Fidelity® Sustainable Core Plus Bond ETF
Fidelity® Sustainable Low Duration Bond ETF
Annual Report
August 31, 2022


Contents
Market Recap 3  
Investment Summary 4  
Schedule of Investments 6  
Financial Statements 22  
Notes to Financial Statements 27  
Report of Independent Registered Public Accounting Firm 34  
Trustees and Officers 35  
Shareholder Expense Example 42  
Distributions 43  
Board Approval of Investment Advisory Contracts and Management Fees 44  
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© 2022 FMR LLC. All Rights reserved.    
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund’s portfolio holdings, view the most recent holdings listing on Fidelity’s web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
 Annual Report 2


Table of Contents
Market Recap
The ICE BofA® US High Yield Constrained Index returned -10.43% for the 12 months ending August 31, 2022, as a multitude of crosscurrents challenged the global economy and financial markets. Persistently high inflation, exacerbated by energy price shocks from the Russia–Ukraine conflict, spurred the U.S. Federal Reserve to hike interest rates more aggressively than anticipated, and concerns about the outlook for economic growth sent stocks into bear market territory. In early May, the Fed approved a rare half-percentage-point interest rate increase and announced plans to shrink its $9 trillion asset portfolio. June began with the Fed allowing up to billions in Treasuries and mortgage bonds to mature every month without investing the proceeds. Two weeks later, the central bank raised rates by 0.75 percentage points, its largest increase since 1994, and said it was becoming more difficult to achieve a soft landing, in which the economy slows enough to bring down inflation while avoiding a recession. Against this volatile backdrop, the index returned -14.03% in the first half of 2022. High yield sharply reversed course in July (+6.02%), even as the central bank again raised its benchmark interest rate by 0.75%, before a leg down in August (-2.39%). For the full 12 months, the health care and banking industries (-16% each) lagged most, followed by retail (-14%). In contrast, energy led the way, returning about -4% amid a surge in commodity prices, while transportation returned roughly -7%.
3 Annual Report 


Table of Contents
Fidelity® Sustainable Core Plus Bond ETF
Investment Summary (Unaudited)    
Quality Diversification as of August 31, 2022
We have used ratings from Moody’s Investors Service, Inc. Where Moody’s® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation as of August 31, 2022
* Foreign investments – 15.3%
 
 Annual Report 4


Table of Contents
Fidelity® Sustainable Low Duration Bond ETF
Investment Summary (Unaudited)    
Quality Diversification as of August 31, 2022
We have used ratings from Moody’s Investors Service, Inc. Where Moody’s® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation as of August 31, 2022
* Foreign investments – 14.9%
 
5 Annual Report 


Table of Contents
Fidelity® Sustainable Core Plus Bond ETF
Schedule of Investments August 31, 2022 
Showing Percentage of Net Assets
Nonconvertible Bonds – 48.9%
    Principal Amount Value
COMMUNICATION SERVICES – 5.4%
Diversified Telecommunication Services – 2.2%
Altice France Holding SA
6.00% 2/15/28 (a)
$ 16,000 $ 10,880
Level 3 Financing, Inc.
3.75% 7/15/29 (a)
23,000 18,466
Lumen Technologies, Inc.
5.375% 6/15/29 (a)
8,000 6,247
Telefonica Europe BV
2.502% (b)(c)
100,000 83,736
Verizon Communications, Inc.:    

2.355% 3/15/32
40,000 32,816

3.875% 3/1/52
140,000 116,219
      268,364
Entertainment – 1.1%
Cinemark USA, Inc.
5.25% 7/15/28 (a)
5,000 4,050
Magallanes, Inc.:    

4.279% 3/15/32 (a)
74,000 64,479

5.141% 3/15/52 (a)
76,000 60,830
      129,359
Interactive Media & Services – 0.0%
Match Group, Inc.
4.625% 6/1/28 (a)
5,000 4,450
Media – 1.5%
Altice Financing SA
5.75% 8/15/29 (a)
12,000 9,679
Cornerstone Building Brands, Inc.
6.125% 1/15/29 (a)
4,000 2,727
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
5.875% 8/15/27 (a)
5,000 4,575
Front Range BidCo, Inc.
6.125% 3/1/28 (a)
9,000 6,892
Frontier Communications Holdings LLC
8.75% 5/15/30 (a)
5,000 5,147
News Corp.
3.875% 5/15/29 (a)
9,000 7,830
Nexstar Broadcasting, Inc.
4.75% 11/1/28 (a)
4,000 3,620
TEGNA, Inc.
4.75% 3/15/26 (a)
4,000 3,928
TELUS Corp.
3.40% 5/13/32
70,000 62,073
The Walt Disney Co.
2.65% 1/13/31
70,000 61,707
UPC Broadband Finco BV
4.875% 7/15/31 (a)
4,000 3,460

    Principal Amount Value
Virgin Media Finance PLC
5.00% 7/15/30 (a)
$ 4,000 $ 3,160
      174,798
Wireless Telecommunication Services – 0.6%
Millicom International Cellular SA
4.50% 4/27/31 (a)
9,000 7,387
Rogers Communications, Inc.:    

3.20% 3/15/27 (a)
30,000 28,543

4.55% 3/15/52 (a)
40,000 35,111
      71,041
TOTAL COMMUNICATION SERVICES 648,012
CONSUMER DISCRETIONARY – 5.2%
Automobiles – 0.2%
General Motors Co.
5.40% 10/15/29
20,000 19,513
Mclaren Finance PLC
7.50% 8/1/26 (a)
2,000 1,675
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 6 month U.S. LIBOR + 5.625%
7.177% 10/15/26 (a)(c)(d)
9,000 8,347
      29,535
Diversified Consumer Services – 0.7%
Adtalem Global Education, Inc.
5.50% 3/1/28 (a)
5,000 4,750
GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC
7.125% 7/31/26 (a)
8,000 7,566
Ingersoll-Rand Luxembourg Finance SA
3.80% 3/21/29
70,000 65,957
Sotheby's
7.375% 10/15/27 (a)
5,000 4,714
StoneMor, Inc.
8.50% 5/15/29 (a)
3,000 2,610
      85,597
Hotels, Restaurants & Leisure – 0.4%
1011778 BC ULC / New Red Finance, Inc.
3.50% 2/15/29 (a)
9,000 7,728
Hilton Domestic Operating Co., Inc.
3.625% 2/15/32 (a)
13,000 10,495
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.25% 5/15/27 (a)
15,000 13,529
Yum! Brands, Inc.
4.625% 1/31/32
17,000 15,019
      46,771
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 6


Table of Contents
Nonconvertible Bonds – continued
    Principal Amount Value
CONSUMER DISCRETIONARY – continued
Household Durables – 0.3%
Taylor Morrison Communities, Inc.
5.125% 8/1/30 (a)
$ 21,000 $18,020
WASH Multifamily Acquisition, Inc.
5.75% 4/15/26 (a)
18,000 17,351
      35,371
Internet & Direct Marketing Retail – 0.1%
CMG Media Corp.
8.875% 12/15/27 (a)
8,000 6,880
Leisure Products – 0.1%
Constellation Merger Sub, Inc.
8.50% 9/15/25 (a)
4,000 3,600
Life Time, Inc.
8.00% 4/15/26 (a)
5,000 4,413
MajorDrive Holdings IV LLC
6.375% 6/1/29 (a)
6,000 4,610
      12,623
Multiline Retail – 0.0%
Nordstrom, Inc.
4.375% 4/1/30
6,000 4,571
Specialty Retail – 3.3%
Alimentation Couche-Tard, Inc.
3.625% 5/13/51 (a)
80,000 57,347
Ambience Merger Sub, Inc.
4.875% 7/15/28 (a)
4,000 2,929
Bath & Body Works, Inc.
6.95% 3/1/33
4,000 3,286
Carvana Co.
4.875% 9/1/29 (a)
15,000 8,528
LBM Acquisition LLC
6.25% 1/15/29 (a)
5,000 3,736
Lowe's Cos., Inc.:    

3.75% 4/1/32
70,000 64,465

4.25% 4/1/52
70,000 59,618
Macy's Retail Holdings LLC
5.875% 4/1/29 (a)
4,000 3,462
Magic Mergeco, Inc.
5.25% 5/1/28 (a)
12,000 9,200
Tapestry, Inc.
3.05% 3/15/32
70,000 55,749
The Gap, Inc.
3.625% 10/1/29 (a)
6,000 4,179
The Home Depot, Inc.
3.25% 4/15/32
70,000 64,582
The TJX Cos., Inc.
3.875% 4/15/30
60,000 58,234
Victoria's Secret & Co.
4.625% 7/15/29 (a)
4,000 3,170
      398,485

    Principal Amount Value
Textiles, Apparel & Luxury Goods – 0.1%
Crocs, Inc.
4.125% 8/15/31 (a)
$ 9,000 $7,084
Hanesbrands, Inc.
4.625% 5/15/24 (a)
5,000 4,816
      11,900
TOTAL CONSUMER DISCRETIONARY 631,733
CONSUMER STAPLES – 2.0%
Beverages – 0.0%
Triton Water Holdings, Inc.
6.25% 4/1/29 (a)
6,000 4,921
Food & Staples Retailing – 1.8%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
3.25% 3/15/26 (a)
6,000 5,408
Danone SA
1.00% (b)(c)
100,000 84,963
General Mills, Inc.
2.25% 10/14/31
150,000 124,147
TreeHouse Foods, Inc.
4.00% 9/1/28
4,000 3,354
U.S. Foods, Inc.
4.625% 6/1/30 (a)
4,000 3,450
      221,322
Food Products – 0.2%
Darling Ingredients, Inc.
5.25% 4/15/27 (a)
21,000 20,597
Personal Products – 0.0%
HLF Financing Sarl LLC / Herbalife International, Inc.
4.875% 6/1/29 (a)
1,000 789
TOTAL CONSUMER STAPLES 247,629
ENERGY – 1.6%
Energy Equipment & Services – 0.2%
Atlantica Sustainable Infrastructure PLC
4.125% 6/15/28 (a)
5,000 4,475
CGG SA
8.75% 4/1/27 (a)
9,000 7,967
TerraForm Power Operating LLC
4.75% 1/15/30 (a)
4,000 3,542
Transocean Guardian Ltd.
5.875% 1/15/24 (a)
5,970 5,657
Transocean Sentry Ltd.
5.375% 5/15/23 (a)
3,737 3,598
Weatherford International Ltd.
8.625% 4/30/30 (a)
4,000 3,615
      28,854
See accompanying notes which are an integral part of the financial statements.
7 Annual Report 


Table of Contents
Fidelity® Sustainable Core Plus Bond ETF
Schedule of Investmentscontinued
Nonconvertible Bonds – continued
    Principal Amount Value
ENERGY – continued
Oil, Gas & Consumable Fuels – 1.4%
Archrock Partners LP / Archrock Partners Finance Corp.
6.25% 4/1/28 (a)
$ 6,000 $ 5,460
California Resources Corp.
7.125% 2/1/26 (a)
13,000 12,780
CCO Holdings LLC / CCO Holdings Capital Corp.
4.75% 2/1/32 (a)
14,000 11,581
CNX Resources Corp.
6.00% 1/15/29 (a)
2,000 1,880
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
6.00% 2/1/29 (a)
5,000 4,619
CVR Energy, Inc.
5.25% 2/15/25 (a)
17,000 16,037
Energean PLC
6.50% 4/30/27 (a)
5,000 4,512
Holly Energy Partners LP / Holly Energy Finance Corp.
5.00% 2/1/28 (a)
5,000 4,656
Kinetik Holdings LP
5.875% 6/15/30 (a)
5,000 4,757
MEG Energy Corp.
5.875% 2/1/29 (a)
15,000 13,950
New Fortress Energy, Inc.
6.50% 9/30/26 (a)
26,000 24,631
Northern Oil and Gas, Inc.
8.125% 3/1/28 (a)
4,000 3,840
Occidental Petroleum Corp.
5.50% 12/1/25
18,000 18,484
Oceaneering International, Inc.
6.00% 2/1/28
6,000 5,122
SM Energy Co.
6.50% 7/15/28
4,000 3,852
Teine Energy Ltd.
6.875% 4/15/29 (a)
9,000 8,217
Western Midstream Operating LP
3.35% 2/1/25
19,000 17,926
      162,304
TOTAL ENERGY 191,158
FINANCIALS – 12.1%
Banks – 1.1%
AIB Group PLC
2.875% 5/30/31 (c)
100,000 91,901
Citigroup, Inc.
4.91% 5/24/33 (c)
40,000 39,129
      131,030

    Principal Amount Value
Capital Markets – 1.4%
Coinbase Global, Inc.
3.625% 10/1/31 (a)
$ 5,000 $ 3,044
Goldman Sachs Group, Inc.:    

3.102% 2/24/33 (c)
46,000 39,134

3.615% 3/15/28 (c)
70,000 66,245
State Street Corp.
3.031% 11/1/34 (c)
70,000 61,007
      169,430
Consumer Finance – 0.8%
Ally Financial, Inc.:    

2.20% 11/2/28
70,000 57,785

4.70% (b)(c)
10,000 8,249
NextEra Energy Operating Partners LP
3.875% 10/15/26 (a)
5,000 4,660
OneMain Finance Corp.
3.875% 9/15/28
23,000 17,940
      88,634
Diversified Financial Services – 7.3%
Bank of America Corp.:    

2.456% 10/22/25 (c)
130,000 124,048

2.687% 4/22/32 (c)
40,000 33,160

5.015% 7/22/33 (c)
71,000 70,337
Citigroup, Inc.
2.014% 1/25/26 (c)
130,000 122,150
Coinbase Global, Inc.
3.375% 10/1/28 (a)
4,000 2,585
Hightower Holding LLC
6.75% 4/15/29 (a)
5,000 4,202
JPMorgan Chase & Co.:    

0.768% 8/9/25 (c)
130,000 121,136

2.963% 1/25/33 (c)
40,000 33,971

4.586% 4/26/33 (c)
59,000 56,811

4.912% 7/25/33 (c)
13,000 12,856
Morgan Stanley:    

0.864% 10/21/25 (c)
140,000 129,305

2.943% 1/21/33 (c)
40,000 34,033

4.889% 7/20/33 (c)
31,000 30,859
NatWest Group PLC
2.057% 11/9/28 (c)
100,000 98,278
StoneX Group, Inc.
8.625% 6/15/25 (a)
3,000 3,052
      876,783
Insurance – 1.5%
Equitable Financial Life Global Funding
1.30% 7/12/26 (a)
100,000 88,723
Marsh & McLennan Cos., Inc.
2.375% 12/15/31
110,000 92,973
      181,696
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 8


Table of Contents
Nonconvertible Bonds – continued
    Principal Amount Value
FINANCIALS – continued
Thrifts & Mortgage Finance – 0.0%
Radian Group, Inc.
6.625% 3/15/25
$ 4,000 $ 4,006
TOTAL FINANCIALS 1,451,579
HEALTH CARE – 4.1%
Biotechnology – 1.0%
Amgen, Inc.
3.00% 2/22/29
130,000 119,418
Emergent BioSolutions, Inc.
3.875% 8/15/28 (a)
5,000 3,500
      122,918
Health Care Providers & Services – 0.8%
Akumin Escrow, Inc.
7.50% 8/1/28 (a)
4,000 3,170
Cano Health LLC
6.25% 10/1/28 (a)
11,000 9,879
CHS /Community Health Systems, Inc.
6.875% 4/15/29 (a)
10,000 6,250
DaVita, Inc.
3.75% 2/15/31 (a)
5,000 3,679
Humana, Inc.
3.70% 3/23/29
70,000 66,099
Lifepoint Health, Inc. Co.
5.375% 1/15/29 (a)
6,000 4,548
Tenet Healthcare Corp.:    

4.375% 1/15/30 (a)
4,000 3,500

6.125% 10/1/28 (a)
5,000 4,587
      101,712
Life Sciences Tools & Services – 0.1%
IQVIA, Inc.
5.00% 5/15/27 (a)
6,000 5,798
Pharmaceuticals – 2.2%
Astrazeneca Finance LLC
1.75% 5/28/28
70,000 61,796
Bristol-Myers Squibb Co.
2.95% 3/15/32
40,000 36,245
Catalent Pharma Solutions, Inc.
3.50% 4/1/30 (a)
9,000 7,412
Charles River Laboratories International, Inc.
3.75% 3/15/29 (a)
9,000 7,757
CHS/Community Health Systems, Inc.
5.25% 5/15/30 (a)
5,000 3,788
Cigna Corp.
3.40% 3/15/51
80,000 60,892
Darling Ingredients, Inc.
6.00% 6/15/30 (a)
5,000 5,006
Horizon Therapeutics USA, Inc.
5.50% 8/1/27 (a)
4,000 3,832

    Principal Amount Value
Jazz Securities DAC
4.375% 1/15/29 (a)
$ 9,000 $ 8,116
Syneos Health, Inc.
3.625% 1/15/29 (a)
6,000 5,072
Zoetis, Inc.
2.00% 5/15/30
70,000 58,809
      258,725
TOTAL HEALTH CARE 489,153
INDUSTRIALS – 1.6%
Aerospace & Defense – 0.2%
Bombardier, Inc.
6.00% 2/15/28 (a)
16,000 14,145
Howmet Aerospace, Inc.
3.00% 1/15/29
4,000 3,376
Triumph Group, Inc.
8.875% 6/1/24 (a)
5,000 5,062
      22,583
Commercial Services & Supplies – 0.4%
APX Group, Inc.
5.75% 7/15/29 (a)
6,000 4,894
Covert Mergeco, Inc.
4.875% 12/1/29 (a)
10,000 8,437
HealthEquity, Inc.
4.50% 10/1/29 (a)
9,000 7,916
Nielsen Finance LLC / Nielsen Finance Co.
4.50% 7/15/29 (a)
7,000 7,026
Rent-A-Center, Inc.
6.375% 2/15/29 (a)
4,000 3,379
Stericycle, Inc.
3.875% 1/15/29 (a)
12,000 10,395
The Hertz Corp.
4.625% 12/1/26 (a)
6,000 5,139
      47,186
Construction & Engineering – 0.2%
AECOM
5.125% 3/15/27
6,000 5,820
Brand Industrial Services, Inc.
8.50% 7/15/25 (a)
7,000 5,670
HTA Group Ltd.
7.00% 12/18/25 (a)
4,000 3,746
Pike Corp.
5.50% 9/1/28 (a)
2,000 1,653
VM Consolidated, Inc.
5.50% 4/15/29 (a)
14,000 12,286
      29,175
Machinery – 0.5%
Otis Worldwide Corp.
2.565% 2/15/30
70,000 60,231
See accompanying notes which are an integral part of the financial statements.
9 Annual Report 


Table of Contents
Fidelity® Sustainable Core Plus Bond ETF
Schedule of Investmentscontinued
Nonconvertible Bonds – continued
    Principal Amount Value
INDUSTRIALS – continued
Marine – 0.0%
Seaspan Corp.
5.50% 8/1/29 (a)
$ 5,000 $ 4,118
Road & Rail – 0.2%
Uber Technologies, Inc.
4.50% 8/15/29 (a)
22,000 19,099
Trading Companies & Distributors – 0.1%
Fortress Transportation and Infrastructure Investors LLC
5.50% 5/1/28 (a)
6,000 5,105
TOTAL INDUSTRIALS 187,497
INFORMATION TECHNOLOGY – 3.0%
Communications Equipment – 0.0%
CommScope, Inc.
4.75% 9/1/29 (a)
8,000 6,808
Electronic Equipment, Instruments & Components – 0.6%
Atkore, Inc.
4.25% 6/1/31 (a)
4,000 3,359
Honeywell International, Inc.
1.75% 9/1/31
70,000 57,929
SBA Communications Corp.
3.125% 2/1/29
6,000 4,943
Sensata Technologies BV
4.00% 4/15/29 (a)
4,000 3,458
      69,689
IT Services – 0.4%
Austin BidCo, Inc.
7.125% 12/15/28 (a)
4,000 3,160
Black Knight InfoServ LLC
3.625% 9/1/28 (a)
4,000 3,500
Entegris Escrow Corp.
5.95% 6/15/30 (a)
5,000 4,744
Entegris, Inc.
3.625% 5/1/29 (a)
14,000 11,791
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
3.50% 3/1/29 (a)
14,000 11,847
Minerva Merger Sub, Inc.
6.50% 2/15/30 (a)
5,000 4,245
Tempo Acquisition LLC / Tempo Acquisition Finance Corp.
5.75% 6/1/25 (a)
3,000 2,974
The Dun & Bradstreet Corp.
5.00% 12/15/29 (a)
4,000 3,550
      45,811
Semiconductors & Semiconductor Equipment – 1.0%
Micron Technology, Inc.
2.703% 4/15/32
70,000 54,408

    Principal Amount Value
NXP BV / NXP Funding LLC / NXP USA, Inc.
2.50% 5/11/31
$ 70,000 $ 56,227
ON Semiconductor Corp.
3.875% 9/1/28 (a)
6,000 5,351
      115,986
Software – 0.4%
Clarivate Science Holdings Corp.
3.875% 7/1/28 (a)
21,000 17,976
Elastic N.V.
4.125% 7/15/29 (a)
14,000 11,847
NortonLifeLock, Inc.
5.00% 4/15/25 (a)
5,000 4,935
Open Text Corp.
3.875% 12/1/29 (a)
2,000 1,613
Twilio, Inc.
3.625% 3/15/29
9,000 7,515
Twitter, Inc.
3.875% 12/15/27 (a)
5,000 4,652
      48,538
Technology Hardware, Storage & Peripherals – 0.6%
Dell International LLC / EMC Corp.
6.20% 7/15/30
60,000 62,347
NCR Corp.
5.125% 4/15/29 (a)
8,000 7,470
      69,817
TOTAL INFORMATION TECHNOLOGY 356,649
MATERIALS – 2.0%
Chemicals – 0.9%
International Flavors & Fragrances, Inc.
2.30% 11/1/30 (a)
80,000 65,542
Methanex Corp.
5.125% 10/15/27
5,000 4,553
NOVA Chemicals Corp.:    

4.875% 6/1/24 (a)
5,000 4,778

5.25% 6/1/27 (a)
5,000 4,414
Nufarm Australia Ltd. / Nufarm Americas, Inc.
5.00% 1/27/30 (a)
5,000 4,150
Olympus Water US Holding Corp.
6.25% 10/1/29 (a)
7,000 5,285
Sunnova Energy Corp.
5.875% 9/1/26 (a)
10,000 9,225
The Chemours Co. LLC
4.625% 11/15/29 (a)
9,000 7,425
      105,372
Construction Materials – 0.6%
Carrier Global Corp.
2.493% 2/15/27
70,000 64,408
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 10


Table of Contents
Nonconvertible Bonds – continued
    Principal Amount Value
MATERIALS – continued
Construction Materials – continued
Patrick Industries, Inc.
4.75% 5/1/29 (a)
$ 6,000 $4,912
Stericycle, Inc.
5.375% 7/15/24 (a)
1,000 978
      70,298
Containers & Packaging – 0.2%
Berry Global Escrow Corp.
5.625% 7/15/27 (a)
15,000 14,647
Clydesdale Acquisition Holdings, Inc.
6.625% 4/15/29 (a)
5,000 4,800
Crown Americas LLC / Crown Americas Capital Corp. VI
4.75% 2/1/26
5,000 4,822
      24,269
Metals & Mining – 0.3%
ATI, Inc.
4.875% 10/1/29
6,000 5,368
Coeur Mining, Inc.
5.125% 2/15/29 (a)
3,000 2,185
Eldorado Gold Corp.
6.25% 9/1/29 (a)
5,000 3,998
ERO Copper Corp.
6.50% 2/15/30 (a)
10,000 7,406
IAMGOLD Corp.
5.75% 10/15/28 (a)
3,000 1,498
Infrabuild Australia Pty Ltd.
12.00% 10/1/24 (a)
4,000 3,773
Mineral Resources Ltd.
8.50% 5/1/30 (a)
10,000 10,073
      34,301
Paper & Forest Products – 0.0%
Mercer International, Inc.
5.125% 2/1/29
5,000 4,365
Pearl Merger Sub, Inc.
6.75% 10/1/28 (a)
4,000 3,594
      7,959
TOTAL MATERIALS 242,199
REAL ESTATE – 4.8%
Equity Real Estate Investment Trusts (REITs) – 3.2%
Alexandria Real Estate Equities, Inc.
2.00% 5/18/32
110,000 86,925
Boston Properties LP
2.45% 10/1/33
110,000 83,279
Duke Realty LP
2.875% 11/15/29
100,000 89,570
iStar, Inc.
5.50% 2/15/26
4,000 4,080

    Principal Amount Value
MPT Operating Partnership LP/MPT Finance Corp.:    

4.625% 8/1/29
$ 5,000 $ 4,260

5.00% 10/15/27
15,000 13,475
Rithm Capital Corp.
6.25% 10/15/25 (a)
4,000 3,548
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC
6.00% 1/15/30 (a)
17,000 11,987
WP Carey, Inc.
2.45% 2/1/32
110,000 87,584
      384,708
Real Estate Management & Development – 1.6%
CBRE Services, Inc.
2.50% 4/1/31
70,000 56,190
Corporate Office Properties LP
2.00% 1/15/29
80,000 63,191
Realogy Group LLC / Realogy Co-Issuer Corp.
5.25% 4/15/30 (a)
6,000 4,512
Vonovia SE
0.625% 3/24/31
100,000 75,767
      199,660
TOTAL REAL ESTATE 584,368
UTILITIES – 7.1%
Electric Utilities – 0.7%
Oncor Electric Delivery Co LLC
4.15% 6/1/32 (a)
70,000 69,783
Terraform Global Operating LP
6.125% 3/1/26 (a)
18,000 16,956
      86,739
Independent Power and Renewable Electricity Producers – 1.3%
The AES Corp.:    

1.375% 1/15/26
70,000 62,105

2.45% 1/15/31
110,000 90,638
      152,743
Multi-Utilities – 5.1%
Consolidated Edison Co. of New York, Inc.
3.35% 4/1/30
100,000 93,884
Dominion Energy, Inc.
2.25% 8/15/31
110,000 91,142
Duke Energy Carolinas LLC
3.95% 11/15/28
90,000 88,416
NextEra Energy Capital Holdings, Inc.
1.90% 6/15/28
70,000 60,561
NiSource, Inc.
1.70% 2/15/31
120,000 93,878
Northern States Power Co.
2.25% 4/1/31
110,000 95,284
See accompanying notes which are an integral part of the financial statements.
11 Annual Report 


Table of Contents
Fidelity® Sustainable Core Plus Bond ETF
Schedule of Investmentscontinued
Nonconvertible Bonds – continued
    Principal Amount Value
UTILITIES – continued
Multi-Utilities – continued
PG&E Corp.
5.00% 7/1/28
$ 5,000 $4,440
Puget Energy, Inc.
4.224% 3/15/32
100,000 92,128
      619,733
TOTAL UTILITIES 859,215
TOTAL NONCONVERTIBLE BONDS
(Cost $6,238,462)
5,889,192
U.S. Treasury Obligations – 23.0%
       
U.S. Treasury Bill
1.94% 4/20/23 (e)
950,000 931,423
U.S. Treasury Bonds:    
2.25% 2/15/52 1,300,000 1,038,375
3.375% 8/15/42 30,000 29,274
2.50% 4/30/24 to 3/31/27 790,000 771,308
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $2,864,913)
2,770,380
U.S. Government Agency - Mortgage
Securities – 14.4%
       
Fannie Mae – 0.4% 

3.00% 5/1/52
24,681 22,858

4.50% 7/1/52
24,840 25,073
TOTAL FANNIE MAE 47,931
Freddie Mac – 0.4% 

2.50% 12/1/51
49,814 44,606
Ginnie Mae – 3.0% 

2.00% 9/1/52 (f)
100,000 88,332

2.00% 9/1/52 (f)(g)
75,000 66,264

2.50% 9/1/52 (f)
50,000 45,576

2.50% 9/1/52 (f)(g)
50,000 45,590

3.00% 9/1/52 (f)
75,000 70,390

3.50% 9/1/52 (f)
50,000 48,207
TOTAL GINNIE MAE 364,359
Uniform Mortgage Backed Securities – 10.6% 

1.50% 9/1/52 (f)
50,000 40,965
2.00% 9/1/37 to 9/1/52 (f) 250,000 218,127
2.00% 9/1/37 to 9/1/52 (f)(g) 350,000 310,327

2.50% 9/1/52 (f)
325,000 290,266

3.00% 9/1/52 (f)
125,000 115,674

3.50% 9/1/52 (f)
100,000 95,328

4.00% 9/1/52 (f)
100,000 97,586

4.50% 9/1/52 (f)
75,000 74,537

    Principal Amount Value

5.00% 9/1/52 (f)
$ 25,000 $ 25,227
TOTAL UNIFORM MORTGAGE BACKED SECURITIES 1,268,037
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES
(Cost $1,759,620)
1,724,933
Asset-Backed Securities – 8.2%
       
Allegro CLO XV Ltd. Series 2022-1A, Class A CME TERM SOFR 3 MONTH INDEX + 1.50% 3.181% 7/20/35 (a)(c)(d) $ 250,000 $ 245,108
Cedar Funding CLO Ltd. Series 16-6A, Class ARR 3 month U.S. LIBOR + 1.050% 3.76% 4/20/34 (a)(c)(d) 100,000 96,601
Cedar Funding XIV CLO Ltd. Series 2021-14A, Class A 3 month U.S. LIBOR + 1.100% 3.612% 7/15/33 (a)(c)(d) 250,000 244,272
Planet Fitness Master Issuer LLC Series 2019-1A, Class A2 3.858% 12/5/49 (a) 48,750 41,577
Symphony CLO XXVI Ltd. Series 2026-A, Class AR 3 month U.S. LIBOR + 1.080% 3.79% 4/20/33 (a)(c)(d) 320,000 311,486
Verizon Master Trust Series 2021-2, Class A 0.99% 4/20/28 54,000 50,853
TOTAL ASSET-BACKED SECURITIES
(Cost $1,010,811)
989,897
Collateralized Mortgage Obligations – 1.7%
       
PRIVATE SPONSOR – 1.7%
BXHPP Trust Series 2021-FILM, Class A 1 month U.S. LIBOR + 0.650%
3.041% 8/15/36 (a)(c)(d)
125,000 118,356
SLG Office Trust Series 2021-OVA, Class A
2.585% 7/15/41 (a)
100,000 84,976
TOTAL PRIVATE SPONSOR 203,332
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $209,008)
203,332
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 12


Table of Contents
Convertible Bonds – 0.1%
    Principal Amount Value
COMMUNICATION SERVICES – 0.1% 
Media – 0.1%
DISH Network Corp. 3.375% 8/15/26 $ 16,000 $ 11,513
FINANCIALS – 0.0% 
Real Estate Management & Development – 0.0%
Redfin Corp. 0.50% 4/1/27 8,000 4,024
TOTAL CONVERTIBLE BONDS
(Cost $18,154)
15,537
    
Common Stocks – 0.1%
    Shares  
OIL, GAS & CONSUMABLE FUELS – 0.1% 
Oil & Gas Exploration & Production – 0.1%
Denbury, Inc. (h) 19 1,689
EQT Corp. 30 1,434
      3,123
Oil & Gas Refining & Marketing – 0.0%
New Fortress Energy, Inc. 42 2,409
TOTAL OIL, GAS & CONSUMABLE FUELS 5,532
TOTAL COMMON STOCKS
(Cost $4,516)
5,532
    
Bank Loan Obligations – 0.0%
    Principal Amount  
INDUSTRIALS – 0.0%
Construction & Engineering – 0.0%
Brand Energy & Infrastructure Services, Inc. 2017 Term Loan 3 month U.S. LIBOR + 4.250%
7.033% 6/21/24 (c)(d)(i)
$ 2,992 2,726
TOTAL BANK LOAN OBLIGATIONS
(Cost $2,861)
2,726
TOTAL INVESTMENT IN SECURITIES – 96.4%
(Cost $12,108,345)
11,601,529
NET OTHER ASSETS (LIABILITIES) – 3.6% 435,028
NET ASSETS – 100.0% $ 12,036,557
    
Legend  
(a) 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 $2,524,494 or 21.0% of net assets.
(b) Security is perpetual in nature with no stated maturity date.
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(e) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(g) A portion of the security sold on a delayed delivery basis.
(h) Non-income producing.
(i) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
See accompanying notes which are an integral part of the financial statements.
13 Annual Report 


Table of Contents
Fidelity® Sustainable Core Plus Bond ETF
Schedule of Investmentscontinued
Futures Contracts
  Number of
contracts
Expiration
Date
Notional
Amount
Value Unrealized
Appreciation/
(Depreciation)
Sold          
Bond Index Contracts          
Eurex Euro-Bobl Contracts (Germany) 1 September 2022 $ 123,689 $ 2,121 $ 2,121
Purchased          
Treasury Contracts          
CBOT 2-Year U.S. Treasury Note Contracts (United States) 1 December 2022 $ 208,328 $ (727) $ (727)
CBOT 5-Year U.S. Treasury Note Contracts (United States) 2 December 2022 221,641 (2,531) (2,531)
Total Treasury Contracts         $ (3,258)
Total Futures Contracts         $ (1,137)
The notional amount of futures purchased as a percentage of Net Assets is 3.6%
The notional amount of futures sold as a percentage of Net Assets is 1.0%
Forward Foreign Currency Contracts
Currency
Purchased
Currency
Sold
Counterparty Settlement
Date
Unrealised
Appreciation/
(Depreciation)
USD 113,747 GBP 93,000 Goldman Sachs Bank USA 9/15/22 $ 5,683
USD 360,170 EUR 352,000 BNP Paribas SA 9/15/22 6,126
GBP 1,000 USD 1,212 JPMorgan Chase Bank, N.A. 9/15/22 (50)
USD 1,536 EUR 1,500 BNP Paribas SA 9/15/22 27
USD 1,535 EUR 1,500 JPMorgan Chase Bank, N.A. 9/15/22 27
USD 1,543 EUR 1,500 BNP Paribas SA 9/15/22 34
GBP 1,000 USD 1,201 Citibank NA 9/15/22 (39)
EUR 2,000 USD 1,996 JPMorgan Chase Bank, N.A. 9/15/22 15
GBP 1,000 USD 1,184 JPMorgan Chase Bank, N.A. 9/15/22 (22)
EUR 1,000 USD 996 JPMorgan Chase Bank, N.A. 9/15/22 10
GBP 1,000 USD 1,181 Brown Brothers Harriman & Co. 9/15/22 (19)
EUR 6,000 USD 6,011 BNP Paribas SA 9/15/22 24
GBP 2,000 USD 2,328 Goldman Sachs Bank USA 9/15/22 (4)
EUR 8,500 USD 8,548 BNP Paribas SA 9/15/22 1
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS   $11,813
Unrealized Appreciation     11,947
Unrealized Depreciation     (134)
    
Currency Abbreviations  
USD United States Dollar
GBP British Pound
EUR Euro
See accompanying notes which are an integral part of the financial statements.
 Annual Report 14


Table of Contents
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Total Level 1 Level 2 Level 3
    
Investments in Securities:                
Corporate Bonds   $ 5,889,192   $   $ 5,889,192   $
U.S. Treasury Obligations   2,770,380     2,770,380  
U.S. Government Agency - Mortgage Securities   1,724,933     1,724,933  
Asset-Backed Securities   989,897     989,897  
Collateralized Mortgage Obligations   203,332     203,332  
Convertible Bonds   15,537     15,537  
Common Stocks   5,532   5,532    
Bank Loan Obligations   2,726     2,726  
Total Investments in Securities:   $ 11,601,529   $ 5,532   $ 11,595,997   $
    
Derivative Instruments:                
Assets                
Forward Foreign Currency Contracts   $ 11,947   $   $ 11,947   $
Futures Contracts   2,121   2,121    
Total Assets   $ 14,068   $ 2,121   $ 11,947   $
Liabilities                
Futures Contracts   $ (3,258)   $ (3,258)   $   $
Forward Foreign Currency Contracts   (134)     (134)  
Total Liabilities   $ (3,392)   $ (3,258)   $ (134)   $
Total Derivative Instruments:   $ 10,676   $ (1,137)   $ 11,813   $
Value of Derivative Instruments
The following table is a summary of the Fund’s value of derivative instruments by primary risk exposure as of August 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk/ Derivative Type Value
  Asset   Liabilities
Foreign Exchange Risk      
Forward Foreign Currency Contracts(a) $11,947   $ (134)
Total Foreign Exchange Risk $11,947   $ (134)
Interest Rate Risk      
Futures Contracts(b) 2,121   (3,258)
Total Interest Rate Risk $ 2,121   $(3,258)
Total Value of Derivatives $14,068   $(3,392)
    
(a) Gross value is presented in the Statement of Assets and Liabilities in the unrealized appreciation/depreciation on forward foreign currency contracts line-items.
(b) 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).
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America 81.1%
Cayman Islands 5.5%
Canada 2.2%
Jersey, Channel Islands 2.1%
Netherlands 1.3%
Others (Individually Less Than 1%) 4.2%
  96.4%
See accompanying notes which are an integral part of the financial statements.
15 Annual Report 


Table of Contents
Fidelity® Sustainable Low Duration Bond ETF
Schedule of Investments August 31, 2022 
Showing Percentage of Net Assets
Nonconvertible Bonds – 68.2%
    Principal Amount Value
COMMUNICATION SERVICES – 1.0%
Diversified Telecommunication Services – 0.5%
AT&T, Inc. U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.640%
2.635% 3/25/24 (a)(b)
$ 25,000 $ 24,842
Media – 0.5%
Discovery Communications LLC
2.95% 3/20/23
25,000 24,881
TOTAL COMMUNICATION SERVICES 49,723
CONSUMER DISCRETIONARY – 4.5%
Automobiles – 2.0%
American Honda Finance Corp.
0.40% 10/21/22
50,000 49,833
General Motors Financial Co., Inc. U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.760%
2.525% 3/8/24 (a)(b)
50,000 49,268
      99,101
Hotels, Restaurants & Leisure – 0.5%
Starbucks Corp. U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.420%
2.714% 2/14/24 (a)(b)
25,000 24,864
Specialty Retail – 2.0%
AutoZone, Inc.
3.125% 7/15/23
25,000 24,836
The Home Depot, Inc.
2.70% 4/1/23
75,000 74,668
      99,504
TOTAL CONSUMER DISCRETIONARY 223,469
CONSUMER STAPLES – 0.5%
Food Products – 0.5%
Conagra Brands, Inc.
3.20% 1/25/23
25,000 24,928
ENERGY – 3.5%
Oil, Gas & Consumable Fuels – 3.5%
Canadian Natural Resources Ltd.
2.95% 1/15/23
25,000 24,868
Chevron Corp.
1.141% 5/11/23
50,000 49,154
Enbridge, Inc. U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX+ 0.400%
2.695% 2/17/23 (a)(b)
50,000 49,839
MPLX LP
3.375% 3/15/23
50,000 49,961
TOTAL ENERGY 173,822

    Principal Amount Value
FINANCIALS – 36.6%
Banks – 14.4%
Bank of Nova Scotia U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.380%
2.665% 7/31/24 (a)(b)
$ 50,000 $ 49,271
Canadian Imperial Bank of Commerce U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.800%
2.751% 3/17/23 (a)(b)
75,000 75,037
Fifth Third Bancorp
1.625% 5/5/23
25,000 24,659
JPMorgan Chase & Co.:    
U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.580%
2.479% 3/16/24 (a)(b)
75,000 74,479
3 month U.S. LIBOR + 1.230%
4.013% 10/24/23 (a)(b)
75,000 75,058
Mitsubishi UFJ Financial Group, Inc. 3 month U.S. LIBOR + 0.740%
3.822% 3/2/23 (a)(b)
75,000 75,172
Royal Bank of Canada:    
U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.340%
2.443% 10/7/24 Series MTN (a)(b)
50,000 49,136
U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.360%
2.645% 7/29/24 (a)(b)
50,000 49,269
U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.450%
2.694% 10/26/23 (a)(b)
50,000 49,726
The Toronto-Dominion Bank:    

0.75% 6/12/23
50,000 48,853
U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.355%
2.048% 3/4/24 (a)(b)
50,000 49,505
U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.480%
2.748% 1/27/23 (a)(b)
50,000 49,981
Wells Fargo & Co.
1.654% 6/2/24 (b)
50,000 48,988
      719,134
Capital Markets – 6.0%
Goldman Sachs Group, Inc.:    

3.20% 2/23/23
75,000 74,864
U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 1.390%
3.272% 3/15/24 (a)(b)
75,000 75,117
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 16


Table of Contents
Nonconvertible Bonds – continued
    Principal Amount Value
FINANCIALS – continued
Capital Markets – continued
Morgan Stanley 3 month U.S. LIBOR + 1.400%
4.183% 10/24/23 (a)(b)
$ 75,000 $75,069
The Bank of New York Mellon Corp.
2.95% 1/29/23
75,000 74,776
      299,826
Consumer Finance – 5.4%
Air Lease Corp.
2.75% 1/15/23
50,000 49,725
American Express Co.:    
U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.230%
2.524% 11/3/23 (a)(b)
50,000 49,696

3.40% 2/27/23
75,000 74,941
Capital One Financial Corp.:    

2.60% 5/11/23
25,000 24,817

3.20% 1/30/23
25,000 24,955
Toyota Motor Credit Corp.:    
U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.650%
2.691% 12/29/23 (a)(b)
20,000 20,029

2.90% 3/30/23
25,000 24,915
      269,078
Diversified Financial Services – 7.8%
Bank of America Corp.
3.30% 1/11/23
75,000 74,941
Bank of Nova Scotia
1.95% 2/1/23
50,000 49,681
BNP Paribas S.A.
3.25% 3/3/23
50,000 49,950
Capital One Financial Corp. U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 1.350%
3.644% 5/9/25 (a)(b)
15,000 14,801
Citigroup, Inc.
3.375% 3/1/23
50,000 49,982
Mitsubishi UFJ Financial Group, Inc.
3.455% 3/2/23
75,000 74,962
Morgan Stanley
3.125% 1/23/23
75,000 74,894
      389,211
Insurance – 3.0%
Equitable Financial Life Global Funding U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX+ 0.390%
2.494% 4/6/23 (a)(b)(c)
75,000 74,893
Equitable Holdings, Inc.
3.90% 4/20/23
25,000 25,030

    Principal Amount Value
Marsh & McLennan Cos, Inc.
3.30% 3/14/23
$ 50,000 $ 49,841
      149,764
TOTAL FINANCIALS 1,827,013
HEALTH CARE – 4.5%
Health Care Providers & Services – 2.5%
Elevance Health, Inc.
0.45% 3/15/23
25,000 24,546
Humana, Inc.
2.90% 12/15/22
25,000 24,965
UnitedHealth Group, Inc.
2.875% 3/15/23
75,000 74,861
      124,372
Pharmaceuticals – 2.0%
AbbVie, Inc.
2.85% 5/14/23
25,000 24,860
Bristol-Myers Squibb Co.
3.25% 2/20/23
75,000 74,920
      99,780
TOTAL HEALTH CARE 224,152
INDUSTRIALS – 3.0%
Machinery – 3.0%
Caterpillar Financial Services Corp. U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.270%
2.085% 9/13/24 (a)(b)
75,000 74,314
John Deere Capital Corp.
2.70% 1/6/23
75,000 74,909
TOTAL INDUSTRIALS 149,223
INFORMATION TECHNOLOGY – 2.5%
Semiconductors & Semiconductor Equipment – 1.0%
Analog Devices, Inc. U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.250%
2.302% 10/1/24 (a)(b)
50,000 49,297
Software – 1.0%
Microsoft Corp.
2.375% 5/1/23
50,000 49,671
Technology Hardware, Storage & Peripherals – 0.5%
Dell International LLC / EMC Corp.
5.45% 6/15/23
25,000 25,256
TOTAL INFORMATION TECHNOLOGY 124,224
MATERIALS – 0.5%
Chemicals – 0.5%
International Flavors & Fragrances, Inc.
0.697% 9/15/22 (c)
25,000 24,974
See accompanying notes which are an integral part of the financial statements.
17 Annual Report 


Table of Contents
Fidelity® Sustainable Low Duration Bond ETF
Schedule of Investmentscontinued
Nonconvertible Bonds – continued
    Principal Amount Value
REAL ESTATE – 1.5%
Equity Real Estate Investment Trusts (REITs) – 1.5%
Simon Property Group LP U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.430%
2.547% 1/11/24 (a)(b)
$ 75,000 $ 74,309
UTILITIES – 10.1%
Electric Utilities – 1.0%
Duke Energy Corp. U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX+ 0.250%
2.049% 6/10/23 (a)(b)
25,000 24,884
The Southern Co. U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.370%
2.664% 5/10/23 (a)(b)
25,000 24,876
      49,760
Multi-Utilities – 9.1%
Duke Energy Carolinas LLC
3.05% 3/15/23
75,000 74,684
Eversource Energy U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX+ 0.250%
2.545% 8/15/23 (a)(b)
50,000 49,676
Mississippi Power Co. U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.300%
2.314% 6/28/24 (a)(b)
50,000 49,201
NextEra Energy Capital Holdings, Inc. U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.400%
2.694% 11/3/23 (a)(b)
50,000 49,572
Southern California Edison Co.:    
U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.470%
2.766% 12/2/22 (a)(b)
50,000 49,950
U.S. SECURED OVERNIGHT FINL RATE (SOFR) INDX + 0.830%
2.882% 4/1/24 (a)(b)
75,000 74,331
Southern California Gas Co. 3 month U.S. LIBOR + 0.350%
2.095% 9/14/23 (a)(b)
50,000 49,752
Tampa Electric Co.
3.875% 7/12/24
7,000 6,969
Virginia Electric & Power Co.
2.75% 3/15/23
50,000 49,764
      453,899
TOTAL UTILITIES 503,659
TOTAL NONCONVERTIBLE BONDS
(Cost $3,418,463)
3,399,496
U.S. Treasury Obligations – 23.7%
    Principal Amount Value
U.S. Treasury Bill:    
2.327% 12/8/22 (d) $ 300,000 $ 297,715
2.984% 4/20/23 (d) 600,000 588,267
3.198% 2/2/23 (d) 300,000 295,961
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $1,183,061)
1,181,943
Asset-Backed Securities – 3.5%
       
BMW Vehicle Lease Trust Series 2021-2, Class A3 0.33% 12/26/24 20,000 19,450
BMW Vehicle Owner Trust Series 2022-A, Class A2B U.S. SECURED OVERNIGHT FINL RATE 30 DAY AVERAGE (SOFR30A) INDX + 0.520% 2.703% 12/26/24 (a)(b) 23,000 23,022
CarMax Auto Owner Trust 2022-2, Class A2B U.S. SECURED OVERNIGHT FINL RATE 30 DAY AVERAGE (SOFR30A) INDX + 0.600% 2.483% 5/15/25 (a)(b) 8,000 7,999
CarMax Auto Owner Trust Series 2021-1, Class A3 0.34% 12/15/25 9,379 9,132
Carmax Auto Owner Trust Series 2022-3, Class A2A 3.81% 9/15/25 12,000 11,979
Ford Credit Auto Lease Trust 2022-A, Class A2B U.S. SECURED OVERNIGHT FINL RATE 30 DAY AVERAGE (SOFR30A) INDX + 0.600% 2.483% 10/15/24 (a)(b) 8,000 8,003
Ford Credit Auto Owner Trust Series 2022-B, Class A2B U.S. SECURED OVERNIGHT FINL RATE 30 DAY AVERAGE (SOFR30A) INDX + 0.600% 2.483% 2/15/25 (a)(b) 11,000 11,007
GM Financial Automobile Leasing Trust 2022-2, Class A2 2.93% 10/21/24 10,000 9,918
GM Financial Automobile Leasing Trust Series 2021-3, Class A3 0.39% 10/21/24 25,000 24,209
GM Financial Consumer Automobile Receivables Trust 2022-3, Class A2A 3.50% 9/16/25 23,000 22,870
Hyundai Auto Receivables Trust Series 2022-B,Class A2A 3.64% 5/15/25 14,000 13,945
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 18


Table of Contents
Asset-Backed Securities – continued
    Principal Amount Value
World Omni Auto Receivables Trust 2022-B, Class A2B U.S. SECURED OVERNIGHT FINL RATE 30 DAY AVERAGE (SOFR30A) INDX + 0.570% 2.453% 10/15/25 (a)(b) $ 11,000 $ 11,021
TOTAL ASSET-BACKED SECURITIES
(Cost $172,768)
172,555
    
Money Market Fund – 10.3%
    Shares  
Fidelity Cash Central Fund, 2.33% (e)
(Cost $513,294)
513,191 513,294
TOTAL INVESTMENT IN SECURITIES – 105.7%
(Cost $5,287,586)
5,267,288
NET OTHER ASSETS (LIABILITIES) – (5.7%) (286,289)
NET ASSETS – 100.0% $ 4,980,999
    
Legend  
(a) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(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 $99,867 or 2.0% of net assets.
(d) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
(e) 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, 2.33% $—   $2,094,838   $1,581,544   $850   $—   $—   $513,294 0.0%
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
See accompanying notes which are an integral part of the financial statements.
19 Annual Report 


Table of Contents
Fidelity® Sustainable Low Duration Bond ETF
Schedule of Investmentscontinued
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Total Level 1 Level 2 Level 3
    
Investments in Securities:                
Corporate Bonds   $ 3,399,496   $   $ 3,399,496   $
U.S. Treasury Obligations   1,181,943     1,181,943  
Asset-Backed Securities   172,555     172,555  
Money Market Funds   513,294   513,294    
Total Investments in Securities:   $ 5,267,288   $ 513,294   $ 4,753,994   $
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America 90.8%
Canada 10.9%
Japan 3.0%
France 1.0%
  105.7%
See accompanying notes which are an integral part of the financial statements.
 Annual Report 20


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21


Table of Contents
Financial Statements
Statements of Assets and Liabilities
August 31, 2022
  Fidelity Sustainable Core Plus Bond ETF
  Fidelity Sustainable Low Duration Bond ETF
Assets      
Investments in securities, at value – See accompanying schedule:      
Unaffiliated issuers $11,601,529   $4,753,994
Fidelity Central Funds   513,294
Total Investments in Securities $11,601,529   $5,267,288
Segregated cash with brokers for derivative instruments 6,818  
Cash 1,389,962  
Foreign currency held at value (cost $6,094 and $—, respectively) 6,061  
Receivable for investments sold      
Regular delivery 686,120  
Delayed delivery 429,588  
Unrealized appreciation on forward foreign currency contracts 11,947  
Distributions receivable from Fidelity Central Funds   134
Dividends receivable 5  
Interest receivable 81,351   19,528
Receivable for daily variation margin on futures contracts 934  
Total assets 14,214,315   5,286,950
Liabilities      
Payable for investments purchased      
Regular delivery 33,339   296,006
Delayed delivery 2,109,352  
Unrealized depreciation on forward foreign currency contracts 134  
Dividends payable 31,250   8,700
Accrued management fees 3,683   1,245
Total liabilities 2,177,758   305,951
Net Assets $12,036,557   $4,980,999
Net Assets consist of:      
Paid in capital $12,505,876   $5,000,824
Total accumulated earnings (loss) (469,319)   (19,825)
Net Assets $12,036,557   $4,980,999
Shares outstanding 250,000   100,000
Net Asset Value per share $ 48.15   $ 49.81
Investments at cost – Unaffiliated issuers $12,108,345   $4,774,292
Investments at cost – Fidelity Central Funds   513,294
Investments at cost $12,108,345   $5,287,586
See accompanying notes which are an integral part of the financial statements.
 Annual Report 22


Table of Contents
Statements of Operations
For the year ended August 31, 2022
  Fidelity Sustainable Core Plus Bond ETFA
  Fidelity Sustainable Low Duration Bond ETFA
Investment Income      
Dividends $  13   $  1
Interest 141,137   32,528
Income from Fidelity Central Funds   850
Total income 141,150   33,379
Expenses      
Management fees 16,387   5,548
Independent trustees' fees and expenses 10   4
Total expenses 16,397   5,552
Expense reductions   (12)
Total expenses 16,397   5,540
Net investment income (loss) 124,753   27,839
Realized and Unrealized Gain (Loss)      
Net realized gain (loss) on investment securities (2,213)   (265)
Net realized gain (loss) on forward foreign currency contracts 32,070  
Net realized gain (loss) on futures contracts (323)  
Net realized gain (loss) on foreign currency transactions (2,658)  
Total net realized gain (loss) 26,876   (265)
Change in net unrealized appreciation (depreciation) on investment securities (506,816)   (20,299)
Change in net unrealized appreciation (depreciation) on futures contracts (1,137)  
Change in net unrealized appreciation (depreciation) on forward foreign currency contracts 11,813  
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies (308)  
Total change in net unrealized appreciation (depreciation) (496,448)   (20,299)
Net gain (loss) (469,572)   (20,564)
Net increase (decrease) in net assets resulting from operations $(344,819)   $ 7,275
    
A For the period April 19, 2022 (commencement of operations) through August 31, 2022.
See accompanying notes which are an integral part of the financial statements.
23 Annual Report 


Table of Contents
Financial Statements  – continued
Statements of Changes in Net Assets
  Fidelity Sustainable Core Plus Bond ETF
  Fidelity Sustainable Low Duration Bond ETF
  Year ended
August 31, 2022A
  Year ended
August 31, 2022A
Increase (Decrease) in Net Assets      
Operations      
Net investment income (loss) $ 124,753   $ 27,839
Net realized gain (loss) 26,876   (265)
Change in net unrealized appreciation (depreciation) (496,448)   (20,299)
Net increase (decrease) in net assets resulting from operations (344,819)   7,275
Distributions to shareholders (124,500)   (27,100)
Share transactions      
Proceeds from sales of shares 12,505,876   5,000,824
Net increase (decrease) in net assets resulting from share transactions 12,505,876   5,000,824
Total increase (decrease) in net assets 12,036,557   4,980,999
Net Assets      
Beginning of period  
End of period $12,036,557   $4,980,999
Other Information      
Shares      
Sold 250,000   100,000
Redeemed  
Net increase (decrease) 250,000   100,000
    
A For the period April 19, 2022 (commencement of operations) through August 31, 2022.
See accompanying notes which are an integral part of the financial statements.
 Annual Report 24


Table of Contents
Financial Highlights
  Fidelity Sustainable Core Plus Bond ETF
  Year ended August 31, 2022A
Selected Per-Share Data  
Net asset value, beginning of period $ 50.00
Income from Investment Operations  
Net investment income (loss)B,C 0.499
Net realized and unrealized gain (loss) (1.851)
Total from investment operations (1.352)
Distributions from net investment income (0.498)
Total distributions (0.498)
Net asset value, end of period $ 48.15
Total ReturnD,E (2.72)%
Ratios to Average Net AssetsB,F,G,H  
Expenses before reductions .36%