227,404,841   $   $ 227,404,841   $
U.S. Treasury Obligations   8,303,223     8,303,223  
Municipal Securities   440,399     440,399  
Asset-Backed Securities   126,655     126,655  
Money Market Funds   11,168,443   11,168,443    
Total Investments in Securities:   $ 247,443,561   $ 11,168,443   $ 236,275,118   $
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America 79.7%
United Kingdom 5.8%
Canada 3.2%
France 2.3%
Switzerland 1.5%
Ireland 1.3%
Others (Individually Less Than 1%) 6.2%
  100.0%
See accompanying notes which are an integral part of the financial statements.
19 Semi-Annual Report 


Table of Contents
Fidelity® Investment Grade Bond ETF
Schedule of Investments February 28, 2022 (Unaudited)
Showing Percentage of Net Assets
Nonconvertible Bonds – 37.7%
    Principal Amount Value
COMMUNICATION SERVICES – 3.9%
Diversified Telecommunication Services – 1.5%
AT&T, Inc.
4.30% 2/15/30
$ 90,000 $97,980
Verizon Communications, Inc.
3.15% 3/22/30
50,000 50,165
      148,145
Media – 1.4%
Charter Communications Operating LLC / Charter Communications Operating Capital
2.80% 4/1/31
100,000 92,617
Time Warner Cable, Inc.
5.50% 9/1/41
40,000 42,639
      135,256
Wireless Telecommunication Services – 1.0%
T-Mobile USA, Inc.
4.50% 4/15/50
90,000 93,830
TOTAL COMMUNICATION SERVICES 377,231
CONSUMER DISCRETIONARY – 1.8%
Automobiles – 0.5%
General Motors Financial Co., Inc.
4.00% 1/15/25
50,000 51,748
Household Durables – 1.0%
Lennar Corp.
4.75% 11/29/27
90,000 97,841
Specialty Retail – 0.3%
Tapestry, Inc.
3.05% 3/15/32
24,000 22,833
TOTAL CONSUMER DISCRETIONARY 172,422
CONSUMER STAPLES – 2.5%
Beverages – 1.0%
Anheuser-Busch InBev Worldwide, Inc.
5.45% 1/23/39
80,000 95,305
Food & Staples Retailing – 1.0%
Sysco Corp.
6.60% 4/1/50
70,000 97,390
Food Products – 0.5%
JBS U.S.A. Lux SA / JBS U.S.A. Finance, Inc.
6.75% 2/15/28 (a)
5,000 5,263

    Principal Amount Value
JBS U.S.A. Lux SA / JBS U.S.A. Food Co. / JBS U.S.A. Finance, Inc.
5.50% 1/15/30 (a)
$ 45,000 $ 46,495
      51,758
TOTAL CONSUMER STAPLES 244,453
ENERGY – 2.8%
Oil, Gas & Consumable Fuels – 2.8%
Cenovus Energy, Inc.
4.25% 4/15/27
40,000 42,299
Energy Transfer LP
4.95% 6/15/28
40,000 43,020
Hess Corp.
4.30% 4/1/27
49,000 51,803
MPLX LP
4.80% 2/15/29
40,000 43,825
Petroleos Mexicanos
7.69% 1/23/50
100,000 89,500
TOTAL ENERGY 270,447
FINANCIALS – 16.5%
Banks – 9.0%
Bank of America Corp.:    

2.299% 7/21/32 (b)
11,000 10,204

4.183% 11/25/27
170,000 178,608
Citigroup, Inc.
4.45% 9/29/27
170,000 181,566
Intesa Sanpaolo SpA
5.71% 1/15/26 (a)
200,000 210,813
JPMorgan Chase & Co.
4.493% 3/24/31 (b)
80,000 87,811
Royal Bank of Scotland Group PLC
3.073% 5/22/28 (b)
200,000 199,931
      868,933
Capital Markets – 2.5%
Goldman Sachs Group, Inc.:    

2.383% 7/21/32 (b)
12,000 11,123

3.80% 3/15/30
90,000 93,749
Morgan Stanley 3 month U.S. LIBOR + 1.628%
4.431% 1/23/30 (b)(c)
130,000 140,245
      245,117
Consumer Finance – 1.7%
Ally Financial, Inc.:    

2.20% 11/2/28
11,000 10,284

8.00% 11/1/31
30,000 39,517
Capital One Financial Corp.:    

2.359% 7/29/32 (b)
20,000 17,850

3.80% 1/31/28
90,000 93,710
      161,361
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 20


Table of Contents
Nonconvertible Bonds – continued
    Principal Amount Value
FINANCIALS – continued
Diversified Financial Services – 2.9%
Ares Capital Corp.
3.875% 1/15/26
$ 90,000 $ 91,246
Avolon Holdings Funding Ltd.
3.95% 7/1/24 (a)
90,000 92,080
Deutsche Bank AG
4.10% 1/13/26
100,000 103,590
      286,916
Insurance – 0.4%
Unum Group
4.00% 6/15/29
40,000 42,258
TOTAL FINANCIALS 1,604,585
HEALTH CARE – 2.7%
Health Care Providers & Services – 2.2%
Centene Corp.:    

2.45% 7/15/28
13,000 12,244

2.625% 8/1/31
5,000 4,610

4.625% 12/15/29
90,000 92,700
Cigna Corp.
4.80% 8/15/38
80,000 89,123
Sabra Health Care LP
3.20% 12/1/31
12,000 11,160
      209,837
Pharmaceuticals – 0.5%
Viatris, Inc.
2.70% 6/22/30
50,000 46,675
TOTAL HEALTH CARE 256,512
INDUSTRIALS – 0.9%
Aerospace & Defense – 0.9%
The Boeing Co.
5.15% 5/1/30
80,000 88,363
INFORMATION TECHNOLOGY – 2.0%
Semiconductors & Semiconductor Equipment – 1.0%
Broadcom, Inc.
2.45% 2/15/31 (a)
50,000 46,189
Marvell Technology, Inc.
2.95% 4/15/31
50,000 48,157
      94,346
Software – 0.5%
Oracle Corp.
3.60% 4/1/40
50,000 45,287
VMware, Inc.
1.40% 8/15/26
7,000 6,635
      51,922

    Principal Amount Value
Technology Hardware, Storage & Peripherals – 0.5%
Dell International LLC / EMC Corp.
6.20% 7/15/30
$ 40,000 $ 47,341
TOTAL INFORMATION TECHNOLOGY 193,609
REAL ESTATE – 3.1%
Equity Real Estate Investment Trusts (REITs) – 2.4%
American Homes 4 Rent LP:    

2.375% 7/15/31
1,000 919

3.375% 7/15/51
2,000 1,715
Brixmor Operating Partnership LP
4.05% 7/1/30
40,000 41,498
Invitation Homes Operating Partnership LP
2.00% 8/15/31
14,000 12,469
Kite Realty Group Trust
4.75% 9/15/30
50,000 53,853
Lexington Realty Trust
2.70% 9/15/30
50,000 47,663
Omega Healthcare Investors, Inc.:    

3.25% 4/15/33
5,000 4,592

3.625% 10/1/29
50,000 49,102
Piedmont Operating Partnership LP
2.75% 4/1/32
2,000 1,858
Sun Communities Operating LP:    

2.30% 11/1/28
2,000 1,889

2.70% 7/15/31
8,000 7,526
Vornado Realty LP:    

2.15% 6/1/26
3,000 2,913

3.40% 6/1/31
9,000 8,829
      234,826
Real Estate Management & Development – 0.7%
CBRE Services, Inc.
2.50% 4/1/31
8,000 7,575
Corporate Office Properties LP
2.75% 4/15/31
2,000 1,880
Tanger Properties LP:    

2.75% 9/1/31
6,000 5,458

3.875% 7/15/27
50,000 51,688
      66,601
TOTAL REAL ESTATE 301,427
UTILITIES – 1.5%
Electric Utilities – 1.0%
Cleco Corporate Holdings LLC
3.743% 5/1/26
40,000 41,586
Duquesne Light Holdings, Inc.:    

2.532% 10/1/30 (a)
50,000 46,600

2.775% 1/7/32 (a)
6,000 5,648
      93,834
See accompanying notes which are an integral part of the financial statements.
21 Semi-Annual Report 


Table of Contents
Fidelity® Investment Grade Bond ETF
Schedule of Investments (Unaudited)continued
Nonconvertible Bonds – continued
    Principal Amount Value
UTILITIES – continued
Independent Power and Renewable Electricity Producers – 0.5%
The AES Corp.:    

2.45% 1/15/31
$ 3,000 $2,777

3.95% 7/15/30 (a)
50,000 51,010
      53,787
TOTAL UTILITIES 147,621
TOTAL NONCONVERTIBLE BONDS
(Cost $3,868,812)
3,656,670
U.S. Treasury Obligations – 35.3%
       
U.S. Treasury Bonds:    
1.25% 8/15/31 70,000 66,467
2.25% 5/15/41 30,000 29,905
2.375% 5/15/51 874,000 911,316
U.S. Treasury Notes:    
0.125% 2/28/23 750,000 742,851
0.50% 2/28/26 340,000 323,784
0.875% 11/15/30 250,000 230,947
1.125% 2/15/31 278,000 261,917
1.25% 12/31/26 to 4/30/28 510,000 497,184
1.50% 1/31/27 360,000 355,753
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $3,441,598)
3,420,124
U.S. Government Agency - Mortgage
Securities – 11.7%
       
Fannie Mae – 6.3% 
2.00% 4/1/51 to 1/1/52 98,526 94,735

2.50% 2/1/51
44,443 44,266

3.50% 11/1/45
118,776 124,031

1.50% 3/1/37 (d)
100,000 97,313

2.00% 3/1/52 (d)(e)
75,000 71,901

2.50% 3/1/52 (d)(e)
75,000 73,980

2.50% 3/1/52
49,995 49,371

3.50% 3/1/52 (d)
25,000 25,750

2.00% 10/1/51
24,956 23,970
TOTAL FANNIE MAE 605,317
Freddie Mac – 0.8% 

3.00% 2/1/50
75,426 76,811
Ginnie Mae – 4.1% 

2.00% 3/1/52 (d)
50,000 48,872

2.50% 3/1/52 (d)
50,000 49,964
3.00% 11/20/50 to 10/20/51 105,894 107,781

3.00% 3/1/52 (d)
50,000 50,819

3.50% 11/20/50
37,057 38,256

    Principal Amount Value

3.50% 3/1/52 (d)
$ 100,000 $ 103,185
TOTAL GINNIE MAE 398,877
U.S. Government Agency – 0.5% 

1.875% 2/28/27
50,000 50,332
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES
(Cost $1,141,432)
1,131,337
Asset-Backed Securities – 7.6%
       
Ares LIX CLO Ltd. Series 2021-59A, Class A 3 month U.S. LIBOR + 1.030% 1.288% 4/25/34 (a)(b)(c) 250,000 247,776
Cedar Funding Ltd. 1.32% 4/20/35 100,000 99,951
CF Hippolyta LLC Series 2021-1A, Class A1 1.53% 3/15/61 (a) 96,451 91,784
Eaton Vance CLO 2020-2 Ltd. 1 month U.S. LIBOR + 1.150% 1.391% 1/15/35 (a)(b)(c) 100,000 99,482
Thunderbolt II Aircraft Lease Ltd. Series 2018-A, Class A 4.147% 9/15/38 (a) 206,308 201,700
TOTAL ASSET-BACKED SECURITIES
(Cost $754,286)
740,693
Collateralized Mortgage Obligations – 7.0%
       
PRIVATE SPONSOR – 7.0%
BX 2021-LBA3 Mortgage Trust 1 month U.S. LIBOR + 0.898%
1.091% 10/15/36 (a)(b)(c)