FIDELITY COVINGTON TRUST

Contents

Market Recap	3
Performance and Management's Discussion of Fund Performance	4
Schedule of Investments	16
Financial Statements	34
Notes to Financial Statements	42
Report of Independent Registered Public Accounting Firm	48
Trustees and Officers	49
Shareholder Expense Example	56
Distributions	57
Board Approval of Investment Advisory Contracts and Management Fees	58

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This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most recent holdings listing on Fidelity’s web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Annual Report

Table of Contents

Market Recap

International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia–Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).

3	Annual Report

Table of Contents

Fidelity® Emerging Markets Multifactor ETF

Performance (Unaudited)

The information provided in the tables below shows you the performance of Fidelity® Emerging Markets Multifactor ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*

The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on Cboe BZX Exchange, Inc. (CboeBZX) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on CboeBZX. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.

Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.

^{Fiscal
Periods Ended October 31, 2022}

Average Annual Total Returns	Past 1 Year	Life of Fund
Fidelity Emerging Markets Multifactor ETF – NAV^A	-21.56%	-3.78%
Fidelity Emerging Markets Multifactor ETF – Market Price^B	-21.92%	-3.67%
Fidelity Emerging Markets Multifactor Index^A	-21.97%	-3.24%
MSCI Emerging Markets Index^A	-31.01%	-3.62%

Average annual total returns represent just that – the average return on an annual basis for Fidelity® Emerging Markets Multifactor ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.

From February 26, 2019.

^B	From February 28, 2019, date initially listed on the CboeBZX exchange.
*	Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.

^{$10,000
Over Life of Fund}

Let’s say hypothetically that $10,000 was invested in Fidelity 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.

Annual Report

Table of Contents

Fidelity® Emerging Markets Multifactor ETF

Management’s Discussion of Fund Performance

Comments from the Geode Capital Management, LLC, passive equity index team:

For the fiscal year ending October 31, 2022, the fund returned -21.56% at net asset value and -21.92% on a market-price basis, slightly ahead of the -21.97% result of the benchmark Fidelity Emerging Markets Multifactor Index (Net). (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.) None of the fund’s industry sectors posted a positive return for the period. Consumer discretionary stocks returned roughly -42% and detracted the most from overall performance, followed by information technology holdings, which returned roughly -27%. Communication services (-19%), utilities (-32%), financials (-9%), real estate (-26%), materials (-24%), industrials (-7%), consumer staples (-6%), energy (-13%) and health care (-1%) all struggled in a difficult environment for emerging markets equities. Turning to individual stocks, the biggest individual detractor was Alibaba Group Holding (-61%), from the retailing segment, followed by Inter RAO (-60%), which is in the utilities sector. Longfor Group (-72%), Samsung Electronics (-29%) and Sberbank of Russia (-79%) were also among the largest detractors. Conversely, the top contributor was Aldar Properties PJSC (+24%), from the real estate sector. In capital goods, Bharat Electronics (+41%) helped the fund’s result, and Kalbe Farma (+19%) from the pharmaceuticals, biotechnology & life sciences category, also contributed. Insurance name BB Seguridade rose 55% and Sabanci, within the banks category, gained approximately 62%.

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.

5	Annual Report

Table of Contents

Fidelity® Emerging Markets Multifactor ETF

Investment Summary (Unaudited)

^{Geographic
Diversification as of October 31, 2022}

^{Top
Ten Stocks as of October 31, 2022}

	% of fund's net assets
Samsung Electronics Co. Ltd.	3.2
Emaar Properties PJSC	2.0
Ruentex Development Co. Ltd.	2.0
CPFL Energia S.A.	1.6
Kalbe Farma Tbk PT	1.5
Power Grid Corp. of India Ltd.	1.5
Alibaba Group Holding Ltd. ADR	1.4
China Overseas Land & Investment Ltd.	1.4
GAIL India Ltd.	1.3
Manila Electric Co.	1.3
Petroleo Brasileiro S.A.	1.4
	18.6

^{Top
Market Sectors as of October 31, 2022}

	% of fund's net assets
Financials		19.7
Information Technology		14.7
Consumer Staples		10.7
Energy		10.6
Health Care		8.8
Consumer Discretionary		8.5
Utilities		8.2
Communication Services		6.1
Real Estate		6.0
Materials		4.8
Industrials		1.7

^{Asset
Allocation as of October 31, 2022}

	% of funds's net assets
Stocks and Equity Futures		100.0%
Net Other Assets (Liabilities)	0.0%

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Fidelity® International High Dividend ETF

Performance (Unaudited)

The information provided in the tables below shows you the performance of Fidelity® International High Dividend ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*

The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.

^{Fiscal
Periods Ended October 31, 2022}

Average Annual Total Returns	Past 1 Year	Life of Fund
Fidelity International High Dividend ETF – NAV^A	-15.83%	-3.91%
Fidelity International High Dividend ETF – Market Price^B	-16.01%	-4.22%
Fidelity International High Dividend Index^A	-15.34%	-3.47%
MSCI World ex USA Index^A	-21.87%	-0.82%

Average annual total returns represent just that – the average return on an annual basis for Fidelity® International High Dividend ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.

From January 16, 2018.

^B	From January 18, 2018, date initially listed on the NYSE Arca exchange.

*	Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.

^{$10,000
Over Life of Fund}

Let’s say hypothetically that $10,000 was invested in Fidelity 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.

7	Annual Report

Table of Contents

Fidelity® International High Dividend ETF

Management’s Discussion of Fund Performance

Comments from the Geode Capital Management, LLC, passive equity index team:

For the fiscal year ending October 31, 2022, the fund returned -15.83% at net asset value and -16.01% on a market-price basis, slightly behind the -15.34% result of the benchmark Fidelity International High Dividend Index (Net). (The ETF’s relative performance can be affected by Fidelity’s methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) By region, Europe ex U.K., by far the largest regional allocation within the fund, returned -18% and detracted most, followed by Japan (-19%). By sector, stocks in financials, which represent 27% of the fund’s total assets on average, returned -16% and detracted most, followed by materials, which returned -20%. Utilities returned -22% and consumer discretionary returned -30%, hurt especially by holdings in the automobiles & components industry (-31%). Industrials (-14%), communication services (-12%), information technology (-30%), health care (-15%) and consumer staples (-11%) all further detracted from performance. In this difficult market environment, only two sectors posted a positive return: energy advanced about 8% and contributed most to the fund’s result, and real estate stocks also helped, gaining about 6%. Turning to individual stocks, the biggest individual detractor was Enel S.p.A (-44%), from the utilities sector. In materials, Barrick Gold (-34%), BASF SE (-34%), Smurfit Kappa (-39%), and Shin-Etsu Chemical (-31%) all hurt the fund’s result. In contrast, the biggest individual contributor was Klepierre (+25%), from the real estate sector. In energy, BP (+20%) and TotalEnergies (+15%) added value, as did Vodafone (+31%), within the telecommunication services segment. Another top contributor was the British multinational bank HSBC Holdings (+22%).

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Fidelity® International High Dividend ETF

Investment Summary (Unaudited)

^{Geographic
Diversification as of October 31, 2022}

^{Top
Ten Stocks as of October 31, 2022}

	% of fund's net assets
BP PLC	3.0
TotalEnergies SE	3.0
Endesa S.A.	2.8
Orange S.A.	2.5
Enbridge, Inc.	2.5
Repsol S.A.	2.5
Nintendo Co. Ltd.	2.4
Power Assets Holdings Ltd.	2.4
Enel SpA	2.3
Telefonica S.A.	2.3
Emera, Inc.	2.2
	27.9

^{Top
Market Sectors as of October 31, 2022}

	% of fund's net assets
Financials		27.1
Energy		15.1
Materials		13.6
Communication Services		11.7
Utilities		9.7
Industrials		9.6
Health Care		4.2
Consumer Discretionary		3.8
Consumer Staples		2.9
Information Technology		1.6

^{Asset
Allocation as of October 31, 2022}

	% of funds's net assets
Stocks and Equity Futures		100.0%
Short-Term Investments and Net Other Assets (Liabilities)	0.0%

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Fidelity® International Multifactor ETF

Performance (Unaudited)

The information provided in the tables below shows you the performance of Fidelity® International Multifactor ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*

^{Fiscal
Periods Ended October 31, 2022}

Average Annual Total Returns	Past 1 Year	Life of Fund
Fidelity International Multifactor ETF – NAV^A	-22.36%	-0.63%
Fidelity International Multifactor ETF – Market Price^B	-22.65%	-0.46%
Fidelity International Multifactor Index^A	-21.83%	-0.07%
MSCI World ex USA Index^A	-21.87%	1.53%

Average annual total returns represent just that – the average return on an annual basis for Fidelity® International Multifactor ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.

From February 26, 2019.

^B	From February 28, 2019, date initially listed on the CboeBZX exchange.

*	Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.

^{$10,000
Over Life of Fund}

Let’s say hypothetically that $10,000 was invested in Fidelity International 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 International Multifactor Index and the MSCI World ex USA Index performed over the same period.

Annual Report

Table of Contents

Fidelity® International Multifactor ETF

Management’s Discussion of Fund Performance

Comments from the Geode Capital Management, LLC, passive equity index team:

For the fiscal year ending October 31, 2022, the fund returned -22.36% at net asset value and -22.65% on a market-price basis, slightly behind the -21.83% result of the benchmark Fidelity International Multifactor Index (Net). (The ETF’s relative performance can be affected by Fidelity’s methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) By region, Europe ex U.K., by far the largest regional allocation within the fund, returned -28% and detracted most, followed by Japan (-19%). By sector, stocks in the health care category returned -23% and most hurt the fund’s overall result, followed by industrials, which returned about -24%. Real estate (-34%), consumer discretionary (-33%), financials (-16%), utilities (-26%), consumer staples (-14%), information technology (-32%), communication services (-16%) and materials (-13%) all detracted as well. In this difficult market environment, energy was the only sector to post a positive result, gaining 8% for the 12-month period. Turning to individual stocks, the biggest individual detractor was Uniper (-85%), from the utilities sector. In real estate, Tag Immobilien (-67%), Safestore Holdings (-37%), and Canadian Apartment Properties REIT (-35%) were also among the largest detractors, as was ASML Holding (-41%), within the semiconductors & semiconductor equipment segment. In contrast, the biggest individual contributor was Imperial Brands (+26%), from the food, beverage & tobacco category; within that same category, Swedish Match (+20%) and Tate & Lyle (+18%) also added value. Other top contributors included Toronto-Dominion Bank (-11%) and Loblaw Companies (+10%), a stock in the food & staples retailing industry.

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Fidelity® International Multifactor ETF

Investment Summary (Unaudited)

^{Geographic
Diversification as of October 31, 2022}

^{Top
Ten Stocks as of October 31, 2022}

	% of fund's net assets
Nestle S.A.	2.5
Roche Holding AG	1.9
AstraZeneca PLC	1.5
Novo Nordisk A/S Class B	1.5
Novartis AG	1.5
Daito Trust Construction Co. Ltd.	1.5
PSP Swiss Property AG	1.4
KDDI Corp.	1.3
Osaka Gas Co. Ltd.	1.3
Publicis Groupe S.A.	1.2
Nippon Telegraph & Telephone Corp.	1.2
	16.8

^{Top
Market Sectors as of October 31, 2022}

	% of fund's net assets
Health Care		16.1
Financials		15.8
Consumer Staples		14.7
Industrials		12.1
Communication Services		9.4
Utilities		8.1
Real Estate		7.3
Consumer Discretionary		6.4
Information Technology		3.8
Materials		3.4
Energy		2.2

^{Asset
Allocation as of October 31, 2022}

	% of funds's net assets
Stocks and Equity Futures		100.0%
Short-Term Investments and Net Other Assets (Liabilities)	0.0%

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Table of Contents

Fidelity® International Value Factor ETF

Performance (Unaudited)

The information provided in the tables below shows you the performance of Fidelity® International Value Factor ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*

The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.

^{Fiscal
Periods Ended October 31, 2022}

Average Annual Total Returns	Past 1 Year	Life of Fund
Fidelity International Value Factor ETF – NAV^A	-18.82%	-2.27%
Fidelity International Value Factor ETF – Market Price^B	-19.24%	-2.59%
Fidelity International Value Factor Index^A	-18.35%	-1.73%
MSCI World ex USA Index^A	-21.87%	-0.82%

Average annual total returns represent just that – the average return on an annual basis for Fidelity® International Value Factor ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.

From January 16, 2018.

^B	From January 18, 2018, date initially listed on the NYSE Arca exchange.

*	Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.

^{$10,000
Over Life of Fund}

Let’s say hypothetically that $10,000 was invested in Fidelity International Value Factor 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 Value Factor Index and the MSCI World ex USA Index performed over the same period.

13	Annual Report

Table of Contents

Fidelity® International Value Factor ETF

Management’s Discussion of Fund Performance

Comments from the Geode Capital Management, LLC, passive equity index team:

For the fiscal year ending October 31, 2022, the fund returned -18.82% at net asset value and -19.24% on a market-price basis, behind the -18.35% result of the benchmark Fidelity International Value Factor Index (Net). (The ETF’s relative performance can be affected by Fidelity’s methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) By region, Europe ex U.K., by far the largest regional allocation within the fund, returned -25% and detracted most, followed by Japan (-17%). By sector, stocks in information technology returned -40% and were the primary detractor from overall performance, followed by the consumer discretionary sector, which returned roughly -28%. Health care also returned about -28%, hampered especially by stock holdings in the health care equipment & services industry (-53%). Industrials (-19%), financials (-14%), real estate (-39%), materials (-9%), consumer staples (-6%), communication services (-8%) and utilities (-3%) all detracted. Energy gained 21% and was the only sector to post a positive return. Turning to individual stocks, the biggest individual detractor was Philips (-72%), from the health care equipment & services group, followed by ASML Holding (-32%), which is in the semiconductors & semiconductor equipment category. Bausch Health (-80%), Shopify (-55%) and Sony (-41%) were also among the biggest detractors. Conversely, the largest individual contributor was Centrica (+28%), from the utilities sector. Suncor Energy (+35%) also helped. Other contributors from the food, beverage & tobacco category were British American Tobacco (+22%) and Imperial Brands (+26%).

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Fidelity® International Value Factor ETF

Investment Summary (Unaudited)

^{Geographic
Diversification as of October 31, 2022}

^{Top
Ten Stocks as of October 31, 2022}

	% of fund's net assets
Nestle S.A.	2.4
Shell PLC	1.8
Roche Holding AG	1.8
Toyota Motor Corp.	1.6
The Toronto-Dominion Bank	1.5
Japan Tobacco, Inc.	1.5
Novartis AG	1.4
SAP SE	1.4
Canadian Natural Resources Ltd.	1.4
Sanofi	1.4
Teck Resources Ltd. Class B	1.3
	17.5

^{Top
Market Sectors as of October 31, 2022}

	% of fund's net assets
Financials		19.9
Industrials		15.2
Consumer Discretionary		11.1
Health Care		10.6
Consumer Staples		9.4
Materials		8.0
Information Technology		7.8
Energy		7.0
Communication Services		4.5
Utilities		3.6
Real Estate		2.2

^{Asset
Allocation as of October 31, 2022}

	% of funds's net assets
Stocks and Equity Futures		100.0%
Short-Term Investments and Net Other Assets (Liabilities)	0.0%

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Fidelity^® Emerging Markets Multifactor ETF

Schedule of Investments October 31, 2022

Showing Percentage of Net Assets

Common Stocks – 97.3%
	Shares	Value
BRAZIL – 3.4%
Arezzo Industria e Comercio S.A.	2,200	$ 43,813
BB Seguridade Participacoes S.A.	17,100	96,755
CPFL Energia S.A.	45,900	309,834
Telefonica Brasil S.A.	5,800	45,662
TIM S.A.	19,500	49,054
Vale S.A.	8,500	108,744
TOTAL BRAZIL		653,862
CAYMAN ISLANDS – 7.6%
Alibaba Group Holding Ltd. ADR (a)	4,340	275,937
Autohome, Inc. ADR	1,215	31,736
Bosideng International Holdings Ltd.	118,000	50,959
China Medical System Holdings Ltd.	153,000	167,036
Hengan International Group Co. Ltd.	42,000	162,920
Huazhu Group Ltd. ADR	535	14,488
JD.com, Inc. ADR	2,022	75,400
JD.com, Inc. Class A	1,023	18,909
Kingboard Holdings Ltd.	35,000	86,320
Li Auto, Inc. ADR (a)	861	11,727
Longfor Group Holdings Ltd. (b)	109,000	138,856
New Oriental Education & Technology, Inc. ADR (a)	632	15,004
Pinduoduo, Inc. ADR (a)	1,183	64,864
TAL Education Group ADR (a)	2,746	12,934
Tongcheng Travel Holdings Ltd. (a)	34,400	53,639
Topsports International Holdings Ltd. (b)	86,000	43,384
Trip.com Group Ltd. ADR (a)	1,431	32,383
Vipshop Holdings Ltd. ADR (a)	1,599	11,145
Want Want China Holdings Ltd.	254,000	166,964
Yadea Group Holdings Ltd. (b)	32,000	48,837
TOTAL CAYMAN ISLANDS		1,483,442
CHILE – 1.5%
Banco de Chile	1,015,758	92,867
Cencosud S.A.	143,404	192,965
TOTAL CHILE		285,832
CHINA – 11.2%
Agricultural Bank of China Ltd. Class H	231,000	65,917
Anhui Conch Cement Co. Ltd. Class H	18,000	46,319
Bank of China Ltd. Class H	325,000	104,747
Bank of Communications Co. Ltd. Class H	124,000	60,501
China Cinda Asset Management Co. Ltd. Class H	286,000	26,597
China CITIC Bank Corp. Ltd. Class H	110,000	41,479
China Coal Energy Co. Ltd. Class H	270,000	198,806
China Construction Bank Corp. Class H	332,000	176,365
China Railway Group Ltd. Class H	59,000	25,630
China Shenhua Energy Co. Ltd. Class H	85,500	224,918


	Shares	Value

China Tower Corp. Ltd. Class H (b)	478,000	$ 43,234
Dongfeng Motor Group Co. Ltd.	102,000	46,128
Guangzhou Automobile Group Co. Ltd. Class H	76,000	46,279
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class H	88,000	196,182
Haier Smart Home Co. Ltd. Class H	28,400	71,056
Industrial & Commercial Bank of China Ltd. Class H	270,000	117,289
Inner Mongolia Yitai Coal Co. Ltd. Class B	134,100	189,617
Jiumaojiu International Holdings Ltd. (b)	29,000	45,514
PICC Property & Casualty Co. Ltd. Class H	54,000	49,805
Postal Savings Bank of China Co. Ltd. Class H (b)	90,000	41,733
Sinopharm Group Co. Ltd. Class H	103,600	197,438
The People's Insurance Co. Group of China Ltd. Class H	144,000	39,807
TravelSky Technology Ltd. Class H	57,000	82,779
Yangzijiang Shipbuilding Holdings Ltd.	60,900	51,643
TOTAL CHINA		2,189,783
COLOMBIA – 0.4%
Grupo de Inversiones Suramericana S.A.	9,117	74,326
TOTAL COLOMBIA		74,326
CYPRUS – 0.0%
TCS Group Holding PLC GDR (a)(c)	789	990
TOTAL CYPRUS		990
CZECH – 1.0%
CEZ AS	5,803	189,758
TOTAL CZECH		189,758
EGYPT – 0.4%
Commercial International Bank Egypt SAE	62,606	83,993
TOTAL EGYPT		83,993
GREECE – 0.3%
JUMBO S.A.	4,713	67,030
TOTAL GREECE		67,030
HONG KONG – 2.6%
Beijing Enterprises Holdings Ltd.	90,000	228,386
China Merchants Port Holdings Co. Ltd.	21,046	24,666
China Overseas Land & Investment Ltd.	136,000	259,531
TOTAL HONG KONG		512,583
HUNGARY – 0.6%
MOL Hungarian Oil & Gas PLC	20,119	120,450
TOTAL HUNGARY		120,450

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
INDIA – 17.5%
AU Small Finance Bank Ltd. (b)	9,044	$ 64,412
Bajaj Auto Ltd.	1,336	59,262
Bank of Baroda	46,894	83,673
Bharat Electronics Ltd.	28,455	36,730
Cipla Ltd.	15,208	214,476
Coal India Ltd.	82,436	244,935
Federal Bank Ltd.	52,649	83,638
GAIL India Ltd.	231,899	255,775
HCL Technologies Ltd.	3,676	46,236
HDFC Asset Management Co. Ltd. (b)	2,782	69,723
Hindustan Aeronautics Ltd.	1,260	38,511
Hindustan Unilever Ltd.	6,972	214,835
Indus Towers Ltd.	20,962	46,975
Infosys Ltd.	9,984	185,460
ITC Ltd.	44,231	186,323
Kotak Mahindra Bank Ltd.	5,792	133,081
Maruti Suzuki India Ltd.	836	96,223
Nestle India Ltd.	656	161,377
NMDC Ltd.	40,976	49,378
NMDC Steel Ltd. (a)(c)	40,976	19,058
Page Industries Ltd.	109	65,534
Pidilite Industries Ltd.	1,912	59,695
Power Finance Corp. Ltd.	47,214	65,735
Power Grid Corp. of India Ltd.	105,991	292,131
SBI Life Insurance Co. Ltd. (b)	5,277	80,703
State Bank of India	14,625	101,378
Sun Pharmaceutical Industries Ltd.	18,943	232,710
Tata Consultancy Services Ltd.	2,897	111,752
Tata Elxsi Ltd.	182	15,382
Vedanta Ltd.	19,095	64,775
Wipro Ltd.	5,740	26,804
TOTAL INDIA		3,406,680
INDONESIA – 6.9%
Adaro Energy Indonesia Tbk PT	971,100	247,795
Astra International Tbk PT	146,100	62,290
Bank Mandiri Persero Tbk PT	179,200	121,209
Bukit Asam Tbk PT	731,600	183,398
Indofood Sukses Makmur Tbk PT	409,100	169,174
Kalbe Farma Tbk PT	2,257,000	296,641
Telkom Indonesia Persero Tbk PT	254,600	71,659
United Tractors Tbk PT	93,800	194,245
TOTAL INDONESIA		1,346,411
KUWAIT – 0.4%
Humansoft Holding Co. KSC	6,613	71,777
TOTAL KUWAIT		71,777


	Shares	Value
MALAYSIA – 2.5%
DiGi.Com Bhd	66,900	$ 53,628
Hong Leong Bank Bhd	16,700	74,740
Nestle Malaysia Bhd	6,100	171,595
Petronas Chemicals Group Bhd	25,200	46,477
Public Bank Bhd	104,400	98,703
TIME dotCom Bhd	50,700	48,791
TOTAL MALAYSIA		493,934
MAURITIUS – 0.1%
MakeMyTrip Ltd. (a)	351	9,768
TOTAL MAURITIUS		9,768
MEXICO – 2.0%
America Movil S.A.B. de C.V. Series L	89,700	84,734
Arca Continental S.A.B. de C.V.	28,900	236,293
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.	4,100	32,603
Promotora y Operadora de Infraestructura S.A.B. de C.V.	3,840	28,833
Sitios Latinoamerica S.A.B. de C.V. (a)	4,485	1,306
TOTAL MEXICO		383,769
PHILIPPINES – 1.6%
Manila Electric Co.	48,680	253,187
PLDT, Inc.	1,735	48,921
TOTAL PHILIPPINES		302,108
POLAND – 0.8%
Asseco Poland S.A.	6,409	92,347
Powszechny Zaklad Ubezpieczen S.A.	12,731	71,508
TOTAL POLAND		163,855
QATAR – 0.6%
Mesaieed Petrochemical Holding Co.	28,110	17,522
Qatar Islamic Bank SAQ	14,658	98,169
TOTAL QATAR		115,691
RUSSIA – 0.5%
Gazprom PJSC (c)	14,450	2,280
Inter RAO UES PJSC (a)(c)	7,348,600	61,099
MMC Norilsk Nickel PJSC (c)	188	1,886
Mobile TeleSystems PJSC ADR (a)(c)	15,647	15,584
Sberbank of Russia PJSC (a)(c)	38,410	356
Surgutneftegas PJSC (c)	56,600	1,045
VTB Bank PJSC (a)(c)	91,900,000	5,295
TOTAL RUSSIA		87,545
SAUDI ARABIA – 2.3%
Al Rajhi Bank (a)	6,194	140,445

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

17	Annual Report

Table of Contents

Fidelity^® Emerging Markets Multifactor ETF

Schedule of Investments–continued

Common Stocks – continued
	Shares	Value
SAUDI ARABIA – continued
Alinma Bank	4,762	$ 47,524
Bank AlBilad (a)	2,917	39,358
SABIC Agri-Nutrients Co.	1,509	63,853
Sahara International Petrochemical Co.	3,903	42,120
The Saudi National Bank	7,029	111,116
TOTAL SAUDI ARABIA		444,416
SOUTH AFRICA – 5.0%
African Rainbow Minerals Ltd.	3,553	50,008
AVI Ltd.	52,953	211,697
Capitec Bank Holdings Ltd.	772	79,839
Exxaro Resources Ltd.	12,967	144,307
Investec Ltd.	12,496	61,435
Kumba Iron Ore Ltd.	1,784	33,587
Mediclinic International PLC	40,294	228,926
MultiChoice Group	7,896	51,572
Rand Merchant Investment Holdings Ltd.	38,341	59,501
Vodacom Group Ltd.	7,413	50,547
TOTAL SOUTH AFRICA		971,419
SOUTH KOREA – 9.6%
Cheil Worldwide, Inc.	3,826	65,671
DB HiTek Co. Ltd.	101	3,138
GS Holdings Corp.	1,161	37,492
Hyundai Marine & Fire Insurance Co. Ltd.	3,395	79,366
Iljin Materials Co. Ltd.	56	2,382
Kangwon Land, Inc. (a)	2,736	44,177
Kia Corp.	1,408	65,534
Korea Zinc Co. Ltd.	154	69,192
KT&G Corp.	3,214	215,929
Kumho Petrochemical Co. Ltd.	528	48,558
L&F Co. Ltd. (a)	62	9,793
LG Corp.	658	36,585
LG Display Co. Ltd.	573	5,129
LG Innotek Co. Ltd.	36	7,493
LG Uplus Corp.	7,092	57,007
Samsung Electro-Mechanics Co. Ltd.	151	12,827
Samsung Electronics Co. Ltd.	14,960	623,837
Samsung SDI Co. Ltd.	144	74,505
Samsung SDS Co. Ltd.	102	8,951
Seegene, Inc.	9,318	187,740
Shinsegae, Inc.	307	45,798
SK Hynix, Inc.	1,393	80,874
SK Square Co. Ltd. (a)	223	5,785
Woori Financial Group, Inc.	10,756	88,724
TOTAL SOUTH KOREA		1,876,487
TAIWAN – 13.1%
Advantech Co. Ltd.	7,000	63,651


	Shares	Value

ASPEED Technology, Inc.	1,000	$ 52,137
Asustek Computer, Inc.	10,000	73,241
Catcher Technology Co. Ltd.	15,000	78,905
Chicony Electronics Co. Ltd.	30,000	74,575
Chunghwa Telecom Co. Ltd.	19,000	65,451
E Ink Holdings, Inc.	14,000	89,285
Eva Airways Corp.	39,000	28,322
Far EasTone Telecommunications Co. Ltd.	23,000	50,465
Formosa Plastics Corp.	21,000	54,158
Gigabyte Technology Co. Ltd.	29,000	83,249
International Games System Co. Ltd.	4,000	43,634
Lite-On Technology Corp.	39,000	77,461
Lotes Co. Ltd.	4,000	96,330
Micro-Star International Co. Ltd.	21,000	71,363
Nanya Technology Corp.	46,000	77,803
Novatek Microelectronics Corp.	10,000	74,792
Pegatron Corp.	41,000	75,072
Pou Chen Corp.	68,000	57,506
Radiant Opto-Electronics Corp.	25,000	76,344
Ruentex Development Co. Ltd.	312,000	383,434
Simplo Technology Co. Ltd.	9,000	71,643
Sinbon Electronics Co. Ltd.	9,000	69,967
SinoPac Financial Holdings Co. Ltd.	155,670	77,781
Synnex Technology International Corp.	44,000	71,826
Taichung Commercial Bank Co. Ltd.	166,900	65,004
Taiwan Cooperative Financial Holding Co. Ltd.	106,000	82,241
Taiwan Fertilizer Co. Ltd.	21,000	34,085
Taiwan Mobile Co. Ltd.	18,000	53,124
The Shanghai Commercial & Savings Bank Ltd.	53,000	76,319
Tripod Technology Corp.	23,000	63,670
Union Bank Of Taiwan	169,602	79,742
WPG Holdings Ltd.	48,000	65,470
TOTAL TAIWAN		2,558,050
THAILAND – 0.9%
Advanced Info Service PCL NVDR	10,900	54,700
Intouch Holdings PCL NVDR	26,800	50,699
Krung Thai Bank PCL NVDR	172,900	79,500
TOTAL THAILAND		184,899
TURKEY – 2.3%
Akbank TAS	151,804	119,303
Enka Insaat ve Sanayi AS	32,573	32,813
Haci Omer Sabanci Holding AS	64,111	115,589
Turkcell Iletisim Hizmetleri AS	53,535	73,786
Turkiye Is Bankasi AS Class C	225,920	113,185
TOTAL TURKEY		454,676

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
UNITED ARAB EMIRATES – 2.0%
Emaar Properties PJSC	238,264	$ 393,101
TOTAL UNITED ARAB EMIRATES		393,101
UNITED STATES OF AMERICA – 0.2%
Yum China Holdings, Inc.	1,140	47,139
TOTAL UNITED STATES OF AMERICA		47,139
TOTAL COMMON STOCKS (Cost $22,779,366)		18,973,774
Preferred Stock – 2.5%

BRAZIL – 2.2%
Bradespar S.A.	6,400	29,285
Itausa S.A.	61,210	125,284
Petroleo Brasileiro S.A.	49,400	280,645
TOTAL BRAZIL		435,214
CHILE – 0.3%
Sociedad Quimica y Minera de Chile S.A. Class B	510	48,524
TOTAL CHILE		48,524


	Shares	Value
RUSSIA – 0.0%
Transneft PJSC (c)	12	$ 5,251
TOTAL RUSSIA		5,251
TOTAL PREFERRED STOCKS (Cost $528,738)		488,989
TOTAL INVESTMENT IN SECURITIES – 99.8% (Cost $23,308,104)		19,462,763
NET OTHER ASSETS (LIABILITIES) – 0.2%		44,516
NET ASSETS – 100.0%		$ 19,507,279

Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a)	Non-income producing.
(b)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $576,396 or 3.0% of net assets.
(c)	Level 3 security.

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
ICE MSCI EAFE Index (United States)	1	December 2022	$42,680	$623	$623

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

Affiliated Central Funds

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

Fund	Value, beginning of period		Purchases		Sales Proceeds		Dividend Income		Realized Gain/Loss		Change in Unrealized appreciation (depreciation)		Value, end of period	% ownership, end of period
Fidelity Cash Central Fund, 3.10%	$50,336		$1,148,158		$1,198,494		$93		$—		$—		$—	0.0%

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

19	Annual Report

Table of Contents

Fidelity^® Emerging Markets Multifactor ETF

Schedule of Investments–continued

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:
Equities:
Communication Services	$ 1,157,940	$ 1,142,356	$ —	$ 15,584
Consumer Discretionary	1,674,438	1,674,438	—	—
Consumer Staples	2,090,072	2,090,072	—	—
Energy	1,789,288	1,785,963	—	3,325
Financials	3,741,466	3,734,825	—	6,641
Health Care	1,721,149	1,721,149	—	—
Industrials	336,336	336,336	—	—
Information Technology	2,888,578	2,888,578	—	—
Materials	809,415	788,471	—	20,944
Real Estate	1,174,922	1,174,922	—	—
Utilities	1,590,170	1,529,071	—	61,099
Preferred Stock	488,989	483,738	—	5,251
Total Investments in Securities:	$ 19,462,763	$ 19,349,919	$ —	$ 112,844

Derivative Instruments:
Assets
Futures Contracts	$ 623	$ 623	$ —	$ —
Total Assets	$ 623	$ 623	—	$ —
Total Derivative Instruments:	$ 623	$ 623	$ —	$ —

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Financials
Beginning Balance	$ —
Net Realized Gain (Loss) on Investment Securities	—
Net Unrealized Gain (Loss) on Investment Securities	(325,955)
Cost of Purchases	16,555
Proceeds of Sales	—
Amortization/Accretion	—
Transfers into Level 3	316,041
Transfers out of Level 3	—
Ending Balance	$ 6,641
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022	$ (325,955)
Utilities
Beginning Balance	$ —
Net Realized Gain (Loss) on Investment Securities	—
Net Unrealized Gain (Loss) on Investment Securities	(415,383)
Cost of Purchases	49,799
Proceeds of Sales	—
Amortization/Accretion	—
Transfers into Level 3	426,683
Transfers out of Level 3	—
Ending Balance	$ 61,099
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022	$ (415,383)
Other Investments in Securities
Beginning Balance	$ —
Net Realized Gain (Loss) on Investment Securities	26

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

Annual Report

Table of Contents

Investments in Securities:
Net Unrealized Gain (Loss) on Investment Securities	(255,997)
Cost of Purchases	213,568
Proceeds of Sales	(2,154)
Amortization/Accretion	—
Transfers into Level 3	89,661
Transfers out of Level 3	—
Ending Balance	$ 45,104
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022	$ (255,997)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund’s Statement of Operations.

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, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$623	$0
Total Equity Risk	623	0
Total Value of Derivatives	$623	$0

(a)

Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).

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

21	Annual Report

Table of Contents

Fidelity® International High Dividend ETF

Schedule of Investments October 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.3%
	Shares	Value
AUSTRALIA – 7.4%
Australia & New Zealand Banking Group Ltd.	71,991	$ 1,176,646
BHP Group Ltd.	64,455	1,539,821
Fortescue Metals Group Ltd.	93,243	876,476
Sonic Healthcare Ltd.	9,797	205,294
Wesfarmers Ltd.	10,350	300,868
Westpac Banking Corp.	92,229	1,421,907
Woodside Energy Group Ltd.	11,586	266,564
Woolworths Group Ltd.	8,785	185,492
TOTAL AUSTRALIA		5,973,068
BERMUDA – 0.4%
Jardine Matheson Holdings Ltd.	6,682	307,506
TOTAL BERMUDA		307,506
CANADA – 17.2%
Barrick Gold Corp.	109,807	1,649,460
BCE, Inc.	38,661	1,741,665
Canadian National Railway Co.	6,357	752,186
Emera, Inc.	47,347	1,752,538
Enbridge, Inc.	51,510	2,004,436
Great-West Lifeco, Inc.	33,352	771,176
Manulife Financial Corp.	58,933	975,556
Royal Bank of Canada	16,285	1,504,875
TC Energy Corp.	39,703	1,741,745
The Bank of Nova Scotia	20,184	974,390
TOTAL CANADA		13,868,027
FINLAND – 0.7%
Kone Oyj Class B	8,192	335,602
Orion Oyj Class B	5,016	230,775
TOTAL FINLAND		566,377
FRANCE – 10.7%
AXA S.A.	44,268	1,093,807
BNP Paribas S.A.	20,883	980,284
Bouygues S.A.	14,512	414,224
Carrefour S.A.	8,681	139,723
Danone S.A.	3,443	171,301
Euroapi S.A. (a)	182	3,185
La Francaise des Jeux SAEM (b)	12,180	397,258
Orange S.A.	216,025	2,056,299
Sanofi	4,138	357,162
Schneider Electric SE	4,637	587,813
TotalEnergies SE	44,772	2,438,198
TOTAL FRANCE		8,639,254
GERMANY – 4.4%
Allianz SE	6,389	1,150,515
BASF SE	28,617	1,285,066


	Shares	Value

Daimler AG	5,662	$ 327,928
SAP SE	2,648	255,617
Siemens AG	5,011	547,958
TOTAL GERMANY		3,567,084
HONG KONG – 4.8%
BOC Hong Kong Holdings Ltd.	328,000	1,019,535
Hang Seng Bank Ltd.	64,000	900,909
Power Assets Holdings Ltd.	401,500	1,920,588
TOTAL HONG KONG		3,841,032
IRELAND – 1.4%
Smurfit Kappa Group PLC	35,256	1,168,362
TOTAL IRELAND		1,168,362
ITALY – 2.3%
Enel SpA	420,493	1,878,071
TOTAL ITALY		1,878,071
JAPAN – 16.8%
Canon, Inc.	8,600	182,490
ENEOS Holdings, Inc.	402,200	1,325,378
Honda Motor Co. Ltd.	13,100	297,281
Iida Group Holdings Co. Ltd.	13,600	189,038
ITOCHU Corp.	19,500	504,965
Japan Tobacco, Inc.	19,600	324,920
Kajima Corp.	41,000	386,457
Mitsubishi Corp.	18,900	512,570
Mitsui & Co. Ltd.	24,100	533,934
Mizuho Financial Group, Inc.	108,100	1,168,020
Nintendo Co. Ltd.	47,400	1,935,735
Nomura Holdings, Inc.	292,400	947,814
Otsuka Holdings Co. Ltd.	9,400	301,412
Seiko Epson Corp.	11,500	156,753
Sekisui House Ltd.	15,100	251,438
Shin-Etsu Chemical Co. Ltd.	12,500	1,306,893
SoftBank Corp.	175,800	1,733,339
Sumitomo Corp.	34,300	437,418
Takeda Pharmaceutical Co. Ltd.	13,200	347,950
Tokyo Electron Ltd.	600	159,411
Toyota Motor Corp.	42,135	583,826
TOTAL JAPAN		13,587,042
NETHERLANDS – 1.7%
ASR Nederland N.V.	23,075	1,016,928
BE Semiconductor Industries N.V.	2,136	109,187
Koninklijke Ahold Delhaize N.V.	6,080	169,759
Koninklijke Philips N.V.	7,745	98,119
TOTAL NETHERLANDS		1,393,993

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

Annual Report

Table of Contents

Common Stocks – continued
	Shares	Value
NORWAY – 2.0%
Yara International ASA	35,279	$ 1,574,463
TOTAL NORWAY		1,574,463
SINGAPORE – 0.3%
Venture Corp. Ltd.	18,600	209,383
TOTAL SINGAPORE		209,383
SPAIN – 8.5%
ACS Actividades de Construccion y Servicios S.A.	18,036	462,582
Endesa S.A.	134,409	2,243,057
Industria de Diseno Textil S.A.	12,891	292,274
Repsol S.A.	146,598	1,991,516
Telefonica S.A.	542,538	1,868,718
TOTAL SPAIN		6,858,147
SWEDEN – 4.4%
Investor AB Class B	61,844	1,009,387
Skandinaviska Enskilda Banken AB Class A	90,412	953,174
Swedbank AB Class A	63,023	939,033
Telefonaktiebolaget LM Ericsson Class B	16,944	94,147
Volvo AB Class B	34,732	568,261
TOTAL SWEDEN		3,564,002
SWITZERLAND – 4.6%
ABB Ltd.	14,684	408,496
Accelleron Industries Ltd. (a)	734	12,454
Cie Financiere Richemont S.A.	3,228	315,913
Lonza Group AG	241	124,118
Nestle S.A.	5,296	577,043
Novartis AG	5,560	449,467
Roche Holding AG	1,608	534,340
Zurich Insurance Group AG	3,033	1,295,030
TOTAL SWITZERLAND		3,716,861
UNITED KINGDOM – 11.7%
AstraZeneca PLC	4,730	558,421
BAE Systems PLC	61,893	580,345
BP PLC	444,731	2,456,772


	Shares	Value

British American Tobacco PLC	6,137	$ 242,605
Direct Line Insurance Group PLC	292,874	680,470
GSK PLC	14,838	244,092
Haleon PLC (a)	18,693	57,679
Imperial Brands PLC	6,613	161,719
Legal & General Group PLC	333,655	894,694
M&G PLC	423,559	854,388
Persimmon PLC	11,818	177,567
RELX PLC	19,185	517,095
Rio Tinto PLC	30,711	1,604,242
The Sage Group PLC	18,841	157,662
Unilever PLC	6,184	282,982
TOTAL UNITED KINGDOM		9,470,733
TOTAL COMMON STOCKS (Cost $100,246,882)		80,183,405
Money Market Fund – 0.1%

Fidelity Cash Central Fund, 3.10% (c) (Cost $48,989)	48,979	48,989
TOTAL INVESTMENT IN SECURITIES – 99.4% (Cost $100,295,871)		80,232,394
NET OTHER ASSETS (LIABILITIES) – 0.6%		497,319
NET ASSETS – 100.0%		$ 80,729,713

Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a)	Non-income producing.
(b)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $397,258 or 0.5% 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.

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contract
ICE MSCI EAFE Index (United States)	6	December 2022	$526,770	$(1,006)	$(1,006)

The notional amount of futures purchased as a percentage of Net Assets is 0.7%

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

23	Annual Report

Table of Contents

Fidelity® International High Dividend ETF

Schedule of Investments–continued

Affiliated Central Funds

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund, 3.10%	$ 56,466	$25,726,305	$25,733,782	$ 694	$—	$—	$48,989	0.0%
Fidelity Securities Lending Cash Central Fund, 3.10%	4,768,155	17,340,863	22,109,018	22,047	—	—	$ —	0.0%
Total	$4,824,621	$43,067,168	$47,842,800	$22,741	$—	$—	$48,989

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received from lending certain types of securities.

Investment Valuation

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:
Equities:
Communication Services	$ 9,335,756	$ 9,335,756	$ —	$ —
Consumer Discretionary	3,133,391	3,133,391	—	—
Consumer Staples	2,313,223	2,313,223	—	—
Energy	12,224,609	12,224,609	—	—
Financials	21,728,538	21,728,538	—	—
Health Care	3,454,335	3,454,335	—	—
Industrials	7,869,866	7,869,866	—	—
Information Technology	1,324,650	1,324,650	—	—
Materials	11,004,783	11,004,783	—	—
Utilities	7,794,254	7,794,254	—	—
Money Market Fund	48,989	48,989	—	—
Total Investments in Securities:	$ 80,232,394	$ 80,232,394	$ —	$ —

Derivative Instruments:
Liabilities
Futures Contracts	$ (1,006)	$ (1,006)	$ —	$ —
Total Liabilities	$ (1,006)	$ (1,006)	—	$ —
Total Derivative Instruments:	$ (1,006)	$ (1,006)	$ —	$ —

Value of Derivative Instruments

Primary Risk/ Derivative Type	Value
	Asset	Liabilities
Equity Risk
Futures Contracts^(a)	$0	$(1,006)
Total Equity Risk	0	(1,006)
Total Value of Derivatives	$0	$(1,006)

(a)

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

Annual Report

Table of Contents

Fidelity® International Multifactor ETF

Schedule of Investments October 31, 2022

Showing Percentage of Net Assets

Common Stocks – 99.3%
	Shares	Value
AUSTRALIA – 5.2%
ASX Ltd.	583	$ 25,238
BHP Group Ltd.	2,531	60,465
Commonwealth Bank of Australia	1,541	103,151
CSL Ltd.	628	112,634
Fortescue Metals Group Ltd.	1,712	16,093
JB Hi-Fi Ltd.	514	14,104
Macquarie Group Ltd.	466	50,508
Medibank Pvt Ltd.	13,052	23,452
Rio Tinto Ltd.	340	19,176
Sonic Healthcare Ltd.	2,199	46,080
Suncorp Group Ltd.	4,297	31,351
Telstra Group Ltd.	61,041	153,008
Wesfarmers Ltd.	1,020	29,651
TOTAL AUSTRALIA		684,911
BAILIWICK OF JERSEY – 0.7%
Experian PLC	1,628	51,996
Man Group PLC	18,160	45,308
TOTAL BAILIWICK OF JERSEY		97,304
BELGIUM – 1.5%
Elia Group S.A.	1,134	143,349
UCB S.A.	803	60,571
TOTAL BELGIUM		203,920
BERMUDA – 0.5%
Jardine Matheson Holdings Ltd.	1,477	67,972
TOTAL BERMUDA		67,972
CANADA – 10.2%
Bank of Montreal	597	54,923
Canadian Apartment Properties REIT	4,623	142,989
Canadian Imperial Bank of Commerce	887	40,232
Canadian National Railway Co.	568	67,208
Canadian Natural Resources Ltd.	673	40,314
Canadian Pacific Railway Ltd.	894	66,563
Canadian Utilities Ltd. Class A	5,788	153,818
CGI, Inc. (a)	250	20,113
Constellation Software, Inc.	17	24,551
Crescent Point Energy Corp.	2,948	23,017
Dollarama, Inc.	594	35,251
Empire Co. Ltd.	3,412	87,548
Fairfax Financial Holdings Ltd.	43	21,092
Intact Financial Corp.	216	32,780
Loblaw Cos. Ltd.	1,216	99,505
Manulife Financial Corp.	2,092	34,630
Open Text Corp.	446	12,902
Royal Bank of Canada	1,105	102,112
Stantec, Inc.	560	27,367


	Shares	Value

Teck Resources Ltd. Class B (a)	1,470	$ 44,691
The Bank of Nova Scotia	1,046	50,496
The Toronto-Dominion Bank	1,452	92,812
Vermilion Energy, Inc.	894	20,835
West Fraser Timber Co. Ltd.	440	32,996
Whitecap Resources, Inc.	2,965	22,954
TOTAL CANADA		1,351,699
DENMARK – 3.2%
AP Moller - Maersk A/S Class B	21	43,937
Coloplast A/S Class B	541	60,330
Novo Nordisk A/S Class B	1,889	205,412
Novozymes A/S Class B	531	27,895
Pandora A/S	514	27,097
Ringkjoebing Landbobank A/S	398	43,327
SimCorp A/S	302	18,042
TOTAL DENMARK		426,040
FINLAND – 1.0%
Kone Oyj Class B	1,286	52,684
Orion Oyj Class B	1,181	54,335
TietoEVRY Oyj	849	20,256
TOTAL FINLAND		127,275
FRANCE – 6.4%
Bureau Veritas S.A.	2,028	50,250
Dassault Aviation S.A.	370	55,000
Dassault Systemes SE	796	26,709
Edenred	521	26,756
EssilorLuxottica S.A.	211	33,440
Gaztransport Et Technigaz S.A.	48	5,584
Hermes International	25	32,381
Ipsen S.A.	579	59,515
La Francaise des Jeux SAEM (b)	302	9,850
LVMH Moet Hennessy Louis Vuitton SE	152	95,997
Publicis Groupe S.A.	2,866	160,722
Sanofi	1,527	131,799
Sodexo S.A.	149	13,215
Teleperformance	189	50,678
Thales S.A.	470	59,761
TotalEnergies SE	758	41,279
TOTAL FRANCE		852,936
GERMANY – 2.8%
Allianz SE	505	90,939
Beiersdorf AG	759	72,900
Deutsche Post AG	1,445	51,286
GEA Group AG	966	33,798
K+S AG	1,326	29,304
Knorr-Bremse AG	582	26,207

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

25	Annual Report

Common Stocks – continued
	Shares	Value
GERMANY – continued
Merck KGaA	388	$ 63,274
TOTAL GERMANY		367,708
HONG KONG – 1.4%
BOC Hong Kong Holdings Ltd.	13,000	40,409
Sino Land Co. Ltd.	129,532	138,445
TOTAL HONG KONG		178,854
ISRAEL – 2.0%
Bank Hapoalim BM	5,226	50,634
Bank Leumi Le-Israel BM	5,229	50,143
ICL Group Ltd.	3,181	28,850
Israel Discount Bank Ltd. Class A