Fidelity® Emerging Markets Multifactor ETF
Fidelity® International High Dividend ETF
Fidelity® International Multifactor ETF
Fidelity® International Value Factor ETF
 
 
Annual Report
October 31, 2023

Contents

Fidelity® Emerging Markets Multifactor ETF

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® International High Dividend ETF

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® International Multifactor ETF

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® International Value Factor 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

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Fidelity® Emerging Markets Multifactor 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 October 31, 2023
 
Past 1
year
Life of
Fund
Fidelity® Emerging Markets Multifactor ETF - NAV A
14.76%
-0.08%
Fidelity® Emerging Markets Multifactor ETF - Market Price B
15.48%
0.15%
Fidelity Emerging Markets Multifactor Index℠ A
16.37%
0.65%
MSCI Emerging Markets Index A
10.84%
-0.70%
 
A   From February 26, 2019
 
B  From February 28, 2019, date initially listed on the CboeBZX exchange.
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Markets 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 Emerging Markets Multifactor Index℠ and the MSCI  Emerging Markets Index performed over the same period.
 
Fidelity® Emerging Markets Multifactor ETF
Management's Discussion of Fund Performance
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year, the exchange-traded fund's net asset value gained 14.76%, versus 16.37% for the Fidelity Emerging Markets Multifactor Index. (The ETF's relative performance was affected by differing methodologies (fund versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, as well as by required local capital gains tax.) The ETF's market price gained 15.48% the past 12 months, while the MSCI Emerging Markets (Net MA) Index gained 10.84%. From a regional standpoint, emerging markets gained 15% and contributed most versus the multifactor index, followed by Asia Pacific ex Japan (+28%). By sector, information technology gained 28% and contributed most, driven by the technology hardware & equipment industry (+29%). Financials, which gained 17%, also helped, benefiting from the banks industry (+12%), as did consumer discretionary, which advanced 22%, lifted by the consumer discretionary distribution & retail industry (+40%). The utilities sector rose 22%, health care gained roughly 15% and consumer staples advanced about 12%. Other notable contributors included the real estate (+17%), energy (+6%), materials (+11%) and industrials (+8%) sectors. Conversely, from a sector standpoint, communication services returned approximately 2% and detracted most. Turning to individual stocks, the biggest contributor was Longfor (+150%), from the real estate management & development category. Samsung Electronics (+19%) and Gigabyte Technology (+139%), within the technology hardware & equipment industry, also contributed. Lastly, in utilities, Beijing Enterprises (+43%) and Gail India (+33%) lifted the fund. Conversely, the biggest individual detractor was C&D International Investment Group (-27%), from the real estate management & development group. Tencent Holdings (-11%) and MultiChoice Group (-33%), within the media & entertainment industry, also hurt the fund's performance. In energy, Adaro Energy Indonesia returned -27% and detracted. Lastly, in equity real estate investment trusts (REITs), Terrafina returned approximately -15% and detracted.
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.
 
 
Fidelity® Emerging Markets Multifactor ETF
Investment Summary October 31, 2023 (Unaudited)
Top Holdings (% of Fund's net assets)
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
3.7
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
3.4
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
1.8
 
Emaar Properties PJSC  (United Arab Emirates, Real Estate Management & Development)
1.7
 
C&D International Investment Group Ltd.  (China, Real Estate Management & Development)
1.6
 
Terrafina  (Mexico, Equity Real Estate Investment Trusts (REITs))
1.5
 
Turkiye Petrol Rafinerileri A/S  (Turkey, Oil, Gas & Consumable Fuels)
1.4
 
HDFC Bank Ltd.  (India, Banks)
1.4
 
Ruentex Development Co. Ltd.  (Taiwan, Real Estate Management & Development)
1.4
 
Coal India Ltd.  (India, Oil, Gas & Consumable Fuels)
1.3
 
 
19.2
 
 
Market Sectors (% of Fund's net assets)
 
Financials
20.3
 
Information Technology
15.5
 
Communication Services
13.5
 
Energy
11.0
 
Consumer Staples
9.8
 
Consumer Discretionary
9.5
 
Utilities
7.5
 
Real Estate
6.2
 
Materials
3.7
 
Industrials
2.8
 
 
Asset Allocation (% of Fund's net assets)
Futures - 0.2%
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® Emerging Markets Multifactor ETF
Schedule of Investments October 31, 2023
Showing Percentage of Net Assets     
Common Stocks - 98.2%
 
 
Shares
Value ($)
 
Brazil - 2.7%
 
 
 
Banco do Brasil SA
 
12,900
123,679
BB Seguridade Participacoes SA
 
14,900
90,883
CPFL Energia SA (a)
 
35,200
233,410
Itausa-Investimentos Itau SA
 
1,011
1,720
TIM SA
 
35,200
105,886
Vale SA
 
9,200
125,877
TOTAL BRAZIL
 
 
681,455
Chile - 0.4%
 
 
 
Banco de Chile
 
906,616
92,843
China - 25.3%
 
 
 
Agricultural Bank of China Ltd. (H Shares)
 
299,000
110,435
Alibaba Group Holding Ltd. (a)
 
45,700
467,536
Anta Sports Products Ltd.
 
7,600
85,814
Autohome, Inc. ADR Class A
 
3,278
87,687
Baidu, Inc. Class A (a)
 
13,850
181,785
Bank of China Ltd. (H Shares)
 
417,000
146,024
Bank of Communications Co. Ltd. (H Shares)
 
169,000
100,001
Beijing Enterprises Holdings Ltd.
 
78,000
259,681
Bosideng International Holdings Ltd.
 
110,000
43,440
Brilliance China Automotive Holdings Ltd.
 
98,000
44,963
C&D International Investment Group Ltd.
 
179,175
402,105
China CITIC Bank Corp. Ltd. (H Shares)
 
140,000
62,444
China Construction Bank Corp. (H Shares)
 
407,000
230,949
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
29,400
72,442
China Railway Group Ltd. (H Shares)
 
81,000
38,199
China Shenhua Energy Co. Ltd. (H Shares)
 
96,000
294,456
China Tower Corp. Ltd. (H Shares) (b)
 
1,022,000
95,348
CITIC Pacific Ltd.
 
53,000
45,044
Daqo New Energy Corp. ADR (a)
 
3,052
77,704
Fuyao Glass Industries Group Co. Ltd. (H Shares) (b)
 
12,800
58,319
Haier Smart Home Co. Ltd.
 
22,400
64,126
Hello Group, Inc. ADR
 
9,502
67,274
Hengan International Group Co. Ltd.
 
64,000
214,298
Industrial & Commercial Bank of China Ltd. (H Shares)
 
369,000
177,318
Inner Mongolia Yitai Coal Co. Ltd. (B Shares) (a)
 
163,437
224,236
Jiangxi Copper Co. Ltd. (H Shares)
 
45,000
63,722
Jiumaojiu International Holdings Ltd. (b)
 
28,000
30,417
Kingboard Chemical Holdings Ltd.
 
34,000
82,647
Lenovo Group Ltd.
 
102,000
118,626
MINISO Group Holding Ltd. ADR
 
1,895
47,962
NetEase, Inc.
 
11,400
245,204
PDD Holdings, Inc. ADR (a)
 
1,832
185,801
People's Insurance Co. of China Group Ltd. (H Shares)
 
170,000
56,054
PetroChina Co. Ltd. (H Shares)
 
428,000
278,966
PICC Property & Casualty Co. Ltd. (H Shares)
 
68,000
77,693
Pop Mart International Group Ltd. (b)
 
19,200
52,879
Shenzhou International Group Holdings Ltd.
 
6,800
66,700
Tencent Holdings Ltd.
 
25,400
938,791
Tencent Music Entertainment Group ADR (a)
 
16,970
123,202
Tongcheng Travel Holdings Ltd. (a)
 
22,800
43,533
Topsports International Holdings Ltd. (b)
 
58,000
48,774
TravelSky Technology Ltd. (H Shares)
 
27,000
42,581
Trip.com Group Ltd. (a)
 
2,600
89,318
Vipshop Holdings Ltd. ADR (a)
 
2,750
39,215
Yadea Group Holdings Ltd. (b)
 
24,000
43,862
Yangzijiang Shipbuilding Holdings Ltd.
 
33,600
35,561
Yum China Holdings, Inc.
 
1,699
89,299
Zhongsheng Group Holdings Ltd. Class H
 
16,500
38,042
TOTAL CHINA
 
 
6,490,477
Czech Republic - 1.2%
 
 
 
CEZ A/S
 
7,159
305,860
Egypt - 0.5%
 
 
 
Commercial International Bank SAE
 
67,584
131,890
Greece - 0.8%
 
 
 
Jumbo SA
 
3,477
91,365
OPAP SA
 
6,027
101,929
TOTAL GREECE
 
 
193,294
Hong Kong - 1.1%
 
 
 
WH Group Ltd. (b)
 
490,500
292,748
Hungary - 1.1%
 
 
 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
34,763
275,991
India - 15.2%
 
 
 
Apollo Tyres Ltd.
 
16,721
76,577
Bajaj Auto Ltd.
 
1,614
103,015
Bank of Baroda
 
32,715
77,093
Bharat Electronics Ltd.
 
48,481
77,591
Canara Bank Ltd.
 
18,557
85,665
Coal India Ltd.
 
90,755
342,544
Eicher Motors Ltd.
 
2,427
96,066
Federal Bank Ltd.
 
48,654
82,192
GAIL India Ltd.
 
199,250
285,980
HCL Technologies Ltd.
 
4,732
72,521
HDFC Asset Management Co. Ltd. (b)
 
2,693
88,431
HDFC Bank Ltd.
 
20,376
361,345
Hindustan Aeronautics Ltd.
 
3,050
66,783
Hindustan Unilever Ltd.
 
10,248
305,746
Infosys Ltd.
 
12,180
200,185
ITC Ltd.
 
49,534
254,873
NHPC Ltd.
 
451,987
272,521
NMDC Ltd.
 
44,473
82,367
Oil & Natural Gas Corp. Ltd.
 
126,120
281,979
Pidilite Industries Ltd.
 
2,088
61,643
Power Finance Corp. Ltd.
 
31,626
93,672
REC Ltd.
 
32,316
111,629
State Bank of India
 
15,222
103,398
Steel Authority of India Ltd.
 
54,101
54,485
Tata Consultancy Services Ltd.
 
3,581
144,892
Union Bank of India Ltd.
 
68,165
83,181
Wipro Ltd.
 
8,735
40,056
TOTAL INDIA
 
 
3,906,430
Indonesia - 4.4%
 
 
 
Indofood Sukses Makmur Tbk PT
 
469,400
196,507
PT Adaro Energy Indonesia Tbk
 
1,530,800
246,701
PT Astra International Tbk
 
104,500
37,991
PT Bank Central Asia Tbk
 
272,900
150,323
PT Bank Mandiri (Persero) Tbk
 
300,400
107,319
PT Indah Kiat Pulp & Paper Tbk
 
76,000
45,930
PT Telkom Indonesia Persero Tbk
 
566,500
124,462
PT United Tractors Tbk
 
134,300
212,420
TOTAL INDONESIA
 
 
1,121,653
Korea (South) - 10.0%
 
 
 
Cosmo AM&T Co. Ltd. (a)
 
81
8,361
Cosmo AM&T Co. Ltd. rights 11/7/23 (a)
 
4
49
DB HiTek Co. Ltd.
 
185
6,630
Db Insurance Co. Ltd.
 
1,446
94,112
Doosan Bobcat, Inc.
 
1,236
35,463
EO Technics Co. Ltd.
 
49
5,054
GS Holdings Corp.
 
1,785
52,074
Hankook Tire Co. Ltd.
 
3,308
93,566
Hanmi Semiconductor Co. Ltd.
 
213
8,280
Hanwha Corp.
 
2,256
37,084
Hyundai Marine & Fire Insurance Co. Ltd.
 
3,581
83,523
Hyundai Steel Co.
 
1,566
37,975
Isupetasys Co. Ltd.
 
221
3,543
Kangwon Land, Inc.
 
8,250
89,613
KT&G Corp.
 
3,628
229,143
Kumho Petro Chemical Co. Ltd.
 
448
42,029
LG Corp.
 
958
54,761
LG Innotek Co. Ltd.
 
56
9,247
LG Uplus Corp.
 
13,001
97,323
NCSOFT Corp.
 
513
88,314
Orion Corp./Republic of Korea
 
2,389
211,915
POSCO
 
223
67,946
POSCO ICT Co. Ltd.
 
229
8,317
Samsung Electro-Mechanics Co. Ltd.
 
193
17,763
Samsung Electronics Co. Ltd.
 
17,646
874,101
Samsung SDI Co. Ltd.
 
176
55,450
Samsung SDS Co. Ltd.
 
148
15,145
SK Hynix, Inc.
 
1,685
145,101
Woori Financial Group, Inc.
 
10,358
91,267
TOTAL KOREA (SOUTH)
 
 
2,563,149
Malaysia - 1.3%
 
 
 
CelcomDigi Bhd
 
108,900
96,683
Maxis Bhd
 
117,700
97,826
Petronas Chemicals Group Bhd
 
35,500
54,690
TIME dotCom Bhd
 
83,900
93,682
TOTAL MALAYSIA
 
 
342,881
Mexico - 4.6%
 
 
 
Arca Continental S.A.B. de CV
 
28,900
258,808
Banco del Bajio SA (b)
 
31,000
94,753
El Puerto de Liverpool S.A.B. Dcv Series C
 
5,600
28,433
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
2,035
43,799
Grupo Aeroportuario Norte S.A.B. de CV
 
4,800
36,594
Grupo Financiero Inbursa S.A.B. de CV Series O (a)
 
42,200
86,911
Kimberly-Clark de Mexico SA de CV Series A
 
121,300
222,066
Promotora y Operadora de Infraestructura S.A.B. de CV
 
5,035
41,160
Terrafina
 
234,700
380,398
TOTAL MEXICO
 
 
1,192,922
Philippines - 0.3%
 
 
 
BDO Unibank, Inc.
 
29,560
66,424
Qatar - 1.2%
 
 
 
Mesaieed Petrochemical Holding Co. (a)
 
102,980
44,971
Qatar Electricity & Water Co. (a)
 
59,334
269,537
TOTAL QATAR
 
 
314,508
Russia - 0.3%
 
 
 
Gazprom OAO (c)
 
14,450
1,504
Inter Rao Ues JSC (c)
 
7,348,600
40,287
MMC Norilsk Nickel PJSC (a)(c)
 
188
1,243
Mobile TeleSystems OJSC sponsored ADR (a)(c)
 
15,647
15,584
Sberbank of Russia (c)
 
38,410
235
Surgutneftegas OJSC (c)
 
56,600
689
TCS Group Holding PLC GDR (a)(c)
 
789
9,152
VTB Bank OJSC (a)(c)
 
91,900,000
3,491
TOTAL RUSSIA
 
 
72,185
Saudi Arabia - 2.6%
 
 
 
Al Rajhi Bank
 
8,597
153,763
Luberef
 
1,250
42,982
Sabic Agriculture-Nutrients Co.
 
1,679
59,881
Saudi Telecom Co.
 
21,913
224,293
The Co. for Cooperative Insurance
 
1,752
56,414
The Saudi National Bank
 
13,856
123,912
TOTAL SAUDI ARABIA
 
 
661,245
South Africa - 2.5%
 
 
 
Exxaro Resources Ltd.
 
32,429
323,410
Kumba Iron Ore Ltd.
 
2,200
57,951
Momentum Metropolitan Holdings
 
110,246
123,320
Standard Bank Group Ltd.
 
14,934
145,692
TOTAL SOUTH AFRICA
 
 
650,373
Taiwan - 13.6%
 
 
 
ASE Technology Holding Co. Ltd.
 
38,000
132,974
ASPEED Tech, Inc.
 
1,000
79,235
Catcher Technology Co. Ltd.
 
19,000
106,320
Chicony Electronics Co. Ltd.
 
32,000
122,830
Chipbond Technology Corp.
 
48,000
100,632
Chunghwa Telecom Co. Ltd.
 
41,000
146,632
Compal Electronics, Inc.
 
116,000
100,318
eMemory Technology, Inc.
 
2,000
124,249
Far Eastern International Bank
 
258,000
91,475
Far Eastern New Century Corp.
 
82,000
74,580
Far EasTone Telecommunications Co. Ltd.
 
49,000
114,663
Formosa Plastics Corp.
 
25,000
59,349
Foxconn Technology Co. Ltd.
 
59,000
95,317
Gigabyte Technology Co. Ltd.
 
11,000
73,763
Global Unichip Corp.
 
2,000
88,485
International Games Systems Co. Ltd.
 
5,000
96,038
Largan Precision Co. Ltd.
 
2,000
127,640
Lite-On Technology Corp.
 
29,000
89,410
Lotes Co. Ltd.
 
4,077
103,449
Micro-Star International Co. Ltd.
 
19,000
96,655
Novatek Microelectronics Corp.
 
9,000
126,114
Pegatron Corp.
 
47,000
109,259
Pou Chen Corp.
 
94,000
83,610
Radiant Opto-Electronics Corp.
 
28,000
107,045
Ruentex Development Co. Ltd.
 
359,100
358,713
Simplo Technology Co. Ltd.
 
10,000
102,821
SINBON Electronics Co. Ltd.
 
10,000
85,402
Taichung Commercial Bank Co. Ltd.
 
204,305
92,594
Taishin Financial Holdings Co. Ltd.
 
197,000
104,771
Taiwan Business Bank
 
225,280
88,556
Taiwan Cooperative Financial Holding Co. Ltd.
 
137,550
106,656
Wiwynn Corp.
 
2,000
93,726
TOTAL TAIWAN
 
 
3,483,281
Thailand - 1.5%
 
 
 
Advanced Information Service PCL NVDR
 
19,200
117,521
Bangkok Bank PCL NVDR
 
13,800
60,472
Home Product Center PCL NVDR
 
147,100
48,703
Intouch Holdings PCL NVDR
 
49,000
96,793
Krung Thai Bank PCL NVDR
 
118,800
62,139
TOTAL THAILAND
 
 
385,628
Turkey - 5.5%
 
 
 
Akbank TAS
 
107,714
112,158
Bim Birlesik Magazalar A/S JSC
 
34,320
329,945
Enka Insaat ve Sanayi A/S
 
38,095
40,959
Haci Omer Sabanci Holding A/S
 
52,054
98,431
Koc Holding A/S
 
10,990
53,138
Turkcell Iletisim Hizmet A/S
 
92,715
157,295
Turkiye Is Bankasi A/S Series C
 
185,007
137,189
Turkiye Petrol Rafinerileri A/S
 
72,395
363,091
Yapi ve Kredi Bankasi A/S
 
198,446
120,922
TOTAL TURKEY
 
 
1,413,128
United Arab Emirates - 2.1%
 
 
 
Abu Dhabi Islamic Bank (a)
 
37,488
105,126
Emaar Properties PJSC
 
237,778
433,089
TOTAL UNITED ARAB EMIRATES
 
 
538,215
 
TOTAL COMMON STOCKS
 (Cost $25,857,122)
 
 
 
25,176,580
 
 
 
 
Nonconvertible Preferred Stocks - 1.6%
 
 
Shares
Value ($)
 
Brazil - 1.6%
 
 
 
Bradespar SA (PN)
 
7,700
34,110
Companhia Energetica de Minas Gerais (CEMIG) (PN)
 
104,900
244,205
Itausa-Investimentos Itau SA (PN)
 
56,731
97,195
Metalurgica Gerdau SA (PN)
 
13,700
28,063
TOTAL BRAZIL
 
 
403,573
Russia - 0.0%
 
 
 
AK Transneft OAO (c)
 
12
3,462
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $406,874)
 
 
 
407,035
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.8%
 (Cost $26,263,996)
 
 
 
25,583,615
NET OTHER ASSETS (LIABILITIES) - 0.2%  
59,115
NET ASSETS - 100.0%
25,642,730
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI Emerging Markets Index Contracts (United States)
1
Dec 2023
45,960
(762)
(762)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
 
 
 
Legend
 
(a)
Non-income producing
 
(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 $805,531 or 3.1% of net assets.
 
(c)
Level 3 security
 
 
 
 
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 5.40%
-
3,310,856
3,310,856
2,035
-
-
-
0.0%
Total
-
3,310,856
3,310,856
2,035
-
-
-
 
 
 
 
 
 
 
 
 
 
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 October 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:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
3,412,286
3,396,702
-
15,584
Consumer Discretionary
2,395,458
2,395,458
-
-
Consumer Staples
2,516,049
2,516,049
-
-
Energy
2,849,449
2,843,794
-
5,655
Financials
5,229,276
5,216,398
-
12,878
Industrials
770,781
770,781
-
-
Information Technology
3,959,316
3,959,267
49
-
Materials
965,214
963,971
-
1,243
Real Estate
1,574,305
1,574,305
-
-
Utilities
1,911,481
1,871,194
-
40,287
 
 
 
 
 
 Total Investments in Securities:
25,583,615
25,507,919
49
75,647
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(762)
(762)
-
-
  Total Liabilities
(762)
(762)
-
-
 Total Derivative Instruments:
(762)
(762)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
0
(762)
Total Equity Risk
0
(762)
Total Value of Derivatives
0
(762)
 
(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).
 
 
 
Fidelity® Emerging Markets Multifactor ETF
Financial Statements
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value - See accompanying schedule
 
Unaffiliated issuers (cost $26,263,996):
 
 
 
$
25,583,615
Segregated cash with brokers for derivative instruments
 
 
4,242
Cash
 
 
40,904
Foreign currency held at value (cost $181,876)
 
 
169,667
Dividends receivable
 
 
43,867
Other receivables
 
 
465
  Total assets
 
 
25,842,760
Liabilities
 
 
 
 
Payable for investments purchased
$
97,849
 
 
Accrued management fee
9,823
 
 
Payable for daily variation margin on futures contracts
674
 
 
Deferred taxes
91,591
 
 
Other payables and accrued expenses
93
 
 
  Total Liabilities
 
 
 
200,030
Net Assets  
 
 
$
25,642,730
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
30,085,189
Total accumulated earnings (loss)
 
 
 
(4,442,459)
Net Assets
 
 
$
25,642,730
Net Asset Value, offering price and redemption price per share ($25,642,730 ÷ 1,200,000 shares)
 
 
$
21.37
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
1,300,532
Income from Fidelity Central Funds  
 
 
2,035
 Income before foreign taxes withheld
 
 
$
1,302,567
Less foreign taxes withheld
 
 
(160,653)
 Total Income
 
 
 
1,141,914
Expenses
 
 
 
 
Management fee
$
108,260
 
 
Independent trustees' fees and expenses
130
 
 
 Total expenses before reductions
 
108,390
 
 
 Expense reductions
 
(418)
 
 
 Total expenses after reductions
 
 
 
107,972
Net Investment income (loss)
 
 
 
1,033,942
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  (net of foreign taxes of $33,802)
 
(1,225,311)
 
 
 Foreign currency transactions
 
(17,409)
 
 
 Futures contracts
 
6,183
 
 
Total net realized gain (loss)
 
 
 
(1,236,537)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $47,832)  
 
3,117,128
 
 
 Assets and liabilities in foreign currencies
 
(12,852)
 
 
 Futures contracts
 
(1,385)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
3,102,891
Net gain (loss)
 
 
 
1,866,354
Net increase (decrease) in net assets resulting from operations
 
 
$
2,900,296
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
1,033,942
$
823,731
Net realized gain (loss)
 
(1,236,537)
 
 
(1,875,585)
 
Change in net unrealized appreciation (depreciation)
 
3,102,891
 
(3,937,671)
 
Net increase (decrease) in net assets resulting from operations
 
2,900,296
 
 
(4,989,525)
 
Distributions to shareholders
 
(1,198,769)
 
 
(826,772)
 
Distributions to shareholders from tax return of capital
 
(11,231)
 
 
(29,228)
 
 
 
 
 
 
 Total Distributions
 
(1,210,000)
 
 
(856,000)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
4,445,155
 
4,649,878
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
4,445,155
 
 
4,649,878
 
Total increase (decrease) in net assets
 
6,135,451
 
 
(1,195,647)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
19,507,279
 
20,702,926
 
End of period
$
25,642,730
$
19,507,279
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
200,000
 
200,000
Net increase (decrease)
 
200,000
 
200,000
 
 
 
 
 
 
Financial Highlights
Fidelity® Emerging Markets Multifactor ETF
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.51
$
25.88
$
23.12
$
24.68
$
25.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.95
 
.89
 
.72
 
.55
 
.50
     Net realized and unrealized gain (loss)
 
1.96
 
(6.37)
 
2.67
 
(1.57)
 
(.34)
  Total from investment operations
 
2.91  
 
(5.48)  
 
3.39  
 
(1.02)  
 
.16
  Distributions from net investment income
 
(1.04)
 
(.86)
 
(.63)
 
(.54)
 
(.48)
  Tax return of capital
 
(.01)
 
(.03)
 
-
 
-
 
-
     Total distributions
 
(1.05)
 
(.89)
 
(.63)
 
(.54)
 
(.48)
  Net asset value, end of period
$
21.37
$
19.51
$
25.88
$
23.12
$
24.68
 Total Return D,E,F
 
14.76%
 
(21.56)%
 
14.55%
 
(4.03)%
 
.66%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.45%
 
.45%
 
.45%
 
.45%
 
.45% I
    Expenses net of fee waivers, if any
 
.45%
 
.45%
 
.45%
 
.45%
 
.45% I
    Expenses net of all reductions
 
.45%
 
.45%
 
.45%
 
.45%
 
.45% I
    Net investment income (loss)
 
4.29%
 
3.84%
 
2.64%
 
2.39%
 
3.05% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
25,643
$
19,507
$
20,703
$
9,249
$
9,872
    Portfolio turnover rate J
 
82% K
 
91% K
 
65% K
 
66%
 
34% K,L
 
AFor the period February 26, 2019 (commencement of operations) through October 31, 2019.
 
BCalculated based on average shares outstanding during the period.
 
CNet 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.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FBased on net asset value.
 
GFees 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.
 
HExpense 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.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
LAmount not annualized.
 
Fidelity® International High Dividend 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 October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund
Fidelity® International High Dividend ETF - NAV A
11.57%
1.73%
-1.40%
Fidelity® International High Dividend ETF - Market Price B
12.57%
1.87%
-1.51%
Fidelity International High Dividend Index℠ A
12.10%
2.21%
-0.94%
MSCI World ex USA Index A
12.82%
4.49%
1.41%
 
A   From January 16, 2018
 
B  From January 18, 2018, 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® International High Dividend ETF - NAV, on January 16, 2018, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity International High Dividend Index℠ and the MSCI  World ex USA Index performed over the same period.
 
Fidelity® International High Dividend ETF
Management's Discussion of Fund Performance
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year, the exchange-traded fund's net asset value gained 11.57%, versus 12.10% for the Fidelity International High Dividend Index. (The ETF's relative performance was affected by differing methodologies (fund versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, as well as by required local capital gains tax.) The ETF's market price gained 12.57% the past 12 months, while the MSCI World ex US Net MA Index gained 12.82%. From a regional standpoint, Europe ex the U.K. gained about 16% and contributed most versus the high dividend index, followed by Japan (+35%). By sector, industrials gained 34% and contributed most, driven by the capital goods industry (+40%). Financials, which gained 10%, also helped, benefiting from the financial services industry (+39%), as did materials, which advanced 17%. The energy sector rose 12%, utilities gained approximately 13% and consumer discretionary advanced about 19%. Other notable contributors included the communication services (+5%), consumer staples (+8%), information technology (+11%) and health care (+2%) sectors. Conversely, Canada returned -11% and detracted most, followed by the U.K. (0%). From a sector standpoint, real estate returned roughly -9% and detracted most. This group was hampered by the real estate management & development industry (-9%). Turning to individual stocks, the top contributor was Enel (+49%), from the utilities group. BP (+24%), from the energy group, also boosted the fund. In real estate management & development, Daiwa House Industry gained 22% and boosted the fund. Mizuho Financial, within the banks industry, gained about 47% and contributed. Lastly, Fortescue Metals, within the materials industry, gained about 61% and helped. Conversely, the biggest individual detractor was Algonquin Power & Utilities (-33%), from the utilities category. New World Development (-35%), from the real estate management & development category, also hurt. Anglo American (-31%), a stock in the materials industry, detracted. Vodafone (-22%), from the telecommunication services group, also hurt. Lastly, in banks, KBC returned -24% and hurt.
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.
 
 
Fidelity® International High Dividend ETF
Investment Summary October 31, 2023 (Unaudited)
Top Holdings (% of Fund's net assets)
 
Enel SpA  (Italy, Electric Utilities)
3.9
 
Daiwa House Industry Co. Ltd.  (Japan, Real Estate Management & Development)
3.5
 
Terna - Rete Elettrica Nazionale  (Italy, Electric Utilities)
3.2
 
Telefonica SA  (Spain, Diversified Telecommunication Services)
2.9
 
Nintendo Co. Ltd.  (Japan, Entertainment)
2.6
 
SoftBank Corp.  (Japan, Wireless Telecommunication Services)
2.5
 
JFE Holdings, Inc.  (Japan, Metals & Mining)
2.4
 
Power Assets Holdings Ltd.  (Hong Kong, Electric Utilities)
2.4
 
Vodafone Group PLC  (United Kingdom, Wireless Telecommunication Services)
2.3
 
Vonovia SE  (Germany, Real Estate Management & Development)
2.2
 
 
27.9
 
 
Market Sectors (% of Fund's net assets)
 
Financials
28.2
 
Materials
13.7
 
Communication Services
12.3
 
Utilities
11.3
 
Industrials
11.2
 
Real Estate
9.3
 
Consumer Discretionary
4.5
 
Health Care
4.4
 
Consumer Staples
2.5
 
Information Technology
1.8
 
 
Asset Allocation (% of Fund's net assets)
Futures - 0.7%
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® International High Dividend ETF
Schedule of Investments October 31, 2023
Showing Percentage of Net Assets     
Common Stocks - 99.2%
 
 
Shares
Value ($)
 
Australia - 9.4%
 
 
 
ANZ Group Holdings Ltd.
 
77,863
1,218,177
BHP Group Ltd.
 
61,614
1,735,985
Coles Group Ltd.
 
16,208
156,702
Rio Tinto Ltd.
 
16,016
1,192,324
Rio Tinto PLC
 
27,714
1,767,233
Sonic Healthcare Ltd.
 
12,984
236,349
Wesfarmers Ltd.
 
6,116
195,631
Westpac Banking Corp.
 
84,858
1,106,794
TOTAL AUSTRALIA
 
 
7,609,195
Belgium - 1.0%
 
 
 
KBC Group NV
 
14,870
815,743
Canada - 11.6%
 
 
 
Algonquin Power & Utilities Corp. (a)
 
287,047
1,443,247
Bank of Montreal
 
12,645
954,489
Bank of Nova Scotia
 
22,575
913,082
Barrick Gold Corp. (Canada)
 
108,091
1,724,629
BCE, Inc.
 
42,645
1,581,390
Canadian Imperial Bank of Commerce (a)
 
24,378
858,871
Canadian National Railway Co.
 
4,290
453,428
Canadian Tire Ltd. Class A (non-vtg.)
 
1,164
112,153
Finning International, Inc.
 
10,968
293,586
Manulife Financial Corp.
 
55,976
973,355
TOTAL CANADA
 
 
9,308,230
Denmark - 0.4%
 
 
 
A.P. Moller - Maersk A/S Series B
 
194
322,127
Finland - 1.6%
 
 
 
Kesko Oyj
 
5,951
100,423
Nokia Corp.
 
22,080
73,283
Nordea Bank Abp
 
100,172
1,051,691
TietoEVRY Oyj
 
2,681
56,053
TOTAL FINLAND
 
 
1,281,450
France - 6.4%
 
 
 
BNP Paribas SA
 
20,438
1,172,825
Bouygues SA
 
16,613
583,166
Compagnie Generale des Etablissements Michelin SCA Series B
 
5,871
173,882
Credit Agricole SA
 
88,202
1,060,765
Danone SA
 
3,189
189,269
LVMH Moet Hennessy Louis Vuitton SE
 
676
481,952
Societe Generale Series A
 
37,047
828,010
VINCI SA
 
6,300
695,743
TOTAL FRANCE
 
 
5,185,612
Germany - 8.4%
 
 
 
Allianz SE
 
6,142
1,434,104
BASF AG
 
32,965
1,516,934
Bayer AG
 
6,341
272,521
Bayerische Motoren Werke AG (BMW)
 
3,298
305,477
DHL Group
 
15,994
621,452
Fresenius SE & Co. KGaA
 
10,027
256,909
Mercedes-Benz Group AG (Germany)
 
5,001
293,006
SAP SE
 
1,757
235,375
Vonovia SE
 
78,226
1,794,262
TOTAL GERMANY
 
 
6,730,040
Hong Kong - 4.4%
 
 
 
Jardine Matheson Holdings Ltd.
 
6,882
278,377
New World Development Co. Ltd.
 
721,000
1,321,363
Power Assets Holdings Ltd.
 
402,500
1,923,868
TOTAL HONG KONG
 
 
3,523,608
Italy - 8.6%
 
 
 
Enel SpA
 
496,727
3,143,942
Intesa Sanpaolo SpA
 
456,011
1,184,042
Terna - Rete Elettrica Nazionale
 
337,426
2,577,220
TOTAL ITALY
 
 
6,905,204
Japan - 22.4%
 
 
 
Astellas Pharma, Inc.
 
21,000
263,462
Bridgestone Corp.
 
6,700
250,711
Canon, Inc.
 
6,900
161,787
Daiwa House Industry Co. Ltd.
 
102,300
2,787,759
Daiwa Securities Group, Inc.
 
299,800
1,710,371
Honda Motor Co. Ltd.
 
34,800
346,173
Isuzu Motors Ltd.
 
17,900
196,262
Japan Tobacco, Inc.
 
16,900
392,914
JFE Holdings, Inc.
 
140,800
1,937,981
Kawasaki Kisen Kaisha Ltd.
 
22,100
750,505
Kyocera Corp.
 
2,900
141,204
Mitsubishi Corp.
 
18,200
835,822
Mitsui OSK Lines Ltd.
 
19,300
494,846
Nintendo Co. Ltd.
 
50,100
2,057,989
Nippon Yusen KK
 
20,300
492,873
SBI Holdings, Inc. Japan
 
66,600
1,419,117
SoftBank Corp.
 
181,400
2,042,240
Sumitomo Corp.
 
30,000
582,093
Takeda Pharmaceutical Co. Ltd.
 
11,200
300,476
Tokyo Electron Ltd.
 
1,500
195,665
Toyota Motor Corp.
 
38,535
659,022
TOTAL JAPAN
 
 
18,019,272
Netherlands - 2.9%
 
 
 
ASML Holding NV (Netherlands)
 
524
313,102
ING Groep NV (Certificaten Van Aandelen)
 
90,439
1,149,805
Koninklijke Ahold Delhaize NV
 
5,713
169,082
Koninklijke Philips Electronics NV
 
16,783
317,504
Stellantis NV (Italy)
 
20,740
385,830
TOTAL NETHERLANDS
 
 
2,335,323
Singapore - 4.8%
 
 
 
CapitaMall Trust
 
1,278,700
1,642,650
Oversea-Chinese Banking Corp. Ltd.
 
120,900
1,118,946
United Overseas Bank Ltd.
 
51,400
1,013,706
Venture Corp. Ltd.
 
12,100
103,332
TOTAL SINGAPORE
 
 
3,878,634
South Africa - 1.5%
 
 
 
Anglo American PLC (United Kingdom)
 
46,820
1,191,100
Spain - 3.5%
 
 
 
ACS Actividades de Construccion y Servicios SA
 
13,879
501,277
Telefonica SA
 
603,972
2,327,601
TOTAL SPAIN
 
 
2,828,878
Sweden - 0.9%
 
 
 
Ericsson (B Shares)
 
16,531
73,995
Volvo AB (B Shares)
 
33,712
666,537
TOTAL SWEDEN
 
 
740,532
Switzerland - 1.3%
 
 
 
Adecco SA (Reg.)
 
11,992
451,191
Galenica AG (b)
 
1,149
86,549
Novartis AG
 
5,653
525,141
Sandoz Group AG
 
1,128
29,314
TOTAL SWITZERLAND
 
 
1,092,195
United Kingdom - 7.8%
 
 
 
BAE Systems PLC
 
44,329
593,853
Barclays PLC
 
517,852
826,958
British American Tobacco PLC (United Kingdom)
 
5,635
167,799
DCC PLC (United Kingdom)
 
6,459
357,790
Imperial Brands PLC
 
5,362
113,929
Legal & General Group PLC
 
350,873
900,071
M&G PLC
 
411,180
988,912
Persimmon PLC
 
17,077
210,536
Unilever PLC
 
5,529
260,919
Vodafone Group PLC
 
2,045,079
1,878,572
TOTAL UNITED KINGDOM
 
 
6,299,339
United States of America - 2.3%
 
 
 
GSK PLC
 
23,492
415,452
Nestle SA (Reg. S)
 
4,743
511,069
Roche Holding AG (participation certificate)
 
1,707
438,637
Sanofi SA
 
5,147
466,240
TOTAL UNITED STATES OF AMERICA
 
 
1,831,398
 
TOTAL COMMON STOCKS
 (Cost $92,823,050)
 
 
 
79,897,880
 
 
 
 
Money Market Funds - 2.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (c)
 
30,629
30,635
Fidelity Securities Lending Cash Central Fund 5.40% (c)(d)
 
2,024,658
2,024,860
 
TOTAL MONEY MARKET FUNDS
 (Cost $2,055,495)
 
 
2,055,495
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.8%
 (Cost $94,878,545)
 
 
 
81,953,375
NET OTHER ASSETS (LIABILITIES) - (1.8)%  
(1,440,295)
NET ASSETS - 100.0%
80,513,080
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI EAFE Index Contracts (United States)
6
Dec 2023
592,230
(31,700)
(31,700)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.7%
 
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(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 $86,549 or 0.1% of net assets.
 
(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.
 
 
 
 
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 5.40%
48,989
5,998,297
6,016,651
5,863
-
-
30,635
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
-
10,383,160
8,358,300
20,496
-
-
2,024,860
0.0%
Total
48,989
16,381,457
14,374,951
26,359
-
-
2,055,495
 
 
 
 
 
 
 
 
 
 
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 in the dividend income column 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 for lending certain types of securities.
 
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 October 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:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
9,887,792
9,887,792
-
-
Consumer Discretionary
3,610,635
3,610,635
-
-
Consumer Staples
2,062,106
2,062,106
-
-
Financials
22,699,834
22,699,834
-
-
Health Care
3,608,554
3,608,554
-
-
Industrials
8,974,666
8,974,666
-
-
Information Technology
1,353,796
1,353,796
-
-
Materials
11,066,186
11,066,186
-
-
Real Estate
7,546,034
7,546,034
-
-
Utilities
9,088,277
9,088,277
-
-
  Money Market Funds
2,055,495
2,055,495
-
-
 Total Investments in Securities:
81,953,375
81,953,375
-
-
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(31,700)
(31,700)
-
-
  Total Liabilities
(31,700)
(31,700)
-
-
 Total Derivative Instruments:
(31,700)
(31,700)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
0
(31,700)
Total Equity Risk
0
(31,700)
Total Value of Derivatives
0
(31,700)
 
(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).
 
 
 
Fidelity® International High Dividend ETF
Financial Statements
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $1,882,962) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $92,823,050)
$
79,897,880
 
 
Fidelity Central Funds (cost $2,055,495)
2,055,495
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $94,878,545)
 
 
$
81,953,375
Segregated cash with brokers for derivative instruments
 
 
27,333
Cash
 
 
28,559
Foreign currency held at value (cost $27,434)
 
 
27,366
Dividends receivable
 
 
351,431
Reclaims receivable
 
 
173,217
Distributions receivable from Fidelity Central Funds
 
 
1,401
Receivable for daily variation margin on futures contracts
 
 
1,770
  Total assets
 
 
82,564,452
Liabilities
 
 
 
 
Accrued management fee
$
26,512
 
 
Collateral on securities loaned
2,024,860
 
 
  Total Liabilities
 
 
 
2,051,372
Net Assets  
 
 
$
80,513,080
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
102,771,006
Total accumulated earnings (loss)
 
 
 
(22,257,926)
Net Assets
 
 
$
80,513,080
Net Asset Value, offering price and redemption price per share ($80,513,080 ÷ 4,500,000 shares)
 
 
$
17.89
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
4,894,308
Income from Fidelity Central Funds (including $20,496 from security lending)
 
 
26,359
 Income before foreign taxes withheld
 
 
$
4,920,667
Less foreign taxes withheld
 
 
(499,911)
 Total Income
 
 
 
4,420,756
Expenses
 
 
 
 
Management fee
$
340,336
 
 
Independent trustees' fees and expenses
497
 
 
 Total expenses before reductions
 
340,833
 
 
 Expense reductions
 
(232)
 
 
 Total expenses after reductions
 
 
 
340,601
Net Investment income (loss)
 
 
 
4,080,155
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(1,655,744)
 
 
   Redemptions in-kind
 
(197,460)
 
 
 Foreign currency transactions
 
(112,310)
 
 
 Futures contracts
 
83,203
 
 
Total net realized gain (loss)
 
 
 
(1,882,311)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
7,138,307
 
 
 Assets and liabilities in foreign currencies
 
152,380
 
 
 Futures contracts
 
(30,694)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
7,259,993
Net gain (loss)
 
 
 
5,377,682
Net increase (decrease) in net assets resulting from operations
 
 
$
9,457,837
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
4,080,155
$
4,486,859
Net realized gain (loss)
 
(1,882,311)
 
 
5,237,224
 
Change in net unrealized appreciation (depreciation)
 
7,259,993
 
(26,568,820)
 
Net increase (decrease) in net assets resulting from operations
 
9,457,837
 
 
(16,844,737)
 
Distributions to shareholders
 
(4,144,700)
 
 
(4,783,300)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
-
 
55,975,704
Cost of shares redeemed
 
(5,529,770)
 
(35,815,029)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(5,529,770)
 
 
20,160,675
 
Total increase (decrease) in net assets
 
(216,633)
 
 
(1,467,362)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
80,729,713
 
82,197,075
 
End of period
$
80,513,080
$
80,729,713
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
-
 
2,600,000
Redeemed
 
(300,000)
 
(1,700,000)
Net increase (decrease)
 
(300,000)
 
900,000
 
 
 
 
 
 
Financial Highlights
Fidelity® International High Dividend ETF
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.82
$
21.08
$
15.10
$
20.96
$
20.56
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.89
 
.97
 
.77
 
.60
 
1.04
     Net realized and unrealized gain (loss)
 
1.08
 
(4.22)
 
5.95
 
(5.81)
 
.31
  Total from investment operations
 
1.97  
 
(3.25)  
 
6.72  
 
(5.21)  
 
1.35
  Distributions from net investment income