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.

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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.

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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.

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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.

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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.

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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.

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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

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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		11,199,500
TOTAL COMMON STOCKS (Cost $422,945,323)		468,284,873
Money Market Funds – 1.2%

Fidelity Cash Central Fund, 0.08% (c)	620,399	620,523
Fidelity Securities Lending Cash Central Fund, 0.08% (c)(d)	5,215,641	5,216,163
TOTAL MONEY MARKET FUNDS (Cost $5,836,686)		5,836,686
TOTAL INVESTMENT IN SECURITIES – 101.0% (Cost $428,782,009)		474,121,559
NET OTHER ASSETS (LIABILITIES) – (1.0%)		(4,806,888)
NET ASSETS – 100.0%		$ 469,314,671

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

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME Micro E-mini S&P 500 Index Future Contracts (United States)	1	March 2022	$ 225,212	$ (8,200)	$ (8,200)
CME E-mini S&P 500 Index Future Contracts (United States)	31	March 2022	698,159	(25,332)	(25,332)
Total Equity Index Contracts					$ (33,532)

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

Affiliated Central Funds

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

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

23	Semi-Annual Report

Table of Contents

Fidelity® Low Volatility Factor ETF

Schedule of Investments (Unaudited)–continued

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%	$ 556,788	$ 4,373,953	$ 4,310,218	$238	$—	$—	$ 620,523	0.0%
Fidelity Securities Lending Cash Central Fund, 0.08%	940,440	13,266,585	8,990,862	723	—	—	$5,216,163	0.0%
Total	$1,497,228	$17,640,538	$13,301,080	$961	$—	$—	$5,836,686

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$ 47,182,111	$ 47,182,111	$ —	$ —
Consumer Discretionary	52,686,906	52,686,906	—	—
Consumer Staples	26,801,553	26,801,553	—	—
Energy	14,052,458	14,052,458	—	—
Financials	56,493,791	56,493,791	—	—
Health Care	63,346,967	63,346,967	—	—
Industrials	39,441,229	39,441,229	—	—
Information Technology	129,729,407	129,729,407	—	—
Materials	12,659,934	12,659,934	—	—
Real Estate	14,691,017	14,691,017	—	—
Utilities	11,199,500	11,199,500	—	—
Money Market Funds	5,836,686	5,836,686	—	—
Total Investments in Securities:	$ 474,121,559	$ 474,121,559	$ —	$ —
Derivative Instruments:
Liabilities
Futures Contracts	$ (33,532)	$ (33,532)	$ —	$ —
Total Liabilities	$ (33,532)	$ (33,532)	$ —	$ —
Total Derivative Instruments:	$ (33,532)	$ (33,532)	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$0	$(33,532)
Total Equity Risk	0	(33,532)
Total Value of Derivatives	$0	$(33,532)

(a)

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

Semi-Annual Report

Table of Contents

Fidelity® Momentum Factor ETF

Schedule of Investments January 31, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares	Value
COMMUNICATION SERVICES – 9.5%
Entertainment – 0.2%
AMC Entertainment Holdings, Inc. Class A (a)(b)	15,882	$ 255,065
Interactive Media & Services – 7.2%
Alphabet, Inc. Class A (a)	1,817	4,916,929
Facebook, Inc. Class A (a)	8,350	2,615,721
j2 Global, Inc. (a)	4,705	494,307
Snap, Inc. Class A (a)	14,001	455,593
		8,482,550
Media – 2.1%
Comcast Corp. Class A	23,723	1,185,913
Nexstar Media Group, Inc. Class A	3,682	608,929
The Interpublic Group of Cos., Inc.	17,293	614,593
		2,409,435
TOTAL COMMUNICATION SERVICES		11,147,050
CONSUMER DISCRETIONARY – 11.7%
Automobiles – 3.0%
Ford Motor Co.	43,878	890,723
Tesla, Inc. (a)	2,775	2,599,398
		3,490,121
Internet & Direct Marketing Retail – 3.5%
Amazon.com, Inc. (a)	1,394	4,170,109
Multiline Retail – 1.2%
Macy's, Inc.	21,685	555,136
Target Corp.	3,834	845,129
		1,400,265
Specialty Retail – 3.7%
Dick's Sporting Goods, Inc. (b)	5,123	591,194
GameStop Corp. Class A (a)(b)	3,110	338,772
Lowe's Cos., Inc.	4,658	1,105,577
Signet Jewelers Ltd.	6,240	537,451
The Home Depot, Inc.	4,675	1,715,632
		4,288,626
Textiles, Apparel & Luxury Goods – 0.3%
Crocs, Inc. (a)	3,781	388,006
TOTAL CONSUMER DISCRETIONARY		13,737,127
CONSUMER STAPLES – 5.7%
Beverages – 0.9%
PepsiCo, Inc.	6,051	1,049,969
Food & Staples Retailing – 1.2%
Costco Wholesale Corp.	1,934	976,921
The Kroger Co.	10,250	446,798
		1,423,719
Food Products – 0.6%
Bunge Ltd.	4,313	426,383


	Shares	Value


Darling Ingredients, Inc. (a)	4,794	$ 305,714
		732,097
Household Products – 1.3%
The Procter & Gamble Co.	9,245	1,483,360
Personal Products – 0.4%
The Estee Lauder Cos., Inc. Class A	1,714	534,408
Tobacco – 1.3%
Altria Group, Inc.	13,267	675,025
Philip Morris International, Inc.	8,208	844,193
		1,519,218
TOTAL CONSUMER STAPLES		6,742,771
ENERGY – 3.3%
Oil, Gas & Consumable Fuels – 3.3%
Antero Resources Corp. (a)	18,624	363,727
ConocoPhillips	8,716	772,412
Devon Energy Corp.	10,385	525,169
Exxon Mobil Corp.	17,454	1,325,806
Ovintiv, Inc.	10,957	425,132
Targa Resources Corp.	7,168	423,485
TOTAL ENERGY		3,835,731
FINANCIALS – 11.7%
Banks – 5.3%
Bank of America Corp.	35,414	1,634,002
JPMorgan Chase & Co.	12,475	1,853,785
Signature Bank	2,367	721,059
SVB Financial Group (a)	1,098	641,122
Wells Fargo & Co.	25,284	1,360,279
		6,210,247
Capital Markets – 4.1%
Blackstone, Inc. Class A	6,766	892,909
Goldman Sachs Group, Inc.	2,658	942,740
KKR & Co., Inc.	10,282	731,667
Morgan Stanley	11,093	1,137,476
The Charles Schwab Corp.	12,794	1,122,034
		4,826,826
Consumer Finance – 2.3%
American Express Co.	5,858	1,053,386
Capital One Financial Corp.	5,816	853,382
Discover Financial Services	6,966	806,314
		2,713,082
TOTAL FINANCIALS		13,750,155
HEALTH CARE – 12.4%
Biotechnology – 1.1%
Intellia Therapeutics, Inc. (a)	6,644	628,323
Moderna, Inc. (a)	4,020	680,707
		1,309,030

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

25	Semi-Annual Report

Table of Contents

Fidelity® Momentum Factor ETF

Schedule of Investments (Unaudited)–continued

Common Stocks – continued
	Shares	Value
HEALTH CARE – continued
Health Care Equipment & Supplies – 2.4%
Danaher Corp.	4,591	$ 1,312,062
Intuitive Surgical, Inc. (a)	3,371	957,970
Shockwave Medical, Inc. (a)	3,672	532,330
		2,802,362
Health Care Providers & Services – 4.6%
CVS Health Corp.	12,815	1,364,926
HCA Healthcare, Inc.	4,179	1,003,169
Tenet Healthcare Corp. (a)	12,185	903,152
UnitedHealth Group, Inc.	4,513	2,132,708
		5,403,955
Life Sciences Tools & Services – 1.3%
Bio-Techne Corp.	1,854	697,864
Charles River Laboratories International, Inc. (a)	2,420	798,019
		1,495,883
Pharmaceuticals – 3.0%
Eli Lilly & Co.	5,396	1,324,125
Johnson & Johnson	12,566	2,164,996
		3,489,121
TOTAL HEALTH CARE		14,500,351
INDUSTRIALS – 8.4%
Aerospace & Defense – 2.0%
General Dynamics Corp.	3,605	764,621
Raytheon Technologies Corp.	10,850	978,561
Textron, Inc.	8,338	567,484
		2,310,666
Building Products – 1.1%
Carrier Global Corp.	13,484	642,917
Johnson Controls International PLC	9,926	721,323
		1,364,240
Electrical Equipment – 1.6%
Eaton Corp. PLC	4,518	715,787
Emerson Electric Co.	7,697	707,739
Generac Holdings, Inc. (a)	1,472	415,663
		1,839,189
Industrial Conglomerates – 0.7%
General Electric Co.	8,626	814,984
Machinery – 0.8%
Deere & Co.	2,460	925,944
Professional Services – 0.5%
Robert Half International, Inc.	5,215	590,651
Road & Rail – 0.3%
Avis Budget Group, Inc. (a)	2,285	402,571
Trading Companies & Distributors – 1.4%
Herc Holdings, Inc.	3,132	502,529
United Rentals, Inc. (a)	1,721	550,927


	Shares	Value


WESCO International, Inc. (a)	4,584	$ 558,744
		1,612,200
TOTAL INDUSTRIALS		9,860,445
INFORMATION TECHNOLOGY – 28.7%
Communications Equipment – 2.2%
Cisco Systems, Inc.	28,468	1,584,814
Motorola Solutions, Inc.	4,278	992,239
		2,577,053
IT Services – 3.3%
Accenture PLC Class A	4,372	1,545,852
EPAM Systems, Inc. (a)	1,494	711,353
Gartner, Inc. (a)	3,127	918,994
Perficient, Inc. (a)	6,524	683,846
		3,860,045
Semiconductors & Semiconductor Equipment – 3.9%
Applied Materials, Inc.	8,915	1,231,875
NVIDIA Corp.	10,137	2,482,146
Synaptics, Inc. (a)	4,432	932,271
		4,646,292
Software – 11.0%
Dynatrace, Inc. (a)	12,885	706,871
Fortinet, Inc. (a)	3,206	952,951
Intuit, Inc.	2,289	1,270,922
Microsoft Corp.	23,728	7,378,934
Oracle Corp.	14,587	1,183,881
Teradata Corp. (a)	17,130	691,024
Workiva, Inc. (a)	6,179	730,852
		12,915,435
Technology Hardware, Storage & Peripherals – 8.3%
Apple, Inc.	49,978	8,735,155
NetApp, Inc.	11,176	966,835
		9,701,990
TOTAL INFORMATION TECHNOLOGY		33,700,815
MATERIALS – 2.6%
Chemicals – 1.5%
Albemarle Corp.	1,085	239,503
International Flavors & Fragrances, Inc.	2,146	283,100
Linde PLC (a)	2,058	655,843
Olin Corp.	3,797	192,394
The Sherwin-Williams Co.	1,321	378,480
		1,749,320
Metals & Mining – 1.1%
Alcoa Corp.	4,983	282,586
Cleveland-Cliffs, Inc. (a)	10,597	181,632
Freeport-McMoRan, Inc.	9,653	359,285
Nucor Corp.	2,669	270,637

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

Semi-Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
MATERIALS – continued
Metals & Mining – continued
Steel Dynamics, Inc.	3,761	$ 208,811
		1,302,951
TOTAL MATERIALS		3,052,271
REAL ESTATE – 3.4%
Equity Real Estate Investment Trusts (REITs) – 3.0%
American Tower Corp.	1,884	473,826
AvalonBay Communities, Inc.	1,130	275,980
Equity Residential	3,023	268,231
Extra Space Storage, Inc.	1,244	246,548
Iron Mountain, Inc.	4,556	209,212
Kimco Realty Corp.	9,111	221,033
Lamar Advertising Co. Class A	1,690	187,184
Mid-America Apartment Communities, Inc.	1,184	244,709
Prologis, Inc.	3,221	505,117
Public Storage	945	338,811
Simon Property Group, Inc.	1,954	287,629
UDR, Inc.	3,978	226,110
		3,484,390
Real Estate Management & Development – 0.4%
CBRE Group, Inc. Class A (a)	2,571	260,545
Jones Lang LaSalle, Inc. (a)	800	200,632
		461,177
TOTAL REAL ESTATE		3,945,567
UTILITIES – 2.4%
Electric Utilities – 2.2%
Duke Energy Corp.	4,482	470,879
Evergy, Inc.	4,350	282,576
Exelon Corp.	7,091	410,924
FirstEnergy Corp.	7,616	319,567


	Shares	Value


NextEra Energy, Inc.	8,248	$ 644,334
The Southern Co.	6,731	467,737
		2,596,017
Gas Utilities – 0.2%
UGI Corp.	5,950	269,832
TOTAL UTILITIES		2,865,849
TOTAL COMMON STOCKS (Cost $109,941,082)		117,138,132
Money Market Funds – 1.1%

Fidelity Cash Central Fund, 0.08% (c)	190,071	190,109
Fidelity Securities Lending Cash Central Fund, 0.08% (c)(d)	1,127,467	1,127,580
TOTAL MONEY MARKET FUNDS (Cost $1,317,689)		1,317,689
TOTAL INVESTMENT IN SECURITIES – 100.9% (Cost $111,258,771)		118,455,821
NET OTHER ASSETS (LIABILITIES) – (0.9%)		(1,060,236)
NET ASSETS – 100.0%		$ 117,395,585

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

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
CME E-mini S&P 500 Index Future Contracts (United States)	11	March 2022	$247,734	$(10,723)	$(10,723)

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

Affiliated Central Funds

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

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

27	Semi-Annual Report

Table of Contents

Fidelity® Momentum Factor ETF

Schedule of Investments (Unaudited)–continued

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%	$425,440	$ 913,483	$1,148,814	$ 59	$—	$—	$ 190,109	0.0%
Fidelity Securities Lending Cash Central Fund, 0.08%	—	8,377,634	7,250,054	505	—	—	$1,127,580	0.0%
Total	$425,440	$9,291,117	$8,398,868	$564	$—	$—	$1,317,689

Investment Valuation

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:
Equities:
Communication Services	$ 11,147,050	$ 11,147,050	$ —	$ —
Consumer Discretionary	13,737,127	13,737,127	—	—
Consumer Staples	6,742,771	6,742,771	—	—
Energy	3,835,731	3,835,731	—	—
Financials	13,750,155	13,750,155	—	—
Health Care	14,500,351	14,500,351	—	—
Industrials	9,860,445	9,860,445	—	—
Information Technology	33,700,815	33,700,815	—	—
Materials	3,052,271	3,052,271	—	—
Real Estate	3,945,567	3,945,567	—	—
Utilities	2,865,849	2,865,849	—	—
Money Market Funds	1,317,689	1,317,689	—	—
Total Investments in Securities:	$ 118,455,821	$ 118,455,821	$ —	$ —

Derivative Instruments:
Liabilities
Futures Contracts	$ (10,723)	$ (10,723)	$ —	$ —
Total Liabilities	$ (10,723)	$ (10,723)	$ —	$ —
Total Derivative Instruments:	$ (10,723)	$ (10,723)	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$0	$(10,723)
Total Equity Risk	0	(10,723)
Total Value of Derivatives	$0	$(10,723)

(a)

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

Semi-Annual Report

Table of Contents

Fidelity® Quality Factor ETF

Schedule of Investments January 31, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares	Value
COMMUNICATION SERVICES – 9.7%
Diversified Telecommunication Services – 1.6%
AT&T, Inc.	76,762	$1,957,431
Verizon Communications, Inc.	41,961	2,233,584
		4,191,015
Interactive Media & Services – 6.4%
Alphabet, Inc. Class A (a)	3,862	10,450,842
Facebook, Inc. Class A (a)	16,956	5,311,637
Match Group, Inc. (a)	8,101	912,983
		16,675,462
Media – 1.7%
Charter Communications, Inc. Class A (a)	2,050	1,216,347
Comcast Corp. Class A	43,729	2,186,013
Sirius XM Holdings, Inc. (b)	152,863	972,208
		4,374,568
TOTAL COMMUNICATION SERVICES		25,241,045
CONSUMER DISCRETIONARY – 11.7%
Hotels, Restaurants & Leisure – 3.4%
Domino's Pizza, Inc.	3,944	1,793,139
McDonald's Corp.	12,896	3,345,867
Wingstop, Inc.	11,463	1,756,705
Yum! Brands, Inc.	16,694	2,089,588
		8,985,299
Internet & Direct Marketing Retail – 0.8%
eBay, Inc.	33,503	2,012,525
Specialty Retail – 5.8%
AutoZone, Inc. (a)	1,338	2,657,736
Lowe's Cos., Inc.	14,683	3,485,010
O'Reilly Automotive, Inc. (a)	3,706	2,415,386
The Home Depot, Inc.	12,341	4,528,900
Williams-Sonoma, Inc. (b)	13,081	2,100,024
		15,187,056
Textiles, Apparel & Luxury Goods – 1.7%
Crocs, Inc. (a)	14,430	1,480,807
NIKE, Inc. Class B	19,088	2,826,360
		4,307,167
TOTAL CONSUMER DISCRETIONARY		30,492,047
CONSUMER STAPLES – 5.6%
Beverages – 1.3%
Monster Beverage Corp. (a)	11,389	987,654
The Coca-Cola Co.	38,144	2,327,165
		3,314,819
Food Products – 0.4%
The Hershey Co.	5,585	1,100,636
Household Products – 2.6%
Colgate-Palmolive Co.	15,751	1,298,670
Kimberly-Clark Corp.	8,334	1,147,175


	Shares	Value


The Clorox Co.	5,895	$ 989,535
The Procter & Gamble Co.	20,560	3,298,852
		6,734,232
Tobacco – 1.3%
Altria Group, Inc.	28,877	1,469,262
Philip Morris International, Inc.	17,784	1,829,084
		3,298,346
TOTAL CONSUMER STAPLES		14,448,033
ENERGY – 2.9%
Energy Equipment & Services – 0.6%
Schlumberger N.V.	38,727	1,513,064
Oil, Gas & Consumable Fuels – 2.3%
Cabot Oil & Gas Corp.	55,183	1,208,508
EOG Resources, Inc.	15,469	1,724,484
Kinder Morgan, Inc.	61,414	1,066,147
Texas Pacific Land Corp.	620	666,500
The Williams Cos., Inc.	41,041	1,228,767
		5,894,406
TOTAL ENERGY		7,407,470
FINANCIALS – 11.1%
Banks – 2.9%
First Horizon Corp.	113,010	1,933,601
SVB Financial Group (a)	3,342	1,951,394
Umpqua Holdings Corp.	90,790	1,841,221
Western Alliance Bancorp	18,282	1,813,392
		7,539,608
Capital Markets – 4.7%
Blackstone, Inc. Class A	18,932	2,498,456
CME Group, Inc.	10,382	2,382,669
Moody's Corp.	5,395	1,850,485
MSCI, Inc.	3,223	1,727,915
S&P Global, Inc.	5,319	2,208,555
SEI Investments Co.	28,657	1,679,587
		12,347,667
Consumer Finance – 0.8%
Capital One Financial Corp.	13,273	1,947,547
Diversified Financial Services – 2.1%
Berkshire Hathaway, Inc. Class B (a)	17,466	5,467,207
Mortgage Real Estate Investment Trusts (REITs) – 0.6%
AGNC Investment Corp.	111,205	1,655,843
TOTAL FINANCIALS		28,957,872
HEALTH CARE – 13.0%
Biotechnology – 2.2%
AbbVie, Inc.	24,987	3,420,470
Amgen, Inc.	10,529	2,391,557
		5,812,027

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

29	Semi-Annual Report

Table of Contents

Fidelity® Quality Factor ETF

Schedule of Investments (Unaudited)–continued

Common Stocks – continued
	Shares	Value
HEALTH CARE – continued
Health Care Equipment & Supplies – 3.0%
Danaher Corp.	9,193	$ 2,627,268
Edwards Lifesciences Corp. (a)	18,176	1,984,819
Hologic, Inc. (a)	23,276	1,634,906
IDEXX Laboratories, Inc. (a)	2,852	1,446,820
		7,693,813
Health Care Providers & Services – 1.8%
UnitedHealth Group, Inc.	9,676	4,572,587
Health Care Technology – 0.5%
Veeva Systems, Inc. Class A (a)	5,688	1,345,440
Life Sciences Tools & Services – 2.4%
Bio-Rad Laboratories, Inc. Class A (a)	2,300	1,379,379
Mettler-Toledo International, Inc. (a)	1,221	1,798,142
Thermo Fisher Scientific, Inc.	5,405	3,141,927
		6,319,448
Pharmaceuticals – 3.1%
Johnson & Johnson	25,311	4,360,832
Pfizer, Inc.	70,340	3,706,215
		8,067,047
TOTAL HEALTH CARE		33,810,362
INDUSTRIALS – 8.5%
Aerospace & Defense – 0.7%
Lockheed Martin Corp.	4,587	1,784,939
Air Freight & Logistics – 0.5%
Expeditors International of Washington, Inc.	10,099	1,156,134
Commercial Services & Supplies – 0.4%
Copart, Inc. (a)	8,853	1,144,250
Electrical Equipment – 1.0%
Emerson Electric Co.	14,754	1,356,630
Rockwell Automation, Inc.	4,287	1,239,886
		2,596,516
Industrial Conglomerates – 1.3%
3M Co.	9,166	1,521,739
Honeywell International, Inc.	9,059	1,852,385
		3,374,124
Machinery – 1.5%
Graco, Inc.	15,325	1,111,982
Illinois Tool Works, Inc.	6,684	1,563,522
Otis Worldwide Corp.	14,854	1,268,977
		3,944,481
Professional Services – 0.5%
Verisk Analytics, Inc.	6,902	1,353,689
Road & Rail – 2.1%
CSX Corp.	48,688	1,666,103
Norfolk Southern Corp.	5,921	1,610,453


	Shares	Value


Union Pacific Corp.	9,122	$ 2,230,785
		5,507,341
Trading Companies & Distributors – 0.5%
Fastenal Co.	23,788	1,348,304
TOTAL INDUSTRIALS		22,209,778
INFORMATION TECHNOLOGY – 29.0%
Communications Equipment – 1.2%
Cisco Systems, Inc.	53,672	2,987,920
IT Services – 5.5%
Accenture PLC Class A	8,752	3,094,532
Automatic Data Processing, Inc.	9,975	2,056,546
Mastercard, Inc. Class A	9,489	3,666,360
Paychex, Inc.	15,675	1,845,888
Visa, Inc. Class A	16,718	3,781,110
		14,444,436
Semiconductors & Semiconductor Equipment – 7.2%
Applied Materials, Inc.	16,642	2,299,592
Broadcom, Inc.	5,690	3,333,657
KLA Corp.	5,396	2,100,501
NVIDIA Corp.	22,599	5,533,591
QUALCOMM, Inc.	17,552	3,084,940
Texas Instruments, Inc.	13,731	2,464,577
		18,816,858
Software – 8.1%
Adobe, Inc. (a)	5,368	2,868,122
Aspen Technology, Inc. (a)	11,228	1,685,997
Microsoft Corp.	50,549	15,719,728
Zoom Video Communications, Inc. Class A (a)	5,255	810,741
		21,084,588
Technology Hardware, Storage & Peripherals – 7.0%
Apple, Inc.	104,670	18,294,223
TOTAL INFORMATION TECHNOLOGY		75,628,025
MATERIALS – 2.6%
Chemicals – 1.8%
Celanese Corp.	3,506	545,919
Ecolab, Inc.	3,477	658,718
Linde PLC (a)	4,528	1,442,983
LyondellBasell Industries N.V. Class A	6,022	582,508
The Sherwin-Williams Co.	2,899	830,592
Valvoline, Inc.	15,005	494,265
		4,554,985
Construction Materials – 0.2%
Eagle Materials, Inc.	3,273	477,367
Containers & Packaging – 0.2%
Sealed Air Corp.	8,376	568,898
Metals & Mining – 0.4%
Newmont Corp.	11,882	726,822

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

Semi-Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
MATERIALS – continued
Metals & Mining – continued
Royal Gold, Inc.	4,105	$ 416,863
		1,143,685
TOTAL MATERIALS		6,744,935
REAL ESTATE – 3.3%
Equity Real Estate Investment Trusts (REITs) – 3.3%
American Tower Corp.	3,876	974,814
AvalonBay Communities, Inc.	2,255	550,739
Digital Realty Trust, Inc.	3,782	564,388
Duke Realty Corp.	8,675	501,242
Essex Property Trust, Inc.	1,394	463,505
Extra Space Storage, Inc.	2,650	525,203
National Retail Properties, Inc.	7,747	343,812
Omega Healthcare Investors, Inc.	10,736	337,969
Prologis, Inc.	6,938	1,088,017
Public Storage	1,961	703,077
SBA Communications Corp.	1,597	519,728
Simon Property Group, Inc.	4,401	647,827
VICI Properties, Inc.	13,880	397,246
Weyerhaeuser Co.	13,984	565,373
WP Carey, Inc.	5,124	397,622
TOTAL REAL ESTATE		8,580,562
UTILITIES – 2.4%
Electric Utilities – 1.4%
FirstEnergy Corp.	19,765	829,339
IDACORP, Inc.	6,166	679,617
NextEra Energy, Inc.	19,528	1,525,527
NRG Energy, Inc.	16,401	654,892
		3,689,375
Gas Utilities – 0.3%
National Fuel Gas Co.	12,608	765,684


	Shares	Value

Multi-Utilities – 0.7%
Dominion Energy, Inc.	13,053	$1,052,855
Public Service Enterprise Group, Inc.	12,827	853,380
		1,906,235
TOTAL UTILITIES		6,361,294
TOTAL COMMON STOCKS (Cost $227,163,410)		259,881,423
Money Market Funds – 0.6%

Fidelity Cash Central Fund, 0.08% (c)	424,691	424,776
Fidelity Securities Lending Cash Central Fund, 0.08% (c)(d)	1,171,789	1,171,907
TOTAL MONEY MARKET FUNDS (Cost $1,596,683)		1,596,683
TOTAL INVESTMENT IN SECURITIES – 100.4% (Cost $228,760,093)		261,478,106
NET OTHER ASSETS (LIABILITIES) – (0.4%)		(916,470)
NET ASSETS – 100.0%		$ 260,561,636

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

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
CME E-mini S&P 500 Index Future Contracts (United States)	28	March 2022	$630,595	$(17,802)	$(17,802)

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

Affiliated Central Funds

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

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

31	Semi-Annual Report

Table of Contents

Fidelity® Quality Factor ETF

Schedule of Investments (Unaudited)–continued

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%	$ 175,551	$ 2,994,033	$ 2,744,807	$ 106	$—	$ (1)	$ 424,776	0.0%
Fidelity Securities Lending Cash Central Fund, 0.08%	1,454,475	10,379,219	10,661,787	3,094	—	—	$1,171,907	0.0%
Total	$1,630,026	$13,373,252	$13,406,594	$3,200	$—	$ (1)	$1,596,683

Investment Valuation

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:
Equities:
Communication Services	$ 25,241,045	$ 25,241,045	$ —	$ —
Consumer Discretionary	30,492,047	30,492,047	—	—
Consumer Staples	14,448,033	14,448,033	—	—
Energy	7,407,470	7,407,470	—	—
Financials	28,957,872	28,957,872	—	—
Health Care	33,810,362	33,810,362	—	—
Industrials	22,209,778	22,209,778	—	—
Information Technology	75,628,025	75,628,025	—	—
Materials	6,744,935	6,744,935	—	—
Real Estate	8,580,562	8,580,562	—	—
Utilities	6,361,294	6,361,294	—	—
Money Market Funds	1,596,683	1,596,683	—	—
Total Investments in Securities:	$ 261,478,106	$ 261,478,106	$ —	$ —

Derivative Instruments:
Liabilities
Futures Contracts	$ (17,802)	$ (17,802)	$ —	$ —
Total Liabilities	$ (17,802)	$ (17,802)	$ —	$ —
Total Derivative Instruments:	$ (17,802)	$ (17,802)	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$0	$(17,802)
Total Equity Risk	0	(17,802)
Total Value of Derivatives	$0	$(17,802)

(a)

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

Semi-Annual Report

Table of Contents

Fidelity® Small-Mid Multifactor ETF

Schedule of Investments January 31, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares	Value
COMMUNICATION SERVICES – 3.6%
Diversified Telecommunication Services – 0.7%
Cogent Communications Holdings, Inc.	1,104	$ 70,226
IDT Corp. Class B (a)	1,124	42,184
Liberty Global PLC Class C (a)	7,357	198,933
Lumen Technologies, Inc.	15,137	187,093
		498,436
Entertainment – 0.4%
Sciplay Corp. Class A (a)	3,212	40,150
World Wrestling Entertainment, Inc. Class A	1,474	73,611
Zynga, Inc. Class A (a)	16,267	147,542
		261,303
Interactive Media & Services – 0.3%
j2 Global, Inc. (a)	906	95,184
Yelp, Inc. (a)	2,062	71,222
		166,406
Media – 2.2%
Altice USA, Inc. Class A (a)	4,369	63,001
AMC Networks, Inc. Class A (a)	1,289	54,950
Cable One, Inc.	86	132,847
DISH Network Corp. Class A (a)	3,947	123,936
Gray Television, Inc.	3,143	65,531
John Wiley & Sons, Inc. Class A	1,301	66,026
Loyalty Ventures, Inc. (a)	480	14,069
News Corp. Class A	7,633	169,758
Nexstar Media Group, Inc. Class A	800	132,304
Scholastic Corp.	1,720	70,554
Sirius XM Holdings, Inc. (b)	20,477	130,234
TechTarget, Inc. (a)	840	69,670
TEGNA, Inc.	5,140	99,510
The Interpublic Group of Cos., Inc.	5,740	204,000
The New York Times Co. Class A	2,645	105,879
		1,502,269
TOTAL COMMUNICATION SERVICES		2,428,414
CONSUMER DISCRETIONARY – 13.6%
Auto Components – 1.3%
Autoliv, Inc.	1,486	147,174
BorgWarner, Inc.	3,988	174,874
Dorman Products, Inc. (a)	923	86,421
Gentex Corp.	4,580	143,812
Gentherm, Inc. (a)	1,093	95,517
Lear Corp.	973	162,802
Standard Motor Products, Inc.	1,613	77,214
		887,814
Automobiles – 0.2%
Harley-Davidson, Inc.	3,225	111,488
Distributors – 0.4%
LKQ Corp.	4,326	237,454


	Shares	Value

Diversified Consumer Services – 1.1%
American Public Education, Inc. (a)	2,242	$ 47,956
Carriage Services, Inc.	1,792	90,173
Frontdoor, Inc. (a)	2,304	83,635
Graham Holdings Co. Class B	139	82,722
Grand Canyon Education, Inc. (a)	1,183	98,994
H&R Block, Inc.	4,412	100,858
Perdoceo Education Corp. (a)	5,692	62,726
Service Corp. International	2,830	174,668
		741,732
Hotels, Restaurants & Leisure – 1.6%
Boyd Gaming Corp. (a)	1,914	113,806
Choice Hotels International, Inc.	820	117,588
Cracker Barrel Old Country Store, Inc.	708	84,351
Jack in the Box, Inc.	840	76,482
Papa John's International, Inc.	862	106,414
RCI Hospitality Holdings, Inc.	1,000	69,870
Texas Roadhouse, Inc.	1,383	118,094
Travel + Leisure Co.	2,132	121,098
Vail Resorts, Inc.	646	179,007
Wingstop, Inc.	668	102,371
		1,089,081
Household Durables – 2.1%
Century Communities, Inc.	1,187	78,164
Ethan Allen Interiors, Inc.	2,725	68,697
La-Z-Boy, Inc.	2,249	82,561
M/I Homes, Inc. (a)	1,270	67,297
Mohawk Industries, Inc. (a)	960	151,555
Newell Brands, Inc.	6,624	153,743
Taylor Morrison Home Corp. (a)	3,631	111,435
Tempur Sealy International, Inc.	3,526	140,370
Toll Brothers, Inc.	2,299	135,572
TopBuild Corp. (a)	643	149,594
Tri Pointe Homes, Inc. (a)	3,824	91,050
Whirlpool Corp.	979	205,776
		1,435,814
Internet & Direct Marketing Retail – 0.3%
Qurate Retail, Inc. Class A	9,323	65,541
Revolve Group, Inc. (a)	1,346	66,385
Shutterstock, Inc.	811	78,642
		210,568
Leisure Products – 0.5%
Brunswick Corp.	1,440	130,738
Smith & Wesson Brands, Inc.	2,923	49,925
Sturm Ruger & Co., Inc.	934	62,793
Vista Outdoor, Inc. (a)	2,030	78,317
		321,773
Multiline Retail – 0.7%
Dillard's, Inc. Class A (b)	425	107,831
Kohl's Corp.	2,928	174,831

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

33	Semi-Annual Report

Table of Contents

Fidelity® Small-Mid Multifactor ETF

Schedule of Investments (Unaudited)–continued

Common Stocks – continued
	Shares	Value
CONSUMER DISCRETIONARY – continued
Multiline Retail – continued
Macy's, Inc.	6,900	$ 176,640
		459,302
Specialty Retail – 3.9%
Abercrombie & Fitch Co. Class A (a)	2,344	91,416
Academy Sports & Outdoors, Inc. (a)	2,141	83,285
Advance Auto Parts, Inc.	1,031	238,687
American Eagle Outfitters, Inc. (b)	3,444	78,627
Asbury Automotive Group, Inc. (a)	520	83,704
AutoNation, Inc. (a)	1,118	121,862
Bath & Body Works, Inc.	3,942	221,028
Citi Trends, Inc. (a)	863	42,045
Dick's Sporting Goods, Inc.	1,288	148,635
Foot Locker, Inc.	2,255	100,753
Genesco, Inc. (a)	1,228	78,997
Group 1 Automotive, Inc.	546	92,716
Haverty Furniture Companies, Inc.	1,781	52,575
Hibbett, Inc.	881	54,314
Lithia Motors, Inc.	495	144,604
MarineMax, Inc. (a)	1,372	64,566
Penske Automotive Group, Inc.	1,036	105,289
Rent-A-Center, Inc.	1,583	66,724
RH (a)	271	109,164
Sally Beauty Holdings, Inc. (a)	4,408	75,685
Shoe Carnival, Inc. (b)	1,984	67,774
Signet Jewelers Ltd.	1,543	132,899
The Buckle, Inc.	1,728	65,042
Urban Outfitters, Inc. (a)	2,344	67,320
Williams-Sonoma, Inc. (b)	1,244	199,712
Winmark Corp.	327	70,442
		2,657,865
Textiles, Apparel & Luxury Goods – 1.5%
Capri Holdings Ltd. (a)	2,705	162,489
Carter's, Inc.	1,073	99,918
Crocs, Inc. (a)	1,151	118,116
Deckers Outdoor Corp. (a)	453	145,064
Kontoor Brands, Inc.	1,574	77,582
Levi Strauss & Co. Class A	3,006	65,922
Movado Group, Inc.	2,093	77,587
Skechers U.S.A., Inc. Class A (a)	2,637	110,754
Tapestry, Inc.	4,483	170,130
		1,027,562
TOTAL CONSUMER DISCRETIONARY		9,180,453
CONSUMER STAPLES – 3.3%
Beverages – 0.3%
Molson Coors Beverage Co. Class B	3,481	165,905
Food & Staples Retailing – 0.1%
Ingles Markets, Inc. Class A	1,199	92,239


	Shares	Value

Food Products – 2.1%
Bunge Ltd.	2,459	$ 243,097
Campbell Soup Co.	3,853	169,994
Darling Ingredients, Inc. (a)	2,788	177,791
Flowers Foods, Inc.	5,084	143,013
Ingredion, Inc.	1,534	145,270
J&J Snack Foods Corp.	573	86,918
John B Sanfilippo & Son, Inc.	817	64,625
Lamb Weston Holdings, Inc.	2,682	172,211
Lancaster Colony Corp.	565	89,705
Sanderson Farms, Inc.	587	108,008
		1,400,632
Household Products – 0.1%
WD-40 Co. (b)	421	93,571
Personal Products – 0.5%
Herbalife Nutrition Ltd. (a)	2,375	100,961
Medifast, Inc.	385	76,503
Nu Skin Enterprises, Inc. Class A	1,771	85,345
USANA Health Sciences, Inc. (a)	814	77,802
		340,611
Tobacco – 0.2%
Universal Corp.	1,600	87,088
Vector Group Ltd.	6,024	66,927
		154,015
TOTAL CONSUMER STAPLES		2,246,973
ENERGY – 4.0%
Energy Equipment & Services – 0.4%
Cactus, Inc. Class A	2,681	129,921
ChampionX Corp. (a)	5,268	118,003
National Energy Services Reunited Corp. (a)	6,591	65,449
		313,373
Oil, Gas & Consumable Fuels – 3.6%
Antero Resources Corp. (a)	8,517	166,337
Cabot Oil & Gas Corp.	8,959	196,202
CONSOL Energy, Inc. (a)	3,687	80,155
Continental Resources, Inc.	2,734	142,004
Devon Energy Corp.	9,359	473,285
Equitrans Midstream Corp.	13,103	106,265
International Seaways, Inc.	4,984	72,717
Marathon Oil Corp.	14,963	291,330
Ovintiv, Inc.	5,738	222,634
PDC Energy, Inc.	2,994	177,454
Targa Resources Corp.	4,268	252,154
Teekay Corp. (a)	27,304	84,642
Teekay Tankers Ltd. Class A (a)	6,655	71,009
World Fuel Services Corp.	2,794	78,819
		2,415,007
TOTAL ENERGY		2,728,380

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

Semi-Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
FINANCIALS – 16.8%
Banks – 7.0%
Ameris Bancorp	2,097	$ 103,403
Bank OZK	2,937	137,598
Brookline Bancorp, Inc.	5,252	89,809
Camden National Corp.	1,613	80,102
Cathay General Bancorp	2,508	113,261
Comerica, Inc.	2,502	232,136
ConnectOne Bancorp, Inc.	2,788	89,244
Customers Bancorp, Inc. (a)	1,981	115,492
Eagle Bancorp, Inc.	1,502	90,075
East West Bancorp, Inc.	2,467	213,001
First BanCorp	7,687	111,846
First Horizon Corp.	10,474	179,210
First Midwest Bancorp, Inc.	4,913	102,043
Fulton Financial Corp.	6,011	107,897
Great Southern Bancorp, Inc.	1,372	81,415
Hancock Whitney Corp.	2,465	129,955
Hanmi Financial Corp.	3,812	102,467
Harborone Bancorp, Inc.	5,399	76,666
Hilltop Holdings, Inc.	2,711	89,544
HomeStreet, Inc.	1,920	93,600
Hope Bancorp, Inc.	6,235	104,436
Independent Bank Corp.	3,334	81,616
Lakeland Bancorp, Inc.	4,562	86,359
Meta Financial Group, Inc.	1,702	101,201
PacWest Bancorp	2,949	136,922
Popular, Inc.	1,842	164,251
Preferred Bank	1,260	98,356
QCR Holdings, Inc.	1,484	84,647
Sandy Spring Bancorp, Inc.	2,044	96,702
Synovus Financial Corp.	3,227	160,576
Towne Bank	2,883	90,469
UMB Financial Corp.	1,177	115,876
Umpqua Holdings Corp.	5,848	118,597
United Community Banks, Inc.	3,183	112,646
Univest Financial Corp.	2,702	81,411
Valley National Bancorp	9,603	133,674
WesBanco, Inc.	2,725	96,710
Western Alliance Bancorp	1,838	182,311
Wintrust Financial Corp.	1,536	150,636
Zions Bancorp NA	3,081	208,953
		4,745,113
Capital Markets – 3.0%
Affiliated Managers Group, Inc.	871	127,349
Cboe Global Markets, Inc.	1,750	207,427
Cowen, Inc. Class A	1,916	60,699
Evercore, Inc. Class A	961	119,952
Franklin Resources, Inc.	5,174	165,413
Houlihan Lokey, Inc.	1,331	141,459
Invesco Ltd.	6,958	157,668


	Shares	Value


Janus Henderson Group PLC	3,491	$ 128,818
Jefferies Financial Group, Inc.	4,160	152,422
Moelis & Co. Class A	1,734	97,919
Morningstar, Inc.	489	140,543
Open Lending Corp. Class A (a)	2,830	53,742
Oppenheimer Holdings, Inc.	1,582	67,061
SEI Investments Co.	2,390	140,078
Stifel Financial Corp.	2,154	161,335
Victory Capital Holdings, Inc. Class A	2,187	71,449
		1,993,334
Consumer Finance – 0.7%
Enova International, Inc. (a)	2,377	95,746
Navient Corp.	5,177	90,235
OneMain Holdings, Inc.	2,223	114,840
SLM Corp.	7,236	132,708
		433,529
Insurance – 4.6%
American Financial Group, Inc.	1,277	166,368
American National Group, Inc.	484	91,374
Assurant, Inc.	1,058	161,356
Brown & Brown, Inc.	3,839	254,449
Employers Holdings, Inc.	1,896	74,134
Enstar Group Ltd. (a)	398	105,502
Everest Re Group Ltd.	701	198,663
Fidelity National Financial, Inc.	4,686	235,940
First American Financial Corp.	2,186	162,879
Globe Life, Inc.	1,775	181,582
Loews Corp.	3,757	224,143
Mercury General Corp.	1,390	75,977
Old Republic International Corp.	5,813	148,987
Primerica, Inc.	881	135,973
Reinsurance Group of America, Inc.	1,300	149,279
Safety Insurance Group, Inc.	981	80,766
Selective Insurance Group, Inc.	1,470	115,983
Stewart Information Services Corp.	1,397	99,788
The Hanover Insurance Group, Inc.	894	123,336
Unum Group	4,837	122,763
WR Berkley Corp.	2,476	209,222
		3,118,464
Mortgage Real Estate Investment Trusts (REITs) – 0.5%
AGNC Investment Corp.	10,110	150,538
Apollo Commercial Real Estate Finance, Inc.	5,755	78,556
Chimera Investment Corp.	6,887	99,861
		328,955
Thrifts & Mortgage Finance – 1.0%
Essent Group Ltd.	2,662	121,494
Flagstar Bancorp, Inc.	1,897	85,839
Merchants Bancorp	3,038	88,558
MGIC Investment Corp.	8,494	128,939
Provident Financial Services, Inc.	3,746	90,541

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

35	Semi-Annual Report

Table of Contents

Fidelity® Small-Mid Multifactor ETF

Schedule of Investments (Unaudited)–continued

Common Stocks – continued
	Shares	Value
FINANCIALS – continued
Thrifts & Mortgage Finance – continued
Radian Group, Inc.	5,005	$112,062
Waterstone Financial, Inc.	3,444	70,326
		697,759
TOTAL FINANCIALS		11,317,154
HEALTH CARE – 11.3%
Biotechnology – 1.6%
Agios Pharmaceuticals, Inc. (a)	2,021	62,429
Alkermes PLC (a)	4,077	103,963
Blueprint Medicines Corp. (a)	1,366	105,319
CareDx, Inc. (a)	1,344	56,179
Denali Therapeutics, Inc. (a)	2,120	72,546
Eagle Pharmaceuticals, Inc. (a)	1,507	69,231
Exelixis, Inc. (a)	7,268	131,551
Intellia Therapeutics, Inc. (a)	1,133	107,148
Sage Therapeutics, Inc. (a)	2,073	81,718
United Therapeutics Corp. (a)	813	164,120
Vanda Pharmaceuticals, Inc. (a)	4,617	69,994
Vericel Corp. (a)	1,784	63,475
		1,087,673
Health Care Equipment & Supplies – 2.8%
AngioDynamics, Inc. (a)	2,752	59,526
AtriCure, Inc. (a)	1,297	85,135
Atrion Corp.	119	72,044
CONMED Corp.	833	114,604
DENTSPLY SIRONA, Inc.	3,538	189,000
Envista Holdings Corp. (a)	3,372	145,805
Globus Medical, Inc. Class A (a)	1,671	111,506
ICU Medical, Inc. (a)	558	119,055
Inogen, Inc. (a)	1,271	37,787
Integer Holdings Corp. (a)	1,056	82,801
Integra LifeSciences Holdings Corp. (a)	1,705	110,382
LeMaitre Vascular, Inc.	1,320	55,849
LivaNova PLC (a)	1,310	98,394
Meridian Bioscience, Inc. (a)	3,490	72,766
Merit Medical Systems, Inc. (a)	1,506	83,508
Mesa Laboratories, Inc. (b)	279	79,328
Neogen Corp. (a)	2,662	97,083
Quidel Corp. (a)	879	90,853
Shockwave Medical, Inc. (a)	713	103,364
STAAR Surgical Co. (a)	937	68,139
		1,876,929
Health Care Providers & Services – 3.9%
Acadia Healthcare Co., Inc. (a)	2,048	107,827
Amedisys, Inc. (a)	688	92,949
AMN Healthcare Services, Inc. (a)	1,138	115,325
Chemed Corp.	319	149,582
CorVel Corp. (a)	509	89,645


	Shares	Value


Cross Country Healthcare, Inc. (a)	3,506	$ 75,414
DaVita, Inc. (a)	1,312	142,182
Encompass Health Corp.	1,907	118,310
Fulgent Genetics, Inc. (a)(b)	776	49,563
HealthEquity, Inc. (a)	1,804	96,406
Henry Schein, Inc. (a)	2,451	184,560
LHC Group, Inc. (a)	693	86,001
ModivCare, Inc. (a)	494	57,269
Molina Healthcare, Inc. (a)	895	259,980
National HealthCare Corp.	967	63,242
Option Care Health, Inc. (a)	4,141	96,775
Owens & Minor, Inc.	2,490	104,804
Premier, Inc. Class A	2,631	100,557
Select Medical Holdings Corp.	2,856	66,345
Tenet Healthcare Corp. (a)	2,133	158,098
The Ensign Group, Inc.	1,336	100,775
Triple-S Management Corp. Class B (a)	2,893	104,119
Universal Health Services, Inc. Class B	1,303	169,468
US Physical Therapy, Inc.	686	66,384
		2,655,580
Health Care Technology – 0.8%
Allscripts Healthcare Solutions, Inc. (a)	5,311	107,388
Computer Programs & Systems, Inc. (a)	2,082	58,962
HealthStream, Inc. (a)	2,421	58,951
Omnicell, Inc. (a)	914	137,228
OptimizeRx Corp. (a)	1,100	49,423
Vocera Communications, Inc. (a)	1,761	139,137
		551,089
Life Sciences Tools & Services – 1.0%
Bruker Corp.	1,956	130,270
Frontage Holdings Corp. (a)(c)	86,000	41,362
Medpace Holdings, Inc. (a)	666	118,188
Pacific Biosciences of California, Inc. (a)	4,005	44,776
Repligen Corp. (a)	831	164,820
Syneos Health, Inc. (a)	1,875	169,800
		669,216
Pharmaceuticals – 1.2%
Corcept Therapeutics, Inc. (a)	4,147	77,839
Innoviva, Inc. (a)	4,857	77,858
Jazz Pharmaceuticals PLC (a)	1,114	154,746
Perrigo Co. PLC	2,840	108,119
Phibro Animal Health Corp. Class A	2,913	56,221
Prestige Consumer Healthcare, Inc. (a)	1,691	95,457
Royalty Pharma PLC Class A	2,679	107,187
Supernus Pharmaceuticals, Inc. (a)	3,002	92,611
		770,038
TOTAL HEALTH CARE		7,610,525

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

Semi-Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
INDUSTRIALS – 16.9%
Aerospace & Defense – 0.5%
Huntington Ingalls Industries, Inc.	716	$134,035
Textron, Inc.	3,323	226,164
		360,199
Air Freight & Logistics – 0.5%
CH Robinson Worldwide, Inc.	2,112	221,021
Forward Air Corp.	924	98,221
		319,242
Building Products – 2.4%
Advanced Drainage Systems, Inc.	1,021	115,465
Allegion PLC	1,410	173,049
AO Smith Corp.	2,286	174,696
Apogee Enterprises, Inc. (b)	1,645	73,449
Armstrong World Industries, Inc.	1,034	102,387
Carlisle Cos., Inc.	867	193,722
Lennox International, Inc.	549	155,707
Owens Corning	1,741	154,427
Simpson Manufacturing Co., Inc.	976	110,083
Trex Co., Inc. (a)	1,815	166,018
UFP Industries, Inc.	1,417	113,162
Zurn Water Solutions Corp.	2,272	69,387
		1,601,552
Commercial Services & Supplies – 0.9%
Brady Corp. Class A	1,540	79,957
Deluxe Corp.	1,727	51,983
Ennis, Inc.	3,010	56,979
Healthcare Services Group, Inc.	2,882	52,423
Herman Miller, Inc.	2,064	79,712
HNI Corp.	1,899	79,644
MSA Safety, Inc.	746	102,500
UniFirst Corp.	421	80,028
		583,226
Construction & Engineering – 1.8%
AECOM	2,542	175,729
API Group Corp. (a)	4,088	91,162
Argan, Inc.	1,355	50,338
Comfort Systems USA, Inc.	1,115	100,105
EMCOR Group, Inc.	1,060	126,363
Granite Construction, Inc.	1,883	67,750
IES Holdings, Inc. (a)	1,241	61,181
MasTec, Inc. (a)	1,169	100,686
MYR Group, Inc. (a)	735	69,112
Primoris Services Corp.	2,520	64,814
Quanta Services, Inc.	2,147	220,540
Valmont Industries, Inc.	464	100,795
		1,228,575
Electrical Equipment – 1.6%
Acuity Brands, Inc.	709	135,795
Atkore, Inc. (a)	1,151	124,055


	Shares	Value


Encore Wire Corp.	864	$ 97,364
EnerSys	1,033	77,403
GrafTech International Ltd.	6,488	67,994
Hubbell, Inc.	880	164,815
nVent Electric PLC	3,508	121,342
Regal Rexnord Corp.	936	148,337
Sensata Technologies Holding PLC (a)	2,732	156,707
		1,093,812
Machinery – 4.5%
AGCO Corp.	1,105	129,506
Albany International Corp. Class A	988	82,705
Allison Transmission Holdings, Inc.	2,627	99,800
Crane Co.	1,100	113,861
Donaldson Co., Inc.	2,224	123,788
Energy Recovery, Inc. (a)	3,116	61,011
Federal Signal Corp.	2,089	81,513
Franklin Electric Co., Inc.	1,076	93,397
Graco, Inc.	2,608	189,236
Helios Technologies, Inc.	1,000	76,630
Hillenbrand, Inc.	2,027	94,215
ITT, Inc.	1,522	139,902
Kadant, Inc.	391	81,711
Lincoln Electric Holdings, Inc.	1,065	136,150
Lindsay Corp.	440	55,550
Mueller Industries, Inc.	1,907	98,516
Nordson Corp.	850	197,659
Oshkosh Corp.	1,240	141,124
Pentair PLC	2,591	165,047
Snap-on, Inc.	850	177,013
Terex Corp.	1,860	77,599
The Middleby Corp. (a)	908	168,162
The Timken Co.	1,484	99,131
The Toro Co.	1,680	162,254
Watts Water Technologies, Inc. Class A	643	98,514
Woodward, Inc.	1,126	124,164
		3,068,158
Marine – 0.2%
Matson, Inc.	1,245	121,587
Professional Services – 1.9%
ASGN, Inc. (a)	1,115	128,080
Booz Allen Hamilton Holding Corp.	2,214	169,880
CACI International, Inc. Class A (a)	501	123,978
CBIZ, Inc. (a)	2,242	86,608
Heidrick & Struggles International, Inc.	1,502	65,743
ICF International, Inc.	787	74,285
Kelly Services, Inc. Class A	2,750	46,970
Kforce, Inc.	1,090	74,850
Korn Ferry	1,396	92,667
ManpowerGroup, Inc.	1,080	113,260
Robert Half International, Inc.	1,813	205,340

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

37	Semi-Annual Report

Table of Contents

Fidelity® Small-Mid Multifactor ETF

Schedule of Investments (Unaudited)–continued

Common Stocks – continued
	Shares	Value
INDUSTRIALS – continued
Professional Services – continued
Science Applications International Corp.	1,303	$ 106,885
		1,288,546
Road & Rail – 1.1%
JB Hunt Transport Services, Inc.	1,266	243,756
Landstar System, Inc.	774	123,840
Ryder System, Inc.	1,302	95,293
Saia, Inc. (a)	525	149,247
XPO Logistics, Inc. (a)	1,812	119,900
		732,036
Trading Companies & Distributors – 1.5%
Applied Industrial Technologies, Inc.	1,060	103,859
BlueLinx Holdings, Inc. (a)	1,100	78,804
Boise Cascade Co.	1,451	101,889
McGrath RentCorp	1,013	77,201
MSC Industrial Direct Co., Inc. Class A	1,165	95,110
Rush Enterprises, Inc. Class A	1,670	88,209
Titan Machinery, Inc. (a)	2,147	66,128
Veritiv Corp. (a)	1,006	93,638
Watsco, Inc.	569	160,777
WESCO International, Inc. (a)	975	118,843
		984,458
TOTAL INDUSTRIALS		11,381,391
INFORMATION TECHNOLOGY – 12.6%
Communications Equipment – 1.0%
Ciena Corp. (a)	2,836	188,055
Juniper Networks, Inc.	5,890	205,090
NETGEAR, Inc. (a)	2,121	58,688
Netscout Systems, Inc. (a)	3,042	95,975
Viavi Solutions, Inc. (a)	6,349	104,505
		652,313
Electronic Equipment, Instruments & Components – 3.2%
Advanced Energy Industries, Inc.	1,095	94,367
Arrow Electronics, Inc. (a)	1,377	170,748
Avnet, Inc.	2,606	105,178
Badger Meter, Inc.	932	94,290
CTS Corp.	2,113	70,891
ePlus, Inc. (a)	1,542	70,886
Fabrinet (a)	1,072	121,308
Insight Enterprises, Inc. (a)	1,004	94,527
Jabil, Inc.	2,560	157,414
Kimball Electronics, Inc. (a)	3,030	59,964
Littelfuse, Inc.	511	137,955
Methode Electronics, Inc.	1,732	76,260
Novanta, Inc. (a)	840	116,004
OSI Systems, Inc. (a)	821	68,094
Plexus Corp. (a)	1,016	78,760
Rogers Corp. (a)	528	144,118


	Shares	Value


Sanmina Corp. (a)	2,327	$ 88,007
ScanSource, Inc. (a)	2,507	78,168
SYNNEX Corp.	963	100,701
TTM Technologies, Inc. (a)	5,472	73,653
Vishay Intertechnology, Inc.	4,254	88,100
Vontier Corp.	3,792	106,593
		2,195,986
IT Services – 2.8%
Alliance Data Systems Corp.	1,222	84,367
Amdocs Ltd.	2,287	173,560
Concentrix Corp.	834	167,626
Conduent, Inc. (a)	11,530	54,537
CSG Systems International, Inc.	1,693	96,112
DXC Technology Co. (a)	4,481	134,788
Euronet Worldwide, Inc. (a)	1,069	143,128
EVERTEC, Inc.	2,010	87,716
ExlService Holdings, Inc. (a)	907	109,312
Genpact Ltd.	3,234	160,891
Jack Henry & Associates, Inc.	1,215	203,889
Maximus, Inc.	1,411	109,099
Perficient, Inc. (a)	985	103,248
The Hackett Group, Inc.	3,747	71,718
The Western Union Co.	7,371	139,386
TTEC Holdings, Inc.	781	62,550
		1,901,927
Semiconductors & Semiconductor Equipment – 1.9%
Amkor Technology, Inc.	3,456	76,101
Brooks Automation, Inc.	1,511	127,438
Cirrus Logic, Inc. (a)	1,421	127,094
Diodes, Inc. (a)	1,175	109,028
Kulicke & Soffa Industries, Inc.	1,726	94,395
MKS Instruments, Inc.	1,017	157,971
Onto Innovation, Inc. (a)	1,410	129,071
Photronics, Inc. (a)	5,192	92,833
Power Integrations, Inc.	1,291	104,197
Rambus, Inc. (a)	3,693	93,248
Ultra Clean Holdings, Inc. (a)	1,769	89,193
Universal Display Corp.	754	115,746
		1,316,315
Software – 3.4%
ACI Worldwide, Inc. (a)	3,203	110,087
Alarm.com Holdings, Inc. (a)	1,225	91,348
American Software, Inc. Class A	3,047	70,051
Aspen Technology, Inc. (a)	1,180	177,189
Blackbaud, Inc. (a)	1,403	95,600
CDK Global, Inc.	2,685	115,374
CommVault Systems, Inc. (a)	1,330	89,722
Consensus Cloud Solutions, Inc. (a)	301	17,067
Dolby Laboratories, Inc. Class A	1,361	119,564
Dropbox, Inc. Class A (a)	5,267	130,358
Five9, Inc. (a)	1,051	132,111

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

Semi-Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
INFORMATION TECHNOLOGY – continued
Software – continued
InterDigital, Inc.	1,231	$ 84,976
Manhattan Associates, Inc. (a)	1,091	146,052
NCR Corp. (a)	3,027	115,208
Paylocity Holding Corp. (a)	708	144,418
Progress Software Corp.	1,831	83,329
Qualys, Inc. (a)	960	123,014
SPS Commerce, Inc. (a)	938	116,171
Teradata Corp. (a)	2,428	97,946
VMware, Inc. Class A	1,298	166,767
Xperi Holding Corp.	4,120	69,504
		2,295,856
Technology Hardware, Storage & Peripherals – 0.3%
Avid Technology, Inc. (a)	2,576	80,783
Xerox Holdings Corp.	4,477	94,510
		175,293
TOTAL INFORMATION TECHNOLOGY		8,537,690
MATERIALS – 5.6%
Chemicals – 2.2%
AdvanSix, Inc.	1,854	78,035
Avient Corp.	2,190	108,996
Balchem Corp.	777	114,172
CF Industries Holdings, Inc.	3,630	249,998
Minerals Technologies, Inc.	1,078	75,428
NewMarket Corp.	254	85,870
Olin Corp.	2,807	142,231
Sensient Technologies Corp.	1,112	94,231
The Chemours Co.	3,536	115,662
Trinseo PLC	1,518	81,274
Tronox Holdings PLC Class A	4,298	97,565
Valvoline, Inc.	3,791	124,875
Westlake Chemical Corp.	1,061	104,668
		1,473,005
Construction Materials – 0.4%
Eagle Materials, Inc.	852	124,264
Summit Materials, Inc. Class A (a)	2,941	104,582
		228,846
Containers & Packaging – 1.6%
AptarGroup, Inc.	1,160	136,068
Berry Global Group, Inc. (a)	2,373	159,988
Crown Holdings, Inc.	2,071	236,923
Greif, Inc. Class A	1,201	71,051
Sealed Air Corp.	2,684	182,297
Sonoco Products Co.	2,008	113,733
Westrock Co.	4,115	189,948
		1,090,008
Metals & Mining – 1.0%
Cleveland-Cliffs, Inc. (a)	7,505	128,636


	Shares	Value


Reliance Steel & Aluminum Co.	1,079	$ 164,957
Schnitzer Steel Industries, Inc. Class A	1,413	55,305
Steel Dynamics, Inc.	3,153	175,054
SunCoke Energy, Inc.	8,686	59,499
United States Steel Corp.	5,137	106,439
		689,890
Paper & Forest Products – 0.4%
Louisiana-Pacific Corp.	2,182	144,972
Resolute Forest Products, Inc.	5,451	74,243
Schweitzer-Mauduit International, Inc.	1,750	52,972
		272,187
TOTAL MATERIALS		3,753,936
REAL ESTATE – 9.0%
Equity Real Estate Investment Trusts (REITs) – 8.5%
Agree Realty Corp.	1,354	88,525
American Campus Communities, Inc.	2,451	128,089
American Homes 4 Rent Class A	4,120	161,216
Brandywine Realty Trust	5,337	68,634
Brixmor Property Group, Inc.	5,280	133,901
Camden Property Trust	1,407	225,247
CareTrust REIT, Inc.	3,011	63,863
City Office REIT, Inc.	3,940	70,250
Cousins Properties, Inc.	2,841	109,549
CubeSmart	3,141	159,374
EastGroup Properties, Inc.	703	140,537
Equity Lifestyle Properties, Inc.	2,456	192,280
Essential Properties Realty Trust, Inc.	2,828	75,083
Federal Realty Investment Trust	1,157	147,506
First Industrial Realty Trust, Inc.	2,277	138,396
Four Corners Property Trust, Inc.	2,392	64,751
Gaming and Leisure Properties, Inc.	3,381	152,754
Healthcare Realty Trust, Inc.	2,993	92,843
Healthcare Trust of America, Inc. Class A	4,046	131,697
Highwoods Properties, Inc.	2,160	93,139
Industrial Logistics Properties Trust	2,405	55,147
Iron Mountain, Inc.	4,286	196,813
Kilroy Realty Corp.	1,871	119,744
Kimco Realty Corp.	8,895	215,793
Kite Realty Group Trust	3,205	66,920
Lamar Advertising Co. Class A	1,399	154,953
Life Storage, Inc.	1,226	165,449
LTC Properties, Inc.	1,682	60,670
National Health Investors, Inc.	1,176	68,008
National Retail Properties, Inc.	2,894	128,436
National Storage Affiliates Trust	1,638	100,835
Omega Healthcare Investors, Inc.	3,906	122,961
Piedmont Office Realty Trust, Inc. Class A	3,806	67,595
PotlatchDeltic Corp.	1,633	87,839
Preferred Apartment Communities, Inc. Class A	4,500	75,060

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

39	Semi-Annual Report

Table of Contents

Fidelity® Small-Mid Multifactor ETF

Schedule of Investments (Unaudited)–continued

Common Stocks – continued
	Shares	Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
PS Business Parks, Inc.	519	$ 86,652
Regency Centers Corp.	2,476	177,653
Retail Opportunity Investments Corp.	3,876	71,822
Rexford Industrial Realty, Inc.	2,201	161,047
RPT Realty	4,426	55,856
Sabra Health Care REIT, Inc.	5,051	68,744
SL Green Realty Corp.	1,376	99,790
Spirit Realty Capital, Inc.	2,164	102,703
STAG Industrial, Inc.	2,861	122,251
STORE Capital Corp.	3,935	124,779
Tanger Factory Outlet Centers, Inc.	3,685	62,682
UDR, Inc.	4,171	237,080
Urstadt Biddle Properties, Inc. Class A	2,741	53,970
WP Carey, Inc.	2,535	196,716
		5,745,602
Real Estate Management & Development – 0.5%
Douglas Elliman, Inc. (a)	2,986	23,172
Jones Lang LaSalle, Inc. (a)	761	190,851
Realogy Holdings Corp. (a)	3,838	63,327
The RMR Group, Inc. Class A	1,335	42,733
		320,083
TOTAL REAL ESTATE		6,065,685
UTILITIES – 3.1%
Electric Utilities – 1.5%
ALLETE, Inc.	1,442	92,043
Hawaiian Electric Industries, Inc.	2,652	112,710
IDACORP, Inc.	1,146	126,312
NRG Energy, Inc.	4,245	169,503
OGE Energy Corp.	4,042	153,272
Otter Tail Corp.	1,612	102,201
Pinnacle West Capital Corp.	2,047	142,492
Portland General Electric Co.	2,253	118,372
		1,016,905
Gas Utilities – 0.9%
Chesapeake Utilities Corp.	674	91,805
National Fuel Gas Co.	2,227	135,246
New Jersey Resources Corp.	2,671	107,401
Spire, Inc.	1,424	93,870
UGI Corp.	3,671	166,480
		594,802


	Shares	Value

Independent Power and Renewable Electricity Producers – 0.2%
Clearway Energy, Inc. Class C	3,229	$ 108,753
Multi-Utilities – 0.4%
Avista Corp.	2,210	98,257
MDU Resources Group, Inc.	4,173	122,561
NorthWestern Corp. (b)	1,552	90,202
		311,020
Water Utilities – 0.1%
California Water Service Group	1,509	93,694
TOTAL UTILITIES		2,125,174
TOTAL COMMON STOCKS (Cost $66,438,263)		67,375,775
Money Market Funds – 1.2%

Fidelity Cash Central Fund, 0.08% (d)	91,132	91,150
Fidelity Securities Lending Cash Central Fund, 0.08% (d)(e)	704,205	704,275
TOTAL MONEY MARKET FUNDS (Cost $795,425)		795,425
TOTAL INVESTMENT IN SECURITIES – 101.0% (Cost $67,233,688)		68,171,200
NET OTHER ASSETS (LIABILITIES) – (1.0%)		(683,495)
NET ASSETS – 100.0%		$ 67,487,705

Legend
(a)	Non-income producing.
(b)	Security or a portion of the security is on loan at period end.
(c)	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 $41,362 or 0.1% of net assets.
(d)	Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e)	Investment made with cash collateral received from securities on loan.

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

Semi-Annual Report

Table of Contents

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
CME E-mini Russell 2000 Index Contracts (United States)	1	March 2022	$101,220	$(7,600)	$(7,600)

The notional amount of futures purchased as a percentage of Net Assets is 0.1%

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%	$ 25,839	$1,756,848	$1,691,537	$ 34	$—	$—	$ 91,150	0.0%
Fidelity Securities Lending Cash Central Fund, 0.08%	92,825	2,970,138	2,358,688	1,521	—	—	$704,275	0.0%
Total	$118,664	$4,726,986	$4,050,225	$1,555	$—	$—	$795,425

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

41	Semi-Annual Report

Table of Contents

Fidelity® Small-Mid Multifactor 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	$ 2,428,414	$ 2,428,414	$ —	$ —
Consumer Discretionary	9,180,453	9,180,453	—	—
Consumer Staples	2,246,973	2,246,973	—	—
Energy	2,728,380	2,728,380	—	—
Financials	11,317,154	11,317,154	—	—
Health Care	7,610,525	7,610,525	—	—
Industrials	11,381,391	11,381,391	—	—
Information Technology	8,537,690	8,537,690	—	—
Materials	3,753,936	3,753,936	—	—
Real Estate	6,065,685	6,065,685	—	—
Utilities	2,125,174	2,125,174	—	—
Money Market Funds	795,425	795,425	—	—
Total Investments in Securities:	$ 68,171,200	$ 68,171,200	$ —	$ —

Derivative Instruments:
Liabilities
Futures Contracts	$ (7,600)	$ (7,600)	$ —	$ —
Total Liabilities	$ (7,600)	$ (7,600)	$ —	$ —
Total Derivative Instruments:	$ (7,600)	$ (7,600)	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$0	$(7,600)
Total Equity Risk	0	(7,600)
Total Value of Derivatives	$0	$(7,600)

(a)

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

Semi-Annual Report

Table of Contents

Fidelity® Stocks For Inflation ETF

Schedule of Investments January 31, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.9%
	Shares	Value
COMMUNICATION SERVICES – 6.1%
Diversified Telecommunication Services – 1.1%
Lumen Technologies, Inc.	134,513	$ 1,662,581
Entertainment – 0.2%
Activision Blizzard, Inc.	4,686	370,241
Interactive Media & Services – 3.2%
Alphabet, Inc. Class A (a)	1,121	3,033,504
Facebook, Inc. Class A (a)	4,911	1,538,420
j2 Global, Inc. (a)	3,265	343,021
		4,914,945
Media – 1.6%
Comcast Corp. Class A	12,569	628,324
Discovery, Inc. Class A (a)	9,936	277,314
Fox Corp. Class A	7,974	323,824
Loyalty Ventures, Inc. (a)	1,972	57,799
Nexstar Media Group, Inc. Class A	1,828	302,315
Omnicom Group, Inc.	4,023	303,173
The Interpublic Group of Cos., Inc.	7,998	284,249
ViacomCBS, Inc. Class B	7,504	251,009
		2,428,007
TOTAL COMMUNICATION SERVICES		9,375,774
CONSUMER DISCRETIONARY – 6.5%
Automobiles – 0.8%
Ford Motor Co.	63,440	1,287,832
Hotels, Restaurants & Leisure – 1.1%
Boyd Gaming Corp. (a)	13,250	787,845
Starbucks Corp.	8,726	857,940
		1,645,785
Household Durables – 0.9%
Mohawk Industries, Inc. (a)	3,949	623,429
PulteGroup, Inc.	14,887	784,396
		1,407,825
Multiline Retail – 1.9%
Kohl's Corp.	15,077	900,248
Macy's, Inc.	44,359	1,135,590
Target Corp.	3,895	858,575
		2,894,413
Specialty Retail – 1.4%
Bath & Body Works, Inc.	12,770	716,014
Dick's Sporting Goods, Inc.	7,213	832,380
Foot Locker, Inc.	14,205	634,680
		2,183,074
Textiles, Apparel & Luxury Goods – 0.4%
Crocs, Inc. (a)	5,515	565,949
TOTAL CONSUMER DISCRETIONARY		9,984,878


	Shares	Value
CONSUMER STAPLES – 11.1%
Beverages – 2.4%
The Coca-Cola Co.	59,784	$ 3,647,422
Food Products – 4.6%
Bunge Ltd.	35,663	3,525,644
Tyson Foods, Inc. Class A	38,595	3,507,900
		7,033,544
Tobacco – 4.1%
Altria Group, Inc.	61,903	3,149,624
Philip Morris International, Inc.	31,722	3,262,608
		6,412,232
TOTAL CONSUMER STAPLES		17,093,198
ENERGY – 10.7%
Oil, Gas & Consumable Fuels – 10.7%
EOG Resources, Inc.	75,769	8,446,728
Ovintiv, Inc.	205,971	7,991,675
TOTAL ENERGY		16,438,403
FINANCIALS – 5.4%
Banks – 1.5%
First Horizon Corp.	43,866	750,547
Popular, Inc.	9,188	819,294
Western Alliance Bancorp	7,049	699,191
		2,269,032
Capital Markets – 1.0%
Evercore, Inc. Class A	5,153	643,197
Goldman Sachs Group, Inc.	2,367	839,528
		1,482,725
Consumer Finance – 1.7%
Capital One Financial Corp.	4,985	731,449
Discover Financial Services	5,800	671,350
OneMain Holdings, Inc.	11,626	600,599
Synchrony Financial	14,819	631,141
		2,634,539
Diversified Financial Services – 1.2%
Berkshire Hathaway, Inc. Class B (a)	5,912	1,850,574
TOTAL FINANCIALS		8,236,870
HEALTH CARE – 16.1%
Biotechnology – 1.6%
Moderna, Inc. (a)	4,929	834,628
United Therapeutics Corp. (a)	8,036	1,622,227
		2,456,855
Health Care Providers & Services – 7.0%
Anthem, Inc.	5,123	2,259,192
HCA Healthcare, Inc.	7,383	1,772,289
Laboratory Corp. of America Holdings (a)	5,746	1,559,234
Tenet Healthcare Corp. (a)	23,740	1,759,609

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

43	Semi-Annual Report

Table of Contents

Fidelity® Stocks For Inflation ETF

Schedule of Investments (Unaudited)–continued

Common Stocks – continued
	Shares	Value
HEALTH CARE – continued
Health Care Providers & Services – continued
UnitedHealth Group, Inc.	7,119	$ 3,364,226
		10,714,550
Life Sciences Tools & Services – 1.7%
Bio-Rad Laboratories, Inc. Class A (a)	2,193	1,315,208
Waters Corp. (a)	4,279	1,369,793
		2,685,001
Pharmaceuticals – 5.8%
Bristol-Myers Squibb Co.	31,194	2,024,179
Eli Lilly & Co.	8,811	2,162,131
Jazz Pharmaceuticals PLC (a)	11,103	1,542,318
Johnson & Johnson	18,201	3,135,850
		8,864,478
TOTAL HEALTH CARE		24,720,884
INDUSTRIALS – 4.7%
Building Products – 0.3%
Owens Corning	4,660	413,342
Construction & Engineering – 0.2%
MasTec, Inc. (a)	4,436	382,073
Electrical Equipment – 0.3%
Emerson Electric Co.	4,989	458,738
Machinery – 1.0%
Caterpillar, Inc.	2,737	551,670
Deere & Co.	1,557	586,055
Snap-on, Inc.	2,001	416,708
		1,554,433
Road & Rail – 2.6%
Avis Budget Group, Inc. (a)	5,330	939,039
Union Pacific Corp.	12,583	3,077,173
		4,016,212
Trading Companies & Distributors – 0.3%
United Rentals, Inc. (a)	1,414	452,650
TOTAL INDUSTRIALS		7,277,448
INFORMATION TECHNOLOGY – 22.4%
Communications Equipment – 0.7%
Cisco Systems, Inc.	19,738	1,098,815
IT Services – 5.0%
Accenture PLC Class A	3,166	1,119,434
Alliance Data Systems Corp.	5,015	346,236
Amdocs Ltd.	6,260	475,071
Automatic Data Processing, Inc.	3,288	677,887
DXC Technology Co. (a)	12,289	369,653
Gartner, Inc. (a)	1,763	518,128
International Business Machines Corp.	5,626	751,465
Kyndryl Holdings, Inc. (a)	1,119	18,889
Mastercard, Inc. Class A	3,629	1,402,173


	Shares	Value


Paychex, Inc.	4,790	$ 564,070
Visa, Inc. Class A	6,553	1,482,092
		7,725,098
Semiconductors & Semiconductor Equipment – 4.5%
Applied Materials, Inc.	5,697	787,211
Broadcom, Inc.	2,053	1,202,812
Intel Corp.	19,540	953,943
KLA Corp.	1,694	659,423
Lam Research Corp.	1,092	644,193
Micron Technology, Inc.	8,623	709,414
QUALCOMM, Inc.	6,178	1,085,845
Texas Instruments, Inc.	4,887	877,168
		6,920,009
Software – 5.7%
Consensus Cloud Solutions, Inc. (a)	1,081	61,293
Fortinet, Inc. (a)	1,872	556,433
Microsoft Corp.	22,391	6,963,153
Oracle Corp.	10,066	816,957
Teradata Corp. (a)	9,169	369,877
		8,767,713
Technology Hardware, Storage & Peripherals – 6.5%
Apple, Inc.	46,448	8,118,182
HP, Inc.	18,717	687,475
NetApp, Inc.	6,143	531,431
Seagate Technology Holdings PLC	5,500	589,325
		9,926,413
TOTAL INFORMATION TECHNOLOGY		34,438,048
MATERIALS – 8.0%
Chemicals – 2.6%
Olin Corp.	78,325	3,968,727
Metals & Mining – 2.6%
Freeport-McMoRan, Inc.	105,195	3,915,358
Paper & Forest Products – 2.8%
Louisiana-Pacific Corp.	65,202	4,332,021
TOTAL MATERIALS		12,216,106
REAL ESTATE – 5.6%
Equity Real Estate Investment Trusts (REITs) – 3.8%
Simon Property Group, Inc.	19,540	2,876,288
Weyerhaeuser Co.	74,216	3,000,553
		5,876,841
Real Estate Management & Development – 1.8%
CBRE Group, Inc. Class A (a)	26,305	2,665,749
TOTAL REAL ESTATE		8,542,590
UTILITIES – 3.3%
Electric Utilities – 1.7%
NRG Energy, Inc.	65,849	2,629,350

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

Semi-Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
UTILITIES – continued
Multi-Utilities – 1.6%
MDU Resources Group, Inc.	85,494	$ 2,510,959
TOTAL UTILITIES		5,140,309
TOTAL COMMON STOCKS (Cost $149,666,175)		153,464,508
Money Market Fund – 0.1%

Fidelity Cash Central Fund, 0.08% (b) (Cost $106,924)	106,902	106,924
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $149,773,099)		153,571,432
NET OTHER ASSETS (LIABILITIES) – 0.0%		40,753
NET ASSETS – 100.0%		$ 153,612,185

Legend
(a)	Non-income producing.
(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.

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%	$—		$1,666,623		$1,559,699		$24		$—		$—		$106,924	0.0%

Investment Valuation

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:
Equities:
Communication Services	$ 9,375,774	$ 9,375,774	$ —	$ —
Consumer Discretionary	9,984,878	9,984,878	—	—
Consumer Staples	17,093,198	17,093,198	—	—
Energy	16,438,403	16,438,403	—	—
Financials	8,236,870	8,236,870	—	—
Health Care	24,720,884	24,720,884	—	—
Industrials	7,277,448	7,277,448	—	—
Information Technology	34,438,048	34,438,048	—	—
Materials	12,216,106	12,216,106	—	—
Real Estate	8,542,590	8,542,590	—	—
Utilities	5,140,309	5,140,309	—	—
Money Market Fund	106,924	106,924	—	—
Total Investments in Securities:	$ 153,571,432	$ 153,571,432	$ —	$ —

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

45	Semi-Annual Report

Table of Contents

Fidelity® U.S. Multifactor ETF

Schedule of Investments January 31, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares	Value
COMMUNICATION SERVICES – 10.3%
Diversified Telecommunication Services – 0.7%
AT&T, Inc.	4,686	$ 119,493
Entertainment – 0.4%
Activision Blizzard, Inc.	971	76,718
Interactive Media & Services – 6.3%
Alphabet, Inc. Class A (a)	249	673,812
Facebook, Inc. Class A (a)	1,085	339,887
j2 Global, Inc. (a)	470	49,378
		1,063,077
Media – 2.9%
Comcast Corp. Class A	2,711	135,523
Discovery, Inc. Class C (a)	2,127	58,173
Fox Corp. Class A	1,616	65,626
Nexstar Media Group, Inc. Class A	366	60,529
Omnicom Group, Inc.	809	60,966
The Interpublic Group of Cos., Inc.	1,616	57,433
ViacomCBS, Inc. Class B	1,524	50,978
		489,228
TOTAL COMMUNICATION SERVICES		1,748,516
CONSUMER DISCRETIONARY – 12.1%
Automobiles – 1.4%
Ford Motor Co.	11,532	234,099
Diversified Consumer Services – 0.8%
Service Corp. International	2,200	135,784
Hotels, Restaurants & Leisure – 2.9%
Domino's Pizza, Inc.	270	122,756
McDonald's Corp.	870	225,721
Yum! Brands, Inc.	1,140	142,694
		491,171
Household Durables – 1.6%
Lennar Corp. Class A	1,407	135,227
PulteGroup, Inc.	2,679	141,156
		276,383
Multiline Retail – 0.9%
Target Corp.	720	158,710
Specialty Retail – 4.5%
AutoZone, Inc. (a)	92	182,744
Foot Locker, Inc.	2,563	114,515
O'Reilly Automotive, Inc. (a)	253	164,893
The Home Depot, Inc.	827	303,492
		765,644
TOTAL CONSUMER DISCRETIONARY		2,061,791
CONSUMER STAPLES – 5.6%
Household Products – 3.8%
Colgate-Palmolive Co.	1,618	133,404
Kimberly-Clark Corp.	886	121,958


	Shares	Value


The Clorox Co.	670	$ 112,466
The Procter & Gamble Co.	1,666	267,310
		635,138
Tobacco – 1.8%
Altria Group, Inc.	2,856	145,313
Philip Morris International, Inc.	1,622	166,823
		312,136
TOTAL CONSUMER STAPLES		947,274
ENERGY – 3.1%
Oil, Gas & Consumable Fuels – 3.1%
EOG Resources, Inc.	2,836	316,157
Kinder Morgan, Inc.	11,654	202,314
TOTAL ENERGY		518,471
FINANCIALS – 10.9%
Banks – 2.1%
First Horizon Corp.	10,148	173,632
Popular, Inc.	2,145	191,270
		364,902
Capital Markets – 2.0%
MSCI, Inc.	281	150,650
S&P Global, Inc.	447	185,603
		336,253
Consumer Finance – 2.8%
Capital One Financial Corp.	1,139	167,125
Discover Financial Services	1,344	155,568
Synchrony Financial	3,440	146,510
		469,203
Insurance – 3.1%
Aflac, Inc.	3,044	191,224
American Financial Group, Inc.	1,204	156,857
The Travelers Cos., Inc.	1,134	188,448
		536,529
Mortgage Real Estate Investment Trusts (REITs) – 0.9%
AGNC Investment Corp.	10,022	149,228
TOTAL FINANCIALS		1,856,115
HEALTH CARE – 12.5%
Biotechnology – 3.9%
Amgen, Inc.	718	163,087
Biogen, Inc. (a)	403	91,078
Gilead Sciences, Inc.	2,175	149,379
Regeneron Pharmaceuticals, Inc. (a)	233	141,801
United Therapeutics Corp. (a)	580	117,085
		662,430
Health Care Providers & Services – 1.4%
HCA Healthcare, Inc.	568	136,348
Universal Health Services, Inc. Class B	792	103,008
		239,356

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

Semi-Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
HEALTH CARE – continued
Life Sciences Tools & Services – 0.6%
Bio-Rad Laboratories, Inc. Class A (a)	160	$ 95,957
Pharmaceuticals – 6.6%
Bristol-Myers Squibb Co.	2,582	167,546
Eli Lilly & Co.	749	183,797
Johnson & Johnson	1,694	291,859
Merck & Co., Inc.	2,527	205,900
Organon & Co.	4,025	128,438
Zoetis, Inc.	751	150,042
		1,127,582
TOTAL HEALTH CARE		2,125,325
INDUSTRIALS – 8.8%
Air Freight & Logistics – 0.9%
Expeditors International of Washington, Inc.	1,307	149,625
Building Products – 1.8%
AO Smith Corp.	2,199	168,048
Owens Corning	1,644	145,823
		313,871
Construction & Engineering – 1.8%
MasTec, Inc. (a)	1,553	133,760
Quanta Services, Inc.	1,722	176,884
		310,644
Machinery – 1.8%
Cummins, Inc.	728	160,801
Snap-on, Inc.	710	147,857
		308,658
Road & Rail – 2.5%
Old Dominion Freight Line, Inc.	599	180,856
Union Pacific Corp.	964	235,746
		416,602
TOTAL INDUSTRIALS		1,499,400
INFORMATION TECHNOLOGY – 27.8%
IT Services – 7.6%
Accenture PLC Class A	451	159,464
Akamai Technologies, Inc. (a)	637	72,968
Amdocs Ltd.	902	68,453
Automatic Data Processing, Inc.	470	96,900
Cognizant Technology Solutions Corp. Class A	1,101	94,047
Mastercard, Inc. Class A	520	200,918
Maximus, Inc.	802	62,011
Paychex, Inc.	689	81,137
PayPal Holdings, Inc. (a)	689	118,467
The Western Union Co.	3,073	58,110
VeriSign, Inc. (a)	344	74,710


	Shares	Value


Visa, Inc. Class A	932	$ 210,790
		1,297,975
Semiconductors & Semiconductor Equipment – 3.7%
Applied Materials, Inc.	813	112,340
Intel Corp.	2,804	136,891
KLA Corp.	244	94,982
Lam Research Corp.	156	92,028
Skyworks Solutions, Inc.	411	60,220
Texas Instruments, Inc.	698	125,284
		621,745
Software – 8.6%
Adobe, Inc. (a)	291	155,481
Consensus Cloud Solutions, Inc. (a)	156	8,845
Dolby Laboratories, Inc. Class A	689	60,529
Fortinet, Inc. (a)	270	80,255
Microsoft Corp.	3,171	986,117
Oracle Corp.	1,440	116,870
VMware, Inc. Class A	443	56,917
		1,465,014
Technology Hardware, Storage & Peripherals – 7.9%
Apple, Inc.	6,583	1,150,577
HP, Inc.	2,691	98,841
Seagate Technology Holdings PLC	796	85,291
		1,334,709
TOTAL INFORMATION TECHNOLOGY		4,719,443
MATERIALS – 2.8%
Construction Materials – 0.9%
Eagle Materials, Inc.	981	143,079
Metals & Mining – 0.9%
Newmont Corp.	2,594	158,675
Paper & Forest Products – 1.0%
Louisiana-Pacific Corp.	2,557	169,887
TOTAL MATERIALS		471,641
REAL ESTATE – 3.6%
Equity Real Estate Investment Trusts (REITs) – 3.6%
Extra Space Storage, Inc.	1,008	199,776
Medical Properties Trust, Inc.	8,421	191,662
Public Storage	604	216,552
TOTAL REAL ESTATE		607,990
UTILITIES – 2.3%
Multi-Utilities – 2.3%
MDU Resources Group, Inc.	6,087	178,775

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

47	Semi-Annual Report

Table of Contents

Fidelity® U.S. Multifactor ETF

Schedule of Investments (Unaudited)–continued

Common Stocks – continued
	Shares	Value
UTILITIES – continued
Multi-Utilities – continued
Public Service Enterprise Group, Inc.	3,215	$ 213,894
TOTAL UTILITIES		392,669
TOTAL COMMON STOCKS (Cost $15,706,299)		16,948,635
TOTAL INVESTMENT IN SECURITIES – 99.8% (Cost $15,706,299)		16,948,635
NET OTHER ASSETS (LIABILITIES) – 0.2%		31,963
NET ASSETS – 100.0%		$ 16,980,598

Legend
(a)	Non-income producing.

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%	$7,306		$52,877		$60,183		$2		$—		$—		$—	0.0%

Investment Valuation

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:
Equities:
Communication Services	$ 1,748,516	$ 1,748,516	$ —	$ —
Consumer Discretionary	2,061,791	2,061,791	—	—
Consumer Staples	947,274	947,274	—	—
Energy	518,471	518,471	—	—
Financials	1,856,115	1,856,115	—	—
Health Care	2,125,325	2,125,325	—	—
Industrials	1,499,400	1,499,400	—	—
Information Technology	4,719,443	4,719,443	—	—
Materials	471,641	471,641	—	—
Real Estate	607,990	607,990	—	—
Utilities	392,669	392,669	—	—
Total Investments in Securities:	$ 16,948,635	$ 16,948,635	$ —	$ —

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

Semi-Annual Report

Table of Contents

Fidelity® Value Factor ETF

Schedule of Investments January 31, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks – 99.7%
	Shares	Value
COMMUNICATION SERVICES – 9.9%
Diversified Telecommunication Services – 1.6%
AT&T, Inc.	148,310	$3,781,905
Verizon Communications, Inc.	80,890	4,305,775
		8,087,680
Interactive Media & Services – 6.1%
Alphabet, Inc. Class A (a)	7,254	19,629,832
Facebook, Inc. Class A (a)	32,071	10,046,561
		29,676,393
Media – 2.2%
Comcast Corp. Class A	84,054	4,201,859
Discovery, Inc. Class A (a)	70,539	1,968,744
Fox Corp. Class A	56,606	2,298,770
Loyalty Ventures, Inc. (a)	15,603	457,324
ViacomCBS, Inc. Class B	52,894	1,769,304
		10,696,001
TOTAL COMMUNICATION SERVICES		48,460,074
CONSUMER DISCRETIONARY – 11.3%
Automobiles – 1.8%
Ford Motor Co.	256,169	5,200,231
General Motors Co. (a)	67,735	3,571,666
		8,771,897
Diversified Consumer Services – 0.6%
H&R Block, Inc.	117,947	2,696,269
Hotels, Restaurants & Leisure – 1.8%
McDonald's Corp.	20,649	5,357,383
Starbucks Corp.	37,635	3,700,273
		9,057,656
Household Durables – 2.4%
Lennar Corp. Class A	30,821	2,962,206
PulteGroup, Inc.	57,363	3,022,457
Toll Brothers, Inc.	51,128	3,015,018
Whirlpool Corp.	13,807	2,902,093
		11,901,774
Internet & Direct Marketing Retail – 3.5%
Amazon.com, Inc. (a)	5,650	16,901,806
Multiline Retail – 0.7%
Kohl's Corp.	58,054	3,466,404
Specialty Retail – 0.5%
Foot Locker, Inc.	54,616	2,440,243
TOTAL CONSUMER DISCRETIONARY		55,236,049
CONSUMER STAPLES – 5.7%
Food & Staples Retailing – 1.6%
The Kroger Co.	47,517	2,071,266
Walgreens Boots Alliance, Inc.	42,866	2,133,012
Walmart, Inc.	26,590	3,717,548
		7,921,826


	Shares	Value

Food Products – 1.0%
Archer-Daniels-Midland Co.	34,054	$2,554,050
Tyson Foods, Inc. Class A	26,602	2,417,856
		4,971,906
Household Products – 1.8%
Kimberly-Clark Corp.	16,024	2,205,703
The Procter & Gamble Co.	38,855	6,234,285
		8,439,988
Tobacco – 1.3%
Altria Group, Inc.	55,220	2,809,593
Philip Morris International, Inc.	33,849	3,481,370
		6,290,963
TOTAL CONSUMER STAPLES		27,624,683
ENERGY – 3.3%
Oil, Gas & Consumable Fuels – 3.3%
Chevron Corp.	29,445	3,867,012
ConocoPhillips	29,257	2,592,755
EOG Resources, Inc.	17,729	1,976,429
Exxon Mobil Corp.	61,203	4,648,980
Marathon Oil Corp.	76,055	1,480,791
Occidental Petroleum Corp.	39,658	1,493,917
TOTAL ENERGY		16,059,884
FINANCIALS – 10.2%
Banks – 2.1%
Citigroup, Inc.	66,469	4,328,462
Wells Fargo & Co.	110,519	5,945,922
		10,274,384
Capital Markets – 0.8%
Goldman Sachs Group, Inc.	11,655	4,133,795
Consumer Finance – 2.6%
Ally Financial, Inc.	63,206	3,016,190
Capital One Financial Corp.	23,647	3,469,724
Discover Financial Services	27,171	3,145,043
Synchrony Financial	68,606	2,921,930
		12,552,887
Diversified Financial Services – 2.0%
Berkshire Hathaway, Inc. Class B (a)	31,974	10,008,501
Insurance – 1.5%
MetLife, Inc.	59,655	4,000,464
The Allstate Corp.	26,956	3,252,781
		7,253,245
Mortgage Real Estate Investment Trusts (REITs) – 1.2%
AGNC Investment Corp.	195,982	2,918,172
Annaly Capital Management, Inc.	375,284	2,964,744
		5,882,916
TOTAL FINANCIALS		50,105,728

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

49	Semi-Annual Report

Table of Contents

Fidelity® Value Factor ETF

Schedule of Investments (Unaudited)–continued

Common Stocks – continued
	Shares	Value
HEALTH CARE – 13.7%
Biotechnology – 3.0%
AbbVie, Inc.	46,696	$ 6,392,216
Amgen, Inc.	19,674	4,468,752
Gilead Sciences, Inc.	58,782	4,037,148
		14,898,116
Health Care Equipment & Supplies – 0.5%
Quidel Corp. (a)	21,965	2,270,302
Health Care Providers & Services – 3.9%
Anthem, Inc.	10,970	4,837,660
CVS Health Corp.	53,464	5,694,451
UnitedHealth Group, Inc.	18,095	8,551,154
		19,083,265
Life Sciences Tools & Services – 0.5%
Bio-Rad Laboratories, Inc. Class A (a)	4,296	2,576,440
Pharmaceuticals – 5.8%
Bristol-Myers Squibb Co.	70,316	4,562,806
Jazz Pharmaceuticals PLC (a)	21,555	2,994,205
Johnson & Johnson	47,307	8,150,523
Merck & Co., Inc.	69,352	5,650,801
Pfizer, Inc.	131,438	6,925,468
		28,283,803
TOTAL HEALTH CARE		67,111,926
INDUSTRIALS – 8.7%
Aerospace & Defense – 0.6%
Lockheed Martin Corp.	8,488	3,302,935
Air Freight & Logistics – 1.3%
FedEx Corp.	10,253	2,520,803
United Parcel Service, Inc. Class B	18,982	3,838,350
		6,359,153
Building Products – 0.4%
Owens Corning (b)	22,817	2,023,868
Industrial Conglomerates – 0.6%
3M Co.	16,976	2,818,356
Machinery – 3.3%
Caterpillar, Inc.	16,149	3,254,993
Cummins, Inc.	10,718	2,367,392
Deere & Co.	9,176	3,453,846
Oshkosh Corp.	19,014	2,163,983
PACCAR, Inc.	29,808	2,771,846
Snap-on, Inc.	9,909	2,063,549
		16,075,609
Professional Services – 0.4%
ManpowerGroup, Inc.	18,459	1,935,795
Road & Rail – 2.1%
CSX Corp.	89,997	3,079,697
Norfolk Southern Corp.	10,958	2,980,467


	Shares	Value


Union Pacific Corp.	16,906	$ 4,134,362
		10,194,526
TOTAL INDUSTRIALS		42,710,242
INFORMATION TECHNOLOGY – 28.6%
IT Services – 8.2%
Accenture PLC Class A	18,173	6,425,609
Alliance Data Systems Corp.	39,016	2,693,665
Amdocs Ltd.	48,063	3,647,501
Cognizant Technology Solutions Corp. Class A	54,218	4,631,302
DXC Technology Co. (a)	94,443	2,840,845
International Business Machines Corp.	34,832	4,652,510
Kyndryl Holdings, Inc. (a)(b)	6,967	117,603
Mastercard, Inc. Class A	19,312	7,461,771
Visa, Inc. Class A	33,684	7,618,310
		40,089,116
Semiconductors & Semiconductor Equipment – 3.4%
Intel Corp.	110,989	5,418,483
Micron Technology, Inc.	56,071	4,612,961
QUALCOMM, Inc.	36,767	6,462,168
		16,493,612
Software – 8.9%
Microsoft Corp.	96,491	30,006,771
Oracle Corp.	59,977	4,867,733
Salesforce.com, Inc. (a)	24,943	5,802,490
VMware, Inc. Class A	23,264	2,988,959
		43,665,953
Technology Hardware, Storage & Peripherals – 8.1%
Apple, Inc.	199,581	34,882,767
HP, Inc.	134,788	4,950,764
		39,833,531
TOTAL INFORMATION TECHNOLOGY		140,082,212
MATERIALS – 2.6%
Chemicals – 0.8%
Dow, Inc.	24,260	1,449,050
LyondellBasell Industries N.V. Class A	12,915	1,249,268
The Mosaic Co.	35,467	1,416,906
		4,115,224
Containers & Packaging – 0.4%
International Paper Co.	21,271	1,026,326
Westrock Co.	22,995	1,061,449
		2,087,775
Metals & Mining – 1.1%
Freeport-McMoRan, Inc.	43,459	1,617,544
Newmont Corp.	24,804	1,517,261
Nucor Corp.	12,905	1,308,567
United States Steel Corp. (b)	41,355	856,875
		5,300,247

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

Semi-Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
MATERIALS – continued
Paper & Forest Products – 0.3%
Louisiana-Pacific Corp.	18,662	$1,239,903
Sylvamo Corp. (a)	1,936	57,674
		1,297,577
TOTAL MATERIALS		12,800,823
REAL ESTATE – 3.1%
Equity Real Estate Investment Trusts (REITs) – 2.7%
Alexandria Real Estate Equities, Inc.	4,808	936,791
American Tower Corp.	7,469	1,878,453
Kilroy Realty Corp.	11,402	729,728
Kimco Realty Corp.	38,383	931,172
Medical Properties Trust, Inc.	39,610	901,524
Omega Healthcare Investors, Inc.	21,995	692,403
Prologis, Inc.	13,471	2,112,522
Simon Property Group, Inc.	8,727	1,284,614
SL Green Realty Corp.	10,116	733,619
VICI Properties, Inc.	28,140	805,367
Welltower, Inc.	12,502	1,083,048
Weyerhaeuser Co.	28,049	1,134,021
		13,223,262
Real Estate Management & Development – 0.4%
CBRE Group, Inc. Class A (a)	10,657	1,079,980
Jones Lang LaSalle, Inc. (a)	3,296	826,604
		1,906,584
TOTAL REAL ESTATE		15,129,846
UTILITIES – 2.6%
Electric Utilities – 1.6%
Duke Energy Corp.	20,054	2,106,873
Exelon Corp.	36,870	2,136,616
NRG Energy, Inc.	32,189	1,285,307
PG&E Corp. (a)	165,807	2,120,672
		7,649,468


	Shares	Value

Multi-Utilities – 1.0%
Consolidated Edison, Inc.	20,244	$ 1,750,094
Public Service Enterprise Group, Inc.	24,998	1,663,117
Sempra Energy	12,813	1,770,244
		5,183,455
TOTAL UTILITIES		12,832,923
TOTAL COMMON STOCKS (Cost $430,361,413)		488,154,390
Money Market Funds – 0.8%

Fidelity Cash Central Fund, 0.08% (c)	976,687	976,883
Fidelity Securities Lending Cash Central Fund, 0.08% (c)(d)	2,792,704	2,792,983
TOTAL MONEY MARKET FUNDS (Cost $3,769,866)		3,769,866
TOTAL INVESTMENT IN SECURITIES – 100.5% (Cost $434,131,279)		491,924,256
NET OTHER ASSETS (LIABILITIES) – (0.5%)		(2,291,496)
NET ASSETS – 100.0%		$ 489,632,760

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

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
CME Micro E-mini S&P 500 Index Future Contracts (United States)	3	March 2022	$ 675,637	$ (22,105)	$ (22,105)
CME E-mini S&P 500 Index Future Contracts (United States)	31	March 2022	698,159	(13,379)	(13,379)
Total Equity Index Contracts					$ (35,484)

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

Affiliated Central Funds

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

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

51	Semi-Annual Report

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Fidelity® Value Factor ETF

Schedule of Investments (Unaudited)–continued

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%	$ 647,052	$ 6,091,064	$ 5,761,233	$ 320	$—	$—	$ 976,883	0.0%
Fidelity Securities Lending Cash Central Fund, 0.08%	3,639,908	36,960,206	37,807,131	18,133	—	—	$2,792,983	0.0%
Total	$4,286,960	$43,051,270	$43,568,364	$18,453	$—	$—	$3,769,866

Investment Valuation

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:
Equities:
Communication Services	$ 48,460,074	$ 48,460,074	$ —	$ —
Consumer Discretionary	55,236,049	55,236,049	—	—
Consumer Staples	27,624,683	27,624,683	—	—
Energy	16,059,884	16,059,884	—	—
Financials	50,105,728	50,105,728	—	—
Health Care	67,111,926	67,111,926	—	—
Industrials	42,710,242	42,710,242	—	—
Information Technology	140,082,212	140,082,212	—	—
Materials	12,800,823	12,800,823	—	—
Real Estate	15,129,846	15,129,846	—	—
Utilities	12,832,923	12,832,923	—	—
Money Market Funds	3,769,866	3,769,866	—	—
Total Investments in Securities:	$ 491,924,256	$ 491,924,256	$ —	$ —

Derivative Instruments:
Liabilities
Futures Contracts	$ (35,484)	$ (35,484)	$ —	$ —
Total Liabilities	$ (35,484)	$ (35,484)	$ —	$ —
Total Derivative Instruments:	$ (35,484)	$ (35,484)	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$0	$(35,484)
Total Equity Risk	0	(35,484)
Total Value of Derivatives	$0	$(35,484)

(a)

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

Semi-Annual Report

Table of Contents

Financial Statements

^{Statements of
Assets and Liabilities}

January 31, 2022 (Unaudited)

	Fidelity Dividend ETF For Rising Rates	Fidelity High Dividend ETF	Fidelity Low Volatility Factor ETF	Fidelity Momentum Factor ETF
Assets
Investments in securities, at value (including securities loaned of $7,043,872, $18,064,233, $5,193,114 and $1,163,436, respectively) – See accompanying schedule:
Unaffiliated issuers	$596,893,144	$1,083,907,388	$468,284,873	$117,138,132
Fidelity Central Funds	9,036,863	19,990,887	5,836,686	1,317,689
Total Investments in Securities	$605,930,007	$1,103,898,275	$474,121,559	$118,455,821
Segregated cash with brokers for derivative instruments	162,000	237,600	44,280	11,880
Cash	—	—	21,628	25,218
Foreign currency held at value (cost $562,313, $1,240,329, $— and $—, respectively)	548,694	1,206,577	—	—
Receivable for investments sold	—	—	—	—
Receivable for fund shares sold	—	—	—	—
Dividends receivable	808,897	2,175,793	439,670	55,172
Receivable for daily variation margin on futures contracts	40,976	49,551	16,605	4,455
Distributions receivable from Fidelity Central Funds	3,211	5,007	343	178
Total assets	607,493,785	1,107,572,803	474,644,085	118,552,724
Liabilities
Payable for investments purchased	—	—	—	—
Payable for fund shares redeemed	—	—	—	—
Accrued management fees	139,158	256,350	113,251	29,559
Collateral on securities loaned, at value	7,125,000	18,463,150	5,216,163	1,127,580
Total liabilities	7,264,158	18,719,500	5,329,414	1,157,139
Net Assets	$600,229,627	$1,088,853,303	$469,314,671	$117,395,585
Net Assets consist of:
Paid in capital	$513,759,723	$ 911,736,584	$409,383,483	$104,091,680
Total accumulated earnings (loss)	86,469,904	177,116,719	59,931,188	13,303,905
Net Assets	$600,229,627	$1,088,853,303	$469,314,671	$117,395,585
Shares outstanding	13,450,000	26,950,000	9,550,000	2,350,000
Net Asset Value per share	$ 44.63	$ 40.40	$ 49.14	$ 49.96
Investments at cost – Unaffiliated issuers	$483,909,346	$ 925,115,206	$422,945,323	$109,941,082
Investments at cost – Fidelity Central Funds	9,036,863	19,990,887	5,836,686	1,317,689
Investments at cost	$492,946,209	$ 945,106,093	$428,782,009	$111,258,771

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

Semi-Annual Report

Table of Contents

^{Statements of
Assets and Liabilities}

January 31, 2022 (Unaudited)

	Fidelity Quality Factor ETF	Fidelity Small-Mid Multifactor ETF	Fidelity Stocks for Inflation ETF	Fidelity U.S. Multifactor ETF
Assets
Investments in securities, at value (including securities loaned of $1,154,748, $699,617, $— and $—, respectively) – See accompanying schedule:
Unaffiliated issuers	$259,881,423	$67,375,775	$153,464,508	$16,948,635
Fidelity Central Funds	1,596,683	795,425	106,924	—
Total Investments in Securities	$261,478,106	$68,171,200	$153,571,432	$16,948,635
Segregated cash with brokers for derivative instruments	30,240	5,500	—	—
Cash	47,737	11,338	—	20,952
Foreign currency held at value (cost $—, $188, $— and $—, respectively)	—	190	—	—
Receivable for investments sold	5,178,890	216,239	—	—
Receivable for fund shares sold	—	—	—	—
Dividends receivable	267,679	24,243	74,942	14,832
Receivable for daily variation margin on futures contracts	11,340	2,940	—	—
Distributions receivable from Fidelity Central Funds	871	146	8	—
Total assets	267,014,863	68,431,796	153,646,382	16,984,419
Liabilities
Payable for investments purchased	—	223,296	—	—
Payable for fund shares redeemed	5,218,429	—	—	—
Accrued management fees	62,891	16,520	34,197	3,821
Collateral on securities loaned, at value	1,171,907	704,275	—	—
Total liabilities	6,453,227	944,091	34,197	3,821
Net Assets	$260,561,636	$67,487,705	$153,612,185	$16,980,598
Net Assets consist of:
Paid in capital	$216,549,699	$62,428,402	$147,334,854	$15,508,008
Total accumulated earnings (loss)	44,011,937	5,059,303	6,277,331	1,472,590
Net Assets	$260,561,636	$67,487,705	$153,612,185	$16,980,598
Shares outstanding	4,950,000	2,000,000	4,650,000	650,000
Net Asset Value per share	$ 52.64	$ 33.74	$ 33.03	$ 26.12
Investments at cost – Unaffiliated issuers	$227,163,410	$66,438,263	$149,666,175	$15,706,299
Investments at cost – Fidelity Central Funds	1,596,683	795,425	106,924	—
Investments at cost	$228,760,093	$67,233,688	$149,773,099	$15,706,299

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

55	Semi-Annual Report

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Financial Statements – continued

^{Statements of
Assets and Liabilities}

January 31, 2022 (Unaudited)

	Fidelity Value Factor ETF
Assets
Investments in securities, at value (including securities loaned of $2,801,616) – See accompanying schedule:
Unaffiliated issuers	$488,154,390
Fidelity Central Funds	3,769,866
Total Investments in Securities	$491,924,256
Segregated cash with brokers for derivative instruments	65,880
Cash	—
Foreign currency held at value (cost $—)	—
Receivable for investments sold	—
Receivable for fund shares sold	5,100,321
Dividends receivable	488,307
Receivable for daily variation margin on futures contracts	24,705
Distributions receivable from Fidelity Central Funds	226
Total assets	497,603,695
Liabilities
Payable for investments purchased	5,065,538
Payable for fund shares redeemed	—
Accrued management fees	112,414
Collateral on securities loaned, at value	2,792,983
Total liabilities	7,970,935
Net Assets	$489,632,760
Net Assets consist of:
Paid in capital	$409,859,050
Total accumulated earnings (loss)	79,773,710
Net Assets	$489,632,760
Shares outstanding	9,600,000
Net Asset Value per share	$ 51.00
Investments at cost – Unaffiliated issuers	$430,361,413
Investments at cost – Fidelity Central Funds	3,769,866
Investments at cost	$434,131,279

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

Semi-Annual Report

Table of Contents

^{Statements of
Operations}

For the six months ended January 31, 2022 (Unaudited)

	Fidelity Dividend ETF For Rising Rates	Fidelity High Dividend ETF	Fidelity Low Volatility Factor ETF	Fidelity Momentum Factor ETF
Investment Income
Dividends	$ 6,761,191	$ 18,199,022	$ 3,833,649	$ 694,341
Non-Cash dividends	—	—	—	—
Interest	55	121	23	4
Income from Fidelity Central Funds (including $11,621, $17,223, $723 and $505, from security lending, respectively)	12,033	17,819	961	564
Total income	6,773,279	18,216,962	3,834,633	694,909
Expenses
Management fees	758,624	1,513,502	725,265	182,196
Independent trustees' fees and expenses	878	1,794	876	232
Total expenses before reductions	759,502	1,515,296	726,141	182,428
Expense reductions	(2)	(3)	(5)	(8)
Total expenses	759,500	1,515,293	726,136	182,420
Net investment income (loss)	6,013,779	16,701,669	3,108,497	512,489
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities	252,464	1,257,416	(1,152,420)	(3,311,152)
Net realized gain (loss) on In-kind redemptions	—	50,171,970	41,132,200	22,117,243
Net realized gain (loss) on futures contracts	118,862	314,680	72,615	33,533
Net realized gain (loss) on foreign currency transactions	(8,387)	(45,274)	—	—
Total net realized gain (loss)	362,939	51,698,792	40,052,395	18,839,624
Change in net unrealized appreciation (depreciation) on investment securities	23,509,487	2,908,097	(33,002,897)	(18,060,951)
Change in net unrealized appreciation (depreciation) on Fidelity Central Funds	—	—	—	—
Change in net unrealized appreciation (depreciation) on futures contracts	(116,277)	(259,136)	(50,459)	(25,210)
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies	(14,223)	(43,992)	—	—
Total change in net unrealized appreciation (depreciation)	23,378,987	2,604,969	(33,053,356)	(18,086,161)
Net gain (loss)	23,741,926	54,303,761	6,999,039	753,463
Net increase (decrease) in net assets resulting from operations	$29,755,705	$ 71,005,430	$ 10,107,536	$ 1,265,952

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

57	Semi-Annual Report

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Financial Statements – continued

^{Statements of
Operations}

For the six months ended January 31, 2022 (Unaudited)

	Fidelity Quality Factor ETF	Fidelity Small-Mid Multifactor ETF	Fidelity Stocks for Inflation ETF	Fidelity U.S. Multifactor ETF
Investment Income
Dividends	$ 1,934,179	$ 456,419	$ 840,539	$ 138,521
Non-Cash dividends	—	56,521	—	—
Interest	8	—	—	—
Income from Fidelity Central Funds (including $3,094, $1,521, $— and $—, from security lending, respectively)	3,200	1,555	24	2
Total income	1,937,387	514,495	840,563	138,523
Expenses
Management fees	348,375	88,804	123,402	19,831
Independent trustees' fees and expenses	406	107	110	22
Total expenses before reductions	348,781	88,911	123,512	19,853
Expense reductions	(7)	(4)	(5)	(4)
Total expenses	348,774	88,907	123,507	19,849
Net investment income (loss)	1,588,613	425,588	717,056	118,674
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities	(1,286,562)	(1,693,303)	(1,004,853)	(79,083)
Net realized gain (loss) on In-kind redemptions	26,280,870	7,284,131	3,580,846	373,608
Net realized gain (loss) on futures contracts	35,771	1,313	—	—
Net realized gain (loss) on foreign currency transactions	—	2	—	—
Total net realized gain (loss)	25,030,079	5,592,143	2,575,993	294,525
Change in net unrealized appreciation (depreciation) on investment securities	(19,324,025)	(6,908,681)	899,879	(59,653)
Change in net unrealized appreciation (depreciation) on Fidelity Central Funds	(1)	—	—	—
Change in net unrealized appreciation (depreciation) on futures contracts	(23,558)	(7,600)	—	—
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies	—	(1)	—	—
Total change in net unrealized appreciation (depreciation)	(19,347,584)	(6,916,282)	899,879	(59,653)
Net gain (loss)	5,682,495	(1,324,139)	3,475,872	234,872
Net increase (decrease) in net assets resulting from operations	$ 7,271,108	$ (898,551)	$ 4,192,928	$ 353,546

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

Semi-Annual Report

Table of Contents

^{Statements of
Operations}

For the six months ended January 31, 2022 (Unaudited)

	Fidelity Value Factor ETF
Investment Income
Dividends	$ 4,395,011
Non-Cash dividends	—
Interest	32
Income from Fidelity Central Funds (including $18,133 from security lending)	18,453
Total income	4,413,496
Expenses
Management fees	647,328
Independent trustees' fees and expenses	761
Total expenses before reductions	648,089
Expense reductions	(5)
Total expenses	648,084
Net investment income (loss)	3,765,412
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities	(1,813,165)
Net realized gain (loss) on In-kind redemptions	47,721,566
Net realized gain (loss) on futures contracts	82,886
Net realized gain (loss) on foreign currency transactions	—
Total net realized gain (loss)	45,991,287
Change in net unrealized appreciation (depreciation) on investment securities	(27,035,910)
Change in net unrealized appreciation (depreciation) on Fidelity Central Funds	—
Change in net unrealized appreciation (depreciation) on futures contracts	(54,370)
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies	—
Total change in net unrealized appreciation (depreciation)	(27,090,280)
Net gain (loss)	18,901,007
Net increase (decrease) in net assets resulting from operations	$ 22,666,419

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

59	Semi-Annual Report

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Financial Statements – continued

^{Statements of
Changes in Net Assets}

	Fidelity Dividend ETF For Rising Rates		Fidelity High Dividend ETF
	Six months ended January 31, 2022 (Unaudited)	Year ended July 31, 2021	Six months ended January 31, 2022 (Unaudited)	Year ended July 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 6,013,779	$ 8,784,728	$ 16,701,669	$ 21,768,395
Net realized gain (loss)	362,939	8,411,727	51,698,792	(873,727)
Change in net unrealized appreciation (depreciation)	23,378,987	90,284,912	2,604,969	217,287,166
Net increase (decrease) in net assets resulting from operations	29,755,705	107,481,367	71,005,430	238,181,834
Distributions to shareholders	(5,545,350)	(8,481,250)	(15,271,950)	(21,671,400)
Share transactions
Proceeds from sales of shares	85,930,571	124,130,292	176,343,728	317,619,142
Cost of shares redeemed	—	(15,358,454)	(195,345,493)	(2,802,769)
Net increase (decrease) in net assets resulting from share transactions	85,930,571	108,771,838	(19,001,765)	314,816,373
Total increase (decrease) in net assets	110,140,926	207,771,955	36,731,715	531,326,807
Net Assets
Beginning of period	490,088,701	282,316,746	1,052,121,588	520,794,781
End of period	$600,229,627	$490,088,701	$1,088,853,303	$1,052,121,588
Other Information
Shares
Sold	1,950,000	3,050,000	4,500,000	8,850,000
Redeemed	—	(450,000)	(5,200,000)	(100,000)
Net increase (decrease)	1,950,000	2,600,000	(700,000)	8,750,000

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

Semi-Annual Report

Table of Contents

^{Statements of
Changes in Net Assets}

	Fidelity Low Volatility Factor ETF		Fidelity Momentum Factor ETF
	Six months ended January 31, 2022 (Unaudited)	Year ended July 31, 2021	Six months ended January 31, 2022 (Unaudited)	Year ended July 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,108,497	$ 5,379,525	$ 512,489	$ 655,181
Net realized gain (loss)	40,052,395	26,847,966	18,839,624	15,466,576
Change in net unrealized appreciation (depreciation)	(33,053,356)	72,820,962	(18,086,161)	11,929,637
Net increase (decrease) in net assets resulting from operations	10,107,536	105,048,453	1,265,952	28,051,394
Distributions to shareholders	(2,852,900)	(5,363,100)	(449,400)	(712,000)
Share transactions
Proceeds from sales of shares	154,345,461	269,729,319	70,261,133	112,430,208
Cost of shares redeemed	(204,182,048)	(208,226,111)	(110,445,767)	(71,334,762)
Net increase (decrease) in net assets resulting from share transactions	(49,836,587)	61,503,208	(40,184,634)	41,095,446
Total increase (decrease) in net assets	(42,581,951)	161,188,561	(39,368,082)	68,434,840
Net Assets
Beginning of period	511,896,622	350,708,061	156,763,667	88,328,827
End of period	$ 469,314,671	$ 511,896,622	$ 117,395,585	$156,763,667
Other Information
Shares
Sold	3,150,000	6,300,000	1,350,000	2,500,000
Redeemed	(4,100,000)	(4,950,000)	(2,150,000)	(1,600,000)
Net increase (decrease)	(950,000)	1,350,000	(800,000)	900,000

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

61	Semi-Annual Report

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Financial Statements – continued

^{Statements of
Changes in Net Assets}

	Fidelity Quality Factor ETF		Fidelity Small-Mid Multifactor ETF
	Six months ended January 31, 2022 (Unaudited)	Year ended July 31, 2021	Six months ended January 31, 2022 (Unaudited)	Year ended July 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,588,613	$ 2,456,845	$ 425,588	$ 529,744
Net realized gain (loss)	25,030,079	8,878,028	5,592,143	5,851,497
Change in net unrealized appreciation (depreciation)	(19,347,584)	43,078,149	(6,916,282)	6,938,993
Net increase (decrease) in net assets resulting from operations	7,271,108	54,413,022	(898,551)	13,320,234
Distributions to shareholders	(1,465,650)	(2,471,800)	(419,500)	(586,000)
Share transactions
Proceeds from sales of shares	110,583,671	107,535,102	38,040,873	56,891,867
Cost of shares redeemed	(101,548,288)	(60,777,523)	(37,174,255)	(20,803,647)
Net increase (decrease) in net assets resulting from share transactions	9,035,383	46,757,579	866,618	36,088,220
Total increase (decrease) in net assets	14,840,841	98,698,801	(451,433)	48,822,454
Net Assets
Beginning of period	245,720,795	147,021,994	67,939,138	19,116,684
End of period	$ 260,561,636	$245,720,795	$ 67,487,705	$ 67,939,138
Other Information
Shares
Sold	2,100,000	2,400,000	1,100,000	1,900,000
Redeemed	(1,950,000)	(1,450,000)	(1,100,000)	(700,000)
Net increase (decrease)	150,000	950,000	—	1,200,000

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

Semi-Annual Report

Table of Contents

^{Statements of
Changes in Net Assets}

	Fidelity Stocks for Inflation ETF		Fidelity U.S. Multifactor ETF
	Six months ended January 31, 2022 (Unaudited)	Year ended July 31, 2021	Six months ended January 31, 2022 (Unaudited)	Year ended July 31, 2021^A
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 717,056	$ 166,284	$ 118,674	$ 98,616
Net realized gain (loss)	2,575,993	448,093	294,525	555,355
Change in net unrealized appreciation (depreciation)	899,879	3,036,951	(59,653)	1,301,989
Net increase (decrease) in net assets resulting from operations	4,192,928	3,651,328	353,546	1,955,960
Distributions to shareholders	(630,300)	(220,000)	(108,000)	(135,400)
Share transactions
Proceeds from sales of shares	127,321,532	43,042,176	7,828,341	14,155,302
Cost of shares redeemed	(23,354,729)	(4,000,783)	(2,584,695)	(4,484,456)
Net increase (decrease) in net assets resulting from share transactions	103,966,803	39,041,393	5,243,646	9,670,846
Total increase (decrease) in net assets	107,529,431	42,472,721	5,489,192	11,491,406
Net Assets
Beginning of period	46,082,754	3,610,033	11,491,406	—
End of period	$153,612,185	$46,082,754	$16,980,598	$11,491,406
Other Information
Shares
Sold	3,900,000	1,500,000	300,000	650,000
Redeemed	(750,000)	(150,000)	(100,000)	(200,000)
Net increase (decrease)	3,150,000	1,350,000	200,000	450,000

^A	For the period September 15, 2020 (commencement of operations) to July 31, 2021.

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

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Highlights}

	Fidelity Dividend ETF For Rising Rates
	Six months ended January 31, 2022 (Unaudited)	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018	Year ended July 31, 2017^A
Selected Per-Share Data
Net asset value, beginning of period	$ 42.62	$ 31.72	$ 32.31	$ 31.54	$ 28.50	$ 25.34
Income from Investment Operations
Net investment income (loss)^B,C	0.50	0.93	1.01	1.07	0.93	0.76
Net realized and unrealized gain (loss)	1.98	10.85	(0.56)	0.79	3.03	2.98
Total from investment operations	2.48	11.78	0.45	1.86	3.96	3.74
Distributions from net investment income	(0.47)	(0.88)	(1.04)	(1.09)	(0.92)	(0.58)
Total distributions	(0.47)	(0.88)	(1.04)	(1.09)	(0.92)	(0.58)
Net asset value, end of period	$ 44.63	$ 42.62	$ 31.72	$ 32.31	$ 31.54	$ 28.50
Total Return^D,E,F	5.86%	37.57%	1.86%	6.09%	14.04%	14.85%
Ratios to Average Net Assets^B,G,H
Expenses before reductions	.29% ^I	.29%	.29%	.29%	.30%	.29% ^I
Expenses net of fee waivers, if any	.29% ^I	.29%	.29%	.29%	.30%	.29% ^I
Expenses net of all reductions	.29% ^I	.29%	.29%	.29%	.30%	.29% ^I
Net investment income (loss)	2.30% ^I	2.44%	3.15%	3.42%	3.08%	3.09% ^I
Supplemental Data
Net assets, end of period (000 omitted)	$600,230	$490,089	$282,317	$360,229	$346,896	$152,492
Portfolio turnover rate^J,K	0% ^L	32%	35%	35%	38%	52% ^L

^A	For the period September 12, 2016 (commencement of operations) to July 31, 2017.
^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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
^C	Calculated based on average shares outstanding during the period.
^D	Based on net asset value.
^E	Total returns for periods of less than one year are not annualized.
^F	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^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 advisor, 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	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.
^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.
^L	Amount not annualized.

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

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^{Financial
Highlights}

	Fidelity High Dividend ETF
	Six months ended January 31, 2022 (Unaudited)	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018	Year ended July 31, 2017^A
Selected Per-Share Data
Net asset value, beginning of period	$ 38.05	$ 27.56	$ 30.12	$ 30.15	$ 26.98	$ 25.32
Income from Investment Operations
Net investment income (loss)^B,C	0.62	1.02	1.10	1.23	1.09	0.85
Net realized and unrealized gain (loss)	2.27	10.48	(2.52)	(0.03)	3.21	1.57
Total from investment operations	2.89	11.50	(1.42)	1.20	4.30	2.42
Distributions from net investment income	(0.54)	(1.01)	(1.14)	(1.23)	(1.12)	(0.76)
Distributions from net realized gain	—	—	—	—	(0.01)	—
Total distributions	(0.54)	(1.01)	(1.14)	(1.23)	(1.13)	(0.76)
Net asset value, end of period	$ 40.40	$ 38.05	$ 27.56	$ 30.12	$ 30.15	$ 26.98
Total Return^D,E,F	7.69%	42.42%	(4.54)%	4.16%	16.23%	9.61%
Ratios to Average Net Assets^B,G,H
Expenses before reductions	.29% ^I	.29%	.29%	.29%	.30%	.29% ^I
Expenses net of fee waivers, if any	.29% ^I	.29%	.29%	.29%	.30%	.29% ^I
Expenses net of all reductions	.29% ^I	.29%	.29%	.29%	.30%	.29% ^I
Net investment income (loss)	3.20% ^I	3.04%	3.85%	4.15%	3.80%	3.61% ^I
Supplemental Data
Net assets, end of period (000 omitted)	$1,088,853	$1,052,122	$520,795	$362,952	$171,835	$59,350
Portfolio turnover rate^J,K	1% ^L	32%	49%	50%	53%	57% ^L

^A	For the period September 12, 2016 (commencement of operations) to July 31, 2017.
^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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
^C	Calculated based on average shares outstanding during the period.
^D	Based on net asset value.
^E	Total returns for periods of less than one year are not annualized.
^F	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^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 advisor, 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	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.
^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.
^L	Amount not annualized.

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

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^{Financial
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	Fidelity Low Volatility Factor ETF
	Six months ended January 31, 2022 (Unaudited)	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018	Year ended July 31, 2017^A
Selected Per-Share Data
Net asset value, beginning of period	$ 48.75	$ 38.33	$ 36.37	$ 32.40	$ 28.19	$ 25.31
Income from Investment Operations
Net investment income (loss)^B,C	0.31	0.56	0.62	0.62	0.53	0.45
Net realized and unrealized gain (loss)	0.37	10.43	1.95	3.92	4.20	2.81
Total from investment operations	0.68	10.99	2.57	4.54	4.73	3.26
Distributions from net investment income	(0.29)	(0.57)	(0.61)	(0.57)	(0.52)	(0.38)
Total distributions	(0.29)	(0.57)	(0.61)	(0.57)	(0.52)	(0.38)
Net asset value, end of period	$ 49.14	$ 48.75	$ 38.33	$ 36.37	$ 32.40	$ 28.19
Total Return^D,E,F	1.40%	28.90%	7.29%	14.20%	16.89%	12.94%
Ratios to Average Net Assets^B,G,H
Expenses before reductions	.29% ^I	.29%	.29%	.29%	.30%	.29% ^I
Expenses net of fee waivers, if any	.29% ^I	.29%	.29%	.29%	.30%	.29% ^I
Expenses net of all reductions	.29% ^I	.29%	.29%	.29%	.30%	.29% ^I
Net investment income (loss)	1.24% ^I	1.31%	1.69%	1.83%	1.73%	1.87% ^I
Supplemental Data
Net assets, end of period (000 omitted)	$469,315	$511,897	$350,708	$245,502	$66,420	$33,833
Portfolio turnover rate^J,K	15% ^L	46%	31%	36%	31%	33% ^L

^A	For the period September 12, 2016 (commencement of operations) to July 31, 2017.
^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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
^C	Calculated based on average shares outstanding during the period.
^D	Based on net asset value.
^E	Total returns for periods of less than one year are not annualized.
^F	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^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 advisor, 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	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.
^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.
^L	Amount not annualized.

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

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^{Financial
Highlights}

	Fidelity Momentum Factor ETF
	Six months ended January 31, 2022 (Unaudited)	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018	Year ended July 31, 2017^A
Selected Per-Share Data
Net asset value, beginning of period	$ 49.77	$ 39.26	$ 35.80	$ 33.58	$ 28.60	$ 25.34
Income from Investment Operations
Net investment income (loss)^B,C	0.21	0.25	0.42	0.40	0.36	0.36
Net realized and unrealized gain (loss)	0.17	10.54	3.47	2.22	4.97	3.19
Total from investment operations	0.38	10.79	3.89	2.62	5.33	3.55
Distributions from net investment income	(0.19)	(0.28)	(0.43)	(0.40)	(0.35)	(0.29)
Total distributions	(0.19)	(0.28)	(0.43)	(0.40)	(0.35)	(0.29)
Net asset value, end of period	$ 49.96	$ 49.77	$ 39.26	$ 35.80	$ 33.58	$ 28.60
Total Return^D,E,F	0.75%	27.58%	11.06%	7.91%	18.72%	14.11%
Ratios to Average Net Assets^B,G,H
Expenses before reductions	.29% ^I	.29%	.29%	.29%	.30%	.29% ^I
Expenses net of fee waivers, if any	.29% ^I	.29%	.29%	.29%	.30%	.29% ^I
Expenses net of all reductions	.29% ^I	.29%	.29%	.29%	.30%	.29% ^I
Net investment income (loss)	.81% ^I	.55%	1.18%	1.18%	1.14%	1.50% ^I
Supplemental Data
Net assets, end of period (000 omitted)	$117,396	$156,764	$88,329	$121,736	$95,702	$35,745
Portfolio turnover rate^J,K	56% ^L	128%	138%	133%	125%	106% ^L

^A	For the period September 12, 2016 (commencement of operations) to July 31, 2017.
^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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
^C	Calculated based on average shares outstanding during the period.
^D	Based on net asset value.
^E	Total returns for periods of less than one year are not annualized.
^F	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^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 advisor, 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	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.
^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.
^L	Amount not annualized.

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

Semi-Annual Report

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^{Financial
Highlights}

	Fidelity Quality Factor ETF
	Six months ended January 31, 2022 (Unaudited)	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018	Year ended July 31, 2017^A
Selected Per-Share Data
Net asset value, beginning of period	$ 51.19	$ 38.19	$ 35.28	$ 33.47	$ 29.11	$ 25.37
Income from Investment Operations
Net investment income (loss)^B,C	0.35	0.62	0.62	0.58	0.53	0.45
Net realized and unrealized gain (loss)	1.44	13.00	2.90	1.77	4.38	3.62
Total from investment operations	1.79	13.62	3.52	2.35	4.91	4.07
Distributions from net investment income	(0.34)	(0.62)	(0.61)	(0.54)	(0.55)	(0.33)
Total distributions	(0.34)	(0.62)	(0.61)	(0.54)	(0.55)	(0.33)
Net asset value, end of period	$ 52.64	$ 51.19	$ 38.19	$ 35.28	$ 33.47	$ 29.11
Total Return^D,E,F	3.49%	36.00%	10.26%	7.14%	16.95%	16.10%
Ratios to Average Net Assets^B,G,H
Expenses before reductions	.29% ^I	.29%	.29%	.29%	.30%	.29% ^I
Expenses net of fee waivers, if any	.29% ^I	.29%	.29%	.29%	.30%	.29% ^I
Expenses net of all reductions	.29% ^I	.29%	.29%	.29%	.30%	.29% ^I
Net investment income (loss)	1.32% ^I	1.39%	1.74%	1.72%	1.66%	1.84% ^I
Supplemental Data
Net assets, end of period (000 omitted)	$260,562	$245,721	$147,022	$162,282	$65,259	$30,569
Portfolio turnover rate^J,K	18% ^L	35%	41%	29%	30%	35% ^L

^A	For the period September 12, 2016 (commencement of operations) to July 31, 2017.
^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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
^C	Calculated based on average shares outstanding during the period.
^D	Based on net asset value.
^E	Total returns for periods of less than one year are not annualized.
^F	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^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 advisor, 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	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.
^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.
^L	Amount not annualized.

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

69	Semi-Annual Report

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^{Financial
Highlights}

	Fidelity Small-Mid Multifactor ETF
	Six months ended January 31, 2022 (Unaudited)	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019^A
Selected Per-Share Data
Net asset value, beginning of period	$ 33.97	$ 23.90	$ 25.50	$24.85
Income from Investment Operations
Net investment income (loss)^B,C	0.24	0.38	0.31	0.18
Net realized and unrealized gain (loss)	(0.23)	10.11	(1.58)	0.64
Total from investment operations	0.01	10.49	(1.27)	0.82
Distributions from net investment income	(0.24)	(0.42)	(0.33)	(0.17)
Total distributions	(0.24)	(0.42)	(0.33)	(0.17)
Net asset value, end of period	$ 33.74	$ 33.97	$ 23.90	$25.50
Total Return^D,E,F	0.05%	44.21%	(4.90)%	3.35%
Ratios to Average Net Assets^B,G,H
Expenses before reductions	.29% ^I	.29%	.29%	.29% ^I
Expenses net of fee waivers, if any	.29% ^I	.29%	.29%	.29% ^I
Expenses net of all reductions	.29% ^I	.29%	.29%	.29% ^I
Net investment income (loss)	1.39% ^I	1.23%	1.32%	1.70% ^I
Supplemental Data
Net assets, end of period (000 omitted)	$67,488	$67,939	$19,117	$7,650
Portfolio turnover rate^J,K	30% ^L	61%	52%	2% ^L

^A	For the period February 26, 2019 (commencement of operations) to July 31, 2019.
^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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
^C	Calculated based on average shares outstanding during the period.
^D	Based on net asset value.
^E	Total returns for periods of less than one year are not annualized.
^F	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^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 advisor, 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	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.
^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.
^L	Amount not annualized.

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

Semi-Annual Report

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^{Financial
Highlights}

	Fidelity Stocks for Inflation ETF
	Six months ended January 31, 2022 (Unaudited)	Year ended July 31, 2021	Year ended July 31, 2020^A
Selected Per-Share Data
Net asset value, beginning of period	$ 30.72	$ 24.07	$24.94
Income from Investment Operations
Net investment income (loss)^B,C	0.27	0.39	0.38
Net realized and unrealized gain (loss)	2.28	7.08	(0.90)
Total from investment operations	2.55	7.47	(0.52)
Distributions from net investment income	(0.24)	(0.82)	(0.35)
Total distributions	(0.24)	(0.82)	(0.35)
Net asset value, end of period	$ 33.03	$ 30.72	$24.07
Total Return^D,E,F	8.34%	31.78%	(1.88)%
Ratios to Average Net Assets^B,G,H
Expenses before reductions	.29% ^I	.29%	.29% ^I,J
Expenses net of fee waivers, if any	.29% ^I	.29%	.29% ^I,J
Expenses net of all reductions	.29% ^I	.29%	.29% ^I,J
Net investment income (loss)	1.70% ^I	1.34%	2.16% ^I,J
Supplemental Data
Net assets, end of period (000 omitted)	$153,612	$46,083	$3,610
Portfolio turnover rate^K,L	42% ^M	52%	65% ^M

^A	For the period November 5, 2019 (commencement of operations) to July 31, 2020.
^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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
^C	Calculated based on average shares outstanding during the period.
^D	Based on net asset value.
^E	Total returns for periods of less than one year are not annualized.
^F	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^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 advisor, 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	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.
^I	Annualized.
^J	Proxy expenses are not annualized.
^K	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^L	Portfolio turnover rate excludes securities received or delivered in-kind.
^M	Amount not annualized.

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

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^{Financial
Highlights}

	Fidelity U.S. Multifactor ETF
	Six months ended January 31, 2022 (Unaudited)	Year ended July 31, 2021^A
Selected Per-Share Data
Net asset value, beginning of period	$ 25.54	$ 20.09
Income from Investment Operations
Net investment income (loss)^B,C	0.23	0.31 ^D
Net realized and unrealized gain (loss)	0.55	5.62
Total from investment operations	0.78	5.93
Distributions from net investment income	(0.20)	(0.48)
Total distributions	(0.20)	(0.48)
Net asset value, end of period	$ 26.12	$ 25.54
Total Return^E,F,G	3.11%	29.94%
Ratios to Average Net Assets^B,H,I,J
Expenses before reductions	.29%	.29%
Expenses net of fee waivers, if any	.29%	.29%
Expenses net of all reductions	.29%	.29%
Net investment income (loss)	1.74%	1.56% ^D
Supplemental Data
Net assets, end of period (000 omitted)	$16,981	$11,491
Portfolio turnover rate^K,L,M	19%	30%

^A	For the period September 15, 2020 (commencement of operations) to July 31, 2021.
^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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
^C	Calculated based on average shares outstanding during the period.
^D	Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.33%.
^E	Based on net asset value.
^F	Total returns for periods of less than one year are not annualized.
^G	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^H	Annualized.
^I	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, 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.
^J	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.
^K	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^L	Amount not annualized.
^M	Portfolio turnover rate excludes securities received or delivered in-kind.

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

Semi-Annual Report

Table of Contents

^{Financial
Highlights}

	Fidelity Value Factor ETF
	Six months ended January 31, 2022 (Unaudited)	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018	Year ended July 31, 2017^A
Selected Per-Share Data
Net asset value, beginning of period	$ 48.94	$ 34.85	$ 34.53	$ 33.90	$ 29.72	$ 25.37
Income from Investment Operations
Net investment income (loss)^B,C	0.42	0.64	0.73	0.70	0.58	0.49
Net realized and unrealized gain (loss)	2.06	14.07	0.28	0.59	4.18	4.23
Total from investment operations	2.48	14.71	1.01	1.29	4.76	4.72
Distributions from net investment income	(0.42)	(0.62)	(0.69)	(0.66)	(0.58)	(0.37)
Total distributions	(0.42)	(0.62)	(0.69)	(0.66)	(0.58)	(0.37)
Net asset value, end of period	$ 51.00	$ 48.94	$ 34.85	$ 34.53	$ 33.90	$ 29.72
Total Return^D,E,F	5.08%	42.56%	3.12%	3.95%	16.11%	18.65%
Ratios to Average Net Assets^B,G,H
Expenses before reductions	.29% ^I	.29%	.29%	.29%	.30%	.29% ^I
Expenses net of fee waivers, if any	.29% ^I	.29%	.29%	.29%	.30%	.29% ^I
Expenses net of all reductions	.29% ^I	.29%	.29%	.29%	.30%	.29% ^I
Net investment income (loss)	1.69% ^I	1.50%	2.13%	2.09%	1.79%	1.92% ^I
Supplemental Data
Net assets, end of period (000 omitted)	$489,633	$450,269	$189,916	$136,403	$86,450	$38,639
Portfolio turnover rate^J,K	25% ^L	42%	45%	31%	38%	42% ^L

^A	For the period September 12, 2016 (commencement of operations) to July 31, 2017.
^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 such underlying funds is not included in the Fund's net investment income (loss) ratio.
^C	Calculated based on average shares outstanding during the period.
^D	Based on net asset value.
^E	Total returns for periods of less than one year are not annualized.
^F	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^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 advisor, 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	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.
^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.
^L	Amount not annualized.

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

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Notes to Financial Statements
For the period ended January 31, 2022 (Unaudited)

1. Organization.

Fidelity Dividend ETF for Rising Rates, Fidelity High Dividend ETF, Fidelity Low Volatility Factor ETF, Fidelity Momentum Factor ETF, Fidelity Quality Factor ETF, Fidelity Small-Mid Multifactor ETF, Fidelity Stocks for Inflation ETF, Fidelity U.S. Multifactor ETF and Fidelity Value Factor ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

^(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund’s most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund’s Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund’s investments to the Fair Value Committee (the Committee) established by each Fund’s investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund’s valuation policies and procedures and reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund’s investments and ratifies the fair value determinations of the Committee.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – Unadjusted quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 – unobservable inputs (including the Fund’s own assumptions based on the best information available)

Valuation techniques used to value each Fund’s investments by major category are as follows:

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3. Significant Accounting Policies – continued

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2022 is included at the end of each Fund’s Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Funds’ investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business (normally 4:00 p.m. Eastern time) of the Cboe BZX Exchange, Inc. (CboeBZX) for Fidelity Stocks for Inflation ETF, and of the New York Stock Exchange, Archipelago Exchange (NYSE Arca) for all other funds; and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund’s expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a

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Notes to Financial Statements – continued

3. Significant Accounting Policies – continued

period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on each Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures transactions, redemptions in kind, partnerships, foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation)
Fidelity Dividend ETF for Rising Rates	$ 493,698,448	$ 122,852,994	$ (10,621,435)	$ 112,231,559
Fidelity High Dividend ETF	946,550,796	172,776,198	(15,428,719)	157,347,479
Fidelity Low Volatility Factor ETF	428,956,773	57,651,294	(12,486,508)	45,164,786
Fidelity Momentum Factor ETF	111,263,492	13,876,272	(6,683,943)	7,192,329
Fidelity Quality Factor ETF	228,817,681	38,250,250	(5,589,825)	32,660,425
Fidelity Small-Mid Multifactor ETF	67,259,708	3,970,228	(3,058,736)	911,492
Fidelity Stocks for Inflation ETF	149,815,970	7,680,722	(3,925,260)	3,755,462
Fidelity U.S. Multifactor ETF	15,711,642	1,588,450	(351,457)	1,236,993
Fidelity Value Factor ETF	434,360,461	65,136,421	(7,572,626)	57,563,795

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal year end and is subject to adjustment.

	No-expiration Short-term	No-expiration Long-term	Total capital loss carryforward
Fidelity Dividend ETF for Rising Rates	$ (9,746,426)	$ (17,041,867)	$ (26,788,293)
Fidelity High Dividend ETF	(7,598,503)	(24,686,194)	(32,284,697)
Fidelity Low Volatility Factor ETF	(17,916,659)	(7,561,855)	(25,478,514)
Fidelity Momentum Factor ETF	(12,764,224)	—	(12,764,224)
Fidelity Quality Factor ETF	(8,980,070)	(4,895,543)	(13,875,613)
Fidelity Small-Mid Multifactor ETF	(1,059,827)	(354,816)	(1,414,643)
Fidelity Stocks for Inflation ETF	(172,174)	(12,589)	(184,763)
Fidelity U.S. Multifactor ETF	—	—	—
Fidelity Value Factor ETF	(11,979,551)	(12,090,243)	(24,069,794)

Certain of the Funds intend to elect to defer to the next fiscal year capital losses recognized during the period January 1, 2020 to July 31, 2021. Loss deferrals were as follows:

	Capital Losses
Fidelity U.S. Multifactor ETF	$ (71,596)

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

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4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Funds used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Funds may not achieve their objectives.

The Funds' use of derivatives increased or decreased their exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Funds. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statements of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Funds used futures contracts to manage their exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statements of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statements of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption “Futures Contracts”. The notional amount at value reflects each contract’s exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statements of Assets and Liabilities.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Dividend ETF for Rising Rates	2,577,401	1,066,936
Fidelity High Dividend ETF	19,614,910	13,187,751
Fidelity Low Volatility Factor ETF	76,082,874	75,903,084
Fidelity Momentum Factor ETF	70,110,929	70,072,360
Fidelity Quality Factor ETF	42,912,674	42,987,530
Fidelity Small-Mid Multifactor ETF	18,201,001	18,064,749
Fidelity Stocks for Inflation ETF	36,603,712	35,800,984
Fidelity U.S. Multifactor ETF	2,564,798	2,511,647
Fidelity Value Factor ETF	110,594,189	109,962,458

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Notes to Financial Statements – continued

5. Purchases and Sales of Investments – continued

Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.

	In-kind Subscriptions ($)	In-kind Redemptions ($)
Fidelity Dividend ETF for Rising Rates	83,469,659	—
Fidelity High Dividend ETF	170,834,910	193,341,887
Fidelity Low Volatility Factor ETF	153,061,423	202,937,028
Fidelity Momentum Factor ETF	69,787,327	109,670,576
Fidelity Quality Factor ETF	109,750,743	100,760,924
Fidelity Small-Mid Multifactor ETF	37,699,910	36,953,216
Fidelity Stocks for Inflation ETF	126,421,023	23,268,368
Fidelity U.S. Multifactor ETF	7,763,055	2,569,746
Fidelity Value Factor ETF	210,901,186	191,223,181

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of .29% of each Fund's average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses. For each Fund, with the exception of Fidelity Small-Mid Multifactor ETF, Fidelity Stocks for Inflation ETF and Fidelity U.S. Multifactor ETF, the management fee paid to the investment adviser is reduced by an amount equal to the fees and expenses paid by each fund to the independent Trustees.

Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.

Interfund Trades. Funds may purchase from or sell securities to other funds affiliated with each sub-adviser under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund’s daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statements of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statements of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Income Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Dividend ETF for Rising Rates	$ 1,248	$ 81	$ —
Fidelity High Dividend ETF	1,798	18	—
Fidelity Low Volatility Factor ETF	74	—	—
Fidelity Momentum Factor ETF	51	—	—
Fidelity Quality Factor ETF	323	197	—
Fidelity Small-Mid Multifactor ETF	142	43	6,832
Fidelity Value Factor ETF	1,876	—	—

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8. Expense Reductions.

Through arrangements with each applicable Fund’s custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund’s expenses by the following amounts:

	Amount
Fidelity Dividend ETF for Rising Rates	$ 2
Fidelity High Dividend ETF	3
Fidelity Low Volatility Factor ETF	5
Fidelity Momentum Factor ETF	8
Fidelity Quality Factor ETF	7
Fidelity Small-Mid Multifactor ETF	4
Fidelity Stocks for Inflation ETF	5
Fidelity U.S. Multifactor ETF	4
Fidelity Value Factor ETF	5

9. Share Transactions.

Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities to a fund and redemption proceeds are paid with a basket of securities from a fund’s portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund’s shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units.

To the extent the Funds permit the contribution of securities in exchange for the purchase of shares (contribution in-kind), shares may be issued in advance of receipt by the Funds of all or a portion of the applicable deposit securities. In these circumstances, the Authorized Participant provides collateral to the custodian, on behalf of the Funds, in an amount up to 115% of the daily mark-to-market value of the deposit securities not yet received.

10. Other.

A fund’s organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.

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Shareholder Expense Example (Unaudited)

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested for the one-half year period (August 1, 2021 to January 31, 2022).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Annualized Expense Ratio^A	Beginning Account Value August 1, 2021	Ending Account Value January 31, 2022	Expenses Paid During Period^B August 1, 2021 to January 31, 2022
Fidelity Dividend ETF For Rising Rates	0.29%
Actual		$ 1,000.00	$ 1,058.60	$ 1.50
Hypothetical ^C		$ 1,000.00	$ 1,023.74	$ 1.48
Fidelity High Dividend ETF	0.29%
Actual		$ 1,000.00	$ 1,076.90	$ 1.52
Hypothetical ^C		$ 1,000.00	$ 1,023.74	$ 1.48
Fidelity Low Volatility Factor ETF	0.29%
Actual		$ 1,000.00	$ 1,014.00	$ 1.47
Hypothetical ^C		$ 1,000.00	$ 1,023.74	$ 1.48
Fidelity Momentum Factor ETF	0.29%
Actual		$ 1,000.00	$ 1,007.50	$ 1.47
Hypothetical ^C		$ 1,000.00	$ 1,023.74	$ 1.48
Fidelity Quality Factor ETF	0.29%
Actual		$ 1,000.00	$ 1,034.90	$ 1.49
Hypothetical ^C		$ 1,000.00	$ 1,023.74	$ 1.48
Fidelity Small-Mid Multifactor ETF	0.29%
Actual		$ 1,000.00	$ 1,000.50	$ 1.46
Hypothetical ^C		$ 1,000.00	$ 1,023.74	$ 1.48
Fidelity Stocks For Inflation ETF	0.29%
Actual		$ 1,000.00	$ 1,083.40	$ 1.52
Hypothetical ^C		$ 1,000.00	$ 1,023.74	$ 1.48

Semi-Annual Report

	% 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

	% 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

	% 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

	% 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

	% 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

	% 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

	% 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

	% 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

	% 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

	% 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

	% 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

^A	Annualized expense ratio reflects expenses net of applicable fee waivers.
^B	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
^C	5% return per year before expenses.