Fidelity® Emerging Markets Multifactor ETF
Fidelity® International High Dividend ETF
Fidelity® International Multifactor ETF
Fidelity® International Value Factor ETF
Annual Report
October 31, 2021


Contents
Note to Shareholders 3  
Market Recap 4  
Performance and Management's Discussion of Fund Performance 5  
Schedule of Investments 17  
Financial Statements 34  
Notes to Financial Statements 42  
Report of Independent Registered Public Accounting Firm 48  
Trustees and Officers 49  
Shareholder Expense Example 56  
Distributions 57  
Board Approval of Investment Advisory Contracts and Management Fees 58  
To view a fund’s proxy voting guidelines and proxy voting record for the period ended June, 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at http://www.sec.gov. You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.
Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
© 2021 FMR LLC. All Rights reserved.    
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most recent holdings listing on Fidelity’s web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
 Annual Report 2


Table of Contents
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
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Table of Contents
Market Recap
The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
 Annual Report 4


Table of Contents
Fidelity® Emerging Markets Multifactor ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Emerging Markets Multifactor ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on Cboe BZX Exchange, Inc. (CboeBZX) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on CboeBZX. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended October 31, 2021
Average Annual Total Returns Past
1 Year
Life of
fund
Fidelity Emerging Markets Multifactor ETF – NAVA 14.55% 3.85%
Fidelity Emerging Markets Multifactor ETF – Market PriceB 14.35% 4.22%
Fidelity Emerging Markets Multifactor IndexA 15.92% 4.85%
MSCI Emerging Markets IndexA 16.98% 9.19%
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Emerging Markets Multifactor ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From February 26, 2019.
B From February 28, 2019, date initially listed on the CboeBZX exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity Emerging Markets Multifactor ETF – NAV on February 26, 2019, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity Emerging Markets Multifactor Index and the MSCI Emerging Markets Index performed over the same period.
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Table of Contents
Fidelity® Emerging Markets Multifactor ETF
Management’s Discussion of Fund Performance
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2021, the fund gained 14.55% at net asset value and 14.35% on a market-price basis, compared with the 15.92% advance of the benchmark, the Fidelity Emerging Markets Multifactor Index. (The ETF's relative performance was affected by differing methodologies (ETF versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, as well as by required local capital gains tax.) From a sector standpoint, stocks in the financials sector rose about 35% and contributed, as did holdings in information technology (+37%), materials (+28%), industrials (+46%) and health care (+11%). Meanwhile, stocks in the consumer discretionary sector returned -10% and detracted, while holdings in communication services (+1%) and real estate (-19%) also hampered results. Turning to individual contributors, it helped to own semiconductor manufacturer Taiwan Semiconductor (+43%) and technology hardware company Samsung Electronics (+22%). In materials, owning Kumho Petrochemical (+33%) and Vale (+43%) contributed as well. In contrast, owning Alibaba Group Holding (-46%) from the retailing segment detracted. In media & entertainment, Tencent Holdings (-19%) and Tencent Music Entertainment (-72%) hurt as well. Changes in fund positioning during the 12 months included reduced exposure to the materials and industrials sectors and increased exposure to communication services firms.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF's subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 6


Table of Contents
Fidelity® Emerging Markets Multifactor ETF
Investment Summary (Unaudited)
    
Geographic Diversification as of October 31, 2021
 
Top Ten Stocks as of October 31, 2021
  % of fund's
net assets
Tencent Holdings Ltd. 5.2
Taiwan Semiconductor Manufacturing Co. Ltd. 4.3
Samsung Electronics Co. Ltd. 3.6
Alibaba Group Holding Ltd. ADR 2.9
Aldar Properties PJSC 2.3
Longfor Group Holdings Ltd. 2.3
Inter RAO UES PJSC 2.0
China Vanke Co. Ltd. 1.9
Petronas Gas Bhd 1.8
Manila Electric Co. 1.7
  28.0
Top Market Sectors as of October 31, 2021
  % of fund's
net assets
Information Technology 16.8
Financials 16.6
Communication Services 16.4
Consumer Discretionary 10.6
Consumer Staples 9.8
Health Care 9.1
Utilities 7.1
Real Estate 6.5
Materials 4.7
Energy 1.2
Industrials 1.0
 
Asset Allocation as of October 31, 2021
  % of funds's
net assets
Stocks 99.8%
Net Other Assets (Liabilities) 0.2%
 
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Table of Contents
Fidelity® International High Dividend ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® International High Dividend ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended October 31, 2021
Average Annual Total Returns Past
1 Year
Life of
fund
Fidelity International High Dividend ETF – NAVA 44.78% -0.50%
Fidelity International High Dividend ETF – Market PriceB 43.90% -0.84%
Fidelity International High Dividend IndexA 45.48% -0.07%
MSCI World ex USA IndexA 35.87% 5.61%
Average annual total returns represent just that – the average return on an annual basis for Fidelity® International High Dividend ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From January 16, 2018.
B From January 18, 2018, date initially listed on the NYSE Arca exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity International High Dividend ETF – NAV on January 16, 2018, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity International High Dividend Index and the MSCI World ex USA Index performed over the same period.
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Table of Contents
Fidelity® International High Dividend ETF
Management’s Discussion of Fund Performance
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2021, the fund gained 44.78% at net asset value and 43.90% on a market-price basis, nearly in line with the 45.48% advance of the benchmark, the Fidelity International High Dividend Index (Net). (The ETF’s relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Canada, Europe ex U.K., and Asia Pacific ex Japan notably contributed. By sector, financials gained 60% and contributed the most to the fund’s relative result, followed by energy, which gained about 81%. Elsewhere, real estate advanced 62% and the consumer discretionary sector rose 45%, boosted by the automobiles & components industry (+47%). Industrials gained 41%, driven by the capital goods industry (+39%), and utilities advanced roughly 17%. Other notable contributors included the health care (+25%), consumer staples (+22%), and information technology (+72%) sectors. From a sector standpoint, stocks in the communication services sector returned about -2% and detracted most. Turning to individual stocks, owning automaker Daimler (+58%) contributed, as did owning energy names BP (+100%), TotalEnergies (+76%), and Enbridge (+62%). Conversely, the biggest individual detractor was Vodafone (-17%), from the telecommunication services group. In utilities, it hurt to own Italy-based electricity and gas distributor Enel (-14%) and Australia’s Agl Energy (-9%). Notable positioning changes for the 12 months included increased exposure to telecommunication services and insurance firms, and reduced holdings among automobiles & components companies, health care companies and retailers.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF's subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
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Table of Contents
Fidelity® International High Dividend ETF
Investment Summary (Unaudited)
    
Geographic Diversification as of October 31, 2021
 
Top Ten Stocks as of October 31, 2021
  % of fund's
net assets
Fidelity Securities Lending Cash Central Fund, 0.06% 5.8
BP PLC 3.8
Daito Trust Construction Co. Ltd. 3.7
Hongkong Land Holdings Ltd. 3.6
Klepierre S.A. 3.6
TOTAL S.A. 3.5
Enbridge, Inc. 3.4
KDDI Corp. 2.5
National Grid PLC 2.4
SoftBank Corp. 2.4
  34.7
Top Market Sectors as of October 31, 2021
  % of fund's
net assets
Financials 27.7
Energy 12.5
Communication Services 11.2
Real Estate 10.9
Utilities 10.8
Industrials 9.1
Consumer Discretionary 5.0
Health Care 4.8
Information Technology 3.2
Consumer Staples 2.5
Materials 1.6
 
Asset Allocation as of October 31, 2021
  % of funds's
net assets
Stocks and Equity Futures 99.9%
Short-Term Investments and Net Other Assets (Liabilities) 0.1%
 
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Table of Contents
Fidelity® International Multifactor ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® International Multifactor ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on Cboe BZX Exchange, Inc. (CboeBZX) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on CboeBZX. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended October 31, 2021
Average Annual Total Returns Past
1 Year
Life of
fund
Fidelity International Multifactor ETF – NAVA 25.08% 8.96%
Fidelity International Multifactor ETF – Market PriceB 25.47% 9.42%
Fidelity International Multifactor IndexA 25.68% 9.52%
MSCI World ex USA IndexA 35.87% 11.96%
Average annual total returns represent just that – the average return on an annual basis for Fidelity® International Multifactor ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From February 26, 2019.
B From February 28, 2019, date initially listed on the CboeBZX exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity International Multifactor ETF – NAV on February 26, 2019, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity International Multifactor Index and the MSCI World ex USA Index performed over the same period.
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Table of Contents
Fidelity® International Multifactor ETF
Management’s Discussion of Fund Performance
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2021, the fund gained 25.08% at net asset value and 25.47% on a market-price basis, roughly in line with the 25.68% advance of the benchmark, the Fidelity International Multifactor Index. (The ETF’s relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Europe ex U.K. and Japan notably contributed. By sector, financials gained 45% and contributed notably, followed by industrials (+31%) and consumer staples (+18%). Elsewhere, the materials sector rose 18%, consumer discretionary gained roughly 39%, and health care advanced 19%. Turning to individual stocks, major contributors included pharmaceuticals company Novo Nordisk (+73%). It also helped to own real estate company Daito Trust Construction (+40%) and food and beverage company Nestle (+20%). In contrast, the biggest individual detractor was South Korea-based video game publisher Nexon (-39%). It also hurt to own materials company Barrick Gold (-32%). Notable changes in fund positioning for the 12 months included increased exposure to banks and health care companies and reduced exposure to materials and communication services firms.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF's subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 12


Table of Contents
Fidelity® International Multifactor ETF
Investment Summary (Unaudited)
    
Geographic Diversification as of October 31, 2021
 
Top Ten Stocks as of October 31, 2021
  % of fund's
net assets
Nestle S.A. 2.6
Roche Holding AG 2.0
Novo Nordisk A/S Class B 1.6
Uniper SE 1.4
Red Electrica Corp. S.A. 1.3
Unilever PLC 1.3
Advance Residence Investment Corp. 1.3
Publicis Groupe S.A. 1.2
L'Oreal S.A. 1.2
Snam SpA 1.2
  15.1
Top Market Sectors as of October 31, 2021
  % of fund's
net assets
Health Care 16.1
Financials 15.2
Consumer Staples 13.8
Industrials 12.1
Consumer Discretionary 8.5
Utilities 8.1
Communication Services 7.9
Real Estate 7.0
Information Technology 6.3
Materials 3.4
 
Asset Allocation as of October 31, 2021
  % of funds's
net assets
Stocks and Equity Futures 99.7%
Short-Term Investments and Net Other Assets (Liabilities) 0.3%
 
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Table of Contents
Fidelity® International Value Factor ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® International Value Factor ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/factor-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended October 31, 2021
Average Annual Total Returns Past
1 Year
Life of
fund
Fidelity International Value Factor ETF – NAVA 41.36% 2.63%
Fidelity International Value Factor ETF – Market PriceB 41.21% 2.35%
Fidelity International Value Factor IndexA 42.27% 3.19%
MSCI World ex USA IndexA 35.87% 5.61%
Average annual total returns represent just that – the average return on an annual basis for Fidelity® International Value Factor ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From January 16, 2018.
B From January 18, 2018, date initially listed on the NYSE Arca exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity International Value Factor ETF – NAV on January 16, 2018, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity International Value Factor Index and the MSCI World ex USA Index performed over the same period.
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Table of Contents
Fidelity® International Value Factor ETF
Management’s Discussion of Fund Performance
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2021, the fund gained 41.36% at net asset value and 41.21% on a market-price basis, each nearly in line with the 42.27% advance of the benchmark, the Fidelity International Value Factor Index (Net). (The ETF’s relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Canada, the U.K., and Europe ex U.K. notably contributed. By sector, financials gained about 66% and contributed meaningfully, followed by consumer discretionary (+57%) and industrials (+34%). Elsewhere, the energy sector rose 102%, materials gained 38%, and consumer staples advanced 30%. Other contributors included the information technology (+37%) and health care (+18%) sectors. Turning to individual stocks, it helped to own Stellantis (+104%) from the automobiles & components industry. Owning banking name BNP Paribas (+100%) also contributed, as did St Gobain, within the capital goods group (+79%) and transportation stock AP Moller – Maersk (+85%). Conversely, the biggest individual detractor was the airline Lufthansa (-25%). It also hurt to own diversified financials firm Credit Suisse Group (-27%). Other detractors included software & services firm Atos Se (-23%), Takeda Pharmaceutical (-14%), and automotive supplier Faurecia (-14%).
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization, or Geode Capital Management, LLC, (the ETF's subadviser) or any other person in the Geode organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and Geode disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
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Table of Contents
Fidelity® International Value Factor ETF
Investment Summary (Unaudited)
    
Geographic Diversification as of October 31, 2021
 
Top Ten Stocks as of October 31, 2021
  % of fund's
net assets
Nestle S.A. 2.5
ASML Holding N.V. 2.2
Suncor Energy, Inc. 1.8
Roche Holding AG 1.6
Sony Corp. 1.6
Canadian National Railway Co. 1.5
HSBC Holdings PLC 1.5
Japan Tobacco, Inc. 1.5
Royal Dutch Shell PLC 1.4
Macquarie Group Ltd. 1.4
  17.0
Top Market Sectors as of October 31, 2021
  % of fund's
net assets
Financials 19.3
Industrials 16.1
Consumer Discretionary 12.0
Health Care 10.9
Information Technology 9.6
Consumer Staples 9.1
Materials 7.4
Energy 4.7
Communication Services 4.1
Utilities 3.6
Real Estate 2.6
 
Asset Allocation as of October 31, 2021
  % of funds's
net assets
Stocks and Equity Futures 100.0%
Short-Term Investments and Net Other Assets (Liabilities) 0.0%
Percentages shown as 0.0% may reflect amounts less than 0.05%.
 
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Table of Contents
Fidelity® Emerging Markets Multifactor ETF
Schedule of Investments October 31, 2021 
Showing Percentage of Net Assets
Common Stocks – 99.3%
  Shares Value
BRAZIL – 2.7%
Ambev S.A. 65,700 $ 198,021
BB Seguridade Participacoes S.A. 18,900 74,064
Lojas Renner S.A. 5,570 31,847
Petro Rio S.A. (a) 8,400 34,974
Telefonica Brasil S.A. 16,800 135,664
Vale S.A. 6,000 76,221
WEG S.A. 2,400 15,753
TOTAL BRAZIL 566,544
CAYMAN ISLANDS – 15.9%
Alibaba Group Holding Ltd. ADR (a) 3,636 599,722
ANTA Sports Products Ltd. 5,000 78,159
Autohome, Inc. ADR 2,236 87,987
Baozun, Inc. ADR (a) 118 2,041
Bosideng International Holdings Ltd. 82,000 63,668
China Medical System Holdings Ltd. 96,000 163,639
Hengan International Group Co. Ltd. 33,500 175,057
Huazhu Group Ltd. ADR (a) 289 13,398
JD.com, Inc. ADR (a) 1,760 137,773
Kingboard Laminates Holdings Ltd. 47,500 74,495
NetEase, Inc. ADR 2,095 204,451
New Oriental Education & Technology Group, Inc. ADR (a) 2,936 6,019
NIO, Inc. ADR (a) 2,698 106,328
Pinduoduo, Inc. ADR (a) 688 61,177
Shenzhou International Group Holdings Ltd. 3,900 84,126
TAL Education Group ADR (a) 766 3,133
Tencent Holdings Ltd. 17,300 1,069,706
Topsports International Holdings Ltd. (b) 40,000 48,643
Trip.com Group Ltd. ADR (a) 915 26,132
Vipshop Holdings Ltd. ADR (a) 785 8,761
Want Want China Holdings Ltd. 293,000 227,122
Yadea Group Holdings Ltd. (b) 34,000 58,568
TOTAL CAYMAN ISLANDS 3,300,105
CHILE – 0.1%
Falabella S.A. 9,331 25,873
TOTAL CHILE 25,873
CHINA – 14.2%
360 DigiTech, Inc. (a) 3,610 73,680
Agricultural Bank of China Ltd. Class H 218,000 74,264
Anhui Conch Cement Co. Ltd. Class H 14,500 72,136
Baidu, Inc. ADR (a) 1,265 205,234
Bank of China Ltd. Class H 295,000 104,286
Bank of Communications Co. Ltd. Class H 121,000 72,018
China Cinda Asset Management Co. Ltd. 251,000 41,946
China Coal Energy Co. Ltd. 31,000 18,889
China Construction Bank Corp. Class H 266,000 180,888

  Shares Value
China Pacific Insurance Group Co. Ltd. Class H 21,600 $ 66,641
China Shenhua Energy Co. Ltd. Class H 10,500 22,622
China Vanke Co. Ltd. 166,900 390,911
CSPC Pharmaceutical Group Ltd. 170,000 177,888
Dongfeng Motor Group Co. Ltd. 66,000 61,681
GF Securities Co. Ltd. Class H 30,800 52,343
Industrial & Commercial Bank of China Ltd. Class H 251,000 137,454
Jiumaojiu International Holdings Ltd. (b) 20,000 50,135
Li Auto, Inc. ADR (a) 303 9,887
Li Ning Co. Ltd. 9,000 100,076
Longfor Group Holdings Ltd. (b) 98,000 476,202
Shanghai Pharmaceuticals Holding Co. Ltd. 98,900 181,296
Sinopharm Group Co. Ltd. 79,200 188,963
The People's Insurance Co. Group of China Ltd. Class H 152,000 47,481
TravelSky Technology Ltd. Class H 55,000 102,943
XPeng, Inc. ADR (a) 336 15,668
Yangzijiang Shipbuilding Holdings Ltd. 17,500 18,428
TOTAL CHINA 2,943,960
CYPRUS – 0.3%
TCS Group Holding PLC 685 70,144
TOTAL CYPRUS 70,144
HONG KONG – 2.2%
China Merchants Port Holdings Co. Ltd. 14,000 23,396
Guangdong Investment Ltd. 260,000 327,546
Kingboard Holdings Ltd. 18,500 80,977
SITC International Holdings Co. Ltd. 5,000 16,937
TOTAL HONG KONG 448,856
HUNGARY – 0.9%
Richter Gedeon Nyrt 6,600 185,065
TOTAL HUNGARY 185,065
INDIA – 9.6%
Bajaj Auto Ltd. 1,348 66,737
Bharat Electronics Ltd. 9,702 26,801
Coal India Ltd. 9,795 21,511
Deepak Nitrite Ltd. 1,583 47,150
Divi's Laboratories Ltd. 3,831 263,487
Federal Bank Ltd. 54,810 71,329
HCL Technologies Ltd. 3,354 51,230
Hero MotoCorp Ltd. 1,897 67,314
Hindustan Unilever Ltd. 7,089 226,559
ICICI Bank Ltd. 17,046 182,579
Infosys Ltd. 8,576 191,004
Marico Ltd. 22,365 169,781
SBI Cards & Payment Services Ltd. (a) 4,707 66,323
 
See accompanying notes which are an integral part of the financial statements.
17 Annual Report 


Table of Contents
Fidelity® Emerging Markets Multifactor ETF
Schedule of Investmentscontinued
Common Stocks – continued
  Shares Value
INDIA – continued
SBI Life Insurance Co. Ltd. (b) 4,735 $ 72,437
Shriram Transport Finance Co. Ltd. 3,757 72,058
State Bank of India 13,612 91,281
Tata Consultancy Services Ltd. 2,544 115,435
Tata Elxsi Ltd. 321 25,173
Tata Steel Ltd. 3,302 58,029
Vedanta Ltd. 12,038 48,871
Wipro Ltd. 4,862 41,993
TOTAL INDIA 1,977,082
INDONESIA – 2.1%
Astra International Tbk PT 140,200 59,623
Kalbe Farma Tbk PT 2,057,100 232,317
Telkom Indonesia Persero Tbk PT 435,200 116,729
United Tractors Tbk PT 13,800 22,939
TOTAL INDONESIA 431,608
JERSEY – 0.8%
Polymetal International PLC 1,845 34,268
WNS Holdings Ltd. ADR (a) 1,376 122,203
TOTAL JERSEY 156,471
LUXEMBOURG – 0.1%
Ternium S.A. ADR 481 22,285
TOTAL LUXEMBOURG 22,285
MALAYSIA – 5.7%
DiGi.Com Bhd 79,400 81,107
Hong Leong Bank Bhd 15,300 69,535
Malayan Banking Bhd 45,617 88,678
Nestle Malaysia Bhd 5,800 188,384
Petronas Chemicals Group Bhd 10,800 22,664
Petronas Gas Bhd 90,200 364,634
PPB Group Bhd 43,900 192,732
Public Bank Bhd 95,000 95,665
Telekom Malaysia Bhd 56,700 79,279
TOTAL MALAYSIA 1,182,678
MAURITIUS – 0.0%
MakeMyTrip Ltd. (a) 101 3,199
TOTAL MAURITIUS 3,199
MEXICO – 1.6%
Banco del Bajio S.A. (b) 39,700 74,692
Grupo Aeroportuario del Sureste SAB de CV Class B 770 15,562
Grupo Mexico S.A.B. de C.V. 8,900 39,130
Kimberly-Clark de Mexico SAB de CV Class A 115,800 183,596

  Shares Value
Orbia Advance Corp. SAB de CV 8,800 $ 22,922
TOTAL MEXICO 335,902
NETHERLANDS – 0.5%
VEON Ltd. (a) 53,489 112,862
TOTAL NETHERLANDS 112,862
PHILIPPINES – 1.7%
Manila Electric Co. 62,200 354,124
TOTAL PHILIPPINES 354,124
POLAND – 0.1%
Asseco Poland S.A. 257 6,334
Polskie Gornictwo Naftowe i Gazownictwo S.A. 9,619 14,515
TOTAL POLAND 20,849
RUSSIA – 3.8%
Inter RAO UES PJSC (a) 6,302,000 426,683
LUKOIL PJSC 346 35,299
MMC Norilsk Nickel PJSC 177 55,189
Sberbank of Russia PJSC 36,350 182,418
Surgutneftegas PJSC 40,500 19,468
VTB Bank PJSC 85,160,000 63,479
TOTAL RUSSIA 782,536
SAUDI ARABIA – 3.1%
Al Rajhi Bank 4,195 155,010
Jarir Marketing Co. 1,418 76,667
Mouwasat Medical Services Co. 3,629 173,957
Saudi Basic Industries Corp. 2,087 71,775
Southern Province Cement Co. 1,224 23,365
The Saudi National Bank 7,636 134,158
TOTAL SAUDI ARABIA 634,932
SOUTH AFRICA – 3.3%
African Rainbow Minerals Ltd. 2,662 35,645
AVI Ltd. 31,885 165,928
Capitec Bank Holdings Ltd. 768 86,237
Kumba Iron Ore Ltd. 1,022 31,211
Mr Price Group Ltd. 4,960 65,250
Rand Merchant Investment Holdings Ltd. 33,283 89,360
Truworths International Ltd. 17,115 60,713
Vodacom Group Ltd. 17,074 152,296
TOTAL SOUTH AFRICA 686,640
SOUTH KOREA – 12.6%
Cheil Worldwide, Inc. 3,467 70,761
DB HiTek Co. Ltd. 82 4,035
DGB Financial Group, Inc. 11,124 98,527
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 18


Table of Contents
Common Stocks – continued
  Shares Value
SOUTH KOREA – continued
Douzone Bizon Co. Ltd. 34 $ 2,366
GS Engineering & Construction Corp. 433 15,322
GS Holdings Corp. 475 17,174
Hankook Tire & Technology Co. Ltd. 1,761 62,314
Hyosung TNC Corp. 95 48,535
Hyundai Glovis Co. Ltd. 99 14,191
Iljin Materials Co. Ltd. 47 4,042
KMW Co. Ltd. (a) 62 2,186
KT&G Corp. 2,835 196,755
Kumho Petrochemical Co. Ltd. 206 30,321
L&F Co. Ltd. 52 8,192
LEENO Industrial, Inc. 21 3,077
LG Display Co. Ltd. (a) 477 8,042
LG Innotek Co. Ltd. 29 5,199
LG Uplus Corp. 6,141 75,413
Lotte Chemical Corp. 168 32,276
NAVER Corp. 571 198,876
NCSoft Corp. 143 76,728
Osstem Implant Co. Ltd. 1,545 163,286
Pearl Abyss Corp. (a) 1,219 108,386
POSCO 227 57,500
S-1 Corp. 215 15,326
Samsung Electro-Mechanics Co. Ltd. 126 17,144
Samsung Electronics Co. Ltd. 12,622 753,939
Samsung SDI Co. Ltd. 120 75,376
Samsung SDS Co. Ltd. 84 10,998
Seegene, Inc. 3,173 144,456
SK Hynix, Inc. 1,158 102,070
WONIK IPS Co. Ltd. 65 2,250
Woongjin Coway Co. Ltd. 1,042 70,801
Woori Financial Group, Inc. 10,214 115,815
TOTAL SOUTH KOREA 2,611,679
TAIWAN – 12.0%
ASE Technology Holding Co. Ltd. 12,000 43,066
Asustek Computer, Inc. 3,000 38,082
Catcher Technology Co. Ltd. 5,000 28,948
Cathay Financial Holding Co. Ltd. 52,000 108,643
Chicony Electronics Co. Ltd. 9,000 25,697
China Life Insurance Co. Ltd. 76,960 80,258
Chipbond Technology Corp. 9,000 20,810
Chunghwa Telecom Co. Ltd. 27,000 107,287
Elan Microelectronics Corp. 4,000 24,021
eMemory Technology, Inc. 1,000 82,709
Far EasTone Telecommunications Co. Ltd. 37,000 81,428
Formosa Plastics Corp. 21,000 81,180
Hon Hai Precision Industry Co. Ltd. 32,000 123,128
International Games System Co. Ltd. 2,000 51,351
Lite-On Technology Corp. 14,000 30,861
MediaTek, Inc. 4,000 131,327

  Shares Value
Nantex Industry Co. Ltd. 13,000 $ 38,100
Novatek Microelectronics Corp. 2,000 29,883
Phison Electronics Corp. 1,000 14,042
Pou Chen Corp. 61,000 74,801
Quanta Computer, Inc. 14,000 39,269
Radiant Opto-Electronics Corp. 7,000 24,493
Simplo Technology Co. Ltd. 2,000 21,504
SinoPac Financial Holdings Co. Ltd. 155,000 78,870
Sitronix Technology Corp. 2,000 19,167
Taiwan Semiconductor Manufacturing Co. Ltd. 42,000 891,094
Tripod Technology Corp. 6,000 25,352
United Microelectronics Corp. 34,000 70,914
Yuanta Financial Holding Co. Ltd. 98,000 87,045
TOTAL TAIWAN 2,473,330
THAILAND – 1.0%
Advanced Info Service PCL 2,400 13,670
Advanced Info Service PCL NVDR 14,000 79,741
Intouch Holdings PCL 38,400 87,082
Intouch Holdings PCL Class F 3,000 6,803
The Siam Cement PCL 300 3,571
The Siam Cement PCL NVDR 1,300 15,475
TOTAL THAILAND 206,342
TURKEY – 1.3%
Akbank T.A.S. 85,287 51,979
BIM Birlesik Magazalar AS 22,092 142,797
Enka Insaat ve Sanayi AS 12,340 14,117
Haci Omer Sabanci Holding AS 47,885 55,380
TOTAL TURKEY 264,273
UNITED ARAB EMIRATES – 3.5%
Aldar Properties PJSC 435,513 479,009
Dubai Islamic Bank PJSC 40,738 56,674
Emirates Telecommunications Group Co. PJSC 26,194 182,559
TOTAL UNITED ARAB EMIRATES 718,242
UNITED STATES OF AMERICA – 0.2%
Yum China Holdings, Inc. 833 47,548
TOTAL UNITED STATES OF AMERICA 47,548
TOTAL COMMON STOCKS
(Cost $20,434,833)
20,563,129
Preferred Stock – 0.5%
BRAZIL – 0.4%
Itausa - Investimentos Itau S.A. 42,200 76,734
TOTAL BRAZIL 76,734
See accompanying notes which are an integral part of the financial statements.
19 Annual Report 


Table of Contents
Fidelity® Emerging Markets Multifactor ETF
Schedule of Investmentscontinued
Preferred Stock – continued
  Shares Value
RUSSIA – 0.1%
Transneft PJSC 7 $ 15,004
TOTAL RUSSIA 15,004
TOTAL PREFERRED STOCKS
(Cost $116,124)
91,738
Money Market Fund – 0.2%
Fidelity Cash Central Fund, 0.06% (c)
(Cost $50,336)
50,326 50,336
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $20,601,293)
20,705,203
NET OTHER ASSETS (LIABILITIES) – (0.00%) (2,277)
NET ASSETS – 100.0% $ 20,702,926
    
Categorizations in the Schedule of Investments are based on country or territory of incorporation.  
Legend  
(a) Non-income producing.
(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $780,677 or 3.8% of net assets.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including ownership percentage, is presented below.
Fund Value,
beginning
of period
  Purchases   Sales
Proceeds
  Dividend
Income
  Realized
Gain/Loss
  Change in
Unrealized
appreciation
(depreciation)
  Value,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund, 0.06% $—   $880,915   $830,579   $15   $—   $—   $50,336 0.0%
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Total Level 1 Level 2 Level 3
    
Investments in Securities:                
Equities:                
Communication Services   $ 3,385,400   $ 3,371,730   $ 13,670   $
Consumer Discretionary   2,247,782   2,247,782    
Consumer Staples   2,066,732   2,066,732    
Energy   207,391   207,391    
Financials   3,323,639   3,323,639    
Health Care   1,874,354   1,874,354    
Industrials   175,833   175,833    
Information Technology   3,495,070   3,495,070    
Materials   967,819   964,248   3,571  
Real Estate   1,346,122   1,346,122    
Utilities   1,472,987   1,472,987    
Preferred Stock   91,738   91,738    
Money Market Fund   50,336   50,336    
Total Investments in Securities:   $ 20,705,203   $ 20,687,962   $ 17,241   $
See accompanying notes which are an integral part of the financial statements.
 Annual Report 20


Table of Contents
Fidelity® International High Dividend ETF
Schedule of Investments October 31, 2021 
Showing Percentage of Net Assets
Common Stocks – 99.3%
  Shares Value
AUSTRALIA – 6.8%
Coles Group Ltd. 13,183 $ 169,716
Commonwealth Bank of Australia 19,959 1,569,279
Computershare Ltd. 15,873 223,661
Fortescue Metals Group Ltd. 12,099 126,590
QBE Insurance Group Ltd. 139,358 1,238,267
Sonic Healthcare Ltd. 12,807 385,062
Wesfarmers Ltd. 7,102 305,389
Woodside Petroleum Ltd. 91,573 1,599,833
TOTAL AUSTRALIA 5,617,797
BERMUDA – 4.0%
Hongkong Land Holdings Ltd. 539,625 2,973,334
Jardine Matheson Holdings Ltd. 4,982 288,607
TOTAL BERMUDA 3,261,941
CANADA – 11.5%
Emera, Inc. (a) 34,931 1,622,627
Enbridge, Inc. 67,354 2,816,854
Finning International, Inc. 22,920 677,495
Great-West Lifeco, Inc. 45,529 1,337,349
Manulife Financial Corp. 63,524 1,235,580
Nutrien Ltd. 3,371 235,240
Power Corp. of Canada 46,128 1,533,941
TOTAL CANADA 9,459,086
DENMARK – 1.1%
Novo Nordisk A/S Class B 4,308 471,991
Pandora A/S 3,135 438,233
TOTAL DENMARK 910,224
FINLAND – 0.5%
Nokian Renkaat Oyj 8,011 300,371
Orion Oyj Class B 2,488 107,770
TOTAL FINLAND 408,141
FRANCE – 9.7%
Bouygues S.A. 8,699 352,342
Cie Generale des Etablissements Michelin SCA 2,126 333,864
Danone S.A. 2,609 170,135
Kering S.A. 518 388,567
Klepierre S.A. 122,764 2,920,930
Sanofi 3,091 309,165
Schneider Electric SE 3,437 592,245
TOTAL S.A. 57,215 2,871,615
TOTAL FRANCE 7,938,863
GERMANY – 3.5%
Allianz SE 5,170 1,203,476

  Shares Value
BASF SE 2,039 $ 146,958
Bayer AG 3,371 189,866
Bayerische Motoren Werke AG 4,060 409,891
SAP SE 2,337 338,927
Siemens AG 3,436 557,797
TOTAL GERMANY 2,846,915
HONG KONG – 3.6%
BOC Hong Kong Holdings Ltd. 341,500 1,084,329
Power Assets Holdings Ltd. 313,000 1,909,211
TOTAL HONG KONG 2,993,540
ITALY – 3.3%
Assicurazioni Generali SpA (a) 50,004 1,090,795
Enel SpA 194,709 1,630,465
TOTAL ITALY 2,721,260
JAPAN – 18.8%
Astellas Pharma, Inc. 16,300 274,037
Bridgestone Corp. 7,300 321,322
Canon, Inc. 10,400 233,310
Daito Trust Construction Co. Ltd. 24,300 3,009,130
Eisai Co. Ltd. 3,500 246,389
Honda Motor Co. Ltd. 11,600 340,701
Japan Tobacco, Inc. 9,600 188,211
KDDI Corp. 67,100 2,076,113
Keyence Corp. 600 360,500
Kirin Holdings Co. Ltd. 9,000 156,361
Kyocera Corp. 3,500 204,275
Mitsubishi Corp. 19,300 611,371
Mitsubishi Heavy Industries Ltd. 14,500 369,923
Mitsubishi UFJ Financial Group, Inc. 228,000 1,244,727
Mitsui & Co. Ltd. 25,500 579,662
Otsuka Holdings Co. Ltd. 6,100 240,416
Shimizu Corp. 58,100 424,445
Showa Denko KK 8,600 215,783
SoftBank Corp. 143,600 1,957,695
Subaru Corp. 12,900 252,061
Sumitomo Corp. 32,200 456,631
Sumitomo Mitsui Financial Group, Inc. 31,504 1,028,076
Toyota Motor Corp. 37,835 665,783
TOTAL JAPAN 15,456,922
NETHERLANDS – 1.0%
ASML Holding N.V. 768 622,582
Koninklijke Ahold Delhaize N.V. 5,420 176,439
TOTAL NETHERLANDS 799,021
 
See accompanying notes which are an integral part of the financial statements.
21 Annual Report 


Table of Contents
Fidelity® International High Dividend ETF
Schedule of Investmentscontinued
Common Stocks – continued
  Shares Value
NORWAY – 0.2%
Mowi ASA 5,664 $ 163,774
TOTAL NORWAY 163,774
SINGAPORE – 3.7%
Oversea-Chinese Banking Corp. Ltd. 140,732 1,231,470
Singapore Telecommunications Ltd. 863,600 1,601,038
Singapore Telecommunications Ltd. 22,600 41,898
Venture Corp. Ltd. 11,600 161,807
TOTAL SINGAPORE 3,036,213
SOUTH AFRICA – 0.0%
Thungela Resources Ltd. (b) 421 1,979
TOTAL SOUTH AFRICA 1,979
SPAIN – 8.1%
ACS Actividades de Construccion y Servicios S.A. 14,768 386,752
Banco Bilbao Vizcaya Argentaria S.A. 194,512 1,364,549
Banco Santander S.A. (a) 330,597 1,253,534
Enagas S.A. 76,939 1,727,775
Telefonica S.A. 439,916 1,916,479
TOTAL SPAIN 6,649,089
SWEDEN – 2.1%
Industrivarden AB Class A (a) 1,510 49,800
Securitas AB Class B 34,895 576,945
Svenska Handelsbanken AB (a) 98,167 1,124,031
TOTAL SWEDEN 1,750,776
SWITZERLAND – 5.8%
ABB Ltd. 19,219 637,093
Clariant AG 4,902 103,324
Nestle S.A. 4,503 595,406
Novartis AG 5,414 448,170
Roche Holding AG 1,567 607,164
UBS Group AG 69,889 1,273,108
Zurich Insurance Group AG 2,557 1,135,854
TOTAL SWITZERLAND 4,800,119
UNITED KINGDOM – 15.6%
Anglo American PLC 4,161 158,705
AstraZeneca PLC 3,308 412,362
Avast PLC (c) 19,152 146,909
BAE Systems PLC 50,720 383,636
Berkeley Group Holdings PLC 5,121 305,704
BHP Group PLC 5,422 143,813

  Shares Value
BP PLC 644,728 $ 3,094,929
British American Tobacco PLC 5,228 182,489
GlaxoSmithKline PLC 14,598 301,874
HSBC Holdings PLC 258,860 1,566,584
Imperial Brands PLC 5,649 119,403
Legal & General Group PLC 294,517 1,166,315
National Grid PLC 156,570 2,007,539
RELX PLC 15,658 485,927
Rio Tinto PLC 2,219 138,716
Spectris PLC 3,118 160,873
The Sage Group PLC 16,657 162,294
Unilever PLC 4,697 251,871
Vodafone Group PLC 1,127,875 1,670,335
TOTAL UNITED KINGDOM 12,860,278
TOTAL COMMON STOCKS
(Cost $75,200,684)
81,675,938
Money Market Funds – 5.9%
Fidelity Cash Central Fund, 0.06% (d) 56,455 56,466
Fidelity Securities Lending Cash Central Fund, 0.06% (d)(e) 4,767,678 4,768,155
TOTAL MONEY MARKET FUNDS
(Cost $4,824,621)
4,824,621
TOTAL INVESTMENT IN SECURITIES – 105.2%
(Cost $80,025,305)
86,500,559
NET OTHER ASSETS (LIABILITIES) – (5.2%) (4,303,484)
NET ASSETS – 100.0% $ 82,197,075
    
Categorizations in the Schedule of Investments are based on country or territory of incorporation.  
Legend  
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing.
(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $146,909 or 0.2% of net assets.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 22


Table of Contents
Futures Contracts
  Number of
contracts
Expiration
Date
Notional
Amount
Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contract          
ICE MSCI EAFE Index Contracts (United States) 4 December 2021 $467,920 $3,433 $3,433
The notional amount of futures purchased as a percentage of Net Assets is 0.6%
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including ownership percentage, is presented below.
Fund Value,
beginning
of period
  Purchases   Sales
Proceeds
  Dividend
Income
  Realized
Gain/Loss
  Change in
Unrealized
appreciation
(depreciation)
  Value,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund, 0.06% $10,119   $ 3,841,977   $ 3,795,630   $ 47   $—   $—   $ 56,466 0.0%
Fidelity Securities Lending Cash Central Fund, 0.06% 933,300   13,948,526   10,113,671   3,648       $4,768,155 0.0%
Total $943,419   $17,790,503   $13,909,301   $3,695   $—   $—   $4,824,621  
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received from lending certain types of securities.
See accompanying notes which are an integral part of the financial statements.
23 Annual Report 


Table of Contents
Fidelity® International High Dividend ETF
Schedule of Investmentscontinued
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Total Level 1 Level 2 Level 3
    
Investments in Securities:                
Equities:                
Communication Services   $ 9,263,558   $ 9,263,558   $   $
Consumer Discretionary   4,061,886   4,061,886    
Consumer Staples   2,173,805   2,173,805    
Energy   10,385,210   10,385,210    
Financials   22,731,064   22,731,064    
Health Care   3,994,266   3,994,266    
Industrials   7,380,871   7,380,871    
Information Technology   2,615,138   2,615,138    
Materials   1,269,129   1,269,129    
Real Estate   8,903,394   8,903,394    
Utilities   8,897,617   8,897,617    
Money Market Funds   4,824,621   4,824,621    
Total Investments in Securities:   $ 86,500,559   $ 86,500,559   $   $
    
Derivative Instruments:                
Assets                
Futures Contracts   $ 3,433   $ 3,433   $   $
Total Assets   $ 3,433   $ 3,433     $
Total Derivative Instruments:   $ 3,433   $ 3,433   $   $
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type Value
  Asset   Liabilities
Equity Risk      
Futures Contracts(a) $3,433   $0
Total Equity Risk 3,433   0
Total Value of Derivatives $3,433   $0
    
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
 Annual Report 24


Table of Contents
Fidelity® International Multifactor ETF
Schedule of Investments October 31, 2021 
Showing Percentage of Net Assets
Common Stocks – 98.4%
  Shares Value
AUSTRALIA – 3.4%
ASX Ltd. 629 $ 39,222
Australia & New Zealand Banking Group Ltd. 3,105 65,627
BHP Group Ltd. 1,147 31,514
Commonwealth Bank of Australia 1,702 133,820
Fortescue Metals Group Ltd. 1,000 10,463
JB Hi-Fi Ltd. 518 19,644
Medibank Pvt Ltd. 14,081 35,113
Rio Tinto Ltd. 866 58,730
Sonic Healthcare Ltd. 4,600 138,306
Wesfarmers Ltd. 1,684 72,413
TOTAL AUSTRALIA 604,852
AUSTRIA – 0.0%
voestalpine AG 98 3,724
TOTAL AUSTRIA 3,724
BELGIUM – 0.2%
Sofina S.A. 91 40,270
TOTAL BELGIUM 40,270
BERMUDA – 0.3%
Jardine Matheson Holdings Ltd. 977 56,598
TOTAL BERMUDA 56,598
CANADA – 9.9%
Barrick Gold Corp. 1,482 27,152
Canadian Apartment Properties REIT 3,840 187,206
Canadian Imperial Bank of Commerce 607 73,537
Canadian National Railway Co. 899 119,291
Canadian Pacific Railway Ltd. 799 61,745
CGI, Inc. (a) 703 62,703
Constellation Software, Inc. 42 73,696
Empire Co. Ltd. 4,038 120,533
Great-West Lifeco, Inc. 1,203 35,336
Kirkland Lake Gold Ltd. 1,332 56,061
Loblaw Cos. Ltd. 1,405 105,504
National Bank of Canada 777 64,226
Northland Power, Inc. 4,736 152,027
Open Text Corp. 1,413 71,063
Power Corp. of Canada 1,489 49,515
Quebecor, Inc. 6,583 167,503
Royal Bank of Canada 1,025 106,523
The Bank of Nova Scotia 1,419 92,887
The Toronto-Dominion Bank 1,713 124,155
TOTAL CANADA 1,750,663
DENMARK – 4.3%
Carlsberg AS 655 108,159
Coloplast A/S Class B 728 118,797

  Shares Value
GN Store Nord A/S 700 $ 42,523
Netcompany Group A/S (b) 118 13,418
Novo Nordisk A/S Class B 2,513 275,328
Novozymes A/S Class B 718 52,853
Pandora A/S 427 59,689
Royal Unibrew A/S 525 65,205
SimCorp A/S 199 24,066
TOTAL DENMARK 760,038
FINLAND – 0.2%
Kone Oyj Class B 479 32,683
TOTAL FINLAND 32,683
FRANCE – 8.2%
Bureau Veritas S.A. 1,967 62,507
Cie Generale des Etablissements Michelin SCA 307 48,211
Dassault Systemes SE 717 41,803
Edenred 980 53,042
Hermes International 26 41,236
La Francaise des Jeux SAEM (b) 426 22,135
Legrand S.A. 782 85,284
L'Oreal S.A. 477 218,016
LVMH Moet Hennessy Louis Vuitton SE 174 136,362
Publicis Groupe S.A. 3,308 221,805
Remy Cointreau S.A. 460 92,946
Sanofi 1,612 161,234
Sartorius Stedim Biotech 150 82,662
Schneider Electric SE 735 126,651
SEB S.A. 18 2,818
Teleperformance 120 50,146
TOTAL FRANCE 1,446,858
GERMANY – 6.3%
Allianz SE 413 96,139
Carl Zeiss Meditec AG 360 72,469
Deutsche Bank AG (a) 5,805 74,877
Deutsche Post AG 1,050 65,033
Knorr-Bremse AG 476 50,205
Merck KGaA 442 104,449
ProSiebenSat.1 Media SE 9,055 151,787
Rational AG 47 46,754
TAG Immobilien AG 6,786 206,379
Uniper SE 5,529 244,484
TOTAL GERMANY 1,112,576
HONG KONG – 1.2%
Sino Land Co. Ltd. 160,993 211,510
TOTAL HONG KONG 211,510
 
See accompanying notes which are an integral part of the financial statements.
25 Annual Report 


Table of Contents
Fidelity® International Multifactor ETF
Schedule of Investmentscontinued
Common Stocks – continued
  Shares Value
IRELAND – 0.3%
Grafton Group PLC 2,291 $ 42,113
Smurfit Kappa Group PLC 176 9,224
TOTAL IRELAND 51,337
ISRAEL – 1.9%
Bank Hapoalim BM 6,685 65,858
Bank Leumi Le-Israel BM 7,192 68,734
ICL Group Ltd. 5,739 49,176
Israel Discount Bank Ltd. Class A (a) 10,779 65,148
Mizrahi Tefahot Bank Ltd. 1,517 55,214
Nice Ltd. (a) 125 35,249
TOTAL ISRAEL 339,379
ITALY – 4.1%
Assicurazioni Generali SpA 3,339 72,838
DiaSorin SpA 512 115,747
Enel SpA 22,415 187,700
Moncler SpA 885 63,621
Recordati Industria Chimica e Farmaceutica SpA 1,217 76,221
Snam SpA 37,786 214,135
TOTAL ITALY 730,262
JAPAN – 22.2%
Advance Residence Investment Corp. 70 229,599
Astellas Pharma, Inc. 9,000 151,309
Bandai Namco Holdings, Inc. 600 45,711
Dai Nippon Printing Co. Ltd. 2,700 66,538
Daito Trust Construction Co. Ltd. 1,700 210,515
Daiwa Securities Group, Inc. 11,500 64,416
Food & Life Cos. Ltd. 1,400 60,469
FUJIFILM Holdings Corp. 800 61,748
Fujitsu Ltd. 400 68,845
Hitachi Ltd. 1,700 97,714
Hoya Corp. 1,000 146,678
Iida Group Holdings Co. Ltd. 2,100 51,623
ITOCHU Corp. 3,100 88,140
Kajima Corp. 5,700 69,985
Kao Corp. 1,700 95,880
KDDI Corp. 6,800 210,396
Kobayashi Pharmaceutical Co. Ltd. 1,100 87,884
Medipal Holdings Corp. 6,600 118,948
Mitsui & Co. Ltd. 3,700 84,108
Nexon Co. Ltd. 6,900 116,851
Nippon Telegraph & Telephone Corp. 7,600 212,487
NOF Corp. 1,100 55,084
Nomura Research Institute Ltd. 1,500 59,724
Obayashi Corp. 4,400 36,967
Obic Co. Ltd. 300 55,225

  Shares Value
Oji Holdings Corp. 8,700 $ 43,033
ORIX Corp. 4,900 96,904
Osaka Gas Co. Ltd. 12,800 206,102
Otsuka Corp. 1,100 54,023
Rinnai Corp. 500 51,129
Secom Co. Ltd. 200 13,574
Sekisui House Ltd. 2,900 60,060
Shimano, Inc. 200 55,391
Shionogi & Co. Ltd. 2,500 162,399
Sohgo Security Services Co. Ltd. 1,000 42,622
Sony Corp. 1,200 138,286
Sumitomo Mitsui Trust Holdings, Inc. 1,900 62,553
Taisei Corp. 1,500 46,963
The Shizuoka Bank Ltd. 7,800 62,728
Toppan Printing Co. Ltd. 3,700 59,479
Toyo Suisan Kaisha Ltd. 2,900 124,876
Trend Micro, Inc. 1,100 62,030
USS Co. Ltd. 2,200 35,308
TOTAL JAPAN 3,924,304
LUXEMBOURG – 0.5%
Eurofins Scientific SE 700 82,579
TOTAL LUXEMBOURG 82,579
NETHERLANDS – 2.3%
ASM International N.V. 106 48,013
ASML Holding N.V. 233 188,882
NN Group N.V. 1,330 71,293
Wolters Kluwer N.V. 881 92,411
TOTAL NETHERLANDS 400,599
NEW ZEALAND – 0.0%
Fletcher Building Ltd. 1,166 5,983
TOTAL NEW ZEALAND 5,983
NORWAY – 1.0%
Norsk Hydro ASA 7,218 52,800
Orkla ASA 7,976 77,466
Yara International ASA 677 35,277
TOTAL NORWAY 165,543
SINGAPORE – 1.4%
DBS Group Holdings Ltd. 3,300 77,159
Oversea-Chinese Banking Corp. Ltd. 6,481 56,712
Singapore Exchange Ltd. 6,800 48,813
United Overseas Bank Ltd. 3,200 63,478
TOTAL SINGAPORE 246,162
SPAIN – 2.7%
Enagas S.A. 7,321 164,404
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 26


Table of Contents
Common Stocks – continued
  Shares Value
SPAIN – continued
Industria de Diseno Textil S.A. 2,068 $ 74,763