Fidelity Covington Trust

N-CSR 1 d69792dncsr.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, 2015

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 Real Estate Index ETF

Fidelity MSCI Telecommunication Services Index ETF

Fidelity MSCI Utilities Index ETF

Annual Report

July 31, 2015

LOGO

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	25	An example of shareholder expenses.

Investments	27	A complete list of each fund’s investments with their market values.

Financial Statements	70	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes	93	Notes to the financial statements.

Report of Independent Registered Public Accounting Firm	98

Premium/Discount Analysis	99	Information regarding each fund’s NAV and market price.

Trustees and Officers	103

Distributions	107

Board Approval of Investment Advisory Contracts and Management Fees	108

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 • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.


*Annual Report*		2

Market Recap

The U.S. equity market gained strongly for the 12 months ending July 31, 2015 as stocks recovered from volatility in late 2014 and early 2015, supported by a still-positive economic backdrop. The S&P 500^® Index returned 11.21%, with growth stocks in the index far outpacing value-oriented names on prospects for continued U.S. economic growth. As a result, the growth-oriented Nasdaq Composite Index^® rose 18.71%, outpacing the broader S&P 500^®, as well as the 12.03% advance of the smaller-cap Russell 2000^® Index. Within the S&P 500^®, seven of 10 sectors notched a gain, with significant performance variation. Health care (+27%) led the way, aided by merger activity. Consumer discretionary (+24%) benefited from spending linked to a seven-year low in unemployment. Strong first halves for consumer staples and the real estate segment of the financials sector yielded above-market returns (19% and 12%, respectively) for the full-year period. Conversely, energy (-26%) significantly lagged, due to a roughly 55% decline for U.S. crude-oil prices. Materials (-4%) also lost ground. At period end, investors remained focused on the slowing rate of U.S. earnings growth, the possible effect of a relatively stronger U.S. dollar on exports and inflation, and whether an economic slowdown in China would create ripples for the global economy.


		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 average annual total returns and is further explained in this section.*

The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.

Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/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 Periods Ended July 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Consumer Discretionary Index ETF – NAV		21.93%		15.84%
Fidelity MSCI Consumer Discretionary Index ETF – Market Price		21.98%		15.94%
MSCI USA IMI Consumer Discretionary Index		22.18%		16.03%
S&P 500 Index		11.21%		13.41%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Consumer Discretionary Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended June 30, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Consumer Discretionary Index ETF – NAV		15.10%		14.14%
Fidelity MSCI Consumer Discretionary Index ETF – Market Price		15.15%		14.14%
MSCI USA IMI Consumer Discretionary Index		15.29%		14.31%
S&P 500 Index		7.42%		12.74%

This information shows the returns of the fund and its indices for different time periods through the end of the most recent calendar quarter, as opposed to through the end of the fund’s fiscal period.

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.

LOGO


*Annual Report*		4

Fidelity^® MSCI Consumer Discretionary Index ETF

Management’s Discussion of Fund Performance

For the 12 months ending July 31, 2015, the exchange-traded fund’s (ETF) net asset value rose 21.93%, roughly in line with the 22.18% return of the MSCI USA IMI Consumer Discretionary Index. The ETF’s market price gained 21.98% over the same time frame, while the broad-market S&P 500^® Index advanced 11.21%. The sector easily outperformed the broad market, as U.S. consumers continued to benefit from an improving job market, low inflation and interest rates, as well as other positive factors. In addition, the dollar strengthened versus most foreign currencies during much of the year. A rising dollar typically boosts U.S. consumers’ purchasing power by making imported goods relatively cheaper. Outperforming industries included Internet retail (+45%) and home improvement retail (+46%), with e-commerce giant Amazon.com (+69%) and Home Depot (+48%) individual standouts. Amazon’s performance was largely driven by solid first-quarter revenue growth, as well as optimism for Amazon Web Services, which offers cloud-based computing power to companies. Meanwhile, shares of Home Depot were partly lifted by the U.S. housing recovery and the firm’s strong growth outlook for 2016. On the negative side, casinos & gaming stocks returned -20%, dragged down by their exposure to Macau, a Chinese-controlled territory that experienced some regulatory headwinds during the year. Notable detractors from this group included Wynn Resorts (-50%) and MGM Resorts International (-27%).

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 subadviser) 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, 2015
	% of fund’s net assets
Amazon.com, Inc.		6.7
The Walt Disney Co.		6.2
Home Depot, Inc.		4.9
Comcast Corp. Class A		4.2
McDonald’s Corp.		3.1
Starbucks Corp.		2.8
NIKE, Inc. Class B		2.5
Time Warner, Inc.		2.3
Lowe’s Companies, Inc.		2.2
priceline.com, Inc.		2.1

		37.0


Industries as of July 31, 2015

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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 average annual total returns and is further explained in this section.*


Fiscal Periods Ended July 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Consumer Staples Index ETF – NAV		19.00%		14.23%
Fidelity MSCI Consumer Staples Index ETF – Market Price		18.91%		14.23%
MSCI USA IMI Consumer Staples Index		19.19%		14.39%
S&P 500 Index		11.21%		13.41%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Consumer Staples Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended June 30, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Consumer Staples Index ETF – NAV		9.34%		11.69%
Fidelity MSCI Consumer Staples Index ETF – Market Price		9.53%		11.75%
MSCI USA IMI Consumer Staples Index		9.51%		11.84%
S&P 500 Index		7.42%		12.74%

^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

For the 12 months ending July 31, 2015, the exchange-traded fund’s (ETF) net asset value rose 19.00%, roughly in line with the 19.19% return of the MSCI USA IMI Consumer Staples Index. The ETF’s market price gained 18.91% over the same time frame, while the broad-market S&P 500^® Index advanced 11.21%. The sector handily outpaced the broader market, as long-term trends supported a continued growth in sales, even amid an increasingly challenging global macroeconomic backdrop and a generally strengthening U.S. dollar, which served as a major headwind to the earnings of U.S.-based staples companies with significant operations in other countries. Among industry components of the MSCI sector index, drug retail, which included CVS Health and Walgreens Boots Alliance, was a standout, gaining roughly 46%. The category benefited from an increase in demand due to the Affordable Care Act, which brought millions of Americans access to insurance, and favorable demographic trends, including an aging population. From this group, drugstore chain Walgreens was lifted by its December 2014 merger with Switzerland-based Boots Alliance. The company has been renamed Walgreens Boots Alliance. Other sizable industries to outperform included packaged foods & meats (+27%) and tobacco (+25%). On the flip side, personal products suffered a modest decline, largely due to the poor performance of beauty retailer Avon Products. Avon shares returned -56% amid disappointing first-quarter results and a report that no potential suitors were interested in buying the once-attractive firm. Household products (+8%) and hypermarkets & super centers (+9%), which together represented roughly 29% of the MSCI sector index, also lagged.

Investment Summary


Top Ten Stocks as of July 31, 2015
	% of fund’s net assets
The Procter & Gamble Co.		10.6
The Coca-Cola Co.		8.7
PepsiCo, Inc.		7.3
Philip Morris International, Inc.		6.8
CVS Health Corp.		6.5
Wal-Mart Stores, Inc.		6.0
Altria Group, Inc.		4.8
Walgreens Boots Alliance, Inc.		4.3
Mondelez International, Inc. Class A		3.9
Costco Wholesale Corp.		3.3

		62.2


Industries as of July 31, 2015

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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 average annual total returns and is further explained in this section.*


Fiscal Periods Ended July 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Energy Index ETF – NAV		-27.95%		-10.87%
Fidelity MSCI Energy Index ETF – Market Price		-27.94%		-10.84%
MSCI USA IMI Energy Index		-27.95%		-10.81%
S&P 500 Index		11.21%		13.41%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Energy Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended June 30, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Energy Index ETF – NAV		-24.11%		-6.53%
Fidelity MSCI Energy Index ETF – Market Price		-24.15%		-6.55%
MSCI USA IMI Energy Index		-24.12%		-6.47%
S&P 500 Index		7.42%		12.74%

^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

For the 12 months ending July 31, 2015, the exchange-traded fund’s (ETF) net asset value returned -27.95%, in line with the -27.95% return of the MSCI USA IMI Energy Index. The ETF’s market price returned -27.94% over the same time frame, while the broad-market S&P 500^® Index rose 11.21%. Energy stocks suffered a huge sell-off the past year, as oil prices were cut in half, collapsing to a six-year low amid a sustained global glut. Energy had by far the worst result among the 10 market sectors, dragged down by big declines in three major subindustries: oil & gas exploration & production (-42%), integrated oil & gas (-22%), and equipment & services (-32%). Conversely, refining & marketing (+18%) was the only group within the sector to post a gain for the year, helped by strong global demand for oil products such as gasoline and diesel fuel. Among individual stocks, benchmark heavyweight and integrated oil giant Exxon Mobil was the biggest detractor for the period, followed by Chevron. ConocoPhillips was another detractor, as its stock returned -36% the past year. Low oil prices significantly curbed cash flow at these firms, while their sizable deepwater operations have struggled. On the upside, refiners Valero Energy and Marathon Petroleum both contributed to the sector’s result, as their shares gained on better profit margins due to lower input costs.

Investment Summary


Top Ten Stocks as of July 31, 2015
	% of fund’s net assets
Exxon Mobil Corp.		22.1
Chevron Corp.		11.0
Schlumberger Ltd.		7.0
Kinder Morgan, Inc.		4.2
ConocoPhillips		4.1
Occidental Petroleum Corp.		3.6
Phillips 66		2.9
EOG Resources, Inc.		2.8
Anadarko Petroleum Corp.		2.5
The Williams Cos., Inc.		2.5

		62.7


Industries as of July 31, 2015

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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 average annual total returns and is further explained in this section.*


Fiscal Periods Ended July 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Financials Index ETF – NAV		14.08%		12.41%
Fidelity MSCI Financials Index ETF – Market Price		13.87%		12.41%
MSCI USA IMI Financials Index		14.26%		12.56%
S&P 500 Index		11.21%		13.41%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Financials Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended June 30, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Financials Index ETF – NAV		8.86%		11.20%
Fidelity MSCI Financials Index ETF – Market Price		9.09%		11.27%
MSCI USA IMI Financials Index		8.99%		11.32%
S&P 500 Index		7.42%		12.74%

^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

For the 12 months ending July 31, 2015, the exchange-traded fund’s (ETF) net asset value rose 14.08%, versus 14.26% for the MSCI USA IMI Financials Index. The ETF’s market price gained 13.87% over the same period, while the broad-based S&P 500^® Index returned 11.21%. Diversified banks and regional banks – together representing roughly 34% of the sector benchmark – were strong performers, benefiting as improved U.S. economic growth boosted loan growth and expectations of an interest-rate hike. Individual standouts included diversified banks JPMorgan Chase, Wells Fargo, Bank of America and Citigroup. Increased merger-and-acquisition activity and market volatility helped capital markets-related companies, notably in the specialized finance and investment banking & brokerage segments. Elsewhere, insurance stocks benefited from limited catastrophe claims and anticipation of higher interest rates. By contrast, consumer finance stocks, especially American Express, were pressured by worries that credit losses had bottomed. Many real estate investment trusts (REITs) – including Vereit, formerly American Realty Capital Partners – lagged, amid worries that rising interest rates would make their dividends less attractive. Returns for asset management & custody banks were held back by concern that the equity market could be near its peak.

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 subadviser) 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, 2015
	% of fund’s net assets
Wells Fargo & Co.		7.0
JPMorgan Chase & Co.		6.3
Bank of America Corp.		4.6
Citigroup, Inc.		4.4
Berkshire Hathaway, Inc. Class B		4.0
American International Group, Inc.		2.2
US Bancorp		2.0
The Goldman Sachs Group, Inc.		2.0
American Express Co.		1.7
Simon Property Group, Inc.		1.4

		35.6


Industries as of July 31, 2015

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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 average annual total returns and is further explained in this section.*


Fiscal Periods Ended July 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Health Care Index ETF – NAV		30.40%		27.01%
Fidelity MSCI Health Care Index ETF – Market Price		30.37%		27.07%
MSCI USA IMI Health Care Index		30.62%		27.22%
S&P 500 Index		11.21%		13.41%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Health Care Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended June 30, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Health Care Index ETF – NAV		26.52%		26.45%
Fidelity MSCI Health Care Index ETF – Market Price		26.40%		26.41%
MSCI USA IMI Health Care Index		26.74%		26.67%
S&P 500 Index		7.42%		12.74%

^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

For the 12 months ending July 31, 2015, the exchange-traded fund’s (ETF) net asset value advanced 30.40%, roughly in line with the 30.62% return of the MSCI USA IMI Health Care Index. The ETF’s market price gained 30.37% over the same time frame, while the broad-market S&P 500^® Index rose 11.21%. Health care stocks continued to benefit from solid fundamentals and favorable long-term trends, including an aging population, a growing emerging-markets middle class with money to spend on health care, and a tremendous wave of innovation, particularly within the biotechnology group. Elevated merger-and-acquisition (M&A) activity was another positive for the sector. Pharmaceuticals and biotech, the two largest subindustry components of the MSCI sector index, rose about 25% and 44%, respectively, bolstered by the superior performance of Pfizer (+29%), Gilead Sciences (+29%) and Amgen (+41%). Among other subindustries, health care facilities (+29%) and managed health care (+52%) were two more bright spots. Leading indicators, such as rising hospital admissions and a declining U.S. unemployment rate, showed support for these groups. Additionally, the rollout of the Affordable Care Act (ACA) gave millions of Americans access to health insurance. In June, the U.S. Supreme Court ruled to uphold the ACA, removing some of the uncertainty around managed care stocks.

Investment Summary


Top Ten Stocks as of July 31, 2015
	% of fund’s net assets
Johnson & Johnson		7.9
Pfizer, Inc.		6.3
Gilead Sciences, Inc.		5.0
Merck & Co., Inc.		4.8
Amgen, Inc.		3.8
Allergan PLC		3.6
AbbVie, Inc.		3.4
UnitedHealth Group, Inc.		3.3
Medtronic PLC		3.2
Bristol-Myers Squibb Co.		3.1

		44.4


Industries as of July 31, 2015

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*	Includes short-term investments and net other liabilities.


		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 average annual total returns and is further explained in this section.*


Fiscal Periods Ended July 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Industrials Index ETF – NAV		6.18%		7.88%
Fidelity MSCI Industrials Index ETF – Market Price		6.22%		7.90%
MSCI USA IMI Industrials Index		6.25%		8.00%
S&P 500 Index		11.21%		13.41%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Industrials Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended June 30, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Industrials Index ETF – NAV		1.49%		8.45%
Fidelity MSCI Industrials Index ETF – Market Price		1.57%		8.52%
MSCI USA IMI Industrials Index		1.59%		8.58%
S&P 500 Index		7.42%		12.74%

^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.

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*Annual Report*		14

Fidelity^® MSCI Industrials Index ETF

Management’s Discussion of Fund Performance

For the 12 months ending July 31, 2015, the exchange-traded fund’s (ETF) net asset value rose 6.18%, roughly in line with the 6.25% advance of the MSCI USA IMI Industrials Index. The ETF’s market price gained 6.22% over the same time frame, while the broad-market S&P 500^® Index returned 11.21%. Weak commodity prices, a strong U.S. dollar and lackluster global economic growth were factors hampering the industrials sector. Within the benchmark, building products (+36%) led the way, aided by improving U.S. residential and nonresidential construction. Aerospace & defense (+16%), the benchmark’s largest component, also outperformed, as the stocks of major aerospace manufacturers Boeing (+24%) and Honeywell (+17%) did well, along with defense contractors Lockheed Martin (+28%), Northrop Grumman (+44%) and General Dynamics (+30%). Industrial conglomerates, also a major component of the benchmark, advanced roughly 10% the past 12 months, with General Electric notably adding to the sector’s advance. Conversely, construction machinery & heavy trucks (-11%) was a laggard amid lackluster demand from the mining industry. Here, Caterpillar (-19%) and Joy Global (-54%) were major casualties. Construction & engineering (-13%), a segment in which many firms had exposure to weak energy prices, also detracted, with Fluor (-34%) a prime example.

Investment Summary


Top Ten Stocks as of July 31, 2015
	% of fund’s net assets
General Electric Co.		11.2
The Boeing Co.		4.1
3M Co.		4.1
Union Pacific Corp.		3.7
United Technologies Corp.		3.5
Honeywell International, Inc.		3.3
United Parcel Service, Inc. Class B		3.1
Danaher Corp.		2.4
Lockheed Martin Corp.		2.4
FedEx Corp.		2.0

		39.8


Industries as of July 31, 2015

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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 average annual total returns and is further explained in this section.*


Fiscal Periods Ended July 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Information Technology Index ETF – NAV		12.98%		17.10%
Fidelity MSCI Information Technology Index ETF – Market Price		12.89%		17.14%
MSCI USA IMI Information Technology Index		13.08%		17.24%
S&P 500 Index		11.21%		13.41%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Information Technology Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended June 30, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Information Technology Index ETF – NAV		11.09%		16.53%
Fidelity MSCI Information Technology Index ETF – Market Price		11.08%		16.58%
MSCI USA IMI Information Technology Index		11.19%		16.66%
S&P 500 Index		7.42%		12.74%

^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

For the 12 months ending July 31, 2015, the exchange-traded fund’s (ETF) net asset value returned 12.98%, roughly in line with the 13.08% result of the MSCI USA IMI Information Technology Index. The ETF’s market price gained 12.89% over the same time frame, while the broad-market S&P 500^® Index advanced 11.21%. The technology sector benefited from a global economic recovery and product innovation that kept investors enthusiastic about the group. Data processing & outsourced services (+28%) was an outperforming subindustry, with payment processors Visa (+43%) and MasterCard (+32%) leading the way. Technology hardware, storage & peripherals (+17%) also outperformed, as smartphone maker Apple (+29%), the benchmark’s largest component, was the top contributor. Internet software & services (+15%) provided a lift as well, aided by social-networking firm Facebook (+29%) and online auction platform eBay (+28%). Conversely, semiconductor equipment (-5%) and electronic manufacturing services (-2%) were the only benchmark groups to record a negative return. IT services giant IBM (-14%) was the biggest individual detractor, its stock falling sharply in October 2014 after the company reported an earnings miss. Several computer-related stocks also detracted: chipmaker Intel (-12%), DRAM memory maker Micron Technology (-40%) and Hewlett-Packard (-13%), which makes computers and printers.

Investment Summary


Top Ten Stocks as of July 31, 2015
	% of fund’s net assets
Apple, Inc.		16.0
Microsoft Corp.		8.2
Google, Inc. Class C		4.3
Facebook, Inc. Class A		4.3
Google, Inc. Class A		4.3
International Business Machines Corp.		3.4
Visa, Inc. Class A		3.3
Cisco Systems, Inc.		3.3
Oracle Corp.		3.2
Intel Corp.		3.1

		53.4


Industries as of July 31, 2015

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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 average annual total returns and is further explained in this section.*


Fiscal Periods Ended July 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Materials Index ETF – NAV		-4.65%		3.85%
Fidelity MSCI Materials Index ETF – Market Price		-4.87%		3.80%
MSCI USA IMI Materials Index		-4.67%		3.89%
S&P 500 Index		11.21%		13.41%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Materials Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended June 30, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Materials Index ETF – NAV		-2.23%		7.24%
Fidelity MSCI Materials Index ETF – Market Price		-2.16%		7.26%
MSCI USA IMI Materials Index		-2.22%		7.31%
S&P 500 Index		7.42%		12.74%

^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

For the 12 months ending July 31, 2015, the exchange-traded fund’s (ETF) net asset value returned -4.65%, roughly in line with the -4.67% result of the MSCI USA IMI Materials Index. The ETF’s market price returned -4.87% over the same time frame, while the broad-market S&P 500^® Index gained 11.21%. Weak commodity prices, a strong U.S. dollar and lackluster global economic growth were factors hampering the materials sector. Within the benchmark, diversified metals & mining (-60%) was the weakest subindustry, held back by China’s slowing economy and tepid demand for copper, aluminum, iron ore and other industrial metals. Stocks reflecting these dynamics included copper miner Freeport-McMoRan (-68%) and aluminum producer Alcoa (-41%). Among other subindustries, gold (-34%), silver (-43%) and precious metals & minerals (-47%) also suffered amid declining precious metals prices. Gold miner Newmont Mining (-29%) was a notable detractor here. On the positive side, construction materials (+28%) stood out, bolstered by an ongoing U.S. economic recovery that benefited Vulcan Materials (+42%) and Martin Marietta Materials (+27%). Paper packaging (+28%) was aided by improving U.S. consumer spending for nondurable items, which drove demand for containerboard. Rock-Tenn (+31%), which merged with MeadWestvaco in July to form WestRock, was a noteworthy contributor from this group. Specialty chemicals, the largest subindustry in the index, also fared well, gaining 13% the past year, led by paint manufacturer Sherwin-Williams (+34%).

Investment Summary


Top Ten Stocks as of July 31, 2015
	% of fund’s net assets
The Dow Chemical Co.		7.2
EI du Pont de Nemours & Co.		6.7
Monsanto Co.		6.5
LyondellBasell Industries N.V. Class A		5.0
Praxair, Inc.		4.4
Ecolab, Inc.		4.1
PPG Industries, Inc.		3.9
Air Products & Chemicals, Inc.		3.9
The Sherwin-Williams Co.		3.0
International Paper Co.		2.6

		47.3


Industries as of July 31, 2015

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		19		*Annual Report*

Fidelity^® MSCI Real Estate Index ETF

Performance

The information provided in the tables below shows you the performance of Fidelity^® MSCI Real Estate 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 average annual total returns and is further explained in this section.*


Fiscal Period Ended July 31, 2015
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Real Estate Index ETF – NAV		-5.50%
Fidelity MSCI Real Estate Index ETF – Market Price		-5.41%
MSCI USA IMI Real Estate Index		-5.68%
S&P 500 Index		5.18%

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, 2015
Cumulative Total Returns	Life of fund^A
Fidelity MSCI Real Estate Index ETF – NAV		-9.69%
Fidelity MSCI Real Estate Index ETF – Market Price		-9.69%
MSCI USA IMI Real Estate Index		-9.94%
S&P 500 Index		3.03%

This information shows the returns of the fund and its indices 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.

Average annual total returns take Fidelity MSCI Real Estate Index ETF’s cumulative total return and show you what would have happened if Fidelity MSCI Real Estate 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 February 2, 2015.

*	Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.

Investment Summary


Top Ten Stocks as of July 31, 2015
	% of fund’s net assets
Simon Property Group, Inc.		6.4
American Tower Corp.		4.3
Public Storage		3.3
Crown Castle International Corp.		3.0
Equity Residential		2.9
Health Care REIT, Inc.		2.6
AvalonBay Communities, Inc.		2.5
Ventas, Inc.		2.3
Prologis, Inc.		2.3
Boston Properties, Inc.		2.0

		31.6


Industries as of July 31, 2015

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*	Rounds to less than 0.1%.


*Annual Report*		20

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 average annual 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 Periods Ended July 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Telecommunication Services Index ETF – NAV		2.56%		6.24%
Fidelity MSCI Telecommunication Services Index ETF – Market Price		2.56%		6.24%
MSCI USA IMI Telecommunication Services 25/50 Index		2.74%		6.15%
S&P 500 Index		11.21%		13.41%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Telecommunication Services Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended June 30, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Telecommunication Services Index ETF – NAV		3.83%		6.83%
Fidelity MSCI Telecommunication Services Index ETF – Market Price		3.86%		6.85%
MSCI USA IMI Telecommunication Services 25/50 Index		4.00%		6.71%
S&P 500 Index		7.42%		12.74%

^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


		21		*Annual Report*

Fidelity^® MSCI Telecommunication Services Index ETF

Management’s Discussion of Fund Performance

For the 12 months ending July 31, 2015, the exchange-traded fund’s (ETF) net asset value rose 2.56%, roughly in line with the 2.74% return of the MSCI USA IMI Telecommunication Services 25/50 Index. The ETF’s market price gained 2.56% over the same time frame, while the broad-market S&P 500^® Index returned 11.21%. The sector is dominated by integrated telecommunication services, a group that returned -2% the past year. Notable laggards from this subindustry included CenturyLink (-23%) and Verizon Communications (-3%), the latter of which was a sizable index component and among the top-four wireless providers in the United States. Results were mixed among the remaining three majors, with shares of Sprint (-54%) turning in the worst return and holding back the sector index. The stock of AT&T gained only 3%, despite a run-up on the mid-May news of its intent to merge with satellite television provider DIRECTV. The deal was completed in July. Still, AT&T notably boosted the sector’s return, as it represented roughly 23% of the index, on average. T-Mobile’s shares rose 23% and helped the performance of the sector overall. Telecom also was lifted by alternative carriers (+14%), led by Vonage Holdings (+83%) and Inteliquent (+77%). Wireless telecommunication services added to the sector’s result, gaining roughly 9%, with the stock of cloud-based phone system provider RingCentral advancing 54%.

Investment Summary


Top Ten Stocks as of July 31, 2015
	% of fund’s net assets
AT&T, Inc.		23.4
Verizon Communications, Inc.		20.8
SBA Communications Corp. Class A		4.6
Level 3 Communications, Inc.		4.1
T-Mobile US, Inc.		3.9
CenturyLink, Inc.		3.8
Vonage Holdings Corp.		2.4
Frontier Communications Corp.		2.3
Telephone & Data Systems, Inc.		2.1
RingCentral, Inc. Class A		2.0

		69.4


Industries as of July 31, 2015

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*	Rounds to less than 0.1%.


*Annual Report*		22

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 average annual total returns and is further explained in this section.*


Fiscal Periods Ended July 31, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Utilities Index ETF – NAV		9.13%		10.91%
Fidelity MSCI Utilities Index ETF – Market Price		9.09%		10.89%
MSCI USA IMI Utilities Index		9.28%		11.07%
S&P 500 Index		11.21%		13.41%

Average annual total returns represent just that – the average return on an annual basis for Fidelity MSCI Utilities Index ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.


Periods Ended June 30, 2015
Average Annual Total Returns	Past 1 Year		Life of fund^A
Fidelity MSCI Utilities Index ETF – NAV		-3.78%		7.95%
Fidelity MSCI Utilities Index ETF – Market Price		-3.71%		8.03%
MSCI USA IMI Utilities Index		-3.66%		8.11%
S&P 500 Index		7.42%		12.74%

^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


		23		*Annual Report*

Fidelity^® MSCI Utilities Index ETF

Management’s Discussion of Fund Performance

For the 12 months ending July 31, 2015, the exchange-traded fund’s (ETF) net asset value rose 9.13%, roughly in line with the 9.28% return of the MSCI USA IMI Utilities Index. The ETF’s market price gained 9.09% over the same time frame, while the broad-market S&P 500^® Index returned 11.21%. The two largest segments of the MSCI sector index – electric utilities and multi-utilities, together representing about 86% – buoyed results the past year, gaining 10% and 13%, respectively. In a low-interest-rate environment, the regulated companies from these groups rose strongly, as investors sought their perceived relative safety. The index’s top individual contributor was shares of natural-gas pipeline and utilities company Columbia Pipeline Group, which was spun off from its parent company, NiSource, in early July and subsequently popped before evening out. Also contributing to the index’s overall result was Florida-based electric utility firm NextEra Energy, one of the index’s largest components. The company reported positive earnings, as well as strong continued growth of its business, lifting the stock price to a 14% gain. Conversely, independent power producers & energy traders – one of the index’s smallest components – was the worst performer for the period, returning -18%. Despite a reduction in coal-fired power plants and new environmental regulations that should have benefited the group, weaker-than-expected demand weighed heavily on these unregulated utilities. The biggest negative impact came from NiSource, whose stock plummeted after the Columbia Pipeline spin-off.

Investment Summary


Top Ten Stocks as of July 31, 2015
	% of fund’s net assets
Duke Energy Corp.		7.8
NextEra Energy, Inc.		6.9
Dominion Resources, Inc.		6.2
The Southern Co.		6.0
American Electric Power Co., Inc.		4.1
Exelon Corp.		4.1
PG&E Corp.		3.7
Sempra Energy		3.5
PPL Corp.		3.1
Public Service Enterprise Group, Inc.		3.1

		48.5


Industries as of July 31, 2015

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*Annual Report*		24

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 at the beginning of the period and held for the entire period (February 1, 2015 to July 31, 2015) for 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 Telecommunication Services Index ETF and Fidelity MSCI Utilities Index ETF and for the period (February 2, 2015 to July 31, 2015) for Fidelity MSCI Real Estate Index ETF. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (February 1, 2015 to July 31, 2015).

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		Ending Account Value July 31, 2015		Expenses Paid During Period
Fidelity MSCI Consumer Discretionary Index ETF		.12%
Actual			$	1,000.00	$	1,138.70	$	0.64	^B
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60	^D
Fidelity MSCI Consumer Staples Index ETF		.12%
Actual			$	1,000.00	$	1,057.80	$	0.61	^B
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60	^D
Fidelity MSCI Energy Index ETF		.12%
Actual			$	1,000.00	$	919.20	$	0.57	^B
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60	^D
Fidelity MSCI Financials Index ETF		.12%
Actual			$	1,000.00	$	1,094.30	$	0.62	^B
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60	^D
Fidelity MSCI Health Care Index ETF		.12%
Actual			$	1,000.00	$	1,127.20	$	0.63	^B
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60	^D
Fidelity MSCI Industrials Index ETF		.12%
Actual			$	1,000.00	$	1,025.00	$	0.60	^B
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60	^D


		25		*Annual Report*

Shareholder Expense Example (Unaudited) – continued


	Annualized Expense Ratio^A		Beginning Account Value		Ending Account Value July 31, 2015		Expenses Paid During Period
Fidelity MSCI Information Technology Index ETF		.12%
Actual			$	1,000.00	$	1,077.00	$	0.62	^B
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60	^D
Fidelity MSCI Materials Index ETF		.12%
Actual			$	1,000.00	$	976.70	$	0.59	^B
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60	^D
Fidelity MSCI Real Estate Index ETF		.12%
Actual			$	1,000.00	$	945.00	$	0.58	^E
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60	^D
Fidelity MSCI Telecommunication Services Index ETF		.12%
Actual			$	1,000.00	$	1,043.00	$	0.61	^B
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60	^D
Fidelity MSCI Utilities Index ETF		.12%
Actual			$	1,000.00	$	924.00	$	0.57	^B
Hypothetical^C			$	1,000.00	$	1,024.20	$	0.60	^D

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

^B	Actual expenses are equal to the 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.

^D	Hypothetical expenses are equal to the 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).

^E	Actual expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 180/365 (to reflect the period February 2, 2015 to July 31, 2015).


*Annual Report*		26

Fidelity MSCI Consumer Discretionary Index ETF

Investments July 31, 2015

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
AUTO COMPONENTS – 3.7%
Auto Parts & Equipment – 3.4%
American Axle & Manufacturing Holdings, Inc. (a)		6,543	$	130,729
Autoliv, Inc.		8,483		892,412
BorgWarner, Inc.		21,653		1,076,371
Dana Holding Corp.		15,779		292,858
Delphi Automotive PLC		27,751		2,166,798
Dorman Products, Inc. (a)		3,080		162,563
Drew Industries, Inc.		2,201		129,111
Federal-Mogul Holdings Corp. Class A (a)		3,246		36,355
Fox Factory Holding Corp. (a)		1,755		27,869
Gentex Corp.		28,256		454,357
Gentherm, Inc. (a)		3,278		164,982
Horizon Global Corp. (a)		1,702		21,309
Johnson Controls, Inc.		62,835		2,862,763
Lear Corp.		7,383		768,349
Metaldyne Performance Group, Inc.		968		18,140
Modine Manufacturing Co. (a)		4,663		47,236
Motorcar Parts of America, Inc. (a)		1,718		50,904
Remy International, Inc.		2,779		82,258
Standard Motor Products, Inc.		2,016		73,725
Superior Industries International, Inc.		2,035		34,432
Tenneco, Inc. (a)		5,869		292,335
Tower International, Inc. (a)		2,009		52,495
Visteon Corp. (a)		4,253		423,301

				10,261,652

Tires & Rubber – 0.3%
Cooper Tire & Rubber Co.		5,228		172,158
The Goodyear Tire & Rubber Co.		25,802		777,414

				949,572


TOTAL AUTO COMPONENTS				11,211,224


AUTOMOBILES – 4.5%
Automobile Manufacturers – 4.1%
Ford Motor Co.		352,800		5,232,024
General Motors Co.		138,541		4,365,427
Tesla Motors, Inc. (a)		9,018		2,400,141
Thor Industries, Inc.		4,603		257,215
Winnebago Industries, Inc.		2,618		58,460

				12,313,267

Motorcycle Manufacturers – 0.4%
Harley-Davidson, Inc.		20,226		1,179,176


TOTAL AUTOMOBILES				13,492,443


DISTRIBUTORS – 0.9%
Distributors – 0.9%
Core-Mark Holding Co., Inc.		2,231		141,825
Genuine Parts Co.		14,601		1,298,759
LKQ Corp. (a)		29,081		914,888



	Shares		Value
Pool Corp.		4,177	$	294,144
Weyco Group, Inc.		611		17,634


TOTAL DISTRIBUTORS				2,667,250


DIVERSIFIED CONSUMER SERVICES – 1.4%
Education Services – 0.6%
2U, Inc. (a)		1,747		56,061
American Public Education, Inc. (a)		1,560		40,357
Apollo Group, Inc. Class A (non-vtg.) (a)		9,334		119,569
Bridgepoint Education, Inc. (a)		1,679		15,816
Bright Horizons Family Solutions, Inc. (a)		3,545		213,551
Capella Education Co.		1,104		56,867
Career Education Corp. (a)		6,007		19,102
Chegg, Inc. (a)		3,953		32,850
DeVry Education Group, Inc.		5,811		176,538
Graham Holdings Co. Class B		441		304,096
Grand Canyon Education, Inc. (a)		4,277		185,750
Houghton Mifflin Harcourt Co. (a)		13,609		355,603
K12, Inc. (a)		3,172		41,839
Strayer Education, Inc. (a)		1,051		58,446
Universal Technical Institute, Inc.		2,144		13,657

				1,690,102

Specialized Consumer Services – 0.8%
Ascent Capital Group, Inc. Class A (a)		1,127		43,987
Carriage Services, Inc.		1,587		38,136
H&R Block, Inc.		26,317		876,093
LifeLock, Inc. (a)		7,869		62,322
Outerwall, Inc.		1,819		128,822
Regis Corp. (a)		4,331		63,362
Service Corp. International		19,411		592,230
ServiceMaster Global Holdings, Inc. (a)		9,695		375,487
Sotheby’s Class A		5,618		235,001
Steiner Leisure Ltd. (a)		1,213		69,990
Weight Watchers International, Inc. (a)		2,896		11,584

				2,497,014


TOTAL DIVERSIFIED CONSUMER SERVICES				4,187,116


DIVERSIFIED TELECOMMUNICATION SERVICES – 0.0%
Integrated Telecommunication Services – 0.0%
AT&T, Inc.		1		35


HOTELS, RESTAURANTS & LEISURE – 15.5%
Casinos & Gaming – 1.4%
Boyd Gaming Corp. (a)		7,894		134,908
Caesars Acquisition Co. (a)		4,584		29,842
Caesars Entertainment Corp. (a)		5,518		28,749
Churchill Downs, Inc.		1,278		172,607
Isle of Capri Casinos, Inc. (a)		2,097		38,249
Las Vegas Sands Corp.		38,170		2,139,047
MGM Resorts International (a)		37,597		737,653
Penn National Gaming, Inc. (a)		6,882		131,309
Pinnacle Entertainment, Inc. (a)		383		14,745

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
HOTELS, RESTAURANTS & LEISURE – continued
Casinos & Gaming – continued
Scientific Games Corp. Class A (a)		4,815	$	72,706
Wynn Resorts Ltd.		7,768		801,891

				4,301,706

Hotels, Resorts & Cruise Lines – 3.5%
Belmond Ltd. (a)		8,925		108,082
Carnival Corp.		39,664		2,113,695
Choice Hotels International, Inc.		3,573		181,008
Diamond Resorts International Inc. (a)		4,600		144,164
Extended Stay America, Inc.		5,957		113,183
Hilton Worldwide Holdings, Inc. (a)		47,210		1,267,588
Interval Leisure Group, Inc.		3,816		81,357
La Quinta Holdings, Inc. (a)		8,780		186,312
Marcus Corp.		1,668		34,961
Marriott International, Inc. Class A		21,152		1,535,847
Marriott Vacations Worldwide Corp.		2,618		218,865
Norwegian Cruise Line Holdings Ltd. (a)		13,184		822,945
Royal Caribbean Cruises Ltd.		16,799		1,509,390
Starwood Hotels & Resorts Worldwide, Inc.		16,417		1,304,495
Wyndham Worldwide Corp.		11,529		951,373

				10,573,265

Leisure Facilities – 0.4%
ClubCorp Holdings Inc.		5,283		123,200
International Speedway Corp. Class A		2,593		88,862
Intrawest Resorts Holdings Inc. (a)		1,895		18,893
SeaWorld Entertainment, Inc.		6,858		118,918
Six Flags Entertainment Corp.		7,127		332,403
Vail Resorts, Inc.		3,476		381,282

				1,063,558

Restaurants – 10.2%
Aramark		19,369		616,322
Biglari Holdings, Inc. (a)		109		47,394
BJ’s Restaurants, Inc. (a)		1,903		98,119
Bloomin’ Brands, Inc.		11,841		275,777
Bob Evans Farms, Inc.		2,048		102,236
Brinker International, Inc.		6,042		361,916
Buffalo Wild Wings, Inc. (a)		1,813		354,587
Chipotle Mexican Grill, Inc. (a)		2,966		2,201,454
Chuys Holdings, Inc. (a)		1,552		44,092
Cracker Barrel Old Country Store, Inc.		1,833		278,414
Darden Restaurants, Inc.		10,678		787,609
Dave & Buster’s Entertainment, Inc. (a)		2,340		90,792
Del Frisco’s Restaurant Group, Inc. (a)		2,247		35,840
Denny’s Corp. (a)		8,172		96,103
DineEquity, Inc.		1,661		172,761
Domino’s Pizza, Inc.		5,322		605,856
Dunkin’ Brands Group, Inc.		9,339		503,279
El Pollo Loco Holdings, Inc. (a)		1,418		26,644
Fiesta Restaurant Group, Inc. (a)		2,573		149,568
Jack in the Box, Inc.		3,645		346,275



	Shares		Value
Krispy Kreme Doughnuts, Inc. (a)		6,201	$	115,587
McDonald’s Corp.		91,867		9,173,839
Noodles & Co. (a)		1,546		23,932
Panera Bread Co. Class A (a)		2,434		496,828
Papa John’s International, Inc.		2,859		216,026
Popeyes Louisiana Kitchen, Inc. (a)		2,111		128,095
Potbelly Corp. (a)		1,262		17,214
Red Robin Gourmet Burgers, Inc. (a)		1,356		124,277
Ruby Tuesday, Inc. (a)		5,982		43,908
Ruth’s Hospitality Group, Inc.		3,366		59,006
Shake Shack, Inc. Class A (a)		573		38,993
Sonic Corp.		4,879		145,004
Starbucks Corp.		143,338		8,303,570
Texas Roadhouse, Inc. Class A		6,022		237,207
The Cheesecake Factory, Inc.		4,545		262,428
The Habit Restaurants, Inc. Class A (a)		1,060		31,493
Wendy’s Co.		26,406		270,926
Yum! Brands, Inc.		41,403		3,633,527
Zoe’s Kitchen, Inc. (a)		1,737		77,904

				30,594,802


TOTAL HOTELS, RESTAURANTS & LEISURE				46,533,331


HOUSEHOLD DURABLES – 4.3%
Consumer Electronics – 0.4%
Garmin Ltd.		11,013		461,555
Harman International Industries, Inc.		6,565		706,788
Universal Electronics, Inc. (a)		1,496		77,552

				1,245,895

Home Furnishings – 0.8%
Ethan Allen Interiors, Inc.		2,476		74,750
La-Z-Boy, Inc.		4,917		124,892
Leggett & Platt, Inc.		13,234		632,718
Mohawk Industries, Inc. (a)		5,934		1,196,235
Tempur Sealy International, Inc. (a)		5,831		440,532

				2,469,127

Homebuilding – 1.7%
Beazer Homes U.S.A., Inc. (a)		2,596		49,791
Cavco Industries, Inc. (a)		786		57,441
D.R. Horton, Inc.		31,452		933,810
Hovnanian Enterprises, Inc. Class A (a)		11,240		22,705
Installed Building Products, Inc. (a)		1,870		50,808
KB Home		7,995		127,760
Lennar Corp. Class A		16,632		882,161
LGI Homes, Inc. (a)		1,538		30,052
M.D.C. Holdings, Inc.		3,737		111,587
M/I Homes, Inc. (a)		2,398		60,142
Meritage Homes Corp. (a)		3,594		162,089
NVR, Inc. (a)		368		548,335
PulteGroup, Inc.		31,700		656,824
Ryland Group, Inc.		4,478		203,615
Standard Pacific Corp. (a)		14,390		129,366

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


*Annual Report*		28


Common Stocks – continued
	Shares		Value
HOUSEHOLD DURABLES – continued
Homebuilding – continued
Taylor Morrison Home Corp. Class A (a)		3,167	$	60,965
Toll Brothers, Inc. (a)		15,946		620,618
TopBuild Corp. (a)		3,733		107,361
TRI Pointe Group, Inc. (a)		14,687		217,368
WCI Communities, Inc. (a)		1,896		47,855
William Lyon Homes Class A (a)		1,756		41,898

				5,122,551

Household Appliances – 0.6%
Helen of Troy Ltd. (a)		2,587		227,087
iRobot Corp. (a)		2,689		82,794
NACCO Industries, Inc. Class A		386		19,597
Whirlpool Corp.		7,468		1,327,288

				1,656,766

Housewares & Specialties – 0.8%
CSS Industries, Inc.		840		23,848
Jarden Corp. (a)		18,956		1,042,580
Newell Rubbermaid, Inc.		25,924		1,121,991
Tupperware Brands Corp.		4,771		278,960

				2,467,379


TOTAL HOUSEHOLD DURABLES				12,961,718


INTERNET & CATALOG RETAIL – 12.1%
Catalog Retail – 0.5%
HSN, Inc.		3,267		240,157
Liberty Interactive Corp. QVC Group Series A (a)		42,600		1,237,530

				1,477,687

Internet Retail – 11.6%
1-800-FLOWERS.com, Inc. Class A (a)		2,431		24,188
Amazon.com, Inc. (a)		37,728		20,227,867
Blue Nile, Inc. (a)		1,121		35,558
Expedia, Inc.		9,805		1,190,719
FTD Cos., Inc. (a)		1,857		54,094
Groupon, Inc. Class A (a)		45,134		217,546
Lands’ End, Inc. (a)		1,659		39,119
Liberty Media Corp. Series A (a)		12,872		533,931
Liberty TripAdvisor Holdings, Inc. (a)		6,802		199,231
Netflix, Inc. (a)		38,457		4,396,020
NutriSystem, Inc.		2,819		84,711
Orbitz Worldwide, Inc. (a)		9,117		102,840
Overstock.com, Inc. (a)		1,501		31,761
PetMed Express, Inc.		1,930		32,521
priceline.com, Inc. (a)		4,965		6,174,325
Shutterfly, Inc. (a)		3,620		156,565
Travelport Worldwide Ltd.		9,367		119,429
TripAdvisor, Inc. (a)		11,200		889,056
Wayfair, Inc. (a)		1,902		70,964



	Shares		Value
zulily, Inc. (a)		5,688	$	75,138

				34,655,583


TOTAL INTERNET & CATALOG RETAIL				36,133,270


LEISURE PRODUCTS – 1.2%
Leisure Products – 1.2%
Arctic Cat, Inc.		1,239		35,448
Black Diamond, Inc. (a)		2,213		21,012
Brunswick Corp.		8,882		471,545
Callaway Golf Co.		7,469		68,416
Hasbro, Inc.		10,700		842,518
Mattel, Inc.		32,353		750,913
Nautilus, Inc. (a)		2,921		61,721
Polaris Industries, Inc.		6,025		825,787
Smith & Wesson Holding Corp. (a)		5,221		84,685
Sturm, Ruger & Co., Inc.		1,810		108,636
Vista Outdoor, Inc. (a)		6,117		288,539


TOTAL LEISURE PRODUCTS				3,559,220


MEDIA – 25.8%
Advertising – 0.9%
Clear Channel Outdoor Holding, Inc. Class A		3,903		37,703
Harte-Hanks, Inc.		4,488		21,049
Interpublic Group of Companies, Inc.		39,437		840,008
National CineMedia, Inc.		5,997		92,953
Omnicom Group, Inc.		23,589		1,723,884

				2,715,597

Broadcasting – 2.2%
CBS Corp. Class B (non-vtg.)		43,923		2,348,563
Cumulus Media, Inc. Class A (a)		13,086		21,592
Discovery Communications, Inc. Class A (a)		14,224		469,677
Discovery Communications, Inc. Class C (non-vtg.) (a)		27,169		823,221
Entercom Communications Corp. Class A (a)		2,097		22,082
Entravision Communications Corp.		5,363		41,134
Gray Television, Inc. (a)		5,838		98,604
Liberty Media Corp. (a)		19,653		740,918
Liberty Media Corp. Class A (a)		9,005		340,389
Media General, Inc. (a)		8,190		129,975
Nexstar Broadcasting Group, Inc. Class A		2,989		171,449
Scripps Networks Interactive, Inc. Class A		7,452		466,346
Sinclair Broadcast Group, Inc. Class A		6,313		183,203
TEGNA, Inc.		20,703		603,078

				6,460,231

Cable & Satellite – 10.2%
AMC Networks, Inc. Class A (a)		5,794		487,971
Cable One, Inc. (a)		445		184,773

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
MEDIA – continued
Cable & Satellite – continued
Cablevision Systems Corp. - NY Group Class A		18,952	$	534,825
Charter Communications, Inc. Class A (a)		8,032		1,492,827
Comcast Corp. Class A		203,699		12,712,854
Comcast Corp. Class A (special) (non-vtg.)		38,286		2,386,749
DISH Network Corp. Class A (a)		21,360		1,380,070
Liberty Broadband Corp. Class A (a)		2,273		122,674
Liberty Broadband Corp. Class C (a)		6,415		343,395
Liberty Global PLC LiLAC Series A (a)		1,185		50,671
Liberty Global PLC LiLAC Series C (a)		3,003		127,778
Liberty Global PLC Series A (a)		24,028		1,260,509
Liberty Global PLC Series C (a)		59,818		2,939,456
Loral Space & Communications Ltd. (a)		1,356		85,903
Sirius XM Holdings, Inc. (a)		240,199		951,188
Starz – Liberty Capital Series A (a)		8,348		337,677
Time Warner Cable, Inc.		26,851		5,101,958

				30,501,278

Movies & Entertainment – 11.9%
AMC Entertainment Holdings, Inc.		2,068		66,693
Carmike Cinemas, Inc. (a)		2,329		58,342
Cinemark Holdings, Inc.		9,966		393,258
DreamWorks Animation SKG, Inc. Class A (a)		7,090		170,940
Global Eagle Entertainment, Inc. (a)		3,816		47,395
IMAX Corp. (a)		5,949		222,552
Lions Gate Entertainment Corp.		9,752		382,083
Live Nation Entertainment, Inc. (a)		14,465		379,272
Regal Entertainment Group Class A		8,221		169,353
Rentrak Corp. (a)		935		64,020
SFX Entertainment, Inc. (a)		4,259		13,544
The Madison Square Garden Co. Class A (a)		5,446		454,196
The Walt Disney Co.		154,323		18,518,760
Time Warner, Inc.		79,386		6,989,143
Twenty-First Century Fox, Inc. Class A		126,907		4,377,022
Twenty-First Century Fox, Inc. Class B		41,993		1,407,605
Viacom, Inc. Class B (non-vtg.)		33,955		1,935,435
World Wrestling Entertainment, Inc. Class A		3,200		62,624

				35,712,237

Publishing – 0.6%
E.W. Scripps Co. Class A		4,987		109,564
Gannett Co., Inc. (a)		10,382		131,332
John Wiley & Sons, Inc. Class A		4,495		238,280
Meredith Corp.		3,582		171,650
Morningstar, Inc.		1,902		162,031
New Media Investment Group, Inc.		3,994		67,938
News Corp. Class A (a)		36,461		537,071



	Shares		Value
Scholastic Corp.		2,249	$	96,909
The New York Times Co. Class A		12,709		168,013
Time, Inc.		10,489		234,115
Tribune Publishing Co.		1,999		29,765

				1,946,668


TOTAL MEDIA				77,336,011


MULTILINE RETAIL – 4.8%
Department Stores – 1.7%
Dillard’s, Inc. Class A		2,314		235,750
J.C. Penney Co., Inc. (a)		27,750		228,660
Kohl’s Corp.		19,316		1,184,457
Macy’s, Inc.		32,562		2,248,732
Nordstrom, Inc.		13,634		1,040,411
Sears Holdings Corp. (a)		2,627		56,612

				4,994,622

General Merchandise Stores – 3.1%
Big Lots, Inc.		5,122		221,168
Burlington Stores, Inc. (a)		7,217		397,224
Dollar General Corp.		29,008		2,331,373
Dollar Tree, Inc. (a)		21,312		1,662,975
Fred’s, Inc. Class A		3,366		60,723
Target Corp.		58,138		4,758,595
Tuesday Morning Corp. (a)		4,340		40,709

				9,472,767


TOTAL MULTILINE RETAIL				14,467,389


SPECIALTY RETAIL – 18.9%
Apparel Retail – 4.5%
Abercrombie & Fitch Co. Class A		6,654		133,679
Aeropostale, Inc. (a)		6,524		9,851
American Eagle Outfitters, Inc.		17,690		313,997
ANN, Inc. (a)		3,944		180,438
Ascena Retail Group, Inc. (a)		14,030		175,656
Boot Barn Holdings, Inc. (a)		1,105		34,918
Caleres, Inc.		4,005		132,325
Chico’s FAS, Inc.		13,922		211,893
DSW, Inc. Class A		7,711		250,762
Express, Inc. (a)		7,281		138,630
Finish Line, Inc. Class A		4,491		123,458
Foot Locker, Inc.		13,588		958,633
Francescas Holdings Corp. (a)		3,783		46,001
Gap, Inc.		24,158		881,284
Genesco, Inc. (a)		2,319		150,016
Guess?, Inc.		6,183		135,346
L Brands, Inc.		23,785		1,919,925
Ross Stores, Inc.		39,577		2,103,913
Shoe Carnival, Inc.		1,448		40,993
Stage Stores, Inc.		3,028		53,293
Stein Mart, Inc.		2,740		27,921
The Buckle, Inc.		2,794		123,579
The Cato Corp. Class A		2,493		95,756

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


*Annual Report*		30


Common Stocks – continued
	Shares		Value
SPECIALTY RETAIL – continued
Apparel Retail – continued
The Children’s Place Retail Stores, Inc.		2,035	$	117,827
The Men’s Wearhouse, Inc.		3,917		233,140
Tilly’s, Inc. Class A (a)		1,055		9,548
TJX Companies, Inc.		65,259		4,556,383
Urban Outfitters, Inc. (a)		10,082		328,875
Zumiez, Inc. (a)		2,122		55,384

				13,543,424

Automotive Retail – 3.1%
Advance Auto Parts, Inc.		6,980		1,215,986
America’s Car Mart, Inc. (a)		798		36,915
Asbury Automotive Group, Inc. (a)		2,244		198,145
AutoNation, Inc. (a)		7,065		440,432
AutoZone, Inc. (a)		3,050		2,137,867
CarMax, Inc. (a)		20,081		1,295,425
CST Brands, Inc.		7,387		279,820
Group 1 Automotive, Inc.		2,323		225,261
Lithia Motors, Inc. Class A		2,269		271,577
Monro Muffler Brake, Inc.		3,035		191,964
Murphy USA, Inc. (a)		4,383		240,013
O’Reilly Automotive, Inc. (a)		9,718		2,335,333
Penske Automotive Group, Inc.		4,324		233,496
Sonic Automotive, Inc. Class A		3,190		74,295
The Pep Boys – Manny, Moe & Jack (a)		4,543		53,834
TravelCenters of America LLC (a)		3,038		49,398

				9,279,761

Computer & Electronics Retail – 0.6%
Best Buy Co., Inc.		30,189		974,803
Conn’s, Inc. (a)		1,781		61,480
GameStop Corp. Class A		10,384		476,106
Rent-A-Center, Inc.		5,077		136,013

				1,648,402

Home Improvement Retail – 7.1%
Home Depot, Inc.		125,960		14,741,099
Lowe’s Companies, Inc.		92,997		6,450,272
Lumber Liquidators Holdings, Inc. (a)		2,576		49,717
Tile Shop Holdings, Inc. (a)		2,827		40,369

				21,281,457

Homefurnishing Retail – 1.0%
Aarons, Inc. Class A		6,255		231,310
Bed Bath & Beyond, Inc. (a)		17,748		1,157,702
Haverty Furniture Companies, Inc.		1,742		38,638
Kirkland’s, Inc.		1,465		39,965
Mattress Firm Holding Corp. (a)		1,531		94,692
Pier 1 Imports, Inc.		8,713		102,901
Restoration Hardware Holdings, Inc. (a)		3,599		365,155
Select Comfort Corp. (a)		5,059		131,736
Williams-Sonoma, Inc.		8,328		705,048

				2,867,147



	Shares		Value
Specialty Stores – 2.6%
Barnes & Noble, Inc. (a)		4,360	$	114,624
Big 5 Sporting Goods Corp.		1,898		20,897
Cabela’s, Inc. Class A (a)		5,113		227,171
Dick’s Sporting Goods, Inc.		9,066		462,185
Five Below, Inc. (a)		5,212		192,166
GNC Holdings, Inc. Class A		8,411		413,905
Hibbett Sports, Inc. (a)		2,381		108,455
MarineMax, Inc. (a)		2,407		43,470
Office Depot, Inc. (a)		46,984		375,872
Sally Beauty Holdings, Inc. (a)		15,152		451,378
Signet Jewelers Ltd.		7,291		883,815
Staples, Inc.		61,239		900,826
The Container Store Group, Inc. (a)		1,865		33,906
The Michaels Cos., Inc. (a)		7,973		202,036
Tiffany & Co., Inc.		12,369		1,183,713
Tractor Supply Co.		13,023		1,204,888
Ulta Salon, Cosmetics & Fragrance, Inc. (a)		5,848		970,944
Vitamin Shoppe, Inc. (a)		2,894		106,383
Winmark Corp.		215		21,792

				7,918,426


TOTAL SPECIALTY RETAIL				56,538,617


TEXTILES, APPAREL & LUXURY GOODS – 6.8%
Apparel, Accessories & Luxury Goods – 3.8%
Carter’s, Inc.		5,052		512,323
Coach, Inc.		26,381		823,087
Columbia Sportswear Co.		2,662		190,439
Fossil Group, Inc. (a)		4,284		294,525
G-III Apparel Group Ltd. (a)		3,874		279,819
Hanesbrands, Inc.		38,206		1,185,532
Iconix Brand Group, Inc. (a)		4,396		95,525
Kate Spade & Co. (a)		12,178		245,021
lululemon athletica, Inc. (a)		10,866		683,037
Michael Kors Holdings Ltd. (a)		19,202		806,292
Movado Group, Inc.		1,751		44,353
Oxford Industries, Inc.		1,428		119,852
PVH Corp.		7,885		914,975
Quiksilver, Inc. (a)		13,260		6,081
Ralph Lauren Corp.		5,876		739,730
Sequential Brands Group, Inc. (a)		2,454		43,509
Tumi Holdings, Inc. (a)		5,569		107,203
Under Armour, Inc. Class A (a)		16,953		1,683,942
Vera Bradley, Inc. (a)		2,089		22,687
VF Corp.		33,029		2,546,206
Vince Holding Corp. (a)		1,755		17,217

				11,361,355

Footwear – 3.0%
Crocs, Inc. (a)		7,573		119,123
Deckers Outdoor Corp. (a)		3,312		241,379
NIKE, Inc. Class B		65,608		7,559,354

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


		31		*Annual Report*

Fidelity MSCI Consumer Discretionary Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS – continued
Footwear – continued
Skechers U.S.A., Inc. Class A (a)		3,976	$	598,189
Steven Madden Ltd. (a)		5,490		228,823
Wolverine World Wide, Inc.		9,727		285,196

				9,032,064

Textiles – 0.0%
Unifi, Inc. (a)		1,494		46,105


TOTAL TEXTILES, APPAREL & LUXURY GOODS				20,439,524


TOTAL COMMON STOCKS (Cost $284,777,212)				299,527,148


Money Market Funds – 0.1%
	Shares		Value

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $167,498)		167,498	$	167,498


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $284,944,710)				299,694,646

NET OTHER ASSETS (LIABILITIES) – 0.0%				99,254


NET ASSETS – 100%			$	299,793,900

Legend

(a)

Non-income producing.

(b)

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

Other Information

The following is a summary of the inputs used, as of July 31, 2015, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	299,527,148	$	299,527,148	$	—	$	—
Money Market Funds		167,498		167,498		—		—

Total Investments in Securities:	$	299,694,646	$	299,694,646	$	—	$	—

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


*Annual Report*		32

Fidelity MSCI Consumer Staples Index ETF

Investments July 31, 2015

Showing Percentage of Net Assets


Common Stocks – 99.8%
	Shares		Value
BEVERAGES – 21.1%
Brewers – 0.7%
Molson Coors Brewing Co. Class B		16,670	$	1,185,904
The Boston Beer Co., Inc. Class A (a)		970		213,904

				1,399,808

Distillers & Vintners – 1.7%
Brown-Forman Corp. Class B		13,167		1,427,435
Constellation Brands, Inc. Class A		18,073		2,169,121

				3,596,556

Soft Drinks – 18.7%
Coca-Cola Bottling Co. Consolidated		535		86,670
Coca-Cola Enterprises, Inc.		24,114		1,231,743
Dr Pepper Snapple Group, Inc.		20,690		1,659,752
Monster Beverage Corp. (a)		15,075		2,314,766
National Beverage Corp. (a)		1,215		28,881
PepsiCo, Inc.		155,584		14,990,518
The Coca-Cola Co.		435,348		17,884,096

				38,196,426


TOTAL BEVERAGES				43,192,790


CHEMICALS – 0.0%
Specialty Chemicals – 0.0%
Landec Corp. (a)		3,479		46,445


FOOD & STAPLES RETAILING – 25.3%
Drug Retail – 11.3%
CVS Health Corp.		118,104		13,283,157
Rite Aid Corp. (a)		104,030		926,907
Walgreens Boots Alliance, Inc.		91,954		8,885,515

				23,095,579

Food Distributors – 1.3%
SpartanNash Co.		3,912		126,006
Sysco Corp.		63,693		2,312,693
The Andersons, Inc.		2,965		110,594
The Chefs’ Warehouse, Inc. (a)		2,063		35,484
United Natural Foods, Inc. (a)		3,472		158,080

				2,742,857

Food Retail – 3.3%
Casey’s General Stores, Inc.		4,160		425,215
Ingles Markets, Inc. Class A		1,244		57,572
Natural Grocers by Vitamin Cottage, Inc. (a)		1,169		31,259
Smart & Final Stores, Inc. (a)		3,213		55,906
Sprouts Farmers Market, Inc. (a)		15,553		381,360
SUPERVALU, Inc. (a)		22,159		204,306
The Fresh Market, Inc. (a)		4,592		140,056
The Kroger Co.		98,872		3,879,737
Village Super Market, Inc. Class A		765		21,940
Weis Markets, Inc.		1,667		70,298
Whole Foods Market, Inc.		38,440		1,399,216

				6,666,865



	Shares		Value
Hypermarkets & Super Centers – 9.4%
Costco Wholesale Corp.		46,535	$	6,761,535
PriceSmart, Inc.		2,092		202,736
Wal-Mart Stores, Inc.		169,150		12,175,417

				19,139,688


TOTAL FOOD & STAPLES RETAILING				51,644,989


FOOD PRODUCTS – 20.1%
Agricultural Products – 2.7%
Alico, Inc.		380		17,032
Archer-Daniels-Midland Co.		67,214		3,187,288
Bunge Ltd.		15,584		1,244,382
Darling International, Inc. (a)		17,469		224,477
Fresh Del Monte Produce, Inc.		3,672		145,117
Ingredion, Inc.		7,688		678,081

				5,496,377

Packaged Foods & Meats – 17.4%
B&G Foods, Inc.		6,384		188,519
Boulder Brands, Inc. (a)		6,856		57,110
Cal-Maine Foods, Inc.		3,213		174,016
Calavo Growers, Inc.		1,570		85,581
Campbell Soup Co.		20,471		1,009,425
ConAgra Foods, Inc.		45,232		1,992,922
Dean Foods Co.		10,004		178,071
Diamond Foods, Inc. (a)		2,848		92,019
Farmer Bros Co. (a)		958		22,666
Flowers Foods, Inc.		20,393		441,712
Freshpet, Inc. (a)		2,393		39,532
General Mills, Inc.		64,365		3,746,687
Hormel Foods Corp.		15,851		938,538
J&J Snack Foods Corp.		1,649		195,176
John B Sanfilippo & Son, Inc.		832		43,256
Kellogg Co.		28,940		1,914,960
Keurig Green Mountain, Inc.		12,880		966,515
Lancaster Colony Corp.		2,223		207,206
McCormick & Co., Inc. (non-vtg.)		12,720		1,043,167
Mead Johnson Nutrition Co.		21,600		1,909,224
Mondelez International, Inc. Class A		174,433		7,872,161
Pinnacle Foods, Inc.		11,709		526,320
Post Holdings, Inc. (a)		5,494		295,248
Sanderson Farms, Inc.		2,200		158,422
Seaboard Corp. (a)		34		118,150
Seneca Foods Corp. Class A (a)		807		23,556
Snyders-Lance, Inc.		5,444		177,039
The Hain Celestial Group, Inc. (a)		10,763		731,669
The Hershey Co.		16,478		1,530,641
The JM Smucker Co.		10,945		1,222,447
The Kraft Heinz Co.		62,870		4,996,279
Tootsie Roll Industries, Inc.		2,272		73,772
TreeHouse Foods, Inc. (a)		4,429		363,001
Tyson Foods, Inc. Class A		32,194		1,427,804

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


		33		*Annual Report*

Fidelity MSCI Consumer Staples Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
FOOD PRODUCTS – continued
Packaged Foods & Meats – continued
WhiteWave Foods Co. Class A (a)		18,421	$	950,892

				35,713,703


TOTAL FOOD PRODUCTS				41,210,080


HOUSEHOLD PRODUCTS – 17.7%
Household Products – 17.7%
Central Garden and Pet Co. Class A (a)		3,892		39,231
Church & Dwight Co., Inc.		14,365		1,240,131
Colgate-Palmolive Co.		91,308		6,210,770
Energizer Holdings, Inc. (a)		6,586		253,627
HRG Group, Inc. (a)		10,558		150,452
Kimberly-Clark Corp.		38,867		4,468,539
Spectrum Brands Holdings, Inc.		3,042		322,300
The Clorox Co.		14,281		1,598,615
The Procter & Gamble Co.		283,430		21,739,081
WD-40 Co.		1,791		160,527


TOTAL HOUSEHOLD PRODUCTS				36,183,273


PERSONAL PRODUCTS – 1.9%
Personal Products – 1.9%
Avon Products, Inc.		27,104		153,680
Edgewell Personal Care Co.		6,783		649,201
Elizabeth Arden, Inc. (a)		3,243		34,181
Herbalife Ltd. (a)		7,400		373,626
Inter Parfums, Inc.		2,200		66,858
Medifast, Inc. (a)		1,048		32,352
Nu Skin Enterprises, Inc. Class A		6,496		257,566
Revlon, Inc. Class A (a)		1,691		60,825



	Shares		Value
The Estee Lauder Cos., Inc. Class A		24,797	$	2,209,661
USANA Health Sciences, Inc. (a)		651		81,147


TOTAL PERSONAL PRODUCTS				3,919,097


TOBACCO – 13.7%
Tobacco – 13.7%
Altria Group, Inc.		178,793		9,722,763
Philip Morris International, Inc.		162,562		13,903,928
Reynolds American, Inc.		45,716		3,921,976
Universal Corp.		3,263		186,154
Vector Group Ltd.		11,278		285,559


TOTAL TOBACCO				28,020,380


TOTAL COMMON STOCKS (Cost $195,888,786)				204,217,054


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $158,767)		158,767		158,767


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $196,047,553)				204,375,821

NET OTHER ASSETS (LIABILITIES) – 0.1%				220,571


NET ASSETS – 100%			$	204,596,392

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	$	204,217,054	$	204,217,054	$	—	$	—
Money Market Funds		158,767		158,767		—		—

Total Investments in Securities:	$	204,375,821	$	204,375,821	$	—	$	—

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


*Annual Report*		34

Fidelity MSCI Energy Index ETF

Investments July 31, 2015

Showing Percentage of Net Assets


Common Stocks – 99.7%
	Shares		Value
ENERGY EQUIPMENT & SERVICES – 17.6%
Oil & Gas Drilling – 1.7%
Atwood Oceanics, Inc.		10,522	$	218,858
Diamond Offshore Drilling, Inc.		11,722		257,298
Ensco PLC Class A		40,026		663,631
Helmerich & Payne, Inc.		18,371		1,060,741
Nabors Industries Ltd.		49,520		574,927
Noble Corp. PLC		41,406		494,802
Parker Drilling Co. (a)		21,542		54,717
Patterson-UTI Energy, Inc.		25,053		412,999
Pioneer Energy Services Corp. (a)		11,330		41,468
Rowan Cos. PLC Class A		20,197		347,994
Transocean Partners LLC		3,641		48,607
Unit Corp. (a)		8,202		161,825

				4,337,867

Oil & Gas Equipment & Services – 15.9%
Baker Hughes, Inc.		74,085		4,308,043
Basic Energy Services, Inc. (a)		6,421		38,783
Bristow Group, Inc.		5,928		267,056
C&J Energy Services Ltd. (a)		8,248		79,593
Cameron International Corp. (a)		33,087		1,669,570
CARBO Ceramics, Inc.		3,575		117,439
Core Laboratories N.V.		7,424		813,893
Dril-Quip, Inc. (a)		6,622		386,791
Era Group, Inc. (a)		3,380		57,223
Exterran Holdings, Inc.		11,259		279,111
Fairmount Santrol Holdings, Inc. (a)		7,222		43,188
FMC Technologies, Inc. (a)		39,520		1,294,675
Forum Energy Technologies, Inc. (a)		10,807		165,131
Frank’s International N.V.		6,638		107,469
Geospace Technologies Corp. (a)		2,333		40,688
Halliburton Co.		144,862		6,053,783
Helix Energy Solutions Group, Inc. (a)		17,366		145,353
Hornbeck Offshore Services, Inc. (a)		5,451		99,208
ION Geophysical Corp. (a)		22,425		17,714
Key Energy Services, Inc. (a)		24,247		22,067
Matrix Service Co. (a)		4,668		90,466
McDermott International, Inc. (a)		41,080		180,752
National Oilwell Varco, Inc.		69,890		2,944,466
Natural Gas Services Group, Inc. (a)		2,198		44,224
Newpark Resources, Inc. (a)		14,441		104,408
Oceaneering International, Inc.		17,015		680,940
Oil States International, Inc. (a)		8,391		252,653
PHI, Inc. (non-vtg.) (a)		2,086		57,845
RigNet, Inc. (a)		2,320		60,158
RPC, Inc.		11,324		139,285
Schlumberger Ltd.		217,804		18,038,527
SEACOR Holdings, Inc. (a)		3,000		189,510
Seventy Seven Energy, Inc. (a)		8,353		26,061
Superior Energy Services, Inc.		25,624		435,608
Tesco Corp.		6,355		61,008
TETRA Technologies, Inc. (a)		14,001		66,645



	Shares		Value
Tidewater, Inc.		8,043	$	157,080
Weatherford International PLC (a)		132,193		1,411,821

				40,948,235


TOTAL ENERGY EQUIPMENT & SERVICES				45,286,102


GAS UTILITIES – 0.5%
Gas Utilities – 0.5%
ONEOK, Inc.		35,586		1,344,795


METALS & MINING – 0.1%
Diversified Metals & Mining – 0.1%
US Silica Holdings, Inc.		9,139		205,811


OIL, GAS & CONSUMABLE FUELS – 81.5%
Coal & Consumable Fuels – 0.3%
Cloud Peak Energy, Inc. (a)		10,512		33,428
CONSOL Energy, Inc.		39,385		650,640
Peabody Energy Corp.		46,835		56,202
Solazyme, Inc. (a)		10,805		25,284
Westmoreland Coal Co. (a)		2,704		42,155

				807,709

Integrated Oil & Gas – 37.7%
Chevron Corp.		320,443		28,352,797
Exxon Mobil Corp.		714,869		56,624,773
Hess Corp.		43,847		2,587,411
Occidental Petroleum Corp.		131,315		9,218,313

				96,783,294

Oil & Gas Exploration & Production – 23.6%
Abraxas Petroleum Corp. (a)		17,434		32,776
Anadarko Petroleum Corp.		86,384		6,422,650
Antero Resources Corp. (a)		11,243		309,295
Apache Corp.		64,259		2,946,918
Approach Resources, Inc. (a)		7,048		27,417
Bill Barrett Corp. (a)		8,578		48,723
Bonanza Creek Energy, Inc. (a)		7,337		57,302
Cabot Oil & Gas Corp.		70,441		1,842,737
California Resources Corp.		52,888		223,716
Callon Petroleum Co. (a)		10,711		70,050
Carrizo Oil & Gas, Inc. (a)		8,235		314,001
Chesapeake Energy Corp.		102,277		885,719
Cimarex Energy Co.		15,974		1,663,213
Clayton Williams Energy, Inc. (a)		1,056		42,536
Cobalt International Energy, Inc. (a)		49,106		378,607
Concho Resources, Inc. (a)		20,312		2,164,447
ConocoPhillips		209,883		10,565,510
Contango Oil & Gas Co. (a)		2,807		25,768
Continental Resources, Inc. (a)		15,915		531,720
Denbury Resources, Inc.		61,158		240,962
Devon Energy Corp.		66,244		3,273,778
Diamondback Energy, Inc. (a)		10,788		726,032
Eclipse Resources Corp. (a)		10,007		38,527
Energen Corp.		13,455		742,716

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


		35		*Annual Report*

Fidelity MSCI Energy Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS – continued
Oil & Gas Exploration & Production – continued
Energy XXI Bermuda Ltd.		17,025	$	30,134
EOG Resources, Inc.		93,473		7,215,181
EQT Corp.		25,876		1,988,571
EXCO Resources, Inc.		32,413		18,774
Gastar Exploration, Inc. (a)		12,847		21,840
Gulfport Energy Corp. (a)		18,249		597,837
Halcon Resources Corp. (a)		44,604		49,064
Jones Energy, Inc. Class A (a)		5,255		36,995
Kosmos Energy Ltd. (a)		23,269		167,537
Laredo Petroleum Holdings, Inc. (a)		26,263		225,074
LinnCo LLC		22,002		85,808
Magnum Hunter Resources Corp. (a)		30,820		29,575
Marathon Oil Corp.		115,064		2,417,495
Matador Resources Co. (a)		13,139		289,452
Memorial Resource Development Corp. (a)		14,957		228,842
Murphy Oil Corp.		28,795		944,188
Newfield Exploration Co. (a)		27,225		892,708
Noble Energy, Inc.		72,799		2,564,709
Northern Oil and Gas, Inc. (a)		9,316		44,344
Oasis Petroleum, Inc. (a)		20,691		199,254
Parsley Energy, Inc. (a)		12,971		187,561
PDC Energy, Inc. (a)		6,772		317,945
Penn Virginia Corp. (a)		12,818		17,176
Pioneer Natural Resources Co.		25,383		3,217,803
QEP Resources, Inc.		30,264		420,064
Range Resources Corp.		28,844		1,134,723
Rex Energy Corp. (a)		8,646		19,367
Rice Energy, Inc. (a)		5,339		96,369
RSP Permian, Inc. (a)		7,852		194,730
Sanchez Energy Corp. (a)		9,716		71,218
SandRidge Energy, Inc. (a)		68,778		35,558
SM Energy Co.		11,587		429,530
Southwestern Energy Co. (a)		65,641		1,220,923
Stone Energy Corp. (a)		9,625		55,729
Synergy Resources Corp. (a)		15,234		148,227
Triangle Petroleum Corp. (a)		12,394		45,982
Ultra Petroleum Corp. (a)		26,321		204,777
W&T Offshore, Inc.		6,502		24,512
Whiting Petroleum Corp. (a)		34,955		716,228
WPX Energy, Inc. (a)		39,998		347,983

				60,528,907

Oil & Gas Refining & Marketing – 9.5%
Alon USA Energy, Inc.		4,814		89,589
Clean Energy Fuels Corp. (a)		12,702		73,164



	Shares		Value
CVR Energy, Inc.		3,009	$	115,034
Delek US Holdings, Inc.		9,218		328,806
Green Plains, Inc.		6,121		137,416
HollyFrontier Corp.		31,749		1,532,207
Marathon Petroleum Corp.		93,118		5,090,761
PBF Energy, Inc. Class A		14,687		463,669
Phillips 66		92,625		7,363,687
Renewable Energy Group, Inc. (a)		5,146		52,489
REX American Resources Corp. (a)		1,169		60,367
Tesoro Corp.		21,404		2,083,465
Valero Energy Corp.		87,763		5,757,253
Western Refining, Inc.		13,081		577,657
World Fuel Services Corp.		12,352		502,109

				24,227,673

Oil & Gas Storage & Transportation – 10.4%
Cheniere Energy, Inc. (a)		38,321		2,642,999
Columbia Pipeline Group, Inc.		53,962		1,574,611
Enbridge Energy Management LLC (a)		9,039		286,536
EnLink Midstream LLC		8,450		227,728
Kinder Morgan, Inc.		308,576		10,689,073
SemGroup Corp. Class A		7,492		532,606
Spectra Energy Corp.		114,434		3,462,773
Targa Resources Corp.		9,002		796,227
The Williams Cos., Inc.		121,116		6,356,168

				26,568,721


TOTAL OIL, GAS & CONSUMABLE FUELS				208,916,304


TOTAL COMMON STOCKS (Cost $322,359,018)				255,753,012


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $240,719)		240,719		240,719


TOTAL INVESTMENT PORTFOLIO – 99.8% (Cost $322,599,737)				255,993,731

NET OTHER ASSETS (LIABILITIES) – 0.2%				405,122


NET ASSETS – 100%			$	256,398,853

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*		36

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	255,753,012	$	255,753,012	$	—	$	—
Money Market Funds		240,719		240,719		—		—

Total Investments in Securities:	$	255,993,731	$	255,993,731	$	—	$	—

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


		37		*Annual Report*

Fidelity MSCI Financials Index ETF

Investments July 31, 2015

Showing Percentage of Net Assets


Common Stocks – 99.8%
	Shares		Value
BANKS – 34.7%
Diversified Banks – 24.5%
Bank of America Corp.		889,845	$	15,910,429
Citigroup, Inc.		256,636		15,002,940
Comerica, Inc.		15,093		715,861
JPMorgan Chase & Co.		315,369		21,612,238
Square 1 Financial, Inc. Class A (a)		1,834		49,463
US Bancorp		150,697		6,813,012
Wells Fargo & Co.		414,022		23,959,453

				84,063,396

Regional Banks – 10.2%
1st Source Corp.		1,019		34,636
Ameris Bancorp		2,526		68,227
Arrow Financial Corp.		988		27,210
Associated Banc-Corp		12,675		249,824
Banc of California, Inc.		2,410		29,233
Bancfirst Corp.		596		37,912
BancorpSouth, Inc.		7,435		187,882
Bank of Hawaii Corp.		3,702		249,774
Bank of the Ozarks, Inc.		6,685		294,942
BankUnited, Inc.		8,705		317,907
Banner Corp.		1,792		85,407
BB&T Corp.		61,868		2,491,424
BBCN Bancorp, Inc.		6,776		104,012
Berkshire Hills Bancorp, Inc.		2,481		72,197
Blue Hills Bancorp, Inc. (a)		2,564		37,024
BOK Financial Corp.		2,080		138,237
Boston Private Financial Holdings, Inc.		7,096		89,268
Bryn Mawr Bank Corp.		1,150		33,166
Camden National Corp.		696		28,021
Capital Bank Financial Corp. Class A (a)		2,357		70,639
Cardinal Financial Corp.		2,747		64,170
Cathay General Bancorp		6,479		208,041
Centerstate Banks, Inc.		3,954		55,119
Central Pacific Financial Corp.		2,144		49,934
Chemical Financial Corp.		2,830		93,248
CIT Group, Inc.		14,905		701,131
Citizens Financial Group, Inc.		36,334		947,227
City Holding Co.		1,297		62,541
City National Corp.		4,211		378,611
CoBiz Financial, Inc.		3,194		40,851
Columbia Banking System, Inc.		4,902		160,737
Commerce Bancshares, Inc.		7,354		346,300
Community Bank System, Inc.		3,525		134,761
Community Trust Bancorp, Inc.		1,405		49,189
ConnectOne Bancorp, Inc.		2,389		51,029
Cullen/Frost Bankers, Inc.		4,815		348,847
Customers Bancorp, Inc. (a)		2,099		52,790
CVB Financial Corp.		8,576		151,881
Eagle Bancorp, Inc. (a)		2,524		112,066
East West Bancorp, Inc.		12,205		546,296



	Shares		Value
Enterprise Financial Services Corp.		1,638	$	39,525
FCB Financial Holdings, Inc. Class A (a)		2,712		94,188
Fifth Third Bancorp		69,784		1,470,349
First BanCorp (a)		9,982		43,022
First BanCorp/NC		1,580		26,971
First Citizens BancShares, Inc. Class A		618		158,418
First Commonwealth Financial Corp.		8,017		73,756
First Community Bancshares, Inc.		1,374		24,443
First Financial Bancorp		5,338		101,475
First Financial Bankshares, Inc.		4,401		149,546
First Financial Corp.		838		27,805
First Horizon National Corp.		19,826		314,242
First Interstate Bancsystem, Inc.		1,821		50,496
First Merchants Corp.		3,041		79,157
First Midwest Bancorp, Inc.		6,648		124,783
First NBC Bank Holding Co. (a)		1,343		51,303
First Niagara Financial Group, Inc.		30,236		293,592
First Republic Bank		11,686		745,450
FirstMerit Corp.		14,089		264,028
Flushing Financial Corp.		2,511		52,128
FNB Corp.		14,813		204,271
Fulton Financial Corp.		15,340		198,806
Glacier Bancorp, Inc.		6,468		181,751
Great Southern Bancorp, Inc.		826		34,279
Great Western Bancorp, Inc.		3,463		90,938
Hancock Holding Co.		6,845		200,011
Hanmi Financial Corp.		2,759		69,830
Heartland Financial USA, Inc.		1,401		52,790
Heritage Financial Corp.		2,732		48,356
Home BancShares, Inc.		5,169		205,830
HomeTrust Bancshares, Inc. (a)		1,659		28,435
Huntington Bancshares, Inc.		68,512		799,535
Iberiabank Corp.		2,851		184,032
Independent Bank Corp.		1,983		95,898
Independent Bank Group, Inc.		876		38,964
International Bancshares Corp.		4,913		132,307
Investors Bancorp, Inc.		30,550		372,099
KeyCorp		72,407		1,074,520
Lakeland Bancorp, Inc.		3,057		34,544
Lakeland Financial Corp.		1,443		61,385
LegacyTexas Financial Group, Inc.		3,862		117,366
M&T Bank Corp.		10,127		1,328,156
MB Financial, Inc.		6,406		218,445
National Bank Holdings Corp. Class A		3,233		69,962
National Penn Bancshares, Inc.		11,940		127,997
NBT Bancorp, Inc.		3,762		101,687
OFG Bancorp		3,934		31,708
Old National Bancorp		10,204		146,836
Opus Bank		1,384		54,184
PacWest Bancorp		8,243		381,568
People’s United Financial, Inc.		26,128		425,103
Peoples Bancorp, Inc.		1,311		27,583
Pinnacle Financial Partners, Inc.		2,910		154,492

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


*Annual Report*		38


Common Stocks – continued
	Shares		Value
BANKS – continued
Regional Banks – continued
Popular, Inc. (a)		8,841	$	270,711
PrivateBancorp, Inc.		6,341		262,137
Prosperity Bancshares, Inc.		5,624		307,014
Regions Financial Corp.		113,688		1,181,218
Renasant Corp.		3,228		103,780
Republic Bancorp, Inc. Class A		906		22,786
S&T Bancorp, Inc.		2,551		78,877
Seacoast Banking Corp. of Florida (a)		2,110		31,544
Signature Bank (a)		4,278		622,834
Simmons First National Corp. Class A		1,391		63,221
South State Corp.		2,086		162,124
Southside Bancshares, Inc.		1,931		52,755
State Bank Financial Corp.		2,995		60,649
Sterling Bancorp/DE		9,863		146,860
Stock Yards Bancorp, Inc.		1,218		44,895
SunTrust Banks, Inc.		44,270		1,962,932
Susquehanna Bancshares, Inc.		15,603		221,563
SVB Financial Group (a)		4,332		619,909
Synovus Financial Corp.		11,526		363,299
Talmer Bancorp, Inc. Class A		5,116		83,391
TCF Financial Corp.		13,547		222,984
Texas Capital Bancshares, Inc. (a)		3,873		228,275
The Bancorp, Inc. (a)		3,055		25,509
The PNC Financial Services Group, Inc.		44,056		4,325,418
Towne Bank		3,746		66,117
Trico Bancshares		1,854		45,961
TriState Capital Holdings Inc. (a)		2,005		25,323
Trustmark Corp.		5,537		133,109
UMB Financial Corp.		3,310		181,454
Umpqua Holdings Corp.		18,767		332,927
Union Bankshares Corp.		3,901		96,277
United Bankshares, Inc.		5,906		239,370
United Community Banks, Inc.		4,067		84,878
Univest Corp. of Pennsylvania		1,704		33,961
Valley National Bancorp		19,796		196,376
Washington Trust Bancorp, Inc.		1,222		48,599
Webster Financial Corp.		7,666		296,368
WesBanco, Inc.		2,980		98,996
Westamerica BanCorp.		2,231		109,274
Western Alliance Bancorp (a)		7,352		248,718
Wilshire Bancorp, Inc.		6,237		72,474
Wintrust Financial Corp.		3,866		208,455
Zions BanCorp.		17,262		538,402

				35,201,780


TOTAL BANKS				119,265,176


CAPITAL MARKETS – 12.1%
Asset Management & Custody Banks – 6.7%
Affiliated Managers Group, Inc. (a)		4,645		965,696
Ameriprise Financial, Inc.		15,451		1,941,727



	Shares		Value
Arlington Asset Investment Corp. Class A		892	$	17,037
Artisan Partners Asset Management, Inc. Class A		2,959		141,292
BlackRock, Inc.		10,506		3,533,378
Calamos Asset Management, Inc. Class A		1,467		17,619
Cohen & Steers, Inc.		1,781		55,051
Eaton Vance Corp.		10,035		384,943
Federated Investors, Inc. Class B		7,988		269,275
Financial Engines, Inc.		4,452		204,169
Franklin Resources, Inc.		34,230		1,559,177
GAMCO Investors, Inc. Class A		390		26,777
Invesco Ltd.		36,348		1,403,033
Janus Capital Group, Inc.		12,678		207,666
Legg Mason, Inc.		8,639		426,248
Northern Trust Corp.		18,792		1,437,400
NorthStar Asset Management Group, Inc.		16,417		300,759
OM Asset Management PLC		2,770		48,946
Pzena Investment Management, Inc. Class A		1,076		11,190
Safeguard Scientifics, Inc. (a)		1,838		33,746
SEI Investments Co.		12,033		641,479
State Street Corp.		34,891		2,671,255
T Rowe Price Group, Inc.		22,076		1,702,722
The Bank of New York Mellon Corp.		94,256		4,090,710
Virtus Investment Partners, Inc.		614		74,208
Waddell & Reed Financial, Inc. Class A		7,141		320,702
Walter Investment Management Corp. (a)		3,245		70,741
Westwood Holdings Group, Inc.		658		39,533
WisdomTree Investments, Inc.		9,762		243,074

				22,839,553

Diversified Capital Markets – 0.0%
HFF, Inc. Class A		2,899		132,890

Investment Banking & Brokerage – 5.4%
BGC Partners, Inc. Class A		15,313		150,833
Cowen Group, Inc. Class A (a)		8,741		49,387
E*TRADE Financial Corp. (a)		24,581		698,592
Evercore Partners, Inc. Class A		2,988		175,694
Greenhill & Co., Inc.		2,295		90,262
INTL. FCStone, Inc. (a)		1,294		37,733
Investment Technology Group, Inc.		2,651		53,948
KCG Holdings, Inc. Class A (a)		3,643		38,689
LPL Financial Holdings, Inc.		7,392		348,533
Moelis & Co. Class A		1,516		45,359
Morgan Stanley		124,213		4,824,433
Oppenheimer Holdings, Inc. Class A		987		22,405
Piper Jaffray Cos. (a)		1,423		63,821
Raymond James Financial, Inc.		10,927		644,693
RCS Capital Corp. Class A (a)		3,004		17,513
Stifel Financial Corp. (a)		5,308		291,675

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
CAPITAL MARKETS – continued
Investment Banking & Brokerage – continued
TD Ameritrade Holding Corp.		22,990	$	844,423
The Charles Schwab Corp.		99,854		3,482,907
The Goldman Sachs Group, Inc.		33,167		6,801,557

				18,682,457


TOTAL CAPITAL MARKETS				41,654,900


CONSUMER FINANCE – 4.4%
Consumer Finance – 4.4%
Ally Financial, Inc. (a)		36,789		837,686
American Express Co.		77,607		5,902,788
Capital One Financial Corp.		46,680		3,795,084
Cash America International, Inc.		2,576		71,432
Credit Acceptance Corp. (a)		613		147,249
Discover Financial Services		37,856		2,112,743
Encore Capital Group, Inc. (a)		2,116		91,009
Enova International, Inc. (a)		2,249		40,662
Ezcorp, Inc. Class A (a)		4,554		32,288
First Cash Financial Services, Inc. (a)		2,478		100,780
Green Dot Corp. Class A (a)		3,261		67,568
Navient Corp.		34,147		536,108
Nelnet, Inc. Class A		2,191		86,304
PRA Group, Inc. (a)		4,145		263,415
SLM Corp. (a)		36,055		329,182
Springleaf Holdings, Inc. (a)		4,605		232,599
Synchrony Financial (a)		14,190		487,568
World Acceptance Corp. (a)		560		30,475


TOTAL CONSUMER FINANCE				15,164,940


DIVERSIFIED FINANCIAL SERVICES – 7.7%
Multi-Sector Holdings – 4.3%
Berkshire Hathaway, Inc. Class B (a)		97,713		13,947,554
FNFV Group (a)		6,827		99,401
Leucadia National Corp.		28,059		659,948
PICO Holdings, Inc. (a)		1,949		24,031

				14,730,934

Other Diversified Financial Services – 0.2%
Voya Financial Inc.		19,313		906,745

Specialized Finance – 3.2%
CBOE Holdings, Inc.		7,149		443,095
CME Group, Inc.		27,132		2,605,757
Interactive Brokers Group, Inc. Class A		4,719		189,468
Intercontinental Exchange, Inc.		9,481		2,162,047
MarketAxess Holdings, Inc.		3,195		312,471
McGraw Hill Financial, Inc.		23,148		2,355,309
Moody’s Corp.		15,398		1,700,401
MSCI, Inc.		8,606		586,585
PHH Corp. (a)		4,456		111,222



	Shares		Value
The NASDAQ OMX Group, Inc.		10,043	$	512,494

				10,978,849


TOTAL DIVERSIFIED FINANCIAL SERVICES				26,616,528


INSURANCE – 17.2%
Insurance Brokers – 1.9%
Aon PLC		23,721		2,390,365
Arthur J Gallagher & Co.		14,012		664,589
Brown & Brown, Inc.		10,338		345,806
Marsh & McLennan Cos., Inc.		45,606		2,642,412
Willis Group Holdings PLC		13,705		637,146

				6,680,318

Life & Health Insurance – 4.6%
Aflac, Inc.		37,149		2,379,393
American Equity Investment Life Holding Co.		6,222		183,798
Citizens, Inc. (a)		3,967		26,857
CNO Financial Group, Inc.		17,055		304,261
FBL Financial Group, Inc. Class A		981		55,927
Fidelity & Guaranty Life		1,118		29,101
Kansas City Life Insurance Co.		394		18,553
Lincoln National Corp.		21,705		1,222,426
MetLife, Inc.		80,371		4,479,879
Primerica, Inc.		4,455		201,500
Principal Financial Group, Inc.		24,898		1,382,088
Prudential Financial, Inc.		38,585		3,409,371
StanCorp Financial Group, Inc.		3,585		408,762
Symetra Financial Corp.		6,960		174,278
Torchmark Corp.		10,813		666,189
Unum Group		21,312		763,822

				15,706,205

Multi-line Insurance – 3.5%
American Financial Group, Inc.		5,947		410,046
American International Group, Inc.		116,109		7,444,909
Assurant, Inc.		5,870		437,902
Genworth Financial, Inc. Class A (a)		42,340		296,803
Hartford Financial Services Group, Inc.		35,652		1,695,253
HCC Insurance Holdings, Inc.		8,172		630,551
Horace Mann Educators Corp.		3,505		123,516
Kemper Corp.		3,641		140,980
Loews Corp.		25,268		962,963

				12,142,923

Property & Casualty Insurance – 6.0%
ACE Ltd.		27,702		3,013,147
Allied World Assurance Co. Holdings AG		8,185		345,898
Ambac Financial Group, Inc. (a)		3,805		61,032
AMERISAFE, Inc.		1,648		82,482
Amtrust Financial Services, Inc.		3,098		215,342
Arch Capital Group Ltd. (a)		10,707		764,052
Argo Group International Holdings Ltd.		2,437		137,398

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


*Annual Report*		40


Common Stocks – continued
	Shares		Value
INSURANCE – continued
Property & Casualty Insurance – continued
Aspen Insurance Holdings Ltd.		5,264	$	253,146
Assured Guaranty Ltd.		13,166		322,040
Axis Capital Holdings Ltd.		8,578		493,750
Baldwin & Lyons, Inc. Class B		857		19,985
Cincinnati Financial Corp.		13,246		731,312
Donegal Group, Inc. Class A		920		13,680
EMC Insurance Group, Inc.		748		18,042
Employers Holdings, Inc.		2,740		65,760
Federated National Holding Co.		1,181		27,860
First American Financial Corp.		9,147		371,185
FNF Group		21,315		833,203
Global Indemnity PLC (a)		863		23,862
HCI Group, Inc.		786		35,276
Heritage Insurance Holdings, Inc. (a)		2,150		53,148
Hilltop Holdings, Inc. (a)		6,423		135,204
Infinity Property & Casualty Corp.		986		76,425
James River Group Holdings Ltd.		978		26,846
MBIA, Inc. (a)		13,145		78,213
National Interstate Corp.		687		17,354
Old Republic International Corp.		21,034		351,899
OneBeacon Insurance Group Ltd. Class A		1,859		26,955
ProAssurance Corp.		4,725		228,170
RLI Corp.		3,292		181,817
Safety Insurance Group, Inc.		1,077		62,455
Selective Insurance Group, Inc.		4,887		150,568
State Auto Financial Corp.		1,400		33,880
State National Cos., Inc.		2,629		28,551
Stewart Information Services Corp.		1,816		74,674
The Allstate Corp.		35,248		2,430,350
The Chubb Corp.		19,546		2,430,154
The Hanover Insurance Group, Inc.		3,772		304,966
The Navigators Group, Inc. (a)		966		75,522
The Progressive Corp.		49,862		1,520,791
The Travelers Cos., Inc.		27,199		2,886,358
United Fire Group, Inc.		1,794		62,001
United Insurance Holdings Corp.		1,457		23,399
Universal Insurance Holdings Inc.		2,694		73,869
WR Berkley Corp.		8,564		477,186
XL Group PLC		25,781		980,194

				20,619,401

Reinsurance – 1.2%
Alleghany Corp. (a)		1,355		658,706
Endurance Specialty Holdings Ltd.		3,822		265,591
Enstar Group Ltd. (a)		885		141,591
Everest Re Group Ltd.		3,762		688,897
Greenlight Capital Re Ltd. (a)		2,708		75,337
Maiden Holdings Ltd.		4,639		76,729
Montpelier Re Holdings Ltd.		3,161		134,817
PartnerRe Ltd.		4,029		547,783
Reinsurance Group of America, Inc.		5,832		562,905



	Shares		Value
RenaissanceRe Holdings Ltd.		3,883	$	416,646
Third Point Reinsurance Ltd. (a)		5,016		74,538
Validus Holdings Ltd.		7,113		329,687

				3,973,227


TOTAL INSURANCE				59,122,074


REAL ESTATE INVESTMENT TRUSTS (REITS) – 21.6%
Diversified REIT’s – 1.7%
Cousins Properties, Inc.		17,602		182,709
Duke Realty Corp.		29,335		591,687
Empire State Realty Trust, Inc. Class A		8,804		156,535
First Potomac Realty Trust		5,077		57,624
Investors Real Estate Trust		10,333		74,501
Lexington Realty Trust		17,994		154,748
Liberty Property Trust		12,612		429,186
NorthStar Realty Finance Corp.		27,999		447,984
One Liberty Properties, Inc.		1,193		26,962
PS Business Parks, Inc.		1,714		131,961
RAIT Financial Trust		4,832		25,320
Select Income REIT		5,632		113,034
Spirit Realty Capital, Inc.		37,444		380,057
STORE Capital Corp.		4,294		90,174
VEREIT, Inc.		76,589		670,920
Vornado Realty Trust		14,315		1,396,428
Washington Real Estate Investment Trust		5,803		155,753
Winthrop Realty Trust (a)		2,751		40,962
WP Carey, Inc.		8,418		515,097

				5,641,642

Health Care REIT’s – 0.1%
CareTrust REIT, Inc.		2,482		32,216
Healthcare Trust of America, Inc. Class A		10,658		267,836
New Senior Investment Group, Inc.		7,115		92,068
Physicians Realty Trust		5,312		85,205

				477,325

Hotel & Resort REIT’s – 0.1%
Chatham Lodging Trust		3,275		88,491
Hersha Hospitality Trust		3,804		103,164
Xenia Hotels & Resorts, Inc.		9,042		187,441

				379,096

Industrial REIT’s – 0.7%
DCT Industrial Trust, Inc.		7,472		259,727
EastGroup Properties, Inc.		2,763		166,333
First Industrial Realty Trust, Inc.		9,517		199,286
Monmouth Real Estate Investment Corp. Class A		4,652		46,613
Prologis, Inc.		43,363		1,760,971
STAG Industrial, Inc.		5,539		108,786

				2,541,716

Mortgage REIT’s – 1.4%
AG Mortgage Investment Trust, Inc.		2,503		45,555
Altisource Residential Corp.		5,044		83,024

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
Mortgage REIT’s – continued
American Capital Agency Corp.		30,013	$	578,050
American Capital Mortgage Investment Corp.		4,406		71,113
Annaly Capital Management, Inc.		80,401		799,990
Anworth Mortgage Asset Corp.		9,505		47,525
Apollo Commercial Real Estate Finance, Inc.		4,846		81,801
Apollo Residential Mortgage, Inc.		2,782		40,283
ARMOUR Residential REIT, Inc.		30,449		86,475
Blackstone Mortgage Trust, Inc. Class A		7,406		216,033
Capstead Mortgage Corp.		8,292		91,792
Chimera Investment Corp.		16,628		236,616
Colony Financial, Inc.		9,363		212,727
CYS Investments, Inc.		13,896		107,833
Dynex Capital, Inc.		4,685		34,529
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,579		51,761
Hatteras Financial Corp.		8,324		135,348
Invesco Mortgage Capital, Inc.		10,524		151,651
iStar Financial, Inc. (a)		7,245		94,910
MFA Financial, Inc.		31,353		236,088
New Residential Investment Corp.		19,612		307,712
New York Mortgage Trust, Inc.		9,071		67,851
Newcastle Investment Corp.		5,708		28,026
PennyMac Mortgage Investment Trust		1,036		18,399
Redwood Trust, Inc.		7,216		111,848
Resource Capital Corp.		11,282		40,390
Starwood Property Trust, Inc.		20,113		437,659
Two Harbors Investment Corp.		31,367		320,571
Western Asset Mortgage Capital Corp.		3,648		50,598

				4,786,158

Office REIT’s – 2.4%
Alexandria Real Estate Equities, Inc.		6,111		566,551
BioMed Realty Trust, Inc.		17,336		373,417
Boston Properties, Inc.		12,970		1,598,942
Brandywine Realty Trust		15,276		210,351
Columbia Property Trust, Inc.		10,105		244,137
CoreSite Realty Corp.		2,256		113,251
Corporate Office Properties Trust		7,870		182,033
CyrusOne, Inc.		5,203		159,940
Digital Realty Trust, Inc.		11,469		737,113
Douglas Emmett, Inc.		11,686		342,517
DuPont Fabros Technology, Inc.		5,621		169,473
Equity Commonwealth (a)		10,490		274,838
Franklin Street Properties Corp.		7,790		91,688
Government Properties Income Trust		5,039		87,024
Gramercy Property Trust, Inc.		4,807		117,579
Highwoods Properties, Inc.		7,912		334,915
Hudson Pacific Properties, Inc.		6,398		196,930
Kilroy Realty Corp.		7,353		520,960



	Shares		Value
Mack-Cali Realty Corp.		7,158	$	149,173
New York REIT, Inc.		14,068		145,744
Paramount Group, Inc.		13,534		241,853
Parkway Properties, Inc.		7,099		127,356
Piedmont Office Realty Trust, Inc. Class A		13,131		239,115
QTS Realty Trust, Inc. Class A		2,765		114,747
SL Green Realty Corp.		8,342		960,498

				8,300,145

Residential REIT’s – 3.0%
American Campus Communities, Inc.		9,552		356,481
American Homes 4 Rent Class A		14,356		237,592
American Residential Properties, Inc.		2,790		51,615
Apartment Investment & Management Co. Class A		13,120		512,730
Associated Estates Realty Corp.		4,916		141,335
AvalonBay Communities, Inc.		11,174		1,925,727
Camden Property Trust		7,358		585,917
Campus Crest Communities, Inc.		5,788		32,992
Education Realty Trust, Inc.		3,648		115,423
Equity Lifestyle Properties, Inc.		6,836		395,668
Equity Residential		30,803		2,304,372
Essex Property Trust, Inc.		5,513		1,239,929
Home Properties, Inc.		4,924		362,899
Mid-America Apartment Communities, Inc.		6,421		515,863
Post Properties, Inc.		4,661		265,397
Silver Bay Realty Trust Corp.		3,139		50,883
Starwood Waypoint Residential Trust		3,301		80,808
Sun Communities, Inc.		4,328		300,839
UDR, Inc.		21,999		743,786

				10,220,256

Retail REIT’s – 4.3%
Acadia Realty Trust		5,799		185,452
Agree Realty Corp.		1,553		48,127
Alexander’s, Inc.		197		79,878
Brixmor Property Group, Inc.		15,278		373,853
CBL & Associates Properties, Inc.		14,500		236,930
Cedar Realty Trust, Inc.		6,478		43,403
DDR Corp.		26,131		425,935
Equity One, Inc.		6,375		163,646
Excel Trust, Inc.		5,278		83,604
Federal Realty Investment Trust		5,835		798,170
General Growth Properties, Inc.		48,729		1,322,505
Getty Realty Corp.		2,345		38,974
Inland Real Estate Corp.		7,810		76,694
Kimco Realty Corp.		34,982		864,405
Kite Realty Group Trust		7,061		186,410
National Retail Properties, Inc.		11,289		419,612
Pennsylvania Real Estate Investment Trust		5,964		130,731
Ramco-Gershenson Properties Trust		6,703		113,549
Realty Income Corp.		19,043		919,587
Regency Centers Corp.		8,014		512,656

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


*Annual Report*		42


Common Stocks – continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Retail REIT’s – continued
Retail Opportunity Investments Corp.		8,062	$	138,263
Retail Properties of America, Inc. Class A		20,007		291,302
Rouse Properties, Inc.		3,431		60,386
Saul Centers, Inc.		1,113		57,742
Simon Property Group, Inc.		26,598		4,979,678
Tanger Factory Outlet Centers		8,130		264,062
Taubman Centers, Inc.		4,193		313,636
The Macerich Co.		11,368		899,891
Urban Edge Properties		8,671		186,166
Urstadt Biddle Properties, Inc. Class A		1,360		25,976
Weingarten Realty Investors		9,852		346,593
WP GLIMCHER, Inc.		15,876		214,961

				14,802,777

Specialized REIT’s – 7.9%
American Tower Corp.		35,558		3,381,921
Ashford Hospitality Prime, Inc.		2,564		37,332
Ashford Hospitality Trust, Inc.		8,369		73,145
CatchMark Timber Trust, Inc. Class A		3,078		32,873
Chesapeake Lodging Trust		5,058		162,210
Communications Sales & Leasing, Inc.		10,186		212,378
Corrections Corp. of America		9,989		351,313
Crown Castle International Corp.		28,268		2,315,432
CubeSmart		14,112		369,170
DiamondRock Hospitality Co.		17,065		215,190
EPR Properties		4,856		277,375
Equinix, Inc.		4,772		1,330,959
Extra Space Storage, Inc.		9,366		688,588
FelCor Lodging Trust, Inc.		11,473		107,387
Gaming and Leisure Properties, Inc.		7,717		252,732
HCP, Inc.		39,009		1,507,308
Health Care REIT, Inc.		29,367		2,037,189
Healthcare Realty Trust, Inc.		8,457		203,306
Hospitality Properties Trust		11,384		312,149
Host Hotels & Resorts, Inc.		64,127		1,242,781
InfraREIT, Inc.		1,958		65,652
Iron Mountain, Inc.		16,970		509,949
Lamar Advertising Co. Class A		6,887		413,564
LaSalle Hotel Properties		9,612		319,791
LTC Properties, Inc.		3,028		132,838
Medical Properties Trust, Inc.		17,763		242,820
National Health Investors, Inc.		3,029		197,642
Omega Healthcare Investors, Inc.		13,907		504,268
Outfront Media, Inc.		11,656		292,915
Pebblebrook Hotel Trust		6,106		248,514
Plum Creek Timber Co., Inc.		14,949		612,909
Potlatch Corp.		3,478		121,765
Public Storage		12,434		2,551,208
Rayonier, Inc.		10,737		264,130
RLJ Lodging Trust		11,217		334,603
Ryman Hospitality Properties, Inc.		3,934		224,946



	Shares		Value
Sabra Health Care REIT, Inc.		5,052	$	138,172
Senior Housing Properties Trust		19,850		342,810
Sovran Self Storage, Inc.		3,006		286,201
Strategic Hotels & Resorts, Inc. (a)		22,235		303,953
Summit Hotel Properties, Inc.		7,301		99,513
Sunstone Hotel Investors, Inc.		17,801		250,460
The Geo Group, Inc.		6,311		238,240
Universal Health Realty Income Trust		416		20,372
Ventas, Inc.		27,253		1,828,404
Weyerhaeuser Co.		44,457		1,364,385

				27,020,762


TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS)				74,169,877


REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.0%
Diversified Real Estate Activities – 0.1%
Alexander & Baldwin, Inc.		3,986		150,472
Tejon Ranch Co. (a)		1,364		33,854
The St Joe Co. (a)		2,259		36,709

				221,035

Real Estate Development – 0.1%
Forestar Group, Inc. (a)		2,854		36,531
The Howard Hughes Corp. (a)		3,034		412,503

				449,034

Real Estate Operating Companies – 0.1%
Forest City Enterprises, Inc. Class A (a)		19,382		452,569

Real Estate Services – 0.7%
Altisource Asset Management Corp. (a)		87		11,533
Altisource Portfolio Solutions S.A. (a)		1,302		42,523
CBRE Group, Inc. Class A (a)		25,359		962,881
Jones Lang LaSalle, Inc.		3,798		676,196
Kennedy-Wilson Holdings, Inc.		6,655		168,505
Marcus & Millichap, Inc. (a)		1,253		64,204
Realogy Holdings Corp. (a)		12,413		565,040

				2,490,882


TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT				3,613,520


THRIFTS & MORTGAGE FINANCE – 1.1%
Thrifts & Mortgage Finance – 1.1%
Astoria Financial Corp.		7,848		118,662
Bank Mutual Corp.		3,989		29,000
Beneficial Bancorp, Inc. (a)		7,111		91,447
BofI Holding, Inc. (a)		1,102		135,381
Brookline Bancorp, Inc.		6,039		68,060
Capitol Federal Financial, Inc.		11,548		138,807
Dime Community Bancshares, Inc.		2,673		45,441
Essent Group Ltd. (a)		5,141		150,477
EverBank Financial Corp.		6,943		138,443
Federal Agricultural Mortgage Corp. Class C		906		24,236

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


		43		*Annual Report*

Fidelity MSCI Financials Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
THRIFTS & MORTGAGE FINANCE – continued
Thrifts & Mortgage Finance – continued
Flagstar Bancorp, Inc. (a)		2,025	$	41,108
HomeStreet, Inc. (a)		1,704		38,527
Hudson City Bancorp, Inc.		40,635		418,947
LendingTree, Inc. (a)		547		45,357
Meridian Bancorp, Inc. (a)		1,863		24,294
MGIC Investment Corp. (a)		28,877		319,668
Nationstar Mortgage Holdings, Inc. (a)		3,695		68,542
New York Community Bancorp, Inc.		37,492		713,473
NMI Holdings, Inc. Class A (a)		4,495		35,960
Northfield Bancorp, Inc.		3,802		57,258
Northwest Bancshares, Inc.		7,885		100,061
Ocwen Financial Corp. (a)		9,209		77,632
Oritani Financial Corp.		3,295		51,764
Provident Financial Services, Inc.		5,020		98,492
Radian Group, Inc.		16,188		298,830
TFS Financial Corp.		6,451		108,764
TrustCo Bank Corp.		8,111		50,532
United Financial Bancorp, Inc.		3,639		49,090
Walker & Dunlop, Inc. (a)		2,220		53,169
Washington Federal, Inc.		8,349		194,365
Waterstone Financial, Inc.		2,765		35,696



	Shares		Value
WSFS Financial Corp.		2,324	$	66,722


TOTAL THRIFTS & MORTGAGE FINANCE				3,888,205


TOTAL COMMON STOCKS (Cost $335,049,470)				343,495,220


Money Market Funds – 0.2%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $562,227)		562,227		562,227


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $335,611,697)				344,057,447

NET OTHER ASSETS (LIABILITIES) – 0.0%				(45,903	)


NET ASSETS – 100%			$	344,011,544

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	$	343,495,220	$	343,495,220	$	—	$	—
Money Market Funds		562,227		562,227		—		—

Total Investments in Securities:	$	344,057,447	$	344,057,447	$	—	$	—

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


*Annual Report*		44

Fidelity MSCI Health Care Index ETF

Investments July 31, 2015

Showing Percentage of Net Assets


Common Stocks – 100.0%
	Shares		Value
BIOTECHNOLOGY – 24.3%
Biotechnology – 24.3%
ACADIA Pharmaceuticals, Inc. (a)		18,663	$	910,941
Acceleron Pharma, Inc. (a)		4,771		136,641
Achillion Pharmaceuticals, Inc. (a)		22,115		188,420
Acorda Therapeutics, Inc. (a)		10,110		347,380
Advaxis, Inc. (a)		7,824		130,348
Aegerion Pharmaceuticals, Inc. (a)		6,074		116,196
Agios Pharmaceuticals, Inc. (a)		5,211		574,148
Alder Biopharmaceuticals, Inc. (a)		6,256		290,404
Alexion Pharmaceuticals, Inc. (a)		51,160		10,101,030
Alkermes PLC (a)		33,718		2,360,934
Alnylam Pharmaceuticals, Inc. (a)		17,370		2,213,459
AMAG Pharmaceuticals, Inc. (a)		1,532		97,895
Amgen, Inc.		172,860		30,525,347
Amicus Therapeutics, Inc. (a)		25,308		435,045
Anacor Pharmaceuticals, Inc. (a)		8,463		1,262,595
Arena Pharmaceuticals, Inc. (a)		53,899		217,752
Ariad Pharmaceuticals, Inc. (a)		41,286		336,894
Array BioPharma, Inc. (a)		31,441		182,672
Arrowhead Research Corp. (a)		12,556		77,596
Atara Biotherapeutics, Inc. (a)		3,825		214,735
Avalanche Biotechnologies, Inc. (a)		3,974		58,497
Baxalta, Inc. (a)		124,307		4,080,999
Bellicum Pharmaceuticals, Inc. (a)		2,117		43,081
BioCryst Pharmaceuticals, Inc. (a)		13,740		212,695
Biogen Idec, Inc. (a)		53,546		17,069,394
BioMarin Pharmaceutical, Inc. (a)		36,379		5,321,156
Biotime, Inc. (a)		10,458		33,047
Bluebird Bio, Inc. (a)		7,394		1,226,147
Celgene Corp. (a)		182,608		23,967,300
Celldex Therapeutics, Inc. (a)		22,754		535,857
Cepheid, Inc. (a)		16,396		911,454
Chimerix, Inc. (a)		9,093		488,658
Clovis Oncology, Inc. (a)		6,939		585,860
Coherus Biosciences, Inc. (a)		2,135		74,896
CTI BioPharma Corp. (a)		35,843		66,310
Dyax Corp. (a)		34,050		837,970
Dynavax Technologies Corp. (a)		7,628		224,339
Eagle Pharmaceuticals, Inc. (a)		2,153		208,023
Emergent Biosolutions, Inc. (a)		6,890		226,199
Enanta Pharmaceuticals, Inc. (a)		2,537		128,499
Epizyme, Inc. (a)		5,558		123,999
Esperion Therapeutics, Inc. (a)		2,870		177,940
Exact Sciences Corp. (a)		22,613		544,295
Exelixis, Inc. (a)		51,901		297,393
FibroGen, Inc. (a)		3,280		76,260
Five Prime Therapeutics, Inc. (a)		4,175		98,196
Foundation Medicine, Inc. (a)		2,188		44,405
Genomic Health, Inc. (a)		3,836		103,879
Geron Corp. (a)		37,210		150,701
Gilead Sciences, Inc.		339,542		40,018,420



	Shares		Value
Halozyme Therapeutics, Inc. (a)		25,123	$	586,371
Immune Design Corp. (a)		1,742		33,725
ImmunoGen, Inc. (a)		19,678		354,598
Immunomedics, Inc. (a)		20,333		41,683
Incyte Corp. Ltd. (a)		35,477		3,699,542
Infinity Pharmaceuticals, Inc. (a)		11,317		98,911
Inovio Pharmaceuticals, Inc. (a)		15,967		116,399
Insmed, Inc. (a)		12,925		350,267
Insys Therapeutics, Inc. (a)		6,251		280,795
Intercept Pharmaceuticals, Inc. (a)		3,805		1,003,797
Intrexon Corp. (a)		9,577		624,899
Ironwood Pharmaceuticals, Inc. (a)		29,400		307,230
Isis Pharmaceuticals, Inc. (a)		27,615		1,516,892
Karyopharm Therapeutics, Inc. (a)		4,621		94,823
Keryx Biopharmaceuticals, Inc. (a)		112		894
Kite Pharma, Inc. (a)		6,506		473,442
KYTHERA Biopharmaceuticals, Inc. (a)		4,380		326,398
Lexicon Pharmaceuticals, Inc. (a)		9,218		77,800
Ligand Pharmaceuticals, Inc. Class B (a)		4,036		436,937
Lion Biotechnologies, Inc. (a)		7,278		62,300
MacroGenics, Inc. (a)		5,318		199,957
MannKind Corp. (a)		66,561		285,547
Medivation, Inc. (a)		18,121		1,908,685
Merrimack Pharmaceuticals, Inc. (a)		22,058		222,786
MiMedx Group, Inc. (a)		21,633		232,122
Mirati Therapeutics, Inc. (a)		2,069		59,194
Momenta Pharmaceuticals, Inc. (a)		14,670		318,926
Myriad Genetics, Inc. (a)		16,795		573,045
Neurocrine Biosciences, Inc. (a)		19,268		965,712
NewLink Genetics Corp. (a)		4,819		251,311
Northwest Biotherapeutics, Inc. (a)		12,033		137,417
Novavax, Inc. (a)		61,630		743,258
OncoMed Pharmaceuticals, Inc. (a)		2,299		52,509
Ophthotech Corp. (a)		5,263		356,252
Opko Health, Inc. (a)		58,112		951,293
Orexigen Therapeutics, Inc. (a)		29,064		116,256
Organovo Holdings, Inc. (a)		21,939		74,154
Osiris Therapeutics, Inc. (a)		3,927		83,763
Otonomy, Inc. (a)		2,699		69,553
OvaScience, Inc. (a)		4,814		137,199
PDL BioPharma, Inc.		38,664		225,024
Portola Pharmaceuticals, Inc. (a)		9,813		485,155
Progenics Pharmaceuticals, Inc. (a)		16,338		141,487
Prothena Corp. PLC (a)		6,956		458,887
PTC Therapeutics, Inc. (a)		6,438		329,690
Puma Biotechnology, Inc. (a)		1,037		93,952
Radius Health, Inc. (a)		6,365		498,507
Raptor Pharmaceutical Corp. (a)		16,743		238,420
Receptos, Inc. (a)		6,167		1,405,213
Regeneron Pharmaceuticals, Inc. (a)		17,228		9,538,454
Regulus Therapeutics, Inc. (a)		6,805		55,801
Repligen Corp. (a)		7,254		253,963

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
BIOTECHNOLOGY – continued
Biotechnology – continued
Retrophin, Inc. (a)		6,759	$	214,531
Sage Therapeutics, Inc. (a)		3,400		232,424
Sangamo Biosciences, Inc. (a)		16,076		147,095
Sarepta Therapeutics, Inc. (a)		9,519		303,846
Seattle Genetics, Inc. (a)		23,149		1,108,143
Spark Therapeutics, Inc. (a)		2,142		131,604
Spectrum Pharmaceuticals, Inc. (a)		14,317		99,002
Synergy Pharmaceuticals, Inc. (a)		21,059		192,058
Synta Pharmaceuticals Corp. (a)		18,872		40,009
TESARO, Inc. (a)		5,911		342,838
TG Therapeutics, Inc. (a)		7,076		123,476
Theravance, Inc.		20,322		311,333
Ultragenyx Pharmaceutical, Inc. (a)		6,072		734,287
United Therapeutics Corp. (a)		10,637		1,801,482
Vanda Pharmaceuticals, Inc. (a)		9,621		117,761
Versartis, Inc. (a)		3,471		62,825
Vertex Pharmaceuticals, Inc. (a)		55,124		7,441,740
Vital Therapies, Inc. (a)		3,897		63,209
XOMA Corp. (a)		112		82
Zafgen, Inc. (a)		3,188		121,048
ZIOPHARM Oncology, Inc. (a)		24,343		325,222


TOTAL BIOTECHNOLOGY				194,521,511


HEALTH CARE EQUIPMENT & SUPPLIES – 15.2%
Health Care Equipment – 13.9%
Abaxis, Inc.		4,730		236,784
Abbott Laboratories		345,396		17,508,123
ABIOMED, Inc. (a)		9,054		701,323
Accuray, Inc. (a)		18,015		114,936
Analogic Corp.		2,769		223,043
AngioDynamics, Inc. (a)		6,142		95,201
AtriCure, Inc. (a)		5,953		165,434
Baxter International, Inc.		125,401		5,026,072
Becton Dickinson and Co.		47,699		7,257,403
Boston Scientific Corp. (a)		305,647		5,299,919
Cantel Medical Corp.		8,394		460,663
Cardiovascular Systems, Inc. (a)		6,515		194,408
CONMED Corp.		5,677		321,999
CR Bard, Inc.		16,937		3,330,661
Cyberonics, Inc. (a)		5,980		367,172
Cynosure, Inc. Class A (a)		4,495		174,406
DexCom, Inc. (a)		17,744		1,502,030
Edwards Lifesciences Corp. (a)		24,746		3,765,351
Entellus Medical, Inc. (a)		1,311		29,498
Exactech, Inc. (a)		2,134		42,637
GenMark Diagnostics, Inc. (a)		8,929		75,897
Globus Medical, Inc. Class A (a)		15,948		447,501
Greatbatch, Inc. (a)		5,713		311,530
HeartWare International, Inc. (a)		3,693		334,992
Hill-Rom Holdings, Inc.		12,958		726,037



	Shares		Value
Hologic, Inc. (a)		54,343	$	2,263,929
IDEXX Laboratories, Inc. (a)		21,581		1,569,586
Inogen, Inc. (a)		2,850		126,711
Insulet Corp. (a)		12,939		438,503
Integra LifeSciences Holdings Corp. (a)		6,017		385,870
Intuitive Surgical, Inc. (a)		8,319		4,435,441
Invacare Corp.		6,781		115,616
K2M Group Holdings, Inc. (a)		4,558		104,287
Masimo Corp. (a)		11,517		480,029
Medtronic PLC		322,692		25,295,826
Natus Medical, Inc. (a)		7,444		336,171
Nevro Corp. (a)		3,356		170,384
NuVasive, Inc. (a)		11,158		613,802
NxStage Medical, Inc. (a)		12,201		174,230
Orthofix International N.V. (a)		4,029		134,407
ResMed, Inc.		32,304		1,872,017
Rockwell Medical, Inc. (a)		12,773		176,267
Sirona Dental Systems, Inc. (a)		13,257		1,375,811
St Jude Medical, Inc.		64,472		4,759,323
STERIS Corp.		13,682		945,837
Stryker Corp.		77,613		7,937,482
SurModics, Inc. (a)		3,021		70,963
Teleflex, Inc.		9,410		1,260,846
Thoratec Corp. (a)		12,418		785,935
Tornier N.V. (a)		8,455		210,445
Varian Medical Systems, Inc. (a)		22,905		1,971,433
Wright Medical Group, Inc. (a)		11,535		298,064
Zeltiq Aesthetics, Inc. (a)		6,763		232,309
Zimmer Biomet Holdings, Inc.		38,729		4,030,527

				111,285,071

Health Care Supplies – 1.3%
Alere, Inc. (a)		18,752		911,535
Align Technology, Inc. (a)		15,945		999,751
Anika Therapeutics, Inc. (a)		3,412		129,315
Antares Pharma, Inc. (a)		33,080		69,799
Cerus Corp. (a)		19,870		107,894
DENTSPLY International, Inc.		31,968		1,819,299
Endologix, Inc. (a)		14,641		208,781
Haemonetics Corp. (a)		11,783		471,438
Halyard Health, Inc. (a)		10,829		441,173
ICU Medical, Inc. (a)		3,141		313,849
LDR Holding Corp. (a)		4,720		214,571
Meridian Bioscience, Inc.		9,222		166,826
Merit Medical Systems, Inc. (a)		9,460		241,798
Neogen Corp. (a)		9,751		567,411
OraSure Technologies, Inc. (a)		12,970		64,072
Quidel Corp. (a)		6,468		133,952
Spectranetics Corp. (a)		115		1,966
Staar Surgical Co. (a)		8,074		70,809
The Cooper Cos., Inc.		11,054		1,956,558
Unilife Corp. (a)		19,948		35,108
Vascular Solutions, Inc. (a)		3,790		141,102

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


*Annual Report*		46


Common Stocks – continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES – continued
Health Care Supplies – continued
West Pharmaceutical Services, Inc.		16,321	$	977,138

				10,044,145


TOTAL HEALTH CARE EQUIPMENT & SUPPLIES				121,329,216


HEALTH CARE PROVIDERS & SERVICES – 18.5%
Health Care Services – 4.3%
Adeptus Health, Inc. Class A (a)		2,687		295,275
Air Methods Corp. (a)		8,729		343,835
Almost Family, Inc. (a)		1,621		70,935
Amedisys, Inc. (a)		5,721		249,607
AMN Healthcare Services, Inc. (a)		10,800		317,844
Bio-Reference Labs, Inc. (a)		5,548		246,165
BioScrip, Inc. (a)		10,665		26,769
Chemed Corp.		3,837		569,641
Civitas Solutions, Inc. (a)		2,711		60,970
Corvel Corp. (a)		2,574		82,265
DaVita HealthCare Partners, Inc. (a)		39,254		3,102,244
Diplomat Pharmacy, Inc. (a)		8,284		382,555
Envision Healthcare Holdings, Inc. (a)		41,953		1,879,495
ExamWorks Group, Inc. (a)		8,729		306,213
Express Scripts Holding Co. (a)		165,562		14,912,169
Healthways, Inc. (a)		7,234		91,583
IPC The Hospitalist Co., Inc. (a)		3,856		213,815
Laboratory Corp. of America Holdings (a)		22,854		2,909,086
Landauer, Inc.		2,163		76,743
LHC Group, Inc. (a)		2,989		120,427
MEDNAX, Inc. (a)		21,824		1,847,183
Omnicare, Inc.		22,247		2,154,622
Premier, Inc. (a)		8,361		298,989
Quest Diagnostics, Inc.		32,888		2,427,463
Team Health Holdings, Inc. (a)		16,269		1,096,693
The Providence Service Corp. (a)		3,080		144,945

				34,227,531

Health Care Distributors – 3.5%
AmerisourceBergen Corp.		48,388		5,117,031
Cardinal Health, Inc.		76,820		6,528,164
Henry Schein, Inc. (a)		19,085		2,824,198
McKesson Corp.		53,656		11,834,904
Owens & Minor, Inc.		14,224		500,116
Patterson Cos., Inc.		19,883		997,331
PharMerica Corp. (a)		7,201		246,058

				28,047,802

Health Care Facilities – 2.6%
AAC Holdings, Inc. (a)		1,865		70,889
Acadia Healthcare Co., Inc. (a)		12,230		975,709
Amsurg Corp. (a)		11,109		796,960
Brookdale Senior Living, Inc. (a)		42,618		1,411,934
Capital Senior Living Corp. (a)		6,006		133,874
Community Health Systems, Inc. (a)		27,381		1,602,062



	Shares		Value
Genesis Healthcare, Inc. (a)		8,641	$	52,797
Hanger, Inc. (a)		8,500		183,940
HCA Holdings, Inc. (a)		77,273		7,187,162
HealthSouth Corp.		20,093		918,250
Kindred Healthcare, Inc.		16,370		337,713
LifePoint Health, Inc. (a)		10,015		829,843
Select Medical Holdings Corp.		22,074		318,528
Surgical Care Affiliates, Inc. (a)		4,795		182,306
Tenet Healthcare Corp. (a)		23,203		1,306,329
The Ensign Group, Inc.		5,487		280,495
Universal Health Services, Inc. Class B		21,113		3,066,241
US Physical Therapy, Inc.		2,692		142,299
VCA, Inc. (a)		18,608		1,144,950

				20,942,281

Managed Health Care – 8.1%
Aetna, Inc.		80,093		9,048,106
Anthem, Inc.		60,782		9,376,839
Centene Corp. (a)		25,783		1,808,162
Cigna Corp.		59,316		8,545,063
Health Net, Inc. (a)		17,642		1,179,544
HealthEquity, Inc. (a)		7,008		235,889
Humana, Inc.		34,270		6,240,224
Magellan Health, Inc. (a)		6,021		364,812
Molina Healthcare, Inc. (a)		9,592		723,525
Triple-S Management Corp. Class B (a)		5,692		122,833
UnitedHealth Group, Inc.		217,197		26,367,716
Universal American Corp. (a)		11,088		102,786
WellCare Health Plans, Inc. (a)		10,053		812,283

				64,927,782


TOTAL HEALTH CARE PROVIDERS & SERVICES				148,145,396


HEALTH CARE TECHNOLOGY – 1.2%
Health Care Technology – 1.2%
Allscripts Healthcare Solutions, Inc. (a)		41,332		597,661
athenahealth, Inc. (a)		8,932		1,250,123
Castlight Health, Inc. Class B (a)		6,989		50,181
Cerner Corp. (a)		70,931		5,087,171
Computer Programs & Systems, Inc.		2,419		113,137
HealthStream, Inc. (a)		5,693		159,745
HMS Holdings Corp. (a)		22,308		256,988
Inovalon Holdings, Inc. Class A (a)		5,987		144,646
MedAssets, Inc. (a)		14,950		348,335
Medidata Solutions, Inc. (a)		12,918		694,988
Merge Healthcare, Inc. (a)		17,153		94,170
Omnicell, Inc. (a)		8,169		298,332
Quality Systems, Inc.		10,365		132,154
Veeva Systems, Inc. Class A (a)		13,800		371,496
Vocera Communications, Inc. (a)		4,822		59,793


TOTAL HEALTH CARE TECHNOLOGY				9,658,920

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


		47		*Annual Report*

Fidelity MSCI Health Care Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
LIFE SCIENCES TOOLS & SERVICES – 4.6%
Life Sciences Tools & Services – 4.6%
Accelerate Diagnostics, Inc. (a)		5,934	$	165,440
Affymetrix, Inc. (a)		17,322		189,849
Agilent Technologies, Inc.		78,021		3,194,960
Albany Molecular Research, Inc. (a)		5,667		119,800
Bio-Rad Laboratories, Inc. Class A (a)		4,625		697,172
Bio-Techne Corp.		8,435		922,620
Bruker Corp. (a)		28,945		609,292
Cambrex Corp. (a)		8,070		397,448
Charles River Laboratories International, Inc. (a)		11,014		854,907
Fluidigm Corp. (a)		6,488		129,955
Illumina, Inc. (a)		32,824		7,198,303
INC Research Holdings, Inc. Class A (a)		3,438		172,003
Luminex Corp. (a)		8,545		147,230
Mettler-Toledo International, Inc. (a)		6,516		2,199,802
Pacific Biosciences of California, Inc. (a)		14,130		80,400
PAREXEL International Corp. (a)		12,971		894,480
PerkinElmer, Inc.		26,056		1,378,884
PRA Health Sciences, Inc. (a)		4,809		201,930
Quintiles Transnational Holdings, Inc. (a)		20,953		1,607,514
Sequenom, Inc. (a)		25,012		70,534
Thermo Fisher Scientific, Inc.		90,432		12,617,977
VWR Corp. (a)		11,274		302,030
Waters Corp. (a)		18,965		2,531,638


TOTAL LIFE SCIENCES TOOLS & SERVICES				36,684,168


PERSONAL PRODUCTS – 0.1%
Personal Products – 0.1%
Prestige Brands Holdings, Inc. (a)		13,994		666,394


PHARMACEUTICALS – 36.1%
Pharmaceuticals – 36.1%
AbbVie, Inc.		393,702		27,563,077
Aerie Pharmaceuticals, Inc. (a)		5,324		96,577
Akorn, Inc. (a)		18,602		857,738
Allergan PLC (a)		86,160		28,531,884
Amphastar Pharmaceuticals, Inc. (a)		10,045		163,332
ANI Pharmaceuticals, Inc. (a)		1,997		141,847
Aratana Therapeutics, Inc. (a)		7,546		132,961
BioDelivery Sciences International, Inc. (a)		14,211		115,820
Bristol-Myers Squibb Co.		380,716		24,990,198
Catalent, Inc. (a)		23,918		815,125
Cempra, Inc. (a)		7,732		323,662
Corcept Therapeutics, Inc. (a)		15,126		76,235
Depomed, Inc. (a)		13,570		427,455
Eli Lilly & Co.		229,409		19,387,355
Endo International PLC (a)		47,190		4,131,013
Endocyte, Inc. (a)		8,955		46,208
Furiex Pharmaceuticals, Inc.		373		3,644
Horizon Pharma PLC (a)		29,186		1,075,504
Hospira, Inc. (a)		39,137		3,500,805
IGI Laboratories, Inc. (a)		10,419		91,687



	Shares		Value
Impax Laboratories, Inc. (a)		17,212	$	834,094
Intersect ENT, Inc. (a)		4,661		138,292
Intra-Cellular Therapies, Inc. (a)		5,755		167,470
Jazz Pharmaceuticals PLC (a)		14,301		2,749,224
Johnson & Johnson		633,542		63,487,244
Lannett Co., Inc. (a)		7,184		428,166
Mallinckrodt PLC (a)		26,476		3,281,965
Merck & Co., Inc.		648,780		38,252,069
Mylan N.V. (a)		25,003		1,399,918
Nektar Therapeutics (a)		33,292		419,812
Ocular Therapeutix, Inc. (a)		2,846		65,714
Omeros Corp. (a)		8,041		129,460
Pacira Pharmaceuticals, Inc. (a)		9,083		603,293
Perrigo Co. PLC		32,679		6,280,904
Pfizer, Inc.		1,399,711		50,473,579
Phibro Animal Health Corp. Class A		3,720		146,122
Relypsa, Inc. (a)		5,960		197,336
Revance Therapeutics, Inc. (a)		3,944		122,382
Sagent Pharmaceuticals, Inc. (a)		4,853		119,287
Sciclone Pharmaceuticals, Inc. (a)		11,083		100,966
Sucampo Pharmaceuticals, Inc. Class A (a)		6,755		147,191
Supernus Pharmaceuticals, Inc. (a)		8,688		184,272
Tetraphase Pharmaceuticals, Inc. (a)		6,534		310,692
The Medicines Co. (a)		16,958		532,312
TherapeuticsMD, Inc. (a)		30,438		237,112
Theravance Biopharma, Inc. (a)		5,823		73,020
Vivus, Inc. (a)		32,081		48,442
XenoPort, Inc. (a)		14,695		107,273
Zoetis, Inc.		111,283		5,450,641
ZS Pharma, Inc. (a)		3,823		228,348


TOTAL PHARMACEUTICALS				289,188,727


TRADING COMPANIES & DISTRIBUTORS – 0.0%
Trading Companies & Distributors – 0.0%
Aceto Corp.		6,644		155,669


TOTAL COMMON STOCKS (Cost $706,570,524)				800,350,001


Money Market Funds – 0.0%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $369,900)		369,900		369,900


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $706,940,424)				800,719,901

NET OTHER ASSETS (LIABILITIES) – 0.0%				(6,917	)


NET ASSETS – 100%			$	800,712,984

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*		48

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	800,350,001	$	800,346,357	$	—	$	3,644
Money Market Funds		369,900		369,900		—		—

Total Investments in Securities:	$	800,719,901	$	800,716,257	$	—	$	3,644

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


		49		*Annual Report*

Fidelity MSCI Industrials Index ETF

Investments July 31, 2015

Showing Percentage of Net Assets


Common Stocks – 99.8%
	Shares		Value
AEROSPACE & DEFENSE – 23.4%
Aerospace & Defense – 23.4%
AAR Corp.		2,061	$	55,544
Aerojet Rocketdyne Holdings, Inc. (a)		3,089		72,314
Aerovironment, Inc. (a)		1,333		34,738
American Science & Engineering, Inc.		499		22,300
Astronics Corp. (a)		1,026		63,612
B/E Aerospace, Inc.		6,490		316,128
Cubic Corp.		1,493		66,244
Curtiss-Wright Corp.		2,787		187,760
DigitalGlobe, Inc. (a)		4,220		89,380
Engility Holdings, Inc.		1,106		24,233
Esterline Technologies Corp. (a)		1,817		161,095
General Dynamics Corp.		17,263		2,574,086
HEICO Corp.		1,222		67,002
Hexcel Corp.		5,850		303,557
Honeywell International, Inc.		45,518		4,781,666
Huntington Ingalls Industries, Inc.		2,995		351,643
KLX, Inc. (a)		3,235		127,071
Kratos Defense & Security Solutions, Inc. (a)		2,727		14,889
L-3 Communications Holdings, Inc.		5,064		584,689
Lockheed Martin Corp.		16,422		3,400,996
Moog, Inc. Class A (a)		2,221		148,496
National Presto Industries, Inc.		293		23,194
Northrop Grumman Corp.		11,542		1,996,881
Orbital ATK, Inc.		3,644		258,542
Precision Castparts Corp.		8,681		1,692,101
Raytheon Co.		18,820		2,053,074
Rockwell Collins, Inc.		8,158		690,330
Spirit Aerosystems Holdings, Inc. Class A (a)		8,498		478,437
Taser International, Inc. (a)		3,244		88,302
Teledyne Technologies, Inc. (a)		2,051		212,627
Textron, Inc.		16,987		742,332
The Boeing Co.		40,961		5,905,347
The KEYW Holding Corp. (a)		2,003		16,284
TransDigm Group, Inc. (a)		3,234		731,854
Triumph Group, Inc.		3,098		166,827
United Technologies Corp.		49,979		5,013,394


TOTAL AEROSPACE & DEFENSE				33,516,969


AIR FREIGHT & LOGISTICS – 6.3%
Air Freight & Logistics – 6.3%
Air Transport Services Group, Inc. (a)		1,020		10,557
Atlas Air Worldwide Holdings, Inc. (a)		408		20,053
CH Robinson Worldwide, Inc.		8,961		628,614
Echo Global Logistics, Inc. (a)		1,514		48,902
Expeditors International of Washington, Inc.		11,774		551,847
FedEx Corp.		16,475		2,824,145
Forward Air Corp.		1,853		89,963



	Shares		Value
Hub Group, Inc. Class A (a)		2,228	$	93,866
Park-Ohio Holdings Corp.		492		22,096
United Parcel Service, Inc. Class B		42,981		4,399,535
UTi Worldwide, Inc. (a)		5,982		50,249
XPO Logistics, Inc. (a)		4,863		210,811


TOTAL AIR FREIGHT & LOGISTICS				8,950,638


AIRLINES – 1.3%
Airlines – 1.3%
Allegiant Travel Co.		269		57,224
American Airlines Group, Inc.		10,672		427,947
Delta Air Lines, Inc.		12,649		560,857
Hawaiian Holdings, Inc. (a)		816		17,724
Republic Airways Holdings, Inc. (a)		907		4,571
SkyWest, Inc.		756		12,519
Southwest Airlines Co.		10,396		376,335
Spirit Airlines, Inc. (a)		1,102		65,922
United Continental Holdings, Inc. (a)		5,885		331,855
Virgin America, Inc. (a)		672		22,405


TOTAL AIRLINES				1,877,359


AUTO COMPONENTS – 0.2%
Auto Parts & Equipment – 0.2%
Allison Transmission Holdings, Inc.		9,934		289,874


BUILDING PRODUCTS – 2.5%
Building Products – 2.5%
AAON, Inc.		2,628		58,315
Advanced Drainage Systems, Inc.		2,100		58,443
Allegion PLC		5,884		371,987
American Woodmark Corp. (a)		874		57,474
AO Smith Corp.		4,662		334,825
Apogee Enterprises, Inc.		1,769		97,614
Armstrong World Industries, Inc. (a)		2,363		138,236
Builders FirstSource, Inc. (a)		2,958		44,488
Continental Building Products, Inc. (a)		1,975		41,949
Fortune Brands Home & Security, Inc.		9,750		465,563
Gibraltar Industries, Inc. (a)		1,774		33,954
Griffon Corp.		2,075		35,773
Insteel Industries, Inc.		1,144		18,693
Lennox International, Inc.		2,615		308,753
Masco Corp.		21,474		566,699
Masonite International Corp. (a)		1,590		109,821
NCI Building Systems, Inc. (a)		1,878		24,320
Owens Corning		6,858		307,581
Patrick Industries, Inc. (a)		781		28,147
PGT, Inc. (a)		2,716		43,646
Ply Gem Holdings, Inc. (a)		1,223		17,672
Quanex Building Products Corp.		2,100		42,168
Simpson Manufacturing Co., Inc.		2,535		90,804
Trex Co., Inc. (a)		1,971		89,424

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


*Annual Report*		50


Common Stocks – continued
	Shares		Value
BUILDING PRODUCTS – continued
Building Products – continued
Universal Forest Products, Inc.		1,259	$	79,947
USG Corp. (a)		5,786		179,250


TOTAL BUILDING PRODUCTS				3,645,546


COMMERCIAL SERVICES & SUPPLIES – 6.1%
Commercial Printing – 0.4%
Deluxe Corp.		3,069		197,736
Ennis, Inc.		1,632		27,385
InnerWorkings, Inc. (a)		2,343		17,572
Multi-Color Corp.		813		51,918
Quad/Graphics, Inc.		1,609		26,468
RR Donnelley & Sons Co.		12,840		225,342

				546,421

Diversified Support Services – 1.1%
Cintas Corp.		6,108		522,234
Civeo Corp.		5,227		11,186
Copart, Inc. (a)		6,983		251,598
G&K Services, Inc. Class A		1,208		79,196
Healthcare Services Group, Inc.		4,162		145,295
KAR Auction Services, Inc.		8,657		337,017
McGrath RentCorp		1,512		38,344
Mobile Mini, Inc.		2,836		105,301
UniFirst Corp.		934		103,506
Viad Corp.		1,240		35,551

				1,629,228

Environmental & Facilities Services – 2.8%
ABM Industries, Inc.		3,259		107,417
Ceco Environmental Corp.		1,164		10,476
Clean Harbors, Inc. (a)		3,065		151,779
Covanta Holding Corp.		7,337		144,832
Republic Services, Inc.		15,113		642,756
Rollins, Inc.		6,081		176,349
SP Plus Corp. (a)		945		24,712
Stericycle, Inc. (a)		5,192		731,916
Team, Inc. (a)		1,198		51,993
Tetra Tech, Inc.		3,748		99,847
US Ecology, Inc.		1,334		61,217
Waste Connections, Inc.		7,614		381,690
Waste Management, Inc.		28,115		1,437,520

				4,022,504

Office Services & Supplies – 0.8%
ACCO Brands Corp. (a)		6,834		55,902
ARC Document Solutions, Inc. (a)		2,627		18,153
Essendant, Inc.		2,386		87,853
Herman Miller, Inc.		3,672		102,963
HNI Corp.		2,728		135,281
Interface, Inc.		4,113		106,815
Kimball International, Inc. Class B		2,079		23,534
Knoll, Inc.		2,983		72,189



	Shares		Value
MSA Safety, Inc.		1,990	$	102,783
Pitney Bowes, Inc.		12,381		259,010
Steelcase, Inc. Class A		5,489		97,979
West Corp.		2,773		80,001

				1,142,463

Security & Alarm Services – 1.0%
The ADT Corp.		10,469		361,495
The Brink’s Co.		2,849		88,974
Tyco International PLC		25,751		978,280

				1,428,749


TOTAL COMMERCIAL SERVICES & SUPPLIES				8,769,365


CONSTRUCTION & ENGINEERING – 1.8%
Construction & Engineering – 1.8%
AECOM (a)		9,050		279,011
Aegion Corp. (a)		2,375		46,954
Ameresco, Inc. Class A (a)		1,391		9,598
Argan, Inc.		743		28,888
Chicago Bridge & Iron Co. N.V.		5,990		318,309
Comfort Systems USA, Inc.		2,248		62,135
Dycom Industries, Inc. (a)		2,082		137,537
EMCOR Group, Inc.		3,852		184,241
Fluor Corp.		9,037		422,480
Furmanite Corp. (a)		2,256		14,709
Granite Construction, Inc.		2,408		81,920
Great Lakes Dredge & Dock Corp. (a)		3,385		17,162
Jacobs Engineering Group, Inc. (a)		7,852		330,726
KBR, Inc.		8,836		154,365
MasTec, Inc. (a)		4,258		78,475
MYR Group, Inc. (a)		1,337		40,163
Primoris Services Corp.		2,347		42,598
Quanta Services, Inc. (a)		12,510		345,526
Tutor Perini Corp. (a)		2,357		49,332


TOTAL CONSTRUCTION & ENGINEERING				2,644,129


DIVERSIFIED CONSUMER SERVICES – 0.2%
Specialized Consumer Services – 0.2%
Hillenbrand, Inc.		3,878		109,980
Matthews International Corp. Class A		2,026		109,100


TOTAL DIVERSIFIED CONSUMER SERVICES				219,080


ELECTRICAL EQUIPMENT – 6.8%
Electrical Components & Equipment – 6.6%
Acuity Brands, Inc.		2,661		535,367
AMETEK, Inc.		14,755		782,753
Brady Corp. Class A		2,962		69,666
Eaton Corp. PLC		28,648		1,735,496
Emerson Electric Co.		41,953		2,171,068
Encore Wire Corp.		1,208		41,471
EnerSys, Inc.		2,725		170,176
Franklin Electric Co., Inc.		2,516		72,612

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
ELECTRICAL EQUIPMENT – continued
Electrical Components & Equipment – continued
FuelCell Energy, Inc. (a)		15,531	$	13,074
Generac Holdings, Inc. (a)		4,267		149,644
General Cable Corp.		3,074		50,168
GrafTech International Ltd. (a)		7,468		37,564
Hubbell, Inc. Class B		3,138		327,638
Plug Power, Inc. (a)		11,138		28,847
Polypore International, Inc. (a)		2,743		164,909
Powell Industries, Inc.		627		18,710
Regal-Beloit Corp.		2,756		191,349
Rockwell Automation, Inc.		8,305		969,858
Roper Industries, Inc.		6,153		1,029,212
Sensata Technologies Holding N.V. (a)		10,389		533,163
SolarCity Corp. (a)		3,554		206,132
Thermon Group Holdings, Inc. (a)		1,966		47,439
Vicor Corp. (a)		1,110		11,555

				9,357,871

Heavy Electrical Equipment – 0.2%
AZZ, Inc.		1,572		81,351
Babcock & Wilcox Enterprises, Inc. (a)		3,094		61,014
BWX Technologies, Inc.		6,202		152,321
Power Solutions International, Inc. (a)		289		11,988

				306,674


TOTAL ELECTRICAL EQUIPMENT				9,664,545


INDUSTRIAL CONGLOMERATES – 18.1%
Industrial Conglomerates – 18.1%
3M Co.		38,856		5,880,467
Carlisle Cos., Inc.		3,983		403,319
Danaher Corp.		37,549		3,437,986
General Electric Co.		616,092		16,080,001
Raven Industries, Inc.		2,307		44,825


TOTAL INDUSTRIAL CONGLOMERATES				25,846,598


MACHINERY – 16.6%
Construction & Farm Machinery & Heavy Trucks – 7.1%
AGCO Corp.		4,867		267,734
Alamo Group, Inc.		572		30,053
American Railcar Industries, Inc.		593		23,690
Astec Industries, Inc.		1,199		47,133
Caterpillar, Inc.		35,253		2,771,943
Cummins, Inc.		10,583		1,370,816
Deere & Co.		19,745		1,867,285
Douglas Dynamics, Inc.		1,329		27,271
Federal Signal Corp.		3,956		59,182
FreightCar America, Inc.		792		15,254
Greenbrier Cos., Inc.		1,558		71,278
Joy Global, Inc.		5,982		157,984
Lindsay Corp.		756		63,406
Meritor, Inc. (a)		5,734		80,735



	Shares		Value
Oshkosh Corp.		4,781	$	174,698
PACCAR, Inc.		21,730		1,408,973
Terex Corp.		4,168		92,363
The Manitowoc Co., Inc.		7,887		139,363
The Toro Co.		3,437		234,850
Titan International, Inc.		2,814		26,283
Trinity Industries, Inc.		7,523		220,123
Wabash National Corp. (a)		4,273		58,711
WABCO Holdings, Inc. (a)		3,421		422,391
Wabtec Corp.		5,900		597,021

				10,228,540

Industrial Machinery – 9.5%
Actuant Corp. Class A		3,580		82,555
Albany International Corp. Class A		1,767		65,768
Altra Industrial Motion Corp.		1,632		41,453
Barnes Group, Inc.		3,017		117,452
Blount International, Inc. (a)		2,638		22,054
Briggs & Stratton Corp.		2,852		52,705
Chart Industries, Inc. (a)		1,851		50,532
CIRCOR International, Inc.		920		44,004
CLARCOR, Inc.		3,087		185,745
Colfax Corp. (a)		5,285		201,570
Columbus McKinnon Corp.		1,232		28,903
Crane Co.		2,883		153,376
Donaldson Co., Inc.		7,870		264,432
Dover Corp.		9,966		638,522
EnPro Industries, Inc.		1,511		76,577
ESCO Technologies, Inc.		1,624		61,826
Flowserve Corp.		8,286		389,359
Global Brass & Copper Holdings, Inc.		1,401		23,607
Graco, Inc.		3,603		257,578
Harsco Corp.		4,911		67,477
Hyster-Yale Materials Handling, Inc.		531		35,933
IDEX Corp.		4,783		363,651
Illinois Tool Works, Inc.		20,909		1,870,728
Ingersoll-Rand PLC		16,137		990,812
ITT Corp.		5,594		212,572
John Bean Technologies Corp.		1,824		66,485
Kadant, Inc.		693		31,594
Kennametal, Inc.		4,834		153,189
LB Foster Co. Class A		610		17,903
Lincoln Electric Holdings, Inc.		4,268		258,427
Lydall, Inc. (a)		1,095		32,532
Mueller Industries, Inc.		3,327		107,695
Mueller Water Products, Inc. Class A		9,809		87,594
NN, Inc.		1,599		36,505
Nordson Corp.		3,581		265,388
Pall Corp.		6,543		827,362
Parker Hannifin Corp.		8,731		984,420
Pentair PLC		11,158		678,518
Proto Labs, Inc. (a)		1,432		107,930
RBC Bearings, Inc. (a)		1,443		97,763

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


*Annual Report*		52


Common Stocks – continued
	Shares		Value
MACHINERY – continued
Industrial Machinery – continued
Rexnord Corp. (a)		6,239	$	132,267
Snap-on, Inc.		3,559		586,523
SPX Corp.		2,265		148,154
Standex International Corp.		787		58,899
Stanley Black & Decker, Inc.		9,646		1,017,557
Sun Hydraulics Corp.		1,399		49,553
Tennant Co.		1,100		65,791
The Middleby Corp. (a)		3,530		433,131
Timken Co.		4,627		154,449
Trimas Corp. (a)		2,750		64,625
Valmont Industries, Inc.		1,490		165,733
Watts Water Technologies, Inc. Class A		1,700		94,282
Woodward, Inc.		3,597		177,548
Xylem, Inc.		11,151		385,044

				13,586,052


TOTAL MACHINERY				23,814,592


MARINE – 0.1%
Marine – 0.1%
Kirby Corp. (a)		855		61,911
Matson, Inc.		612		25,349


TOTAL MARINE				87,260


PROFESSIONAL SERVICES – 4.4%
Human Resource & Employment Services – 1.4%
Barrett Business Services, Inc.		423		17,512
CDI Corp.		918		11,117
Heidrick & Struggles International, Inc.		1,131		24,735
Insperity, Inc.		1,007		50,632
Kelly Services, Inc. Class A		1,739		25,981
Kforce, Inc.		1,624		37,953
Korn/Ferry International		3,070		102,783
Manpowergroup, Inc.		4,812		435,390
On Assignment, Inc. (a)		2,895		110,936
Robert Half International, Inc.		8,300		456,749
Towers Watson & Co. Class A		4,265		540,717
TriNet Group, Inc. (a)		2,348		63,114
TrueBlue, Inc. (a)		2,559		65,920
WageWorks, Inc. (a)		2,202		109,990

				2,053,529

Research & Consulting Services – 3.0%
Acacia Research Corp.		3,328		31,316
CBIZ, Inc. (a)		2,729		26,744
CEB, Inc.		2,067		158,167
Equifax, Inc.		7,318		747,387
Exponent, Inc.		1,608		71,540
FTI Consulting, Inc. (a)		2,519		103,077
Huron Consulting Group, Inc. (a)		1,416		108,282



	Shares		Value
ICF International, Inc. (a)		1,099	$	40,289
IHS, Inc. Class A (a)		4,216		527,127
Mistras Group, Inc. (a)		1,146		20,617
Navigant Consulting, Inc. (a)		3,060		48,103
Nielsen N.V.		21,521		1,042,908
Pendrell Corp. (a)		7,183		9,913
Resources Connection, Inc.		2,274		35,997
RPX Corp. (a)		3,185		49,304
The Advisory Board Co. (a)		2,617		156,758
The Dun & Bradstreet Corp.		2,202		274,744
Verisk Analytics, Inc. Class A (a)		9,802		765,634
VSE Corp.		267		12,656

				4,230,563


TOTAL PROFESSIONAL SERVICES				6,284,092


ROAD & RAIL – 8.8%
Railroads – 6.7%
CSX Corp.		60,646		1,897,007
Genesee & Wyoming, Inc. Class A (a)		3,257		231,963
Kansas City Southern		6,753		669,830
Norfolk Southern Corp.		18,820		1,587,091
Union Pacific Corp.		53,949		5,264,883

				9,650,774

Trucking – 2.1%
AMERCO		484		173,935
ArcBest Corp.		1,505		49,740
Avis Budget Group, Inc. (a)		6,504		282,469
Celadon Group, Inc.		1,638		35,545
Con-way, Inc.		3,565		138,286
Covenant Transportation Group, Inc. Class A (a)		715		16,881
Heartland Express, Inc.		3,243		69,173
Hertz Global Holdings, Inc. (a)		23,804		404,430
JB Hunt Transport Services, Inc.		5,700		479,484
Knight Transportation, Inc.		3,769		101,914
Landstar System, Inc.		2,730		196,642
Marten Transport Ltd.		1,530		29,667
Old Dominion Freight Line, Inc. (a)		3,949		288,869
PAM Transportation Services, Inc. (a)		213		11,204
Quality Distribution, Inc. (a)		1,735		27,604
Roadrunner Transportation Systems, Inc. (a)		1,714		44,873
Ryder System, Inc.		3,253		294,462
Saia, Inc. (a)		1,520		65,998
Swift Transportation Co. (a)		5,631		134,130
Universal Truckload Services, Inc.		521		11,009
Werner Enterprises, Inc.		2,931		82,771

				2,939,086


TOTAL ROAD & RAIL				12,589,860

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


		53		*Annual Report*

Fidelity MSCI Industrials Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS – 2.9%
Trading Companies & Distributors – 2.9%
Air Lease Corp.		5,956	$	210,545
Aircastle Ltd.		4,003		96,352
Applied Industrial Technologies, Inc.		2,415		93,291
Beacon Roofing Supply, Inc. (a)		3,047		106,645
CAI International, Inc. (a)		1,015		14,271
DXP Enterprises, Inc. (a)		998		36,627
Fastenal Co.		17,164		718,485
GATX Corp.		2,569		136,260
H&E Equipment Services, Inc.		1,930		34,624
HD Supply Holdings, Inc. (a)		12,250		438,550
Kaman Corp.		1,518		59,915
MRC Global, Inc. (a)		6,195		79,606
MSC Industrial Direct Co., Inc. Class A		2,981		212,426
NOW, Inc. (a)		6,593		114,718
Rush Enterprises, Inc. Class A (a)		1,809		46,111
Stock Building Supply Holdings, Inc. (a)		1,002		19,419
TAL International Group, Inc. (a)		1,932		38,254
Titan Machinery, Inc. (a)		1,089		15,300
United Rentals, Inc. (a)		5,902		395,375
Veritiv Corp. (a)		544		20,269
Watsco, Inc.		1,582		202,876
WESCO International, Inc. (a)		2,727		167,329
WW Grainger, Inc.		3,714		849,429


TOTAL TRADING COMPANIES & DISTRIBUTORS				4,106,677



	Shares		Value
TRANSPORTATION INFRASTRUCTURE – 0.3%
Airport Services – 0.3%
Macquarie Infrastructure Corp.		4,453	$	378,193
Wesco Aircraft Holdings, Inc. (a)		4,223		60,769


TOTAL TRANSPORTATION INFRASTRUCTURE				438,962


TOTAL COMMON STOCKS (Cost $148,905,176)				142,745,546


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $193,961)		193,961		193,961


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $149,099,137)				142,939,507

NET OTHER ASSETS (LIABILITIES) – 0.1%				94,380


NET ASSETS – 100%			$	143,033,887

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	$	142,745,546	$	142,745,546	$	—	$	—
Money Market Funds		193,961		193,961		—		—

Total Investments in Securities:	$	142,939,507	$	142,939,507	$	—	$	—

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


*Annual Report*		54

Fidelity MSCI Information Technology Index ETF

Investments July 31, 2015

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES – 0.0%
Diversified Support Services – 0.0%
EnerNOC, Inc. (a)		2,528	$	20,805


COMMUNICATIONS EQUIPMENT – 7.9%
Communications Equipment – 7.9%
ADTRAN, Inc.		5,155		85,057
Arista Networks, Inc. (a)		3,528		298,010
ARRIS Group, Inc. (a)		12,465		385,418
Black Box Corp.		1,554		24,336
Brocade Communications Systems, Inc.		40,301		413,488
CalAmp Corp. (a)		3,553		60,792
Calix, Inc. (a)		4,089		34,470
Ciena Corp. (a)		10,295		262,008
Cisco Systems, Inc.		488,085		13,871,376
CommScope Holding Co., Inc. (a)		12,638		396,454
Comtech Telecommunications Corp.		1,554		44,771
EchoStar Corp. Class A (a)		4,205		195,196
Extreme Networks, Inc. (a)		9,756		22,634
F5 Networks, Inc. (a)		6,892		924,493
Finisar Corp. (a)		9,914		172,603
Harmonic, Inc. (a)		8,557		51,428
Harris Corp.		11,816		980,019
Infinera Corp. (a)		12,327		295,108
InterDigital, Inc.		3,571		193,084
Ixia (a)		5,206		68,719
JDS Uniphase Corp. (a)		22,234		246,575
Juniper Networks, Inc.		35,129		998,366
Motorola Solutions, Inc.		19,716		1,186,115
NETGEAR, Inc. (a)		3,138		105,092
Palo Alto Networks, Inc. (a)		6,556		1,218,301
Plantronics, Inc.		4,122		239,406
Polycom, Inc. (a)		12,775		145,379
QUALCOMM, Inc.		157,726		10,155,977
Ruckus Wireless, Inc. (a)		7,788		96,026
ShoreTel, Inc. (a)		6,181		43,823
Sonus Networks, Inc. (a)		4,344		35,056
Ubiquiti Networks, Inc.		2,940		94,727
ViaSat, Inc. (a)		4,315		267,530


TOTAL COMMUNICATIONS EQUIPMENT				33,611,837


ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 3.8%
Electronic Components – 1.3%
Amphenol Corp. Class A		29,716		1,676,279
AVX Corp.		4,726		63,659
Belden, Inc.		4,065		240,770
Corning, Inc.		121,701		2,273,375
Dolby Laboratories, Inc. Class A		4,921		172,973
DTS, Inc. (a)		1,602		45,641
II-VI, Inc. (a)		4,936		83,912
InvenSense, Inc. (a)		7,793		102,088
Knowles Corp. (a)		8,567		163,201
Littelfuse, Inc.		2,162		198,904



	Shares		Value
Rogers Corp. (a)		1,781	$	99,683
Universal Display Corp. (a)		3,922		187,119
Vishay Intertechnology, Inc.		13,192		151,444

				5,459,048

Electronic Equipment & Instruments – 0.7%
Badger Meter, Inc.		1,376		80,936
Checkpoint Systems, Inc.		4,362		38,124
Cognex Corp.		7,921		358,584
Coherent, Inc. (a)		2,400		139,080
Control4 Corp. (a)		1,749		14,517
Daktronics, Inc.		3,860		44,120
FARO Technologies, Inc. (a)		1,730		75,930
FEI Co.		4,032		346,631
FLIR Systems, Inc.		13,428		413,448
GSI Group, Inc. (a)		2,896		41,036
Itron, Inc. (a)		3,683		118,703
Keysight Technologies, Inc. (a)		16,028		489,495
MTS Systems Corp.		1,478		95,493
National Instruments Corp.		9,806		283,982
Newport Corp. (a)		3,990		63,202
OSI Systems, Inc. (a)		1,813		127,236
RealD, Inc. (a)		4,171		52,346
Rofin-Sinar Technologies, Inc. (a)		2,638		65,792

				2,848,655

Electronic Manufacturing Services – 1.2%
Benchmark Electronics, Inc. (a)		5,089		112,263
CTS Corp.		2,849		53,533
Fabrinet (a)		2,856		53,007
Flextronics International Ltd. (a)		55,012		605,682
IPG Photonics Corp. (a)		3,525		325,075
Jabil Circuit, Inc.		16,610		336,352
Kimball Electronics, Inc. (a)		2,767		37,105
Mercury Systems, Inc. (a)		3,462		48,780
Methode Electronics, Inc.		3,612		96,910
Multi-Fineline Electronix, Inc. (a)		967		17,271
Park Electrochemical Corp.		1,848		32,636
Plexus Corp. (a)		3,292		125,557
Sanmina Corp. (a)		8,028		177,178
TE Connectivity Ltd.		38,880		2,368,570
Trimble Navigation Ltd. (a)		24,890		574,959
TTM Technologies, Inc. (a)		6,212		56,716

				5,021,594

Technology Distributors – 0.6%
Anixter International, Inc. (a)		2,832		187,507
Arrow Electronics, Inc. (a)		9,196		534,747
Avnet, Inc.		13,042		544,243
CDW Corp.		13,050		468,887
Electro Rent Corp.		1,855		18,643
Ingram Micro, Inc. Class A (a)		14,962		407,415
Insight Enterprises, Inc. (a)		3,898		105,207
PC Connection, Inc.		1,030		22,856

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
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – continued
Technology Distributors – continued
ScanSource, Inc. (a)		2,788	$	105,470
SYNNEX Corp.		2,864		216,604
Tech Data Corp. (a)		3,689		215,179

				2,826,758


TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS				16,156,055


INTERNET & CATALOG RETAIL – 0.1%
Internet Retail – 0.1%
HomeAway, Inc. (a)		9,038		271,501
RetailMeNot, Inc. (a)		2,818		42,693


TOTAL INTERNET & CATALOG RETAIL				314,194


INTERNET SOFTWARE & SERVICES – 17.2%
Internet Software & Services – 17.2%
Actua Corp. (a)		3,927		57,845
Akamai Technologies, Inc. (a)		17,026		1,306,064
Angie’s List, Inc. (a)		4,179		20,895
Bankrate, Inc. (a)		6,021		54,912
Bazaarvoice, Inc. (a)		5,806		32,746
Benefitfocus, Inc. (a)		1,126		41,932
Blucora, Inc. (a)		3,661		51,876
Box, Inc. Class A (a)		1,284		20,968
Carbonite, Inc. (a)		1,053		12,573
ChannelAdvisor Corp. (a)		2,350		23,712
Cimpress N.V. (a)		2,832		182,749
comScore, Inc. (a)		3,323		194,396
Constant Contact, Inc. (a)		3,054		78,915
Cornerstone OnDemand, Inc. (a)		4,722		170,275
CoStar Group, Inc. (a)		3,084		620,778
Coupons.com, Inc. (a)		4,899		47,667
Cvent, Inc. (a)		2,169		58,389
Dealertrack Technologies, Inc. (a)		5,053		313,640
Demandware, Inc. (a)		3,123		235,974
DHI Group, Inc. (a)		4,505		35,905
EarthLink Holdings Corp.		9,842		72,240
eBay, Inc. (a)		104,137		2,928,332
Endurance International Group Holdings, Inc. (a)		5,740		116,005
Envestnet, Inc. (a)		3,123		141,441
Facebook, Inc. Class A (a)		192,439		18,091,190
Gogo, Inc. (a)		4,889		89,126
Google, Inc. Class A (a)		27,435		18,038,512
Google, Inc. Class C (a)		29,397		18,391,057
GrubHub, Inc. (a)		5,861		185,852
Hortonworks, Inc. (a)		840		20,378
IAC/InterActiveCorp		7,500		579,450
Internap Corp. (a)		4,047		37,273
IntraLinks Holdings, Inc. (a)		3,859		43,838
j2 Global, Inc.		4,369		307,578



	Shares		Value
LinkedIn Corp. Class A (a)		10,467	$	2,127,522
Liquidity Services, Inc. (a)		2,358		21,175
LivePerson, Inc. (a)		5,163		49,616
LogMeIn, Inc. (a)		2,341		172,251
Marketo, Inc. (a)		2,953		89,801
MercadoLibre, Inc.		3,186		416,378
Monster Worldwide, Inc. (a)		8,783		61,920
NIC, Inc.		5,968		107,663
OPOWER, Inc. (a)		1,823		18,321
Pandora Media, Inc. (a)		19,186		336,139
Q2 Holdings, Inc. (a)		1,820		49,486
Rackspace Hosting, Inc. (a)		10,801		367,558
RealNetworks, Inc. (a)		2,331		10,909
Rocket Fuel, Inc. (a)		2,140		16,307
SciQuest, Inc. (a)		2,564		30,486
Shutterstock, Inc. (a)		1,872		100,021
SPS Commerce, Inc. (a)		1,610		116,162
Stamps.com, Inc. (a)		1,419		97,343
Textura Corp. (a)		1,838		53,302
TrueCar, Inc. (a)		4,316		28,140
Twitter, Inc. (a)		46,469		1,441,004
VeriSign, Inc. (a)		10,037		712,025
Web.com Group, Inc. (a)		4,198		104,488
WebMD Health Corp. (a)		3,032		132,135
XO Group, Inc. (a)		2,347		34,806
Xoom Corp. (a)		2,436		60,535
Yahoo!, Inc. (a)		85,068		3,119,444
Yelp, Inc. (a)		6,202		163,733
Zillow Group, Inc. (a)		4,705		383,458


TOTAL INTERNET SOFTWARE & SERVICES				73,026,611


IT SERVICES – 17.9%
Data Processing & Outsourced Services – 11.4%
Alliance Data Systems Corp. (a)		6,017		1,654,916
Automatic Data Processing, Inc.		45,442		3,624,908
Blackhawk Network Holdings, Inc. (a)		4,917		225,838
Broadridge Financial Solutions, Inc.		11,607		629,912
Cardtronics, Inc. (a)		4,349		161,217
Cass Information Systems, Inc.		940		49,444
Computer Sciences Corp.		13,504		883,567
Convergys Corp.		9,577		240,478
CoreLogic, Inc. (a)		8,571		338,040
CSG Systems International, Inc.		3,347		104,092
DST Systems, Inc.		3,211		350,481
Euronet Worldwide, Inc. (a)		4,729		323,937
EVERTEC, Inc.		6,490		122,142
ExlService Holdings, Inc. (a)		3,076		119,257
Fidelity National Information Services, Inc.		27,263		1,783,818
Fiserv, Inc. (a)		22,817		1,981,885
FleetCor Technologies, Inc. (a)		7,456		1,154,338
Global Cash Access Holdings, Inc. (a)		5,972		30,159

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


*Annual Report*		56


Common Stocks – continued
	Shares		Value
IT SERVICES – continued
Data Processing & Outsourced Services – continued
Global Payments, Inc.		6,403	$	717,712
Heartland Payment Systems, Inc.		3,549		221,103
Jack Henry & Associates, Inc.		7,799		544,838
Mastercard, Inc. Class A		95,631		9,314,459
MAXIMUS, Inc.		6,346		432,861
MoneyGram International, Inc. (a)		2,826		28,825
Paychex, Inc.		31,288		1,451,763
PayPal Holdings, Inc. (a)		104,137		4,030,102
Sabre Corp.		11,636		309,518
Sykes Enterprises, Inc. (a)		3,872		94,399
Syntel, Inc. (a)		3,283		143,434
TeleTech Holdings, Inc.		1,610		43,679
The Western Union Co.		49,911		1,010,199
Total System Services, Inc.		15,988		738,965
Vantiv, Inc. Class A (a)		13,961		614,284
VeriFone Systems, Inc. (a)		10,838		348,767
Visa, Inc. Class A		187,772		14,146,742
WEX, Inc. (a)		3,736		381,221

				48,351,300

IT Consulting & Other Services – 6.5%
Accenture PLC Class A		60,064		6,193,199
Acxiom Corp. (a)		7,461		133,627
Booz Allen Hamilton Holding Corp.		10,042		278,465
CACI International, Inc. Class A (a)		2,179		178,961
CIBER, Inc. (a)		6,640		21,978
Cognizant Technology Solutions Corp. Class A (a)		58,307		3,679,172
EPAM Systems, Inc. (a)		3,957		293,253
Forrester Research, Inc.		865		27,057
Gartner, Inc. (a)		8,393		743,368
International Business Machines Corp.		89,781		14,543,624
Leidos Holdings, Inc.		6,032		246,106
Lionbridge Technologies, Inc. (a)		5,364		31,540
ManTech International Corp. Class A		2,332		69,517
Perficient, Inc. (a)		3,310		53,721
Science Applications International Corp.		3,914		210,104
ServiceSource International, Inc. (a)		6,270		33,231
Teradata Corp. (a)		13,925		516,757
Unisys Corp. (a)		4,889		77,588
Virtusa Corp. (a)		2,753		131,979

				27,463,247


TOTAL IT SERVICES				75,814,547


OFFICE ELECTRONICS – 0.4%
Office Electronics – 0.4%
Xerox Corp.		101,210		1,115,334
Zebra Technologies Corp. Class A (a)		4,872		524,374


TOTAL OFFICE ELECTRONICS				1,639,708



	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 11.7%
Semiconductor Equipment – 1.5%
Advanced Energy Industries, Inc. (a)		3,812	$	99,836
Amkor Technology, Inc. (a)		10,681		47,103
Applied Materials, Inc.		117,637		2,042,178
Brooks Automation, Inc.		6,713		70,822
Cabot Microelectronics Corp. (a)		2,304		104,463
Cohu, Inc.		2,331		23,100
Entegris, Inc. (a)		11,981		177,499
FormFactor, Inc. (a)		5,787		41,840
KLA-Tencor Corp.		15,599		827,527
Kulicke & Soffa Industries, Inc. (a)		7,475		77,815
Lam Research Corp.		15,266		1,173,497
MKS Instruments, Inc.		5,136		182,328
Nanometrics, Inc. (a)		2,117		28,961
PDF Solutions, Inc. (a)		2,749		38,514
Photronics, Inc. (a)		6,417		52,940
Rudolph Technologies, Inc. (a)		3,116		34,962
SunEdison, Inc. (a)		26,295		612,148
Teradyne, Inc.		20,991		404,287
Tessera Technologies, Inc.		4,637		160,718
Ultratech, Inc. (a)		2,674		42,570
Veeco Instruments, Inc. (a)		3,843		99,457
Xcerra Corp. (a)		5,429		34,121

				6,376,686

Semiconductors – 10.2%
Advanced Micro Devices, Inc. (a)		63,129		121,839
Altera Corp.		28,786		1,429,513
Ambarella, Inc. (a)		2,891		334,980
Analog Devices, Inc.		29,791		1,737,709
Applied Micro Circuits Corp. (a)		6,760		41,980
Atmel Corp.		40,142		332,376
Avago Technologies Ltd.		24,529		3,069,559
Broadcom Corp. Class A		52,632		2,663,705
Cavium, Inc. (a)		5,242		355,408
Ceva, Inc. (a)		2,072		38,808
Cirrus Logic, Inc. (a)		5,991		197,763
Cree, Inc. (a)		10,717		264,174
Cypress Semiconductor Corp. (a)		30,644		351,793
Diodes, Inc. (a)		3,807		84,477
Exar Corp. (a)		4,114		32,377
Fairchild Semiconductor International, Inc. (a)		11,364		171,142
First Solar, Inc. (a)		7,201		319,004
Freescale Semiconductor Ltd. (a)		10,325		411,658
Inphi Corp. (a)		2,753		62,576
Integrated Device Technology, Inc. (a)		14,173		270,846
Integrated Silicon Solution, Inc.		2,876		63,071
Intel Corp.		452,827		13,109,342
Intersil Corp. Class A		12,679		141,117
IXYS Corp.		2,336		24,435
Lattice Semiconductor Corp. (a)		11,841		58,258

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


		57		*Annual Report*

Fidelity MSCI Information Technology Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – continued
Semiconductors – continued
Linear Technology Corp.		22,905	$	939,105
M/A-COM Technology Solutions Holdings, Inc. (a)		2,029		68,398
Marvell Technology Group Ltd.		39,026		485,483
Maxim Integrated Products, Inc.		27,113		922,926
MaxLinear, Inc. Class A (a)		4,837		52,626
Mellanox Technologies Ltd. (a)		3,928		165,172
Micrel, Inc.		3,781		52,745
Microchip Technology, Inc.		19,320		827,669
Micron Technology, Inc. (a)		102,965		1,905,882
Microsemi Corp. (a)		9,184		302,521
Monolithic Power Systems, Inc.		3,587		185,484
NVE Corp.		418		24,955
NVIDIA Corp.		52,145		1,040,293
OmniVision Technologies, Inc. (a)		5,633		137,558
ON Semiconductor Corp. (a)		41,119		436,684
PMC – Sierra, Inc. (a)		17,357		118,201
Power Integrations, Inc.		2,781		107,791
Qorvo, Inc. (a)		14,231		824,686
Rambus, Inc. (a)		11,076		144,985
Semtech Corp. (a)		6,470		113,807
Silicon Laboratories, Inc. (a)		3,885		174,786
Skyworks Solutions, Inc.		18,239		1,744,925
SunEdison Semiconductor Ltd. (a)		3,991		56,433
SunPower Corp. (a)		5,019		135,664
Synaptics, Inc. (a)		3,544		281,323
Texas Instruments, Inc.		100,134		5,004,697
Xilinx, Inc.		25,042		1,045,503

				42,988,212


TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				49,364,898


SOFTWARE – 20.8%
Application Software – 6.4%
ACI Worldwide, Inc. (a)		11,149		263,897
Adobe Systems, Inc. (a)		47,906		3,927,813
ANSYS, Inc. (a)		8,631		812,609
Aspen Technology, Inc. (a)		8,503		377,363
Autodesk, Inc. (a)		21,697		1,097,434
Blackbaud, Inc.		4,453		272,346
Bottomline Technologies de, Inc. (a)		3,873		106,353
BroadSoft, Inc. (a)		2,619		91,456
Cadence Design Systems, Inc. (a)		27,992		586,992
Callidus Software, Inc. (a)		5,229		86,801
CDK Global, Inc.		13,115		677,259
Citrix Systems, Inc. (a)		15,312		1,157,740
Comverse, Inc. (a)		1,700		34,459
Ebix, Inc.		2,855		88,476
Ellie Mae, Inc. (a)		2,665		209,069
Epiq Systems, Inc.		1,895		31,362



	Shares		Value
ePlus, Inc. (a)		612	$	47,069
FactSet Research Systems, Inc.		3,811		631,330
Fair Isaac Corp.		3,004		272,433
Glu Mobile, Inc. (a)		10,678		62,626
Guidewire Software, Inc. (a)		6,694		395,281
HubSpot, Inc. (a)		1,384		74,667
Informatica Corp. (a)		10,511		509,994
Interactive Intelligence Group, Inc. (a)		1,637		67,870
Intuit, Inc.		25,165		2,661,702
Jive Software, Inc. (a)		4,080		19,258
Manhattan Associates, Inc. (a)		7,147		463,269
Mentor Graphics Corp.		9,371		244,489
MicroStrategy, Inc. Class A (a)		894		182,242
MobileIron, Inc. (a)		3,045		17,417
Monotype Imaging Holdings, Inc.		3,833		95,557
Net 1 UEPS Technologies, Inc. (a)		4,114		79,894
Netscout Systems, Inc. (a)		9,378		373,995
Nuance Communications, Inc. (a)		24,969		452,688
Paycom Software, Inc. (a)		2,809		89,888
Paylocity Holding Corp. (a)		1,721		61,818
Pegasystems, Inc.		3,664		99,258
PROS Holdings, Inc. (a)		2,335		51,066
PTC, Inc. (a)		11,063		402,140
QAD, Inc. Class A		866		23,114
Qlik Technologies, Inc. (a)		8,744		353,782
RealPage, Inc. (a)		4,138		79,450
Salesforce.com, Inc. (a)		57,328		4,202,142
Silver Spring Networks, Inc. (a)		3,082		34,518
SolarWinds, Inc. (a)		6,548		261,200
Solera Holdings, Inc.		6,414		234,688
Splunk, Inc. (a)		11,996		839,000
SS&C Technologies Holdings, Inc.		7,999		544,172
Synchronoss Technologies, Inc. (a)		3,519		168,208
Synopsys, Inc. (a)		14,765		750,653
Tangoe, Inc. (a)		3,802		41,898
Telenav, Inc. (a)		3,024		21,168
The Ultimate Software Group, Inc. (a)		2,590		477,104
TiVo, Inc. (a)		9,819		97,797
Tyler Technologies, Inc. (a)		3,060		426,992
Verint Systems, Inc. (a)		5,853		340,762
VirnetX Holding Corp. (a)		5,078		23,511
Workday, Inc. Class A (a)		9,883		833,433
Zendesk, Inc. (a)		4,449		91,783

				27,022,755

Home Entertainment Software – 0.9%
Activision Blizzard, Inc.		48,366		1,247,359
Electronic Arts, Inc. (a)		29,692		2,124,462
Take-Two Interactive Software, Inc. (a)		8,108		256,051
Zynga, Inc. Class A (a)		74,262		184,170

				3,812,042

Systems Software – 13.5%
Barracuda Networks, Inc. (a)		1,777		48,761

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


*Annual Report*		58


Common Stocks – continued
	Shares		Value
SOFTWARE – continued
Systems Software – continued
CA, Inc.		31,835	$	927,513
CommVault Systems, Inc. (a)		4,076		152,728
FireEye, Inc. (a)		10,394		462,429
Fleetmatics Group PLC (a)		3,661		175,252
Fortinet, Inc. (a)		13,700		654,038
Gigamon, Inc. (a)		1,572		42,255
Imperva, Inc. (a)		2,614		171,740
Infoblox, Inc. (a)		5,088		119,568
Microsoft Corp.		745,139		34,797,991
NetSuite, Inc. (a)		3,659		361,656
Oracle Corp.		335,900		13,415,846
Progress Software Corp. (a)		4,375		129,850
Proofpoint, Inc. (a)		3,554		229,944
Qualys, Inc. (a)		2,254		83,308
Red Hat, Inc. (a)		17,548		1,387,696
Rovi Corp. (a)		410		4,506
ServiceNow, Inc. (a)		13,713		1,103,897
Symantec Corp.		65,267		1,484,172
Tableau Software, Inc. Class A (a)		4,788		501,495
The Rubicon Project, Inc. (a)		1,845		32,158
TubeMogul, Inc. (a)		1,664		23,512
Varonis Systems, Inc. (a)		784		16,299
VASCO Data Security International, Inc. (a)		2,814		57,377
VMware, Inc. Class A (a)		7,923		706,177

				57,090,168


TOTAL SOFTWARE				87,924,965


TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 20.1%
Computer Hardware – 17.4%
3D Systems Corp. (a)		2,042		26,873
Apple, Inc.		556,890		67,550,757
Cray, Inc. (a)		3,993		103,579
Diebold, Inc.		5,885		200,384
Hewlett-Packard Co.		174,754		5,333,492
NCR Corp. (a)		16,080		442,843
Silicon Graphics International Corp. (a)		3,657		18,687
Super Micro Computer, Inc. (a)		3,578		95,425

				73,772,040



	Shares		Value
Computer Storage & Peripherals – 2.7%
Electronics For Imaging, Inc. (a)		4,560	$	208,392
EMC Corp.		190,115		5,112,192
Immersion Corp. (a)		2,596		35,617
Lexmark International, Inc. Class A		5,785		196,632
NetApp, Inc.		29,764		927,149
QLogic Corp. (a)		8,327		73,861
Quantum Corp. (a)		23,051		24,434
SanDisk Corp.		20,372		1,228,228
Seagate Technology PLC		31,377		1,587,676
Western Digital Corp.		22,083		1,900,463

				11,294,644

Technology Hardware, Storage & Peripherals – 0.0%
Eastman Kodak Co. (a)		1,831		24,957
Nimble Storage, Inc. (a)		3,337		92,168
Violin Memory, Inc. (a)		370		873

				117,998


TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS				85,184,682


TOTAL COMMON STOCKS (Cost $400,107,370)				423,058,302


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $287,949)		287,949		287,949


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $400,395,319)				423,346,251

NET OTHER ASSETS (LIABILITIES) – 0.0%				26,009


NET ASSETS – 100%			$	423,372,260

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	$	423,058,302	$	423,058,302	$	—	$	—
Money Market Funds		287,949		287,949		—		—

Total Investments in Securities:	$	423,346,251	$	423,346,251	$	—	$	—

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


		59		*Annual Report*

Fidelity MSCI Materials Index ETF

Investments July 31, 2015

Showing Percentage of Net Assets


Common Stocks – 99.8%
	Shares		Value
CHEMICALS – 69.4%
Commodity Chemicals – 6.4%
Axiall Corp.		11,422	$	336,149
Cabot Corp.		10,426		366,787
Calgon Carbon Corp.		8,714		154,151
Hawkins, Inc.		1,542		56,252
Koppers Holdings, Inc.		3,345		67,903
Kronos Worldwide, Inc.		3,913		38,504
LyondellBasell Industries N.V. Class A		66,176		6,209,294
Tredegar Corp.		3,686		62,146
Trinseo S.A. (a)		1,975		48,111
Tronox Ltd. Class A		10,469		114,950
Westlake Chemical Corp.		7,572		473,023

				7,927,270

Diversified Chemicals – 17.4%
Eastman Chemical Co.		24,267		1,902,533
EI du Pont de Nemours & Co.		147,733		8,237,592
FMC Corp.		21,737		1,055,114
Huntsman Corp.		33,987		645,753
LSB Industries, Inc. (a)		2,960		109,254
Olin Corp.		11,991		275,673
The Chemours Co.		29,520		322,358
The Dow Chemical Co.		188,896		8,889,446

				21,437,723

Fertilizers & Agricultural Chemicals – 10.8%
American Vanguard Corp.		4,276		54,818
CF Industries Holdings, Inc.		39,086		2,313,891
Intrepid Potash, Inc. (a)		9,393		80,216
Monsanto Co.		78,908		8,039,936
The Mosaic Co.		54,047		2,320,778
The Scotts Miracle-Gro Co. Class A		7,450		449,906

				13,259,545

Industrial Gases – 9.1%
Air Products & Chemicals, Inc.		33,215		4,733,470
Airgas, Inc.		11,026		1,124,872
Praxair, Inc.		47,121		5,378,391

				11,236,733

Specialty Chemicals – 25.7%
A Schulman, Inc.		4,723		175,837
Albemarle Corp.		18,311		992,456
Ashland, Inc.		10,732		1,226,882
Axalta Coating Systems Ltd. (a)		18,723		595,579
Balchem Corp.		5,074		287,544
Celanese Corp.		24,959		1,645,297
Chemtura Corp. (a)		10,232		280,664
Cytec Industries, Inc.		11,047		820,019
Ecolab, Inc.		43,945		5,089,270
Ferro Corp. (a)		12,801		177,806
Flotek Industries, Inc. (a)		8,817		150,947
FutureFuel Corp.		3,891		44,513
HB Fuller Co.		8,254		330,655



	Shares		Value
Innophos Holdings, Inc.		3,495	$	179,923
Innospec, Inc.		3,978		172,049
International Flavors & Fragrances, Inc.		13,204		1,526,250
Kraton Performance Polymers, Inc. (a)		5,148		105,637
Minerals Technologies, Inc.		5,670		367,133
NewMarket Corp.		1,726		686,447
OM Group, Inc.		4,944		167,503
OMNOVA Solutions, Inc. (a)		7,905		51,145
Platform Specialty Products Corp. (a)		23,862		555,269
PolyOne Corp.		14,540		498,286
PPG Industries, Inc.		44,398		4,811,855
Quaker Chemical Corp.		2,176		201,715
Rayonier Advanced Materials, Inc.		7,010		98,491
RPM International, Inc.		21,839		1,023,594
Sensient Technologies Corp.		7,766		531,117
Sigma-Aldrich Corp.		19,487		2,720,580
Stepan Co.		3,297		161,586
The Sherwin-Williams Co.		13,162		3,655,877
The Valspar Corp.		12,698		1,057,489
WR Grace & Co. (a)		11,914		1,202,480

				31,591,895


TOTAL CHEMICALS				85,453,166


CONSTRUCTION MATERIALS – 3.6%
Construction Materials – 3.6%
Eagle Materials, Inc.		8,220		634,091
Headwaters, Inc. (a)		12,046		228,994
Martin Marietta Materials, Inc.		9,315		1,460,778
United States Lime & Minerals, Inc.		355		19,170
US Concrete, Inc. (a)		2,211		93,592
Vulcan Materials Co.		21,560		1,962,391


TOTAL CONSTRUCTION MATERIALS				4,399,016


CONTAINERS & PACKAGING – 11.2%
Metal & Glass Containers – 4.1%
Aptargroup, Inc.		10,164		689,018
Ball Corp.		21,303		1,445,195
Berry Plastics Group, Inc. (a)		19,363		630,459
Crown Holdings, Inc. (a)		22,684		1,168,453
Greif, Inc. Class A		4,202		130,220
Myers Industries, Inc.		4,154		62,850
Owens-Illinois, Inc. (a)		26,305		561,612
Silgan Holdings, Inc.		7,758		414,820

				5,102,627

Paper Packaging – 7.1%
Avery Dennison Corp.		14,767		898,572
Bemis Co., Inc.		15,928		709,911
Graphic Packaging Holding Co.		53,326		805,223
Packaging Corp. of America		16,033		1,134,976
Sealed Air Corp.		34,291		1,823,252
Sonoco Products Co.		16,424		677,983

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


*Annual Report*		60


Common Stocks – continued
	Shares		Value
CONTAINERS & PACKAGING – continued
Paper Packaging – continued
WestRock Co. (a)		42,631	$	2,688,311

				8,738,228


TOTAL CONTAINERS & PACKAGING				13,840,855


METALS & MINING – 11.2%
Aluminum – 2.0%
Alcoa, Inc.		213,684		2,109,061
Century Aluminum Co. (a)		8,825		82,249
Kaiser Aluminum Corp.		2,855		241,105

				2,432,415

Diversified Metals & Mining – 2.3%
Compass Minerals International, Inc.		5,485		438,800
Freeport-McMoRan, Inc.		169,672		1,993,646
Globe Specialty Metals, Inc.		10,911		168,466
Horsehead Holding Corp. (a)		9,291		76,929
Materion Corp.		3,138		96,023

				2,773,864

Gold – 1.6%
Newmont Mining Corp.		86,382		1,483,179
Royal Gold, Inc.		10,632		536,065

				2,019,244

Precious Metals & Minerals – 0.4%
Coeur Mining, Inc. (a)		22,208		78,394
Hecla Mining Co.		60,693		127,455
McEwen Mining, Inc.		38,261		27,931
Stillwater Mining Co. (a)		19,757		188,087

				421,867

Steel – 4.9%
AK Steel Holding Corp. (a)		29,370		86,642
Allegheny Technologies, Inc.		17,694		377,236
Carpenter Technology Corp.		8,567		321,605
Cliffs Natural Resources, Inc.		22,539		56,798
Commercial Metals Co.		19,163		295,302
Haynes International, Inc.		2,015		85,779
Nucor Corp.		52,031		2,296,648
Reliance Steel & Aluminum Co.		12,652		766,711
Schnitzer Steel Industries, Inc. Class A		4,350		68,339
Steel Dynamics, Inc.		39,350		788,180
SunCoke Energy, Inc.		10,935		134,391
TimkenSteel Corp.		5,963		111,091



	Shares		Value
United States Steel Corp.		23,745	$	462,315
Worthington Industries, Inc.		8,342		225,735

				6,076,772


TOTAL METALS & MINING				13,724,162


PAPER & FOREST PRODUCTS – 4.4%
Forest Products – 0.5%
Boise Cascade Co. (a)		6,448		213,945
Deltic Timber Corp.		1,876		121,752
Louisiana-Pacific Corp. (a)		23,191		341,835

				677,532

Paper Products – 3.9%
Clearwater Paper Corp. (a)		3,128		184,083
Domtar Corp.		10,431		424,125
International Paper Co.		65,545		3,137,639
KapStone Paper and Packaging Corp.		14,085		329,589
Neenah Paper, Inc.		2,729		165,323
PH Glatfelter Co.		7,026		143,401
Resolute Forest Products, Inc. (a)		10,939		108,077
Schweitzer-Mauduit International, Inc.		5,026		199,532
Wausau Paper Corp.		5,724		50,600

				4,742,369


TOTAL PAPER & FOREST PRODUCTS				5,419,901


TOTAL COMMON STOCKS (Cost $135,900,140)				122,837,100


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $134,241)		134,241		134,241


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $136,034,381)				122,971,341

NET OTHER ASSETS (LIABILITIES) – 0.1%				80,589


NET ASSETS – 100%			$	123,051,930

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.


		61		*Annual Report*

Fidelity MSCI Materials Index ETF

Investments – continued

Other Information


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	122,837,100	$	122,837,100	$	—	$	—
Money Market Funds		134,241		134,241		—		—

Total Investments in Securities:	$	122,971,341	$	122,971,341	$	—	$	—

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


*Annual Report*		62

Fidelity MSCI Real Estate Index ETF

Investments July 31, 2015

Showing Percentage of Net Assets


Common Stocks – 100.0%
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) – 95.4%
Diversified REIT’s – 7.3%
Cousins Properties, Inc.		5,843	$	60,650
Duke Realty Corp.		9,716		195,972
Empire State Realty Trust, Inc. Class A		2,947		52,398
First Potomac Realty Trust		1,907		21,644
Investors Real Estate Trust		3,498		25,221
Lexington Realty Trust		6,189		53,225
Liberty Property Trust		4,231		143,981
NorthStar Realty Finance Corp.		9,261		148,176
One Liberty Properties, Inc.		423		9,560
PS Business Parks, Inc.		595		45,809
RAIT Financial Trust		2,237		11,722
Select Income REIT		1,952		39,177
Spirit Realty Capital, Inc.		12,378		125,637
STORE Capital Corp.		1,456		30,576
VEREIT, Inc.		25,463		223,056
Vornado Realty Trust		4,755		463,850
Washington Real Estate Investment Trust		2,000		53,680
Winthrop Realty Trust		928		13,818
WP Carey, Inc.		2,776		169,863

				1,888,015

Health Care REIT’s – 0.6%
CareTrust REIT, Inc.		804		10,436
Healthcare Trust of America, Inc. Class A		3,534		88,809
New Senior Investment Group, Inc.		2,562		33,152
Physicians Realty Trust		1,761		28,247

				160,644

Hotel & Resort REIT’s – 0.5%
Chatham Lodging Trust		1,077		29,101
Hersha Hospitality Trust		1,284		34,822
Xenia Hotels & Resorts, Inc.		3,043		63,081

				127,004

Industrial REIT’s – 3.3%
DCT Industrial Trust, Inc.		2,534		88,082
EastGroup Properties, Inc.		944		56,829
First Industrial Realty Trust, Inc.		3,181		66,610
Monmouth Real Estate Investment Corp. Class A		1,571		15,741
Prologis, Inc.		14,401		584,825
STAG Industrial, Inc.		1,803		35,411

				847,498

Mortgage REIT’s – 6.2%
AG Mortgage Investment Trust, Inc.		876		15,943
Altisource Residential Corp.		1,765		29,052
American Capital Agency Corp.		9,949		191,618
American Capital Mortgage Investment Corp.		1,535		24,775
Annaly Capital Management, Inc.		26,696		265,625
Anworth Mortgage Asset Corp.		3,279		16,395



	Shares		Value
Apollo Commercial Real Estate Finance, Inc.		1,699	$	28,679
Apollo Residential Mortgage, Inc.		921		13,336
ARMOUR Residential REIT, Inc.		10,235		29,067
Blackstone Mortgage Trust, Inc. Class A		2,502		72,983
Capstead Mortgage Corp.		2,690		29,778
Chimera Investment Corp.		5,636		80,200
Colony Financial, Inc.		3,166		71,932
CYS Investments, Inc.		4,775		37,054
Dynex Capital, Inc.		1,799		13,259
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		870		17,461
Hatteras Financial Corp.		2,842		46,211
Invesco Mortgage Capital, Inc.		3,605		51,948
iStar Financial, Inc. (a)		2,444		32,016
MFA Financial, Inc.		10,638		80,104
New Residential Investment Corp.		6,507		102,095
New York Mortgage Trust, Inc.		2,973		22,238
Newcastle Investment Corp.		2,421		11,887
Redwood Trust, Inc.		2,464		38,192
Resource Capital Corp.		4,349		15,570
Starwood Property Trust, Inc.		6,715		146,118
Two Harbors Investment Corp.		10,525		107,566
Western Asset Mortgage Capital Corp.		1,167		16,186

				1,607,288

Office REIT’s – 10.7%
Alexandria Real Estate Equities, Inc.		2,025		187,738
BioMed Realty Trust, Inc.		5,845		125,901
Boston Properties, Inc.		4,308		531,090
Brandywine Realty Trust		5,160		71,053
Columbia Property Trust, Inc.		3,413		82,458
CoreSite Realty Corp.		754		37,851
Corporate Office Properties Trust		2,700		62,451
CyrusOne, Inc.		1,741		53,518
Digital Realty Trust, Inc.		3,820		245,512
Douglas Emmett, Inc.		3,891		114,045
DuPont Fabros Technology, Inc.		1,896		57,165
Equity Commonwealth (a)		3,540		92,748
Franklin Street Properties Corp.		2,623		30,873
Government Properties Income Trust		1,329		22,952
Gramercy Property Trust, Inc.		1,607		39,307
Highwoods Properties, Inc.		2,667		112,894
Hudson Pacific Properties, Inc.		2,162		66,546
Kilroy Realty Corp.		2,427		171,953
Mack-Cali Realty Corp.		2,494		51,975
New York REIT, Inc.		4,776		49,479
Paramount Group, Inc.		4,560		81,487
Parkway Properties, Inc.		2,453		44,007
Piedmont Office Realty Trust, Inc. Class A		4,435		80,761
QTS Realty Trust, Inc. Class A		918		38,097
SL Green Realty Corp.		2,775		319,514

				2,771,375

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


		63		*Annual Report*

Fidelity MSCI Real Estate Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Residential REIT’s – 13.1%
American Campus Communities, Inc.		3,169	$	118,267
American Homes 4 Rent Class A		4,813		79,655
American Residential Properties, Inc.		914		16,909
Apartment Investment & Management Co. Class A		4,357		170,272
Associated Estates Realty Corp.		1,627		46,776
AvalonBay Communities, Inc.		3,713		639,898
Camden Property Trust		2,446		194,775
Campus Crest Communities, Inc.		1,864		10,625
Education Realty Trust, Inc.		1,394		44,106
Equity Lifestyle Properties, Inc.		2,246		129,998
Equity Residential		10,229		765,232
Essex Property Trust, Inc.		1,832		412,035
Home Properties, Inc.		1,622		119,541
Mid-America Apartment Communities, Inc.		2,122		170,482
Post Properties, Inc.		1,546		88,029
Silver Bay Realty Trust Corp.		989		16,032
Starwood Waypoint Residential Trust		1,114		27,271
Sun Communities, Inc.		1,430		99,399
UDR, Inc.		7,265		245,630

				3,394,932

Retail REIT’s – 19.1%
Acadia Realty Trust		1,958		62,617
Agree Realty Corp.		548		16,983
Alexander’s, Inc.		69		27,977
Brixmor Property Group, Inc.		5,039		123,304
CBL & Associates Properties, Inc.		4,889		79,886
Cedar Realty Trust, Inc.		2,130		14,271
DDR Corp.		8,717		142,087
Equity One, Inc.		2,198		56,423
Excel Trust, Inc.		1,715		27,166
Federal Realty Investment Trust		1,934		264,552
General Growth Properties, Inc.		16,185		439,261
Getty Realty Corp.		820		13,628
Inland Real Estate Corp.		2,661		26,131
Kimco Realty Corp.		11,592		286,438
Kite Realty Group Trust		2,398		63,307
National Retail Properties, Inc.		3,730		138,644
Pennsylvania Real Estate Investment Trust		2,031		44,520
Ramco-Gershenson Properties Trust		2,302		38,996
Realty Income Corp.		6,330		305,676
Regency Centers Corp.		2,655		169,840
Retail Opportunity Investments Corp.		2,747		47,111
Retail Properties of America, Inc. Class A		6,719		97,829
Rouse Properties, Inc.		1,159		20,398
Saul Centers, Inc.		355		18,417
Simon Property Group, Inc.		8,839		1,654,838
Tanger Factory Outlet Centers		2,692		87,436
Taubman Centers, Inc.		1,567		117,212
The Macerich Co.		3,783		299,462



	Shares		Value
Urban Edge Properties		2,729	$	58,592
Urstadt Biddle Properties, Inc. Class A		662		12,644
Weingarten Realty Investors		3,291		115,777
WP GLIMCHER, Inc.		5,312		71,925

				4,943,348

Specialized REIT’s – 34.6%
American Tower Corp.		11,814		1,123,630
Ashford Hospitality Prime, Inc.		810		11,794
Ashford Hospitality Trust, Inc.		2,803		24,498
CatchMark Timber Trust, Inc. Class A		1,118		11,940
Chesapeake Lodging Trust		1,731		55,513
Communications Sales & Leasing, Inc. (a)		3,381		70,494
Corrections Corp. of America		3,287		115,604
Crown Castle International Corp.		9,387		768,889
CubeSmart		4,687		122,612
DiamondRock Hospitality Co.		5,756		72,583
EPR Properties		1,637		93,505
Equinix, Inc.		1,588		442,909
Extra Space Storage, Inc.		3,117		229,162
FelCor Lodging Trust, Inc.		3,792		35,493
Gaming and Leisure Properties, Inc.		2,572		84,233
HCP, Inc.		12,957		500,658
Health Care REIT, Inc.		9,754		676,635
Healthcare Realty Trust, Inc.		2,855		68,634
Hospitality Properties Trust		4,034		110,612
Host Hotels & Resorts, Inc.		21,292		412,639
InfraREIT, Inc. (a)		658		22,063
Iron Mountain, Inc.		5,631		169,212
Lamar Advertising Co. Class A		2,276		136,674
LaSalle Hotel Properties		3,185		105,965
LTC Properties, Inc.		1,047		45,932
Medical Properties Trust, Inc.		5,994		81,938
National Health Investors, Inc.		1,025		66,881
Omega Healthcare Investors, Inc.		4,653		168,718
Outfront Media, Inc.		3,850		96,751
Pebblebrook Hotel Trust		2,060		83,842
Plum Creek Timber Co., Inc.		4,961		203,401
Potlatch Corp.		1,197		41,907
Public Storage		4,130		847,393
Rayonier, Inc.		3,642		89,593
RLJ Lodging Trust		3,750		111,863
Ryman Hospitality Properties, Inc.		1,300		74,334
Sabra Health Care REIT, Inc.		1,838		50,269
Senior Housing Properties Trust		6,567		113,412
Sovran Self Storage, Inc.		1,002		95,400
Strategic Hotels & Resorts, Inc. (a)		7,395		101,090
Summit Hotel Properties, Inc.		2,470		33,666
Sunstone Hotel Investors, Inc.		5,989		84,265
The Geo Group, Inc.		2,091		78,935
Universal Health Realty Income Trust		112		5,485
Ventas, Inc.		8,846		593,478

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


*Annual Report*		64


Common Stocks – continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Specialized REIT’s – continued
Weyerhaeuser Co.		14,764	$	453,107

				8,987,611


TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS)				24,727,715


REAL ESTATE MANAGEMENT & DEVELOPMENT – 4.6%
Diversified Real Estate Activities – 0.2%
Alexander & Baldwin, Inc.		1,357		51,227
Tejon Ranch Co. (a)		530		13,154

				64,381

Real Estate Development – 0.6%
Forestar Group, Inc. (a)		1,126		14,413
The Howard Hughes Corp. (a)		1,013		137,727

				152,140

Real Estate Operating Companies – 0.6%
Forest City Enterprises, Inc. Class A (a)		6,496		151,682

Real Estate Services – 3.2%
Altisource Asset Management Corp. (a)		39		5,170
Altisource Portfolio Solutions S.A. (a)		449		14,664
CBRE Group, Inc. Class A (a)		8,440		320,467
Jones Lang LaSalle, Inc.		1,264		225,043
Kennedy-Wilson Holdings, Inc.		2,263		57,299



	Shares		Value
Marcus & Millichap, Inc. (a)		423	$	21,675
Realogy Holdings Corp. (a)		4,113		187,224

				831,542


TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT				1,199,745


TOTAL COMMON STOCKS (Cost $27,568,991)				25,927,460


Money Market Funds – 0.2%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $49,940)		49,940		49,940


TOTAL INVESTMENT PORTFOLIO – 100.2% (Cost $27,618,931)				25,977,400

NET OTHER ASSETS (LIABILITIES) – (0.2%)				(41,160	)


NET ASSETS – 100%			$	25,936,240

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	$	25,927,460	$	25,927,460	$	—	$	—
Money Market Funds		49,940		49,940		—		—

Total Investments in Securities:	$	25,977,400	$	25,977,400	$	—	$	—

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


		65		*Annual Report*

Fidelity MSCI Telecommunication Services Index ETF

Investments July 31, 2015

Showing Percentage of Net Assets


Common Stocks – 100.0%
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 79.3%
Alternative Carriers – 18.8%
8x8, Inc. (a)		169,742	$	1,478,453
Cogent Communications Holdings, Inc.		39,454		1,254,243
Globalstar, Inc. (a)		352,253		729,164
inContact, Inc. (a)		123,896		1,149,755
Inteliquent, Inc.		77,900		1,417,780
Iridium Communications, Inc. (a)		141,386		1,049,084
Level 3 Communications, Inc. (a)		66,451		3,355,775
Lumos Networks Corp.		72,117		1,006,753
ORBCOMM, Inc. (a)		135,420		834,187
Premiere Global Services, Inc. (a)		106,138		1,145,229
Vonage Holdings Corp. (a)		311,383		1,989,737

				15,410,160

Integrated Telecommunication Services – 60.5%
AT&T, Inc.		551,673		19,165,120
Atlantic Tele-Network, Inc.		21,077		1,490,987
CenturyLink, Inc.		108,526		3,103,844
Cincinnati Bell, Inc. (a)		342,417		1,338,850
Consolidated Communications Holdings, Inc.		62,598		1,247,578
FairPoint Communications, Inc. (a)		73,721		1,225,243
Frontier Communications Corp.		387,785		1,830,345
General Communication, Inc. Class A (a)		85,129		1,566,374
IDT Corp. Class B		62,786		1,068,618
Verizon Communications, Inc.		363,669		17,016,073
Windstream Holding, Inc.		104,757		508,071

				49,561,103


TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES				64,971,263



	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES – 20.7%
Wireless Telecommunication Services – 20.7%
Boingo Wireless, Inc. (a)		147,022	$	1,430,524
Contra Leap Wireless (a)		18,242		45,970
RingCentral, Inc. Class A (a)		84,414		1,662,956
SBA Communications Corp. Class A (a)		31,411		3,791,936
Shenandoah Telecommunications Co.		45,138		1,551,844
Spok Holdings, Inc.		74,426		1,245,147
Sprint Corp. (a)		358,647		1,208,640
T-Mobile US, Inc. (a)		78,259		3,182,011
Telephone & Data Systems, Inc.		59,157		1,739,807
United States Cellular Corp. (a)		30,180		1,123,300


TOTAL WIRELESS TELECOMMUNICATION SERVICES				16,982,135


TOTAL COMMON STOCKS (Cost $82,055,010)				81,953,398


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $57,056)		57,056		57,056


TOTAL INVESTMENT PORTFOLIO – 100.1% (Cost $82,112,066)				82,010,454

NET OTHER ASSETS (LIABILITIES) – (0.1%)				(102,533	)


NET ASSETS – 100%			$	81,907,921

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	$	81,953,398	$	81,907,428	$	—	$	45,970
Money Market Funds		57,056		57,056		—		—

Total Investments in Securities:	$	82,010,454	$	81,964,484	$	—	$	45,970

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


*Annual Report*		66

Fidelity MSCI Utilities Index ETF

Investments July 31, 2015

Showing Percentage of Net Assets


Common Stocks – 99.9%
	Shares		Value
ELECTRIC UTILITIES – 52.3%
Electric Utilities – 52.3%
ALLETE, Inc.		6,952	$	335,712
American Electric Power Co., Inc.		78,075		4,416,703
Cleco Corp.		9,629		524,106
Duke Energy Corp.		112,874		8,377,508
Edison International		51,978		3,119,200
El Paso Electric Co.		6,469		235,666
Empire District Electric Co.		6,887		158,470
Entergy Corp.		28,794		2,044,950
Eversource Energy		50,541		2,512,899
Exelon Corp.		137,169		4,401,753
FirstEnergy Corp.		67,194		2,281,908
Great Plains Energy, Inc.		24,553		641,079
Hawaiian Electric Industries, Inc.		16,355		489,832
IDACORP, Inc.		8,003		497,066
ITC Holdings Corp.		24,803		837,845
MGE Energy, Inc.		5,522		219,113
NextEra Energy, Inc.		70,743		7,442,164
OGE Energy Corp.		31,868		948,392
Otter Tail Corp.		5,343		138,491
Pepco Holdings, Inc.		40,365		1,076,938
Pinnacle West Capital Corp.		17,657		1,089,613
PNM Resources, Inc.		12,681		334,525
Portland General Electric Co.		12,457		448,577
PPL Corp.		106,403		3,384,679
The Southern Co.		145,150		6,492,559
UIL Holdings Corp.		9,004		431,652
Unitil Corp.		2,089		74,264
Westar Energy, Inc.		21,128		795,469
Xcel Energy, Inc.		80,722		2,798,632


TOTAL ELECTRIC UTILITIES				56,549,765


GAS UTILITIES – 6.6%
Gas Utilities – 6.6%
AGL Resources, Inc.		19,116		919,097
Atmos Energy Corp.		16,117		891,270
Chesapeake Utilities Corp.		2,314		118,986
National Fuel Gas Co.		11,405		616,668
New Jersey Resources Corp.		13,456		388,879
Northwest Natural Gas Co.		4,349		188,268
ONE Gas, Inc.		8,304		373,929
Piedmont Natural Gas Co., Inc.		12,524		476,037
Questar Corp.		27,944		618,680
South Jersey Industries, Inc.		10,896		264,119
Southwest Gas Corp.		7,427		418,437
The Laclede Group, Inc.		6,895		373,089
UGI Corp.		27,598		1,008,431
WGL Holdings, Inc.		7,918		442,616


TOTAL GAS UTILITIES				7,098,506



	Shares		Value
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 4.8%
Independent Power Producers & Energy Traders – 4.4%
AES Corp.		108,886	$	1,393,741
Calpine Corp. (a)		57,076		1,044,491
Dynegy, Inc. (a)		14,862		387,155
NRG Energy, Inc.		53,905		1,210,167
NRG Yield, Inc. Class A		5,487		108,149
NRG Yield, Inc. Class C		9,414		181,596
Ormat Technologies, Inc.		5,800		235,944
Talen Energy Corp. (a)		13,268		208,705

				4,769,948

Renewable Electricity – 0.4%
NextEra Energy Partners LP		3,029		108,075
TerraForm Power, Inc. Class A (a)		9,923		299,278
Vivint Solar, Inc. (a)		3,390		51,731

				459,084


TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS				5,229,032


MULTI-UTILITIES – 33.4%
Multi-Utilities – 33.4%
Alliant Energy Corp.		17,714		1,089,588
Ameren Corp.		38,711		1,590,248
Avista Corp.		9,928		327,823
Black Hills Corp.		7,115		296,411
CenterPoint Energy, Inc.		65,170		1,260,388
CMS Energy Corp.		44,076		1,510,044
Consolidated Edison, Inc.		46,726		2,971,306
Dominion Resources, Inc.		93,824		6,727,181
DTE Energy Co.		28,275		2,275,006
MDU Resources Group, Inc.		29,410		573,789
NiSource, Inc.		50,528		882,219
NorthWestern Corp.		7,474		402,400
PG&E Corp.		76,001		3,990,813
Public Service Enterprise Group, Inc.		80,752		3,364,936
SCANA Corp.		21,675		1,187,790
Sempra Energy		37,481		3,814,816
TECO Energy, Inc.		37,667		833,194
Vectren Corp.		13,152		553,699
WEC Energy Group, Inc.		50,365		2,467,885


TOTAL MULTI-UTILITIES				36,119,536


WATER UTILITIES – 2.8%
Water Utilities – 2.8%
American States Water Co.		6,087		234,654
American Water Works Co., Inc.		28,685		1,489,038
Aqua America, Inc.		28,308		720,156
California Water Service Group		7,579		163,176
Connecticut Water Service, Inc.		1,754		59,706
Middlesex Water Co.		2,550		57,987
Pattern Energy Group Inc.		9,530		232,818

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


		67		*Annual Report*

Fidelity MSCI Utilities Index ETF

Investments – continued


Common Stocks – continued
	Shares		Value
WATER UTILITIES – continued
Water Utilities – continued
SJW Corp.		2,426	$	72,416


TOTAL WATER UTILITIES				3,029,951


TOTAL COMMON STOCKS (Cost $120,721,592)				108,026,790


Money Market Funds – 0.1%
	Shares		Value
SSgA US Treasury Money Market Fund, 0.00% (b) (Cost $105,795)		105,795	$	105,795


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $120,827,387)				108,132,585

NET OTHER ASSETS (LIABILITIES) – 0.0%				43,395


NET ASSETS – 100%			$	108,175,980

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	$	108,026,790	$	108,026,790	$	—	$	—
Money Market Funds		105,795		105,795		—		—

Total Investments in Securities:	$	108,132,585	$	108,132,585	$	—	$	—

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


*Annual Report*		68

[THIS PAGE INTENTIONALLY LEFT BLANK]


		69		*Annual Report*

Financial Statements


Statements of Assets and Liabilities
July 31, 2015
	Fidelity MSCI Consumer Discretionary Index ETF			Fidelity MSCI Consumer Staples Index ETF			Fidelity MSCI Energy Index ETF			Fidelity MSCI Financials Index ETF
Assets
Investments in securities, at value – See accompanying schedule	$	299,694,646		$	204,375,821		$	255,993,731		$	344,057,447
Cash		6,868			—			—			—
Receivable for investments sold		—			1,656,363			—			—
Dividends receivable		123,318			333,176			434,961			212,575

Total assets		299,824,832			206,365,360			256,428,692			344,270,022


Liabilities
Payable for investments purchased		—			1,747,950			—			222,612
Accrued management fees		30,932			21,018			29,839			35,866

Total liabilities		30,932			1,768,968			29,839			258,478


Net Assets	$	299,793,900		$	204,596,392		$	256,398,853		$	344,011,544

Net Assets consist of:
Paid in capital	$	285,725,962		$	196,207,504		$	328,345,123		$	336,985,938
Undistributed net investment income		226,884			349,432			422,329			—
Accumulated undistributed net realized gain (loss) on investments		(908,882	)		(288,812	)		(5,762,593	)		(1,420,144	)
Net unrealized appreciation (depreciation) on investments		14,749,936			8,328,268			(66,606,006	)		8,445,750


Net Assets	$	299,793,900		$	204,596,392		$	256,398,853		$	344,011,544

Shares outstanding		9,350,000			6,750,000			13,000,000			11,550,000

Net Asset Value, offering price and redemption price per share	$	32.06		$	30.31		$	19.72		$	29.78


Investments at cost	$	284,944,710		$	196,047,553		$	322,599,737		$	335,611,697

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


*Annual Report*		70


Statements of Assets and Liabilities
July 31, 2015
	Fidelity MSCI Health Care Index ETF			Fidelity MSCI Industrials Index ETF			Fidelity MSCI Information Technology Index ETF			Fidelity MSCI Materials Index ETF
Assets
Investments in securities, at value – See accompanying schedule	$	800,719,901		$	142,939,507		$	423,346,251		$	122,971,341
Receivable for investments sold		4,707,220			—			—			—
Dividends receivable		410,559			109,816			70,424			92,069

Total assets		805,837,680			143,049,323			423,416,675			123,063,410


Liabilities
Payable for investments purchased		5,044,204			—			—			—
Accrued management fees		80,492			15,436			44,415			11,480

Total liabilities		5,124,696			15,436			44,415			11,480


Net Assets	$	800,712,984		$	143,033,887		$	423,372,260		$	123,051,930

Net Assets consist of:
Paid in capital	$	707,069,503		$	150,665,763		$	402,172,870		$	137,443,545
Undistributed net investment income		492,896			30,015			104,123			36,890
Accumulated undistributed net realized gain (loss) on investments		(628,892	)		(1,502,261	)		(1,855,665	)		(1,365,465	)
Net unrealized appreciation (depreciation) on investments		93,779,477			(6,159,630	)		22,950,932			(13,063,040	)


Net Assets	$	800,712,984		$	143,033,887		$	423,372,260		$	123,051,930

Shares outstanding		21,550,000			5,100,000			12,950,000			4,750,000

Net Asset Value, offering price and redemption price per share	$	37.16		$	28.05		$	32.69		$	25.91


Investments at cost	$	706,940,424		$	149,099,137		$	400,395,319		$	136,034,381

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


		71		*Annual Report*

Financial Statements – continued


Statements of Assets and Liabilities
July 31, 2015
	Fidelity MSCI Real Estate Index ETF			Fidelity MSCI Telecommunication Services Index ETF			Fidelity MSCI Utilities Index ETF
Assets
Investments in securities, at value – See accompanying schedule	$	25,977,400		$	82,010,454		$	108,132,585
Receivable for investments sold		—			2,132,732			—
Dividends receivable		17,534			489,205			55,006

Total assets		25,994,934			84,632,391			108,187,591


Liabilities
Payable for investments purchased		56,159			2,715,516			—
Accrued management fees		2,535			8,954			11,611

Total liabilities		58,694			2,724,470			11,611


Net Assets	$	25,936,240		$	81,907,921		$	108,175,980

Net Assets consist of:
Paid in capital	$	27,763,086		$	83,255,449		$	121,769,445
Undistributed net investment income		—			174,823			—
Accumulated undistributed net realized gain (loss) on investments		(185,315	)		(1,420,739	)		(898,663	)
Net unrealized appreciation (depreciation) on investments		(1,641,531	)		(101,612	)		(12,694,802	)


Net Assets	$	25,936,240		$	81,907,921		$	108,175,980

Shares outstanding		1,150,000			3,050,000			3,850,000

Net Asset Value, offering price and redemption price per share	$	22.55		$	26.86		$	28.10


Investments at cost	$	27,618,931		$	82,112,066		$	120,827,387

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


*Annual Report*		72


Statements of Operations
For the year ended July 31, 2015
	Fidelity MSCI Consumer Discretionary Index ETF			Fidelity MSCI Consumer Staples Index ETF			Fidelity MSCI Energy Index ETF			Fidelity MSCI Financials Index ETF
Investment Income
Dividends	$	2,748,860		$	4,544,340		$	6,039,474		$	4,885,211
Special dividends		—			—			—			—

Total income		2,748,860			4,544,340			6,039,474			4,885,211


Expenses
Management fees		238,042			197,726			278,550			272,935
Independent trustees’ compensation		3,077			2,707			3,718			3,588

Total expenses		241,119			200,433			282,268			276,523


Net investment income (loss)		2,507,741			4,343,907			5,757,206			4,608,688

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(895,185	)		(152,075	)		(6,616,449	)		(1,336,498	)
Net realized gain (loss) on In-kind redemptions		10,408,283			11,565,529			2,524,970			14,257,089

Total net realized gain (loss)		9,513,098			11,413,454			(4,091,479	)		12,920,591

Change in net unrealized appreciation (depreciation) on investment securities		13,954,185			11,637,539			(69,086,985	)		7,522,639

Net gain (loss)		23,467,283			23,050,993			(73,178,464	)		20,443,230

Net increase (decrease) in net assets resulting from operations	$	25,975,024		$	27,394,900		$	(67,421,258	)	$	25,051,918

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


		73		*Annual Report*

Financial Statements – continued


Statements of Operations
For the year ended July 31, 2015
	Fidelity MSCI Health Care Index ETF		Fidelity MSCI Industrials Index ETF			Fidelity MSCI Information Technology Index ETF			Fidelity MSCI Materials Index ETF
Investment Income
Dividends	$	9,020,346	$	2,555,102		$	4,182,772		$	2,124,573
Special dividends		2,223,867		—			—			—

Total income		11,244,213		2,555,102			4,182,772			2,124,573


Expenses
Management fees		551,046		168,073			370,256			130,608
Independent trustees’ compensation		6,972		2,414			4,954			1,869

Total expenses		558,018		170,487			375,210			132,477


Net investment income (loss)		10,686,195		2,384,615			3,807,562			1,992,096

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		230,336		(1,482,819	)		(1,792,529	)		(1,509,156	)
Net realized gain (loss) on In-kind redemptions		13,697,622		6,132,897			19,070,067			6,094,559

Total net realized gain (loss)		13,927,958		4,650,078			17,277,538			4,585,403

Change in net unrealized appreciation (depreciation) on investment securities		85,822,767		(1,605,315	)		13,322,371			(14,202,804	)

Net gain (loss)		99,750,725		3,044,763			30,599,909			(9,617,401	)

Net increase (decrease) in net assets resulting from operations	$	110,436,920	$	5,429,378		$	34,407,471		$	(7,625,305	)

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


*Annual Report*		74


Statements of Operations
For the year ended July 31, 2015
	Fidelity MSCI Real Estate Index ETF^A			Fidelity MSCI Telecommunication Services Index ETF			Fidelity MSCI Utilities Index ETF
Investment Income
Dividends	$	407,925		$	2,545,896		$	4,550,898
Special dividends		—			—			—

Total income		407,925			2,545,896			4,550,898


Expenses
Management fees		14,234			100,891			156,542
Independent trustees’ compensation		161			1,434			2,246

Total expenses		14,395			102,325			158,788


Net investment income (loss)		393,530			2,443,571			4,392,110

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment securities		(185,315	)		(1,424,892	)		(1,158,487	)
Net realized gain (loss) on In-kind redemptions		—			2,651,374			(20,255	)

Total net realized gain (loss)		(185,315	)		1,226,482			(1,178,742	)

Change in net unrealized appreciation (depreciation) on investment securities		(1,641,531	)		(1,582,140	)		(8,840,330	)

Net gain (loss)		(1,826,846	)		(355,658	)		(10,019,072	)

Net increase (decrease) in net assets resulting from operations	$	(1,433,316	)	$	2,087,913		$	(5,626,962	)

For the period February 2, 2015 (commencement of operations) to July 31, 2015.

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


		75		*Annual Report*

Financial Statements – continued


Statements of Changes in Net Assets
	Fidelity MSCI Consumer Discretionary Index ETF						Fidelity MSCI Consumer Staples Index ETF
	Year ended July 31, 2015			Year ended July 31, 2014^A			Year ended July 31, 2015			Year ended July 31, 2014^A
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,507,741		$	402,193		$	4,343,907		$	756,825
Net realized gain (loss)		9,513,098			(463	)		11,413,454			2,282,470
Change in net unrealized appreciation (depreciation)		13,954,185			795,751			11,637,539			(3,309,271	)

Net increase (decrease) in net assets resulting from operations		25,975,024			1,197,481			27,394,900			(269,976	)

Distributions to shareholders from net investment income		(2,306,850	)		(376,200	)		(4,188,550	)		(562,750	)

Share transactions
Proceeds from sales of shares		425,654,394			81,215,834			229,055,775			111,358,389
Cost of shares redeemed		(225,269,937	)		(6,295,846	)		(120,909,594	)		(37,281,802	)

Net increase (decrease) in net assets resulting from share transactions		200,384,457			74,919,988			108,146,181			74,076,587

Total increase (decrease) in net assets		224,052,631			75,741,269			131,352,531			73,243,861

Net Assets
Beginning of year		75,741,269			—			73,243,861			—

End of year	$	299,793,900		$	75,741,269		$	204,596,392		$	73,243,861

Undistributed net investment income included in net assets at end of year	$	226,884		$	25,993		$	349,432		$	194,075

Other Information
Shares
Sold		14,550,000			3,100,000			8,050,000			4,200,000
Redeemed		(8,050,000	)		(250,000	)		(4,100,000	)		(1,400,000	)

Net increase (decrease)		6,500,000			2,850,000			3,950,000			2,800,000

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

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


*Annual Report*		76


Statements of Changes in Net Assets
	Fidelity MSCI Energy Index ETF						Fidelity MSCI Financials Index ETF
	Year ended July 31, 2015			Year ended July 31, 2014^A			Year ended July 31, 2015			Year ended July 31, 2014^A
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	5,757,206		$	822,573		$	4,608,688		$	984,615
Net realized gain (loss)		(4,091,479	)		3,148,013			12,920,591			1,440,226
Change in net unrealized appreciation (depreciation)		(69,086,985	)		2,480,979			7,522,639			923,111

Net increase (decrease) in net assets resulting from operations		(67,421,258	)		6,451,565			25,051,918			3,347,952

Distributions to shareholders from net investment income		(5,436,900	)		(720,550	)		(4,778,000	)		(916,500	)

Share transactions
Proceeds from sales of shares		387,551,304			158,350,208			397,233,968			148,751,276
Cost of shares redeemed		(203,719,287	)		(18,656,229	)		(199,893,224	)		(24,785,846	)

Net increase (decrease) in net assets resulting from share transactions		183,832,017			139,693,979			197,340,744			123,965,430

Total increase (decrease) in net assets		110,973,859			145,424,994			217,614,662			126,396,882

Net Assets
Beginning of year		145,424,994			—			126,396,882			—

End of year	$	256,398,853		$	145,424,994		$	344,011,544		$	126,396,882

Undistributed net investment income included in net assets at end of year	$	422,329		$	102,023		$	—		$	68,243

Other Information
Shares
Sold		16,800,000			5,850,000			13,900,000			5,700,000
Redeemed		(9,000,000	)		(650,000	)		(7,100,000	)		(950,000	)

Net increase (decrease)		7,800,000			5,200,000			6,800,000			4,750,000

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

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


		77		*Annual Report*

Financial Statements – continued


Statements of Changes in Net Assets
	Fidelity MSCI Health Care Index ETF						Fidelity MSCI Industrials Index ETF
	Year ended July 31, 2015			Year ended July 31, 2014^A			Year ended July 31, 2015			Year ended July 31, 2014^A
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	10,686,195		$	987,518		$	2,384,615		$	803,745
Net realized gain (loss)		13,927,958			1,485,851			4,650,078			3,660,146
Change in net unrealized appreciation (depreciation)		85,822,767			7,956,710			(1,605,315	)		(4,554,315	)

Net increase (decrease) in net assets resulting from operations		110,436,920			10,430,079			5,429,378			(90,424	)

Distributions to shareholders from net investment income		(10,407,500	)		(773,350	)		(2,431,900	)		(784,350	)

Share transactions
Proceeds from sales of shares		587,328,357			191,567,033			228,258,894			143,316,457
Cost of shares redeemed		(74,026,791	)		(13,841,764	)		(188,928,297	)		(41,735,871	)

Net increase (decrease) in net assets resulting from share transactions		513,301,566			177,725,269			39,330,597			101,580,586

Total increase (decrease) in net assets		613,330,986			187,381,998			42,328,075			100,705,812

Net Assets
Beginning of year		187,381,998			—			100,705,812			—

End of year	$	800,712,984		$	187,381,998		$	143,033,887		$	100,705,812

Undistributed net investment income included in net assets at end of year	$	492,896		$	214,168		$	30,015		$	19,395

Other Information
Shares
Sold		17,450,000			6,950,000			8,200,000			5,250,000
Redeemed		(2,350,000	)		(500,000	)		(6,850,000	)		(1,500,000	)

Net increase (decrease)		15,100,000			6,450,000			1,350,000			3,750,000

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

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


*Annual Report*		78


Statements of Changes in Net Assets
	Fidelity MSCI Information Technology Index ETF						Fidelity MSCI Materials Index ETF
	Year ended July 31, 2015			Year ended July 31, 2014^A			Year ended July 31, 2015			Year ended July 31, 2014^A
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	3,807,562		$	789,911		$	1,992,096		$	574,594
Net realized gain (loss)		17,277,538			2,761,724			4,585,403			2,153,479
Change in net unrealized appreciation (depreciation)		13,322,371			9,628,561			(14,202,804	)		1,139,764

Net increase (decrease) in net assets resulting from operations		34,407,471			13,180,196			(7,625,305	)		3,867,837

Distributions to shareholders from net investment income		(3,773,400	)		(719,950	)		(2,010,950	)		(518,850	)

Share transactions
Proceeds from sales of shares		323,240,750			190,371,557			218,809,870			111,416,040
Cost of shares redeemed		(112,113,694	)		(21,220,670	)		(180,163,249	)		(20,723,463	)

Net increase (decrease) in net assets resulting from share transactions		211,127,056			169,150,887			38,646,621			90,692,577

Total increase (decrease) in net assets		241,761,127			181,611,133			29,010,366			94,041,564

Net Assets
Beginning of year		181,611,133			—			94,041,564			—

End of year	$	423,372,260		$	181,611,133		$	123,051,930		$	94,041,564

Undistributed net investment income included in net assets at end of year	$	104,123		$	69,961		$	36,890		$	55,744

Other Information
Shares
Sold		10,350,000			6,950,000			8,000,000			4,150,000
Redeemed		(3,600,000	)		(750,000	)		(6,650,000	)		(750,000	)

Net increase (decrease)		6,750,000			6,200,000			1,350,000			3,400,000

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

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


		79		*Annual Report*

Financial Statements – continued


Statements of Changes in Net Assets
	Fidelity MSCI Real Estate Index ETF			Fidelity MSCI Telecommunication Services Index ETF
	Year ended July 31, 2015^A			Year ended July 31, 2015			Year ended July 31, 2014^B
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	393,530		$	2,443,571		$	841,452
Net realized gain (loss)		(185,315	)		1,226,482			(266,315	)
Change in net unrealized appreciation (depreciation)		(1,641,531	)		(1,582,140	)		1,480,528

Net increase (decrease) in net assets resulting from operations		(1,433,316	)		2,087,913			2,055,665

Distributions to shareholders from net investment income		(393,530	)		(2,584,450	)		(525,750	)
Return of capital		(26,520	)		—			—

Total distributions		(420,050	)		(2,584,450	)		(525,750	)

Share transactions
Proceeds from sales of shares		27,789,606			39,633,193			73,177,842
Cost of shares redeemed		—			(24,675,680	)		(7,260,812	)

Net increase (decrease) in net assets resulting from share transactions		27,789,606			14,957,513			65,917,030

Total increase (decrease) in net assets		25,936,240			14,460,976			67,446,945

Net Assets
Beginning of period		—			67,446,945			—

End of period	$	25,936,240		$	81,907,921		$	67,446,945

Undistributed net investment income included in net assets at end of period	$	—		$	174,823		$	315,702

Other Information
Shares
Sold		1,150,000			1,450,000			2,800,000
Redeemed		—			(900,000	)		(300,000	)

Net increase (decrease)		1,150,000			550,000			2,500,000

For the period February 2, 2015 (commencement of operations) to July 31, 2015.

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

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


*Annual Report*		80


Statements of Changes in Net Assets
	Fidelity MSCI Utilities Index ETF
	Year ended July 31, 2015			Year ended July 31, 2014^A
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,392,110		$	1,038,062
Net realized gain (loss)		(1,178,742	)		1,015,733
Change in net unrealized appreciation (depreciation)		(8,840,330	)		(3,854,472	)

Net increase (decrease) in net assets resulting from operations		(5,626,962	)		(1,800,677	)

Distributions to shareholders from net investment income		(4,579,400	)		(853,000	)

Share transactions
Proceeds from sales of shares		230,014,021			134,515,263
Cost of shares redeemed		(232,580,340	)		(10,912,925	)

Net increase (decrease) in net assets resulting from share transactions		(2,566,319	)		123,602,338

Total increase (decrease) in net assets		(12,772,681	)		120,948,661

Net Assets
Beginning of year		120,948,661			—

End of year	$	108,175,980		$	120,948,661

Undistributed net investment income included in net assets at end of year	$	—		$	185,062

Other Information
Shares
Sold		7,550,000			4,900,000
Redeemed		(8,200,000	)		(400,000	)

Net increase (decrease)		(650,000	)		4,500,000

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

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


		81		*Annual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Consumer Discretionary Index ETF
	Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	26.58		$	25.17

Income from Investment Operations
Net investment income (loss)^B		0.37			0.25
Net realized and unrealized gain (loss)		5.43			1.38

Total from investment operations		5.80			1.63

Distributions from net investment income		(0.32	)		(0.22	)

Total distributions		(0.32	)		(0.22	)

Net asset value, end of period	$	32.06		$	26.58

Total Return^C		21.93	%		6.47	%
Ratios to Average Net Assets^D
Expenses before reductions		.12	%		.12	%^E
Expenses net of fee waivers, if any		.12	%		.12	%^E
Expenses net of all reductions		.12	%		.12	%^E
Net investment income (loss)		1.25	%		1.20	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	299,794		$	75,741
Portfolio turnover rate^F,G		8	%		5	%^H

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.

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.

Annualized.

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

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

Amount not annualized.

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


*Annual Report*		82


Financial Highlights
	Fidelity MSCI Consumer Staples Index ETF
	Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	26.16		$	25.00

Income from Investment Operations
Net investment income (loss)^B		0.77			0.52
Net realized and unrealized gain (loss)		4.16			1.09	^C

Total from investment operations		4.93			1.61

Distributions from net investment income		(0.78	)		(0.45	)

Total distributions		(0.78	)		(0.45	)

Net asset value, end of period	$	30.31		$	26.16

Total Return^D		19.00	%		6.42	%
Ratios to Average Net Assets^E
Expenses before reductions		.12	%		.12	%^F
Expenses net of fee waivers, if any		.12	%		.12	%^F
Expenses net of all reductions		.12	%		.12	%^F
Net investment income (loss)		2.63	%		2.51	%^F
Supplemental Data
Net assets, end of period (000 omitted)	$	204,596		$	73,244
Portfolio turnover rate^G,H		10	%		3	%^I

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.

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

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

Amount not annualized.

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


		83		*Annual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Energy Index ETF
	Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	27.97		$	24.98

Income from Investment Operations
Net investment income (loss)^B		0.57			0.38
Net realized and unrealized gain (loss)		(8.31	)		2.89

Total from investment operations		(7.74	)		3.27

Distributions from net investment income		(0.51	)		(0.28	)

Total distributions		(0.51	)		(0.28	)

Net asset value, end of period	$	19.72		$	27.97

Total Return^C		(27.95	)%		13.16	%
Ratios to Average Net Assets^D
Expenses before reductions		.12	%		.12	%^E
Expenses net of fee waivers, if any		.12	%		.12	%^E
Expenses net of all reductions		.12	%		.12	%^E
Net investment income (loss)		2.47	%		1.76	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	256,399		$	145,425
Portfolio turnover rate^F,G		8	%		4	%^H

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.

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

Amount not annualized.

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


*Annual Report*		84


Financial Highlights
	Fidelity MSCI Financials Index ETF
	Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	26.61		$	25.00

Income from Investment Operations
Net investment income (loss)^B		0.58			0.41
Net realized and unrealized gain (loss)		3.15			1.56

Total from investment operations		3.73			1.97

Distributions from net investment income		(0.56	)		(0.36	)

Total distributions		(0.56	)		(0.36	)

Net asset value, end of period	$	29.78		$	26.61

Total Return^C		14.08	%		7.89	%
Ratios to Average Net Assets^D
Expenses before reductions		.12	%		.12	%^E
Expenses net of fee waivers, if any		.12	%		.12	%^E
Expenses net of all reductions		.12	%		.12	%^E
Net investment income (loss)		2.01	%		1.97	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	344,012		$	126,397
Portfolio turnover rate^F,G		7	%		6	%^H

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.

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

Amount not annualized.

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


		85		*Annual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Health Care Index ETF
	Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	29.05		$	24.97

Income from Investment Operations
Net investment income (loss)^B		0.80	^C		0.30
Net realized and unrealized gain (loss)		7.99			3.99

Total from investment operations		8.79			4.29

Distributions from net investment income		(0.68	)		(0.21	)

Total distributions		(0.68	)		(0.21	)

Net asset value, end of period	$	37.16		$	29.05

Total Return^D		30.40	%		17.23	%
Ratios to Average Net Assets^E
Expenses before reductions		.12	%		.12	%^F
Expenses net of fee waivers, if any		.12	%		.12	%^F
Expenses net of all reductions		.12	%		.12	%^F
Net investment income (loss)		2.31	%^C		1.36	%^F
Supplemental Data
Net assets, end of period (000 omitted)	$	800,713		$	187,382
Portfolio turnover rate^G^,^H		10	%		4	%^I

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

Calculated based on average shares outstanding during the period.

Investment income per share reflects a large, non-recurring dividend which amounted to $.17 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.83%.

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

Annualized.

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

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

Amount not annualized.

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


*Annual Report*		86


Financial Highlights
	Fidelity MSCI Industrials Index ETF
	Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	26.85		$	25.20

Income from Investment Operations
Net investment income (loss)^B		0.48			0.35
Net realized and unrealized gain (loss)		1.19			1.61	^C

Total from investment operations		1.67			1.96

Distributions from net investment income		(0.47	)		(0.31	)

Total distributions		(0.47	)		(0.31	)

Net asset value, end of period	$	28.05		$	26.85

Total Return^D		6.18	%		7.75	%
Ratios to Average Net Assets^E
Expenses before reductions		.12	%		.12	%^F
Expenses net of fee waivers, if any		.12	%		.12	%^F
Expenses net of all reductions		.12	%		.12	%^F
Net investment income (loss)		1.69	%		1.65	%^F
Supplemental Data
Net assets, end of period (000 omitted)	$	143,034		$	100,706
Portfolio turnover rate^G,H		6	%		4	%^I

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.

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

Amount not annualized.

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


		87		*Annual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Information Technology Index ETF
	Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	29.29		$	25.18

Income from Investment Operations
Net investment income (loss)^B		0.39			0.25
Net realized and unrealized gain (loss)		3.40			4.06

Total from investment operations		3.79			4.31

Distributions from net investment income		(0.39	)		(0.20	)

Total distributions		(0.39	)		(0.20	)

Net asset value, end of period	$	32.69		$	29.29

Total Return^C		12.98	%		17.14	%
Ratios to Average Net Assets^D
Expenses before reductions		.12	%		.12	%^E
Expenses net of fee waivers, if any		.12	%		.12	%^E
Expenses net of all reductions		.12	%		.12	%^E
Net investment income (loss)		1.23	%		1.14	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	423,372		$	181,611
Portfolio turnover rate^F,G		6	%		4	%^H

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.

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

Amount not annualized.

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


*Annual Report*		88


Financial Highlights
	Fidelity MSCI Materials Index ETF
	Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	27.66		$	24.95

Income from Investment Operations
Net investment income (loss)^B		0.50			0.35
Net realized and unrealized gain (loss)		(1.75	)		2.67

Total from investment operations		(1.25	)		3.02

Distributions from net investment income		(0.50	)		(0.31	)

Total distributions		(0.50	)		(0.31	)

Net asset value, end of period	$	25.91		$	27.66

Total Return^C		(4.65	)%		12.15	%
Ratios to Average Net Assets^D
Expenses before reductions		.12	%		.12	%^E
Expenses net of fee waivers, if any		.12	%		.12	%^E
Expenses net of all reductions		.12	%		.12	%^E
Net investment income (loss)		1.81	%		1.64	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	123,052		$	94,042
Portfolio turnover rate^F,G		7	%		5	%^H

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.

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

Amount not annualized.

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


		89		*Annual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Real Estate Index ETF
	Year ended July 31, 2015^A
Selected Per-Share Data
Net asset value, beginning of period	$	24.28

Income from Investment Operations
Net investment income (loss)^B		0.38
Net realized and unrealized gain (loss)		(1.70	)

Total from investment operations		(1.32	)

Distributions from net investment income		(0.38	)
Return of capital		(0.03	)

Total distributions		(0.41	)

Net asset value, end of period	$	22.55

Total Return^C		(5.50	)%
Ratios to Average Net Assets^D,E
Expenses before reductions		.12	%
Expenses net of fee waivers, if any		.12	%
Expenses net of all reductions		.12	%
Net investment income (loss)		3.33	%
Supplemental Data
Net assets, end of period (000 omitted)	$	25,936
Portfolio turnover rate^F,G,H		10	%

For the period February 2, 2015 (commencement of operations) to July 31, 2015.

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.


*Annual Report*		90


Financial Highlights
	Fidelity MSCI Telecommunication Services Index ETF
	Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	26.98		$	25.26

Income from Investment Operations
Net investment income (loss)^B		0.78			0.72
Net realized and unrealized gain (loss)		(0.09	)		1.42

Total from investment operations		0.69			2.14

Distributions from net investment income		(0.81	)		(0.42	)

Total distributions		(0.81	)		(0.42	)

Net asset value, end of period	$	26.86		$	26.98

Total Return^C		2.56	%		8.57	%
Ratios to Average Net Assets^D
Expenses before reductions		.12	%		.12	%^E
Expenses net of fee waivers, if any		.12	%		.12	%^E
Expenses net of all reductions		.12	%		.12	%^E
Net investment income (loss)		2.89	%		3.51	%^E
Supplemental Data
Net assets, end of period (000 omitted)	$	81,908		$	67,447
Portfolio turnover rate^F,G		23	%		21	%^H

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.

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

Amount not annualized.

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


		91		*Annual Report*

Financial Statements – continued


Financial Highlights
	Fidelity MSCI Utilities Index ETF
	Year ended July 31, 2015			Year ended July 31, 2014^A
Selected Per-Share Data
Net asset value, beginning of period	$	26.88		$	24.99

Income from Investment Operations
Net investment income (loss)^B		0.98			0.67
Net realized and unrealized gain (loss)		1.47	^C		1.85	^C

Total from investment operations		2.45			2.52

Distributions from net investment income		(1.23	)		(0.63	)

Total distributions		(1.23	)		(0.63	)

Net asset value, end of period	$	28.10		$	26.88

Total Return^D		9.13	%		10.13	%
Ratios to Average Net Assets^E
Expenses before reductions		.12	%		.12	%^F
Expenses net of fee waivers, if any		.12	%		.12	%^F
Expenses net of all reductions		.12	%		.12	%^F
Net investment income (loss)		3.37	%		3.15	%^F
Supplemental Data
Net assets, end of period (000 omitted)	$	108,176		$	120,949
Portfolio turnover rate^G,H		7	%		6	%^I

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.

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

Amount not annualized.

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


*Annual Report*		92

Notes to Financial Statements

For the period ended July 31, 2015

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 Real Estate Index ETF (commenced operations on February 2, 2015), 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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund’s investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund’s investments and ratifies the fair value determinations of the Committee.

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 underlying 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, 2015, 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


		93		*Annual Report*

Notes to Financial Statements – continued

2. Significant Accounting Policies – continued

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. Large, non-recurring dividends recognized by the Funds are presented separately on the Statements of Operations as “Special dividends” and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned.

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, 2015 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. In addition, certain Funds claimed a portion of the payments made to redeeming shareholders as a distribution for income tax purposes.

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, redemptions in kind, capital loss carryforwards, losses due to wash sales and excise tax regulations.

For the period ended July 31, 2015, Fidelity MSCI Real Estate Index ETF’s distributions exceeded the aggregate amount of taxable income and net realized gains resulting in a return of capital for tax purposes. This was due to reductions in taxable income available for distribution after certain distributions had been made. The tax treatment for the 2015 calendar year will be reported to shareholders prior to February 1, 2016.

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	$	285,077,148	$	26,067,834	$	(11,450,336	)	$	14,617,498
Fidelity MSCI Consumer Staples Index ETF		196,336,365		13,439,895		(5,400,439	)		8,039,456
Fidelity MSCI Energy Index ETF		323,599,711		1,800,371		(69,406,351	)		(67,605,980	)
Fidelity MSCI Financials Index ETF		335,690,743		14,899,456		(6,532,752	)		8,366,704
Fidelity MSCI Health Care Index ETF		707,569,858		98,292,567		(5,142,524	)		93,150,043
Fidelity MSCI Industrials Index ETF		149,177,252		4,282,695		(10,520,440	)		(6,237,745	)
Fidelity MSCI Information Technology Index ETF		400,657,999		37,219,871		(14,531,619	)		22,688,252
Fidelity MSCI Materials Index ETF		136,136,804		1,578,507		(14,743,970	)		(13,165,463	)
Fidelity MSCI Real Estate Index ETF		27,679,096		266,213		(1,967,909	)		(1,701,696	)
Fidelity MSCI Telecommunication Services Index ETF		82,874,215		5,084,817		(5,948,578	)		(863,761	)
Fidelity MSCI Utilities Index ETF		120,962,030		146,446		(12,975,891	)		(12,829,445	)


*Annual Report*		94

2. Significant Accounting Policies – continued

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	$	226,884	$	(341,856	)	$	14,617,498
Fidelity MSCI Consumer Staples Index ETF		349,432		—			8,039,456
Fidelity MSCI Energy Index ETF		422,329		(506,658	)		(67,605,980	)
Fidelity MSCI Financials Index ETF		—		(342,815	)		8,366,704
Fidelity MSCI Health Care Index ETF		493,438		—			93,150,043
Fidelity MSCI Industrials Index ETF		42,047		(416,683	)		(6,237,745	)
Fidelity MSCI Information Technology Index ETF		104,123		(675,341	)		22,688,252
Fidelity MSCI Materials Index ETF		36,890		(393,697	)		(13,165,463	)
Fidelity MSCI Real Estate Index ETF		—		—			(1,701,696	)
Fidelity MSCI Telecommunication Services Index ETF		174,823		(253,348	)		(863,761	)
Fidelity MSCI Utilities Index ETF		—		(95,257	)		(12,829,445	)

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			No-expiration Long-term			Total capital loss carryforward
Fidelity MSCI Consumer Discretionary Index ETF	$	(341,040	)	$	(816	)	$	(341,856	)
Fidelity MSCI Energy Index ETF		(497,468	)		(9,190	)		(506,658	)
Fidelity MSCI Financials Index ETF		(341,799	)		(1,016	)		(342,815	)
Fidelity MSCI Industrials Index ETF		(414,450	)		(2,233	)		(416,683	)
Fidelity MSCI Information Technology Index ETF		(642,553	)		(32,788	)		(675,341	)
Fidelity MSCI Materials Index ETF		(386,258	)		(7,439	)		(393,697	)
Fidelity MSCI Telecommunication Services Index ETF		(253,348	)		—			(253,348	)
Fidelity MSCI Utilities Index ETF		(95,257	)		—			(95,257	)

Certain of the Funds intend to elect to defer to the next fiscal year capital losses recognized during the period November 1, 2014 to July 31, 2015. Loss deferrals were as follows:


	Capital losses
Fidelity MSCI Consumer Discretionary Index ETF	$	(434,588	)
Fidelity MSCI Energy Index ETF		(4,255,961	)
Fidelity MSCI Financials Index ETF		(998,283	)
Fidelity MSCI Industrials Index ETF		(1,019,495	)
Fidelity MSCI Information Technology Index ETF		(917,644	)
Fidelity MSCI Materials Index ETF		(869,345	)
Fidelity MSCI Real Estate Index ETF		(125,150	)
Fidelity MSCI Telecommunication Services Index ETF		(405,242	)
Fidelity MSCI Utilities Index ETF		(668,763	)

The tax character of distributions paid was as follows:


July 31, 2015
	Ordinary income		Long-term capital gain		Tax return of capital		Total
Fidelity MSCI Consumer Discretionary Index ETF	$	2,306,850	$	—	$	—	$	2,306,850
Fidelity MSCI Consumer Staples Index ETF		4,188,550		—		—		4,188,550
Fidelity MSCI Energy Index ETF		5,436,900		—		—		5,436,900
Fidelity MSCI Financials Index ETF		4,778,000		—		—		4,778,000
Fidelity MSCI Health Care Index ETF		10,407,500		—		—		10,407,500


		95		*Annual Report*

Notes to Financial Statements – continued

2. Significant Accounting Policies – continued


July 31, 2015
	Ordinary income		Long-term capital gain		Tax return of capital		Total
Fidelity MSCI Industrials Index ETF	$	2,431,900	$	—	$	—	$	2,431,900
Fidelity MSCI Information Technology Index ETF		3,773,400		—		—		3,773,400
Fidelity MSCI Materials Index ETF		2,010,950		—		—		2,010,950
Fidelity MSCI Real Estate Index ETF		393,530		—		26,520		420,050
Fidelity MSCI Telecommunication Services Index ETF		2,584,450		—		—		2,584,450
Fidelity MSCI Utilities Index ETF		4,579,400		—		—		4,579,400

July 31, 2014
	Ordinary income		Long-term capital gain		Tax return of capital		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	$	18,187,345	$	15,478,679
Fidelity MSCI Consumer Staples Index ETF		19,509,655		15,928,783
Fidelity MSCI Energy Index ETF		20,218,638		18,024,158
Fidelity MSCI Financials Index ETF		17,437,940		16,515,055
Fidelity MSCI Health Care Index ETF		54,702,895		44,753,266
Fidelity MSCI Industrials Index ETF		8,121,553		7,988,189
Fidelity MSCI Information Technology Index ETF		20,175,362		19,183,683
Fidelity MSCI Materials Index ETF		7,573,795		7,039,280
Fidelity MSCI Real Estate Index ETF		2,540,667		2,365,477
Fidelity MSCI Telecommunication Services Index ETF		19,651,215		18,962,979
Fidelity MSCI Utilities Index ETF		9,997,887		11,916,651

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	$	424,460,957	$	224,872,469
Fidelity MSCI Consumer Staples Index ETF		227,206,483		120,382,773
Fidelity MSCI Energy Index ETF		384,837,013		203,213,412
Fidelity MSCI Financials Index ETF		393,327,956		196,764,022
Fidelity MSCI Health Care Index ETF		584,928,314		73,507,290
Fidelity MSCI Industrials Index ETF		227,812,205		188,454,158
Fidelity MSCI Information Technology Index ETF		322,594,651		111,888,744
Fidelity MSCI Materials Index ETF		217,906,861		179,455,063
Fidelity MSCI Real Estate Index ETF		27,638,009		—
Fidelity MSCI Telecommunication Services Index ETF		39,520,448		24,380,402
Fidelity MSCI Utilities Index ETF		229,467,524		229,948,730


*Annual Report*		96

4. Fees and Other Transactions with Affiliates.

Management Fee. SelectCo provides the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of .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 NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated 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.


		97		*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 Real Estate 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 Real Estate 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, 2015, and the related statements of operations, the statements of changes in net assets and financial highlights for each of the periods presented. 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, 2015, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such 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 Real Estate Index ETF, Fidelity MSCI Telecommunication Services Index ETF and Fidelity MSCI Utilities Index ETF as of July 31, 2015, and the results of their operations, the changes in their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

September 23, 2015


*Annual Report*		98

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, 2015

From commencement of operations* to July 31, 2015	Closing Price Below NAV				Closing Price Above or Equal to NAV
From commencement of operations* to July 31, 2015	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	114		25.45	%	332		74.11	%
25 – <50	1		0.22	%	1		0.22	%
50 – <75	0		—		0		—
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	115		25.67	%	333		74.33	%

*	October 21, 2013.

Fidelity MSCI Consumer Staples Index ETF


Period Ended July 31, 2015

From commencement of operations* to July 31, 2015	Closing Price Below NAV				Closing Price Above or Equal to NAV
From commencement of operations* to July 31, 2015	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	114		25.45	%	333		74.33	%
25 – <50	1		0.22	%	0		—
50 – <75	0		—		0		—
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	115		25.67	%	333		74.33	%

*	October 21, 2013.

Fidelity MSCI Energy Index ETF


Period Ended July 31, 2015

From commencement of operations* to July 31, 2015	Closing Price Below NAV				Closing Price Above or Equal to NAV
From commencement of operations* to July 31, 2015	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	84		18.75	%	359		80.14	%
25 – <50	0		—		3		0.67	%
50 – <75	0		—		1		0.22	%
75 – <100	0		—		1		0.22	%
100 or above	0		—		0		—
Total	84		18.75	%	364		81.25	%

*	October 21, 2013.


		99		*Annual Report*

Premium/Discount Analysis (Unaudited) – continued

Fidelity MSCI Financials Index ETF


Period Ended July 31, 2015

From commencement of operations* to July 31, 2015	Closing Price Below NAV				Closing Price Above or Equal to NAV
From commencement of operations* to July 31, 2015	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	96		21.43	%	349		77.90	%
25 – <50	1		0.22	%	2		0.45	%
50 – <75	0		—		0		—
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	97		21.65	%	351		78.35	%

*	October 21, 2013.

Fidelity MSCI Health Care Index ETF


Period Ended July 31, 2015

From commencement of operations* to July 31, 2015	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	48		10.71	%	396		88.40	%
25 – <50	0		—		4		0.89	%
50 – <75	0		—		0		—
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	48		10.71	%	400		89.29	%

*	October 21, 2013.

Fidelity MSCI Industrials Index ETF


Period Ended July 31, 2015

From commencement of operations* to July 31, 2015	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	127		28.35	%	319		71.20	%
25 – <50	0		—		2		0.45	%
50 – <75	0		—		0		—
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	127		28.35	%	321		71.65	%

*	October 21, 2013.


*Annual Report*		100

Fidelity MSCI Information Technology Index ETF


Period Ended July 31, 2015

From commencement of operations* to July 31, 2015	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	65		14.51	%	382		85.27	%
25 – <50	0		—		1		0.22	%
50 – <75	0		—		0		—
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	65		14.51	%	383		85.49	%

*	October 21, 2013.

Fidelity MSCI Materials Index ETF


Period Ended July 31, 2015

From commencement of operations* to July 31, 2015	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	132		29.47	%	308		68.75	%
25 – <50	4		0.89	%	4		0.89	%
50 – <75	0		—		0		—
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	136		30.36	%	312		69.64	%

*	October 21, 2013.

Fidelity MSCI Real Estate Index ETF


Period Ended July 31, 2015

From commencement of operations* to July 31, 2015	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	27	21.43%			97	76.99%
25 – <50	0		—		1		0.79	%
50 – <75	0		—		1		0.79	%
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	27		21.43	%	99		78.57	%

*	February 2, 2015.


		101		*Annual Report*

Premium/Discount Analysis (Unaudited) – continued

Fidelity MSCI Telecommunication Services Index ETF


Period Ended July 31, 2015

From commencement of operations* to July 31, 2015	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	179		39.95	%	255		56.92	%
25 – <50	5		1.12	%	6		1.34	%
50 – <75	2		0.45	%	1		0.22	%
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	186		41.52	%	262		58.48	%

*	October 21, 2013.

Fidelity MSCI Utilities Index ETF


Period Ended July 31, 2015

From commencement of operations* to July 31, 2015	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	120		26.79	%	323		72.10	%
25 – <50	1		0.22	%	3		0.67	%
50 – <75	0		—		1		0.22	%
75 – <100	0		—		0		—
100 or above	0		—		0		—
Total	121		27.01	%	327		72.99	%

*	October 21, 2013.


*Annual Report*		102

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 oversees 75 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.”

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


		103		*Annual Report*

Trustees and Officers (Unaudited) – continued

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 a Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 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 each fund.

Independent Trustees:

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

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

David A. Rosow (1942)

Year of Election or Appointment: 2013

Trustee

Mr. Rosow also serves as Trustee of other Fidelity funds. Prior to his retirement in 2006, Mr. Rosow was the Chief Executive Officer, owner and operator of a number of private companies, which encompassed oil refining, drilling and marketing of petroleum products (including specialty petroleum products), the recreation industry, and real estate development. Previously, Mr. Rosow served as Lead Director and Chairman of the Audit Committee of Hudson United Bancorp (1996-2006), Chairman of the Board of Westport Bank and Trust (1992-1996), and as a Director of TD Banknorth (2006-2007). In addition, Mr. Rosow served as a member (2008-2014) and President (2009-2014) of the Town Council of Palm Beach, Florida. Mr. Rosow also 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 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 Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 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.


*Annual Report*		104

Officers:

Except for Anthony R. Rochte, correspondence intended for each 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) Limited (investment adviser firm, 2012-present), a Director of Fidelity Management & Research (Hong Kong) (investment adviser firm, 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 (diversified financial services company, 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 and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and Chief Legal Officer of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity’s Fixed Income and Asset Allocation Funds (2013-2015). 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 (diversified financial services company, 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 (diversified financial services company, 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).

Joseph DeSantis (1959)

Year of Election or Appointment: 2015

Vice President

Mr. DeSantis also serves as Vice President of other funds. Mr. DeSantis serves as Group Chief Investment Officer, Equities (2010-present) and is an employee of Fidelity Investments.

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.


		105		*Annual Report*

Trustees and Officers (Unaudited) – continued

Name, Year of Birth; Principal Occupation

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. (investment adviser firm, 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).

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 Compliance Officer of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), 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

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 the Program Management Group of FMR (investment adviser firm, 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) (investment adviser firm, 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 (investment adviser firm, 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 the Program Management Group of FMR (investment adviser firm, 2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).


*Annual Report*		106

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:


	September 2014			December 2014			March 2015			June 2015
Fidelity MSCI Consumer Discretionary Index ETF		100	%		100	%		100	%		100	%
Fidelity MSCI Consumer Staples Index ETF		100	%		100	%		100	%		100	%
Fidelity MSCI Energy Index ETF		94	%		94	%		100	%		100	%
Fidelity MSCI Financials Index ETF		53	%		53	%		70	%		70	%
Fidelity MSCI Health Care Index ETF		100	%		100	%		78	%		78	%
Fidelity MSCI Industrials Index ETF		95	%		95	%		100	%		100	%
Fidelity MSCI Information Technology Index ETF		100	%		100	%		100	%		100	%
Fidelity MSCI Materials Index ETF		95	%		95	%		100	%		100	%
Fidelity MSCI Real Estate Index ETF		—			—			0	%		0	%
Fidelity MSCI Telecommunication Services Index ETF		99	%		99	%		100	%		100	%
Fidelity MSCI Utilities Index ETF		100	%		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.


	September 2014			December 2014			March 2015			June 2015
Fidelity MSCI Consumer Discretionary Index ETF		100	%		100	%		100	%		100	%
Fidelity MSCI Consumer Staples Index ETF		100	%		100	%		100	%		100	%
Fidelity MSCI Energy Index ETF		100	%		100	%		100	%		100	%
Fidelity MSCI Financials Index ETF		56	%		56	%		70	%		70	%
Fidelity MSCI Health Care Index ETF		100	%		100	%		98	%		98	%
Fidelity MSCI Industrials Index ETF		97	%		97	%		100	%		100	%
Fidelity MSCI Information Technology Index ETF		100	%		100	%		100	%		100	%
Fidelity MSCI Materials Index ETF		100	%		100	%		100	%		100	%
Fidelity MSCI Real Estate Index ETF		—			—			0	%		0	%
Fidelity MSCI Telecommunication Services Index ETF		99	%		99	%		100	%		100	%
Fidelity MSCI Utilities Index ETF		100	%		100	%		100	%		100	%

The funds will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.


		107		*Annual Report*

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity MSCI Real Estate Index ETF

On October 29, 2014, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract and sub-advisory agreement (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees’ counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, Fidelity SelectCo, LLC (SelectCo), and the sub-adviser, BlackRock Fund Advisors (BFA) (together, the Investment Advisers), including the backgrounds of the fund’s investment personnel, and also considered the fund’s investment objective, strategies, and related investment philosophies.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of the Investment Advisers’ respective investment staffs, including the size, education, experience, and resources thereof. The Board also considered the due diligence on BFA performed by SelectCo, which formed the basis for SelectCo’s recommendation that the Board approve the sub-advisory agreement with BFA.

Shareholder, Administrative and Other Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, shareholder and other services to be performed by the Investment Advisers, affiliates of SelectCo and a third party service provider under the Advisory Contracts and under separate agreements for the fund. The Board also considered the nature and extent of the Investment Advisers’ supervision of third party service providers.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

Investment Performance. The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund’s Advisory Contracts. The Board considered BFA’s reputation and its strength in managing passive exchange traded funds and the investment performance achieved by BFA as the sub-adviser for 10 other Fidelity index ETFs.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to the fund under the Advisory Contracts should benefit the fund’s shareholders.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund’s proposed management fee and the projected total expense ratio of the fund in reviewing the Advisory Contracts, and the fact that the management contract provides that SelectCo will be responsible for paying all operating expenses of the fund with the exception of fees and expenses of the independent Trustees, interest, taxes, brokerage commissions and non-recurring expenses. The Board noted that the fund’s proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable investment mandates regardless of whether their management fee structures are comparable. The Board also considered that the projected total expense ratio of the fund is below the median of those comparable funds and classes used by the Board for management fee comparisons.

Based on its review, the Board concluded that the fund’s management fee and projected total expense ratio were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

Costs of the Services and Profitability. The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund’s Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by the Investment Advisers in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund’s shareholders.

Economies of Scale. The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund’s Advisory Contracts should be approved.


*Annual Report*		108

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		111		*Annual Report*

Investment Adviser

Fidelity SelectCo, LLC

Denver, CO

Investment Sub-Advisers

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

Boston, MA

The Fidelity Telephone Connection

1-800-FIDELITY

EXT-ANN-0915 734289.1.0

1.9584796.101

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, 2015, 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 Real Estate Index ETF, Fidelity MSCI Telecommunication Services Index ETF and Fidelity MSCI Utilities Index ETF (the “Funds”):

Services Billed by Deloitte Entities

July 31, 2015 Fees^A,B


	Audit Fees		Audit- Related Fees		Tax Fees		All Other Fees
Fidelity MSCI Consumer Discretionary Index ETF	$	13,000	$	—	$	3,500	$	700
Fidelity MSCI Consumer Staples Index ETF	$	13,000	$	—	$	3,500	$	700
Fidelity MSCI Energy Index ETF	$	13,000	$	—	$	3,500	$	700
Fidelity MSCI Financials Index ETF	$	13,000	$	—	$	3,500	$	700
Fidelity MSCI Health Care Index ETF	$	13,000	$	—	$	3,500	$	700
Fidelity MSCI Industrials Index ETF	$	13,000	$	—	$	3,500	$	700
Fidelity MSCI Information Technology Index ETF	$	13,000	$	—	$	3,500	$	700


Fidelity MSCI Materials Index ETF	$	13,000	$	—	$	3,500	$	600
Fidelity MSCI Real Estate Index ETF	$	11,000	$	—	$	2,500	$	300
Fidelity MSCI Telecommunication Services Index ETF	$	13,000	$	—	$	3,500	$	600
Fidelity MSCI Utilities Index ETF	$	13,000	$	—	$	3,500	$	700

July 31, 2014 Fees^A,B,C


	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 Real Estate Index ETF	$	—	$	—	$	—	$	—
Fidelity MSCI Telecommunication Services Index ETF	$	12,000	$	—	$	2,500	$	500
Fidelity MSCI Utilities Index ETF	$	12,000	$	—	$	2,500	$	500

^A	Amounts may reflect rounding.

^B	Fidelity MSCI Real Estate Index ETF commenced operations on February 2, 2015.

^C	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 commenced operations on October 21, 2013.

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 SelectCo, LLC (“SelectCo”) and entities controlling, controlled by, or under common control with SelectCo (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, 2015^A,B		July 31, 2014^A,B,C
Audit-Related Fees	$	—	$	355,000
Tax Fees	$	—	$	—
All Other Fees	$	175,000	$	745,000

^A	Amounts may reflect rounding.

^B	May include amounts billed prior to the Fidelity MSCI Real Estate Index ETF’s commencement of operations.

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, SelectCo (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, 2015^A,B		July 31, 2014^A,B,C
Deloitte Entities	$	580,000	$	1,965,000

^A	Amounts may reflect rounding.

^B	May include amounts billed prior to the Fidelity MSCI Real Estate Index ETF’s commencement of operations.

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 SelectCo’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, 2015, 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, 2015

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, 2015

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

Date:		September 25, 2015