Fidelity® Blue Chip Value ETF

Fidelity® Fundamental Large Cap Core ETF

Fidelity® Fundamental Large Cap Growth ETF

Fidelity® Fundamental Small-Mid Cap ETF

Fidelity® Magellan℠ ETF

Fidelity® Real Estate Investment ETF

Fidelity® Sustainable U.S. Equity ETF

Fidelity® Women's Leadership ETF

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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Fidelity® Blue Chip Growth ETF

Schedule of Investments January 31, 2024 (Unaudited)

Top Holdings (% of Fund's net assets)

NVIDIA Corp.	11.2
Microsoft Corp.	10.5
Amazon.com, Inc.	9.1
Apple, Inc.	9.0
Alphabet, Inc. Class A	6.5
Meta Platforms, Inc. Class A	4.8
Eli Lilly & Co.	2.7
Netflix, Inc.	2.5
Uber Technologies, Inc.	2.5
Marvell Technology, Inc.	2.0
	60.8

Market Sectors (% of Fund's net assets)

Information Technology	41.2
Consumer Discretionary	20.6
Communication Services	16.3
Health Care	9.7
Industrials	4.3
Financials	2.7
Consumer Staples	2.2
Energy	1.6
Materials	0.4
Real Estate	0.3

Asset Allocation (% of Fund's net assets)

Fidelity® Blue Chip Growth ETF

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares	Value ($)
COMMUNICATION SERVICES - 16.3%
Entertainment - 3.0%
Netflix, Inc. (a)	50,736	28,620,685
Roblox Corp. (a)	23,903	927,675
Roku, Inc. Class A (a)	10,703	942,506
Sea Ltd. ADR (a)	58,731	2,240,000
Sphere Entertainment Co. (a)	12,284	434,608
Take-Two Interactive Software, Inc. (a)	2,753	454,052
The Walt Disney Co.	7,757	745,060
		34,364,586
Interactive Media & Services - 13.2%
Alphabet, Inc. Class A (a)	521,965	73,127,297
Meta Platforms, Inc. Class A	137,242	53,543,594
Pinterest, Inc. Class A (a)	8,682	325,315
Snap, Inc. Class A (a)	1,333,113	21,183,166
		148,179,372
Wireless Telecommunication Services - 0.1%
T-Mobile U.S., Inc.	6,035	973,023
TOTAL COMMUNICATION SERVICES		183,516,981
CONSUMER DISCRETIONARY - 20.6%
Automobiles - 1.5%
Rivian Automotive, Inc. (a)	163,163	2,498,026
Tesla, Inc. (a)	77,681	14,548,874
		17,046,900
Broadline Retail - 9.8%
Alibaba Group Holding Ltd. sponsored ADR	29,006	2,093,363
Amazon.com, Inc. (a)	657,947	102,113,374
Dollarama, Inc.	6,100	447,683
Kohl's Corp.	31,835	820,070
Ollie's Bargain Outlet Holdings, Inc. (a)	9,599	690,456
PDD Holdings, Inc. ADR (a)	32,830	4,165,142
		110,330,088
Diversified Consumer Services - 0.1%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	18,613	1,426,873
Hotels, Restaurants & Leisure - 2.7%
Airbnb, Inc. Class A (a)	57,620	8,305,347
Caesars Entertainment, Inc. (a)	53,984	2,368,278
Chipotle Mexican Grill, Inc. (a)	1,754	4,224,983
Draftkings Holdings, Inc. (a)	44,961	1,755,727
Las Vegas Sands Corp.	6,534	319,643
Light & Wonder, Inc. Class A (a)	5,614	451,253
Marriott International, Inc. Class A	10,399	2,492,952
McDonald's Corp.	5,293	1,549,367
Penn Entertainment, Inc. (a)	91,247	2,057,620
Planet Fitness, Inc. (a)	4,473	303,090
Restaurant Brands International, Inc.	8,632	673,828
Starbucks Corp.	39,874	3,709,478
Sweetgreen, Inc. Class A (a)	164,380	1,755,578
Yum! Brands, Inc.	2,211	286,302
		30,253,446
Household Durables - 0.1%
SharkNinja Hong Kong Co. Ltd.	20,746	969,253
Specialty Retail - 3.9%
Abercrombie & Fitch Co. Class A (a)	59,296	6,042,262
American Eagle Outfitters, Inc.	262,803	5,208,755
Aritzia, Inc. (a)	42,936	1,044,618
Dick's Sporting Goods, Inc.	200	29,814
Five Below, Inc. (a)	18,081	3,244,816
Foot Locker, Inc.	10,386	292,470
Gap, Inc.	28,646	535,394
Lowe's Companies, Inc.	56,912	12,113,150
RH (a)	19,678	4,987,979
TJX Companies, Inc.	70,539	6,694,856
Victoria's Secret & Co. (a)	15,575	405,729
Warby Parker, Inc. (a)	128,725	1,641,244
Wayfair LLC Class A (a)	7,730	388,433
Williams-Sonoma, Inc.	2,225	430,293
		43,059,813
Textiles, Apparel & Luxury Goods - 2.5%
Crocs, Inc. (a)	25,811	2,619,300
Deckers Outdoor Corp. (a)	7,643	5,760,758
lululemon athletica, Inc. (a)	14,457	6,560,876
NIKE, Inc. Class B	80,569	8,180,171
On Holding AG (a)	13,340	354,310
PVH Corp.	33,783	4,062,744
Ralph Lauren Corp.	3,079	442,360
		27,980,519
TOTAL CONSUMER DISCRETIONARY		231,066,892
CONSUMER STAPLES - 2.2%
Beverages - 0.6%
Celsius Holdings, Inc. (a)	112,541	5,615,796
Constellation Brands, Inc. Class A (sub. vtg.)	1,319	323,261
PepsiCo, Inc.	6,721	1,132,690
		7,071,747
Consumer Staples Distribution & Retail - 0.9%
BJ's Wholesale Club Holdings, Inc. (a)	30	1,930
Costco Wholesale Corp.	727	505,178
Dollar Tree, Inc. (a)	18,630	2,433,451
Maplebear, Inc. (NASDAQ)	12,685	310,402
Target Corp.	17,075	2,374,791
Walmart, Inc.	23,758	3,926,010
		9,551,762
Food Products - 0.2%
Lamb Weston Holdings, Inc.	10,635	1,089,449
The Hershey Co.	2,026	392,112
Tyson Foods, Inc. Class A	5,920	324,179
		1,805,740
Household Products - 0.2%
Procter & Gamble Co.	15,594	2,450,441
Personal Care Products - 0.3%
Estee Lauder Companies, Inc. Class A	9,276	1,224,339
Kenvue, Inc.	64,916	1,347,656
Oddity Tech Ltd.	16,813	694,377
		3,266,372
Tobacco - 0.0%
Philip Morris International, Inc.	4,698	426,813
TOTAL CONSUMER STAPLES		24,572,875
ENERGY - 1.6%
Energy Equipment & Services - 0.0%
Secure Energy Services, Inc.	47,335	362,991
Oil, Gas & Consumable Fuels - 1.6%
Cameco Corp.	14,469	690,814
Cheniere Energy, Inc.	4,730	775,673
Diamondback Energy, Inc.	22,006	3,383,202
EOG Resources, Inc.	34,068	3,876,598
Exxon Mobil Corp.	26,998	2,775,664
Hess Corp.	23,493	3,301,471
Northern Oil & Gas, Inc.	8,086	270,881
Occidental Petroleum Corp.	39,204	2,256,974
		17,331,277
TOTAL ENERGY		17,694,268
FINANCIALS - 2.7%
Banks - 0.1%
Citigroup, Inc.	12,679	712,179
HDFC Bank Ltd. sponsored ADR	8,684	481,875
		1,194,054
Capital Markets - 0.2%
Coinbase Global, Inc. (a)	3,554	455,623
Goldman Sachs Group, Inc.	1,702	653,585
Morgan Stanley	7,528	656,743
		1,765,951
Consumer Finance - 0.4%
American Express Co.	20,300	4,075,022
SoFi Technologies, Inc. (a)	100	783
		4,075,805
Financial Services - 1.9%
Berkshire Hathaway, Inc. Class B (a)	1,272	488,117
Block, Inc. Class A (a)	48,816	3,173,528
MasterCard, Inc. Class A	32,711	14,694,763
Visa, Inc. Class A	11,922	3,257,806
		21,614,214
Insurance - 0.1%
Progressive Corp.	7,686	1,370,030
TOTAL FINANCIALS		30,020,054
HEALTH CARE - 9.7%
Biotechnology - 1.5%
Alnylam Pharmaceuticals, Inc. (a)	14,490	2,505,466
Amgen, Inc.	3,304	1,038,315
Argenx SE ADR (a)	15	5,708
Ascendis Pharma A/S sponsored ADR (a)	1,781	231,405
Gilead Sciences, Inc.	4,963	388,404
Karuna Therapeutics, Inc. (a)	15	4,701
Moderna, Inc. (a)	2,849	287,891
Moonlake Immunotherapeutics (a)	8,474	473,527
Regeneron Pharmaceuticals, Inc. (a)	8,846	8,339,832
Vertex Pharmaceuticals, Inc. (a)	7,617	3,301,055
		16,576,304
Health Care Equipment & Supplies - 1.5%
Axonics, Inc. (a)	55	3,733
Boston Scientific Corp. (a)	76,717	4,853,117
DexCom, Inc. (a)	50,599	6,140,189
Glaukos Corp. (a)	3,831	341,074
Inspire Medical Systems, Inc. (a)	4,849	1,022,509
Insulet Corp. (a)	6,753	1,288,945
Intuitive Surgical, Inc. (a)	829	313,544
Shockwave Medical, Inc. (a)	2,642	597,753
Stryker Corp.	7,381	2,476,178
		17,037,042
Health Care Providers & Services - 2.3%
Alignment Healthcare, Inc. (a)	8,727	58,471
Cigna Group	5	1,505
Guardant Health, Inc. (a)	50,085	1,098,364
Humana, Inc.	6,189	2,339,813
McKesson Corp.	701	350,423
Surgery Partners, Inc. (a)	15,800	484,902
UnitedHealth Group, Inc.	42,806	21,905,542
		26,239,020
Life Sciences Tools & Services - 0.4%
Danaher Corp.	15,458	3,708,529
Thermo Fisher Scientific, Inc.	2,606	1,404,582
		5,113,111
Pharmaceuticals - 4.0%
Eli Lilly & Co.	46,294	29,887,869
Novo Nordisk A/S Series B sponsored ADR	57,921	6,645,856
Zoetis, Inc. Class A	41,877	7,864,919
		44,398,644
TOTAL HEALTH CARE		109,364,121
INDUSTRIALS - 4.3%
Aerospace & Defense - 0.7%
Howmet Aerospace, Inc.	26,281	1,478,569
L3Harris Technologies, Inc.	2,825	588,787
Northrop Grumman Corp.	936	418,167
Spirit AeroSystems Holdings, Inc. Class A (a)	13,127	360,467
The Boeing Co. (a)	22,787	4,808,968
TransDigm Group, Inc.	525	573,657
		8,228,615
Air Freight & Logistics - 0.1%
FedEx Corp.	4,080	984,463
Commercial Services & Supplies - 0.1%
ACV Auctions, Inc. Class A (a)	42,315	548,826
Electrical Equipment - 0.1%
Eaton Corp. PLC	5,827	1,433,908
Generac Holdings, Inc. (a)	1,016	115,489
		1,549,397
Ground Transportation - 2.8%
Canadian Pacific Kansas City Ltd.	4,071	327,593
Lyft, Inc. (a)	258,075	3,223,357
Uber Technologies, Inc. (a)	424,996	27,739,489
		31,290,439
Industrial Conglomerates - 0.1%
General Electric Co.	12,031	1,593,145
Passenger Airlines - 0.1%
Alaska Air Group, Inc. (a)	8,604	308,281
Southwest Airlines Co.	13,441	401,751
		710,032
Trading Companies & Distributors - 0.3%
Ferguson PLC	1,668	313,350
FTAI Aviation Ltd.	47,553	2,565,484
Xometry, Inc. (a)	9,010	289,942
		3,168,776
TOTAL INDUSTRIALS		48,073,693
INFORMATION TECHNOLOGY - 41.2%
Communications Equipment - 0.1%
Arista Networks, Inc. (a)	2,764	714,992
IT Services - 0.6%
MongoDB, Inc. Class A (a)	5,383	2,155,999
Okta, Inc. (a)	40,598	3,355,425
Shopify, Inc. Class A (a)	7,674	614,342
Snowflake, Inc. (a)	5,121	1,001,872
		7,127,638
Semiconductors & Semiconductor Equipment - 17.8%
Advanced Micro Devices, Inc. (a)	29,626	4,967,984
ASML Holding NV (depository receipt)	2,051	1,784,001
Broadcom, Inc.	546	644,280
GlobalFoundries, Inc. (a)	129,204	7,103,636
Impinj, Inc. (a)	3,252	315,379
Marvell Technology, Inc.	336,658	22,791,747
Micron Technology, Inc.	7,800	668,850
Monolithic Power Systems, Inc.	5,222	3,147,404
NVIDIA Corp.	204,076	125,561,845
NXP Semiconductors NV	80,907	17,036,587
ON Semiconductor Corp. (a)	105,422	7,498,667
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	53,772	6,074,085
Teradyne, Inc.	26,173	2,528,050
		200,122,515
Software - 13.5%
Adobe, Inc. (a)	3,093	1,910,794
Bill Holdings, Inc. (a)	18,618	1,453,135
Datadog, Inc. Class A (a)	14,774	1,838,477
HubSpot, Inc. (a)	7,758	4,740,138
Intuit, Inc.	7,026	4,435,725
Microsoft Corp.	296,592	117,919,047
Oracle Corp.	7,773	868,244
Salesforce, Inc. (a)	47,094	13,237,652
ServiceNow, Inc. (a)	4,134	3,164,164
Zoom Video Communications, Inc. Class A (a)	24,937	1,611,180
		151,178,556
Technology Hardware, Storage & Peripherals - 9.2%
Apple, Inc.	549,705	101,365,602
Dell Technologies, Inc.	20,137	1,668,955
		103,034,557
TOTAL INFORMATION TECHNOLOGY		462,178,258
MATERIALS - 0.4%
Chemicals - 0.0%
Linde PLC	1,321	534,780
Metals & Mining - 0.4%
ATI, Inc. (a)	18,231	745,101
Carpenter Technology Corp.	14,458	890,468
Freeport-McMoRan, Inc.	64,382	2,555,322
		4,190,891
TOTAL MATERIALS		4,725,671
REAL ESTATE - 0.3%
Equity Real Estate Investment Trusts (REITs) - 0.2%
Digital Realty Trust, Inc.	2,153	302,410
Welltower, Inc.	17,855	1,544,636
		1,847,046
Real Estate Management & Development - 0.1%
Zillow Group, Inc. Class C (a)	18,930	1,075,981
TOTAL REAL ESTATE		2,923,027
TOTAL COMMON STOCKS (Cost $882,800,251)		1,114,135,840

Money Market Funds - 1.6%
	Shares	Value ($)
State Street Institutional Treasury Plus Money Market Fund Trust Class 5.23% (b) (Cost $18,044,267)	18,044,267	18,044,267

TOTAL INVESTMENT IN SECURITIES - 100.9% (Cost $900,844,518)	1,132,180,107
NET OTHER ASSETS (LIABILITIES) - (0.9)%	(10,136,364)
NET ASSETS - 100.0%	1,122,043,743

Legend

(a)	Non-income producing

(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used 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	183,516,981	183,516,981	-	-
Consumer Discretionary	231,066,892	231,066,892	-	-
Consumer Staples	24,572,875	24,572,875	-	-
Energy	17,694,268	17,694,268	-	-
Financials	30,020,054	30,020,054	-	-
Health Care	109,364,121	109,364,121	-	-
Industrials	48,073,693	48,073,693	-	-
Information Technology	462,178,258	462,178,258	-	-
Materials	4,725,671	4,725,671	-	-
Real Estate	2,923,027	2,923,027	-	-

Money Market Funds	18,044,267	18,044,267	-	-
Total Investments in Securities:	1,132,180,107	1,132,180,107	-	-

Fidelity® Blue Chip Growth ETF

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				January 31, 2024 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $900,844,518):			$	1,132,180,107
Cash				108
Foreign currency held at value (cost $161)				161
Receivable for investments sold				2,831,243
Receivable for fund shares sold				4,276,186
Dividends receivable				153,386
Total assets				1,139,441,191
Liabilities
Payable for investments purchased	$	16,872,103
Accrued management fee		525,345
Total Liabilities				17,397,448
Net Assets			$	1,122,043,743
Net Assets consist of:
Paid in capital			$	975,219,147
Total accumulated earnings (loss)				146,824,596
Net Assets			$	1,122,043,743
Net Asset Value, offering price and redemption price per share ($1,122,043,743 ÷ 32,800,000 shares)			$	34.21

Statement of Operations
				Six months ended January 31, 2024 (Unaudited)
Investment Income
Dividends			$	2,282,877
Expenses
Management fee	$	2,569,969
Independent trustees' fees and expenses		2,242
Total expenses before reductions		2,572,211
Expense reductions		(203)
Total expenses after reductions				2,572,008
Net Investment income (loss)				(289,131)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Redemptions in-kind		4,541,174
Unaffiliated issuers		(5,079,037)
Foreign currency transactions		(155)
Futures contracts		(9,198)
Total net realized gain (loss)				(547,216)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		91,976,471
Assets and liabilities in foreign currencies		(82)
Futures contracts		692
Total change in net unrealized appreciation (depreciation)				91,977,081
Net gain (loss)				91,429,865
Net increase (decrease) in net assets resulting from operations			$	91,140,734

Statement of Changes in Net Assets

		Six months ended January 31, 2024 (Unaudited)		Year ended July 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(289,131)	$	17,382
Net realized gain (loss)		(547,216)		(25,771,564)
Change in net unrealized appreciation (depreciation)		91,977,081		168,911,281
Net increase (decrease) in net assets resulting from operations		91,140,734		143,157,099
Distributions to shareholders		(236,800)		-

Share transactions
Proceeds from sales of shares		270,883,796		296,642,887
Cost of shares redeemed		(20,127,073)		(22,813,838)

Net increase (decrease) in net assets resulting from share transactions		250,756,723		273,829,049
Total increase (decrease) in net assets		341,660,657		416,986,148

Net Assets
Beginning of period		780,383,086		363,396,938
End of period	$	1,122,043,743	$	780,383,086

Other Information
Shares
Sold		8,525,000		11,300,000
Redeemed		(675,000)		(925,000)
Net increase (decrease)		7,850,000		10,375,000

Financial Highlights

Fidelity® Blue Chip Growth ETF

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020 A
Selected Per-Share Data
Net asset value, beginning of period	$	31.28	$	24.93	$	32.77	$	22.74	$	20.00
Income from Investment Operations
Net investment income (loss) B,C		(.01)		- D		(.05)		(.08)		(.01)
Net realized and unrealized gain (loss)		2.95		6.35		(7.79)		10.11		2.75
Total from investment operations		2.94		6.35		(7.84)		10.03		2.74
Distributions from net investment income		(.01)		-		-		- D		-
Total distributions		(.01)		-		-		- D		-
Net asset value, end of period	$	34.21	$	31.28	$	24.93	$	32.77	$	22.74
Total Return E,F,G		9.40%		25.44%		(23.92)%		44.14%		13.68%
Ratios to Average Net Assets C,H,I
Expenses before reductions		.59% J		.59%		.59%		.59%		.59% J
Expenses net of fee waivers, if any		.59% J		.59%		.59%		.59%		.59% J
Expenses net of all reductions		.59% J		.59%		.59%		.59%		.59% J
Net investment income (loss)		(.07)% J		-% K		(.17)%		(.27)%		(.34)% J
Supplemental Data
Net assets, end of period (000 omitted)	$	1,122,044	$	780,383	$	363,397	$	407,189	$	41,494
Portfolio turnover rate L,M		32% J		30%		57%		63%		11% N

AFor the period June 2, 2020 (commencement of operations) through July 31, 2020.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DAmount represents less than $.005 per share.

ETotal returns for periods of less than one year are not annualized.

FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

GBased on net asset value.

HFees 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.

IExpense 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.

JAnnualized.

KAmount represents less than .005%.

LPortfolio turnover rate excludes securities received or delivered in-kind.

MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

NAmount not annualized.

Fidelity® Blue Chip Value ETF

Schedule of Investments January 31, 2024 (Unaudited)

Top Holdings (% of Fund's net assets)

Exxon Mobil Corp.	4.4
Berkshire Hathaway, Inc. Class B	4.3
Comcast Corp. Class A	3.7
JPMorgan Chase & Co.	3.7
Cigna Group	2.9
The Travelers Companies, Inc.	2.8
Centene Corp.	2.6
Bank of America Corp.	2.6
PG&E Corp.	2.4
Cisco Systems, Inc.	2.3
	31.7

Market Sectors (% of Fund's net assets)

Financials	23.9
Health Care	17.1
Consumer Staples	13.4
Utilities	9.6
Energy	7.7
Information Technology	7.5
Industrials	7.0
Communication Services	5.7
Consumer Discretionary	2.8
Materials	2.2
Real Estate	1.0

Asset Allocation (% of Fund's net assets)

Fidelity® Blue Chip Value ETF

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares	Value ($)
COMMUNICATION SERVICES - 5.7%
Entertainment - 2.0%
The Walt Disney Co.	24,881	2,389,820
Media - 3.7%
Comcast Corp. Class A	95,196	4,430,422
TOTAL COMMUNICATION SERVICES		6,820,242
CONSUMER DISCRETIONARY - 2.8%
Diversified Consumer Services - 1.8%
H&R Block, Inc.	46,636	2,184,430
Specialty Retail - 1.0%
Ross Stores, Inc.	8,649	1,213,282
TOTAL CONSUMER DISCRETIONARY		3,397,712
CONSUMER STAPLES - 13.4%
Beverages - 3.1%
Coca-Cola European Partners PLC	14,648	1,009,247
Diageo PLC sponsored ADR	2,156	311,175
Keurig Dr. Pepper, Inc.	29,233	919,086
The Coca-Cola Co.	25,515	1,517,887
		3,757,395
Consumer Staples Distribution & Retail - 1.6%
BJ's Wholesale Club Holdings, Inc. (a)	10,362	666,691
U.S. Foods Holding Corp. (a)	26,268	1,208,591
		1,875,282
Food Products - 3.4%
Lamb Weston Holdings, Inc.	5,758	589,850
Mondelez International, Inc.	35,158	2,646,343
Tyson Foods, Inc. Class A	15,792	864,770
		4,100,963
Household Products - 2.2%
Procter & Gamble Co.	12,008	1,886,937
The Clorox Co.	5,168	750,652
		2,637,589
Personal Care Products - 3.1%
Haleon PLC ADR	103,967	852,529
Kenvue, Inc.	108,135	2,244,883
Unilever PLC sponsored ADR	14,211	691,934
		3,789,346
TOTAL CONSUMER STAPLES		16,160,575
ENERGY - 7.7%
Oil, Gas & Consumable Fuels - 7.7%
Antero Resources Corp. (a)	16,858	376,608
ConocoPhillips Co.	1,682	188,165
Equinor ASA sponsored ADR	27,781	796,481
Exxon Mobil Corp.	51,452	5,289,780
Occidental Petroleum Corp.	14,827	853,590
Ovintiv, Inc.	16,967	719,740
Shell PLC ADR	16,150	1,015,997
		9,240,361
FINANCIALS - 23.9%
Banks - 10.8%
Bank of America Corp.	92,545	3,147,455
Cullen/Frost Bankers, Inc.	2,405	255,219
JPMorgan Chase & Co.	25,346	4,419,329
M&T Bank Corp.	5,583	771,012
PNC Financial Services Group, Inc.	8,111	1,226,464
U.S. Bancorp	16,659	692,015
Wells Fargo & Co.	49,547	2,486,268
		12,997,762
Capital Markets - 3.1%
Affiliated Managers Group, Inc.	5,270	784,387
BlackRock, Inc. Class A	2,930	2,268,728
Northern Trust Corp.	8,472	674,710
		3,727,825
Financial Services - 4.3%
Berkshire Hathaway, Inc. Class B (a)	13,586	5,213,492
Insurance - 5.7%
Chubb Ltd.	8,466	2,074,170
The Travelers Companies, Inc.	16,070	3,396,555
Willis Towers Watson PLC	5,564	1,370,413
		6,841,138
TOTAL FINANCIALS		28,780,217
HEALTH CARE - 17.1%
Health Care Providers & Services - 10.3%
Centene Corp. (a)	41,956	3,159,706
Cigna Group	11,526	3,468,750
CVS Health Corp.	24,102	1,792,466
Elevance Health, Inc.	3,510	1,731,974
UnitedHealth Group, Inc.	4,282	2,191,271
		12,344,167
Pharmaceuticals - 6.8%
AstraZeneca PLC sponsored ADR	28,571	1,903,971
Bristol-Myers Squibb Co.	45,014	2,199,834
Johnson & Johnson	13,700	2,176,930
Sanofi SA sponsored ADR	38,546	1,923,445
		8,204,180
TOTAL HEALTH CARE		20,548,347
INDUSTRIALS - 7.0%
Aerospace & Defense - 3.4%
L3Harris Technologies, Inc.	5,228	1,089,620
Lockheed Martin Corp.	2,655	1,140,084
Northrop Grumman Corp.	4,184	1,869,244
		4,098,948
Electrical Equipment - 0.5%
Eaton Corp. PLC	1,879	462,384
Regal Rexnord Corp.	1,567	209,132
		671,516
Machinery - 2.5%
Deere & Co.	4,640	1,826,211
Oshkosh Corp.	1,607	176,931
Pentair PLC	13,150	962,186
		2,965,328
Professional Services - 0.6%
Maximus, Inc.	8,865	719,129
TOTAL INDUSTRIALS		8,454,921
INFORMATION TECHNOLOGY - 7.5%
Communications Equipment - 2.3%
Cisco Systems, Inc.	55,003	2,760,051
Electronic Equipment, Instruments & Components - 0.2%
TE Connectivity Ltd.	1,699	241,581
IT Services - 2.5%
Amdocs Ltd.	16,366	1,500,435
Cognizant Technology Solutions Corp. Class A	19,599	1,511,475
		3,011,910
Semiconductors & Semiconductor Equipment - 1.1%
Broadcom, Inc.	194	228,920
Micron Technology, Inc.	9,873	846,610
NXP Semiconductors NV	1,164	245,103
		1,320,633
Software - 1.4%
Gen Digital, Inc.	44,332	1,040,915
Open Text Corp.	14,811	645,908
		1,686,823
TOTAL INFORMATION TECHNOLOGY		9,020,998
MATERIALS - 2.2%
Chemicals - 1.3%
CF Industries Holdings, Inc.	11,832	893,434
Nutrien Ltd.	14,451	720,671
		1,614,105
Containers & Packaging - 0.6%
Crown Holdings, Inc.	8,547	756,410
Metals & Mining - 0.3%
Newmont Corp.	8,528	294,301
TOTAL MATERIALS		2,664,816
REAL ESTATE - 1.0%
Equity Real Estate Investment Trusts (REITs) - 0.7%
Crown Castle, Inc.	7,515	813,499
Real Estate Management & Development - 0.3%
CBRE Group, Inc. (a)	4,618	398,580
TOTAL REAL ESTATE		1,212,079
UTILITIES - 9.6%
Electric Utilities - 6.3%
Constellation Energy Corp.	12,008	1,464,976
Edison International	22,309	1,505,411
NextEra Energy, Inc.	10,193	597,616
PG&E Corp.	167,421	2,824,392
Southern Co.	15,956	1,109,261
		7,501,656
Independent Power and Renewable Electricity Producers - 0.5%
The AES Corp.	35,853	598,028
Multi-Utilities - 2.8%
Dominion Energy, Inc.	25,075	1,146,429
National Grid PLC sponsored ADR	9,738	657,607
Sempra	21,858	1,564,158
		3,368,194
TOTAL UTILITIES		11,467,878
TOTAL COMMON STOCKS (Cost $106,581,589)		117,768,146

Money Market Funds - 0.6%
	Shares	Value ($)
State Street Institutional Treasury Plus Money Market Fund Trust Class 5.23% (b) (Cost $786,636)	786,636	786,636

TOTAL INVESTMENT IN SECURITIES - 98.5% (Cost $107,368,225)	118,554,782
NET OTHER ASSETS (LIABILITIES) - 1.5%	1,794,543
NET ASSETS - 100.0%	120,349,325

Legend

(a)	Non-income producing

(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	6,820,242	6,820,242	-	-
Consumer Discretionary	3,397,712	3,397,712	-	-
Consumer Staples	16,160,575	16,160,575	-	-
Energy	9,240,361	9,240,361	-	-
Financials	28,780,217	28,780,217	-	-
Health Care	20,548,347	20,548,347	-	-
Industrials	8,454,921	8,454,921	-	-
Information Technology	9,020,998	9,020,998	-	-
Materials	2,664,816	2,664,816	-	-
Real Estate	1,212,079	1,212,079	-	-
Utilities	11,467,878	11,467,878	-	-

Money Market Funds	786,636	786,636	-	-
Total Investments in Securities:	118,554,782	118,554,782	-	-

Fidelity® Blue Chip Value ETF

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				January 31, 2024 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $107,368,225):			$	118,554,782
Receivable for investments sold				2,831,718
Dividends receivable				88,194
Total assets				121,474,694
Liabilities
Payable for investments purchased	$	1,066,523
Accrued management fee		58,846
Total Liabilities				1,125,369
Net Assets			$	120,349,325
Net Assets consist of:
Paid in capital			$	111,500,133
Total accumulated earnings (loss)				8,849,192
Net Assets			$	120,349,325
Net Asset Value, offering price and redemption price per share ($120,349,325 ÷ 4,125,000 shares)			$	29.18

Statement of Operations
				Six months ended January 31, 2024 (Unaudited)
Investment Income
Dividends			$	1,428,333
Expenses
Management fee	$	350,741
Independent trustees' fees and expenses		354
Total Expenses				351,095
Net Investment income (loss)				1,077,238
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Redemptions in-kind		1,543,091
Unaffiliated issuers		(1,371,820)
Total net realized gain (loss)				171,271
Change in net unrealized appreciation (depreciation) on investment securities				583,823
Net gain (loss)				755,094
Net increase (decrease) in net assets resulting from operations			$	1,832,332

Statement of Changes in Net Assets

		Six months ended January 31, 2024 (Unaudited)		Year ended July 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,077,238	$	1,948,139
Net realized gain (loss)		171,271		2,342,593
Change in net unrealized appreciation (depreciation)		583,823		1,420,433
Net increase (decrease) in net assets resulting from operations		1,832,332		5,711,165
Distributions to shareholders		(1,086,825)		(2,839,975)

Share transactions
Proceeds from sales of shares		2,846,287		32,169,213
Cost of shares redeemed		(11,740,576)		(20,717,724)

Net increase (decrease) in net assets resulting from share transactions		(8,894,289)		11,451,489
Total increase (decrease) in net assets		(8,148,782)		14,322,679

Net Assets
Beginning of period		128,498,107		114,175,428
End of period	$	120,349,325	$	128,498,107

Other Information
Shares
Sold		100,000		1,125,000
Redeemed		(425,000)		(750,000)
Net increase (decrease)		(325,000)		375,000

Financial Highlights

Fidelity® Blue Chip Value ETF

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020 A
Selected Per-Share Data
Net asset value, beginning of period	$	28.88	$	28.02	$	28.63	$	20.23	$	20.00
Income from Investment Operations
Net investment income (loss) B,C		.26		.43		.39		.32		.03
Net realized and unrealized gain (loss)		.30		1.04		(.03)		8.32		.21
Total from investment operations		.56		1.47		.36		8.64		.24
Distributions from net investment income		(.26)		(.42)		(.39)		(.24)		(.01)
Distributions from net realized gain		-		(.19)		(.58)		-		-
Total distributions		(.26)		(.61)		(.97)		(.24)		(.01)
Net asset value, end of period	$	29.18	$	28.88	$	28.02	$	28.63	$	20.23
Total Return D,E,F		1.95%		5.35%		1.27%		42.83%		1.23%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.59% I		.59%		.59%		.59%		.59% I
Expenses net of fee waivers, if any		.59% I		.59%		.59%		.59%		.59% I
Expenses net of all reductions		.59% I		.59%		.59%		.58%		.59% I
Net investment income (loss)		1.81% I		1.53%		1.36%		1.22%		1.02% I
Supplemental Data
Net assets, end of period (000 omitted)	$	120,349	$	128,498	$	114,175	$	94,465	$	8,093
Portfolio turnover rate J,K		32% I		35%		54%		97%		20% L

AFor the period June 2, 2020 (commencement of operations) through July 31, 2020.

BCalculated based on average shares outstanding during the period.

DTotal returns for periods of less than one year are not annualized.

ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

FBased on net asset value.

GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.

HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

IAnnualized.

JPortfolio turnover rate excludes securities received or delivered in-kind.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

LAmount not annualized.

Fidelity® Fundamental Large Cap Core ETF

Schedule of Investments January 31, 2024 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	7.7
Apple, Inc.	4.4
NVIDIA Corp.	4.0
Amazon.com, Inc.	3.4
Meta Platforms, Inc. Class A	2.7
Alphabet, Inc. Class A	2.0
Eli Lilly & Co.	1.9
Visa, Inc. Class A	1.8
UnitedHealth Group, Inc.	1.5
Exxon Mobil Corp.	1.4
	30.8

Market Sectors (% of Fund's net assets)

Information Technology	28.5
Industrials	14.4
Health Care	11.5
Financials	10.3
Consumer Discretionary	10.0
Communication Services	9.0
Energy	4.4
Consumer Staples	4.2
Materials	3.3
Utilities	2.1
Real Estate	1.0

Asset Allocation (% of Fund's net assets)

Fidelity® Fundamental Large Cap Core ETF

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares	Value ($)
COMMUNICATION SERVICES - 9.0%
Entertainment - 3.2%
Endeavor Group Holdings, Inc.	19,565	484,234
Netflix, Inc. (a)	3,509	1,979,462
Spotify Technology SA (a)	3,891	837,927
The Walt Disney Co.	21,304	2,046,249
TKO Group Holdings, Inc.	8,625	721,826
		6,069,698
Interactive Media & Services - 4.7%
Alphabet, Inc. Class A (a)	27,362	3,833,416
Meta Platforms, Inc. Class A	13,168	5,137,364
		8,970,780
Media - 1.1%
Comcast Corp. Class A	46,376	2,158,339
TOTAL COMMUNICATION SERVICES		17,198,817
CONSUMER DISCRETIONARY - 10.0%
Automobile Components - 0.4%
Aptiv PLC (a)	9,867	802,483
Broadline Retail - 3.4%
Amazon.com, Inc. (a)	41,447	6,432,574
Hotels, Restaurants & Leisure - 2.5%
Airbnb, Inc. Class A (a)	8,425	1,214,380
Booking Holdings, Inc. (a)	315	1,104,853
Chipotle Mexican Grill, Inc. (a)	344	828,617
Churchill Downs, Inc.	3,550	429,444
Domino's Pizza, Inc.	624	265,961
Hilton Worldwide Holdings, Inc.	5,142	981,916
		4,825,171
Household Durables - 0.8%
Lennar Corp. Class A	4,800	719,280
NVR, Inc. (a)	112	792,432
		1,511,712
Specialty Retail - 1.7%
Dick's Sporting Goods, Inc.	2,606	388,476
Floor & Decor Holdings, Inc. Class A (a)	4,496	452,118
TJX Companies, Inc.	24,218	2,298,530
		3,139,124
Textiles, Apparel & Luxury Goods - 1.2%
NIKE, Inc. Class B	12,984	1,318,266
Ralph Lauren Corp.	7,276	1,045,343
		2,363,609
TOTAL CONSUMER DISCRETIONARY		19,074,673
CONSUMER STAPLES - 4.2%
Beverages - 0.9%
Boston Beer Co., Inc. Class A (a)	1,113	388,738
Constellation Brands, Inc. Class A (sub. vtg.)	1,662	407,323
Keurig Dr. Pepper, Inc.	32,836	1,032,364
		1,828,425
Consumer Staples Distribution & Retail - 2.1%
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)	10,687	626,220
BJ's Wholesale Club Holdings, Inc. (a)	10,070	647,904
Maplebear, Inc. (NASDAQ)	7,449	182,277
Performance Food Group Co. (a)	18,340	1,332,951
Walmart, Inc.	7,345	1,213,761
		4,003,113
Household Products - 0.4%
The Clorox Co.	5,117	743,244
Personal Care Products - 0.8%
Kenvue, Inc.	69,992	1,453,034
TOTAL CONSUMER STAPLES		8,027,816
ENERGY - 4.4%
Energy Equipment & Services - 1.4%
Baker Hughes Co. Class A	39,109	1,114,607
Schlumberger Ltd.	23,154	1,127,600
TechnipFMC PLC	25,014	483,771
		2,725,978
Oil, Gas & Consumable Fuels - 3.0%
Antero Resources Corp. (a)	18,417	411,436
Canadian Natural Resources Ltd.	12,179	779,334
Cenovus Energy, Inc. (Canada)	36,253	587,296
Cheniere Energy, Inc.	5,569	913,260
Exxon Mobil Corp.	26,314	2,705,342
New Fortress Energy, Inc.	7,525	250,056
		5,646,724
TOTAL ENERGY		8,372,702
FINANCIALS - 10.3%
Banks - 3.3%
Bank of America Corp.	49,176	1,672,476
JPMorgan Chase & Co.	11,162	1,946,206
KeyCorp	37,607	546,430
Wells Fargo & Co.	41,464	2,080,664
		6,245,776
Capital Markets - 2.2%
Ares Management Corp.	6,316	767,268
Blue Owl Capital, Inc. Class A	50,967	792,027
Goldman Sachs Group, Inc.	2,433	934,296
Houlihan Lokey	4,701	563,086
Morgan Stanley	13,048	1,138,308
		4,194,985
Financial Services - 3.3%
Fiserv, Inc. (a)	14,438	2,048,319
Shift4 Payments, Inc. (a)	10,977	788,258
Visa, Inc. Class A	12,965	3,542,816
		6,379,393
Insurance - 1.5%
Chubb Ltd.	7,626	1,868,370
Marsh & McLennan Companies, Inc.	5,522	1,070,384
		2,938,754
TOTAL FINANCIALS		19,758,908
HEALTH CARE - 11.5%
Biotechnology - 1.6%
Gilead Sciences, Inc.	10,687	836,365
Legend Biotech Corp. ADR (a)	4,053	223,158
Regeneron Pharmaceuticals, Inc. (a)	2,138	2,015,664
		3,075,187
Health Care Equipment & Supplies - 2.3%
Boston Scientific Corp. (a)	38,110	2,410,839
Glaukos Corp. (a)	2,730	243,052
Masimo Corp. (a)	1,897	244,599
Stryker Corp.	4,474	1,500,938
		4,399,428
Health Care Providers & Services - 2.6%
Centene Corp. (a)	14,668	1,104,647
Cigna Group	3,113	936,857
LifeStance Health Group, Inc. (a)	17,783	106,342
UnitedHealth Group, Inc.	5,474	2,801,265
		4,949,111
Life Sciences Tools & Services - 2.1%
Danaher Corp.	8,764	2,102,571
Thermo Fisher Scientific, Inc.	3,632	1,957,575
		4,060,146
Pharmaceuticals - 2.9%
AstraZeneca PLC sponsored ADR	9,964	664,001
Eli Lilly & Co.	5,770	3,725,170
Merck & Co., Inc.	6,251	754,996
Novo Nordisk A/S Series B sponsored ADR	4,404	505,315
		5,649,482
TOTAL HEALTH CARE		22,133,354
INDUSTRIALS - 14.4%
Aerospace & Defense - 3.3%
BWX Technologies, Inc.	11,286	919,583
General Dynamics Corp.	2,914	772,181
Howmet Aerospace, Inc.	22,829	1,284,360
Northrop Grumman Corp.	2,541	1,135,217
The Boeing Co. (a)	10,390	2,192,706
		6,304,047
Building Products - 1.4%
Builders FirstSource, Inc. (a)	4,964	862,396
Fortune Brands Innovations, Inc.	8,721	676,662
Trane Technologies PLC	4,587	1,156,153
		2,695,211
Construction & Engineering - 1.0%
Quanta Services, Inc.	8,252	1,601,301
Willscot Mobile Mini Holdings (a)	6,369	301,254
		1,902,555
Electrical Equipment - 2.4%
Eaton Corp. PLC	8,025	1,974,792
Generac Holdings, Inc. (a)	8,192	931,185
Nextracker, Inc. Class A	16,171	732,061
Vertiv Holdings Co.	17,325	975,917
		4,613,955
Ground Transportation - 1.5%
Saia, Inc. (a)	1,678	756,073
Uber Technologies, Inc. (a)	32,437	2,117,163
		2,873,236
Industrial Conglomerates - 0.9%
General Electric Co.	13,838	1,832,428
Machinery - 2.8%
Caterpillar, Inc.	4,634	1,391,637
Ingersoll Rand, Inc.	17,352	1,385,731
ITT, Inc.	5,895	711,998
Parker Hannifin Corp.	4,058	1,884,941
		5,374,307
Professional Services - 0.7%
FTI Consulting, Inc. (a)	3,047	583,836
KBR, Inc.	13,166	686,080
		1,269,916
Trading Companies & Distributors - 0.4%
United Rentals, Inc.	1,305	816,147
TOTAL INDUSTRIALS		27,681,802
INFORMATION TECHNOLOGY - 28.5%
Communications Equipment - 0.4%
Cisco Systems, Inc.	15,003	752,851
Electronic Equipment, Instruments & Components - 1.0%
Flex Ltd. (a)	29,377	697,410
Jabil, Inc.	9,493	1,189,378
		1,886,788
IT Services - 0.9%
MongoDB, Inc. Class A (a)	1,179	472,213
Shopify, Inc. Class A (a)	15,252	1,221,228
		1,693,441
Semiconductors & Semiconductor Equipment - 9.0%
Advanced Micro Devices, Inc. (a)	15,452	2,591,146
Analog Devices, Inc.	5,106	982,190
ASML Holding NV (depository receipt)	1,201	1,044,654
First Solar, Inc. (a)	3,374	493,616
Marvell Technology, Inc.	1,139	77,110
Micron Technology, Inc.	11,661	999,931
NVIDIA Corp.	12,583	7,741,942
NXP Semiconductors NV	5,563	1,171,401
ON Semiconductor Corp. (a)	12,402	882,154
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	11,057	1,248,999
		17,233,143
Software - 12.8%
Adobe, Inc. (a)	4,300	2,656,454
Dynatrace, Inc. (a)	16,482	939,474
Intuit, Inc.	2,669	1,685,020
Microsoft Corp.	37,394	14,867,105
Oracle Corp.	10,191	1,138,335
Salesforce, Inc. (a)	8,680	2,439,861
Workday, Inc. Class A (a)	2,746	799,278
		24,525,527
Technology Hardware, Storage & Peripherals - 4.4%
Apple, Inc.	46,241	8,526,840
TOTAL INFORMATION TECHNOLOGY		54,618,590
MATERIALS - 3.3%
Chemicals - 1.6%
Celanese Corp. Class A	5,648	826,246
Element Solutions, Inc.	33,109	736,013
Linde PLC	3,563	1,442,409
		3,004,668
Construction Materials - 0.4%
Martin Marietta Materials, Inc.	1,696	862,280
Containers & Packaging - 0.3%
Avery Dennison Corp.	3,331	664,368
Metals & Mining - 1.0%
Franco-Nevada Corp.	4,893	529,388
Freeport-McMoRan, Inc.	33,899	1,345,451
		1,874,839
TOTAL MATERIALS		6,406,155
REAL ESTATE - 1.0%
Equity Real Estate Investment Trusts (REITs) - 0.6%
Kimco Realty Corp.	24,320	491,264
Terreno Realty Corp.	11,855	708,099
		1,199,363
Real Estate Management & Development - 0.4%
CBRE Group, Inc. (a)	7,599	655,870
TOTAL REAL ESTATE		1,855,233
UTILITIES - 2.1%
Electric Utilities - 1.4%
Constellation Energy Corp.	10,073	1,228,906
Southern Co.	19,387	1,347,784
		2,576,690
Independent Power and Renewable Electricity Producers - 0.7%
Vistra Corp.	33,870	1,389,686
TOTAL UTILITIES		3,966,376
TOTAL COMMON STOCKS (Cost $154,850,947)		189,094,426

Money Market Funds - 0.6%
	Shares	Value ($)
State Street Institutional Treasury Plus Money Market Fund Trust Class 5.23% (b) (Cost $1,169,617)	1,169,617	1,169,617

TOTAL INVESTMENT IN SECURITIES - 99.3% (Cost $156,020,564)	190,264,043
NET OTHER ASSETS (LIABILITIES) - 0.7%	1,264,992
NET ASSETS - 100.0%	191,529,035

Legend

(a)	Non-income producing

(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	17,198,817	17,198,817	-	-
Consumer Discretionary	19,074,673	19,074,673	-	-
Consumer Staples	8,027,816	8,027,816	-	-
Energy	8,372,702	8,372,702	-	-
Financials	19,758,908	19,758,908	-	-
Health Care	22,133,354	22,133,354	-	-
Industrials	27,681,802	27,681,802	-	-
Information Technology	54,618,590	54,618,590	-	-
Materials	6,406,155	6,406,155	-	-
Real Estate	1,855,233	1,855,233	-	-
Utilities	3,966,376	3,966,376	-	-

Money Market Funds	1,169,617	1,169,617	-	-
Total Investments in Securities:	190,264,043	190,264,043	-	-

Fidelity® Fundamental Large Cap Core ETF

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				January 31, 2024 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $156,020,564):			$	190,264,043
Receivable for investments sold				14,286,871
Dividends receivable				34,412
Total assets				204,585,326
Liabilities
Payable for investments purchased	$	12,966,873
Accrued management fee		89,418
Total Liabilities				13,056,291
Net Assets			$	191,529,035
Net Assets consist of:
Paid in capital			$	161,654,339
Total accumulated earnings (loss)				29,874,696
Net Assets			$	191,529,035
Net Asset Value, offering price and redemption price per share ($191,529,035 ÷ 5,175,000 shares)			$	37.01

Statement of Operations
				Six months ended January 31, 2024 (Unaudited)
Investment Income
Dividends			$	692,933
Expenses
Management fee	$	404,270
Independent trustees' fees and expenses		342
Total expenses before reductions		404,612
Expense reductions		(5)
Total expenses after reductions				404,607
Net Investment income (loss)				288,326
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Redemptions in-kind		265,915
Unaffiliated issuers		(848,388)
Foreign currency transactions		323
Futures contracts		(332)
Total net realized gain (loss)				(582,482)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		14,476,298
Assets and liabilities in foreign currencies		(155)
Total change in net unrealized appreciation (depreciation)				14,476,143
Net gain (loss)				13,893,661
Net increase (decrease) in net assets resulting from operations			$	14,181,987

Statement of Changes in Net Assets

		Six months ended January 31, 2024 (Unaudited)		Year ended July 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	288,326	$	825,760
Net realized gain (loss)		(582,482)		4,126,321
Change in net unrealized appreciation (depreciation)		14,476,143		13,991,450
Net increase (decrease) in net assets resulting from operations		14,181,987		18,943,531
Distributions to shareholders		(322,275)		(1,058,225)

Share transactions
Proceeds from sales of shares		70,671,291		63,669,740
Cost of shares redeemed		(924,534)		(29,908,118)

Net increase (decrease) in net assets resulting from share transactions		69,746,757		33,761,622
Total increase (decrease) in net assets		83,606,469		51,646,928

Net Assets
Beginning of period		107,922,566		56,275,638
End of period	$	191,529,035	$	107,922,566

Other Information
Shares
Sold		2,075,000		2,150,000
Redeemed		(25,000)		(975,000)
Net increase (decrease)		2,050,000		1,175,000

Financial Highlights

Fidelity® Fundamental Large Cap Core ETF

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020 A
Selected Per-Share Data
Net asset value, beginning of period	$	34.54	$	28.86	$	29.11	$	20.37	$	20.00
Income from Investment Operations
Net investment income (loss) B,C		.07		.30		.40		.36		.03
Net realized and unrealized gain (loss)		2.48		5.78		(.12)		8.75		.36
Total from investment operations		2.55		6.08		.28		9.11		.39
Distributions from net investment income		(.08)		(.33)		(.53)		(.37)		(.02)
Distributions from net realized gain		-		(.07)		-		-		-
Total distributions		(.08)		(.40)		(.53)		(.37)		(.02)
Net asset value, end of period	$	37.01	$	34.54	$	28.86	$	29.11	$	20.37
Total Return D,E,F		7.40%		21.36%		1.00%		45.03%		1.95%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.59% I		.59%		.59%		.59%		.59% I
Expenses net of fee waivers, if any		.59% I		.59%		.59%		.59%		.59% I
Expenses net of all reductions		.59% I		.59%		.59%		.58%		.59% I
Net investment income (loss)		.42% I		.99%		1.36%		1.33%		1.00% I
Supplemental Data
Net assets, end of period (000 omitted)	$	191,529	$	107,923	$	56,276	$	60,407	$	6,112
Portfolio turnover rate J,K		72% I		76%		36%		68%		10% L

AFor the period June 2, 2020 (commencement of operations) through July 31, 2020.

BCalculated based on average shares outstanding during the period.

DTotal returns for periods of less than one year are not annualized.

ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

FBased on net asset value.

GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

KPortfolio turnover rate excludes securities received or delivered in-kind.

LAmount not annualized.

Fidelity® Fundamental Large Cap Growth ETF

Schedule of Investments January 31, 2024 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	10.9
NVIDIA Corp.	9.2
Meta Platforms, Inc. Class A	5.8
Amazon.com, Inc.	5.2
Alphabet, Inc. Class C	4.5
Uber Technologies, Inc.	3.6
Alphabet, Inc. Class A	2.7
Roku, Inc. Class A	2.6
T-Mobile U.S., Inc.	2.5
Apple, Inc.	2.1
	49.1

Market Sectors (% of Fund's net assets)

Information Technology	40.4
Communication Services	22.3
Health Care	11.0
Consumer Discretionary	9.0
Financials	7.2
Industrials	7.0
Utilities	1.0
Energy	0.9
Consumer Staples	0.7
Real Estate	0.3

Asset Allocation (% of Fund's net assets)

Fidelity® Fundamental Large Cap Growth ETF

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares	Value ($)
COMMUNICATION SERVICES - 22.3%
Entertainment - 5.1%
Netflix, Inc. (a)	2,347	1,323,966
Roku, Inc. Class A (a)	70,732	6,228,660
Sea Ltd. ADR (a)	126,409	4,821,239
		12,373,865
Interactive Media & Services - 14.4%
Alphabet, Inc.:
Class A (a)	47,270	6,622,527
Class C (a)	76,505	10,848,409
Meta Platforms, Inc. Class A	35,829	13,978,326
Snap, Inc. Class A (a)	119,759	1,902,971
Zoominfo Technologies, Inc. (a)	91,410	1,466,216
		34,818,449
Media - 0.3%
Charter Communications, Inc. Class A (a)	15	5,561
Magnite, Inc. (a)	73,160	647,466
		653,027
Wireless Telecommunication Services - 2.5%
T-Mobile U.S., Inc.	37,306	6,014,846
TOTAL COMMUNICATION SERVICES		53,860,187
CONSUMER DISCRETIONARY - 9.0%
Automobiles - 0.0%
Tesla, Inc. (a)	56	10,488
Broadline Retail - 5.2%
Amazon.com, Inc. (a)	81,313	12,619,778
Hotels, Restaurants & Leisure - 1.1%
Domino's Pizza, Inc.	1,544	658,084
Doordash, Inc. (a)	657	68,459
Hilton Worldwide Holdings, Inc.	5,959	1,137,931
Planet Fitness, Inc. (a)	12,686	859,603
		2,724,077
Household Durables - 0.0%
Lennar Corp. Class A	357	53,496
Specialty Retail - 2.5%
Carvana Co. Class A (a)	28,386	1,222,301
Floor & Decor Holdings, Inc. Class A (a)	21,064	2,118,196
Lowe's Companies, Inc.	12,472	2,654,540
Wayfair LLC Class A (a)	1,821	91,505
		6,086,542
Textiles, Apparel & Luxury Goods - 0.2%
lululemon athletica, Inc. (a)	755	342,634
TOTAL CONSUMER DISCRETIONARY		21,837,015
CONSUMER STAPLES - 0.7%
Beverages - 0.2%
The Coca-Cola Co.	5,699	339,034
Consumer Staples Distribution & Retail - 0.5%
BJ's Wholesale Club Holdings, Inc. (a)	16,959	1,091,142
Maplebear, Inc. (NASDAQ)	7,586	185,629
		1,276,771
Food Products - 0.0%
Local Bounti Corp. (a)	3,136	6,586
TOTAL CONSUMER STAPLES		1,622,391
ENERGY - 0.9%
Oil, Gas & Consumable Fuels - 0.9%
Antero Resources Corp. (a)	35,827	800,375
Canadian Natural Resources Ltd.	6,463	413,609
Ovintiv, Inc.	13,582	576,148
Tourmaline Oil Corp.	11,928	515,731
		2,305,863
FINANCIALS - 7.2%
Capital Markets - 1.1%
LPL Financial	11,388	2,723,896
Financial Services - 6.1%
Apollo Global Management, Inc.	3,072	308,429
Block, Inc. Class A (a)	27,770	1,805,328
Dlocal Ltd. (a)	68,119	1,097,397
Fiserv, Inc. (a)	18,105	2,568,556
Global Payments, Inc.	24,392	3,249,746
Marqeta, Inc. Class A (a)	292,687	1,759,049
Visa, Inc. Class A	14,492	3,960,084
		14,748,589
TOTAL FINANCIALS		17,472,485
HEALTH CARE - 11.0%
Biotechnology - 2.0%
Alnylam Pharmaceuticals, Inc. (a)	1,280	221,325
ALX Oncology Holdings, Inc. (a)	9,098	131,102
Argenx SE ADR (a)	1,347	512,547
Ascendis Pharma A/S sponsored ADR (a)	67	8,705
Celldex Therapeutics, Inc. (a)	13,213	465,362
Cytokinetics, Inc. (a)	12,013	938,576
Icosavax, Inc. (a)	20,074	307,333
Keros Therapeutics, Inc. (a)	4,097	226,810
Moderna, Inc. (a)	2,283	230,697
Nuvalent, Inc. Class A (a)	3,783	284,368
Regeneron Pharmaceuticals, Inc. (a)	278	262,093
Vaxcyte, Inc. (a)	14,716	1,051,017
Zentalis Pharmaceuticals, Inc. (a)	11,694	138,574
		4,778,509
Health Care Equipment & Supplies - 3.1%
Boston Scientific Corp. (a)	78,172	4,945,161
Penumbra, Inc. (a)	4,974	1,254,393
TransMedics Group, Inc. (a)	15,074	1,292,897
		7,492,451
Health Care Providers & Services - 3.5%
agilon health, Inc. (a)	193,664	1,140,681
Alignment Healthcare, Inc. (a)	1,344	9,005
Centene Corp. (a)	15,722	1,184,024
Humana, Inc.	3,837	1,450,616
UnitedHealth Group, Inc.	9,346	4,782,722
		8,567,048
Life Sciences Tools & Services - 0.8%
Danaher Corp.	3,885	932,050
Thermo Fisher Scientific, Inc.	1,866	1,005,737
		1,937,787
Pharmaceuticals - 1.6%
Eli Lilly & Co.	5,424	3,501,789
Novo Nordisk A/S Series B sponsored ADR	2,288	262,525
Structure Therapeutics, Inc. ADR	3,450	150,489
		3,914,803
TOTAL HEALTH CARE		26,690,598
INDUSTRIALS - 7.0%
Aerospace & Defense - 0.5%
The Boeing Co. (a)	5,999	1,266,029
Building Products - 0.4%
Builders FirstSource, Inc. (a)	6,126	1,064,270
Commercial Services & Supplies - 0.3%
ACV Auctions, Inc. Class A (a)	39,486	512,133
Veralto Corp.	1,144	87,733
		599,866
Electrical Equipment - 2.0%
Bloom Energy Corp. Class A (a)	605	6,849
Eaton Corp. PLC	1,696	417,352
Nextracker, Inc. Class A	28,531	1,291,598
Vertiv Holdings Co.	54,323	3,060,015
		4,775,814
Ground Transportation - 3.8%
Lyft, Inc. (a)	44,368	554,156
Uber Technologies, Inc. (a)	131,291	8,569,364
		9,123,520
TOTAL INDUSTRIALS		16,829,499
INFORMATION TECHNOLOGY - 40.4%
Communications Equipment - 0.4%
Arista Networks, Inc. (a)	1,237	319,987
Lumentum Holdings, Inc. (a)	11,577	636,040
		956,027
Electronic Equipment, Instruments & Components - 1.8%
Flex Ltd. (a)	140,393	3,332,930
Jabil, Inc.	8,770	1,098,793
		4,431,723
IT Services - 1.8%
Accenture PLC Class A	671	244,163
EPAM Systems, Inc. (a)	6,791	1,888,645
MongoDB, Inc. Class A (a)	5,290	2,118,751
Snowflake, Inc. (a)	692	135,383
		4,386,942
Semiconductors & Semiconductor Equipment - 16.4%
Advanced Micro Devices, Inc. (a)	24,678	4,138,254
Applied Materials, Inc.	3,739	614,318
Arm Holdings Ltd. ADR	814	57,525
Broadcom, Inc.	74	87,320
First Solar, Inc. (a)	1,586	232,032
GlobalFoundries, Inc. (a)	11,960	657,561
Marvell Technology, Inc.	31,058	2,102,627
NVIDIA Corp.	36,041	22,174,946
NXP Semiconductors NV	18,635	3,923,972
ON Semiconductor Corp. (a)	54,835	3,900,414
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	15,171	1,713,716
		39,602,685
Software - 17.8%
Adobe, Inc. (a)	4,004	2,473,591
Datadog, Inc. Class A (a)	11,254	1,400,448
DoubleVerify Holdings, Inc. (a)	16,682	667,447
Dynatrace, Inc. (a)	14,228	810,996
HubSpot, Inc. (a)	2,108	1,287,988
Intapp, Inc. (a)	30,788	1,326,347
Intuit, Inc.	2,280	1,439,432
Klaviyo, Inc. Class A	411	10,624
Microsoft Corp.	66,371	26,387,783
Oracle Corp.	26,732	2,985,964
Salesforce, Inc. (a)	6,879	1,933,618
Samsara, Inc. (a)	3,568	112,035
ServiceNow, Inc. (a)	2,631	2,013,767
Synopsys, Inc. (a)	179	95,470
		42,945,510
Technology Hardware, Storage & Peripherals - 2.2%
Apple, Inc.	27,214	5,018,262
Pure Storage, Inc. Class A (a)	10,124	404,859
		5,423,121
TOTAL INFORMATION TECHNOLOGY		97,746,008
REAL ESTATE - 0.3%
Equity Real Estate Investment Trusts (REITs) - 0.3%
American Tower Corp.	4,171	816,056
UTILITIES - 1.0%
Electric Utilities - 1.0%
Constellation Energy Corp.	9,952	1,214,144
PG&E Corp.	68,946	1,163,119
		2,377,263
TOTAL COMMON STOCKS (Cost $181,099,525)		241,557,365

Money Market Funds - 0.2%
	Shares	Value ($)
State Street Institutional Treasury Plus Money Market Fund Trust Class 5.23% (b) (Cost $504,303)	504,303	504,303

TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $181,603,828)	242,061,668
NET OTHER ASSETS (LIABILITIES) - 0.0%	(105,236)
NET ASSETS - 100.0%	241,956,432

Legend

(a)	Non-income producing

(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	53,860,187	53,860,187	-	-
Consumer Discretionary	21,837,015	21,837,015	-	-
Consumer Staples	1,622,391	1,622,391	-	-
Energy	2,305,863	2,305,863	-	-
Financials	17,472,485	17,472,485	-	-
Health Care	26,690,598	26,690,598	-	-
Industrials	16,829,499	16,829,499	-	-
Information Technology	97,746,008	97,746,008	-	-
Real Estate	816,056	816,056	-	-
Utilities	2,377,263	2,377,263	-	-

Money Market Funds	504,303	504,303	-	-
Total Investments in Securities:	242,061,668	242,061,668	-	-

Fidelity® Fundamental Large Cap Growth ETF

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				January 31, 2024 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $181,603,828):			$	242,061,668
Cash				5,247
Receivable for investments sold				2,439,330
Dividends receivable				21,064
Total assets				244,527,309
Liabilities
Payable for investments purchased	$	2,455,142
Accrued management fee		115,735
Total Liabilities				2,570,877
Net Assets			$	241,956,432
Net Assets consist of:
Paid in capital			$	202,590,567
Total accumulated earnings (loss)				39,365,865
Net Assets			$	241,956,432
Net Asset Value, offering price and redemption price per share ($241,956,432 ÷ 12,425,000 shares)			$	19.47

Statement of Operations
				Six months ended January 31, 2024 (Unaudited)
Investment Income
Dividends			$	370,374
Expenses
Management fee	$	593,164
Independent trustees' fees and expenses		542
Total expenses before reductions		593,706
Expense reductions		(59)
Total expenses after reductions				593,647
Net Investment income (loss)				(223,273)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Redemptions in-kind		213,380
Unaffiliated issuers		358,757
Foreign currency transactions		(185)
Futures contracts		20,106
Total net realized gain (loss)				592,058
Change in net unrealized appreciation (depreciation) on investment securities				18,451,741
Net gain (loss)				19,043,799
Net increase (decrease) in net assets resulting from operations			$	18,820,526

Statement of Changes in Net Assets

		Six months ended January 31, 2024 (Unaudited)		Year ended July 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(223,273)	$	(76,527)
Net realized gain (loss)		592,058		(3,369,028)
Change in net unrealized appreciation (depreciation)		18,451,741		44,562,111
Net increase (decrease) in net assets resulting from operations		18,820,526		41,116,556

Share transactions
Proceeds from sales of shares		28,914,403		118,430,789
Cost of shares redeemed		(877,580)		(26,758,280)

Net increase (decrease) in net assets resulting from share transactions		28,036,823		91,672,509
Total increase (decrease) in net assets		46,857,349		132,789,065

Net Assets
Beginning of period		195,099,083		62,310,018
End of period	$	241,956,432	$	195,099,083

Other Information
Shares
Sold		1,600,000		8,550,000
Redeemed		(50,000)		(1,975,000)
Net increase (decrease)		1,550,000		6,575,000

Financial Highlights

Fidelity® Fundamental Large Cap Growth ETF

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021 A
Selected Per-Share Data
Net asset value, beginning of period	$	17.94	$	14.49	$	21.16	$	20.00
Income from Investment Operations
Net investment income (loss) B,C		(.02)		(.01)		(.03)		(.03)
Net realized and unrealized gain (loss)		1.55		3.46		(6.64)		1.19
Total from investment operations		1.53		3.45		(6.67)		1.16
Net asset value, end of period	$	19.47	$	17.94	$	14.49	$	21.16
Total Return D,E,F		8.55%		23.80%		(31.53)%		5.82%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.59% I		.59%		.59%		.59% I
Expenses net of fee waivers, if any		.59% I		.59%		.59%		.59% I
Expenses net of all reductions		.59% I		.59%		.59%		.59% I
Net investment income (loss)		(.22)% I		(.07)%		(.19)%		(.33)% I
Supplemental Data
Net assets, end of period (000 omitted)	$	241,956	$	195,099	$	62,310	$	39,679
Portfolio turnover rate J,K		47% I		78%		99%		49% L

AFor the period February 2, 2021 (commencement of operations) through July 31, 2021.

BNet 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.

CCalculated based on average shares outstanding during the period.

DBased on net asset value.

ETotal returns for periods of less than one year are not annualized.

FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

KPortfolio turnover rate excludes securities received or delivered in-kind.

LAmount not annualized.

Fidelity® Fundamental Small-Mid Cap ETF

Schedule of Investments January 31, 2024 (Unaudited)

Top Holdings (% of Fund's net assets)

Tempur Sealy International, Inc.	1.5
TFI International, Inc.	1.5
AutoZone, Inc.	1.4
TechnipFMC PLC	1.4
Molina Healthcare, Inc.	1.3
Fabrinet	1.3
Performance Food Group Co.	1.2
Arch Capital Group Ltd.	1.2
Universal Health Services, Inc. Class B	1.2
ITT, Inc.	1.1
	13.1

Market Sectors (% of Fund's net assets)

Industrials	23.2
Financials	16.8
Consumer Discretionary	12.8
Information Technology	12.7
Health Care	10.3
Materials	7.0
Energy	5.9
Consumer Staples	3.9
Real Estate	3.6
Utilities	1.9
Communication Services	0.9

Asset Allocation (% of Fund's net assets)

Fidelity® Fundamental Small-Mid Cap ETF

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares	Value ($)
COMMUNICATION SERVICES - 0.9%
Media - 0.9%
Nexstar Media Group, Inc. Class A	2,347	417,085
CONSUMER DISCRETIONARY - 12.8%
Automobile Components - 0.9%
Adient PLC (a)	3,043	105,623
Lear Corp.	1,474	195,895
Patrick Industries, Inc.	882	88,544
		390,062
Hotels, Restaurants & Leisure - 1.5%
Brinker International, Inc. (a)	3,295	140,993
Churchill Downs, Inc.	3,348	405,008
Red Rock Resorts, Inc.	2,423	132,490
		678,491
Household Durables - 3.4%
Helen of Troy Ltd. (a)	1,237	141,637
KB Home	3,813	227,217
LGI Homes, Inc. (a)	1,955	230,710
SharkNinja Hong Kong Co. Ltd.	5,206	243,224
Tempur Sealy International, Inc.	13,752	686,083
		1,528,871
Leisure Products - 1.1%
BRP, Inc.	2,335	147,339
Brunswick Corp.	4,093	330,223
		477,562
Specialty Retail - 3.9%
Academy Sports & Outdoors, Inc.	3,291	206,444
AutoZone, Inc. (a)	230	635,290
Dick's Sporting Goods, Inc.	2,280	339,880
Murphy U.S.A., Inc.	1,184	417,384
Upbound Group, Inc.	4,844	160,821
		1,759,819
Textiles, Apparel & Luxury Goods - 2.0%
Crocs, Inc. (a)	3,138	318,444
Gildan Activewear, Inc.	4,042	133,426
PVH Corp.	3,515	422,714
		874,584
TOTAL CONSUMER DISCRETIONARY		5,709,389
CONSUMER STAPLES - 3.9%
Consumer Staples Distribution & Retail - 3.3%
BJ's Wholesale Club Holdings, Inc. (a)	7,530	484,480
Performance Food Group Co. (a)	7,568	550,042
U.S. Foods Holding Corp. (a)	9,720	447,217
		1,481,739
Food Products - 0.6%
Nomad Foods Ltd.	13,762	247,578
TOTAL CONSUMER STAPLES		1,729,317
ENERGY - 5.9%
Energy Equipment & Services - 2.9%
Cactus, Inc.	3,897	165,389
Championx Corp.	5,902	161,774
Expro Group Holdings NV (a)	5,161	90,834
Liberty Oilfield Services, Inc. Class A	11,387	236,736
TechnipFMC PLC	32,211	622,961
		1,277,694
Oil, Gas & Consumable Fuels - 3.0%
Antero Resources Corp. (a)	14,075	314,436
Cheniere Energy, Inc.	2,575	422,274
Hess Corp.	3,130	439,859
Northern Oil & Gas, Inc.	4,298	143,983
Sitio Royalties Corp.	1,490	31,782
		1,352,334
TOTAL ENERGY		2,630,028
FINANCIALS - 16.8%
Banks - 6.1%
BOK Financial Corp.	2,301	192,916
Cadence Bank	9,741	259,305
Eastern Bankshares, Inc.	15,922	222,271
First Bancorp, Puerto Rico	12,828	213,971
First Citizens Bancshares, Inc.	180	271,800
First Interstate Bancsystem, Inc.	6,605	181,770
Independent Bank Group, Inc.	2,715	131,270
M&T Bank Corp.	864	119,318
Pinnacle Financial Partners, Inc.	3,796	335,490
Synovus Financial Corp.	8,026	302,259
Trico Bancshares	907	32,969
Webster Financial Corp.	4,235	209,548
Wintrust Financial Corp.	2,455	238,086
		2,710,973
Capital Markets - 2.1%
Houlihan Lokey	2,287	273,937
LPL Financial	1,820	435,326
Raymond James Financial, Inc.	2,145	236,336
		945,599
Consumer Finance - 1.8%
Discover Financial Services	3,239	341,779
Encore Capital Group, Inc. (a)	1,543	77,273
FirstCash Holdings, Inc.	3,089	354,525
		773,577
Financial Services - 0.4%
Walker & Dunlop, Inc.	1,856	179,271
Insurance - 6.4%
American Financial Group, Inc.	1,874	225,630
Arch Capital Group Ltd. (a)	6,592	543,379
Assurant, Inc.	2,319	389,476
Enstar Group Ltd. (a)	538	143,587
First American Financial Corp.	7,340	442,969
Old Republic International Corp.	13,857	388,550
Primerica, Inc.	1,624	380,276
Reinsurance Group of America, Inc.	1,860	323,435
		2,837,302
TOTAL FINANCIALS		7,446,722
HEALTH CARE - 10.3%
Biotechnology - 2.2%
Acelyrin, Inc.	792	6,035
ALX Oncology Holdings, Inc. (a)	263	3,790
Arcellx, Inc. (a)	881	54,481
Argenx SE ADR (a)	388	147,638
Cargo Therapeutics, Inc.	2,526	55,597
Celldex Therapeutics, Inc. (a)	532	18,737
Cogent Biosciences, Inc. (a)	3,946	17,481
Crinetics Pharmaceuticals, Inc. (a)	1,832	66,831
Cytokinetics, Inc. (a)	1,103	86,177
Keros Therapeutics, Inc. (a)	183	10,131
Madrigal Pharmaceuticals, Inc. (a)	374	81,050
Moonlake Immunotherapeutics (a)	719	40,178
Morphic Holding, Inc. (a)	967	30,644
Nuvalent, Inc. Class A (a)	966	72,614
Repligen Corp. (a)	674	127,656
Vaxcyte, Inc. (a)	877	62,635
Vericel Corp. (a)	627	26,948
Xenon Pharmaceuticals, Inc. (a)	1,021	46,170
Zentalis Pharmaceuticals, Inc. (a)	921	10,914
		965,707
Health Care Equipment & Supplies - 1.6%
Haemonetics Corp. (a)	3,458	264,399
Hologic, Inc. (a)	3,600	267,984
TransMedics Group, Inc. (a)	2,334	200,187
		732,570
Health Care Providers & Services - 4.2%
Acadia Healthcare Co., Inc. (a)	4,191	344,249
Cardinal Health, Inc.	2,595	283,348
Molina Healthcare, Inc. (a)	1,638	583,849
Owens & Minor, Inc. (a)	6,525	128,608
Universal Health Services, Inc. Class B	3,340	530,425
		1,870,479
Life Sciences Tools & Services - 1.7%
10X Genomics, Inc. (a)	635	26,460
Charles River Laboratories International, Inc. (a)	1,344	290,680
ICON PLC (a)	177	46,174
Medpace Holdings, Inc. (a)	859	250,467
West Pharmaceutical Services, Inc.	386	143,990
		757,771
Pharmaceuticals - 0.6%
Arvinas Holding Co. LLC (a)	829	34,404
Axsome Therapeutics, Inc. (a)	553	49,787
CymaBay Therapeutics, Inc. (a)	3,803	89,409
Prestige Brands Holdings, Inc. (a)	449	27,631
Structure Therapeutics, Inc. ADR	590	25,736
Verona Pharma PLC ADR (a)	1,882	34,535
		261,502
TOTAL HEALTH CARE		4,588,029
INDUSTRIALS - 23.2%
Building Products - 1.1%
Hayward Holdings, Inc. (a)	16,995	212,777
Tecnoglass, Inc.	6,123	281,719
		494,496
Commercial Services & Supplies - 0.5%
The Brink's Co.	2,470	199,675
Construction & Engineering - 2.9%
AECOM	3,302	291,203
EMCOR Group, Inc.	2,141	488,384
Granite Construction, Inc.	6,182	278,870
Willscot Mobile Mini Holdings (a)	4,899	231,723
		1,290,180
Electrical Equipment - 4.4%
Acuity Brands, Inc.	1,508	359,145
AMETEK, Inc.	2,230	361,372
Atkore, Inc.	2,290	349,294
Regal Rexnord Corp.	3,129	417,596
Vertiv Holdings Co.	8,479	477,622
		1,965,029
Ground Transportation - 2.5%
TFI International, Inc.	5,163	678,780
XPO, Inc. (a)	4,912	419,681
		1,098,461
Machinery - 4.0%
Allison Transmission Holdings, Inc.	4,100	248,214
Crane Co.	3,330	413,286
Federal Signal Corp.	3,345	257,498
ITT, Inc.	4,076	492,299
SPX Technologies, Inc. (a)	3,621	364,417
		1,775,714
Professional Services - 5.5%
ASGN, Inc. (a)	3,592	333,409
CACI International, Inc. Class A (a)	1,098	377,416
Concentrix Corp.	2,878	255,768
ExlService Holdings, Inc. (a)	7,846	245,423
Genpact Ltd.	9,475	340,153
KBR, Inc.	5,811	302,811
Kforce, Inc.	1,505	102,867
Maximus, Inc.	3,416	277,106
WNS Holdings Ltd. sponsored ADR (a)	3,150	218,453
		2,453,406
Trading Companies & Distributors - 2.3%
Applied Industrial Technologies, Inc.	1,992	351,508
Beacon Roofing Supply, Inc. (a)	3,546	293,928
Core & Main, Inc. (a)	5,548	229,188
Rush Enterprises, Inc. Class A	3,384	151,975
		1,026,599
TOTAL INDUSTRIALS		10,303,560
INFORMATION TECHNOLOGY - 12.7%
Communications Equipment - 0.9%
Ciena Corp. (a)	3,031	160,643
Lumentum Holdings, Inc. (a)	4,077	223,990
		384,633
Electronic Equipment, Instruments & Components - 5.2%
Advanced Energy Industries, Inc.	3,189	332,230
Crane Nxt Co.	3,308	192,790
Fabrinet (a)	2,635	562,599
Flex Ltd. (a)	7,217	171,332
Insight Enterprises, Inc. (a)	2,229	411,785
TD SYNNEX Corp.	3,285	328,434
Vontier Corp.	9,017	311,898
		2,311,068
IT Services - 1.1%
Amdocs Ltd.	5,334	489,021
Semiconductors & Semiconductor Equipment - 2.5%
Cirrus Logic, Inc. (a)	652	50,334
Diodes, Inc. (a)	2,154	145,007
Ichor Holdings Ltd. (a)	4,370	158,194
Lattice Semiconductor Corp. (a)	3,067	186,658
MACOM Technology Solutions Holdings, Inc. (a)	2,616	225,578
ON Semiconductor Corp. (a)	4,691	333,671
		1,099,442
Software - 2.3%
Dynatrace, Inc. (a)	6,280	357,960
Intapp, Inc. (a)	2,897	124,803
JFrog Ltd. (a)	4,299	139,846
PROS Holdings, Inc. (a)	3,959	136,269
Tenable Holdings, Inc. (a)	5,564	262,064
		1,020,942
Technology Hardware, Storage & Peripherals - 0.7%
Seagate Technology Holdings PLC	3,880	332,438
TOTAL INFORMATION TECHNOLOGY		5,637,544
MATERIALS - 7.0%
Chemicals - 2.3%
Cabot Corp.	2,719	196,040
Element Solutions, Inc.	10,268	228,258
Olin Corp.	4,764	248,061
The Chemours Co. LLC	11,932	359,988
		1,032,347
Construction Materials - 1.5%
Eagle Materials, Inc.	1,984	448,940
Summit Materials, Inc. (a)	5,695	206,045
		654,985
Containers & Packaging - 1.2%
Graphic Packaging Holding Co.	12,160	310,202
O-I Glass, Inc. (a)	14,468	210,654
		520,856
Metals & Mining - 1.5%
Commercial Metals Co.	5,548	289,717
Constellium NV (a)	6,042	113,288
Steel Dynamics, Inc.	2,256	272,277
		675,282
Paper & Forest Products - 0.5%
Louisiana-Pacific Corp.	3,182	211,762
TOTAL MATERIALS		3,095,232
REAL ESTATE - 3.6%
Equity Real Estate Investment Trusts (REITs) - 1.3%
Essential Properties Realty Trust, Inc.	8,334	207,600
LXP Industrial Trust (REIT)	10,740	97,627
Ventas, Inc.	6,186	286,969
		592,196
Real Estate Management & Development - 2.3%
Colliers International Group, Inc.	3,800	446,272
Cushman & Wakefield PLC (a)	18,761	197,366
Jones Lang LaSalle, Inc. (a)	2,063	365,275
		1,008,913
TOTAL REAL ESTATE		1,601,109
UTILITIES - 1.9%
Electric Utilities - 0.7%
PG&E Corp.	18,977	320,142
Gas Utilities - 0.6%
Brookfield Infrastructure Corp. A Shares	6,837	239,363
Independent Power and Renewable Electricity Producers - 0.6%
The AES Corp.	16,624	277,288
TOTAL UTILITIES		836,793
TOTAL COMMON STOCKS (Cost $37,599,481)		43,994,808

Money Market Funds - 1.0%
	Shares	Value ($)
State Street Institutional Treasury Plus Money Market Fund Trust Class 5.23% (b) (Cost $473,130)	473,130	473,130

TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $38,072,611)	44,467,938
NET OTHER ASSETS (LIABILITIES) - 0.0%	(17,061)
NET ASSETS - 100.0%	44,450,877

Legend

(a)	Non-income producing

(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	417,085	417,085	-	-
Consumer Discretionary	5,709,389	5,709,389	-	-
Consumer Staples	1,729,317	1,729,317	-	-
Energy	2,630,028	2,630,028	-	-
Financials	7,446,722	7,446,722	-	-
Health Care	4,588,029	4,588,029	-	-
Industrials	10,303,560	10,303,560	-	-
Information Technology	5,637,544	5,637,544	-	-
Materials	3,095,232	3,095,232	-	-
Real Estate	1,601,109	1,601,109	-	-
Utilities	836,793	836,793	-	-

Money Market Funds	473,130	473,130	-	-
Total Investments in Securities:	44,467,938	44,467,938	-	-

Fidelity® Fundamental Small-Mid Cap ETF

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				January 31, 2024 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $38,072,611):			$	44,467,938
Dividends receivable				4,861
Total assets				44,472,799
Liabilities
Accrued management fee	$	21,922
Total Liabilities				21,922
Net Assets			$	44,450,877
Net Assets consist of:
Paid in capital			$	42,232,901
Total accumulated earnings (loss)				2,217,976
Net Assets			$	44,450,877
Net Asset Value, offering price and redemption price per share ($44,450,877 ÷ 1,900,000 shares)			$	23.40

Statement of Operations
				Six months ended January 31, 2024 (Unaudited)
Investment Income
Dividends			$	210,204
Expenses
Management fee	$	112,501
Independent trustees' fees and expenses		102
Total expenses before reductions		112,603
Expense reductions		(3)
Total expenses after reductions				112,600
Net Investment income (loss)				97,604
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Redemptions in-kind		218,926
Unaffiliated issuers		(97,932)
Foreign currency transactions		(2)
Futures contracts		(8,071)
Total net realized gain (loss)				112,921
Change in net unrealized appreciation (depreciation) on investment securities				1,494,813
Net gain (loss)				1,607,734
Net increase (decrease) in net assets resulting from operations			$	1,705,338

Statement of Changes in Net Assets

		Six months ended January 31, 2024 (Unaudited)		Year ended July 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	97,604	$	173,574
Net realized gain (loss)		112,921		(2,126,145)
Change in net unrealized appreciation (depreciation)		1,494,813		4,570,740
Net increase (decrease) in net assets resulting from operations		1,705,338		2,618,169
Distributions to shareholders		(119,000)		(192,175)

Share transactions
Proceeds from sales of shares		8,218,191		5,939,963
Cost of shares redeemed		(502,189)		(964,910)

Net increase (decrease) in net assets resulting from share transactions		7,716,002		4,975,053
Total increase (decrease) in net assets		9,302,340		7,401,047

Net Assets
Beginning of period		35,148,537		27,747,490
End of period	$	44,450,877	$	35,148,537

Other Information
Shares
Sold		375,000		275,000
Redeemed		(25,000)		(50,000)
Net increase (decrease)		350,000		225,000

Financial Highlights

Fidelity® Fundamental Small-Mid Cap ETF

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021 A
Selected Per-Share Data
Net asset value, beginning of period	$	22.68	$	20.94	$	22.84	$	20.00
Income from Investment Operations
Net investment income (loss) B,C		.06		.12		.10		.03
Net realized and unrealized gain (loss)		.73		1.76		(1.89)		2.84
Total from investment operations		.79		1.88		(1.79)		2.87
Distributions from net investment income		(.07)		(.14)		(.11)		(.03)
Total distributions		(.07)		(.14)		(.11)		(.03)
Net asset value, end of period	$	23.40	$	22.68	$	20.94	$	22.84
Total Return D,E,F		3.49%		9.02%		(7.88)%		14.36%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.60% I		.60%		.62%		.64% I
Expenses net of fee waivers, if any		.60% I		.60%		.62%		.64% I
Expenses net of all reductions		.60% I		.60%		.62%		.63% I
Net investment income (loss)		.52% I		.59%		.45%		.22% I
Supplemental Data
Net assets, end of period (000 omitted)	$	44,451	$	35,149	$	27,747	$	24,558
Portfolio turnover rate J,K		35% I		38%		42%		37% L

AFor the period February 2, 2021 (commencement of operations) through July 31, 2021.

BCalculated based on average shares outstanding during the period.

DTotal returns for periods of less than one year are not annualized.

ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

FBased on net asset value.

GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

KPortfolio turnover rate excludes securities received or delivered in-kind.

LAmount not annualized.

Fidelity® Magellan℠ ETF

Schedule of Investments January 31, 2024 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	8.4
NVIDIA Corp.	4.9
Amazon.com, Inc.	4.5
Meta Platforms, Inc. Class A	3.5
Alphabet, Inc. Class A	3.3
Broadcom, Inc.	2.5
UnitedHealth Group, Inc.	2.3
Visa, Inc. Class A	2.3
Eli Lilly & Co.	2.3
MasterCard, Inc. Class A	2.1
	36.1

Market Sectors (% of Fund's net assets)

Information Technology	32.8
Industrials	14.7
Health Care	12.6
Consumer Discretionary	12.0
Financials	11.3
Communication Services	8.4
Materials	5.2
Consumer Staples	1.9

Asset Allocation (% of Fund's net assets)

Fidelity® Magellan℠ ETF

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares	Value ($)
COMMUNICATION SERVICES - 8.4%
Interactive Media & Services - 8.4%
Alphabet, Inc.:
Class A (a)	15,213	2,131,341
Class C (a)	7,478	1,060,380
Meta Platforms, Inc. Class A	5,684	2,217,556
		5,409,277
CONSUMER DISCRETIONARY - 12.0%
Broadline Retail - 4.5%
Amazon.com, Inc. (a)	18,652	2,894,790
Hotels, Restaurants & Leisure - 3.8%
Airbnb, Inc. Class A (a)	5,278	760,771
Hilton Worldwide Holdings, Inc.	4,545	867,913
Marriott International, Inc. Class A	3,229	774,088
		2,402,772
Specialty Retail - 3.7%
AutoZone, Inc. (a)	280	773,396
O'Reilly Automotive, Inc. (a)	754	771,380
TJX Companies, Inc.	8,524	809,013
		2,353,789
TOTAL CONSUMER DISCRETIONARY		7,651,351
CONSUMER STAPLES - 1.9%
Beverages - 0.0%
Monster Beverage Corp.	96	5,282
Consumer Staples Distribution & Retail - 1.9%
Costco Wholesale Corp.	1,737	1,207,007
TOTAL CONSUMER STAPLES		1,212,289
FINANCIALS - 11.3%
Capital Markets - 4.1%
Ares Management Corp.	5,783	702,519
Moody's Corp.	2,329	913,061
S&P Global, Inc.	2,237	1,002,959
		2,618,539
Financial Services - 4.5%
MasterCard, Inc. Class A	3,009	1,351,733
Visa, Inc. Class A	5,469	1,494,459
		2,846,192
Insurance - 2.7%
Arthur J. Gallagher & Co.	3,691	856,903
Marsh & McLennan Companies, Inc.	4,625	896,510
		1,753,413
TOTAL FINANCIALS		7,218,144
HEALTH CARE - 12.6%
Health Care Equipment & Supplies - 1.3%
Boston Scientific Corp. (a)	13,368	845,660
Health Care Providers & Services - 3.5%
Cencora, Inc.	3,243	754,581
Humana, Inc.	16	6,049
UnitedHealth Group, Inc.	2,934	1,501,445
		2,262,075
Life Sciences Tools & Services - 3.1%
Danaher Corp.	3,823	917,176
Thermo Fisher Scientific, Inc.	1,951	1,051,550
		1,968,726
Pharmaceuticals - 4.7%
Eli Lilly & Co.	2,266	1,462,952
Novo Nordisk A/S Series B sponsored ADR	6,010	689,587
Zoetis, Inc. Class A	4,496	844,394
		2,996,933
TOTAL HEALTH CARE		8,073,394
INDUSTRIALS - 14.7%
Aerospace & Defense - 2.6%
HEICO Corp. Class A	5,352	757,147
TransDigm Group, Inc.	816	891,627
		1,648,774
Commercial Services & Supplies - 3.5%
Cintas Corp.	1,424	860,908
Copart, Inc.	15,611	749,952
Waste Connections, Inc. (United States)	4,127	640,758
		2,251,618
Construction & Engineering - 1.1%
Quanta Services, Inc.	3,546	688,101
Electrical Equipment - 2.5%
AMETEK, Inc.	4,199	680,448
Eaton Corp. PLC	3,714	913,941
		1,594,389
Industrial Conglomerates - 1.4%
General Electric Co.	6,752	894,100
Professional Services - 2.4%
Automatic Data Processing, Inc.	3,281	806,404
Paychex, Inc.	132	16,068
Verisk Analytics, Inc.	2,886	697,056
		1,519,528
Trading Companies & Distributors - 1.2%
United Rentals, Inc.	1,259	787,379
TOTAL INDUSTRIALS		9,383,889
INFORMATION TECHNOLOGY - 32.8%
Communications Equipment - 1.2%
Motorola Solutions, Inc.	2,517	804,182
Electronic Equipment, Instruments & Components - 2.6%
Amphenol Corp. Class A	8,453	854,598
CDW Corp.	3,659	829,568
		1,684,166
IT Services - 3.2%
Accenture PLC Class A	3,238	1,178,243
Gartner, Inc. (a)	1,890	864,562
		2,042,805
Semiconductors & Semiconductor Equipment - 11.7%
ASML Holding NV (depository receipt)	850	739,347
Broadcom, Inc.	1,323	1,561,140
KLA Corp.	1,635	971,255
Lam Research Corp.	1,263	1,042,190
NVIDIA Corp.	5,108	3,142,799
ON Semiconductor Corp. (a)	174	12,377
		7,469,108
Software - 14.1%
Adobe, Inc. (a)	1,767	1,091,617
Cadence Design Systems, Inc. (a)	2,819	813,169
Intuit, Inc.	1,518	958,359
Microsoft Corp.	13,497	5,366,137
Synopsys, Inc. (a)	1,486	792,558
		9,021,840
TOTAL INFORMATION TECHNOLOGY		21,022,101
MATERIALS - 5.2%
Chemicals - 2.8%
Linde PLC	2,561	1,036,770
Sherwin-Williams Co.	2,610	794,432
		1,831,202
Construction Materials - 2.4%
Martin Marietta Materials, Inc.	1,618	822,624
Vulcan Materials Co.	3,064	692,495
		1,515,119
TOTAL MATERIALS		3,346,321
TOTAL COMMON STOCKS (Cost $49,518,758)		63,316,766

Money Market Funds - 1.0%
	Shares	Value ($)
State Street Institutional Treasury Plus Money Market Fund Trust Class 5.23% (b) (Cost $660,620)	660,620	660,620

TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $50,179,378)	63,977,386
NET OTHER ASSETS (LIABILITIES) - 0.1%	73,446
NET ASSETS - 100.0%	64,050,832

Legend

(a)	Non-income producing

(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	5,409,277	5,409,277	-	-
Consumer Discretionary	7,651,351	7,651,351	-	-
Consumer Staples	1,212,289	1,212,289	-	-
Financials	7,218,144	7,218,144	-	-
Health Care	8,073,394	8,073,394	-	-
Industrials	9,383,889	9,383,889	-	-
Information Technology	21,022,101	21,022,101	-	-
Materials	3,346,321	3,346,321	-	-

Money Market Funds	660,620	660,620	-	-
Total Investments in Securities:	63,977,386	63,977,386	-	-

Fidelity® Magellan℠ ETF

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				January 31, 2024 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $50,179,378):			$	63,977,386
Cash				5
Receivable for investments sold				320,601
Receivable for fund shares sold				1,255,913
Dividends receivable				10,412
Total assets				65,564,317
Liabilities
Payable for investments purchased	$	1,485,435
Accrued management fee		28,050
Total Liabilities				1,513,485
Net Assets			$	64,050,832
Net Assets consist of:
Paid in capital			$	57,546,472
Total accumulated earnings (loss)				6,504,360
Net Assets			$	64,050,832
Net Asset Value, offering price and redemption price per share ($64,050,832 ÷ 2,550,000 shares)			$	25.12

Statement of Operations
				Six months ended January 31, 2024 (Unaudited)
Investment Income
Dividends			$	233,967
Expenses
Management fee	$	149,443
Independent trustees' fees and expenses		142
Total expenses before reductions		149,585
Expense reductions		(13)
Total expenses after reductions				149,572
Net Investment income (loss)				84,395
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Redemptions in-kind		948,872
Unaffiliated issuers		414,040
Total net realized gain (loss)				1,362,912
Change in net unrealized appreciation (depreciation) on investment securities				4,907,657
Net gain (loss)				6,270,569
Net increase (decrease) in net assets resulting from operations			$	6,354,964

Statement of Changes in Net Assets

		Six months ended January 31, 2024 (Unaudited)		Year ended July 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	84,395	$	134,575
Net realized gain (loss)		1,362,912		(4,185,590)
Change in net unrealized appreciation (depreciation)		4,907,657		7,292,125
Net increase (decrease) in net assets resulting from operations		6,354,964		3,241,110
Distributions to shareholders		(107,750)		(144,575)

Share transactions
Proceeds from sales of shares		12,078,177		4,485,324
Cost of shares redeemed		(4,549,415)		(3,834,411)

Net increase (decrease) in net assets resulting from share transactions		7,528,762		650,913
Total increase (decrease) in net assets		13,775,976		3,747,448

Net Assets
Beginning of period		50,274,856		46,527,408
End of period	$	64,050,832	$	50,274,856

Other Information
Shares
Sold		500,000		225,000
Redeemed		(200,000)		(200,000)
Net increase (decrease)		300,000		25,000

Financial Highlights

Fidelity® Magellan℠ ETF

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021 A
Selected Per-Share Data
Net asset value, beginning of period	$	22.34	$	20.91	$	23.12	$	20.00
Income from Investment Operations
Net investment income (loss) B,C		.04		.06		.01		- D
Net realized and unrealized gain (loss)		2.79		1.44		(2.20)		3.13
Total from investment operations		2.83		1.50		(2.19)		3.13
Distributions from net investment income		(.05)		(.07)		(.02)		(.01)
Total distributions		(.05)		(.07)		(.02)		(.01)
Net asset value, end of period	$	25.12	$	22.34	$	20.91	$	23.12
Total Return E,F,G		12.65%		7.21%		(9.50)%		15.65%
Ratios to Average Net Assets C,H,I
Expenses before reductions		.59% J		.59%		.59%		.59% J
Expenses net of fee waivers, if any		.59% J		.59%		.59%		.59% J
Expenses net of all reductions		.59% J		.59%		.59%		.59% J
Net investment income (loss)		.33% J		.30%		.05%		.01% J
Supplemental Data
Net assets, end of period (000 omitted)	$	64,051	$	50,275	$	46,527	$	35,842
Portfolio turnover rate K,L		77% J		89%		68%		41% M

AFor the period February 2, 2021 (commencement of operations) through July 31, 2021.

BCalculated based on average shares outstanding during the period.

DAmount represents less than $.005 per share.

ETotal returns for periods of less than one year are not annualized.

FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

GBased on net asset value.

HFees 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.

JAnnualized.

KPortfolio turnover rate excludes securities received or delivered in-kind.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

MAmount not annualized.

Fidelity® Real Estate Investment ETF

Schedule of Investments January 31, 2024 (Unaudited)

Top Holdings (% of Fund's net assets)

Prologis, Inc.	11.4
Equinix, Inc.	7.5
Crown Castle, Inc.	6.4
Ventas, Inc.	5.9
SBA Communications Corp. Class A	5.8
Public Storage	4.2
Digital Realty Trust, Inc.	3.6
Kimco Realty Corp.	3.4
CubeSmart	3.2
CBRE Group, Inc.	3.1
	54.5

Top REIT Sectors (% of Fund's net assets)

REITs - Diversified	26.9
REITs - Warehouse/Industrial	13.4
REITs - Shopping Centers	11.6
REITs - Apartments	11.0
REITs - Storage	10.8

Asset Allocation (% of Fund's net assets)

Fidelity® Real Estate Investment ETF

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares	Value ($)
Equity Real Estate Investment Trusts (REITs) - 94.0%
REITs - Apartments - 11.0%
American Homes 4 Rent Class A	7,153	250,713
Equity Residential (SBI)	5,039	303,297
Invitation Homes, Inc.	5,285	174,035
Mid-America Apartment Communities, Inc.	2,946	372,315
UDR, Inc.	10,398	374,536
		1,474,896
REITs - Diversified - 26.9%
Apartment Income (REIT) Corp.	6,528	213,400
Crown Castle, Inc.	7,948	860,371
Digital Realty Trust, Inc.	3,475	488,099
Elme Communities (SBI)	1,912	27,686
Equinix, Inc.	1,213	1,006,511
Gaming & Leisure Properties	1,628	74,318
Lamar Advertising Co. Class A	1,584	165,813
SBA Communications Corp. Class A	3,469	776,570
		3,612,768
REITs - Health Care - 8.6%
Ventas, Inc.	17,111	793,779
Welltower, Inc.	4,066	351,750
		1,145,529
REITs - Hotels - 2.5%
DiamondRock Hospitality Co.	20,548	187,809
Ryman Hospitality Properties, Inc.	1,338	147,046
		334,855
REITs - Management/Investment - 4.5%
NNN (REIT), Inc.	10,400	419,536
Weyerhaeuser Co.	5,704	186,920
		606,456
REITs - Manufactured Homes - 3.6%
Equity Lifestyle Properties, Inc.	1,097	74,256
Sun Communities, Inc.	3,240	406,134
		480,390
REITs - Regional Malls - 0.4%
Tanger, Inc.	1,996	53,692
REITs - Shopping Centers - 11.6%
Kimco Realty Corp.	22,838	461,328
Phillips Edison & Co., Inc.	5,790	200,971
Realty Income Corp.	4,898	266,402
Regency Centers Corp.	5,516	345,688
SITE Centers Corp.	9,419	125,461
Urban Edge Properties	9,100	157,157
		1,557,007
REITs - Single Tenant - 0.7%
Four Corners Property Trust, Inc.	4,014	93,968
REITs - Storage - 10.8%
CubeSmart	9,951	430,082
Extra Space Storage, Inc.	1,049	151,518
Iron Mountain, Inc.	4,526	305,596
Public Storage	1,983	561,566
		1,448,762
REITs - Warehouse/Industrial - 13.4%
Americold Realty Trust	6,126	168,465
Prologis, Inc.	12,077	1,530,035
Terreno Realty Corp.	1,607	95,986
		1,794,486
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		12,602,809
Real Estate Management & Development - 4.9%
Real Estate Services - 4.9%
CBRE Group, Inc. (a)	4,875	420,761
CoStar Group, Inc. (a)	2,826	235,914
		656,675
TOTAL COMMON STOCKS (Cost $14,310,956)		13,259,484

Money Market Funds - 1.1%
	Shares	Value ($)
State Street Institutional Treasury Plus Money Market Fund Trust Class 5.23% (b) (Cost $147,035)	147,035	147,035

TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $14,457,991)	13,406,519
NET OTHER ASSETS (LIABILITIES) - 0.0%	2,858
NET ASSETS - 100.0%	13,409,377

Legend

(a)	Non-income producing

(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	13,259,484	13,259,484	-	-

Money Market Funds	147,035	147,035	-	-
Total Investments in Securities:	13,406,519	13,406,519	-	-

Fidelity® Real Estate Investment ETF

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				January 31, 2024 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $14,457,991):			$	13,406,519
Dividends receivable				8,223
Other receivables				1,386
Total assets				13,416,128
Liabilities
Accrued management fee	$	6,751
Total Liabilities				6,751
Net Assets			$	13,409,377
Net Assets consist of:
Paid in capital			$	15,981,201
Total accumulated earnings (loss)				(2,571,824)
Net Assets			$	13,409,377
Net Asset Value, offering price and redemption price per share ($13,409,377 ÷ 650,000 shares)			$	20.63

Statement of Operations
				Six months ended January 31, 2024 (Unaudited)
Investment Income
Dividends			$	196,086
Expenses
Management fee	$	40,228
Independent trustees' fees and expenses		41
Total expenses before reductions		40,269
Expense reductions		(1)
Total expenses after reductions				40,268
Net Investment income (loss)				155,818
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Redemptions in-kind		117,867
Unaffiliated issuers		(488,663)
Total net realized gain (loss)				(370,796)
Change in net unrealized appreciation (depreciation) on investment securities				217,981
Net gain (loss)				(152,815)
Net increase (decrease) in net assets resulting from operations			$	3,003

Statement of Changes in Net Assets

		Six months ended January 31, 2024 (Unaudited)		Year ended July 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	155,818	$	408,264
Net realized gain (loss)		(370,796)		(777,839)
Change in net unrealized appreciation (depreciation)		217,981		(1,729,975)
Net increase (decrease) in net assets resulting from operations		3,003		(2,099,550)
Distributions to shareholders		(193,100)		(452,000)

Share transactions
Proceeds from sales of shares		-		1,073,585
Cost of shares redeemed		(1,534,680)		(3,644,415)

Net increase (decrease) in net assets resulting from share transactions		(1,534,680)		(2,570,830)
Total increase (decrease) in net assets		(1,724,777)		(5,122,380)

Net Assets
Beginning of period		15,134,154		20,256,534
End of period	$	13,409,377	$	15,134,154

Other Information
Shares
Sold		-		50,000
Redeemed		(75,000)		(175,000)
Net increase (decrease)		(75,000)		(125,000)

Financial Highlights

Fidelity® Real Estate Investment ETF

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021 A
Selected Per-Share Data
Net asset value, beginning of period	$	20.87	$	23.83	$	24.79	$	20.00
Income from Investment Operations
Net investment income (loss) B,C		.23		.52		.39		.21
Net realized and unrealized gain (loss)		(.18)		(2.91)		(.80)		4.79
Total from investment operations		.05		(2.39)		(.41)		5.00
Distributions from net investment income		(.29)		(.57)		(.55)		(.21)
Total distributions		(.29)		(.57)		(.55)		(.21)
Net asset value, end of period	$	20.63	$	20.87	$	23.83	$	24.79
Total Return D,E,F		.20%		(9.93)%		(1.68)%		25.17%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.59% I		.59%		.59%		.59% I
Expenses net of fee waivers, if any		.59% I		.59%		.59%		.59% I
Expenses net of all reductions		.59% I		.59%		.59%		.58% I
Net investment income (loss)		2.29% I		2.49%		1.58%		1.80% I
Supplemental Data
Net assets, end of period (000 omitted)	$	13,409	$	15,134	$	20,257	$	16,735
Portfolio turnover rate J,K		39% I		33%		24%		23% L

AFor the period February 2, 2021 (commencement of operations) through July 31, 2021.

BCalculated based on average shares outstanding during the period.

DTotal returns for periods of less than one year are not annualized.

ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

FBased on net asset value.

GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.

IAnnualized.

JPortfolio turnover rate excludes securities received or delivered in-kind.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

LAmount not annualized.

Fidelity® Sustainable U.S. Equity ETF

Schedule of Investments January 31, 2024 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	7.9
NVIDIA Corp.	5.1
Amazon.com, Inc.	3.7
Alphabet, Inc. Class A	3.3
Apple, Inc.	2.8
The Travelers Companies, Inc.	2.7
Salesforce, Inc.	2.3
Merck & Co., Inc.	2.3
Cigna Group	2.3
Procter & Gamble Co.	2.2
	34.6

Market Sectors (% of Fund's net assets)

Information Technology	26.7
Financials	12.7
Health Care	11.2
Consumer Discretionary	10.8
Industrials	9.9
Communication Services	8.3
Consumer Staples	5.1
Materials	4.6
Energy	2.7
Utilities	2.2
Real Estate	2.1

Asset Allocation (% of Fund's net assets)

Fidelity® Sustainable U.S. Equity ETF

Showing Percentage of Net Assets

Common Stocks - 96.3%
	Shares	Value ($)
COMMUNICATION SERVICES - 8.3%
Entertainment - 2.9%
Netflix, Inc. (a)	163	91,950
The Walt Disney Co.	2,460	236,283
		328,233
Interactive Media & Services - 3.3%
Alphabet, Inc. Class A (a)	2,672	374,347
Media - 2.1%
Comcast Corp. Class A	2,950	137,293
Interpublic Group of Companies, Inc.	3,216	106,096
		243,389
TOTAL COMMUNICATION SERVICES		945,969
CONSUMER DISCRETIONARY - 10.8%
Automobile Components - 0.6%
Aptiv PLC (a)	867	70,513
Automobiles - 1.1%
General Motors Co.	2,353	91,296
Tesla, Inc. (a)	189	35,398
		126,694
Broadline Retail - 3.7%
Amazon.com, Inc. (a)	2,709	420,437
Diversified Consumer Services - 0.5%
Adtalem Global Education, Inc. (a)	1,236	62,393
Hotels, Restaurants & Leisure - 1.8%
Marriott International, Inc. Class A	839	201,133
Household Durables - 0.9%
Taylor Morrison Home Corp. (a)	1,862	97,085
Specialty Retail - 1.4%
Lowe's Companies, Inc.	752	160,056
Textiles, Apparel & Luxury Goods - 0.8%
Tapestry, Inc.	2,429	94,221
TOTAL CONSUMER DISCRETIONARY		1,232,532
CONSUMER STAPLES - 5.1%
Consumer Staples Distribution & Retail - 1.5%
Albertsons Companies, Inc.	4,665	98,991
Sprouts Farmers Market LLC (a)	1,479	74,497
		173,488
Food Products - 0.9%
Darling Ingredients, Inc. (a)	1,116	48,323
Nomad Foods Ltd.	2,789	50,174
		98,497
Household Products - 2.2%
Procter & Gamble Co.	1,615	253,781
Personal Care Products - 0.5%
Estee Lauder Companies, Inc. Class A	414	54,644
TOTAL CONSUMER STAPLES		580,410
ENERGY - 2.7%
Energy Equipment & Services - 1.2%
Baker Hughes Co. Class A	4,630	131,955
Oil, Gas & Consumable Fuels - 1.5%
Cheniere Energy, Inc.	640	104,954
Occidental Petroleum Corp.	1,186	68,278
		173,232
TOTAL ENERGY		305,187
FINANCIALS - 12.7%
Banks - 1.2%
Bank of America Corp.	4,022	136,788
Capital Markets - 4.9%
BlackRock, Inc. Class A	239	185,060
Moody's Corp.	581	227,775
Northern Trust Corp.	1,894	150,838
		563,673
Consumer Finance - 2.5%
American Express Co.	1,005	201,744
Discover Financial Services	811	85,577
		287,321
Financial Services - 1.4%
MasterCard, Inc. Class A	351	157,680
Insurance - 2.7%
The Travelers Companies, Inc.	1,447	305,838
TOTAL FINANCIALS		1,451,300
HEALTH CARE - 11.2%
Biotechnology - 0.3%
Moderna, Inc. (a)	359	36,277
Health Care Providers & Services - 3.7%
Centene Corp. (a)	1,792	134,956
Cigna Group	866	260,623
CVS Health Corp.	309	22,980
		418,559
Life Sciences Tools & Services - 3.5%
Danaher Corp.	983	235,832
ICON PLC (a)	627	163,565
		399,397
Pharmaceuticals - 3.7%
Merck & Co., Inc.	2,200	265,716
Zoetis, Inc. Class A	863	162,080
		427,796
TOTAL HEALTH CARE		1,282,029
INDUSTRIALS - 9.9%
Air Freight & Logistics - 1.0%
United Parcel Service, Inc. Class B	797	113,094
Building Products - 0.9%
Johnson Controls International PLC	1,915	100,901
Commercial Services & Supplies - 0.2%
Veralto Corp.	330	25,308
Electrical Equipment - 2.5%
Acuity Brands, Inc.	665	158,376
Generac Holdings, Inc. (a)	452	51,379
Regal Rexnord Corp.	600	80,076
		289,831
Machinery - 3.0%
Deere & Co.	264	103,905
Energy Recovery, Inc. (a)	1,571	24,366
Ingersoll Rand, Inc.	1,940	154,928
Timken Co.	726	59,467
		342,666
Professional Services - 2.3%
KBR, Inc.	3,552	185,095
Manpower, Inc.	1,110	82,295
		267,390
TOTAL INDUSTRIALS		1,139,190
INFORMATION TECHNOLOGY - 26.7%
IT Services - 2.8%
Accenture PLC Class A	697	253,624
Okta, Inc. (a)	827	68,352
		321,976
Semiconductors & Semiconductor Equipment - 7.7%
Advanced Micro Devices, Inc. (a)	791	132,643
First Solar, Inc. (a)	355	51,937
NVIDIA Corp.	943	580,200
ON Semiconductor Corp. (a)	1,700	120,921
		885,701
Software - 13.4%
Autodesk, Inc. (a)	568	144,164
Intuit, Inc.	336	212,127
Microsoft Corp.	2,288	909,661
Salesforce, Inc. (a)	950	267,036
		1,532,988
Technology Hardware, Storage & Peripherals - 2.8%
Apple, Inc.	1,727	318,459
TOTAL INFORMATION TECHNOLOGY		3,059,124
MATERIALS - 4.6%
Chemicals - 1.9%
Linde PLC	526	212,941
Containers & Packaging - 2.7%
Avery Dennison Corp.	994	198,253
Crown Holdings, Inc.	1,322	116,997
		315,250
TOTAL MATERIALS		528,191
REAL ESTATE - 2.1%
Equity Real Estate Investment Trusts (REITs) - 2.1%
Prologis, Inc.	1,900	240,711
UTILITIES - 2.2%
Electric Utilities - 1.1%
NextEra Energy, Inc.	2,224	130,393
Independent Power and Renewable Electricity Producers - 0.5%
Clearway Energy, Inc. Class C	2,437	59,073
Water Utilities - 0.6%
American Water Works Co., Inc.	543	67,343
TOTAL UTILITIES		256,809
TOTAL COMMON STOCKS (Cost $9,509,468)		11,021,452

Money Market Funds - 2.5%
	Shares	Value ($)
State Street Institutional Treasury Plus Money Market Fund Trust Class 5.23% (b) (Cost $290,572)	290,572	290,572

TOTAL INVESTMENT IN SECURITIES - 98.8% (Cost $9,800,040)	11,312,024
NET OTHER ASSETS (LIABILITIES) - 1.2%	135,140
NET ASSETS - 100.0%	11,447,164

Legend

(a)	Non-income producing

(b)	The rate quoted is the annualized seven-day yield of the fund at period end.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	945,969	945,969	-	-
Consumer Discretionary	1,232,532	1,232,532	-	-
Consumer Staples	580,410	580,410	-	-
Energy	305,187	305,187	-	-
Financials	1,451,300	1,451,300	-	-
Health Care	1,282,029	1,282,029	-	-
Industrials	1,139,190	1,139,190	-	-
Information Technology	3,059,124	3,059,124	-	-
Materials	528,191	528,191	-	-
Real Estate	240,711	240,711	-	-
Utilities	256,809	256,809	-	-

Money Market Funds	290,572	290,572	-	-
Total Investments in Securities:	11,312,024	11,312,024	-	-

Fidelity® Sustainable U.S. Equity ETF

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				January 31, 2024 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $9,800,040):			$	11,312,024
Receivable for investments sold				291,118
Dividends receivable				6,264
Total assets				11,609,406
Liabilities
Payable for investments purchased	$	156,669
Accrued management fee		5,573
Total Liabilities				162,242
Net Assets			$	11,447,164
Net Assets consist of:
Paid in capital			$	10,188,154
Total accumulated earnings (loss)				1,259,010
Net Assets			$	11,447,164
Net Asset Value, offering price and redemption price per share ($11,447,164 ÷ 500,000 shares)			$	22.89

Statement of Operations
				Six months ended January 31, 2024 (Unaudited)
Investment Income
Dividends			$	66,588
Expenses
Management fee	$	30,538
Independent trustees' fees and expenses		29
Total Expenses				30,567
Net Investment income (loss)				36,021
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Redemptions in-kind		100,431
Unaffiliated issuers		199,244
Total net realized gain (loss)				299,675
Change in net unrealized appreciation (depreciation) on investment securities				315,166
Net gain (loss)				614,841
Net increase (decrease) in net assets resulting from operations			$	650,862

Statement of Changes in Net Assets

		Six months ended January 31, 2024 (Unaudited)		Year ended July 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	36,021	$	82,581
Net realized gain (loss)		299,675		(274,000)
Change in net unrealized appreciation (depreciation)		315,166		1,506,035
Net increase (decrease) in net assets resulting from operations		650,862		1,314,616
Distributions to shareholders		(39,075)		(79,775)

Share transactions
Proceeds from sales of shares		1,048,136		3,318,417
Cost of shares redeemed		(529,329)		-

Net increase (decrease) in net assets resulting from share transactions		518,807		3,318,417
Total increase (decrease) in net assets		1,130,594		4,553,258

Net Assets
Beginning of period		10,316,570		5,763,312
End of period	$	11,447,164	$	10,316,570

Other Information
Shares
Sold		50,000		175,000
Redeemed		(25,000)		-
Net increase (decrease)		25,000		175,000

Financial Highlights

Fidelity® Sustainable U.S. Equity ETF

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021 A
Selected Per-Share Data
Net asset value, beginning of period	$	21.72	$	19.21	$	20.80	$	20.00
Income from Investment Operations
Net investment income (loss) B,C		.07		.20 D		.11		- E
Net realized and unrealized gain (loss)		1.18		2.51		(1.57)		.80
Total from investment operations		1.25		2.71		(1.46)		.80
Distributions from net investment income		(.08)		(.20)		(.13)		-
Total distributions		(.08)		(.20)		(.13)		-
Net asset value, end of period	$	22.89	$	21.72	$	19.21	$	20.80
Total Return F,G		5.80%		14.25%		(7.01)%		3.99%
Ratios to Average Net Assets C,H,I
Expenses before reductions		.59% J		.59%		.59%		.59% J
Expenses net of fee waivers, if any		.59% J		.59%		.59%		.59% J
Expenses net of all reductions		.59% J		.59%		.59%		.59% J
Net investment income (loss)		.70% J		1.06% D		.56%		(.07)% J
Supplemental Data
Net assets, end of period (000 omitted)	$	11,447	$	10,317	$	5,763	$	3,120
Portfolio turnover rate K,L		36% J		45%		66%		23% M

AFor the period June 15, 2021 (commencement of operations) through July 31, 2021.

BCalculated based on average shares outstanding during the period.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .80%.

EAmount represents less than $.005 per share.

FTotal returns for periods of less than one year are not annualized.

GBased on net asset value.

HFees 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.

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

LPortfolio turnover rate excludes securities received or delivered in-kind.

MAmount not annualized.

Fidelity® Women's Leadership ETF