Fidelity Covington Trust

N-CSR 1 d794091dncsr.htm FIDELITY COVINGTON TRUST Fidelity Covington Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07319

Fidelity Covington Trust

(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant’s telephone number, including area code: 617-563-7000

Date of fiscal year end: July 31

Date of reporting period: July 31, 2014

Item 1.

Reports to Stockholders

Fidelity^® MSCI Consumer Discretionary Index ETF

Fidelity MSCI Consumer Staples Index ETF

Fidelity MSCI Energy Index ETF

Fidelity MSCI Financials Index ETF

Fidelity MSCI Health Care Index ETF

Fidelity MSCI Industrials Index ETF

Fidelity MSCI Information Technology Index ETF

Fidelity MSCI Materials Index ETF

Fidelity MSCI Telecommunication Services Index ETF

Fidelity MSCI Utilities Index ETF

Annual Report

July 31, 2014

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Contents



Market Recap	3	A review of what happened in markets during the period.

Performance and Management’s Discussion of Fund Performance	4	How each fund has done over time, the Portfolio Manager’s review of each fund’s performance and a summary of each fund’s holdings.

Shareholder Expense Example	24	An example of shareholder expenses.

Investments	26	A complete list of each fund’s investments with their market values.

Financial Statements	66	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes	74	Notes to the financial statements.

Report of Independent Registered Public Accounting Firm	78

Premium/Discount Analysis	79	Information regarding each fund’s NAV and market price.

Trustees and Officers	82

Distributions	86

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.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

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.

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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund’s Forms N-Q 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 Ÿ MAY LOSE VALUE Ÿ NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.


*Annual Report*		2

Market Recap

U.S. stocks overcame a slowing economy early in 2014 to post a strong gain for the period from October 21, 2013, through July 31, 2014, supported by healthy corporate profits and continued low interest rates. The S&P 500^® Index rose 12.42%, reaching an all-time high near period end. The technology-heavy Nasdaq Composite Index^® gained 12.53%, driven by advancing shares of Apple, Facebook, Google and other large-cap companies. Among S&P 500^® sectors, information technology (+21%) led the way amid strong demand for hardware, software and semiconductors, with the latter setting global sales records during the period. Health care (+17%) also performed well, with hefty contributions from pharmaceuticals, biotechnology & life sciences companies. Materials (+14%) rose amid higher prices for many commodity products. Energy (+14%) advanced due to strong global demand for crude oil, healthy U.S. output and the threat of supply disruptions in Iraq. Utilities (+10%) approached the index’s return, aided by fairly low input costs. Financials (+9%) lagged the broader market amid unfavorable interest rate trends for the industry and low trading volumes. Consumer discretionary (+7%) also trailed the index, as retailers suffered from lackluster customer traffic. Consumer staples (+6%) proved the worst performer, as many investors preferred to invest in stock sectors with more exposure to the growing economy. Volatility remained tame overall, with markets supported by declining unemployment, near-record profit margins for companies, muted cost inflation and low corporate debt levels. Geopolitical tensions remained a concern at period end, however, with conflict in Ukraine and strained relations between Russia and the West posing a potential threat to global growth.


		3		*Annual Report*

Fidelity^® MSCI Consumer Discretionary Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Consumer Discretionary Index 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 cumulative 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 call Fidelity. The $10,000 table and 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/sector-etfs/overview 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 Period Ended July 31, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Consumer Discretionary Index ETF – NAV		6.47%
Fidelity MSCI Consumer Discretionary Index ETF – Market Price		6.59%
MSCI USA IMI Consumer Discretionary Index		6.56%
S&P 500 Index		12.42%

Cumulative total returns reflect performance over the period shown. This information represents returns as of the end of the fund’s fiscal period.


Period Ended June 30, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Consumer Discretionary Index ETF – NAV		8.63%
Fidelity MSCI Consumer Discretionary Index ETF – Market Price		8.59%
MSCI USA IMI Consumer Discretionary Index		8.74%
S&P 500 Index		13.99%

This information shows the returns of the fund and its index for the applicable time period through the end of the most recent calendar quarter, as opposed to through the end of the fund’s fiscal period as shown in the previous table.

Average annual total returns take Fidelity MSCI Consumer Discretionary Index ETF’s cumulative total return and show you what would have happened if Fidelity MSCI Consumer Discretionary Index ETF’s shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.

The fund’s expense ratio is 0.12%. Expense ratio is the total annual operating expense ratio from the most recent prospectus. A fund’s net expenses paid may be different. Please refer to the most recent prospectus for more information on a fund’s expenses.

^A	From October 21, 2013.

*	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 MSCI Consumer Discretionary Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Consumer Discretionary Index and the S&P 500 Index performed over the same period.

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*Annual Report*		4

Fidelity^® MSCI Consumer Discretionary Index ETF

Management’s Discussion of Fund Performance

From its inception on October 21, 2013, through July 31, 2014, the exchange-traded fund’s (ETF) net asset value advanced 6.47%, in line with the 6.56% return of the MSCI USA IMI Consumer Discretionary Index. The ETF’s market price gained 6.59% over the same time frame, while the broad-market S&P 500^® Index returned 12.42%. Consumer discretionary stocks produced the second-lowest return among the 10 MSCI market sectors during the period. Brick-and-mortar retailers continued to struggle after a harsh winter, and the group reported weak first-quarter sales across the board. Intense competition in the industry hurt margins, which dampened the performance of many stocks in the index. Multiple factors weighed on consumers’ decisions to spend on discretionary products, including concern over rising oil prices later in the period and an uptick in inflation, despite reduced debt loads and early signs of wage growth. However, the fundamental picture seemed to be improving, as housing strengthened, unemployment trended lower and auto sales improved. In fact, domestic car sales saw healthy sales volumes, largely driven by demand from buyers who had delayed purchases in recent years. Additionally, signs of economic improvement in the broad market, despite some volatility, lifted consumer confidence, while greater access to credit and attractive lending rates boosted affordability. Looking at industries within the sector, retailers – specifically apparel and home-furnishing retail, along with specialty and general merchandise stores – produced some of the lowest results. Internet retail performed about in line with the index; however, benchmark heavyweight and global e-commerce giant Amazon.com was hurt by mixed financial results this period, partly due to weakness in international markets. On the flip side, the movies & entertainment and cable & satellite segments – the two largest industry weightings, combined making up roughly 23% of the index, on average – performed well, as media companies benefited from a generally optimistic consumer and firms found ways to capitalize on paid content. In the former category, shares of Walt Disney were lifted by the success of the company’s animated films and an increase in visits to its theme parks.

Note to shareholders: Effective May 30, 2014, the fund eliminated the 25% limitation of assets invested in securities of a single issuer.

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 BlackRock Fund Advisors (the ETF’s sub-adviser) or any other person in the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity and BlackRock 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.

Investment Summary


Top Ten Stocks as of July 31, 2014
	% of fund’s net assets
The Walt Disney Co.		5.4
Amazon.com, Inc.		4.6
Comcast Corp. Class A		4.3
Home Depot, Inc.		4.3
McDonald’s Corp.		3.5
Time Warner, Inc.		2.8
priceline.com, Inc.		2.4
Ford Motor Co.		2.3
Starbucks Corp.		2.2
NIKE, Inc. Class B		2.0

		33.8


Industries as of July 31, 2014

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*	Includes short-term investments and net other assets.


		5		*Annual Report*

Fidelity^® MSCI Consumer Staples Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Consumer Staples Index 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 cumulative total returns and is further explained in this section.*


Fiscal Period Ended July 31, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Consumer Staples Index ETF – NAV		6.42%
Fidelity MSCI Consumer Staples Index ETF – Market Price		6.50%
MSCI USA IMI Consumer Staples Index		6.52%
S&P 500 Index		12.42%

Cumulative total returns reflect performance over the period shown. This information represents returns as of the end of the fund’s fiscal period.


Period Ended June 30, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Consumer Staples Index ETF – NAV		10.24%
Fidelity MSCI Consumer Staples Index ETF – Market Price		10.16%
MSCI USA IMI Consumer Staples Index		10.33%
S&P 500 Index		13.99%

Average annual total returns take Fidelity MSCI Consumer Staples Index ETF’s cumulative total return and show you what would have happened if Fidelity MSCI Consumer Staples Index ETF’s shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.

^A	From October 21, 2013.

*	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 MSCI Consumer Staples Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Consumer Staples Index and the S&P 500 Index performed over the same period.

LOGO


*Annual Report*		6

Fidelity^® MSCI Consumer Staples Index ETF

Management’s Discussion of Fund Performance

From its inception on October 21, 2013, through July 31, 2014, the exchange-traded fund’s (ETF) net asset value rose 6.42%, in line with the 6.52% return of the MSCI USA IMI Consumer Staples Index. The ETF’s market price gained 6.50% over the same time frame, while the broad-market S&P 500^® Index returned 12.42%. The period was uneventful for consumer staples, as the traditionally defensive sector languished while investors searched elsewhere for higher returns given a slowly improving yet volatile economy. Business conditions remained steady, but company fundamentals were largely uninspiring, due partly to disappointing growth rates in developed markets and slower-than-expected consumption in emerging markets (EM). Also, currency weakness in EM early in 2014 hurt staples firms with exposure there. Cost pressures in the sector were benign overall, with no pricing wars of note. However, many companies remained focused on cutting costs, which helped account for decent earnings results and minimal earnings volatility, while merger-and-acquisition activity among a handful of firms added a bit of a spark. In terms of industries, household products – which made up nearly 20% of the MSCI sector index – did poorly, as demand was flat for basic products; the weak-performing shares of consumer products giant Procter & Gamble dampened the group’s return. Two smaller segments of the index, personal products and food retail, also struggled. In the former, Nu Skin Enterprises and Avon Products put up poor numbers, while Whole Foods Market couldn’t keep pace in the latter. On the plus side, packaged foods & meats and drug retail bettered the index, with the latter industry boosted by strong returns from drugstore chains CVS Caremark and Walgreen. Beverage-related industries also did well, especially distillers & vintners, where names such as Beam lifted performance.

Note to shareholders: Effective May 30, 2014, the fund eliminated the 25% limitation of assets invested in securities of a single issuer.

Investment Summary


Top Ten Stocks as of July 31, 2014
	% of fund’s net assets
The Procter & Gamble Co.		12.0
The Coca-Cola Co.		8.9
PepsiCo, Inc.		7.7
Philip Morris International, Inc.		7.5
Wal-Mart Stores, Inc.		6.8
CVS Caremark Corp.		5.2
Altria Group, Inc.		4.6
Walgreen Co.		3.6
Mondelez International, Inc. Class A		3.5
Colgate-Palmolive Co.		3.4

		63.2


Industries as of July 31, 2014

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*	Includes short-term investments and net other assets.


		7		*Annual Report*

Fidelity^® MSCI Energy Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Energy Index 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 cumulative total returns and is further explained in this section.*


Fiscal Period Ended July 31, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Energy Index ETF – NAV		13.16%
Fidelity MSCI Energy Index ETF – Market Price		13.20%
MSCI USA IMI Energy Index		13.28%
S&P 500 Index		12.42%

Cumulative total returns reflect performance over the period shown. This information represents returns as of the end of the fund’s fiscal period.


Period Ended June 30, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Energy Index ETF – NAV		17.57%
Fidelity MSCI Energy Index ETF – Market Price		17.57%
MSCI USA IMI Energy Index		17.70%
S&P 500 Index		13.99%

Average annual total returns take Fidelity MSCI Energy Index ETF’s cumulative total return and show you what would have happened if Fidelity MSCI Energy Index ETF’s shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.

^A	From October 21, 2013.

*	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 MSCI Energy Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Energy Index and the S&P 500 Index performed over the same period.

LOGO


*Annual Report*		8

Fidelity^® MSCI Energy Index ETF

Management’s Discussion of Fund Performance

From its inception on October 21, 2013, through July 31, 2014, the exchange-traded fund’s (ETF) net asset value rose 13.16%, in line with the 13.28% return of the MSCI USA IMI Energy Index. The ETF’s market price gained 13.20% over the same time frame, while the broad-market S&P 500^® Index returned 12.42%. The ongoing boom in North American oil and natural gas production lifted several index segments to gains of more than 20% for the period. Oil & gas storage & transport gained 29% as U.S. pipeline companies benefited from moving the glut of midcontinent-produced oil and gas to coastal refiners. Refining & marketing – which made up 6% of the index, on average – was another outperformer, as expansion of the U.S. pipeline system brought more U.S. crude to Gulf Coast refiners for processing. Equipment & services firms such as Schlumberger and Halliburton also benefited from the exploration boom. Conversely, integrated oil & gas, which makes up nearly 40% the index, fell short, returning 12%. Nonetheless, large index components Exxon Mobil and Chevron were notable gainers here, as global oil prices rose in the new year amid tensions in Iraq and elsewhere in the Middle East. Coal & consumable fuels (-10%) posted the energy sector’s only negative result, due mainly to increased regulation and the nation’s shift from coal to natural gas and renewable energy. Elsewhere in exploration & production, shares of U.S. driller Noble Energy fell on lowered production guidance, while Cobalt International Energy declined on news of a failed effort in the Gulf of Mexico.

Note to shareholders: Effective May 30, 2014, the fund eliminated the 25% limitation of assets invested in securities of a single issuer.

Investment Summary


Top Ten Stocks as of July 31, 2014
	% of fund’s net assets
Exxon Mobil Corp.		20.3
Chevron Corp.		11.7
Schlumberger Ltd.		6.7
ConocoPhillips		4.8
Occidental Petroleum Corp.		3.7
EOG Resources, Inc.		2.8
Halliburton Co.		2.8
Anadarko Petroleum Corp.		2.6
Phillips 66		2.3
Apache Corp.		1.9

		59.6

Industries as of July 31, 2014

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		9		*Annual Report*

Fidelity^® MSCI Financials Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Financials Index 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 cumulative total returns and is further explained in this section.*


Fiscal Period Ended July 31, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Financials Index ETF – NAV		7.89%
Fidelity MSCI Financials Index ETF – Market Price		8.09%
MSCI USA IMI Financials Index		7.97%
S&P 500 Index		12.42%

Cumulative total returns reflect performance over the period shown. This information represents returns as of the end of the fund’s fiscal period.


Period Ended June 30, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Financials Index ETF – NAV		9.92%
Fidelity MSCI Financials Index ETF – Market Price		9.79%
MSCI USA IMI Financials Index		9.98%
S&P 500 Index		13.99%

Average annual total returns take Fidelity MSCI Financials Index ETF’s cumulative total return and show you what would have happened if Fidelity MSCI Financials Index ETF’s shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.

^A	From October 21, 2013.

*	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 MSCI Financials Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Financials Index and the S&P 500 Index performed over the same period.

LOGO


*Annual Report*		10

Fidelity^® MSCI Financials Index ETF

Management’s Discussion of Fund Performance

From its inception on October 21, 2013, through July 31, 2014, the exchange-traded fund’s (ETF) net asset value rose 7.89%, roughly in line with the 7.97% return of the MSCI USA IMI Financials Index. The ETF’s market price gained 8.09% over the same period, while the broad-market S&P 500^® Index returned 12.42%. The sector got off to a strong start in the last quarter of 2013, benefiting from an improved economic outlook, expectations of higher interest rates and continued monetary support from the U.S. Federal Reserve. However, in 2014, declining interest rates and low market volatility hampered performance. For the reporting period, diversified and regional banks – which together made up about one-third of the benchmark – generally did well because a pickup in loan volumes helped offset pressure from continued low interest rates and ongoing regulatory issues. Standouts included diversified bank Wells Fargo, a 7% weight in the MSCI sector index. Investment banking & brokerage stocks received a lift from increased merger-and-acquisition activity, despite slowing trading volumes. Consumer finance stocks, such as American Express, gained from improved consumer spending and credit trends, while asset management & custody banks climbed as the rising equity market helped boost assets under management. By contrast, property & casualty insurance stocks, including AFLAC, lagged, held back by unfavorable pricing and renewal trends in the new year, along with a shift away from more-defensive segments. Real estate investment trust (REIT) segments – which in aggregate accounted for 20% of the index – turned in mixed results, but tended to benefit as rates fell and investors looked for yield. Detractors, however, included specialized REIT Rayonier, which saw its stock decline due to pricing pressures in its specialty cellulose business.

Note to shareholders: Effective May 30, 2014, the fund eliminated the 25% limitation of assets invested in securities of a single issuer.

Investment Summary


Top Ten Stocks as of July 31, 2014
	% of fund’s net assets
Wells Fargo & Co.		7.1
JPMorgan Chase & Co.		6.1
Bank of America Corp.		4.5
Citigroup, Inc.		4.2
Berkshire Hathaway, Inc. Class B		3.9
American Express Co.		2.4
US Bancorp		2.2
The Goldman Sachs Group, Inc.		2.1
American International Group, Inc.		2.0
Simon Property Group, Inc.		1.5

		36.0


Industries as of July 31, 2014

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*	Includes short-term investments and net other liabilities.


		11		*Annual Report*

Fidelity^® MSCI Health Care Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Health Care Index 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 cumulative total returns and is further explained in this section.*


Fiscal Period Ended July 31, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Health Care Index ETF – NAV		17.23%
Fidelity MSCI Health Care Index ETF – Market Price		17.35%
MSCI USA IMI Health Care Index		17.37%
S&P 500 Index		12.42%

Cumulative total returns reflect performance over the period shown. This information represents returns as of the end of the fund’s fiscal period.


Period Ended June 30, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Health Care Index ETF – NAV		17.51%
Fidelity MSCI Health Care Index ETF – Market Price		17.55%
MSCI USA IMI Health Care Index		17.65%
S&P 500 Index		13.99%

Average annual total returns take Fidelity MSCI Health Care Index ETF’s cumulative total return and show you what would have happened if Fidelity MSCI Health Care Index ETF’s shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.

^A	From October 21, 2013.

*	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 MSCI Health Care Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Health Care Index and the S&P 500 Index performed over the same period.

LOGO


*Annual Report*		12

Fidelity^® MSCI Health Care Index ETF

Management’s Discussion of Fund Performance

From its inception on October 21, 2013, through July 31, 2014, the exchange-traded fund’s (ETF) net asset value rose 17.23%, in line with the 17.37% return of the MSCI USA IMI Health Care Index. The ETF’s market price gained 17.35% over the same time frame, while the broad-market S&P 500^® Index returned 12.42%. Strong fundamentals continued to underpin the sector’s solid performance, while long-term tailwinds remained a source of stability – an aging global population, an expanding middle class in emerging markets, a strong product innovation cycle and the beginnings of a massive digitalization of the health care economy. Despite some volatility in higher-growth areas such as biotechnology, the sector’s diversified composition, attractive valuation and defensive qualities helped it maintain its strong performance. Pharmaceuticals, the largest industry in the index, struggled a bit during the period, hurt partly by the likelihood of increased government regulation and expiring patents, but was boosted by merger-and-acquisition (M&A) activity, which fueled outsized gains in many stocks, most notably the purchase of Forest Laboratories by Ireland-based Actavis. Big-benchmark component biotechnology experienced some headwinds during the period, as investor concerns that the group’s multiyear rally had possibly reached its peak caused the stocks to sell off on heavy volume during a brief window in March and April. Congressional inquiries about drug pricing also weighed on the industry, but strong gains among large benchmark names, such as Gilead Sciences, helped push biotech in front of the index. Managed health care stocks, although a smaller portion of the index, did well, while life science tools & services companies, such as Illumina, continued to benefit from that industry’s innovative gene sequencing technology. On the down side, health care equipment and health care supplies stocks, including Cerner in the former area, felt the pressure from hospitals’ attempts to rein in costs and trailed the index.

Note to shareholders: Effective May 30, 2014, the fund eliminated the 25% limitation of assets invested in securities of a single issuer.

Investment Summary


Top Ten Stocks as of July 31, 2014
	% of fund’s net assets
Johnson & Johnson		10.1
Pfizer, Inc.		6.6
Merck & Co., Inc.		6.0
Gilead Sciences, Inc.		5.0
Amgen, Inc.		3.4
Bristol-Myers Squibb Co.		3.0
AbbVie, Inc.		3.0
UnitedHealth Group, Inc.		2.9
Biogen Idec, Inc.		2.8
Celgene Corp.		2.5

		45.3

Industries as of July 31, 2014

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*	Includes short-term investments and net other assets.


		13		*Annual Report*

Fidelity^® MSCI Industrials Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Industrials Index 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 cumulative total returns and is further explained in this section.*


Fiscal Period Ended July 31, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Industrials Index ETF – NAV		7.75%
Fidelity MSCI Industrials Index ETF – Market Price		7.75%
MSCI USA IMI Industrials Index		7.89%
S&P 500 Index		12.42%

Cumulative total returns reflect performance over the period shown. This information represents returns as of the end of the fund’s fiscal period.


Period Ended June 30, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Industrials Index ETF – NAV		13.01%
Fidelity MSCI Industrials Index ETF – Market Price		13.05%
MSCI USA IMI Industrials Index		13.13%
S&P 500 Index		13.99%

Average annual total returns take Fidelity MSCI Industrials Index ETF’s cumulative total return and show you what would have happened if Fidelity MSCI Industrials Index ETF’s shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.

^A	From October 21, 2013.

*	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 MSCI Industrials Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Industrials Index and the S&P 500 Index performed over the same period.

LOGO


*Annual Report*		14

Fidelity^® MSCI Industrials Index ETF

Management’s Discussion of Fund Performance

From its inception on October 21, 2013, through July 31, 2014, the exchange-traded fund’s (ETF) net asset value rose 7.75%, roughly in line with the 7.89% return of the MSCI USA IMI Industrials Index. The ETF’s market price gained 7.75% over the same time frame, while the broad-market S&P 500^® Index returned 12.42%. Against the backdrop of a subdued but ongoing global economic recovery and relatively stable fuel prices, transportation stocks were standout performers in the industrials sector, with airlines, trucking and railroads notching returns of 52%, 24% and 20%, respectively. Aerospace & defense, the largest index group, on average, produced a result that was roughly in line with the overall index, returning about 8%. Industrial conglomerates, the second-biggest index group by average weighting, lagged with a 4% gain, weighed down partly by index heavyweight General Electric. Rail carrier Union Pacific stood out for its strong contribution. Industrial conglomerate 3M was a noteworthy outperformer in its group, and heavy equipment maker Caterpillar was among the double-digit gainers in the index. Defense contractors also were well-represented in the top performers, notably Lockheed Martin and General Dynamics. On the negative side, commercial aircraft manufacturer Boeing saw its stock price lose ground, as did aircraft parts supplier Precision Castparts. Two stocks in the construction & engineering segment, KBR and Chicago Bridge & Iron, also ended the period with negative returns. In the trading companies & distributors segment, W.W. Grainger was a laggard.

Note to shareholders: Effective May 30, 2014, the fund eliminated the 25% limitation of assets invested in securities of a single issuer.

Investment Summary


Top Ten Stocks as of July 31, 2014
	% of fund’s net assets
General Electric Co.		10.9
United Technologies Corp.		4.0
Union Pacific Corp.		3.9
3M Co.		3.8
The Boeing Co.		3.7
United Parcel Service, Inc. Class B		3.0
Honeywell International, Inc.		3.0
Caterpillar, Inc.		2.8
Danaher Corp.		2.0
Lockheed Martin Corp.		2.0

		39.1

Industries as of July 31, 2014

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*	Includes short-term investments and net other assets.


		15		*Annual Report*

Fidelity^® MSCI Information Technology Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Information Technology Index 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 cumulative total returns and is further explained in this section.^*


Fiscal Period Ended July 31, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Information Technology Index ETF – NAV		17.14%
Fidelity MSCI Information Technology Index ETF – Market Price		17.30%
MSCI USA IMI Information Technology Index		17.27%
S&P 500 Index		12.42%

Cumulative total returns reflect performance over the period shown. This information represents returns as of the end of the fund’s fiscal period.


Period Ended June 30, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Information Technology Index ETF – NAV		16.58%
Fidelity MSCI Information Technology Index ETF – Market Price		16.66%
MSCI USA IMI Information Technology Index		16.70%
S&P 500 Index		13.99%

Average annual total returns take Fidelity MSCI Information Technology Index ETF’s cumulative total return and show you what would have happened if Fidelity MSCI Information Technology Index ETF’s shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.

^A	From October 21, 2013.

*	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 MSCI Information Technology Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Information Technology Index and the S&P 500 Index performed over the same period.

LOGO


*Annual Report*		16

Fidelity^® MSCI Information Technology Index ETF

Management’s Discussion of Fund Performance

From its inception on October 21, 2013, through July 31, 2014, the exchange-traded fund’s (ETF) net asset value rose 17.14%, in line with the 17.27% return of the MSCI USA IMI Information Technology Index. The ETF’s market price gained 17.30% over the same time frame, while the broad-market S&P 500^® Index returned 12.42%. As concern over weak first-quarter 2014 U.S. economic growth gave way to relief about a second-quarter economic rebound, cyclically sensitive index groups such as semiconductors and technology hardware, storage & peripherals posted solid gains of 32% and 30%, respectively. Technology stocks were especially strong from mid-June onward, as investors piled into a number of large-cap favorites in the sector. With that said, application software, data processing & outsourced services and Internet software & services were laggards. During the period, smartphone maker and index heavyweight Apple was a standout, as were two stocks tied to the personal computer market: operating software maker Microsoft and chipmaker Intel. Social network provider Facebook also turned in above-market results. Conversely, the shares of professional network LinkedIn recorded a steep loss during the period. Rackspace Hosting, offering Web hosting for businesses, also saw its shares decline significantly, as did data analysis software firm Splunk. Two other stocks that ran into trouble during the period were Cree, which makes LED lighting, and CommVault Systems, a provider of data and information management software and related services.

Note to shareholders: Effective May 30, 2014, the fund eliminated the 25% limitation of assets invested in securities of a single issuer.

Investment Summary


Top Ten Stocks as of July 31, 2014
	% of fund’s net assets
Apple, Inc.		14.8
Microsoft Corp.		8.4
International Business Machines Corp.		4.7
Intel Corp.		4.2
Google, Inc. Class C		4.0
Google, Inc. Class A		4.0
Oracle Corp.		3.6
Facebook, Inc. Class A		3.4
Cisco Systems, Inc.		3.2
QUALCOMM, Inc.		3.1

		53.4


Industries as of July 31, 2014

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*	Includes short-term investments and net other assets.


		17		*Annual Report*

Fidelity^® MSCI Materials Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Materials Index 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 cumulative total returns and is further explained in this section.*


Fiscal Period Ended July 31, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Materials Index ETF – NAV		12.15%
Fidelity MSCI Materials Index ETF – Market Price		12.31%
MSCI USA IMI Materials Index		12.25%
S&P 500 Index		12.42%

Cumulative total returns reflect performance over the period shown. This information represents returns as of the end of the fund’s fiscal period.


Period Ended June 30, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Materials Index ETF – NAV		15.11%
Fidelity MSCI Materials Index ETF – Market Price		15.07%
MSCI USA IMI Materials Index		15.22%
S&P 500 Index		13.99%

Average annual total returns take Fidelity MSCI Materials Index ETF’s cumulative total return and show you what would have happened if Fidelity MSCI Materials Index ETF’s shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.

^A	From October 21, 2013.

*	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 MSCI Materials Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Materials Index and the S&P 500 Index performed over the same period.

LOGO


*Annual Report*		18

Fidelity^® MSCI Materials Index ETF

Management’s Discussion of Fund Performance

From its inception on October 21, 2013, through July 31, 2014, the exchange-traded fund’s (ETF) net asset value rose 12.15%, roughly in line with the 12.25% return of the MSCI USA IMI Materials Index. The ETF’s market price gained 12.31% over the same time frame, while the broad-market S&P 500^® Index returned 12.42%. Materials is a cyclical sector that’s driven by the ups and downs of commodity prices, which, in turn, tend to respond to broader economic conditions. During the period, accommodative central banks, an ongoing economic recovery in developed markets and easing concerns about emerging markets following a scare early in 2014 were positives for materials stocks. The MSCI sector index was particularly sensitive to the performance of four chemicals groups – commodity chemicals, diversified chemicals, specialty chemicals, and fertilizers & agricultural chemicals – because they jointly accounted for about 58% of the index during the period. Commodity chemicals turned in an especially strong result, advancing roughly 30%. One of the success stories in this group was Netherlands-based LyondellBasell Industries. In diversified chemicals, one noteworthy contributor was Dow Chemical. Elsewhere, the stock of aluminum producer Alcoa was a standout, posting a gain of 77%. At the same time, shares of another diversified chemicals producer, FMC, did poorly. Gold miner Newmont Mining also lost ground, reflecting a relatively flat price for gold. Iron ore and metallurgical coal producer Cliffs Natural Resources weighed on performance as well.

Note to shareholders: Effective May 30, 2014, the fund eliminated the 25% limitation of assets invested in securities of a single issuer.

Investment Summary


Top Ten Stocks as of July 31, 2014
	% of fund’s net assets
The Dow Chemical Co.		7.5
EI du Pont de Nemours & Co.		7.2
Monsanto Co.		7.2
LyondellBasell Industries N.V. Class A		5.9
Freeport-McMoRan, Inc.		4.7
Praxair, Inc.		4.5
Ecolab, Inc.		3.5
Air Products & Chemicals, Inc.		3.4
PPG Industries, Inc.		3.3
International Paper Co.		2.4

		49.6


Industries as of July 31, 2014

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		19		*Annual Report*

Fidelity^® MSCI Telecommunication Services Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Telecommunication Services Index 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 cumulative total returns and is further explained in this section.*

Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/sector-etfs/overview 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 Period Ended July 31, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Telecommunication Services Index ETF – NAV		8.57%
Fidelity MSCI Telecommunication Services Index ETF – Market Price		8.57%
MSCI USA IMI Telecommunication Services 25/50 Index		8.21%
S&P 500 Index		12.42%

Cumulative total returns reflect performance over the period shown. This information represents returns as of the end of the fund’s fiscal period.


Period Ended June 30, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Telecommunication Services Index ETF – NAV		7.68%
Fidelity MSCI Telecommunication Services Index ETF – Market Price		7.69%
MSCI USA IMI Telecommunication Services 25/50 Index		7.31%
S&P 500 Index		13.99%

Average annual total returns take Fidelity MSCI Telecommunication Services Index ETF’s cumulative total return and show you what would have happened if Fidelity MSCI Telecommunication Services Index ETF’s shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.

^A	From October 21, 2013.

*	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 MSCI Telecommunication Services Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Telecommunication Services 25/50 Index and the S&P 500 Index performed over the same period.

LOGO


*Annual Report*		20

Fidelity^® MSCI Telecommunication Services Index ETF

Management’s Discussion of Fund Performance

From its inception on October 21, 2013, through July 31, 2014, the exchange-traded fund’s (ETF) net asset value advanced 8.57%, compared with the 8.21% return of the MSCI USA IMI Telecommunication Services 25/50 Index. The ETF’s market price gained 8.57% over the same time frame, while the broad-market S&P 500^® Index returned 12.42%. The period was marked by continued vigorous competition among the four major U.S. wireless carriers (AT&T, Verizon Communications, Sprint and T-Mobile), with each attempting to lure customers by offering various incentives to switch providers. Demand for wireless bandwidth continued its upward trend, and yield-hungry investors were attracted to the substantial dividends being paid by some telecom stocks; however, these positives were tempered by a decline in consumer spending in the sector combined with rising capital expenditures as firms looked to expand and improve their networks. The large benchmark-dominating integrated telecommunication services segment outperformed the broader sector during the period. Here, index heavyweights AT&T and Verizon Communications – which combined made up nearly half the sector index, on average – lifted performance. Additionally, another integrated telecom name, CenturyLink, notably boosted the group’s return. Alternative carriers also bettered the index, with Frontier Communications and tw telecom adding to industry results. On the flip side, the smaller, generally more volatile wireless telecom names fared the worst. In this category, NII Holdings and NTELOS Holdings detracted. NII, and its more familiar Nextel brand, lost more than 90% of its value during the period on a series of challenges, while NTELOS, operator of nTelos Wireless and Dish; detracted due to a revenue miss. NII Holdings was not held at period end.

Note to shareholders: Effective May 30, 2014, the fund eliminated the 25% limitation of assets invested in securities of a single issuer.

Investment Summary


Top Ten Stocks as of July 31, 2014
	% of fund’s net assets
Verizon Communications, Inc.		22.5
AT&T, Inc.		22.4
CenturyLink, Inc.		4.7
SBA Communications Corp. Class A		4.4
T-Mobile US, Inc.		3.2
Windstream Holdings, Inc.		3.1
Level 3 Communications, Inc.		3.1
Frontier Communications Corp.		2.9
tw telecom, Inc.		2.8
Sprint Corp.		2.5

		71.6


Industries as of July 31, 2014

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*	Rounds to less than 0.1%.


		21		*Annual Report*

Fidelity^® MSCI Utilities Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Utilities Index 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 cumulative total returns and is further explained in this section.*


Fiscal Period Ended July 31, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Utilities Index ETF – NAV		10.13%
Fidelity MSCI Utilities Index ETF – Market Price		10.13%
MSCI USA IMI Utilities Index		10.24%
S&P 500 Index		12.42%

Cumulative total returns reflect performance over the period shown. This information represents returns as of the end of the fund’s fiscal period.


Period Ended June 30, 2014
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Utilities Index ETF – NAV		18.28%
Fidelity MSCI Utilities Index ETF – Market Price		18.32%
MSCI USA IMI Utilities Index		18.43%
S&P 500 Index		13.99%

Average annual total returns take Fidelity MSCI Utilities Index ETF’s cumulative total return and show you what would have happened if Fidelity MSCI Utilities Index ETF’s shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.

^A	From October 21, 2013.

*	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 MSCI Utilities Index ETF – NAV on October 21, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI USA IMI Utilities Index and the S&P 500 Index performed over the same period.

LOGO


*Annual Report*		22

Fidelity^® MSCI Utilities Index ETF

Management’s Discussion of Fund Performance

From its inception on October 21, 2013, through July 31, 2014, the exchange-traded fund’s (ETF) net asset value rose 10.13%, roughly in line with the 10.24% return of the MSCI USA IMI Utilities Index. The ETF’s market price gained 10.13% over the same time frame, while the broad-market S&P 500^® Index returned 12.42%. There was a broad rally in all segments of the utilities sector during the period. Utilities operating in both regulated and unregulated markets performed well, regardless of the extent of regulation or how commodity-sensitive the companies were. Utilities companies that tend to be more sensitive to power prices benefited from their rise. Regulated companies were buoyed by lower interest rates and heightened volatility, as investors sought more-stable stocks. The best-performing segment of the MSCI sector index was oil & gas storage & transport, a small group that benefited from continued growth in U.S. natural gas production. The top contributor to absolute performance – primarily because it represented about 6% of the index – was Florida electric utility Nextera Energy. The company’s share price soared in June, as investors responded positively to the firm’s joint natural gas pipeline project with EQT and the announcement of the firm’s initial public offering (IPO) of an alternative energy master limited partnership (MLP). MLPs combine the tax benefits of a limited partnership with the liquidity of a publicly traded company. Chicago-based electric utility Exelon’s stock rose due to the company’s upward earnings revisions resulting from rising power prices. The share price of Washington, D.C., utility Pepco Holdings spiked in late April when Exelon announced its intention to buy the firm. By far the biggest negative impact during the period came from Ohio’s FirstEnergy, which tumbled in November because investors believed the company’s plan to spend $2.8 billion over four years for an electricity transmission project could jeopardize the company’s dividend payout.

Note to shareholders: Effective May 30, 2014, the fund eliminated the 25% limitation of assets invested in securities of a single issuer.

Investment Summary


Top Ten Stocks as of July 31, 2014
	% of fund’s net assets
Duke Energy Corp.		7.9
NextEra Energy, Inc.		6.4
Dominion Resources, Inc.		6.1
The Southern Co.		6.0
Exelon Corp.		4.1
American Electric Power Co., Inc.		4.0
Sempra Energy		3.6
PPL Corp.		3.2
PG&E Corp.		3.2
Public Service Enterprise Group, Inc.		2.8

		47.3


Industries as of July 31, 2014

LOGO


		23		*Annual Report*

Shareholder Expense Example (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The actual expense Example is based on an investment of $1,000 invested for the one-half year period and held for the entire period (February 1, 2014 to July 31, 2014). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (February 1, 2014 to July 31, 2014).

Actual Expenses

For each fund, the first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for each Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in the underlying money market fund, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying money market fund. These fees and expenses are not included in each Fund’s annualized expense ratio used to calculate the expense estimates in the table below.

Hypothetical Example for Comparison Purposes

For each fund, the second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in the underlying money market fund, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying money market fund. These fees and expenses are not included in each Fund’s annualized expense ratio used to calculate the expense estimates in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.


	Annualized Expense Ratio^A		Beginning Account Value February 1, 2014		Ending Account Value July 31, 2014		Expenses Paid During Period^B February 1, 2014 to July 31, 2014
Fidelity MSCI Consumer Discretionary Index ETF		.12%
Actual			$	1,000.00	$	1,050.00	$	0.61
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60
Fidelity MSCI Consumer Staples Index ETF		.12%
Actual			$	1,000.00	$	1,072.70	$	0.62
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60
Fidelity MSCI Energy Index ETF		.12%
Actual			$	1,000.00	$	1,167.10	$	0.64
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60
Fidelity MSCI Financials Index ETF		.12%
Actual			$	1,000.00	$	1,064.80	$	0.61
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60
Fidelity MSCI Health Care Index ETF		.12%
Actual			$	1,000.00	$	1,081.50	$	0.62
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60
Fidelity MSCI Industrials Index ETF		.12%
Actual			$	1,000.00	$	1,032.00	$	0.60
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60


*Annual Report*		24


	Annualized Expense Ratio^A		Beginning Account Value February 1, 2014		Ending Account Value July 31, 2014		Expenses Paid During Period^B February 1, 2014 to July 31, 2014
Fidelity MSCI Information Technology Index ETF		.12%
Actual			$	1,000.00	$	1,111.90	$	0.63
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60
Fidelity MSCI Materials Index ETF		.12%
Actual			$	1,000.00	$	1,101.60	$	0.63
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60
Fidelity MSCI Telecommunication Services Index ETF		.12%
Actual			$	1,000.00	$	1,093.30	$	0.62
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60
Fidelity MSCI Utilities Index ETF		.12%
Actual			$	1,000.00	$	1,068.80	$	0.62
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60

^A	Annualized expense ratio reflects expenses net of applicable fee waivers.

^B	Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^C	5% return per year before expenses.


		25		*Annual Report*

Fidelity MSCI Consumer Discretionary Index ETF

Investments July 31, 2014

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
AUTO COMPONENTS – 4.7%
Auto Parts & Equipment – 4.4%
American Axle & Manufacturing Holdings, Inc. (a)		1,938	$	35,640
Autoliv, Inc.		2,671		265,791
BorgWarner, Inc.		6,452		401,637
Dana Holding Corp.		4,232		94,712
Delphi Automotive PLC		8,682		579,958
Dorman Products, Inc. (a)		891		38,652
Drew Industries, Inc.		629		28,305
Federal-Mogul Holdings Corp. Class A (a)		849		13,533
Fox Factory Holding Corp. (a)		526		7,827
Gentex Corp.		4,157		120,137
Gentherm, Inc. (a)		929		38,879
Johnson Controls, Inc.		18,828		889,435
Lear Corp.		2,170		204,349
Modine Manufacturing Co. (a)		1,413		19,457
Motorcar Parts of America, Inc. (a)		449		9,995
Standard Motor Products, Inc.		581		20,945
Superior Industries International, Inc.		605		11,320
Tenneco, Inc. (a)		1,722		109,691
Tower International, Inc. (a)		605		19,057
TRW Automotive Holdings Corp. (a)		3,236		331,010
Visteon Corp. (a)		1,309		125,009

				3,365,339

Tires & Rubber – 0.3%
Cooper Tire & Rubber Co.		1,769		51,106
The Goodyear Tire & Rubber Co.		7,022		176,744

				227,850


TOTAL AUTO COMPONENTS				3,593,189


AUTOMOBILES – 5.3%
Automobile Manufacturers – 4.8%
Ford Motor Co.		104,270		1,774,675
General Motors Co.		36,043		1,218,974
Tesla Motors, Inc. (a)		2,445		545,969
Thor Industries, Inc.		1,369		72,516
Winnebago Industries, Inc. (a)		798		18,753

				3,630,887

Motorcycle Manufacturers – 0.5%
Harley-Davidson, Inc.		6,228		385,015


TOTAL AUTOMOBILES				4,015,902


DISTRIBUTORS – 0.9%
Distributors – 0.9%
Core-Mark Holding Co., Inc.		668		31,529
Genuine Parts Co.		4,351		360,350
LKQ Corp. (a)		8,553		223,704



	Shares		Value
Pool Corp.		1,273	$	69,709
Weyco Group, Inc.		229		5,945


TOTAL DISTRIBUTORS				691,237


DIVERSIFIED CONSUMER SERVICES – 1.4%
Education Services – 0.6%
American Public Education, Inc. (a)		506		18,064
Apollo Group, Inc. Class A (non-vtg.) (a)		2,850		79,601
Bridgepoint Education, Inc. (a)		509		6,113
Bright Horizons Family Solutions, Inc. (a)		929		38,619
Capella Education Co.		315		20,147
Career Education Corp. (a)		1,847		9,438
DeVry Education Group, Inc.		1,613		64,472
Graham Holdings Co. Class B		132		90,519
Grand Canyon Education, Inc. (a)		1,253		53,879
ITT Educational Services, Inc. (a)		454		6,460
K12, Inc. (a)		1,010		23,543
Strayer Education, Inc. (a)		319		16,531
Universal Technical Institute, Inc.		627		7,505

				434,891

Specialized Consumer Services – 0.8%
Ascent Capital Group, Inc. Class A (a)		343		21,259
H&R Block, Inc.		7,757		249,232
LifeLock, Inc. (a)		1,274		17,683
Matthews International Corp. Class A		795		34,575
Outerwall, Inc. (a)		507		27,895
Regis Corp.		1,596		22,232
Service Corp. International		6,049		127,029
Sotheby’s Class A		1,663		65,938
Steiner Leisure Ltd. (a)		394		15,725
Weight Watchers International, Inc.		798		17,309

				598,877


TOTAL DIVERSIFIED CONSUMER SERVICES				1,033,768


HOTELS, RESTAURANTS & LEISURE – 15.1%
Casinos & Gaming – 2.6%
Bally Technologies, Inc. (a)		1,121		67,451
Boyd Gaming Corp. (a)		2,116		23,276
Caesars Acquisition Co. (a)		1,399		16,088
Caesars Entertainment Corp. (a)		1,648		26,368
Churchill Downs, Inc.		392		33,908
International Game Technology		6,952		117,697
Isle of Capri Casinos, Inc. (a)		627		4,960
Las Vegas Sands Corp.		11,523		850,974
MGM Resorts International (a)		11,106		298,085
Multimedia Games Holding Co., Inc. (a)		852		20,550
Penn National Gaming, Inc. (a)		2,047		21,453
Scientific Games Corp. Class A (a)		1,551		13,245
Wynn Resorts Ltd.		2,292		488,654

				1,982,709

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


*Annual Report*		26


Common Stocks – continued
	Shares		Value
HOTELS, RESTAURANTS & LEISURE – continued
Hotels, Resorts & Cruise Lines – 2.7%
Belmond Ltd. (a)		2,587	$	32,079
Carnival Corp.		10,897		394,689
Choice Hotels International, Inc.		912		42,764
Diamond Resorts International Inc. (a)		961		23,987
Extended Stay America, Inc.		1,189		26,800
Interval Leisure Group, Inc.		1,171		24,802
Marcus Corp.		498		8,800
Marriott International, Inc. Class A		6,676		432,004
Marriott Vacations Worldwide Corp. (a)		848		48,802
Royal Caribbean Cruises Ltd.		4,710		280,951
Starwood Hotels & Resorts Worldwide, Inc.		5,432		417,395
Wyndham Worldwide Corp.		3,628		274,095

				2,007,168

Leisure Facilities – 0.3%
ClubCorp Holdings Inc.		912		15,422
International Speedway Corp. Class A		741		22,467
Intrawest Resorts Holdings Inc. (a)		565		6,367
Life Time Fitness, Inc. (a)		1,139		44,820
Six Flags Entertainment Corp.		1,880		71,854
Vail Resorts, Inc.		1,026		77,463

				238,393

Restaurants – 9.5%
Biglari Holdings, Inc. (a)		40		17,000
BJ’s Restaurants, Inc. (a)		741		25,394
Bloomin’ Brands, Inc. (a)		2,152		42,158
Bob Evans Farms, Inc.		749		35,585
Bravo Brio Restaurant Group, Inc. (a)		469		6,988
Brinker International, Inc.		1,896		85,017
Buffalo Wild Wings, Inc. (a)		531		77,165
Chipotle Mexican Grill, Inc. (a)		879		591,128
Chuys Holdings, Inc. (a)		451		12,921
Cracker Barrel Old Country Store, Inc.		538		52,164
Darden Restaurants, Inc.		3,715		173,676
Del Frisco’s Restaurant Group, Inc. (a)		687		14,647
Denny’s Corp. (a)		2,622		17,961
DineEquity, Inc.		494		40,039
Domino’s Pizza, Inc.		1,588		114,336
Dunkin’ Brands Group, Inc.		3,021		129,480
Fiesta Restaurant Group, Inc. (a)		736		33,400
Ignite Restaurant Group, Inc. (a)		228		2,930
Jack in the Box, Inc. (a)		1,197		68,456
Krispy Kreme Doughnuts, Inc. (a)		1,900		29,089
McDonald’s Corp.		28,052		2,652,597
Noodles & Co. (a)		409		11,493
Panera Bread Co. Class A (a)		752		110,770
Papa John’s International, Inc.		909		37,896
Popeyes Louisiana Kitchen, Inc. (a)		684		27,565
Potbelly Corp. (a)		454		5,262
Red Robin Gourmet Burgers, Inc. (a)		400		25,744
Ruby Tuesday, Inc. (a)		1,822		10,950



	Shares		Value
Ruth’s Hospitality Group, Inc.		1,026	$	11,645
Sonic Corp. (a)		1,539		31,780
Starbucks Corp.		21,422		1,664,061
Texas Roadhouse, Inc. Class A		1,906		47,421
The Cheesecake Factory, Inc.		1,384		59,346
Wendy’s Co.		7,892		64,320
Yum! Brands, Inc.		12,558		871,525

				7,201,909


TOTAL HOTELS, RESTAURANTS & LEISURE				11,430,179


HOUSEHOLD DURABLES – 4.0%
Consumer Electronics – 0.6%
Garmin Ltd.		3,314		182,403
Harman International Industries, Inc.		1,928		209,284
Universal Electronics, Inc. (a)		456		21,719

				413,406

Home Furnishings – 0.6%
Ethan Allen Interiors, Inc.		741		16,984
La-Z-Boy, Inc.		1,482		31,181
Leggett & Platt, Inc.		3,931		128,937
Mohawk Industries, Inc. (a)		1,748		218,098
Tempur Sealy International, Inc. (a)		1,714		93,773

				488,973

Homebuilding – 1.5%
Beazer Homes U.S.A., Inc. (a)		741		11,374
Cavco Industries, Inc. (a)		227		16,206
D.R. Horton, Inc.		8,269		171,168
Hovnanian Enterprises, Inc. Class A (a)		3,192		12,768
KB Home		2,131		34,735
Lennar Corp. Class A		4,916		178,107
M.D.C. Holdings, Inc.		1,138		30,692
M/I Homes, Inc. (a)		685		14,097
Meritage Homes Corp. (a)		1,069		40,943
NVR, Inc. (a)		120		135,175
PulteGroup, Inc.		9,712		171,417
Ryland Group, Inc.		1,313		42,147
Standard Pacific Corp. (a)		4,332		32,663
Taylor Morrison Home Corp. Class A (a)		920		16,358
Toll Brothers, Inc. (a)		4,791		156,618
TRI Pointe Homes, Inc. (a)		4,105		55,459
WCI Communities, Inc. (a)		523		8,990
William Lyon Homes Class A (a)		463		11,399

				1,140,316

Household Appliances – 0.5%
Helen of Troy Ltd. (a)		804		43,119
iRobot Corp. (a)		795		25,734
NACCO Industries, Inc. Class A		131		6,247
Whirlpool Corp.		2,191		312,524

				387,624

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


		27		*Annual Report*

Fidelity MSCI Consumer Discretionary Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
HOUSEHOLD DURABLES – continued
Housewares & Specialties – 0.8%
CSS Industries, Inc.		279	$	6,889
Jarden Corp. (a)		3,590		200,681
Libbey, Inc. (a)		629		16,379
Newell Rubbermaid, Inc.		7,896		256,462
Tupperware Brands Corp.		1,433		104,294

				584,705


TOTAL HOUSEHOLD DURABLES				3,015,024


INTERNET & CATALOG RETAIL – 9.8%
Catalog Retail – 0.6%
HSN, Inc.		977		54,605
Liberty Media Corp. Interactive Series A (a)		13,279		372,476

				427,081

Internet Retail – 9.2%
1-800-FLOWERS.com, Inc. Class A (a)		741		3,794
Amazon.com, Inc. (a)		11,062		3,462,295
Blue Nile, Inc. (a)		393		10,120
Expedia, Inc.		2,971		235,957
FTD Cos., Inc. (a)		549		18,084
Groupon, Inc. Class A (a)		12,604		81,548
HomeAway, Inc. (a)		2,506		87,008
Lands’ End, Inc. (a)		522		18,369
Liberty Media Corp. Series A (a)		2,009		138,942
Netflix, Inc. (a)		1,609		680,157
NutriSystem, Inc.		798		12,808
Orbitz Worldwide, Inc. (a)		2,499		22,116
Overstock.com, Inc. (a)		461		7,491
PetMed Express, Inc.		570		7,809
priceline.com, Inc. (a)		1,478		1,836,341
RetailMeNot, Inc. (a)		811		19,837
Shutterfly, Inc. (a)		1,083		53,414
TripAdvisor, Inc. (a)		3,297		312,688
Vitacost.com, Inc. (a)		387		3,088

				7,011,866


TOTAL INTERNET & CATALOG RETAIL				7,438,947


LEISURE PRODUCTS – 1.3%
Leisure Products – 1.3%
Arctic Cat, Inc.		397		14,133
Black Diamond, Inc. (a)		642		5,637
Brunswick Corp.		2,634		106,229
Callaway Golf Co.		2,269		17,244
Hasbro, Inc.		3,349		167,316
Leapfrog Enterprises, Inc. Class A (a)		1,939		14,000
Mattel, Inc.		9,630		341,143
Polaris Industries, Inc.		1,767		260,703
Smith & Wesson Holding Corp. (a)		1,553		19,180
Sturm, Ruger & Co., Inc.		562		28,077


TOTAL LEISURE PRODUCTS				973,662



	Shares		Value
MEDIA – 28.4%
Advertising – 1.2%
Clear Channel Outdoor Holding, Inc. Class A		1,036	$	7,822
Harte-Hanks, Inc.		1,368		8,974
Interpublic Group of Companies, Inc.		12,037		237,249
Lamar Advertising Co. Class A		2,278		114,242
National CineMedia, Inc.		1,734		27,848
Omnicom Group, Inc.		7,331		513,097
ReachLocal, Inc. (a)		285		1,824
Sizmek, Inc. (a)		627		5,699

				916,755

Broadcasting – 2.8%
CBS Corp. Class B (non-vtg.)		13,796		784,027
Cumulus Media, Inc. Class A (a)		3,375		17,483
Discovery Communications, Inc. Class A (a)		4,169		355,240
Discovery Communications, Inc. Class C (non-vtg.) (a)		2,282		191,916
Entercom Communications Corp. Class A (a)		627		5,925
Entravision Communications Corp.		1,828		10,219
Gray Television, Inc. (a)		1,469		17,892
Liberty Media Corp. (a)		5,322		250,134
Liberty Media Corp. Class A (a)		2,661		125,200
Media General, Inc. (a)		1,154		23,265
Nexstar Broadcasting Group, Inc. Class A		891		41,512
Scripps Networks Interactive, Inc. Class A		2,386		196,630
Sinclair Broadcast Group, Inc. Class A		1,936		62,552

				2,081,995

Cable & Satellite – 11.2%
AMC Networks, Inc. Class A (a)		1,731		103,635
Cablevision Systems Corp. – NY Group Class A		5,476		105,249
Charter Communications, Inc. Class A (a)		2,108		325,728
Comcast Corp. Class A		60,626		3,257,435
Comcast Corp. Class A (special) (non-vtg.)		12,908		690,191
DIRECTV (a)		13,719		1,180,520
DISH Network Corp. Class A (a)		6,225		385,078
Liberty Global PLC Series A (a)		6,287		261,539
Liberty Global PLC Series C (a)		15,053		601,969
Loral Space & Communications Ltd. (a)		374		27,040
Sirius XM Holdings, Inc. (a)		86,297		291,684
Starz – Liberty Capital Series A (a)		2,404		68,538
Time Warner Cable, Inc.		7,866		1,141,357

				8,439,963

Movies & Entertainment – 12.2%
AMC Entertainment Holdings, Inc.		638		14,444
Carmike Cinemas, Inc. (a)		634		19,933
Cinemark Holdings, Inc.		2,958		97,022
DreamWorks Animation SKG, Inc. Class A (a)		1,995		39,900

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


*Annual Report*		28


Common Stocks – continued
	Shares		Value
MEDIA – continued
Movies & Entertainment – continued
Lions Gate Entertainment Corp.		2,333	$	71,856
Live Nation Entertainment, Inc. (a)		3,985		92,492
Regal Entertainment Group Class A		2,451		47,696
SFX Entertainment, Inc. (a)		1,463		10,022
The Madison Square Garden Co. Class A (a)		1,806		107,168
The Walt Disney Co.		47,169		4,050,874
Time Warner, Inc.		25,298		2,100,240
Twenty-First Century Fox, Inc. Class A		41,326		1,309,208
Twenty-First Century Fox, Inc. Class B		12,432		393,597
Viacom, Inc. Class B (non-vtg.)		10,974		907,221
World Wrestling Entertainment, Inc. Class A		900		11,232

				9,272,905

Publishing – 1.0%
E.W. Scripps Co. Class A (a)		906		19,642
Gannett Co., Inc.		6,436		210,586
John Wiley & Sons, Inc. Class A		1,348		81,001
Journal Communications, Inc. Class A (a)		972		10,575
Meredith Corp.		1,027		47,160
Morningstar, Inc.		569		38,584
New Media Investment Group, Inc. (a)		738		11,114
News Corp. Class A (a)		10,769		190,073
Scholastic Corp.		794		28,124
The McClatchy Co. Class A (a)		1,824		8,810
The New York Times Co. Class A		3,870		48,336
Time, Inc. (a)		3,158		76,108

				770,113


TOTAL MEDIA				21,481,731


MULTILINE RETAIL – 4.7%
Department Stores – 1.8%
Dillard’s, Inc. Class A		741		88,342
J.C. Penney Co., Inc. (a)		4,118		38,627
Kohl’s Corp.		6,075		325,256
Macy’s, Inc.		10,356		598,473
Nordstrom, Inc.		4,059		281,005
Sears Holdings Corp. (a)		1,523		58,102

				1,389,805

General Merchandise Stores – 2.9%
Big Lots, Inc.		1,653		72,319
Burlington Stores, Inc. (a)		857		28,050
Dollar General Corp. (a)		9,077		501,323
Dollar Tree, Inc. (a)		5,889		320,774
Family Dollar Stores, Inc.		2,899		216,700
Fred’s, Inc. Class A		1,026		16,241
Target Corp.		17,047		1,015,831
Tuesday Morning Corp. (a)		1,264		20,805

				2,192,043


TOTAL MULTILINE RETAIL				3,581,848



	Shares		Value
SPECIALTY RETAIL – 17.6%
Apparel Retail – 4.4%
Abercrombie & Fitch Co. Class A		2,168	$	85,289
Aeropostale, Inc. (a)		2,051		6,809
American Eagle Outfitters, Inc.		4,902		52,255
ANN, Inc. (a)		1,310		48,143
Ascena Retail Group, Inc. (a)		3,927		63,068
bebe stores, Inc.		1,026		2,883
Brown Shoe Co., Inc.		1,195		33,687
Chico’s FAS, Inc.		4,269		67,493
Destination Maternity Corp.		344		6,546
DSW, Inc. Class A		2,148		57,115
Express, Inc. (a)		2,425		37,733
Finish Line, Inc. Class A		1,370		36,017
Foot Locker, Inc.		4,154		197,440
Francescas Holdings Corp. (a)		1,197		15,298
Gap, Inc.		6,944		278,524
Genesco, Inc. (a)		684		52,169
Guess?, Inc.		1,824		47,442
L Brands, Inc.		7,006		406,138
New York & Co., Inc. (a)		912		3,073
Ross Stores, Inc.		6,084		391,810
Shoe Carnival, Inc.		399		7,102
Stage Stores, Inc.		898		16,182
Stein Mart, Inc.		790		10,254
The Buckle, Inc.		809		36,001
The Cato Corp. Class A		798		24,626
The Children’s Place Retail Stores, Inc.		632		31,726
The Men’s Wearhouse, Inc.		1,142		57,465
Tilly’s, Inc. Class A (a)		285		2,158
TJX Companies, Inc.		20,162		1,074,433
Urban Outfitters, Inc. (a)		3,358		119,981
Zumiez, Inc. (a)		626		17,434

				3,286,294

Automotive Retail – 2.7%
Advance Auto Parts, Inc.		2,065		250,092
America’s Car Mart, Inc. (a)		231		8,649
Asbury Automotive Group, Inc. (a)		796		53,754
AutoNation, Inc. (a)		2,208		117,731
AutoZone, Inc. (a)		955		493,764
CarMax, Inc. (a)		6,319		308,430
CST Brands, Inc.		2,158		72,142
Group 1 Automotive, Inc.		618		45,683
Lithia Motors, Inc. Class A		671		59,618
Monro Muffler Brake, Inc.		855		43,425
Murphy USA, Inc. (a)		1,335		65,976
O’Reilly Automotive, Inc. (a)		3,011		451,650
Penske Automotive Group, Inc.		1,297		60,246
Sonic Automotive, Inc. Class A		973		23,663
The Pep Boys – Manny, Moe & Jack (a)		1,368		14,473

				2,069,296

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


		29		*Annual Report*

Fidelity MSCI Consumer Discretionary Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
SPECIALTY RETAIL – continued
Computer & Electronics Retail – 0.6%
Best Buy Co., Inc.		8,348	$	248,186
Conn’s, Inc. (a)		779		31,160
GameStop Corp. Class A		3,273		137,368
hhgregg, Inc. (a)		446		3,171
Rent-A-Center, Inc.		1,476		35,335

				455,220

Home Improvement Retail – 6.2%
Home Depot, Inc.		39,908		3,226,562
Lowe’s Companies, Inc.		29,191		1,396,789
Lumber Liquidators Holdings, Inc. (a)		773		41,912
Sears Hometown & Outlet Stores, Inc. (a)		386		7,319
Tile Shop Holdings, Inc. (a)		690		6,976

				4,679,558

Homefurnishing Retail – 1.0%
Aarons, Inc. Class A		1,833		48,355
Bed Bath & Beyond, Inc. (a)		6,028		381,512
Haverty Furniture Companies, Inc.		570		12,671
Kirkland’s, Inc. (a)		363		6,828
Mattress Firm Holding Corp. (a)		399		18,593
Pier 1 Imports, Inc.		2,799		42,153
Restoration Hardware Holdings, Inc. (a)		892		72,957
Select Comfort Corp. (a)		1,589		32,098
Williams-Sonoma, Inc.		2,546		170,760

				785,927

Specialty Stores – 2.7%
Barnes & Noble, Inc. (a)		1,135		23,631
Big 5 Sporting Goods Corp.		595		5,896
Cabela’s, Inc. Class A (a)		1,415		82,579
Dick’s Sporting Goods, Inc.		2,855		121,423
Five Below, Inc. (a)		1,228		44,969
GNC Holdings, Inc. Class A		2,686		88,128
Hibbett Sports, Inc. (a)		741		36,983
MarineMax, Inc. (a)		688		11,469
Office Depot, Inc. (a)		14,454		72,415
PetSmart, Inc.		2,789		190,042
Sally Beauty Holdings, Inc. (a)		4,607		119,552
Signet Jewelers Ltd.		2,158		219,663
Staples, Inc.		18,574		215,273
The Container Store Group, Inc. (a)		566		11,903
Tiffany & Co., Inc.		3,626		353,934
Tractor Supply Co.		3,935		244,639
Ulta Salon, Cosmetics & Fragrance, Inc. (a)		1,723		159,085
Vitamin Shoppe, Inc. (a)		885		37,745
Winmark Corp.		90		5,892

				2,045,221


TOTAL SPECIALTY RETAIL				13,321,516



	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS – 6.7%
Apparel, Accessories & Luxury Goods – 4.2%
Carter’s, Inc.		1,528	$	116,984
Coach, Inc.		7,858		271,572
Columbia Sportswear Co.		399		29,829
Fossil Group, Inc. (a)		1,375		134,750
G-III Apparel Group Ltd. (a)		562		43,651
Hanesbrands, Inc.		2,814		274,956
Iconix Brand Group, Inc. (a)		1,305		55,110
Kate Spade & Co. (a)		3,487		131,913
lululemon athletica, Inc. (a)		3,096		119,103
Michael Kors Holdings Ltd. (a)		5,483		446,755
Movado Group, Inc.		519		21,243
Oxford Industries, Inc.		433		25,794
PVH Corp.		2,312		254,736
Quiksilver, Inc. (a)		3,850		11,512
Ralph Lauren Corp.		1,691		263,559
Tumi Holdings, Inc. (a)		1,477		31,135
Under Armour, Inc. Class A (a)		4,625		308,719
Vera Bradley, Inc. (a)		657		13,028
VF Corp.		9,998		612,577
Vince Holding Corp. (a)		471		15,915

				3,182,841

Footwear – 2.5%
Crocs, Inc. (a)		2,499		39,659
Deckers Outdoor Corp. (a)		976		86,386
NIKE, Inc. Class B		20,051		1,546,534
Skechers U.S.A., Inc. Class A (a)		1,140		59,474
Steven Madden Ltd. (a)		1,703		54,240
Wolverine World Wide, Inc.		2,850		69,141

				1,855,434

Textiles – 0.0%
Unifi, Inc. (a)		454		13,003


TOTAL TEXTILES, APPAREL & LUXURY GOODS				5,051,278


TOTAL COMMON STOCKS (Cost $74,832,530)				75,628,281


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $88,417)		88,417		88,417


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $74,920,947)				75,716,698

NET OTHER ASSETS (LIABILITIES) – 0.0%				24,571


NET ASSETS – 100%			$	75,741,269

Legend

(a)

Non-income producing.

(b)

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

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


*Annual Report*		30

Other Information

The following is a summary of the inputs used, as of July 31, 2014, 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 at the end of this listing.


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	75,628,281	$	75,628,281	$	—	$	—
Money Market Funds		88,417		88,417		—		—

Total Investments in Securities:	$	75,716,698	$	75,716,698	$	—	$	—

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


		31		*Annual Report*

Fidelity MSCI Consumer Staples Index ETF

Investments July 31, 2014

Showing Percentage of Net Assets


Common Stocks – 99.8%
	Shares		Value
BEVERAGES – 20.6%
Brewers – 0.7%
Molson Coors Brewing Co. Class B		6,398	$	432,057
The Boston Beer Co., Inc. Class A (a)		387		85,295

				517,352

Distillers & Vintners – 1.4%
Brown-Forman Corp. Class B		5,140		445,381
Constellation Brands, Inc. Class A (a)		7,015		584,069

				1,029,450

Soft Drinks – 18.5%
Coca-Cola Bottling Co. Consolidated		220		15,360
Coca-Cola Enterprises, Inc.		10,218		464,408
Dr Pepper Snapple Group, Inc.		8,317		488,707
Monster Beverage Corp. (a)		5,969		381,777
National Beverage Corp. (a)		504		8,639
PepsiCo, Inc.		63,961		5,634,964
The Coca-Cola Co.		166,570		6,544,535

				13,538,390


TOTAL BEVERAGES				15,085,192


FOOD & STAPLES RETAILING – 23.8%
Drug Retail – 9.1%
CVS Caremark Corp.		49,681		3,793,641
Rite Aid Corp. (a)		40,750		272,618
Walgreen Co.		37,934		2,608,721

				6,674,980

Food Distributors – 1.5%
SpartanNash Co.		1,621		33,976
Sysco Corp.		24,605		878,152
The Andersons, Inc.		1,132		61,151
The Chefs’ Warehouse, Inc. (a)		857		15,058
United Natural Foods, Inc. (a)		2,100		123,102

				1,111,439

Food Retail – 3.3%
Casey’s General Stores, Inc.		1,619		107,129
Ingles Markets, Inc. Class A		493		12,088
Natural Grocers by Vitamin Cottage, Inc. (a)		433		9,820
Roundy’s, Inc.		10		48
Safeway, Inc.		9,677		333,469
Sprouts Farmers Market Inc. (a)		3,750		114,413
SUPERVALU, Inc. (a)		8,803		80,724
Susser Holdings Corp. (a)		726		58,203
The Fresh Market, Inc. (a)		1,745		52,228
The Kroger Co.		20,635		1,010,702
The Pantry, Inc. (a)		995		17,821
Village Super Market, Inc. Class A		326		7,668
Weis Markets, Inc.		533		22,738
Whole Foods Market, Inc.		14,603		558,127

				2,385,178



	Shares		Value
Hypermarkets & Super Centers – 9.9%
Costco Wholesale Corp.		18,479	$	2,172,021
PriceSmart, Inc.		833		68,556
Wal-Mart Stores, Inc.		67,965		5,000,865

				7,241,442


TOTAL FOOD & STAPLES RETAILING				17,413,039


FOOD PRODUCTS – 19.6%
Agricultural Products – 3.0%
Alico, Inc.		168		6,201
Archer-Daniels-Midland Co.		27,680		1,284,352
Bunge Ltd.		6,195		488,414
Darling International, Inc. (a)		6,963		130,347
Fresh Del Monte Produce, Inc.		1,911		57,215
Ingredion, Inc.		3,146		231,640

				2,198,169

Packaged Foods & Meats – 16.6%
Annie’s, Inc. (a)		723		21,097
B&G Foods, Inc.		2,285		64,140
Boulder Brands, Inc. (a)		2,553		28,977
Cal-Maine Foods, Inc.		610		43,432
Calavo Growers, Inc.		586		20,211
Campbell Soup Co.		8,627		358,797
Chiquita Brands International, Inc. (a)		1,911		18,326
ConAgra Foods, Inc.		17,666		532,277
Dean Foods Co.		4,024		61,648
Diamond Foods, Inc. (a)		999		26,833
Flowers Foods, Inc.		7,900		150,811
General Mills, Inc.		26,250		1,316,437
Hillshire Brands Co.		5,146		323,014
Hormel Foods Corp.		6,096		275,905
J&J Snack Foods Corp.		633		57,027
Kellogg Co.		11,338		678,353
Keurig Green Mountain, Inc.		5,231		623,954
Kraft Foods Group, Inc.		25,059		1,342,786
Lancaster Colony Corp.		814		71,103
McCormick & Co., Inc. (non-vtg.)		5,014		329,821
Mead Johnson Nutrition Co.		8,484		775,777
Mondelez International, Inc. Class A		71,379		2,569,644
Pilgrim’s Pride Corp. (a)		2,719		76,023
Pinnacle Foods, Inc.		2,461		74,150
Post Holdings, Inc. (a)		1,849		83,057
Sanderson Farms, Inc.		887		80,797
Seaboard Corp. (a)		16		45,632
Seneca Foods Corp. Class A (a)		333		9,530
Snyders-Lance, Inc.		2,070		51,357
The Hain Celestial Group, Inc. (a)		2,098		179,379
The Hershey Co.		6,525		575,179
The JM Smucker Co.		4,358		434,231
Tootsie Roll Industries, Inc.		905		23,829
TreeHouse Foods, Inc. (a)		1,740		127,890
Tyson Foods, Inc. Class A		12,981		483,023

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


*Annual Report*		32


Common Stocks – continued
	Shares		Value

FOOD PRODUCTS – continued
Packaged Foods & Meats – continued
WhiteWave Foods Co. Class A (a)		7,322	$	218,122

				12,152,569


TOTAL FOOD PRODUCTS				14,350,738


HOUSEHOLD PRODUCTS – 19.4%
Household Products – 19.4%
Central Garden and Pet Co. (a)		515		4,733
Central Garden and Pet Co. Class A (a)		1,365		12,735
Church & Dwight Co., Inc.		5,782		371,089
Colgate-Palmolive Co.		38,612		2,448,001
Energizer Holdings, Inc.		2,633		302,163
Harbinger Group, Inc. (a)		2,807		32,926
Kimberly-Clark Corp.		15,942		1,655,895
Spectrum Brands Holdings, Inc.		1,000		83,400
The Clorox Co.		5,464		474,658
The Procter & Gamble Co.		113,896		8,806,439
WD-40 Co.		616		41,124


TOTAL HOUSEHOLD PRODUCTS				14,233,163


PERSONAL PRODUCTS – 1.9%
Personal Products – 1.9%
Avon Products, Inc.		18,303		241,600
Elizabeth Arden, Inc. (a)		1,167		24,075
Herbalife Ltd.		3,399		178,108
Inter Parfums, Inc.		726		18,970
Medifast, Inc. (a)		486		13,953
Nu Skin Enterprises, Inc. Class A		2,385		139,976
Revlon, Inc. Class A (a)		571		17,415
The Estee Lauder Cos., Inc. Class A		10,036		737,245
USANA Health Sciences, Inc. (a)		300		19,155


TOTAL PERSONAL PRODUCTS				1,390,497



	Shares		Value

TOBACCO – 14.5%
Tobacco – 14.5%
Alliance One International, Inc. (a)		3,971	$	9,014
Altria Group, Inc.		83,734		3,399,600
Lorillard, Inc.		15,232		921,231
Philip Morris International, Inc.		66,598		5,461,702
Reynolds American, Inc.		13,551		756,823
Universal Corp.		408		21,188
Vector Group Ltd.		3,128		64,218


TOTAL TOBACCO				10,633,776


TOTAL COMMON STOCKS (Cost $76,415,676)				73,106,405


Money Market Funds – 0.2%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $119,135)		119,135		119,135


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $76,534,811)				73,225,540

NET OTHER ASSETS (LIABILITIES) – 0.0%				18,321


NET ASSETS – 100%			$	73,243,861

Legend

(a)

Non-income producing.

(b)

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

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	73,106,405	$	73,106,405	$	—	$	—
Money Market Funds		119,135		119,135		—		—

Total Investments in Securities:	$	73,225,540	$	73,225,540	$	—	$	—

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


		33		*Annual Report*

Fidelity MSCI Energy Index ETF

Investments July 31, 2014

Showing Percentage of Net Assets


Common Stocks – 99.8%
	Shares		Value
ENERGY EQUIPMENT & SERVICES – 20.7%
Oil & Gas Drilling – 2.8%
Atwood Oceanics, Inc. (a)		4,232	$	203,771
Diamond Offshore Drilling, Inc.		4,806		224,873
Ensco PLC Class A		16,140		817,491
Helmerich & Payne, Inc.		7,444		790,999
Hercules Offshore, Inc. (a)		11,239		39,674
Nabors Industries Ltd.		18,366		498,820
Noble Corp. PLC		17,571		551,202
Parker Drilling Co. (a)		8,320		51,418
Patterson-UTI Energy, Inc.		9,985		342,985
Pioneer Energy Services Corp. (a)		4,368		64,253
Rowan Cos. PLC Class A		8,630		263,388
Unit Corp. (a)		3,089		195,688

				4,044,562

Oil & Gas Equipment & Services – 17.9%
Baker Hughes, Inc.		30,195		2,076,510
Basic Energy Services, Inc. (a)		2,395		57,456
Bristow Group, Inc.		2,508		178,996
C&J Energy Services, Inc. (a)		3,092		92,636
Cameron International Corp. (a)		14,981		1,062,303
CARBO Ceramics, Inc.		1,447		180,209
CHC Group Ltd. (a)		2,270		16,344
Core Laboratories N.V.		3,098		453,640
Dawson Geophysical Co.		541		13,579
Dresser-Rand Group, Inc. (a)		5,285		314,510
Dril-Quip, Inc. (a)		2,811		283,265
Era Group, Inc. (a)		1,352		36,234
Exterran Holdings, Inc.		4,127		174,366
FMC Technologies, Inc. (a)		16,311		991,709
Forum Energy Technologies, Inc. (a)		4,170		138,819
Frank’s International N.V.		2,700		62,505
Geospace Technologies Corp. (a)		356		14,325
Gulf Island Fabrication, Inc.		954		18,603
Gulfmark Offshore, Inc. Class A		416		15,920
Halliburton Co.		58,764		4,054,128
Helix Energy Solutions Group, Inc. (a)		6,968		177,196
Hornbeck Offshore Services, Inc. (a)		2,282		99,723
ION Geophysical Corp. (a)		9,007		33,776
Key Energy Services, Inc. (a)		9,489		58,263
Matrix Service Co. (a)		1,860		49,941
McDermott International, Inc. (a)		16,399		119,713
National Oilwell Varco, Inc.		29,603		2,399,027
Natural Gas Services Group, Inc. (a)		855		26,676
Newpark Resources, Inc. (a)		5,957		72,854
Nuverra Environmental Solutions, Inc. (a)		1,136		21,152
Oceaneering International, Inc.		7,482		508,103
Oil States International, Inc. (a)		3,210		196,741
PHI, Inc. (non-vtg.) (a)		838		33,059
RigNet, Inc. (a)		916		50,948
RPC, Inc.		4,576		102,960
Schlumberger Ltd.		90,230		9,780,030



	Shares		Value
SEACOR Holdings, Inc. (a)		1,351	$	102,622
Seventy Seven Energy, Inc. (a)		2,644		59,305
Superior Energy Services, Inc.		10,951		367,954
Tesco Corp.		2,288		44,662
TETRA Technologies, Inc. (a)		5,435		59,839
Tidewater, Inc.		3,432		162,231
Weatherford International PLC (a)		53,143		1,188,809
Willbros Group, Inc. (a)		2,808		32,545

				25,984,186


TOTAL ENERGY EQUIPMENT & SERVICES				30,028,748


GAS UTILITIES – 0.6%
Gas Utilities – 0.6%
ONEOK, Inc.		14,360		925,215


OIL, GAS & CONSUMABLE FUELS – 78.5%
Coal & Consumable Fuels – 0.7%
Alpha Natural Resources, Inc. (a)		10,200		34,578
Arch Coal, Inc.		14,768		43,861
Cloud Peak Energy, Inc. (a)		4,264		66,007
CONSOL Energy, Inc.		15,819		614,093
Peabody Energy Corp.		18,787		284,999
Solazyme, Inc. (a)		3,857		37,336

				1,080,874

Integrated Oil & Gas – 37.1%
Chevron Corp.		131,837		17,038,614
Exxon Mobil Corp.		298,393		29,523,003
Hess Corp.		20,236		2,002,959
Occidental Petroleum Corp.		54,888		5,363,107

				53,927,683

Oil & Gas Exploration & Production – 28.5%
Abraxas Petroleum Corp. (a)		6,316		32,212
Anadarko Petroleum Corp.		34,797		3,718,059
Antero Resources Corp. (a)		3,631		209,726
Apache Corp.		27,262		2,798,717
Apco Oil and Gas International, Inc. (a)		705		9,736
Approach Resources, Inc. (a)		2,593		54,557
Athlon Energy, Inc. (a)		3,615		172,291
Bill Barrett Corp. (a)		3,437		82,522
Bonanza Creek Energy, Inc. (a)		2,248		126,023
BPZ Resources, Inc. (a)		7,072		18,529
Cabot Oil & Gas Corp.		29,181		961,514
Callon Petroleum Co. (a)		2,718		26,854
Carrizo Oil & Gas, Inc. (a)		2,981		183,063
Chesapeake Energy Corp.		36,705		967,911
Cimarex Energy Co.		6,016		836,344
Clayton Williams Energy, Inc. (a)		432		45,969
Cobalt International Energy, Inc. (a)		19,965		319,839
Comstock Resources, Inc.		3,131		74,079
Concho Resources, Inc. (a)		7,719		1,086,835
ConocoPhillips		84,671		6,985,357
Contango Oil & Gas Co. (a)		1,144		46,023

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


*Annual Report*		34


Common Stocks – continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS – continued
Oil & Gas Exploration & Production – continued
Continental Resources, Inc. (a)		3,205	$	470,430
Denbury Resources, Inc.		24,586		416,733
Devon Energy Corp.		26,734		2,018,417
Diamondback Energy, Inc. (a)		3,255		267,659
Emerald Oil, Inc. (a)		3,745		27,488
Energen Corp.		5,052		412,395
Energy XXI Bermuda Ltd.		5,639		112,554
EOG Resources, Inc.		37,728		4,128,952
EP Energy Corp. (a)		3,367		67,340
EQT Corp.		10,424		977,980
EXCO Resources, Inc.		11,330		52,231
Forest Oil Corp. (a)		7,285		14,861
Gastar Exploration, Inc. (a)		3,938		26,070
Goodrich Petroleum Corp. (a)		2,483		47,823
Gulfport Energy Corp. (a)		5,899		315,066
Halcon Resources Corp. (a)		17,361		103,298
Jones Energy, Inc. Class A (a)		829		15,602
Kodiak Oil & Gas Corp. (a)		18,437		286,511
Kosmos Energy Ltd. (a)		8,019		77,223
Laredo Petroleum Holdings, Inc. (a)		4,958		134,560
LinnCo LLC		8,880		258,319
Magnum Hunter Resources Corp. (a)		11,274		72,492
Marathon Oil Corp.		48,145		1,865,619
Matador Resources Co. (a)		4,806		129,954
Midstates Petroleum Co., Inc. (a)		2,392		15,261
Miller Energy Resources, Inc. (a)		2,184		10,680
Murphy Oil Corp.		12,031		747,486
Newfield Exploration Co. (a)		9,403		378,941
Noble Energy, Inc.		24,861		1,653,008
Northern Oil and Gas, Inc. (a)		4,162		66,967
Oasis Petroleum, Inc. (a)		7,000		374,150
PDC Energy, Inc. (a)		2,475		134,293
Penn Virginia Corp. (a)		4,567		59,462
PetroQuest Energy, Inc. (a)		3,524		22,589
Pioneer Natural Resources Co.		9,873		2,186,475
QEP Resources, Inc.		11,765		388,833
Quicksilver Resources, Inc. (a)		7,384		13,882
Range Resources Corp.		11,313		855,150
Resolute Energy Corp. (a)		3,448		26,343
Rex Energy Corp. (a)		2,285		31,510
Rosetta Resources, Inc. (a)		4,262		217,660
RSP Permian, Inc. (a)		1,529		45,182
Sanchez Energy Corp. (a)		3,628		115,080
SandRidge Energy, Inc. (a)		25,688		153,100
SM Energy Co.		4,652		365,368
Southwestern Energy Co. (a)		24,398		990,071
Stone Energy Corp. (a)		3,835		145,922
Swift Energy Co. (a)		3,016		33,327
Triangle Petroleum Corp. (a)		4,472		48,298
Ultra Petroleum Corp. (a)		10,609		243,158
Vaalco Energy, Inc. (a)		3,848		26,551



	Shares		Value
W&T Offshore, Inc.		2,600	$	34,866
Warren Resources, Inc. (a)		4,965		29,244
Whiting Petroleum Corp. (a)		8,210		726,503
WPX Energy, Inc. (a)		13,269		272,943

				41,468,040

Oil & Gas Refining & Marketing – 6.2%
Alon USA Energy, Inc.		1,965		25,250
Clean Energy Fuels Corp. (a)		5,058		50,378
CVR Energy, Inc.		1,228		57,814
Delek US Holdings, Inc.		3,675		107,384
Green Plains, Inc.		1,939		72,693
HollyFrontier Corp.		13,086		615,173
Marathon Petroleum Corp.		20,351		1,698,901
PBF Energy, Inc. Class A		6,065		164,361
Phillips 66		40,583		3,291,687
Renewable Energy Group, Inc. (a)		2,253		25,234
REX American Resources Corp. (a)		426		35,933
Tesoro Corp.		9,108		560,506
Valero Energy Corp.		36,787		1,868,780
Western Refining, Inc.		3,855		157,901
World Fuel Services Corp.		4,994		214,492

				8,946,487

Oil & Gas Storage & Transportation – 6.0%
Cheniere Energy, Inc. (a)		15,628		1,105,837
Enbridge Energy Management LLC (a)		3,414		115,769
EnLink Midstream LLC		2,848		108,822
Kinder Morgan Management LLC (a)		7,184		552,633
Kinder Morgan, Inc.		46,281		1,665,190
SemGroup Corp. Class A		2,948		227,232
Spectra Energy Corp.		46,293		1,894,310
Targa Resources Corp.		2,617		333,667
The Williams Cos., Inc.		48,490		2,745,989

				8,749,449


TOTAL OIL, GAS & CONSUMABLE FUELS				114,172,533


TOTAL COMMON STOCKS (Cost $142,645,517)				145,126,496


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $199,607)		199,607		199,607


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $142,845,124)				145,326,103

NET OTHER ASSETS (LIABILITIES) – 0.1%				98,891


NET ASSETS – 100%			$	145,424,994

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


		35		*Annual Report*

Fidelity MSCI Energy Index ETF

Investments – continued

Legend

(a)

Non-income producing.

(b)

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

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	145,126,496	$	145,126,496	$	—	$	—
Money Market Funds		199,607		199,607		—		—

Total Investments in Securities:	$	145,326,103	$	145,326,103	$	—	$	—

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


*Annual Report*		36

Fidelity MSCI Financials Index ETF

Investments July 31, 2014

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
BANKS – 19.1%
Diversified Banks – 9.6%
Comerica, Inc.		6,462	$	324,780
US Bancorp		64,716		2,720,014
Wells Fargo & Co.		177,479		9,033,681

				12,078,475

Regional Banks – 9.5%
1st Source Corp.		480		13,627
Arrow Financial Corp.		534		13,564
Associated Banc-Corp		5,694		102,036
Bancfirst Corp.		252		15,347
Bancorp, Inc. (a)		1,314		12,483
BancorpSouth, Inc.		3,041		63,466
Bank of Hawaii Corp.		1,579		90,287
Bank of the Ozarks, Inc.		2,353		72,402
BankUnited, Inc.		3,503		109,434
Banner Corp.		693		27,886
BB&T Corp.		25,269		935,458
BBCN Bancorp, Inc.		2,678		40,224
BOK Financial Corp.		856		56,701
Boston Private Financial Holdings, Inc.		3,047		38,027
Bryn Mawr Bank Corp.		470		13,865
Camden National Corp.		288		10,204
Capital Bank Financial Corp. Class A (a)		1,240		28,247
Cardinal Financial Corp.		1,073		18,949
Cathay General Bancorp		2,670		68,325
Centerstate Banks, Inc.		1,642		17,110
Central Pacific Financial Corp.		826		14,785
CIT Group, Inc.		6,990		343,279
City Holding Co.		567		23,616
City National Corp.		1,766		132,891
CoBiz Financial, Inc.		1,290		14,603
Columbia Banking System, Inc.		1,927		49,119
Commerce Bancshares, Inc.		3,123		140,722
Community Bank System, Inc.		1,509		53,162
Community Trust Bancorp, Inc.		629		22,009
Cullen/Frost Bankers, Inc.		1,975		153,991
Customers Bancorp, Inc. (a)		986		18,695
CVB Financial Corp.		3,553		54,325
Eagle Bancorp, Inc. (a)		909		30,279
East West Bancorp, Inc.		5,163		175,852
Enterprise Financial Services Corp.		790		13,786
Fifth Third Bancorp		30,219		618,885
First BanCorp (a)		4,223		21,706
First BanCorp/NC		628		10,098
First Citizens BancShares, Inc. Class A		241		53,586
First Commonwealth Financial Corp.		3,517		30,106
First Community Bancshares, Inc.		558		8,208
First Financial Bancorp		2,090		34,151
First Financial Bankshares, Inc.		1,817		53,383
First Financial Corp.		455		13,950



	Shares		Value
First Horizon National Corp.		8,388	$	98,811
First Interstate Bancsystem, Inc.		733		19,131
First Merchants Corp.		1,249		24,893
First Midwest Bancorp, Inc.		2,839		45,992
First NBC Bank Holding Co. (a)		658		20,918
First Niagara Financial Group, Inc.		12,629		108,609
First Republic Bank		4,529		211,595
FirstMerit Corp.		5,858		103,101
Flushing Financial Corp.		1,015		18,859
FNB Corp.		5,632		69,274
Fulton Financial Corp.		6,797		77,078
Glacier Bancorp, Inc.		2,660		70,437
Great Southern Bancorp, Inc.		381		11,880
Hancock Holding Co.		2,953		95,795
Hanmi Financial Corp.		1,127		23,802
Heartland Financial USA, Inc.		576		13,726
Home BancShares, Inc.		1,822		54,769
HomeTrust Bancshares, Inc. (a)		696		10,586
Huntington Bancshares, Inc.		29,813		292,764
Iberiabank Corp.		1,138		74,664
Independent Bank Corp.		855		31,216
Independent Bank Group, Inc.		204		9,794
International Bancshares Corp.		2,130		53,996
Investors Bancorp, Inc.		12,954		134,074
KeyCorp		31,565		427,390
Lakeland Bancorp, Inc.		1,396		14,016
Lakeland Financial Corp.		658		23,945
M&T Bank Corp.		4,205		510,907
MB Financial, Inc.		1,995		53,745
National Penn Bancshares, Inc.		4,196		43,219
NBT Bancorp, Inc.		1,670		39,028
OFG Bancorp		1,622		25,887
Old National Bancorp		3,800		50,844
PacWest Bancorp		1,534		63,922
Peoples Bancorp, Inc.		374		8,725
Pinnacle Financial Partners, Inc.		1,175		43,475
Popular, Inc. (a)		3,698		117,966
PrivateBancorp, Inc.		2,668		76,838
Prosperity Bancshares, Inc.		2,359		137,129
Regions Financial Corp.		50,619		513,277
Renasant Corp.		1,153		32,745
Republic Bancorp, Inc. Class A		362		8,420
S&T Bancorp, Inc.		1,055		25,668
Signature Bank (a)		1,678		191,946
Simmons First National Corp. Class A		629		24,927
South State Corp.		862		50,091
Southside Bancshares, Inc.		740		21,689
State Bank Financial Corp.		1,143		18,871
Sterling Bancorp/DE		3,062		36,438
Stock Yards Bancorp, Inc.		576		16,860
SunTrust Banks, Inc.		18,977		722,075
Susquehanna Bancshares, Inc.		6,661		67,809
SVB Financial Group (a)		1,777		193,729

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


		37		*Annual Report*

Fidelity MSCI Financials Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
BANKS – continued
Regional Banks – continued
Synovus Financial Corp.		5,046	$	118,833
Talmer Bancorp, Inc. Class A (a)		2,433		32,578
Taylor Capital Group, Inc. (a)		438		9,338
TCF Financial Corp.		5,569		88,046
Texas Capital Bancshares, Inc. (a)		1,561		81,250
The PNC Financial Services Group, Inc.		18,974		1,566,493
Towne Bank		1,259		18,608
Trico Bancshares		482		10,782
TriState Capital Holdings Inc. (a)		992		9,712
Trustmark Corp.		2,273		52,347
UMB Financial Corp.		1,413		80,018
Umpqua Holdings Corp.		6,205		104,989
Union Bankshares Corp.		1,589		37,945
United Bankshares, Inc.		2,284		73,271
United Community Banks, Inc. (a)		1,089		18,023
Univest Corp. of Pennsylvania		549		10,387
Valley National Bancorp		6,729		64,464
ViewPoint Financial Group, Inc.		1,336		33,587
Washington Trust Bancorp, Inc.		571		19,642
Webster Financial Corp.		3,238		92,833
WesBanco, Inc.		976		29,163
Westamerica BanCorp.		956		45,716
Western Alliance Bancorp (a)		2,842		65,082
Wilshire Bancorp, Inc.		2,565		24,162
Wintrust Financial Corp.		1,616		74,869
Zions BanCorp.		7,163		206,438

				12,038,750


TOTAL BANKS				24,117,225


CAPITAL MARKETS – 12.7%
Asset Management & Custody Banks – 7.3%
Affiliated Managers Group, Inc. (a)		1,876		373,793
Ameriprise Financial, Inc.		6,774		810,170
Artisan Partners Asset Management, Inc. Class A		1,068		55,643
BlackRock, Inc.		4,757		1,449,601
Calamos Asset Management, Inc. Class A		691		8,195
Cohen & Steers, Inc.		706		29,306
Eaton Vance Corp.		4,374		153,659
Federated Investors, Inc. Class B		3,345		94,396
Financial Engines, Inc.		1,875		73,031
Franklin Resources, Inc.		14,578		789,399
GAMCO Investors, Inc. Class A		177		13,564
ICG Group, Inc. (a)		1,275		21,573
Invesco Ltd.		15,373		578,486
Janus Capital Group, Inc.		5,424		61,779
Legg Mason, Inc.		3,804		180,500
Northern Trust Corp.		8,001		535,187
NorthStar Asset Management Group, Inc. (a)		6,515		116,684



	Shares		Value
Pzena Investment Management, Inc. Class A		653	$	6,798
Safeguard Scientifics, Inc. (a)		750		14,887
SEI Investments Co.		5,113		183,148
State Street Corp.		15,319		1,079,070
T Rowe Price Group, Inc.		9,332		724,723
The Bank of New York Mellon Corp.		40,285		1,572,726
Virtus Investment Partners, Inc. (a)		259		53,108
Waddell & Reed Financial, Inc. Class A		3,012		159,003
Walter Investment Management Corp. (a)		1,330		36,681
WisdomTree Investments, Inc. (a)		4,042		41,471

				9,216,581

Diversified Capital Markets – 0.0%
HFF, Inc. Class A		1,229		41,737

Investment Banking & Brokerage – 5.4%
BGC Partners, Inc. Class A		6,571		51,451
Cowen Group, Inc. Class A (a)		4,273		17,092
E*TRADE Financial Corp. (a)		10,231		215,056
Evercore Partners, Inc. Class A		1,215		66,290
FXCM, Inc. Class A		1,374		18,714
GFI Group, Inc.		2,617		11,855
Greenhill & Co., Inc.		956		43,756
INTL. FCStone, Inc. (a)		678		13,289
Investment Technology Group, Inc. (a)		1,335		24,417
KCG Holdings, Inc. Class A (a)		3,099		35,391
LPL Financial Holdings, Inc.		2,849		135,271
Morgan Stanley		52,650		1,702,701
Oppenheimer Holdings, Inc. Class A		380		8,672
Piper Jaffray Cos. (a)		575		29,670
Raymond James Financial, Inc.		4,548		231,721
Stifel Financial Corp. (a)		2,141		98,036
TD Ameritrade Holding Corp.		9,854		316,510
The Charles Schwab Corp.		41,522		1,152,235
The Goldman Sachs Group, Inc.		15,274		2,640,416

				6,812,543


TOTAL CAPITAL MARKETS				16,070,861


CONSUMER FINANCE – 5.1%
Consumer Finance – 5.1%
American Express Co.		33,956		2,988,128
Capital One Financial Corp.		20,330		1,617,048
Cash America International, Inc.		992		44,035
Credit Acceptance Corp. (a)		325		36,961
Discover Financial Services		16,713		1,020,496
Encore Capital Group, Inc. (a)		917		38,954
Ezcorp, Inc. Class A (a)		2,182		21,362
First Cash Financial Services, Inc. (a)		976		55,056
Green Dot Corp. Class A (a)		1,072		19,285
Navient Corp.		15,215		261,698
Nelnet, Inc. Class A		928		38,261
Portfolio Recovery Associates, Inc. (a)		1,771		104,418
SLM Corp.		15,569		137,941

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


*Annual Report*		38


Common Stocks – continued
	Shares		Value
CONSUMER FINANCE – continued
Consumer Finance – continued
Springleaf Holdings, Inc. (a)		1,132	$	29,636
World Acceptance Corp. (a)		310		25,135


TOTAL CONSUMER FINANCE				6,438,414


DIVERSIFIED FINANCIAL SERVICES – 22.1%
Multi-Sector Holdings – 4.2%
Berkshire Hathaway, Inc. Class B (a)		39,775		4,988,978
FNFV Group (a)		2,944		48,164
Leucadia National Corp.		10,985		271,440
PICO Holdings, Inc. (a)		849		18,805

				5,327,387

Other Diversified Financial Services – 15.0%
Bank of America Corp.		375,230		5,722,257
Citigroup, Inc.		107,813		5,273,134
JPMorgan Chase & Co.		134,450		7,753,731
Voya Financial Inc.		5,037		186,873

				18,935,995

Specialized Finance – 2.9%
CBOE Holdings, Inc.		3,069		148,754
CME Group, Inc.		11,346		838,923
Interactive Brokers Group, Inc. Class A		1,856		42,716
Intercontinental Exchange, Inc.		4,090		786,180
MarketAxess Holdings, Inc.		1,423		80,015
McGraw Hill Financial, Inc.		9,649		774,043
Moody’s Corp.		6,826		593,862
MSCI, Inc. (a)		3,931		177,878
PHH Corp. (a)		1,995		46,583
The NASDAQ OMX Group, Inc.		4,278		180,489

				3,669,443


TOTAL DIVERSIFIED FINANCIAL SERVICES				27,932,825


INSURANCE – 17.4%
Insurance Brokers – 1.9%
Aon PLC		10,165		857,519
Arthur J Gallagher & Co.		5,525		248,625
Brown & Brown, Inc.		4,387		135,032
eHealth, Inc. (a)		594		12,296
Marsh & McLennan Cos., Inc.		19,485		989,253
Willis Group Holdings PLC		5,718		233,009

				2,475,734

Life & Health Insurance – 5.1%
Aflac, Inc.		16,177		966,414
American Equity Investment Life Holding Co.		2,542		56,280
Citizens, Inc. (a)		1,845		12,435
CNO Financial Group, Inc.		7,594		122,871
FBL Financial Group, Inc. Class A		454		19,422
Fidelity & Guaranty Life		412		8,903
Kansas City Life Insurance Co.		136		5,939



	Shares		Value
Lincoln National Corp.		9,411	$	493,042
MetLife, Inc.		33,918		1,784,087
Primerica, Inc.		2,010		92,621
Principal Financial Group, Inc.		10,541		523,677
Protective Life Corp.		2,789		193,501
Prudential Financial, Inc.		16,375		1,424,134
StanCorp Financial Group, Inc.		1,551		93,587
Symetra Financial Corp.		2,924		66,667
Torchmark Corp.		4,717		248,775
Unum Group		9,208		316,111

				6,428,466

Multi-line Insurance – 3.5%
American Financial Group, Inc.		2,744		153,637
American International Group, Inc.		49,389		2,567,240
Assurant, Inc.		2,543		161,125
Genworth Financial, Inc. Class A (a)		17,611		230,704
Hartford Financial Services Group, Inc.		15,918		543,759
HCC Insurance Holdings, Inc.		3,542		165,341
Horace Mann Educators Corp.		1,439		41,227
Kemper Corp.		1,571		54,372
Loews Corp.		12,431		523,718

				4,441,123

Property & Casualty Insurance – 5.7%
ACE Ltd.		11,949		1,196,095
Allied World Assurance Co. Holdings AG		3,539		127,439
AMERISAFE, Inc.		727		26,608
Amtrust Financial Services, Inc.		1,183		50,443
Arch Capital Group Ltd. (a)		4,801		256,613
Argo Group International Holdings Ltd.		1,002		49,910
Aspen Insurance Holdings Ltd.		2,311		92,463
Assured Guaranty Ltd.		6,255		139,612
Axis Capital Holdings Ltd.		3,835		165,480
Baldwin & Lyons, Inc. Class B		478		11,807
Cincinnati Financial Corp.		5,523		254,168
Donegal Group, Inc. Class A		514		7,751
EMC Insurance Group, Inc.		190		5,592
Employers Holdings, Inc.		1,321		28,137
First American Financial Corp.		3,854		104,598
FNF Group (a)		8,833		239,463
Global Indemnity PLC (a)		467		11,642
HCI Group, Inc.		336		13,406
Hilltop Holdings, Inc. (a)		2,565		52,582
Infinity Property & Casualty Corp.		448		29,012
MBIA, Inc. (a)		5,256		50,352
Meadowbrook Insurance Group, Inc.		2,025		12,211
National Interstate Corp.		279		7,558
Old Republic International Corp.		8,781		126,359
OneBeacon Insurance Group Ltd. Class A		771		11,411
ProAssurance Corp.		2,246		97,993
RLI Corp.		1,372		58,639
Safety Insurance Group, Inc.		550		27,505
Selective Insurance Group, Inc.		2,103		46,876

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


		39		*Annual Report*

Fidelity MSCI Financials Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
INSURANCE – continued
Property & Casualty Insurance – continued
State Auto Financial Corp.		571	$	12,054
Stewart Information Services Corp.		723		21,307
The Allstate Corp.		15,868		927,485
The Chubb Corp.		8,717		755,851
The Hanover Insurance Group, Inc.		1,548		89,490
The Navigators Group, Inc. (a)		422		25,658
The Progressive Corp.		20,071		470,464
The Travelers Cos., Inc.		12,505		1,119,948
United Fire Group, Inc.		854		24,134
Universal Insurance Holdings Inc.		1,294		15,606
WR Berkley Corp.		3,878		172,998
XL Group PLC		9,797		315,855

				7,252,575

Reinsurance – 1.2%
Alleghany Corp. (a)		591		244,585
Endurance Specialty Holdings Ltd.		1,575		83,302
Enstar Group Ltd. (a)		370		51,060
Everest Re Group Ltd.		1,682		262,241
Greenlight Capital Re Ltd. (a)		1,176		38,055
Maiden Holdings Ltd.		1,932		22,179
Montpelier Re Holdings Ltd.		1,520		44,886
PartnerRe Ltd.		1,649		172,090
Platinum Underwriters Holdings Ltd.		992		58,131
Reinsurance Group of America, Inc.		2,512		201,613
RenaissanceRe Holdings Ltd.		1,479		144,661
Third Point Reinsurance Ltd. (a)		2,185		31,814
Validus Holdings Ltd.		3,148		114,996

				1,469,613


TOTAL INSURANCE				22,067,511


REAL ESTATE INVESTMENT TRUSTS (REITS) – 21.2%
Diversified REIT’s – 1.8%
American Realty Capital Properties, Inc.		31,786		416,714
Cousins Properties, Inc.		7,417		91,822
Duke Realty Corp.		11,581		208,342
Empire State Realty Trust, Inc. Class A		3,334		54,144
First Potomac Realty Trust		2,085		27,501
Investors Real Estate Trust		3,895		33,185
Lexington Realty Trust		7,716		84,413
Liberty Property Trust		5,223		183,693
One Liberty Properties, Inc.		444		9,200
PS Business Parks, Inc.		709		58,492
RAIT Financial Trust		2,884		22,207
Select Income REIT		1,441		39,988
Spirit Realty Capital, Inc.		14,035		162,385
Vornado Realty Trust		5,989		634,954
Washington Real Estate Investment Trust		2,363		64,085
Winthrop Realty Trust		1,237		18,642
WP Carey, Inc.		3,205		210,665

				2,320,432



	Shares		Value
Health Care REIT’s – 0.0%
CareTrust REIT Inc. (a)		707	$	12,061

Hotel & Resort REIT’s – 0.0%
Chatham Lodging Trust		1,133		23,986

Industrial REIT’s – 0.8%
DCT Industrial Trust, Inc.		11,590		90,750
EastGroup Properties, Inc.		1,097		68,409
First Industrial Realty Trust, Inc.		4,027		72,687
Monmouth Real Estate Investment Corp. Class A		2,109		21,680
Prologis, Inc.		17,755		724,582
STAG Industrial, Inc.		1,615		36,887

				1,014,995

Mortgage REIT’s – 1.7%
AG Mortgage Investment Trust, Inc.		1,007		18,468
Altisource Residential Corp.		2,112		48,977
American Capital Agency Corp.		12,572		290,665
American Capital Mortgage Investment Corp.		1,822		36,312
Annaly Capital Management, Inc.		33,627		373,260
Anworth Mortgage Asset Corp.		4,816		24,465
Apollo Commercial Real Estate Finance, Inc.		1,904		31,549
Apollo Residential Mortgage, Inc.		1,150		18,745
ARMOUR Residential REIT, Inc.		12,691		53,429
Capstead Mortgage Corp.		3,396		43,605
Chimera Investment Corp.		36,959		117,160
Colony Financial, Inc.		3,831		84,857
CYS Investments, Inc.		5,736		50,936
Dynex Capital, Inc.		1,830		15,189
Hatteras Financial Corp.		3,428		65,646
Invesco Mortgage Capital, Inc.		4,368		74,169
iStar Financial, Inc. (a)		2,862		41,155
MFA Financial, Inc.		13,012		105,918
New Residential Investment Corp.		10,244		61,259
New York Mortgage Trust, Inc.		3,712		28,026
Newcastle Investment Corp.		13,397		59,885
NorthStar Realty Finance Corp. (a)		6,515		104,891
PennyMac Mortgage Investment Trust		1,036		22,181
Redwood Trust, Inc.		2,929		55,592
Resource Capital Corp.		4,539		25,010
Starwood Property Trust, Inc.		7,830		184,788
Two Harbors Investment Corp.		12,991		132,898
Western Asset Mortgage Capital Corp.		1,753		23,841

				2,192,876

Office REIT’s – 2.2%
Alexandria Real Estate Equities, Inc.		2,543		199,880
BioMed Realty Trust, Inc.		6,834		146,931
Boston Properties, Inc.		5,452		651,241
Brandywine Realty Trust		5,616		87,329
CoreSite Realty Corp.		757		24,724
Corporate Office Properties Trust		3,138		89,025

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


*Annual Report*		40


Common Stocks – continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Office REIT’s – continued
CyrusOne, Inc.		1,230	$	30,565
Digital Realty Trust, Inc.		4,576		294,649
Douglas Emmett, Inc.		4,843		137,977
DuPont Fabros Technology, Inc.		2,370		64,962
Equity Commonwealth		3,782		101,585
Franklin Street Properties Corp.		3,164		38,411
Government Properties Income Trust		2,444		57,067
Gramercy Property Trust, Inc.		4,185		24,733
Highwoods Properties, Inc.		3,187		134,077
Hudson Pacific Properties, Inc.		2,133		54,605
Kilroy Realty Corp.		2,911		180,016
Mack-Cali Realty Corp.		3,012		63,553
Parkway Properties, Inc./MD		2,462		51,037
Piedmont Office Realty Trust, Inc. Class A		5,476		106,508
QTS Realty Trust, Inc. Class A		614		16,732
SL Green Realty Corp.		1,511		162,886

				2,718,493

Residential REIT’s – 2.9%
American Campus Communities, Inc.		3,719		144,743
American Homes 4 Rent Class A		5,058		92,157
American Residential Properties, Inc. (a)		1,158		20,983
Apartment Investment & Management Co. Class A		5,230		178,761
Associated Estates Realty Corp.		2,185		38,609
AvalonBay Communities, Inc.		4,603		681,612
Camden Property Trust		3,046		220,409
Campus Crest Communities, Inc.		2,288		18,304
Education Realty Trust, Inc.		3,820		40,339
Equity Lifestyle Properties, Inc.		2,799		123,968
Equity Residential		12,200		788,730
Essex Property Trust, Inc.		2,202		417,433
Home Properties, Inc.		2,024		133,159
Mid-America Apartment Communities, Inc.		2,673		186,896
Post Properties, Inc.		1,931		104,660
Silver Bay Realty Trust Corp.		1,224		19,780
Starwood Waypoint Residential Trust (a)		1,445		37,989
Sun Communities, Inc.		1,485		78,156
UDR, Inc.		8,924		259,510

				3,586,198

Retail REIT’s – 4.3%
Acadia Realty Trust		1,984		56,008
Agree Realty Corp.		572		16,748
Alexander’s, Inc.		81		29,403
Brixmor Property Group, Inc.		3,006		68,086
CBL & Associates Properties, Inc.		6,161		115,211
Cedar Realty Trust, Inc.		2,772		17,464
DDR Corp.		10,983		192,642
Equity One, Inc.		2,296		53,313
Excel Trust, Inc.		2,105		27,260



	Shares		Value
Federal Realty Investment Trust		2,392	$	292,063
General Growth Properties, Inc.		18,818		439,777
Getty Realty Corp.		941		17,286
Glimcher Realty Trust		5,148		55,289
Inland Real Estate Corp.		3,186		32,943
Kimco Realty Corp.		14,534		325,271
Kite Realty Group Trust		4,679		28,542
National Retail Properties, Inc.		4,373		155,548
Pennsylvania Real Estate Investment Trust		2,428		46,690
Ramco-Gershenson Properties Trust		2,396		39,774
Realty Income Corp.		7,852		338,029
Regency Centers Corp.		3,282		178,409
Retail Opportunity Investments Corp.		3,135		48,373
Retail Properties of America, Inc. Class A		8,556		128,768
Rouse Properties, Inc.		1,216		20,611
Saul Centers, Inc.		433		20,641
Simon Property Group, Inc.		11,167		1,878,178
Tanger Factory Outlet Centers		3,426		118,711
Taubman Centers, Inc.		2,238		164,627
The Macerich Co.		4,983		323,945
Washington Prime Group, Inc. (a)		5,150		97,283
Weingarten Realty Investors		4,111		135,293

				5,462,186

Specialized REIT’s – 7.5%
American Tower Corp.		14,020		1,323,348
Ashford Hospitality Prime, Inc.		204		3,397
Ashford Hospitality Trust, Inc.		3,028		34,852
Aviv REIT, Inc.		980		27,881
Chesapeake Lodging Trust		1,661		49,298
Corrections Corp. of America		4,115		132,585
Crown Castle International Corp.		11,859		879,701
CubeSmart		5,109		93,035
DiamondRock Hospitality Co.		7,007		85,906
EPR Properties		1,928		103,919
Extra Space Storage, Inc.		3,950		204,333
FelCor Lodging Trust, Inc.		4,094		42,864
Gaming and Leisure Properties, Inc.		3,217		108,316
HCP, Inc.		16,245		674,655
Health Care REIT, Inc.		10,328		657,171
Healthcare Realty Trust, Inc.		3,407		84,153
Healthcare Trust of America, Inc. Class A		8,793		104,725
Hersha Hospitality Trust		7,589		50,163
Hospitality Properties Trust		5,310		151,707
Host Hotels & Resorts, Inc.		26,858		583,893
LaSalle Hotel Properties		3,769		131,124
LTC Properties, Inc.		1,253		48,027
Medical Properties Trust, Inc.		6,341		85,350
National Health Investors, Inc.		1,002		59,910
Omega Healthcare Investors, Inc.		4,470		163,334
Pebblebrook Hotel Trust		2,280		82,992
Plum Creek Timber Co., Inc.		6,285		260,010
Potlatch Corp.		1,438		59,389

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


		41		*Annual Report*

Fidelity MSCI Financials Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Specialized REIT’s – continued
Public Storage		5,203	$	892,887
Rayonier, Inc.		4,540		154,632
RLJ Lodging Trust		4,738		132,854
Ryman Hospitality Properties, Inc.		1,622		77,451
Sabra Health Care REIT, Inc.		1,795		49,722
Senior Housing Properties Trust		7,219		165,026
Sovran Self Storage, Inc.		1,183		90,760
Strategic Hotels & Resorts, Inc. (a)		8,398		95,821
Summit Hotel Properties, Inc.		3,131		32,155
Sunstone Hotel Investors, Inc.		7,128		101,146
The Geo Group, Inc.		2,465		84,821
Universal Health Realty Income Trust		77		3,239
Ventas, Inc.		10,443		663,130
Weyerhaeuser Co.		18,729		586,592

				9,416,274


TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS)				26,747,501


REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.0%
Diversified Real Estate Activities – 0.1%
Alexander & Baldwin, Inc.		1,707		65,156
Tejon Ranch Co. (a)		548		15,673
The St Joe Co. (a)		2,259		51,595

				132,424

Real Estate Development – 0.1%
Forestar Group, Inc. (a)		1,214		22,702
The Howard Hughes Corp. (a)		1,208		175,667

				198,369

Real Estate Operating Companies – 0.1%
Forest City Enterprises, Inc. Class A (a)		5,551		106,413

Real Estate Services – 0.7%
Altisource Portfolio Solutions S.A. (a)		573		62,102
CBRE Group, Inc. Class A (a)		10,682		329,433
Jones Lang LaSalle, Inc.		1,580		195,446
Kennedy-Wilson Holdings, Inc.		2,459		57,541
Realogy Holdings Corp. (a)		5,173		190,159

				834,681


TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT				1,271,887


THRIFTS & MORTGAGE FINANCE – 1.3%
Thrifts & Mortgage Finance – 1.3%
Astoria Financial Corp.		3,224		41,525
Bank Mutual Corp.		1,564		9,431
Beneficial Mutual Bancorp, Inc. (a)		1,317		17,226
Berkshire Hills Bancorp, Inc.		949		22,937
BofI Holding, Inc. (a)		483		36,027
Brookline Bancorp, Inc.		2,503		22,602
Capitol Federal Financial, Inc.		4,873		57,014
Dime Community Bancshares, Inc.		1,042		15,755



	Shares		Value
Essent Group Ltd. (a)		1,304	$	23,746
EverBank Financial Corp.		2,967		56,373
Federal Agricultural Mortgage Corp. Class C		313		9,124
Flagstar Bancorp, Inc. (a)		796		14,567
Home Loan Servicing Solutions Ltd.		2,521		53,949
HomeStreet, Inc.		475		8,284
Hudson City Bancorp, Inc.		16,878		164,561
Ladder Capital Corp. Class A (a)		1,410		24,816
MGIC Investment Corp. (a)		11,475		84,800
Nationstar Mortgage Holdings, Inc. (a)		879		26,818
New York Community Bancorp, Inc.		15,764		250,332
Northfield Bancorp, Inc.		2,241		28,595
Northwest Bancshares, Inc.		3,177		39,395
Ocwen Financial Corp. (a)		4,078		123,033
Oritani Financial Corp.		1,373		20,320
People’s United Financial, Inc.		11,011		159,880
Provident Financial Services, Inc.		1,986		33,186
Radian Group, Inc.		6,879		87,088
TFS Financial Corp. (a)		3,310		44,619
TrustCo Bank Corp.		3,351		22,083
United Financial Bancorp, Inc.		2,103		26,666
Walker & Dunlop, Inc. (a)		630		8,600
Washington Federal, Inc.		3,688		77,301
WSFS Financial Corp.		338		24,198


TOTAL THRIFTS & MORTGAGE FINANCE				1,634,851


TOTAL COMMON STOCKS (Cost $125,357,964)				126,281,075


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $121,482)		121,482		121,482


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $125,479,446)				126,402,557

NET OTHER ASSETS (LIABILITIES) – 0.0%				(5,675	)


NET ASSETS – 100%			$	126,396,882

Legend

(a)

Non-income producing.

(b)

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

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


*Annual Report*		42

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	126,281,075	$	126,281,075	$	—	$	—
Money Market Funds		121,482		121,482		—		—

Total Investments in Securities:	$	126,402,557	$	126,402,557	$	—	$	—

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


		43		*Annual Report*

Fidelity MSCI Health Care Index ETF

Investments July 31, 2014

Showing Percentage of Net Assets


Common Stocks – 99.7%
	Shares		Value
BIOTECHNOLOGY – 21.1%
Biotechnology – 21.1%
ACADIA Pharmaceuticals, Inc. (a)		5,189	$	105,181
Acceleron Pharma, Inc. (a)		932		27,606
Achillion Pharmaceuticals, Inc. (a)		4,386		30,044
Acorda Therapeutics, Inc. (a)		2,613		76,483
Aegerion Pharmaceuticals, Inc. (a)		115		3,865
Agios Pharmaceuticals, Inc. (a)		1,028		41,428
Alexion Pharmaceuticals, Inc. (a)		13,257		2,107,730
Alkermes PLC (a)		9,662		413,147
Alnylam Pharmaceuticals, Inc. (a)		3,629		196,148
AMAG Pharmaceuticals, Inc. (a)		1,262		24,092
Amgen, Inc.		50,572		6,442,367
Anacor Pharmaceuticals, Inc. (a)		2,235		37,213
Arena Pharmaceuticals, Inc. (a)		14,601		67,603
Ariad Pharmaceuticals, Inc. (a)		11,826		68,118
Array BioPharma, Inc. (a)		7,735		30,940
Arrowhead Research Corp. (a)		3,062		38,734
Asterias Biotherapeutics, Inc. (a)		216		486
Auspex Pharmaceuticals, Inc. (a)		493		8,978
BioCryst Pharmaceuticals, Inc. (a)		3,761		47,088
Biogen Idec, Inc. (a)		15,837		5,295,734
BioMarin Pharmaceutical, Inc. (a)		9,676		598,170
Bluebird Bio, Inc. (a)		1,309		43,721
Celgene Corp. (a)		54,400		4,740,960
Celldex Therapeutics, Inc. (a)		5,970		78,147
Cepheid, Inc. (a)		4,648		174,951
Chimerix, Inc. (a)		1,633		37,102
Clovis Oncology, Inc. (a)		22		802
CTI BioPharma Corp. (a)		8,555		22,157
Cubist Pharmaceuticals, Inc. (a)		5,004		304,744
Dendreon Corp. (a)		10,578		21,897
Dyax Corp. (a)		9,055		85,298
Dynavax Technologies Corp. (a)		17,558		25,986
Emergent Biosolutions, Inc. (a)		2,073		45,606
Enanta Pharmaceuticals, Inc. (a)		417		15,683
Epizyme, Inc. (a)		643		20,139
Exact Sciences Corp. (a)		5,422		84,637
Exelixis, Inc. (a)		13,064		52,779
Foundation Medicine, Inc. (a)		870		19,592
Genomic Health, Inc. (a)		1,030		26,244
Geron Corp. (a)		9,744		23,434
Gilead Sciences, Inc. (a)		103,037		9,433,037
Halozyme Therapeutics, Inc. (a)		7,082		68,979
Hyperion Therapeutics, Inc. (a)		631		14,368
Idenix Pharmaceuticals, Inc. (a)		4,506		110,037
ImmunoGen, Inc. (a)		5,785		62,362
Immunomedics, Inc. (a)		6,081		19,702
Incyte Corp. Ltd. (a)		9,952		473,417
Infinity Pharmaceuticals, Inc. (a)		2,939		26,716
Insmed, Inc. (a)		2,205		37,683
Insys Therapeutics, Inc. (a)		765		20,678
Intercept Pharmaceuticals, Inc. (a)		884		205,406



	Shares		Value
InterMune, Inc. (a)		6,490	$	284,716
Intrexon Corp. (a)		2,613		57,721
Ironwood Pharmaceuticals, Inc. (a)		7,448		110,230
Isis Pharmaceuticals, Inc. (a)		7,845		243,117
Karyopharm Therapeutics, Inc. (a)		975		33,823
Keryx Biopharmaceuticals, Inc. (a)		5,938		89,367
KYTHERA Biopharmaceuticals, Inc. (a)		933		31,330
Lexicon Pharmaceuticals, Inc. (a)		17,503		25,729
Ligand Pharmaceuticals, Inc. Class B (a)		1,121		55,120
MacroGenics, Inc. (a)		1,294		26,268
MannKind Corp. (a)		13,635		113,989
Medivation, Inc. (a)		5,114		379,612
Merrimack Pharmaceuticals, Inc. (a)		6,192		36,595
MiMedx Group, Inc. (a)		5,559		38,413
Momenta Pharmaceuticals, Inc. (a)		3,227		34,335
Myriad Genetics, Inc. (a)		4,890		176,529
Neurocrine Biosciences, Inc. (a)		5,061		68,728
NewLink Genetics Corp. (a)		1,119		23,700
Novavax, Inc. (a)		15,643		67,734
NPS Pharmaceuticals, Inc. (a)		6,550		183,007
OncoMed Pharmaceuticals, Inc. (a)		613		13,235
Ophthotech Corp. (a)		1,015		39,646
Opko Health, Inc. (a)		15,128		133,429
Orexigen Therapeutics, Inc. (a)		6,095		30,414
Organovo Holdings, Inc. (a)		4,151		31,423
Osiris Therapeutics, Inc. (a)		1,161		17,183
PDL BioPharma, Inc.		10,208		95,751
Pharmacyclics, Inc. (a)		4,257		512,713
Portola Pharmaceuticals, Inc. (a)		2,066		51,939
PTC Therapeutics, Inc. (a)		1,175		31,044
Puma Biotechnology, Inc. (a)		1,704		377,811
Raptor Pharmaceutical Corp. (a)		4,125		35,516
Receptos, Inc. (a)		1,258		52,094
Regeneron Pharmaceuticals, Inc. (a)		5,251		1,660,471
Repligen Corp. (a)		2,052		43,030
Rigel Pharmaceuticals, Inc. (a)		5,278		17,259
Sangamo Biosciences, Inc. (a)		4,539		53,923
Sarepta Therapeutics, Inc. (a)		2,577		54,993
Seattle Genetics, Inc. (a)		6,992		246,118
Spectrum Pharmaceuticals, Inc. (a)		4,383		30,856
Synageva BioPharma Corp. (a)		1,310		89,617
Synergy Pharmaceuticals, Inc. (a)		5,784		21,112
Synta Pharmaceuticals Corp. (a)		3,346		13,217
TESARO, Inc. (a)		1,313		37,762
Theravance, Inc. (a)		5,692		123,516
Ultragenyx Pharmaceutical, Inc. (a)		510		22,287
United Therapeutics Corp. (a)		3,208		291,736
Vanda Pharmaceuticals, Inc. (a)		2,278		33,487
Vertex Pharmaceuticals, Inc. (a)		15,817		1,406,290
XOMA Corp. (a)		725		2,813
ZIOPHARM Oncology, Inc. (a)		5,248		16,426


TOTAL BIOTECHNOLOGY				39,624,593

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


*Annual Report*		44


Common Stocks – continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES – 16.6%
Health Care Equipment – 15.4%
Abaxis, Inc.		1,416	$	67,133
Abbott Laboratories		103,362		4,353,607
ABIOMED, Inc. (a)		2,561		65,562
Accuray, Inc. (a)		5,139		40,444
Analogic Corp.		815		58,607
AngioDynamics, Inc. (a)		1,806		26,368
AtriCure, Inc. (a)		1,661		27,357
Baxter International, Inc.		36,389		2,717,894
Becton Dickinson and Co.		12,942		1,504,378
Boston Scientific Corp. (a)		88,922		1,136,423
Cantel Medical Corp.		2,353		78,896
Cardiovascular Systems, Inc. (a)		1,811		48,897
CareFusion Corp. (a)		13,931		610,038
CONMED Corp.		1,817		70,863
Covidien PLC		30,199		2,612,515
CR Bard, Inc.		5,214		778,085
Cyberonics, Inc. (a)		1,799		106,987
Cynosure, Inc. Class A (a)		1,316		29,926
DexCom, Inc. (a)		4,878		183,803
Edwards Lifesciences Corp. (a)		7,185		648,446
Exactech, Inc. (a)		689		15,668
GenMark Diagnostics, Inc. (a)		2,689		28,772
Globus Medical, Inc. Class A (a)		2,857		63,711
Greatbatch, Inc. (a)		1,634		80,899
HeartWare International, Inc. (a)		1,065		89,684
Hill-Rom Holdings, Inc.		3,853		151,808
Hologic, Inc. (a)		14,687		382,890
IDEXX Laboratories, Inc. (a)		3,460		430,701
Insulet Corp. (a)		3,709		131,076
Integra LifeSciences Holdings Corp. (a)		1,764		83,649
Intuitive Surgical, Inc. (a)		2,560		1,171,328
Invacare Corp.		1,942		29,072
Masimo Corp. (a)		3,608		86,881
Medtronic, Inc.		67,044		4,139,297
Natus Medical, Inc. (a)		2,070		59,554
Navidea Biopharmaceuticals, Inc. (a)		9,406		12,510
NuVasive, Inc. (a)		2,981		111,430
NxStage Medical, Inc. (a)		3,895		51,998
Orthofix International N.V. (a)		1,290		42,647
PhotoMedex, Inc. (a)		785		8,470
ResMed, Inc.		9,456		489,253
Rockwell Medical, Inc. (a)		2,448		24,725
Sirona Dental Systems, Inc. (a)		3,713		297,783
St Jude Medical, Inc.		19,050		1,241,869
STERIS Corp.		3,961		201,536
Stryker Corp.		22,792		1,818,118
SurModics, Inc. (a)		905		17,186
Symmetry Medical, Inc. (a)		2,458		21,655
Teleflex, Inc.		2,744		295,639
Thoratec Corp. (a)		3,783		122,947
Tornier N.V. (a)		2,440		50,581



	Shares		Value
Varian Medical Systems, Inc. (a)		6,935	$	569,710
Volcano Corp. (a)		3,478		57,422
Wright Medical Group, Inc. (a)		3,138		96,713
Zeltiq Aesthetics, Inc. (a)		2,021		40,905
Zimmer Holdings, Inc.		11,327		1,133,493

				28,817,809

Health Care Supplies – 1.2%
Alere, Inc. (a)		5,264		210,560
Align Technology, Inc. (a)		4,640		251,534
Anika Therapeutics, Inc. (a)		945		39,747
Cerus Corp. (a)		4,658		16,396
DENTSPLY International, Inc.		9,500		440,990
Endologix, Inc. (a)		4,279		60,548
Haemonetics Corp. (a)		3,483		123,890
ICU Medical, Inc. (a)		903		52,600
LDR Holding Corp. (a)		775		17,755
Meridian Bioscience, Inc.		2,749		54,183
Merit Medical Systems, Inc. (a)		2,716		34,873
Neogen Corp. (a)		2,453		107,098
OraSure Technologies, Inc. (a)		3,741		30,788
Quidel Corp. (a)		1,939		46,284
Spectranetics Corp. (a)		2,744		70,384
Staar Surgical Co. (a)		1,979		25,470
The Cooper Cos., Inc.		3,207		515,942
Vascular Solutions, Inc. (a)		1,117		27,556
West Pharmaceutical Services, Inc.		4,678		190,629

				2,317,227


TOTAL HEALTH CARE EQUIPMENT & SUPPLIES				31,135,036


HEALTH CARE PROVIDERS & SERVICES – 17.2%
Health Care Services – 4.1%
Air Methods Corp. (a)		2,478		124,519
Amedisys, Inc. (a)		1,835		37,030
AMN Healthcare Services, Inc. (a)		3,096		40,558
Bio-Reference Labs, Inc. (a)		1,677		52,641
BioScrip, Inc. (a)		4,536		33,975
Chemed Corp.		1,183		120,489
Corvel Corp. (a)		774		31,177
DaVita HealthCare Partners, Inc. (a)		11,467		807,735
Envision Healthcare Holdings, Inc. (a)		7,949		284,177
ExamWorks Group, Inc. (a)		2,470		87,166
Express Scripts Holding Co. (a)		51,987		3,620,894
Gentiva Health Services, Inc. (a)		1,817		32,888
Healthways, Inc. (a)		2,100		36,309
IPC The Hospitalist Co., Inc. (a)		1,151		56,606
Laboratory Corp. of America Holdings (a)		5,695		590,515
Landauer, Inc.		645		27,832
LHC Group, Inc. (a)		810		19,019
MEDNAX, Inc. (a)		6,753		399,642
Omnicare, Inc.		6,682		417,625
Premier, Inc. (a)		2,179		61,666

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


		45		*Annual Report*

Fidelity MSCI Health Care Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES – continued
Health Care Services – continued
Quest Diagnostics, Inc.		9,655	$	589,920
Team Health Holdings, Inc. (a)		4,675		264,371
The Providence Service Corp. (a)		770		30,500

				7,767,254

Health Care Distributors – 3.7%
AmerisourceBergen Corp.		15,398		1,184,260
Cardinal Health, Inc.		23,002		1,648,093
Henry Schein, Inc. (a)		5,754		668,903
McKesson Corp.		15,422		2,958,865
MWI Veterinary Supply, Inc. (a)		874		123,461
Owens & Minor, Inc.		4,227		139,871
Patterson Cos., Inc.		5,653		220,524
PharMerica Corp. (a)		1,972		53,224

				6,997,201

Health Care Facilities – 2.4%
Acadia Healthcare Co., Inc. (a)		3,128		149,081
Amsurg Corp. (a)		2,740		130,862
Brookdale Senior Living, Inc. (a)		11,000		381,145
Capital Senior Living Corp. (a)		1,827		45,017
Community Health Systems, Inc. (a)		7,593		362,186
Five Star Quality Care, Inc. (a)		2,699		12,335
Hanger, Inc. (a)		2,319		73,396
HCA Holdings, Inc. (a)		20,720		1,353,223
HealthSouth Corp.		5,911		226,569
Kindred Healthcare, Inc.		4,256		101,718
LifePoint Hospitals, Inc. (a)		3,138		225,057
Select Medical Holdings Corp.		6,099		94,779
Surgical Care Affiliates, Inc. (a)		903		26,530
Tenet Healthcare Corp. (a)		6,476		341,739
The Ensign Group, Inc.		1,361		44,818
Universal Health Services, Inc. Class B		6,157		656,336
US Physical Therapy, Inc.		800		27,952
VCA, Inc. (a)		5,631		209,980

				4,462,723

Managed Health Care – 7.0%
Aetna, Inc.		24,305		1,884,367
Centene Corp. (a)		3,648		262,984
Cigna Corp.		18,347		1,651,964
Health Net, Inc. (a)		5,328		219,460
Humana, Inc.		10,341		1,216,619
Magellan Health, Inc. (a)		1,824		105,062
Molina Healthcare, Inc. (a)		2,020		82,517
Triple-S Management Corp. Class B (a)		1,523		26,318
UnitedHealth Group, Inc.		66,263		5,370,616
Universal American Corp.		2,580		20,485
WellCare Health Plans, Inc. (a)		1,856		115,777
WellPoint, Inc.		18,928		2,078,484

				13,034,653


TOTAL HEALTH CARE PROVIDERS & SERVICES				32,261,831



	Shares		Value
HEALTH CARE TECHNOLOGY – 1.2%
Health Care Technology – 1.2%
Allscripts Healthcare Solutions, Inc. (a)		11,383	$	181,217
athenahealth, Inc. (a)		2,487		309,383
Cerner Corp. (a)		20,784		1,147,277
Computer Programs & Systems, Inc.		729		47,983
HealthStream, Inc. (a)		1,452		36,242
HMS Holdings Corp. (a)		5,841		107,533
MedAssets, Inc. (a)		4,139		87,912
Medidata Solutions, Inc. (a)		3,459		155,102
Omnicell, Inc. (a)		2,366		64,828
Quality Systems, Inc.		3,075		47,693
Veeva Systems, Inc. Class A (a)		1,815		43,197
Vocera Communications, Inc. (a)		1,330		16,718


TOTAL HEALTH CARE TECHNOLOGY				2,245,085


LIFE SCIENCES TOOLS & SERVICES – 4.8%
Life Sciences Tools & Services – 4.8%
Accelerate Diagnostics, Inc. (a)		1,657		30,124
Affymetrix, Inc. (a)		4,906		42,192
Agilent Technologies, Inc.		22,375		1,255,014
Albany Molecular Research, Inc. (a)		1,647		31,359
Bio-Rad Laboratories, Inc. Class A (a)		1,327		152,592
Bruker Corp. (a)		7,863		178,726
Cambrex Corp. (a)		2,064		43,488
Charles River Laboratories International, Inc. (a)		3,201		173,526
Covance, Inc. (a)		3,778		317,050
Fluidigm Corp. (a)		1,717		49,158
Illumina, Inc. (a)		8,595		1,374,426
Luminex Corp. (a)		2,486		45,245
Mettler-Toledo International, Inc. (a)		1,977		508,366
PAREXEL International Corp. (a)		3,774		202,135
PerkinElmer, Inc.		7,526		347,852
Quintiles Transnational Holdings, Inc. (a)		3,905		214,502
Sequenom, Inc. (a)		7,775		29,156
Techne Corp.		2,465		230,034
Thermo Fisher Scientific, Inc.		26,243		3,188,524
Waters Corp. (a)		5,689		588,470


TOTAL LIFE SCIENCES TOOLS & SERVICES				9,001,939


PERSONAL PRODUCTS – 0.1%
Personal Products – 0.1%
Prestige Brands Holdings, Inc. (a)		3,472		106,938


PHARMACEUTICALS – 38.7%
Pharmaceuticals – 38.7%
AbbVie, Inc.		106,407		5,569,342
AcelRx Pharmaceuticals, Inc. (a)		1,669		11,616
Actavis PLC (a)		17,684		3,788,974
Akorn, Inc. (a)		4,857		164,798
Allergan, Inc.		19,996		3,316,537

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


*Annual Report*		46


Common Stocks – continued
	Shares		Value
PHARMACEUTICALS – continued
Pharmaceuticals – continued
Aratana Therapeutics, Inc. (a)		1,284	$	14,805
Auxilium Pharmaceuticals, Inc. (a)		3,127		62,603
AVANIR Pharmaceuticals, Inc. Class A (a)		10,216		53,225
Bristol-Myers Squibb Co.		110,542		5,595,636
Depomed, Inc. (a)		3,870		38,506
Eli Lilly & Co.		67,503		4,121,733
Endo International PLC (a)		9,505		637,595
Endocyte, Inc. (a)		83		551
Furiex Pharmaceuticals, Inc.		373		3,644
Horizon Pharma, Inc. (a)		2,987		25,389
Hospira, Inc. (a)		11,119		616,771
Impax Laboratories, Inc. (a)		4,405		103,033
Intra-Cellular Therapies, Inc. (a)		1,285		18,620
Jazz Pharmaceuticals PLC (a)		3,492		487,937
Johnson & Johnson		189,471		18,964,152
Mallinckrodt PLC (a)		3,889		270,752
Merck & Co., Inc.		196,960		11,175,510
Mylan, Inc. (a)		24,977		1,233,114
Nektar Therapeutics (a)		8,506		89,738
Pacira Pharmaceuticals, Inc. (a)		2,160		198,720
Perrigo Co. PLC		8,973		1,349,988
Pfizer, Inc.		427,517		12,269,738
Questcor Pharmaceuticals, Inc.		4,036		363,119
Relypsa, Inc. (a)		667		15,081
Repros Therapeutics, Inc. (a)		1,548		21,703
Revance Therapeutics, Inc. (a)		817		25,066
Sagent Pharmaceuticals, Inc. (a)		1,399		35,647



	Shares		Value
Salix Pharmaceuticals Ltd. (a)		4,241	$	559,430
Sciclone Pharmaceuticals, Inc. (a)		3,373		16,258
Sucampo Pharmaceuticals, Inc. Class A (a)		1,177		6,944
The Medicines Co. (a)		4,296		100,398
Theravance Biopharma, Inc. (a)		1,632		45,745
Vivus, Inc. (a)		6,216		29,961
XenoPort, Inc. (a)		4,013		17,216
Zoetis, Inc.		33,583		1,105,217


TOTAL PHARMACEUTICALS				72,524,812


TOTAL COMMON STOCKS (Cost $178,943,524)				186,900,234


Money Market Funds – 0.2%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $268,776)		268,776		268,776


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $179,212,300)				187,169,010

NET OTHER ASSETS (LIABILITIES) – 0.1%				212,988


NET ASSETS – 100%			$	187,381,998

Legend

(a)

Non-income producing.

(b)

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

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	186,900,234	$	186,896,590	$	—	$	3,644
Money Market Funds		268,776		268,776		—		—

Total Investments in Securities:	$	187,169,010	$	187,165,366	$	—	$	3,644

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


		47		*Annual Report*

Fidelity MSCI Industrials Index ETF

Investments July 31, 2014

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
AEROSPACE & DEFENSE – 21.9%
Aerospace & Defense – 21.9%
AAR Corp.		1,725	$	46,402
Aerovironment, Inc. (a)		897		28,247
Alliant Techsystems, Inc.		1,390		180,603
American Science & Engineering, Inc.		364		22,859
Astronics Corp. (a)		526		30,508
B/E Aerospace, Inc. (a)		4,607		392,240
Cubic Corp.		996		43,685
Curtiss-Wright Corp.		1,876		119,145
DigitalGlobe, Inc. (a)		3,134		81,954
Engility Holdings, Inc. (a)		680		23,501
Esterline Technologies Corp. (a)		1,399		151,861
Exelis, Inc.		8,261		139,115
GenCorp, Inc. (a)		2,175		38,606
General Dynamics Corp.		12,715		1,484,731
HEICO Corp.		897		44,096
Hexcel Corp. (a)		4,309		160,510
Honeywell International, Inc.		32,582		2,992,005
Huntington Ingalls Industries, Inc.		2,127		193,387
Kratos Defense & Security Solutions, Inc. (a)		2,012		14,688
L-3 Communications Holdings, Inc.		3,755		394,125
Lockheed Martin Corp.		11,953		1,995,792
Moog, Inc. Class A (a)		1,828		120,685
National Presto Industries, Inc.		212		13,589
Northrop Grumman Corp.		9,010		1,110,663
Orbital Sciences Corp. (a)		2,625		67,384
Precision Castparts Corp.		6,343		1,451,278
Raytheon Co.		13,765		1,249,449
Rockwell Collins, Inc.		5,322		389,943
Spirit Aerosystems Holdings, Inc. Class A (a)		5,173		168,485
Taser International, Inc. (a)		2,250		27,135
Teledyne Technologies, Inc. (a)		1,553		141,634
Textron, Inc.		12,351		449,206
The Boeing Co.		30,899		3,722,711
The KEYW Holding Corp. (a)		1,363		17,855
TransDigm Group, Inc.		2,201		369,592
Triumph Group, Inc.		2,289		145,008
United Technologies Corp.		38,041		4,000,011


TOTAL AEROSPACE & DEFENSE				22,022,688


AIR FREIGHT & LOGISTICS – 6.0%
Air Freight & Logistics – 6.0%
Air Transport Services Group, Inc. (a)		750		5,752
Atlas Air Worldwide Holdings, Inc. (a)		300		10,266
CH Robinson Worldwide, Inc.		6,486		437,546
Echo Global Logistics, Inc. (a)		769		16,926
Expeditors International of Washington, Inc.		8,859		382,532
FedEx Corp.		12,970		1,905,034
Forward Air Corp.		1,350		60,439



	Shares		Value
Hub Group, Inc. Class A (a)		1,600	$	73,888
Park-Ohio Holdings Corp.		357		21,191
United Parcel Service, Inc. Class B		31,127		3,022,120
UTi Worldwide, Inc. (a)		4,142		39,183
XPO Logistics, Inc. (a)		2,312		71,418


TOTAL AIR FREIGHT & LOGISTICS				6,046,295


AIRLINES – 1.2%
Airlines – 1.2%
Alaska Air Group, Inc.		1,514		66,571
Allegiant Travel Co.		210		24,730
American Airlines Group, Inc.		7,887		306,410
Delta Air Lines, Inc.		9,271		347,292
Hawaiian Holdings, Inc. (a)		600		8,358
Republic Airways Holdings, Inc. (a)		525		5,218
SkyWest, Inc.		600		6,414
Southwest Airlines Co.		7,657		216,540
Spirit Airlines, Inc. (a)		805		52,663
United Continental Holdings, Inc. (a)		4,075		189,039


TOTAL AIRLINES				1,223,235


AUTO COMPONENTS – 0.2%
Auto Parts & Equipment – 0.2%
Allison Transmission Holdings, Inc.		6,565		192,223


BUILDING PRODUCTS – 1.9%
Building Products – 1.9%
AAON, Inc.		1,904		37,356
Allegion PLC		4,179		214,926
American Woodmark Corp. (a)		543		15,964
AO Smith Corp.		3,403		158,920
Apogee Enterprises, Inc.		1,275		41,374
Armstrong World Industries, Inc. (a)		2,035		99,064
Builders FirstSource, Inc. (a)		2,175		12,919
Continental Building Products, Inc. (a)		661		8,718
Fortune Brands Home & Security, Inc.		7,230		273,222
Gibraltar Industries, Inc. (a)		1,275		18,730
Griffon Corp.		1,695		18,255
Insteel Industries, Inc.		750		13,762
Lennox International, Inc.		2,041		174,138
Masco Corp.		15,577		324,002
NCI Building Systems, Inc. (a)		1,280		21,453
Owens Corning		4,624		157,447
Patrick Industries, Inc. (a)		344		14,328
PGT, Inc. (a)		1,968		18,224
Ply Gem Holdings, Inc. (a)		899		7,489
Quanex Building Products Corp.		1,650		28,198
Simpson Manufacturing Co., Inc.		1,800		54,738
Trex Co., Inc. (a)		1,398		39,354
Universal Forest Products, Inc.		881		38,570
USG Corp. (a)		3,908		103,367


TOTAL BUILDING PRODUCTS				1,894,518

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


*Annual Report*		48


Common Stocks – continued
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES – 6.1%
Commercial Printing – 0.3%
Deluxe Corp.		2,198	$	120,912
Ennis, Inc.		1,200		17,016
InnerWorkings, Inc. (a)		1,458		11,883
Multi-Color Corp.		597		23,504
Quad/Graphics, Inc.		1,074		22,683
RR Donnelley & Sons Co.		8,690		150,858

				346,856

Diversified Support Services – 1.3%
Cintas Corp.		4,455		278,883
Civeo Corp. (a)		4,205		106,807
Copart, Inc. (a)		4,950		165,231
G&K Services, Inc. Class A		884		42,512
Healthcare Services Group, Inc.		2,927		76,512
Iron Mountain, Inc.		7,125		238,759
KAR Auction Services, Inc.		6,079		178,175
McGrath RentCorp		1,050		36,277
Mobile Mini, Inc.		2,038		76,955
Performant Financial Corp. (a)		1,472		14,116
UniFirst Corp.		665		64,645
Viad Corp.		916		19,438

				1,298,310

Environmental & Facilities Services – 2.6%
ABM Industries, Inc.		2,320		57,095
Ceco Environmental Corp.		880		11,950
Clean Harbors, Inc. (a)		2,516		144,997
Covanta Holding Corp.		5,175		105,674
Republic Services, Inc.		12,608		478,221
Rollins, Inc.		2,858		80,910
SP Plus Corp. (a)		908		17,797
Stericycle, Inc. (a)		3,722		437,893
Team, Inc. (a)		836		33,114
Tetra Tech, Inc.		2,851		69,222
US Ecology, Inc.		895		40,508
Waste Connections, Inc.		5,130		242,854
Waste Management, Inc.		19,294		866,108

				2,586,343

Office Services & Supplies – 0.7%
ACCO Brands Corp. (a)		5,025		33,266
Herman Miller, Inc.		2,563		74,942
HNI Corp.		1,958		69,196
Interface, Inc.		2,925		46,361
Kimball International, Inc. Class B		1,275		20,107
Knoll, Inc.		2,100		35,301
MSA Safety, Inc.		1,370		70,939
Pitney Bowes, Inc.		8,856		239,643
Steelcase, Inc. Class A		4,030		60,853
United Stationers, Inc.		1,737		67,013
West Corp.		1,122		28,914

				746,535



	Shares		Value
Security & Alarm Services – 1.2%
The ADT Corp.		7,998	$	278,330
The Brink’s Co.		2,019		54,190
Tyco International Ltd.		20,112		867,833

				1,200,353


TOTAL COMMERCIAL SERVICES & SUPPLIES				6,178,397


CONSTRUCTION & ENGINEERING – 2.5%
Construction & Engineering – 2.5%
AECOM Technology Corp. (a)		3,899		132,371
Aegion Corp. (a)		1,638		37,527
Ameresco, Inc. Class A (a)		775		5,828
Argan, Inc.		426		14,441
Chicago Bridge & Iron Co. N.V.		4,231		250,983
Comfort Systems USA, Inc.		1,650		24,585
Dycom Industries, Inc. (a)		1,503		42,264
EMCOR Group, Inc.		2,934		120,089
Fluor Corp.		7,026		511,985
Foster Wheeler AG		4,348		143,310
Furmanite Corp. (a)		1,650		15,098
Granite Construction, Inc.		1,598		52,015
Great Lakes Dredge & Dock Corp. (a)		2,475		17,869
Jacobs Engineering Group, Inc. (a)		5,777		293,529
KBR, Inc.		6,454		133,340
Layne Christensen Co. (a)		825		8,951
MasTec, Inc. (a)		2,712		73,739
MYR Group, Inc. (a)		900		22,329
Northwest Pipe Co. (a)		396		14,197
Orion Marine Group, Inc. (a)		1,200		12,972
Pike Corp. (a)		1,326		10,688
Primoris Services Corp.		1,696		40,500
Quanta Services, Inc. (a)		9,320		312,127
Tutor Perini Corp. (a)		1,725		46,972
URS Corp.		3,168		181,431


TOTAL CONSTRUCTION & ENGINEERING				2,519,140


DIVERSIFIED CONSUMER SERVICES – 0.1%
Specialized Consumer Services – 0.1%
Hillenbrand, Inc.		2,802		84,200


ELECTRICAL EQUIPMENT – 7.2%
Electrical Components & Equipment – 6.9%
Acuity Brands, Inc.		1,883		201,989
AMETEK, Inc.		10,700		520,983
Brady Corp. Class A		2,100		54,915
Eaton Corp. PLC		20,790		1,412,057
Emerson Electric Co.		30,747		1,957,047
Encore Wire Corp.		884		37,075
EnerSys, Inc.		2,069		131,237
Enphase Energy, Inc. (a)		925		9,527
Franklin Electric Co., Inc.		1,753		64,247

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


		49		*Annual Report*

Fidelity MSCI Industrials Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
ELECTRICAL EQUIPMENT – continued
Electrical Components & Equipment – continued
FuelCell Energy, Inc. (a)		9,765	$	24,217
Generac Holdings, Inc. (a)		3,000		130,200
General Cable Corp.		2,175		48,350
GrafTech International Ltd. (a)		5,325		44,730
Hubbell, Inc. Class B		2,284		267,091
Plug Power, Inc. (a)		6,399		34,683
Polypore International, Inc. (a)		1,952		84,131
Powell Industries, Inc.		438		25,584
Preformed Line Products Co.		132		7,153
Regal-Beloit Corp.		1,976		138,893
Rockwell Automation, Inc.		6,073		678,111
Roper Industries, Inc.		4,355		627,425
Sensata Technologies Holding N.V. (a)		6,984		322,940
SolarCity Corp. (a)		1,634		116,880
Thermon Group Holdings, Inc. (a)		1,395		34,010
Vicor Corp. (a)		825		6,501

				6,979,976

Heavy Electrical Equipment – 0.3%
AZZ, Inc.		1,125		49,095
Capstone Turbine Corp. (a)		14,946		20,775
Power Solutions International, Inc. (a)		208		12,705
PowerSecure International, Inc. (a)		942		9,260
The Babcock & Wilcox Co.		4,812		149,364

				241,199


TOTAL ELECTRICAL EQUIPMENT				7,221,175


INDUSTRIAL CONGLOMERATES – 17.1%
Industrial Conglomerates – 17.1%
3M Co.		27,532		3,878,984
Carlisle Cos., Inc.		2,806		224,536
Danaher Corp.		27,499		2,031,626
General Electric Co.		438,528		11,028,979
Raven Industries, Inc.		1,564		43,589


TOTAL INDUSTRIAL CONGLOMERATES				17,207,714


MACHINERY – 18.7%
Construction & Farm Machinery & Heavy Trucks – 8.6%
AGCO Corp.		3,879		188,946
Alamo Group, Inc.		302		14,354
American Railcar Industries, Inc.		431		29,489
Astec Industries, Inc.		834		32,418
Caterpillar, Inc.		27,909		2,811,832
Commercial Vehicle Group, Inc. (a)		1,125		10,305
Cummins, Inc.		7,766		1,082,503
Deere & Co.		15,364		1,307,630
Douglas Dynamics, Inc.		975		16,283
Federal Signal Corp.		2,775		40,126
FreightCar America, Inc.		525		11,330



	Shares		Value
Greenbrier Cos., Inc.		1,176	$	75,793
Joy Global, Inc.		4,413		261,514
Lindsay Corp.		577		46,708
Meritor, Inc. (a)		4,075		51,223
Navistar International Corp. (a)		2,149		75,580
Oshkosh Corp.		3,687		170,413
PACCAR, Inc.		15,489		964,500
Terex Corp.		4,829		166,649
The Manitowoc Co., Inc.		5,882		156,226
The Toro Co.		2,492		147,850
Titan International, Inc.		2,346		35,002
Trinity Industries, Inc.		6,778		295,792
Twin Disc, Inc.		375		10,815
Wabash National Corp. (a)		3,000		40,830
WABCO Holdings, Inc. (a)		2,542		247,794
Wabtec Corp.		4,188		337,888

				8,629,793

Industrial Machinery – 10.1%
Actuant Corp. Class A		3,014		97,292
Albany International Corp. Class A		1,257		45,051
Altra Industrial Motion Corp.		1,200		37,620
Barnes Group, Inc.		2,014		68,980
Blount International, Inc. (a)		1,845		24,096
Briggs & Stratton Corp.		2,100		38,493
Chart Industries, Inc. (a)		1,316		100,082
CIRCOR International, Inc.		682		49,015
CLARCOR, Inc.		2,195		130,186
Colfax Corp. (a)		3,369		212,146
Columbus McKinnon Corp.		825		19,181
Crane Co.		2,033		139,484
Donaldson Co., Inc.		6,077		235,727
Dover Corp.		7,455		639,341
Dynamic Materials Corp.		600		12,288
EnPro Industries, Inc. (a)		921		63,015
ESCO Technologies, Inc.		1,134		38,046
Flowserve Corp.		6,019		445,647
Global Brass & Copper Holdings, Inc.		909		13,799
Graco, Inc.		2,679		198,648
Harsco Corp.		3,525		89,077
Hyster-Yale Materials Handling, Inc.		390		31,239
IDEX Corp.		3,525		267,266
Illinois Tool Works, Inc.		17,659		1,454,572
Ingersoll-Rand PLC		12,146		714,063
ITT Corp.		3,989		183,374
John Bean Technologies Corp.		1,275		33,214
Kadant, Inc.		466		17,773
Kennametal, Inc.		3,448		145,781
LB Foster Co. Class A		448		20,899
Lincoln Electric Holdings, Inc.		3,362		223,371
Mueller Industries, Inc.		2,484		69,130
Mueller Water Products, Inc. Class A		6,975		54,056
Nordson Corp.		2,664		200,253

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


*Annual Report*		50


Common Stocks – continued
	Shares		Value
MACHINERY – continued
Industrial Machinery – continued
Pall Corp.		4,843	$	375,187
Parker Hannifin Corp.		6,515		748,899
Pentair PLC		8,618		552,155
Proto Labs, Inc. (a)		949		76,869
RBC Bearings, Inc.		1,003		55,646
Rexnord Corp. (a)		3,330		89,610
Snap-on, Inc.		2,533		304,467
SPX Corp.		1,670		165,547
Standex International Corp.		554		36,536
Stanley Black & Decker, Inc.		6,470		565,802
Sun Hydraulics Corp.		982		35,823
Tennant Co.		769		56,099
The ExOne Co. (a)		461		15,079
The Middleby Corp. (a)		2,526		184,044
Timken Co.		3,266		144,684
Trimas Corp. (a)		1,950		61,776
Valmont Industries, Inc.		1,118		162,814
Watts Water Technologies, Inc. Class A		1,200		70,152
Woodward, Inc.		2,651		132,444
Xylem, Inc.		8,090		285,496

				10,231,334


TOTAL MACHINERY				18,861,127


MARINE – 0.3%
Marine – 0.3%
Kirby Corp. (a)		2,232		259,939
Matson, Inc.		450		12,127


TOTAL MARINE				272,066


PROFESSIONAL SERVICES – 3.7%
Human Resource & Employment Services – 1.2%
Barrett Business Services, Inc.		306		17,466
CDI Corp.		675		9,362
Heidrick & Struggles International, Inc.		750		14,003
Insperity, Inc.		981		31,304
Kelly Services, Inc. Class A		1,280		20,403
Kforce, Inc.		1,295		25,758
Korn/Ferry International (a)		2,175		63,989
Manpowergroup, Inc.		3,478		270,901
On Assignment, Inc. (a)		2,130		57,531
Robert Half International, Inc.		6,027		293,214
Towers Watson & Co. Class A		3,090		315,242
TrueBlue, Inc. (a)		1,805		48,717
WageWorks, Inc. (a)		1,449		60,481

				1,228,371

Research & Consulting Services – 2.5%
Acacia Research Corp.		2,175		37,106
CBIZ, Inc. (a)		1,978		16,140
Equifax, Inc.		5,346		406,777



	Shares		Value
Exponent, Inc.		587	$	41,724
FTI Consulting, Inc. (a)		1,800		66,528
Huron Consulting Group, Inc. (a)		1,040		62,858
ICF International, Inc. (a)		780		26,965
IHS, Inc. Class A (a)		2,968		389,906
Mistras Group, Inc. (a)		750		15,840
Navigant Consulting, Inc. (a)		2,117		34,549
Nielsen N.V.		13,240		610,496
Pendrell Corp. (a)		5,006		7,359
Resources Connection, Inc.		1,761		26,591
RPX Corp. (a)		1,942		30,295
The Advisory Board Co. (a)		1,575		78,971
The Corporate Executive Board Co.		1,491		92,546
The Dun & Bradstreet Corp.		1,616		177,808
Verisk Analytics, Inc. Class A (a)		6,565		394,163

				2,516,622


TOTAL PROFESSIONAL SERVICES				3,744,993


ROAD & RAIL – 9.6%
Railroads – 7.3%
CSX Corp.		44,084		1,318,993
Genesee & Wyoming, Inc. Class A (a)		2,272		226,587
Kansas City Southern		4,825		526,214
Norfolk Southern Corp.		13,554		1,377,900
Union Pacific Corp.		39,812		3,913,918

				7,363,612

Trucking – 2.3%
AMERCO		343		90,264
ArcBest Corp.		1,060		33,634
Avis Budget Group, Inc. (a)		4,696		263,868
Celadon Group, Inc.		975		20,709
Con-way, Inc.		2,483		122,536
Heartland Express, Inc.		2,116		47,504
Hertz Global Holdings, Inc. (a)		19,645		554,382
JB Hunt Transport Services, Inc.		4,107		317,307
Knight Transportation, Inc.		2,625		62,895
Landstar System, Inc.		1,992		131,731
Marten Transport Ltd.		1,125		22,770
Old Dominion Freight Line, Inc. (a)		2,818		178,887
Quality Distribution, Inc. (a)		1,125		15,019
Roadrunner Transportation Systems, Inc. (a)		1,233		30,997
Ryder System, Inc.		2,344		201,889
Saia, Inc. (a)		1,055		48,161
Swift Transportation Co. (a)		3,881		79,366
Universal Truckload Services, Inc.		297		7,214
Werner Enterprises, Inc.		2,076		51,028
YRC Worldwide, Inc. (a)		736		19,268

				2,299,429


TOTAL ROAD & RAIL				9,663,041

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


		51		*Annual Report*

Fidelity MSCI Industrials Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS – 3.2%
Trading Companies & Distributors – 3.2%
Aceto Corp.		1,204	$	20,179
Air Lease Corp.		4,222		145,448
Aircastle Ltd.		2,837		50,924
Applied Industrial Technologies, Inc.		1,747		84,660
Beacon Roofing Supply, Inc. (a)		2,172		60,034
CAI International, Inc. (a)		750		14,317
DXP Enterprises, Inc. (a)		468		33,242
Fastenal Co.		12,316		546,215
GATX Corp.		1,903		117,986
H&E Equipment Services, Inc. (a)		1,392		50,363
HD Supply Holdings, Inc. (a)		4,646		118,101
Kaman Corp.		1,051		42,051
MRC Global, Inc. (a)		4,429		118,830
MSC Industrial Direct Co., Inc. Class A		2,086		177,915
NOW, Inc. (a)		4,691		151,003
Rush Enterprises, Inc. Class A (a)		1,275		44,918
Stock Building Supply Holdings, Inc. (a)		614		9,063
TAL International Group, Inc. (a)		1,419		62,720
Titan Machinery, Inc. (a)		825		12,095
United Rentals, Inc. (a)		4,228		447,745
Veritiv Corp. (a)		359		14,331
Watsco, Inc.		1,125		100,766
WESCO International, Inc. (a)		1,927		151,250
WW Grainger, Inc.		2,708		636,786


TOTAL TRADING COMPANIES & DISTRIBUTORS				3,210,942



	Shares		Value
TRANSPORTATION INFRASTRUCTURE – 0.2%
Airport Services – 0.2%
Macquarie Infrastructure Co. LLC		2,763	$	192,636
Wesco Aircraft Holdings, Inc. (a)		3,023		57,286


TOTAL TRANSPORTATION INFRASTRUCTURE				249,922


TOTAL COMMON STOCKS (Cost $105,145,991)				100,591,676


Money Market Funds – 0.0%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $37,937)		37,937		37,937


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $105,183,928)				100,629,613

NET OTHER ASSETS (LIABILITIES) – 0.1%				76,199


NET ASSETS – 100%			$	100,705,812

Legend

(a)

Non-income producing.

(b)

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

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	100,591,676	$	100,591,676	$	—	$	—
Money Market Funds		37,937		37,937		—		—

Total Investments in Securities:	$	100,629,613	$	100,629,613	$	—	$	—

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


*Annual Report*		52

Fidelity MSCI Information Technology Index ETF

Investments July 31, 2014

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES – 0.0%
Diversified Support Services – 0.0%
EnerNOC, Inc. (a)		1,169	$	20,948


COMMUNICATIONS EQUIPMENT – 8.5%
Communications Equipment – 8.5%
ADTRAN, Inc.		2,623		58,336
ARRIS Group, Inc. (a)		5,435		185,714
Aruba Networks, Inc. (a)		4,708		84,085
Black Box Corp.		744		15,401
Brocade Communications Systems, Inc.		19,613		180,636
CalAmp Corp. (a)		1,494		25,413
Calix, Inc. (a)		1,612		14,975
Ciena Corp. (a)		4,695		91,693
Cisco Systems, Inc.		231,563		5,842,335
CommScope Holding Co., Inc. (a)		3,762		92,696
Comtech Telecommunications Corp.		744		25,147
Digi International, Inc. (a)		1,240		10,242
EchoStar Corp. Class A (a)		1,952		98,966
Emulex Corp. (a)		3,245		19,081
Extreme Networks, Inc. (a)		4,454		20,934
F5 Networks, Inc. (a)		3,385		381,117
Finisar Corp. (a)		4,342		85,668
Harmonic, Inc. (a)		4,588		27,528
Harris Corp.		4,786		326,740
Infinera Corp. (a)		5,460		50,232
InterDigital, Inc.		1,842		81,214
Ixia (a)		2,506		26,814
JDS Uniphase Corp. (a)		10,610		125,941
Juniper Networks, Inc. (a)		22,511		529,909
Motorola Solutions, Inc.		10,264		653,612
NETGEAR, Inc. (a)		1,633		51,129
Oplink Communications, Inc. (a)		868		16,544
Palo Alto Networks, Inc. (a)		2,328		188,242
Parkervision, Inc. (a)		4,604		5,755
Plantronics, Inc.		1,909		89,666
Polycom, Inc. (a)		6,144		78,766
QUALCOMM, Inc.		76,019		5,602,600
Riverbed Technology, Inc. (a)		6,776		121,290
Ruckus Wireless, Inc. (a)		2,745		35,438
ShoreTel, Inc. (a)		2,941		18,175
Sonus Networks, Inc. (a)		10,061		35,515
Ubiquiti Networks, Inc. (a)		991		37,886
ViaSat, Inc. (a)		1,961		114,660


TOTAL COMMUNICATIONS EQUIPMENT				15,450,095


ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 4.2%
Electronic Components – 1.5%
Aeroflex Holding Corp. (a)		1,207		12,746
Amphenol Corp. Class A		7,103		683,095
AVX Corp.		2,233		30,369
Belden, Inc.		1,970		133,763



	Shares		Value
Corning, Inc.		62,527	$	1,228,656
Dolby Laboratories, Inc. Class A (a)		2,215		98,878
DTS, Inc. (a)		751		13,586
II-VI, Inc. (a)		2,371		32,530
InvenSense, Inc. (a)		3,380		77,774
Knowles Corp. (a)		3,839		111,638
Littelfuse, Inc.		998		86,746
Rogers Corp. (a)		836		47,953
Universal Display Corp. (a)		1,897		58,162
Vishay Intertechnology, Inc.		6,103		89,897

				2,705,793

Electronic Equipment & Instruments – 0.6%
Badger Meter, Inc.		620		30,938
Checkpoint Systems, Inc. (a)		1,860		22,766
Cognex Corp. (a)		3,720		152,446
Coherent, Inc. (a)		1,116		65,743
Control4 Corp. (a)		545		9,161
Daktronics, Inc.		1,612		17,893
Electro Scientific Industries, Inc.		1,364		8,157
FARO Technologies, Inc. (a)		754		38,175
FEI Co.		1,909		146,229
FLIR Systems, Inc.		6,345		211,162
GSI Group, Inc. (a)		1,364		15,727
Itron, Inc. (a)		1,764		63,469
MTS Systems Corp.		714		47,124
National Instruments Corp.		4,590		146,146
Newport Corp. (a)		1,736		30,050
OSI Systems, Inc. (a)		868		57,548
RealD, Inc. (a)		1,982		20,950
Rofin-Sinar Technologies, Inc. (a)		1,240		27,069
Vishay Precision Group, Inc. (a)		620		8,947

				1,119,700

Electronic Manufacturing Services – 1.4%
Benchmark Electronics, Inc. (a)		2,404		58,056
CTS Corp.		1,364		23,720
Fabrinet (a)		1,371		25,501
Flextronics International Ltd. (a)		27,241		283,034
IPG Photonics Corp. (a)		1,500		101,025
Jabil Circuit, Inc.		8,303		165,728
Kemet Corp. (a)		2,108		10,392
Maxwell Technologies, Inc. (a)		1,292		14,057
Measurement Specialties, Inc. (a)		730		62,773
Mercury Systems, Inc. (a)		1,488		16,442
Methode Electronics, Inc.		1,612		51,552
Multi-Fineline Electronix, Inc. (a)		496		4,841
Park Electrochemical Corp.		863		24,302
Plexus Corp. (a)		1,516		59,624
Sanmina Corp. (a)		3,690		85,940
TE Connectivity Ltd.		18,430		1,140,633
Trimble Navigation Ltd. (a)		11,661		360,325
TTM Technologies, Inc. (a)		2,480		18,625

				2,506,570

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


		53		*Annual Report*

Fidelity MSCI Information Technology Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – continued
Technology Distributors – 0.7%
Agilysys, Inc. (a)		723	$	9,507
Anixter International, Inc.		1,240		106,603
Arrow Electronics, Inc. (a)		4,487		260,022
Avnet, Inc.		6,197		262,319
CDW Corp.		3,881		119,884
Electro Rent Corp.		741		11,300
Ingram Micro, Inc. Class A (a)		6,943		199,264
Insight Enterprises, Inc. (a)		1,873		49,204
PC Connection, Inc.		490		10,011
ScanSource, Inc. (a)		1,254		44,906
SYNNEX Corp. (a)		1,265		81,592
Tech Data Corp. (a)		1,718		107,873

				1,262,485


TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS				7,594,548


INTERNET SOFTWARE & SERVICES – 16.9%
Internet Software & Services – 16.9%
Akamai Technologies, Inc. (a)		8,045		474,816
Angie’s List, Inc. (a)		2,022		16,843
AOL, Inc. (a)		3,586		138,240
Bankrate, Inc. (a)		2,494		42,049
Bazaarvoice, Inc. (a)		2,362		17,502
Benefitfocus, Inc. (a)		467		17,998
Blucora, Inc. (a)		1,735		29,617
Brightcove, Inc. (a)		1,140		6,783
Carbonite, Inc. (a)		501		4,875
ChannelAdvisor Corp. (a)		898		20,591
comScore, Inc. (a)		1,391		50,340
Constant Contact, Inc. (a)		1,364		42,461
Conversant, Inc. (a)		2,852		66,651
Cornerstone OnDemand, Inc. (a)		2,146		89,789
CoStar Group, Inc. (a)		1,431		205,678
Cvent, Inc. (a)		666		18,189
Dealertrack Technologies, Inc. (a)		1,984		74,539
Demand Media, Inc. (a)		2,184		11,859
Demandware, Inc. (a)		1,361		81,987
Dice Holdings, Inc. (a)		1,860		17,038
Digital River, Inc. (a)		1,368		19,549
E2open, Inc. (a)		896		14,497
EarthLink Holdings Corp.		4,712		18,565
eBay, Inc. (a)		55,292		2,919,418
Endurance International Group Holdings, Inc. (a)		2,363		32,208
Envestnet, Inc. (a)		1,276		55,646
Equinix, Inc. (a)		2,220		476,234
Facebook, Inc. Class A (a)		84,372		6,129,626
Gogo, Inc. (a)		2,324		37,672
Google, Inc. Class A (a)		12,626		7,317,398
Google, Inc. Class C (a)		12,864		7,353,062



	Shares		Value
IAC/InterActiveCorp		3,435	$	230,832
Internap Network Services Corp. (a)		2,232		16,093
IntraLinks Holdings, Inc. (a)		1,834		14,709
j2 Global, Inc.		2,028		99,210
LinkedIn Corp. Class A (a)		4,660		841,782
Liquidity Services, Inc. (a)		1,222		16,485
LivePerson, Inc. (a)		2,232		26,293
LogMeIn, Inc. (a)		1,071		43,600
Marchex, Inc.		1,522		16,742
Marin Software, Inc. (a)		812		7,446
Marketo, Inc. (a)		821		22,454
MercadoLibre, Inc.		1,493		138,103
Millennial Media, Inc. (a)		2,037		7,028
Monster Worldwide, Inc. (a)		4,082		26,533
Move, Inc. (a)		1,730		25,258
NIC, Inc.		2,732		46,089
Pandora Media, Inc. (a)		7,561		189,932
Perficient, Inc. (a)		1,555		26,419
QuinStreet, Inc. (a)		1,789		8,927
Rackspace Hosting, Inc. (a)		5,446		164,959
RealNetworks, Inc. (a)		1,116		8,392
Rocket Fuel, Inc. (a)		578		15,265
SciQuest, Inc. (a)		1,244		19,145
Shutterstock, Inc. (a)		539		42,010
SPS Commerce, Inc. (a)		725		38,679
Stamps.com, Inc. (a)		648		20,496
Textura Corp. (a)		915		22,848
Travelzoo, Inc. (a)		361		6,224
Trulia, Inc. (a)		1,238		74,936
Twitter, Inc. (a)		5,305		239,733
VeriSign, Inc. (a)		5,702		308,193
VistaPrint N.V. (a)		1,344		66,205
Web.com Group, Inc. (a)		2,209		58,649
WebMD Health Corp. (a)		1,590		79,230
XO Group, Inc. (a)		1,134		12,667
Xoom Corp. (a)		1,037		22,461
Yahoo!, Inc. (a)		43,155		1,545,381
Yelp, Inc. (a)		2,694		180,929
Zillow, Inc. Class A (a)		1,259		180,704


TOTAL INTERNET SOFTWARE & SERVICES				30,712,761


IT SERVICES – 16.5%
Data Processing & Outsourced Services – 9.1%
Alliance Data Systems Corp. (a)		2,389		626,611
Automatic Data Processing, Inc.		21,666		1,761,662
Blackhawk Network Holdings, Inc. Class B (a)		1,839		51,290
Broadridge Financial Solutions, Inc.		5,346		215,818
Cardtronics, Inc. (a)		2,002		77,197
Cass Information Systems, Inc.		407		18,368
Computer Sciences Corp.		6,545		408,342
Convergys Corp.		4,582		88,845

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


*Annual Report*		54


Common Stocks – continued
	Shares		Value
IT SERVICES – continued
Data Processing & Outsourced Services – continued
CoreLogic, Inc. (a)		3,935	$	107,032
CSG Systems International, Inc.		1,592		41,456
DST Systems, Inc.		1,609		144,923
Euronet Worldwide, Inc. (a)		2,180		109,087
EVERTEC, Inc.		2,967		66,342
ExlService Holdings, Inc. (a)		1,456		40,841
Fidelity National Information Services, Inc.		13,052		736,133
Fiserv, Inc. (a)		11,429		704,826
FleetCor Technologies, Inc. (a)		3,340		443,519
Global Cash Access Holdings, Inc. (a)		2,867		23,997
Global Payments, Inc.		3,229		223,673
Heartland Payment Systems, Inc.		1,629		77,377
Higher One Holdings, Inc. (a)		1,240		5,183
Jack Henry & Associates, Inc.		3,844		224,297
Mastercard, Inc. Class A		46,174		3,423,802
MAXIMUS, Inc.		3,024		125,073
MoneyGram International, Inc. (a)		1,389		20,071
Paychex, Inc.		14,759		605,267
Sykes Enterprises, Inc. (a)		1,743		36,080
Syntel, Inc. (a)		751		64,864
TeleTech Holdings, Inc. (a)		881		24,254
The Western Union Co.		24,602		429,797
Total System Services, Inc.		7,577		242,464
Vantiv, Inc. Class A (a)		6,349		208,120
VeriFone Systems, Inc. (a)		4,979		166,846
Visa, Inc. Class A		22,671		4,783,808
WEX, Inc. (a)		1,752		189,076

				16,516,341

IT Consulting & Other Services – 7.4%
Accenture PLC Class A		28,637		2,270,341
Acxiom Corp. (a)		3,371		61,757
Booz Allen Hamilton Holding Corp.		2,952		65,652
CACI International, Inc. Class A (a)		951		65,610
CIBER, Inc. (a)		3,224		11,252
Cognizant Technology Solutions Corp. Class A (a)		27,323		1,340,193
Computer Task Group, Inc.		613		8,778
EPAM Systems, Inc. (a)		1,692		65,413
Forrester Research, Inc.		496		19,185
Gartner, Inc. (a)		4,127		282,369
iGATE Corp. (a)		1,605		57,266
International Business Machines Corp.		44,471		8,523,757
Leidos Holdings, Inc.		3,013		111,300
Lionbridge Technologies, Inc. (a)		3,031		17,368
ManTech International Corp. Class A		1,041		28,107
Sapient Corp. (a)		5,384		79,468
Science Applications International Corp.		1,996		83,373
ServiceSource International, Inc. (a)		3,224		14,282
Teradata Corp. (a)		7,152		301,528
Unisys Corp. (a)		2,324		49,478



	Shares		Value
Virtusa Corp. (a)		1,246	$	38,975

				13,495,452


TOTAL IT SERVICES				30,011,793


OFFICE ELECTRONICS – 0.5%
Office Electronics – 0.5%
Xerox Corp.		50,560		670,426
Zebra Technologies Corp. Class A (a)		2,285		182,960


TOTAL OFFICE ELECTRONICS				853,386


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 12.8%
Semiconductor Equipment – 1.8%
Advanced Energy Industries, Inc. (a)		1,736		29,200
Amkor Technology, Inc. (a)		5,932		52,498
Applied Materials, Inc.		54,452		1,141,314
Brooks Automation, Inc.		2,976		30,296
Cabot Microelectronics Corp. (a)		1,089		43,767
Cohu, Inc.		1,116		12,443
Entegris, Inc. (a)		6,200		71,238
FormFactor, Inc. (a)		2,480		16,740
GT Advanced Technologies, Inc. (a)		5,975		82,694
KLA-Tencor Corp.		7,478		534,602
Kulicke & Soffa Industries, Inc. (a)		3,560		48,487
Lam Research Corp.		7,314		511,980
MKS Instruments, Inc.		2,373		75,414
Nanometrics, Inc. (a)		992		15,436
PDF Solutions, Inc. (a)		1,223		23,433
Photronics, Inc. (a)		2,728		21,742
Rudolph Technologies, Inc. (a)		1,380		12,710
SunEdison, Inc. (a)		11,424		228,480
Teradyne, Inc.		8,756		159,534
Tessera Technologies, Inc.		2,140		54,377
Ultratech, Inc. (a)		1,240		29,363
Veeco Instruments, Inc. (a)		1,761		61,124
Xcerra Corp. (a)		2,196		20,533

				3,277,405

Semiconductors – 11.0%
Advanced Micro Devices, Inc. (a)		27,897		109,077
Altera Corp.		14,262		466,653
Ambarella, Inc. (a)		974		27,866
Analog Devices, Inc.		14,069		698,244
Applied Micro Circuits Corp. (a)		3,343		27,914
Atmel Corp. (a)		19,220		157,604
Avago Technologies Ltd.		11,230		779,137
Broadcom Corp. Class A		23,876		913,496
Cavium, Inc. (a)		2,356		109,907
Ceva, Inc. (a)		992		14,116
Cirrus Logic, Inc. (a)		2,852		63,970
Cree, Inc. (a)		5,448		257,309
Cypress Semiconductor Corp. (a)		6,556		66,281
Diodes, Inc. (a)		1,661		42,356
Entropic Communications, Inc. (a)		3,844		10,725

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


		55		*Annual Report*

Fidelity MSCI Information Technology Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – continued
Semiconductors – continued
Exar Corp. (a)		1,954	$	18,817
Fairchild Semiconductor International, Inc. (a)		5,704		86,815
First Solar, Inc. (a)		3,359		211,987
Freescale Semiconductor Ltd. (a)		4,604		92,172
Inphi Corp. (a)		1,005		15,336
Integrated Device Technology, Inc. (a)		6,394		91,818
Integrated Silicon Solution, Inc.		1,388		20,293
Intel Corp.		223,502		7,574,483
International Rectifier Corp. (a)		3,222		80,034
Intersil Corp. Class A		5,704		73,182
IXYS Corp.		1,116		12,745
Kopin Corp. (a)		2,852		9,782
Lattice Semiconductor Corp. (a)		5,208		35,623
Linear Technology Corp.		10,614		468,449
M/A-COM Technology Solutions Holdings, Inc. (a)		675		13,433
Magnachip Semiconductor Corp. (a)		1,505		21,085
Marvell Technology Group Ltd.		16,569		221,030
Maxim Integrated Products, Inc.		12,653		370,859
MaxLinear, Inc. Class A (a)		1,343		12,732
Mellanox Technologies Ltd. (a)		1,692		70,472
Micrel, Inc.		2,232		23,347
Microchip Technology, Inc.		8,992		404,820
Micron Technology, Inc. (a)		47,672		1,456,380
Microsemi Corp. (a)		4,216		101,100
Monolithic Power Systems, Inc.		1,646		67,881
NVE Corp. (a)		219		14,531
NVIDIA Corp.		25,569		447,458
OmniVision Technologies, Inc. (a)		2,480		55,552
ON Semiconductor Corp. (a)		19,940		170,686
PMC – Sierra, Inc. (a)		8,715		58,652
Power Integrations, Inc.		1,347		72,509
Rambus, Inc. (a)		4,836		55,662
RF Micro Devices, Inc. (a)		12,649		141,163
Semtech Corp. (a)		3,095		69,111
Silicon Image, Inc. (a)		3,472		17,325
Silicon Laboratories, Inc. (a)		1,860		75,758
Skyworks Solutions, Inc.		8,525		432,729
Spansion, Inc. Class A (a)		2,427		46,040
SunPower Corp. (a)		1,881		69,089
Synaptics, Inc. (a)		1,607		116,074
Texas Instruments, Inc.		48,766		2,255,428
TriQuint Semiconductor, Inc. (a)		6,978		125,464
Xilinx, Inc.		11,988		493,066

				20,015,627


TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				23,293,032



	Shares		Value
SOFTWARE – 20.2%
Application Software – 5.6%
ACI Worldwide, Inc. (a)		5,205	$	97,542
Actuate Corp. (a)		2,010		8,482
Adobe Systems, Inc. (a)		21,314		1,473,011
Advent Software, Inc.		1,842		59,791
ANSYS, Inc. (a)		4,146		318,993
Aspen Technology, Inc. (a)		4,186		181,840
Autodesk, Inc. (a)		10,042		535,741
Blackbaud, Inc.		2,052		75,329
Bottomline Technologies de, Inc. (a)		1,736		49,146
BroadSoft, Inc. (a)		1,229		29,988
Cadence Design Systems, Inc. (a)		13,020		219,127
Callidus Software, Inc. (a)		2,066		22,148
Citrix Systems, Inc. (a)		8,257		559,247
Compuware Corp.		9,796		89,144
Concur Technologies, Inc. (a)		2,165		201,258
Ebix, Inc.		1,370		17,207
Ellie Mae, Inc. (a)		1,221		35,067
Epiq Systems, Inc.		1,364		19,669
ePlus, Inc. (a)		283		15,477
FactSet Research Systems, Inc.		1,822		218,877
Fair Isaac Corp.		1,586		90,640
Guidance Software, Inc. (a)		744		5,759
Guidewire Software, Inc. (a)		3,020		122,310
Informatica Corp. (a)		4,948		156,951
Interactive Intelligence Group, Inc. (a)		731		33,165
Intuit, Inc.		12,085		990,607
Jive Software, Inc. (a)		1,810		14,335
Manhattan Associates, Inc. (a)		3,416		100,294
Mentor Graphics Corp.		4,340		85,715
MicroStrategy, Inc. Class A (a)		405		57,968
Monotype Imaging Holdings, Inc.		1,733		51,799
Net 1 UEPS Technologies, Inc. (a)		1,739		18,520
Netscout Systems, Inc. (a)		1,775		75,491
Nuance Communications, Inc. (a)		11,399		207,234
Pegasystems, Inc.		1,611		34,427
PROS Holdings, Inc. (a)		1,029		26,363
PTC, Inc. (a)		5,340		192,026
Qlik Technologies, Inc. (a)		4,068		107,639
RealPage, Inc. (a)		2,484		40,005
Salesforce.com, Inc. (a)		25,736		1,396,178
Seachange International, Inc. (a)		1,698		12,718
Silver Spring Networks, Inc. (a)		904		9,655
SolarWinds, Inc. (a)		3,074		126,464
Solera Holdings, Inc.		3,100		198,400
Splunk, Inc. (a)		4,815		226,401
SS&C Technologies Holdings, Inc. (a)		3,200		138,592
Synchronoss Technologies, Inc. (a)		1,488		60,130
Synopsys, Inc. (a)		6,947		262,388
Tangoe, Inc. (a)		1,585		21,873
Telenav, Inc. (a)		1,449		7,202
The Ultimate Software Group, Inc. (a)		1,210		163,241

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


*Annual Report*		56


Common Stocks – continued
	Shares		Value
SOFTWARE – continued
Application Software – continued
TIBCO Software, Inc. (a)		6,945	$	134,039
TiVo, Inc. (a)		5,468		73,599
Tyler Technologies, Inc. (a)		1,413		128,201
Verint Systems, Inc. (a)		2,651		124,438
VirnetX Holding Corp. (a)		1,984		27,736
Vringo, Inc. (a)		3,472		11,319
Workday, Inc. Class A (a)		3,811		319,514

				10,080,420

Home Entertainment Software – 0.7%
Activision Blizzard, Inc.		22,469		502,856
Electronic Arts, Inc. (a)		13,902		467,107
Glu Mobile, Inc. (a)		3,883		21,784
Rosetta Stone, Inc. (a)		755		7,278
Take-Two Interactive Software, Inc. (a)		4,434		99,233
Zynga, Inc. Class A (a)		29,722		86,788

				1,185,046

Systems Software – 13.9%
CA, Inc.		15,107		436,290
CommVault Systems, Inc. (a)		2,007		96,376
FireEye, Inc. (a)		2,934		104,157
Fortinet, Inc. (a)		6,287		154,346
Gigamon, Inc. (a)		519		5,989
Imperva, Inc. (a)		903		20,020
Infoblox, Inc. (a)		2,258		27,367
MICROS Systems, Inc. (a)		3,210		217,092
Microsoft Corp.		354,473		15,299,055
NetSuite, Inc. (a)		1,531		129,079
Oracle Corp.		161,735		6,532,477
Progress Software Corp. (a)		2,080		48,214
Proofpoint, Inc. (a)		1,320		46,556
Qualys, Inc. (a)		835		19,948
Rally Software Development Corp. (a)		720		7,322
Red Hat, Inc. (a)		8,529		495,705
Rovi Corp. (a)		4,423		103,366
ServiceNow, Inc. (a)		5,715		336,042
Symantec Corp.		31,055		734,761
Tableau Software, Inc. Class A (a)		1,722		111,930
Varonis Systems, Inc. (a)		239		5,038
VASCO Data Security International, Inc. (a)		1,436		19,487
VMware, Inc. Class A (a)		3,825		380,052

				25,330,669


TOTAL SOFTWARE				36,596,135



	Shares		Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 20.3%
Computer Hardware – 16.8%
3D Systems Corp. (a)		4,703	$	235,761
Apple, Inc.		280,669		26,823,536
Cray, Inc. (a)		1,736		46,039
Diebold, Inc.		2,728		102,791
Hewlett-Packard Co.		85,526		3,045,581
NCR Corp. (a)		7,458		230,825
Silicon Graphics International Corp. (a)		1,364		12,972
Super Micro Computer, Inc. (a)		1,635		42,788

				30,540,293

Computer Storage & Peripherals – 3.5%
Electronics For Imaging, Inc. (a)		2,108		92,900
EMC Corp.		91,063		2,668,146
Immersion Corp. (a)		1,246		17,008
Lexmark International, Inc. Class A		2,623		125,983
NetApp, Inc.		14,878		577,861
QLogic Corp. (a)		3,968		36,109
Quantum Corp. (a)		11,036		13,795
SanDisk Corp.		10,132		929,206
Seagate Technology PLC		14,794		866,928
Western Digital Corp.		10,086		1,006,885

				6,334,821


TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS				36,875,114


TOTAL COMMON STOCKS (Cost $171,779,251)				181,407,812


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $188,394)		188,394		188,394


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $171,967,645)				181,596,206

NET OTHER ASSETS (LIABILITIES) – 0.0%				14,927


NET ASSETS – 100%			$	181,611,133

Legend

(a)

Non-income producing.

(b)

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

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


		57		*Annual Report*

Fidelity MSCI Information Technology Index ETF

Investments – continued

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	181,407,812	$	181,407,812	$	—	$	—
Money Market Funds		188,394		188,394		—		—

Total Investments in Securities:	$	181,596,206	$	181,596,206	$	—	$	—

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


*Annual Report*		58

Fidelity MSCI Materials Index ETF

Investments July 31, 2014

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
CHEMICALS – 67.2%
Commodity Chemicals – 7.7%
Axiall Corp.		7,959	$	340,884
Cabot Corp.		7,288		381,818
Calgon Carbon Corp. (a)		5,504		116,685
Hawkins, Inc.		1,088		37,264
Koppers Holdings, Inc.		2,323		83,698
Kronos Worldwide, Inc.		2,652		39,541
LyondellBasell Industries N.V. Class A		52,683		5,597,569
Tredegar Corp.		2,584		50,491
Tronox Ltd. Class A		7,062		187,426
Westlake Chemical Corp.		5,287		462,031

				7,297,407

Diversified Chemicals – 18.1%
Eastman Chemical Co.		17,291		1,362,185
EI du Pont de Nemours & Co.		105,201		6,765,476
FMC Corp.		15,074		983,126
Huntsman Corp.		23,327		607,668
LSB Industries, Inc. (a)		2,190		84,337
Olin Corp.		9,048		240,406
The Dow Chemical Co.		137,874		7,041,225

				17,084,423

Fertilizers & Agricultural Chemicals – 11.1%
American Vanguard Corp.		2,942		37,334
CF Industries Holdings, Inc.		6,293		1,575,390
Intrepid Potash, Inc. (a)		6,396		94,725
Monsanto Co.		59,523		6,731,456
The Mosaic Co.		36,651		1,689,978
The Scotts Miracle-Gro Co. Class A		5,298		281,853

				10,410,736

Industrial Gases – 8.8%
Air Products & Chemicals, Inc.		24,005		3,167,460
Airgas, Inc.		7,559		808,208
Praxair, Inc.		33,336		4,271,675

				8,247,343

Specialty Chemicals – 21.5%
A Schulman, Inc.		3,304		131,301
Advanced Emissions Solutions, Inc. (a)		2,356		50,395
Albemarle Corp.		9,021		553,348
Ashland, Inc.		8,390		878,013
Balchem Corp.		3,462		173,100
Celanese Corp.		17,803		1,036,313
Chemtura Corp. (a)		10,986		255,534
Cytec Industries, Inc.		3,852		388,474
Ecolab, Inc.		30,696		3,331,437
Ferro Corp. (a)		8,884		111,405
Flotek Industries, Inc. (a)		5,637		162,627
FutureFuel Corp.		2,722		42,899
HB Fuller Co.		5,699		254,460
Innophos Holdings, Inc.		2,542		153,613
Innospec, Inc.		2,773		111,502



	Shares		Value
International Flavors & Fragrances, Inc.		9,230	$	932,138
Kraton Performance Polymers, Inc. (a)		3,740		77,081
Landec Corp. (a)		2,894		35,336
Minerals Technologies, Inc.		3,919		227,576
NewMarket Corp.		1,178		455,886
OM Group, Inc.		3,604		101,885
OMNOVA Solutions, Inc. (a)		5,372		43,352
Platform Specialty Products Corp. (a)		13,141		324,714
PolyOne Corp.		10,780		409,101
PPG Industries, Inc.		15,708		3,115,839
Quaker Chemical Corp.		1,503		106,127
Rayonier Advanced Materials, Inc. (a)		4,777		155,061
Rockwood Holdings, Inc.		8,389		662,228
RPM International, Inc.		15,111		667,604
Sensient Technologies Corp.		5,713		299,933
Sigma-Aldrich Corp.		13,547		1,360,390
Stepan Co.		2,288		110,099
The Sherwin-Williams Co.		9,668		1,993,832
The Valspar Corp.		9,217		691,736
WR Grace & Co. (a)		8,296		754,936
Zep, Inc.		2,235		34,844

				20,194,119


TOTAL CHEMICALS				63,234,028


CONSTRUCTION MATERIALS – 2.5%
Construction Materials – 2.5%
Eagle Materials, Inc.		5,382		488,793
Headwaters, Inc. (a)		8,364		89,411
Martin Marietta Materials, Inc.		6,406		795,817
United States Lime & Minerals, Inc.		255		14,693
Vulcan Materials Co.		14,811		935,019


TOTAL CONSTRUCTION MATERIALS				2,323,733


CONTAINERS & PACKAGING – 9.0%
Metal & Glass Containers – 3.7%
Aptargroup, Inc.		7,424		453,606
Ball Corp.		15,145		927,783
Berry Plastics Group, Inc. (a)		12,028		292,160
Crown Holdings, Inc. (a)		15,719		731,719
Greif, Inc. Class A		2,881		144,568
Myers Industries, Inc.		3,281		60,633
Owens-Illinois, Inc. (a)		18,672		582,380
Silgan Holdings, Inc.		5,053		248,709

				3,441,558

Paper Packaging – 5.3%
Avery Dennison Corp.		10,884		513,834
Bemis Co., Inc.		11,521		449,434
Graphic Packaging Holding Co. (a)		37,133		445,596
MeadWestvaco Corp.		19,818		828,392
Packaging Corp. of America		11,153		737,883
Rock Tenn Co. Class A		8,122		807,570

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


		59		*Annual Report*

Fidelity MSCI Materials Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
CONTAINERS & PACKAGING – continued
Paper Packaging – continued
Sealed Air Corp.		23,184	$	744,670
Sonoco Products Co.		11,590		453,633

				4,981,012


TOTAL CONTAINERS & PACKAGING				8,422,570


METALS & MINING – 17.1%
Aluminum – 2.4%
Alcoa, Inc.		122,217		2,003,137
Century Aluminum Co. (a)		6,093		114,548
Kaiser Aluminum Corp.		2,051		158,378

				2,276,063

Diversified Metals & Mining – 5.9%
Compass Minerals International, Inc.		3,792		326,188
Freeport-McMoRan, Inc.		117,758		4,382,953
Globe Specialty Metals, Inc.		6,777		128,966
Horsehead Holding Corp. (a)		5,734		107,398
Materion Corp.		2,244		72,503
Molycorp, Inc. (a)		21,943		45,861
RTI International Metals, Inc. (a)		3,265		81,168
US Silica Holdings, Inc.		6,081		341,874
Walter Energy, Inc.		7,185		41,314

				5,528,225

Gold – 2.1%
Allied Nevada Gold Corp. (a)		11,589		36,274
Gold Resource Corp.		4,369		23,068
Newmont Mining Corp.		56,471		1,406,693
Royal Gold, Inc.		7,304		551,963

				2,017,998

Precious Metals & Minerals – 0.6%
Coeur Mining, Inc. (a)		11,793		91,986
Hecla Mining Co.		38,832		122,709
McEwen Mining, Inc. (a)		25,325		72,176
Stillwater Mining Co. (a)		13,583		243,136

				530,007

Steel – 6.1%
AK Steel Holding Corp. (a)		15,572		141,705
Allegheny Technologies, Inc.		12,336		464,450
AM Castle & Co. (a)		1,864		15,434
Carpenter Technology Corp.		6,038		326,897
Cliffs Natural Resources, Inc.		16,561		288,990
Commercial Metals Co.		12,687		218,724
Haynes International, Inc.		1,428		71,114
Nucor Corp.		36,106		1,813,243
Olympic Steel, Inc.		1,088		23,860
Reliance Steel & Aluminum Co.		8,798		600,464
Schnitzer Steel Industries, Inc. Class A		3,001		80,157
Steel Dynamics, Inc.		25,267		535,913
SunCoke Energy, Inc. (a)		7,917		180,745
TimkenSteel Corp. (a)		4,202		182,829



	Shares		Value
United States Steel Corp.		16,388	$	548,834
Universal Stainless & Alloy Products, Inc. (a)		816		23,525
Worthington Industries, Inc.		6,011		229,921

				5,746,805


TOTAL METALS & MINING				16,099,098


PAPER & FOREST PRODUCTS – 4.1%
Forest Products – 0.4%
Boise Cascade Co. (a)		3,821		107,561
Deltic Timber Corp.		1,299		79,369
Louisiana-Pacific Corp. (a)		16,085		217,791

				404,721

Paper Products – 3.7%
Clearwater Paper Corp. (a)		2,387		161,361
Domtar Corp.		7,383		265,197
International Paper Co.		47,274		2,245,515
KapStone Paper and Packaging Corp. (a)		9,798		291,393
Neenah Paper, Inc.		1,844		91,499
PH Glatfelter Co.		4,888		116,334
Resolute Forest Products, Inc. (a)		7,528		115,856
Schweitzer-Mauduit International, Inc.		3,461		141,313
Wausau Paper Corp.		4,836		48,699

				3,477,167


TOTAL PAPER & FOREST PRODUCTS				3,881,888


TOTAL COMMON STOCKS (Cost $92,821,553)				93,961,317


Money Market Funds – 0.2%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $177,447)		177,447		177,447


TOTAL INVESTMENT PORTFOLIO – 100.1% (Cost $92,999,000)				94,138,764

NET OTHER ASSETS (LIABILITIES) – (0.1%)				(97,200	)


NET ASSETS – 100%			$	94,041,564

Legend

(a)

Non-income producing.

(b)

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

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


*Annual Report*		60

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	93,961,317	$	93,961,317	$	—	$	—
Money Market Funds		177,447		177,447		—		—

Total Investments in Securities:	$	94,138,764	$	94,138,764	$	—	$	—

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


		61		*Annual Report*

Fidelity MSCI Telecommunication Services Index ETF

Investments July 31, 2014

Showing Percentage of Net Assets


Common Stocks – 100.0%
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 81.0%
Alternative Carriers – 17.6%
8x8, Inc. (a)		139,657	$	1,128,429
Cogent Communications Holdings, Inc.		31,422		1,090,658
inContact, Inc. (a)		121,610		971,664
Inteliquent, Inc.		66,544		706,032
Iridium Communications, Inc. (a)		131,724		1,077,502
Level 3 Communications, Inc. (a)		47,132		2,072,865
Lumos Networks Corp.		63,524		974,458
Premiere Global Services, Inc. (a)		75,333		986,862
tw telecom, Inc. (a)		47,084		1,918,202
Vonage Holdings Corp. (a)		280,938		977,664

				11,904,336

Integrated Telecommunication Services – 63.4%
AT&T, Inc.		424,228		15,098,274
Atlantic Tele-Network, Inc.		18,146		1,061,722
CenturyLink, Inc.		80,383		3,154,229
Cincinnati Bell, Inc. (a)		273,981		1,043,868
Consolidated Communications Holdings, Inc.		54,965		1,230,117
Frontier Communications Corp.		298,884		1,957,690
General Communication, Inc. Class A (a)		86,413		954,000
IDT Corp. Class B		61,677		961,544
Verizon Communications, Inc.		301,241		15,188,571
Windstream Holdings, Inc.		181,899		2,084,563

				42,734,578


TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES				54,638,914



	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES – 19.0%
Wireless Telecommunication Services – 19.0%
Boingo Wireless, Inc. (a)		139,639	$	853,194
Contra Leap Wireless (a)		18,242		45,970
NTELOS Holdings Corp.		68,127		820,249
SBA Communications Corp. Class A (a)		28,023		2,996,500
Shenandoah Telecommunications Co.		39,658		1,098,923
Spok Holdings, Inc.		67,643		1,012,616
Sprint Corp. (a)		233,832		1,718,665
T-Mobile US, Inc. (a)		64,770		2,133,524
Telephone & Data Systems, Inc.		47,852		1,196,300
United States Cellular Corp. (a)		23,780		929,560


TOTAL WIRELESS TELECOMMUNICATION SERVICES				12,805,501


TOTAL COMMON STOCKS (Cost $65,963,887)				67,444,415


Money Market Funds – 0.0%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $6,888)		6,888		6,888


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $65,970,775)				67,451,303

NET OTHER ASSETS (LIABILITIES) – 0.0%				(4,358	)


NET ASSETS – 100%			$	67,446,945

Legend

(a)

Non-income producing.

(b)

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

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	67,444,415	$	67,398,445	$	—	$	45,970
Money Market Funds		6,888		6,888		—		—

Total Investments in Securities:	$	67,451,303	$	67,405,333	$	—	$	45,970

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


*Annual Report*		62

Fidelity MSCI Utilities Index ETF

Investments July 31, 2014

Showing Percentage of Net Assets


Common Stocks – 99.8%
	Shares		Value
ELECTRIC UTILITIES – 52.2%
Electric Utilities – 52.2%
ALLETE, Inc.		8,098	$	379,958
American Electric Power Co., Inc.		92,031		4,784,692
Cleco Corp.		11,487		640,285
Duke Energy Corp.		133,220		9,609,159
Edison International		58,423		3,201,580
El Paso Electric Co.		7,717		284,371
Empire District Electric Co.		8,310		203,678
Entergy Corp.		33,721		2,455,900
Exelon Corp.		157,608		4,898,457
FirstEnergy Corp.		74,937		2,338,784
Great Plains Energy, Inc.		29,185		723,496
Hawaiian Electric Industries, Inc.		19,314		456,197
IDACORP, Inc.		9,551		511,456
ITC Holdings Corp.		29,808		1,076,069
MGE Energy, Inc.		6,564		246,938
NextEra Energy, Inc.		82,108		7,709,120
Northeast Utilities		59,562		2,614,772
NRG Yield, Inc. Class A		6,216		324,786
OGE Energy Corp.		37,561		1,350,318
Otter Tail Corp.		6,198		173,296
Pepco Holdings, Inc.		47,397		1,272,610
Pinnacle West Capital Corp.		20,858		1,115,694
PNM Resources, Inc.		15,186		389,521
Portland General Electric Co.		14,861		474,512
PPL Corp.		119,019		3,926,437
The Southern Co.		167,472		7,249,863
UIL Holdings Corp.		10,774		378,275
Unitil Corp.		2,623		83,936
UNS Energy Corp.		7,926		478,889
Westar Energy, Inc.		24,404		879,520
Xcel Energy, Inc.		94,069		2,897,325


TOTAL ELECTRIC UTILITIES				63,129,894


GAS UTILITIES – 6.6%
Gas Utilities – 6.6%
AGL Resources, Inc.		22,499		1,161,848
Atmos Energy Corp.		18,743		905,662
Chesapeake Utilities Corp.		1,885		122,695
National Fuel Gas Co.		13,487		929,389
New Jersey Resources Corp.		8,026		409,968
Northwest Natural Gas Co.		5,212		225,263
ONE Gas, Inc.		9,809		353,124
Piedmont Natural Gas Co., Inc.		14,790		513,065
Questar Corp.		33,208		738,546
South Jersey Industries, Inc.		6,260		335,348
Southwest Gas Corp.		8,853		438,489
The Laclede Group, Inc.		7,979		374,853
UGI Corp.		21,722		1,054,386
WGL Holdings, Inc.		9,892		385,590


TOTAL GAS UTILITIES				7,948,226



	Shares		Value
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 4.6%
Independent Power Producers & Energy Traders – 4.6%
AES Corp.		129,944	$	1,898,482
Calpine Corp. (a)		67,969		1,498,037
Dynegy, Inc. (a)		9,454		251,003
NRG Energy, Inc.		61,445		1,902,337
Ormat Technologies, Inc.		3,172		81,806


TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS				5,631,665


MULTI-UTILITIES – 33.8%
Multi-Utilities – 33.8%
Alliant Energy Corp.		20,990		1,185,935
Ameren Corp.		45,850		1,762,933
Avista Corp.		11,344		352,004
Black Hills Corp.		8,471		446,506
CenterPoint Energy, Inc.		76,978		1,872,105
CMS Energy Corp.		50,520		1,461,544
Consolidated Edison, Inc.		55,289		3,101,160
Dominion Resources, Inc.		109,673		7,418,282
DTE Energy Co.		33,445		2,468,910
Integrys Energy Group, Inc.		15,139		992,513
MDU Resources Group, Inc.		34,049		1,072,884
NiSource, Inc.		59,306		2,234,650
NorthWestern Corp.		7,401		342,074
PG&E Corp.		86,378		3,858,505
Public Service Enterprise Group, Inc.		95,528		3,359,720
SCANA Corp.		25,366		1,290,622
Sempra Energy		43,932		4,380,460
TECO Energy, Inc.		44,244		772,500
Vectren Corp.		15,654		596,261
Wisconsin Energy Corp.		42,690		1,860,430


TOTAL MULTI-UTILITIES				40,829,998


WATER UTILITIES – 2.6%
Water Utilities – 2.6%
American States Water Co.		7,459		227,872
American Water Works Co., Inc.		33,782		1,613,766
Aqua America, Inc.		33,515		796,987
California Water Service Group		9,202		209,529
Connecticut Water Service, Inc.		2,189		69,807
Middlesex Water Co.		3,237		65,776
Pattern Energy Group Inc.		7,023		217,643
SJW Corp.		154		4,129


TOTAL WATER UTILITIES				3,205,509


TOTAL COMMON STOCKS (Cost $124,599,764)				120,745,292

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


		63		*Annual Report*

Fidelity MSCI Utilities Index ETF

Investments – continued


Money Market Funds – 0.1%
	Shares		Value

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $46,736)		46,736	$	46,736


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $124,646,500)				120,792,028

NET OTHER ASSETS (LIABILITIES) – 0.1%				156,633


NET ASSETS – 100%			$	120,948,661

Legend

(a)

Non-income producing.

(b)

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

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	120,745,292	$	120,745,292	$	—	$	—
Money Market Funds		46,736		46,736		—		—

Total Investments in Securities:	$	120,792,028	$	120,792,028	$	—	$	—

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


*Annual Report*		64

[THIS PAGE INTENTIONALLY LEFT BLANK]


		65		*Annual Report*

Financial Statements


Statements of Assets and Liabilities
July 31, 2014
	Fidelity MSCI Consumer Discretionary Index ETF			Fidelity MSCI Consumer Staples Index ETF			Fidelity MSCI Energy Index ETF			Fidelity MSCI Financials Index ETF			Fidelity MSCI Health Care Index ETF
Assets
Investments in securities, at value – See accompanying schedule	$	75,716,698		$	73,225,540		$	145,326,103		$	126,402,557		$	187,169,010
Cash		—			—			—			835			—
Receivable for investments sold		—			—			—			—			574
Receivable for fund shares sold		—			—			7,351			—			10,695
Dividends receivable		32,382			161,496			105,305			77,096			221,784

Total assets		75,749,080			73,387,036			145,438,759			126,480,488			187,402,063


Liabilities
Payable to custodian bank		—			—			—			—			487
Payable for investments purchased		—			59,391			—			71,185			1,427
Payable for fund shares redeemed		—			74,045			—			—			—
Accrued management fees		7,811			9,739			13,765			12,421			18,151

Total liabilities		7,811			143,175			13,765			83,606			20,065


Net Assets	$	75,741,269		$	73,243,861		$	145,424,994		$	126,396,882		$	187,381,998

Net Assets consist of:
Paid in capital	$	75,050,139		$	76,401,850		$	142,917,549		$	125,526,000		$	179,272,367
Undistributed net investment income		25,993			194,075			102,023			68,243			214,168
Accumulated undistributed net realized gain (loss) on investments		(130,614	)		(42,793	)		(75,557	)		(120,472	)		(61,247	)
Net unrealized appreciation (depreciation) on investments		795,751			(3,309,271	)		2,480,979			923,111			7,956,710


Net Assets	$	75,741,269		$	73,243,861		$	145,424,994		$	126,396,882		$	187,381,998

Shares outstanding		2,850,000			2,800,000			5,200,000			4,750,000			6,450,000

Net Asset Value, offering price and redemption price per share	$	26.58		$	26.16		$	27.97		$	26.61		$	29.05


Investments at cost	$	74,920,947		$	76,534,811		$	142,845,124		$	125,479,446		$	179,212,300

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


*Annual Report*		66


Statements of Assets and Liabilities
July 31, 2014
	Fidelity MSCI Industrials Index ETF			Fidelity MSCI Information Technology Index ETF			Fidelity MSCI Materials Index ETF			Fidelity MSCI Telecommunication Services Index ETF			Fidelity MSCI Utilities Index ETF
Assets
Investments in securities, at value – See accompanying schedule	$	100,629,613		$	181,596,206		$	94,138,764		$	67,451,303		$	120,792,028
Receivable for fund shares sold		—			3,921			5,687			963			2,598
Dividends receivable		88,916			28,607			71,828			365,871			165,480

Total assets		100,718,529			181,628,734			94,216,279			67,818,137			120,960,106


Liabilities
Payable for investments purchased		—			—			165,656			364,439			—
Accrued management fees		12,717			17,601			9,059			6,753			11,445

Total liabilities		12,717			17,601			174,715			371,192			11,445


Net Assets	$	100,705,812		$	181,611,133		$	94,041,564		$	67,446,945		$	120,948,661

Net Assets consist of:
Paid in capital	$	105,321,700		$	172,029,144		$	92,912,612		$	65,784,124		$	124,639,555
Undistributed net investment income		19,395			69,961			55,744			315,702			185,062
Accumulated undistributed net realized gain (loss) on investments		(80,968	)		(116,533	)		(66,556	)		(133,409	)		(21,484	)
Net unrealized appreciation (depreciation) on investments		(4,554,315	)		9,628,561			1,139,764			1,480,528			(3,854,472	)


Net Assets	$	100,705,812		$	181,611,133		$	94,041,564		$	67,446,945		$	120,948,661

Shares outstanding		3,750,000			6,200,000			3,400,000			2,500,000			4,500,000

Net Asset Value, offering price and redemption price per share	$	26.85		$	29.29		$	27.66		$	26.98		$	26.88


Investments at cost	$	105,183,928		$	171,967,645		$	92,999,000		$	65,970,775		$	124,646,500

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


		67		*Annual Report*

Financial Statements – continued


Statements of Operations
For the period October 21, 2013 (commencement of operations) to July 31, 2014
	Fidelity MSCI Consumer Discretionary Index ETF			Fidelity MSCI Consumer Staples Index ETF			Fidelity MSCI Energy Index ETF			Fidelity MSCI Financials Index ETF			Fidelity MSCI Health Care Index ETF
Investment Income
Dividends	$	442,529		$	793,222		$	878,746		$	1,044,741		$	1,074,964


Expenses
Management fees		39,721			35,902			55,369			59,222			86,152
Independent trustees’ compensation		615			495			804			904			1,294

Total expenses		40,336			36,397			56,173			60,126			87,446


Net investment income (loss)		402,193			756,825			822,573			984,615			987,518

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(131,590	)		(54,784	)		(85,226	)		(128,816	)		(61,459	)
Net realized gain (loss) on In-kind redemptions		131,127			2,337,254			3,233,239			1,569,042			1,547,310

Total net realized gain (loss)		(463	)		2,282,470			3,148,013			1,440,226			1,485,851

Change in net unrealized appreciation (depreciation) on investment securities		795,751			(3,309,271	)		2,480,979			923,111			7,956,710

Net gain (loss)		795,288			(1,026,801	)		5,628,992			2,363,337			9,442,561

Net increase (decrease) in net assets resulting from operations	$	1,197,481		$	(269,976	)	$	6,451,565		$	3,347,952		$	10,430,079

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


*Annual Report*		68


Statements of Operations
For the period October 21, 2013 (commencement of operations) to July 31, 2014
	Fidelity MSCI Industrials Index ETF			Fidelity MSCI Information Technology Index ETF			Fidelity MSCI Materials Index ETF			Fidelity MSCI Telecommunication Services Index ETF			Fidelity MSCI Utilities Index ETF
Investment Income
Dividends	$	862,630		$	873,943		$	616,750		$	870,328		$	1,077,608


Expenses
Management fees		58,016			82,779			41,528			28,454			39,022
Independent trustees’ compensation		869			1,253			628			422			524

Total expenses		58,885			84,032			42,156			28,876			39,546


Net investment income (loss)		803,745			789,911			574,594			841,452			1,038,062

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(90,561	)		(119,061	)		(72,584	)		(149,032	)		(28,725	)
Net realized gain (loss) on In-kind redemptions		3,750,707			2,880,785			2,226,063			(117,283	)		1,044,458

Total net realized gain (loss)		3,660,146			2,761,724			2,153,479			(266,315	)		1,015,733

Change in net unrealized appreciation (depreciation) on investment securities		(4,554,315	)		9,628,561			1,139,764			1,480,528			(3,854,472	)

Net gain (loss)		(894,169	)		12,390,285			3,293,243			1,214,213			(2,838,739	)

Net increase (decrease) in net assets resulting from operations	$	(90,424	)	$	13,180,196		$	3,867,837		$	2,055,665		$	(1,800,677	)

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


		69		*Annual Report*

Financial Statements – continued


Statements of Changes in Net Assets
For the period October 21, 2013 (commencement of operations) to July 31, 2014
	Fidelity MSCI Consumer Discretionary Index ETF			Fidelity MSCI Consumer Staples Index ETF			Fidelity MSCI Energy Index ETF			Fidelity MSCI Financials Index ETF			Fidelity MSCI Health Care Index ETF
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	402,193		$	756,825		$	822,573		$	984,615		$	987,518
Net realized gain (loss)		(463	)		2,282,470			3,148,013			1,440,226			1,485,851
Change in net unrealized appreciation (depreciation)		795,751			(3,309,271	)		2,480,979			923,111			7,956,710

Net increase (decrease) in net assets resulting from operations		1,197,481			(269,976	)		6,451,565			3,347,952			10,430,079

Distributions to shareholders from net investment income		(376,200	)		(562,750	)		(720,550	)		(916,500	)		(773,350	)

Share transactions
Proceeds from sales of shares		81,215,834			111,358,389			158,350,208			148,751,276			191,567,033
Cost of shares redeemed		(6,295,846	)		(37,281,802	)		(18,656,229	)		(24,785,846	)		(13,841,764	)

Net increase (decrease) in net assets resulting from share transactions		74,919,988			74,076,587			139,693,979			123,965,430			177,725,269

Total increase (decrease) in net assets		75,741,269			73,243,861			145,424,994			126,396,882			187,381,998

Net Assets
Beginning of period		—			—			—			—			—

End of period	$	75,741,269		$	73,243,861		$	145,424,994		$	126,396,882		$	187,381,998

Undistributed net investment income included in net assets at end of period	$	25,993		$	194,075		$	102,023		$	68,243		$	214,168

Other Information
Shares
Sold		3,100,000			4,200,000			5,850,000			5,700,000			6,950,000
Redeemed		(250,000	)		(1,400,000	)		(650,000	)		(950,000	)		(500,000	)

Net increase (decrease)		2,850,000			2,800,000			5,200,000			4,750,000			6,450,000

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


*Annual Report*		70


Statements of Changes in Net Assets
For the period October 21, 2013 (commencement of operations) to July 31, 2014
	Fidelity MSCI Industrials Index ETF			Fidelity MSCI Information Technology Index ETF			Fidelity MSCI Materials Index ETF			Fidelity MSCI Telecommunication Services Index ETF			Fidelity MSCI Utilities Index ETF
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	803,745		$	789,911		$	574,594		$	841,452		$	1,038,062
Net realized gain (loss)		3,660,146			2,761,724			2,153,479			(266,315	)		1,015,733
Change in net unrealized appreciation (depreciation)		(4,554,315	)		9,628,561			1,139,764			1,480,528			(3,854,472	)

Net increase (decrease) in net assets resulting from operations		(90,424	)		13,180,196			3,867,837			2,055,665			(1,800,677	)

Distributions to shareholders from net investment income		(784,350	)		(719,950	)		(518,850	)		(525,750	)		(853,000	)

Share transactions
Proceeds from sales of shares		143,316,457			190,371,557			111,416,040			73,177,842			134,515,263
Cost of shares redeemed		(41,735,871	)		(21,220,670	)		(20,723,463	)		(7,260,812	)		(10,912,925	)

Net increase (decrease) in net assets resulting from share transactions		101,580,586			169,150,887			90,692,577			65,917,030			123,602,338

Total increase (decrease) in net assets		100,705,812			181,611,133			94,041,564			67,446,945			120,948,661

Net Assets
Beginning of period		—			—			—			—			—

End of period	$	100,705,812		$	181,611,133		$	94,041,564		$	67,446,945		$	120,948,661

Undistributed net investment income included in net assets at end of period	$	19,395		$	69,961		$	55,744		$	315,702		$	185,062

Other Information
Shares
Sold		5,250,000			6,950,000			4,150,000			2,800,000			4,900,000
Redeemed		(1,500,000	)		(750,000	)		(750,000	)		(300,000	)		(400,000	)

Net increase (decrease)		3,750,000			6,200,000			3,400,000			2,500,000			4,500,000

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


		71		*Annual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Consumer Discretionary Index ETF			Fidelity MSCI Consumer Staples Index ETF			Fidelity MSCI Energy Index ETF			Fidelity MSCI Financials Index ETF			Fidelity MSCI Health Care Index ETF
Year ended July 31,	2014^A			2014^A			2014^A			2014^A			2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	25.17		$	25.00		$	24.98		$	25.00		$	24.97

Income from Investment Operations
Net investment income (loss)^B		0.25			0.52			0.38			0.41			0.30
Net realized and unrealized gain (loss)		1.38			1.09	^C		2.89			1.56			3.99

Total from investment operations		1.63			1.61			3.27			1.97			4.29

Distributions from net investment income		(0.22	)		(0.45	)		(0.28	)		(0.36	)		(0.21	)

Total distributions		(0.22	)		(0.45	)		(0.28	)		(0.36	)		(0.21	)

Net asset value, end of period	$	26.58		$	26.16		$	27.97		$	26.61		$	29.05

Total Return^D		6.47	%		6.42	%		13.16	%		7.89	%		17.23	%
Ratios to Average Net Assets^E,F
Expenses before reductions		.12	%		.12	%		.12	%		.12	%		.12	%
Expenses net of fee waivers, if any		.12	%		.12	%		.12	%		.12	%		.12	%
Expenses net of all reductions		.12	%		.12	%		.12	%		.12	%		.12	%
Net investment income (loss)		1.20	%		2.51	%		1.76	%		1.97	%		1.36	%
Supplemental Data
Net assets, end of period (000 omitted)	$	75,741		$	73,244		$	145,425		$	126,397		$	187,382
Portfolio turnover rate^G,H,I		5	%		3	%		4	%		6	%		4	%

For the period October 21, 2013 (commencement of operations) to July 31, 2014.

Calculated based on average shares outstanding during the period.

The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of share transactions in relation to fluctuating market values of the investments of a Fund.

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

Annualized.

Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the fund invests.

Amount does not include the portfolio activity of any underlying funds.

Amount not annualized.

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

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


*Annual Report*		72


Financial Highlights
	Fidelity MSCI Industrials Index ETF			Fidelity MSCI Information Technology Index ETF			Fidelity MSCI Materials Index ETF			Fidelity MSCI Telecommunication Services Index ETF			Fidelity MSCI Utilities Index ETF
Year ended July 31,	2014^A			2014^A			2014^A			2014^A			2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	25.20		$	25.18		$	24.95		$	25.26		$	24.99

Income from Investment Operations
Net investment income (loss)^B		0.35			0.25			0.35			0.72			0.67
Net realized and unrealized gain (loss)		1.61	^C		4.06			2.67			1.42			1.85	^C

Total from investment operations		1.96			4.31			3.02			2.14			2.52

Distributions from net investment income		(0.31	)		(0.20	)		(0.31	)		(0.42	)		(0.63	)

Total distributions		(0.31	)		(0.20	)		(0.31	)		(0.42	)		(0.63	)

Net asset value, end of period	$	26.85		$	29.29		$	27.66		$	26.98		$	26.88

Total Return^D		7.75	%		17.14	%		12.15	%		8.57	%		10.13	%
Ratios to Average Net Assets^E,F
Expenses before reductions		.12	%		.12	%		.12	%		.12	%		.12	%
Expenses net of fee waivers, if any		.12	%		.12	%		.12	%		.12	%		.12	%
Expenses net of all reductions		.12	%		.12	%		.12	%		.12	%		.12	%
Net investment income (loss)		1.65	%		1.14	%		1.64	%		3.51	%		3.15	%
Supplemental Data
Net assets, end of period (000 omitted)	$	100,706		$	181,611		$	94,042		$	67,447		$	120,949
Portfolio turnover rate^G,H,I		4	%		4	%		5	%		21	%		6	%

For the period October 21, 2013 (commencement of operations) to July 31, 2014.

Calculated based on average shares outstanding during the period.

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

Annualized.

Amount does not include the portfolio activity of any underlying funds.

Amount not annualized.

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

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


		73		*Annual Report*

Notes to Financial Statements

For the period ended July 31, 2014

1. Organization.

Fidelity MSCI Consumer Discretionary Index ETF, Fidelity MSCI Consumer Staples Index ETF, Fidelity MSCI Energy Index ETF, Fidelity MSCI Financials Index ETF, Fidelity MSCI Health Care Index ETF, Fidelity MSCI Industrials Index ETF, Fidelity MSCI Information Technology Index ETF, Fidelity MSCI Materials Index ETF, Fidelity MSCI Telecommunication Services Index ETF and Fidelity MSCI Utilities Index ETF (the Funds) are non-diversified exchange-traded funds of Fidelity Covington Trust (the Trust) and are authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund’s valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 – unobservable inputs (including the Fund’s own assumptions based on the best information available)

Valuation techniques used to value each Fund’s investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds (Underlying Funds) are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund’s NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board’s fair value pricing policies and is categorized as Level 2 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of July 31, 2014, is included at the end of each Fund’s Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Funds’ investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of NYSE Arca, normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date a fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned.


*Annual Report*		74

2. Significant Accounting Policies – continued

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. As of July 31, 2014, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A fund’s federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on each Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to passive foreign investment companies (PFIC), market discount and redemptions in kind, capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:


	Tax cost		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation) on securities and other investments
Fidelity MSCI Consumer Discretionary Index ETF	$	74,942,521	$	3,136,873	$	(2,362,696	)	$	774,177
Fidelity MSCI Consumer Staples Index ETF		76,546,891		113,250		(3,434,601	)		(3,321,351	)
Fidelity MSCI Energy Index ETF		142,875,714		4,897,553		(2,447,164	)		2,450,389
Fidelity MSCI Financials Index ETF		125,499,848		2,741,072		(1,838,363	)		902,709
Fidelity MSCI Health Care Index ETF		179,252,819		10,511,253		(2,595,062	)		7,916,191
Fidelity MSCI Industrials Index ETF		105,189,672		881,922		(5,441,981	)		(4,560,059	)
Fidelity MSCI Information Technology Index ETF		172,000,285		11,988,422		(2,392,501	)		9,595,921
Fidelity MSCI Materials Index ETF		93,014,137		3,139,141		(2,014,514	)		1,124,627
Fidelity MSCI Telecommunication Services Index ETF		66,011,748		2,749,884		(1,310,329	)		1,439,555
Fidelity MSCI Utilities Index ETF		124,656,292		170,490		(4,034,754	)		(3,864,264	)

The tax-based components of distributable earnings as of period end were as follows for each Fund:


	Undistributed ordinary income		Capital loss carryforward			Net unrealized appreciation (depreciation)
Fidelity MSCI Consumer Discretionary Index ETF	$	25,993	$	—		$	774,177
Fidelity MSCI Consumer Staples Index ETF		194,075		—			(3,321,351	)
Fidelity MSCI Energy Index ETF		102,023		—			2,450,389
Fidelity MSCI Financials Index ETF		68,243		—			902,709
Fidelity MSCI Health Care Index ETF		214,168		(6	)		7,916,191
Fidelity MSCI Industrials Index ETF		19,618		—			(4,560,059	)
Fidelity MSCI Information Technology Index ETF		69,961		(861	)		9,595,921
Fidelity MSCI Materials Index ETF		55,744		—			1,124,627
Fidelity MSCI Telecommunication Services Index ETF		315,702		—			1,439,555
Fidelity MSCI Utilities Index ETF		185,062		—			(3,864,264	)


		75		*Annual Report*

Notes to Financial Statements – continued

2. Significant Accounting Policies – continued

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.


	No expiration Short-term			Total capital loss carryforward
Fidelity MSCI Health Care Index ETF	$	(6	)	$	(6	)
Fidelity MSCI Information Technology Index ETF		(861	)		(861	)

Certain of the Funds intend to elect to defer to the next fiscal year capital losses recognized during the period November 1, 2013 to July 31, 2014. Loss deferrals were as follows:


	Capital losses
Fidelity MSCI Consumer Discretionary Index ETF	$	(109,040	)
Fidelity MSCI Consumer Staples Index ETF		(30,713	)
Fidelity MSCI Energy Index ETF		(44,967	)
Fidelity MSCI Financials Index ETF		(100,070	)
Fidelity MSCI Health Care Index ETF		(20,722	)
Fidelity MSCI Industrials Index ETF		(75,447	)
Fidelity MSCI Information Technology Index ETF		(83,032	)
Fidelity MSCI Materials Index ETF		(51,419	)
Fidelity MSCI Telecommunication Services Index ETF		(92,436	)
Fidelity MSCI Utilities Index ETF		(11,692	)

The tax character of distributions paid was as follows:


July 31, 2014
	Ordinary income		Total
Fidelity MSCI Consumer Discretionary Index ETF	$	376,200	$	376,200
Fidelity MSCI Consumer Staples Index ETF		562,750		562,750
Fidelity MSCI Energy Index ETF		720,550		720,550
Fidelity MSCI Financials Index ETF		916,500		916,500
Fidelity MSCI Health Care Index ETF		773,350		773,350
Fidelity MSCI Industrials Index ETF		784,350		784,350
Fidelity MSCI Information Technology Index ETF		719,950		719,950
Fidelity MSCI Materials Index ETF		518,850		518,850
Fidelity MSCI Telecommunication Services Index ETF		525,750		525,750
Fidelity MSCI Utilities Index ETF		853,000		853,000

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, were as follows:


	Purchases		Sales
Fidelity MSCI Consumer Discretionary Index ETF	$	2,254,585	$	2,111,104
Fidelity MSCI Consumer Staples Index ETF		1,605,424		1,013,253
Fidelity MSCI Energy Index ETF		3,053,187		2,738,971
Fidelity MSCI Financials Index ETF		4,887,603		3,825,987
Fidelity MSCI Health Care Index ETF		4,646,982		3,796,947
Fidelity MSCI Industrials Index ETF		2,735,909		2,492,046
Fidelity MSCI Information Technology Index ETF		4,134,252		3,625,082
Fidelity MSCI Materials Index ETF		2,583,916		3,250,326
Fidelity MSCI Telecommunication Services Index ETF		7,727,351		7,034,563
Fidelity MSCI Utilities Index ETF		3,085,291		2,833,520


*Annual Report*		76

3. Purchases and Sales of Investments – continued

Securities received or delivered in-kind through subscriptions and redemptions were as follows:


	In-kind Subscriptions		In-kind Redemptions
Fidelity MSCI Consumer Discretionary Index ETF	$	80,987,245	$	6,277,588
Fidelity MSCI Consumer Staples Index ETF		110,992,238		37,148,013
Fidelity MSCI Energy Index ETF		157,866,938		18,628,788
Fidelity MSCI Financials Index ETF		147,559,752		24,576,042
Fidelity MSCI Health Care Index ETF		191,005,319		13,797,101
Fidelity MSCI Industrials Index ETF		142,921,895		41,620,013
Fidelity MSCI Information Technology Index ETF		190,023,252		21,195,808
Fidelity MSCI Materials Index ETF		111,268,299		19,932,885
Fidelity MSCI Telecommunication Services Index ETF		73,113,785		7,253,974
Fidelity MSCI Utilities Index ETF		134,190,649		10,857,552

4. Fees and Other Transactions with Affiliates.

Management Fee. SelectCo provides each Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .12% of each Fund’s average net assets. Under the management contract, SelectCo pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee paid to SelectCo is reduced by an amount equal to the fees and expenses paid by each fund to the independent Trustees.

Sub-Adviser. BlackRock Fund Advisors (BFA), serves as sub-adviser for the Funds. BFA provides discretionary investment advisory services to the Funds and is paid by SelectCo for providing these services.

5. Share Transactions.

The Funds issue and redeem shares at Net Asset Value only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated stocks to a fund and redemption proceeds are paid with a basket of securities from a fund’s portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund’s shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units.

6. Other.

The Funds’ organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.


		77		*Annual Report*

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Covington Trust and Shareholders of Fidelity MSCI Consumer Discretionary Index ETF, Fidelity MSCI Consumer Staples Index ETF, Fidelity MSCI Energy Index ETF, Fidelity MSCI Financials Index ETF, Fidelity MSCI Health Care Index ETF, Fidelity MSCI Industrials Index ETF, Fidelity MSCI Information Technology Index ETF, Fidelity MSCI Materials Index ETF, Fidelity MSCI Telecommunication Services Index ETF and Fidelity MSCI Utilities Index ETF:

We have audited the accompanying statements of assets and liabilities of Fidelity MSCI Consumer Discretionary Index, ETF, Fidelity MSCI Consumer Staples Index ETF, Fidelity MSCI Energy Index ETF, Fidelity MSCI Financials Index ETF, Fidelity MSCI Health Care Index ETF, Fidelity MSCI Industrials Index ETF, Fidelity MSCI Information Technology Index ETF, Fidelity MSCI Materials Index ETF, Fidelity MSCI Telecommunication Services Index ETF and Fidelity MSCI Utilities Index ETF (the Funds), each a fund of the Fidelity Covington Trust, including the schedules of investments, as of July 31, 2014, and the related statements of operations, the statements of changes in net assets and financial highlights for the period October 21, 2013 (commencement of operations) to July 31, 2014. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2014, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity MSCI Consumer Discretionary Index, ETF, Fidelity MSCI Consumer Staples Index ETF, Fidelity MSCI Energy Index ETF, Fidelity MSCI Financials Index ETF, Fidelity MSCI Health Care Index ETF, Fidelity MSCI Industrials Index ETF, Fidelity MSCI Information Technology Index ETF, Fidelity MSCI Materials Index ETF, Fidelity MSCI Telecommunication Services Index ETF and Fidelity MSCI Utilities Index ETF as of July 31, 2014, and the results of their operations, the changes in their net assets and the financial highlights for the period October 21, 2013 (commencement of operations) to July 31, 2014, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

September 22, 2014


*Annual Report*		78

Premium/Discount Analysis (Unaudited)

Shares of each fund are listed on NYSE Arca and can be bought and sold on the secondary market at market prices. Although the market price is expected to approximate the fund’s NAV, it is possible that the market price and NAV will vary significantly. The closing market price is the daily closing price as reported on NYSE Arca.

Premiums or discounts are the differences (expressed as a basis point differential with 1 basis point equaling 1/100 of 1%) between the fund’s NAV and closing market price. A premium indicates that the closing market price is trading above the NAV. A discount indicates that the closing market price is trading below the NAV. A discrepancy may exist with respect to the timing of when the NAV is calculated and the determination of the closing market price.

The chart below presents information about the differences between each fund’s daily closing market price and each fund’s NAV.

Fidelity MSCI Consumer Discretionary Index ETF


Period Ended July 31, 2014

From commencement of operations* to July 31, 2014	Closing Price Below NAV				Closing Price Above or Equal to NAV

Basis Point Differential	Number of Days	% of Total Days			Number of Days	% of Total Days
0 – <25	57		29.08	%	139		70.92	%
25 – <50	0		—		0		—
50 – <75	0		—		0		—
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	57		29.08	%	139		70.92	%

*	October 21, 2013.

Fidelity MSCI Consumer Staples Index ETF


Period Ended July 31, 2014

From commencement of operations* to July 31, 2014	Closing Price Below NAV				Closing Price Above or Equal to NAV

Basis Point Differential	Number of Days	% of Total Days			Number of Days	% of Total Days
0 – <25	49		25.00	%	146		74.49	%
25 – <50	1		0.51	%	0		—
50 – <75	0		—		0		—
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	50		25.51	%	146		74.49	%

*	October 21, 2013.

Fidelity MSCI Energy Index ETF


Period Ended July 31, 2014

From commencement of operations* to July 31, 2014	Closing Price Below NAV				Closing Price Above or Equal to NAV

Basis Point Differential	Number of Days	% of Total Days			Number of Days	% of Total Days
0 – <25	36		18.37	%	156		79.59	%
25 – <50	0		—		2		1.02	%
50 – <75	0		—		1		0.51	%
75 – <100	0		—		1		0.51	%
100 or above	0		—		0		—
Total	36		18.37	%	160		81.63	%

*	October 21, 2013.


		79		*Annual Report*

Premium/Discount Analysis (Unaudited) – continued

Fidelity MSCI Financials Index ETF


Period Ended July 31, 2014

From commencement of operations* to July 31, 2014	Closing Price Below NAV				Closing Price Above or Equal to NAV

Basis Point Differential	Number of Days	% of Total Days			Number of Days	% of Total Days
0 – <25	40		20.41	%	154		78.57	%
25 – <50	1		0.51	%	1		0.51	%
50 – <75	0		—		0		—
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	41		20.92	%	155		79.08	%

*	October 21, 2013.

Fidelity MSCI Health Care Index ETF


Period Ended July 31, 2014

From commencement of operations* to July 31, 2014	Closing Price Below NAV				Closing Price Above or Equal to NAV

Basis Point Differential	Number of Days	% of Total Days			Number of Days	% of Total Days
0 – <25	37		18.88	%	155		79.08	%
25 – <50	0		—		4		2.04	%
50 – <75	0		—		0		—
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	37		18.88	%	159		81.12	%

*	October 21, 2013.

Fidelity MSCI Industrials Index ETF


Period Ended July 31, 2014

From commencement of operations* to July 31, 2014	Closing Price Below NAV				Closing Price Above or Equal to NAV

Basis Point Differential	Number of Days	% of Total Days			Number of Days	% of Total Days
0 – <25	56		28.57	%	140		71.43	%
25 – <50	0		—		0		—
50 – <75	0		—		0		—
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	56		28.57	%	140		71.43	%

*	October 21, 2013.

Fidelity MSCI Information Technology Index ETF


Period Ended July 31, 2014

From commencement of operations* to July 31, 2014	Closing Price Below NAV				Closing Price Above or Equal to NAV

Basis Point Differential	Number of Days	% of Total Days			Number of Days	% of Total Days
0 – <25	40		20.41	%	155		79.08	%
25 – <50	0		—		1		0.51	%
50 – <75	0		—		0		—
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	40		20.41	%	156		79.59	%

*	October 21, 2013.


*Annual Report*		80

Fidelity MSCI Materials Index ETF


Period Ended July 31, 2014

From commencement of operations* to July 31, 2014	Closing Price Below NAV				Closing Price Above or Equal to NAV

Basis Point Differential	Number of Days	% of Total Days			Number of Days	% of Total Days
0 – <25	54		27.55	%	137		69.90	%
25 – <50	3		1.53	%	2		1.02	%
50 – <75	0		—		0		—
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	57		29.08	%	139		70.92	%

*	October 21, 2013.

Fidelity MSCI Telecommunication Services Index ETF


Period Ended July 31, 2014

From commencement of operations* to July 31, 2014	Closing Price Below NAV				Closing Price Above or Equal to NAV

Basis Point Differential	Number of Days	% of Total Days			Number of Days	% of Total Days
0 – <25	76		38.78	%	112		57.14	%
25 – <50	3		1.53	%	2		1.02	%
50 – <75	2		1.02	%	1		0.51	%
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	81		41.33	%	115		58.67	%

*	October 21, 2013.

Fidelity MSCI Utilities Index ETF


Period Ended July 31, 2014

From commencement of operations* to July 31, 2014	Closing Price Below NAV				Closing Price Above or Equal to NAV

Basis Point Differential	Number of Days	% of Total Days			Number of Days	% of Total Days
0 – <25	46		23.47	%	147		75.00	%
25 – <50	1		0.51	%	1		0.51	%
50 – <75	0		—		1		0.51	%
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	47		23.98	%	149		76.02	%

*	October 21, 2013.


		81		*Annual Report*

Trustees and Officers (Unaudited)

The Trustees and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund’s activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund’s performance. Each of the Trustees oversee 74 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. The officers hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

Experience, Skills, Attributes, and Qualifications of the Funds’ Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees’ commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board’s conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.

Board Structure and Oversight Function. Brian B. Hogan is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Wiley serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity funds are overseen by different Boards of Trustees. The funds’ Board oversees Fidelity’s sector portfolios. Other Boards oversee Fidelity’s equity and high income funds, and Fidelity’s investment grade bond, money market, and asset allocation funds. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds’ activities and associated risks. The Board, acting through its committees, has charged SelectCo and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds’ business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through SelectCo, its affiliates, and other service providers, the funds’ exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board’s committees has responsibility for overseeing different aspects of the funds’ activities, oversight is exercised primarily through the Operations and Audit Committees. Appropriate personnel, including but not limited to the funds’ Chief Compliance Officer (CCO), SelectCo’s internal auditor, the independent accountants, the funds’ Treasurer and portfolio management personnel, make periodic reports to the Board’s committees, as appropriate. The responsibilities of each standing committee, including their oversight responsibilities, are described further under “Standing Committees of the Funds’ Trustees.”


*Annual Report*		82

The funds’ Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1- 800- FIDELITY.

Interested Trustee*:

Correspondence intended for the Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Brian B. Hogan (1964)

Year of Election or Appointment: 2014

Trustee

Chairman of the Board of Trustees

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as President of FMR’s Equity
Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006–2009)
and as a portfolio manager.

*	Trustee has been determined to be an “Interested Trustee” by virtue of, among other things, his affiliation with the trust or various entities under common control with SelectCo.

The information above includes the Trustee’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee’s qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

David A. Rosow (1942)

Year of Election or Appointment: 2013

Trustee

Mr. Rosow also serves as Trustee of other Fidelity funds. Mr. Rosow is Chairman and Chief Executive Officer of International Golf Group, Inc. (golf course development, 1989-present). Previously, Mr. Rosow served as Chairman and Chief Executive Officer of Rosow & Company, Inc. (private investment company, 1989-2011), a Lead Director of Hudson United Bancorp (2001-2006) and as a Director of TD Banknorth (1996-2006). In addition, Mr. Rosow is a member (2008–present) and President (2009-present) of the Town Council of Palm Beach, Florida. Mr. Rosow served as a Member of the Advisory Board of other Fidelity funds (2012-2013).

Garnett A. Smith (1947)

Year of Election or Appointment: 2013

Trustee

Mr. Smith also serves as Trustee of other Fidelity funds. Prior to Mr. Smith’s retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of other Fidelity funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

Michael E. Wiley (1950)

Year of Election or Appointment: 2013

Trustee

Chairman of the Independent Trustees

Mr. Wiley also serves as Trustee of other Fidelity funds. Mr. Wiley serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Trustee of other Fidelity funds (2008-2013), as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

The information above includes each Trustee’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee’s qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.


		83		*Annual Report*

Trustees and Officers (Unaudited) – continued

Officers:

Except for Anthony R. Rochte, correspondence intended for each executive officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Correspondence intended for Mr. Rochte may be sent to SelectCo, 1225 17th Street, Denver, Colorado 80202-5541. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Christopher S. Bartel (1971)

Year of Election or Appointment: 2013

Vice President

Mr. Bartel also serves as Vice President of other funds. Mr. Bartel serves as a Director, President, and Chief Executive Officer of Fidelity Management & Research (Japan) Inc. (2012-present), a Director of Fidelity Management & Research (Hong Kong) (2012-present), and Senior Vice President of Global Equity Research (2010-present). Previously, Mr. Bartel served as Senior Vice President of Equity Research (2009-2010), Managing Director of Research (2006-2009), and an analyst and portfolio manager (2000-2006).

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2013

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012).

Marc Bryant (1966)

Year of Election or Appointment: 2013

Secretary

Mr. Bryant also serves as an officer of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC. Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

William C. Coffey (1969)

Year of Election or Appointment: 2013

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Jonathan Davis (1968)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2013

President and Treasurer

Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin’ Brands (2000-2005).

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).


*Annual Report*		84

Name, Year of Birth; Principal Occupation

James D. Gryglewicz (1972)

Year of Election or Appointment: 2014

Chief Compliance Officer

Mr. Gryglewicz also serves as Chief Compliance Officer of other funds. Mr. Gryglewicz serves as Vice President of Asset Management Compliance (2009-present) and is an employee of Fidelity Investments (2004-present).

Brian B. Hogan (1964)

Year of Election or Appointment: 2013

Vice President

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as President of FMR’s Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR’s Program Management Group (2010–2013), and Vice President of Valuation Oversight (2008–2010).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2013

Deputy Treasurer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.

Anthony R. Rochte (1968)

Year of Election or Appointment: 2013

Vice President

Mr. Rochte also serves as Vice President of other funds. Mr. Rochte serves as President of Fidelity SelectCo, LLC (2012-present) and is an employee of Fidelity Investments (2012-present). Prior to joining Fidelity Investments, Mr. Rochte served as Senior Managing Director and head of State Street Global Advisors’ North American Intermediary Business Group (2006-2012).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).

Renee Stagnone (1975)

Year of Election or Appointment: 2013

Deputy Treasurer

Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments.

Joseph F. Zambello (1957)

Year of Election or Appointment: 2013

Deputy Treasurer

Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR’s Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).


		85		*Annual Report*

Distributions (Unaudited)

A percentage of the dividends distributed during the fiscal year for the following funds qualifies for the dividend-received deduction for corporate shareholders:


	December 2013			March 2014			June 2014
Fidelity MSCI Consumer Discretionary Index ETF		100	%		100	%		100	%
Fidelity MSCI Consumer Staples Index ETF		100	%		84	%		84	%
Fidelity MSCI Energy Index ETF		96	%		98	%		98	%
Fidelity MSCI Financials Index ETF		54	%		61	%		61	%
Fidelity MSCI Health Care Index ETF		100	%		100	%		100	%
Fidelity MSCI Industrials Index ETF		99	%		100	%		100	%
Fidelity MSCI Information Technology Index ETF		100	%		100	%		100	%
Fidelity MSCI Materials Index ETF		95	%		100	%		100	%
Fidelity MSCI Telecommunication Services Index ETF		100	%		100	%		100	%
Fidelity MSCI Utilities Index ETF		100	%		100	%		100	%

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.


	December 2013			March 2014			June 2014
Fidelity MSCI Consumer Discretionary Index ETF		100	%		100	%		100	%
Fidelity MSCI Consumer Staples Index ETF		100	%		81	%		81	%
Fidelity MSCI Energy Index ETF		100	%		100	%		100	%
Fidelity MSCI Financials Index ETF		57	%		65	%		65	%
Fidelity MSCI Health Care Index ETF		90	%		100	%		100	%
Fidelity MSCI Industrials Index ETF		100	%		100	%		100	%
Fidelity MSCI Information Technology Index ETF		100	%		100	%		100	%
Fidelity MSCI Materials Index ETF		100	%		100	%		100	%
Fidelity MSCI Telecommunication Services Index ETF		100	%		100	%		100	%
Fidelity MSCI Utilities Index ETF		100	%		100	%		100	%

The funds will notify shareholders in January 2015 of amounts for use in preparing 2014 income tax returns.


*Annual Report*		86

[THIS PAGE INTENTIONALLY LEFT BLANK]


		87		*Annual Report*

Investment Adviser

Fidelity SelectCo, LLC

Denver, CO

Investment Sub-Adviser

BlackRock Fund Advisors

San Francisco, CA

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

State Street Bank and Trust Company

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

The Fidelity Telephone Connection

1-800-FIDELITY

EXT-ANN-0914 696394.1.0

1.9584796.100

Corporate Headquarters

245 Summer St., Boston, MA 02210

www.fidelity.com

Item 2.

Code of Ethics

As of the end of the period, July 31, 2014, Fidelity Covington Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

The Board of Trustees of the trust has determined that David A. Rosow is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Rosow is independent for purposes of Item 3 of Form N-CSR.

Item 4.

Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity MSCI Consumer Discretionary Index ETF, Fidelity MSCI Consumer Staples Index ETF, Fidelity MSCI Energy Index ETF, Fidelity MSCI Financials Index ETF, Fidelity MSCI Health Care Index ETF, Fidelity MSCI Industrials Index ETF, Fidelity MSCI Information Technology Index ETF, Fidelity MSCI Materials Index ETF, Fidelity MSCI Telecommunication Services Index ETF and Fidelity MSCI Utilities Index ETF (the “Funds”):

Services Billed by Deloitte Entities

July 31, 2014 Fees^A,B


	Audit Fees		Audit- Related Fees		Tax Fees		All Other Fees
Fidelity MSCI Consumer Discretionary Index ETF	$	12,000	$	—	$	2,500	$	500
Fidelity MSCI Consumer Staples Index ETF	$	12,000	$	—	$	2,500	$	500
Fidelity MSCI Energy Index ETF	$	12,000	$	—	$	2,500	$	500
Fidelity MSCI Financials Index ETF	$	12,000	$	—	$	2,500	$	500
Fidelity MSCI Health Care Index ETF	$	12,000	$	—	$	2,500	$	500
Fidelity MSCI Industrials Index ETF	$	12,000	$	—	$	2,500	$	500
Fidelity MSCI Information Technology Index ETF	$	12,000	$	—	$	2,500	$	500
Fidelity MSCI Materials Index ETF	$	12,000	$	—	$	2,500	$	500
Fidelity MSCI Telecommunication Services Index ETF	$	12,000	$	—	$	2,500	$	500
Fidelity MSCI Utilities Index ETF	$	12,000	$	—	$	2,500	$	500

July 31, 2013 Fees^A,B

Audit Fees

Audit-
Related Fees

Tax Fees

All Other
Fees

Fidelity MSCI Consumer Discretionary Index ETF

—

Fidelity MSCI Consumer Staples Index ETF

—

Fidelity MSCI Energy Index ETF

—

Fidelity MSCI Financials Index ETF

—

Fidelity MSCI Health Care Index ETF

—

Fidelity MSCI Industrials Index ETF

—

Fidelity MSCI Information Technology Index ETF

—

Fidelity MSCI Materials Index ETF

—

Fidelity MSCI Telecommunication Services Index ETF

—

Fidelity MSCI Utilities Index ETF

—

^A	Amounts may reflect rounding.

The following table presents fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company (“FMR”) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds (“Fund Service Providers”):

Services Billed by Deloitte Entities


	July 31, 2014^A,B		July 31, 2013^A,B
Audit-Related Fees	$	355,000	$	915,000
Tax Fees	$	—	$	—
All Other Fees	$	745,000	$	765,000

^A	Amounts may reflect rounding.

May include amounts billed prior to the Fidelity MSCI Consumer Discretionary Index ETF, Fidelity MSCI Consumer Staples Index ETF, Fidelity MSCI Energy Index ETF, Fidelity MSCI Financials Index ETF, Fidelity MSCI Health Care Index ETF, Fidelity MSCI Industrials Index ETF, Fidelity MSCI Information Technology Index ETF, Fidelity MSCI Materials Index ETF, Fidelity MSCI Telecommunication Services Index ETF and Fidelity MSCI Utilities Index ETF’s commencement operations.

“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund’s financial statements and that are not reported under Audit Fees.

“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:


Billed By	July 31, 2014^A,B		July 31, 2013^A,B
Deloitte Entities	$	1,965,000	$	1,775,000

^A	Amounts may reflect rounding.

The trust’s Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its audit of the Funds, taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Funds and its related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds’ last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.

Item 5.

Audit Committee of Listed Registrants

The Board of Trustees of Fidelity Covington Trust has established a separately-designated standing audit committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. As of July 31, 2014, the members of the audit committee were David A. Rosow, Garnett A. Smith and Michael E. Wiley.

Item 6.

Investments

(a)	Not applicable.

(b)	Not applicable

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.

Item 11.

Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.

Item 12.

Exhibits


(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)	(3)	Not applicable.

(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Covington Trust

By:		/s/ Adrien E. Deberghes
		Adrien E. Deberghes
		President and Treasurer

Date:		September 25, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Adrien E. Deberghes
		Adrien E. Deberghes
		President and Treasurer

Date:		September 25, 2014

By:		/s/ Howard J. Galligan III
		Howard J. Galligan III
		Chief Financial Officer

Date:		September 25, 2014