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	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.

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® 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 – NAV^A	-1.06	10.90	11.79
Fidelity Dividend ETF for Rising Rates – Market Price^B	-1.08	10.86	11.88
Fidelity Dividend Index For Rising Rates^A	-0.72	11.26	12.16
Russell 1000 Index^A	-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.

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.

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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.

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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.*

^{Fiscal
Periods Ended July 31, 2022}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity High Dividend ETF – NAV^A	4.43	11.44	11.36
Fidelity High Dividend ETF – Market Price^B	4.35	11.42	11.51
Fidelity High Dividend Index^A	4.76	11.78	11.71
Russell 1000 Index^A	-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.

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.

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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.

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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.*

^{Fiscal
Periods Ended July 31, 2022}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity Low Volatility Factor ETF – NAV^A	-1.12	12.79	13.08
Fidelity Low Volatility Factor ETF – Market Price^B	-1.34	12.74	13.24
Fidelity U.S. Low Volatility Factor Index^A	-0.83	13.06	13.37
Russell 1000 Index^A	-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.

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.

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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.

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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.*

^{Fiscal
Periods Ended July 31, 2022}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity Momentum Factor ETF – NAV^A	-7.20	10.99	11.74
Fidelity Momentum Factor ETF – Market Price^B	-7.11	10.98	11.88
Fidelity U.S. Momentum Factor Index^A	-6.92	11.33	12.09
Russell 1000 Index^A	-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.

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.

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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.

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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.*

^{Fiscal
Periods Ended July 31, 2022}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity Quality Factor ETF – NAV^A	-4.79	12.34	13.23
Fidelity Quality Factor ETF – Market Price^B	-4.70	12.30	13.32
Fidelity U.S. Quality Factor Index^A	-4.52	12.66	13.57
Russell 1000 Index^A	-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.

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.

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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.

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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.*

^{Fiscal
Periods Ended July 31, 2022}

Average Annual Total Returns	Past 1 Year	Life of Fund
Fidelity Small-Mid Multifactor ETF – NAV^A	-2.35	9.95
Fidelity Small-Mid Multifactor ETF – Market Price^B	-2.24	9.92
Fidelity Small-Mid Multifactor Index^A	-2.02	10.30
Dow Jones U.S. Completion Total Stock Market Index^A	-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.

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.

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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.

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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.

^{Fiscal
Periods Ended July 31, 2022}

Average Annual Total Returns	Past 1 Year	Life of Fund
Fidelity Stocks for Inflation ETF – NAV^A	5.03	11.83
Fidelity Stocks for Inflation ETF – Market Price^B	4.94	11.72
Fidelity Stocks For Inflation Factor Index^A	5.35	12.22
Russell 1000 Index^A	-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.

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.

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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.

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.*

^{Fiscal
Periods Ended July 31, 2022}

Average Annual Total Returns	Past 1 Year	Life of Fund
Fidelity U.S. Multifactor ETF – NAV^A	-2.64	13.37
Fidelity U.S. Multifactor ETF – Market Price^B	-2.64	14.23
Fidelity U.S. Multifactor Index^A	-2.35	13.73
Russell 1000 Index^A	-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.

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

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.

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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.*

^{Fiscal
Periods Ended July 31, 2022}

Average Annual Total Returns	Past 1 Year	Past 5 Years	Life of Fund
Fidelity Value Factor ETF – NAV^A	-3.86	11.27	12.73
Fidelity Value Factor ETF – Market Price^B	-4.11	11.22	12.82
Fidelity U.S. Value Factor Index^A	-3.61	11.60	13.07
Russell 1000 Index^A	-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.

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.

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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.

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

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 Investments–continued

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.

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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

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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

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 Investments–continued

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

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

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	$ 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

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)

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	3,101,422
		9,711,940
Household Durables – 0.4%
Garmin Ltd.	20,002	1,952,595
Internet & Direct Marketing Retail – 3.3%
Amazon.com, Inc. (a)	109,837	14,822,503
Multiline Retail – 0.8%
Dollar General Corp.	13,690	3,401,007
Specialty Retail – 3.1%
AutoZone, Inc. (a)	1,356	2,898,301
O'Reilly Automotive, Inc. (a)	4,201	2,955,781
The Home Depot, Inc.	17,588	5,292,933
The TJX Cos., Inc.	45,793	2,800,700
		13,947,715
Textiles, Apparel & Luxury Goods – 0.8%
NIKE, Inc. Class B	29,486	3,388,531
TOTAL CONSUMER DISCRETIONARY		50,103,883
CONSUMER STAPLES – 5.6%
Beverages – 1.0%
PepsiCo, Inc.	25,781	4,510,644
Food & Staples Retailing – 0.9%
Walmart, Inc.	28,885	3,814,264


	Shares	Value

Food Products – 1.0%
Hormel Foods Corp.	43,362	$2,139,481
The Hershey Co.	11,011	2,510,067
		4,649,548
Household Products – 2.7%
Colgate-Palmolive Co.	32,323	2,545,113
Kimberly-Clark Corp.	17,730	2,336,637
The Clorox Co.	12,977	1,840,658
The Procter & Gamble Co.	37,627	5,226,766
		11,949,174
TOTAL CONSUMER STAPLES		24,923,630
ENERGY – 4.1%
Oil, Gas & Consumable Fuels – 4.1%
Cheniere Energy, Inc.	11,944	1,786,584
Chevron Corp.	28,681	4,697,374
Coterra Energy, Inc.	55,877	1,709,277
Exxon Mobil Corp.	58,859	5,705,203
Kinder Morgan, Inc.	83,546	1,502,993
ONEOK, Inc. (b)	22,211	1,326,885
The Williams Cos., Inc.	48,715	1,660,694
TOTAL ENERGY		18,389,010
FINANCIALS – 11.9%
Capital Markets – 3.9%
CME Group, Inc.	17,874	3,565,506
FactSet Research Systems, Inc.	8,472	3,640,249
Houlihan Lokey, Inc.	33,500	2,832,760
Intercontinental Exchange, Inc.	32,474	3,312,023
S&P Global, Inc.	10,764	4,057,274
		17,407,812
Insurance – 8.0%
Arthur J Gallagher & Co.	24,117	4,316,702
Assurant, Inc.	22,893	4,024,131
Brown & Brown, Inc.	53,267	3,467,682
Chubb Ltd.	20,919	3,946,160
Erie Indemnity Co. Class A (b)	18,755	3,814,017
Marsh & McLennan Cos., Inc.	27,648	4,533,166
The Progressive Corp.	37,093	4,267,921
The Travelers Cos., Inc.	22,290	3,537,423
WR Berkley Corp.	59,290	3,707,404
		35,614,606
TOTAL FINANCIALS		53,022,418
HEALTH CARE – 13.6%
Biotechnology – 1.2%
Amgen, Inc.	20,635	5,106,543
Health Care Equipment & Supplies – 4.6%
Abbott Laboratories	44,069	4,796,470
Baxter International, Inc.	43,374	2,544,319

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
HEALTH CARE – continued
Health Care Equipment & Supplies – continued
Danaher Corp.	18,091	$ 5,272,984
Medtronic PLC	46,432	4,295,889
ResMed, Inc.	15,370	3,696,792
		20,606,454
Health Care Providers & Services – 2.1%
UnitedHealth Group, Inc.	16,768	9,093,957
Pharmaceuticals – 5.7%
Eli Lilly & Co.	21,861	7,207,353
Johnson & Johnson	47,099	8,219,718
Merck & Co., Inc.	68,445	6,114,876
Zoetis, Inc.	21,353	3,897,990
		25,439,937
TOTAL HEALTH CARE		60,246,891
INDUSTRIALS – 9.4%
Aerospace & Defense – 2.3%
L3Harris Technologies, Inc.	12,517	3,003,705
Lockheed Martin Corp.	8,334	3,448,693
Northrop Grumman Corp.	7,546	3,613,779
		10,066,177
Air Freight & Logistics – 0.6%
CH Robinson Worldwide, Inc.	26,239	2,904,657
Commercial Services & Supplies – 2.0%
Republic Services, Inc.	19,749	2,738,397
Rollins, Inc.	74,865	2,887,543
Waste Management, Inc.	19,313	3,178,147
		8,804,087
Industrial Conglomerates – 0.6%
3M Co.	19,700	2,821,828
Machinery – 2.1%
Graco, Inc.	32,450	2,179,342
Otis Worldwide Corp.	31,731	2,480,412
PACCAR, Inc.	27,178	2,487,331
The Toro Co.	24,150	2,076,658
		9,223,743
Professional Services – 1.8%
Booz Allen Hamilton Holding Corp.	30,497	2,927,102
Exponent, Inc.	24,644	2,476,475
Verisk Analytics, Inc.	13,023	2,477,626
		7,881,203
TOTAL INDUSTRIALS		41,701,695
INFORMATION TECHNOLOGY – 27.2%
IT Services – 14.6%
Akamai Technologies, Inc. (a)	46,758	4,499,055
Amdocs Ltd.	68,277	5,944,196
Automatic Data Processing, Inc.	29,652	7,149,690


	Shares	Value


Concentrix Corp.	26,275	$ 3,514,544
Fiserv, Inc. (a)	54,890	5,800,775
Jack Henry & Associates, Inc.	31,680	6,582,154
Mastercard, Inc. Class A	22,500	7,960,275
Maximus, Inc.	68,531	4,581,297
Paychex, Inc.	46,830	6,007,352
VeriSign, Inc. (a)	24,635	4,659,957
Visa, Inc. Class A	40,212	8,529,367
		65,228,662
Semiconductors & Semiconductor Equipment – 2.8%
Intel Corp.	150,333	5,458,591
Texas Instruments, Inc.	39,252	7,021,791
		12,480,382
Software – 9.8%
Citrix Systems, Inc.	51,781	5,251,111
Microsoft Corp.	97,408	27,346,322
Oracle Corp.	80,200	6,242,768
Tyler Technologies, Inc. (a)	11,618	4,635,582
		43,475,783
TOTAL INFORMATION TECHNOLOGY		121,184,827
MATERIALS – 2.5%
Chemicals – 1.3%
Air Products & Chemicals, Inc.	5,132	1,273,917
Balchem Corp.	5,895	800,305
Ecolab, Inc.	6,770	1,118,201
Linde PLC	7,971	2,407,242
		5,599,665
Construction Materials – 0.4%
Martin Marietta Materials, Inc.	2,749	967,868
Vulcan Materials Co.	5,610	927,501
		1,895,369
Containers & Packaging – 0.6%
AptarGroup, Inc.	7,445	802,273
Ball Corp.	11,805	866,723
Packaging Corp. of America	6,257	879,797
		2,548,793
Metals & Mining – 0.2%
Newmont Corp.	21,094	955,136
TOTAL MATERIALS		10,998,963
REAL ESTATE – 3.2%
Equity Real Estate Investment Trusts (REITs) – 3.2%
Agree Realty Corp.	10,087	802,824
American Tower Corp.	7,247	1,962,705
Crown Castle International Corp.	7,903	1,427,756
CubeSmart	13,871	636,263
Digital Realty Trust, Inc.	7,089	938,938
Equinix, Inc.	1,798	1,265,324
Equity Lifestyle Properties, Inc.	9,423	692,779

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

41	Annual Report

Table of Contents

Fidelity® Low Volatility Factor ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
Essex Property Trust, Inc.	2,503	$ 717,185
Extra Space Storage, Inc.	4,346	823,654
Medical Properties Trust, Inc.	33,269	573,558
Mid-America Apartment Communities, Inc.	4,029	748,306
Prologis, Inc.	11,716	1,553,073
Public Storage	3,254	1,062,138
Realty Income Corp.	14,731	1,089,947
TOTAL REAL ESTATE		14,294,450
UTILITIES – 2.7%
Electric Utilities – 1.4%
American Electric Power Co., Inc.	16,475	1,623,776
Duke Energy Corp.	17,711	1,946,970
Eversource Energy	15,032	1,326,123
Xcel Energy, Inc.	20,156	1,475,016
		6,371,885
Multi-Utilities – 1.3%
Ameren Corp.	14,118	1,314,668
CMS Energy Corp.	18,568	1,276,179
Consolidated Edison, Inc.	15,279	1,516,746
WEC Energy Group, Inc.	13,824	1,435,070
		5,542,663
TOTAL UTILITIES		11,914,548
TOTAL COMMON STOCKS (Cost $431,452,966)		443,345,227

Money Market Funds – 0.6%
	Shares	Value
Fidelity Cash Central Fund, 2.01% (c)	1,126,573	$ 1,126,798
Fidelity Securities Lending Cash Central Fund, 2.01% (c)(d)	1,748,486	1,748,660
TOTAL MONEY MARKET FUNDS (Cost $2,875,458)		2,875,458
TOTAL INVESTMENT IN SECURITIES – 100.3% (Cost $434,328,424)		446,220,685
NET OTHER ASSETS (LIABILITIES) – (0.3%)		(1,357,925)
NET ASSETS – 100.0%		$ 444,862,760

Legend
(a)	Non-income producing.
(b)	Security or a portion of the security is on loan at period end.
(c)	Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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 E-mini S&P 500 Index Contracts (United States)	70	September 2022	$1,446,725	$114,995	$114,995

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%	$ 556,788	$13,938,955	$13,368,945	$2,800	$—	$—	$1,126,798	0.0%
Fidelity Securities Lending Cash Central Fund, 2.01%	940,440	37,473,784	36,665,564	1,790	—	—	$1,748,660	0.0%
Total	$1,497,228	$51,412,739	$50,034,509	$4,590	$—	$—	$2,875,458

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

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	$ 36,564,912	$ 36,564,912	$ —	$ —
Consumer Discretionary	50,103,883	50,103,883	—	—
Consumer Staples	24,923,630	24,923,630	—	—
Energy	18,389,010	18,389,010	—	—
Financials	53,022,418	53,022,418	—	—
Health Care	60,246,891	60,246,891	—	—
Industrials	41,701,695	41,701,695	—	—
Information Technology	121,184,827	121,184,827	—	—
Materials	10,998,963	10,998,963	—	—
Real Estate	14,294,450	14,294,450	—	—
Utilities	11,914,548	11,914,548	—	—
Money Market Funds	2,875,458	2,875,458	—	—
Total Investments in Securities:	$ 446,220,685	$ 446,220,685	$ —	$ —
Derivative Instruments:
Assets
Futures Contracts	$ 114,995	$ 114,995	$ —	$ —
Total Assets	$ 114,995	$ 114,995	$ —	$ —
Total Derivative Instruments:	$ 114,995	$ 114,995	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$114,995	$0
Total Equity Risk	114,995	0
Total Value of Derivatives	$114,995	$0

(a)

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

43	Annual Report

Table of Contents

Fidelity® Momentum Factor ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares	Value
COMMUNICATION SERVICES – 8.3%
Entertainment – 1.2%
AMC Entertainment Holdings, Inc. Class A (a)(b)	48,124	$700,686
Live Nation Entertainment, Inc. (a)	7,595	713,854
		1,414,540
Interactive Media & Services – 4.5%
Alphabet, Inc. Class A (a)	40,371	4,695,955
ZoomInfo Technologies, Inc. Class A (a)	14,698	556,907
		5,252,862
Media – 2.6%
Fox Corp. Class A	20,073	664,617
Liberty Media Corp-Liberty Formula One Class A (a)	13,525	838,415
Nexstar Media Group, Inc. Class A	4,313	812,440
The Interpublic Group of Cos., Inc.	21,818	651,703
		2,967,175
TOTAL COMMUNICATION SERVICES		9,634,577
CONSUMER DISCRETIONARY – 11.7%
Automobiles – 2.4%
Tesla, Inc. (a)	3,081	2,746,557
Hotels, Restaurants & Leisure – 1.9%
Hilton Worldwide Holdings, Inc.	4,247	543,913
Marriott International, Inc. Class A	3,697	587,158
McDonald's Corp.	4,285	1,128,540
		2,259,611
Internet & Direct Marketing Retail – 3.5%
Amazon.com, Inc. (a)	30,491	4,114,761
Multiline Retail – 0.9%
Dollar Tree, Inc. (a)	3,842	635,313
Macy's, Inc.	22,394	395,254
		1,030,567
Specialty Retail – 3.0%
AutoZone, Inc. (a)	320	683,965
Murphy USA, Inc.	2,198	625,023
O'Reilly Automotive, Inc. (a)	1,048	737,362
The Home Depot, Inc.	4,823	1,451,434
		3,497,784
TOTAL CONSUMER DISCRETIONARY		13,649,280
CONSUMER STAPLES – 6.1%
Beverages – 2.1%
PepsiCo, Inc.	6,919	1,210,548
The Coca-Cola Co.	18,976	1,217,690
		2,428,238
Food & Staples Retailing – 1.9%
BJ's Wholesale Club Holdings, Inc. (a)	7,942	537,673
Costco Wholesale Corp.	2,240	1,212,512


	Shares	Value


The Kroger Co.	10,842	$ 503,503
		2,253,688
Food Products – 0.9%
Bunge Ltd.	4,568	421,763
The Hershey Co.	2,562	584,034
		1,005,797
Household Products – 1.2%
The Procter & Gamble Co.	10,229	1,420,910
TOTAL CONSUMER STAPLES		7,108,633
ENERGY – 4.4%
Oil, Gas & Consumable Fuels – 4.4%
APA Corp.	8,369	311,076
Chevron Corp.	7,556	1,237,522
ConocoPhillips	6,806	663,108
Devon Energy Corp.	6,356	399,475
Exxon Mobil Corp.	15,950	1,546,033
Marathon Oil Corp.	13,190	327,112
SM Energy Co.	8,314	343,202
Targa Resources Corp.	4,710	325,508
TOTAL ENERGY		5,153,036
FINANCIALS – 11.1%
Banks – 1.0%
Wells Fargo & Co.	25,883	1,135,487
Capital Markets – 3.5%
Ameriprise Financial, Inc.	2,693	726,894
Ares Management Corp. Class A	9,748	698,444
Blackstone, Inc. Class A	8,196	836,566
CME Group, Inc.	4,070	811,884
The Charles Schwab Corp.	13,644	942,118
		4,015,906
Consumer Finance – 0.7%
American Express Co.	5,576	858,816
Diversified Financial Services – 1.9%
Berkshire Hathaway, Inc. Class B (a)	7,467	2,244,580
Insurance – 4.0%
American International Group, Inc.	12,778	661,517
Aon PLC Class A	2,873	836,158
Brown & Brown, Inc.	11,554	752,165
Chubb Ltd.	4,360	822,471
Marsh & McLennan Cos., Inc.	5,475	897,681
The Travelers Cos., Inc.	4,440	704,628
		4,674,620
TOTAL FINANCIALS		12,929,409
HEALTH CARE – 14.4%
Biotechnology – 2.2%
AbbVie, Inc.	10,984	1,576,314

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
HEALTH CARE – continued
Biotechnology – continued
Regeneron Pharmaceuticals, Inc. (a)	1,676	$ 974,912
		2,551,226
Health Care Equipment & Supplies – 0.9%
Lantheus Holdings, Inc. (a)	13,758	1,055,514
Health Care Providers & Services – 6.1%
Centene Corp. (a)	11,993	1,114,989
CVS Health Corp.	12,812	1,225,852
Elevance Health, Inc.	2,437	1,162,693
McKesson Corp.	3,203	1,094,081
UnitedHealth Group, Inc.	4,564	2,475,240
		7,072,855
Life Sciences Tools & Services – 1.4%
Thermo Fisher Scientific, Inc.	2,755	1,648,620
Pharmaceuticals – 3.8%
Eli Lilly & Co.	5,340	1,760,544
Intra-Cellular Therapies, Inc. (a)	18,116	980,438
Pfizer, Inc.	34,684	1,751,889
		4,492,871
TOTAL HEALTH CARE		16,821,086
INDUSTRIALS – 8.3%
Aerospace & Defense – 2.6%
General Dynamics Corp.	2,774	628,782
Lockheed Martin Corp.	1,849	765,135
Northrop Grumman Corp.	1,506	721,223
Raytheon Technologies Corp.	9,632	897,799
		3,012,939
Building Products – 1.0%
Builders FirstSource, Inc. (a)	8,147	553,996
Carlisle Cos., Inc.	2,060	609,966
		1,163,962
Commercial Services & Supplies – 1.1%
Cintas Corp.	1,553	660,786
Republic Services, Inc.	4,454	617,591
		1,278,377
Machinery – 1.0%
Deere & Co.	2,137	733,376
Evoqua Water Technologies Corp. (a)	12,764	486,436
		1,219,812
Professional Services – 0.9%
KBR, Inc.	10,991	585,051
Robert Half International, Inc.	5,384	426,090
		1,011,141
Road & Rail – 1.7%
Avis Budget Group, Inc. (a)(b)	1,944	353,866
CSX Corp.	21,027	679,803


	Shares	Value


Union Pacific Corp.	4,055	$ 921,702
		1,955,371
TOTAL INDUSTRIALS		9,641,602
INFORMATION TECHNOLOGY – 26.6%
Communications Equipment – 1.5%
Arista Networks, Inc. (a)	8,197	956,016
Juniper Networks, Inc.	27,264	764,210
		1,720,226
IT Services – 2.8%
Accenture PLC Class A	4,679	1,432,991
Cognizant Technology Solutions Corp. Class A	12,919	877,975
Paychex, Inc.	7,664	983,138
		3,294,104
Semiconductors & Semiconductor Equipment – 5.9%
Advanced Micro Devices, Inc. (a)	13,776	1,301,419
Broadcom, Inc.	2,670	1,429,731
Marvell Technology, Inc.	16,851	938,264
NVIDIA Corp.	11,887	2,159,036
ON Semiconductor Corp. (a)	16,413	1,096,060
		6,924,510
Software – 8.5%
Datadog, Inc. Class A (a)	8,235	840,052
Fortinet, Inc. (a)	16,700	996,155
Microsoft Corp.	25,361	7,119,847
Palo Alto Networks, Inc. (a)	1,870	933,317
		9,889,371
Technology Hardware, Storage & Peripherals – 7.9%
Apple, Inc.	51,545	8,376,578
Pure Storage, Inc. Class A (a)	30,893	875,817
		9,252,395
TOTAL INFORMATION TECHNOLOGY		31,080,606
MATERIALS – 2.7%
Chemicals – 1.5%
Albemarle Corp.	1,219	297,814
CF Industries Holdings, Inc.	2,696	257,441
Corteva, Inc.	5,724	329,416
Linde PLC	2,186	660,172
The Mosaic Co.	4,294	226,122
		1,770,965
Metals & Mining – 1.2%
Alcoa Corp.	3,801	193,433
Cleveland-Cliffs, Inc. (a)	9,673	171,309
Freeport-McMoRan, Inc.	9,583	302,344
Nucor Corp.	2,275	308,945
Steel Dynamics, Inc.	3,096	241,116

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

45	Annual Report

Table of Contents

Fidelity® Momentum Factor ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
MATERIALS – continued
Metals & Mining – continued
United States Steel Corp.	8,191	$ 193,717
		1,410,864
TOTAL MATERIALS		3,181,829
REAL ESTATE – 3.3%
Equity Real Estate Investment Trusts (REITs) – 3.3%
AvalonBay Communities, Inc.	1,368	292,670
Camden Property Trust	1,675	236,343
Duke Realty Corp.	5,184	324,311
Equity Residential	3,674	288,005
Extra Space Storage, Inc.	1,488	282,006
Independence Realty Trust, Inc.	9,358	207,748
Iron Mountain, Inc.	4,649	225,430
Kimco Realty Corp.	10,377	229,435
Life Storage, Inc.	1,881	236,799
Mid-America Apartment Communities, Inc.	1,451	269,494
Prologis, Inc.	3,631	481,325
Public Storage	1,045	341,098
Rexford Industrial Realty, Inc.	3,280	214,545
UDR, Inc.	4,973	240,693
TOTAL REAL ESTATE		3,869,902
UTILITIES – 2.9%
Electric Utilities – 1.7%
Edison International	5,361	363,315
Exelon Corp.	9,123	424,128
FirstEnergy Corp.	8,549	351,364
NextEra Energy, Inc.	9,900	836,451
		1,975,258
Gas Utilities – 0.3%
National Fuel Gas Co.	4,353	314,896
Independent Power and Renewable Electricity Producers – 0.3%
Vistra Corp.	12,891	333,232


	Shares	Value

Multi-Utilities – 0.6%
CenterPoint Energy, Inc.	11,281	$357,495
Consolidated Edison, Inc.	4,195	416,438
		773,933
TOTAL UTILITIES		3,397,319
TOTAL COMMON STOCKS (Cost $109,660,524)		116,467,279
Money Market Funds – 1.0%

Fidelity Cash Central Fund, 2.01% (c)	180,244	180,280
Fidelity Securities Lending Cash Central Fund, 2.01% (c)(d)	1,004,750	1,004,850
TOTAL MONEY MARKET FUNDS (Cost $1,185,130)		1,185,130
TOTAL INVESTMENT IN SECURITIES – 100.8% (Cost $110,845,654)		117,652,409
NET OTHER ASSETS (LIABILITIES) – (0.8%)		(904,040)
NET ASSETS – 100.0%		$ 116,748,369

Legend
(a)	Non-income producing.
(b)	Security or a portion of the security is on loan at period end.
(c)	Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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 E-mini S&P 500 Index Contracts (United States)	10	September 2022	$206,675	$17,618	$17,618

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

Affiliated Central Funds

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

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

Annual Report

Table of Contents

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%	$425,440	$ 2,411,776	$ 2,656,936	$ 642	$—	$—	$ 180,280	0.0%
Fidelity Securities Lending Cash Central Fund, 2.01%	—	18,895,143	17,890,293	9,717	—	—	$1,004,850	0.0%
Total	$425,440	$21,306,919	$20,547,229	$10,359	$—	$—	$1,185,130

Investment Valuation

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:
Equities:
Communication Services	$ 9,634,577	$ 9,634,577	$ —	$ —
Consumer Discretionary	13,649,280	13,649,280	—	—
Consumer Staples	7,108,633	7,108,633	—	—
Energy	5,153,036	5,153,036	—	—
Financials	12,929,409	12,929,409	—	—
Health Care	16,821,086	16,821,086	—	—
Industrials	9,641,602	9,641,602	—	—
Information Technology	31,080,606	31,080,606	—	—
Materials	3,181,829	3,181,829	—	—
Real Estate	3,869,902	3,869,902	—	—
Utilities	3,397,319	3,397,319	—	—
Money Market Funds	1,185,130	1,185,130	—	—
Total Investments in Securities:	$ 117,652,409	$ 117,652,409	$ —	$ —

Derivative Instruments:
Assets
Futures Contracts	$ 17,618	$ 17,618	$ —	$ —
Total Assets	$ 17,618	$ 17,618	—	$ —
Total Derivative Instruments:	$ 17,618	$ 17,618	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$17,618	$0
Total Equity Risk	17,618	0
Total Value of Derivatives	$17,618	$0

(a)

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

47	Annual Report

Table of Contents

Fidelity® Quality Factor ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares	Value
COMMUNICATION SERVICES – 8.0%
Diversified Telecommunication Services – 0.8%
Verizon Communications, Inc.	46,521	$ 2,148,805
Entertainment – 0.5%
Activision Blizzard, Inc.	17,824	1,425,029
Interactive Media & Services – 5.6%
Alphabet, Inc. Class A (a)	85,671	9,965,251
Match Group, Inc. (a)	10,759	788,742
Meta Platforms, Inc. Class A (a)	20,237	3,219,706
ZoomInfo Technologies, Inc. Class A (a)	22,202	841,234
		14,814,933
Media – 1.1%
Comcast Corp. Class A	50,908	1,910,068
Sirius XM Holdings, Inc. (b)	154,592	1,032,675
		2,942,743
TOTAL COMMUNICATION SERVICES		21,331,510
CONSUMER DISCRETIONARY – 11.2%
Distributors – 0.6%
Pool Corp.	4,745	1,697,286
Hotels, Restaurants & Leisure – 3.8%
Domino's Pizza, Inc.	4,864	1,907,223
McDonald's Corp.	12,937	3,407,218
Starbucks Corp.	29,373	2,490,243
Yum! Brands, Inc.	18,337	2,247,016
		10,051,700
Multiline Retail – 0.8%
Target Corp.	12,925	2,111,686
Specialty Retail – 5.0%
AutoZone, Inc. (a)	1,152	2,462,273
Lowe's Cos., Inc.	13,455	2,577,036
O'Reilly Automotive, Inc. (a)	3,560	2,504,781
The Home Depot, Inc.	12,786	3,847,819
Williams-Sonoma, Inc. (b)	13,186	1,904,322
		13,296,231
Textiles, Apparel & Luxury Goods – 1.0%
NIKE, Inc. Class B	22,781	2,617,993
TOTAL CONSUMER DISCRETIONARY		29,774,896
CONSUMER STAPLES – 6.1%
Beverages – 2.3%
Brown-Forman Corp. Class B	19,348	1,436,008
Monster Beverage Corp. (a)	16,864	1,679,992
The Coca-Cola Co.	46,407	2,977,937
		6,093,937
Food Products – 0.6%
The Hershey Co.	7,029	1,602,331
Household Products – 1.8%
Kimberly-Clark Corp.	11,315	1,491,204


	Shares	Value


The Procter & Gamble Co.	23,946	$ 3,326,339
		4,817,543
Tobacco – 1.4%
Altria Group, Inc.	36,914	1,619,048
Philip Morris International, Inc.	22,444	2,180,435
		3,799,483
TOTAL CONSUMER STAPLES		16,313,294
ENERGY – 4.3%
Oil, Gas & Consumable Fuels – 4.3%
APA Corp.	35,815	1,331,244
ConocoPhillips	21,636	2,107,995
Coterra Energy, Inc.	55,715	1,704,322
DT Midstream, Inc.	22,876	1,258,866
EOG Resources, Inc.	14,279	1,588,110
Kinder Morgan, Inc.	79,947	1,438,247
Texas Pacific Land Corp.	1,098	2,013,567
TOTAL ENERGY		11,442,351
FINANCIALS – 10.7%
Banks – 2.5%
East West Bancorp, Inc.	23,045	1,654,170
SVB Financial Group (a)	3,554	1,434,217
US Bancorp	41,231	1,946,103
Western Alliance Bancorp	20,451	1,562,047
		6,596,537
Capital Markets – 4.8%
Blackstone, Inc. Class A	18,810	1,919,937
CME Group, Inc.	10,309	2,056,439
Coinbase Global, Inc. Class A (a)(b)	10,661	671,216
Moody's Corp.	6,671	2,069,678
MSCI, Inc.	4,070	1,959,054
S&P Global, Inc.	6,228	2,347,520
SEI Investments Co.	32,864	1,819,351
		12,843,195
Consumer Finance – 0.7%
Discover Financial Services	18,349	1,853,249
Diversified Financial Services – 2.1%
Berkshire Hathaway, Inc. Class B (a)	18,458	5,548,475
Mortgage Real Estate Investment Trusts (REITs) – 0.6%
AGNC Investment Corp.	137,034	1,727,999
TOTAL FINANCIALS		28,569,455
HEALTH CARE – 13.8%
Biotechnology – 4.7%
AbbVie, Inc.	27,920	4,006,799
Amgen, Inc.	13,820	3,420,035
Moderna, Inc. (a)	16,054	2,634,301

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
HEALTH CARE – continued
Biotechnology – continued
Regeneron Pharmaceuticals, Inc. (a)	4,327	$ 2,516,973
		12,578,108
Health Care Equipment & Supplies – 0.7%
IDEXX Laboratories, Inc. (a)	4,731	1,888,521
Health Care Providers & Services – 2.3%
UnitedHealth Group, Inc.	10,980	5,954,893
Life Sciences Tools & Services – 1.6%
Bio-Rad Laboratories, Inc. Class A (a)	3,743	2,108,282
Mettler-Toledo International, Inc. (a)	1,653	2,231,104
		4,339,386
Pharmaceuticals – 4.5%
Johnson & Johnson	30,845	5,383,069
Pfizer, Inc.	80,078	4,044,740
Zoetis, Inc.	14,358	2,621,053
		12,048,862
TOTAL HEALTH CARE		36,809,770
INDUSTRIALS – 8.3%
Aerospace & Defense – 0.7%
Lockheed Martin Corp.	4,833	1,999,944
Air Freight & Logistics – 0.5%
Expeditors International of Washington, Inc.	12,257	1,302,306
Commercial Services & Supplies – 1.1%
Cintas Corp.	3,801	1,617,287
Copart, Inc. (a)	11,056	1,416,274
		3,033,561
Electrical Equipment – 0.5%
Atkore, Inc. (a)	12,327	1,223,701
Industrial Conglomerates – 1.4%
3M Co.	11,419	1,635,657
Honeywell International, Inc.	11,110	2,138,231
		3,773,888
Machinery – 1.1%
Illinois Tool Works, Inc.	7,050	1,464,708
Otis Worldwide Corp.	17,957	1,403,699
		2,868,407
Professional Services – 0.5%
Verisk Analytics, Inc.	7,358	1,399,860
Road & Rail – 2.0%
CSX Corp.	50,711	1,639,487
Norfolk Southern Corp.	6,126	1,538,667
Union Pacific Corp.	9,416	2,140,257
		5,318,411


	Shares	Value

Trading Companies & Distributors – 0.5%
Fastenal Co.	25,787	$ 1,324,420
TOTAL INDUSTRIALS		22,244,498
INFORMATION TECHNOLOGY – 28.4%
Communications Equipment – 1.0%
Cisco Systems, Inc.	59,004	2,677,012
IT Services – 5.2%
Automatic Data Processing, Inc.	11,030	2,659,554
Mastercard, Inc. Class A	10,189	3,604,766
Paychex, Inc.	16,276	2,087,885
VeriSign, Inc. (a)	8,323	1,574,379
Visa, Inc. Class A	18,629	3,951,397
		13,877,981
Semiconductors & Semiconductor Equipment – 7.0%
Applied Materials, Inc.	18,407	1,950,774
Broadcom, Inc.	5,681	3,042,062
KLA Corp.	5,514	2,114,840
Lam Research Corp.	3,802	1,902,939
NVIDIA Corp.	23,980	4,355,487
QUALCOMM, Inc.	16,963	2,460,653
Texas Instruments, Inc.	15,816	2,829,324
		18,656,079
Software – 8.1%
Adobe, Inc. (a)	6,512	2,670,701
Fair Isaac Corp. (a)	3,569	1,648,985
Microsoft Corp.	56,567	15,880,620
Roper Technologies, Inc.	3,390	1,480,311
		21,680,617
Technology Hardware, Storage & Peripherals – 7.1%
Apple, Inc.	115,575	18,782,093
TOTAL INFORMATION TECHNOLOGY		75,673,782
MATERIALS – 2.7%
Chemicals – 1.5%
Celanese Corp.	3,672	431,496
CF Industries Holdings, Inc.	7,826	747,305
Ecolab, Inc.	4,171	688,924
Linde PLC	4,985	1,505,470
The Sherwin-Williams Co.	3,267	790,418
		4,163,613
Construction Materials – 0.2%
Eagle Materials, Inc.	3,544	448,139
Metals & Mining – 0.8%
Freeport-McMoRan, Inc.	22,249	701,956
Newmont Corp.	13,003	588,776
Nucor Corp.	6,118	830,824
		2,121,556

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

49	Annual Report

Table of Contents

Fidelity® Quality Factor ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
MATERIALS – continued
Paper & Forest Products – 0.2%
Louisiana-Pacific Corp.	7,406	$ 471,244
TOTAL MATERIALS		7,204,552
REAL ESTATE – 3.5%
Equity Real Estate Investment Trusts (REITs) – 3.5%
American Tower Corp.	4,678	1,266,943
AvalonBay Communities, Inc.	2,537	542,766
Duke Realty Corp.	9,340	584,310
Equity Residential	6,657	521,842
Essex Property Trust, Inc.	1,646	471,628
Extra Space Storage, Inc.	2,852	540,511
Gaming and Leisure Properties, Inc.	10,526	547,247
Prologis, Inc.	7,561	1,002,286
Public Storage	2,117	691,010
Realty Income Corp.	9,623	712,006
SBA Communications Corp.	1,973	662,514
Simon Property Group, Inc.	4,961	538,963
VICI Properties, Inc.	18,293	625,438
WP Carey, Inc.	6,430	574,199
TOTAL REAL ESTATE		9,281,663
UTILITIES – 2.8%
Electric Utilities – 1.5%
FirstEnergy Corp.	19,614	806,136
IDACORP, Inc.	6,579	735,006
NextEra Energy, Inc.	22,278	1,882,268
NRG Energy, Inc.	18,868	712,267
		4,135,677
Gas Utilities – 0.6%
National Fuel Gas Co.	11,652	842,906
UGI Corp.	16,991	733,331
		1,576,237


	Shares	Value

Independent Power and Renewable Electricity Producers – 0.3%
The AES Corp.	35,687	$ 792,965
Multi-Utilities – 0.4%
WEC Energy Group, Inc.	9,229	958,062
TOTAL UTILITIES		7,462,941
TOTAL COMMON STOCKS (Cost $263,912,490)		266,108,712
Money Market Funds – 1.4%

Fidelity Cash Central Fund, 2.01% (c)	291,622	291,681
Fidelity Securities Lending Cash Central Fund, 2.01% (c)(d)	3,523,923	3,524,275
TOTAL MONEY MARKET FUNDS (Cost $3,815,956)		3,815,956
TOTAL INVESTMENT IN SECURITIES – 101.2% (Cost $267,728,446)		269,924,668
NET OTHER ASSETS (LIABILITIES) – (1.2%)		(3,210,859)
NET ASSETS – 100.0%		$ 266,713,809

Legend
(a)	Non-income producing.
(b)	Security or a portion of the security is on loan at period end.
(c)	Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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 E-mini S&P 500 Index Contracts (United States)	17	September 2022	$351,348	$33,125	$33,125

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

Affiliated Central Funds

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

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

Annual Report

Table of Contents

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%	$ 175,551	$ 8,301,763	$ 8,185,632	$ 1,472	$—	$ (1)	$ 291,681	0.0%
Fidelity Securities Lending Cash Central Fund, 2.01%	1,454,475	34,290,590	32,220,790	26,297	—	—	$3,524,275	0.0%
Total	$1,630,026	$42,592,353	$40,406,422	$27,769	$—	$ (1)	$3,815,956

Investment Valuation

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:
Equities:
Communication Services	$ 21,331,510	$ 21,331,510	$ —	$ —
Consumer Discretionary	29,774,896	29,774,896	—	—
Consumer Staples	16,313,294	16,313,294	—	—
Energy	11,442,351	11,442,351	—	—
Financials	28,569,455	28,569,455	—	—
Health Care	36,809,770	36,809,770	—	—
Industrials	22,244,498	22,244,498	—	—
Information Technology	75,673,782	75,673,782	—	—
Materials	7,204,552	7,204,552	—	—
Real Estate	9,281,663	9,281,663	—	—
Utilities	7,462,941	7,462,941	—	—
Money Market Funds	3,815,956	3,815,956	—	—
Total Investments in Securities:	$ 269,924,668	$ 269,924,668	$ —	$ —

Derivative Instruments:
Assets
Futures Contracts	$ 33,125	$ 33,125	$ —	$ —
Total Assets	$ 33,125	$ 33,125	—	$ —
Total Derivative Instruments:	$ 33,125	$ 33,125	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$33,125	$0
Total Equity Risk	33,125	0
Total Value of Derivatives	$33,125	$0

(a)

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

51	Annual Report

Table of Contents

Fidelity® Small-Mid Multifactor ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares	Value
COMMUNICATION SERVICES – 2.9%
Diversified Telecommunication Services – 0.5%
Cogent Communications Holdings, Inc.	1,628	$ 103,883
EchoStar Corp. Class A (a)	3,270	64,615
Lumen Technologies, Inc.	17,012	185,261
		353,759
Entertainment – 0.1%
Sciplay Corp. Class A (a)	5,767	78,662
Interactive Media & Services – 0.3%
Cargurus, Inc. (a)	3,180	77,242
Shutterstock, Inc.	1,059	59,833
Ziff Davis, Inc. (a)	1,285	105,229
		242,304
Media – 2.0%
AMC Networks, Inc. Class A (a)	2,058	62,810
Cable One, Inc.	106	145,928
DISH Network Corp. Class A (a)	5,372	93,312
Entravision Communications Corp. Class A	12,549	67,263
John Wiley & Sons, Inc. Class A	1,883	98,330
News Corp. Class A	9,533	163,396
Nexstar Media Group, Inc. Class A	916	172,547
Scholastic Corp.	2,078	97,811
Sirius XM Holdings, Inc. (b)	21,764	145,384
TechTarget, Inc. (a)	1,178	76,794
TEGNA, Inc.	6,209	130,016
The New York Times Co. Class A	3,751	119,844
Thryv Holdings, Inc. (a)	2,441	59,414
		1,432,849
TOTAL COMMUNICATION SERVICES		2,107,574
CONSUMER DISCRETIONARY – 12.5%
Auto Components – 1.4%
Autoliv, Inc.	1,670	143,620
BorgWarner, Inc.	4,563	175,493
Dorman Products, Inc. (a)	1,094	110,592
Fox Factory Holding Corp. (a)	1,069	101,192
Gentex Corp.	5,167	145,813
Gentherm, Inc. (a)	1,185	76,504
Lear Corp.	1,161	175,473
Standard Motor Products, Inc.	1,704	77,941
		1,006,628
Automobiles – 0.3%
Harley-Davidson, Inc.	3,853	145,682
Winnebago Industries, Inc.	1,464	88,382
		234,064
Diversified Consumer Services – 1.5%
Carriage Services, Inc.	1,598	57,976
Frontdoor, Inc. (a)	2,979	79,748
Graham Holdings Co. Class B	170	101,063
Grand Canyon Education, Inc. (a)	1,387	133,249


	Shares	Value


H&R Block, Inc.	5,099	$ 203,756
Laureate Education, Inc. Class A	6,867	81,305
Perdoceo Education Corp. (a)	7,346	100,640
Service Corp. International	3,173	236,262
Stride, Inc. (a)	2,488	111,164
		1,105,163
Hotels, Restaurants & Leisure – 2.0%
Boyd Gaming Corp.	2,186	121,345
Choice Hotels International, Inc.	894	108,058
Churchill Downs, Inc.	774	162,385
Papa John's International, Inc.	968	92,821
Planet Fitness, Inc. Class A (a)	1,855	146,193
Red Rock Resorts, Inc. Class A	2,169	85,307
Texas Roadhouse, Inc.	1,660	144,785
The Wendy's Co.	5,258	110,576
Vail Resorts, Inc.	758	179,744
Wingstop, Inc.	831	104,856
Wyndham Hotels & Resorts, Inc.	2,000	138,820
		1,394,890
Household Durables – 2.1%
Cavco Industries, Inc. (a)	355	91,515
Century Communities, Inc.	1,449	74,145
Ethan Allen Interiors, Inc.	3,011	69,223
Helen of Troy Ltd. (a)	640	85,626
KB Home	2,722	88,846
Meritage Homes Corp. (a)	1,157	102,163
Mohawk Industries, Inc. (a)	1,137	146,082
Skyline Champion Corp. (a)	1,633	103,369
Taylor Morrison Home Corp. (a)	3,775	108,343
Tempur Sealy International, Inc.	4,176	114,756
Toll Brothers, Inc.	2,622	128,950
TopBuild Corp. (a)	714	151,168
Tri Pointe Homes, Inc. (a)	4,258	78,858
Whirlpool Corp.	1,096	189,466
		1,532,510
Leisure Products – 0.9%
Acushnet Holdings Corp.	1,936	94,341
Brunswick Corp.	1,728	138,447
Hasbro, Inc.	2,359	185,701
Smith & Wesson Brands, Inc.	4,637	67,468
Sturm Ruger & Co., Inc.	1,271	84,051
Vista Outdoor, Inc. (a)	2,457	73,956
		643,964
Multiline Retail – 0.4%
Dillard's, Inc. Class A (b)	327	74,343
Kohl's Corp.	3,061	89,198
Macy's, Inc.	6,626	116,949
		280,490
Specialty Retail – 2.7%
Academy Sports & Outdoors, Inc.	2,958	127,283

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
CONSUMER DISCRETIONARY – continued
Specialty Retail – continued
Asbury Automotive Group, Inc. (a)	713	$ 122,379
AutoNation, Inc. (a)	1,141	135,482
Boot Barn Holdings, Inc. (a)	1,172	73,016
Dick's Sporting Goods, Inc.	1,433	134,115
Foot Locker, Inc.	2,766	78,471
Group 1 Automotive, Inc.	637	112,698
Lithia Motors, Inc.	621	164,739
MarineMax, Inc. (a)	1,750	71,470
Murphy USA, Inc.	663	188,531
Penske Automotive Group, Inc.	1,065	121,932
Sally Beauty Holdings, Inc. (a)	5,431	69,408
Shoe Carnival, Inc.	2,336	50,948
Signet Jewelers Ltd.	1,506	91,806
The Buckle, Inc.	2,242	67,708
The Cato Corp. Class A	4,464	55,130
Williams-Sonoma, Inc.	1,360	196,411
Winmark Corp.	359	79,752
		1,941,279
Textiles, Apparel & Luxury Goods – 1.2%
Capri Holdings Ltd. (a)	2,961	144,141
Carter's, Inc.	1,301	106,005
Crocs, Inc. (a)	1,437	102,947
Deckers Outdoor Corp. (a)	558	174,771
Kontoor Brands, Inc.	2,039	74,424
Levi Strauss & Co. Class A	4,284	81,053
Movado Group, Inc.	2,065	70,169
Steven Madden Ltd.	2,656	84,195
		837,705
TOTAL CONSUMER DISCRETIONARY		8,976,693
CONSUMER STAPLES – 3.4%
Beverages – 0.5%
Brown-Forman Corp. Class B	3,414	253,387
Coca-Cola Consolidated, Inc.	192	98,496
		351,883
Food & Staples Retailing – 0.9%
Albertsons Cos., Inc.	3,906	104,876
BJ's Wholesale Club Holdings, Inc. (a)	2,971	201,137
Ingles Markets, Inc. Class A	1,139	108,729
Sprouts Farmers Market, Inc. (a)	4,086	112,937
Weis Markets, Inc.	1,465	112,702
		640,381
Food Products – 1.4%
Campbell Soup Co.	4,257	210,083
Darling Ingredients, Inc. (a)	3,261	225,922
Flowers Foods, Inc.	5,183	147,249
Hostess Brands, Inc. (a)	5,484	124,048
Ingredion, Inc.	1,718	156,304


	Shares	Value


John B Sanfilippo & Son, Inc.	1,070	$ 80,143
Lancaster Colony Corp.	746	98,755
		1,042,504
Household Products – 0.1%
Central Garden and Pet Co. Class A (a)	2,402	98,002
Personal Products – 0.2%
Herbalife Nutrition Ltd. (a)	3,138	76,599
USANA Health Sciences, Inc. (a)	960	66,835
		143,434
Tobacco – 0.3%
Universal Corp.	1,791	100,135
Vector Group Ltd.	8,534	95,069
		195,204
TOTAL CONSUMER STAPLES		2,471,408
ENERGY – 4.1%
Energy Equipment & Services – 0.1%
Cactus, Inc. Class A	2,495	103,767
Oil, Gas & Consumable Fuels – 4.0%
APA Corp.	6,959	258,666
Arch Resources, Inc.	979	126,428
Chord Energy Corp.	813	104,259
Civitas Resources, Inc.	2,427	143,096
Comstock Resources, Inc. (a)	11,361	180,981
CONSOL Energy, Inc.	3,880	237,922
Continental Resources, Inc.	2,228	153,487
Denbury, Inc. (a)	1,751	125,914
DT Midstream, Inc.	2,806	154,414
Equitrans Midstream Corp.	16,649	130,695
HF Sinclair Corp.	4,187	200,222
Murphy Oil Corp.	4,336	152,367
PDC Energy, Inc.	2,584	169,743
Peabody Energy Corp. (a)	7,968	167,248
REX American Resources Corp. (a)	924	88,205
Teekay Corp. (a)	27,471	86,259
Texas Pacific Land Corp.	154	282,413
World Fuel Services Corp.	3,737	103,590
		2,865,909
TOTAL ENERGY		2,969,676
FINANCIALS – 15.8%
Banks – 6.2%
1st Source Corp.	1,727	83,276
Banner Corp.	1,681	104,205
Cathay General Bancorp	2,586	107,836
Comerica, Inc.	2,435	189,370
Community Trust Bancorp, Inc.	1,900	82,327
ConnectOne Bancorp, Inc.	2,732	72,234
Customers Bancorp, Inc. (a)	1,625	62,059
Dime Community Bancshares, Inc.	2,599	88,574

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

53	Annual Report

Table of Contents

Fidelity® Small-Mid Multifactor ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
FINANCIALS – continued
Banks – continued
Eagle Bancorp, Inc.	1,667	$ 81,733
Farmers National Banc Corp.	4,704	66,797
First BanCorp	7,747	116,902
First Citizens BancShares, Inc. Class A	264	199,764
First Financial Corp.	1,853	86,572
First Horizon Corp.	11,102	248,241
Fulton Financial Corp.	6,171	102,994
Great Southern Bancorp, Inc.	1,388	85,973
Hancock Whitney Corp.	2,472	120,658
Hanmi Financial Corp.	3,203	80,940
Heartland Financial USA, Inc.	2,027	91,012
Hilltop Holdings, Inc.	3,058	88,223
HomeStreet, Inc.	1,793	66,861
Hope Bancorp, Inc.	6,014	90,451
Lakeland Bancorp, Inc.	4,775	76,018
Metropolitan Bank Holding Corp. (a)	864	59,944
Midland States Bancorp, Inc.	2,831	74,172
OFG Bancorp	3,420	93,947
Origin Bancorp, Inc.	2,016	86,829
PacWest Bancorp	3,053	85,576
Pathward Financial, Inc.	1,692	57,054
Peapack-Gladstone Financial Corp.	2,211	72,211
Popular, Inc.	1,831	142,214
QCR Holdings, Inc.	1,524	90,358
Republic Bancorp, Inc. Class A	1,655	74,210
Sandy Spring Bancorp, Inc.	2,165	89,415
Southside Bancshares, Inc.	2,200	87,868
Synovus Financial Corp.	3,326	134,304
Towne Bank	3,245	96,928
UMB Financial Corp.	1,281	115,930
Umpqua Holdings Corp.	6,400	112,704
Valley National Bancorp	10,569	123,552
WesBanco, Inc.	2,874	98,061
Western Alliance Bancorp	2,087	159,405
Zions Bancorp NA	3,054	166,596
		4,414,298
Capital Markets – 2.8%
Affiliated Managers Group, Inc.	1,032	130,424
Cboe Global Markets, Inc.	1,979	244,169
Diamond Hill Investment Group, Inc.	454	86,791
Donnelley Financial Solutions, Inc. (a)	2,458	83,547
Evercore, Inc. Class A	1,077	107,668
Federated Hermes, Inc.	3,536	120,613
Franklin Resources, Inc. (b)	5,959	163,575
Hamilton Lane, Inc. Class A	1,314	99,299
Houlihan Lokey, Inc.	1,366	115,509
Janus Henderson Group PLC	4,138	106,636
Jefferies Financial Group, Inc.	4,481	145,946
Morningstar, Inc.	556	141,975


	Shares	Value


Piper Sandler Cos.	680	$ 85,816
SEI Investments Co.	2,605	144,213
Stifel Financial Corp.	2,295	137,264
Victory Capital Holdings, Inc. Class A	2,488	68,843
		1,982,288
Consumer Finance – 0.9%
Bread Financial Holdings, Inc.	1,578	62,505
Credit Acceptance Corp. (a)(b)	250	143,977
Encore Capital Group, Inc. (a)	1,451	105,096
Enova International, Inc. (a)	2,388	82,410
Navient Corp.	6,277	103,382
Nelnet, Inc. Class A	1,136	108,022
Regional Management Corp.	1,634	66,994
		672,386
Diversified Financial Services – 0.1%
Jackson Financial, Inc.	3,173	87,289
Insurance – 4.4%
American Equity Investment Life Holding Co.	2,861	107,459
American Financial Group, Inc.	1,399	187,018
AMERISAFE, Inc.	1,689	76,951
Assurant, Inc.	1,209	212,518
Employers Holdings, Inc.	2,279	90,499
Enstar Group Ltd. (a)	438	86,689
Everest Re Group Ltd.	756	197,581
First American Financial Corp.	2,366	137,228
Genworth Financial, Inc. Class A (a)	25,451	108,167
Globe Life, Inc.	1,896	190,984
Lincoln National Corp.	3,248	166,752
Loews Corp.	3,744	218,088
Old Republic International Corp.	6,453	150,161
Primerica, Inc.	990	127,403
Reinsurance Group of America, Inc.	1,526	176,680
RenaissanceRe Holdings Ltd.	1,058	136,810
RLI Corp.	1,220	134,176
Safety Insurance Group, Inc.	1,048	90,705
Selective Insurance Group, Inc.	1,704	132,674
Stewart Information Services Corp.	1,348	73,668
The Hanover Insurance Group, Inc.	979	133,604
WR Berkley Corp.	3,893	243,429
		3,179,244
Mortgage Real Estate Investment Trusts (REITs) – 0.2%
Chimera Investment Corp.	8,481	88,796
KKR Real Estate Finance Trust, Inc.	4,103	79,967
		168,763
Thrifts & Mortgage Finance – 1.2%
Essent Group Ltd.	3,054	127,535
Flagstar Bancorp, Inc.	2,341	96,449
Merchants Bancorp	2,733	72,315
MGIC Investment Corp.	9,035	127,755

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
FINANCIALS – continued
Thrifts & Mortgage Finance – continued
Mr. Cooper Group, Inc. (a)	2,893	$ 130,330
PennyMac Financial Services, Inc.	1,684	92,266
Provident Financial Services, Inc.	4,115	100,242
Southern Missouri Bancorp, Inc.	1,486	80,155
		827,047
TOTAL FINANCIALS		11,331,315
HEALTH CARE – 13.4%
Biotechnology – 2.1%
Alkermes PLC (a)	5,100	130,560
AnaptysBio, Inc. (a)	2,721	56,978
Catalyst Pharmaceuticals, Inc. (a)	14,321	146,647
Cytokinetics, Inc. (a)	3,369	142,610
Dynavax Technologies Corp. (a)(b)	7,367	105,937
Eagle Pharmaceuticals, Inc. (a)	1,800	71,460
Exelixis, Inc. (a)	8,106	169,577
Ironwood Pharmaceuticals, Inc. (a)	8,602	98,493
Neurocrine Biosciences, Inc. (a)	2,123	199,838
Prothena Corp. PLC (a)	2,750	85,415
United Therapeutics Corp. (a)	938	216,744
Vanda Pharmaceuticals, Inc. (a)	5,730	61,769
		1,486,028
Health Care Equipment & Supplies – 4.1%
ABIOMED, Inc. (a)	825	241,733
Atrion Corp.	140	94,626
CONMED Corp. (b)	906	88,453
DENTSPLY SIRONA, Inc.	4,140	149,702
Envista Holdings Corp. (a)	3,727	151,503
Globus Medical, Inc. Class A (a)	2,092	122,779
ICU Medical, Inc. (a)	601	106,479
Integer Holdings Corp. (a)	1,365	95,400
Integra LifeSciences Holdings Corp. (a)	2,077	114,318
iRadimed Corp.	1,961	82,852
Lantheus Holdings, Inc. (a)	3,686	282,790
LeMaitre Vascular, Inc. (b)	2,031	102,261
LivaNova PLC (a)	1,677	106,775
Masimo Corp. (a)	973	140,676
Meridian Bioscience, Inc. (a)	3,997	126,545
Merit Medical Systems, Inc. (a)	2,002	115,075
Mesa Laboratories, Inc. (b)	338	72,079
Neogen Corp. (a)	3,433	79,405
Penumbra, Inc. (a)	781	108,856
QuidelOrtho Corp. (a)	1,219	124,387
Shockwave Medical, Inc. (a)	957	201,860
Tandem Diabetes Care, Inc. (a)	1,431	94,747
UFP Technologies, Inc. (a)	1,040	83,741
Varex Imaging Corp. (a)	3,405	75,897
		2,962,939


	Shares	Value

Health Care Providers & Services – 3.5%
Acadia Healthcare Co., Inc. (a)	2,540	$ 210,591
AMN Healthcare Services, Inc. (a)	1,294	145,497
Apollo Medical Holdings, Inc. (a)(b)	1,930	102,348
Chemed Corp.	351	168,863
CorVel Corp. (a)	601	99,099
Cross Country Healthcare, Inc. (a)	3,740	98,586
DaVita, Inc. (a)	1,495	125,819
Encompass Health Corp.	2,447	123,867
Enhabit, Inc. (a)	1,250	21,888
Fulgent Genetics, Inc. (a)	1,412	84,367
Henry Schein, Inc. (a)	2,711	213,708
LHC Group, Inc. (a)	1,008	164,364
National HealthCare Corp.	1,326	94,186
National Research Corp.	2,040	77,316
Owens & Minor, Inc.	2,707	95,855
Premier, Inc. Class A	3,494	134,379
Select Medical Holdings Corp.	4,621	136,874
The Ensign Group, Inc.	1,672	133,242
Universal Health Services, Inc. Class B	1,477	166,118
US Physical Therapy, Inc.	934	121,215
		2,518,182
Health Care Technology – 0.4%
Computer Programs & Systems, Inc. (a)	2,846	96,081
HealthStream, Inc. (a)	3,406	81,949
Omnicell, Inc. (a)	1,036	114,084
		292,114
Life Sciences Tools & Services – 1.3%
Bruker Corp.	2,371	162,532
Frontage Holdings Corp. (a)(c)	168,000	55,002
Maravai LifeSciences Holdings, Inc. Class A (a)	3,890	101,490
Medpace Holdings, Inc. (a)	798	135,285
Repligen Corp. (a)	1,020	217,627
Sotera Health Co. (a)	4,695	90,144
Syneos Health, Inc. (a)	2,118	167,619
		929,699
Pharmaceuticals – 2.0%
Amphastar Pharmaceuticals, Inc. (a)	3,363	125,743
Corcept Therapeutics, Inc. (a)	5,073	145,392
Elanco Animal Health, Inc. (a)	8,936	181,043
Harmony Biosciences Holdings, Inc. (a)	2,280	115,664
Innoviva, Inc. (a)	5,569	79,860
Jazz Pharmaceuticals PLC (a)	1,303	203,346
Organon & Co.	5,437	172,462
Perrigo Co. PLC	3,707	155,212
Phibro Animal Health Corp. Class A	4,191	82,018
Prestige Consumer Healthcare, Inc. (a)	1,830	110,367

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

55	Annual Report

Table of Contents

Fidelity® Small-Mid Multifactor ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
HEALTH CARE – continued
Pharmaceuticals – continued
Supernus Pharmaceuticals, Inc. (a)	3,115	$ 98,901
		1,470,008
TOTAL HEALTH CARE		9,658,970
INDUSTRIALS – 17.6%
Aerospace & Defense – 0.4%
Curtiss-Wright Corp.	932	133,686
Huntington Ingalls Industries, Inc.	819	177,592
		311,278
Air Freight & Logistics – 0.7%
Atlas Air Worldwide Holdings, Inc. (a)	1,061	80,328
CH Robinson Worldwide, Inc.	2,276	251,953
Forward Air Corp.	878	92,129
Hub Group, Inc. Class A (a)	1,185	90,534
		514,944
Building Products – 2.6%
Allegion PLC	1,622	171,445
AO Smith Corp.	2,453	155,201
Armstrong World Industries, Inc.	1,191	106,416
Builders FirstSource, Inc. (a)	3,235	219,980
Carlisle Cos., Inc.	918	271,820
Fortune Brands Home & Security, Inc.	2,341	163,121
Insteel Industries, Inc.	1,732	54,212
Lennox International, Inc.	638	152,820
Owens Corning	1,908	176,948
Simpson Manufacturing Co., Inc.	1,074	110,923
Trex Co., Inc. (a)	2,072	133,685
UFP Industries, Inc.	1,499	138,223
		1,854,794
Commercial Services & Supplies – 1.2%
Brady Corp. Class A	1,738	83,163
Clean Harbors, Inc. (a)	1,265	123,452
CoreCivic, Inc. (a)	7,291	78,524
Ennis, Inc.	3,398	74,246
Heritage-Crystal Clean, Inc. (a)	2,272	76,248
Rollins, Inc.	4,720	182,051
Tetra Tech, Inc.	1,071	164,152
The Geo Group, Inc. (a)	10,120	66,387
		848,223
Construction & Engineering – 1.5%
AECOM	2,642	190,224
API Group Corp. (a)	5,143	91,082
Argan, Inc.	1,715	63,729
Comfort Systems USA, Inc.	1,132	119,607
EMCOR Group, Inc.	1,169	136,037
MasTec, Inc. (a)	1,398	110,344
MDU Resources Group, Inc.	4,684	133,822
MYR Group, Inc. (a)	846	80,565


	Shares	Value


Valmont Industries, Inc.	538	$ 146,056
		1,071,466
Electrical Equipment – 1.5%
Acuity Brands, Inc.	745	135,888
Atkore, Inc. (a)	1,142	113,367
Encore Wire Corp.	764	105,791
GrafTech International Ltd.	7,664	59,013
Hubbell, Inc.	995	217,925
nVent Electric PLC	3,797	134,072
Regal Rexnord Corp.	1,211	162,637
Sensata Technologies Holding PLC	3,028	134,655
		1,063,348
Machinery – 4.3%
AGCO Corp.	1,265	137,784
Albany International Corp. Class A	1,087	99,210
Allison Transmission Holdings, Inc.	2,787	116,692
Crane Holdings Co.	1,198	118,518
Donaldson Co., Inc.	2,611	142,065
Federal Signal Corp.	2,317	96,202
Franklin Electric Co., Inc.	1,171	106,350
Graco, Inc.	2,925	196,443
Helios Technologies, Inc.	1,188	81,758
Hillenbrand, Inc.	2,156	99,607
ITT, Inc.	1,694	127,101
John Bean Technologies Corp.	837	94,003
Kadant, Inc.	434	88,471
Lincoln Electric Holdings, Inc.	1,194	168,879
Mueller Industries, Inc.	1,761	118,568
Nordson Corp.	927	214,128
Pentair PLC	3,025	147,892
RBC Bearings, Inc. (a)	697	164,492
Snap-on, Inc.	940	210,607
Terex Corp.	2,252	75,465
The Gorman-Rupp Co.	1,764	54,155
The Middleby Corp. (a)	1,015	146,860
The Toro Co.	1,932	166,133
Watts Water Technologies, Inc. Class A	728	100,559
		3,071,942
Marine – 0.1%
Matson, Inc.	1,135	104,045
Professional Services – 2.8%
ASGN, Inc. (a)	1,162	120,569
Booz Allen Hamilton Holding Corp.	2,435	233,711
CACI International, Inc. Class A (a)	520	157,191
CBIZ, Inc. (a)	2,164	98,722
CRA International, Inc.	770	76,238
Exponent, Inc.	1,282	128,828
FTI Consulting, Inc. (a)	829	135,591
Heidrick & Struggles International, Inc.	1,556	48,454
ICF International, Inc.	832	78,499

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
INDUSTRIALS – continued
Professional Services – continued
Insperity, Inc.	994	$ 109,082
Kforce, Inc.	1,091	71,842
Korn Ferry	1,531	100,296
Leidos Holdings, Inc.	2,400	256,800
ManpowerGroup, Inc.	1,223	95,895
Resources Connection, Inc.	3,680	78,973
Robert Half International, Inc.	1,897	150,129
TriNet Group, Inc. (a)	1,170	96,525
		2,037,345
Road & Rail – 0.9%
AMERCO	219	117,620
ArcBest Corp.	941	83,372
Knight-Swift Transportation Holdings, Inc.	3,104	170,565
Landstar System, Inc.	839	131,371
Saia, Inc. (a)	529	125,823
		628,751
Trading Companies & Distributors – 1.6%
Applied Industrial Technologies, Inc.	1,072	107,832
BlueLinx Holdings, Inc. (a)	905	72,400
Boise Cascade Co.	1,208	85,418
GMS, Inc. (a)	1,673	88,786
McGrath RentCorp	1,078	90,940
MSC Industrial Direct Co., Inc. Class A	1,273	105,226
Rush Enterprises, Inc. Class A	1,664	80,188
SiteOne Landscape Supply, Inc. (a)	881	122,750
Titan Machinery, Inc. (a)	2,180	61,323
Transcat, Inc. (a)	794	49,482
Watsco, Inc.	624	170,945
WESCO International, Inc. (a)	1,026	131,164
		1,166,454
TOTAL INDUSTRIALS		12,672,590
INFORMATION TECHNOLOGY – 14.8%
Communications Equipment – 1.4%
Ciena Corp. (a)	2,952	152,323
Clearfield, Inc. (a)	1,271	125,257
F5, Inc. (a)	1,075	179,912
Juniper Networks, Inc.	5,960	167,059
Lumentum Holdings, Inc. (a)	1,665	150,616
Netscout Systems, Inc. (a)	3,038	108,092
Viavi Solutions, Inc. (a)	7,170	106,116
		989,375
Electronic Equipment, Instruments & Components – 3.3%
Arrow Electronics, Inc. (a)	1,384	177,387
Badger Meter, Inc.	1,015	97,633
Belden, Inc.	1,708	110,542
Cognex Corp.	3,221	164,207
CTS Corp.	2,391	97,266


	Shares	Value


ePlus, Inc. (a)	1,761	$ 97,859
Fabrinet (a)	1,108	106,434
Jabil, Inc.	2,861	169,772
Kimball Electronics, Inc. (a)	3,690	81,180
Littelfuse, Inc.	564	157,283
Methode Electronics, Inc.	1,952	80,500
Napco Security Technologies, Inc. (a)	3,567	91,529
National Instruments Corp.	3,256	123,728
Novanta, Inc. (a)	935	144,177
Plexus Corp. (a)	1,176	110,485
Rogers Corp. (a)	476	128,163
Sanmina Corp. (a)	2,422	111,533
TD SYNNEX Corp.	1,139	114,378
Vishay Intertechnology, Inc.	4,879	100,800
Vontier Corp.	4,522	116,668
		2,381,524
IT Services – 3.2%
Amdocs Ltd.	2,437	212,165
Cass Information Systems, Inc.	1,704	62,128
Concentrix Corp.	862	115,301
CSG Systems International, Inc.	1,545	100,811
DXC Technology Co. (a)	5,038	159,201
EVERTEC, Inc.	2,306	89,911
ExlService Holdings, Inc. (a)	953	160,457
Genpact Ltd.	3,502	168,376
GoDaddy, Inc. Class A (a)	2,948	218,683
Grid Dynamics Holdings, Inc. (a)	3,197	60,327
Information Services Group, Inc.	10,186	75,987
International Money Express, Inc. (a)	4,602	110,632
Jack Henry & Associates, Inc.	1,318	273,841
Maximus, Inc.	1,624	108,564
Perficient, Inc. (a)	1,055	111,324
The Hackett Group, Inc.	3,706	77,715
The Western Union Co.	8,555	145,606
TTEC Holdings, Inc.	1,094	80,048
		2,331,077
Semiconductors & Semiconductor Equipment – 3.2%
Amkor Technology, Inc.	4,327	87,276
Axcelis Technologies, Inc. (a)	1,481	104,159
Cirrus Logic, Inc. (a)	1,511	129,130
Diodes, Inc. (a)	1,305	106,188
First Solar, Inc. (a)	2,158	214,009
Kulicke & Soffa Industries, Inc.	2,009	96,673
Lattice Semiconductor Corp. (a)	2,917	179,395
MaxLinear, Inc. Class A (a)	1,966	79,446
MKS Instruments, Inc.	1,135	134,157
Onto Innovation, Inc. (a)	1,361	113,303
Photronics, Inc. (a)	4,501	107,169
Power Integrations, Inc.	1,583	134,571
Rambus, Inc. (a)	3,962	100,159
Semtech Corp. (a)	1,725	107,519

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

57	Annual Report

Table of Contents

Fidelity® Small-Mid Multifactor ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
INFORMATION TECHNOLOGY – continued
Semiconductors & Semiconductor Equipment – continued
SiTime Corp. (a)	522	$ 97,082
SMART Global Holdings, Inc. (a)	2,986	58,585
SolarEdge Technologies, Inc. (a)	941	338,882
Synaptics, Inc. (a)	809	117,265
		2,304,968
Software – 3.7%
A10 Networks, Inc. (b)	5,681	84,704
ACI Worldwide, Inc. (a)	3,438	98,086
American Software, Inc. Class A	3,466	61,972
Aspen Technology, Inc. (a)	541	110,413
Bentley Systems, Inc. (b)	4,036	159,826
Black Knight, Inc. (a)	2,858	187,714
Blackbaud, Inc. (a)	1,537	94,249
Box, Inc. Class A (a)	4,459	126,814
Citrix Systems, Inc.	2,203	223,406
CommVault Systems, Inc. (a)	1,558	87,388
Consensus Cloud Solutions, Inc. (a)	1,421	76,777
Dolby Laboratories, Inc. Class A	1,588	122,911
Dropbox, Inc. Class A (a)	6,269	142,557
InterDigital, Inc.	1,359	83,429
Manhattan Associates, Inc. (a)	1,311	184,418
Paylocity Holding Corp. (a)	827	170,304
Progress Software Corp.	2,021	94,906
Qualys, Inc. (a)	935	114,369
SPS Commerce, Inc. (a)	1,003	120,119
Teradata Corp. (a)	2,953	113,070
Workiva, Inc. (a)	1,148	75,194
Xperi Holding Corp.	5,285	88,577
		2,621,203
TOTAL INFORMATION TECHNOLOGY		10,628,147
MATERIALS – 4.9%
Chemicals – 1.5%
AdvanSix, Inc.	1,933	75,947
Balchem Corp.	872	118,383
Chase Corp.	770	70,008
Hawkins, Inc.	1,813	72,067
Huntsman Corp.	4,392	127,192
NewMarket Corp.	300	93,240
Olin Corp.	3,062	160,051
Sensient Technologies Corp.	1,316	113,150
Valvoline, Inc.	4,244	136,742
Westlake Corp.	1,050	102,207
		1,068,987
Construction Materials – 0.3%
Eagle Materials, Inc.	964	121,898
Summit Materials, Inc. Class A (a)	3,366	92,599
		214,497


	Shares	Value

Containers & Packaging – 0.7%
Berry Global Group, Inc. (a)	2,717	$ 156,635
Sealed Air Corp.	2,831	173,031
Westrock Co.	4,749	201,167
		530,833
Metals & Mining – 1.9%
Alcoa Corp.	3,385	172,263
Cleveland-Cliffs, Inc. (a)	9,179	162,560
Commercial Metals Co.	3,351	132,767
Reliance Steel & Aluminum Co.	1,192	226,778
Schnitzer Steel Industries, Inc. Class A	1,990	70,764
Steel Dynamics, Inc.	3,466	269,932
TimkenSteel Corp. (a)	5,016	101,775
United States Steel Corp.	6,307	149,160
Warrior Met Coal, Inc.	2,952	94,257
		1,380,256
Paper & Forest Products – 0.5%
Louisiana-Pacific Corp.	2,039	129,741
Resolute Forest Products, Inc. (a)	6,271	127,176
Sylvamo Corp.	2,465	96,727
		353,644
TOTAL MATERIALS		3,548,217
REAL ESTATE – 7.6%
Equity Real Estate Investment Trusts (REITs) – 7.3%
Agree Realty Corp.	1,702	135,462
American Campus Communities, Inc.	2,765	180,610
American Homes 4 Rent Class A	4,911	186,029
Brandywine Realty Trust	6,259	58,522
Brixmor Property Group, Inc.	5,820	134,908
Broadstone Net Lease, Inc.	4,406	99,884
City Office REIT, Inc.	3,530	49,773
Corporate Office Properties Trust	3,509	98,778
Cousins Properties, Inc.	3,239	99,923
CubeSmart	3,751	172,058
Douglas Emmett, Inc.	3,886	91,865
EastGroup Properties, Inc.	774	131,998
Essential Properties Realty Trust, Inc.	3,596	86,736
Federal Realty OP LP	1,307	138,032
First Industrial Realty Trust, Inc.	2,508	130,291
Gaming and Leisure Properties, Inc.	4,048	210,455
Getty Realty Corp.	2,323	68,157
Healthcare Realty Trust, Inc.	4,415	115,894
Highwoods Properties, Inc.	2,549	90,668
Iron Mountain, Inc.	4,790	232,267
Kilroy Realty Corp.	2,118	114,753
Lamar Advertising Co. Class A	1,572	158,866
Life Storage, Inc.	1,418	178,512
LXP Industrial Trust	7,029	77,108
Medical Properties Trust, Inc.	9,849	169,797
National Health Investors, Inc.	1,552	100,632

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
National Retail Properties, Inc.	3,425	$ 163,064
National Storage Affiliates Trust	1,879	103,044
Omega Healthcare Investors, Inc.	4,850	150,350
One Liberty Properties, Inc.	1,931	53,585
Physicians Realty Trust	5,761	102,373
Piedmont Office Realty Trust, Inc. Class A	4,524	62,250
PotlatchDeltic Corp.	1,834	89,921
Rayonier, Inc.	3,213	121,291
Regency Centers Corp.	2,679	172,608
Retail Opportunity Investments Corp.	4,422	77,208
Rexford Industrial Realty, Inc.	2,632	172,159
Saul Centers, Inc.	1,277	66,762
SL Green Realty Corp.	1,562	77,553
Spirit Realty Capital, Inc.	2,690	119,275
STAG Industrial, Inc.	3,435	112,599
STORE Capital Corp.	4,802	139,354
Terreno Realty Corp.	1,662	104,124
Urstadt Biddle Properties, Inc. Class A	3,154	58,034
		5,257,532
Real Estate Management & Development – 0.3%
Jones Lang LaSalle, Inc. (a)	843	160,735
Marcus & Millichap, Inc.	1,448	59,252
		219,987
TOTAL REAL ESTATE		5,477,519
UTILITIES – 2.8%
Electric Utilities – 1.7%
ALLETE, Inc.	1,622	100,677
Hawaiian Electric Industries, Inc.	2,832	119,794
IDACORP, Inc.	1,208	134,958
MGE Energy, Inc.	1,274	103,678
NRG Energy, Inc.	4,652	175,613
OGE Energy Corp.	4,123	169,373
Otter Tail Corp.	1,521	106,881
Pinnacle West Capital Corp.	2,296	168,687
Portland General Electric Co.	2,297	117,928
		1,197,589
Gas Utilities – 0.8%
Chesapeake Utilities Corp.	685	93,934


	Shares	Value


National Fuel Gas Co.	2,159	$ 156,182
Southwest Gas Holdings, Inc.	1,689	146,875
UGI Corp.	4,048	174,712
		571,703
Independent Power and Renewable Electricity Producers – 0.2%
Clearway Energy, Inc. Class C	3,340	125,383
Water Utilities – 0.1%
American States Water Co.	1,157	100,856
TOTAL UTILITIES		1,995,531
TOTAL COMMON STOCKS (Cost $73,612,535)		71,837,640
Money Market Funds – 1.6%

Fidelity Cash Central Fund, 2.01% (d)	79,533	79,549
Fidelity Securities Lending Cash Central Fund, 2.01% (d)(e)	1,033,947	1,034,050
TOTAL MONEY MARKET FUNDS (Cost $1,113,599)		1,113,599
TOTAL INVESTMENT IN SECURITIES – 101.4% (Cost $74,726,134)		72,951,239
NET OTHER ASSETS (LIABILITIES) – (1.4%)		(1,002,234)
NET ASSETS – 100.0%		$ 71,949,005

Legend
(a)	Non-income producing.
(b)	Security or a portion of the security is on loan at period end.
(c)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $55,002 or 0.1% of net assets.
(d)	Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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.
(e)	Investment made with cash collateral received from securities on loan.

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
CME E-mini Russell 2000 Index Contracts (United States)	1	September 2022	$94,265	$8,862	$8,862

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

59	Annual Report

Table of Contents

Fidelity® Small-Mid Multifactor ETF

Schedule of Investments–continued

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

Affiliated Central Funds

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund, 2.01%	$ 25,839	$ 3,873,830	$ 3,820,120	$ 725	$—	$—	$ 79,549	0.0%
Fidelity Securities Lending Cash Central Fund, 2.01%	92,825	7,278,171	6,336,946	4,504	—	—	$1,034,050	0.0%
Total	$118,664	$11,152,001	$10,157,066	$5,229	$—	$—	$1,113,599

Investment Valuation

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:
Equities:
Communication Services	$ 2,107,574	$ 2,107,574	$ —	$ —
Consumer Discretionary	8,976,693	8,976,693	—	—
Consumer Staples	2,471,408	2,471,408	—	—
Energy	2,969,676	2,969,676	—	—
Financials	11,331,315	11,331,315	—	—
Health Care	9,658,970	9,658,970	—	—
Industrials	12,672,590	12,672,590	—	—
Information Technology	10,628,147	10,628,147	—	—
Materials	3,548,217	3,548,217	—	—
Real Estate	5,477,519	5,477,519	—	—
Utilities	1,995,531	1,995,531	—	—
Money Market Funds	1,113,599	1,113,599	—	—
Total Investments in Securities:	$ 72,951,239	$ 72,951,239	$ —	$ —

Derivative Instruments:
Assets
Futures Contracts	$ 8,862	$ 8,862	$ —	$ —
Total Assets	$ 8,862	$ 8,862	—	$ —
Total Derivative Instruments:	$ 8,862	$ 8,862	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$8,862	$0
Total Equity Risk	8,862	0
Total Value of Derivatives	$8,862	$0

(a)

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

Annual Report

Table of Contents

Fidelity® Stocks For Inflation ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.9%
	Shares	Value
COMMUNICATION SERVICES – 4.2%
Diversified Telecommunication Services – 1.2%
Liberty Global PLC Class A (a)	19,833	$431,566
Lumen Technologies, Inc.	235,058	2,559,782
		2,991,348
Interactive Media & Services – 2.1%
Alphabet, Inc. Class A (a)	35,962	4,183,100
Meta Platforms, Inc. Class A (a)	8,721	1,387,511
		5,570,611
Media – 0.9%
DISH Network Corp. Class A (a)	17,220	299,111
Fox Corp. Class A	13,753	455,362
Nexstar Media Group, Inc. Class A	3,121	587,903
TEGNA, Inc.	26,291	550,533
The Interpublic Group of Cos., Inc.	15,034	449,066
		2,341,975
TOTAL COMMUNICATION SERVICES		10,903,934
CONSUMER DISCRETIONARY – 6.3%
Automobiles – 0.4%
Ford Motor Co.	76,765	1,127,678
Diversified Consumer Services – 0.6%
Service Corp. International	20,536	1,529,110
Hotels, Restaurants & Leisure – 1.7%
Domino's Pizza, Inc.	2,938	1,152,019
McDonald's Corp.	7,498	1,974,748
Yum! Brands, Inc.	10,984	1,345,980
		4,472,747
Household Durables – 0.5%
Lennar Corp. Class A	14,136	1,201,560
Multiline Retail – 0.3%
Macy's, Inc.	50,672	894,361
Specialty Retail – 2.8%
AutoZone, Inc. (a)	690	1,474,799
Dick's Sporting Goods, Inc.	11,338	1,061,123
O'Reilly Automotive, Inc. (a)	2,132	1,500,054
Signet Jewelers Ltd.	15,380	937,565
The Home Depot, Inc.	7,259	2,184,524
		7,158,065
TOTAL CONSUMER DISCRETIONARY		16,383,521
CONSUMER STAPLES – 10.3%
Food Products – 1.6%
Tyson Foods, Inc. Class A	46,929	4,130,221
Household Products – 3.8%
Kimberly-Clark Corp.	31,976	4,214,117
The Procter & Gamble Co.	40,336	5,603,074
		9,817,191


	Shares	Value

Personal Products – 1.5%
The Estee Lauder Cos., Inc. Class A	14,915	$ 4,073,287
Tobacco – 3.4%
Altria Group, Inc.	92,481	4,056,217
Philip Morris International, Inc.	49,191	4,778,905
		8,835,122
TOTAL CONSUMER STAPLES		26,855,821
ENERGY – 9.8%
Oil, Gas & Consumable Fuels – 9.8%
APA Corp.	222,111	8,255,866
Marathon Oil Corp.	369,255	9,157,524
PDC Energy, Inc.	124,972	8,209,410
TOTAL ENERGY		25,622,800
FINANCIALS – 6.2%
Banks – 0.9%
Popular, Inc.	16,334	1,268,662
Western Alliance Bancorp	15,464	1,181,140
		2,449,802
Capital Markets – 2.2%
Blackstone, Inc. Class A	13,358	1,363,451
Jefferies Financial Group, Inc.	39,872	1,298,631
Raymond James Financial, Inc.	14,095	1,387,935
S&P Global, Inc.	4,408	1,661,507
		5,711,524
Consumer Finance – 2.1%
Capital One Financial Corp.	11,347	1,246,241
Credit Acceptance Corp. (a)	2,871	1,653,438
Discover Financial Services	13,584	1,371,984
Synchrony Financial	36,310	1,215,659
		5,487,322
Insurance – 0.5%
Fidelity National Financial, Inc.	29,656	1,185,054
Thrifts & Mortgage Finance – 0.5%
Essent Group Ltd.	32,524	1,358,202
TOTAL FINANCIALS		16,191,904
HEALTH CARE – 19.0%
Biotechnology – 2.7%
Moderna, Inc. (a)	21,678	3,557,143
Regeneron Pharmaceuticals, Inc. (a)	5,810	3,379,619
		6,936,762
Health Care Providers & Services – 10.8%
Elevance Health, Inc.	8,607	4,106,400
Laboratory Corp. of America Holdings	12,066	3,163,585
McKesson Corp.	12,885	4,401,258
Molina Healthcare, Inc. (a)	11,072	3,628,516
Quest Diagnostics, Inc.	24,136	3,296,253
Tenet Healthcare Corp. (a)	43,009	2,843,755

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

61	Annual Report

Table of Contents

Fidelity® Stocks For Inflation ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
HEALTH CARE – continued
Health Care Providers & Services – continued
UnitedHealth Group, Inc.	12,568	$ 6,816,129
		28,255,896
Life Sciences Tools & Services – 1.1%
Bio-Rad Laboratories, Inc. Class A (a)	5,253	2,958,805
Pharmaceuticals – 4.4%
Organon & Co.	98,301	3,118,108
Pfizer, Inc.	95,684	4,832,999
Zoetis, Inc.	18,879	3,446,361
		11,397,468
TOTAL HEALTH CARE		49,548,931
INDUSTRIALS – 4.8%
Air Freight & Logistics – 0.2%
Expeditors International of Washington, Inc.	4,588	487,475
Building Products – 0.6%
Builders FirstSource, Inc. (a)	7,220	490,960
Owens Corning	5,545	514,243
UFP Industries, Inc.	6,189	570,688
		1,575,891
Electrical Equipment – 0.2%
Atkore, Inc. (a)	4,784	474,908
Professional Services – 0.1%
Robert Half International, Inc.	4,317	341,647
Road & Rail – 3.7%
CSX Corp.	132,189	4,273,670
Old Dominion Freight Line, Inc.	1,608	488,044
Union Pacific Corp.	20,835	4,735,796
		9,497,510
TOTAL INDUSTRIALS		12,377,431
INFORMATION TECHNOLOGY – 21.9%
Communications Equipment – 0.6%
Cisco Systems, Inc.	32,909	1,493,081
IT Services – 4.4%
Accenture PLC Class A	5,043	1,544,469
Automatic Data Processing, Inc.	5,087	1,226,577
Cognizant Technology Solutions Corp. Class A	9,598	652,280
Gartner, Inc. (a)	2,464	654,143
International Business Machines Corp.	9,002	1,177,372
Mastercard, Inc. Class A	6,088	2,153,874
Paychex, Inc.	6,636	851,266
VeriSign, Inc. (a)	3,196	604,555
Visa, Inc. Class A	11,397	2,417,418
		11,281,954


	Shares	Value

Semiconductors & Semiconductor Equipment – 4.8%
Applied Materials, Inc.	9,069	$ 961,133
Broadcom, Inc.	3,189	1,707,646
Intel Corp.	33,639	1,221,432
KLA Corp.	2,373	910,140
Lam Research Corp.	1,749	875,392
Micron Technology, Inc.	13,073	808,696
NVIDIA Corp.	15,659	2,844,144
QUALCOMM, Inc.	9,191	1,333,246
Synaptics, Inc. (a)	3,087	447,461
Texas Instruments, Inc.	8,218	1,470,118
		12,579,408
Software – 6.3%
Adobe, Inc. (a)	3,664	1,502,680
Fortinet, Inc. (a)	13,461	802,948
Intuit, Inc.	2,598	1,185,130
Microsoft Corp.	41,615	11,682,995
Oracle Corp.	15,683	1,220,765
		16,394,518
Technology Hardware, Storage & Peripherals – 5.8%
Apple, Inc.	85,736	13,932,957
HP, Inc.	21,649	722,860
Seagate Technology Holdings PLC	6,518	521,310
		15,177,127
TOTAL INFORMATION TECHNOLOGY		56,926,088
MATERIALS – 8.5%
Chemicals – 2.7%
Olin Corp.	136,761	7,148,497
Metals & Mining – 3.3%
Nucor Corp.	63,542	8,629,004
Paper & Forest Products – 2.5%
Louisiana-Pacific Corp.	101,183	6,438,274
TOTAL MATERIALS		22,215,775
REAL ESTATE – 4.7%
Equity Real Estate Investment Trusts (REITs) – 4.7%
Extra Space Storage, Inc.	23,001	4,359,149
Kimco Realty Corp.	192,338	4,252,593
Simon Property Group, Inc.	33,228	3,609,890
TOTAL REAL ESTATE		12,221,632
UTILITIES – 4.2%
Electric Utilities – 1.9%
NRG Energy, Inc.	128,924	4,866,881

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
UTILITIES – continued
Gas Utilities – 2.3%
National Fuel Gas Co.	82,250	$ 5,949,965
TOTAL UTILITIES		10,816,846
TOTAL COMMON STOCKS (Cost $274,088,935)		260,064,683
Money Market Fund – 0.0%

Fidelity Cash Central Fund, 2.01% (b) (Cost $111,694)	111,671	111,694
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $274,200,629)		260,176,377
NET OTHER ASSETS (LIABILITIES) – 0.1%		202,352
NET ASSETS – 100.0%		$ 260,378,729

Legend
(a)	Non-income producing.
(b)	Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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.

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%	$—		$5,723,152		$5,611,458		$539		$—		$—		$111,694	0.0%

Investment Valuation

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:
Equities:
Communication Services	$ 10,903,934	$ 10,903,934	$ —	$ —
Consumer Discretionary	16,383,521	16,383,521	—	—
Consumer Staples	26,855,821	26,855,821	—	—
Energy	25,622,800	25,622,800	—	—
Financials	16,191,904	16,191,904	—	—
Health Care	49,548,931	49,548,931	—	—
Industrials	12,377,431	12,377,431	—	—
Information Technology	56,926,088	56,926,088	—	—
Materials	22,215,775	22,215,775	—	—
Real Estate	12,221,632	12,221,632	—	—
Utilities	10,816,846	10,816,846	—	—
Money Market Fund	111,694	111,694	—	—
Total Investments in Securities:	$ 260,176,377	$ 260,176,377	$ —	$ —

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

63	Annual Report

Table of Contents

Fidelity® U.S. Multifactor ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.9%
	Shares	Value
COMMUNICATION SERVICES – 8.0%
Diversified Telecommunication Services – 0.4%
Liberty Global PLC Class C (a)	2,592	$ 59,331
Interactive Media & Services – 5.3%
Alphabet, Inc. Class A (a)	4,700	546,704
Meta Platforms, Inc. Class A (a)	1,146	182,328
Ziff Davis, Inc. (a)	684	56,013
		785,045
Media – 2.3%
Fox Corp. Class A	1,799	59,565
Nexstar Media Group, Inc. Class A	408	76,855
Omnicom Group, Inc.	937	65,440
TEGNA, Inc.	3,442	72,075
The Interpublic Group of Cos., Inc.	1,971	58,874
		332,809
TOTAL COMMUNICATION SERVICES		1,177,185
CONSUMER DISCRETIONARY – 12.1%
Automobiles – 0.8%
Ford Motor Co.	7,665	112,599
Diversified Consumer Services – 2.5%
H&R Block, Inc.	5,278	210,909
Service Corp. International	2,057	153,164
		364,073
Hotels, Restaurants & Leisure – 3.0%
Domino's Pizza, Inc.	293	114,888
McDonald's Corp.	750	197,528
Yum! Brands, Inc.	1,096	134,304
		446,720
Household Durables – 2.3%
Lennar Corp. Class A	1,416	120,360
PulteGroup, Inc.	2,439	106,389
Toll Brothers, Inc.	2,178	107,114
		333,863
Specialty Retail – 3.5%
AutoZone, Inc. (a)	69	147,480
O'Reilly Automotive, Inc. (a)	213	149,865
The Home Depot, Inc.	725	218,181
		515,526
TOTAL CONSUMER DISCRETIONARY		1,772,781
CONSUMER STAPLES – 5.7%
Food Products – 0.9%
The Hershey Co.	551	125,606
Household Products – 3.0%
Colgate-Palmolive Co.	1,531	120,551
Kimberly-Clark Corp.	867	114,262
The Procter & Gamble Co.	1,502	208,643
		443,456


	Shares	Value

Tobacco – 1.8%
Altria Group, Inc.	2,677	$117,413
Philip Morris International, Inc.	1,543	149,902
		267,315
TOTAL CONSUMER STAPLES		836,377
ENERGY – 3.7%
Oil, Gas & Consumable Fuels – 3.7%
ConocoPhillips	2,131	207,624
EOG Resources, Inc.	1,551	172,502
Kinder Morgan, Inc.	9,399	169,088
TOTAL ENERGY		549,214
FINANCIALS – 11.3%
Banks – 0.9%
Popular, Inc.	1,598	124,117
Capital Markets – 3.8%
Houlihan Lokey, Inc.	1,399	118,299
MSCI, Inc.	293	141,033
Raymond James Financial, Inc.	1,383	136,184
S&P Global, Inc.	431	162,457
		557,973
Consumer Finance – 3.7%
Capital One Financial Corp.	1,111	122,021
Credit Acceptance Corp. (a)	281	161,831
Discover Financial Services	1,333	134,633
Synchrony Financial	3,567	119,423
		537,908
Insurance – 2.9%
Aflac, Inc.	2,445	140,099
American Financial Group, Inc.	1,096	146,513
The Travelers Cos., Inc.	915	145,210
		431,822
TOTAL FINANCIALS		1,651,820
HEALTH CARE – 14.1%
Biotechnology – 2.7%
Gilead Sciences, Inc.	2,198	131,331
Regeneron Pharmaceuticals, Inc. (a)	222	129,135
United Therapeutics Corp. (a)	589	136,100
		396,566
Health Care Providers & Services – 2.5%
Laboratory Corp. of America Holdings	443	116,150
Molina Healthcare, Inc. (a)	403	132,071
Quest Diagnostics, Inc.	880	120,182
		368,403
Life Sciences Tools & Services – 0.7%
Bio-Rad Laboratories, Inc. Class A (a)	190	107,019
Pharmaceuticals – 8.2%
Eli Lilly & Co.	754	248,586

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
HEALTH CARE – continued
Pharmaceuticals – continued
Johnson & Johnson	1,619	$ 282,548
Merck & Co., Inc.	2,361	210,932
Organon & Co.	3,539	112,257
Pfizer, Inc.	4,180	211,132
Zoetis, Inc.	737	134,539
		1,199,994
TOTAL HEALTH CARE		2,071,982
INDUSTRIALS – 8.9%
Air Freight & Logistics – 0.9%
Expeditors International of Washington, Inc.	1,267	134,619
Building Products – 0.8%
AO Smith Corp.	1,850	117,049
Commercial Services & Supplies – 2.3%
Republic Services, Inc.	1,129	156,547
Waste Management, Inc.	1,052	173,117
		329,664
Electrical Equipment – 0.9%
Atkore, Inc. (a)	1,317	130,739
Machinery – 1.9%
Otis Worldwide Corp.	1,791	140,002
Snap-on, Inc.	637	142,720
		282,722
Road & Rail – 2.1%
Old Dominion Freight Line, Inc.	442	134,152
Union Pacific Corp.	781	177,521
		311,673
TOTAL INDUSTRIALS		1,306,466
INFORMATION TECHNOLOGY – 27.2%
IT Services – 7.1%
Accenture PLC Class A	399	122,198
Akamai Technologies, Inc. (a)	563	54,172
Amdocs Ltd.	796	69,300
Automatic Data Processing, Inc.	437	105,369
Cognizant Technology Solutions Corp. Class A	863	58,649
Concentrix Corp.	305	40,797
Gartner, Inc. (a)	229	60,795
Mastercard, Inc. Class A	465	164,512
Paychex, Inc.	603	77,353
The Western Union Co.	3,244	55,213
VeriSign, Inc. (a)	299	56,559
Visa, Inc. Class A	863	183,051
		1,047,968
Semiconductors & Semiconductor Equipment – 3.6%
Applied Materials, Inc.	757	80,227


	Shares	Value


Intel Corp.	2,680	$ 97,311
KLA Corp.	210	80,543
Lam Research Corp.	150	75,076
Micron Technology, Inc.	1,113	68,850
Texas Instruments, Inc.	666	119,141
		521,148
Software – 9.0%
Adobe, Inc. (a)	287	117,705
Dolby Laboratories, Inc. Class A	701	54,257
Fortinet, Inc. (a)	1,220	72,773
Intuit, Inc.	212	96,708
Microsoft Corp.	2,934	823,691
Oracle Corp.	1,293	100,647
VMware, Inc. Class A	518	60,192
		1,325,973
Technology Hardware, Storage & Peripherals – 7.5%
Apple, Inc.	6,027	979,448
HP, Inc.	1,952	65,177
Seagate Technology Holdings PLC	609	48,708
		1,093,333
TOTAL INFORMATION TECHNOLOGY		3,988,422
MATERIALS – 2.9%
Construction Materials – 0.8%
Eagle Materials, Inc.	951	120,254
Metals & Mining – 1.2%
Nucor Corp.	1,301	176,676
Paper & Forest Products – 0.9%
Louisiana-Pacific Corp.	1,983	126,178
TOTAL MATERIALS		423,108
REAL ESTATE – 3.0%
Equity Real Estate Investment Trusts (REITs) – 3.0%
Extra Space Storage, Inc.	832	157,681
Public Storage	491	160,267
STAG Industrial, Inc.	3,829	125,515
TOTAL REAL ESTATE		443,463
UTILITIES – 3.0%
Electric Utilities – 1.5%
Exelon Corp.	4,587	213,250

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

65	Annual Report

Table of Contents

Fidelity® U.S. Multifactor ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
UTILITIES – continued
Gas Utilities – 1.5%
National Fuel Gas Co.	3,047	$ 220,420
TOTAL UTILITIES		433,670
TOTAL COMMON STOCKS (Cost $14,548,443)		14,654,488
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $14,548,443)		14,654,488
NET OTHER ASSETS (LIABILITIES) – 0.1%		21,899
NET ASSETS – 100.0%		$ 14,676,387

Legend
(a)	Non-income producing.

Affiliated Central Funds

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

Fund	Value, beginning of period		Purchases		Sales Proceeds		Dividend Income		Realized Gain/Loss		Change in Unrealized appreciation (depreciation)		Value, end of period	% ownership, end of period
Fidelity Cash Central Fund, 2.01%	$7,306		$272,079		$279,385		$8		$—		$—		$—	0.0%

Investment Valuation

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:
Equities:
Communication Services	$ 1,177,185	$ 1,177,185	$ —	$ —
Consumer Discretionary	1,772,781	1,772,781	—	—
Consumer Staples	836,377	836,377	—	—
Energy	549,214	549,214	—	—
Financials	1,651,820	1,651,820	—	—
Health Care	2,071,982	2,071,982	—	—
Industrials	1,306,466	1,306,466	—	—
Information Technology	3,988,422	3,988,422	—	—
Materials	423,108	423,108	—	—
Real Estate	443,463	443,463	—	—
Utilities	433,670	433,670	—	—
Total Investments in Securities:	$ 14,654,488	$ 14,654,488	$ —	$ —

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

Annual Report

Table of Contents

Fidelity® Value Factor ETF

Schedule of Investments July 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.8%
	Shares	Value
COMMUNICATION SERVICES – 7.7%
Diversified Telecommunication Services – 1.4%
AT&T, Inc.	160,861	$3,020,970
Verizon Communications, Inc.	84,775	3,915,757
		6,936,727
Entertainment – 0.1%
Warner Bros Discovery, Inc. (a)	38,881	583,215
Interactive Media & Services – 4.9%
Alphabet, Inc. Class A (a)	161,080	18,736,825
Meta Platforms, Inc. Class A (a)	37,588	5,980,251
		24,717,076
Media – 1.3%
Comcast Corp. Class A	92,806	3,482,081
Fox Corp. Class A	47,238	1,564,050
Paramount Global Class B	59,068	1,396,959
		6,443,090
TOTAL COMMUNICATION SERVICES		38,680,108
CONSUMER DISCRETIONARY – 10.9%
Automobiles – 1.2%
Ford Motor Co.	216,044	3,173,686
General Motors Co.	80,675	2,925,276
		6,098,962
Hotels, Restaurants & Leisure – 2.7%
Booking Holdings, Inc. (a)	1,880	3,639,097
McDonald's Corp.	22,252	5,860,509
Starbucks Corp.	49,505	4,197,034
		13,696,640
Household Durables – 2.5%
D.R. Horton, Inc.	41,527	3,240,352
Lennar Corp. Class A	38,379	3,262,215
PulteGroup, Inc.	65,556	2,859,553
Toll Brothers, Inc.	58,178	2,861,194
		12,223,314
Internet & Direct Marketing Retail – 3.7%
Amazon.com, Inc. (a)	136,033	18,357,653
Multiline Retail – 0.8%
Kohl's Corp.	58,130	1,693,908
Macy's, Inc.	135,289	2,387,851
		4,081,759
TOTAL CONSUMER DISCRETIONARY		54,458,328
CONSUMER STAPLES – 5.9%
Food & Staples Retailing – 1.1%
The Kroger Co.	66,865	3,105,211
Walgreens Boots Alliance, Inc.	62,244	2,466,107
		5,571,318
Food Products – 1.3%
Archer-Daniels-Midland Co.	41,870	3,465,580


	Shares	Value


Tyson Foods, Inc. Class A	32,839	$ 2,890,160
		6,355,740
Household Products – 1.9%
Kimberly-Clark Corp.	23,556	3,104,446
The Procter & Gamble Co.	47,143	6,548,634
		9,653,080
Tobacco – 1.6%
Altria Group, Inc.	75,681	3,319,369
Philip Morris International, Inc.	45,316	4,402,449
		7,721,818
TOTAL CONSUMER STAPLES		29,301,956
ENERGY – 4.5%
Oil, Gas & Consumable Fuels – 4.5%
APA Corp.	39,970	1,485,685
Chevron Corp.	33,906	5,553,125
ConocoPhillips	30,399	2,961,775
Exxon Mobil Corp.	69,814	6,767,071
Marathon Oil Corp.	68,519	1,699,271
Occidental Petroleum Corp.	41,901	2,754,991
PDC Energy, Inc.	21,221	1,394,007
TOTAL ENERGY		22,615,925
FINANCIALS – 10.9%
Banks – 3.9%
Bank of America Corp.	152,490	5,155,687
Citigroup, Inc.	68,061	3,532,366
JPMorgan Chase & Co.	56,711	6,542,181
Wells Fargo & Co.	101,628	4,458,420
		19,688,654
Capital Markets – 1.4%
Goldman Sachs Group, Inc.	12,101	4,034,352
Raymond James Financial, Inc.	28,061	2,763,167
		6,797,519
Consumer Finance – 2.0%
Ally Financial, Inc.	61,862	2,045,777
Capital One Financial Corp.	24,189	2,656,678
Discover Financial Services	27,702	2,797,902
Synchrony Financial	72,709	2,434,297
		9,934,654
Diversified Financial Services – 1.9%
Berkshire Hathaway, Inc. Class B (a)	32,383	9,734,330
Insurance – 0.6%
MetLife, Inc.	50,166	3,172,999
Thrifts & Mortgage Finance – 1.1%
Essent Group Ltd.	62,934	2,628,124
MGIC Investment Corp.	186,346	2,634,932
		5,263,056
TOTAL FINANCIALS		54,591,212

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

67	Annual Report

Table of Contents

Fidelity® Value Factor ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
HEALTH CARE – 14.2%
Biotechnology – 3.1%
Gilead Sciences, Inc.	86,555	$ 5,171,661
Moderna, Inc. (a)	32,622	5,352,944
Regeneron Pharmaceuticals, Inc. (a)	8,778	5,106,075
		15,630,680
Health Care Providers & Services – 3.4%
CVS Health Corp.	59,342	5,677,843
Elevance Health, Inc.	13,315	6,352,586
Laboratory Corp. of America Holdings	17,790	4,664,360
		16,694,789
Life Sciences Tools & Services – 0.9%
Bio-Rad Laboratories, Inc. Class A (a)	7,669	4,319,641
Pharmaceuticals – 6.8%
Bristol-Myers Squibb Co.	100,434	7,410,021
Johnson & Johnson	60,547	10,566,662
Merck & Co., Inc.	90,792	8,111,357
Pfizer, Inc.	158,519	8,006,795
		34,094,835
TOTAL HEALTH CARE		70,739,945
INDUSTRIALS – 9.0%
Aerospace & Defense – 1.5%
Lockheed Martin Corp.	8,879	3,674,219
Northrop Grumman Corp.	7,880	3,773,732
		7,447,951
Air Freight & Logistics – 1.3%
FedEx Corp.	12,157	2,833,675
United Parcel Service, Inc. Class B	19,133	3,728,830
		6,562,505
Building Products – 1.0%
Builders FirstSource, Inc. (a)	34,534	2,348,312
Owens Corning	26,192	2,429,046
		4,777,358
Electrical Equipment – 0.4%
Atkore, Inc. (a)	22,296	2,213,324
Industrial Conglomerates – 0.6%
3M Co.	20,976	3,004,602
Machinery – 1.9%
Caterpillar, Inc.	18,075	3,583,369
Cummins, Inc.	11,648	2,577,819
Deere & Co.	9,642	3,308,941
		9,470,129
Professional Services – 0.3%
ManpowerGroup, Inc.	21,721	1,703,144
Road & Rail – 2.0%
CSX Corp.	92,946	3,004,944
Norfolk Southern Corp.	11,213	2,816,369


	Shares	Value


Union Pacific Corp.	17,398	$ 3,954,566
		9,775,879
TOTAL INDUSTRIALS		44,954,892
INFORMATION TECHNOLOGY – 27.6%
IT Services – 7.5%
Accenture PLC Class A	20,522	6,285,068
Amdocs Ltd.	57,169	4,977,133
Cognizant Technology Solutions Corp. Class A	56,507	3,840,216
International Business Machines Corp.	42,619	5,574,139
PayPal Holdings, Inc. (a)	49,570	4,289,292
The Western Union Co.	234,717	3,994,883
Visa, Inc. Class A	40,084	8,502,217
		37,462,948
Semiconductors & Semiconductor Equipment – 2.6%
Intel Corp.	141,039	5,121,126
Micron Technology, Inc.	66,630	4,121,732
Qorvo, Inc. (a)	34,677	3,608,835
		12,851,693
Software – 7.0%
Microsoft Corp.	110,891	31,131,539
VMware, Inc. Class A	35,532	4,128,819
		35,260,358
Technology Hardware, Storage & Peripherals – 10.5%
Apple, Inc.	225,461	36,639,667
DELL Technologies, Inc. Class C	76,058	3,427,174
Hewlett Packard Enterprise Co.	270,905	3,857,687
HP, Inc.	128,334	4,285,072
Western Digital Corp. (a)	85,882	4,216,806
		52,426,406
TOTAL INFORMATION TECHNOLOGY		138,001,405
MATERIALS – 3.0%
Chemicals – 0.9%
Dow, Inc.	28,948	1,540,323
LyondellBasell Industries N.V. Class A	15,274	1,361,219
The Mosaic Co.	32,459	1,709,291
		4,610,833
Containers & Packaging – 0.3%
International Paper Co.	29,986	1,282,501
Metals & Mining – 1.6%
Cleveland-Cliffs, Inc. (a)	69,277	1,226,896
Freeport-McMoRan, Inc.	50,032	1,578,510
Nucor Corp.	14,272	1,938,137
Steel Dynamics, Inc.	22,623	1,761,879
United States Steel Corp. (b)	57,434	1,358,314
		7,863,736

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
MATERIALS – continued
Paper & Forest Products – 0.2%
Louisiana-Pacific Corp.	18,407	$ 1,171,238
TOTAL MATERIALS		14,928,308
REAL ESTATE – 3.3%
Equity Real Estate Investment Trusts (REITs) – 2.9%
Gaming and Leisure Properties, Inc.	24,708	1,284,569
Highwoods Properties, Inc.	23,816	847,135
Kilroy Realty Corp.	15,844	858,428
Kimco Realty Corp.	47,978	1,060,794
Medical Properties Trust, Inc.	51,105	881,050
Omega Healthcare Investors, Inc.	36,966	1,145,946
Prologis, Inc.	15,670	2,077,215
Realty Income Corp.	21,297	1,575,765
Simon Property Group, Inc.	10,844	1,178,092
SL Green Realty Corp.	14,116	700,859
VICI Properties, Inc.	42,076	1,438,578
Weyerhaeuser Co.	32,936	1,196,236
		14,244,667
Real Estate Management & Development – 0.4%
CBRE Group, Inc. Class A (a)	13,735	1,175,991
Jones Lang LaSalle, Inc. (a)	4,436	845,812
		2,021,803
TOTAL REAL ESTATE		16,266,470
UTILITIES – 2.8%
Electric Utilities – 2.4%
American Electric Power Co., Inc.	19,126	1,885,058
Duke Energy Corp.	20,718	2,277,530
Exelon Corp.	38,632	1,796,002
NRG Energy, Inc.	32,082	1,211,095
PG&E Corp. (a)	114,359	1,241,939
PPL Corp.	48,078	1,398,108


	Shares	Value


The Southern Co.	30,110	$ 2,315,158
		12,124,890
Multi-Utilities – 0.4%
Sempra Energy	12,432	2,061,226
TOTAL UTILITIES		14,186,116
TOTAL COMMON STOCKS (Cost $503,936,690)		498,724,665
Money Market Funds – 0.3%

Fidelity Cash Central Fund, 2.01% (c)	474,391	474,486
Fidelity Securities Lending Cash Central Fund, 2.01% (c)(d)	834,292	834,375
TOTAL MONEY MARKET FUNDS (Cost $1,308,861)		1,308,861
TOTAL INVESTMENT IN SECURITIES – 100.1% (Cost $505,245,551)		500,033,526
NET OTHER ASSETS (LIABILITIES) – (0.1%)		(360,549)
NET ASSETS – 100.0%		$ 499,672,977

Legend
(a)	Non-income producing.
(b)	Security or a portion of the security is on loan at period end.
(c)	Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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 E-mini S&P 500 Index Contracts (United States)	31	September 2022	$640,693	$59,075	$59,075

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

Affiliated Central Funds

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

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

69	Annual Report

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Fidelity® Value Factor ETF

Schedule of Investments–continued

Fund	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund, 2.01%	$ 647,052	$16,563,639	$16,736,205	$ 2,494	$—	$—	$ 474,486	0.0%
Fidelity Securities Lending Cash Central Fund, 2.01%	3,639,908	72,851,375	75,656,908	18,946	—	—	$ 834,375	0.0%
Total	$4,286,960	$89,415,014	$92,393,113	$21,440	$—	$—	$1,308,861

Investment Valuation

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:
Equities:
Communication Services	$ 38,680,108	$ 38,680,108	$ —	$ —
Consumer Discretionary	54,458,328	54,458,328	—	—
Consumer Staples	29,301,956	29,301,956	—	—
Energy	22,615,925	22,615,925	—	—
Financials	54,591,212	54,591,212	—	—
Health Care	70,739,945	70,739,945	—	—
Industrials	44,954,892	44,954,892	—	—
Information Technology	138,001,405	138,001,405	—	—
Materials	14,928,308	14,928,308	—	—
Real Estate	16,266,470	16,266,470	—	—
Utilities	14,186,116	14,186,116	—	—
Money Market Funds	1,308,861	1,308,861	—	—
Total Investments in Securities:	$ 500,033,526	$ 500,033,526	$ —	$ —

Derivative Instruments:
Assets
Futures Contracts	$ 59,075	$ 59,075	$ —	$ —
Total Assets	$ 59,075	$ 59,075	—	$ —
Total Derivative Instruments:	$ 59,075	$ 59,075	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$59,075	$0
Total Equity Risk	59,075	0
Total Value of Derivatives	$59,075	$0

(a)

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

Annual Report

Table of Contents

Financial Statements

^{Statements of
Assets and Liabilities}

July 31, 2022

	Fidelity Dividend ETF For Rising Rates	Fidelity High Dividend ETF	Fidelity Low Volatility Factor ETF	Fidelity Momentum Factor ETF
Assets
Investments in securities, at value (including securities loaned of $16,178,663, $15,732,727, $1,713,449 and $995,227, respectively) – See accompanying schedule:
Unaffiliated issuers	$610,774,145	$1,274,012,654	$443,345,227	$116,467,279
Fidelity Central Funds	18,216,163	18,802,750	2,875,458	1,185,130
Total Investments in Securities	$628,990,308	$1,292,815,404	$446,220,685	$117,652,409
Segregated cash with brokers for derivative instruments	52,500	189,000	73,500	10,500
Cash	—	—	—	9,291
Foreign currency held at value (cost $959,291, $15,447, $— and $—, respectively)	936,810	15,441	—	—
Receivable for fund shares sold	—	—	—	—
Dividends receivable	1,139,326	3,045,175	398,028	100,021
Receivable for daily variation margin on futures contracts	15,000	54,000	21,000	3,000
Distributions receivable from Fidelity Central Funds	17,960	12,936	1,523	4,266
Total assets	631,151,904	1,296,131,956	446,714,736	117,779,487
Liabilities
Payable for investments purchased	2,314,313	1,731,023	—	—
Accrued management fees	142,873	287,388	103,316	26,268
Collateral on securities loaned, at value	16,551,925	16,059,350	1,748,660	1,004,850
Total liabilities	19,009,111	18,077,761	1,851,976	1,031,118
Net Assets	$612,142,793	$1,278,054,195	$444,862,760	$116,748,369
Net Assets consist of:
Paid in capital	$609,109,222	$1,279,276,536	$465,736,372	$136,421,010
Total accumulated earnings (loss)	3,033,571	(1,222,341)	(20,873,612)	(19,672,641)
Net Assets	$612,142,793	$1,278,054,195	$444,862,760	$116,748,369
Shares outstanding	14,900,000	33,250,000	9,350,000	2,550,000
Net Asset Value per share	$ 41.08	$ 38.44	$ 47.58	$ 45.78
Investments at cost – Unaffiliated issuers	$569,049,523	$1,222,338,336	$431,452,966	$109,660,524
Investments at cost – Fidelity Central Funds	18,216,163	18,802,750	2,875,458	1,185,130
Investments at cost	$587,265,686	$1,241,141,086	$434,328,424	$110,845,654

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 Quality Factor ETF	Fidelity Small-Mid Multifactor ETF	Fidelity Stocks for Inflation ETF	Fidelity U.S. Multifactor ETF
Assets
Investments in securities, at value (including securities loaned of $3,519,772, $1,024,664, $— and $—, respectively) – See accompanying schedule:
Unaffiliated issuers	$266,108,712	$71,837,640	$260,064,683	$14,654,488
Fidelity Central Funds	3,815,956	1,113,599	111,694	—
Total Investments in Securities	$269,924,668	$72,951,239	$260,176,377	$14,654,488
Segregated cash with brokers for derivative instruments	17,850	5,500	—	—
Cash	14,778	10,931	25,787	8,287
Foreign currency held at value (cost $—, $40, $— and $—, respectively)	—	42	—	—
Receivable for fund shares sold	2,378,688	—	—	—
Dividends receivable	309,563	29,495	236,761	16,980
Receivable for daily variation margin on futures contracts	5,100	625	—	—
Distributions receivable from Fidelity Central Funds	7,774	1,114	141	—
Total assets	272,658,421	72,998,946	260,439,066	14,679,755
Liabilities
Payable for investments purchased	2,359,777	—	—	—
Accrued management fees	60,560	15,891	60,337	3,368
Collateral on securities loaned, at value	3,524,275	1,034,050	—	—
Total liabilities	5,944,612	1,049,941	60,337	3,368
Net Assets	$266,713,809	$71,949,005	$260,378,729	$14,676,387
Net Assets consist of:
Paid in capital	$282,932,222	$79,548,331	$281,279,573	$14,977,116
Total accumulated earnings (loss)	(16,218,413)	(7,599,326)	(20,900,844)	(300,729)
Net Assets	$266,713,809	$71,949,005	$260,378,729	$14,676,387
Shares outstanding	5,550,000	2,200,000	8,200,000	600,000
Net Asset Value per share	$ 48.06	$ 32.70	$ 31.75	$ 24.46
Investments at cost – Unaffiliated issuers	$263,912,490	$73,612,535	$274,088,935	$14,548,443
Investments at cost – Fidelity Central Funds	3,815,956	1,113,599	111,694	—
Investments at cost	$267,728,446	$74,726,134	$274,200,629	$14,548,443

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

73	Annual Report

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^{Statements of
Operations}

For the year ended July 31, 2022

	Fidelity Dividend ETF For Rising Rates	Fidelity High Dividend ETF	Fidelity Low Volatility Factor ETF	Fidelity Momentum Factor ETF
Investment Income
Dividends	$ 16,000,940	$ 37,957,376	$ 7,402,653	$ 1,381,401
Non-Cash dividends	—	—	—	—
Interest	280	520	111	28
Income from Fidelity Central Funds (including $79,206, $62,843, $1,790 and $9,717, from security lending, respectively)	82,436	71,207	4,590	10,359
Total income	16,083,656	38,029,103	7,407,354	1,391,788
Expenses
Management fees	1,646,543	3,240,024	1,375,843	344,252
Independent trustees' fees and expenses	1,823	3,609	1,579	407
Interest	434	666	—	—
Total expenses before reductions	1,648,800	3,244,299	1,377,422	344,659
Expense reductions	(7)	(3)	(14)	(17)
Total expenses	1,648,793	3,244,296	1,377,408	344,642
Net investment income (loss)	14,434,863	34,784,807	6,029,946	1,047,146
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities	(11,470,096)	(18,937,886)	(7,423,941)	(13,764,660)
Net realized gain (loss) on In-kind redemptions	28,658,945	115,017,417	64,909,434	23,173,071
Net realized gain (loss) on futures contracts	(298,585)	(748,019)	(84,720)	(19,895)
Net realized gain (loss) on foreign currency transactions	(116,454)	(273,833)	—	—
Total net realized gain (loss)	16,773,810	95,057,679	57,400,773	9,388,516
Change in net unrealized appreciation (depreciation) on investment securities	(47,749,689)	(104,209,767)	(66,450,186)	(18,451,246)
Change in net unrealized appreciation (depreciation) on Fidelity Central Funds	—	—	—	—
Change in net unrealized appreciation (depreciation) on futures contracts	35,166	195,381	98,068	3,131
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies	(26,397)	(15,491)	—	—
Total change in net unrealized appreciation (depreciation)	(47,740,920)	(104,029,877)	(66,352,118)	(18,448,115)
Net gain (loss)	(30,967,110)	(8,972,198)	(8,951,345)	(9,059,599)
Net increase (decrease) in net assets resulting from operations	$ (16,532,247)	$ 25,812,609	$ (2,921,399)	$ (8,012,453)

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

75	Annual Report

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Financial Statements – continued

^{Statements of
Operations}

For the year ended July 31, 2022

	Fidelity Quality Factor ETF	Fidelity Small-Mid Multifactor ETF	Fidelity Stocks for Inflation ETF	Fidelity U.S. Multifactor ETF
Investment Income
Dividends	$ 4,013,771	$ 1,019,032	$ 3,126,298	$ 279,127
Non-Cash dividends	—	56,521	—	—
Interest	70	27	—	—
Income from Fidelity Central Funds (including $26,297, $4,504, $— and $—, from security lending, respectively)	27,769	5,229	539	8
Total income	4,041,610	1,080,809	3,126,837	279,135
Expenses
Management fees	725,142	191,674	461,951	42,168
Independent trustees' fees and expenses	810	217	449	46
Interest	—	—	—	—
Total expenses before reductions	725,952	191,891	462,400	42,214
Expense reductions	(21)	(16)	(13)	(9)
Total expenses	725,931	191,875	462,387	42,205
Net investment income (loss)	3,315,679	888,934	2,664,450	236,930
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities	(4,455,052)	(4,409,380)	(6,951,751)	(337,879)
Net realized gain (loss) on In-kind redemptions	35,610,910	9,757,165	11,336,462	770,929
Net realized gain (loss) on futures contracts	(101,657)	(41,579)	—	—
Net realized gain (loss) on foreign currency transactions	—	(4)	—	—
Total net realized gain (loss)	31,054,201	5,306,202	4,384,711	433,050
Change in net unrealized appreciation (depreciation) on investment securities	(49,845,816)	(9,621,088)	(16,922,706)	(1,195,944)
Change in net unrealized appreciation (depreciation) on Fidelity Central Funds	(1)	—	—	—
Change in net unrealized appreciation (depreciation) on futures contracts	27,369	8,862	—	—
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies	—	(1)	—	—
Total change in net unrealized appreciation (depreciation)	(49,818,448)	(9,612,227)	(16,922,706)	(1,195,944)
Net gain (loss)	(18,764,247)	(4,306,025)	(12,537,995)	(762,894)
Net increase (decrease) in net assets resulting from operations	$(15,448,568)	$ (3,417,091)	$ (9,873,545)	$ (525,964)

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

Annual Report

Table of Contents

^{Statements of
Operations}

For the year ended July 31, 2022

	Fidelity Value Factor ETF
Investment Income
Dividends	$ 9,113,199
Non-Cash dividends	—
Interest	153
Income from Fidelity Central Funds (including $18,946 from security lending)	21,440
Total income	9,134,792
Expenses
Management fees	1,390,110
Independent trustees' fees and expenses	1,551
Interest	—
Total expenses before reductions	1,391,661
Expense reductions	(16)
Total expenses	1,391,645
Net investment income (loss)	7,743,147
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities	(13,045,847)
Net realized gain (loss) on In-kind redemptions	68,934,700
Net realized gain (loss) on futures contracts	(182,873)
Net realized gain (loss) on foreign currency transactions	—
Total net realized gain (loss)	55,705,980
Change in net unrealized appreciation (depreciation) on investment securities	(90,040,912)
Change in net unrealized appreciation (depreciation) on Fidelity Central Funds	—
Change in net unrealized appreciation (depreciation) on futures contracts	40,189
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies	—
Total change in net unrealized appreciation (depreciation)	(90,000,723)
Net gain (loss)	(34,294,743)
Net increase (decrease) in net assets resulting from operations	$(26,551,596)

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

77	Annual Report

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Financial Statements – continued

^{Statements of
Changes in Net Assets}

	Fidelity Dividend ETF For Rising Rates		Fidelity High Dividend ETF
	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)	$ 14,434,863	$ 8,784,728	$ 34,784,807	$ 21,768,395
Net realized gain (loss)	16,773,810	8,411,727	95,057,679	(873,727)
Change in net unrealized appreciation (depreciation)	(47,740,920)	90,284,912	(104,029,877)	217,287,166
Net increase (decrease) in net assets resulting from operations	(16,532,247)	107,481,367	25,812,609	238,181,834
Distributions to shareholders	(14,425,400)	(8,481,250)	(36,931,550)	(21,671,400)
Share transactions
Proceeds from sales of shares	291,688,328	124,130,292	758,176,457	317,619,142
Cost of shares redeemed	(138,676,589)	(15,358,454)	(521,124,909)	(2,802,769)
Net increase (decrease) in net assets resulting from share transactions	153,011,739	108,771,838	237,051,548	314,816,373
Total increase (decrease) in net assets	122,054,092	207,771,955	225,932,607	531,326,807
Net Assets
Beginning of year	490,088,701	282,316,746	1,052,121,588	520,794,781
End of year	$ 612,142,793	$490,088,701	$1,278,054,195	$1,052,121,588
Other Information
Shares
Sold	6,600,000	3,050,000	19,000,000	8,850,000
Redeemed	(3,200,000)	(450,000)	(13,400,000)	(100,000)
Net increase (decrease)	3,400,000	2,600,000	5,600,000	8,750,000

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

Annual Report

Table of Contents

^{Statements of
Changes in Net Assets}

	Fidelity Low Volatility Factor ETF		Fidelity Momentum Factor 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)	$ 6,029,946	$ 5,379,525	$ 1,047,146	$ 655,181
Net realized gain (loss)	57,400,773	26,847,966	9,388,516	15,466,576
Change in net unrealized appreciation (depreciation)	(66,352,118)	72,820,962	(18,448,115)	11,929,637
Net increase (decrease) in net assets resulting from operations	(2,921,399)	105,048,453	(8,012,453)	28,051,394
Distributions to shareholders	(5,937,600)	(5,363,100)	(999,550)	(712,000)
Share transactions
Proceeds from sales of shares	286,611,056	269,729,319	86,253,555	112,430,208
Cost of shares redeemed	(344,785,919)	(208,226,111)	(117,256,850)	(71,334,762)
Net increase (decrease) in net assets resulting from share transactions	(58,174,863)	61,503,208	(31,003,295)	41,095,446
Total increase (decrease) in net assets	(67,033,862)	161,188,561	(40,015,298)	68,434,840
Net Assets
Beginning of year	511,896,622	350,708,061	156,763,667	88,328,827
End of year	$ 444,862,760	$ 511,896,622	$ 116,748,369	$156,763,667
Other Information
Shares
Sold	5,950,000	6,300,000	1,700,000	2,500,000
Redeemed	(7,100,000)	(4,950,000)	(2,300,000)	(1,600,000)
Net increase (decrease)	(1,150,000)	1,350,000	(600,000)	900,000

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

79	Annual Report

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Financial Statements – continued

^{Statements of
Changes in Net Assets}

	Fidelity Quality Factor ETF		Fidelity Small-Mid Multifactor 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)	$ 3,315,679	$ 2,456,845	$ 888,934	$ 529,744
Net realized gain (loss)	31,054,201	8,878,028	5,306,202	5,851,497
Change in net unrealized appreciation (depreciation)	(49,818,448)	43,078,149	(9,612,227)	6,938,993
Net increase (decrease) in net assets resulting from operations	(15,448,568)	54,413,022	(3,417,091)	13,320,234
Distributions to shareholders	(3,437,350)	(2,471,800)	(905,700)	(586,000)
Share transactions
Proceeds from sales of shares	184,056,355	107,535,102	67,940,474	56,891,867
Cost of shares redeemed	(144,177,423)	(60,777,523)	(59,607,816)	(20,803,647)
Net increase (decrease) in net assets resulting from share transactions	39,878,932	46,757,579	8,332,658	36,088,220
Total increase (decrease) in net assets	20,993,014	98,698,801	4,009,867	48,822,454
Net Assets
Beginning of year	245,720,795	147,021,994	67,939,138	19,116,684
End of year	$ 266,713,809	$245,720,795	$ 71,949,005	$ 67,939,138
Other Information
Shares
Sold	3,600,000	2,400,000	2,000,000	1,900,000
Redeemed	(2,850,000)	(1,450,000)	(1,800,000)	(700,000)
Net increase (decrease)	750,000	950,000	200,000	1,200,000

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

Annual Report

Table of Contents

^{Statements of
Changes in Net Assets}

	Fidelity Stocks for Inflation ETF		Fidelity U.S. Multifactor 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)	$ 2,664,450	$ 166,284	$ 236,930	$ 98,616
Net realized gain (loss)	4,384,711	448,093	433,050	555,355
Change in net unrealized appreciation (depreciation)	(16,922,706)	3,036,951	(1,195,944)	1,301,989
Net increase (decrease) in net assets resulting from operations	(9,873,545)	3,651,328	(525,964)	1,955,960
Distributions to shareholders	(2,544,600)	(220,000)	(235,000)	(135,400)
Share transactions
Proceeds from sales of shares	327,785,389	43,042,176	9,088,569	14,155,302
Cost of shares redeemed	(101,071,269)	(4,000,783)	(5,142,624)	(4,484,456)
Net increase (decrease) in net assets resulting from share transactions	226,714,120	39,041,393	3,945,945	9,670,846
Total increase (decrease) in net assets	214,295,975	42,472,721	3,184,981	11,491,406
Net Assets
Beginning of year	46,082,754	3,610,033	11,491,406	—
End of year	$ 260,378,729	$46,082,754	$14,676,387	$11,491,406
Other Information
Shares
Sold	9,900,000	1,500,000	350,000	650,000
Redeemed	(3,200,000)	(150,000)	(200,000)	(200,000)
Net increase (decrease)	6,700,000	1,350,000	150,000	450,000

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

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

81	Annual Report

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^{Financial
Highlights}

	Fidelity Dividend ETF For Rising Rates
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018
Selected Per-Share Data
Net asset value, beginning of period	$ 42.62	$ 31.72	$ 32.31	$ 31.54	$ 28.50
Income from Investment Operations
Net investment income (loss)^A,B	1.08	0.93	1.01	1.07	0.93
Net realized and unrealized gain (loss)	(1.54)	10.85	(0.56)	0.79	3.03
Total from investment operations	(0.46)	11.78	0.45	1.86	3.96
Distributions from net investment income	(1.08)	(0.88)	(1.04)	(1.09)	(0.92)
Total distributions	(1.08)	(0.88)	(1.04)	(1.09)	(0.92)
Net asset value, end of period	$ 41.08	$ 42.62	$ 31.72	$ 32.31	$ 31.54
Total Return^C,D	(1.06)%	37.57%	1.86%	6.09%	14.04%
Ratios to Average Net Assets^A,E,F
Expenses before reductions	.29%	.29%	.29%	.29%	.30%
Expenses net of fee waivers, if any	.29%	.29%	.29%	.29%	.30%
Expenses net of all reductions	.29%	.29%	.29%	.29%	.30%
Net investment income (loss)	2.54%	2.44%	3.15%	3.42%	3.08%
Supplemental Data
Net assets, end of period (000 omitted)	$612,143	$490,089	$282,317	$360,229	$346,896
Portfolio turnover rate^G,H	28%	32%	35%	35%	38%

^A	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.
^B	Calculated based on average shares outstanding during the period.
^C	Based on net asset value.
^D	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^E	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.
^F	Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
^G	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^H	Portfolio turnover rate excludes securities received or delivered in-kind.

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

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^{Financial
Highlights}

	Fidelity High Dividend ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018
Selected Per-Share Data
Net asset value, beginning of period	$ 38.05	$ 27.56	$ 30.12	$ 30.15	$ 26.98
Income from Investment Operations
Net investment income (loss)^A,B	1.21	1.02	1.10	1.23	1.09
Net realized and unrealized gain (loss)	0.44 ^C	10.48	(2.52)	(0.03)	3.21
Total from investment operations	1.65	11.50	(1.42)	1.20	4.30
Distributions from net investment income	(1.26)	(1.01)	(1.14)	(1.23)	(1.12)
Distributions from net realized gain	—	—	—	—	(0.01)
Total distributions	(1.26)	(1.01)	(1.14)	(1.23)	(1.13)
Net asset value, end of period	$ 38.44	$ 38.05	$ 27.56	$ 30.12	$ 30.15
Total Return^D,E	4.43%	42.42%	(4.54)%	4.16%	16.23%
Ratios to Average Net Assets^A,F,G
Expenses before reductions	.29%	.29%	.29%	.29%	.30%
Expenses net of fee waivers, if any	.29%	.29%	.29%	.29%	.30%
Expenses net of all reductions	.29%	.29%	.29%	.29%	.30%
Net investment income (loss)	3.11%	3.04%	3.85%	4.15%	3.80%
Supplemental Data
Net assets, end of period (000 omitted)	$1,278,054	$1,052,122	$520,795	$362,952	$171,835
Portfolio turnover rate^H,I	38%	32%	49%	50%	53%

^A	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.
^B	Calculated based on average shares outstanding during the period.
^C	The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of share transactions in relation to fluctuating market values of the investments of a Fund.
^D	Based on net asset value.
^E	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^F	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.
^G	Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
^H	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^I	Portfolio turnover rate excludes securities received or delivered in-kind.

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

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^{Financial
Highlights}

	Fidelity Low Volatility Factor ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018
Selected Per-Share Data
Net asset value, beginning of period	$ 48.75	$ 38.33	$ 36.37	$ 32.40	$ 28.19
Income from Investment Operations
Net investment income (loss)^A,B	0.62	0.56	0.62	0.62	0.53
Net realized and unrealized gain (loss)	(1.17)	10.43	1.95	3.92	4.20
Total from investment operations	(0.55)	10.99	2.57	4.54	4.73
Distributions from net investment income	(0.62)	(0.57)	(0.61)	(0.57)	(0.52)
Total distributions	(0.62)	(0.57)	(0.61)	(0.57)	(0.52)
Net asset value, end of period	$ 47.58	$ 48.75	$ 38.33	$ 36.37	$ 32.40
Total Return^C,D	(1.12)%	28.90%	7.29%	14.20%	16.89%
Ratios to Average Net Assets^A,E,F
Expenses before reductions	.29%	.29%	.29%	.29%	.30%
Expenses net of fee waivers, if any	.29%	.29%	.29%	.29%	.30%
Expenses net of all reductions	.29%	.29%	.29%	.29%	.30%
Net investment income (loss)	1.27%	1.31%	1.69%	1.83%	1.73%
Supplemental Data
Net assets, end of period (000 omitted)	$444,863	$511,897	$350,708	$245,502	$66,420
Portfolio turnover rate^G,H	28%	46%	31%	36%	31%

^A	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.
^B	Calculated based on average shares outstanding during the period.
^C	Based on net asset value.
^D	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^E	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.
^F	Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
^G	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^H	Portfolio turnover rate excludes securities received or delivered in-kind.

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

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Financial Statements – continued

^{Financial
Highlights}

	Fidelity Momentum Factor ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018
Selected Per-Share Data
Net asset value, beginning of period	$ 49.77	$ 39.26	$ 35.80	$ 33.58	$ 28.60
Income from Investment Operations
Net investment income (loss)^A,B	0.43	0.25	0.42	0.40	0.36
Net realized and unrealized gain (loss)	(4.01)	10.54	3.47	2.22	4.97
Total from investment operations	(3.58)	10.79	3.89	2.62	5.33
Distributions from net investment income	(0.41)	(0.28)	(0.43)	(0.40)	(0.35)
Total distributions	(0.41)	(0.28)	(0.43)	(0.40)	(0.35)
Net asset value, end of period	$ 45.78	$ 49.77	$ 39.26	$ 35.80	$ 33.58
Total Return^C,D	(7.20)%	27.58%	11.06%	7.91%	18.72%
Ratios to Average Net Assets^A,E,F
Expenses before reductions	.29%	.29%	.29%	.29%	.30%
Expenses net of fee waivers, if any	.29%	.29%	.29%	.29%	.30%
Expenses net of all reductions	.29%	.29%	.29%	.29%	.30%
Net investment income (loss)	.88%	.55%	1.18%	1.18%	1.14%
Supplemental Data
Net assets, end of period (000 omitted)	$116,748	$156,764	$88,329	$121,736	$95,702
Portfolio turnover rate^G,H	123%	128%	138%	133%	125%

^A	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.
^B	Calculated based on average shares outstanding during the period.
^C	Based on net asset value.
^D	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^E	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.
^F	Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
^G	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^H	Portfolio turnover rate excludes securities received or delivered in-kind.

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

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^{Financial
Highlights}

	Fidelity Quality Factor ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018
Selected Per-Share Data
Net asset value, beginning of period	$ 51.19	$ 38.19	$ 35.28	$ 33.47	$ 29.11
Income from Investment Operations
Net investment income (loss)^A,B	0.67	0.62	0.62	0.58	0.53
Net realized and unrealized gain (loss)	(3.10)	13.00	2.90	1.77	4.38
Total from investment operations	(2.43)	13.62	3.52	2.35	4.91
Distributions from net investment income	(0.70)	(0.62)	(0.61)	(0.54)	(0.55)
Total distributions	(0.70)	(0.62)	(0.61)	(0.54)	(0.55)
Net asset value, end of period	$ 48.06	$ 51.19	$ 38.19	$ 35.28	$ 33.47
Total Return^C,D	(4.79)%	36.00%	10.26%	7.14%	16.95%
Ratios to Average Net Assets^A,E,F
Expenses before reductions	.29%	.29%	.29%	.29%	.30%
Expenses net of fee waivers, if any	.29%	.29%	.29%	.29%	.30%
Expenses net of all reductions	.29%	.29%	.29%	.29%	.30%
Net investment income (loss)	1.33%	1.39%	1.74%	1.72%	1.66%
Supplemental Data
Net assets, end of period (000 omitted)	$266,714	$245,721	$147,022	$162,282	$65,259
Portfolio turnover rate^G,H	38%	35%	41%	29%	30%

^A	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.
^B	Calculated based on average shares outstanding during the period.
^C	Based on net asset value.
^D	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^E	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.
^F	Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
^G	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^H	Portfolio turnover rate excludes securities received or delivered in-kind.

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

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Financial Statements – continued

^{Financial
Highlights}

	Fidelity Small-Mid Multifactor ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019^A
Selected Per-Share Data
Net asset value, beginning of period	$ 33.97	$ 23.90	$ 25.50	$24.85
Income from Investment Operations
Net investment income (loss)^B,C	0.45	0.38	0.31	0.18
Net realized and unrealized gain (loss)	(1.26)	10.11	(1.58)	0.64
Total from investment operations	(0.81)	10.49	(1.27)	0.82
Distributions from net investment income	(0.46)	(0.42)	(0.33)	(0.17)
Total distributions	(0.46)	(0.42)	(0.33)	(0.17)
Net asset value, end of period	$ 32.70	$ 33.97	$ 23.90	$25.50
Total Return^D,E,F	(2.35)%	44.21%	(4.90)%	3.35%
Ratios to Average Net Assets^B,G,H
Expenses before reductions	.29%	.29%	.29%	.29% ^I
Expenses net of fee waivers, if any	.29%	.29%	.29%	.29% ^I
Expenses net of all reductions	.29%	.29%	.29%	.29% ^I
Net investment income (loss)	1.35%	1.23%	1.32%	1.70% ^I
Supplemental Data
Net assets, end of period (000 omitted)	$71,949	$67,939	$19,117	$7,650
Portfolio turnover rate^J,K	60%	61%	52%	2% ^L

^A	For the period February 26, 2019 (commencement of operations) to July 31, 2019.
^B	Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
^C	Calculated based on average shares outstanding during the period.
^D	Based on net asset value.
^E	Total returns for periods of less than one year are not annualized.
^F	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^G	Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
^H	Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
^I	Annualized.
^J	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^K	Portfolio turnover rate excludes securities received or delivered in-kind.
^L	Amount not annualized.

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

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^{Financial
Highlights}

	Fidelity Stocks for Inflation 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	$ 30.72	$ 24.07	$24.94
Income from Investment Operations
Net investment income (loss)^B,C	0.54	0.39	0.38
Net realized and unrealized gain (loss)	1.00 ^D	7.08	(0.90)
Total from investment operations	1.54	7.47	(0.52)
Distributions from net investment income	(0.51)	(0.82)	(0.35)
Total distributions	(0.51)	(0.82)	(0.35)
Net asset value, end of period	$ 31.75	$ 30.72	$24.07
Total Return^E,F,G	5.03%	31.78%	(1.88)%
Ratios to Average Net Assets^B,H,I
Expenses before reductions	.29%	.29%	.29% ^J,K
Expenses net of fee waivers, if any	.29%	.29%	.29% ^J,K
Expenses net of all reductions	.29%	.29%	.29% ^J,K
Net investment income (loss)	1.68%	1.34%	2.16% ^J,K
Supplemental Data
Net assets, end of period (000 omitted)	$260,379	$46,083	$3,610
Portfolio turnover rate^L,M	76%	52%	65% ^N

^A	For the period November 5, 2019 (commencement of operations) to July 31, 2020.
^B	Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
^C	Calculated based on average shares outstanding during the period.
^D	The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of share transactions in relation to fluctuating market values of the investments of a Fund.
^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	Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
^J	Annualized.
^K	Proxy expenses are not annualized.
^L	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^M	Portfolio turnover rate excludes securities received or delivered in-kind.
^N	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 U.S. Multifactor ETF
	Year ended July 31, 2022	Year ended July 31, 2021^A
Selected Per-Share Data
Net asset value, beginning of period	$ 25.54	$ 20.09
Income from Investment Operations
Net investment income (loss)^B,C	0.41	0.31 ^D
Net realized and unrealized gain (loss)	(1.09)	5.62
Total from investment operations	(0.68)	5.93
Distributions from net investment income	(0.40)	(0.48)
Total distributions	(0.40)	(0.48)
Net asset value, end of period	$ 24.46	$ 25.54
Total Return^E,F,G	(2.64)%	29.94%
Ratios to Average Net Assets^B,H,I
Expenses before reductions	.29%	.29% ^J
Expenses net of fee waivers, if any	.29%	.29% ^J
Expenses net of all reductions	.29%	.29% ^J
Net investment income (loss)	1.63%	1.56% ^D,J
Supplemental Data
Net assets, end of period (000 omitted)	$14,676	$11,491
Portfolio turnover rate^K,L	46%	30% ^M

^A	For the period September 15, 2020 (commencement of operations) to July 31, 2021.
^B	Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
^C	Calculated based on average shares outstanding during the period.
^D	Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.33%.
^E	Based on net asset value.
^F	Total returns for periods of less than one year are not annualized.
^G	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^H	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	Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
^J	Annualized.
^K	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^L	Portfolio turnover rate excludes securities received or delivered in-kind.
^M	Amount not annualized.

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

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^{Financial
Highlights}

	Fidelity Value Factor ETF
	Year ended July 31, 2022	Year ended July 31, 2021	Year ended July 31, 2020	Year ended July 31, 2019	Year ended July 31, 2018
Selected Per-Share Data
Net asset value, beginning of period	$ 48.94	$ 34.85	$ 34.53	$ 33.90	$ 29.72
Income from Investment Operations
Net investment income (loss)^A,B	0.79	0.64	0.73	0.70	0.58
Net realized and unrealized gain (loss)	(2.65)	14.07	0.28	0.59	4.18
Total from investment operations	(1.86)	14.71	1.01	1.29	4.76
Distributions from net investment income	(0.81)	(0.62)	(0.69)	(0.66)	(0.58)
Total distributions	(0.81)	(0.62)	(0.69)	(0.66)	(0.58)
Net asset value, end of period	$ 46.27	$ 48.94	$ 34.85	$ 34.53	$ 33.90
Total Return^C,D	(3.86)%	42.56%	3.12%	3.95%	16.11%
Ratios to Average Net Assets^A,E,F
Expenses before reductions	.29%	.29%	.29%	.29%	.30%
Expenses net of fee waivers, if any	.29%	.29%	.29%	.29%	.30%
Expenses net of all reductions	.29%	.29%	.29%	.29%	.30%
Net investment income (loss)	1.61%	1.50%	2.13%	2.09%	1.79%
Supplemental Data
Net assets, end of period (000 omitted)	$499,673	$450,269	$189,916	$136,403	$86,450
Portfolio turnover rate^G,H	46%	42%	45%	31%	38%

^A	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.
^B	Calculated based on average shares outstanding during the period.
^C	Based on net asset value.
^D	Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
^E	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.
^F	Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
^G	Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
^H	Portfolio turnover rate excludes securities received or delivered in-kind.

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

2. Investments in Fidelity Central Funds.

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

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

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

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

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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.

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

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

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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

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3. Significant Accounting Policies – continued

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

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

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

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

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

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation)
Fidelity Dividend ETF for Rising Rates	$ 589,043,295	$ 77,187,822	$ (37,240,809)	$ 39,947,013
Fidelity High Dividend ETF	1,245,302,434	124,020,134	(76,507,164)	47,512,970
Fidelity Low Volatility Factor ETF	434,480,629	38,872,207	(27,132,151)	11,740,056
Fidelity Momentum Factor ETF	110,904,010	11,319,248	(4,570,849)	6,748,399
Fidelity Quality Factor ETF	267,874,052	17,946,634	(15,896,018)	2,050,616
Fidelity Small-Mid Multifactor ETF	74,895,844	4,035,078	(5,979,683)	(1,944,605)
Fidelity Stocks for Inflation ETF	274,427,708	4,365,544	(18,616,875)	(14,251,331)
Fidelity U.S. Multifactor ETF	14,566,909	972,434	(884,855)	87,579
Fidelity Value Factor ETF	505,672,354	34,211,619	(39,850,447)	(5,638,828)

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 Dividend ETF for Rising Rates	$ 220,380	$ —	$ (37,105,723)	$ 39,918,913
Fidelity High Dividend ETF	—	—	(48,478,976)	47,503,603
Fidelity Low Volatility Factor ETF	226,741	—	(32,840,340)	11,739,987
Fidelity Momentum Factor ETF	47,596	—	(26,468,636)	6,748,399
Fidelity Quality Factor ETF	13,689	—	(18,282,717)	2,050,615
Fidelity Small-Mid Multifactor ETF	—	—	(5,654,648)	(1,944,603)
Fidelity Stocks for Inflation ETF	128,534	—	(6,778,047)	(14,251,331)
Fidelity U.S. Multifactor ETF	1,930	—	(390,238)	87,579
Fidelity Value Factor ETF	150,701	—	(36,913,111)	(5,638,829)

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 Dividend ETF for Rising Rates	$ (17,164,602)	$ (19,941,121)	$ (37,105,723)
Fidelity High Dividend ETF	(22,272,452)	(26,206,524)	(48,478,976)
Fidelity Low Volatility Factor ETF	(23,273,269)	(9,567,071)	(32,840,340)
Fidelity Momentum Factor ETF	(26,468,636)	—	(26,468,636)
Fidelity Quality Factor ETF	(13,340,917)	(4,941,800)	(18,282,717)
Fidelity Small-Mid Multifactor ETF	(5,086,857)	(567,791)	(5,654,648)
Fidelity Stocks for Inflation ETF	(6,778,047)	—	(6,778,047)
Fidelity U.S. Multifactor ETF	(371,399)	(18,839)	(390,238)
Fidelity Value Factor ETF	(23,339,017)	(13,574,094)	(36,913,111)

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3. Significant Accounting Policies – continued

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

	Ordinary Losses
Fidelity High Dividend ETF	$ (246,968)
Fidelity Small-Mid Multifactor ETF	(75)

The tax character of distributions paid was as follows:

July 31, 2022
	Ordinary Income	Long-Term Capital Gain	Tax Return Of Capital	Total
Fidelity Dividend ETF for Rising Rates	$ 14,425,400	$ —	$ —	$ 14,425,400
Fidelity High Dividend ETF	36,931,550	—	—	36,931,550
Fidelity Low Volatility Factor ETF	5,937,600	—	—	5,937,600
Fidelity Momentum Factor ETF	999,550	—	—	999,550
Fidelity Quality Factor ETF	3,437,350	—	—	3,437,350
Fidelity Small-Mid Multifactor ETF	905,700	—	—	905,700
Fidelity Stocks for Inflation ETF	2,544,600	—	—	2,544,600
Fidelity U.S. Multifactor ETF	235,000	—	—	235,000
Fidelity Value Factor ETF	7,920,650	—	—	7,920,650

July 31, 2021
Fidelity Dividend ETF for Rising Rates	$ 8,481,250	$ —	$ —	$ 8,481,250
Fidelity High Dividend ETF	21,671,400	—	—	21,671,400
Fidelity Low Volatility Factor ETF	5,363,100	—	—	5,363,100
Fidelity Momentum Factor ETF	712,000	—	—	712,000
Fidelity Quality Factor ETF	2,471,800	—	—	2,471,800
Fidelity Small-Mid Multifactor ETF	586,000	—	—	586,000
Fidelity Stocks for Inflation ETF	220,000	—	—	220,000
Fidelity U.S. Multifactor ETF^A	135,400	—	—	135,400
Fidelity Value Factor ETF	4,318,450	—	—	4,318,450

^A	For the period September 15, 2020 (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.

4. 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.

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4. Derivative Instruments – continued

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.

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.

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Dividend ETF for Rising Rates	164,729,644	158,060,172
Fidelity High Dividend ETF	451,490,895	427,228,614
Fidelity Low Volatility Factor ETF	132,476,398	132,665,616
Fidelity Momentum Factor ETF	147,333,792	147,255,191
Fidelity Quality Factor ETF	94,646,775	94,358,214
Fidelity Small-Mid Multifactor ETF	40,252,981	39,745,169
Fidelity Stocks for Inflation ETF	122,445,405	120,412,359
Fidelity U.S. Multifactor ETF	6,683,918	6,611,687
Fidelity Value Factor ETF	221,202,910	219,106,747

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

	In-Kind Subscriptions ($)	In-Kind Redemptions ($)
Fidelity Dividend ETF for Rising Rates	284,875,887	137,581,750
Fidelity High Dividend ETF	734,783,660	517,515,411
Fidelity Low Volatility Factor ETF	284,231,727	342,548,918
Fidelity Momentum Factor ETF	85,652,521	116,416,200
Fidelity Quality Factor ETF	182,554,595	143,034,657
Fidelity Small-Mid Multifactor ETF	67,211,300	59,192,455
Fidelity Stocks for Inflation ETF	325,375,791	100,765,677
Fidelity U.S. Multifactor ETF	8,994,580	5,101,328
Fidelity Value Factor ETF	403,931,932	321,748,364

6. Fees and Other Transactions with Affiliates.

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

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

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6. Fees and Other Transactions with Affiliates – continued

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC) each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At period end, Fidelity Dividend ETF for Rising Rates and Fidelity High Dividend ETF had no interfund loans outstanding. Any open loans at period end are presented under the caption "Interfund Loans" in the Schedule of Investments with accrued interest included in Other affiliated receivables on the Statement of Assets and Liabilities. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable to affiliates" in their Statements of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Dividend ETF for Rising Rates	Borrower	$ 9,929,200	0.32 %	$ 434
Fidelity High Dividend ETF	Borrower	15,227,200	0.32	666

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. During the period, there were no interfund trades.

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

	Amount
Fidelity Momentum Factor ETF	$ 8,246

7. Security Lending.

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

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Dividend ETF for Rising Rates	$ 8,684	$ 702	$ —
Fidelity High Dividend ETF	6,821	514	—
Fidelity Low Volatility Factor ETF	178	—	—
Fidelity Momentum Factor ETF	1,043	—	—
Fidelity Quality Factor ETF	2,875	1,664	—
Fidelity Small-Mid Multifactor ETF	450	843	—
Fidelity Value Factor ETF	1,986	—	—

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8. Expense Reductions.

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

	Amount
Fidelity Dividend ETF for Rising Rates	$ 7
Fidelity High Dividend ETF	3
Fidelity Low Volatility Factor ETF	14
Fidelity Momentum Factor ETF	17
Fidelity Quality Factor ETF	21
Fidelity Small-Mid Multifactor ETF	16
Fidelity Stocks for Inflation ETF	13
Fidelity U.S. Multifactor ETF	9
Fidelity Value Factor ETF	16

9. Share Transactions.

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

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

10. Other.

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

11. Coronavirus (COVID-19) Pandemic.

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

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Covington Trust and Shareholders of each of the eight funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (eight 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 periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (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 periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Statements of changes in net assets
Fidelity Dividend ETF for Rising Rates	For the years ended July 31, 2022 and 2021
Fidelity High Dividend ETF	For the years ended July 31, 2022 and 2021
Fidelity Low Volatility Factor ETF	For the years ended July 31, 2022 and 2021
Fidelity Momentum Factor ETF	For the years ended July 31, 2022 and 2021
Fidelity Quality Factor ETF	For the years ended July 31, 2022 and 2021
Fidelity Small-Mid Multifactor ETF	For the years ended July 31, 2022 and 2021
Fidelity U.S. Multifactor ETF	For the year ended July 31, 2022 and for the period September 15, 2020 (commencement of operations) through July 31, 2021
Fidelity Value Factor ETF	For the years ended July 31, 2022 and 2021

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 15, 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 Stocks for Inflation ETF:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Stocks for Inflation ETF (the "Fund"), a fund of Fidelity Covington Trust, including the schedule of investments, as of July 31, 2022, the related statement of operations for the year ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and for the period from November 5, 2019 (commencement of operations) through July 31, 2020, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2022, and the results of its operations for the year ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from November 5, 2019 (commencement of operations) through July 31, 2020 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 Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund’s 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 15, 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 trusts 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 trusts 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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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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Trustees and Officers (Unaudited) – continued

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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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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Trustees and Officers (Unaudited) – continued

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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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 Dividend ETF For Rising Rates	0.29%
Actual		$ 1,000.00	$ 1,000.00	$ 1.44
Hypothetical ^C		$ 1,000.00	$ 1,023.36	$ 1.45
Fidelity High Dividend ETF	0.29%
Actual		$ 1,000.00	$ 1,000.00	$ 1.44
Hypothetical ^C		$ 1,000.00	$ 1,023.36	$ 1.45
Fidelity Low Volatility Factor ETF	0.29%
Actual		$ 1,000.00	$ 1,000.00	$ 1.44
Hypothetical ^C		$ 1,000.00	$ 1,023.36	$ 1.45
Fidelity Momentum Factor ETF	0.29%
Actual		$ 1,000.00	$ 1,000.00	$ 1.44
Hypothetical ^C		$ 1,000.00	$ 1,023.36	$ 1.45
Fidelity Quality Factor ETF	0.29%
Actual		$ 1,000.00	$ 1,000.00	$ 1.44
Hypothetical ^C		$ 1,000.00	$ 1,023.36	$ 1.45
Fidelity Small-Mid Multifactor ETF	0.29%
Actual		$ 1,000.00	$ 1,000.00	$ 1.44
Hypothetical ^C		$ 1,000.00	$ 1,023.36	$ 1.45
Fidelity Stocks for Inflation ETF	0.29%
Actual		$ 1,000.00	$ 1,000.00	$ 1.44
Hypothetical ^C		$ 1,000.00	$ 1,023.36	$ 1.45

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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.

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 Dividend ETF for Rising Rates	88%	88%	92%	92%
Fidelity High Dividend ETF	76%	76%	76%	76%
Fidelity Low Volatility Factor ETF	100%	100%	100%	100%
Fidelity Momentum Factor ETF	100%	100%	100%	100%
Fidelity Quality Factor ETF	100%	100%	100%	100%
Fidelity Small-Mid Multifactor ETF	100%	100%	100%	100%
Fidelity Stocks for Inflation ETF	98%	98%	100%	100%
Fidelity U.S. Multifactor ETF	98%	98%	100%	100%
Fidelity Value Factor 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 Dividend ETF for Rising Rates	100%	100%	100%	100%
Fidelity High Dividend ETF	96%	96%	100%	100%
Fidelity Low Volatility Factor ETF	100%	100%	100%	100%
Fidelity Momentum Factor ETF	100%	100%	100%	100%
Fidelity Quality Factor ETF	100%	100%	100%	100%
Fidelity Small-Mid Multifactor ETF	100%	100%	100%	100%
Fidelity Stocks for Inflation ETF	100%	100%	100%	100%
Fidelity U.S. Multifactor ETF	100%	100%	100%	100%
Fidelity Value Factor 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 High Dividend ETF	6%	6%	4%	4%

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 Factor-Based 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 agreement (Sub-Advisory Agreement) for each fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode 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 and Geode from their respective 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 staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, 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 and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide 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 and Geode 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.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity’s role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the funds and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement each fund’s investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

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 and Geode’s investment staffs, including their size, education, experience, and resources, as well as Fidelity’s and Geode’s approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity’s and Geode’s investment professionals have extensive resources, tools and capabilities 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. Additionally, in its deliberations, the Board considered Fidelity’s and Geode’s trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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Board Approval of Investment Advisory Contracts and Management Fees – continued

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 by FMR’s affiliates 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 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. 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 the securities market index the fund seeks to track. The Board also periodically considers each fund’s tracking error versus its benchmark index. 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 an index fund’s performance should be evaluated based on net performance (after fees and expenses) of the fund compared to a fund’s benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund’s benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; 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 cumulative total return information for each fund and its benchmark index for the most recent one-, three- and five-year periods (for Fidelity Small-Mid Multifactor ETF, Fidelity Stocks for Inflation ETF and Fidelity U.S. Multifactor ETF, the most recent one-year period) ended September 30, 2021, as shown below. Peer groups are not shown below because the funds do not generally utilize a peer group for performance comparison purposes.

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Fidelity Value Factor ETF

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 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) 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 Value Factor 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 12-month period ended September 30, 2021.

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 the 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.

With respect to each fund except Fidelity Low Volatility Factor 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.

With respect to Fidelity Low Volatility Factor 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 12-month 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.

Fees Charged to Other Clients. The Board also considered fee structures applicable to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, 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.

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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 and Geode’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 and Geode’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.

The Board also considered information regarding the profitability of Geode’s relationship with each fund.

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 methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds’ sub-advisory arrangements.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable and that each fund’s Advisory Contracts should be renewed.

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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.

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	% 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

	% 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

	% 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

	% 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

	% 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

	% 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

	% 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

	% 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

	% 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

	% 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

	% 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

^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.