Fidelity® MSCI Communication Services Index ETF
Fidelity® MSCI Consumer Discretionary Index ETF
Fidelity® MSCI Consumer Staples Index ETF
Fidelity® MSCI Energy Index ETF
Fidelity® MSCI Financials Index ETF
Fidelity® MSCI Health Care Index ETF
Fidelity® MSCI Industrials Index ETF
Fidelity® MSCI Information Technology Index ETF
Fidelity® MSCI Materials Index ETF
Fidelity® MSCI Real Estate Index ETF
Fidelity® MSCI Utilities Index ETF
Semi-Annual Report
January 31, 2024


Contents
Investment Summary 3  
Schedule of Investments 14  
Financial Statements 62  
Notes to Financial Statements 85  
Shareholder Expense Example 90  
Liquidity Risk Management Program 92  
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 MSCI, and MSCI 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 limited relationship MSCI has with Fidelity 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.
© 2024 FMR LLC. All Rights reserved.    
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most recent holdings listing on Fidelity’s web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
 Semi-Annual Report 2


Table of Contents
Fidelity® MSCI Communication Services Index ETF
Investment Summary (Unaudited)    
Top Ten Stocks as of January 31, 2024
  % of fund's
net assets
Meta Platforms, Inc. Class A 23.3
Alphabet, Inc. Class A 11.9
Alphabet, Inc. Class C 9.5
Netflix, Inc. 5.0
Verizon Communications, Inc. 4.8
Comcast Corp. Class A 4.5
Walt Disney Co. 4.2
AT&T, Inc. 3.7
T-Mobile U.S., Inc. 3.0
Charter Communications, Inc. Class A 1.4
  71.3
 
Industries as of January 31, 2024
* Includes short-term investments and net other assets.
 
3 Semi-Annual Report 


Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2024
  % of fund's
net assets
Amazon.com, Inc. 23.1
Tesla, Inc. 10.6
Home Depot, Inc. 7.1
McDonald's Corp. 4.3
Booking Holdings, Inc. 2.6
Lowe's Cos., Inc. 2.5
NIKE, Inc. Class B 2.5
TJX Cos., Inc. 2.2
Starbucks Corp. 2.1
MercadoLibre, Inc. 1.6
  58.6
 
Industries as of January 31, 2024
* Includes short-term investments and net other assets.
 
 Semi-Annual Report 4


Table of Contents
Fidelity® MSCI Consumer Staples Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2024
  % of fund's
net assets
Procter & Gamble Co. 12.5
Costco Wholesale Corp. 10.0
Coca-Cola Co. 7.9
Walmart, Inc. 7.8
PepsiCo, Inc. 7.4
Philip Morris International, Inc. 4.2
Mondelez International, Inc. Class A 3.9
Altria Group, Inc. 2.8
Colgate-Palmolive Co. 2.6
Target Corp. 2.3
  61.4
 
Industries as of January 31, 2024
* Includes short-term investments and net other assets.
 
5 Semi-Annual Report 


Table of Contents
Fidelity® MSCI Energy Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2024
  % of fund's
net assets
Exxon Mobil Corp. 22.2
Chevron Corp. 14.4
ConocoPhillips 7.2
Schlumberger NV 3.7
EOG Resources, Inc. 3.6
Marathon Petroleum Corp. 3.6
Phillips 66 3.5
Pioneer Natural Resources Co. 2.9
Valero Energy Corp. 2.7
Williams Cos., Inc. 2.3
  66.1
 
Industries as of January 31, 2024
* Includes short-term investments and net other assets.
 
 Semi-Annual Report 6


Table of Contents
Fidelity® MSCI Financials Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2024
  % of fund's
net assets
JPMorgan Chase & Co. 8.1
Berkshire Hathaway, Inc. Class B 8.0
Visa, Inc. Class A 7.0
Mastercard, Inc. Class A 6.0
Bank of America Corp. 3.9
Wells Fargo & Co. 2.9
S&P Global, Inc. 2.3
Goldman Sachs Group, Inc. 2.0
American Express Co. 2.0
BlackRock, Inc. 1.9
  44.1
 
Industries as of January 31, 2024
* Includes short-term investments and net other assets.
 
7 Semi-Annual Report 


Table of Contents
Fidelity® MSCI Health Care Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2024
  % of fund's
net assets
Eli Lilly & Co. 8.8
UnitedHealth Group, Inc. 8.0
Johnson & Johnson 6.5
Merck & Co., Inc. 5.2
AbbVie, Inc. 4.9
Thermo Fisher Scientific, Inc. 3.5
Abbott Laboratories 3.3
Danaher Corp. 2.8
Amgen, Inc. 2.8
Pfizer, Inc. 2.6
  48.4
 
Industries as of January 31, 2024
* Includes short-term investments and net other assets.
 
 Semi-Annual Report 8


Table of Contents
Fidelity® MSCI Industrials Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2024
  % of fund's
net assets
Caterpillar, Inc. 3.4
Union Pacific Corp. 3.3
General Electric Co. 3.2
Honeywell International, Inc. 2.9
RTX Corp. 2.9
Boeing Co. 2.7
Uber Technologies, Inc. 2.6
Deere & Co. 2.4
United Parcel Service, Inc. Class B 2.2
Automatic Data Processing, Inc. 2.2
  27.8
 
Industries as of January 31, 2024
* Includes short-term investments and net other assets.
 
9 Semi-Annual Report 


Table of Contents
Fidelity® MSCI Information Technology Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2024
  % of fund's
net assets
Microsoft Corp. 21.4
Apple, Inc. 20.3
NVIDIA Corp. 5.1
Broadcom, Inc. 4.1
Adobe, Inc. 2.2
Salesforce, Inc. 2.2
Advanced Micro Devices, Inc. 2.1
Accenture PLC Class A 1.8
Cisco Systems, Inc. 1.6
Oracle Corp. 1.4
  62.2
 
Industries as of January 31, 2024
* Includes short-term investments and net other assets.
 
 Semi-Annual Report 10


Table of Contents
Fidelity® MSCI Materials Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2024
  % of fund's
net assets
Linde PLC 16.3
Sherwin-Williams Co. 6.1
Freeport-McMoRan, Inc. 4.7
Air Products & Chemicals, Inc. 4.7
Ecolab, Inc. 4.2
Nucor Corp. 3.8
Newmont Corp. 3.3
Dow, Inc. 3.1
PPG Industries, Inc. 2.7
Corteva, Inc. 2.7
  51.6
 
Industries as of January 31, 2024
* Includes short-term investments and net other assets.
 
11 Semi-Annual Report 


Table of Contents
Fidelity® MSCI Real Estate Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2024
  % of fund's
net assets
Prologis, Inc. 8.8
American Tower Corp. 6.9
Equinix, Inc. 5.9
Crown Castle, Inc. 3.5
Simon Property Group, Inc. 3.4
Realty Income Corp. 3.4
Welltower, Inc. 3.4
Public Storage 3.4
Digital Realty Trust, Inc. 3.2
CoStar Group, Inc. 2.6
  44.5
 
Industries as of January 31, 2024
* Includes short-term investments and net other assets.
 
 Semi-Annual Report 12


Table of Contents
Fidelity® MSCI Utilities Index ETF
Investment Summary (Unaudited)
    
Top Ten Stocks as of January 31, 2024
  % of fund's
net assets
NextEra Energy, Inc. 11.8
Southern Co. 7.4
Duke Energy Corp. 7.3
Sempra 4.4
American Electric Power Co., Inc. 4.0
Constellation Energy Corp. 3.8
Dominion Energy, Inc. 3.8
Exelon Corp. 3.4
PG&E Corp. 3.4
Xcel Energy, Inc. 3.2
  52.5
 
Industries as of January 31, 2024
* Includes short-term investments and net other assets.
 
13 Semi-Annual Report 


Table of Contents
Fidelity® MSCI Communication Services Index ETF
Schedule of Investments January 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.9%
    Shares Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 11.0% 
Alternative Carriers – 1.8%
Anterix, Inc. (a) 13,008 $ 387,899
Cogent Communications Holdings, Inc. 42,130 3,252,436
EchoStar Corp. Class A (a) 113,968 1,526,032
Globalstar, Inc. (a) 703,774 1,119,001
Iridium Communications, Inc. 107,698 3,905,129
Liberty Global Ltd. Class C (a) 218,090 4,566,805
Liberty Latin America Ltd. Class A (a) 33,784 237,839
Liberty Latin America Ltd. Class C (a) 125,595 894,236
Lumen Technologies, Inc. (a) 964,696 1,176,929
      17,066,306
Integrated Telecommunication Services – 9.2%
AT&T, Inc. 1,973,606 34,913,090
ATN International, Inc. 10,430 384,867
Consolidated Communications Holdings, Inc. (a) 74,291 322,423
Frontier Communications Parent, Inc. (a) 176,329 4,342,983
IDT Corp. Class B (a) 17,160 593,393
Shenandoah Telecommunications Co. 45,701 936,413
Verizon Communications, Inc. 1,061,410 44,950,714
      86,443,883
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES 103,510,189
ENTERTAINMENT – 18.8% 
Interactive Home Entertainment – 3.5%
Electronic Arts, Inc. 94,584 13,012,867
Playstudios, Inc. (a) 87,003 191,406
ROBLOX Corp. Class A (a) 221,228 8,585,859
Take-Two Interactive Software, Inc. (a) 67,889 11,196,933
      32,987,065
Movies & Entertainment – 15.3%
AMC Entertainment Holdings, Inc. Class A (a) 189,839 768,848
Atlanta Braves Holdings, Inc. Class A (a) 6,522 280,902
Atlanta Braves Holdings, Inc. Class C (a) 41,018 1,653,436
Cinemark Holdings, Inc. (a) 104,770 1,448,969
Endeavor Group Holdings, Inc. Class A 159,871 3,956,807
IMAX Corp. (a) 44,434 620,743
Liberty Media Corp.-Liberty Formula One Class C (a) 112,160 7,542,760

    Shares Value
Liberty Media Corp.-Liberty Live Class A (a) 19,567 $ 720,653
Liberty Media Corp.-Liberty Live Class C (a) 48,706 1,815,273
Lions Gate Entertainment Corp. Class A (a) 51,962 541,964
Lions Gate Entertainment Corp. Class B (a) 123,051 1,193,595
Live Nation Entertainment, Inc. (a) 85,863 7,628,927
Madison Square Garden Entertainment Corp. (a) 37,370 1,245,916
Madison Square Garden Sports Corp. (a) 14,818 2,742,812
Marcus Corp. 22,790 309,488
Netflix, Inc. (a) 82,167 46,351,226
Roku, Inc. (a) 97,288 8,567,181
Sphere Entertainment Co. (a) 23,955 847,528
TKO Group Holdings, Inc. 62,795 5,255,314
Vivid Seats, Inc. Class A (a) 56,399 323,730
Walt Disney Co. (a) 410,245 39,404,032
Warner Bros Discovery, Inc. (a) 949,601 9,515,002
      142,735,106
TOTAL ENTERTAINMENT 175,722,171
INTERACTIVE MEDIA & SERVICES – 50.5% 
Interactive Media & Services – 50.5%
Alphabet, Inc. Class A (a) 792,822 111,074,362
Alphabet, Inc. Class C (a) 630,119 89,350,874
Angi, Inc. (a) 76,612 181,570
Bumble, Inc. Class A (a) 91,459 1,254,817
Cargurus, Inc. (a) 79,316 1,843,304
Cars.com, Inc. (a) 60,432 1,053,330
Eventbrite, Inc. Class A (a) 75,051 628,177
fuboTV, Inc. (a) 280,017 697,242
IAC, Inc. (a) 72,789 3,654,736
Match Group, Inc. (a) 197,081 7,563,969
MediaAlpha, Inc. Class A (a) 20,301 258,838
Meta Platforms, Inc. Class A (a) 558,189 217,771,856
Nextdoor Holdings, Inc. (a) 135,618 206,139
Pinterest, Inc. Class A (a) 300,545 11,261,421
QuinStreet, Inc. (a) 49,885 632,043
Shutterstock, Inc. 24,172 1,135,359
Snap, Inc. Class A (a) 606,646 9,639,605
Taboola.com Ltd. (a) 129,653 611,962
TripAdvisor, Inc. (a) 101,838 2,199,701
Vimeo, Inc. (a) 107,970 428,641
Yelp, Inc. (a) 62,473 2,731,944
Ziff Davis, Inc. (a) 44,487 2,998,424
ZipRecruiter, Inc. Class A (a) 66,814 930,051
ZoomInfo Technologies, Inc. (a) 268,846 4,312,290
TOTAL INTERACTIVE MEDIA & SERVICES 472,420,655
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 14


Table of Contents
Common Stocks – continued
    Shares Value
MEDIA – 16.2% 
Advertising – 3.6%
Advantage Solutions, Inc. (a) 94,374 $ 380,327
Boston Omaha Corp. Class A (a) 23,531 364,495
Clear Channel Outdoor Holdings, Inc. (a) 254,197 437,219
Entravision Communications Corp. Class A 60,859 245,262
Integral Ad Science Holding Corp. (a) 52,651 766,072
Interpublic Group of Cos., Inc. 231,410 7,634,216
Magnite, Inc. (a) 111,859 989,952
Omnicom Group, Inc. 100,951 9,123,951
PubMatic, Inc. Class A (a) 40,824 619,708
Stagwell, Inc. (a) 83,586 544,981
TechTarget, Inc. (a) 23,963 818,816
Thryv Holdings, Inc. (a) 31,463 643,104
Trade Desk, Inc. Class A (a) 169,877 11,624,683
      34,192,786
Broadcasting – 3.0%
AMC Networks, Inc. Class A (a) 25,977 469,924
EW Scripps Co. Class A (a) 56,179 447,747
Fox Corp. Class A 198,602 6,414,845
Fox Corp. Class B 135,256 4,059,033
Gray Television, Inc. 79,130 755,692
iHeartMedia, Inc. Class A (a) 95,357 258,417
Nexstar Media Group, Inc. 33,557 5,963,414
Paramount Global Class B 422,009 6,157,111
Sinclair, Inc. 30,476 478,473
TEGNA, Inc. 183,268 2,857,148
      27,861,804
Cable & Satellite – 7.8%
Altice USA, Inc. Class A (a) 194,090 473,580
Cable One, Inc. 4,306 2,363,693
Charter Communications, Inc. Class A (a) 35,219 13,056,035
Comcast Corp. Class A 907,909 42,254,085
Liberty Broadband Corp. Class C (a) 79,021 6,199,197
Liberty Media Corp.-Liberty SiriusXM Class C (a) 156,799 4,760,418
Sirius XM Holdings, Inc. 735,438 3,743,379

    Shares Value
WideOpenWest, Inc. (a) 50,037 $ 185,637
      73,036,024
Publishing – 1.8%
Daily Journal Corp. (a) 1,186 381,086
John Wiley & Sons, Inc. Class A 41,993 1,421,043
New York Times Co. Class A 134,406 6,526,755
News Corp. Class A 290,971 7,169,526
Scholastic Corp. 25,287 972,032
      16,470,442
TOTAL MEDIA 151,561,056
WIRELESS TELECOMMUNICATION SERVICES – 3.4% 
Wireless Telecommunication Services – 3.4%
GCI Liberty, Inc. Class A (Escrow) (a)(b) 40,953 1
Gogo, Inc. (a) 61,433 543,682
Telephone & Data Systems, Inc. 95,715 1,838,685
T-Mobile U.S., Inc. 176,191 28,407,275
U.S. Cellular Corp. (a) 15,051 668,264
TOTAL WIRELESS TELECOMMUNICATION SERVICES 31,457,907
TOTAL COMMON STOCKS
(Cost $866,865,685)
934,671,978
Money Market Fund – 0.2%
       
State Street Institutional Treasury Plus Money Market Fund 5.23% (c)
(Cost $2,090,000)
2,090,000 2,090,000
TOTAL INVESTMENT IN SECURITIES – 100.1%
(Cost $868,955,685)
936,761,978
NET OTHER ASSETS (LIABILITIES) – (0.1%) (663,238)
NET ASSETS – 100.0% $ 936,098,740
    
Legend  
(a) Non-income producing.
(b) Level 3 security.
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
See accompanying notes which are an integral part of the financial statements.
15 Semi-Annual Report 


Table of Contents
Fidelity® MSCI Communication Services Index ETF
Schedule of Investments (Unaudited)continued
Futures Contracts
  Number of
contracts
Expiration
Date
Notional
Amount
Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contract          
CME E-mini S&P Communication Service Select Sector Index Contracts (United States) 14 March 2024 $1,396,850 $50,513 $50,513
The notional amount of futures purchased as a percentage of Net Assets is 0.1%
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2024, 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:                
Common Stocks   $ 934,671,978   $ 934,671,977   $ $ 1  
Money Market Funds   2,090,000   2,090,000    
Total Investments in Securities:   $ 936,761,978   $ 936,761,977   $ $ 1  
Derivative Instruments:                
Assets                
Futures Contracts   $ 50,513   $ 50,513   $ $  
Total Assets   $ 50,513   $ 50,513   $ $  
Total Derivative Instruments:   $ 50,513   $ 50,513   $ $  
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2024. 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) $50,513   $0
Total Equity Risk 50,513   0
Total Value of Derivatives $50,513   $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.
 Semi-Annual Report 16


Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investments January 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.7%
    Shares Value
AUTOMOBILE COMPONENTS – 2.3% 
Automotive Parts & Equipment – 2.2%
Adient PLC (a) 32,036 $ 1,111,970
American Axle & Manufacturing Holdings, Inc. (a) 63,070 510,236
Aptiv PLC (a) 78,445 6,379,932
Atmus Filtration Technologies, Inc. (a) 15,329 342,297
Autoliv, Inc. 23,652 2,533,602
BorgWarner, Inc. 69,620 2,360,118
Dana, Inc. 52,199 707,818
Dorman Products, Inc. (a) 10,334 841,291
Fox Factory Holding Corp. (a) 15,046 948,500
Garrett Motion, Inc. (a) 54,948 472,003
Gentex Corp. 69,903 2,315,886
Gentherm, Inc. (a) 13,607 655,177
Holley, Inc. (a) 57,096 272,348
LCI Industries 8,792 978,374
Lear Corp. 17,441 2,317,909
Luminar Technologies, Inc. (a) 151,378 411,748
Modine Manufacturing Co. (a) 18,290 1,263,656
Patrick Industries, Inc. 8,318 835,044
Phinia, Inc. 21,532 651,128
QuantumScape Corp. (a) 122,221 832,325
Standard Motor Products, Inc. 11,610 468,464
Stoneridge, Inc. (a) 21,051 374,497
Visteon Corp. (a) 9,481 1,093,064
XPEL, Inc. (a) 10,838 579,291
      29,256,678
Tires & Rubber – 0.1%
Goodyear Tire & Rubber Co. (a) 92,040 1,283,038
TOTAL AUTOMOBILE COMPONENTS 30,539,716
AUTOMOBILES – 13.3% 
Automobile Manufacturers – 13.2%
Fisker, Inc. (a) 150,807 121,007
Ford Motor Co. 1,074,665 12,595,074
General Motors Co. 377,495 14,646,806
Lucid Group, Inc. (a) 297,340 1,005,009
Rivian Automotive, Inc. Class A (a) 189,920 2,907,675
Tesla, Inc. (a) 766,006 143,465,264
Thor Industries, Inc. 15,807 1,786,507
Winnebago Industries, Inc. 11,486 754,860
      177,282,202
Motorcycle Manufacturers – 0.1%
Harley-Davidson, Inc. 43,637 1,416,021
TOTAL AUTOMOBILES 178,698,223
BROADLINE RETAIL – 25.7% 
Broadline Retail – 25.7%
Amazon.com, Inc. (a) 2,003,876 311,001,555

    Shares Value
Dillard's, Inc. Class A 1,632 $ 632,025
eBay, Inc. 148,099 6,082,426
Etsy, Inc. (a) 36,142 2,405,612
Groupon, Inc. (a) 20,106 274,648
Kohl's Corp. 38,841 1,000,544
Macy's, Inc. 88,608 1,620,640
MercadoLibre, Inc. (a) 12,246 20,962,825
Nordstrom, Inc. 43,214 784,334
Ollie's Bargain Outlet Holdings, Inc. (a) 19,482 1,401,340
TOTAL BROADLINE RETAIL 346,165,949
DISTRIBUTORS – 1.0% 
Distributors – 1.0%
Genuine Parts Co. 39,209 5,498,278
LKQ Corp. 76,440 3,567,455
Pool Corp. 11,115 4,126,444
TOTAL DISTRIBUTORS 13,192,177
DIVERSIFIED CONSUMER SERVICES – 1.5% 
Education Services – 0.8%
Adtalem Global Education, Inc. (a) 15,254 770,022
Bright Horizons Family Solutions, Inc. (a) 18,088 1,777,146
Chegg, Inc. (a) 52,619 518,297
Coursera, Inc. (a) 37,857 724,583
Duolingo, Inc. (a) 9,118 1,631,119
Graham Holdings Co. Class B 1,286 926,434
Grand Canyon Education, Inc. (a) 9,706 1,267,507
Laureate Education, Inc. 53,113 670,286
Perdoceo Education Corp. 31,045 561,915
Strategic Education, Inc. 8,457 795,465
Stride, Inc. (a) 14,695 880,965
Udemy, Inc. (a) 34,522 469,154
      10,992,893
Specialized Consumer Services – 0.7%
ADT, Inc. 95,530 623,811
Carriage Services, Inc. 13,964 345,050
European Wax Center, Inc. Class A (a) 26,221 389,120
Frontdoor, Inc. (a) 28,131 921,571
H&R Block, Inc. 44,771 2,097,074
Mister Car Wash, Inc. (a) 55,792 463,074
OneSpaWorld Holdings Ltd. (a) 43,958 599,147
Rover Group, Inc. (a) 53,930 589,994
Service Corp. International 44,040 2,955,965
WW International, Inc. (a) 53,447 200,961
      9,185,767
TOTAL DIVERSIFIED CONSUMER SERVICES 20,178,660
 
See accompanying notes which are an integral part of the financial statements.
17 Semi-Annual Report 


Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investments (Unaudited)continued
Common Stocks – continued
    Shares Value
HOTELS, RESTAURANTS & LEISURE – 22.4% 
Casinos & Gaming – 2.2%
Accel Entertainment, Inc. (a) 37,979 $ 389,285
Bally's Corp. (a) 27,418 308,727
Boyd Gaming Corp. 23,991 1,523,189
Caesars Entertainment, Inc. (a) 62,634 2,747,754
Churchill Downs, Inc. 19,938 2,411,900
DraftKings, Inc. Class A (a) 117,437 4,585,915
Everi Holdings, Inc. (a) 44,136 459,456
Golden Entertainment, Inc. 11,878 455,878
Las Vegas Sands Corp. 106,728 5,221,134
Light & Wonder, Inc. (a) 27,130 2,180,709
MGM Resorts International (a) 82,560 3,580,627
Monarch Casino & Resort, Inc. 7,381 508,772
Penn Entertainment, Inc. (a) 49,024 1,105,491
Red Rock Resorts, Inc. Class A 18,377 1,004,854
Wynn Resorts Ltd. 30,106 2,842,909
      29,326,600
Hotels, Resorts & Cruise Lines – 8.5%
Airbnb, Inc. Class A (a) 115,893 16,704,817
Booking Holdings, Inc. (a) 9,880 34,653,804
Carnival Corp. (a) 284,986 4,725,068
Choice Hotels International, Inc. 10,778 1,305,431
Expedia Group, Inc. (a) 40,769 6,047,266
Hilton Grand Vacations, Inc. (a) 26,968 1,124,566
Hilton Worldwide Holdings, Inc. 72,067 13,761,914
Hyatt Hotels Corp. Class A 14,284 1,833,637
Lindblad Expeditions Holdings, Inc. (a) 37,163 343,386
Marriott International, Inc. Class A 71,019 17,025,385
Marriott Vacations Worldwide Corp. 12,177 1,021,528
Norwegian Cruise Line Holdings Ltd. (a) 129,644 2,307,663
Playa Hotels & Resorts NV (a) 57,010 473,183
Royal Caribbean Cruises Ltd. (a) 67,280 8,578,200
Sabre Corp. (a) 139,281 571,052
Soho House & Co., Inc. (a) 38,371 235,982
Target Hospitality Corp. (a) 29,425 284,540
Travel & Leisure Co. 25,947 1,048,778
Wyndham Hotels & Resorts, Inc. 25,511 1,988,072
      114,034,272
Leisure Facilities – 0.5%
Bowlero Corp. Class A (a) 30,933 334,386
Dave & Buster's Entertainment, Inc. (a) 15,638 837,102
Life Time Group Holdings, Inc. (a) 31,166 414,508
Planet Fitness, Inc. Class A (a) 26,220 1,776,667
SeaWorld Entertainment, Inc. (a) 14,843 733,244
Six Flags Entertainment Corp. (a) 28,484 718,082
Vail Resorts, Inc. 11,486 2,549,892

    Shares Value
Xponential Fitness, Inc. Class A (a) 22,642 $ 250,420
      7,614,301
Restaurants – 11.2%
Aramark 74,663 2,171,200
BJ's Restaurants, Inc. (a) 13,712 474,572
Bloomin' Brands, Inc. 30,495 811,777
Brinker International, Inc. (a) 18,127 775,654
Cava Group, Inc. (a) 12,822 600,070
Cheesecake Factory, Inc. 20,020 688,087
Chipotle Mexican Grill, Inc. (a) 7,491 18,044,096
Chuy's Holdings, Inc. (a) 11,337 383,304
Cracker Barrel Old Country Store, Inc. 8,305 642,392
Darden Restaurants, Inc. 33,645 5,470,004
Denny's Corp. (a) 38,014 404,089
Dine Brands Global, Inc. 9,026 421,063
Domino's Pizza, Inc. 9,931 4,232,791
DoorDash, Inc. Class A (a) 70,889 7,386,634
Dutch Bros, Inc. Class A (a) 22,931 615,697
First Watch Restaurant Group, Inc. (a) 19,958 428,299
Jack in the Box, Inc. 8,729 680,600
Krispy Kreme, Inc. 38,015 505,219
Kura Sushi USA, Inc. Class A (a) 5,300 520,089
McDonald's Corp. 196,429 57,498,697
Papa John's International, Inc. 12,165 893,884
Portillo's, Inc. Class A (a) 27,616 379,444
RCI Hospitality Holdings, Inc. 6,250 386,000
Shake Shack, Inc. Class A (a) 13,738 1,038,043
Starbucks Corp. 309,437 28,786,924
Sweetgreen, Inc. Class A (a) 46,867 500,540
Texas Roadhouse, Inc. 19,967 2,510,251
Wendy's Co. 59,687 1,138,828
Wingstop, Inc. 8,973 2,522,400
Yum! Brands, Inc. 76,791 9,943,667
      150,854,315
TOTAL HOTELS, RESTAURANTS & LEISURE 301,829,488
HOUSEHOLD DURABLES – 5.7% 
Consumer Electronics – 0.5%
Garmin Ltd. 42,845 5,119,549
GoPro, Inc. Class A (a) 94,744 282,337
Snap One Holdings Corp. (a) 20,421 161,326
Sonos, Inc. (a) 48,593 757,079
Vizio Holding Corp. Class A (a) 52,674 368,718
      6,689,009
Home Furnishings – 0.5%
Ethan Allen Interiors, Inc. 14,407 419,676
La-Z-Boy, Inc. 18,694 650,738
Leggett & Platt, Inc. 45,412 1,054,013
Mohawk Industries, Inc. (a) 17,178 1,790,806
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 18


Table of Contents
Common Stocks – continued
    Shares Value
HOUSEHOLD DURABLES – continued
Home Furnishings – continued
Tempur Sealy International, Inc. 51,824 $ 2,585,499
      6,500,732
Homebuilding – 4.4%
Beazer Homes USA, Inc. (a) 16,110 511,492
Cavco Industries, Inc. (a) 2,886 957,921
Century Communities, Inc. 10,898 944,857
DR Horton, Inc. 85,290 12,188,794
Dream Finders Homes, Inc. Class A (a) 15,466 508,367
Green Brick Partners, Inc. (a) 13,319 694,852
Hovnanian Enterprises, Inc. Class A (a) 3,799 641,917
Installed Building Products, Inc. 7,953 1,549,642
KB Home 25,530 1,521,333
Legacy Housing Corp. (a) 11,765 278,007
Lennar Corp. Class A 69,065 10,349,390
LGI Homes, Inc. (a) 7,558 891,920
M/I Homes, Inc. (a) 9,630 1,227,055
MDC Holdings, Inc. 22,102 1,383,143
Meritage Homes Corp. 11,448 1,895,903
NVR, Inc. (a) 909 6,431,439
PulteGroup, Inc. 61,888 6,471,009
Skyline Champion Corp. (a) 18,359 1,257,224
Taylor Morrison Home Corp. (a) 32,911 1,715,979
Toll Brothers, Inc. 31,339 3,113,530
TopBuild Corp. (a) 9,276 3,424,050
Tri Pointe Homes, Inc. (a) 34,235 1,182,135
      59,139,959
Household Appliances – 0.2%
Cricut, Inc. Class A 36,910 193,408
Helen of Troy Ltd. (a) 8,547 978,632
iRobot Corp. (a) 14,527 197,567
Traeger, Inc. (a) 66,459 145,545
Whirlpool Corp. 16,740 1,833,365
      3,348,517
Housewares & Specialties – 0.1%
Newell Brands, Inc. 135,865 1,130,397
TOTAL HOUSEHOLD DURABLES 76,808,614
LEISURE PRODUCTS – 1.0% 
Leisure Products – 1.0%
Acushnet Holdings Corp. 12,876 815,566
Brunswick Corp. 21,605 1,743,091
Funko, Inc. Class A (a) 31,206 220,626
Hasbro, Inc. 40,438 1,979,440
Johnson Outdoors, Inc. Class A 5,923 265,114
Malibu Boats, Inc. Class A (a) 10,381 433,407
Marine Products Corp. 11,080 113,127
MasterCraft Boat Holdings, Inc. (a) 15,057 291,654

    Shares Value
Mattel, Inc. (a) 107,326 $ 1,920,062
Peloton Interactive, Inc. Class A (a) 127,509 708,950
Polaris, Inc. 16,780 1,509,529
Smith & Wesson Brands, Inc. 28,657 374,260
Sturm Ruger & Co., Inc. 9,818 428,654
Topgolf Callaway Brands Corp. (a) 58,764 773,922
Vista Outdoor, Inc. (a) 24,349 683,477
YETI Holdings, Inc. (a) 28,594 1,257,278
TOTAL LEISURE PRODUCTS 13,518,157
SPECIALTY RETAIL – 21.1% 
Apparel Retail – 4.3%
Abercrombie & Fitch Co. Class A (a) 17,844 1,818,304
American Eagle Outfitters, Inc. 61,837 1,225,609
Boot Barn Holdings, Inc. (a) 11,240 806,358
Buckle, Inc. 14,828 551,453
Burlington Stores, Inc. (a) 18,980 3,628,027
Caleres, Inc. 17,351 544,301
Children's Place, Inc. (a) 12,710 283,179
Designer Brands, Inc. Class A 33,102 283,684
Foot Locker, Inc. 32,526 915,932
Gap, Inc. 74,040 1,383,808
Genesco, Inc. (a) 9,927 275,772
Guess?, Inc. 16,631 371,537
Revolve Group, Inc. (a) 26,330 379,415
Ross Stores, Inc. 92,806 13,018,826
Shoe Carnival, Inc. 14,427 367,888
Stitch Fix, Inc. Class A (a) 78,832 252,262
TJX Cos., Inc. 310,647 29,483,507
Urban Outfitters, Inc. (a) 22,350 849,300
Victoria's Secret & Co. (a) 29,549 769,751
Zumiez, Inc. (a) 16,911 290,362
      57,499,275
Automotive Retail – 3.7%
Advance Auto Parts, Inc. 20,245 1,353,378
America's Car-Mart, Inc. (a) 4,483 272,970
Arko Corp. 46,240 360,672
Asbury Automotive Group, Inc. (a) 6,039 1,262,513
AutoNation, Inc. (a) 9,606 1,341,574
AutoZone, Inc. (a) 4,977 13,747,121
Camping World Holdings, Inc. Class A 21,766 540,885
CarMax, Inc. (a) 45,858 3,264,173
Carvana Co. (a) 34,064 1,466,796
Group 1 Automotive, Inc. 4,569 1,188,214
Lithia Motors, Inc. 8,222 2,424,257
Monro, Inc. 16,306 519,509
Murphy USA, Inc. 6,085 2,145,084
O'Reilly Automotive, Inc. (a) 16,626 17,009,229
Penske Automotive Group, Inc. 7,391 1,096,603
See accompanying notes which are an integral part of the financial statements.
19 Semi-Annual Report 


Table of Contents
Fidelity® MSCI Consumer Discretionary Index ETF
Schedule of Investments (Unaudited)continued
Common Stocks – continued
    Shares Value
SPECIALTY RETAIL – continued
Automotive Retail – continued
Sonic Automotive, Inc. Class A 8,411 $425,260
Valvoline, Inc. (a) 41,918 1,529,588
      49,947,826
Computer & Electronics Retail – 0.4%
Best Buy Co., Inc. 55,668 4,035,373
GameStop Corp. Class A (a) 91,472 1,301,647
Upbound Group, Inc. 20,353 675,720
      6,012,740
Home Improvement Retail – 9.8%
Floor & Decor Holdings, Inc. Class A (a) 29,618 2,978,386
Home Depot, Inc. 270,215 95,375,087
Lowe's Cos., Inc. 159,630 33,975,649
      132,329,122
Homefurnishing Retail – 0.6%
Arhaus, Inc. (a) 35,545 415,521
Beyond, Inc. (a) 25,452 559,689
Haverty Furniture Cos., Inc. 10,845 367,646
RH (a) 5,462 1,384,508
Sleep Number Corp. (a) 21,427 220,698
Wayfair, Inc. Class A (a) 26,382 1,325,695
Williams-Sonoma, Inc. 18,541 3,585,644
      7,859,401
Other Specialty Retail – 2.3%
1-800-FLOWERS.com, Inc. Class A (a) 32,355 336,492
Academy Sports & Outdoors, Inc. 24,721 1,550,748
Bath & Body Works, Inc. 65,752 2,804,980
Chewy, Inc. Class A (a) 43,021 766,634
Dick's Sporting Goods, Inc. 18,391 2,741,546
Five Below, Inc. (a) 16,095 2,888,409
Hibbett, Inc. 7,569 504,474
Leslie's, Inc. (a) 86,955 583,468
MarineMax, Inc. (a) 12,734 356,552
National Vision Holdings, Inc. (a) 32,597 619,669
ODP Corp. (a) 13,821 706,806
Petco Health & Wellness Co., Inc. (a) 81,861 195,648
Sally Beauty Holdings, Inc. (a) 53,001 652,972
Signet Jewelers Ltd. 14,176 1,410,229
Tractor Supply Co. 30,233 6,790,332
Ulta Beauty, Inc. (a) 13,731 6,893,649
Warby Parker, Inc. Class A (a) 40,399 515,087
Winmark Corp. 1,314 473,920
      30,791,615
TOTAL SPECIALTY RETAIL 284,439,979

    Shares Value
TEXTILES, APPAREL & LUXURY GOODS – 5.7% 
Apparel, Accessories & Luxury Goods – 2.4%
Capri Holdings Ltd. (a) 36,424 $ 1,775,306
Carter's, Inc. 13,269 1,003,667
Columbia Sportswear Co. 12,884 1,021,186
Figs, Inc. Class A (a) 67,770 390,355
G-III Apparel Group Ltd. (a) 19,021 572,342
Hanesbrands, Inc. (a) 150,833 678,748
Kontoor Brands, Inc. 17,851 1,046,426
Levi Strauss & Co. Class A 39,967 650,663
Lululemon Athletica, Inc. (a) 31,477 14,284,892
Movado Group, Inc. 11,994 330,795
Oxford Industries, Inc. 6,586 625,209
PVH Corp. 18,720 2,251,267
Ralph Lauren Corp. 12,689 1,823,029
Tapestry, Inc. 68,837 2,670,187
Under Armour, Inc. Class A (a) 80,252 611,520
Under Armour, Inc. Class C (a) 78,758 582,809
VF Corp. 101,931 1,677,784
      31,996,185
Footwear – 3.3%
Crocs, Inc. (a) 18,930 1,921,016
Deckers Outdoor Corp. (a) 7,349 5,539,162
NIKE, Inc. Class B 332,050 33,713,037
Skechers USA, Inc. Class A (a) 40,202 2,510,213
Steven Madden Ltd. 25,356 1,061,909
Wolverine World Wide, Inc. 47,995 401,238
      45,146,575
TOTAL TEXTILES, APPAREL & LUXURY GOODS 77,142,760
TOTAL COMMON STOCKS
(Cost $1,250,828,657)
1,342,513,723
Money Market Fund – 0.3%
       
State Street Institutional Treasury Plus Money Market Fund 5.23% (b)
(Cost $3,360,000)
3,360,000 3,360,000
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $1,254,188,657)
1,345,873,723
NET OTHER ASSETS (LIABILITIES) – 0.0% 411,669
NET ASSETS – 100.0% $1,346,285,392
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 20


Table of Contents
Futures Contracts
  Number of
contracts
Expiration
Date
Notional
Amount
Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contracts          
CME E-mini Consumer Discretionary Select Sector Index Contracts (United States) 17 March 2024 2,952,730 (128,618) (128,618)
CME E-mini Russell 2000 Index Contracts (United States) 6 March 2024 586,770 (719) (719)
Total Equity Index Contracts         $(129,337)
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $2,760,834.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2024, 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:                
Common Stocks   $ 1,342,513,723   $ 1,342,513,723   $ $  
Money Market Funds   3,360,000   3,360,000    
Total Investments in Securities:   $ 1,345,873,723   $ 1,345,873,723   $ $  
Derivative Instruments:                
Liabilities                
Futures Contracts   $ (129,337)   $ (129,337)   $ $  
Total Liabilities   $ (129,337)   $ (129,337)   $ $  
Total Derivative Instruments:   $ (129,337)   $ (129,337)   $ $  
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of January 31, 2024. 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) $0   $(129,337)
Total Equity Risk 0   (129,337)
Total Value of Derivatives $0   $(129,337)
    
(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.
21 Semi-Annual Report 


Table of Contents
Fidelity® MSCI Consumer Staples Index ETF
Schedule of Investments January 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.7%
    Shares Value
BEVERAGES – 22.1% 
Brewers – 0.7%
Boston Beer Co., Inc. Class A (a) 6,419 $2,241,964
Molson Coors Beverage Co. Class B 88,948 5,496,097
      7,738,061
Distillers & Vintners – 2.5%
Brown-Forman Corp. Class B 136,700 7,504,830
Constellation Brands, Inc. Class A 69,794 17,105,114
Duckhorn Portfolio, Inc. (a) 66,327 572,402
MGP Ingredients, Inc. 13,654 1,159,907
      26,342,253
Soft Drinks & Non-alcoholic Beverages – 18.9%
Celsius Holdings, Inc. (a) 69,322 3,459,168
Coca-Cola Co. 1,411,269 83,956,393
Coca-Cola Consolidated, Inc. 3,249 2,798,656
Keurig Dr Pepper, Inc. 404,808 12,727,163
Monster Beverage Corp. (a) 327,190 18,001,994
National Beverage Corp. (a) 25,069 1,159,190
PepsiCo, Inc. 470,315 79,262,187
Vita Coco Co., Inc. (a) 23,491 462,538
      201,827,289
TOTAL BEVERAGES 235,907,603
CONSUMER STAPLES DISTRIBUTION & RETAIL – 29.1% 
Consumer Staples Merchandise Retail – 22.8%
BJ's Wholesale Club Holdings, Inc. (a) 65,208 4,195,483
Costco Wholesale Corp. 153,870 106,921,186
Dollar General Corp. 84,479 11,157,141
Dollar Tree, Inc. (a) 80,294 10,488,002
PriceSmart, Inc. 21,796 1,656,932
Target Corp. 179,459 24,959,158
Walmart, Inc. 506,709 83,733,662
      243,111,564
Drug Retail – 0.7%
Walgreens Boots Alliance, Inc. 319,130 7,202,764
Food Distributors – 3.0%
Andersons, Inc. 33,291 1,754,769
Chefs' Warehouse, Inc. (a) 38,719 1,232,038
Performance Food Group Co. (a) 76,744 5,577,754
SpartanNash Co. 42,032 942,778
Sysco Corp. 213,917 17,312,303
U.S. Foods Holding Corp. (a) 103,307 4,753,155
United Natural Foods, Inc. (a) 46,009 685,994
      32,258,791
Food Retail – 2.6%
Albertsons Cos., Inc. Class A 126,598 2,686,410
Casey's General Stores, Inc. 18,473 5,012,833
Grocery Outlet Holding Corp. (a) 63,874 1,582,798
Ingles Markets, Inc. Class A 15,630 1,316,827

    Shares Value
Kroger Co. 288,710 $ 13,321,079
Sprouts Farmers Market, Inc. (a) 63,870 3,217,132
Weis Markets, Inc. 18,257 1,109,113
      28,246,192
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL 310,819,311
FOOD PRODUCTS – 17.6% 
Agricultural Products & Services – 2.5%
Archer-Daniels-Midland Co. 229,406 12,750,386
Bunge Global SA 68,970 6,075,567
Darling Ingredients, Inc. (a) 76,598 3,316,694
Fresh Del Monte Produce, Inc. 46,235 1,136,456
Ingredion, Inc. 33,681 3,623,065
      26,902,168
Packaged Foods & Meats – 15.1%
B&G Foods, Inc. 88,371 889,012
Beyond Meat, Inc. (a) 80,276 531,427
Calavo Growers, Inc. 26,448 690,028
Cal-Maine Foods, Inc. 32,685 1,811,403
Campbell Soup Co. 93,363 4,166,791
Conagra Brands, Inc. 213,390 6,220,319
Flowers Foods, Inc. 112,238 2,559,026
Freshpet, Inc. (a) 31,946 2,750,551
General Mills, Inc. 243,886 15,830,640
Hain Celestial Group, Inc. (a) 74,778 800,872
Hershey Co. 61,859 11,972,191
Hormel Foods Corp. 140,957 4,280,864
J & J Snack Foods Corp. 11,402 1,815,540
J M Smucker Co. 50,552 6,650,116
John B Sanfilippo & Son, Inc. 10,895 1,167,181
Kellanova 120,792 6,614,570
Kraft Heinz Co. 333,477 12,382,001
Lamb Weston Holdings, Inc. 65,367 6,696,195
Lancaster Colony Corp. 11,642 2,139,567
McCormick & Co., Inc. 109,408 7,457,249
Mission Produce, Inc. (a) 66,402 663,356
Mondelez International, Inc. Class A 554,888 41,766,420
Pilgrim's Pride Corp. (a) 50,300 1,366,651
Post Holdings, Inc. (a) 30,770 2,857,610
Seaboard Corp. 331 1,192,593
Seneca Foods Corp. Class A (a) 8,346 445,509
Simply Good Foods Co. (a) 59,703 2,256,773
Sovos Brands, Inc. (a) 51,472 1,134,958
Tootsie Roll Industries, Inc. 25,436 828,959
TreeHouse Foods, Inc. (a) 36,468 1,535,303
Tyson Foods, Inc. Class A 130,524 7,147,494
Utz Brands, Inc. 76,624 1,356,245
Vital Farms, Inc. (a) 34,249 492,501
Westrock Coffee Co. (a) 29,810 308,832
 
See accompanying notes which are an integral part of the financial statements.
 Semi-Annual Report 22


Table of Contents
Common Stocks – continued
    Shares Value
FOOD PRODUCTS – continued
Packaged Foods & Meats – continued
WK Kellogg Co. 30,081 $ 390,752
      161,169,499
TOTAL FOOD PRODUCTS 188,071,667
HOUSEHOLD PRODUCTS – 19.3% 
Household Products – 19.3%
Central Garden & Pet Co. (a) 14,720 690,368
Central Garden & Pet Co. Class A (a) 39,086 1,613,470
Church & Dwight Co., Inc. 106,106 10,594,684
Clorox Co. 54,271 7,882,863
Colgate-Palmolive Co. 325,903 27,441,033
Energizer Holdings, Inc. 50,607 1,600,193
Kimberly-Clark Corp. 140,402 16,984,430
Procter & Gamble Co. 847,759 133,216,849
Reynolds Consumer Products, Inc. 54,229 1,473,402
Spectrum Brands Holdings, Inc. 27,787 2,184,614
WD-40 Co. 9,714 2,515,732
TOTAL HOUSEHOLD PRODUCTS 206,197,638
PERSONAL CARE PRODUCTS – 4.3% 
Personal Care Products – 4.3%
Beauty Health Co. (a) 112,049 328,304
BellRing Brands, Inc. (a) 76,592 4,233,240
Coty, Inc. Class A (a) 226,854 2,740,396
Edgewell Personal Care Co. 38,234 1,416,570
elf Beauty, Inc. (a) 29,391 4,688,746
Estee Lauder Cos., Inc. Class A 96,613 12,751,950
Herbalife Ltd. (a) 86,032 1,036,686
Inter Parfums, Inc. 13,843 1,926,253
Kenvue, Inc. 665,938 13,824,873
Medifast, Inc. 11,326 618,966

    Shares Value
Nu Skin Enterprises, Inc. Class A 40,895 $ 759,011
Olaplex Holdings, Inc. (a) 42,141 94,817
USANA Health Sciences, Inc. (a) 17,383 813,872
TOTAL PERSONAL CARE PRODUCTS 45,233,684
TOBACCO – 7.3% 
Tobacco – 7.3%
Altria Group, Inc. (7,745,450) 29,337,910
Philip Morris International, Inc. 492,288 44,724,365
Turning Point Brands, Inc. 25,454 618,278
Universal Corp. 25,289 1,465,497
Vector Group Ltd. 125,593 1,314,959
TOTAL TOBACCO 77,461,009
TOTAL COMMON STOCKS
(Cost $1,001,926,350)
1,063,690,912
Money Market Fund – 0.2%
       
State Street Institutional Treasury Plus Money Market Fund 5.23% (b)
(Cost $1,900,000)
1,900,000 1,900,000
TOTAL INVESTMENT IN SECURITIES – 99.9%
(Cost $1,003,826,350)
1,065,590,912
NET OTHER ASSETS (LIABILITIES) – 0.1% 1,424,013
NET ASSETS – 100.0% $ 1,067,014,925
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
Futures Contracts
  Number of
contracts
Expiration
Date
Notional
Amount
Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contracts          
CME E-mini Consumer Staples Select Sector Index Contracts (United States) 40 March 2024 2,953,600 $ 23,727 $ 23,727
CME E-mini Russell 2000 Index Contracts (United States) 1 March 2024 97,795 (6,611) (6,611)
Total Equity Index Contracts         $ 17,116
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
See accompanying notes which are an integral part of the financial statements.
23 Semi-Annual Report 


Table of Contents
Fidelity® MSCI Consumer Staples Index ETF
Schedule of Investments (Unaudited)continued
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2024, 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:                
Common Stocks   $ 1,063,690,912   $ 1,063,690,912   $ $