Fidelity Covington Trust

Contents

Note to Shareholders	3
Investment Summary	4
Schedule of Investments	13
Financial Statements	54
Notes to Financial Statements	74
Shareholder Expense Example	80

To view a fund’s proxy voting guidelines and proxy voting record for the period ended June, 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at http://www.sec.gov. You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by 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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most recent holdings listing on Fidelity’s web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Semi-Annual Report

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® Dividend ETF for Rising Rates

Investment Summary (Unaudited)

^{Top
Ten Stocks as of January 31, 2022}

	% of fund's net assets
Apple, Inc.	7.5
Microsoft Corp.	6.5
UnitedHealth Group, Inc.	2.5
Pfizer, Inc.	2.3
Johnson & Johnson	2.2
AbbVie, Inc.	1.9
The Home Depot, Inc.	1.8
Visa, Inc. Class A	1.8
Mastercard, Inc. Class A	1.8
JPMorgan Chase & Co.	1.7
	30.0

^{Top
Market Sectors as of January 31, 2022}

	% of fund's net assets
Information Technology		28.9
Health Care		14.3
Consumer Discretionary		11.4
Financials		11.4
Communication Services		9.0
Industrials		8.0
Consumer Staples		5.8
Real Estate		2.9
Energy		2.9
Utilities		2.4
Materials		2.4

^{Asset
Allocation as of January 31, 2022}

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

* Foreign investments – 6.0%

Semi-Annual Report

Table of Contents

Fidelity® High Dividend ETF

Investment Summary (Unaudited)

^{Top
Ten Stocks as of January 31, 2022}

	% of fund's net assets
Apple, Inc.	5.5
Microsoft Corp.	4.7
Exxon Mobil Corp.	2.9
Chevron Corp.	2.6
The Procter & Gamble Co.	2.4
Bank of America Corp.	2.4
Wells Fargo & Co.	2.3
Blackstone, Inc. Class A	2.2
JPMorgan Chase & Co.	2.2
PepsiCo, Inc.	2.1
	29.3

^{Top
Market Sectors as of January 31, 2022}

	% of fund's net assets
Information Technology		21.7
Financials		19.1
Consumer Staples		12.7
Energy		11.1
Real Estate		9.6
Materials		8.5
Health Care		6.7
Consumer Discretionary		5.2
Communication Services		3.2
Industrials		1.8

^{Asset
Allocation as of January 31, 2022}

Short - Term Investments and Net Other Assets (Liabilities) are not included in the pie chart.

* Foreign investments – 10.2%

5	Semi-Annual Report

Table of Contents

Fidelity® Low Volatility Factor ETF

Investment Summary (Unaudited)

^{Top
Ten Stocks as of January 31, 2022}

	% of fund's net assets
Microsoft Corp.	6.7
Alphabet, Inc. Class A	4.3
Amazon.com, Inc.	3.4
Visa, Inc. Class A	2.0
UnitedHealth Group, Inc.	1.8
Accenture PLC Class A	1.8
Johnson & Johnson	1.7
Intel Corp.	1.5
The Home Depot, Inc.	1.5
Texas Instruments, Inc.	1.4
	26.1

^{Top
Market Sectors as of January 31, 2022}

	% of fund's net assets
Information Technology		27.7
Health Care		13.5
Financials		12.0
Consumer Discretionary		11.2
Communication Services		10.1
Industrials		8.4
Consumer Staples		5.7
Real Estate		3.1
Energy		3.0
Materials		2.7
Utilities		2.4

^{Asset
Allocation as of January 31, 2022}

* Foreign investments – 6.6%

Semi-Annual Report

Table of Contents

Fidelity® Momentum Factor ETF

Investment Summary (Unaudited)

^{Top
Ten Stocks as of January 31, 2022}

	% of fund's net assets
Apple, Inc.	7.4
Microsoft Corp.	6.3
Alphabet, Inc. Class A	4.2
Amazon.com, Inc.	3.6
Facebook, Inc. Class A	2.2
Tesla, Inc.	2.2
NVIDIA Corp.	2.1
Johnson & Johnson	1.9
UnitedHealth Group, Inc.	1.8
JPMorgan Chase & Co.	1.6
	33.3

^{Top
Market Sectors as of January 31, 2022}

	% of fund's net assets
Information Technology		28.7
Health Care		12.4
Financials		11.7
Consumer Discretionary		11.7
Communication Services		9.5
Industrials		8.4
Consumer Staples		5.7
Real Estate		3.4
Energy		3.3
Materials		2.6
Utilities		2.4

^{Asset
Allocation as of January 31, 2022}

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

* Foreign investments – 3.6%

7	Semi-Annual Report

Table of Contents

Fidelity® Quality Factor ETF

Investment Summary (Unaudited)

^{Top
Ten Stocks as of January 31, 2022}

	% of fund's net assets
Apple, Inc.	7.0
Microsoft Corp.	6.0
Alphabet, Inc. Class A	4.0
NVIDIA Corp.	2.1
Berkshire Hathaway, Inc. Class B	2.1
Facebook, Inc. Class A	2.0
UnitedHealth Group, Inc.	1.8
The Home Depot, Inc.	1.7
Johnson & Johnson	1.7
Visa, Inc. Class A	1.5
	29.9

^{Top
Market Sectors as of January 31, 2022}

	% of fund's net assets
Information Technology		29.0
Health Care		13.0
Consumer Discretionary		11.7
Financials		11.1
Communication Services		9.7
Industrials		8.5
Consumer Staples		5.6
Real Estate		3.3
Energy		2.9
Materials		2.6
Utilities		2.4

^{Asset
Allocation as of January 31, 2022}

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

* Foreign investments – 2.5%

Semi-Annual Report

Table of Contents

Fidelity® Small-Mid Multifactor ETF

Investment Summary (Unaudited)

^{Top
Ten Stocks as of January 31, 2022}

	% of fund's net assets
Devon Energy Corp.	0.7
Marathon Oil Corp.	0.4
Molina Healthcare, Inc.	0.4
Brown & Brown, Inc.	0.4
Targa Resources Corp.	0.4
CF Industries Holdings, Inc.	0.4
JB Hunt Transport Services, Inc.	0.4
Bunge Ltd.	0.3
Advance Auto Parts, Inc.	0.3
LKQ Corp.	0.3
	4.0

^{Top
Market Sectors as of January 31, 2022}

	% of fund's net assets
Industrials		16.9
Financials		16.8
Consumer Discretionary		13.6
Information Technology		12.6
Health Care		11.3
Real Estate		9.0
Materials		5.6
Energy		4.0
Communication Services		3.6
Consumer Staples		3.3
Utilities		3.1

^{Asset
Allocation as of January 31, 2022}

* Foreign investments – 5.7%

9	Semi-Annual Report

Table of Contents

Fidelity® Stocks for Inflation ETF

Investment Summary (Unaudited)

^{Top
Ten Stocks as of January 31, 2022}

	% of fund's net assets
EOG Resources, Inc.	5.5
Apple, Inc.	5.3
Ovintiv, Inc.	5.2
Microsoft Corp.	4.5
Louisiana-Pacific Corp.	2.8
Olin Corp.	2.6
Freeport-McMoRan, Inc.	2.5
The Coca-Cola Co.	2.4
Bunge Ltd.	2.3
Tyson Foods, Inc. Class A	2.3
	35.4

^{Top
Market Sectors as of January 31, 2022}

	% of fund's net assets
Information Technology		22.4
Health Care		16.1
Consumer Staples		11.1
Energy		10.7
Materials		8.0
Consumer Discretionary		6.5
Communication Services		6.1
Real Estate		5.6
Financials		5.4
Industrials		4.7
Utilities		3.3

^{Asset
Allocation as of January 31, 2022}

* Foreign investments – 3.0%

Semi-Annual Report

Table of Contents

Fidelity® U.S. Multifactor ETF

Investment Summary (Unaudited)

^{Top
Ten Stocks as of January 31, 2022}

	% of fund's net assets
Apple, Inc.	6.8
Microsoft Corp.	5.8
Alphabet, Inc. Class A	4.0
Facebook, Inc. Class A	2.0
EOG Resources, Inc.	1.8
The Home Depot, Inc.	1.8
Johnson & Johnson	1.7
The Procter & Gamble Co.	1.6
Union Pacific Corp.	1.4
Ford Motor Co.	1.4
	28.3

^{Top
Market Sectors as of January 31, 2022}

	% of fund's net assets
Information Technology		27.8
Health Care		12.5
Consumer Discretionary		12.1
Financials		10.9
Communication Services		10.3
Industrials		8.8
Consumer Staples		5.6
Real Estate		3.6
Energy		3.1
Materials		2.8
Utilities		2.3

^{Asset
Allocation as of January 31, 2022}

* Foreign investments – 3.0%

11	Semi-Annual Report

Table of Contents

Fidelity® Value Factor ETF

Investment Summary (Unaudited)

^{Top
Ten Stocks as of January 31, 2022}

	% of fund's net assets
Apple, Inc.	7.1
Microsoft Corp.	6.1
Alphabet, Inc. Class A	4.0
Amazon.com, Inc.	3.5
Facebook, Inc. Class A	2.1
Berkshire Hathaway, Inc. Class B	2.0
UnitedHealth Group, Inc.	1.7
Johnson & Johnson	1.7
Visa, Inc. Class A	1.6
Mastercard, Inc. Class A	1.5
	31.3

^{Top
Market Sectors as of January 31, 2022}

	% of fund's net assets
Information Technology		28.6
Health Care		13.7
Consumer Discretionary		11.3
Financials		10.2
Communication Services		9.9
Industrials		8.7
Consumer Staples		5.7
Energy		3.3
Real Estate		3.1
Utilities		2.6
Materials		2.6

^{Asset
Allocation as of January 31, 2022}

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

* Foreign investments – 2.9%

Semi-Annual Report

Table of Contents

Fidelity^® Dividend ETF For Rising Rates

Schedule of Investments January 31, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.4%
	Shares	Value
COMMUNICATION SERVICES – 9.0%
Diversified Telecommunication Services – 2.4%
AT&T, Inc.	203,535	$ 5,190,143
Lumen Technologies, Inc. (a)	269,612	3,332,404
Verizon Communications, Inc.	111,761	5,949,038
		14,471,585
Entertainment – 0.5%
Activision Blizzard, Inc.	43,142	3,408,649
Media – 6.1%
Cable One, Inc. (a)	1,513	2,337,177
Comcast Corp. Class A	122,427	6,120,126
Fox Corp. Class A	106,184	4,312,132
News Corp. Class A	158,197	3,518,301
Nexstar Media Group, Inc. Class A	25,056	4,143,761
Omnicom Group, Inc.	49,902	3,760,615
Sirius XM Holdings, Inc. (a)	504,162	3,206,470
The Interpublic Group of Cos., Inc.	123,667	4,395,125
The New York Times Co. Class A	60,921	2,438,668
ViacomCBS, Inc. Class B	65,797	2,200,910
		36,433,285
TOTAL COMMUNICATION SERVICES		54,313,519
CONSUMER DISCRETIONARY – 11.4%
Distributors – 1.0%
Genuine Parts Co.	44,492	5,927,669
Hotels, Restaurants & Leisure – 2.3%
McDonald's Corp.	30,421	7,892,729
Starbucks Corp.	57,576	5,660,872
		13,553,601
Household Durables – 1.3%
Leggett & Platt, Inc. (a)	100,243	3,994,684
Newell Brands, Inc.	167,168	3,879,969
		7,874,653
Multiline Retail – 1.1%
Target Corp.	29,504	6,503,567
Specialty Retail – 3.2%
Lowe's Cos., Inc.	34,751	8,248,150
The Home Depot, Inc.	30,087	11,041,327
		19,289,477
Textiles, Apparel & Luxury Goods – 2.5%
Hanesbrands, Inc.	279,617	4,501,834
NIKE, Inc. Class B	47,641	7,054,203
VF Corp.	57,507	3,750,031
		15,306,068
TOTAL CONSUMER DISCRETIONARY		68,455,035
CONSUMER STAPLES – 5.8%
Beverages – 2.0%
PepsiCo, Inc.	36,052	6,255,743


	Shares	Value


The Coca-Cola Co.	101,413	$ 6,187,207
		12,442,950
Household Products – 1.4%
The Procter & Gamble Co.	52,373	8,403,248
Tobacco – 2.4%
Altria Group, Inc.	81,433	4,143,311
British American Tobacco PLC	63,171	2,681,173
Japan Tobacco, Inc.	114,500	2,279,566
Philip Morris International, Inc.	50,698	5,214,289
		14,318,339
TOTAL CONSUMER STAPLES		35,164,537
ENERGY – 2.9%
Oil, Gas & Consumable Fuels – 2.9%
Chevron Corp.	38,860	5,103,484
Exxon Mobil Corp.	81,421	6,184,739
ONEOK, Inc.	31,899	1,935,631
The Williams Cos., Inc.	66,652	1,995,561
Valero Energy Corp.	23,817	1,976,097
TOTAL ENERGY		17,195,512
FINANCIALS – 11.4%
Banks – 8.4%
Bank of America Corp.	211,345	9,751,458
Citigroup, Inc.	83,598	5,443,902
JPMorgan Chase & Co.	66,873	9,937,328
The PNC Financial Services Group, Inc.	27,879	5,742,795
Truist Financial Corp.	83,711	5,258,725
US Bancorp	93,939	5,466,310
Wells Fargo & Co.	163,017	8,770,315
		50,370,833
Insurance – 1.7%
MetLife, Inc.	78,444	5,260,455
Prudential Financial, Inc.	47,092	5,254,054
		10,514,509
Mortgage Real Estate Investment Trusts (REITs) – 1.3%
AGNC Investment Corp.	217,222	3,234,436
Starwood Property Trust, Inc.	175,151	4,334,987
		7,569,423
TOTAL FINANCIALS		68,454,765
HEALTH CARE – 14.3%
Biotechnology – 3.3%
AbbVie, Inc.	84,197	11,525,727
Gilead Sciences, Inc.	116,424	7,996,000
		19,521,727
Health Care Providers & Services – 2.5%
UnitedHealth Group, Inc.	32,028	15,135,472

See accompanying notes which are an integral part of the financial statements.

13	Semi-Annual Report

Table of Contents

Fidelity^® Dividend ETF For Rising Rates

Schedule of Investments (Unaudited)–continued

Common Stocks – continued
	Shares	Value
HEALTH CARE – continued
Pharmaceuticals – 8.5%
Bayer AG	103,408	$ 6,241,150
GlaxoSmithKline PLC	365,979	8,067,387
Johnson & Johnson	76,170	13,123,329
Merck & Co., Inc.	117,668	9,587,589
Organon & Co.	11,752	375,006
Pfizer, Inc.	260,344	13,717,526
		51,111,987
TOTAL HEALTH CARE		85,769,186
INDUSTRIALS – 8.0%
Aerospace & Defense – 2.0%
General Dynamics Corp.	12,966	2,750,089
Lockheed Martin Corp.	7,881	3,066,733
Northrop Grumman Corp.	7,091	2,622,961
Raytheon Technologies Corp.	41,857	3,775,083
		12,214,866
Air Freight & Logistics – 0.6%
United Parcel Service, Inc. Class B	19,211	3,884,656
Construction & Engineering – 0.2%
ACS Actividades de Construccion y Servicios S.A.	46,843	1,170,470
Electrical Equipment – 0.9%
Eaton Corp. PLC	18,024	2,855,542
Emerson Electric Co.	26,140	2,403,573
		5,259,115
Industrial Conglomerates – 2.0%
3M Co.	16,475	2,735,180
CK Hutchison Holdings Ltd.	204,500	1,447,685
General Electric Co.	31,807	3,005,125
Honeywell International, Inc.	17,163	3,509,490
Jardine Matheson Holdings Ltd.	22,028	1,296,128
		11,993,608
Machinery – 1.6%
Caterpillar, Inc.	15,275	3,078,829
Cummins, Inc.	8,387	1,852,521
Illinois Tool Works, Inc.	11,516	2,693,823
PACCAR, Inc.	20,277	1,885,558
		9,510,731
Road & Rail – 0.7%
Union Pacific Corp.	16,580	4,054,639
TOTAL INDUSTRIALS		48,088,085
INFORMATION TECHNOLOGY – 28.9%
Communications Equipment – 1.6%
Cisco Systems, Inc.	168,078	9,356,902
IT Services – 5.5%
International Business Machines Corp.	54,487	7,277,828
Kyndryl Holdings, Inc. (a)(b)	10,885	183,739


	Shares	Value


Mastercard, Inc. Class A	27,239	$ 10,524,605
The Western Union Co.	226,773	4,288,277
Visa, Inc. Class A	48,345	10,934,189
		33,208,638
Semiconductors & Semiconductor Equipment – 5.4%
Broadcom, Inc.	16,358	9,583,825
Intel Corp.	143,715	7,016,166
QUALCOMM, Inc.	46,680	8,204,477
Texas Instruments, Inc.	42,460	7,621,145
		32,425,613
Software – 7.5%
Microsoft Corp.	125,003	38,873,433
NortonLifelock, Inc.	240,672	6,259,879
		45,133,312
Technology Hardware, Storage & Peripherals – 8.9%
Apple, Inc.	258,064	45,104,426
HP, Inc.	218,242	8,016,029
		53,120,455
TOTAL INFORMATION TECHNOLOGY		173,244,920
MATERIALS – 2.4%
Chemicals – 1.7%
Air Products & Chemicals, Inc.	7,160	2,019,979
Clariant AG	53,705	1,124,226
Dow, Inc.	30,812	1,840,401
Linde PLC (b)	11,778	3,753,413
LyondellBasell Industries N.V. Class A	16,318	1,578,440
		10,316,459
Containers & Packaging – 0.5%
Amcor PLC	125,549	1,507,843
International Paper Co.	27,978	1,349,939
		2,857,782
Metals & Mining – 0.2%
Fortescue Metals Group Ltd.	66,362	929,028
Paper & Forest Products – 0.0%
Sylvamo Corp. (b)	2,520	75,071
TOTAL MATERIALS		14,178,340
REAL ESTATE – 2.9%
Equity Real Estate Investment Trusts (REITs) – 2.9%
American Tower Corp.	9,459	2,378,938
Crown Castle International Corp.	10,674	1,948,112
Iron Mountain, Inc.	27,887	1,280,571
Omega Healthcare Investors, Inc.	23,960	754,261
Prologis, Inc.	17,511	2,746,075
Public Storage	5,472	1,961,876
Simon Property Group, Inc.	12,807	1,885,190
Ventas, Inc.	21,383	1,133,727
Vornado Realty Trust	22,739	932,526
Welltower, Inc.	18,214	1,577,879

See accompanying notes which are an integral part of the financial statements.

Semi-Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
WP Carey, Inc.	13,758	$ 1,067,621
TOTAL REAL ESTATE		17,666,776
UTILITIES – 2.4%
Electric Utilities – 2.0%
Duke Energy Corp.	23,030	2,419,532
Exelon Corp.	41,786	2,421,499
NextEra Energy, Inc.	41,547	3,245,651
PPL Corp.	53,750	1,595,300
The Southern Co.	34,796	2,417,974
		12,099,956
Multi-Utilities – 0.4%
Dominion Energy, Inc.	28,050	2,262,513
TOTAL UTILITIES		14,362,469
TOTAL COMMON STOCKS (Cost $483,909,346)		596,893,144
Money Market Funds – 1.5%

Fidelity Cash Central Fund, 0.08% (c)	1,911,481	1,911,863


	Shares	Value
Fidelity Securities Lending Cash Central Fund, 0.08% (c)(d)	7,124,288	$ 7,125,000
TOTAL MONEY MARKET FUNDS (Cost $9,036,863)		9,036,863
TOTAL INVESTMENT IN SECURITIES – 100.9% (Cost $492,946,209)		605,930,007
NET OTHER ASSETS (LIABILITIES) – (0.9%)		(5,700,380)
NET ASSETS – 100.0%		$ 600,229,627

Legend
(a)	Security or a portion of the security is on loan at period end.
(b)	Non-income producing.
(c)	Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d)	Investment made with cash collateral received from securities on loan.

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
CME Micro E-mini S&P 500 Index Future Contracts (United States)	15	March 2022	$3,378,188	$(75,658)	$(75,658)

The notional amount of futures purchased as a percentage of Net Assets is 0.6%

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, 0.08%	$ 654,480	$ 7,703,072	$ 6,445,689	$ 412	$—	$—	$1,911,863	0.0%
Fidelity Securities Lending Cash Central Fund, 0.08%	2,620,350	18,106,567	13,601,917	11,621	—	—	$7,125,000	0.0%
Total	$3,274,830	$25,809,639	$20,047,606	$12,033	$—	$—	$9,036,863

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. 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 from lending certain types of securities.

See accompanying notes which are an integral part of the financial statements.

15	Semi-Annual Report

Table of Contents

Fidelity^® Dividend ETF For Rising Rates

Schedule of Investments (Unaudited)–continued

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:
Equities:
Communication Services	$ 54,313,519	$ 54,313,519	$ —	$ —
Consumer Discretionary	68,455,035	68,455,035	—	—
Consumer Staples	35,164,537	35,164,537	—	—
Energy	17,195,512	17,195,512	—	—
Financials	68,454,765	68,454,765	—	—
Health Care	85,769,186	85,769,186	—	—
Industrials	48,088,085	48,088,085	—	—
Information Technology	173,244,920	173,244,920	—	—
Materials	14,178,340	14,178,340	—	—
Real Estate	17,666,776	17,666,776	—	—
Utilities	14,362,469	14,362,469	—	—
Money Market Funds	9,036,863	9,036,863	—	—
Total Investments in Securities:	$ 605,930,007	$ 605,930,007	$ —	$ —

Derivative Instruments:
Liabilities
Futures Contracts	$ (75,658)	$ (75,658)	$ —	$ —
Total Liabilities	$ (75,658)	$ (75,658)	$ —	$ —
Total Derivative Instruments:	$ (75,658)	$ (75,658)	$ —	$ —

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, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$0	$(75,658)
Total Equity Risk	0	(75,658)
Total Value of Derivatives	$0	$(75,658)

(a)

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

See accompanying notes which are an integral part of the financial statements.

Semi-Annual Report

Table of Contents

Fidelity® High Dividend ETF

Schedule of Investments January 31, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.6%
	Shares	Value
COMMUNICATION SERVICES – 3.2%
Diversified Telecommunication Services – 0.9%
AT&T, Inc.	129,111	$ 3,292,330
Lumen Technologies, Inc. (a)	170,616	2,108,814
Verizon Communications, Inc.	70,897	3,773,847
		9,174,991
Entertainment – 0.2%
Activision Blizzard, Inc.	27,271	2,154,682
Media – 2.1%
Cable One, Inc. (a)	981	1,515,380
Comcast Corp. Class A	77,569	3,877,674
Fox Corp. Class A	67,083	2,724,241
News Corp. Class A	100,386	2,232,585
Nexstar Media Group, Inc. Class A	15,815	2,615,485
Omnicom Group, Inc.	31,532	2,376,252
Sirius XM Holdings, Inc. (a)	317,890	2,021,780
The Interpublic Group of Cos., Inc.	78,225	2,780,116
The New York Times Co. Class A	38,463	1,539,674
ViacomCBS, Inc. Class B	41,602	1,391,587
		23,074,774
TOTAL COMMUNICATION SERVICES		34,404,447
CONSUMER DISCRETIONARY – 5.2%
Distributors – 0.4%
Genuine Parts Co.	36,767	4,898,467
Hotels, Restaurants & Leisure – 1.0%
McDonald's Corp.	24,984	6,482,099
Starbucks Corp.	47,514	4,671,576
		11,153,675
Household Durables – 0.6%
Berkeley Group Holdings PLC	53,588	3,018,208
Newell Brands, Inc.	137,627	3,194,323
		6,212,531
Multiline Retail – 0.5%
Target Corp.	24,343	5,365,928
Specialty Retail – 1.5%
Lowe's Cos., Inc.	28,649	6,799,840
The Home Depot, Inc.	24,984	9,168,628
		15,968,468
Textiles, Apparel & Luxury Goods – 1.2%
Hanesbrands, Inc. (a)	230,030	3,703,483
NIKE, Inc. Class B	39,148	5,796,644
VF Corp.	47,288	3,083,651
		12,583,778
TOTAL CONSUMER DISCRETIONARY		56,182,847
CONSUMER STAPLES – 12.7%
Beverages – 4.1%
PepsiCo, Inc.	129,326	22,440,647


	Shares	Value


The Coca-Cola Co.	364,991	$ 22,268,101
		44,708,748
Household Products – 2.4%
The Procter & Gamble Co.	162,624	26,093,021
Tobacco – 6.2%
Altria Group, Inc.	360,244	18,329,215
British American Tobacco PLC	361,051	15,324,120
Japan Tobacco, Inc.	657,100	13,082,121
Philip Morris International, Inc.	202,595	20,836,896
		67,572,352
TOTAL CONSUMER STAPLES		138,374,121
ENERGY – 11.1%
Oil, Gas & Consumable Fuels – 11.1%
Chevron Corp.	212,026	27,845,375
Exxon Mobil Corp.	412,607	31,341,628
Kinder Morgan, Inc.	1,084,615	18,828,916
ONEOK, Inc.	357,659	21,702,748
The Williams Cos., Inc.	703,396	21,059,676
TOTAL ENERGY		120,778,343
FINANCIALS – 19.1%
Banks – 10.0%
Bank of America Corp.	559,589	25,819,436
Citigroup, Inc.	245,207	15,967,880
JPMorgan Chase & Co.	161,305	23,969,923
US Bancorp	298,663	17,379,200
Wells Fargo & Co.	474,480	25,527,024
		108,663,463
Capital Markets – 2.3%
Blackstone, Inc. Class A	186,099	24,559,485
Insurance – 3.2%
MetLife, Inc.	259,061	17,372,631
Prudential Financial, Inc.	156,336	17,442,407
		34,815,038
Mortgage Real Estate Investment Trusts (REITs) – 2.4%
AGNC Investment Corp.	753,784	11,223,844
Starwood Property Trust, Inc.	613,140	15,175,215
		26,399,059
Thrifts & Mortgage Finance – 1.2%
New York Community Bancorp, Inc. (a)	1,143,366	13,331,648
TOTAL FINANCIALS		207,768,693
HEALTH CARE – 6.7%
Biotechnology – 2.3%
AbbVie, Inc.	76,062	10,412,127
Amgen, Inc.	31,629	7,184,211
Gilead Sciences, Inc.	105,417	7,240,040
		24,836,378

See accompanying notes which are an integral part of the financial statements.

17	Semi-Annual Report

Table of Contents

Fidelity® High Dividend ETF

Schedule of Investments (Unaudited)–continued

Common Stocks – continued
	Shares	Value
HEALTH CARE – continued
Pharmaceuticals – 4.4%
Bristol-Myers Squibb Co.	121,384	$ 7,876,608
GlaxoSmithKline PLC	330,971	7,295,695
Johnson & Johnson	69,010	11,889,733
Merck & Co., Inc.	106,883	8,708,827
Organon & Co.	10,559	336,937
Pfizer, Inc.	236,352	12,453,387
		48,561,187
TOTAL HEALTH CARE		73,397,565
INDUSTRIALS – 1.8%
Aerospace & Defense – 0.5%
General Dynamics Corp.	5,222	1,107,586
Lockheed Martin Corp.	3,243	1,261,948
Northrop Grumman Corp.	2,864	1,059,394
Raytheon Technologies Corp.	17,057	1,538,371
		4,967,299
Air Freight & Logistics – 0.1%
United Parcel Service, Inc. Class B	7,772	1,571,576
Commercial Services & Supplies – 0.1%
Waste Management, Inc.	7,587	1,141,388
Construction & Engineering – 0.0%
ACS Actividades de Construccion y Servicios S.A.	18,882	471,806
Electrical Equipment – 0.2%
Eaton Corp. PLC	7,298	1,156,222
Emerson Electric Co.	10,599	974,578
		2,130,800
Industrial Conglomerates – 0.5%
3M Co.	6,650	1,104,033
CK Hutchison Holdings Ltd.	89,000	630,044
General Electric Co.	12,870	1,215,958
Honeywell International, Inc.	6,943	1,419,705
Jardine Matheson Holdings Ltd.	10,453	615,054
		4,984,794
Machinery – 0.3%
Caterpillar, Inc.	6,180	1,245,641
Illinois Tool Works, Inc.	4,679	1,094,512
PACCAR, Inc.	8,191	761,681
		3,101,834
Road & Rail – 0.1%
Union Pacific Corp.	6,718	1,642,887
TOTAL INDUSTRIALS		20,012,384
INFORMATION TECHNOLOGY – 21.7%
Communications Equipment – 1.2%
Cisco Systems, Inc.	223,847	12,461,562


	Shares	Value

IT Services – 3.5%
International Business Machines Corp.	72,356	$ 9,664,591
Kyndryl Holdings, Inc. (a)(b)	14,440	243,747
Mastercard, Inc. Class A	36,363	14,049,936
Visa, Inc. Class A	64,394	14,563,991
		38,522,265
Semiconductors & Semiconductor Equipment – 4.0%
Broadcom, Inc.	21,837	12,793,862
Intel Corp.	191,616	9,354,693
QUALCOMM, Inc.	62,099	10,914,520
Texas Instruments, Inc.	56,451	10,132,390
		43,195,465
Software – 5.5%
Microsoft Corp.	166,488	51,774,438
NortonLifelock, Inc.	319,383	8,307,152
		60,081,590
Technology Hardware, Storage & Peripherals – 7.5%
Apple, Inc.	343,628	60,059,302
HP, Inc.	290,443	10,667,971
Seagate Technology Holdings PLC	103,543	11,094,633
		81,821,906
TOTAL INFORMATION TECHNOLOGY		236,082,788
MATERIALS – 8.5%
Chemicals – 5.7%
Air Products & Chemicals, Inc.	41,684	11,759,890
Clariant AG	472,373	9,888,352
Dow, Inc.	199,749	11,931,008
Linde PLC (b)	52,709	16,797,304
LyondellBasell Industries N.V. Class A	118,973	11,508,258
		61,884,812
Containers & Packaging – 2.0%
Amcor PLC	950,846	11,419,660
International Paper Co.	208,364	10,053,563
		21,473,223
Metals & Mining – 0.7%
Fortescue Metals Group Ltd.	579,347	8,110,513
Paper & Forest Products – 0.1%
Sylvamo Corp. (a)(b)	18,796	559,933
TOTAL MATERIALS		92,028,481
REAL ESTATE – 9.6%
Equity Real Estate Investment Trusts (REITs) – 9.6%
American Tower Corp.	39,706	9,986,059
Crown Castle International Corp.	51,353	9,372,436
Iron Mountain, Inc.	214,829	9,864,948
Omega Healthcare Investors, Inc.	185,976	5,854,524
Prologis, Inc.	80,856	12,679,838
Public Storage	32,762	11,746,160
Simon Property Group, Inc.	79,956	11,769,523

See accompanying notes which are an integral part of the financial statements.

Semi-Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
Ventas, Inc.	149,428	$ 7,922,673
Vornado Realty Trust	182,077	7,466,978
Welltower, Inc.	118,488	10,264,615
WP Carey, Inc.	102,448	7,949,965
TOTAL REAL ESTATE		104,877,719
TOTAL COMMON STOCKS (Cost $925,115,206)		1,083,907,388
Money Market Funds – 1.8%

Fidelity Cash Central Fund, 0.08% (c)	1,527,431	1,527,737
Fidelity Securities Lending Cash Central Fund, 0.08% (c)(d)	18,461,304	18,463,150
TOTAL MONEY MARKET FUNDS (Cost $19,990,887)		19,990,887
TOTAL INVESTMENT IN SECURITIES – 101.4% (Cost $945,106,093)		1,103,898,275
NET OTHER ASSETS (LIABILITIES) – (1.4%)		(15,044,972)
NET ASSETS – 100.0%		$1,088,853,303

Legend
(a)	Security or a portion of the security is on loan at period end.
(b)	Non-income producing.
(c)	Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d)	Investment made with cash collateral received from securities on loan.

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
CME Micro E-mini S&P 500 Index Future Contracts (United States)	22	March 2022	$4,954,675	$(142,606)	$(142,606)

The notional amount of futures purchased as a percentage of Net Assets is 0.5%

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, 0.08%	$3,234,325	$ 22,421,536	$ 24,128,124	$ 596	$—	$—	$ 1,527,737	0.0%
Fidelity Securities Lending Cash Central Fund, 0.08%	1,661,850	146,673,200	129,871,900	17,223	—	—	$18,463,150	0.1%
Total	$4,896,175	$169,094,736	$154,000,024	$17,819	$—	$—	$19,990,887

See accompanying notes which are an integral part of the financial statements.

19	Semi-Annual Report

Table of Contents

Fidelity® High Dividend ETF

Schedule of Investments (Unaudited)–continued

Investment Valuation

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:
Equities:
Communication Services	$ 34,404,447	$ 34,404,447	$ —	$ —
Consumer Discretionary	56,182,847	56,182,847	—	—
Consumer Staples	138,374,121	138,374,121	—	—
Energy	120,778,343	120,778,343	—	—
Financials	207,768,693	207,768,693	—	—
Health Care	73,397,565	73,397,565	—	—
Industrials	20,012,384	20,012,384	—	—
Information Technology	236,082,788	236,082,788	—	—
Materials	92,028,481	92,028,481	—	—
Real Estate	104,877,719	104,877,719	—	—
Money Market Funds	19,990,887	19,990,887	—	—
Total Investments in Securities:	$ 1,103,898,275	$ 1,103,898,275	$ —	$ —

Derivative Instruments:
Liabilities
Futures Contracts	$ (142,606)	$ (142,606)	$ —	$ —
Total Liabilities	$ (142,606)	$ (142,606)	$ —	$ —
Total Derivative Instruments:	$ (142,606)	$ (142,606)	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$0	$(142,606)
Total Equity Risk	0	(142,606)
Total Value of Derivatives	$0	$(142,606)

(a)

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	91.2%
Ireland	2.7%
United Kingdom	2.4%
Japan	1.2%
Netherlands	1.1%
Jersey	1.0%
Others (Individually Less Than 1%)	1.8%
	101.4%

See accompanying notes which are an integral part of the financial statements.

Semi-Annual Report

Table of Contents

Fidelity® Low Volatility Factor ETF

Schedule of Investments January 31, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares	Value
COMMUNICATION SERVICES – 10.1%
Diversified Telecommunication Services – 2.1%
AT&T, Inc.	182,172	$4,645,386
Verizon Communications, Inc.	97,876	5,209,939
		9,855,325
Entertainment – 1.5%
Activision Blizzard, Inc.	44,658	3,528,429
Take-Two Interactive Software, Inc. (a)	19,784	3,231,518
		6,759,947
Interactive Media & Services – 4.3%
Alphabet, Inc. Class A (a)	7,498	20,290,113
Media – 1.6%
Cable One, Inc. (b)	1,534	2,369,616
Comcast Corp. Class A	100,010	4,999,500
		7,369,116
Wireless Telecommunication Services – 0.6%
T-Mobile US, Inc. (a)	26,880	2,907,610
TOTAL COMMUNICATION SERVICES		47,182,111
CONSUMER DISCRETIONARY – 11.2%
Distributors – 0.5%
Pool Corp.	5,146	2,450,783
Diversified Consumer Services – 0.5%
Service Corp. International (b)	37,566	2,318,574
Hotels, Restaurants & Leisure – 2.1%
Domino's Pizza, Inc.	4,698	2,135,946
McDonald's Corp.	17,849	4,630,923
Starbucks Corp.	32,120	3,158,038
		9,924,907
Household Durables – 0.4%
Garmin Ltd.	15,590	1,939,708
Internet & Direct Marketing Retail – 3.4%
Amazon.com, Inc. (a)	5,375	16,079,151
Multiline Retail – 0.5%
Dollar General Corp.	12,276	2,559,300
Specialty Retail – 2.9%
AutoZone, Inc. (a)	1,640	3,257,614
The Home Depot, Inc.	18,511	6,793,167
The TJX Cos., Inc.	46,520	3,348,044
		13,398,825
Textiles, Apparel & Luxury Goods – 0.9%
NIKE, Inc. Class B	27,120	4,015,658
TOTAL CONSUMER DISCRETIONARY		52,686,906
CONSUMER STAPLES – 5.7%
Beverages – 0.9%
PepsiCo, Inc.	24,155	4,191,376
Food & Staples Retailing – 1.6%
Costco Wholesale Corp.	7,983	4,032,453


	Shares	Value


Walmart, Inc.	24,612	$ 3,441,003
		7,473,456
Food Products – 0.7%
Hormel Foods Corp. (b)	33,647	1,597,223
The Hershey Co.	9,385	1,849,502
		3,446,725
Household Products – 2.5%
Colgate-Palmolive Co.	26,904	2,218,235
Kimberly-Clark Corp.	14,123	1,944,031
The Clorox Co.	9,860	1,655,100
The Procter & Gamble Co.	36,601	5,872,630
		11,689,996
TOTAL CONSUMER STAPLES		26,801,553
ENERGY – 3.0%
Oil, Gas & Consumable Fuels – 3.0%
Cabot Oil & Gas Corp.	60,232	1,319,081
Cheniere Energy, Inc.	12,960	1,450,224
Chevron Corp.	30,041	3,945,284
Exxon Mobil Corp.	62,075	4,715,217
Kinder Morgan, Inc.	74,022	1,285,022
ONEOK, Inc.	22,044	1,337,630
TOTAL ENERGY		14,052,458
FINANCIALS – 12.0%
Capital Markets – 4.5%
CME Group, Inc.	20,707	4,752,257
FactSet Research Systems, Inc.	10,141	4,278,386
Intercontinental Exchange, Inc.	35,415	4,485,664
Nasdaq, Inc.	19,766	3,542,265
S&P Global, Inc.	10,546	4,378,910
		21,437,482
Insurance – 7.5%
Aon PLC Class A	15,781	4,362,500
Arthur J Gallagher & Co.	27,436	4,333,242
Brown & Brown, Inc.	66,987	4,439,898
Chubb Ltd.	25,174	4,966,327
Erie Indemnity Co. Class A	19,321	3,556,996
Marsh & McLennan Cos., Inc.	28,709	4,410,851
The Progressive Corp.	43,013	4,673,792
The Travelers Cos., Inc.	25,952	4,312,703
		35,056,309
TOTAL FINANCIALS		56,493,791
HEALTH CARE – 13.5%
Biotechnology – 1.7%
Amgen, Inc.	19,416	4,410,150
Regeneron Pharmaceuticals, Inc. (a)	6,244	3,800,036
		8,210,186

See accompanying notes which are an integral part of the financial statements.

21	Semi-Annual Report

Table of Contents

Fidelity® Low Volatility Factor ETF

Schedule of Investments (Unaudited)–continued

Common Stocks – continued
	Shares	Value
HEALTH CARE – continued
Health Care Equipment & Supplies – 4.5%
Abbott Laboratories	44,592	$ 5,683,696
Baxter International, Inc.	46,736	3,993,124
Danaher Corp.	16,952	4,844,712
ResMed, Inc.	13,075	2,988,945
Steris PLC	15,312	3,436,013
		20,946,490
Health Care Providers & Services – 2.5%
Chemed Corp.	6,711	3,146,855
UnitedHealth Group, Inc.	17,807	8,415,054
		11,561,909
Pharmaceuticals – 4.8%
Eli Lilly & Co.	20,343	4,991,969
Johnson & Johnson	46,540	8,018,377
Merck & Co., Inc.	68,359	5,569,891
Zoetis, Inc.	20,262	4,048,145
		22,628,382
TOTAL HEALTH CARE		63,346,967
INDUSTRIALS – 8.4%
Aerospace & Defense – 1.2%
L3Harris Technologies, Inc.	12,513	2,618,846
Northrop Grumman Corp.	8,259	3,055,004
		5,673,850
Air Freight & Logistics – 1.1%
CH Robinson Worldwide, Inc.	27,915	2,921,305
Expeditors International of Washington, Inc.	20,973	2,400,989
		5,322,294
Building Products – 0.5%
Carrier Global Corp.	51,089	2,435,924
Commercial Services & Supplies – 1.7%
Republic Services, Inc.	22,383	2,857,414
Rollins, Inc.	64,244	1,981,927
Waste Management, Inc.	20,255	3,047,162
		7,886,503
Industrial Conglomerates – 0.7%
3M Co.	18,357	3,047,629
Machinery – 2.2%
Graco, Inc.	32,006	2,322,355
Illinois Tool Works, Inc.	13,613	3,184,353
Otis Worldwide Corp.	30,583	2,612,706
The Toro Co.	22,010	2,125,726
		10,245,140
Professional Services – 1.0%
Exponent, Inc.	21,364	2,029,153


	Shares	Value


Verisk Analytics, Inc.	14,280	$ 2,800,736
		4,829,889
TOTAL INDUSTRIALS		39,441,229
INFORMATION TECHNOLOGY – 27.7%
IT Services – 14.4%
Accenture PLC Class A	23,609	8,347,670
Akamai Technologies, Inc. (a)	48,798	5,589,811
Amdocs Ltd.	71,491	5,425,452
Automatic Data Processing, Inc.	29,654	6,113,765
Broadridge Financial Solutions, Inc.	31,918	5,081,984
Fiserv, Inc. (a)	55,144	5,828,721
Jack Henry & Associates, Inc.	31,546	5,293,734
Maximus, Inc.	63,603	4,917,784
Paychex, Inc.	49,745	5,857,971
VeriSign, Inc. (a)	25,894	5,623,659
Visa, Inc. Class A	40,732	9,212,357
		67,292,908
Semiconductors & Semiconductor Equipment – 2.9%
Intel Corp.	143,166	6,989,364
Texas Instruments, Inc.	37,717	6,769,824
		13,759,188
Software – 10.4%
Citrix Systems, Inc.	54,005	5,505,270
Microsoft Corp.	100,953	31,394,364
Oracle Corp.	79,511	6,453,113
Tyler Technologies, Inc. (a)	11,238	5,324,564
		48,677,311
TOTAL INFORMATION TECHNOLOGY		129,729,407
MATERIALS – 2.7%
Chemicals – 1.3%
Air Products & Chemicals, Inc.	5,261	1,484,233
Balchem Corp.	6,528	959,224
Ecolab, Inc.	6,484	1,228,394
Linde PLC (a)	8,388	2,673,088
		6,344,939
Construction Materials – 0.5%
Martin Marietta Materials, Inc.	2,944	1,145,569
Vulcan Materials Co.	6,060	1,153,279
		2,298,848
Containers & Packaging – 0.9%
AptarGroup, Inc.	7,143	837,874
Ball Corp.	13,731	1,333,280
Packaging Corp. of America	6,950	1,046,879
Sonoco Products Co.	14,091	798,114
		4,016,147
TOTAL MATERIALS		12,659,934

See accompanying notes which are an integral part of the financial statements.

Semi-Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
REAL ESTATE – 3.1%
Equity Real Estate Investment Trusts (REITs) – 3.1%
Agree Realty Corp.	8,326	$ 544,354
American Tower Corp.	7,004	1,761,506
Crown Castle International Corp.	7,667	1,399,304
CubeSmart	13,561	688,085
Digital Realty Trust, Inc.	6,744	1,006,407
Duke Realty Corp.	15,318	885,074
Equinix, Inc.	1,684	1,220,732
Equity Lifestyle Properties, Inc.	8,654	677,522
Essex Property Trust, Inc.	2,483	825,597
Extra Space Storage, Inc.	4,722	935,853
Life Storage, Inc.	5,557	749,917
Prologis, Inc.	12,469	1,955,389
Public Storage	3,521	1,262,384
Sun Communities, Inc.	4,122	778,893
TOTAL REAL ESTATE		14,691,017
UTILITIES – 2.4%
Electric Utilities – 1.3%
Duke Energy Corp.	17,730	1,862,714
NextEra Energy, Inc.	33,963	2,653,189
Xcel Energy, Inc.	20,374	1,419,253
		5,935,156
Multi-Utilities – 0.9%
CMS Energy Corp.	19,041	1,225,860
Consolidated Edison, Inc.	17,066	1,475,356
WEC Energy Group, Inc.	13,856	1,344,586
		4,045,802


	Shares	Value

Water Utilities – 0.2%
American Water Works Co., Inc.	7,578	$ 1,218,542
TOTAL UTILITIES