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NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

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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

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:

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.

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 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

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

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)

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		(.90)		(1.01)		(.74)		(.65)		(.95)
Total distributions