To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.

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.

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, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.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.

Fidelity® Dividend ETF for Rising Rates

Investment Summary January 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Apple, Inc.	6.6
Microsoft Corp.	5.6
Merck & Co., Inc.	2.3
Johnson & Johnson	2.2
Visa, Inc. Class A	2.1
AbbVie, Inc.	2.0
Gilead Sciences, Inc.	1.8
The Home Depot, Inc.	1.8
Exxon Mobil Corp.	1.8
Bristol-Myers Squibb Co.	1.8
	28.0

Market Sectors (% of Fund's net assets)

Information Technology	26.2
Health Care	14.7
Financials	11.1
Consumer Discretionary	11.0
Industrials	8.9
Communication Services	8.5
Consumer Staples	5.9
Energy	4.7
Real Estate	3.1
Materials	2.9
Utilities	2.7

Asset Allocation (% of Fund's net assets)

Foreign investments - 6.9%

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Fidelity® Dividend ETF for Rising Rates

Schedule of Investments January 31, 2023 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares	Value ($)
COMMUNICATION SERVICES - 8.5%
Diversified Telecommunication Services - 1.8%
AT&T, Inc.	209,577	4,269,083
Lumen Technologies, Inc. (a)	221,170	1,161,143
Verizon Communications, Inc.	108,358	4,504,442
		9,934,668
Entertainment - 1.5%
Activision Blizzard, Inc.	44,422	3,401,393
Electronic Arts, Inc.	23,174	2,982,030
Warner Music Group Corp. Class A (a)	66,094	2,409,126
		8,792,549
Media - 5.2%
Cable One, Inc.	1,759	1,389,399
Comcast Corp. Class A	118,469	4,661,755
Fox Corp. Class A	70,659	2,398,166
Interpublic Group of Companies, Inc. (a)	77,401	2,822,040
News Corp. Class A	124,198	2,516,251
Nexstar Broadcasting Group, Inc. Class A	16,028	3,282,054
Omnicom Group, Inc.	36,813	3,165,550
Paramount Global Class B (a)	88,085	2,040,049
Sirius XM Holdings, Inc. (a)	406,299	2,352,471
TEGNA, Inc.	135,126	2,693,061
The New York Times Co. Class A	65,465	2,280,801
		29,601,597
TOTAL COMMUNICATION SERVICES		48,328,814
CONSUMER DISCRETIONARY - 11.0%
Hotels, Restaurants & Leisure - 3.1%
McDonald's Corp.	33,855	9,052,827
Starbucks Corp.	79,728	8,701,514
		17,754,341
Household Durables - 0.6%
Persimmon PLC	184,539	3,207,866
Multiline Retail - 1.1%
Target Corp.	35,259	6,069,484
Specialty Retail - 4.3%
Dick's Sporting Goods, Inc. (a)	54,737	7,157,410
Lowe's Companies, Inc.	35,679	7,430,152
The Home Depot, Inc.	31,700	10,276,189
		24,863,751
Textiles, Apparel & Luxury Goods - 1.9%
NIKE, Inc. Class B	59,818	7,616,626
VF Corp.	99,229	3,070,145
		10,686,771
TOTAL CONSUMER DISCRETIONARY		62,582,213
CONSUMER STAPLES - 5.9%
Beverages - 1.1%
The Coca-Cola Co.	100,745	6,177,683
Food & Staples Retailing - 1.0%
Costco Wholesale Corp.	11,653	5,956,314
Household Products - 1.3%
Procter & Gamble Co.	51,652	7,354,212
Tobacco - 2.5%
Altria Group, Inc.	81,149	3,654,951
British American Tobacco PLC (United Kingdom)	63,514	2,420,827
Imperial Brands PLC	117,535	2,938,803
Philip Morris International, Inc.	48,991	5,106,822
		14,121,403
TOTAL CONSUMER STAPLES		33,609,612
ENERGY - 4.7%
Oil, Gas & Consumable Fuels - 4.7%
Chevron Corp.	43,953	7,648,701
Exxon Mobil Corp.	88,231	10,235,678
Kinder Morgan, Inc.	153,909	2,816,535
ONEOK, Inc. (a)	41,431	2,837,195
The Williams Companies, Inc.	89,192	2,875,550
Woodside Energy Group Ltd.	6,778	173,182
		26,586,841
FINANCIALS - 11.1%
Banks - 5.5%
Bank of America Corp.	190,830	6,770,648
Citigroup, Inc.	90,561	4,729,095
JPMorgan Chase & Co.	69,763	9,764,029
Truist Financial Corp.	83,118	4,105,198
Wells Fargo & Co.	130,734	6,127,503
		31,496,473
Capital Markets - 3.3%
Blackstone, Inc.	40,059	3,844,062
Goldman Sachs Group, Inc.	16,168	5,914,416
Morgan Stanley	60,224	5,861,602
T. Rowe Price Group, Inc.	30,580	3,561,653
		19,181,733
Consumer Finance - 0.6%
OneMain Holdings, Inc. (a)	79,932	3,448,266
Insurance - 1.1%
Progressive Corp.	45,302	6,176,928
Mortgage Real Estate Investment Trusts - 0.6%
Annaly Capital Management, Inc.	137,937	3,237,381
TOTAL FINANCIALS		63,540,781
HEALTH CARE - 14.7%
Biotechnology - 5.5%
AbbVie, Inc.	74,531	11,011,955
Amgen, Inc.	38,935	9,827,194
Gilead Sciences, Inc.	123,675	10,381,280
		31,220,429
Health Care Equipment & Supplies - 1.3%
Medtronic PLC	86,974	7,278,854
Pharmaceuticals - 7.9%
Bristol-Myers Squibb Co.	139,746	10,152,547
Johnson & Johnson	77,883	12,727,640
Merck & Co., Inc.	123,784	13,295,639
Pfizer, Inc.	210,193	9,282,123
		45,457,949
TOTAL HEALTH CARE		83,957,232
INDUSTRIALS - 8.9%
Aerospace & Defense - 1.1%
Lockheed Martin Corp.	13,987	6,479,618
Air Freight & Logistics - 0.9%
United Parcel Service, Inc. Class B	28,315	5,244,787
Electrical Equipment - 0.8%
Emerson Electric Co.	50,784	4,581,732
Industrial Conglomerates - 2.5%
3M Co.	33,084	3,807,307
Honeywell International, Inc.	31,165	6,497,279
Jardine Matheson Holdings Ltd.	68,028	3,606,845
		13,911,431
Machinery - 2.7%
AGCO Corp.	36,172	4,996,438
Caterpillar, Inc.	28,102	7,089,854
Volvo AB (B Shares)	177,919	3,515,114
		15,601,406
Road & Rail - 0.9%
Union Pacific Corp.	25,934	5,295,463
TOTAL INDUSTRIALS		51,114,437
INFORMATION TECHNOLOGY - 26.2%
Communications Equipment - 1.5%
Cisco Systems, Inc.	176,716	8,600,768
IT Services - 5.5%
IBM Corp.	59,385	8,000,941
The Western Union Co.	349,062	4,946,209
TietoEVRY Oyj	212,558	6,449,910
Visa, Inc. Class A	51,797	11,924,187
		31,321,247
Semiconductors & Semiconductor Equipment - 5.4%
Broadcom, Inc.	16,958	9,920,600
Intel Corp.	191,168	5,402,408
Qualcomm, Inc.	51,875	6,910,269
Texas Instruments, Inc.	49,764	8,818,678
		31,051,955
Software - 7.2%
Microsoft Corp.	129,361	32,056,949
Oracle Corp.	101,363	8,966,571
		41,023,520
Technology Hardware, Storage & Peripherals - 6.6%
Apple, Inc.	261,455	37,725,343
TOTAL INFORMATION TECHNOLOGY		149,722,833
MATERIALS - 2.9%
Chemicals - 1.9%
Air Products & Chemicals, Inc.	7,675	2,459,914
Dow, Inc.	31,241	1,854,153
Linde PLC	11,430	3,782,644
LyondellBasell Industries NV Class A	16,397	1,585,426
Yara International ASA	23,669	1,047,401
		10,729,538
Containers & Packaging - 0.2%
International Paper Co.	32,078	1,341,502
Metals & Mining - 0.8%
BHP Group Ltd.	37,476	1,304,001
Fortescue Metals Group Ltd.	83,435	1,307,545
Newmont Corp. (a)	31,880	1,687,408
		4,298,954
TOTAL MATERIALS		16,369,994
REAL ESTATE - 3.1%
Equity Real Estate Investment Trusts (REITs) - 3.0%
American Tower Corp.	11,047	2,467,789
Crown Castle International Corp.	12,417	1,839,082
Digital Realty Trust, Inc.	11,746	1,346,327
Iron Mountain, Inc.	28,684	1,565,573
Medical Properties Trust, Inc. (a)	59,320	768,194
Omega Healthcare Investors, Inc. (a)	43,042	1,267,156
Prologis (REIT), Inc.	17,836	2,305,838
Simon Property Group, Inc.	12,463	1,600,997
SL Green Realty Corp.	16,468	677,658
VICI Properties, Inc.	48,772	1,667,027
WP Carey, Inc.	17,313	1,480,781
		16,986,422
Real Estate Management & Development - 0.1%
Hongkong Land Holdings Ltd.	197,500	961,825
TOTAL REAL ESTATE		17,948,247
UTILITIES - 2.7%
Electric Utilities - 2.7%
American Electric Power Co., Inc.	24,333	2,286,329
Duke Energy Corp.	25,688	2,631,736
Edison International	30,557	2,105,377
Exelon Corp.	49,257	2,078,153
Pinnacle West Capital Corp.	23,433	1,746,930
PPL Corp.	62,696	1,855,802
Southern Co.	37,504	2,538,271
		15,242,598
TOTAL COMMON STOCKS (Cost $529,889,265)		569,003,602

Money Market Funds - 3.9%
	Shares	Value ($)
Fidelity Cash Central Fund 4.38% (b)	664,162	664,295
Fidelity Securities Lending Cash Central Fund 4.38% (b)(c)	21,510,924	21,513,075
TOTAL MONEY MARKET FUNDS (Cost $22,177,370)		22,177,370

TOTAL INVESTMENT IN SECURITIES - 103.6% (Cost $552,066,635)	591,180,972
NET OTHER ASSETS (LIABILITIES) - (3.6)%	(20,452,624)
NET ASSETS - 100.0%	570,728,348

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Purchased

Equity Index Contracts
CME E-mini S&P 500 Index Contracts (United States)	8	Mar 2023	1,636,000	58,134	58,134

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

Legend

(a)	Security or a portion of the security is on loan at period end.

(b)

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.

(c)	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 4.38%	1,664,238	11,572,371	12,572,314	15,911	-	-	664,295	0.0%
Fidelity Securities Lending Cash Central Fund 4.38%	16,551,925	70,646,111	65,684,961	138,608	-	-	21,513,075	0.1%
Total	18,216,163	82,218,482	78,257,275	154,519	-	-	22,177,370

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.

Amount 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 January 31, 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	48,328,814	48,328,814	-	-
Consumer Discretionary	62,582,213	62,582,213	-	-
Consumer Staples	33,609,612	28,249,982	5,359,630	-
Energy	26,586,841	26,413,659	173,182	-
Financials	63,540,781	63,540,781	-	-
Health Care	83,957,232	83,957,232	-	-
Industrials	51,114,437	43,992,478	7,121,959	-
Information Technology	149,722,833	149,722,833	-	-
Materials	16,369,994	13,758,448	2,611,546	-
Real Estate	17,948,247	16,986,422	961,825	-
Utilities	15,242,598	15,242,598	-	-

Money Market Funds	22,177,370	22,177,370	-	-
Total Investments in Securities:	591,180,972	574,952,830	16,228,142	-
Derivative Instruments:

Assets
Futures Contracts	58,134	58,134	-	-
Total Assets	58,134	58,134	-	-
Total Derivative Instruments:	58,134	58,134	-	-

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Equity Risk
Futures Contracts (a)	58,134	0
Total Equity Risk	58,134	0
Total Value of Derivatives	58,134	0

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

Fidelity® Dividend ETF for Rising Rates

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				January 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $21,335,884) - See accompanying schedule:
Unaffiliated issuers (cost $529,889,265)	$	569,003,602
Fidelity Central Funds (cost $22,177,370)		22,177,370


Total Investment in Securities (cost $552,066,635)			$	591,180,972
Segregated cash with brokers for derivative instruments				84,800
Cash				1
Foreign currency held at value (cost $211,759)				221,293
Receivable for investments sold				4,091,154
Dividends receivable				878,680
Distributions receivable from Fidelity Central Funds				21,166
Receivable for daily variation margin on futures contracts				23,000
Total assets				596,501,066
Liabilities
Payable for fund shares redeemed	$	4,119,893
Accrued management fee		139,750
Collateral on securities loaned		21,513,075
Total Liabilities				25,772,718
Net Assets			$	570,728,348
Net Assets consist of:
Paid in capital			$	561,538,406
Total accumulated earnings (loss)				9,189,942
Net Assets			$	570,728,348
Net Asset Value , offering price and redemption price per share ($570,728,348 ÷ 13,700,000 shares)			$	41.66

Statement of Operations
				Six months ended January 31, 2023 (Unaudited)
Investment Income
Dividends			$	7,841,403
Income from Fidelity Central Funds (including $138,608 from security lending)				154,519
Total Income				7,995,922
Expenses
Management fee	$	832,051
Independent trustees' fees and expenses		1,011
Total expenses before reductions		833,062
Expense reductions		(30)
Total expenses after reductions				833,032
Net Investment income (loss)				7,162,890
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(514,897)
Redemptions in-kind		9,319,361
Foreign currency transactions		(48,699)
Futures contracts		(183,190)
Total net realized gain (loss)				8,572,575
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(2,610,285)
Assets and liabilities in foreign currencies		77,692
Futures contracts		(17,651)
Total change in net unrealized appreciation (depreciation)				(2,550,244)
Net gain (loss)				6,022,331
Net increase (decrease) in net assets resulting from operations			$	13,185,221

Statement of Changes in Net Assets

		Six months ended January 31, 2023 (Unaudited)		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	7,162,890	$	14,434,863
Net realized gain (loss)		8,572,575		16,773,810
Change in net unrealized appreciation (depreciation)		(2,550,244)		(47,740,920)
Net increase (decrease) in net assets resulting from operations		13,185,221		(16,532,247)
Distributions to shareholders		(7,028,850)		(14,425,400)
Share transactions
Proceeds from sales of shares		-		291,688,328
Cost of shares redeemed		(47,570,816)		(138,676,589)
Net increase (decrease) in net assets resulting from share transactions		(47,570,816)		153,011,739
Total increase (decrease) in net assets		(41,414,445)		122,054,092

Net Assets
Beginning of period		612,142,793		490,088,701
End of period	$	570,728,348	$	612,142,793

Other Information
Shares
Sold		-		6,600,000
Redeemed		(1,200,000)		(3,200,000)
Net increase (decrease)		(1,200,000)		3,400,000

Financial Highlights

Fidelity® Dividend ETF for Rising Rates

		Six months ended (Unaudited) January 31, 2023		Years ended July 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	41.08	$	42.62	$	31.72	$	32.31	$	31.54	$	28.50
Income from Investment Operations
Net investment income (loss) A,B		.50		1.08		.93		1.01		1.07		.93
Net realized and unrealized gain (loss)		.56		(1.54)		10.85		(.56)		.79		3.03
Total from investment operations		1.06		(.46)		11.78		.45		1.86		3.96
Distributions from net investment income		(.48)		(1.08)		(.88)		(1.04)		(1.09)		(.92)
Total distributions		(.48)		(1.08)		(.88)		(1.04)		(1.09)		(.92)
Net asset value, end of period	$	41.66	$	41.08	$	42.62	$	31.72	$	32.31	$	31.54
Total Return C,D,E		2.66%		(1.06)%		37.57%		1.86%		6.09%		14.04%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.29% H		.29%		.29%		.29%		.29%		.30%
Expenses net of fee waivers, if any		.29% H		.29%		.29%		.29%		.29%		.30%
Expenses net of all reductions		.29% H		.29%		.29%		.29%		.29%		.30%
Net investment income (loss)		2.49% H		2.54%		2.44%		3.15%		3.42%		3.08%
Supplemental Data
Net assets, end of period (000 omitted)	$	570,728	$	612,143	$	490,089	$	282,317	$	360,229	$	346,896
Portfolio turnover rate I,J		1% H		28%		32%		35%		35%		38%

A Calculated based on average shares outstanding during the period.

B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

C Total returns for periods of less than one year are not annualized.

D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

E Based on net asset value.

F Fees 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.

G Expense 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.

H Annualized.

I Portfolio turnover rate excludes securities received or delivered in-kind.

J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity® High Dividend ETF

Investment Summary January 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Apple, Inc.	4.8
Exxon Mobil Corp.	4.1
Microsoft Corp.	4.0
Chevron Corp.	3.4
JPMorgan Chase & Co.	2.3
ONEOK, Inc.	2.2
The Williams Companies, Inc.	2.2
Kinder Morgan, Inc.	2.2
Progressive Corp.	1.9
Sempra Energy	1.8
	28.9

Market Sectors (% of Fund's net assets)

Information Technology	19.2
Financials	18.1
Energy	14.2
Utilities	11.1
Materials	10.6
Real Estate	10.6
Health Care	6.8
Consumer Discretionary	4.7
Communication Services	2.3
Industrials	2.0
Consumer Staples	0.1

Asset Allocation (% of Fund's net assets)

Foreign investments - 7.8%

Fidelity® High Dividend ETF

Schedule of Investments January 31, 2023 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares	Value ($)
COMMUNICATION SERVICES - 2.3%
Diversified Telecommunication Services - 0.5%
AT&T, Inc.	140,655	2,865,142
Lumen Technologies, Inc. (a)	148,027	777,142
Verizon Communications, Inc.	72,702	3,022,222
		6,664,506
Entertainment - 0.4%
Activision Blizzard, Inc.	29,715	2,275,278
Electronic Arts, Inc.	15,499	1,994,411
Warner Music Group Corp. Class A (a)	44,211	1,611,491
		5,881,180
Media - 1.4%
Cable One, Inc.	1,176	928,899
Comcast Corp. Class A	79,471	3,127,184
Fox Corp. Class A	47,259	1,603,970
Interpublic Group of Companies, Inc.	51,770	1,887,534
News Corp. Class A	83,075	1,683,100
Nexstar Broadcasting Group, Inc. Class A	10,720	2,195,134
Omnicom Group, Inc.	24,623	2,117,332
Paramount Global Class B (a)	58,934	1,364,911
Sirius XM Holdings, Inc. (a)	271,768	1,573,537
TEGNA, Inc.	90,894	1,811,517
The New York Times Co. Class A	43,783	1,525,400
		19,818,518
TOTAL COMMUNICATION SERVICES		32,364,204
CONSUMER DISCRETIONARY - 4.7%
Hotels, Restaurants & Leisure - 1.8%
Darden Restaurants, Inc.	45,872	6,787,680
McDonald's Corp.	34,272	9,164,333
Starbucks Corp.	80,728	8,810,654
		24,762,667
Household Durables - 0.2%
Persimmon PLC	187,149	3,253,236
Multiline Retail - 0.4%
Target Corp.	35,701	6,145,570
Specialty Retail - 1.8%
Dick's Sporting Goods, Inc.	55,426	7,247,504
Lowe's Companies, Inc.	36,123	7,522,615
The Home Depot, Inc.	32,113	10,410,071
		25,180,190
Textiles, Apparel & Luxury Goods - 0.5%
NIKE, Inc. Class B	60,640	7,721,291
TOTAL CONSUMER DISCRETIONARY		67,062,954
CONSUMER STAPLES - 0.1%
Personal Products - 0.1%
Haleon PLC (b)	373,560	1,491,192
ENERGY - 14.2%
Oil, Gas & Consumable Fuels - 14.2%
Chevron Corp.	275,435	47,931,199
Exxon Mobil Corp.	497,793	57,748,966
Kinder Morgan, Inc.	1,692,814	30,978,496
ONEOK, Inc. (a)	467,691	32,027,480
The Williams Companies, Inc.	968,125	31,212,350
Woodside Energy Group Ltd.	84,304	2,154,019
		202,052,510
FINANCIALS - 18.1%
Banks - 6.9%
Bank of America Corp.	665,441	23,609,847
Citigroup, Inc.	365,607	19,091,998
JPMorgan Chase & Co.	232,035	32,475,619
Wells Fargo & Co.	488,782	22,909,212
		98,086,676
Capital Markets - 5.6%
Blackstone, Inc.	168,354	16,155,250
Goldman Sachs Group, Inc.	65,746	24,050,544
Morgan Stanley	239,069	23,268,586
T. Rowe Price Group, Inc.	138,905	16,178,265
		79,652,645
Consumer Finance - 1.2%
OneMain Holdings, Inc. (a)	379,650	16,378,101
Insurance - 3.3%
Old Republic International Corp.	749,794	19,787,064
Progressive Corp.	197,016	26,863,132
		46,650,196
Mortgage Real Estate Investment Trusts - 1.1%
Annaly Capital Management, Inc. (a)	649,330	15,239,775
TOTAL FINANCIALS		256,007,393
HEALTH CARE - 6.8%
Biotechnology - 2.6%
AbbVie, Inc.	88,506	13,076,762
Amgen, Inc.	46,453	11,724,737
Gilead Sciences, Inc.	147,882	12,413,215
		37,214,714
Pharmaceuticals - 4.2%
Bristol-Myers Squibb Co.	166,626	12,105,379
GSK PLC	299,366	5,245,933
Johnson & Johnson	92,007	15,035,784
Merck & Co., Inc.	147,223	15,813,222
Pfizer, Inc.	249,056	10,998,313
		59,198,631
TOTAL HEALTH CARE		96,413,345
INDUSTRIALS - 2.0%
Aerospace & Defense - 0.2%
Lockheed Martin Corp.	7,516	3,481,862
Air Freight & Logistics - 0.2%
United Parcel Service, Inc. Class B	15,130	2,802,530
Construction & Engineering - 0.2%
ACS Actividades de Construccion y Servicios SA (a)	84,776	2,498,806
Industrial Conglomerates - 0.4%
3M Co.	17,721	2,039,333
Honeywell International, Inc.	16,713	3,484,326
		5,523,659
Machinery - 0.6%
AGCO Corp.	19,527	2,697,265
Caterpillar, Inc.	15,084	3,805,542
Volvo AB (B Shares)	95,791	1,892,526
		8,395,333
Road & Rail - 0.4%
Aurizon Holdings Ltd.	838,125	2,179,258
Union Pacific Corp.	13,909	2,840,079
		5,019,337
TOTAL INDUSTRIALS		27,721,527
INFORMATION TECHNOLOGY - 19.2%
Communications Equipment - 1.0%
Cisco Systems, Inc.	305,876	14,886,985
IT Services - 3.8%
IBM Corp.	101,772	13,711,742
The Western Union Co.	588,341	8,336,792
TietoEVRY Oyj	357,819	10,857,745
Visa, Inc. Class A	90,514	20,837,228
		53,743,507
Semiconductors & Semiconductor Equipment - 4.5%
Broadcom, Inc.	29,342	17,165,363
Intel Corp.	330,040	9,326,930
NVIDIA Corp.	110,532	21,594,637
Texas Instruments, Inc.	85,610	15,170,948
		63,257,878
Software - 5.1%
Microsoft Corp.	232,537	57,624,994
Oracle Corp.	173,860	15,379,656
		73,004,650
Technology Hardware, Storage & Peripherals - 4.8%
Apple, Inc.	470,775	67,928,119
TOTAL INFORMATION TECHNOLOGY		272,821,139
MATERIALS - 10.6%
Chemicals - 6.3%
Air Products & Chemicals, Inc.	63,585	20,379,628
Dow, Inc.	282,330	16,756,286
Linde PLC	68,039	22,516,827
LyondellBasell Industries NV Class A	166,280	16,077,613
Yara International ASA	295,347	13,069,694
		88,800,048
Containers & Packaging - 1.0%
International Paper Co.	344,023	14,387,042
Metals & Mining - 3.3%
BHP Group Ltd.	467,553	16,268,795
Fortescue Metals Group Ltd.	1,041,035	16,314,493
Newmont Corp.	281,873	14,919,538
		47,502,826
TOTAL MATERIALS		150,689,916
REAL ESTATE - 10.6%
Equity Real Estate Investment Trusts (REITs) - 10.6%
American Tower Corp.	64,287	14,361,073
Crown Castle International Corp.	81,981	12,142,206
Digital Realty Trust, Inc.	92,644	10,618,855
Gaming & Leisure Properties	283,941	15,207,880
Iron Mountain, Inc.	275,693	15,047,324
Medical Properties Trust, Inc. (a)	570,921	7,393,427
Omega Healthcare Investors, Inc. (a)	437,322	12,874,760
Prologis (REIT), Inc.	103,356	13,361,864
Simon Property Group, Inc.	95,080	12,213,977
SL Green Realty Corp. (a)	170,311	7,008,298
VICI Properties, Inc.	452,216	15,456,743
WP Carey, Inc.	165,031	14,115,101
		149,801,508
UTILITIES - 11.1%
Electric Utilities - 9.3%
American Electric Power Co., Inc.	239,278	22,482,561
Duke Energy Corp.	216,299	22,159,833
Edison International	339,174	23,369,089
Pinnacle West Capital Corp.	287,374	21,423,732
PPL Corp.	700,323	20,729,561
Southern Co.	325,496	22,029,569
		132,194,345
Multi-Utilities - 1.8%
Sempra Energy	157,066	25,182,392
TOTAL UTILITIES		157,376,737
TOTAL COMMON STOCKS (Cost $1,322,379,820)		1,413,802,425

Money Market Funds - 2.9%
	Shares	Value ($)
Fidelity Cash Central Fund 4.38% (c)	2,065,242	2,065,655
Fidelity Securities Lending Cash Central Fund 4.38% (c)(d)	38,571,877	38,575,734
TOTAL MONEY MARKET FUNDS (Cost $40,641,389)		40,641,389

TOTAL INVESTMENT IN SECURITIES - 102.6% (Cost $1,363,021,209)	1,454,443,814
NET OTHER ASSETS (LIABILITIES) - (2.6)%	(36,911,895)
NET ASSETS - 100.0%	1,417,531,919

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Purchased

Equity Index Contracts
CME E-mini S&P 500 Index Contracts (United States)	16	Mar 2023	3,272,000	101,338	101,338

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

Legend

(a)	Security or a portion of the security is on loan at period end.

(b)	Non-income producing

(c)

(d)	Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.38%	2,743,400	38,401,746	39,079,491	30,327	-	-	2,065,655	0.0%
Fidelity Securities Lending Cash Central Fund 4.38%	16,059,350	146,611,615	124,095,231	101,887	-	-	38,575,734	0.1%
Total	18,802,750	185,013,361	163,174,722	132,214	-	-	40,641,389

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	32,364,204	32,364,204	-	-
Consumer Discretionary	67,062,954	67,062,954	-	-
Consumer Staples	1,491,192	1,491,192	-	-
Energy	202,052,510	199,898,491	2,154,019	-
Financials	256,007,393	256,007,393	-	-
Health Care	96,413,345	91,167,412	5,245,933	-
Industrials	27,721,527	23,649,743	4,071,784	-
Information Technology	272,821,139	272,821,139	-	-
Materials	150,689,916	118,106,628	32,583,288	-
Real Estate	149,801,508	149,801,508	-	-
Utilities	157,376,737	157,376,737	-	-

Money Market Funds	40,641,389	40,641,389	-	-
Total Investments in Securities:	1,454,443,814	1,410,388,790	44,055,024	-
Derivative Instruments:

Assets
Futures Contracts	101,338	101,338	-	-
Total Assets	101,338	101,338	-	-
Total Derivative Instruments:	101,338	101,338	-	-

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Equity Risk
Futures Contracts (a)	101,338	0
Total Equity Risk	101,338	0
Total Value of Derivatives	101,338	0

Fidelity® High Dividend ETF

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				January 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $38,289,319) - See accompanying schedule:
Unaffiliated issuers (cost $1,322,379,820)	$	1,413,802,425
Fidelity Central Funds (cost $40,641,389)		40,641,389


Total Investment in Securities (cost $1,363,021,209)			$	1,454,443,814
Segregated cash with brokers for derivative instruments				169,600
Cash				227,129
Foreign currency held at value (cost $17,567)				17,924
Receivable for fund shares sold				5,853,581
Dividends receivable				2,263,552
Distributions receivable from Fidelity Central Funds				25,801
Receivable for daily variation margin on futures contracts				46,000
Total assets				1,463,047,401
Liabilities
Payable for investments purchased	$	6,607,150
Accrued management fee		332,598
Collateral on securities loaned		38,575,734
Total Liabilities				45,515,482
Net Assets			$	1,417,531,919
Net Assets consist of:
Paid in capital			$	1,377,645,506
Total accumulated earnings (loss)				39,886,413
Net Assets			$	1,417,531,919
Net Asset Value , offering price and redemption price per share ($1,417,531,919 ÷ 35,850,000 shares)			$	39.54

Statement of Operations
				Six months ended January 31, 2023 (Unaudited)
Investment Income
Dividends			$	18,541,702
Income from Fidelity Central Funds (including $101,887 from security lending)				132,214
Total Income				18,673,916
Expenses
Management fee	$	1,884,830
Independent trustees' fees and expenses		2,227
Total expenses before reductions		1,887,057
Expense reductions		(77)
Total expenses after reductions				1,886,980
Net Investment income (loss)				16,786,936
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(1,078,192)
Redemptions in-kind		5,658,309
Foreign currency transactions		(33,023)
Futures contracts		61,530
Total net realized gain (loss)				4,608,624
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		39,748,287
Assets and liabilities in foreign currencies		(17,070)
Futures contracts		(210,573)
Total change in net unrealized appreciation (depreciation)				39,520,644
Net gain (loss)				44,129,268
Net increase (decrease) in net assets resulting from operations			$	60,916,204

Statement of Changes in Net Assets

		Six months ended January 31, 2023 (Unaudited)		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	16,786,936	$	34,784,807
Net realized gain (loss)		4,608,624		95,057,679
Change in net unrealized appreciation (depreciation)		39,520,644		(104,029,877)
Net increase (decrease) in net assets resulting from operations		60,916,204		25,812,609
Distributions to shareholders		(19,807,450)		(36,931,550)
Share transactions
Proceeds from sales of shares		121,329,287		758,176,457
Cost of shares redeemed		(22,960,317)		(521,124,909)
Net increase (decrease) in net assets resulting from share transactions		98,368,970		237,051,548
Total increase (decrease) in net assets		139,477,724		225,932,607

Net Assets
Beginning of period		1,278,054,195		1,052,121,588
End of period	$	1,417,531,919	$	1,278,054,195

Other Information
Shares
Sold		3,200,000		19,000,000
Redeemed		(600,000)		(13,400,000)
Net increase (decrease)		2,600,000		5,600,000

Financial Highlights

Fidelity® High Dividend ETF

		Six months ended (Unaudited) January 31, 2023		Years ended July 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	38.44	$	38.05	$	27.56	$	30.12	$	30.15	$	26.98
Income from Investment Operations
Net investment income (loss) A,B		.48		1.21		1.02		1.10		1.23		1.09
Net realized and unrealized gain (loss)		1.19		.44 C		10.48		(2.52)		(.03)		3.21
Total from investment operations		1.67		1.65		11.50		(1.42)		1.20		4.30
Distributions from net investment income		(.57)		(1.26)		(1.01)		(1.14)		(1.23)		(1.12)
Distributions from net realized gain		-		-		-		-		-		(.01)
Total distributions		(.57)		(1.26)		(1.01)		(1.14)		(1.23)		(1.13)
Net asset value, end of period	$	39.54	$	38.44	$	38.05	$	27.56	$	30.12	$	30.15
Total Return D,E,F		4.47%		4.43%		42.42%		(4.54)%		4.16%		16.23%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.29% I		.29%		.29%		.29%		.29%		.30%
Expenses net of fee waivers, if any		.29% I		.29%		.29%		.29%		.29%		.30%
Expenses net of all reductions		.29% I		.29%		.29%		.29%		.29%		.30%
Net investment income (loss)		2.58% I		3.11%		3.04%		3.85%		4.15%		3.80%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,417,532	$	1,278,054	$	1,052,122	$	520,795	$	362,952	$	171,835
Portfolio turnover rate J,K		3% I		38%		32%		49%		50%		53%

A Calculated based on average shares outstanding during the period.

C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

D Total returns for periods of less than one year are not annualized.

E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

F Based on net asset value.

G Fees 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.

H Expense 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.

I Annualized.

J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

K Portfolio turnover rate excludes securities received or delivered in-kind.

Fidelity® Low Volatility Factor ETF

Investment Summary January 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Apple, Inc.	6.4
Microsoft Corp.	5.5
Alphabet, Inc. Class A	3.3
Berkshire Hathaway, Inc. Class B	2.1
Visa, Inc. Class A	1.8
UnitedHealth Group, Inc.	1.8
The Home Depot, Inc.	1.7
Johnson & Johnson	1.7
MasterCard, Inc. Class A	1.6
Exxon Mobil Corp.	1.6
	27.5

Market Sectors (% of Fund's net assets)

Information Technology	25.5
Health Care	14.2
Consumer Discretionary	12.8
Financials	11.7
Industrials	8.5
Communication Services	7.5
Consumer Staples	6.0
Energy	4.8
Real Estate	3.1
Materials	2.9
Utilities	2.8

Asset Allocation (% of Fund's net assets)

Foreign investments - 3.2%

Fidelity® Low Volatility Factor ETF

Schedule of Investments January 31, 2023 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares	Value ($)
COMMUNICATION SERVICES - 7.5%
Diversified Telecommunication Services - 1.6%
AT&T, Inc.	189,434	3,858,771
Verizon Communications, Inc.	93,898	3,903,340
		7,762,111
Entertainment - 0.5%
Activision Blizzard, Inc.	32,209	2,466,243
Interactive Media & Services - 3.3%
Alphabet, Inc. Class A (a)	162,515	16,062,983
Media - 1.5%
Cable One, Inc.	1,307	1,032,373
Comcast Corp. Class A	103,056	4,055,254
Omnicom Group, Inc.	28,145	2,420,189
		7,507,816
Wireless Telecommunication Services - 0.6%
T-Mobile U.S., Inc. (a)	19,986	2,984,110
TOTAL COMMUNICATION SERVICES		36,783,263
CONSUMER DISCRETIONARY - 12.8%
Diversified Consumer Services - 1.0%
Service Corp. International	64,724	4,799,285
Hotels, Restaurants & Leisure - 4.5%
Domino's Pizza, Inc.	10,838	3,825,814