Fidelity® Blue Chip Growth ETF
Fidelity® Blue Chip Value ETF
Fidelity® Growth Opportunities ETF
Fidelity® Magellan® ETF
Fidelity® New Millennium ETF
Fidelity® Real Estate Investment ETF
Fidelity® Small-Mid Cap Opportunities ETF
Fidelity® Sustainable U.S. Equity ETF
(formerly Fidelity® Sustainability U.S. Equity ETF)
Fidelity® Women's Leadership ETF
Annual Report
July 31, 2022


Contents
Note to Shareholders 3  
Market Recap 4  
Performance and Management's Discussion of Fund Performance 5  
Schedule of Investments 32  
Financial Statements 60  
Notes to Financial Statements 80  
Report of Independent Registered Public Accounting Firm 86  
Trustees and Officers 88  
Shareholder Expense Example 95  
Distributions 97  
Board Approval of Investment Advisory Contracts and Management Fees 98  
Liquidity Risk Management Program 109  
To view a fund’s proxy voting guidelines and proxy voting record for the period ended June, 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at http://www.sec.gov. You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.
Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
© 2022 FMR LLC. All Rights reserved.    
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most recent holdings listing on Fidelity’s web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
 Annual Report 2


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


Table of Contents
Market Recap
The S&P 500® index returned -4.64% for the 12 months ending July 31, 2022, as a multitude of crosscurrents challenged the global economy and financial markets. Persistently high inflation, exacerbated by energy price shocks from the Russia–Ukraine conflict, spurred the U.S. Federal Reserve to hike interest rates more aggressively than anticipated, and concerns about the outlook for economic growth sent stocks into bear market territory. In early May, the Fed approved a rare half-percentage-point interest rate increase and announced plans to shrink its $9 trillion asset portfolio. June began with the Fed allowing up to billions in Treasuries and mortgage bonds to mature every month without investing the proceeds. Two weeks later, the central bank raised rates by 0.75 percentage points, its largest increase since 1994, and said it was becoming more difficult to achieve a soft landing, in which the economy slows enough to bring down inflation while avoiding a recession. Against this volatile backdrop, the S&P 500 posted its worst first-half result (-19.96%) to begin a year since 1970. Stocks sharply reversed course in July (+9.22%), as the Fed again raised its benchmark interest rate by 0.75% but signaled that, at some point, it will likely slow the pace of tightening to assess the impact on the economy. For the full 12 months, growth-oriented communication services (-29%) and consumer discretionary (-10%) stocks lagged most. In contrast, energy (+67%) rode a surge in commodity prices and led by a wide margin, followed by the defensive utilities (+16%) and consumer staples (+7%) sectors.
 Annual Report 4


Table of Contents
Fidelity® Blue Chip Growth ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Blue Chip Growth ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on Cboe BZX Exchange, Inc. (CboeBZX) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on CboeBZX. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2022
Average Annual Total Returns Past
1 Year
Life of
Fund
Fidelity Blue Chip Growth ETF – NAVA -23.92 10.74
Fidelity Blue Chip Growth ETF – Market PriceB -23.78 10.95
Russell 1000 Growth IndexA -11.93 14.38
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Blue Chip Growth ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From June 2, 2020.
B From June 4, 2020, date initially listed on the CboeBZX Exchange, Inc.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity Blue Chip Growth ETF – NAV on June 2, 2020, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000 Growth Index performed over the same period.
5 Annual Report 


Table of Contents
Fidelity® Blue Chip Growth ETF
Management’s Discussion of Fund Performance
Comments from Co-Managers Sonu Kalra and Michael Kim:
For the fiscal year ending July 31, 2022, the fund returned -23.92%, underperforming the -11.93% result of the benchmark Russell 1000® Growth Index. Versus the benchmark, security selection was the primary detractor. Weak picks in the industrials sector, especially within the transportation industry, hurt relative performance. Also hampering performance were stock picks in the information technology sector, primarily within the software & services industry. The biggest individual relative detractor was an overweight position in Lyft (-75%). Another notable relative detractor was an out-of-benchmark stake in Snap (-87%). We added to our stake in the company the past 12 months. Another notable detractor was an outsized stake in Carvana (-92%). This period we increased our stake. Conversely, the top contributor to performance versus the benchmark was an overweighting in energy. Security selection and an overweighting in materials also lifted the fund's relative result. Lastly, the fund's position in cash was a contributor. Our top individual relative contributor was an out-of-benchmark stake in Celsius Holdings (+31%). We added to our position the past year. Also boosting value was our outsized stake in Dollar Tree, which gained roughly 68%. This was a stake we established the past 12 months. Another notable relative contributor was an overweighting in Hess (+50%). This period we increased our stake. Notable changes in positioning include decreased exposure to the communication services sector.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF’s subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 6


Table of Contents
Fidelity® Blue Chip Growth ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2022
  % of fund's
net assets
Apple, Inc. 13.4
Microsoft Corp. 9.0
Amazon.com, Inc. 8.2
Alphabet, Inc. Class A 6.6
NVIDIA Corp. 5.7
Tesla, Inc. 4.9
Marvell Technology, Inc. 3.7
Meta Platforms, Inc. Class A 2.3
NXP Semiconductors N.V. 1.7
Lowe's Cos., Inc. 1.7
  57.2
 
Top Five Market Sectors as of July 31, 2022
  % of fund's
net assets
Information Technology 42.1
Consumer Discretionary 28.0
Communication Services 10.9
Health Care 7.0
Energy 4.2
 
Asset Allocation as of July 31, 2022
* Foreign investments – 4.5%
7 Annual Report 


Table of Contents
Fidelity® Blue Chip Value ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Blue Chip Value ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on Cboe BZX Exchange, Inc. (CboeBZX) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on CboeBZX. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2022
Average Annual Total Returns Past
1 Year
Life of
Fund
Fidelity Blue Chip Value ETF – NAVA 1.27 19.29
Fidelity Blue Chip Value ETF – Market PriceB 1.29 17.55
Russell 1000 Value IndexA -1.43 16.71
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Blue Chip Value ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From June 2, 2020.
B From June 4, 2020, date initially listed on the CboeBZX Exchange, Inc.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity Blue Chip Value ETF – NAV on June 2, 2020, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000 Value Index performed over the same period.
 Annual Report 8


Table of Contents
Fidelity® Blue Chip Value ETF
Management’s Discussion of Fund Performance
Comments from Co-Managers Sean Gavin and Anastasia Zabolotnikova:
For the fiscal year ending July 31, 2022, the fund gained 1.27% at net asset value and 1.29% on a market-price basis, outperforming the -1.43% result of the benchmark Russell 1000® Value Index. Versus the benchmark, security selection in the health care sector was the primary contributor, particularly in the health care equipment & services industry. An overweighting and picks among utilities stocks meaningfully lifted the fund's relative result as well. Also helping were investment choices and an underweighting in the information technology sector, especially among software & services companies. The biggest individual relative contributor was an outsized stake in Exxon Mobil (+57%), which was among our largest holdings on July 31. Further aiding performance was our overweighting in Centene, which gained 35% and was another of the portfolio's biggest holdings. Avoiding Disney, a benchmark component that returned about -40%, bolstered relative performance as well. Conversely, the primary detractor from performance versus the benchmark was an underweighting in the market-leading energy sector. An overweighting and investment choices in communication services, along with picks among materials stocks, further hampered the fund's relative performance. The biggest individual relative detractor was an overweight position in Comcast (-35%). The stock was among our largest holdings this period. The second-largest relative detractor was the decision to avoid Chevron, a benchmark component that gained 68%. Another notable relative detractor was an outsized stake in Oshkosh (-28%). Notable changes in positioning the past 12 months include a higher allocation to the information technology and utilities sectors.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF’s subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
9 Annual Report 


Table of Contents
Fidelity® Blue Chip Value ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2022
  % of fund's
net assets
Berkshire Hathaway, Inc. Class B 4.7
Exxon Mobil Corp. 4.5
Cigna Corp. 3.1
Centene Corp. 3.1
UnitedHealth Group, Inc. 2.9
Comcast Corp. Class A 2.7
Bristol-Myers Squibb Co. 2.6
JPMorgan Chase & Co. 2.3
Alphabet, Inc. Class A 2.2
Bank of America Corp. 2.0
  30.1
 
Top Five Market Sectors as of July 31, 2022
  % of fund's
net assets
Financials 20.6
Health Care 20.2
Utilities 12.3
Information Technology 9.0
Industrials 8.3
 
Asset Allocation as of July 31, 2022
* Foreign investments – 11.0%
 Annual Report 10


Table of Contents
Fidelity® Growth Opportunities ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Growth Opportunities ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on Cboe BZX Exchange, Inc. (CboeBZX) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on CboeBZX. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2022
Average Annual Total Returns Past
1 Year
Life of
Fund
Fidelity Growth Opportunities ETF – NAVA -31.53 -19.44
Fidelity Growth Opportunities ETF – Market PriceB -31.57 -20.77
Russell 1000 Growth IndexA -11.93 -0.11
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Growth Opportunities ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From February 2, 2021.
B From February 4, 2021, date initially listed on the CboeBZX Exchange, Inc.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity Growth Opportunities ETF – NAV on February 2, 2021, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000 Index performed over the same period.
11 Annual Report 


Table of Contents
Fidelity® Growth Opportunities ETF
Management’s Discussion of Fund Performance
Comments from Co-Managers Michael Kim and Kyle Weaver:
For the fiscal year ending July 31, 2022, the fund returned -31.53%, underperforming the -11.93% result of the benchmark Russell 1000® Growth Index. Versus the benchmark, security selection was the primary detractor from the fund's performance, especially the retailing industry within the consumer discretionary sector. Weak picks in information technology also hindered the fund's relative result. Also hampering performance was an overweighting and security selection in the communication services sector, especially within the media & entertainment industry. The fund's biggest individual relative detractor was an overweight position in Carvana (-89%), a position that was not held at the end of this period. Also holding back performance was our outsized stake in Roku, which returned -84%. We increased our stake the past 12 months. Another key detractor was our out-of-benchmark position in Sea Limited (-71%). Conversely, the largest contributor to performance versus the benchmark was an overweighting in energy. Our top individual relative contributor was an out-of-benchmark stake in T-Mobile (+1%). We added to our position the past year. Also bolstering performance was an underweighting in Netflix, which returned about -57%. Netflix was not held at period end. Another notable relative contributor was our lighter-than-benchmark stake in PayPal Holdings (-69%), a position also not held at period end. Notable changes in positioning include lower allocations to the consumer discretionary and communication services sectors.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF’s subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 12


Table of Contents
Fidelity® Growth Opportunities ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2022
  % of fund's
net assets
Microsoft Corp. 9.4
Alphabet, Inc. Class C 5.7
T-Mobile US, Inc. 4.2
NVIDIA Corp. 3.8
Amazon.com, Inc. 3.4
Apple, Inc. 3.2
Tesla, Inc. 3.2
Alphabet, Inc. Class A 3.1
Exxon Mobil Corp. 2.4
Antero Resources Corp. 2.3
  40.7
 
Top Five Market Sectors as of July 31, 2022
  % of fund's
net assets
Information Technology 40.7
Communication Services 17.8
Health Care 12.5
Energy 10.7
Consumer Discretionary 8.8
 
Asset Allocation as of July 31, 2022
* Foreign investments – 9.5%
13 Annual Report 


Table of Contents
Fidelity® Magellan ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Magellan ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on Cboe BZX Exchange, Inc. (CboeBZX) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on CboeBZX. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2022
Average Annual Total Returns Past
1 Year
Life of
Fund
Fidelity Magellan ETF – NAVA -9.50 3.11
Fidelity Magellan ETF – Market PriceB -9.39 2.63
S&P 500 IndexA -4.64 6.82
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Magellan ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From February 2, 2021.
B From February 4, 2021, date initially listed on the CboeBZX Exchange, Inc.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity Magellan ETF – NAV on February 2, 2021, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
 Annual Report 14


Table of Contents
Fidelity® Magellan ETF
Management’s Discussion of Fund Performance
Comments from Co-Managers Tim Gannon and Sammy Simnegar:
For the fiscal year ending July 31, 2022, the fund returned -9.50% at net asset value and -9.39% on a market-price basis, trailing the -4.64% result of the benchmark S&P 500® index. The largest detractor from performance versus the benchmark was a lack of exposure to the market-leading energy sector. Weak picks among consumer discretionary stocks also hindered the fund's relative result, as did investment choices in financials, primarily within the diversified financials industry. Not owning Exxon Mobil, a benchmark component that gained 77%, was the biggest individual relative detractor. The portfolio’s second-largest relative detractor this period was avoiding Tesla, a benchmark component that rose about 30%. The fund's non-benchmark stake in DocuSign, a position not held at period end, returned about -47% and hurt as well. Conversely, the largest contributor to performance versus the benchmark was an underweighting in communication services, followed by stock selection in real estate and smaller-than-benchmark exposure to consumer discretionary companies. The portfolio's biggest individual relative contributor was an outsized stake in Eli Lilly, which advanced roughly 28%. This is a position we established the past 12 months. Also lifting performance was our overweighting in Synopsys, which gained about 28%. Another notable relative contributor was an overweight position in UnitedHealth Group (+34%), one of our largest holdings on July 31. Notable changes in positioning include reduced exposure to the communication services sector and a higher allocation to health care stocks.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF’s subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
15 Annual Report 


Table of Contents
Fidelity® Magellan ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2022
  % of fund's
net assets
Microsoft Corp. 7.4
Apple, Inc. 6.8
Amazon.com, Inc. 3.1
UnitedHealth Group, Inc. 2.9
Alphabet, Inc. Class A 2.9
NVIDIA Corp. 2.7
Thermo Fisher Scientific, Inc. 2.3
Danaher Corp. 2.2
NextEra Energy, Inc. 2.2
Visa, Inc. Class A 2.1
  34.6
 
Top Five Market Sectors as of July 31, 2022
  % of fund's
net assets
Information Technology 42.1
Health Care 14.0
Financials 8.2
Industrials 7.6
Real Estate 6.8
 
Asset Allocation as of July 31, 2022
* Foreign investments – 3.7%
 Annual Report 16


Table of Contents
Fidelity® New Millennium ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® New Millennium ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on Cboe BZX Exchange, Inc. (CboeBZX) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on CboeBZX. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2022
Average Annual Total Returns Past
1 Year
Life of
Fund
Fidelity New Millennium ETF – NAVA 1.00 20.38
Fidelity New Millennium ETF – Market PriceB 0.91 18.85
S&P 500 IndexA -4.64 16.27
Average annual total returns represent just that – the average return on an annual basis for Fidelity® New Millennium ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From June 2, 2020.
B From June 4, 2020, date initially listed on the CboeBZX Exchange, Inc.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity New Millennium ETF – NAV on June 2, 2020, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
17 Annual Report 


Table of Contents
Fidelity® New Millennium ETF
Management’s Discussion of Fund Performance
Comments from Co-Managers Andy Browder and John Roth:
For the fiscal year ending July 31, 2022, the fund gained 1.00%, outperforming the -4.64% result of the benchmark S&P 500® index. Versus the benchmark, market selection was the primary contributor. Specifically, a significant overweighting in the energy sector strongly contributed. Strong stock picks in financials also bolstered the fund's relative result. Also helping was an underweighting and security selection in the communication services sector, especially within the media & entertainment industry. Our top individual relative contributor was an out-of-benchmark stake in energy stock EQT (+141%), which was among the biggest holdings as of July 31. Also adding value was our outsized stake in Exxon Mobil, which gained 77%. Exxon Mobil was among our largest holdings. Avoiding Meta Platforms, a benchmark component that returned approximately -55%, also aided relative performance. Conversely, the biggest detractor from performance versus the benchmark was our stock selection in consumer discretionary. Weak picks in information technology also hampered the fund's relative performance. Also hindering the fund's relative result were stock picks and an overweighting in the industrials sector, especially within the capital goods industry. Not owning Apple, a benchmark component that gained about 12%, was the biggest individual relative detractor. Other notable relative detractors were overweight positions in General Electric (-29%) and Comcast (-35%), both of which were among the fund's biggest holdings this period. Notable changes in positioning include increased exposure to the energy sector and a lower allocation to consumer discretionary.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF’s subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 18


Table of Contents
Fidelity® New Millennium ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2022
  % of fund's
net assets
Exxon Mobil Corp. 4.5
Bristol-Myers Squibb Co. 3.2
EQT Corp. 3.0
General Electric Co. 2.5
Wells Fargo & Co. 2.5
Eli Lilly & Co. 2.4
Cheniere Energy, Inc. 2.3
American International Group, Inc. 2.2
UnitedHealth Group, Inc. 2.2
Hess Corp. 2.2
  27.0
 
Top Five Market Sectors as of July 31, 2022
  % of fund's
net assets
Energy 18.2
Financials 17.0
Health Care 16.9
Industrials 11.7
Information Technology 7.2
 
Asset Allocation as of July 31, 2022
* Foreign investments – 9.5%
19 Annual Report 


Table of Contents
Fidelity® Real Estate Investment ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Real Estate Investment ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on Cboe BZX Exchange, Inc. (CboeBZX) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on CBoeBZX. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2022
Average Annual Total Returns Past
1 Year
Life of
Fund
Fidelity Real Estate Investment ETF – NAVA -1.68 14.95
Fidelity Real Estate Investment ETF – Market PriceB -1.67 15.03
MSCI US IMI Real Estate 25/50 IndexA -4.24 11.76
S&P 500 IndexA -4.64 6.82
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Real Estate Investment ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From February 2, 2021.
B From February 4, 2021, date initially listed on the CboeBZX Exchange, Inc.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity Real Estate Investment ETF – NAV on February 2, 2021, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI U.S. IMI Real Estate 25/50 Index and S&P 500 Index performed over the same period.
 Annual Report 20


Table of Contents
Fidelity® Real Estate Investment ETF
Management’s Discussion of Fund Performance
Comments from Co-Managers Steve Buller and Wan Hua Tan:
For the fiscal year ending July 31, 2022, the fund returned -1.68% at net asset value and -1.67% on a market-price basis, outperforming the -4.24% return of the MSCI US IMI Real Estate 25/50® index, as well as the broad-based S&P 500®. Versus the industry index, positioning was the primary contributor. Picks in the industrial category and smaller-than-index exposure to the office group aided performance. An underweight stake in Zillow (-66%), a position we established this period, was the fund's top individual relative contributor. Also adding value was our overweighting in Duke Realty, which gained approximately 28% and was among the fund’s largest holdings on July 31. Another notable relative contributor was an outsized stake in Gaming and Leisure Properties (+17%). Conversely, the biggest detractor from performance versus the industry index was our security selection in the self-storage category. Picks among the diversified and apartments segments also hurt the portfolio's relative result. Not owning Public Storage, an index component that gained roughly 11%, was the biggest individual relative detractor. Also hindering performance was an underweight position in Realty Income, which gained 13% and was no longer held at period end. Avoiding W.P. Carey, an index component that gained about 17%, also hurt relative performance. Notable changes in positioning this period include a lower allocation to the diversified and data centers groups.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF’s subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
21 Annual Report 


Table of Contents
Fidelity® Real Estate Investment ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2022
  % of fund's
net assets
Crown Castle International Corp. 10.4
Prologis, Inc. 7.7
SBA Communications Corp. 7.5
Welltower, Inc. 5.4
Equinix, Inc. 4.8
Digital Realty Trust, Inc. 4.0
Ventas, Inc. 3.8
Duke Realty Corp. 3.2
UDR, Inc. 3.2
Extra Space Storage, Inc. 3.1
  53.1
 
Top Five REIT Sectors as of July 31, 2022
  % of fund's
net assets
REITs - Diversified 40.2
REITs - Apartments 11.3
REITs - Health Care 9.2
REITs - Warehouse/Industrial 7.7
REITs - Storage 7.4
 
Asset Allocation as of July 31, 2022
 Annual Report 22


Table of Contents
Fidelity® Small-Mid Cap Opportunities ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Small-Mid Cap Opportunities ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on Cboe BZX Exchange, Inc. (CboeBZX) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on CboeBZX. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2022
Average Annual Total Returns Past
1 Year
Life of
Fund
Fidelity Small-Mid Cap Opportunities ETF – NAVA -7.88 3.55
Fidelity Small-Mid Cap Opportunities ETF – Market PriceB -7.97 2.03
Russell 2500 IndexA -11.27 6.82
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Small-Mid Cap Opportunities ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From February 2, 2021.
B From February 4, 2021, date initially listed on the CboeBZX Exchange, Inc.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity Small-Mid Cap Opportunities ETF – NAV on February 2, 2021, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 2500 Index performed over the same period.
23 Annual Report 


Table of Contents
Fidelity® Small-Mid Cap Opportunities ETF
Management’s Discussion of Fund Performance
Comments from Co-Portfolio Manager Tim Gannon and Michelle Hoerber:
For the fiscal year ending July 31, 2022, the fund returned -7.88%, outperforming the -11.27% result of the benchmark Russell 2500® Index. The top contributors to the fund's performance versus the benchmark were security selection and an underweighting in health care. Strong picks in the consumer discretionary sector, primarily driven by the retailing industry, also bolstered the fund's relative result. Also helping was security selection in the communication services sector, especially within the media & entertainment industry. Our non-benchmark stake in Cheniere Energy was the fund's largest individual relative contributor, driven by a rise of approximately 76%. Also helping performance was our outsized stake in Antero Resources, which gained 189%. Both Cheniere and Antero Resources were among the fund’s 20-largest holdings at period end. Another notable relative contributor was an overweighting in Builders FirstSource (+51%), which was the fund's largest holding. In contrast, the largest detractor from performance versus the benchmark was stock selection in materials. Security selection and an underweighting in real estate and an overweighting in consumer discretionary also hampered relative performance. Not owning Devon Energy, a benchmark component that gained about 123%, was the fund's biggest individual relative detractor. Also holding back performance was our outsized stake in Charles River Labs International, which returned roughly -38%. Charles River Labs was one of our largest holdings the past 12 months. Also hindering performance was our overweighting in Crocs, which returned approximately -47%. Notable changes in positioning include increased exposure to the consumer staples sector and a lower allocation to information technology.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF’s subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 24


Table of Contents
Fidelity® Small-Mid Cap Opportunities ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2022
  % of fund's
net assets
Builders FirstSource, Inc. 1.7
Molina Healthcare, Inc. 1.5
Comerica, Inc. 1.3
TFI International, Inc. 1.3
Antero Resources Corp. 1.2
AutoZone, Inc. 1.2
Hess Corp. 1.2
Jones Lang LaSalle, Inc. 1.2
Tapestry, Inc. 1.1
Williams-Sonoma, Inc. 1.1
  12.8
 
Top Five Market Sectors as of July 31, 2022
  % of fund's
net assets
Industrials 16.6
Financials 14.9
Information Technology 13.3
Consumer Discretionary 12.6
Health Care 12.3
 
Asset Allocation as of July 31, 2022
* Foreign investments – 10.1%
25 Annual Report 


Table of Contents
Fidelity® Sustainable U.S. Equity ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Sustainable U.S. Equity ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2022
Average Annual Total Returns Past
1 Year
Life of
Fund
Fidelity Sustainable U.S. Equity ETF – NAVA -7.01 -2.94
Fidelity Sustainable U.S. Equity ETF – Market PriceB -7.05 -2.53
Russell 3000 IndexA -7.35 -4.10
MSCI USA IMI ESG Leaders IndexA -6.35 12.91
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Sustainable U.S. Equity ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From June 15, 2021.
B From June 17, 2021, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity Sustainable U.S. Equity ETF – NAV on June 15, 2021, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 3000 Index and MSCI USA IMI ESG Leaders Index performed over the same period.
 Annual Report 26


Table of Contents
Fidelity® Sustainable U.S. Equity ETF
Management’s Discussion of Fund Performance
Comments from Co-Portfolio Managers Nicole Connolly and Michael Robertson:
For the year ending July 31, 2022, the fund returned -7.01%, trailing the -6.35% result of the MSCI USA IMI ESG Leaders Index. The fund modestly outperformed the -7.35% return of the broad-market Russell 3000® Index. Versus the MSCI index, security selection detracted most from the fund's performance the past 12 months, especially in the consumer discretionary sector. Stock choices in industrials and financials also held back relative performance. In terms of individual stocks, an out-of-index position in PayPal Holdings (-68%) detracted more than any other investments this period. In the automobiles & components segment, not owning a stake in Tesla also notably hurt, as the stock of this index component gained 30%. In the retailing group, a non-index position in Gap (-71%) also held back the fund's relative result. The fund did not own Gap at period end. Conversely, stock selection and an overweighting in energy contributed most to the fund's performance versus the MSCI index. Stock choices in health care and an underweighting in communication services also added relative value for the fund. Picks in materials also contributed. A non-index stake in On Semiconductor was the fund's biggest relative contributor due to its 72% gain this period. In energy, overweight positions in Cheniere Energy (+76%) and Valero Energy (+74%) also meaningfully added relative value for the fund.
Note to Shareholders:
On February 1, 2022, the fund's supplemental benchmark was changed to the MSCI USA IMI ESG Leaders Index. On February 9, 2022, Fidelity Sustainability U.S. Equity ETF was renamed Fidelity Sustainable U.S. Equity ETF.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF’s subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
27 Annual Report 


Table of Contents
Fidelity® Sustainable U.S. Equity ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2022
  % of fund's
net assets
Microsoft Corp. 6.2
Danaher Corp. 2.9
Prologis, Inc. 2.9
Merck & Co., Inc. 2.5
Cheniere Energy, Inc. 2.4
Cigna Corp. 2.3
Apple, Inc. 2.3
Salesforce, Inc. 2.1
The Travelers Cos., Inc. 2.1
Marriott International, Inc. Class A 2.1
  27.8
 
Top Five Market Sectors as of July 31, 2022
  % of fund's
net assets
Information Technology 23.1
Health Care 14.5
Financials 12.1
Consumer Discretionary 10.5
Industrials 9.5
 
Asset Allocation as of July 31, 2022
* Foreign investments – 5.0%
 Annual Report 28


Table of Contents
Fidelity® Women’s Leadership ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Women’s Leadership ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2022
Average Annual Total Returns Past
1 Year
Life of
Fund
Fidelity Women’s Leadership ETF – NAVA -14.14 -10.71
Fidelity Women’s Leadership ETF – Market PriceB -14.12 -10.47
Russell 3000 IndexA -7.35 -4.10
MSCI USA Women's Leadership IndexA -14.07 12.91
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Women’s Leadership ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From June 15, 2021.
B From June 17, 2021, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity Women’s Leadership ETF – NAV on June 15, 2021, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 3000 Index and MSCI USA Women’s Leadership Index performed over the same period.
29 Annual Report 


Table of Contents
Fidelity® Women’s Leadership ETF
Management’s Discussion of Fund Performance
Comments from Co-Portfolio Managers Nicole Connolly and Michael Robertson:
For the year ending July 31, 2022, the fund returned -14.14%, about in line with the -14.07% result of the MSCI USA Women's Leadership Index. The fund underperformed the -7.35% return of the broad-market Russell 3000® Index. Versus the MSCI index, security selection detracted most from the fund's performance the past 12 months, especially in the consumer discretionary sector. An underweighting in energy and positioning in consumer staples also held back the fund's relative result. In terms of individual stocks, an overweight position in PayPal Holdings (-69%) detracted more than any other investment this period. In the retailing group, non-index positions in RealReal (-86%) and Gap (-65%) also notably held back the fund's relative performance. The fund did not own Gap at period end. Conversely, stock selection and an overweighting in communication services contributed most to the fund's performance versus the MSCI index. Stock choices in health care and financials also added meaningful relative value for the fund. Not owning a stake in Roku, an index component that returned -85% the past 12 months, was the fund's top individual relative contributor. In the real estate sector, not having exposure to Zillow Group (-67%) also helped boost the fund's relative performance. An overweight position in Elevance Health, which gained roughly 26%, notably contributed this period.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF’s subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 30


Table of Contents
Fidelity® Women’s Leadership ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2022
  % of fund's
net assets
Microsoft Corp. 3.4
Elevance Health, Inc. 3.3
Apple, Inc. 2.4
Cigna Corp. 2.2
CDW Corp. 2.2
The Progressive Corp. 2.0
Accenture PLC Class A 1.9
Hologic, Inc. 1.8
AMETEK, Inc. 1.8
Nasdaq, Inc. 1.8
  22.8
 
Top Five Market Sectors as of July 31, 2022
  % of fund's
net assets
Information Technology 25.5
Health Care 15.0
Industrials 12.3
Financials 12.2
Consumer Discretionary 11.1
 
Asset Allocation as of July 31, 2022
* Foreign investments – 5.7%
31 Annual Report 


Table of Contents
Fidelity® Blue Chip Growth ETF
Schedule of Investments July 31, 2022 
Showing Percentage of Net Assets
Common Stocks – 99.6%
  Shares Value
COMMUNICATION SERVICES – 10.9%
Entertainment – 1.6%
Bilibili, Inc. ADR (a) 27,906 $ 682,023
Endeavor Group Holdings, Inc. (a) 18,924 431,278
Netflix, Inc. (a) 18,046 4,058,545
Sea Ltd. ADR (a) 7,523 574,155
    5,746,001
Interactive Media & Services – 9.2%
Alphabet, Inc. Class A (a) 204,383 23,773,831
Meta Platforms, Inc. Class A (a) 52,461 8,346,545
Snap, Inc. Class A (a) 144,840 1,431,019
ZoomInfo Technologies, Inc. Class A (a) 340 12,883
    33,564,278
Wireless Telecommunication Services – 0.1%
T-Mobile US, Inc. (a) 1,872 267,808
TOTAL COMMUNICATION SERVICES 39,578,087
CONSUMER DISCRETIONARY – 28.0%
Automobiles – 5.5%
Rivian Automotive, Inc. (a) 37,622 1,290,435
Tesla, Inc. (a) 20,123 17,938,648
XPeng, Inc. ADR (a) 32,503 794,048
    20,023,131
Hotels, Restaurants & Leisure – 4.1%
Airbnb, Inc. Class A (a) 33,625 3,731,702
Booking Holdings, Inc. (a) 401 776,212
Caesars Entertainment, Inc. (a) 34,437 1,573,427
Chipotle Mexican Grill, Inc. (a) 1,398 2,186,780
Hilton Worldwide Holdings, Inc. 9,524 1,219,739
Marriott International, Inc. Class A 13,056 2,073,554
Penn National Gaming, Inc. (a) 68,659 2,372,168
Sweetgreen, Inc. (a) 58,992 926,764
    14,860,346
Internet & Direct Marketing Retail – 9.0%
Alibaba Group Holding Ltd. ADR (a) 7,593 678,586
Amazon.com, Inc. (a) 220,782 29,794,531
JD.com, Inc. ADR 14,609 869,236
Pinduoduo, Inc. ADR (a) 20,332 996,471
Wayfair, Inc. Class A (a) 6,601 355,860
    32,694,684
Multiline Retail – 1.1%
Dollar Tree, Inc. (a) 20,735 3,428,740
Ollie's Bargain Outlet Holdings, Inc. (a) 5,825 343,384
Target Corp. 2,259 369,075
    4,141,199
Specialty Retail – 4.7%
American Eagle Outfitters, Inc. 93,881 1,130,327
Burlington Stores, Inc. (a) 5,809 819,824
Carvana Co. (a) 42,890 1,250,244
Five Below, Inc. (a) 12,427 1,579,099

  Shares Value
Floor & Decor Holdings, Inc. Class A (a) 13,892 $ 1,119,278
Lowe's Cos., Inc. 32,511 6,226,832
RH (a) 6,145 1,717,097
The TJX Cos., Inc. 30,895 1,889,538
Victoria's Secret & Co. (a) 20,154 744,892
Warby Parker, Inc. (a) 34,556 428,149
    16,905,280
Textiles, Apparel & Luxury Goods – 3.6%
Capri Holdings Ltd. (a) 40,648 1,978,745
Crocs, Inc. (a) 25,534 1,829,256
Deckers Outdoor Corp. (a) 3,178 995,381
Lululemon Athletica, Inc. (a) 10,910 3,387,664
NIKE, Inc. Class B 40,423 4,645,411
On Holding AG (a) 5,818 126,658
    12,963,115
TOTAL CONSUMER DISCRETIONARY 101,587,755
CONSUMER STAPLES – 1.4%
Beverages – 1.1%
Celsius Holdings, Inc. (a) 33,307 2,962,991
Constellation Brands, Inc. Class A 677 166,752
The Boston Beer Co., Inc. Class A (a) 1,680 639,122
    3,768,865
Food & Staples Retailing – 0.2%
Albertsons Cos., Inc. 8,970 240,844
BJ's Wholesale Club Holdings, Inc. (a) 3,468 234,784
Sysco Corp. 3,958 336,034
    811,662
Household Products – 0.1%
The Procter & Gamble Co. 3,130 434,788
TOTAL CONSUMER STAPLES 5,015,315
ENERGY – 4.2%
Energy Equipment & Services – 0.1%
Halliburton Co. 10,705 313,657
US Silica Holdings, Inc. (a) 8,577 118,620
    432,277
Oil, Gas & Consumable Fuels – 4.1%
Antero Resources Corp. (a) 17,543 695,405
Cenovus Energy, Inc. 16,763 319,408
Cheniere Energy, Inc. 3,148 470,878
Denbury, Inc. (a) 5,598 402,552
Devon Energy Corp. 16,638 1,045,698
Diamondback Energy, Inc. 12,241 1,567,093
EOG Resources, Inc. 14,464 1,608,686
EQT Corp. 3,788 166,786
Exxon Mobil Corp. 11,884 1,151,916
Hess Corp. 18,486 2,079,120
Imperial Oil Ltd. 2,973 142,480
Marathon Oil Corp. 19,828 491,734
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 32


Table of Contents
Common Stocks – continued
  Shares Value
ENERGY – continued
Oil, Gas & Consumable Fuels – continued
Northern Oil and Gas, Inc. 3,686 $ 106,267
Occidental Petroleum Corp. 15,444 1,015,443
Phillips 66 10,536 937,704
Pioneer Natural Resources Co. 6,265 1,484,492
Valero Energy Corp. 11,638 1,289,141
    14,974,803
TOTAL ENERGY 15,407,080
FINANCIALS – 0.9%
Banks – 0.3%
Wells Fargo & Co. 22,338 979,968
Consumer Finance – 0.5%
American Express Co. 12,890 1,985,318
Diversified Financial Services – 0.1%
Berkshire Hathaway, Inc. Class B (a) 578 173,747
TOTAL FINANCIALS 3,139,033
HEALTH CARE – 7.0%
Biotechnology – 1.2%
Alnylam Pharmaceuticals, Inc. (a) 6,254 888,318
Arcutis Biotherapeutics, Inc. (a) 3,038 73,702
Argenx SE ADR (a) 1,064 387,519
Ascendis Pharma A/S ADR (a) 1,796 153,612
Avidity Biosciences, Inc. (a) 686 11,175
Generation Bio Co. (a) 844 5,385
Horizon Therapeutics PLC (a) 14,887 1,235,174
Instil Bio, Inc. (a) 4,539 25,600
Karuna Therapeutics, Inc. (a) 1,602 208,660
Regeneron Pharmaceuticals, Inc. (a) 969 563,658
Vertex Pharmaceuticals, Inc. (a) 2,451 687,285
Verve Therapeutics, Inc. (a) 4,685 115,345
    4,355,433
Health Care Equipment & Supplies – 1.7%
Axonics, Inc. (a) 7,628 494,828
Danaher Corp. 5,438 1,585,014
DexCom, Inc. (a) 21,517 1,766,115
Insulet Corp. (a) 2,546 630,899
Shockwave Medical, Inc. (a) 8,044 1,696,721
    6,173,577
Health Care Providers & Services – 1.6%
agilon health, Inc. (a) 2,006 50,210
Alignment Healthcare, Inc. (a) 6,748 99,061
Centene Corp. (a) 2,325 216,155
Elevance Health, Inc. 342 163,168
Guardant Health, Inc. (a) 18,077 906,923
LifeStance Health Group, Inc. (a) 21,932 130,715
Surgery Partners, Inc. (a) 4,009 157,874

  Shares Value
UnitedHealth Group, Inc. 7,749 $ 4,202,593
    5,926,699
Health Care Technology – 0.0%
Certara, Inc. (a) 3,185 73,223
Life Sciences Tools & Services – 0.3%
10X Genomics, Inc. Class A (a) 3,993 160,319
ICON PLC (a) 668 161,155
Olink Holding AB ADR (a) 6,738 90,626
Seer, Inc. (a) 630 5,670
Thermo Fisher Scientific, Inc. 1,235 739,037
    1,156,807
Pharmaceuticals – 2.2%
Eli Lilly & Co. 14,100 4,648,629
Zoetis, Inc. 17,550 3,203,753
    7,852,382
TOTAL HEALTH CARE 25,538,121
INDUSTRIALS – 3.5%
Aerospace & Defense – 0.5%
Howmet Aerospace, Inc. 11,542 428,555
L3Harris Technologies, Inc. 1,232 295,643
Lockheed Martin Corp. 416 172,145
Northrop Grumman Corp. 402 192,518
The Boeing Co. (a) 5,172 823,951
    1,912,812
Electrical Equipment – 0.5%
Acuity Brands, Inc. 6,497 1,185,053
Generac Holdings, Inc. (a) 2,453 658,140
    1,843,193
Industrial Conglomerates – 0.2%
General Electric Co. 7,829 578,641
Machinery – 0.2%
Deere & Co. 1,966 674,692
Road & Rail – 2.1%
Avis Budget Group, Inc. (a) 3,548 645,842
Bird Global, Inc. (a) 105,848 56,946
Hertz Global Holdings, Inc. (a) 30,083 644,378
Lyft, Inc. Class A (a) 161,121 2,233,137
Uber Technologies, Inc. (a) 170,011 3,986,758
    7,567,061
TOTAL INDUSTRIALS 12,576,399
INFORMATION TECHNOLOGY – 42.1%
IT Services – 2.4%
Mastercard, Inc. Class A 11,648 4,120,946
MongoDB, Inc. (a) 1,668 521,200
Okta, Inc. (a) 13,576 1,336,557
Shift4 Payments, Inc. (a) 7,713 280,985
Snowflake, Inc. Class A (a) 2,248 336,998
See accompanying notes which are an integral part of the financial statements.
33 Annual Report 


Table of Contents
Fidelity® Blue Chip Growth ETF
Schedule of Investmentscontinued
Common Stocks – continued
  Shares Value
INFORMATION TECHNOLOGY – continued
IT Services – continued
Twilio, Inc. Class A (a) 14,603 $1,238,334
Visa, Inc. Class A 3,355 711,629
    8,546,649
Semiconductors & Semiconductor Equipment – 14.0%
Advanced Micro Devices, Inc. (a) 29,472 2,784,220
ASML Holding N.V. 907 521,017
Cirrus Logic, Inc. (a) 6,341 541,902
GLOBALFOUNDRIES, Inc. (a) 28,244 1,454,001
Lam Research Corp. 1,364 682,696
Marvell Technology, Inc. 238,397 13,273,945
Monolithic Power Systems, Inc. 1,254 582,759
NVIDIA Corp. 114,037 20,712,540
NXP Semiconductors N.V. 34,312 6,309,291
ON Semiconductor Corp. (a) 23,784 1,588,295
Synaptics, Inc. (a) 1,502 217,715
Taiwan Semiconductor Manufacturing Co. Ltd. ADR 7,876 696,868
Teradyne, Inc. 15,910 1,605,160
    50,970,409
Software – 12.3%
Atlassian Corp. PLC Class A (a) 789 165,153
Bill.com Holdings, Inc. (a) 2,722 367,688
Coupa Software, Inc. (a) 6,706 438,706
Crowdstrike Holdings, Inc. Class A (a) 4,370 802,332
Datadog, Inc. Class A (a) 3,679 375,295
EngageSmart, Inc. (a) 9,795 184,832
HubSpot, Inc. (a) 3,952 1,217,216
Intuit, Inc. 3,959 1,805,977
Microsoft Corp. 116,604 32,735,407
Paycom Software, Inc. (a) 677 223,742
Riskified Ltd. (a) 12,489 54,827
Salesforce, Inc. (a) 23,931 4,403,783
ServiceNow, Inc. (a) 1,880 839,721
Zoom Video Communications, Inc. Class A (a) 11,689 1,214,019
    44,828,698
Technology Hardware, Storage & Peripherals – 13.4%
Apple, Inc. 299,399 48,655,331
TOTAL INFORMATION TECHNOLOGY 153,001,087

  Shares Value
MATERIALS – 1.5%
Chemicals – 1.1%
Cabot Corp. 2,095 $ 155,575
CF Industries Holdings, Inc. 9,684 924,725
Nutrien Ltd. 18,081 1,547,803
The Mosaic Co. 23,980 1,262,787
    3,890,890
Metals & Mining – 0.4%
Freeport-McMoRan, Inc. 52,775 1,665,051
TOTAL MATERIALS 5,555,941
REAL ESTATE – 0.1%
Real Estate Management & Development – 0.1%
WeWork, Inc. (a) 117,060 558,376
UTILITIES – 0.0%
Multi-Utilities – 0.0%
Sempra Energy 1,082 179,396
TOTAL COMMON STOCKS
(Cost $391,690,162)
362,136,590
Money Market Fund – 0.5%
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (b)
(Cost $1,690,342)
1,690,342 1,690,342
TOTAL INVESTMENT IN SECURITIES – 100.1%
(Cost $393,380,504)
363,826,932
NET OTHER ASSETS (LIABILITIES) – (0.1%) (429,994)
NET ASSETS – 100.0% $ 363,396,938
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 34


Table of Contents
Investment Valuation
The following is a summary of the inputs used, as of July 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   $ 39,578,087   $ 39,578,087   $   $
Consumer Discretionary   101,587,755   101,587,755    
Consumer Staples   5,015,315   5,015,315    
Energy   15,407,080   15,407,080    
Financials   3,139,033   3,139,033    
Health Care   25,538,121   25,538,121    
Industrials   12,576,399   12,576,399    
Information Technology   153,001,087   153,001,087    
Materials   5,555,941   5,555,941    
Real Estate   558,376   558,376    
Utilities   179,396   179,396    
Money Market Fund   1,690,342   1,690,342    
Total Investments in Securities:   $ 363,826,932   $ 363,826,932   $   $
See accompanying notes which are an integral part of the financial statements.
35 Annual Report 


Table of Contents
Fidelity® Blue Chip Value ETF
Schedule of Investments July 31, 2022 
Showing Percentage of Net Assets
Common Stocks – 97.5%
  Shares Value
COMMUNICATION SERVICES – 8.3%
Diversified Telecommunication Services – 2.0%
Verizon Communications, Inc. 48,719 $ 2,250,331
Entertainment – 1.4%
Activision Blizzard, Inc. 20,046 1,602,678
Interactive Media & Services – 2.2%
Alphabet, Inc. Class A (a) 21,820 2,538,102
Media – 2.7%
Comcast Corp. Class A 80,852 3,033,567
TOTAL COMMUNICATION SERVICES 9,424,678
CONSUMER DISCRETIONARY – 4.2%
Diversified Consumer Services – 1.4%
H&R Block, Inc. 40,497 1,618,260
Internet & Direct Marketing Retail – 0.5%
eBay, Inc. 11,929 580,107
Multiline Retail – 1.6%
Dollar General Corp. 7,263 1,804,347
Specialty Retail – 0.7%
Ross Stores, Inc. 9,913 805,531
TOTAL CONSUMER DISCRETIONARY 4,808,245
CONSUMER STAPLES – 7.1%
Beverages – 0.6%
Coca-Cola Europacific Partners PLC 13,151 711,732
Food & Staples Retailing – 0.7%
US Foods Holding Corp. (a) 25,254 795,501
Food Products – 2.7%
Mondelez International, Inc. Class A 35,549 2,276,558
Tyson Foods, Inc. Class A 9,195 809,252
    3,085,810
Household Products – 2.8%
Spectrum Brands Holdings, Inc. 10,921 759,446
The Clorox Co. 5,479 777,141
The Procter & Gamble Co. 11,707 1,626,220
    3,162,807
Personal Products – 0.3%
Unilever PLC ADR 8,052 391,810
TOTAL CONSUMER STAPLES 8,147,660
ENERGY – 4.5%
Oil, Gas & Consumable Fuels – 4.5%
Exxon Mobil Corp. 53,524 5,188,081
FINANCIALS – 20.6%
Banks – 8.6%
Bank of America Corp. 69,263 2,341,782
Cullen/Frost Bankers, Inc. 2,820 367,728
JPMorgan Chase & Co. 22,751 2,624,556

  Shares Value
M&T Bank Corp. 8,066 $ 1,431,312
The PNC Financial Services Group, Inc. 8,746 1,451,311
Wells Fargo & Co. 35,736 1,567,738
    9,784,427
Capital Markets – 3.2%
Affiliated Managers Group, Inc. 5,512 696,607
BlackRock, Inc. 2,833 1,895,787
Invesco Ltd. 14,183 251,606
Northern Trust Corp. 8,583 856,412
    3,700,412
Diversified Financial Services – 4.7%
Berkshire Hathaway, Inc. Class B (a) 17,857 5,367,814
Insurance – 4.1%
Chubb Ltd. 7,923 1,494,594
The Travelers Cos., Inc. 10,954 1,738,400
Willis Towers Watson PLC 6,836 1,414,642
    4,647,636
TOTAL FINANCIALS 23,500,289
HEALTH CARE – 20.2%
Biotechnology – 2.5%
Regeneron Pharmaceuticals, Inc. (a) 2,348 1,365,808
Vertex Pharmaceuticals, Inc. (a) 5,262 1,475,517
    2,841,325
Health Care Providers & Services – 12.1%
Centene Corp. (a) 37,755 3,510,082
Cigna Corp. 12,837 3,534,796
Elevance Health, Inc. 3,885 1,853,534
Humana, Inc. 3,404 1,640,728
UnitedHealth Group, Inc. 6,041 3,276,276
    13,815,416
Pharmaceuticals – 5.6%
AstraZeneca PLC ADR 25,859 1,712,641
Bristol-Myers Squibb Co. 39,647 2,925,156
Sanofi ADR 35,861 1,782,292
    6,420,089
TOTAL HEALTH CARE 23,076,830
INDUSTRIALS – 8.3%
Aerospace & Defense – 5.0%
L3Harris Technologies, Inc. 4,942 1,185,932
Lockheed Martin Corp. 2,972 1,229,843
Northrop Grumman Corp. 4,496 2,153,134
The Boeing Co. (a) 6,761 1,077,095
    5,646,004
Electrical Equipment – 0.7%
Regal Rexnord Corp. 6,209 833,869
Machinery – 2.6%
ITT, Inc. 5,208 390,756
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 36


Table of Contents
Common Stocks – continued
  Shares Value
INDUSTRIALS – continued
Machinery – continued
Oshkosh Corp. 14,083 $ 1,212,546
Pentair PLC 16,179 790,992
Stanley Black & Decker, Inc. 6,194 602,862
    2,997,156
TOTAL INDUSTRIALS 9,477,029
INFORMATION TECHNOLOGY – 9.0%
Communications Equipment – 1.5%
Cisco Systems, Inc. 38,755 1,758,315
Electronic Equipment, Instruments & Components – 1.1%
TE Connectivity Ltd. 9,058 1,211,326
IT Services – 3.0%
Amdocs Ltd. 14,736 1,282,916
Cognizant Technology Solutions Corp. Class A 22,780 1,548,129
Maximus, Inc. 9,705 648,779
    3,479,824
Semiconductors & Semiconductor Equipment – 1.6%
Broadcom, Inc. 419 224,366
Micron Technology, Inc. 12,576 777,951
NXP Semiconductors N.V. 4,535 833,896
    1,836,213
Software – 1.8%
Aspen Technology, Inc. (a) 1,846 376,750
NortonLifelock, Inc. 40,319 989,025
Open Text Corp. 16,155 660,740
    2,026,515
TOTAL INFORMATION TECHNOLOGY 10,312,193
MATERIALS – 2.3%
Chemicals – 1.8%
DuPont de Nemours, Inc. 19,545 1,196,740
International Flavors & Fragrances, Inc. 6,979 865,745
    2,062,485
Metals & Mining – 0.5%
Newmont Corp. 11,710 530,229
TOTAL MATERIALS 2,592,714

  Shares Value
REAL ESTATE – 0.7%
Real Estate Management & Development – 0.7%
CBRE Group, Inc. Class A (a) 9,209 $ 788,475
UTILITIES – 12.3%
Electric Utilities – 10.3%
Constellation Energy Corp. 23,412 1,547,533
Duke Energy Corp. 13,495 1,483,505
Evergy, Inc. 20,279 1,384,245
Exelon Corp. 27,388 1,273,268
NextEra Energy, Inc. 11,383 961,750
PG&E Corp. (a) 163,982 1,780,845
Portland General Electric Co. 14,662 752,747
PPL Corp. 17,611 512,128
The Southern Co. 26,197 2,014,287
    11,710,308
Independent Power and Renewable Electricity Producers – 0.5%
The AES Corp. 25,851 574,409
Multi-Utilities – 1.5%
Dominion Energy, Inc. 21,037 1,724,613
TOTAL UTILITIES 14,009,330
TOTAL COMMON STOCKS
(Cost $102,143,223)
111,325,524
Money Market Fund – 2.4%
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (b)
(Cost $2,781,434)
2,781,434 2,781,434
TOTAL INVESTMENT IN SECURITIES – 99.9%
(Cost $104,924,657)
114,106,958
NET OTHER ASSETS (LIABILITIES) – 0.1% 68,470
NET ASSETS – 100.0% $ 114,175,428
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
See accompanying notes which are an integral part of the financial statements.
37 Annual Report 


Table of Contents
Fidelity® Blue Chip Value ETF
Schedule of Investmentscontinued
Investment Valuation
The following is a summary of the inputs used, as of July 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   $ 9,424,678   $ 9,424,678   $   $
Consumer Discretionary   4,808,245   4,808,245    
Consumer Staples   8,147,660   8,147,660    
Energy   5,188,081   5,188,081    
Financials   23,500,289   23,500,289    
Health Care   23,076,830   23,076,830    
Industrials   9,477,029   9,477,029    
Information Technology   10,312,193   10,312,193    
Materials   2,592,714   2,592,714    
Real Estate   788,475   788,475    
Utilities   14,009,330   14,009,330    
Money Market Fund   2,781,434   2,781,434    
Total Investments in Securities:   $ 114,106,958   $ 114,106,958   $   $
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 88.9%
United Kingdom 2.5%
Switzerland 2.4%
Ireland 1.9%
France 1.6%
Guernsey 1.1%
Others (Individually Less Than 1%) 1.5%
  99.9%
See accompanying notes which are an integral part of the financial statements.
 Annual Report 38


Table of Contents
Fidelity® Growth Opportunities ETF
Schedule of Investments July 31, 2022 
Showing Percentage of Net Assets
Common Stocks – 99.9%
  Shares Value
COMMUNICATION SERVICES – 17.8%
Entertainment – 2.3%
Roku, Inc. (a) 14,507 $950,498
Sea Ltd. ADR (a) 6,512 496,996
    1,447,494
Interactive Media & Services – 10.6%
Alphabet, Inc. Class A (a) 16,569 1,927,306
Alphabet, Inc. Class C (a) 30,526 3,560,553
Meta Platforms, Inc. Class A (a) 4,024 640,219
ZoomInfo Technologies, Inc. Class A (a) 12,524 474,534
    6,602,612
Media – 0.7%
Charter Communications, Inc. Class A (a) 1 432
Magnite, Inc. (a) 19,672 150,294
TechTarget, Inc. (a) 4,248 276,927
    427,653
Wireless Telecommunication Services – 4.2%
T-Mobile US, Inc. (a) 18,237 2,608,985
TOTAL COMMUNICATION SERVICES 11,086,744
CONSUMER DISCRETIONARY – 8.8%
Automobiles – 3.2%
Tesla, Inc. (a) 2,216 1,975,453
Hotels, Restaurants & Leisure – 0.7%
Airbnb, Inc. Class A (a) 3,538 392,648
Sweetgreen, Inc. (a) 2,627 41,270
    433,918
Household Durables – 0.0%
Purple Innovation, Inc. (a) 39 136
Internet & Direct Marketing Retail – 4.8%
Amazon.com, Inc. (a) 15,867 2,141,251
Cazoo Group Ltd. (a) 65,579 35,708
DoorDash, Inc. Class A (a) 6,303 439,634
Global-e Online Ltd. (a) 14,222 323,693
Wayfair, Inc. Class A (a) 926 49,921
    2,990,207
Textiles, Apparel & Luxury Goods – 0.1%
Lululemon Athletica, Inc. (a) 286 88,806
TOTAL CONSUMER DISCRETIONARY 5,488,520
CONSUMER STAPLES – 0.2%
Beverages – 0.1%
The Boston Beer Co., Inc. Class A (a) 181 68,858
Food Products – 0.1%
Local Bounti Corp. (a) 6,904 26,718
TOTAL CONSUMER STAPLES 95,576

  Shares Value
ENERGY – 10.7%
Energy Equipment & Services – 0.0%
NOV, Inc. 14 $ 261
Oil, Gas & Consumable Fuels – 10.7%
Antero Resources Corp. (a) 35,967 1,425,732
Canadian Natural Resources Ltd. 13,965 771,126
Cenovus Energy, Inc. 30,291 577,174
Cheniere Energy, Inc. 259 38,741
ConocoPhillips 604 58,848
Exxon Mobil Corp. 15,025 1,456,373
Hess Corp. 9,183 1,032,812
Imperial Oil Ltd. 4,436 212,594
Ovintiv, Inc. 9,870 504,258
Pioneer Natural Resources Co. 454 107,575
Range Resources Corp. 962 31,813
Tourmaline Oil Corp. 7,570 474,282
    6,691,328
TOTAL ENERGY 6,691,589
FINANCIALS – 1.3%
Banks – 1.3%
Wells Fargo & Co. 18,008 790,011
HEALTH CARE – 12.5%
Biotechnology – 2.5%
Agios Pharmaceuticals, Inc. (a) 2,639 56,923
Alnylam Pharmaceuticals, Inc. (a) 2,191 311,210
ALX Oncology Holdings, Inc. (a) 2,111 20,434
Argenx SE ADR (a) 608 221,440
Ascendis Pharma A/S ADR (a) 76 6,500
Aurinia Pharmaceuticals, Inc. (a) 7,662 62,675
Blueprint Medicines Corp. (a) 506 25,836
Celldex Therapeutics, Inc. (a) 1,608 49,398
Cytokinetics, Inc. (a) 4,398 186,167
Erasca, Inc. (a) 4,541 34,239
Exelixis, Inc. (a) 4,757 99,516
Icosavax, Inc. (a) 1,087 7,609
Imago Biosciences, Inc. (a) 2,641 42,520
Instil Bio, Inc. (a) 4,276 24,117
Keros Therapeutics, Inc. (a) 1,222 39,202
Mirati Therapeutics, Inc. (a) 804 51,778
Monte Rosa Therapeutics, Inc. (a) 583 5,288
Morphic Holding, Inc. (a) 700 18,529
Nuvalent, Inc. (a) 1,131 16,807
Relay Therapeutics, Inc. (a) 4,212 80,112
Tenaya Therapeutics, Inc. (a) 2,344 11,181
TG Therapeutics, Inc. (a) 3,284 19,671
Vaxcyte, Inc. (a) 4,032 93,059
Zentalis Pharmaceuticals, Inc. (a) 3,125 91,250
    1,575,461
 
See accompanying notes which are an integral part of the financial statements.
39 Annual Report 


Table of Contents
Fidelity® Growth Opportunities ETF
Schedule of Investmentscontinued
Common Stocks – continued
  Shares Value
HEALTH CARE – continued
Health Care Equipment & Supplies – 2.6%
Boston Scientific Corp. (a) 17,987 $ 738,367
Danaher Corp. 973 283,600
Insulet Corp. (a) 594 147,193
Penumbra, Inc. (a) 698 97,287
TransMedics Group, Inc. (a) 8,236 332,570
    1,599,017
Health Care Providers & Services – 7.3%
agilon health, Inc. (a) 24,066 602,372
Alignment Healthcare, Inc. (a) 1,504 22,079
Cano Health, Inc. (a) 28,065 170,916
Centene Corp. (a) 8,941 831,245
Guardant Health, Inc. (a) 3,489 175,043
Humana, Inc. 1,795 865,190
LifeStance Health Group, Inc. (a) 28,500 169,860
Oak Street Health, Inc. (a) 24,553 710,809
Surgery Partners, Inc. (a) 1,066 41,979
UnitedHealth Group, Inc. 1,715 930,113
    4,519,606
Pharmaceuticals – 0.1%
Arvinas, Inc. (a) 1,260 66,918
TOTAL HEALTH CARE 7,761,002
INDUSTRIALS – 3.5%
Aerospace & Defense – 1.4%
Lockheed Martin Corp. 666 275,597
Northrop Grumman Corp. 592 283,509
Raytheon Technologies Corp. 1,952 181,946
The Boeing Co. (a) 1,064 169,506
    910,558
Road & Rail – 2.1%
Lyft, Inc. Class A (a) 20,012 277,366
Uber Technologies, Inc. (a) 43,359 1,016,769
    1,294,135
TOTAL INDUSTRIALS 2,204,693
INFORMATION TECHNOLOGY – 40.7%
Electronic Equipment, Instruments & Components – 1.2%
Flex Ltd. (a) 22,653 380,570
Jabil, Inc. 6,290 373,249
    753,819
IT Services – 10.1%
Block, Inc. (a) 3,491 265,526
Cloudflare, Inc. Class A (a) 1,054 53,037
Cognizant Technology Solutions Corp. Class A 5,510 374,460
Dlocal Ltd. (a) 9,059 251,659
EPAM Systems, Inc. (a) 662 231,204
Flywire Corp. (a) 4,117 96,585

  Shares Value
GoDaddy, Inc. Class A (a) 9,289 $ 689,058
Marqeta, Inc. Class A (a) 19,115 183,313
Mastercard, Inc. Class A 2,523 892,612
MongoDB, Inc. (a) 1,387 433,396
Nuvei Corp. (a)(b) 2,984 104,302
Nuvei Corp. (a)(b) 10,377 361,950
Payoneer Global, Inc. (a) 4,057 21,664
Repay Holdings Corp. (a) 15,181 203,425
Shift4 Payments, Inc. (a) 4,924 179,381
Shopify, Inc. Class A (a) 1,968 68,545
Snowflake, Inc. Class A (a) 2,416 362,183
TaskUS, Inc. Class A (a) 7,838 164,833
Thoughtworks Holding, Inc. (a) 37 579
Twilio, Inc. Class A (a) 3,956 335,469
Visa, Inc. Class A 4,751 1,007,735
    6,280,916
Semiconductors & Semiconductor Equipment – 11.2%
Advanced Micro Devices, Inc. (a) 3,177 300,131
Applied Materials, Inc. 5,318 563,602