Fidelity® Emerging Markets Multifactor ETF
Fidelity® International High Dividend ETF
Fidelity® International Multifactor ETF
Fidelity® International Value Factor ETF
Annual Report
October 31, 2022
 
 

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  
To view a fund’s proxy voting guidelines and proxy voting record for the period ended June, 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at http://www.sec.gov. You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.
Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
© 2022 FMR LLC. All Rights reserved.    
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most recent holdings listing on Fidelity’s web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
 Annual Report 2

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 – NAVA -21.56% -3.78%
Fidelity Emerging Markets Multifactor ETF – Market PriceB -21.92% -3.67%
Fidelity Emerging Markets Multifactor IndexA -21.97% -3.24%
MSCI Emerging Markets IndexA -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.
 
A
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 4

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%
 
 Annual Report 6

Table of Contents
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.
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 International High Dividend ETF – NAVA -15.83% -3.91%
Fidelity International High Dividend ETF – Market PriceB -16.01% -4.22%
Fidelity International High Dividend IndexA -15.34% -3.47%
MSCI World ex USA IndexA -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.
 
A
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%).
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.
 Annual Report 8

Table of Contents
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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Table of Contents
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.*
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 International Multifactor ETF – NAVA -22.36% -0.63%
Fidelity International Multifactor ETF – Market PriceB -22.65% -0.46%
Fidelity International Multifactor IndexA -21.83% -0.07%
MSCI World ex USA IndexA -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.
 
A
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 10

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.
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.
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Table of Contents
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%
 
 Annual Report 12

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.
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 International Value Factor ETF – NAVA -18.82% -2.27%
Fidelity International Value Factor ETF – Market PriceB -19.24% -2.59%
Fidelity International Value Factor IndexA -18.35% -1.73%
MSCI World ex USA IndexA -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.
 
A
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.
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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%).
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.
 Annual Report 14

Table of Contents
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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Table of Contents
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 16

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 18

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%
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.
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 20

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 22

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
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   $ 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
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) $0   $(1,006)
Total Equity Risk 0   (1,006)
Total Value of Derivatives $0   $(1,006)
    
(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.
 Annual Report 24

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 

Table of Contents
Fidelity® International Multifactor ETF
Schedule of Investments–continued
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 8,079 46,185
Mizrahi Tefahot Bank Ltd. 1,230 46,726
Nice Ltd. (a) 126 23,979
Tower Semiconductor Ltd. (a) 507 21,781
TOTAL ISRAEL 268,298
ITALY – 2.3% 
Assicurazioni Generali SpA 3,567 53,552
Eni SpA 1,087 14,239
Moncler SpA 787 33,983
Recordati Industria Chimica e Farmaceutica SpA 1,269 47,698
Snam SpA 34,341 152,802
TOTAL ITALY 302,274
JAPAN – 22.1% 
Advance Residence Investment Corp. 67 155,966
Astellas Pharma, Inc. 7,700 106,018
Bandai Namco Holdings, Inc. 500 33,108
Canon, Inc. 1,600 33,952
Dai Nippon Printing Co. Ltd. 2,200 44,152
Daito Trust Construction Co. Ltd. 2,000 197,935
FUJIFILM Holdings Corp. 700 32,114
Honda Motor Co. Ltd. 2,100 47,656
Inpex Corp. 2,500 25,532
ITOCHU Corp. 2,500 64,739
Japan Post Holdings Co. Ltd. 7,100 47,749
Japan Tobacco, Inc. 6,800 112,727
Kajima Corp. 4,400 41,473
KDDI Corp. 5,700 168,544
Medipal Holdings Corp. 6,600 81,926
Mitsubishi Corp. 2,400 65,088
Mitsui & Co. Ltd. 3,100 68,680
Nexon Co. Ltd. 6,300 105,837
NGK Spark Plug Co. Ltd. 1,700 30,995
Nippon Telegraph & Telephone Corp. 5,800 159,755
Nissan Chemical Corp. 700 31,554
   
  Shares Value
Nomura Research Institute Ltd. 1,100 $ 24,459
Obayashi Corp. 6,700 43,048
Obic Co. Ltd. 200 30,101
Ono Pharmaceutical Co. Ltd. 4,100 96,435
Osaka Gas Co. Ltd. 11,300 167,407
Secom Co. Ltd. 800 45,701
Sekisui House Ltd. 2,200 36,633
Shimano, Inc. 200 31,049
Shionogi & Co. Ltd. 2,100 97,346
Sojitz Corp. 2,900 42,807
Sompo Holdings, Inc. 1,300 54,166
Sony Group Corp. 1,000 67,198
Sumitomo Forestry Co. Ltd. 2,200 34,487
Sumitomo Mitsui Trust Holdings, Inc. 1,700 48,918
Suntory Beverage & Food Ltd. 2,800 93,814
Taisei Corp. 1,600 43,651
TIS, Inc. 1,000 27,013
Tokio Marine Holdings, Inc. 3,700 66,988
TOPPAN, Inc. 2,900 43,295
Tosoh Corp. 2,800 30,499
Toyo Suisan Kaisha Ltd. 2,500 93,854
Trend Micro, Inc. 500 25,263
USS Co. Ltd. 1,900 28,723
TOTAL JAPAN 2,928,355
NETHERLANDS – 3.5% 
ASML Holding N.V. 211 99,683
Heineken Holding N.V. 1,040 71,027
Koninklijke Ahold Delhaize N.V. 3,566 99,566
Koninklijke KPN N.V. 45,834 128,244
Wolters Kluwer N.V. 580 61,652
TOTAL NETHERLANDS 460,172
NORWAY – 0.8% 
Equinor ASA 433 15,841
Orkla ASA 9,158 61,800
Yara International ASA 719 32,088
TOTAL NORWAY 109,729
PORTUGAL – 0.6% 
Galp Energia SGPS S.A. 654 6,642
Jeronimo Martins SGPS S.A. 3,370 69,879
TOTAL PORTUGAL 76,521
SINGAPORE – 1.1% 
Oversea-Chinese Banking Corp. Ltd. 6,981 59,840
Singapore Exchange Ltd. 5,900 35,106
United Overseas Bank Ltd. 2,900 56,889
TOTAL SINGAPORE 151,835
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 26

Table of Contents
Common Stocks – continued 
  Shares Value
SOUTH AFRICA – 0.4% 
Investec PLC 9,782 $ 49,386
TOTAL SOUTH AFRICA 49,386
SPAIN – 3.5% 
Banco de Sabadell S.A. 67,782 53,299
CaixaBank S.A. 16,801 55,677
Enagas S.A. 9,042 146,785
Industria de Diseno Textil S.A. 1,966 44,575
Red Electrica Corp. S.A. 8,979 145,096
Repsol S.A. 822 11,167
TOTAL SPAIN 456,599
SWEDEN – 3.3% 
Atlas Copco AB Class A 5,212 55,674
Axfood AB 2,376 58,785
Epiroc AB Class A 2,400 36,715
Essity AB Class B 3,368 71,137
Investor AB Class B 3,963 64,682
Securitas AB Class B 4,066 33,240
SSAB AB 6,225 29,935
Swedish Match AB 8,145 83,732
TOTAL SWEDEN 433,900
SWITZERLAND – 12.6% 
Alcon, Inc. 923 56,205
Baloise Holding AG 293 40,052
Cie Financiere Richemont S.A. 552 54,022
EMS-Chemie Holding AG 38 23,903
Galenica AG (b) 535 38,438
Geberit AG 90 40,047
Kuehne + Nagel International AG 165 35,185
Nestle S.A. 3,027 329,817
Novartis AG 2,529 204,443
PSP Swiss Property AG 1,686 180,267
Roche Holding AG 753 250,222
Sonova Holding AG 152 35,951
Straumann Holding AG 375 35,741
Swisscom AG 286 141,264
The Swatch Group AG 150 33,785
UBS Group AG 5,000 79,390
Zurich Insurance Group AG 197 84,115
TOTAL SWITZERLAND 1,662,847
   
  Shares Value
UNITED KINGDOM – 14.2% 
Admiral Group PLC 2,301 $ 53,435
Anglo American PLC 1,340 40,244
AstraZeneca PLC 1,744 205,896
Auto Trader Group PLC (b) 18,095 108,668
BAE Systems PLC 5,806 54,440
Barclays PLC 36,452 62,013
British American Tobacco PLC 3,377 133,498
Compass Group PLC 1,900 40,175
Diageo PLC 3,179 131,692
GSK PLC 6,068 99,822
IG Group Holdings PLC 5,374 49,220
Imperial Brands PLC 3,276 80,114
InterContinental Hotels Group PLC 475 25,682
RELX PLC 2,493 67,194
Rightmove PLC 18,054 102,228
Rio Tinto PLC 905 47,274
Safestore Holdings PLC 12,406 129,053
Shell PLC 2,221 61,474
SSE PLC 8,644 154,857
Tesco PLC 23,703 58,702
The Sage Group PLC 2,891 24,192
Unilever PLC 3,404 155,768
TOTAL UNITED KINGDOM 1,885,641
TOTAL COMMON STOCKS
(Cost $14,699,227) 		13,144,176
TOTAL INVESTMENT IN SECURITIES – 99.3%
(Cost $14,699,227) 		13,144,176
NET OTHER ASSETS (LIABILITIES) – 0.7% 98,436
NET ASSETS – 100.0% $ 13,242,612
    
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 $156,956 or 1.2% of net assets.
See accompanying notes which are an integral part of the financial statements.
27 Annual Report 

Table of Contents
Fidelity® International Multifactor ETF
Schedule of Investments–continued
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 $87,795 $(4,728) $(4,728)
The notional amount of futures purchased as a percentage of Net Assets is 0.7%
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% $119,828   $648,462   $768,290   $128   $—   $—   $— 0.0%
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.
See accompanying notes which are an integral part of the financial statements.
 Annual Report 28

Table of Contents
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   $ 1,228,270   $ 1,228,270   $ —   $ —
Consumer Discretionary   799,617   799,617   —   —
Consumer Staples   1,965,865   1,965,865   —   —
Energy   288,878   288,878   —   —
Financials   2,090,925   2,090,925   —   —
Health Care   2,183,531   2,183,531   —   —
Industrials   1,591,488   1,591,488   —   —
Information Technology   491,866   491,866   —   —
Materials   494,967   494,967   —   —
Real Estate   944,655   944,655   —   —
Utilities   1,064,114   1,064,114   —   —
Total Investments in Securities:   $ 13,144,176   $ 13,144,176   $ —   $ —
    
Derivative Instruments:                
Liabilities                
Futures Contracts   $ (4,728)   $ (4,728)   $ —   $ —
Total Liabilities   $ (4,728)   $ (4,728)   —   $ —
Total Derivative Instruments:   $ (4,728)   $ (4,728)   $ —   $ —
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) $0   $(4,728)
Total Equity Risk 0   (4,728)
Total Value of Derivatives $0   $(4,728)
    
(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.
29 Annual Report 

Table of Contents
Fidelity® International Value Factor ETF
Schedule of Investments October 31, 2022 
Showing Percentage of Net Assets
Common Stocks – 99.3% 
  Shares Value
AUSTRALIA – 5.2% 
Aristocrat Leisure Ltd. 9,054 $ 214,620
Australia & New Zealand Banking Group Ltd. 30,107 492,079
BHP Group Ltd. 17,384 415,301
Fortescue Metals Group Ltd. 15,354 144,326
Macquarie Group Ltd. 3,825 414,580
Sonic Healthcare Ltd. 13,576 284,482
TOTAL AUSTRALIA 1,965,388
BAILIWICK OF JERSEY – 1.9% 
Ferguson PLC 2,505 274,281
Glencore PLC 80,437 462,592
TOTAL BAILIWICK OF JERSEY 736,873
BERMUDA – 0.9% 
Hongkong Land Holdings Ltd. 27,000 103,950
Jardine Matheson Holdings Ltd. 5,500 253,110
TOTAL BERMUDA 357,060
CANADA – 12.3% 
Alimentation Couche-Tard, Inc. 8,442 377,524
Canadian National Railway Co. 2,535 299,951
Canadian Natural Resources Ltd. 8,704 521,391
Canadian Pacific Railway Ltd. 3,986 296,777
Canadian Tire Corp. Ltd. Class A 1,232 137,908
CGI, Inc. (a) 4,346 349,643
Fairfax Financial Holdings Ltd. 632 310,007
Fortis, Inc. 4,465 173,978
Manulife Financial Corp. 21,214 351,169
Power Corp. of Canada 12,493 309,841
Suncor Energy, Inc. 13,224 454,292
Teck Resources Ltd. Class B (a) 16,704 507,837
The Toronto-Dominion Bank 9,034 577,453
TOTAL CANADA 4,667,771
DENMARK – 0.7% 
AP Moller - Maersk A/S Class B 120 251,070
TOTAL DENMARK 251,070
FINLAND – 1.5% 
Nokia Oyj 66,439 295,952
TietoEVRY Oyj 10,657 254,263
TOTAL FINLAND 550,215
FRANCE – 11.6% 
BNP Paribas S.A. 8,490 398,535
Bouygues S.A. 13,847 395,243
Capgemini SE 1,829 300,529
Carrefour S.A. 12,563 202,205
Cie de Saint-Gobain 9,866 403,694
   
  Shares Value
Engie S.A. 37,453 $ 486,917
La Francaise des Jeux SAEM (b) 12,624 411,739
Renault S.A. (a) 15,306 471,530
Sanofi 5,888 508,209
Societe Generale S.A. 14,118 324,071
TotalEnergies SE 9,243 503,356
TOTAL FRANCE 4,406,028
GERMANY – 9.1% 
Allianz SE 2,544 458,117
Bayerische Motoren Werke AG 4,269 335,516
Daimler AG 6,342 367,312
Deutsche Bank AG 37,105 354,259
Deutsche Post AG 11,948 424,054
Deutsche Telekom AG 26,015 492,743
Fresenius SE & Co. KGaA 13,406 308,721
SAP SE 5,584 539,036
Vonovia SE 6,941 153,667
TOTAL GERMANY 3,433,425
HONG KONG – 1.5% 
AIA Group Ltd. 48,200 365,037
Sun Hung Kai Properties Ltd. 17,000 182,889
TOTAL HONG KONG 547,926
ITALY – 3.0% 
Enel SpA 102,216 456,533
Eni SpA 20,519 268,791
UniCredit SpA 33,869 420,037
TOTAL ITALY 1,145,361
JAPAN – 21.3% 
Daiwa House Industry Co. Ltd. 14,800 299,913
Fujitsu Ltd. 2,800 322,602
Honda Motor Co. Ltd. 11,800 267,779
Inpex Corp. 23,200 236,940
ITOCHU Corp. 15,500 401,383
Japan Post Holdings Co. Ltd. 52,100 350,383
Japan Tobacco, Inc. 33,700 558,662
KDDI Corp. 11,300 334,131
Marubeni Corp. 40,200 352,411
Medipal Holdings Corp. 26,700 331,426
Mitsubishi Corp. 14,400 390,530
Mitsui & Co. Ltd. 19,300 427,590
NEC Corp. 9,000 298,214
Nippon Steel Corp. 30,200 415,000
Nippon Telegraph & Telephone Corp. 11,000 302,984
Nippon Yusen KK 13,500 245,141
Otsuka Holdings Co. Ltd. 12,100 387,988
Sony Group Corp. 5,300 356,150
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 30

Table of Contents
Common Stocks – continued 
  Shares Value
JAPAN – continued
Sumitomo Forestry Co. Ltd. 13,300 $ 208,491
Sumitomo Mitsui Financial Group, Inc. 14,700 412,710
Tokyo Electric Power Co. Holdings, Inc. (a) 73,100 238,527
Tokyo Electron Ltd. 1,300 345,390
Toyota Motor Corp. 43,200 598,583
TOTAL JAPAN 8,082,928
LUXEMBOURG – 0.8% 
ArcelorMittal S.A. 13,888 310,967
TOTAL LUXEMBOURG 310,967
NETHERLANDS – 3.4% 
Heineken Holding N.V. 2,668 182,211
Koninklijke Ahold Delhaize N.V. 9,310 259,943
Koninklijke Philips N.V. 17,114 216,812
Randstad N.V. 6,296 313,871
Stellantis N.V. 23,227 313,585
TOTAL NETHERLANDS 1,286,422
SINGAPORE – 1.3% 
Oversea-Chinese Banking Corp. Ltd. 31,000 265,727
Singapore Telecommunications Ltd. 131,800 232,846
TOTAL SINGAPORE 498,573
SPAIN – 1.1% 
Banco Santander S.A. 155,061 401,834
TOTAL SPAIN 401,834
SWEDEN – 2.3% 
Essity AB Class B 8,756 184,938
Telefonaktiebolaget LM Ericsson Class B 43,480 241,589
Volvo AB Class B 28,082 459,459
TOTAL SWEDEN 885,986
SWITZERLAND – 7.9% 
Adecco Group AG 10,081 315,702
Alcon, Inc. 2,227 135,612
Nestle S.A. 8,283 902,501
Novartis AG 6,745 545,261
Roche Holding AG 2,010 667,925
UBS Group AG 25,945 411,957
TOTAL SWITZERLAND 2,978,958
   
  Shares Value
UNITED KINGDOM – 13.5% 
3i Group PLC 31,751 $ 424,238
Anglo American PLC 11,893 357,182
Barclays PLC 267,442 454,981
British American Tobacco PLC 12,690 501,656
GSK PLC 24,909 409,765
Hikma Pharmaceuticals PLC 15,762 226,663
Imperial Brands PLC 14,917 364,790
Kingfisher PLC 109,354 275,605
Marks & Spencer Group PLC (a) 170,245 206,792
RELX PLC 13,142 354,218
Rio Tinto PLC 7,700 402,223
Segro PLC 9,742 88,049
Shell PLC 24,863 688,169
Vodafone Group PLC 299,913 350,968
TOTAL UNITED KINGDOM 5,105,299
TOTAL COMMON STOCKS
(Cost $43,612,655) 		37,612,084
Money Market Fund – 0.1% 
Fidelity Cash Central Fund, 3.10% (c)
(Cost $34,107) 		34,100 34,107
TOTAL INVESTMENT IN SECURITIES – 99.4%
(Cost $43,646,762) 		37,646,191
NET OTHER ASSETS (LIABILITIES) – 0.6% 236,393
NET ASSETS – 100.0% $ 37,882,584
    
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 $411,739 or 1.1% 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.
See accompanying notes which are an integral part of the financial statements.
31 Annual Report 

Table of Contents
Fidelity® International Value Factor ETF
Schedule of Investments–continued
Futures Contracts
  Number of
contracts 		Expiration
Date 		Notional
Amount 		Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contract          
ICE MSCI EAFE Index (United States) 3 December 2022 $263,385 $13,176 $13,176
The notional amount of futures purchased as a percentage of Net Assets is 0.7%
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% $33,305   $ 8,725,193   $ 8,724,391   $ 890   $—   $—   $34,107 0.0%
Fidelity Securities Lending Cash Central Fund, 3.10% —   2,367,210   2,367,210   4,068   —   —   $ — 0.0%
Total $33,305   $11,092,403   $11,091,601   $4,958   $—   $—   $34,107  
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.
See accompanying notes which are an integral part of the financial statements.
 Annual Report 32

Table of Contents
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   $ 1,713,672   $ 1,713,672   $ —   $ —
Consumer Discretionary   4,165,610   4,165,610   —   —
Consumer Staples   3,534,430   3,534,430   —   —
Energy   2,672,939   2,672,939   —   —
Financials   7,497,015   7,497,015   —   —
Health Care   4,022,864   4,022,864   —   —
Industrials   5,858,485   5,858,485   —   —
Information Technology   2,947,218   2,947,218   —   —
Materials   3,015,428   3,015,428   —   —
Real Estate   828,468   828,468   —   —
Utilities   1,355,955   1,355,955   —   —
Money Market Fund   34,107   34,107   —   —
Total Investments in Securities:   $ 37,646,191   $ 37,646,191   $ —   $ —
    
Derivative Instruments:                
Assets                
Futures Contracts   $ 13,176   $ 13,176   $ —   $ —
Total Assets   $ 13,176   $ 13,176   —   $ —
Total Derivative Instruments:   $ 13,176   $ 13,176   $ —   $ —
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) $13,176   $0
Total Equity Risk 13,176   0
Total Value of Derivatives $13,176   $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.
33 Annual Report 

Table of Contents
Financial Statements
Statements of Assets and Liabilities
October 31, 2022
  Fidelity Emerging Markets Multifactor ETF
   Fidelity International High Dividend ETF
   Fidelity International Multifactor ETF
   Fidelity International Value Factor ETF
Assets              
Investments in securities, at value – See accompanying schedule:              
Unaffiliated issuers $19,462,763   $ 80,183,405   $13,144,176   $ 37,612,084
Fidelity Central Funds —   48,989   —   34,107
Total Investments in Securities $19,462,763   $ 80,232,394   $13,144,176   $ 37,646,191
Segregated cash with brokers for derivative instruments 2,153   27,207   4,535   13,604
Cash 3,365   27,923   14,408   2,513
Foreign currency held at value (cost $79,251, $46,348, $12,008 and $14,297, respectively) 79,666   45,994   12,090   14,213
Dividends receivable 10,579   249,595   40,105   143,789
Reclaims receivable —   176,377   32,184   76,386
Total assets 19,558,526   80,759,490   13,247,498   37,896,696
Liabilities              
Accrued management fees 7,386   25,416   4,159   11,931
Payable for daily variation margin on futures contracts 102   4,361   727   2,181
Other payables and accrued expenses 43,759   —   —   —
Total liabilities 51,247   29,777   4,886   14,112
Net Assets $19,507,279   $ 80,729,713   $13,242,612   $ 37,882,584
Net Assets consist of:              
Paid in capital $25,651,703   $108,415,781   $16,474,199   $ 49,389,932
Total accumulated earnings (loss) (6,144,424)   (27,686,068)   (3,231,587)   (11,507,348)
Net Assets $19,507,279   $ 80,729,713   $13,242,612   $ 37,882,584
Shares outstanding 1,000,000   4,800,000   600,000   2,000,000
Net Asset Value per share $ 19.51   $ 16.82   $ 22.07   $ 18.94
Investments at cost – Unaffiliated issuers $23,308,104   $100,246,882   $14,699,227   $ 43,612,655
Investments at cost – Fidelity Central Funds —   48,989   —   34,107
Investments at cost $23,308,104   $100,295,871   $14,699,227   $ 43,646,762
See accompanying notes which are an integral part of the financial statements.
 Annual Report 34

Table of Contents
Statements of Operations
For the year ended October 31, 2022
  Fidelity Emerging Markets Multifactor ETF
   Fidelity International High Dividend ETF
   Fidelity International Multifactor ETF
   Fidelity International Value Factor ETF
Investment Income              
Dividends $  972,125   $  4,735,912   $  462,778   $  1,703,163
Non-Cash dividends 57,540   522,171   40,383   109,482
Interest 55   188   32   87
Income from Fidelity Central Funds (including $—, $22,047, $— and $4,068, from security lending, respectively) 93   22,741   128   4,958
Income before foreign taxes withheld 1,029,813   5,281,012   503,321   1,817,690
Less foreign taxes withheld (109,425)   (440,798)   (52,974)   (146,462)
Total income 920,388   4,840,214   450,347   1,671,228
Expenses              
Management fees 96,586   353,053   60,629   156,069
Independent trustees' fees and expenses 73   305   54   135
Total expenses before reductions 96,659   353,358   60,683   156,204
Expense reductions (2)   (3)   (47)   (53)
Total expenses 96,657   353,355   60,636   156,151
Net investment income (loss) 823,731   4,486,859   389,711   1,515,077
Realized and Unrealized Gain (Loss)              
Net realized gain (loss) on investment securities (net of foreign taxes of $24,041, $-, $-, $-, respectively.) (1,810,814)   (1,425,978)   (1,493,659)   (3,816,218)
Net realized gain (loss) on In-kind redemptions —   6,994,732   376,924   2,088,639
Net realized gain (loss) on futures contracts (28,472)   (260,918)   (36,554)   (77,444)
Net realized gain (loss) on foreign currency transactions (36,299)   (70,612)   (10,551)   (32,689)
Total net realized gain (loss) (1,875,585)   5,237,224   (1,163,840)   (1,837,712)
Change in net unrealized appreciation (depreciation) on investment securities (net of decrease in deferred foreign taxes of $9,906, $-, $- and $-, respectively.) (3,939,345)   (26,538,731)   (3,137,698)   (8,191,717)
Change in net unrealized appreciation (depreciation) on futures contracts 623   (4,439)   (1,730)   11,459
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies 1,051   (25,650)   (3,731)   (11,012)
Total change in net unrealized appreciation (depreciation) (3,937,671)   (26,568,820)   (3,143,159)   (8,191,270)
Net gain (loss) (5,813,256)   (21,331,596)   (4,306,999)   (10,028,982)
Net increase (decrease) in net assets resulting from operations $(4,989,525)   $(16,844,737)   $(3,917,288)   $ (8,513,905)
See accompanying notes which are an integral part of the financial statements.
35 Annual Report 

Table of Contents
Financial Statements  – continued
Statements of Changes in Net Assets
  Fidelity Emerging Markets Multifactor ETF
   Fidelity International High Dividend ETF
  Year ended
October 31, 2022
   Year ended
October 31, 2021
   Year ended
October 31, 2022
   Year ended
October 31, 2021
Increase (Decrease) in Net Assets              
Operations              
Net investment income (loss) $ 823,731   $ 500,688   $ 4,486,859   $ 2,736,527
Net realized gain (loss) (1,875,585)   136,954   5,237,224   2,501,097
Change in net unrealized appreciation (depreciation) (3,937,671)   259,838   (26,568,820)   16,555,183
Net increase (decrease) in net assets resulting from operations (4,989,525)   897,480   (16,844,737)   21,792,807
Distributions to shareholders (826,772)   (465,600)   (4,783,300)   (2,688,900)
Return of capital (29,228)   —   —   —
Total distributions (856,000)   (465,600)   (4,783,300)   (2,688,900)
Share transactions              
Proceeds from sales of shares 4,649,878   11,022,150   55,975,704   17,802,806
Cost of shares redeemed —   —   (35,815,029)   —
Net increase (decrease) in net assets resulting from share transactions 4,649,878   11,022,150   20,160,675   17,802,806
Total increase (decrease) in net assets (1,195,647)   11,454,030   (1,467,362)   36,906,713
Net Assets              
Beginning of year 20,702,926   9,248,896   82,197,075   45,290,362
End of year $19,507,279   $20,702,926   $ 80,729,713   $82,197,075
Other Information              
Shares              
Sold 200,000   400,000   2,600,000   900,000
Redeemed —   —   (1,700,000)   —
Net increase (decrease) 200,000   400,000   900,000   900,000
    
See accompanying notes which are an integral part of the financial statements.
 Annual Report 36

Table of Contents
Statements of Changes in Net Assets
  Fidelity International Multifactor ETF
   Fidelity International Value Factor ETF
  Year ended
October 31, 2022
   Year ended
October 31, 2021
   Year ended
October 31, 2022
   Year ended
October 31, 2021
Increase (Decrease) in Net Assets              
Operations              
Net investment income (loss) $ 389,711   $ 305,654   $ 1,515,077   $ 953,166
Net realized gain (loss) (1,163,840)   299,275   (1,837,712)   2,419,526
Change in net unrealized appreciation (depreciation) (3,143,159)   1,701,847   (8,191,270)   3,280,854
Net increase (decrease) in net assets resulting from operations (3,917,288)   2,306,776   (8,513,905)   6,653,546
Distributions to shareholders (524,400)   (291,700)   (1,749,900)   (1,020,000)
Return of capital —   —   —   —
Total distributions (524,400)   (291,700)   (1,749,900)   (1,020,000)
Share transactions              
Proceeds from sales of shares 2,824,049   8,431,231   18,476,821   26,441,620
Cost of shares redeemed (2,787,735)   —   (11,779,865)   (4,879,284)
Net increase (decrease) in net assets resulting from share transactions 36,314   8,431,231   6,696,956   21,562,336
Total increase (decrease) in net assets (4,405,374)   10,446,307   (3,566,849)   27,195,882
Net Assets              
Beginning of year 17,647,986   7,201,679   41,449,433   14,253,551
End of year $13,242,612   $17,647,986   $ 37,882,584   $41,449,433
Other Information              
Shares              
Sold 100,000   300,000   800,000   1,100,000
Redeemed (100,000)   —   (500,000)   (200,000)
Net increase (decrease) —   300,000   300,000   900,000
See accompanying notes which are an integral part of the financial statements.
37 Annual Report 

Table of Contents
Financial Statements  – continued
Financial Highlights
  Fidelity Emerging Markets Multifactor ETF
  Year ended October 31, 2022
   Year ended October 31, 2021
   Year ended October 31, 2020
   Year ended October 31, 2019A
Selected Per-Share Data              
Net asset value, beginning of period $ 25.88   $ 23.12   $24.68   $25.00
Income from Investment Operations              
Net investment income (loss)B 0.89   0.72   0.55   0.50
Net realized and unrealized gain (loss) (6.37)   2.67   (1.57)   (0.34)
Total from investment operations (5.48)   3.39   (1.02)   0.16
Distributions from net investment income (0.86)   (0.63)   (0.54)   (0.48)
Return of capital (0.03)   —   —   —
Total distributions (0.89)   (0.63)   (0.54)   (0.48)
Net asset value, end of period $ 19.51   $ 25.88   $23.12   $24.68
Total ReturnC,D,E (21.56)%   14.55%   (4.03)%   0.66%
Ratios to Average Net AssetsF,G,H              
Expenses before reductions .45%   .45%   .45%   .45% I
Expenses net of fee waivers, if any .45%   .45%   .45%   .45% I
Expenses net of all reductions .45%   .45%   .45%   .45% I
Net investment income (loss) 3.84%   2.64%   2.39%   3.05% I
Supplemental Data              
Net assets, end of period (000 omitted) $19,507   $20,703   $9,249   $9,872
Portfolio turnover rateJ 91% K   65% K   66%   34% K,L
    
A For the period February 26, 2019 (commencement of operations) through October 31, 2019.
B Calculated based on average shares outstanding during the period.
C Based on net asset value.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Expense 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.
G Net 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.
H Fees 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.
I Annualized.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
L Amount not annualized.
    
See accompanying notes which are an integral part of the financial statements.
 Annual Report 38

Table of Contents
Financial Highlights
  Fidelity International High Dividend ETF
  Year ended October 31, 2022
   Year ended October 31, 2021
   Year ended October 31, 2020
   Year ended October 31, 2019
   Year ended October 31, 2018A
Selected Per-Share Data                  
Net asset value, beginning of period $ 21.08   $ 15.10   $ 20.96   $ 20.56   $ 25.08
Income from Investment Operations                  
Net investment income (loss)B 0.97   0.77   0.60   1.04   0.82
Net realized and unrealized gain (loss) (4.22)   5.95   (5.81)   0.31   (4.63)
Total from investment operations (3.25)   6.72   (5.21)   1.35   (3.81)
Distributions from net investment income (1.01)   (0.74)   (0.65)   (0.95)   (0.71)
Total distributions (1.01)   (0.74)   (0.65)   (0.95)   (0.71)
Net asset value, end of period $ 16.82   $ 21.08   $ 15.10   $ 20.96   $ 20.56
Total ReturnC,D,E (15.83)%   44.78%   (24.98)%   6.84%   (15.44)%
Ratios to Average Net AssetsF,G,H                  
Expenses before reductions .39%   .39%   .39%   .39%   .39% I
Expenses net of fee waivers, if any .39%   .39%   .39%   .39%   .39% I
Expenses net of all reductions .39%   .39%   .39%   .39%   .39% I
Net investment income (loss) 4.96%   3.82%   3.38%   5.07%   4.59% I
Supplemental Data                  
Net assets, end of period (000 omitted) $80,730   $82,197   $45,290   $44,022   $18,500
Portfolio turnover rateJ,K 71%   67%   82%   47%   42% L
    
A For the period January 16, 2018 (commencement of operations) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Based on net asset value.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Expense 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.
G Net 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.
H Fees 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.
I Annualized.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
L Amount not annualized.
    
See accompanying notes which are an integral part of the financial statements.
39 Annual Report 

Table of Contents
Financial Statements  – continued
Financial Highlights
  Fidelity International Multifactor ETF
  Year ended October 31, 2022
   Year ended October 31, 2021
   Year ended October 31, 2020
   Year ended October 31, 2019A
Selected Per-Share Data              
Net asset value, beginning of period $ 29.41   $ 24.01   $26.18   $ 25.05
Income from Investment Operations              
Net investment income (loss)B 0.65   0.65   0.57   0.55
Net realized and unrealized gain (loss) (7.12)   5.34   (2.07)   1.12
Total from investment operations (6.47)   5.99   (1.50)   1.67
Distributions from net investment income (0.87)   (0.59)   (0.67)   (0.54)
Total distributions (0.87)   (0.59)   (0.67)   (0.54)
Net asset value, end of period $ 22.07   $ 29.41   $24.01   $ 26.18
Total ReturnC,D,E (22.36)%   25.08%   (5.73)%   6.72%
Ratios to Average Net AssetsF,G,H              
Expenses before reductions .39%   .39%   .39%   .39% I
Expenses net of fee waivers, if any .39%   .39%   .39%   .39% I
Expenses net of all reductions .39%   .39%   .39%   .39% I
Net investment income (loss) 2.51%   2.28%   2.29%   3.18% I
Supplemental Data              
Net assets, end of period (000 omitted) $13,243   $17,648   $7,202   $10,473
Portfolio turnover rateJ,K 61%   74%   69%   35% L
    
A For the period February 26, 2019 (commencement of operations) through October 31, 2019.
B Calculated based on average shares outstanding during the period.
C Based on net asset value.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Expense 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.
G Net 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.
H Fees 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.
I Annualized.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
L Amount not annualized.
    
See accompanying notes which are an integral part of the financial statements.
 Annual Report 40

Table of Contents
Financial Highlights
  Fidelity International Value Factor ETF
  Year ended October 31, 2022
   Year ended October 31, 2021
   Year ended October 31, 2020
   Year ended October 31, 2019
   Year ended October 31, 2018A
Selected Per-Share Data                  
Net asset value, beginning of period $ 24.38   $ 17.82   $ 21.89   $ 20.89   $ 25.00
Income from Investment Operations                  
Net investment income (loss)B 0.83   0.79   0.51   0.80   0.62
Net realized and unrealized gain (loss) (5.32)   6.54   (4.09)   1.05   (4.18)
Total from investment operations (4.49)   7.33   (3.58)   1.85   (3.56)
Distributions from net investment income (0.95)   (0.77)   (0.49)   (0.85)   (0.55)
Total distributions (0.95)   (0.77)   (0.49)   (0.85)   (0.55)
Net asset value, end of period $ 18.94   $ 24.38   $ 17.82   $ 21.89   $ 20.89
Total ReturnC,D,E (18.82)%   41.36%   (16.32)%   9.04%   (14.46)%
Ratios to Average Net AssetsF,G,H                  
Expenses before reductions .39%   .39%   .39%   .39%   .39% I
Expenses net of fee waivers, if any .39%   .39%   .39%   .39%   .39% I
Expenses net of all reductions .39%   .39%   .39%   .39%   .39% I
Net investment income (loss) 3.79%   3.32%   2.60%   3.74%   3.38% I
Supplemental Data                  
Net assets, end of period (000 omitted) $37,883   $41,449   $14,254   $13,135   $12,532
Portfolio turnover rateJ 69% K   101% K   76% K   56%   65% K,L
    
A For the period January 16, 2018 (commencement of operations) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Based on net asset value.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Expense 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.
G Net 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.
H Fees 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.
I Annualized.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
L Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
41 Annual Report 

Table of Contents
Notes to Financial Statements
For the period ended October 31, 2022
1. Organization.
Fidelity Emerging Markets Multifactor ETF, Fidelity International High Dividend ETF, Fidelity International Multifactor ETF and Fidelity International Value Factor ETF (the Funds) are exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Certain Funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a)
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005%
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund’s most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund’s Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund’s investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund’s fair valuation practices and maintains the fair valuation policies and procedures. Each Fund’s investment adviser reports to the Board information regarding the fair valuation process and related material matters.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 – unadjusted quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund’s own assumptions based on the best information available)
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Table of Contents
3. Significant Accounting Policies – continued
    
Valuation techniques used to value each Fund’s investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022, as well as a roll forward of Level 3 investments, is included at the end of each Fund’s Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes and for processing shareholder transactions, the Funds’ investment holdings and NAV include trades executed through the end of the last business day of the period and prior business day, respectively. The NAV per share for processing shareholder transactions is calculated as of the close of business (normally 4:00 p.m. Eastern time) of the Cboe BZX Exchange, Inc. (CboeBZX) for Fidelity Emerging Markets Multifactor ETF and Fidelity International Multifactor ETF, and of the New York Stock Exchange, Archipelago Exchange (NYSE Arca) for all other funds. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statements of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statements of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statements of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund’s expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending
43 Annual Report 

Table of Contents
Notes to Financial Statements  – continued
3. Significant Accounting Policies – continued
    
on the jurisdiction. Foreign taxes are provided for based on each Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Emerging Markets Multifactor ETF is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statements of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, tax return of capital distribution, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
  Tax cost Gross unrealized
appreciation 		Gross unrealized
depreciation 		Net unrealized
appreciation
(depreciation)
Fidelity Emerging Markets Multifactor ETF $ 23,437,935 $ 727,787 $ (4,702,959) $ (3,975,172)
Fidelity International High Dividend ETF 100,879,403 585,940 (21,232,949) (20,647,009)
Fidelity International Multifactor ETF 14,764,034 354,549 (1,974,407) (1,619,858)
Fidelity International Value Factor ETF 43,848,873 757,123 (6,959,805) (6,202,682)
The tax-based components of distributable earnings as of period end were as follows for each Fund:
  Undistributed
ordinary income 		Undistributed capital gains Capital loss
carryforward 		Net unrealized
appreciation
(depreciation)
Fidelity Emerging Markets Multifactor ETF $ — $ — $ (2,125,898) $ (4,018,526)
Fidelity International High Dividend ETF — — (7,010,226) (20,675,839)
Fidelity International Multifactor ETF — — (1,608,364) (1,623,223)
Fidelity International Value Factor ETF — — (5,291,688) (6,215,660)
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
  Short-term Long-term Total capital loss
carryforward
Fidelity Emerging Markets Multifactor ETF $ (1,574,210) $ (551,688) $ (2,125,898)
Fidelity International High Dividend ETF (2,117,907) (4,892,319) (7,010,226)
Fidelity International Multifactor ETF (1,247,940) (360,424) (1,608,364)
Fidelity International Value Factor ETF (2,905,914) (2,385,774) (5,291,688)
For the applicable period ended October 31, 2022, Fidelity Emerging Markets Multifactor ETF’s distributions exceeded the aggregate amount of taxable income and net realized gains resulting in a return of capital for tax purposes. This was due to reductions in taxable income available for distribution after certain distributions had been made.
The tax character of distributions paid was as follows:
October 31, 2022        
  Ordinary
Income 		Long-Term
Capital Gain 		Tax Return
Of Capital 		Total
Fidelity Emerging Markets Multifactor ETF $ 826,772 $ — $ 29,228 $ 856,000
Fidelity International High Dividend ETF 4,783,300 — — 4,783,300
Fidelity International Multifactor ETF 524,400 — — 524,400
Fidelity International Value Factor ETF 1,749,900 — — 1,749,900
    
 Annual Report 44

Table of Contents
3. Significant Accounting Policies – continued
    
October 31, 2021        
Fidelity Emerging Markets Multifactor ETF $ 465,600 $ — $ — $ 465,600
Fidelity International High Dividend ETF 2,688,900 — — 2,688,900
Fidelity International Multifactor ETF 291,700 — — 291,700
Fidelity International Value Factor ETF 1,020,000 — — 1,020,000
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund’s investment objectives allow for various types of derivative instruments, including. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
Equity Risk        Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statements of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statements of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statements of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption “Futures Contracts”. The notional amount at value reflects each contract’s exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statements of Assets and Liabilities.
45 Annual Report 

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Notes to Financial Statements  – continued
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
  Purchases ($) Sales ($)
Fidelity Emerging Markets Multifactor ETF 22,673,638 19,171,646
Fidelity International High Dividend ETF 65,943,525 63,169,152
Fidelity International Multifactor ETF 9,519,150 9,404,228
Fidelity International Value Factor ETF 27,287,503 27,328,660
Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.
  In-Kind Subscriptions
($) 		In-Kind Redemptions
($)
Fidelity Emerging Markets Multifactor ETF 1,041,928 —
Fidelity International High Dividend ETF 52,059,021 35,372,995
Fidelity International Multifactor ETF 2,689,595 2,779,745
Fidelity International Value Factor ETF 17,920,852 11,565,596
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of .39% of each Fund’s average net assets for Fidelity International High Dividend ETF, Fidelity International Multifactor ETF and Fidelity International Value Factor ETF. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.
Fidelity Emerging Markets Multifactor ETF’s management fee is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.
Sub-Adviser. Geode Capital Management, LLC (Geode) serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other funds affiliated with each sub-adviser under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund’s daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statements of Assets and Liabilities. Security lending income 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. Security lending income is presented in the Statements of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
  Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End
Fidelity International High Dividend ETF $ 2,375 $ — $ —
Fidelity International Value Factor ETF 439 — —
 Annual Report 46

Table of Contents
8. Expense Reductions.
Through arrangements with each applicable Fund’s custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund’s expenses by the following amounts:
  Amount
Fidelity Emerging Markets Multifactor ETF $ 2
Fidelity International High Dividend ETF 3
Fidelity International Multifactor ETF 47
Fidelity International Value Factor ETF 53
9. Share Transactions.
Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities to a fund and redemption proceeds are paid with a basket of securities from a fund’s portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund’s shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units.
10. Other.
A fund’s organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund’s performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund’s investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund’s level of investment in the securities of that issuer.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Covington Trust and Shareholders of Fidelity Emerging Markets Multifactor ETF, Fidelity International High Dividend ETF, Fidelity International Multifactor ETF, and Fidelity International Value Factor ETF:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Fidelity Emerging Markets Multifactor ETF, Fidelity International High Dividend ETF, Fidelity International Multifactor ETF, and Fidelity International Value Factor ETF (the “Funds”), each a fund of Fidelity Covington Trust, including the schedules of investments, as of October 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from January 16, 2018 (commencement of operations) through October 31, 2018 for Fidelity International High Dividend ETF and Fidelity International Value Factor ETF, and the financial highlights for each of the three years in the period then ended and for the period from February 26, 2019 (commencement of operations) through October 31, 2019 for Fidelity Emerging Markets Multifactor ETF and Fidelity International Multifactor ETF and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from January 16, 2018 (commencement of operations) through October 31, 2018 for Fidelity International High Dividend ETF and Fidelity International Value Factor ETF, and the financial highlights for each of the three years in the period then ended and for the period from February 26, 2019 (commencement of operations) through October 31, 2019 for Fidelity Emerging Markets Multifactor ETF and Fidelity International Multifactor ETF, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 16, 2022
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
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Trustees and Officers (Unaudited)
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Each of the Trustees oversees 316 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds’ Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-FIDELITY.
Experience, Skills, Attributes, and Qualififications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
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Trustees and Officers (Unaudited)  – continued
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
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Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2018
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University’s Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
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Trustees and Officers (Unaudited)  – continued
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2013
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2018
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
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Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2013
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Offifficers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2018
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
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Trustees and Officers (Unaudited)  – continued
Name, Year of Birth; Principal Occupation
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
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Name, Year of Birth; Principal Occupation
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
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Shareholder Expense Example (Unaudited)
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2022 to October 31, 2022).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
  Annualized
Expense RatioA 		Beginning
Account Value
May 1, 2022
 Ending
Account Value
October 31, 2022 		Expenses Paid
During PeriodB
May 1, 2022
to October 31, 2022
Fidelity Emerging Markets Multifactor ETF 0.45%      
Actual   $ 1,000.00 $ 851.00 $ 2.10
Hypothetical C   $ 1,000.00 $ 1,022.94 $ 2.29
Fidelity International High Dividend ETF 0.39%      
Actual   $ 1,000.00 $ 862.00 $ 1.83
Hypothetical C   $ 1,000.00 $ 1,023.24 $ 1.99
Fidelity International Multifactor ETF 0.39%      
Actual   $ 1,000.00 $ 866.40 $ 1.83
Hypothetical C   $ 1,000.00 $ 1,023.24 $ 1.99
Fidelity International Value Factor ETF 0.39%      
Actual   $ 1,000.00 $ 871.40 $ 1.84
Hypothetical C   $ 1,000.00 $ 1,023.24 $ 1.99
   
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses.
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Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
  December 2021 March 2022 June 2022 September 2022
Fidelity Emerging Markets Multifactor ETF 41% 70% 70% 70%
Fidelity International High Dividend ETF 53% 100% 100% 100%
Fidelity International Multifactor ETF 36% 100% 100% 100%
Fidelity International Value Factor ETF 44% 100% 100% 100%
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
  Ex-Date Income Taxes
Fidelity Emerging Markets Multifactor ETF 9/16/2022 $ 0.2842 $ 0.0362
  6/17/2022 $ 0.4285 $ 0.0545
  3/18/2022 $ 0.1169 $ 0.0149
  12/30/2021 $ 0.0085 $ 0.0015
  12/17/2021 $ 0.1914 $ 0.0334
Fidelity International High Dividend ETF 9/16/2022 $ 0.2538 $ 0.0218
  6/17/2022 $ 0.4005 $ 0.0345
  3/18/2022 $ 0.2670 $ 0.0230
  12/30/2021 $ 0.0000 $ 0.0000
  12/17/2021 $ 0.1824 $ 0.0134
Fidelity International Multifactor ETF 9/16/2022 $ 0.2065 $ 0.0195
  6/17/2022 $ 0.2198 $ 0.0208
  3/18/2022 $ 0.2209 $ 0.0209
  12/30/2021 $ 0.0000 $ 0.0000
  12/17/2021 $ 0.3142 $ 0.0262
Fidelity International Value Factor ETF 9/16/2022 $ 0.2043 $ 0.0163
  6/17/2022 $ 0.3009 $ 0.0239
  3/18/2022 $ 0.2358 $ 0.0188
  12/30/2021 $ 0.0000 $ 0.0000
  12/17/2021 $ 0.2864 $ 0.0194
The funds will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
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Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International High Dividend ETF
Fidelity International Value Factor ETF
Fidelity Emerging Markets Multifactor ETF
Fidelity International Multifactor ETF
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for each fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees’ counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund’s Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund’s Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board’s annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2022 meeting, the Board unanimously determined to renew each fund’s Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund’s management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees’ counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board’s decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity’s competitors, and that each fund’s shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds’ investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity’s investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers’ investments, if any, in the funds that they manage. The Board also considered the steps Fidelity and Geode had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity’s role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the funds and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement each fund’s investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity’s and Geode’s investment staffs, including their size, education, experience, and resources, as well as Fidelity’s and Geode’s approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity’s and Geode’s investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results
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over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity’s and Geode’s trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR’s affiliates under separate agreements covering pricing and bookkeeping and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally State Street Bank and Trust Company, each fund’s transfer agent and custodian; and (iii) the resources devoted to, and the record of compliance with, each fund’s compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity’s investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity’s global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity’s product line to increase investors’ probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers each fund’s tracking error versus its benchmark index. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The Board also considered information on each fund’s bid-ask spread and premium/discount.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund’s performance should be evaluated based on net performance (after fees and expenses) of the fund compared to a fund’s benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund’s benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and its benchmark index for the most recent one- and three-year periods (for Fidelity Emerging Markets Multifactor ETF and Fidelity International Multifactor ETF, the most recent one-year period) ended September 30, 2021, as shown below. Peer groups are not shown below because the funds do not generally utilize a peer group for performance comparison purposes.
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Board Approval of Investment Advisory Contracts and Management Fees  – continued
Fidelity International High Dividend ETF
Fidelity International Value Factor ETF
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Fidelity Emerging Markets Multifactor ETF
Fidelity International Multifactor ETF
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund’s management fee and total expense ratio compared to “mapped groups” of competitive funds created for the purpose of facilitating the Trustees’ competitive analysis of management fees and total expenses. Fidelity creates “mapped groups” by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board’s management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods ended September 30 (June 30 for periods ended 2019 and 2018) shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the “Total Mapped Group.” The Total Mapped Group comparison focuses on a fund’s standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). “TMG %” represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund’s. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds’ actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The “Asset-Sized Peer Group” (ASPG) comparison focuses on a fund’s standing relative
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Board Approval of Investment Advisory Contracts and Management Fees  – continued
to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund’s management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund’s management fee rate ranked, is also included in the charts and was considered by the Board.
Fidelity International High Dividend ETF
Fidelity International Value Factor ETF
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Fidelity Emerging Markets Multifactor ETF
Fidelity International Multifactor ETF
The Board noted that each fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
Based on its review, the Board concluded that each fund’s management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of each fund’s total expense ratio, the Board considered the fund’s all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for each
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Board Approval of Investment Advisory Contracts and Management Fees  – continued
fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The Board noted that each fund’s total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
Fees Charged to Other Clients. The Board also considered fee structures applicable to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity’s institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee’s review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund’s total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund’s shareholders. The Board also considered the level of Fidelity’s profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity’s audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year’s methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board’s assessment of Fidelity’s profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity’s mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity’s profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity’s and Geode’s non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity’s mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity’s and Geode’s affiliates may benefit from the funds’ business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board’s consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode’s relationship with each fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to each fund’s current contractual arrangements, its expense ratio will not decline if the fund’s operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds’ advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity’s long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity’s pricing philosophy compared to competitors; (iv) fund profitability
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methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds’ sub-advisory arrangements.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable and that each fund’s Advisory Contracts should be renewed.
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IHD-IVE-ANN-1222
1.9885304.104