FIDELITY COVINGTON TRUST

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.

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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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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.

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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 – NAV^A	-23.92	10.74
Fidelity Blue Chip Growth ETF – Market Price^B	-23.78	10.95
Russell 1000 Growth Index^A	-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.

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.

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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.

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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.*

^{Fiscal
Periods Ended July 31, 2022}

Average Annual Total Returns	Past 1 Year	Life of Fund
Fidelity Blue Chip Value ETF – NAV^A	1.27	19.29
Fidelity Blue Chip Value ETF – Market Price^B	1.29	17.55
Russell 1000 Value Index^A	-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.

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.

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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.

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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.*

^{Fiscal
Periods Ended July 31, 2022}

Average Annual Total Returns	Past 1 Year	Life of Fund
Fidelity Growth Opportunities ETF – NAV^A	-31.53	-19.44
Fidelity Growth Opportunities ETF – Market Price^B	-31.57	-20.77
Russell 1000 Growth Index^A	-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.

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.

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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.

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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.*

^{Fiscal
Periods Ended July 31, 2022}

Average Annual Total Returns	Past 1 Year	Life of Fund
Fidelity Magellan ETF – NAV^A	-9.50	3.11
Fidelity Magellan ETF – Market Price^B	-9.39	2.63
S&P 500 Index^A	-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.

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.

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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.

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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.*

^{Fiscal
Periods Ended July 31, 2022}

Average Annual Total Returns	Past 1 Year	Life of Fund
Fidelity New Millennium ETF – NAV^A	1.00	20.38
Fidelity New Millennium ETF – Market Price^B	0.91	18.85
S&P 500 Index^A	-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.

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.

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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.

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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.

^{Fiscal
Periods Ended July 31, 2022}

Average Annual Total Returns	Past 1 Year	Life of Fund
Fidelity Real Estate Investment ETF – NAV^A	-1.68	14.95
Fidelity Real Estate Investment ETF – Market Price^B	-1.67	15.03
MSCI US IMI Real Estate 25/50 Index^A	-4.24	11.76
S&P 500 Index^A	-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.

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.

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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.

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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.*

^{Fiscal
Periods Ended July 31, 2022}

Average Annual Total Returns	Past 1 Year	Life of Fund
Fidelity Small-Mid Cap Opportunities ETF – NAV^A	-7.88	3.55
Fidelity Small-Mid Cap Opportunities ETF – Market Price^B	-7.97	2.03
Russell 2500 Index^A	-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.

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.

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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.

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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.

^{Fiscal
Periods Ended July 31, 2022}

Average Annual Total Returns	Past 1 Year	Life of Fund
Fidelity Sustainable U.S. Equity ETF – NAV^A	-7.01	-2.94
Fidelity Sustainable U.S. Equity ETF – Market Price^B	-7.05	-2.53
Russell 3000 Index^A	-7.35	-4.10
MSCI USA IMI ESG Leaders Index^A	-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.

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

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.

27	Annual Report

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.

^{Fiscal
Periods Ended July 31, 2022}

Average Annual Total Returns	Past 1 Year	Life of Fund
Fidelity Women’s Leadership ETF – NAV^A	-14.14	-10.71
Fidelity Women’s Leadership ETF – Market Price^B	-14.12	-10.47
Russell 3000 Index^A	-7.35	-4.10
MSCI USA Women's Leadership Index^A	-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.

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.

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

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 Investments–continued

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

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

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 Investments–continued

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

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 Investments–continued

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
GLOBALFOUNDRIES, Inc. (a)	15,289	787,078
Lam Research Corp.	903	451,961
Marvell Technology, Inc.	9,466	527,067
Micron Technology, Inc.	4,440	274,658
NVIDIA Corp.	13,129	2,384,620
NXP Semiconductors N.V.	4,939	908,183
ON Semiconductor Corp. (a)	11,409	761,893
		6,959,193
Software – 15.0%
Bill.com Holdings, Inc. (a)	1,265	170,876
Confluent, Inc. Class A (a)	1,541	39,219
Datadog, Inc. Class A (a)	1,840	187,698
DoubleVerify Holdings, Inc. (a)	11,690	268,052
Dynatrace, Inc. (a)	20,572	774,124
Elastic N.V. (a)	4,064	324,673
EngageSmart, Inc. (a)	23	434
Five9, Inc. (a)	1,208	130,609
Gitlab, Inc. Class A (a)	1,507	86,502
HubSpot, Inc. (a)	508	156,464
Intapp, Inc. (a)	3,576	54,248
Intuit, Inc.	929	423,782
Microsoft Corp.	20,880	5,861,851
Riskified Ltd. (a)	5,154	22,626
Salesforce, Inc. (a)	1,477	271,798
SentinelOne, Inc. Class A (a)	658	16,351
ServiceNow, Inc. (a)	693	309,535
The Trade Desk, Inc. Class A (a)	5,088	228,960
Viant Technology, Inc. Class A (a)	4,368	21,709
		9,349,511

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
INFORMATION TECHNOLOGY – continued
Technology Hardware, Storage & Peripherals – 3.2%
Apple, Inc.	12,230	$ 1,987,497
TOTAL INFORMATION TECHNOLOGY		25,330,936
MATERIALS – 3.0%
Chemicals – 1.0%
CF Industries Holdings, Inc.	2,143	204,635
Nutrien Ltd.	3,874	331,847
The Mosaic Co.	2,017	106,215
		642,697
Metals & Mining – 2.0%
Alcoa Corp.	5,442	276,944
ArcelorMittal S.A.	11,712	287,998
Freeport-McMoRan, Inc.	20,442	644,945
		1,209,887
TOTAL MATERIALS		1,852,584
REAL ESTATE – 0.1%
Real Estate Management & Development – 0.1%
Opendoor Technologies, Inc. (a)	11,243	55,203
WeWork, Inc. (a)	7,983	38,079
TOTAL REAL ESTATE		93,282
UTILITIES – 1.3%
Electric Utilities – 1.3%
Constellation Energy Corp.	2,257	149,188


	Shares	Value


Exelon Corp.	1,365	$ 63,459
NextEra Energy, Inc.	435	36,753
PG&E Corp. (a)	52,746	572,821
TOTAL UTILITIES		822,221
TOTAL COMMON STOCKS (Cost $64,773,170)		62,217,158
Money Market Fund – 0.0%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (c) (Cost $6,770)	6,770	6,770
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $64,779,940)		62,223,928
NET OTHER ASSETS (LIABILITIES) – 0.1%		86,090
NET ASSETS – 100.0%		$ 62,310,018

Legend
(a)	Non-income producing.
(b)	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 $466,252 or 0.7% of net assets.
(c)	The rate quoted is the annualized seven-day yield of the fund at period end.

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$ 11,086,744	$ 11,086,744	$ —	$ —
Consumer Discretionary	5,488,520	5,488,520	—	—
Consumer Staples	95,576	95,576	—	—
Energy	6,691,589	6,691,589	—	—
Financials	790,011	790,011	—	—
Health Care	7,761,002	7,761,002	—	—
Industrials	2,204,693	2,204,693	—	—
Information Technology	25,330,936	25,330,936	—	—
Materials	1,852,584	1,852,584	—	—
Real Estate	93,282	93,282	—	—
Utilities	822,221	822,221	—	—
Money Market Fund	6,770	6,770	—	—
Total Investments in Securities:	$ 62,223,928	$ 62,223,928	$ —	$ —

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

41	Annual Report

Table of Contents

Fidelity® Magellan ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 98.6%
	Shares	Value
COMMUNICATION SERVICES – 4.8%
Interactive Media & Services – 4.8%
Alphabet, Inc. Class A (a)	11,518	$ 1,339,774
Alphabet, Inc. Class C (a)	7,726	901,160
TOTAL COMMUNICATION SERVICES		2,240,934
CONSUMER DISCRETIONARY – 5.9%
Hotels, Restaurants & Leisure – 2.8%
Domino's Pizza, Inc.	1,859	728,932
Hilton Worldwide Holdings, Inc.	4,485	574,394
		1,303,326
Internet & Direct Marketing Retail – 3.1%
Amazon.com, Inc. (a)	10,867	1,466,502
TOTAL CONSUMER DISCRETIONARY		2,769,828
CONSUMER STAPLES – 3.6%
Food & Staples Retailing – 2.1%
Costco Wholesale Corp.	1,780	963,514
Personal Products – 1.5%
The Estee Lauder Cos., Inc. Class A	2,660	726,446
TOTAL CONSUMER STAPLES		1,689,960
FINANCIALS – 8.2%
Capital Markets – 5.1%
Intercontinental Exchange, Inc.	6,937	707,505
Moody's Corp.	2,434	755,148
S&P Global, Inc.	2,396	903,124
		2,365,777
Insurance – 3.1%
Arthur J Gallagher & Co.	3,966	709,874
Marsh & McLennan Cos., Inc.	4,436	727,327
		1,437,201
TOTAL FINANCIALS		3,802,978
HEALTH CARE – 14.0%
Health Care Equipment & Supplies – 3.8%
Danaher Corp.	3,509	1,022,768
IDEXX Laboratories, Inc. (a)	1,842	735,290
		1,758,058
Health Care Providers & Services – 2.9%
UnitedHealth Group, Inc.	2,492	1,351,511
Life Sciences Tools & Services – 3.9%
Mettler-Toledo International, Inc. (a)	548	739,652
Thermo Fisher Scientific, Inc.	1,773	1,060,981
		1,800,633
Pharmaceuticals – 3.4%
Eli Lilly & Co.	2,428	800,487


	Shares	Value


Zoetis, Inc.	4,323	$ 789,164
		1,589,651
TOTAL HEALTH CARE		6,499,853
INDUSTRIALS – 7.6%
Aerospace & Defense – 1.5%
HEICO Corp. Class A	5,358	684,110
Commercial Services & Supplies – 3.1%
Cintas Corp.	1,704	725,035
Copart, Inc. (a)	5,551	711,083
		1,436,118
Professional Services – 3.0%
Equifax, Inc.	3,486	728,260
Verisk Analytics, Inc.	3,639	692,320
		1,420,580
TOTAL INDUSTRIALS		3,540,808
INFORMATION TECHNOLOGY – 42.1%
Electronic Equipment, Instruments & Components – 4.2%
Amphenol Corp. Class A	8,699	670,954
CDW Corp.	3,584	650,603
Teledyne Technologies, Inc. (a)	1,622	634,851
		1,956,408
IT Services – 7.6%
Accenture PLC Class A	2,807	859,672
Automatic Data Processing, Inc.	3,113	750,607
Mastercard, Inc. Class A	2,691	952,049
Visa, Inc. Class A	4,659	988,220
		3,550,548
Semiconductors & Semiconductor Equipment – 7.6%
Advanced Micro Devices, Inc. (a)	8,512	804,128
KLA Corp.	1,946	746,369
Lam Research Corp.	1,478	739,754
NVIDIA Corp.	6,806	1,236,174
		3,526,425
Software – 15.9%
Adobe, Inc. (a)	2,057	843,617
ANSYS, Inc. (a)	2,448	682,968
Cadence Design Systems, Inc. (a)	4,178	777,442
Intuit, Inc.	1,911	871,741
Microsoft Corp.	12,199	3,424,747
Synopsys, Inc. (a)	2,106	773,955
		7,374,470
Technology Hardware, Storage & Peripherals – 6.8%
Apple, Inc.	19,592	3,183,896
TOTAL INFORMATION TECHNOLOGY		19,591,747
MATERIALS – 3.4%
Chemicals – 3.4%
Linde PLC	2,816	850,432

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
MATERIALS – continued
Chemicals – continued
The Sherwin-Williams Co.	3,065	$ 741,546
TOTAL MATERIALS		1,591,978
REAL ESTATE – 6.8%
Equity Real Estate Investment Trusts (REITs) – 6.8%
American Tower Corp.	3,108	841,739
Crown Castle International Corp.	4,162	751,907
Prologis, Inc.	6,437	853,289
SBA Communications Corp.	2,080	698,443
TOTAL REAL ESTATE		3,145,378
UTILITIES – 2.2%
Electric Utilities – 2.2%
NextEra Energy, Inc.	12,002	1,014,049
TOTAL COMMON STOCKS (Cost $44,289,287)		45,887,513

Money Market Fund – 1.6%
	Shares	Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (b) (Cost $728,455)	728,455	$ 728,455
TOTAL INVESTMENT IN SECURITIES – 100.2% (Cost $45,017,742)		46,615,968
NET OTHER ASSETS (LIABILITIES) – (0.2%)		(88,560)
NET ASSETS – 100.0%		$ 46,527,408

Legend
(a)	Non-income producing.
(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$ 2,240,934	$ 2,240,934	$ —	$ —
Consumer Discretionary	2,769,828	2,769,828	—	—
Consumer Staples	1,689,960	1,689,960	—	—
Financials	3,802,978	3,802,978	—	—
Health Care	6,499,853	6,499,853	—	—
Industrials	3,540,808	3,540,808	—	—
Information Technology	19,591,747	19,591,747	—	—
Materials	1,591,978	1,591,978	—	—
Real Estate	3,145,378	3,145,378	—	—
Utilities	1,014,049	1,014,049	—	—
Money Market Fund	728,455	728,455	—	—
Total Investments in Securities:	$ 46,615,968	$ 46,615,968	$ —	$ —

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

43	Annual Report

Table of Contents

Fidelity® New Millennium ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 95.9%
	Shares	Value
COMMUNICATION SERVICES – 4.8%
Diversified Telecommunication Services – 1.2%
Verizon Communications, Inc.	14,389	$ 664,628
Entertainment – 0.6%
Endeavor Group Holdings, Inc. (a)	14,568	332,005
Interactive Media & Services – 1.1%
Alphabet, Inc. Class A (a)	5,120	595,558
Media – 1.9%
Comcast Corp. Class A	29,159	1,094,046
TOTAL COMMUNICATION SERVICES		2,686,237
CONSUMER DISCRETIONARY – 6.1%
Auto Components – 1.0%
American Axle & Manufacturing Holdings, Inc. (a)	22,417	199,735
Aptiv PLC (a)	1,851	194,151
Magna International, Inc.	2,532	161,694
		555,580
Automobiles – 0.6%
General Motors Co.	8,890	322,351
Hotels, Restaurants & Leisure – 1.2%
Booking Holdings, Inc. (a)	186	360,038
Churchill Downs, Inc.	1,475	309,455
		669,493
Household Durables – 0.7%
Mohawk Industries, Inc. (a)	1,785	229,337
NVR, Inc. (a)	46	202,083
		431,420
Internet & Direct Marketing Retail – 1.1%
Coupang, Inc. (a)	19,613	339,109
eBay, Inc.	5,372	261,240
		600,349
Leisure Products – 0.1%
Peloton Interactive, Inc. Class A (a)	5,897	55,963
Specialty Retail – 0.3%
Best Buy Co., Inc.	2,602	200,328
Textiles, Apparel & Luxury Goods – 1.1%
PVH Corp.	2,770	171,518
Ralph Lauren Corp.	1,670	164,712
Tapestry, Inc.	8,261	277,818
		614,048
TOTAL CONSUMER DISCRETIONARY		3,449,532
CONSUMER STAPLES – 3.2%
Beverages – 2.1%
Diageo PLC ADR	1,648	315,427
The Boston Beer Co., Inc. Class A (a)	466	177,280
The Coca-Cola Co.	10,652	683,539
		1,176,246


	Shares	Value

Food & Staples Retailing – 1.1%
Walmart, Inc.	4,877	$ 644,008
TOTAL CONSUMER STAPLES		1,820,254
ENERGY – 18.2%
Energy Equipment & Services – 1.1%
Oceaneering International, Inc. (a)	15,288	162,359
Schlumberger N.V.	10,668	395,036
TechnipFMC PLC (a)	5,659	45,781
		603,176
Oil, Gas & Consumable Fuels – 17.1%
Canadian Natural Resources Ltd.	16,251	897,055
Cheniere Energy, Inc.	8,615	1,288,632
EQT Corp.	38,501	1,695,199
Exxon Mobil Corp.	26,099	2,529,776
Golar LNG Ltd. (a)	19,627	439,056
Hess Corp.	10,773	1,211,639
Range Resources Corp.	10,824	357,950
The Williams Cos., Inc.	22,429	764,605
Valero Energy Corp.	4,080	451,941
		9,635,853
TOTAL ENERGY		10,239,029
FINANCIALS – 17.0%
Banks – 7.1%
Bank of America Corp.	33,818	1,143,386
Comerica, Inc.	3,953	307,425
HDFC Bank Ltd. ADR	3,512	220,554
The PNC Financial Services Group, Inc.	5,642	936,233
Wells Fargo & Co.	32,041	1,405,639
		4,013,237
Capital Markets – 2.7%
Goldman Sachs Group, Inc.	1,938	646,110
Morgan Stanley	7,407	624,410
TPG, Inc.	8,877	253,172
		1,523,692
Diversified Financial Services – 0.3%
Equitable Holdings, Inc.	6,466	183,828
Insurance – 5.8%
American International Group, Inc.	24,197	1,252,679
Arch Capital Group Ltd. (a)	8,698	386,191
Chubb Ltd.	4,027	759,653
First American Financial Corp.	3,159	183,222
MetLife, Inc.	8,396	531,047
RenaissanceRe Holdings Ltd.	909	117,543
		3,230,335
Thrifts & Mortgage Finance – 1.1%
Radian Group, Inc.	27,750	620,768
TOTAL FINANCIALS		9,571,860

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
HEALTH CARE – 16.9%
Biotechnology – 1.1%
Amgen, Inc.	2,198	$543,939
Day One Biopharmaceuticals, Inc. (a)	4,313	73,882
		617,821
Health Care Equipment & Supplies – 2.4%
Becton Dickinson and Co.	1,780	434,872
Boston Scientific Corp. (a)	10,013	411,034
Butterfly Network, Inc. (a)	53,146	230,654
Embecta Corp.	343	10,094
Hologic, Inc. (a)	3,999	285,448
		1,372,102
Health Care Providers & Services – 6.2%
Centene Corp. (a)	6,832	635,171
Cigna Corp.	2,441	672,154
Guardant Health, Inc. (a)	4,510	226,267
Henry Schein, Inc. (a)	5,884	463,836
LifeStance Health Group, Inc. (a)	14,847	88,488
Oak Street Health, Inc. (a)	6,146	177,927
UnitedHealth Group, Inc.	2,272	1,232,196
		3,496,039
Life Sciences Tools & Services – 0.2%
10X Genomics, Inc. Class A (a)	2,472	99,251
Pharmaceuticals – 7.0%
Bristol-Myers Squibb Co.	24,243	1,788,648
Eli Lilly & Co.	4,143	1,365,906
Sanofi ADR	6,291	312,663
Viatris, Inc.	47,560	460,856
		3,928,073
TOTAL HEALTH CARE		9,513,286
INDUSTRIALS – 11.7%
Aerospace & Defense – 4.6%
BWX Technologies, Inc.	5,250	297,570
General Dynamics Corp.	3,468	786,091
Huntington Ingalls Industries, Inc.	3,546	768,915
Northrop Grumman Corp.	1,534	734,633
		2,587,209
Air Freight & Logistics – 0.2%
GXO Logistics, Inc. (a)	2,735	131,280
Building Products – 0.6%
Fortune Brands Home & Security, Inc.	2,927	203,953
JELD-WEN Holding, Inc. (a)	6,137	109,116
		313,069
Construction & Engineering – 0.7%
AECOM	3,062	220,464
Argan, Inc.	4,375	162,575
		383,039
Electrical Equipment – 0.4%
Sensata Technologies Holding PLC	5,357	238,226


	Shares	Value

Industrial Conglomerates – 2.5%
General Electric Co.	19,107	$ 1,412,198
Machinery – 0.6%
Donaldson Co., Inc.	3,158	171,827
Pentair PLC	3,622	177,079
		348,906
Professional Services – 0.8%
Leidos Holdings, Inc.	2,379	254,553
Science Applications International Corp.	1,865	180,663
		435,216
Road & Rail – 1.3%
Hertz Global Holdings, Inc. (a)	5,045	108,064
Knight-Swift Transportation Holdings, Inc.	8,283	455,151
XPO Logistics, Inc. (a)	2,524	150,784
		713,999
TOTAL INDUSTRIALS		6,563,142
INFORMATION TECHNOLOGY – 7.2%
Communications Equipment – 1.8%
Cisco Systems, Inc.	16,990	770,836
Telefonaktiebolaget LM Ericsson ADR	30,538	230,257
		1,001,093
Electronic Equipment, Instruments & Components – 0.8%
Keysight Technologies, Inc. (a)	2,707	440,158
IT Services – 2.9%
Akamai Technologies, Inc. (a)	3,067	295,107
Euronet Worldwide, Inc. (a)	1,684	165,487
Fidelity National Information Services, Inc.	2,897	295,957
Global Payments, Inc.	1,251	153,022
Visa, Inc. Class A	3,497	741,749
		1,651,322
Semiconductors & Semiconductor Equipment – 1.7%
Analog Devices, Inc.	2,132	366,619
Intel Corp.	12,297	446,504
Skyworks Solutions, Inc.	1,416	154,174
		967,297
TOTAL INFORMATION TECHNOLOGY		4,059,870
MATERIALS – 3.9%
Chemicals – 1.0%
Cabot Corp.	2,997	222,557
Nutrien Ltd.	3,997	342,383
		564,940
Containers & Packaging – 1.3%
Avery Dennison Corp.	1,430	272,358
O-I Glass, Inc. (a)	30,661	451,023
		723,381
Metals & Mining – 1.6%
Commercial Metals Co.	2,254	89,303
Freeport-McMoRan, Inc.	18,184	573,705

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

45	Annual Report

Table of Contents

Fidelity® New Millennium ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
MATERIALS – continued
Metals & Mining – continued
Royal Gold, Inc.	950	$99,532
Steel Dynamics, Inc.	1,561	121,571
		884,111
TOTAL MATERIALS		2,172,432
REAL ESTATE – 3.3%
Equity Real Estate Investment Trusts (REITs) – 3.1%
Cousins Properties, Inc.	4,854	149,746
Gaming and Leisure Properties, Inc.	6,718	349,269
Healthcare Realty Trust, Inc.	6,279	164,824
Orion Office REIT, Inc.	258	2,822
Realty Income Corp.	2,769	204,878
Simon Property Group, Inc.	1,938	210,544
Spirit Realty Capital, Inc.	6,726	298,231
VICI Properties, Inc.	11,215	383,441
		1,763,755
Real Estate Management & Development – 0.2%
WeWork, Inc. (a)	18,566	88,560
TOTAL REAL ESTATE		1,852,315
UTILITIES – 3.6%
Electric Utilities – 2.5%
Duke Energy Corp.	5,907	649,356
FirstEnergy Corp.	5,809	238,750


	Shares	Value


The Southern Co.	6,562	$ 504,552
		1,392,658
Independent Power and Renewable Electricity Producers – 1.1%
The AES Corp.	14,258	316,813
Vistra Corp.	13,159	340,160
		656,973
TOTAL UTILITIES		2,049,631
TOTAL COMMON STOCKS (Cost $48,201,843)		53,977,588
Money Market Fund – 5.3%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (b) (Cost $2,977,495)	2,977,495	2,977,495
TOTAL INVESTMENT IN SECURITIES – 101.2% (Cost $51,179,338)		56,955,083
NET OTHER ASSETS (LIABILITIES) – (1.2%)		(679,445)
NET ASSETS – 100.0%		$ 56,275,638

Legend
(a)	Non-income producing.
(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$ 2,686,237	$ 2,686,237	$ —	$ —
Consumer Discretionary	3,449,532	3,449,532	—	—
Consumer Staples	1,820,254	1,820,254	—	—
Energy	10,239,029	10,239,029	—	—
Financials	9,571,860	9,571,860	—	—
Health Care	9,513,286	9,513,286	—	—
Industrials	6,563,142	6,563,142	—	—
Information Technology	4,059,870	4,059,870	—	—
Materials	2,172,432	2,172,432	—	—
Real Estate	1,852,315	1,852,315	—	—
Utilities	2,049,631	2,049,631	—	—
Money Market Fund	2,977,495	2,977,495	—	—
Total Investments in Securities:	$ 56,955,083	$ 56,955,083	$ —	$ —

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

Annual Report

Table of Contents

Fidelity® Real Estate Investment ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.6%
	Shares	Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) – 95.7%
REITs - Apartments – 11.3%
American Homes 4 Rent Class A	9,008	$ 341,223
Apartment Income REIT Corp.	5,605	254,131
Invitation Homes, Inc.	10,847	423,358
Mid-America Apartment Communities, Inc.	3,382	628,139
UDR, Inc.	13,451	651,028
		2,297,879
REITs - Diversified – 40.2%
American Assets Trust, Inc.	3,894	117,716
Crown Castle International Corp.	11,696	2,112,999
Digital Realty Trust, Inc.	6,067	803,574
Duke Realty Corp.	10,470	655,003
Equinix, Inc.	1,373	966,235
Gaming and Leisure Properties, Inc.	10,295	535,237
Lamar Advertising Co. Class A	2,409	243,454
LXP Industrial Trust	14,793	162,279
SBA Communications Corp.	4,500	1,511,055
VICI Properties, Inc.	13,618	465,599
Washington Real Estate Investment Trust	6,711	148,783
Weyerhaeuser Co.	11,703	425,053
		8,146,987
REITs - Health Care – 9.2%
Ventas, Inc.	14,384	773,572
Welltower, Inc.	12,548	1,083,394
		1,856,966
REITs - Hotels – 4.3%
DiamondRock Hospitality Co. (a)	19,978	185,396
Host Hotels & Resorts, Inc.	20,939	372,924
RLJ Lodging Trust	13,402	167,391
Ryman Hospitality Properties, Inc. (a)	1,558	137,945
		863,656
REITs - Manufactured Homes – 4.9%
Equity Lifestyle Properties, Inc.	7,606	559,193
Sun Communities, Inc.	2,680	439,413
		998,606
REITs - Office Property – 1.4%
Highwoods Properties, Inc.	3,245	115,425
Piedmont Office Realty Trust, Inc. Class A	5,302	72,955
Veris Residential, Inc. (a)	6,735	93,953
		282,333
REITs - Shopping Centers – 4.9%
Kimco Realty Corp.	16,559	366,120
Phillips Edison & Co., Inc.	6,441	219,252
Regency Centers Corp.	4,601	296,442


	Shares	Value


Urban Edge Properties	6,345	$ 104,248
		986,062
REITs - Single Tenant – 4.4%
Four Corners Property Trust, Inc.	4,028	117,738
National Retail Properties, Inc.	9,724	462,960
Spirit Realty Capital, Inc.	6,894	305,680
		886,378
REITs - Storage – 7.4%
CubeSmart	12,759	585,255
Extra Space Storage, Inc.	3,331	631,291
Iron Mountain, Inc.	5,854	283,861
		1,500,407
REITs - Warehouse/Industrial – 7.7%
Prologis, Inc.	11,803	1,564,606
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		19,383,880
INFORMATION TECHNOLOGY – 0.1%
IT Services – 0.1%
Cyxtera Technologies, Inc. (a)	2,078	25,331
REAL ESTATE MANAGEMENT & DEVELOPMENT – 3.8%
Real Estate Services – 3.8%
Anywhere Real Estate, Inc. (a)	5,910	58,686
CBRE Group, Inc. Class A (a)	6,690	572,798
Zillow Group, Inc. Class C (a)	4,005	139,695
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT		771,179
TOTAL COMMON STOCKS (Cost $19,719,867)		20,180,390
Money Market Fund – 0.4%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (b) (Cost $74,436)	74,436	74,435
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $19,794,303)		20,254,825
NET OTHER ASSETS (LIABILITIES) – 0.0%		1,709
NET ASSETS – 100.0%		$ 20,256,534

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.

47	Annual Report

Table of Contents

Fidelity® Small-Mid Cap Opportunities ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 98.9%
	Shares	Value
COMMUNICATION SERVICES – 2.3%
Interactive Media & Services – 0.8%
Bumble, Inc. Class A (a)	2,952	$111,940
Ziff Davis, Inc. (a)	1,451	118,822
		230,762
Media – 1.5%
Nexstar Media Group, Inc. Class A	1,455	274,079
TechTarget, Inc. (a)	759	49,479
The Interpublic Group of Cos., Inc.	2,708	80,888
		404,446
TOTAL COMMUNICATION SERVICES		635,208
CONSUMER DISCRETIONARY – 12.6%
Auto Components – 0.5%
Adient PLC (a)	2,566	86,679
Patrick Industries, Inc.	746	45,297
		131,976
Diversified Consumer Services – 0.2%
Adtalem Global Education, Inc. (a)	1,444	57,904
Hotels, Restaurants & Leisure – 2.2%
Brinker International, Inc. (a)	1,452	40,293
Caesars Entertainment, Inc. (a)	2,759	126,059
Churchill Downs, Inc.	1,159	243,158
Wyndham Hotels & Resorts, Inc.	3,090	214,477
		623,987
Household Durables – 3.2%
Helen of Troy Ltd. (a)	856	114,524
KB Home	2,787	90,968
LGI Homes, Inc. (a)	1,345	151,716
Mohawk Industries, Inc. (a)	2,060	264,669
Tempur Sealy International, Inc.	9,554	262,544
		884,421
Specialty Retail – 4.2%
Academy Sports & Outdoors, Inc.	880	37,866
AutoZone, Inc. (a)	160	341,982
Best Buy Co., Inc.	1,284	98,855
Dick's Sporting Goods, Inc.	1,745	163,315
Lithia Motors, Inc.	438	116,193
Rent-A-Center, Inc.	3,966	93,320
Williams-Sonoma, Inc.	2,099	303,138
		1,154,669
Textiles, Apparel & Luxury Goods – 2.3%
Capri Holdings Ltd. (a)	3,546	172,619
Crocs, Inc. (a)	2,167	155,244
Tapestry, Inc.	9,116	306,571
		634,434
TOTAL CONSUMER DISCRETIONARY		3,487,391


	Shares	Value
CONSUMER STAPLES – 5.5%
Food & Staples Retailing – 2.8%
BJ's Wholesale Club Holdings, Inc. (a)	4,306	$ 291,516
Performance Food Group Co. (a)	3,357	166,877
US Foods Holding Corp. (a)	7,206	226,989
Walgreens Boots Alliance, Inc.	2,265	89,739
		775,121
Food Products – 2.7%
Darling Ingredients, Inc. (a)	4,108	284,602
Lamb Weston Holdings, Inc.	3,546	282,475
Nomad Foods Ltd. (a)	6,573	121,206
Seaboard Corp.	14	56,849
		745,132
TOTAL CONSUMER STAPLES		1,520,253
ENERGY – 7.2%
Energy Equipment & Services – 0.8%
TechnipFMC PLC (a)	28,106	227,378
Oil, Gas & Consumable Fuels – 6.4%
Antero Resources Corp. (a)	8,636	342,331
Brigham Minerals, Inc. Class A	932	24,745
Cenovus Energy, Inc.	5,449	103,967
Cheniere Energy, Inc.	1,792	268,047
Denbury, Inc. (a)	1,548	111,317
EQT Corp.	4,577	201,525
Hess Corp.	2,941	330,774
HF Sinclair Corp.	3,198	152,928
Marathon Oil Corp.	4,067	100,862
Murphy Oil Corp.	4,322	151,875
		1,788,371
TOTAL ENERGY		2,015,749
FINANCIALS – 14.9%
Banks – 6.0%
BOK Financial Corp.	1,011	88,998
Comerica, Inc.	4,625	359,686
Cullen/Frost Bankers, Inc.	1,844	240,457
Eastern Bankshares, Inc.	6,675	136,170
First Hawaiian, Inc.	4,279	109,072
M&T Bank Corp.	595	105,583
Synovus Financial Corp.	4,629	186,919
Trico Bancshares	717	34,273
Webster Financial Corp.	2,916	135,448
Western Alliance Bancorp	1,486	113,501
Wintrust Financial Corp.	1,700	146,268
		1,656,375
Capital Markets – 0.7%
LPL Financial Holdings, Inc.	1,001	210,130
Consumer Finance – 1.5%
Discover Financial Services	2,234	225,634

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

49	Annual Report

Table of Contents

Fidelity® Small-Mid Cap Opportunities ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
FINANCIALS – continued
Consumer Finance – continued
Encore Capital Group, Inc. (a)	1,057	$76,559
Synchrony Financial	3,412	114,234
		416,427
Insurance – 6.2%
American Financial Group, Inc.	1,292	172,715
Arch Capital Group Ltd. (a)	4,576	203,174
Assurant, Inc.	1,599	281,072
Enstar Group Ltd. (a)	391	77,387
First American Financial Corp.	5,024	291,392
Lincoln National Corp.	3,794	194,784
Old Republic International Corp.	9,535	221,879
Primerica, Inc.	1,250	160,863
Reinsurance Group of America, Inc.	1,054	122,032
		1,725,298
Thrifts & Mortgage Finance – 0.5%
Walker & Dunlop, Inc.	1,280	144,179
TOTAL FINANCIALS		4,152,409
HEALTH CARE – 12.3%
Biotechnology – 1.6%
4D Molecular Therapeutics, Inc. (a)	319	2,999
ALX Oncology Holdings, Inc. (a)	267	2,584
Arcutis Biotherapeutics, Inc. (a)	120	2,911
Argenx SE ADR (a)	270	98,337
Blueprint Medicines Corp. (a)	463	23,641
Celldex Therapeutics, Inc. (a)	456	14,008
Cytokinetics, Inc. (a)	761	32,213
Exelixis, Inc. (a)	2,838	59,371
Global Blood Therapeutics, Inc. (a)	818	26,765
Horizon Therapeutics PLC (a)	282	23,397
Keros Therapeutics, Inc. (a)	154	4,940
Mirati Therapeutics, Inc. (a)	383	24,665
Prelude Therapeutics, Inc. (a)	372	1,860
Relay Therapeutics, Inc. (a)	210	3,994
United Therapeutics Corp. (a)	282	65,162
Vaxcyte, Inc. (a)	24	554
Vericel Corp. (a)	468	15,229
Verve Therapeutics, Inc. (a)	516	12,704
Zentalis Pharmaceuticals, Inc. (a)	689	20,119
		435,453
Health Care Equipment & Supplies – 1.8%
Envista Holdings Corp. (a)	3,285	133,535
Figs, Inc. Class A (a)	10,730	113,416
Hologic, Inc. (a)	2,480	177,023
Integer Holdings Corp. (a)	1,060	74,083
		498,057
Health Care Providers & Services – 5.1%
Acadia Healthcare Co., Inc. (a)	2,884	239,112


	Shares	Value


AdaptHealth Corp. (a)	6,473	$ 143,118
Laboratory Corp. of America Holdings	477	125,065
Molina Healthcare, Inc. (a)	1,225	401,457
Owens & Minor, Inc.	4,786	169,472
Premier, Inc. Class A	1,950	74,997
R1 RCM, Inc. (a)	3,364	84,100
Surgery Partners, Inc. (a)	1,036	40,798
Universal Health Services, Inc. Class B	1,331	149,698
		1,427,817
Health Care Technology – 0.3%
Evolent Health, Inc. Class A (a)	2,939	99,897
Life Sciences Tools & Services – 2.3%
10X Genomics, Inc. Class A (a)	464	18,630
Charles River Laboratories International, Inc. (a)	1,206	302,151
Syneos Health, Inc. (a)	2,755	218,031
West Pharmaceutical Services, Inc.	265	91,043
		629,855
Pharmaceuticals – 1.2%
Arvinas, Inc. (a)	564	29,954
Jazz Pharmaceuticals PLC (a)	1,706	266,238
Prestige Consumer Healthcare, Inc. (a)	307	18,515
Viatris, Inc.	771	7,471
		322,178
TOTAL HEALTH CARE		3,413,257
INDUSTRIALS – 16.6%
Aerospace & Defense – 0.4%
Curtiss-Wright Corp.	759	108,871
Building Products – 1.8%
Builders FirstSource, Inc. (a)	6,971	474,028
JELD-WEN Holding, Inc. (a)	1,679	29,853
		503,881
Commercial Services & Supplies – 0.3%
The Brink's Co.	1,705	97,083
Construction & Engineering – 1.7%
AECOM	2,284	164,448
Fluor Corp. (a)	7,165	182,063
Granite Construction, Inc.	4,261	127,404
		473,915
Electrical Equipment – 3.2%
Acuity Brands, Inc.	1,037	189,149
AMETEK, Inc.	1,541	190,313
Atkore, Inc. (a)	1,579	156,747
Regal Rexnord Corp.	1,734	232,876
Sensata Technologies Holding PLC	2,514	111,798
		880,883
Machinery – 2.5%
Allison Transmission Holdings, Inc.	2,832	118,576
Crane Holdings Co.	1,609	159,178

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
INDUSTRIALS – continued
Machinery – continued
ITT, Inc.	2,809	$ 210,759
Oshkosh Corp.	1,253	107,883
SPX Corp. (a)	1,413	83,551
		679,947
Professional Services – 3.3%
ASGN, Inc. (a)	2,477	257,013
CACI International, Inc. Class A (a)	757	228,834
Insperity, Inc.	1,151	126,311
KBR, Inc.	4,458	237,299
Kforce, Inc.	1,026	67,562
		917,019
Road & Rail – 2.0%
TFI International, Inc.	3,575	357,250
XPO Logistics, Inc. (a)	3,219	192,303
		549,553
Trading Companies & Distributors – 1.4%
Beacon Roofing Supply, Inc. (a)	2,601	156,112
Rush Enterprises, Inc. Class A	1,566	75,466
Univar Solutions, Inc. (a)	5,705	154,263
		385,841
TOTAL INDUSTRIALS		4,596,993
INFORMATION TECHNOLOGY – 13.3%
Communications Equipment – 0.5%
Lumentum Holdings, Inc. (a)	1,440	130,262
Electronic Equipment, Instruments & Components – 2.3%
Advanced Energy Industries, Inc.	1,243	111,236
Fabrinet (a)	1,130	108,548
Flex Ltd. (a)	3,001	50,417
Insight Enterprises, Inc. (a)	1,574	147,027
TD SYNNEX Corp.	1,838	184,572
TTM Technologies, Inc. (a)	3,352	45,353
		647,153
IT Services – 4.7%
Amdocs Ltd.	1,960	170,638
Concentrix Corp.	1,711	228,863
Cyxtera Technologies, Inc. (a)	10,161	123,863
EPAM Systems, Inc. (a)	504	176,022
ExlService Holdings, Inc. (a)	1,085	182,681
Genpact Ltd.	3,656	175,781
Perficient, Inc. (a)	1,066	112,484
Verra Mobility Corp. (a)	4,379	72,210
WNS Holdings Ltd. ADR (a)	692	60,003
		1,302,545
Semiconductors & Semiconductor Equipment – 2.4%
Cirrus Logic, Inc. (a)	500	42,730
Entegris, Inc.	1,913	210,239
Ichor Holdings Ltd. (a)	3,010	94,092


	Shares	Value


ON Semiconductor Corp. (a)	3,241	$ 216,434
SiTime Corp. (a)	542	100,801
		664,296
Software – 2.2%
ANSYS, Inc. (a)	514	143,401
Dynatrace, Inc. (a)	1,526	57,423
Elastic N.V. (a)	2,067	165,133
Paycom Software, Inc. (a)	378	124,925
Tenable Holdings, Inc. (a)	3,291	127,197
		618,079
Technology Hardware, Storage & Peripherals – 1.2%
Avid Technology, Inc. (a)	3,497	98,126
Seagate Technology Holdings PLC	2,843	227,383
		325,509
TOTAL INFORMATION TECHNOLOGY		3,687,844
MATERIALS – 6.2%
Chemicals – 3.7%
Element Solutions, Inc.	7,144	141,165
Huntsman Corp.	7,013	203,097
The Chemours Co.	4,986	177,452
The Mosaic Co.	2,267	119,380
Trinseo PLC	3,551	127,019
Tronox Holdings PLC Class A	2,927	45,691
Valvoline, Inc.	6,138	197,766
		1,011,570
Construction Materials – 1.0%
Eagle Materials, Inc.	1,365	172,604
Summit Materials, Inc. Class A (a)	3,864	106,299
		278,903
Containers & Packaging – 0.5%
O-I Glass, Inc. (a)	10,045	147,762
Metals & Mining – 1.0%
Commercial Metals Co.	3,823	151,467
Steel Dynamics, Inc.	1,556	121,181
		272,648
TOTAL MATERIALS		1,710,883
REAL ESTATE – 5.0%
Equity Real Estate Investment Trusts (REITs) – 3.2%
Corporate Office Properties Trust	3,543	99,735
CubeSmart	6,543	300,127
Douglas Emmett, Inc.	7,582	179,239
LXP Industrial Trust	7,326	80,366
Terreno Realty Corp.	2,187	137,016
Ventas, Inc.	1,992	107,130
		903,613
Real Estate Management & Development – 1.8%
Anywhere Real Estate, Inc. (a)	12,931	128,405
Cushman & Wakefield PLC (a)	1,947	32,709

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

51	Annual Report

Table of Contents

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$ 635,208	$ 635,208	$ —	$ —
Consumer Discretionary	3,487,391	3,487,391	—	—
Consumer Staples	1,520,253	1,520,253	—	—
Energy	2,015,749	2,015,749	—	—
Financials	4,152,409	4,152,409	—	—
Health Care	3,413,257	3,413,257	—	—
Industrials	4,596,993	4,596,993	—	—
Information Technology	3,687,844	3,687,844	—	—
Materials	1,710,883	1,710,883	—	—
Real Estate	1,391,726	1,391,726	—	—
Utilities	841,448	841,448	—	—
Money Market Fund	298,438	298,438	—	—
Total Investments in Securities:	$ 27,751,599	$ 27,751,599	$ —	$ —

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	89.9%
Canada	2.1%
Ireland	2.1%
Bermuda	2.1%
United Kingdom	2.0%
Others (Individually Less Than 1%)	1.8%
	100.0%

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

53	Annual Report

Table of Contents

Fidelity® Sustainable U.S. Equity ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 96.9%
	Shares	Value
COMMUNICATION SERVICES – 4.6%
Interactive Media & Services – 1.8%
Alphabet, Inc. Class A (a)	860	$ 100,035
Media – 2.8%
Cable One, Inc.	47	64,704
Comcast Corp. Class A	1,398	52,453
The Interpublic Group of Cos., Inc.	1,520	45,403
		162,560
TOTAL COMMUNICATION SERVICES		262,595
CONSUMER DISCRETIONARY – 10.5%
Automobiles – 0.6%
General Motors Co.	979	35,498
Diversified Consumer Services – 2.1%
Adtalem Global Education, Inc. (a)	1,515	60,752
Bright Horizons Family Solutions, Inc. (a)	624	58,450
		119,202
Hotels, Restaurants & Leisure – 2.0%
Marriott International, Inc. Class A	740	117,527
Household Durables – 1.3%
Taylor Morrison Home Corp. (a)	2,572	73,816
Internet & Direct Marketing Retail – 2.2%
Amazon.com, Inc. (a)	431	58,163
eBay, Inc.	1,347	65,505
		123,668
Specialty Retail – 1.7%
The Home Depot, Inc.	330	99,310
Textiles, Apparel & Luxury Goods – 0.6%
Tapestry, Inc.	1,085	36,489
TOTAL CONSUMER DISCRETIONARY		605,510
CONSUMER STAPLES – 8.6%
Beverages – 2.0%
Keurig Dr Pepper, Inc.	2,928	113,431
Food & Staples Retailing – 1.0%
Albertsons Cos., Inc.	2,205	59,204
Food Products – 1.9%
Darling Ingredients, Inc. (a)	1,578	109,324
Household Products – 3.0%
Kimberly-Clark Corp.	462	60,887
The Procter & Gamble Co.	786	109,183
		170,070
Personal Products – 0.7%
The Estee Lauder Cos., Inc. Class A	149	40,692
TOTAL CONSUMER STAPLES		492,721


	Shares	Value
ENERGY – 4.8%
Oil, Gas & Consumable Fuels – 4.8%
Cheniere Energy, Inc.	935	$ 139,857
Denbury, Inc. (a)	417	29,987
Valero Energy Corp.	984	108,998
TOTAL ENERGY		278,842
FINANCIALS – 12.1%
Banks – 2.6%
Bank of America Corp.	3,103	104,913
Huntington Bancshares, Inc.	3,452	45,877
		150,790
Capital Markets – 4.8%
BlackRock, Inc.	84	56,211
Moody's Corp.	192	59,568
Northern Trust Corp.	896	89,403
State Street Corp.	998	70,898
		276,080
Consumer Finance – 2.6%
American Express Co.	447	68,847
Discover Financial Services	805	81,305
		150,152
Insurance – 2.1%
The Travelers Cos., Inc.	746	118,390
TOTAL FINANCIALS		695,412
HEALTH CARE – 14.5%
Biotechnology – 3.2%
Amgen, Inc.	371	91,811
Vertex Pharmaceuticals, Inc. (a)	328	91,975
		183,786
Health Care Equipment & Supplies – 2.9%
Danaher Corp.	579	168,761
Health Care Providers & Services – 2.6%
Cigna Corp.	489	134,651
Guardant Health, Inc. (a)	323	16,205
		150,856
Life Sciences Tools & Services – 2.0%
Bio-Rad Laboratories, Inc. Class A (a)	87	49,003
ICON PLC (a)	271	65,379
		114,382
Pharmaceuticals – 3.8%
Merck & Co., Inc.	1,621	144,820
Zoetis, Inc.	409	74,663
		219,483
TOTAL HEALTH CARE		837,268
INDUSTRIALS – 9.5%
Air Freight & Logistics – 1.3%
United Parcel Service, Inc. Class B	379	73,863

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
INDUSTRIALS – continued
Building Products – 0.8%
Johnson Controls International PLC	800	$ 43,128
Electrical Equipment – 1.5%
Acuity Brands, Inc.	282	51,437
Generac Holdings, Inc. (a)	127	34,074
		85,511
Machinery – 1.7%
Deere & Co.	155	53,193
Ingersoll Rand, Inc.	918	45,716
		98,909
Professional Services – 4.2%
KBR, Inc.	1,901	101,190
ManpowerGroup, Inc.	788	61,787
Verisk Analytics, Inc.	421	80,096
		243,073
TOTAL INDUSTRIALS		544,484
INFORMATION TECHNOLOGY – 23.1%
IT Services – 4.0%
Accenture PLC Class A	342	104,741
Concentrix Corp.	199	26,618
Mastercard, Inc. Class A	166	58,729
PayPal Holdings, Inc. (a)	476	41,189
		231,277
Semiconductors & Semiconductor Equipment – 5.7%
Advanced Micro Devices, Inc. (a)	514	48,558
NVIDIA Corp.	572	103,892
ON Semiconductor Corp. (a)	1,372	91,622
SolarEdge Technologies, Inc. (a)	238	85,711
		329,783
Software – 11.1%
Adobe, Inc. (a)	160	65,619
Intuit, Inc.	200	91,234
Microsoft Corp.	1,279	359,067
Salesforce, Inc. (a)	667	122,741
		638,661
Technology Hardware, Storage & Peripherals – 2.3%
Apple, Inc.	826	134,233
TOTAL INFORMATION TECHNOLOGY		1,333,954


	Shares	Value
MATERIALS – 4.5%
Chemicals – 1.9%
Eastman Chemical Co.	345	$33,096
Linde PLC	248	74,896
		107,992
Containers & Packaging – 2.6%
Avery Dennison Corp.	471	89,706
Crown Holdings, Inc.	626	63,652
		153,358
TOTAL MATERIALS		261,350
REAL ESTATE – 2.8%
Equity Real Estate Investment Trusts (REITs) – 2.8%
Prologis, Inc.	1,234	163,579
UTILITIES – 1.9%
Electric Utilities – 1.2%
NextEra Energy, Inc.	852	71,985
Water Utilities – 0.7%
American Water Works Co., Inc.	254	39,482
TOTAL UTILITIES		111,467
TOTAL COMMON STOCKS (Cost $5,896,399)		5,587,182
Money Market Fund – 2.8%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (b) (Cost $158,785)	158,785	158,785
TOTAL INVESTMENT IN SECURITIES – 99.7% (Cost $6,055,184)		5,745,967
NET OTHER ASSETS (LIABILITIES) – 0.3%		17,345
NET ASSETS – 100.0%		$ 5,763,312

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.

55	Annual Report

Table of Contents

Fidelity® Women’s Leadership ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 98.2%
	Shares	Value
COMMUNICATION SERVICES – 5.5%
Diversified Telecommunication Services – 0.8%
Verizon Communications, Inc.	474	$ 21,894
Entertainment – 0.9%
The Walt Disney Co. (a)	211	22,387
Interactive Media & Services – 1.9%
Alphabet, Inc. Class C (a)	140	16,330
Bumble, Inc. Class A (a)	873	33,104
		49,434
Media – 1.9%
Cable One, Inc.	11	15,143
The Interpublic Group of Cos., Inc.	1,142	34,112
		49,255
TOTAL COMMUNICATION SERVICES		142,970
CONSUMER DISCRETIONARY – 11.1%
Automobiles – 0.7%
General Motors Co.	531	19,254
Diversified Consumer Services – 1.1%
Adtalem Global Education, Inc. (a)	366	14,677
Bright Horizons Family Solutions, Inc. (a)	151	14,144
		28,821
Hotels, Restaurants & Leisure – 2.0%
Marriott International, Inc. Class A	232	36,847
Vail Resorts, Inc.	70	16,599
		53,446
Household Durables – 0.8%
Taylor Morrison Home Corp. (a)	724	20,779
Internet & Direct Marketing Retail – 2.0%
Amazon.com, Inc. (a)	260	35,087
Etsy, Inc. (a)	126	13,069
The RealReal, Inc. (a)	1,559	3,632
		51,788
Specialty Retail – 3.3%
Best Buy Co., Inc.	195	15,013
Lowe's Cos., Inc.	153	29,304
The Gap, Inc.	1,188	11,429
Torrid Holdings, Inc. (a)	1,308	5,310
Williams-Sonoma, Inc.	174	25,129
		86,185
Textiles, Apparel & Luxury Goods – 1.2%
PVH Corp.	184	11,393
Tapestry, Inc.	587	19,741
		31,134
TOTAL CONSUMER DISCRETIONARY		291,407
CONSUMER STAPLES – 4.9%
Beverages – 1.1%
The Coca-Cola Co.	434	27,850


	Shares	Value

Food & Staples Retailing – 0.7%
Albertsons Cos., Inc.	654	$ 17,560
Food Products – 1.3%
The Hershey Co.	150	34,194
Household Products – 0.7%
The Clorox Co.	135	19,148
Personal Products – 1.1%
Olaplex Holdings, Inc. (a)	476	8,187
The Estee Lauder Cos., Inc. Class A	79	21,575
		29,762
TOTAL CONSUMER STAPLES		128,514
ENERGY – 2.4%
Oil, Gas & Consumable Fuels – 2.4%
EQT Corp.	316	13,913
Occidental Petroleum Corp.	265	17,424
Phillips 66	364	32,396
TOTAL ENERGY		63,733
FINANCIALS – 12.2%
Banks – 3.9%
Bank of America Corp.	1,266	42,803
Citigroup, Inc.	392	20,345
First Horizon Corp.	674	15,071
First United Corp.	550	9,911
JPMorgan Chase & Co.	130	14,997
		103,127
Capital Markets – 4.0%
Franklin Resources, Inc.	569	15,619
Morningstar, Inc.	117	29,876
MSCI, Inc.	27	12,996
Nasdaq, Inc.	256	46,310
		104,801
Insurance – 4.3%
Marsh & McLennan Cos., Inc.	122	20,003
The Hartford Financial Services Group, Inc.	621	40,036
The Progressive Corp.	462	53,158
		113,197
TOTAL FINANCIALS		321,125
HEALTH CARE – 15.0%
Biotechnology – 2.6%
Alnylam Pharmaceuticals, Inc. (a)	123	17,471
Vertex Pharmaceuticals, Inc. (a)	150	42,061
Zai Lab Ltd. ADR (a)	211	8,552
		68,084
Health Care Equipment & Supplies – 2.2%
Figs, Inc. Class A (a)	917	9,693

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

57	Annual Report

Table of Contents

Fidelity® Women’s Leadership ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
HEALTH CARE – continued
Health Care Equipment & Supplies – continued
Hologic, Inc. (a)	665	$ 47,468
		57,161
Health Care Providers & Services – 5.9%
Cigna Corp.	213	58,651
Elevance Health, Inc.	179	85,401
Guardant Health, Inc. (a)	228	11,439
		155,491
Life Sciences Tools & Services – 0.6%
ICON PLC (a)	73	17,611
Pharmaceuticals – 3.7%
Eli Lilly & Co.	127	41,871
GSK PLC SPON ADR ADR	454	19,145
Zoetis, Inc.	195	35,597
		96,613
TOTAL HEALTH CARE		394,960
INDUSTRIALS – 12.3%
Air Freight & Logistics – 1.4%
United Parcel Service, Inc. Class B	187	36,444
Airlines – 0.3%
JetBlue Airways Corp. (a)	916	7,713
Commercial Services & Supplies – 0.2%
Stericycle, Inc. (a)	133	6,234
Electrical Equipment – 3.4%
AMETEK, Inc.	377	46,560
nVent Electric PLC	898	31,708
Sunrun, Inc. (a)	347	11,343
		89,611
Machinery – 3.7%
Deere & Co.	69	23,680
Federal Signal Corp.	1,089	45,215
Otis Worldwide Corp.	367	28,688
		97,583
Professional Services – 3.3%
Leidos Holdings, Inc.	297	31,779
ManpowerGroup, Inc.	315	24,699
Science Applications International Corp.	310	30,030
		86,508
TOTAL INDUSTRIALS		324,093
INFORMATION TECHNOLOGY – 25.5%
Communications Equipment – 0.9%
Arista Networks, Inc. (a)	197	22,976
Electronic Equipment, Instruments & Components – 3.0%
CDW Corp.	319	57,908
Insight Enterprises, Inc. (a)	232	21,671
		79,579


	Shares	Value

IT Services – 7.4%
Accenture PLC Class A	165	$ 50,533
Concentrix Corp.	96	12,841
Genpact Ltd.	472	22,694
Mastercard, Inc. Class A	123	43,516
PayPal Holdings, Inc. (a)	222	19,210
Twilio, Inc. Class A (a)	113	9,582
WEX, Inc. (a)	222	36,898
		195,274
Semiconductors & Semiconductor Equipment – 2.6%
Advanced Micro Devices, Inc. (a)	225	21,256
Marvell Technology, Inc.	248	13,809
NVIDIA Corp.	178	32,330
		67,395
Software – 9.1%
Adobe, Inc. (a)	97	39,782
HubSpot, Inc. (a)	56	17,248
Intuit, Inc.	83	37,862
Microsoft Corp.	319	89,556
PagerDuty, Inc. (a)	479	12,420
Salesforce, Inc. (a)	231	42,509
		239,377
Technology Hardware, Storage & Peripherals – 2.5%
Apple, Inc.	394	64,029
TOTAL INFORMATION TECHNOLOGY		668,630
MATERIALS – 3.9%
Chemicals – 1.8%
Cabot Corp.	232	17,228
Eastman Chemical Co.	139	13,334
Valvoline, Inc.	472	15,208
		45,770
Construction Materials – 0.5%
Summit Materials, Inc. Class A (a)	513	14,113
Metals & Mining – 1.6%
Commercial Metals Co.	664	26,308
Schnitzer Steel Industries, Inc. Class A	442	15,717
		42,025
TOTAL MATERIALS		101,908
REAL ESTATE – 3.3%
Equity Real Estate Investment Trusts (REITs) – 3.3%
Equity Lifestyle Properties, Inc.	435	31,981
STORE Capital Corp.	1,097	31,835
Ventas, Inc.	421	22,642
TOTAL REAL ESTATE		86,458
UTILITIES – 2.1%
Electric Utilities – 0.9%
NextEra Energy, Inc.	296	25,009

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
UTILITIES – continued
Water Utilities – 1.2%
American Water Works Co., Inc.	195	$ 30,311
TOTAL UTILITIES		55,320
TOTAL COMMON STOCKS (Cost $2,820,529)		2,579,118
Money Market Fund – 1.8%

State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (b) (Cost $47,536)	47,536	47,536
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $2,868,065)		2,626,654
NET OTHER ASSETS (LIABILITIES) – 0.0%		698
NET ASSETS – 100.0%		$ 2,627,352

Legend
(a)	Non-income producing.
(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Investment Valuation

Valuation Inputs at Reporting Date:

Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$ 142,970	$ 142,970	$ —	$ —
Consumer Discretionary	291,407	291,407	—	—
Consumer Staples	128,514	128,514	—	—
Energy	63,733	63,733	—	—
Financials	321,125	321,125	—	—
Health Care	394,960	394,960	—	—
Industrials	324,093	324,093	—	—
Information Technology	668,630	668,630	—	—
Materials	101,908	101,908	—	—
Real Estate	86,458	86,458	—	—
Utilities	55,320	55,320	—	—
Money Market Fund	47,536	47,536	—	—
Total Investments in Securities:	$ 2,626,654	$ 2,626,654	$ —	$ —

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

59	Annual Report

Table of Contents

Financial Statements

^{Statements of
Assets and Liabilities}

July 31, 2022

	Fidelity Blue Chip Growth ETF	Fidelity Blue Chip Value ETF	Fidelity Growth Opportunities ETF	Fidelity Magellan ETF
Assets
Investments in securities, at value – See accompanying schedule:	$ 363,826,932	$ 114,106,958	$ 62,223,928	$ 46,615,968
Cash	36	—	—	—
Foreign currency held at value (cost $57, $—, $— and $—, respectively)	57	—	—	—
Receivable for investments sold	240,563	—	12,013	252,394
Receivable for fund shares sold	—	—	96,756	—
Dividends receivable	67,625	122,549	8,792	10,872
Total assets	364,135,213	114,229,507	62,341,489	46,879,234
Liabilities
Payable to custodian bank	—	—	—	—
Payable for investments purchased	576,522	—	3,124	330,778
Accrued management fees	161,753	54,079	28,347	21,048
Total liabilities	738,275	54,079	31,471	351,826
Net Assets	$363,396,938	$114,175,428	$ 62,310,018	$46,527,408
Net Assets consist of:
Paid in capital	$446,056,614	$105,492,197	$ 80,798,166	$49,142,677
Total accumulated earnings (loss)	(82,659,676)	8,683,231	(18,488,148)	(2,615,269)
Net Assets	$363,396,938	$114,175,428	$ 62,310,018	$46,527,408
Shares outstanding	14,575,000	4,075,000	4,300,000	2,225,000
Net Asset Value per share	$ 24.93	$ 28.02	$ 14.49	$ 20.91
Investments at cost	$393,380,504	$104,924,657	$ 64,779,940	$45,017,742

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

Annual Report

Table of Contents

^{Statements of
Assets and Liabilities}

July 31, 2022

	Fidelity New Millennium ETF	Fidelity Real Estate Investment ETF	Fidelity Small-Mid Cap Opportunities ETF	Fidelity Sustainable U.S. Equity ETF
Assets
Investments in securities, at value – See accompanying schedule:	$ 56,955,083	$ 20,254,825	$ 27,751,599	$ 5,745,967
Cash	—	—	—	—
Foreign currency held at value (cost $—, $—, $— and $—, respectively)	—	—	—	—
Receivable for investments sold	485,773	—	—	177,937
Receivable for fund shares sold	—	—	—	—
Dividends receivable	50,958	11,170	8,820	2,949
Total assets	57,491,814	20,265,995	27,760,419	5,926,853
Liabilities
Payable to custodian bank	7	—	—	—
Payable for investments purchased	1,189,962	—	—	160,864
Accrued management fees	26,207	9,461	12,929	2,677
Total liabilities	1,216,176	9,461	12,929	163,541
Net Assets	$56,275,638	$20,256,534	$27,747,490	$5,763,312
Net Assets consist of:
Paid in capital	$50,976,875	$19,989,181	$29,510,832	$6,350,930
Total accumulated earnings (loss)	5,298,763	267,353	(1,763,342)	(587,618)
Net Assets	$56,275,638	$20,256,534	$27,747,490	$5,763,312
Shares outstanding	1,950,000	850,000	1,325,000	300,000
Net Asset Value per share	$ 28.86	$ 23.83	$ 20.94	$ 19.21
Investments at cost	$51,179,338	$19,794,303	$27,421,825	$6,055,184

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

61	Annual Report

Table of Contents

^{Statements of
Operations}

For the year ended July 31, 2022

	Fidelity Blue Chip Growth ETF	Fidelity Blue Chip Value ETF	Fidelity Growth Opportunities ETF	Fidelity Magellan ETF
Investment Income
Dividends	$ 1,785,260	$ 2,048,344	$ 211,162	$ 295,228
Interest	2	—	7	—
Total income	1,785,262	2,048,344	211,169	295,228
Expenses
Management fees	2,482,925	618,893	307,296	270,697
Independent trustees' fees and expenses	1,380	339	161	144
Total expenses	2,484,305	619,232	307,457	270,841
Net investment income (loss)	(699,043)	1,429,112	(96,288)	24,387
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities	(51,216,268)	1,106,812	(16,013,129)	(4,072,903)
Net realized gain (loss) on In-kind redemptions	26,260,346	414,774	1,542,820	329,428
Net realized gain (loss) on futures contracts	(53,041)	—	15,938	—
Net realized gain (loss) on foreign currency transactions	1,237	—	(487)	—
Total net realized gain (loss)	(25,007,726)	1,521,586	(14,454,858)	(3,743,475)
Change in net unrealized appreciation (depreciation) on investment securities	(94,362,748)	(2,033,797)	(5,201,488)	(2,178,468)
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies	(16)	—	24	—
Total change in net unrealized appreciation (depreciation)	(94,362,764)	(2,033,797)	(5,201,464)	(2,178,468)
Net gain (loss)	(119,370,490)	(512,211)	(19,656,322)	(5,921,943)
Net increase (decrease) in net assets resulting from operations	$(120,069,533)	$ 916,901	$(19,752,610)	$(5,897,556)

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

63	Annual Report

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Financial Statements – continued

^{Statements of
Operations}

For the year ended July 31, 2022

	Fidelity New Millennium ETF	Fidelity Real Estate Investment ETF	Fidelity Small-Mid Cap Opportunities ETF	Fidelity Sustainable U.S. Equity ETF
Investment Income
Dividends	$ 1,171,332	$ 443,565	$ 301,060	$ 60,152
Interest	—	—	—	—
Total income	1,171,332	443,565	301,060	60,152
Expenses
Management fees	355,126	120,905	173,951	30,850
Independent trustees' fees and expenses	201	65	90	16
Total expenses	355,327	120,970	174,041	30,866
Net investment income (loss)	816,005	322,595	127,019	29,286
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities	(295,878)	(173,522)	(1,746,244)	(284,651)
Net realized gain (loss) on In-kind redemptions	1,558,079	587,745	396,318	114,888
Net realized gain (loss) on futures contracts	—	—	(2,234)	—
Net realized gain (loss) on foreign currency transactions	83	—	(1)	—
Total net realized gain (loss)	1,262,284	414,223	(1,352,161)	(169,763)
Change in net unrealized appreciation (depreciation) on investment securities	(1,701,394)	(1,439,266)	(1,276,518)	(408,202)
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies	—	—	—	—
Total change in net unrealized appreciation (depreciation)	(1,701,394)	(1,439,266)	(1,276,518)	(408,202)
Net gain (loss)	(439,110)	(1,025,043)	(2,628,679)	(577,965)
Net increase (decrease) in net assets resulting from operations	$ 376,895	$ (702,448)	$(2,501,660)	$(548,679)

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

Annual Report

Table of Contents

Financial Statements – continued

^{Statements of
Changes in Net Assets}

	Fidelity Blue Chip Growth ETF		Fidelity Blue Chip Value ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2022	Year ended July 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (699,043)	$ (593,203)	$ 1,429,112	$ 636,414
Net realized gain (loss)	(25,007,726)	388,122	1,521,586	2,639,370
Change in net unrealized appreciation (depreciation)	(94,362,764)	62,277,436	(2,033,797)	11,135,394
Net increase (decrease) in net assets resulting from operations	(120,069,533)	62,072,355	916,901	14,411,178
Distributions to shareholders	—	(12,550)	(3,452,325)	(554,000)
Share transactions
Proceeds from sales of shares	209,141,668	330,484,944	25,101,299	85,150,123
Cost of shares redeemed	(132,864,696)	(26,849,401)	(2,855,376)	(12,635,307)
Net increase (decrease) in net assets resulting from share transactions	76,276,972	303,635,543	22,245,923	72,514,816
Total increase (decrease) in net assets	(43,792,561)	365,695,348	19,710,499	86,371,994
Net Assets
Beginning of year	407,189,499	41,494,151	94,464,929	8,092,935
End of year	$ 363,396,938	$407,189,499	$114,175,428	$ 94,464,929
Other Information
Shares
Sold	6,575,000	11,550,000	875,000	3,400,000
Redeemed	(4,425,000)	(950,000)	(100,000)	(500,000)
Net increase (decrease)	2,150,000	10,600,000	775,000	2,900,000

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

Annual Report

Table of Contents

^{Statements of
Changes in Net Assets}

	Fidelity Growth Opportunities ETF		Fidelity Magellan ETF
	Year ended July 31, 2022	Year ended July 31, 2021^A	Year ended July 31, 2022	Year ended July 31, 2021^A
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (96,288)	$ (38,448)	$ 24,387	$ 710
Net realized gain (loss)	(14,454,858)	(1,128,036)	(3,743,475)	(59,322)
Change in net unrealized appreciation (depreciation)	(5,201,464)	2,645,452	(2,178,468)	3,776,694
Net increase (decrease) in net assets resulting from operations	(19,752,610)	1,478,968	(5,897,556)	3,718,082
Distributions to shareholders	—	—	(32,550)	(4,875)
Share transactions
Proceeds from sales of shares	59,102,297	39,144,463	19,270,749	33,724,455
Cost of shares redeemed	(16,719,011)	(944,089)	(2,655,560)	(1,595,337)
Net increase (decrease) in net assets resulting from share transactions	42,383,286	38,200,374	16,615,189	32,129,118
Total increase (decrease) in net assets	22,630,676	39,679,342	10,685,083	35,842,325
Net Assets
Beginning of year	39,679,342	—	35,842,325	—
End of year	$ 62,310,018	$39,679,342	$46,527,408	$35,842,325
Other Information
Shares
Sold	3,500,000	1,925,000	800,000	1,625,000
Redeemed	(1,075,000)	(50,000)	(125,000)	(75,000)
Net increase (decrease)	2,425,000	1,875,000	675,000	1,550,000

^A	For the period February 2, 2021 (commencement of operations) to July 31, 2021.

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

67	Annual Report

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Financial Statements – continued

^{Statements of
Changes in Net Assets}

	Fidelity New Millennium ETF		Fidelity Real Estate Investment ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2022	Year ended July 31, 2021^A
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 816,005	$ 441,899	$ 322,595	$ 84,268
Net realized gain (loss)	1,262,284	1,262,431	414,223	81,426
Change in net unrealized appreciation (depreciation)	(1,701,394)	7,391,517	(1,439,266)	1,899,788
Net increase (decrease) in net assets resulting from operations	376,895	9,095,847	(702,448)	2,065,482
Distributions to shareholders	(1,100,175)	(485,050)	(456,700)	(92,000)
Share transactions
Proceeds from sales of shares	3,720,338	51,361,590	7,736,496	15,359,907
Cost of shares redeemed	(7,128,248)	(5,677,642)	(3,056,221)	(597,982)
Net increase (decrease) in net assets resulting from share transactions	(3,407,910)	45,683,948	4,680,275	14,761,925
Total increase (decrease) in net assets	(4,131,190)	54,294,745	3,521,127	16,735,407
Net Assets
Beginning of year	60,406,828	6,112,083	16,735,407	—
End of year	$56,275,638	$60,406,828	$20,256,534	$16,735,407
Other Information
Shares
Sold	125,000	1,975,000	300,000	700,000
Redeemed	(250,000)	(200,000)	(125,000)	(25,000)
Net increase (decrease)	(125,000)	1,775,000	175,000	675,000

^A	For the period February 2, 2021 (commencement of operations) to July 31, 2021.

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

Annual Report

Table of Contents

^{Statements of
Changes in Net Assets}

	Fidelity Small-Mid Cap Opportunities ETF		Fidelity Sustainable U.S. Equity ETF
	Year ended July 31, 2022	Year ended July 31, 2021^A	Year ended July 31, 2022	Year ended July 31, 2021^B
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 127,019	$ 19,982	$ 29,286	$ (224)
Net realized gain (loss)	(1,352,161)	(362,159)	(169,763)	3,104
Change in net unrealized appreciation (depreciation)	(1,276,518)	1,606,292	(408,202)	98,985
Net increase (decrease) in net assets resulting from operations	(2,501,660)	1,264,115	(548,679)	101,865
Distributions to shareholders	(131,575)	(23,950)	(36,950)	—
Share transactions
Proceeds from sales of shares	8,178,290	23,317,517	4,831,792	3,018,299
Cost of shares redeemed	(2,355,247)	—	(1,603,015)	—
Net increase (decrease) in net assets resulting from share transactions	5,823,043	23,317,517	3,228,777	3,018,299
Total increase (decrease) in net assets	3,189,808	24,557,682	2,643,148	3,120,164
Net Assets
Beginning of year	24,557,682	—	3,120,164	—
End of year	$27,747,490	$24,557,682	$ 5,763,312	$3,120,164
Other Information
Shares
Sold	350,000	1,075,000	225,000	150,000
Redeemed	(100,000)	—	(75,000)	—
Net increase (decrease)	250,000	1,075,000	150,000	150,000

^A	For the period February 2, 2021 (commencement of operations) to July 31, 2021.
^B	For the period June 15, 2021 (commencement of operations) to July 31, 2021.

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

69	Annual Report

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^{Financial
Highlights}

	Fidelity Blue Chip Growth ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020^A
Selected Per-Share Data
Net asset value, beginning of period	$ 32.77	$ 22.74	$ 20.00
Income from Investment Operations
Net investment income (loss)^B,C	(0.05)	(0.08)	(0.01)
Net realized and unrealized gain (loss)	(7.79)	10.11	2.75
Total from investment operations	(7.84)	10.03	2.74
Distributions from net investment income	—	(0.00) ^D	—
Total distributions	—	(0.00) ^D	—
Net asset value, end of period	$ 24.93	$ 32.77	$ 22.74
Total Return^E,F,G	(23.92)%	44.14%	13.68%
Ratios to Average Net Assets^B,H
Expenses before reductions	.59%	.59%	.59% ^I
Expenses net of fee waivers, if any	.59%	.59%	.59% ^I
Expenses net of all reductions	.59%	.59%	.59% ^I
Net investment income (loss)	(.17)%	(.27)%	(.34)% ^I
Supplemental Data
Net assets, end of period (000 omitted)	$363,397	$407,189	$41,494
Portfolio turnover rate^J,K	57%	63%	11% ^L

^A	For the period June 2, 2020 (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	Amount represents less than $0.005 per share.
^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	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.
^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.

71	Annual Report

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Financial Statements – continued

^{Financial
Highlights}

	Fidelity Blue Chip Value ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020^A
Selected Per-Share Data
Net asset value, beginning of period	$ 28.63	$ 20.23	$20.00
Income from Investment Operations
Net investment income (loss)^B,C	0.39	0.32	0.03
Net realized and unrealized gain (loss)	(0.03)	8.32	0.21
Total from investment operations	0.36	8.64	0.24
Distributions from net investment income	(0.39)	(0.24)	(0.01)
Distributions from net realized gain	(0.58)	—	—
Total distributions	(0.97)	(0.24)	(0.01)
Net asset value, end of period	$ 28.02	$ 28.63	$20.23
Total Return^D,E,F	1.27%	42.83%	1.23%
Ratios to Average Net Assets^B,G
Expenses before reductions	.59%	.59%	.59% ^H
Expenses net of fee waivers, if any	.59%	.59%	.59% ^H
Expenses net of all reductions	.59%	.58%	.59% ^H
Net investment income (loss)	1.36%	1.22%	1.02% ^H
Supplemental Data
Net assets, end of period (000 omitted)	$114,175	$94,465	$8,093
Portfolio turnover rate^I,J	54%	97%	20% ^K

^A	For the period June 2, 2020 (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	Annualized.
^I	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^J	Portfolio turnover rate excludes securities received or delivered in-kind.
^K	Amount not annualized.

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

Annual Report

Table of Contents

^{Financial
Highlights}

	Fidelity Growth Opportunities ETF
	Year ended July 31, 2022	Year ended July 31, 2021^A
Selected Per-Share Data
Net asset value, beginning of period	$ 21.16	$ 20.00
Income from Investment Operations
Net investment income (loss)^B,C	(0.03)	(0.03)
Net realized and unrealized gain (loss)	(6.64)	1.19
Total from investment operations	(6.67)	1.16
Net asset value, end of period	$ 14.49	$ 21.16
Total Return^D,E,F	(31.53)%	5.82%
Ratios to Average Net Assets^B,G
Expenses before reductions	.59%	.59% ^H
Expenses net of fee waivers, if any	.59%	.59% ^H
Expenses net of all reductions	.59%	.59% ^H
Net investment income (loss)	(.19)%	(.33)% ^H
Supplemental Data
Net assets, end of period (000 omitted)	$62,310	$39,679
Portfolio turnover rate^I,J	99%	49% ^K

^A	For the period February 2, 2021 (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	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	Annualized.
^I	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^J	Portfolio turnover rate excludes securities received or delivered in-kind.
^K	Amount not annualized.

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

73	Annual Report

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Financial Statements – continued

^{Financial
Highlights}

	Fidelity Magellan ETF
	Year ended July 31, 2022	Year ended July 31, 2021^A
Selected Per-Share Data
Net asset value, beginning of period	$ 23.12	$ 20.00
Income from Investment Operations
Net investment income (loss)^B,C	0.01	— ^D
Net realized and unrealized gain (loss)	(2.20)	3.13
Total from investment operations	(2.19)	3.13
Distributions from net investment income	(0.02)	(0.01)
Total distributions	(0.02)	(0.01)
Net asset value, end of period	$ 20.91	$ 23.12
Total Return^E,F,G	(9.50)%	15.65%
Ratios to Average Net Assets^B,H
Expenses before reductions	.59%	.59% ^I
Expenses net of fee waivers, if any	.59%	.59% ^I
Expenses net of all reductions	.59%	.59% ^I
Net investment income (loss)	.05%	.01% ^I
Supplemental Data
Net assets, end of period (000 omitted)	$46,527	$35,842
Portfolio turnover rate^J,K	68%	41% ^L

^A	For the period February 2, 2021 (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	Amount represents less than $0.005 per share.
^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	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.
^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.

Annual Report

Table of Contents

^{Financial
Highlights}

	Fidelity New Millennium ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020^A
Selected Per-Share Data
Net asset value, beginning of period	$ 29.11	$ 20.37	$20.00
Income from Investment Operations
Net investment income (loss)^B,C	0.40	0.36	0.03
Net realized and unrealized gain (loss)	(0.12)	8.75	0.36
Total from investment operations	0.28	9.11	0.39
Distributions from net investment income	(0.53)	(0.37)	(0.02)
Total distributions	(0.53)	(0.37)	(0.02)
Net asset value, end of period	$ 28.86	$ 29.11	$20.37
Total Return^D,E,F	1.00%	45.03%	1.95%
Ratios to Average Net Assets^B,G
Expenses before reductions	.59%	.59%	.59% ^H
Expenses net of fee waivers, if any	.59%	.59%	.59% ^H
Expenses net of all reductions	.59%	.58%	.59% ^H
Net investment income (loss)	1.36%	1.33%	1.00% ^H
Supplemental Data
Net assets, end of period (000 omitted)	$56,276	$60,407	$6,112
Portfolio turnover rate^I,J	36%	68%	10% ^K

^A	For the period June 2, 2020 (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	Annualized.
^I	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^J	Portfolio turnover rate excludes securities received or delivered in-kind.
^K	Amount not annualized.

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

75	Annual Report

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Financial Statements – continued

^{Financial
Highlights}

	Fidelity Real Estate Investment ETF
	Year ended July 31, 2022	Year ended July 31, 2021^A
Selected Per-Share Data
Net asset value, beginning of period	$ 24.79	$ 20.00
Income from Investment Operations
Net investment income (loss)^B,C	0.39	0.21
Net realized and unrealized gain (loss)	(0.80)	4.79
Total from investment operations	(0.41)	5.00
Distributions from net investment income	(0.55)	(0.21)
Total distributions	(0.55)	(0.21)
Net asset value, end of period	$ 23.83	$ 24.79
Total Return^D,E,F	(1.68)%	25.17%
Ratios to Average Net Assets^B,G
Expenses before reductions	.59%	.59% ^H
Expenses net of fee waivers, if any	.59%	.59% ^H
Expenses net of all reductions	.59%	.58% ^H
Net investment income (loss)	1.58%	1.80% ^H
Supplemental Data
Net assets, end of period (000 omitted)	$20,257	$16,735
Portfolio turnover rate^I,J	24%	23% ^K

^A	For the period February 2, 2021 (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	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	Annualized.
^I	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^J	Portfolio turnover rate excludes securities received or delivered in-kind.
^K	Amount not annualized.

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

Annual Report

Table of Contents

^{Financial
Highlights}

	Fidelity Small-Mid Cap Opportunities ETF
	Year ended July 31, 2022	Year ended July 31, 2021^A
Selected Per-Share Data
Net asset value, beginning of period	$ 22.84	$ 20.00
Income from Investment Operations
Net investment income (loss)^B,C	0.10	0.03
Net realized and unrealized gain (loss)	(1.89)	2.84
Total from investment operations	(1.79)	2.87
Distributions from net investment income	(0.11)	(0.03)
Total distributions	(0.11)	(0.03)
Net asset value, end of period	$ 20.94	$ 22.84
Total Return^D,E,F	(7.88)%	14.36%
Ratios to Average Net Assets^B,G
Expenses before reductions	.62%	.64% ^H
Expenses net of fee waivers, if any	.62%	.64% ^H
Expenses net of all reductions	.62%	.63% ^H
Net investment income (loss)	.45%	.22% ^H
Supplemental Data
Net assets, end of period (000 omitted)	$27,747	$24,558
Portfolio turnover rate^I,J	42%	37% ^K

^A	For the period February 2, 2021 (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	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	Annualized.
^I	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^J	Portfolio turnover rate excludes securities received or delivered in-kind.
^K	Amount not annualized.

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

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Financial Statements – continued

^{Financial
Highlights}

	Fidelity Sustainable U.S. Equity ETF
	Year ended July 31, 2022	Year ended July 31, 2021^A
Selected Per-Share Data
Net asset value, beginning of period	$20.80	$20.00
Income from Investment Operations
Net investment income (loss)^B,C	0.11	(—) ^D
Net realized and unrealized gain (loss)	(1.57)	0.80
Total from investment operations	(1.46)	0.80
Distributions from net investment income	(0.13)	—
Total distributions	(0.13)	—
Net asset value, end of period	$19.21	$20.80
Total Return^E,F	(7.01)%	3.99%
Ratios to Average Net Assets^B,G
Expenses before reductions	.59%	.59% ^H
Expenses net of fee waivers, if any	.59%	.59% ^H
Expenses net of all reductions	.59%	.59% ^H
Net investment income (loss)	.56%	(.07)% ^H
Supplemental Data
Net assets, end of period (000 omitted)	$5,763	$3,120
Portfolio turnover rate^I,J	66%	23% ^K

^A	For the period June 15, 2021 (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	Amount represents less than $0.005 per share.
^E	Based on net asset value.
^F	Total returns for periods of less than one year are not annualized.
^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	Annualized.
^I	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^J	Portfolio turnover rate excludes securities received or delivered in-kind.
^K	Amount not annualized.

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

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^{Financial
Highlights}

	Fidelity Women's Leadership ETF
	Year ended July 31, 2022	Year ended July 31, 2021^A
Selected Per-Share Data
Net asset value, beginning of period	$ 20.51	$20.00
Income from Investment Operations
Net investment income (loss)^B,C	0.11	— ^D
Net realized and unrealized gain (loss)	(3.01)	0.51
Total from investment operations	(2.90)	0.51
Distributions from net investment income	(0.09)	—
Total distributions	(0.09)	—
Net asset value, end of period	$ 17.52	$20.51
Total Return^E,F	(14.14)%	2.53%
Ratios to Average Net Assets^B,G
Expenses before reductions	.59%	.59% ^H
Expenses net of fee waivers, if any	.59%	.59% ^H
Expenses net of all reductions	.59%	.59% ^H
Net investment income (loss)	.56%	.08% ^H
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,627	$2,051
Portfolio turnover rate^I,J	64%	5% ^K

^A	For the period June 15, 2021 (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	Amount represents less than $0.005 per share.
^E	Based on net asset value.
^F	Total returns for periods of less than one year are not annualized.
^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	Annualized.
^I	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^J	Portfolio turnover rate excludes securities received or delivered in-kind.
^K	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 July 31, 2022

1. Organization.

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) and Fidelity Women’s Leadership ETF (the Funds) are non-diversified 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. For Fidelity Sustainable U.S. Equity ETF and Fidelity Women’s Leadership ETF, application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect exposure to certain issuers, sectors, regions, and countries and may affect performance depending on whether certain investments are in or out of favor. The criteria related to ESG ratings process and/or adherence to its sustainable investing exclusion criteria may result in forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. As a result, performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. There are significant differences in interpretations of what it means for an issuer to have positive ESG factors. While the investment adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors’ or advisers’ views.

2. 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:

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, 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.

Investments in open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund’s NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board’s fair value pricing policies and is categorized as Level 2 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 July 31, 2022 is included at the end of each Fund’s Schedule of Investments.

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2. Significant Accounting Policies – continued

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 New York Stock Exchange, Archipelago Exchange (NYSE Arca) for Fidelity Sustainable U.S. Equity ETF and Fidelity Women’s Leadership ETF, and of the Cboe BZX Exchange, Inc. (CboeBZX) 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 Statements 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 any underlying mutual funds or exchange-traded funds (ETFs) 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 Statements of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statements 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. As of July 31, 2022, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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 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. In addition, certain Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

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Notes to Financial Statements – continued

2. Significant Accounting Policies – continued

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 Blue Chip Growth ETF	$ 406,761,011	$ 27,574,746	$ (70,508,825)	$ (42,934,079)
Fidelity Blue Chip Value ETF	105,794,631	12,999,328	(4,687,001)	8,312,327
Fidelity Growth Opportunities ETF	68,746,850	3,406,191	(9,929,113)	(6,522,922)
Fidelity Magellan ETF	45,341,616	2,853,832	(1,579,480)	1,274,352
Fidelity New Millennium ETF	51,859,414	8,666,011	(3,570,342)	5,095,669
Fidelity Real Estate Investment ETF	19,914,116	886,429	(545,720)	340,709
Fidelity Small-Mid Cap Opportunities ETF	27,566,383	2,582,949	(2,397,733)	185,216
Fidelity Sustainable U.S. Equity ETF	6,127,679	282,732	(664,444)	(381,712)
Fidelity Women’s Leadership ETF	2,924,175	105,015	(402,536)	(297,521)

The tax-based components of distributable earnings as of period end were as follows for each Fund:

	Undistributed ordinary income	Undistributed capital gains	Capital loss carryforward	Net unrealized appreciation (depreciation)
Fidelity Blue Chip Growth ETF	$ —	$ —	$ (38,946,620)	$ (42,934,094)
Fidelity Blue Chip Value ETF	98,347	909,767	—	8,312,327
Fidelity Growth Opportunities ETF	—	—	(11,918,052)	(6,522,922)
Fidelity Magellan ETF	—	—	(3,889,621)	1,274,352
Fidelity New Millennium ETF	71,676	131,418	—	5,095,669
Fidelity Real Estate Investment ETF	—	—	—	340,709
Fidelity Small-Mid Cap Opportunities ETF	—	—	(1,948,558)	185,216
Fidelity Sustainable U.S. Equity ETF	756	—	(206,662)	(381,712)
Fidelity Women’s Leadership ETF	1,104	—	(114,893)	(297,521)

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 prior fiscal period end and is subject to adjustment.

	Short-term	Long-term	Total capital loss carryforward
Fidelity Blue Chip Growth ETF	$ (32,340,952)	$ (6,605,668)	$ (38,946,620)
Fidelity Blue Chip Value ETF	—	—	—
Fidelity Growth Opportunities ETF	(10,187,779)	(1,730,273)	(11,918,052)
Fidelity Magellan ETF	(3,889,621)	—	(3,889,621)
Fidelity New Millennium ETF	—	—	—
Fidelity Real Estate Investment ETF	—	—	—
Fidelity Small-Mid Cap Opportunities ETF	(1,499,196)	(449,362)	(1,948,558)
Fidelity Sustainable U.S. Equity ETF	(181,512)	(25,150)	(206,662)
Fidelity Women’s Leadership ETF	(114,801)	(92)	(114,893)

Certain of the Funds intend to elect to defer to the next fiscal year capital losses recognized during the period November 1, 2021 to July 31, 2022, and ordinary losses recognized during the period January 1, 2022 to July 31, 2022. Loss deferrals were as follows:

	Capital Losses	Ordinary Losses
Fidelity Blue Chip Growth ETF	$ —	$ (778,962)
Fidelity Blue Chip Value ETF	(637,210)	—
Fidelity Growth Opportunities ETF	—	(47,174)
Fidelity Real Estate Investment ETF	(73,356)	—

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2. Significant Accounting Policies – continued

The tax character of distributions paid was as follows:

July 31, 2022
	Ordinary Income	Long-Term Capital Gain	Tax Return Of Capital	Total
Fidelity Blue Chip Growth ETF	$ —	$ —	$ —	$ —
Fidelity Blue Chip Value ETF	3,109,325	343,000	—	3,452,325
Fidelity Growth Opportunities ETF	—	—	—	—
Fidelity Magellan ETF	32,550	—	—	32,550
Fidelity New Millennium ETF	1,100,175	—	—	1,100,175
Fidelity Real Estate Investment ETF	456,700	—	—	456,700
Fidelity Small-Mid Cap Opportunities ETF	131,575	—	—	131,575
Fidelity Sustainable U.S. Equity ETF	36,950	—	—	36,950
Fidelity Women’s Leadership ETF	13,700	—	—	13,700

July 31, 2021
Fidelity Blue Chip Growth ETF	$ 12,550	$ —	$ —	$ 12,550
Fidelity Blue Chip Value ETF	554,000	—	—	554,000
Fidelity Growth Opportunities ETF	—	—	—	—
Fidelity Magellan ETF^A	4,875	—	—	4,875
Fidelity New Millennium ETF	485,050	—	—	485,050
Fidelity Real Estate Investment ETF^A	92,000	—	—	92,000
Fidelity Small-Mid Cap Opportunities ETF^A	23,950	—	—	23,950
Fidelity Sustainable U.S. Equity ETF	—	—	—	—
Fidelity Women’s Leadership ETF	—	—	—	—

^A	For the period February 2, 2021 (commencement of operations) through July 31, 2021.

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.

3. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. Investment objectives allow a fund 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.

Derivatives were used 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 objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

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.

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 a fund 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 a fund.

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. Futures contracts were used to manage exposure to the stock market.

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Notes to Financial Statements – continued

3. Derivative Instruments – continued

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 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 Statement 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 unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statements of Assets and Liabilities.

4. 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 Blue Chip Growth ETF	253,953,681	239,410,897
Fidelity Blue Chip Value ETF	57,039,982	55,417,041
Fidelity Growth Opportunities ETF	61,288,425	51,918,897
Fidelity Magellan ETF	32,299,185	30,555,931
Fidelity New Millennium ETF	20,924,556	22,548,795
Fidelity Real Estate Investment ETF	5,247,879	4,819,638
Fidelity Small-Mid Cap Opportunities ETF	13,212,255	11,540,304
Fidelity Sustainable U.S. Equity ETF	4,131,162	3,373,055
Fidelity Women’s Leadership ETF	1,906,054	1,607,770

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

	In-Kind Subscriptions ($)	In-Kind Redemptions ($)
Fidelity Blue Chip Growth ETF	166,852,774	103,926,987
Fidelity Blue Chip Value ETF	21,143,547	1,809,137
Fidelity Growth Opportunities ETF	45,760,501	12,779,847
Fidelity Magellan ETF	16,998,532	2,155,757
Fidelity New Millennium ETF	2,980,922	5,850,976
Fidelity Real Estate Investment ETF	7,058,100	2,827,765
Fidelity Small-Mid Cap Opportunities ETF	5,795,212	1,708,521
Fidelity Sustainable U.S. Equity ETF	3,635,667	1,303,127
Fidelity Women’s Leadership ETF	1,042,340	330,306

5. 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 .59% of each Fund's average net assets, except for Fidelity Small-Mid Cap Opportunities ETF. 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.

Fidelity Small-Mid Cap Opportunities ETF’s management fee is based on an annual rate of .60% of 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. During January 2022 the Board approved a change in the management fee for Fidelity Small-Mid Cap Opportunities ETF from .64% to .60% effective February 1, 2022.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statements of Operations. The commissions paid to these affiliated firms were as follows:

	Amount
Fidelity Blue Chip Growth ETF	$ 3,032

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5. Fees and Other Transactions with Affiliates – continued

	Amount
Fidelity Blue Chip Value ETF	522
Fidelity Growth Opportunities ETF	1,209
Fidelity Magellan ETF	237
Fidelity New Millennium ETF	352
Fidelity Real Estate Investment ETF	102
Fidelity Small-Mid Cap Opportunities ETF	239
Fidelity Sustainable U.S. Equity ETF	68
Fidelity Women’s Leadership ETF	30

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds 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. Interfund trades during the period are noted in the table below.

	Purchases	Sales	Realized Gain (Loss)
Fidelity Blue Chip Growth ETF	$ 8,256,181	$ 2,366,357	$ (934,298)
Fidelity Blue Chip Value ETF	1,469,051	1,876,213	15,498
Fidelity Growth Opportunities ETF	940,391	331,976	(165,143)
Fidelity Magellan ETF	1,436,969	1,306,774	(295,508)
Fidelity New Millennium ETF	408,228	180,225	(78,400)
Fidelity Real Estate Investment ETF	65,669	24,003	(908)
Fidelity Small-Mid Cap Opportunities ETF	329,739	511,185	(122,733)
Fidelity Sustainable U.S. Equity ETF	145,017	159,090	(4,231)
Fidelity Women’s Leadership ETF	9,404	15,675	(21,522)

6. 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.

7. 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.

8. 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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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Covington Trust and Shareholders of Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF and Fidelity New Millennium ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF and Fidelity New Millennium ETF (three of the funds constituting Fidelity Covington Trust, hereafter collectively referred to as the "Funds") as of July 31, 2022, the related statements of operations for the year ended July 31, 2022, the statements of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the two years in the period ended July 31, 2022, and for the period June 2, 2020 (commencement of operations) to July 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2022 and the financial highlights for each of the two years in the period ended July 31, 2022 and for the period June 2, 2020 (commencement of operations) to July 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

September 19, 2022

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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To the Board of Trustees of Fidelity Covington Trust and the Shareholders of Fidelity Growth Opportunities ETF, Fidelity Magellan 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), and Fidelity Women's Leadership ETF:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Fidelity Growth Opportunities ETF, Fidelity Magellan 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), and Fidelity Women's Leadership ETF (the "Funds"), each a fund of Fidelity Covington Trust, including the schedules of investments, as of July 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year then ended and for the period from February 2, 2021 (commencement of operations) through July 31, 2021, except for the related statements of changes in net assets and the financial highlights for the Fidelity Sustainable U.S Equity ETF and Fidelity Women’s Leadership ETF; which are for the year then ended and for the period from June 15, 2021 (commencement of operations) through July 31, 2021; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2022, and the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for the year then ended and for the period from February 2, 2021 (commencement of operations) through July 31, 2021, except for the Fidelity Sustainable U.S Equity ETF and Fidelity Women’s Leadership ETF; which are for the year then ended and for the period from June 15, 2021 (commencement of operations) through July 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 19, 2022

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

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Trustees and Officers (Unaudited)

The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Each of the Trustees oversees 316 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The funds’ Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-FIDELITY.

Experience, Skills, Attributes, and Qualifiﬁcations of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity^® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity^® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity^® funds overseen by each Board.

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The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity^® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity^® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity^® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity^® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

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Trustees and Officers (Unaudited) – continued

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity^® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity^® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2018

Trustee

Mr. Dirks also serves as Trustee of other Fidelity^® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity^® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity^® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity^® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity^® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University’s Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

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Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Trustee

Ms. Kampling also serves as Trustee of other Fidelity^® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity^® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity^® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity^® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity^® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity^® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2013

Trustee

Mr. Smith also serves as Trustee of other Fidelity^® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity^® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity^® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

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Trustees and Officers (Unaudited) – continued

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity^® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity^® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2013

Trustee

Mr. Wiley also serves as Trustee of other Fidelity^® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity^® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

Advisory Board Members and Offiﬃcers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity^® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

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Name, Year of Birth; Principal Occupation

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity^® funds (2016-2020) and Assistant Treasurer of certain Fidelity^® funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

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Trustees and Officers (Unaudited) – continued

Name, Year of Birth; Principal Occupation

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity^® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity^® funds (2019-2021).

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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 (February 1, 2022 to July 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 February 1, 2022	Ending Account Value July 31, 2022	Expenses Paid During Period^B February 1, 2022 to July 31, 2022
Fidelity Blue Chip Growth ETF	0.59%
Actual		$ 1,000.00	$ 1,000.00	$ 2.93
Hypothetical ^C		$ 1,000.00	$ 1,021.87	$ 2.96
Fidelity Blue Chip Value ETF	0.59%
Actual		$ 1,000.00	$ 1,000.00	$ 2.93
Hypothetical ^C		$ 1,000.00	$ 1,021.87	$ 2.96
Fidelity Growth Opportunities ETF	0.59%
Actual		$ 1,000.00	$ 1,000.00	$ 2.93
Hypothetical ^C		$ 1,000.00	$ 1,021.87	$ 2.96
Fidelity Magellan ETF	0.59%
Actual		$ 1,000.00	$ 1,000.00	$ 2.93
Hypothetical ^C		$ 1,000.00	$ 1,021.87	$ 2.96
Fidelity New Millennium ETF	0.59%
Actual		$ 1,000.00	$ 1,000.00	$ 2.93
Hypothetical ^C		$ 1,000.00	$ 1,021.87	$ 2.96
Fidelity Real Estate Investment ETF	0.59%
Actual		$ 1,000.00	$ 1,000.00	$ 2.93
Hypothetical ^C		$ 1,000.00	$ 1,021.87	$ 2.96
Fidelity Small-Mid Cap Opportunities ETF	0.61%
Actual		$ 1,000.00	$ 1,000.00	$ 3.02
Hypothetical ^C		$ 1,000.00	$ 1,021.77	$ 3.06

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Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended July 31, 2022, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Blue Chip Value ETF	$1,259,117
Fidelity New Millennium ETF	$ 195,844

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended July 31, 2021, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Blue Chip Value ETF

$29,101

A percentage of the dividends distributed during the fiscal year for the following funds qualifies for the dividend-received deduction for corporate shareholders:

	September 2021	December 2021	March 2022	June 2022
Fidelity Blue Chip Growth ETF	—	—	—	—
Fidelity Blue Chip Value ETF	40%	40%	100%	100%
Fidelity Growth Opportunities ETF	—	—	—	—
Fidelity Magellan ETF	100%	100%	100%	100%
Fidelity New Millennium ETF	68%	68%	100%	100%
Fidelity Real Estate Investment ETF	0%	0%	0%	0%
Fidelity Small-Mid Cap Opportunities ETF	100%	100%	100%	100%
Fidelity Sustainable U.S. Equity ETF	97%	97%	100%	100%
Fidelity Women’s Leadership ETF	100%	100%	100%	100%

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

	September 2021	December 2021	March 2022	June 2022
Fidelity Blue Chip Growth ETF	—	—	—	—
Fidelity Blue Chip Value ETF	46%	46%	100%	100%
Fidelity Growth Opportunities ETF	—	—	—	—
Fidelity Magellan ETF	100%	100%	100%	100%
Fidelity New Millennium ETF	89%	89%	100%	100%
Fidelity Real Estate Investment ETF	0%	0%	0%	0%
Fidelity Small-Mid Cap Opportunities ETF	100%	100%	100%	100%
Fidelity Sustainable U.S. Equity ETF	100%	100%	100%	100%
Fidelity Women’s Leadership ETF	100%	100%	100%	100%

A percentage of the dividends distributed during the calendar year 2021 for the following funds qualify as a section 199A dividend:

	March 2021	June 2021	September 2021	December 2021
Fidelity New Millennium ETF	—	—	7%	7%
Fidelity Real Estate Investment ETF	100%	100%	100%	100%

The funds will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

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Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Active ETFs

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees’ counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund’s Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund’s Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board’s annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2022 meeting, the Board unanimously determined to renew each fund’s Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund’s management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees’ counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board’s decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity’s competitors, and that each fund’s shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity’s staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds’ investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity’s investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers’ investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity’s investment staff, including its size, education, experience, and resources, as well as Fidelity’s approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity’s global investment organization, and that Fidelity’s analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity’s investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity’s trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering pricing and bookkeeping and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally State Street Bank and Trust Company, each fund’s transfer agent and custodian; and (iii) the resources devoted to, and the record of compliance with, each fund’s compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of “soft” commission dollars to pay for research services.

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The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity’s investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity’s global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity’s product line to increase investors’ probability of success in achieving their investment goals, including retirement income goals.

Investment Performance (for Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, and Fidelity New Millennium ETF). The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The Board also considered information on each fund’s bid-ask spread and premium/discount.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net total return information for each fund and an appropriate benchmark index and peer group for the most recent one-year period ended September 30, 2021, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

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Fidelity New Millennium ETF

Investment Performance (for Fidelity Growth Opportunities ETF, Fidelity Magellan ETF, Fidelity Real Estate Investment ETF, Fidelity Small-Mid Cap Opportunities ETF, Fidelity Sustainable U.S. Equity ETF, and Fidelity Women’s Leadership ETF). The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As each fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to its limited investment performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund’s management fee and total expense ratio compared to “mapped groups” of competitive funds created for the purpose of facilitating the Trustees’ competitive analysis of management fees and total expenses. Fidelity creates “mapped groups” by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board’s management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods ended September 30 shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the “Total Mapped Group.” The Total Mapped Group comparison focuses on a fund’s standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). “TMG %” represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund’s. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds’ actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The “Asset-Sized Peer Group” (ASPG) comparison focuses on a fund’s standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund’s management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund’s management fee rate ranked, is also included in the charts and was considered by the Board.

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Board Approval of Investment Advisory Contracts and Management Fees – continued

Fidelity Women’s Leadership ETF

For each fund except Fidelity Blue Chip Growth ETF, Fidelity Blue Chip Value ETF, Fidelity Real Estate Investment ETF, and Fidelity Small-Mid Cap Opportunities ETF, the Board noted that each fund’s management fee rate ranked equal to the median of its Total Mapped Group and below the median of its ASPG for the period ended September 30, 2021. For Fidelity Blue Chip Growth ETF and Fidelity Blue Chip Value ETF, the Board noted that each fund’s management fee rate ranked equal to the median of its Total Mapped Group and equal to the median of its ASPG for the period ended September 30, 2021. For Fidelity Real Estate Investment ETF, the Board noted that the fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the period ended September 30, 2021. For Fidelity Small-Mid Cap Opportunities ETF, the Board noted that the fund’s management fee rate ranked above the median of its Total Mapped Group and above the median of its ASPG for the period ended September 30, 2021. When compared to the subset of ETFs that focus on small-mid cap stocks, Fidelity Small-Mid Cap Opportunities ETF ranked below the subset’s median management fee.

Based on its review, the Board concluded that each fund’s management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each fund’s total expense ratio, the Board considered the fund’s all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for each fund, which focuses on the total expenses of each fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

For Fidelity Growth Opportunities ETF, Fidelity Magellan ETF, Fidelity New Millennium ETF, Fidelity Sustainable U.S. Equity ETF, and Fidelity Women’s Leadership ETF, the Board noted that each fund’s total net expense ratio ranked equal to the similar sales load structure group competitive median and below the ASPG competitive median for the period ended September 30, 2021.

For Fidelity Blue Chip Growth ETF, the Board noted that the fund’s total net expense ratio ranked equal to the similar sales load structure group competitive median and above the ASPG competitive median for the period ended September 30, 2021.

For Fidelity Real Estate Investment ETF, the Board noted that the fund’s total net expense ratio ranked below the similar sales load structure group competitive median and above the ASPG competitive median for the period ended September 30, 2021.

For Fidelity Blue Chip Value ETF, the Board noted that the fund’s total net expense ratio ranked equal to the similar sales load structure group competitive median and above the ASPG competitive median for the period ended September 30, 2021. The Board considered that, when compared to a subset of the ASPG that FMR believes is most comparable, the fund would not be above the ASPG competitive median for 2021.

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For Fidelity Small-Mid Cap Opportunities ETF, the Board noted that the fund’s total net expense ratio ranked above the similar sales load structure group competitive median and below the ASPG competitive median for the period ended September 30, 2021. The Board noted that effective February 1, 2022, Fidelity had lowered the total net expense ratio of the fund to 0.60%, which is one basis point above the similar sales load structure group competitive median. The Board also noted that the fund’s Total Mapped Group is dominated by ETFs with a focus on large cap investments and considered that, when compared to other small and mid cap ETFs, Fidelity Small-Mid Cap Opportunities ETF’s total net expense ratio is below the subset’s total expense median.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity’s institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee’s review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund’s total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and servicing each fund’s shareholders. The Board also considered the level of Fidelity’s profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity’s audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year’s methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board’s assessment of Fidelity’s profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity’s mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity’s profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity’s non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity’s mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity’s affiliates may benefit from the funds’ business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board’s consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to each fund’s current contractual arrangements, its expense ratio will not decline if the fund’s operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds’ advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity’s long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity’s pricing philosophy compared to competitors; (iv) fund profitability

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Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Funds have adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage each Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund’s Board of Trustees (the Board) has designated each Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Highly liquid investments – cash or convertible to cash within three business days or less

Moderately liquid investments – convertible to cash in three to seven calendar days

Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days

Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.

109	Annual Report

	% 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

	% of fund's net assets
Information Technology		42.1
Consumer Discretionary		28.0
Communication Services		10.9
Health Care		7.0
Energy		4.2

	% 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

	% of fund's net assets
Financials		20.6
Health Care		20.2
Utilities		12.3
Information Technology		9.0
Industrials		8.3

	% 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

	% of fund's net assets
Energy		18.2
Financials		17.0
Health Care		16.9
Industrials		11.7
Information Technology		7.2

	% 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

	% 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

	% 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

	% of fund's net assets
Industrials		16.6
Financials		14.9
Information Technology		13.3
Consumer Discretionary		12.6
Health Care		12.3

	% of fund's net assets
Information Technology		23.1
Health Care		14.5
Financials		12.1
Consumer Discretionary		10.5
Industrials		9.5

	% of fund's net assets
Information Technology		25.5
Health Care		15.0
Industrials		12.3
Financials		12.2
Consumer Discretionary		11.1

Money Market Fund – 1.1%
	Shares	Value
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.84% (b) (Cost $298,438)	298,438	$ 298,438
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $27,421,825)		27,751,599
NET OTHER ASSETS (LIABILITIES) – (0.0%)		(4,109)
NET ASSETS – 100.0%		$ 27,747,490

^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 181/365 (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.