Fidelity® Corporate Bond ETF
Fidelity® Investment Grade Bond ETF
Fidelity® Investment Grade Securitized ETF
Fidelity® Limited Term Bond ETF
Fidelity® Low Duration Bond Factor ETF
Fidelity® Tactical Bond ETF
Fidelity® Total Bond ETF
 
 
Annual Report
August 31, 2023

Contents

Fidelity® Corporate Bond ETF

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Investment Grade Bond ETF

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Investment Grade Securitized ETF

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Limited Term Bond ETF

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Low Duration Bond Factor ETF

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Tactical Bond ETF

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Total Bond ETF

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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Fidelity® Corporate Bond ETF
Performance: The Bottom Line
NAV and closing market price average annual returns reflect the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) at NAV and Market Price, respectively, and assumes a constant rate of performance each year. The hypothetical investment and 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.
Average Annual Total Returns
 
 
 
 
Periods ended August 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund
Fidelity® Corporate Bond ETF - NAV A
1.19%
1.60%
1.99%
Fidelity® Corporate Bond ETF - Market Price B
1.78%
1.64%
1.94%
Bloomberg U.S. Credit Bond Index A
0.85%
1.32%
1.86%
 
A   From October 6, 2014
 
B  From October 9, 2014, date initially listed on the NYSE ARCA exchange.
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Corporate Bond ETF - NAV, on October 6, 2014, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Credit Bond Index performed over the same period.
 
Fidelity® Corporate Bond ETF
Management's Discussion of Fund Performance
Market Recap:
U.S. taxable investment-grade bonds returned -1.19% for the 12 months ending August 31, 2023, according to the Bloomberg U.S. Aggregate Bond Index. The first months of the period saw a continuation of the historic bond market downturn that began in early 2022, when the U.S. Federal Reserve began an aggressive series of interest rate hikes to combat persistent inflation. The actions helped push nominal and real U.S. bond yields to their highest levels in more than a decade. Bond prices, which move inversely to yields, fell sharply through October, and credit spreads widened, as investors demanded more yield for buying credit-sensitive assets. In November, the bond market staged a broad rally (+3.68%) when comments by Fed Chair Jerome Powell pointed to a slowdown in the size of future rate hikes. With the market anticipating the end of the hiking cycle by midyear, the index advanced 3.59% in the first four months of 2023, only to fall back in each of the four next months, as cooling but still-high inflation and a strong labor market suggested the Fed may need to keep raising rates for longer than anticipated. To date, the central bank has raised its benchmark rate 11 times, by a total of 5.25 percentage points. For the full 12 months, short-term bonds outperformed long-term issues, while lower-quality bonds bettered higher-quality debt, and risk assets like corporate bonds and asset-backed securities outpaced U.S. Treasuries. Meanwhile, U.S. mortgage-backed securities lagged in the rising-rate environment.
Comments from Co-Portfolio Managers Matthew Bartlett, Jay Small and Ben Tarlow:
For the fiscal year, the exchange-traded fund's (ETF) net asset value gained 1.19% and its market price gained 1.78%, outpacing the 0.85% result of the benchmark, the Bloomberg U.S. Credit Bond Index. For the 12 months, security selection contributed to the ETF's performance versus the benchmark, whereas sector positioning detracted. This period, we found attractive opportunities among bonds rated BBB that offered a yield advantage over the broader investment-grade corporate market. We maintained a substantial allocation to U.S. Treasuries and cash for risk-management and liquidity purposes. This helped relative performance, while also giving us the flexibility to add risk if the market presented favorable opportunities. By sector, bond picks within industrials helped relative performance most, led by our choices among consumer-focused companies. Selection among financials issuers also contributed, fueled by a recovery in the fund's banking holdings. On the downside, positioning among real estate investment trusts modestly dampened the fund's relative result this period. Outside of corporate credit, our allocation to Treasuries and cash meaningfully detracted. However, this negative was somewhat offset by underweighting other government-related categories, as these bonds lagged credit in an improving market.
 
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. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims 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.
 
 
Fidelity® Corporate Bond ETF
Investment Summary August 31, 2023 (Unaudited)
Quality Diversification (% of Fund's net assets)
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Corporate Bond ETF
Schedule of Investments August 31, 2023
Showing Percentage of Net Assets     
Nonconvertible Bonds - 85.7%
 
 
Principal
Amount (a)
 
Value ($)
 
COMMUNICATION SERVICES - 6.0%
 
 
 
Diversified Telecommunication Services - 1.4%
 
 
 
AT&T, Inc.:
 
 
 
 3.55% 9/15/55
 
322,000
210,159
 3.65% 9/15/59
 
535,000
346,236
 4.3% 2/15/30
 
412,000
384,134
 4.5% 5/15/35
 
293,000
260,391
Verizon Communications, Inc.:
 
 
 
 2.55% 3/21/31
 
312,000
256,834
 3.7% 3/22/61
 
705,000
480,304
 4.4% 11/1/34
 
412,000
373,284
 
 
 
2,311,342
Entertainment - 0.1%
 
 
 
The Walt Disney Co. 4.75% 11/15/46
 
204,000
185,657
Media - 3.1%
 
 
 
CCO Holdings LLC/CCO Holdings Capital Corp. 4.5% 8/15/30 (b)
 
443,000
372,650
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:
 
 
 
 3.7% 4/1/51
 
228,000
141,685
 3.85% 4/1/61
 
620,000
370,403
 4.2% 3/15/28
 
778,000
724,639
 5.375% 5/1/47
 
338,000
270,087
Comcast Corp. 2.937% 11/1/56
 
335,000
208,463
Discovery Communications LLC 4.125% 5/15/29
 
295,000
270,807
Fox Corp.:
 
 
 
 3.5% 4/8/30
 
218,000
194,997
 5.476% 1/25/39
 
78,000
70,789
Magallanes, Inc.:
 
 
 
 3.755% 3/15/27
 
252,000
236,355
 4.054% 3/15/29
 
129,000
118,628
 4.279% 3/15/32
 
557,000
491,519
 5.05% 3/15/42
 
171,000
140,567
 5.141% 3/15/52
 
426,000
339,569
 5.391% 3/15/62
 
385,000
305,563
Time Warner Cable LLC:
 
 
 
 4.5% 9/15/42
 
273,000
199,476
 5.875% 11/15/40
 
354,000
308,011
 7.3% 7/1/38
 
538,000
545,020
 
 
 
5,309,228
Wireless Telecommunication Services - 1.4%
 
 
 
Rogers Communications, Inc.:
 
 
 
 3.8% 3/15/32
 
629,000
537,967
 4.3% 2/15/48
 
100,000
74,958
 4.55% 3/15/52
 
314,000
243,304
T-Mobile U.S.A., Inc.:
 
 
 
 2.4% 3/15/29
 
242,000
208,027
 2.7% 3/15/32
 
960,000
781,716
 3.75% 4/15/27
 
412,000
390,491
Vodafone Group PLC 3.25% 6/4/81 (c)
 
250,000
220,901
 
 
 
2,457,364
TOTAL COMMUNICATION SERVICES
 
 
10,263,591
CONSUMER DISCRETIONARY - 3.6%
 
 
 
Automobiles - 1.7%
 
 
 
Ford Motor Co. 3.25% 2/12/32
 
850,000
663,464
General Motors Co.:
 
 
 
 5.4% 4/1/48
 
500,000
415,903
 5.95% 4/1/49
 
416,000
373,043
General Motors Financial Co., Inc. 3.1% 1/12/32
 
400,000
320,497
Volkswagen Group of America Finance LLC:
 
 
 
 1.625% 11/24/27 (b)
 
390,000
336,067
 4.75% 11/13/28 (b)
 
790,000
763,720
 
 
 
2,872,694
Distributors - 0.2%
 
 
 
Genuine Parts Co. 2.75% 2/1/32
 
450,000
366,794
Specialty Retail - 1.5%
 
 
 
Advance Auto Parts, Inc. 1.75% 10/1/27
 
338,000
285,149
AutoNation, Inc.:
 
 
 
 3.85% 3/1/32
 
890,000
753,479
 4.75% 6/1/30
 
19,000
17,696
Lowe's Companies, Inc.:
 
 
 
 3.65% 4/5/29
 
291,000
270,279
 5.15% 7/1/33
 
600,000
592,749
 5.625% 4/15/53
 
250,000
242,795
O'Reilly Automotive, Inc. 4.35% 6/1/28
 
416,000
403,674
 
 
 
2,565,821
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
Tapestry, Inc. 3.05% 3/15/32
 
434,000
333,860
TOTAL CONSUMER DISCRETIONARY
 
 
6,139,169
CONSUMER STAPLES - 6.5%
 
 
 
Beverages - 1.4%
 
 
 
Anheuser-Busch Companies LLC / Anheuser-Busch InBev Worldwide, Inc.:
 
 
 
 4.7% 2/1/36
 
198,000
189,508
 4.9% 2/1/46
 
368,000
342,332
Anheuser-Busch InBev Finance, Inc. 4.7% 2/1/36
 
784,000
750,374
Anheuser-Busch InBev Worldwide, Inc. 4.5% 6/1/50
 
466,000
415,843
Constellation Brands, Inc. 2.875% 5/1/30
 
363,000
313,240
Molson Coors Beverage Co. 3% 7/15/26
 
321,000
300,776
 
 
 
2,312,073
Consumer Staples Distribution & Retail - 0.1%
 
 
 
Alimentation Couche-Tard, Inc. 2.95% 1/25/30 (b)
 
269,000
228,806
Food Products - 2.0%
 
 
 
JBS U.S.A. Lux SA / JBS Food Co.:
 
 
 
 2.5% 1/15/27
 
1,000,000
898,895
 3% 5/15/32
 
435,000
343,517
 4.375% 2/2/52
 
405,000
287,086
 5.5% 1/15/30
 
530,000
513,170
 5.75% 4/1/33
 
340,000
323,590
McCormick & Co., Inc. 1.85% 2/15/31
 
261,000
205,431
Smithfield Foods, Inc. 3% 10/15/30 (b)
 
135,000
106,076
Viterra Finance BV 4.9% 4/21/27 (b)
 
780,000
754,672
 
 
 
3,432,437
Tobacco - 3.0%
 
 
 
Altria Group, Inc.:
 
 
 
 2.45% 2/4/32
 
440,000
343,419
 4.25% 8/9/42
 
235,000
178,016
 4.8% 2/14/29
 
253,000
245,139
BAT Capital Corp.:
 
 
 
 2.726% 3/25/31
 
740,000
585,907
 3.557% 8/15/27
 
192,000
178,114
 3.984% 9/25/50
 
440,000
290,960
Imperial Tobacco Finance PLC:
 
 
 
 3.5% 7/26/26 (b)
 
670,000
629,429
 4.25% 7/21/25 (b)
 
250,000
241,763
Philip Morris International, Inc.:
 
 
 
 5.625% 11/17/29
 
760,000
768,432
 5.75% 11/17/32
 
1,041,000
1,055,810
Reynolds American, Inc. 4.45% 6/12/25
 
600,000
586,995
 
 
 
5,103,984
TOTAL CONSUMER STAPLES
 
 
11,077,300
ENERGY - 7.5%
 
 
 
Oil, Gas & Consumable Fuels - 7.5%
 
 
 
Canadian Natural Resources Ltd.:
 
 
 
 4.95% 6/1/47
 
134,000
116,339
 6.25% 3/15/38
 
450,000
453,519
Cenovus Energy, Inc.:
 
 
 
 2.65% 1/15/32
 
99,000
79,690
 3.75% 2/15/52
 
350,000
245,632
 5.4% 6/15/47
 
288,000
258,883
 6.75% 11/15/39
 
112,000
116,127
Cheniere Corpus Christi Holdings LLC 5.875% 3/31/25
 
565,000
563,079
Columbia Pipelines Operating Co. LLC:
 
 
 
 5.927% 8/15/30 (b)
 
24,000
24,210
 6.036% 11/15/33 (b)
 
64,000
64,656
 6.497% 8/15/43 (b)
 
19,000
19,258
 6.544% 11/15/53 (b)
 
34,000
34,755
DCP Midstream Operating LP 5.125% 5/15/29
 
515,000
502,176
Eastern Gas Transmission & Storage, Inc. 3.9% 11/15/49
 
356,000
248,597
Enbridge, Inc. 4.25% 12/1/26
 
214,000
206,580
Energy Transfer LP:
 
 
 
 4% 10/1/27
 
632,000
593,841
 5% 5/15/50
 
450,000
370,411
 5.4% 10/1/47
 
316,000
272,186
 5.8% 6/15/38
 
123,000
116,592
 6% 6/15/48
 
257,000
237,567
Enterprise Products Operating LP 4.9% 5/15/46
 
183,000
162,583
Equinor ASA 2.375% 5/22/30
 
422,000
362,458
Hess Corp.:
 
 
 
 4.3% 4/1/27
 
354,000
340,549
 5.6% 2/15/41
 
410,000
385,480
 5.8% 4/1/47
 
240,000
229,046
 6% 1/15/40
 
405,000
397,499
MPLX LP:
 
 
 
 1.75% 3/1/26
 
351,000
319,684
 2.65% 8/15/30
 
722,000
599,213
 5.65% 3/1/53
 
240,000
217,457
Occidental Petroleum Corp.:
 
 
 
 2.9% 8/15/24
 
86,000
83,606
 3.45% 7/15/24
 
481,000
467,171
Ovintiv, Inc. 7.2% 11/1/31
 
270,000
284,805
Petroleos Mexicanos:
 
 
 
 5.35% 2/12/28
 
394,000
315,092
 6.49% 1/23/27
 
85,000
74,132
 6.5% 3/13/27
 
280,000
244,461
Plains All American Pipeline LP/PAA Finance Corp. 4.65% 10/15/25
 
456,000
444,711
Spectra Energy Partners LP 3.375% 10/15/26
 
338,000
318,225
Suncor Energy, Inc.:
 
 
 
 6.5% 6/15/38
 
255,000
260,996
 6.85% 6/1/39
 
166,000
173,248
The Williams Companies, Inc.:
 
 
 
 4.65% 8/15/32
 
743,000
697,702
 5.3% 8/15/52
 
57,000
51,322
 5.75% 6/24/44
 
360,000
340,667
Transcontinental Gas Pipe Line Co. LLC 3.25% 5/15/30
 
606,000
534,124
Western Gas Partners LP 4.05% 2/1/30
 
1,204,000
1,073,975
 
 
 
12,902,304
FINANCIALS - 31.9%
 
 
 
Banks - 16.7%
 
 
 
AIB Group PLC 4.263% 4/10/25 (b)(c)
 
250,000
246,287
Banco Santander SA 2.749% 12/3/30
 
720,000
557,948
Bank of America Corp.:
 
 
 
 2.676% 6/19/41 (c)
 
619,000
426,238
 2.884% 10/22/30 (c)
 
487,000
417,802
 3.194% 7/23/30 (c)
 
495,000
434,570
 3.705% 4/24/28 (c)
 
362,000
338,859
 4.45% 3/3/26
 
350,000
340,329
 4.571% 4/27/33 (c)
 
1,540,000
1,427,564
 5.015% 7/22/33 (c)
 
640,000
615,972
Bank of Ireland Group PLC 4.5% 11/25/23 (b)
 
600,000
596,616
Bank of Nova Scotia 4.5% 12/16/25
 
756,000
732,953
Barclays PLC:
 
 
 
 2.645% 6/24/31 (c)
 
550,000
438,856
 2.894% 11/24/32 (c)
 
920,000
718,522
 4.836% 5/9/28
 
415,000
384,555
 5.088% 6/20/30 (c)
 
200,000
183,242
BNP Paribas SA:
 
 
 
 1.904% 9/30/28 (b)(c)
 
670,000
574,866
 2.591% 1/20/28 (b)(c)
 
510,000
459,234
 2.824% 1/26/41 (b)
 
660,000
430,312
BPCE SA:
 
 
 
 2.277% 1/20/32 (b)(c)
 
590,000
455,949
 4.875% 4/1/26 (b)
 
350,000
337,607
Citigroup, Inc.:
 
 
 
 2.572% 6/3/31 (c)
 
296,000
244,449
 2.666% 1/29/31 (c)
 
307,000
257,291
 4.3% 11/20/26
 
431,000
414,082
 4.91% 5/24/33 (c)
 
295,000
280,419
 6.174% 5/25/34 (c)
 
271,000
270,054
Citizens Financial Group, Inc. 2.638% 9/30/32
 
427,000
311,439
Commonwealth Bank of Australia 3.784% 3/14/32 (b)
 
610,000
508,129
Credit Agricole SA 2.811% 1/11/41 (b)
 
488,000
317,515
Fifth Third Bancorp 8.25% 3/1/38
 
395,000
445,950
HSBC Holdings PLC:
 
 
 
 1.589% 5/24/27 (c)
 
790,000
701,920
 2.357% 8/18/31 (c)
 
570,000
451,408
 2.848% 6/4/31 (c)
 
400,000
329,891
 4.041% 3/13/28 (c)
 
300,000
281,755
 7.39% 11/3/28 (c)
 
300,000
315,187
Huntington Bancshares, Inc.:
 
 
 
 2.487% 8/15/36 (c)
 
1,188,000
871,065
 6.208% 8/21/29 (c)
 
500,000
503,282
Intesa Sanpaolo SpA 5.71% 1/15/26 (b)
 
200,000
191,861
JPMorgan Chase & Co.:
 
 
 
 2.522% 4/22/31 (c)
 
456,000
382,461
 2.956% 5/13/31 (c)
 
467,000
396,960
 4.912% 7/25/33 (c)
 
890,000
855,950
 4.95% 6/1/45
 
204,000
187,504
 5.717% 9/14/33 (c)
 
1,400,000
1,399,200
Lloyds Banking Group PLC:
 
 
 
 1.627% 5/11/27 (c)
 
600,000
535,195
 7.953% 11/15/33 (c)
 
350,000
374,896
PNC Financial Services Group, Inc. 5.582% 6/12/29 (c)
 
400,000
396,722
Rabobank Nederland 3.75% 7/21/26
 
700,000
656,958
Santander Holdings U.S.A., Inc. 2.49% 1/6/28 (c)
 
1,135,000
995,152
Societe Generale:
 
 
 
 1.488% 12/14/26 (b)(c)
 
325,000
291,227
 3% 1/22/30 (b)
 
555,000
463,502
 3.625% 3/1/41 (b)
 
750,000
484,106
 6.221% 6/15/33 (b)(c)
 
640,000
601,275
Standard Chartered PLC 3.785% 5/21/25 (b)(c)
 
500,000
490,639
Synchrony Bank 5.625% 8/23/27
 
250,000
236,471
U.S. Bancorp 5.775% 6/12/29 (c)
 
600,000
598,689
UniCredit SpA 1.982% 6/3/27 (b)(c)
 
625,000
555,181
Wells Fargo & Co.:
 
 
 
 4.478% 4/4/31 (c)
 
432,000
404,159
 4.65% 11/4/44
 
864,000
714,767
Westpac Banking Corp. 1 year U.S. Treasury Index + 2.680% 5.405% 8/10/33 (c)(d)
 
480,000
451,447
Zions Bancorp NA 3.25% 10/29/29
 
420,000
329,913
 
 
 
28,616,352
Capital Markets - 4.6%
 
 
 
Ares Capital Corp.:
 
 
 
 2.15% 7/15/26
 
335,000
294,400
 3.875% 1/15/26
 
772,000
722,096
 4.2% 6/10/24
 
406,000
398,883
 4.25% 3/1/25
 
378,000
363,620
Blackstone Holdings Finance Co. LLC 3.5% 9/10/49 (b)
 
268,000
174,969
Deutsche Bank AG 4.5% 4/1/25
 
320,000
308,314
Deutsche Bank AG New York Branch:
 
 
 
 2.129% 11/24/26 (c)
 
731,000
663,213
 3.035% 5/28/32 (c)
 
566,000
450,242
Goldman Sachs Group, Inc. 4.223% 5/1/29 (c)
 
336,000
316,564
Morgan Stanley:
 
 
 
 1.794% 2/13/32 (c)
 
434,000
333,748
 2.239% 7/21/32 (c)
 
910,000
715,834
 2.699% 1/22/31 (c)
 
286,000
240,719
 4.431% 1/23/30 (c)
 
410,000
389,358
UBS Group AG:
 
 
 
 3.091% 5/14/32 (b)(c)
 
725,000
597,462
 3.126% 8/13/30 (b)(c)
 
500,000
428,608
 3.869% 1/12/29 (b)(c)
 
250,000
229,828
 4.194% 4/1/31 (b)(c)
 
700,000
630,299
 4.55% 4/17/26
 
250,000
241,944
 9.016% 11/15/33 (b)(c)
 
300,000
363,267
 
 
 
7,863,368
Consumer Finance - 3.9%
 
 
 
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:
 
 
 
 1.65% 10/29/24
 
350,000
332,751
 2.45% 10/29/26
 
150,000
134,962
 3% 10/29/28
 
151,000
130,851
 3.3% 1/30/32
 
161,000
130,834
 3.4% 10/29/33
 
333,000
263,997
 3.85% 10/29/41
 
470,000
348,784
Ally Financial, Inc.:
 
 
 
 2.2% 11/2/28
 
254,000
204,901
 5.75% 11/20/25
 
141,000
136,766
 5.8% 5/1/25
 
309,000
304,364
 7.1% 11/15/27
 
1,030,000
1,043,507
Capital One Financial Corp.:
 
 
 
 2.359% 7/29/32 (c)
 
982,000
700,512
 5.247% 7/26/30 (c)
 
321,000
305,363
 5.468% 2/1/29 (c)
 
114,000
110,588
 5.817% 2/1/34 (c)
 
238,000
226,074
 6.312% 6/8/29 (c)
 
390,000
389,787
Discover Financial Services:
 
 
 
 4.5% 1/30/26
 
488,000
468,778
 6.7% 11/29/32
 
35,000
34,834
Ford Motor Credit Co. LLC:
 
 
 
 3.375% 11/13/25
 
615,000
573,355
 4.063% 11/1/24
 
350,000
339,112
 4.95% 5/28/27
 
500,000
469,176
 
 
 
6,649,296
Financial Services - 3.3%
 
 
 
Athene Global Funding:
 
 
 
 1.45% 1/8/26 (b)
 
290,000
258,513
 1.985% 8/19/28 (b)
 
380,000
314,468
 2.5% 3/24/28 (b)
 
340,000
291,256
Blackstone Private Credit Fund:
 
 
 
 4.7% 3/24/25
 
556,000
540,443
 7.05% 9/29/25
 
247,000
248,709
Brixmor Operating Partnership LP:
 
 
 
 2.25% 4/1/28
 
302,000
256,626
 4.05% 7/1/30
 
629,000
568,245
 4.125% 5/15/29
 
365,000
332,016
Corebridge Financial, Inc.:
 
 
 
 3.65% 4/5/27
 
95,000
89,366
 3.85% 4/5/29
 
183,000
167,473
 3.9% 4/5/32
 
241,000
210,728
 4.35% 4/5/42
 
25,000
19,778
 4.4% 4/5/52
 
95,000
73,480
Equitable Holdings, Inc.:
 
 
 
 4.35% 4/20/28
 
227,000
214,778
 5% 4/20/48
 
436,000
366,748
Jackson Financial, Inc.:
 
 
 
 3.125% 11/23/31
 
420,000
330,126
 4% 11/23/51
 
485,000
323,739
 5.17% 6/8/27
 
84,000
82,334
 5.67% 6/8/32
 
90,000
85,723
Rexford Industrial Realty LP 2.15% 9/1/31
 
394,000
304,162
Voya Financial, Inc.:
 
 
 
 4.7% 1/23/48 (c)
 
423,000
344,768
 4.8% 6/15/46
 
204,000
161,246
 5.7% 7/15/43
 
56,000
51,620
 
 
 
5,636,345
Insurance - 3.4%
 
 
 
American International Group, Inc. 5.75% 4/1/48 (c)
 
558,000
526,892
AmFam Holdings, Inc. 2.805% 3/11/31 (b)
 
310,000
230,486
Assurant, Inc. 2.65% 1/15/32
 
420,000
316,552
Athene Holding Ltd.:
 
 
 
 3.45% 5/15/52
 
250,000
159,124
 6.65% 2/1/33
 
700,000
718,179
Empower Finance 2020 LP 1.776% 3/17/31 (b)
 
353,000
276,162
Fairfax Financial Holdings Ltd.:
 
 
 
 3.375% 3/3/31
 
20,000
16,764
 4.85% 4/17/28
 
315,000
303,367
 5.625% 8/16/32
 
740,000
714,207
Five Corners Funding Trust II 2.85% 5/15/30 (b)
 
630,000
539,353
Intact Financial Corp. 5.459% 9/22/32 (b)
 
447,000
441,107
Liberty Mutual Group, Inc. 5.5% 6/15/52 (b)
 
560,000
506,579
Massachusetts Mutual Life Insurance Co. 3.729% 10/15/70 (b)
 
273,000
178,824
Pacific LifeCorp 5.125% 1/30/43 (b)
 
309,000
281,881
Unum Group 4.125% 6/15/51
 
530,000
374,573
Willis Group North America, Inc. 5.35% 5/15/33
 
385,000
371,643
 
 
 
5,955,693
TOTAL FINANCIALS
 
 
54,721,054
HEALTH CARE - 7.3%
 
 
 
Biotechnology - 0.9%
 
 
 
AbbVie, Inc. 4.55% 3/15/35
 
381,000
360,384
Amgen, Inc.:
 
 
 
 3.375% 2/21/50
 
312,000
218,308
 5.25% 3/2/30
 
458,000
458,634
 5.25% 3/2/33
 
88,000
87,542
 5.65% 3/2/53
 
41,000
40,645
 5.75% 3/2/63
 
75,000
74,066
Regeneron Pharmaceuticals, Inc. 1.75% 9/15/30
 
278,000
221,245
 
 
 
1,460,824
Health Care Providers & Services - 3.5%
 
 
 
Centene Corp.:
 
 
 
 2.625% 8/1/31
 
1,320,000
1,050,098
 3% 10/15/30
 
294,000
245,919
 4.25% 12/15/27
 
160,000
149,665
 4.625% 12/15/29
 
990,000
910,305
Cigna Group:
 
 
 
 3.4% 3/15/50
 
397,000
277,464
 4.8% 8/15/38
 
796,000
733,767
 4.9% 12/15/48
 
40,000
35,669
CVS Health Corp.:
 
 
 
 4.78% 3/25/38
 
566,000
506,886
 4.875% 7/20/35
 
134,000
124,676
 5% 1/30/29
 
65,000
64,038
 5.25% 1/30/31
 
26,000
25,692
 5.3% 6/1/33
 
450,000
440,731
HCA Holdings, Inc.:
 
 
 
 3.625% 3/15/32
 
200,000
172,014
 4.625% 3/15/52
 
370,000
296,885
Sabra Health Care LP 3.2% 12/1/31
 
615,000
469,735
Universal Health Services, Inc.:
 
 
 
 2.65% 10/15/30
 
388,000
312,555
 2.65% 1/15/32
 
275,000
213,894
 
 
 
6,029,993
Pharmaceuticals - 2.9%
 
 
 
AstraZeneca PLC 6.45% 9/15/37
 
276,000
310,454
Bayer U.S. Finance II LLC:
 
 
 
 4.25% 12/15/25 (b)
 
447,000
432,911
 4.375% 12/15/28 (b)
 
410,000
389,497
Elanco Animal Health, Inc. 6.65% 8/28/28 (c)
 
452,000
445,785
Mylan NV 4.55% 4/15/28
 
740,000
696,698
Pfizer Investment Enterprises:
 
 
 
 4.75% 5/19/33
 
780,000
767,561
 5.3% 5/19/53
 
602,000
602,219
Utah Acquisition Sub, Inc. 3.95% 6/15/26
 
547,000
517,030
Viatris, Inc.:
 
 
 
 2.7% 6/22/30
 
875,000
710,616
 4% 6/22/50
 
280,000
185,473
 
 
 
5,058,244
TOTAL HEALTH CARE
 
 
12,549,061
INDUSTRIALS - 4.6%
 
 
 
Aerospace & Defense - 1.4%
 
 
 
BAE Systems PLC 1.9% 2/15/31 (b)
 
525,000
416,729
The Boeing Co.:
 
 
 
 3.625% 2/1/31
 
695,000
620,444
 5.04% 5/1/27
 
558,000
551,858
 5.15% 5/1/30
 
888,000
873,645
 
 
 
2,462,676
Air Freight & Logistics - 0.1%
 
 
 
FedEx Corp. 4.05% 2/15/48
 
348,000
271,012
Ground Transportation - 0.2%
 
 
 
CSX Corp. 4.75% 11/15/48
 
402,000
358,548
Machinery - 0.9%
 
 
 
Ingersoll Rand, Inc.:
 
 
 
 5.4% 8/14/28
 
194,000
194,438
 5.7% 8/14/33
 
214,000
216,997
Ingersoll-Rand Luxembourg Finance SA 3.8% 3/21/29
 
250,000
233,305
Westinghouse Air Brake Tech Co.:
 
 
 
 3.2% 6/15/25
 
438,000
417,822
 3.45% 11/15/26
 
456,000
428,714
 
 
 
1,491,276
Passenger Airlines - 0.6%
 
 
 
American Airlines 2017-2 Class B Pass Through Trust equipment trust certificate 3.7% 4/15/27
 
387,664
367,491
American Airlines 2019-1 Class B Pass Through Trust equipment trust certificate 3.85% 8/15/29
 
156,657
138,562
American Airlines, Inc. 3.75% 4/15/27
 
125,903
118,048
British Airways 2021-1 Class A Pass Through Trust equipment trust certificate 2.9% 9/15/36 (b)
 
187,133
157,213
United Airlines 2019-2 Class B Pass Through Trust equipment trust certificate 3.5% 11/1/29
 
148,682
134,255
United Airlines, Inc. equipment trust certificate 4.6% 9/1/27
 
78,987
74,657
 
 
 
990,226
Professional Services - 0.2%
 
 
 
Booz Allen Hamilton, Inc. 5.95% 8/4/33
 
298,000
301,403
Trading Companies & Distributors - 0.4%
 
 
 
Air Lease Corp.:
 
 
 
 2.875% 1/15/32
 
460,000
368,089
 3.25% 3/1/25
 
331,000
316,780
 
 
 
684,869
Transportation Infrastructure - 0.8%
 
 
 
Avolon Holdings Funding Ltd.:
 
 
 
 2.528% 11/18/27 (b)
 
219,000
186,955
 4.25% 4/15/26 (b)
 
725,000
683,718
 5.5% 1/15/26 (b)
 
312,000
303,748
 6.375% 5/4/28 (b)
 
139,000
137,882
 
 
 
1,312,303
TOTAL INDUSTRIALS
 
 
7,872,313
INFORMATION TECHNOLOGY - 3.6%
 
 
 
Electronic Equipment, Instruments & Components - 1.1%
 
 
 
Dell International LLC/EMC Corp.:
 
 
 
 3.45% 12/15/51 (b)
 
725,000
472,042
 4.9% 10/1/26
 
1,006,000
987,998
Vontier Corp. 2.95% 4/1/31
 
632,000
500,855
 
 
 
1,960,895
IT Services - 0.3%
 
 
 
CDW LLC/CDW Finance Corp. 2.67% 12/1/26
 
544,000
493,117
Semiconductors & Semiconductor Equipment - 1.3%
 
 
 
Broadcom, Inc.:
 
 
 
 1.95% 2/15/28 (b)
 
302,000
261,898
 2.45% 2/15/31 (b)
 
175,000
141,084
 2.6% 2/15/33 (b)
 
782,000
604,589
 3.5% 2/15/41 (b)
 
363,000
265,925
Micron Technology, Inc.:
 
 
 
 2.703% 4/15/32
 
395,000
311,723
 4.185% 2/15/27
 
401,000
382,204
NXP BV/NXP Funding LLC/NXP U.S.A., Inc. 2.7% 5/1/25
 
337,000
320,689
 
 
 
2,288,112
Software - 0.9%
 
 
 
Oracle Corp.:
 
 
 
 2.3% 3/25/28
 
408,000
359,031
 2.875% 3/25/31
 
190,000
160,526
 3.95% 3/25/51
 
430,000
314,279
 4.3% 7/8/34
 
347,000
311,141
Roper Technologies, Inc. 2.95% 9/15/29
 
389,000
344,030
 
 
 
1,489,007
TOTAL INFORMATION TECHNOLOGY
 
 
6,231,131
MATERIALS - 1.2%
 
 
 
Chemicals - 1.0%
 
 
 
Celanese U.S. Holdings LLC:
 
 
 
 6.165% 7/15/27
 
620,000
620,332
 6.35% 11/15/28
 
82,000
82,211
 6.55% 11/15/30
 
84,000
84,041
 6.7% 11/15/33
 
49,000
49,206
International Flavors & Fragrances, Inc.:
 
 
 
 1.832% 10/15/27 (b)
 
352,000
296,065
 3.468% 12/1/50 (b)
 
532,000
330,732
LYB International Finance III LLC 2.25% 10/1/30
 
368,000
298,854
 
 
 
1,761,441
Containers & Packaging - 0.2%
 
 
 
Avery Dennison Corp. 4.875% 12/6/28
 
325,000
317,703
TOTAL MATERIALS
 
 
2,079,144
REAL ESTATE - 5.5%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 5.0%
 
 
 
Agree LP 4.8% 10/1/32
 
441,000
405,943
American Homes 4 Rent LP:
 
 
 
 3.375% 7/15/51
 
45,000
28,747
 4.3% 4/15/52
 
71,000
54,852
Camden Property Trust:
 
 
 
 2.8% 5/15/30
 
105,000
91,145
 3.15% 7/1/29
 
447,000
401,738
Corporate Office Properties LP 2% 1/15/29
 
278,000
218,911
Crown Castle International Corp. 2.25% 1/15/31
 
323,000
259,328
Hudson Pacific Properties LP:
 
 
 
 3.95% 11/1/27
 
422,000
331,712
 5.95% 2/15/28
 
355,000
300,194
Invitation Homes Operating Partnership LP:
 
 
 
 2% 8/15/31
 
395,000
302,250
 4.15% 4/15/32
 
153,000
136,170
Kite Realty Group Trust:
 
 
 
 4% 3/15/25
 
15,000
14,411
 4.75% 9/15/30
 
317,000
290,174
LXP Industrial Trust (REIT) 4.4% 6/15/24
 
242,000
237,201
MPT Operating Partnership LP/MPT Finance Corp. 3.5% 3/15/31
 
606,000
393,520
Omega Healthcare Investors, Inc.:
 
 
 
 3.25% 4/15/33
 
394,000
294,069
 3.625% 10/1/29
 
747,000
632,959
 4.5% 1/15/25
 
204,000
198,921
Piedmont Operating Partnership LP 2.75% 4/1/32
 
53,000
35,797
Realty Income Corp. 2.2% 6/15/28
 
27,000
23,433
Spirit Realty LP 2.1% 3/15/28
 
398,000
339,380
Store Capital Corp.:
 
 
 
 2.7% 12/1/31
 
450,000
318,375
 2.75% 11/18/30
 
67,000
49,152
Sun Communities Operating LP:
 
 
 
 2.3% 11/1/28
 
520,000
437,171
 2.7% 7/15/31
 
445,000
353,323
 4.2% 4/15/32
 
280,000
246,225
 5.7% 1/15/33
 
450,000
438,437
Ventas Realty LP 3% 1/15/30
 
767,000
653,478
VICI Properties LP:
 
 
 
 4.75% 2/15/28
 
348,000
330,926
 4.95% 2/15/30
 
540,000
507,924
 5.125% 5/15/32
 
41,000
38,000
Vornado Realty LP:
 
 
 
 2.15% 6/1/26
 
73,000
63,100
 3.4% 6/1/31
 
265,000
195,558
 
 
 
8,622,524
Real Estate Management & Development - 0.5%
 
 
 
Brandywine Operating Partnership LP 7.55% 3/15/28
 
153,000
143,462
Tanger Properties LP:
 
 
 
 2.75% 9/1/31
 
313,000
232,843
 3.125% 9/1/26
 
410,000
372,064
 
 
 
748,369
TOTAL REAL ESTATE
 
 
9,370,893
UTILITIES - 8.0%
 
 
 
Electric Utilities - 3.5%
 
 
 
Cleco Corporate Holdings LLC:
 
 
 
 3.743% 5/1/26
 
1,701,000
1,597,418
 4.973% 5/1/46
 
356,000
285,601
Cleveland Electric Illuminating Co. 3.5% 4/1/28 (b)
 
224,000
205,871
Duke Energy Corp.:
 
 
 
 4.5% 8/15/32
 
990,000
921,241
 5% 8/15/52
 
550,000
482,036
Duke Energy Industries, Inc. 4.9% 7/15/43
 
88,000
79,395
Duquesne Light Holdings, Inc.:
 
 
 
 2.532% 10/1/30 (b)
 
86,000
68,539
 2.775% 1/7/32 (b)
 
177,000
136,572
 3.616% 8/1/27 (b)
 
250,000
226,605
Exelon Corp.:
 
 
 
 3.35% 3/15/32
 
838,000
720,009
 4.05% 4/15/30
 
240,000
221,759
 4.1% 3/15/52
 
213,000
164,804
FirstEnergy Corp.:
 
 
 
 2.25% 9/1/30
 
639,000
512,868
 4.15% 7/15/27
 
416,000
392,395
 
 
 
6,015,113
Gas Utilities - 0.4%
 
 
 
ONE Gas, Inc. 2% 5/15/30
 
254,000
208,138
Southern Co. Gas Capital Corp.:
 
 
 
 3.15% 9/30/51
 
416,000
268,829
 4.4% 5/30/47
 
204,000
163,395
 
 
 
640,362
Independent Power and Renewable Electricity Producers - 2.2%
 
 
 
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (b)
 
550,000
490,433
Emera U.S. Finance LP:
 
 
 
 3.55% 6/15/26
 
1,271,000
1,202,479
 4.75% 6/15/46
 
426,000
333,426
The AES Corp.:
 
 
 
 1.375% 1/15/26
 
392,000
352,578
 2.45% 1/15/31
 
402,000
319,200
 3.3% 7/15/25 (b)
 
804,000
764,499
 3.95% 7/15/30 (b)
 
382,000
339,542
 
 
 
3,802,157
Multi-Utilities - 1.9%
 
 
 
Dominion Energy, Inc. 4.25% 6/1/28
 
343,000
327,092
NiSource, Inc.:
 
 
 
 3.49% 5/15/27
 
594,000
557,168
 3.6% 5/1/30
 
100,000
89,622
 3.95% 3/30/48
 
426,000
325,861
 4.8% 2/15/44
 
268,000
234,097
Puget Energy, Inc.:
 
 
 
 3.65% 5/15/25
 
848,000
813,961
 4.1% 6/15/30
 
744,000
665,440
Sempra 3.8% 2/1/38
 
342,000
278,461
 
 
 
3,291,702
TOTAL UTILITIES
 
 
13,749,334
 
TOTAL NONCONVERTIBLE BONDS
 (Cost $167,940,164)
 
 
 
146,955,294
 
 
 
 
U.S. Treasury Obligations - 9.5%
 
 
Principal
Amount (a)
 
Value ($)
 
U.S. Treasury Bonds:
 
 
 
 1.875% 2/15/41
 
540,000
374,752
 2% 11/15/41
 
600,000
419,836
 3.625% 2/15/53
 
12,670,000
11,414,871
 3.625% 5/15/53
 
2,400,000
2,164,500
 4.125% 8/15/53
 
700,000
690,594
U.S. Treasury Notes 3.5% 2/15/33
 
1,215,000
1,157,098
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $17,577,604)
 
 
16,221,651
 
 
 
 
Asset-Backed Securities - 0.1%
 
 
Principal
Amount (a)
 
Value ($)
 
Dominos Pizza Master Issuer LLC Series 2018-1A Class A2I, 4.116% 7/25/48 (b)
 
 (Cost $122,873)
 
 
122,873
117,176
 
 
 
 
Bank Notes - 0.2%
 
 
Principal
Amount (a)
 
Value ($)
 
Truist Bank 2.25% 3/11/30
 
 (Cost $499,458)
 
 
500,000
397,281
 
 
 
 
Preferred Securities - 0.6%
 
 
Principal
Amount (a)
 
Value ($)
 
ENERGY - 0.2%
 
 
 
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
Enbridge, Inc. 5.75% 7/15/80 (c)
 
355,000
325,763
FINANCIALS - 0.4%
 
 
 
Capital Markets - 0.4%
 
 
 
UBS Group AG:
 
 
 
 4.375% (b)(c)(e)
 
265,000
196,263
 4.875% (b)(c)(e)
 
570,000
476,739
 
 
 
673,002
 
TOTAL PREFERRED SECURITIES
 (Cost $1,200,948)
 
 
 
998,765
 
 
 
 
Money Market Funds - 3.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.43% (f)
 
 (Cost $5,830,999)
 
 
5,829,915
5,831,081
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.5%
 (Cost $193,172,046)
 
 
 
170,521,248
NET OTHER ASSETS (LIABILITIES) - 0.5%  
825,717
NET ASSETS - 100.0%
171,346,965
 
 
 
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Security 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 $24,426,657 or 14.3% of net assets.
 
(c)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(d)
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
 
(e)
Security is perpetual in nature with no stated maturity date.
 
(f)
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 the ownership percentage, is presented below.
 
 
Affiliate
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 5.43%
6,102,184
29,588,128
29,859,231
203,060
-
-
5,831,081
0.0%
Total
6,102,184
29,588,128
29,859,231
203,060
-
-
5,831,081
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend 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.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of August 31, 2023, 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 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:
 
 
 
 
 Corporate Bonds
146,955,294
-
146,955,294
-
 U.S. Government and Government Agency Obligations
16,221,651
-
16,221,651
-
 Asset-Backed Securities
117,176
-
117,176
-
 Bank Notes
397,281
-
397,281
-
 Preferred Securities
998,765
-
998,765
-
  Money Market Funds
5,831,081
5,831,081
-
-
 Total Investments in Securities:
170,521,248
5,831,081
164,690,167
-
Fidelity® Corporate Bond ETF
Financial Statements
Statement of Assets and Liabilities
 
 
 
August 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $187,341,047)
$
164,690,167
 
 
Fidelity Central Funds (cost $5,830,999)
5,831,081
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $193,172,046)
 
 
$
170,521,248
Cash
 
 
15,029
Receivable for fund shares sold
 
 
2,255,155
Dividends receivable
 
 
3,105
Interest receivable
 
 
1,779,875
Distributions receivable from Fidelity Central Funds
 
 
20,154
  Total assets
 
 
174,594,566
Liabilities
 
 
 
 
Payable for investments purchased
$
2,642,707
 
 
Distributions payable
555,000
 
 
Accrued management fee
49,894
 
 
  Total Liabilities
 
 
 
3,247,601
Net Assets  
 
 
$
171,346,965
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
203,444,230
Total accumulated earnings (loss)
 
 
 
(32,097,265)
Net Assets
 
 
$
171,346,965
Net Asset Value, offering price and redemption price per share ($171,346,965 ÷ 3,800,000 shares)
 
 
$
45.09
 
Statement of Operations
 
 
 
Year ended
August 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
59,794
Interest  
 
 
5,972,192
Income from Fidelity Central Funds  
 
 
203,060
 Total Income
 
 
 
6,235,046
Expenses
 
 
 
 
Management fee
$
555,102
 
 
Independent trustees' fees and expenses
558
 
 
 Total expenses before reductions
 
555,660
 
 
 Expense reductions
 
(540)
 
 
 Total expenses after reductions
 
 
 
555,120
Net Investment income (loss)
 
 
 
5,679,926
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(5,863,890)
 
 
   Redemptions in-kind
 
(1,399,753)
 
 
Total net realized gain (loss)
 
 
 
(7,263,643)
Change in net unrealized appreciation (depreciation) on investment securities
 
 
 
3,041,236
Net gain (loss)
 
 
 
(4,222,407)
Net increase (decrease) in net assets resulting from operations
 
 
$
1,457,519
Statement of Changes in Net Assets
 
 
Year ended
August 31, 2023
 
Year ended
August 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
5,679,926
$
6,108,217
Net realized gain (loss)
 
(7,263,643)
 
 
(9,167,989)
 
Change in net unrealized appreciation (depreciation)
 
3,041,236
 
(37,051,282)
 
Net increase (decrease) in net assets resulting from operations
 
1,457,519
 
 
(40,111,054)
 
Distributions to shareholders
 
(5,667,200)
 
 
(6,112,550)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
43,194,326
 
11,095,233
Cost of shares redeemed
 
(27,127,792)
 
(99,842,693)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
16,066,534
 
 
(88,747,460)
 
Total increase (decrease) in net assets
 
11,856,853
 
 
(134,971,064)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
159,490,112
 
294,461,176
 
End of period
$
171,346,965
$
159,490,112
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
950,000
 
200,000
Redeemed
 
(600,000)
 
(2,000,000)
Net increase (decrease)
 
350,000
 
(1,800,000)
 
 
 
 
 
 
Financial Highlights
Fidelity® Corporate Bond ETF
 
Years ended August 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
46.23
$
56.09
$
55.93
$
53.26
$
48.64
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
1.663
 
1.339
 
1.321
 
1.546
 
1.732
     Net realized and unrealized gain (loss)
 
(1.142)
 
(9.824)
 
.387
 
2.655
 
4.610
  Total from investment operations
 
.521  
 
(8.485)  
 
1.708  
 
4.201  
 
6.342
  Distributions from net investment income
 
(1.661)
 
(1.375)
 
(1.308)
 
(1.531)
 
(1.722)
  Distributions from net realized gain
 
-
 
-
 
(.244)
 
-
 
-
     Total distributions
 
(1.661)
 
(1.375)
 
(1.552)
 
(1.531)
 
(1.722)
  Net asset value, end of period
$
45.09
$
46.23
$
56.09
$
55.93
$
53.26
 Total Return C,D
 
1.19%
 
(15.30)%
 
3.11%
 
8.06%
 
13.39%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.36%
 
.36%
 
.36%
 
.36%
 
.36%
    Expenses net of fee waivers, if any
 
.36%
 
.36%
 
.36%
 
.36%
 
.36%
    Expenses net of all reductions
 
.36%
 
.36%
 
.36%
 
.36%
 
.36%
    Net investment income (loss)
 
3.68%
 
2.60%
 
2.38%
 
2.88%
 
3.45%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
171,347
$
159,490
$
294,461
$
206,932
$
127,822
    Portfolio turnover rate G
 
28% H
 
32% H
 
26% H
 
31% H
 
40%
 
ACalculated based on average shares outstanding during the period.
 
BNet 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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DBased on net asset value.
 
EFees 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.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, 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.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
HPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® Investment Grade Bond ETF
Performance: The Bottom Line
NAV and closing market price average annual returns reflect the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) at NAV and Market Price, respectively, and assumes a constant rate of performance each year. The hypothetical investment and 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.
Average Annual Total Returns
 
 
 
 
Periods ended August 31, 2023
 
Past 1
year
Life of
Fund
Fidelity® Investment Grade Bond ETF - NAV A
-0.83%
-4.34%
Fidelity® Investment Grade Bond ETF - Market Price B
-0.55%
-4.09%
Bloomberg U.S. Aggregate Bond Index A
-1.19%
-4.65%
 
A   From March 2, 2021
 
B  From March 4, 2021, date initially listed on the NYSE ARCA exchange.
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Investment Grade Bond ETF - NAV, on March 2, 2021, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.
 
Fidelity® Investment Grade Bond ETF
Management's Discussion of Fund Performance
Market Recap:
U.S. taxable investment-grade bonds returned -1.19% for the 12 months ending August 31, 2023, according to the Bloomberg U.S. Aggregate Bond Index. The first months of the period saw a continuation of the historic bond market downturn that began in early 2022, when the U.S. Federal Reserve began an aggressive series of interest rate hikes to combat persistent inflation. The actions helped push nominal and real U.S. bond yields to their highest levels in more than a decade. Bond prices, which move inversely to yields, fell sharply through October, and credit spreads widened, as investors demanded more yield for buying credit-sensitive assets. In November, the bond market staged a broad rally (+3.68%) when comments by Fed Chair Jerome Powell pointed to a slowdown in the size of future rate hikes. With the market anticipating the end of the hiking cycle by midyear, the index advanced 3.59% in the first four months of 2023, only to fall back in each of the four next months, as cooling but still-high inflation and a strong labor market suggested the Fed may need to keep raising rates for longer than anticipated. To date, the central bank has raised its benchmark rate 11 times, by a total of 5.25 percentage points. For the full 12 months, short-term bonds outperformed long-term issues, while lower-quality bonds bettered higher-quality debt, and risk assets like corporate bonds and asset-backed securities outpaced U.S. Treasuries. Meanwhile, U.S. mortgage-backed securities lagged in the rising-rate environment.
Comments from Co-Portfolio Managers Jeffrey Moore and Michael Plage:
For the fiscal year ending August 31, 2023, the exchange-traded fund returned, net of fees, -0.83% (excluding sales charges), versus -1.19% for the benchmark, the Bloomberg U.S. Aggregate Bond Index. The ETF's market price returned -0.55% for the same period. Relative to the benchmark index, the fund benefited from its overweight to credit, especially lower-rated corporate bonds. Credit generally performed well this period, continuing to gain in the economy's post-COVID recovery, while favorable supply/demand trends and low issuer default rates resulted in tighter corporate bond spreads. The fund also benefited from exposure to AAA-rated collateralized loan obligations, or CLOs. Given the inverted yield curve - meaning shorter-term bonds were offering higher yields than longer-term issues - and narrowing credit spreads, our CLO allocation worked out well for the fund. Another contributor was an underweight to mortgage debt, positioning that further added value given the securities' relative underperformance. In a strong period of relative performance, very little meaningfully detracted from the fund's relative result, although security selection in international credit detracted a bit, and our substantial move into Treasuries has not yet meaningfully demonstrated positive impact.
 
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. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims 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.
 
 
Fidelity® Investment Grade Bond ETF
Investment Summary August 31, 2023 (Unaudited)
Quality Diversification (% of Fund's net assets)
 
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation (% of Fund's net assets)
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.
 
Fidelity® Investment Grade Bond ETF
Schedule of Investments August 31, 2023
Showing Percentage of Net Assets     
Nonconvertible Bonds - 30.9%
 
 
Principal
Amount (a)
 
Value ($)
 
COMMUNICATION SERVICES - 4.1%
 
 
 
Diversified Telecommunication Services - 1.8%
 
 
 
AT&T, Inc. 4.3% 2/15/30
 
288,000
268,521
Verizon Communications, Inc.:
 
 
 
 3.15% 3/22/30
 
204,000
178,927
 4.329% 9/21/28
 
80,000
76,619
 
 
 
524,067
Entertainment - 0.5%
 
 
 
The Walt Disney Co. 2.65% 1/13/31
 
174,000
149,064
Media - 1.5%
 
 
 
Charter Communications Operating LLC/Charter Communications Operating Capital Corp. 2.8% 4/1/31
 
338,000
272,362
Magallanes, Inc.:
 
 
 
 3.638% 3/15/25
 
3,000
2,903
 3.755% 3/15/27
 
6,000
5,628
 4.054% 3/15/29
 
2,000
1,839
 4.279% 3/15/32
 
77,000
67,948
 5.05% 3/15/42
 
3,000
2,466
 5.141% 3/15/52
 
42,000
33,479
Time Warner Cable LLC 5.5% 9/1/41
 
60,000
49,293
 
 
 
435,918
Wireless Telecommunication Services - 0.3%
 
 
 
T-Mobile U.S.A., Inc. 4.5% 4/15/50
 
126,000
104,078
TOTAL COMMUNICATION SERVICES
 
 
1,213,127
CONSUMER DISCRETIONARY - 1.4%
 
 
 
Automobiles - 0.1%
 
 
 
General Motors Financial Co., Inc.:
 
 
 
 4% 1/15/25
 
36,000
34,995
 5.85% 4/6/30
 
5,000
4,897
 
 
 
39,892
Household Durables - 0.8%
 
 
 
Lennar Corp. 4.75% 11/29/27
 
244,000
236,588
Specialty Retail - 0.5%
 
 
 
Lowe's Companies, Inc.:
 
 
 
 3.35% 4/1/27
 
2,000
1,882
 3.75% 4/1/32
 
128,000
114,684
 4.25% 4/1/52
 
10,000
7,911
 4.45% 4/1/62
 
10,000
7,799
 
 
 
132,276
Textiles, Apparel & Luxury Goods - 0.0%
 
 
 
Tapestry, Inc. 3.05% 3/15/32
 
18,000
13,847
TOTAL CONSUMER DISCRETIONARY
 
 
422,603
CONSUMER STAPLES - 1.9%
 
 
 
Beverages - 0.9%
 
 
 
Anheuser-Busch InBev Worldwide, Inc. 5.45% 1/23/39
 
267,000
271,036
Consumer Staples Distribution & Retail - 0.1%
 
 
 
Sysco Corp. 6.6% 4/1/50
 
27,000
29,769
Food Products - 0.9%
 
 
 
JBS U.S.A. Lux SA / JBS Food Co.:
 
 
 
 5.125% 2/1/28
 
5,000
4,859
 5.5% 1/15/30
 
243,000
235,283
 5.75% 4/1/33
 
10,000
9,517
 
 
 
249,659
TOTAL CONSUMER STAPLES
 
 
550,464
ENERGY - 3.2%
 
 
 
Oil, Gas & Consumable Fuels - 3.2%
 
 
 
Columbia Pipelines Operating Co. LLC:
 
 
 
 5.927% 8/15/30 (b)
 
3,000