Fidelity® Dividend ETF for Rising Rates
Fidelity® High Dividend ETF
Fidelity® Low Volatility Factor ETF
Fidelity® Momentum Factor ETF
Fidelity® Quality Factor ETF
Fidelity® Small-Mid Multifactor ETF
Fidelity® Stocks for Inflation ETF
Fidelity® U.S. Multifactor ETF
Fidelity® Value Factor ETF
Annual Report
July 31, 2022


Contents
Note to Shareholders 3  
Market Recap 4  
Performance and Management's Discussion of Fund Performance 5  
Schedule of Investments 32  
Financial Statements 72  
Notes to Financial Statements 92  
Report of Independent Registered Public Accounting Firm 99  
Trustees and Officers 101  
Shareholder Expense Example 108  
Distributions 110  
Board Approval of Investment Advisory Contracts and Management Fees 111  
Liquidity Risk Management Program 124  
To view a fund’s proxy voting guidelines and proxy voting record for the period ended June, 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at http://www.sec.gov. You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
© 2022 FMR LLC. All Rights reserved.    
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most recent holdings listing on Fidelity’s web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
 Annual Report 2


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


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


Table of Contents
Fidelity® Dividend ETF for Rising Rates
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Dividend ETF For Rising Rates, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2022
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity Dividend ETF for Rising Rates – NAVA -1.06 10.90 11.79
Fidelity Dividend ETF for Rising Rates – Market PriceB -1.08 10.86 11.88
Fidelity Dividend Index For Rising RatesA -0.72 11.26 12.16
Russell 1000 IndexA -6.87 12.55 13.45
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Dividend ETF For Rising Rates and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From September 12, 2016.
B From September 15, 2016, 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 Dividend ETF For Rising Rates – NAV on September 12, 2016, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity Dividend Index for Rising Rates and the Russell 1000 Index performed over the same period.
5 Annual Report 


Table of Contents
Fidelity® Dividend ETF for Rising Rates
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2022, the exchange-traded fund’s (ETF) net asset value declined -1.06%, and its market price returned -1.08%. This compares with the -0.72% result of the benchmark, the Fidelity Dividend Index for Rising Rates. By sector, stocks in the consumer discretionary sector returned -18% and detracted most. This group was hampered by the consumer durables & apparel (-32%) industry. Communication services returned roughly -13%, hampered by the media & entertainment industry (-13%). Financials (-7%), especially in the diversified financials industry (-17%), also hurt. Other notable detractors included the materials (-13%), industrials (-3%), and information technology (0%) sectors. Foreign holdings also detracted overall, hampered in part by continued U.S. dollar strength. Conversely, health care advanced 15% and contributed most, driven by the pharmaceuticals, biotechnology & life sciences industry (+15%). Energy stocks also helped, gaining 60%. The utilities sector rose 18%. Other notable contributors included the consumer staples (+7%) and real estate (0%) sectors. Turning to individual stocks, the biggest individual detractor was Target (-36%), from the retailing industry. In consumer durables & apparel, Nike (-31%) and VF (-42%) hurt. Intel, within the semiconductors & semiconductor equipment category, returned roughly -30% and hindered the fund. Another detractor was Comcast (-35%), a stock in the media & entertainment group. Conversely, the biggest individual contributor was Apple (+12%), from the technology hardware & equipment segment. Exxon Mobil (+77%) and Chevron (+68%), from the energy sector, helped. Other contributors from the pharmaceuticals, biotechnology & life sciences category were AbbVie (+28%) and Pfizer (+23%).
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF’s subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 6


Table of Contents
Fidelity® Dividend ETF for Rising Rates
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2022
  % of fund's
net assets
Apple, Inc. 7.5
Microsoft Corp. 6.5
Johnson & Johnson 2.4
Merck & Co., Inc. 2.0
Visa, Inc. Class A 2.0
AbbVie, Inc. 1.9
Pfizer, Inc. 1.9
Bristol-Myers Squibb Co. 1.8
Amgen, Inc. 1.7
  27.7
 
Top Market Sectors as of July 31, 2022
  % of fund's
net assets
Information Technology 28.0
Health Care 14.5
Financials 10.6
Consumer Discretionary 10.4
Communication Services 8.7
Industrials 8.7
Consumer Staples 5.9
Energy 4.3
Real Estate 3.4
Utilities 2.8
Materials 2.5
 
Asset Allocation as of July 31, 2022
Percentages shown as 0.0% may reflect amounts less than 0.05%.
* Foreign investments – 7.0%
7 Annual Report 


Table of Contents
Fidelity® High Dividend ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® High Dividend ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2022
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity High Dividend ETF – NAVA 4.43 11.44 11.36
Fidelity High Dividend ETF – Market PriceB 4.35 11.42 11.51
Fidelity High Dividend IndexA 4.76 11.78 11.71
Russell 1000 IndexA -6.87 12.55 13.45
Average annual total returns represent just that – the average return on an annual basis for Fidelity® High Dividend ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From September 12, 2016.
B From September 15, 2016, 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 High Dividend ETF – NAV on September 12, 2016, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity High Dividend Index and the Russell 1000 Index performed over the same period.
 Annual Report 8


Table of Contents
Fidelity® High Dividend ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2022, the exchange-traded fund’s (ETF) net asset value rose 4.43% and its market price gained 4.35%. This compares with the 4.76% advance of the benchmark Fidelity High Dividend Index. By sector, energy advanced 46% and contributed most. Utilities stocks also helped, gaining about 16%. The consumer staples sector rose 7%, driven by the food, beverage & tobacco industry (+13%). Other notable contributors included the health care (+12%) and real estate (+3%) sectors. Conversely, stocks in the materials sector returned -14% and detracted most. Financials returned roughly -6%, hampered by the diversified financials industry (-10%). Consumer discretionary (-17%), especially in the consumer durables & apparel industry (-31%), also hurt. Other notable detractors included the communication services (-13%), industrials (-2%), and information technology (0%) sectors. Also, foreign holdings detracted overall, hampered in part by continued U.S. dollar strength. Turning to individual stocks, the biggest individual contributor was Exxon Mobil (+77%), from the energy sector. Also in energy, Chevron (+68%), Williams Companies (+44%), and ONEOK (+23%) helped. Apple, within the technology hardware & equipment category, gained approximately 12% and boosted the fund. Conversely, the biggest individual detractor was JPMorgan Chase (-22%), from the banks industry, followed by Newmont (-32%), which is in the materials sector. Within semiconductors & semiconductor equipment, Nvidia returned -23% and hurt. Other detractors were OneMain Holdings (-27%), a stock in the diversified financials group, and SL Green Realty (-37%), from the real estate 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.
9 Annual Report 


Table of Contents
Fidelity® High Dividend ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2022
  % of fund's
net assets
Apple, Inc. 5.6
Microsoft Corp. 4.7
Exxon Mobil Corp. 3.5
Chevron Corp. 3.3
The Williams Cos., Inc. 2.4
Kinder Morgan, Inc. 2.2
ONEOK, Inc. 2.0
JPMorgan Chase & Co. 1.9
Sempra Energy 1.9
The Southern Co. 1.8
  29.3
 
Top Market Sectors as of July 31, 2022
  % of fund's
net assets
Information Technology 20.6
Financials 17.2
Energy 13.5
Utilities 11.8
Real Estate 11.5
Materials 9.6
Health Care 6.7
Consumer Discretionary 4.4
Communication Services 2.4
Industrials 1.9
Consumer Staples 0.1
 
Asset Allocation as of July 31, 2022
Percentages shown as 0.0% may reflect amounts less than 0.05%.
* Foreign investments – 7.5%
 Annual Report 10


Table of Contents
Fidelity® Low Volatility Factor ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Low Volatility Factor ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2022
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity Low Volatility Factor ETF – NAVA -1.12 12.79 13.08
Fidelity Low Volatility Factor ETF – Market PriceB -1.34 12.74 13.24
Fidelity U.S. Low Volatility Factor IndexA -0.83 13.06 13.37
Russell 1000 IndexA -6.87 12.55 13.45
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Low Volatility Factor ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From September 12, 2016.
B From September 15, 2016, 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 Low Volatility Factor ETF – NAV on September 12, 2016, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity U.S. Low Volatility Factor Index and the Russell 1000 Index performed over the same period.
11 Annual Report 


Table of Contents
Fidelity® Low Volatility Factor ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2022, the exchange-traded fund’s (ETF) net asset value returned -1.12% and its market price returned 1.34%. This compares with the -0.83% result of the benchmark Fidelity U.S. Low Volatility Factor Index. By sector, information technology returned -6% and detracted most. This group was hampered by the software & services (-4%) industry. Communication services (-16%) also hurt. Other detractors were the consumer discretionary (-12%) sector, hampered by the retailing industry (-9%), and the materials (-10%) sector. Conversely, energy rose roughly 60% and contributed most. Health care, which gained 8%, also helped, benefiting from the pharmaceuticals, biotechnology & life sciences industry (+12%). The financials sector rose 9%, boosted by the insurance industry (+18%). Consumer staples (+6%) also contributed, lifted by the food, beverage & tobacco industry (+17%). Other notable contributors included the utilities (+12%), industrials (0%), and real estate (0%) sectors. Turning to individual stocks, the biggest individual detractor was Amazon.com (-19%), from the retailing segment. In media & entertainment, Alphabet (-14%) and Comcast (-35%) hurt. Intel, within the semiconductors & semiconductor equipment category, returned about -30% and hindered the fund. Another detractor was Concentrix (-32%), a stock in the software & services industry. Conversely, the top contributor was Exxon Mobil (+76%), from the energy sector. In health care equipment & services, UnitedHealth Group (+34%) was helpful, while Chevron (+68%) from the energy sector also contributed. Eli Lilly, within the pharmaceuticals, biotechnology & life sciences group, rose approximately 37%, and Jack Henry & Associates, within the software & services segment, gained roughly 21% and boosted the fund.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF’s subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 12


Table of Contents
Fidelity® Low Volatility Factor ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2022
  % of fund's
net assets
Microsoft Corp. 6.2
Alphabet, Inc. Class A 3.6
Amazon.com, Inc. 3.3
UnitedHealth Group, Inc. 2.0
Visa, Inc. Class A 1.9
Johnson & Johnson 1.9
Mastercard, Inc. Class A 1.8
Eli Lilly & Co. 1.6
Automatic Data Processing, Inc. 1.6
Texas Instruments, Inc. 1.6
  25.5
 
Top Market Sectors as of July 31, 2022
  % of fund's
net assets
Information Technology 27.2
Health Care 13.6
Financials 11.9
Consumer Discretionary 11.3
Industrials 9.4
Communication Services 8.2
Consumer Staples 5.6
Energy 4.1
Real Estate 3.2
Utilities 2.7
Materials 2.5
 
Asset Allocation as of July 31, 2022
Percentages shown as 0.0% may reflect amounts less than 0.05%.
* Foreign investments – 4.2%
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Table of Contents
Fidelity® Momentum Factor ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Momentum Factor ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2022
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity Momentum Factor ETF – NAVA -7.20 10.99 11.74
Fidelity Momentum Factor ETF – Market PriceB -7.11 10.98 11.88
Fidelity U.S. Momentum Factor IndexA -6.92 11.33 12.09
Russell 1000 IndexA -6.87 12.55 13.45
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Momentum Factor ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From September 12, 2016.
B From September 15, 2016, 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 Momentum Factor ETF – NAV on September 12, 2016, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity U.S. Momentum Factor Index and the Russell 1000 Index performed over the same period.
 Annual Report 14


Table of Contents
Fidelity® Momentum Factor ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2022, the exchange-traded fund’s (ETF) net asset value returned -7.20% and its market price returned -7.11%. This compares with the -6.92% result of the benchmark Fidelity U.S. Momentum Factor Index. By sector, communication services returned -33% and detracted most, followed by information technology (-8%), especially in the software & services industry (-14%). The consumer discretionary sector returned about -13%, hampered by the retailing industry (-21%), while financials (-11%) also hurt. Other notable detractors included the health care (-8%), real estate (-5%), and materials (-6%) sectors. Conversely, energy advanced 85% and contributed most. Consumer staples stocks also helped (+9%), benefiting from the food, beverage & tobacco industry (+15%). The utilities sector rose approximately 15% and industrials (+1%) also contributed, lifted by the transportation industry (+67%). Turning to individual stocks, the biggest individual detractor was Meta Platforms (-51%), from the media & entertainment category, followed by Amazon.com (-19%), which is in the retailing group. Within media & entertainment, Alphabet returned roughly -14% and hurt. Other detractors were Moderna (-61%), a stock in the pharmaceuticals, biotechnology & life sciences industry, and Synaptics (-52%), from the semiconductors & semiconductor equipment segment. Conversely, the top contributor was Avis Budget Group (+90%), from the transportation industry. In technology hardware & equipment, Apple (+12%) was helpful, and Exxon Mobil (+75%), from the energy sector, also contributed. Tesla, within the automobiles & components group, rose roughly 29%, and UnitedHealth Group, within the health care equipment & services segment, gained about 33% and boosted the fund.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF’s subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
15 Annual Report 


Table of Contents
Fidelity® Momentum Factor ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2022
  % of fund's
net assets
Apple, Inc. 7.2
Microsoft Corp. 6.1
Alphabet, Inc. Class A 4.0
Amazon.com, Inc. 3.5
Tesla, Inc. 2.4
UnitedHealth Group, Inc. 2.1
Berkshire Hathaway, Inc. Class B 1.9
NVIDIA Corp. 1.9
Eli Lilly & Co. 1.5
Pfizer, Inc. 1.5
  32.1
 
Top Market Sectors as of July 31, 2022
  % of fund's
net assets
Information Technology 26.6
Health Care 14.4
Consumer Discretionary 11.7
Financials 11.1
Industrials 8.3
Communication Services 8.3
Consumer Staples 6.1
Energy 4.4
Real Estate 3.3
Utilities 2.9
Materials 2.7
 
Asset Allocation as of July 31, 2022
Percentages shown as 0.0% may reflect amounts less than 0.05%.
* Foreign investments – 3.2%
 Annual Report 16


Table of Contents
Fidelity® Quality Factor ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Quality Factor ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2022
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity Quality Factor ETF – NAVA -4.79 12.34 13.23
Fidelity Quality Factor ETF – Market PriceB -4.70 12.30 13.32
Fidelity U.S. Quality Factor IndexA -4.52 12.66 13.57
Russell 1000 IndexA -6.87 12.55 13.45
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Quality Factor ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From September 12, 2016.
B From September 15, 2016, 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 Quality Factor ETF – NAV on September 12, 2016, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity U.S. Quality Factor Index and the Russell 1000 Index performed over the same period.
17 Annual Report 


Table of Contents
Fidelity® Quality Factor ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2022, the exchange-traded fund’s (ETF) net asset value returned -4.79%, and its market price returned -4.70%. This compares with the -4.52% result of the benchmark, the Fidelity U.S. Quality Factor Index. By sector, stocks in the communication services sector returned -28% and detracted most. Financials returned -12%, hampered by the diversified financials industry (-12%). Consumer discretionary (-11%), especially in the consumer durables & apparel industry (-40%), also hurt. Other notable detractors included the information technology (-2%), industrials (-5%), and materials (-7%) sectors. Conversely, energy advanced about 55% and contributed most. Utilities stocks also helped, gaining 15%. The consumer staples sector rose approximately 6%, driven by the food, beverage & tobacco industry (+12%). Other notable contributors included the health care (+2%) and real estate (+5%) sectors. Turning to individual stocks, the biggest individual detractor was Meta Platforms (-55%), from the media & entertainment group. Alphabet, within the media & entertainment segment, returned roughly -14% and hindered the fund. In software & services, Zoom Video Communications (-66%) and Adobe (-34%) hurt. Another detractor was Coinbase Global (-66%), a stock in the diversified financials industry. Conversely, the biggest individual contributor was Apple (+12%), from the technology hardware & equipment category. UnitedHealth Group, within the health care equipment & services industry, advanced 34% and lifted the fund. In energy, Coterra Energy (+128%) and EOG Resources (+86%) helped. Another contributor was AbbVie (+28%), a stock in the pharmaceuticals, biotechnology & life sciences category.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF’s subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 18


Table of Contents
Fidelity® Quality Factor ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2022
  % of fund's
net assets
Apple, Inc. 7.1
Microsoft Corp. 6.0
Alphabet, Inc. Class A 3.7
UnitedHealth Group, Inc. 2.2
Berkshire Hathaway, Inc. Class B 2.1
Johnson & Johnson 2.0
NVIDIA Corp. 1.6
Pfizer, Inc. 1.5
AbbVie, Inc. 1.5
Visa, Inc. Class A 1.5
  29.2
 
Top Market Sectors as of July 31, 2022
  % of fund's
net assets
Information Technology 28.4
Health Care 13.8
Consumer Discretionary 11.2
Financials 10.7
Industrials 8.3
Communication Services 8.0
Consumer Staples 6.1
Energy 4.3
Real Estate 3.5
Utilities 2.8
Materials 2.7
 
Asset Allocation as of July 31, 2022
* Foreign investments – 0.6%
19 Annual Report 


Table of Contents
Fidelity® Small-Mid Multifactor ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Small-Mid Multifactor ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2022
Average Annual Total Returns Past
1 Year
Life of
Fund
Fidelity Small-Mid Multifactor ETF – NAVA -2.35 9.95
Fidelity Small-Mid Multifactor ETF – Market PriceB -2.24 9.92
Fidelity Small-Mid Multifactor IndexA -2.02 10.30
Dow Jones U.S. Completion Total Stock Market IndexA -21.85 7.63
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Small-Mid Multifactor ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From February 26, 2019.
B From February 28, 2019, 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 Small-Mid Multifactor ETF – NAV on February 26, 2019, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity Small-Mid Multifactor Index and the Dow Jones U.S. Completion Total Stock Market Index performed over the same period.
 Annual Report 20


Table of Contents
Fidelity® Small-Mid Multifactor ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2022, the exchange-traded fund’s (ETF) net asset value returned -2.35%, and its market price returned -2.24%. This compares with the -2.02% result of the benchmark, the Fidelity Small-Mid Multifactor Index. By sector, consumer discretionary returned about -16% and detracted most. Health care (-10%), especially in the health care equipment & services industry (-10%), and communication services (-17%) also hurt. Other notable detractors included the information technology (-4%) and real estate (-2%) sectors. In contrast, energy gained 75% and contributed most. Financials stocks also helped (+2%), benefiting from the banks industry (+7%). The utilities sector rose 11%. Other notable contributors included the consumer staples (+3%), materials (+0%), and industrials (+0%) sectors. Turning to individual stocks, the biggest individual detractor was Dentsply Sirona (-45%), from the health care equipment & services category, followed by Bath & Body Works (-35%), which is in the retailing industry. Within media & entertainment, Dish Network returned roughly -59% and hurt. Other detractors were Five9 (-43%), a stock in the software & services group, and Alcoa (-35%), from the materials sector. In contrast, the biggest individual contributor was Devon Energy (+120%), from the energy sector. In energy, Marathon Oil (+105%), Consol Energy (+204%), and Texas Pacific Land (+85%) helped. Lantheus, within the health care equipment & services segment, gained 166% and boosted the fund.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF’s subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
21 Annual Report 


Table of Contents
Fidelity® Small-Mid Multifactor ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2022
  % of fund's
net assets
SolarEdge Technologies, Inc. 0.5
Lantheus Holdings, Inc. 0.4
Texas Pacific Land Corp. 0.4
Jack Henry & Associates, Inc. 0.4
Carlisle Cos., Inc. 0.4
Steel Dynamics, Inc. 0.4
APA Corp. 0.4
Leidos Holdings, Inc. 0.3
Brown-Forman Corp. Class B 0.3
  3.5
 
Top Market Sectors as of July 31, 2022
  % of fund's
net assets
Industrials 17.6
Financials 15.8
Information Technology 14.8
Health Care 13.4
Consumer Discretionary 12.5
Real Estate 7.6
Materials 4.9
Energy 4.1
Consumer Staples 3.4
Communication Services 2.9
Utilities 2.8
 
Asset Allocation as of July 31, 2022
* Foreign investments – 4.9%
 Annual Report 22


Table of Contents
Fidelity® Stocks for Inflation ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Stocks For Inflation 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 Stocks for Inflation ETF – NAVA 5.03 11.83
Fidelity Stocks for Inflation ETF – Market PriceB 4.94 11.72
Fidelity Stocks For Inflation Factor IndexA 5.35 12.22
Russell 1000 IndexA -6.87 12.91
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Stocks For Inflation ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From November 5, 2019.
B From November 7, 2019, date initially listed on the Cboe BZX 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 Stocks For Inflation ETF – NAV on November 5, 2019, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity Stocks for Inflation Factor Index and the Russell 1000 Index performed over the same period.
23 Annual Report 


Table of Contents
Fidelity® Stocks for Inflation ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2022, the exchange-traded fund's (ETF) net asset value gained 5.03% and its market price rose 4.94%, roughly in line with the 5.35% advance of the Fidelity Stocks for Inflation Factor Index. By sector, energy advanced 91% and contributed most. Materials stocks also helped, gaining about 22%. The consumer staples sector rose roughly 9%, driven by the food, beverage & tobacco industry (+9%). Other notable contributors included the utilities (+4%) and real estate (+5%) sectors. In contrast, stocks in the communication services sector returned -20% and detracted most. Consumer discretionary returned -13%, hampered by the retailing industry (-18%). Financials (-9%), especially in the diversified financials industry (-12%), also hurt. Other notable detractors included the information technology (-2%), health care (-2%) and industrials (-2%) sectors. Turning to individual stocks, the top contributor was EOG Resources (+79%), from the energy sector, followed by Ovintiv (+77%), within the energy sector. In materials, Freeport-McMoRan advanced 32% and Bunge (+36%), from the food, beverage & tobacco category, also helped. UnitedHealth Group, within the health care equipment & services industry, rose 28% and boosted the fund. In contrast, the biggest individual detractor was Meta Platforms (-55%), from the media & entertainment group. In pharmaceuticals, biotechnology & life sciences, Moderna (-57%) and Bio Rad Labs (-24%) hurt. EQT, within the energy sector, returned -12% and hindered the fund. Another detractor was Alphabet (-14%), a stock in the media & entertainment segment.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF’s subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 24


Table of Contents
Fidelity® Stocks for Inflation ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2022
  % of fund's
net assets
Apple, Inc. 5.3
Microsoft Corp. 4.5
Marathon Oil Corp. 3.5
Nucor Corp. 3.3
APA Corp. 3.2
PDC Energy, Inc. 3.2
Olin Corp. 2.7
UnitedHealth Group, Inc. 2.6
Louisiana-Pacific Corp. 2.5
National Fuel Gas Co. 2.3
  33.1
 
Top Market Sectors as of July 31, 2022
  % of fund's
net assets
Information Technology 21.9
Health Care 19.0
Consumer Staples 10.3
Energy 9.8
Materials 8.5
Consumer Discretionary 6.3
Financials 6.2
Industrials 4.8
Real Estate 4.7
Communication Services 4.2
Utilities 4.2
 
Asset Allocation as of July 31, 2022
* Foreign investments – 1.4%
25 Annual Report 


Table of Contents
Fidelity® U.S. Multifactor ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® U.S. Multifactor ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2022
Average Annual Total Returns Past
1 Year
Life of
Fund
Fidelity U.S. Multifactor ETF – NAVA -2.64 13.37
Fidelity U.S. Multifactor ETF – Market PriceB -2.64 14.23
Fidelity U.S. Multifactor IndexA -2.35 13.73
Russell 1000 IndexA -6.87 11.73
Average annual total returns represent just that – the average return on an annual basis for Fidelity® U.S. Multifactor ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From September 15, 2020.
B From From September 17, 2020, 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 U.S. Multifactor ETF – NAV on September 15, 2020, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity U.S. Multifactor Index and the Russell 1000 Index performed over the same period.
 Annual Report 26


Table of Contents
Fidelity® U.S. Multifactor ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2022, the exchange-traded fund’s (ETF) net asset value and market price returned -2.64%. This compares with the -2.35% result of the benchmark Fidelity U.S. Multifactor Index. By sector, stocks in the communication services sector returned -24% and detracted most. This group was hampered by the media & entertainment (-24%) industry. Information technology (-7%), hampered by the software & services industry (-11%), and financials (-7%), especially in the diversified financials industry (-19%), also hurt. Conversely, energy rose roughly 43% and contributed most. Utilities, which gained about 26%, also helped. The health care sector rose roughly 2%, boosted by the pharmaceuticals, biotechnology & life sciences industry (+4%); industrials gained about 3%, lifted by the commercial & professional services industry (+18%); and materials advanced 10%. Other notable contributors included the consumer discretionary (+2%), real estate (+4%), and consumer staples (+1%) sectors. Turning to individual stocks, the biggest individual detractor was Meta Platforms (-55%), from the media & entertainment industry. In software & services, PayPal (-62%) and Adobe (-34%) hurt. Alphabet, within the media & entertainment category, returned -14% and hindered the fund. Another detractor was Capital One Financial (-34%), a stock in the diversified financials segment. Conversely, the top contributor was EOG Resources (+86%), from the energy sector. In technology hardware & equipment, Apple (+12%) was helpful and H&R Block (+63%), from the consumer services group, also contributed. Eli Lilly, within the pharmaceuticals, biotechnology & life sciences segment, rose roughly 38%, and National Fuel Gas, within the utilities sector, gained 23% and boosted the fund.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF’s subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
27 Annual Report 


Table of Contents
Fidelity® U.S. Multifactor ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2022
  % of fund's
net assets
Apple, Inc. 6.7
Microsoft Corp. 5.6
Alphabet, Inc. Class A 3.7
Johnson & Johnson 1.9
Eli Lilly & Co. 1.7
National Fuel Gas Co. 1.5
The Home Depot, Inc. 1.5
Exelon Corp. 1.5
Pfizer, Inc. 1.4
Merck & Co., Inc. 1.4
  26.9
 
Top Market Sectors as of July 31, 2022
  % of fund's
net assets
Information Technology 27.2
Health Care 14.1
Consumer Discretionary 12.1
Financials 11.3
Industrials 8.9
Communication Services 8.0
Consumer Staples 5.7
Energy 3.7
Real Estate 3.0
Utilities 3.0
Materials 2.9
 
Asset Allocation as of July 31, 2022
* Foreign investments – 2.9%
 Annual Report 28


Table of Contents
Fidelity® Value Factor ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Value Factor ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended July 31, 2022
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity Value Factor ETF – NAVA -3.86 11.27 12.73
Fidelity Value Factor ETF – Market PriceB -4.11 11.22 12.82
Fidelity U.S. Value Factor IndexA -3.61 11.60 13.07
Russell 1000 IndexA -6.87 12.55 13.45
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Value Factor ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From September 12, 2016.
B From September 15, 2016, 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 Value Factor ETF – NAV on September 12, 2016, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity U.S. Value Factor Index and the Russell 1000 Index performed over the same period.
29 Annual Report 


Table of Contents
Fidelity® Value Factor ETF
Management’s Discussion of Fund Performance
For the fiscal year ending July 31, 2022, the exchange-traded fund’s (ETF) net asset value returned -3.86%, and its market price returned -4.11%. This compares with the -3.61% result of the benchmark Fidelity U.S. Value Factor Index. By sector, stocks in the communication services sector returned roughly -27% and detracted most. This group was hampered by the media & entertainment (-30%) industry. Consumer discretionary returned roughly -18%, hampered by the retailing industry (-25%). Financials (-11%), especially in the banks industry (-10%), also hurt. Other notable detractors included the information technology (-4%), real estate (-6%), and industrials (-1%) sectors. Conversely, energy advanced 87% and contributed most. Health care stocks also helped, gaining 11%. The utilities sector rose 24%. Other notable contributors included the materials (+9%) and consumer staples (+4%) sectors. Turning to individual stocks, the biggest individual detractor was Meta Platforms (-55%), from the media & entertainment industry, followed by Amazon.com (-19%), which is in the retailing group. Within media & entertainment, Alphabet returned -14% and hurt. Other detractors were Intel (-30%), a stock in the semiconductors & semiconductor equipment category, and JPMorgan Chase (-23%), from the banks segment. Conversely, the biggest individual contributor was Apple (+12%), from the technology hardware & equipment group. In energy, Exxon Mobil (+76%), Chevron (+68%), and Occidental Petroleum (+204%) helped. AbbVie, within the pharmaceuticals, biotechnology & life sciences category, gained about 24% and boosted the fund.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF’s subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 30


Table of Contents
Fidelity® Value Factor ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of July 31, 2022
  % of fund's
net assets
Apple, Inc. 7.3
Microsoft Corp. 6.2
Alphabet, Inc. Class A 3.8
Amazon.com, Inc. 3.7
Johnson & Johnson 2.1
Berkshire Hathaway, Inc. Class B 2.0
Visa, Inc. Class A 1.7
Merck & Co., Inc. 1.6
Pfizer, Inc. 1.6
Bristol-Myers Squibb Co. 1.5
  31.5
 
Top Market Sectors as of July 31, 2022
  % of fund's
net assets
Information Technology 27.6
Health Care 14.2
Financials 10.9
Consumer Discretionary 10.9
Industrials 9.0
Communication Services 7.7
Consumer Staples 5.9
Energy 4.5
Real Estate 3.3
Materials 3.0
Utilities 2.8
 
Asset Allocation as of July 31, 2022
* Foreign investments – 3.1%
31 Annual Report 


Table of Contents
Fidelity® Dividend ETF For Rising Rates
Schedule of Investments July 31, 2022 
Showing Percentage of Net Assets
Common Stocks – 99.8%
  Shares Value
COMMUNICATION SERVICES – 8.7%
Diversified Telecommunication Services – 2.0%
AT&T, Inc. 228,055 $ 4,282,873
Lumen Technologies, Inc. (a) 239,550 2,608,699
Verizon Communications, Inc. 117,910 5,446,263
    12,337,835
Entertainment – 1.5%
Activision Blizzard, Inc. 48,340 3,864,783
Electronic Arts, Inc. 25,209 3,308,177
Warner Music Group Corp. Class A 71,585 2,147,550
    9,320,510
Media – 5.2%
Cable One, Inc. 1,902 2,618,445
Comcast Corp. Class A 129,078 4,843,007
Fox Corp. Class A 76,523 2,533,677
News Corp. Class A 134,517 2,305,621
Nexstar Media Group, Inc. Class A 17,473 3,291,389
Omnicom Group, Inc. 39,871 2,784,591
Paramount Global Class B 95,399 2,256,186
Sirius XM Holdings, Inc. (a) 440,054 2,939,561
TEGNA, Inc. 147,489 3,088,420
The Interpublic Group of Cos., Inc. 83,829 2,503,972
The New York Times Co. Class A 70,898 2,265,191
    31,430,060
TOTAL COMMUNICATION SERVICES 53,088,405
CONSUMER DISCRETIONARY – 10.4%
Hotels, Restaurants & Leisure – 2.8%
McDonald's Corp. 36,825 9,698,600
Starbucks Corp. 86,737 7,353,563
    17,052,163
Household Durables – 0.8%
Persimmon PLC 200,948 4,607,015
Multiline Retail – 1.0%
Target Corp. 38,337 6,263,499
Specialty Retail – 3.8%
Dick's Sporting Goods, Inc. (a) 59,535 5,571,880
Lowe's Cos., Inc. 38,809 7,433,088
The Home Depot, Inc. 34,466 10,372,198
    23,377,166
Textiles, Apparel & Luxury Goods – 2.0%
NIKE, Inc. Class B 65,060 7,476,695
VF Corp. 107,995 4,825,217
    12,301,912
TOTAL CONSUMER DISCRETIONARY 63,601,755
CONSUMER STAPLES – 5.9%
Beverages – 1.1%
The Coca-Cola Co. 109,630 7,034,957

  Shares Value
Food & Staples Retailing – 1.1%
Costco Wholesale Corp. 12,670 $ 6,858,271
Household Products – 1.3%
The Procter & Gamble Co. 56,205 7,807,437
Tobacco – 2.4%
Altria Group, Inc. 88,380 3,876,347
British American Tobacco PLC 68,785 2,695,703
Imperial Brands PLC 127,292 2,786,681
Philip Morris International, Inc. 53,341 5,182,078
    14,540,809
TOTAL CONSUMER STAPLES 36,241,474
ENERGY – 4.3%
Oil, Gas & Consumable Fuels – 4.3%
Chevron Corp. 47,822 7,832,287
Exxon Mobil Corp. 95,987 9,304,020
Kinder Morgan, Inc. 167,780 3,018,362
ONEOK, Inc. (a) 44,874 2,680,773
The Williams Cos., Inc. 97,236 3,314,775
Woodside Energy Group Ltd. 7,336 163,708
TOTAL ENERGY 26,313,925
FINANCIALS – 10.6%
Banks – 5.2%
Bank of America Corp. 207,541 7,016,961
Citigroup, Inc. 98,488 5,111,527
JPMorgan Chase & Co. 75,861 8,751,325
Truist Financial Corp. 90,429 4,563,952
Wells Fargo & Co. 142,188 6,237,787
    31,681,552
Capital Markets – 3.3%
Blackstone, Inc. Class A 43,581 4,448,313
Goldman Sachs Group, Inc. 17,588 5,863,663
Morgan Stanley 65,535 5,524,601
T Rowe Price Group, Inc. 33,294 4,110,810
    19,947,387
Consumer Finance – 0.5%
OneMain Holdings, Inc. (a) 87,054 3,238,409
Insurance – 0.9%
The Progressive Corp. 49,303 5,672,803
Mortgage Real Estate Investment Trusts (REITs) – 0.7%
Annaly Capital Management, Inc. 601,275 4,136,772
TOTAL FINANCIALS 64,676,923
HEALTH CARE – 14.5%
Biotechnology – 4.9%
AbbVie, Inc. 81,056 11,632,347
Amgen, Inc. 42,348 10,479,860
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 32


Table of Contents
Common Stocks – continued
  Shares Value
HEALTH CARE – continued
Biotechnology – continued
Gilead Sciences, Inc. 134,522 $ 8,037,689
    30,149,896
Health Care Equipment & Supplies – 1.5%
Medtronic PLC 94,635 8,755,630
Pharmaceuticals – 8.1%
Bristol-Myers Squibb Co. 151,855 11,203,862
Johnson & Johnson 84,728 14,786,731
Merck & Co., Inc. 134,657 12,030,256
Pfizer, Inc. 228,632 11,548,202
    49,569,051
TOTAL HEALTH CARE 88,474,577
INDUSTRIALS – 8.7%
Aerospace & Defense – 1.0%
Lockheed Martin Corp. 15,199 6,289,498
Air Freight & Logistics – 1.0%
United Parcel Service, Inc. Class B 30,789 6,000,468
Electrical Equipment – 0.8%
Emerson Electric Co. 55,305 4,981,322
Industrial Conglomerates – 2.5%
3M Co. 36,013 5,158,502
Honeywell International, Inc. 33,913 6,526,896
Jardine Matheson Holdings Ltd. 73,228 3,865,706
    15,551,104
Machinery – 2.3%
AGCO Corp. 39,341 4,285,022
Caterpillar, Inc. 30,562 6,058,916
Volvo AB Class B 193,750 3,450,391
    13,794,329
Road & Rail – 1.1%
Union Pacific Corp. 28,203 6,410,542
TOTAL INDUSTRIALS 53,027,263
INFORMATION TECHNOLOGY – 28.0%
Communications Equipment – 1.4%
Cisco Systems, Inc. 192,185 8,719,433
IT Services – 5.4%
International Business Machines Corp. 64,588 8,447,464
The Western Union Co. 379,789 6,464,009
TietoEVRY Oyj 231,465 6,254,350
Visa, Inc. Class A 56,342 11,950,702
    33,116,525
Semiconductors & Semiconductor Equipment – 5.8%
Broadcom, Inc. 18,434 9,871,038
Intel Corp. 207,898 7,548,777
QUALCOMM, Inc. 56,380 8,178,483

  Shares Value
Texas Instruments, Inc. 54,124 $ 9,682,242
    35,280,540
Software – 7.9%
Microsoft Corp. 140,677 39,493,661
Oracle Corp. 110,243 8,581,315
    48,074,976
Technology Hardware, Storage & Peripherals – 7.5%
Apple, Inc. 284,321 46,205,006
TOTAL INFORMATION TECHNOLOGY 171,396,480
MATERIALS – 2.5%
Chemicals – 1.7%
Air Products & Chemicals, Inc. 8,316 2,064,281
Dow, Inc. 33,839 1,800,573
Linde PLC 12,444 3,758,088
LyondellBasell Industries N.V. Class A 17,752 1,582,058
Yara International ASA 25,892 1,100,762
    10,305,762
Containers & Packaging – 0.2%
International Paper Co. 34,745 1,486,044
Metals & Mining – 0.6%
BHP Group Ltd. 40,582 1,095,345
Fortescue Metals Group Ltd. 90,364 1,156,447
Newmont Corp. 34,529 1,563,473
    3,815,265
TOTAL MATERIALS 15,607,071
REAL ESTATE – 3.4%
Equity Real Estate Investment Trusts (REITs) – 3.2%
American Tower Corp. 12,037 3,259,981
Crown Castle International Corp. 13,446 2,429,154
Digital Realty Trust, Inc. 12,715 1,684,102
Iron Mountain, Inc. 31,060 1,506,099
Medical Properties Trust, Inc. 65,113 1,122,548
Omega Healthcare Investors, Inc. 46,619 1,445,189
Prologis, Inc. 19,320 2,561,059
Simon Property Group, Inc. 13,494 1,465,988
SL Green Realty Corp. 18,126 899,956
VICI Properties, Inc. 52,822 1,805,984
WP Carey, Inc. 18,753 1,674,643
    19,854,703
Real Estate Management & Development – 0.2%
Hongkong Land Holdings Ltd. 215,800 1,120,002
TOTAL REAL ESTATE 20,974,705
UTILITIES – 2.8%
Electric Utilities – 2.8%
American Electric Power Co., Inc. 26,347 2,596,760
Duke Energy Corp. 27,816 3,057,813
Edison International 33,090 2,242,509
See accompanying notes which are an integral part of the financial statements.
33 Annual Report 


Table of Contents
Fidelity® Dividend ETF For Rising Rates
Schedule of Investmentscontinued
Common Stocks – continued
  Shares Value
UTILITIES – continued
Electric Utilities – continued
Exelon Corp. 53,345 $ 2,480,009
Pinnacle West Capital Corp. 25,375 1,864,301
PPL Corp. 67,900 1,974,532
The Southern Co. 41,041 3,155,643
TOTAL UTILITIES 17,371,567
TOTAL COMMON STOCKS
(Cost $569,049,523)
610,774,145
Money Market Funds – 3.0%
Fidelity Cash Central Fund, 2.01% (b) 1,663,905 1,664,238
Fidelity Securities Lending Cash Central Fund, 2.01% (b)(c) 16,550,270 16,551,925
TOTAL MONEY MARKET FUNDS
(Cost $18,216,163)
18,216,163
TOTAL INVESTMENT IN SECURITIES – 102.8%
(Cost $587,265,686)
628,990,308
NET OTHER ASSETS (LIABILITIES) – (2.8%) (16,847,515)
NET ASSETS – 100.0% $ 612,142,793
    
Legend  
(a) Security or a portion of the security is on loan at period end.
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(c) Investment made with cash collateral received from securities on loan.
 
Futures Contracts
  Number of
contracts
Expiration
Date
Notional
Amount
Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contract          
CME Micro E-mini S&P 500 Index Contracts (United States) 5 September 2022 $1,033,375 $75,785 $75,785
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including ownership percentage, is presented below.
Fund Value,
beginning
of period
  Purchases   Sales
Proceeds
  Dividend
Income
  Realized
Gain/Loss
  Change in
Unrealized
appreciation
(depreciation)
  Value,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund, 2.01% $ 654,480   $ 54,792,330   $ 53,782,572   $ 3,230   $—   $—   $ 1,664,238 0.0%
Fidelity Securities Lending Cash Central Fund, 2.01% 2,620,350   106,586,070   92,654,495   79,206       $16,551,925 0.0%
Total $3,274,830   $161,378,400   $146,437,067   $82,436   $—   $—   $18,216,163  
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received from lending certain types of securities.
See accompanying notes which are an integral part of the financial statements.
 Annual Report 34


Table of Contents
Investment Valuation
The following is a summary of the inputs used, as of July 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Total Level 1 Level 2 Level 3
    
Investments in Securities:                
Equities:                
Communication Services   $ 53,088,405   $ 53,088,405   $   $
Consumer Discretionary   63,601,755   63,601,755    
Consumer Staples   36,241,474   36,241,474    
Energy   26,313,925   26,313,925    
Financials   64,676,923   64,676,923    
Health Care   88,474,577   88,474,577    
Industrials   53,027,263   53,027,263    
Information Technology   171,396,480   171,396,480    
Materials   15,607,071   15,607,071    
Real Estate   20,974,705   20,974,705    
Utilities   17,371,567   17,371,567    
Money Market Funds   18,216,163   18,216,163    
Total Investments in Securities:   $ 628,990,308   $ 628,990,308   $   $
    
Derivative Instruments:                
Assets                
Futures Contracts   $ 75,785   $ 75,785   $   $
Total Assets   $ 75,785   $ 75,785     $
Total Derivative Instruments:   $ 75,785   $ 75,785   $   $
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of July 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type Value
  Asset   Liabilities
Equity Risk      
Futures Contracts(a) $75,785   $0
Total Equity Risk 75,785   0
Total Value of Derivatives $75,785   $0
    
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
35 Annual Report 


Table of Contents
Fidelity® High Dividend ETF
Schedule of Investments July 31, 2022 
Showing Percentage of Net Assets
Common Stocks – 99.7%
  Shares Value
COMMUNICATION SERVICES – 2.4%
Diversified Telecommunication Services – 0.6%
AT&T, Inc. 129,956 $ 2,440,574
Lumen Technologies, Inc. (a) 137,149 1,493,552
Verizon Communications, Inc. 67,191 3,103,552
    7,037,678
Entertainment – 0.4%
Activision Blizzard, Inc. 27,546 2,202,303
Electronic Arts, Inc. 14,367 1,885,381
Warner Music Group Corp. Class A 40,985 1,229,550
    5,317,234
Media – 1.4%
Cable One, Inc. 1,088 1,497,828
Comcast Corp. Class A 73,462 2,756,294
Fox Corp. Class A 43,811 1,450,582
News Corp. Class A 77,015 1,320,037
Nexstar Media Group, Inc. Class A 9,936 1,871,644
Omnicom Group, Inc. 22,826 1,594,168
Paramount Global Class B 54,619 1,291,739
Sirius XM Holdings, Inc. (a) 251,946 1,682,999
TEGNA, Inc. 83,792 1,754,605
The Interpublic Group of Cos., Inc. 47,995 1,433,611
The New York Times Co. Class A 40,590 1,296,851
    17,950,358
TOTAL COMMUNICATION SERVICES 30,305,270
CONSUMER DISCRETIONARY – 4.4%
Hotels, Restaurants & Leisure – 1.6%
Darden Restaurants, Inc. 42,460 5,285,845
McDonald's Corp. 31,726 8,355,677
Starbucks Corp. 74,724 6,335,101
    19,976,623
Household Durables – 0.3%
Persimmon PLC 172,755 3,960,650
Multiline Retail – 0.4%
Target Corp. 33,044 5,398,729
Specialty Retail – 1.6%
Dick's Sporting Goods, Inc. (a) 51,308 4,801,916
Lowe's Cos., Inc. 33,440 6,404,763
The Home Depot, Inc. 29,702 8,938,520
    20,145,199
Textiles, Apparel & Luxury Goods – 0.5%
NIKE, Inc. Class B 56,064 6,442,875
TOTAL CONSUMER DISCRETIONARY 55,924,076
CONSUMER STAPLES – 0.1%
Personal Products – 0.1%
Haleon PLC (b) 345,827 1,228,002

  Shares Value
ENERGY – 13.5%
Oil, Gas & Consumable Fuels – 13.5%
Chevron Corp. 254,825 $ 41,735,239
Exxon Mobil Corp. 460,550 44,641,111
Kinder Morgan, Inc. 1,566,094 28,174,031
ONEOK, Inc. (a) 432,670 25,847,706
The Williams Cos., Inc. 895,631 30,532,061
Woodside Energy Group Ltd. 78,042 1,741,558
TOTAL ENERGY 172,671,706
FINANCIALS – 17.2%
Banks – 6.5%
Bank of America Corp. 615,633 20,814,552
Citigroup, Inc. 338,220 17,553,618
JPMorgan Chase & Co. 214,678 24,765,254
Wells Fargo & Co. 452,198 19,837,926
    82,971,350
Capital Markets – 5.5%
Blackstone, Inc. Class A 155,746 15,896,994
Goldman Sachs Group, Inc. 60,824 20,278,114
Morgan Stanley 221,170 18,644,631
T Rowe Price Group, Inc. 128,498 15,865,648
    70,685,387
Consumer Finance – 1.0%
OneMain Holdings, Inc. 351,213 13,065,124
Insurance – 2.9%
Old Republic International Corp. 693,668 16,141,654
The Progressive Corp. 182,285 20,973,712
    37,115,366
Mortgage Real Estate Investment Trusts (REITs) – 1.3%
Annaly Capital Management, Inc. 2,402,635 16,530,129
TOTAL FINANCIALS 220,367,356
HEALTH CARE – 6.7%
Biotechnology – 2.4%
AbbVie, Inc. 81,865 11,748,446
Amgen, Inc. 42,968 10,633,291
Gilead Sciences, Inc. 136,778 8,172,486
    30,554,223
Pharmaceuticals – 4.3%
Bristol-Myers Squibb Co. 154,112 11,370,383
GSK PLC 276,662 5,816,304
Johnson & Johnson 85,114 14,854,095
Merck & Co., Inc. 136,190 12,167,215
Pfizer, Inc. 230,540 11,644,575
    55,852,572
TOTAL HEALTH CARE 86,406,795
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 36


Table of Contents
Common Stocks – continued
  Shares Value
INDUSTRIALS – 1.9%
Aerospace & Defense – 0.2%
Lockheed Martin Corp. 6,946 $ 2,874,324
Air Freight & Logistics – 0.2%
United Parcel Service, Inc. Class B 14,026 2,733,527
Construction & Engineering – 0.2%
ACS Actividades de Construccion y Servicios S.A. 78,160 1,865,679
Industrial Conglomerates – 0.4%
3M Co. 16,427 2,353,003
Honeywell International, Inc. 15,452 2,973,892
    5,326,895
Machinery – 0.5%
AGCO Corp. 18,041 1,965,026
Caterpillar, Inc. 13,946 2,764,794
Volvo AB Class B 88,676 1,579,184
    6,309,004
Road & Rail – 0.4%
Aurizon Holdings Ltd. 775,911 2,176,552
Union Pacific Corp. 12,849 2,920,578
    5,097,130
TOTAL INDUSTRIALS 24,206,559
INFORMATION TECHNOLOGY – 20.6%
Communications Equipment – 1.0%
Cisco Systems, Inc. 282,939 12,836,943
IT Services – 3.8%
International Business Machines Corp. 94,133 12,311,655
The Western Union Co. 544,553 9,268,292
TietoEVRY Oyj 330,696 8,935,643
Visa, Inc. Class A 83,733 17,760,607
    48,276,197
Semiconductors & Semiconductor Equipment – 4.6%
Broadcom, Inc. 27,150 14,538,282
Intel Corp. 305,186 11,081,303
NVIDIA Corp. 102,257 18,572,939
Texas Instruments, Inc. 79,193 14,166,836
    58,359,360
Software – 5.7%
Microsoft Corp. 215,125 60,394,192
Oracle Corp. 160,826 12,518,696
    72,912,888
Technology Hardware, Storage & Peripherals – 5.5%
Apple, Inc. 435,541 70,779,768
TOTAL INFORMATION TECHNOLOGY 263,165,156
MATERIALS – 9.6%
Chemicals – 5.7%
Air Products & Chemicals, Inc. 58,831 14,603,619

  Shares Value
Dow, Inc. 261,188 $ 13,897,814
Linde PLC 62,949 19,010,598
LyondellBasell Industries N.V. Class A 153,826 13,708,973
Yara International ASA 272,789 11,597,236
    72,818,240
Containers & Packaging – 1.1%
International Paper Co. 318,206 13,609,670
Metals & Mining – 2.8%
BHP Group Ltd. 431,899 11,657,347
Fortescue Metals Group Ltd. 961,716 12,307,710
Newmont Corp. 260,756 11,807,032
    35,772,089
TOTAL MATERIALS 122,199,999
REAL ESTATE – 11.5%
Equity Real Estate Investment Trusts (REITs) – 11.5%
American Tower Corp. 59,470 16,106,260
Crown Castle International Corp. 75,827 13,698,906
Digital Realty Trust, Inc. 85,759 11,358,780
Gaming and Leisure Properties, Inc. 262,649 13,655,121
Iron Mountain, Inc. 255,025 12,366,162
Medical Properties Trust, Inc. 527,783 9,098,979
Omega Healthcare Investors, Inc. 404,807 12,549,017
Prologis, Inc. 95,606 12,673,531
Simon Property Group, Inc. 87,943 9,554,128
SL Green Realty Corp. (a) 157,654 7,827,521
VICI Properties, Inc. 418,322 14,302,429
WP Carey, Inc. 152,653 13,631,913
TOTAL REAL ESTATE 146,822,747
UTILITIES – 11.8%
Electric Utilities – 9.9%
American Electric Power Co., Inc. 221,383 21,819,509
Duke Energy Corp. 200,135 22,000,841
Edison International 313,799 21,266,158
Pinnacle West Capital Corp. 265,875 19,533,836
PPL Corp. 647,945 18,842,241
The Southern Co. 301,160 23,156,192
    126,618,777
Multi-Utilities – 1.9%
Sempra Energy 145,333 24,096,211
TOTAL UTILITIES 150,714,988
TOTAL COMMON STOCKS
(Cost $1,222,338,336)
1,274,012,654
Money Market Funds – 1.5%
Fidelity Cash Central Fund, 2.01% (c) 2,742,851 2,743,400
See accompanying notes which are an integral part of the financial statements.
37 Annual Report 


Table of Contents
Fidelity® High Dividend ETF
Schedule of Investmentscontinued
Money Market Funds – continued
  Shares Value
Fidelity Securities Lending Cash Central Fund, 2.01% (c)(d) 16,057,744 $ 16,059,350
TOTAL MONEY MARKET FUNDS
(Cost $18,802,750)
18,802,750
TOTAL INVESTMENT IN SECURITIES – 101.2%
(Cost $1,241,141,086)
1,292,815,404
NET OTHER ASSETS (LIABILITIES) – (1.2%) (14,761,209)
NET ASSETS – 100.0% $1,278,054,195
    
Legend  
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
 
Futures Contracts
  Number of
contracts
Expiration
Date
Notional
Amount
Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contract          
CME Micro E-mini S&P 500 Index Contracts (United States) 18 September 2022 $3,720,150 $311,911 $311,911
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including ownership percentage, is presented below.
Fund Value,
beginning
of period
  Purchases   Sales
Proceeds
  Dividend
Income
  Realized
Gain/Loss
  Change in
Unrealized
appreciation
(depreciation)
  Value,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund, 2.01% $3,234,325   $138,498,201   $138,989,126   $ 8,364   $—   $—   $ 2,743,400 0.0%
Fidelity Securities Lending Cash Central Fund, 2.01% 1,661,850   264,332,443   249,934,943   62,843       $16,059,350 0.0%
Total $4,896,175   $402,830,644   $388,924,069   $71,207   $—   $—   $18,802,750  
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received from lending certain types of securities.
See accompanying notes which are an integral part of the financial statements.
 Annual Report 38


Table of Contents
Investment Valuation
The following is a summary of the inputs used, as of July 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Total Level 1 Level 2 Level 3
    
Investments in Securities:                
Equities:                
Communication Services   $ 30,305,270   $ 30,305,270   $   $
Consumer Discretionary   55,924,076   55,924,076    
Consumer Staples   1,228,002   1,228,002    
Energy   172,671,706   172,671,706    
Financials   220,367,356   220,367,356    
Health Care   86,406,795   86,406,795    
Industrials   24,206,559   24,206,559    
Information Technology   263,165,156   263,165,156    
Materials   122,199,999   122,199,999    
Real Estate   146,822,747   146,822,747    
Utilities   150,714,988   150,714,988    
Money Market Funds   18,802,750   18,802,750    
Total Investments in Securities:   $ 1,292,815,404   $ 1,292,815,404   $   $
    
Derivative Instruments:                
Assets                
Futures Contracts   $ 311,911   $ 311,911   $   $
Total Assets   $ 311,911   $ 311,911     $
Total Derivative Instruments:   $ 311,911   $ 311,911   $   $
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of July 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type Value
  Asset   Liabilities
Equity Risk      
Futures Contracts(a) $311,911   $0
Total Equity Risk 311,911   0
Total Value of Derivatives $311,911   $0
    
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
39 Annual Report 


Table of Contents
Fidelity® Low Volatility Factor ETF
Schedule of Investments July 31, 2022 
Showing Percentage of Net Assets
Common Stocks – 99.7%
  Shares Value
COMMUNICATION SERVICES – 8.2%
Diversified Telecommunication Services – 1.5%
AT&T, Inc. 158,540 $2,977,381
Verizon Communications, Inc. 81,794 3,778,065
    6,755,446
Entertainment – 0.7%
Activision Blizzard, Inc. 33,893 2,709,745
Warner Bros Discovery, Inc. (a) 38,354 575,310
    3,285,055
Interactive Media & Services – 3.6%
Alphabet, Inc. Class A (a) 137,986 16,050,532
Media – 1.6%
Cable One, Inc. 1,349 1,857,141
Comcast Corp. Class A 89,416 3,354,889
Omnicom Group, Inc. 28,255 1,973,329
    7,185,359
Wireless Telecommunication Services – 0.8%
T-Mobile US, Inc. (a) 22,987 3,288,520
TOTAL COMMUNICATION SERVICES 36,564,912
CONSUMER DISCRETIONARY – 11.3%
Diversified Consumer Services – 0.7%
Service Corp. International 38,673 2,879,592
Hotels, Restaurants & Leisure – 2.2%
Domino's Pizza, Inc. 5,568 2,183,268
McDonald's Corp. 16,810 4,427,250
Starbucks Corp. 36,582